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Debt (Tables)

12 Months Ended

Dec. 31, 2025

Line Of Credit Facility [Line Items]

Schedule of Total Debt Outstanding and Available

Total debt outstanding and available at December 31, 2025 was as follows:

Debt, net of unamortized issuance costs		Maturity		Rate			Carrying Value (1)				Available				Total Capacity
Operating Facility		2029		SOFR+2.00%	(2)		$	146,213,186			$	153,786,814			$	300,000,000		(3)
Funding Facility II		2029		SOFR+2.00%				100,000,000				100,000,000				200,000,000		(4)
Merger Sub Facility(5)		2028		SOFR+2.00%	(6)			36,000,000				229,000,000				265,000,000		(7)
SBA Debentures		2026−2031		2.41%	(8)			111,200,000				—				111,200,000
2026 Notes ($325 million par)		2026		2.85%				325,033,026				—				325,033,026
2029 Notes ($325 million par)		2029		6.95%				322,396,491				—				322,396,491
Total leverage								1,040,842,703			$	482,786,814			$	1,523,629,517
Unamortized issuance costs								(5,299,866	)
Debt, net of unamortized issuance costs							$	1,035,542,837

(1)Except for the 2026 Notes and 2029 Notes all carrying values are the same as the principal amounts outstanding.

(2)As of December 31, 2025, $140.0 million of the outstanding amount was subject to a SOFR credit adjustment of 0.10%. $2.9 million of the outstanding amount bore interest at a rate of EURIBOR + 2.00%. $3.3 million of the outstanding amount bore interest at a rate of CORRA + 2.00% with a credit adjustment of 0.30%.

(3)Operating Facility includes a $100.0 million accordion which allows for expansion of the facility to up to $400.0 million subject to consent from the lender and other customary conditions.

(4)Funding Facility II includes a $50.0 million accordion which allows for expansion of the facility to up to $250.0 million subject to consent from the lender and other customary conditions.

(5)Debt assumed by the Company as a result of the Merger with BCIC.

(6)The applicable margin for SOFR-based borrowings could be either 1.75% or 2.00% depending on a ratio of the borrowing base to certain committed indebtedness, and is also subject to a credit spread adjustment of 0.10%. If Merger Sub elects to borrow based on the alternate base rate, the applicable margin could be either 0.75% or 1.00% depending on a ratio of the borrowing base to certain committed indebtedness.

(7)Merger Sub Facility includes a $60.0 million accordion which allows for expansion of the facility to up to $325.0 million subject to consent from the lender and other customary conditions.

(8)Weighted-average interest rate, excluding fees of 0.35% or 0.36%.

Total debt outstanding and available at December 31, 2024 was as follows:

Debt, net of unamortized issuance costs		Maturity		Rate			Carrying Value (1)				Available				Total Capacity
Operating Facility		2029		SOFR+2.00%	(2)		$	120,670,788			$	179,329,212			$	300,000,000		(3)
Funding Facility II		2027		SOFR+2.05%	(4)			75,000,000				125,000,000				200,000,000		(5)
Merger Sub Facility(6)		2028		SOFR+2.00%	(7)			60,000,000				205,000,000				265,000,000		(8)
SBA Debentures		2025−2031		2.45%	(9)			131,500,000				10,000,000				141,500,000
2025 Notes ($92 million par)(6)		2025		Fixed/Variable	(10)			92,000,000				—				92,000,000
2026 Notes ($325 million par)		2026		2.85%				325,398,402				—				325,398,402
2029 Notes ($325 million par)		2029		6.95%				321,745,636				—				321,745,636
Total leverage								1,126,314,826			$	519,329,212			$	1,645,644,038
Unamortized issuance costs								(7,974,601	)
Debt, net of unamortized issuance costs							$	1,118,340,225

(1)Except for the 2026 Notes and the 2029 Notes, all carrying values are the same as the principal amounts outstanding.

(2)As of December 31, 2024, $113.0 million of the outstanding amount was subject to a SOFR credit adjustment of 0.10%. $7.7 million of the outstanding amount bore interest at a rate of EURIBOR + 2.00%.

(3)Operating Facility includes a $100.0 million accordion which allows for expansion of the facility to up to $400.0 million subject to consent from the lender and other customary conditions.

(4)Subject to certain funding requirements and a SOFR credit adjustment of 0.15%.

(5)Funding Facility II includes a $50.0 million accordion which allows for expansion of the facility to up to $250.0 million subject to consent from the lender and other customary conditions.

(6)Debt assumed by the Company as a result of the Merger with BCIC.

