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Debt (Tables) | 12 Months Ended
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Dec. 31, 2023
Debt Disclosure [Abstract] |
Schedule of Available and Outstanding Debt | As of December 31, 2023 and December 31, 2022, the Company had the following available and outstanding debt:
(in thousands) | December 31, 2023 |  | December 31, 2022
| Total Available |  | Principal |  | Carrying Value (1) |  | Total Available |  | Principal |  | Carrying Value (1)
SBA Debentures (2) | $ | 175,000 |  |  | $ | 175,000 |  |  | $ | 170,323 |  |  | $ | 175,000 |  |  | $ | 175,000 |  |  | $ | 169,738 |
July 2024 Notes | 105,000 |  |  | 105,000 |  |  | 104,828 |  |  | 105,000 |  |  | 105,000 |  |  | 104,533 |
February 2025 Notes | 50,000 |  |  | 50,000 |  |  | 49,866 |  |  | 50,000 |  |  | 50,000 |  |  | 49,751 |
June 2025 Notes | 70,000 |  |  | 70,000 |  |  | 69,757 |  |  | 70,000 |  |  | 70,000 |  |  | 69,595 |
June 2025 3-Year Notes | 50,000 |  |  | 50,000 |  |  | 49,771 |  |  | 50,000 |  |  | 50,000 |  |  | 49,616 |
March 2026 A Notes | 50,000 |  |  | 50,000 |  |  | 49,795 |  |  | 50,000 |  |  | 50,000 |  |  | 49,700 |
March 2026 B Notes | 50,000 |  |  | 50,000 |  |  | 49,776 |  |  | 50,000 |  |  | 50,000 |  |  | 49,673 |
September 2026 Notes | 325,000 |  |  | 325,000 |  |  | 322,339 |  |  | 325,000 |  |  | 325,000 |  |  | 321,358 |
January 2027 Notes | 350,000 |  |  | 350,000 |  |  | 345,935 |  |  | 350,000 |  |  | 350,000 |  |  | 344,604 |
2031 Asset-Backed Notes | 150,000 |  |  | 150,000 |  |  | 148,544 |  |  | 150,000 |  |  | 150,000 |  |  | 147,957 |
2033 Notes | 40,000 |  |  | 40,000 |  |  | 38,935 |  |  | 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) | 400,000 |  |  | 94,000 |  |  | 94,000 |  |  | 225,000 |  |  | 72,000 |  |  | 72,000 |
Total | $ | 2,215,000 |  |  | $ | 1,570,000 |  |  | $ | 1,554,869 |  |  | $ | 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 December 31, 2023. The Company held the following SBA debentures outstanding principal balances as of December 31, 2023 and December 31, 2022:
(in thousands) Issuance/Pooling Date |  | Maturity Date |  | Interest Rate (1) |  | December 31, 2023 |  | December 31, 2022
March 26, 2021 |  | September 1, 2031 |  | 1.58% |  | $ | 37,500 |  |  | $ | 37,500 |
June 25, 2021 |  | September 1, 2031 |  | 1.58% |  | 16,200 |  |  | 16,200 |
July 28, 2021 |  | September 1, 2031 |  | 1.58% |  | 5,400 |  |  | 5,400 |
August 20, 2021 |  | September 1, 2031 |  | 1.58% |  | 5,400 |  |  | 5,400 |
October 21, 2021 |  | March 1, 2032 |  | 3.21% |  | 14,000 |  |  | 14,000 |
November 1, 2021 |  | March 1, 2032 |  | 3.21% |  | 21,000 |  |  | 21,000 |
November 15, 2021 |  | March 1, 2032 |  | 3.21% |  | 5,200 |  |  | 5,200 |
November 30, 2021 |  | March 1, 2032 |  | 3.21% |  | 20,800 |  |  | 20,800 |
December 20, 2021 |  | March 1, 2032 |  | 3.21% |  | 10,000 |  |  | 10,000 |
December 23, 2021 |  | March 1, 2032 |  | 3.21% |  | 10,000 |  |  | 10,000 |
December 28, 2021 |  | March 1, 2032 |  | 3.21% |  | 5,000 |  |  | 5,000 |
