XML 42 R31.htm IDEA: XBRL DOCUMENT v3.23.3
Debt (Tables)
 9 Months Ended
Sep. 30, 2023
Debt Disclosure [Abstract]  
Schedule of Available and Outstanding Debt
As of September 30, 2023 and December 31, 2022, the Company had the following available and outstanding debt:
(in thousands)September 30, 2023December 31, 2022
 Total AvailablePrincipal
Carrying Value (1)
Total AvailablePrincipal
Carrying Value (1)
SBA Debentures (2)
$175,000 $175,000 $170,175 $175,000 $175,000 $169,738 
July 2024 Notes105,000 105,000 104,754 105,000 105,000 104,533 
February 2025 Notes50,000 50,000 49,837 50,000 50,000 49,751 
June 2025 Notes70,000 70,000 69,717 70,000 70,000 69,595 
June 2025 3-Year Notes50,000 50,000 49,732 50,000 50,000 49,616 
March 2026 A Notes50,000 50,000 49,771 50,000 50,000 49,700 
March 2026 B Notes50,000 50,000 49,751 50,000 50,000 49,673 
September 2026 Notes325,000 325,000 322,094 325,000 325,000 321,358 
January 2027 Notes350,000 350,000 345,602 350,000 350,000 344,604 
2031 Asset-Backed Notes150,000 150,000 148,397 150,000 150,000 147,957 
2033 Notes40,000 40,000 38,908 40,000 40,000 38,826 
MUFG Bank Facility (2)(3)
400,000 61,000 61,000 545,000 107,000 107,000 
SMBC Facility (2)(4)
400,000 173,000 173,000 225,000 72,000 72,000 
Total$2,215,000 $1,649,000 $1,632,738 $2,185,000 $1,594,000 $1,574,351 
(1)Except for the SMBC Facility and MUFG Bank Facility (f.k.a. Union Bank Facility), all carrying values represent the principal amount outstanding less the remaining unamortized debt issuance costs and unaccreted premium or discount, if any, associated with the debt as of the balance sheet date.
(2)Availability subject to the Company meeting the borrowing base requirements.
(3)In June 2022 the MUFG Bank Facility replaced the Union Bank Facility via an amendment which changed the lead lender.
(4)Includes $175.0 million of available commitment through the letter of credit facility as of September 30, 2023.
The Company held the following SBA debentures outstanding principal balances as of September 30, 2023 and December 31, 2022:
(in thousands)
 
Issuance/Pooling Date		Maturity Date
Interest Rate (1)
September 30, 2023December 31, 2022
March 26, 2021September 1, 20311.58%$37,500 $37,500 
June 25, 2021September 1, 20311.58%16,200 16,200 
July 28, 2021September 1, 20311.58%5,400 5,400 
August 20, 2021September 1, 20311.58%5,400 5,400 
October 21, 2021March 1, 20323.21%14,000 14,000 
November 1, 2021March 1, 20323.21%21,000 21,000 
November 15, 2021March 1, 20323.21%5,200 5,200 
November 30, 2021March 1, 20323.21%20,800 20,800 
December 20, 2021March 1, 20323.21%10,000 10,000 
December 23, 2021March 1, 20323.21%10,000 10,000 
December 28, 2021March 1, 20323.21%5,000 5,000 
January 14, 2022March 1, 20323.21%4,500 4,500 
January 21, 2022March 1, 20323.21%20,000 20,000 
Total SBA Debentures  $175,000 $175,000 
(1)Interest rates are determined initially at issuance and reset to a fixed rate at the debentures pooling date. The rates are inclusive of annual SBA charges.
Schedule of Debt Issuance Costs, Net of Accumulated Amortization
Debt issuance costs, net of accumulated amortization, were as follows as of September 30, 2023 and December 31, 2022:
(in thousands)September 30, 2023December 31, 2022
SBA Debentures$4,825 $5,262 
July 2024 Notes246 467 
February 2025 Notes163 249 
June 2025 Notes283 405 
June 2025 3-Year Notes268 384 
March 2026 A Notes229 300 
March 2026 B Notes249 327 
September 2026 Notes2,906 3,642 
January 2027 Notes4,398 5,396 
2031 Asset-Backed Notes1,603 2,043 
2033 Notes1,092 1,174 
MUFG Bank Facility(1)
3,982 1,292 
SMBC Facility (1)
1,955 1,701 
Total$22,199 $22,642 
(1)The MUFG Bank Facility (f.k.a. Union Bank Facility) and SMBC Facility, are line-of-credit arrangements, the debt issuance costs associated with these instruments are included within Other assets on the Consolidated Statements of Assets and Liabilities in accordance with ASC Subtopic 835-30.
Components of Interest Expense, Related Fees, Losses on Debt Extinguishment and Cash Paid for Interest Expense for Debt
For the three and nine months ended September 30, 2023, the components of interest expense, related fees, losses on debt extinguishment and cash paid for interest expense for debt were as follows:
(in thousands)Three Months Ended September 30, 2023Nine Months Ended September 30, 2023
Description
Interest expense(1)
Amortization of debt issuance cost (loan fees)Unused facility and other fees (loan fees)Total interest expense and feesCash paid for interest expense
Interest expense(1)
Amortization of debt issuance cost (loan fees)Unused facility and other fees (loan fees)Total interest expense and feesCash paid for interest expense
SBA Debentures$1,150 $146 $— $1,296 $2,300 $3,412 $436 $— $3,848 $4,562 
July 2024 Notes1,252 74 — 1,326 2,505 3,756 222 — 3,978 5,009 
February 2025 Notes535 29 — 564 1,070 1,605 86 — 1,691 2,140 
June 2025 Notes754 40 — 794 — 2,263 121 — 2,384 1,509 
June 2025 3-Year Notes750 39 — 789 — 2,250 117 — 2,367 1,500 
March 2026 A Notes563 24 — 587 1,125 1,688 71 — 1,759 2,250 
March 2026 B Notes569 26 — 595 1,138 1,706 78 — 1,784 2,275 
September 2026 Notes2,174 203 — 2,377 4,266 6,523 611 — 7,134 8,532 
January 2027 Notes3,079 207 — 3,286 5,906 9,236 621 — 9,857 11,812 
2031 Asset-Backed Notes1,902 101 — 2,003 1,857 5,709 301 — 6,010 5,570 
2033 Notes625 27 — 652 625 1,875 81 — 1,956 1,875 
MUFG Bank Facility(2)
1,247 443 709 2,399 1,240 4,323 1,327 2,017 7,667 4,673 
SMBC Facility1,828 180 276 2,284 1,715 5,891 513 715 7,119 5,703 
Total$16,428 $1,539 $985 $18,952 $23,747 $50,237 $4,585 $2,732 $57,554 $57,410 