(7)The applicable margin for SOFR-based borrowings could be either 1.75% or 2.00% depending on a ratio of the borrowing base to certain committed indebtedness, and is also subject to a credit spread adjustment of 0.10%. If Merger Sub elects to borrow based on the alternate base rate, the applicable margin could be either 0.75% or 1.00% depending on a ratio of the borrowing base to certain committed indebtedness.

(8)Merger Sub Facility includes a $60.0 million accordion which allows for expansion of the facility to up to $325.0 million subject to consent from the lender and other customary conditions.

(9)Weighted-average interest rate, excluding fees of 0.35% or 0.36%.

(10)The 2025 Notes consist of two tranches: $35.0 million aggregate principal amount with a fixed interest rate of 6.85% and $57.0 million aggregate principal amount bearing interest at a rate equal to SOFR plus 3.14%.

Total Expense Related to Debt

Total expenses related to debt included the following:

		Year Ended December 31,
		2025				2024				2023
Interest expense		$	59,155,519			$	66,160,351			$	43,953,502
Amortization of deferred debt issuance costs			5,170,292				4,678,811				3,037,427
Commitment fees			1,765,336				1,324,880				819,811
Total		$	66,091,147			$	72,164,042			$	47,810,740

Schedule of SBA Debenture Outstanding

SBA Debentures outstanding as of December 31, 2025 were as follows:

Issuance Date		Maturity		Debenture Amount				Fixed Interest Rate				SBA Annual Charge
March 23, 2016		March 1, 2026		$	4,000,000				2.51	%			0.36	%
September 21, 2016		September 1, 2026			18,200,000				2.05	%			0.36	%
September 20, 2017		September 1, 2027			14,000,000				2.52	%			0.36	%
March 21, 2018		March 1, 2028			8,000,000				3.19	%			0.35	%
September 19, 2018		September 1, 2028			15,000,000				3.55	%			0.35	%
September 25, 2019		September 1, 2029			40,000,000				2.28	%			0.35	%
September 22, 2021		September 1, 2031			12,000,000				1.30	%			0.35	%
				$	111,200,000				2.41	%	*

* Weighted-average interest rate

SBA Debentures outstanding as of December 31, 2024 were as follows:

Issuance Date		Maturity		Debenture Amount				Fixed Interest Rate				SBA Annual Charge
March 25, 2015		March 1, 2025		$	9,500,000				2.52	%			0.36	%
September 23, 2015		September 1, 2025			10,800,000				2.83	%			0.36	%
March 23, 2016		March 1, 2026			4,000,000				2.51	%			0.36	%
September 21, 2016		September 1, 2026			18,200,000				2.05	%			0.36	%
September 20, 2017		September 1, 2027			14,000,000				2.52	%			0.36	%
March 21, 2018		March 1, 2028			8,000,000				3.19	%			0.35	%
September 19, 2018		September 1, 2028			15,000,000				3.55	%			0.35	%
September 25, 2019		September 1, 2029			40,000,000				2.28	%			0.35	%
September 22, 2021		September 1, 2031			12,000,000				1.30	%			0.35	%
				$	131,500,000				2.45	%	*

* Weighted-average interest rate

2024 Notes

Line Of Credit Facility [Line Items]

Schedule of Component of Carrying Value and Interest Expense of Debt

As of December 31, 2025 and December 31, 2024, the components of the carrying value of 2025 Notes, 2026 Notes and 2029 Notes were as follows:

		December 31, 2025										December 31, 2024
		2025 Notes		2026 Notes				2029 Notes				2025 Notes				2026 Notes				2029 Notes
Principal amount of debt		N/A		$	325,000,000			$	325,000,000			$	92,000,000			$	325,000,000			$	325,000,000
Original issue (discount)/ premium, net of accretion		N/A			33,026				(2,603,509	)			—				398,402				(3,254,364	)
Carrying value of debt		N/A		$	325,033,026			$	322,396,491			$	92,000,000			$	325,398,402			$	321,745,636

For the years ended December 31, 2025, 2024 and 2023, the components of interest expense for the 2024 Notes, 2025 Notes, 2026 Notes and 2029 Notes were as follows:

		Year Ended December 31,
		2025												2024																2023
		2025 Notes				2026 Notes				2029 Notes				2024 Notes				2025 Notes				2026 Notes				2029 Notes				2024 Notes				2026 Notes
Stated interest expense		$	3,932,362			$	9,262,500			$	22,587,500			$	6,283,333			$	5,695,845			$	9,262,500			$	13,176,042			$	9,750,000			$	9,262,500
Amortization of original issue discount/ (premium)			—				(365,376	)			650,856				403,991				—				(392,611	)			359,636				598,483				(383,721	)
Total interest expense		$	3,932,362			$	8,897,124			$	23,238,356			$	6,687,324			$	5,695,845			$	8,869,889			$	13,535,678			$	10,348,483			$	8,878,779

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