Quarterly report [Sections 13 or 15(d)]

Debt - Schedule of Available and Outstanding Debt (Details)

v3.25.1
Debt - Schedule of Available and Outstanding Debt (Details) - USD ($)
$ in Thousands
Mar. 31, 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 $ 2,564,345     $ 2,329,475                        
Principal Outstanding 1,999,351     1,783,265                        
Carrying value 1,976,623     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] 295,000     279,000                        
Carrying value [1] 287,049     271,371                        
Maximum borrowing capacity 350,000     350,000                        
SBA Debentures | HC IV                                
Debt Instrument [Line Items]                                
Total Available 175,000                              
Maximum borrowing capacity 175,000     175,000                 $ 175,000      
SBA Debentures | Hercules SBIC V, L.P.                                
Debt Instrument [Line Items]                                
Total Available 120,000                              
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 70,000     70,000                   $ 70,000    
Principal Outstanding 70,000     70,000                        
Carrying value 69,960     69,919                        
June 2025 3-Year Notes                                
Debt Instrument [Line Items]                                
Total Available 50,000     50,000     $ 50,000                  
Principal Outstanding 50,000     50,000                        
Carrying value 49,965     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 49,913     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 49,905     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 323,566     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 347,598     347,265                        
2028 Convertible Notes                                
Debt Instrument [Line Items]                                
Total Available 287,500 $ 287,500   0                        
Principal Outstanding 287,500     0                        
Carrying value 278,503     0                        
2031 Asset-Backed Notes                                
Debt Instrument [Line Items]                                
Total Available 116,845     119,475       $ 150,000                
Principal Outstanding 116,845     119,475                        
Carrying value 116,272     118,769                        
2033 Notes                                
Debt Instrument [Line Items]                                
Total Available 40,000     40,000                       $ 40,000
Principal Outstanding 40,000     40,000                        
Carrying value 39,070     39,043                        
MUFG Bank Facility                                
Debt Instrument [Line Items]                                
Total Available 400,000     400,000                        
Principal Outstanding 105,000     116,000                        
Carrying value 105,000     116,000                        
SMBC Facility                                
Debt Instrument [Line Items]                                
Total Available [2],[3] 475,000     475,000                        
Principal Outstanding [2],[3] 260,006     283,790                        
Carrying value [2],[3] 259,822     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 March 31, 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 March 31, 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 March 31, 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 March 31, 2025 and December 31, 2024.