(1)Interest expense includes amortization of original issue discounts for the three months ended September 30, 2023 of $42 thousand, $126 thousand, and $47 thousand related to the September 2026 Notes, January 2027 Notes, and 2031 Asset-Backed Notes, respectively. For the nine months ended September 30, 2023, $125 thousand, $377 thousand, and $141 thousand, related to the September 2026 Notes, January 2027 Notes, and 2031 Asset-Backed Notes, respectively.
(2)The June 2022 amendment of the MUFG Bank Facility replaced the Union Bank Facility via an amendment which changed the lead lender.
For the three and nine months ended September 30, 2022, the components of interest expense and related fees and cash paid for interest expense for debt were as follows:
(in thousands)Three Months Ended September 30, 2022Nine Months Ended September 30, 2022
Description
Interest expense(1)
Amortization of debt issuance cost (loan fees)Unused facility and other fees (loan fees)Total interest expense and feesCash paid for interest expense
Interest expense(1)
Amortization of debt issuance cost (loan fees)Unused facility and other fees (loan fees)Total interest expense and feesCash paid for interest expense
SBA Debentures$1,160 $148 $— $1,308 $2,086 $2,848 $434 $— $3,282 $2,835 
2022 Notes(2)
— — — — — 1,011 50 — 1,061 2,293 
July 2024 Notes1,252 74 — 1,326 2,504 3,756 222 — 3,978 5,008 
February 2025 Notes535 29 — 564 1,070 1,605 86 — 1,691 2,140 
June 2025 Notes754 40 — 794 — 2,263 121 — 2,384 1,509 
June 2025 3-Year Notes750 38 — 788 — 817 42 — 859 — 
March 2026 A Notes563 24 — 587 1,125 1,688 72 — 1,760 2,250 
March 2026 B Notes569 26 — 595 1,137 1,706 78 — 1,784 2,275 
September 2026 Notes2,174 204 — 2,378 4,266 6,523 612 — 7,135 8,532 
January 2027 Notes3,079 207 — 3,286 5,906 8,552 575 — 9,127 5,906 
2031 Asset-Backed Notes1,903 100 — 2,003 1,815 2,072 109 — 2,181 1,815 
2033 Notes625 27 — 652 625 1,875 81 — 1,956 1,875 
2022 Convertible Notes(2)
— — — — — 923 149 — 1,072 5,004 
MUFG Bank Facility(3)
1,000 253 720 1,973 1,025 2,483 665 1,682 4,830 2,240 
SMBC Facility135 98 195 428 181 722 211 328 1,261 700 
Total$14,499 $1,268 $915 $16,682 $21,740 $38,844 $3,507 $2,010 $44,361 $44,382 

(1)Interest expense includes amortization of original issue discounts for the three months ended September 30, 2022 of $42 thousand, $126 thousand, and $47 thousand related to the September 2026 Notes, January 2027 Notes, and 2031 Asset-Backed Notes, respectively. For the nine months ended September 30, 2022, $23 thousand, $112 thousand, $125 thousand, $349 thousand, and $51 thousand, related to the 2022 Notes, 2022 Convertible Notes, September 2026 Notes, January 2027 Notes, and 2031 Asset-Backed Notes, respectively.
(2)In February 2022, the Company has fully repaid the aggregate outstanding principal balances and retired 2022 Notes and 2022 Convertible Notes.
(3)The June 2022 amendment of the MUFG Bank Facility replaced the Union Bank Facility via an amendment which changed the lead lender.