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Subordinated Credit Facility (Tables) | 9 Months Ended
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Apr. 30, 2025
Investments, Debt and Equity Securities [Abstract] |
Schedule of Line of Credit Facilities | The following table summarizes the activity relating to deferred financing costs and discounts under the Credit Facility:
| Deferred Financing Costs |  | Discount |  |  |  |
| Term Loan | Revolver | Total |  | Term Loan |  | Total |  |
Credit Facility fees | $ | 6,626,000 |  | 3,353,000 |  | $ | 9,979,000 |  |  | $ | 7,486,000 |  |  | $ | 17,465,000 |  |  |
Term Loan proceeds allocated to Lender warrants | — |  | — |  | — |  |  | 3,011,000 |  |  | 3,011,000 |  |  |
Term Loan proceeds allocated to embedded derivative | — |  | — |  | — |  |  | 3,116,000 |  |  | 3,116,000 |  |  |
Amortization | (201,000) |  | (102,000) |  | (303,000) |  |  | (411,000) |  |  | (714,000) |  |  |
Balance at July 31, 2024 | $ | 6,425,000 |  | 3,251,000 |  | $ | 9,676,000 |  |  | $ | 13,202,000 |  |  | $ | 22,878,000 |  |  |
Amendment fees | — |  | 650,000 |  | 650,000 |  |  | 8,166,000 |  |  | 8,816,000 |  |  |
Write-off due to prepayments and reduced commitments | (924,000) |  | (1,585,000) |  | (2,509,000) |  |  | (2,382,000) |  |  | (4,891,000) |  |  |
Amortization | (824,000) |  | (466,000) |  | (1,290,000) |  |  | (2,206,000) |  |  | (3,496,000) |  |  |
Balance at April 30, 2025 | $ | 4,677,000 |  | 1,850,000 |  | $ | 6,527,000 |  |  | $ | 16,780,000 |  |  | $ | 23,307,000 |  |  |
The amount of debt outstanding under our Credit Facility was as follows:
|  | April 30, 2025 |  | July 31, 2024
Term Loan |  | $ | 144,592,000 |  |  | $ | 161,663,000 |
Less unamortized deferred financing costs related to Term Loan |  | 4,677,000 |  |  | 6,425,000 |
Less unamortized discount related to Term Loan |  | 16,780,000 |  |  | 13,202,000 |
Term Loan, net |  | 123,135,000 |  |  | 142,036,000 |
Revolving Loan |  | 23,416,000 |  |  | 32,500,000 |
Embedded derivative related to Credit Facility |  | 2,331,000 |  |  | 3,041,000 |
Amount outstanding under Credit Facility, net |  | $ | 148,882,000 |  |  | 177,577,000 |
Less current portion of credit facility, net |  | 148,882,000 |  |  | 4,050,000 |
Non-current portion of credit facility, net |  | $ | — |  |  | $ | 173,527,000 |
The following table presents a reconciliation of the amount outstanding under the Amended Subordinated Credit Facility to its net carrying value:
|  |  |  | April 30, 2025 |  |
Amended Subordinated Credit Facility |  |  |  |  |  | $ | 65,000,000 |  |  |
Less: Unamortized deferred financing costs |  |  |  |  |  | 1,604,000 |  |  |
Less: Unamortized discount |  |  |  |  |  | 16,169,000 |  |  |
Plus: Accretion of Make-Whole Amount |  |  |  |  |  | 3,599,000 |  |  |
Amended Subordinated Credit Facility, net - subtotal |  |  |  |  |  | 50,826,000 |  |  |
Plus: Embedded derivative related to redemption features |  |  |  |  |  | 14,645,000 |  |  |
Amount outstanding under the Amended Subordinated Credit Facility |  |  |  |  |  | 65,471,000 |  |  |
Less: Current portion of Amended Subordinated Credit Facility, net |  |  |  |  |  | (65,471,000) |  |  |
Non-current portion of Amended Subordinated Credit Facility, net |  |  |  |  |  | $ | — |  |  |

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- Definition Tabular disclosure of short-term or long-term contractual arrangements with lenders, including letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(22)(b)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(19)(b)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1 + Details
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