Quarterly report [Sections 13 or 15(d)]

Debt - Schedule of Available and Outstanding Debt (Details)

v3.25.2
Debt - Schedule of Available and Outstanding Debt (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Jun. 16, 2025
Mar. 10, 2025
Feb. 05, 2025
Dec. 31, 2024
Nov. 26, 2024
Jul. 09, 2024
Jun. 23, 2022
Jun. 22, 2022
Jan. 20, 2022
Sep. 16, 2021
Mar. 04, 2021
Nov. 04, 2020
Oct. 27, 2020
Jun. 03, 2020
Feb. 05, 2020
Sep. 24, 2018
Debt Instrument [Line Items]                                  
Total Available $ 2,829,085       $ 2,329,475                        
Principal Outstanding 2,095,220       1,783,265                        
Carrying value 2,064,166       1,768,955                        
SMBC LC Facility                                  
Debt Instrument [Line Items]                                  
Maximum borrowing capacity 300,000                                
SBA Debentures                                  
Debt Instrument [Line Items]                                  
Total Available [1] 350,000       350,000                        
Principal Outstanding [1] 350,000       279,000                        
Carrying value [1] 340,422       271,371                        
Maximum borrowing capacity 350,000       350,000                        
SBA Debentures | HC IV                                  
Debt Instrument [Line Items]                                  
Maximum borrowing capacity 175,000       175,000                 $ 175,000      
SBA Debentures | Hercules SBIC V, L.P.                                  
Debt Instrument [Line Items]                                  
Total Available 65,000                                
Maximum borrowing capacity 175,000       175,000   $ 175,000                    
February 2025 Notes                                  
Debt Instrument [Line Items]                                  
Total Available 0       50,000                     $ 50,000  
Principal Outstanding 0       50,000                        
Carrying value 0       49,981                        
June 2025 Notes                                  
Debt Instrument [Line Items]                                  
Total Available 0       70,000                   $ 70,000    
Principal Outstanding 0       70,000                        
Carrying value 0       69,919                        
June 2025 3-Year Notes                                  
Debt Instrument [Line Items]                                  
Total Available 0       50,000     $ 50,000                  
Principal Outstanding 0       50,000                        
Carrying value 0       49,926                        
March 2026 A Notes                                  
Debt Instrument [Line Items]                                  
Total Available 50,000       50,000               $ 50,000        
Principal Outstanding 50,000       50,000                        
Carrying value 49,937       49,889                        
March 2026 B Notes                                  
Debt Instrument [Line Items]                                  
Total Available 50,000       50,000             $ 50,000          
Principal Outstanding 50,000       50,000                        
Carrying value 49,931       49,880                        
September 2026 Notes                                  
Debt Instrument [Line Items]                                  
Total Available 325,000       325,000           $ 325,000            
Principal Outstanding 325,000       325,000                        
Carrying value 323,812       323,321                        
January 2027 Notes                                  
Debt Instrument [Line Items]                                  
Total Available 350,000       350,000         $ 350,000              
Principal Outstanding 350,000       350,000                        
Carrying value 347,930       347,265                        
2028 Convertible Notes                                  
Debt Instrument [Line Items]                                  
Total Available 287,500   $ 287,500   0                        
Principal Outstanding 287,500       0                        
Carrying value 279,099       0                        
June 2030 Notes                                  
Debt Instrument [Line Items]                                  
Total Available 350,000 $ 350,000     0                        
Principal Outstanding 350,000       0                        
Carrying value 341,827       0                        
2031 Asset-Backed Notes                                  
Debt Instrument [Line Items]                                  
Total Available 111,585       119,475       $ 150,000                
Principal Outstanding 111,585       119,475                        
Carrying value 111,150       118,769                        
2033 Notes                                  
Debt Instrument [Line Items]                                  
Total Available 40,000       40,000                       $ 40,000
Principal Outstanding 40,000       40,000                        
Carrying value 39,097       39,043                        
MUFG Bank Facility                                  
Debt Instrument [Line Items]                                  
Total Available 440,000       400,000                        
Principal Outstanding 66,000       116,000                        
Carrying value 66,000       116,000                        
SMBC Facility                                  
Debt Instrument [Line Items]                                  
Total Available [2],[3] 475,000       475,000                        
Principal Outstanding [2],[3] 115,135       283,790                        
Carrying value [2],[3] 114,961       283,591                        
SMBC Facility | Term Loan                                  
Debt Instrument [Line Items]                                  
Total Available 25,000       25,000                        
Principal Outstanding 25,000       25,000                        
Carrying value 24,800       24,800                        
SMBC Facility | SMBC LC Facility                                  
Debt Instrument [Line Items]                                  
Maximum borrowing capacity $ 175,000     $ 175,000 $ 175,000                        
SMBC Facility | SMBC LC Facility | Term Loan                                  
Debt Instrument [Line Items]                                  
Total Available           $ 25,000                      
[1] As of June 30, 2025 and December 31, 2024, the total available debt under the SBA Debentures was $350.0 million, of which $175.0 million was available to HC IV and $175.0 million was available to SBIC V.
(5)In November 2024, the Company amended its SMBC Facility and converted a portion of the existing revolver facility into a term loan facility in connection therewith. As of June 30, 2025, the term loan portion of the SMBC Facility for total available, outstanding principal, and carrying value was $25.0 million, $25.0 million, and $24.8 million respectively. As of December 31, 2024, the term loan portion of the SMBC Facility for total available, outstanding principal, and carrying value was $25.0 million, $25.0 million, and $24.8 million, respectively.
[2] In November 2024, the Company amended its SMBC Facility and converted a portion of the existing revolver facility into a term loan facility in connection therewith. As of June 30, 2025, the term loan portion of the SMBC Facility for total available, outstanding principal, and carrying value was $25.0 million, $25.0 million, and $24.8 million respectively. As of December 31, 2024, the term loan portion of the SMBC Facility for total available, outstanding principal, and carrying value was $25.0 million, $25.0 million, and $24.8 million, respectively.
[3] “Total Available” includes $175.0 million of available commitment through the letter of credit facility as of June 30, 2025 and December 31, 2024.