January 14, 2022 |  | March 1, 2032 |  | 3.21% |  | 4,500 |  |  | 4,500 |
January 21, 2022 |  | March 1, 2032 |  | 3.21% |  | 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 December 31, 2023 and December 31, 2022:
(in thousands) |  | December 31, 2023 |  | December 31, 2022
SBA Debentures |  | $ | 4,677 |  |  | $ | 5,262 |
July 2024 Notes |  | 172 |  |  | 467 |
February 2025 Notes |  | 134 |  |  | 249 |
June 2025 Notes |  | 243 |  |  | 405 |
June 2025 3-Year Notes |  | 229 |  |  | 384 |
March 2026 A Notes |  | 205 |  |  | 300 |
March 2026 B Notes |  | 224 |  |  | 327 |
September 2026 Notes |  | 2,661 |  |  | 3,642 |
January 2027 Notes |  | 4,065 |  |  | 5,396 |
2031 Asset-Backed Notes |  | 1,456 |  |  | 2,043 |
2033 Notes |  | 1,065 |  |  | 1,174 |
MUFG Bank Facility(1) |  | 3,540 |  |  | 1,292 |
SMBC Facility (1) |  | 1,775 |  |  | 1,701 |
Total |  | $ | 20,446 |  |  | $ | 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.
Schedules of Components of Interest Expense, Related Fees, Losses on Debt Extinguishment and Cash Paid for Interest Expense for Debt | For the year ended December 31, 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) |  | Year ended December 31, 2023
Description |  | Interest expense(1) |  | Amortization of debt issuance cost (loan fees) |  | Unused facility and other fees (loan fees) |  | Total interest expense and fees |  | Cash paid for interest expense
SBA Debentures |  | $ | 4,562 |  |  | $ | 585 |  |  | $ | — |  |  | $ | 5,147 |  |  | $ | 4,562 |
July 2024 Notes |  | 5,009 |  |  | 295 |  |  | — |  |  | 5,304 |  |  | 5,009 |
February 2025 Notes |  | 2,140 |  |  | 115 |  |  | — |  |  | 2,255 |  |  | 2,140 |
June 2025 Notes |  | 3,017 |  |  | 162 |  |  | — |  |  | 3,179 |  |  | 3,017 |
June 2025 3-Year Notes |  | 3,000 |  |  | 155 |  |  | — |  |  | 3,155 |  |  | 3,000 |
March 2026 A Notes |  | 2,250 |  |  | 95 |  |  | — |  |  | 2,345 |  |  | 2,250 |
March 2026 B Notes |  | 2,275 |  |  | 103 |  |  | — |  |  | 2,378 |  |  | 2,276 |
September 2026 Notes |  | 8,697 |  |  | 815 |  |  | — |  |  | 9,512 |  |  | 8,532 |
January 2027 Notes |  | 12,316 |  |  | 828 |  |  | — |  |  | 13,144 |  |  | 11,812 |
2031 Asset-Backed Notes |  | 7,613 |  |  | 399 |  |  | — |  |  | 8,012 |  |  | 7,425 |
2033 Notes |  | 2,500 |  |  | 108 |  |  | — |  |  | 2,608 |  |  | 2,500 |
MUFG Bank Facility(2) |  | 5,583 |  |  | 1,770 |  |  | 2,782 |  |  | 10,135 |  |  | 5,948 |
SMBC Facility |  | 8,658 |  |  | 693 |  |  | 940 |  |  | 10,291 |  |  | 8,678 |
Total |  | $ | 67,620 |  |  | $ | 6,123 |  |  | $ | 3,722 |  |  | $ | 77,465 |  |  | $ | 67,149 |
(1)Interest expense includes amortization of original issue discounts for the year ended December 31, 2023, of $166 thousand, $503 thousand, and $188 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 year ended December 31, 2022, the components of interest expense, related fees, and cash paid for interest expense for debt were as follows:
(in thousands) |  | Year ended December 31, 2022
Description |  | Interest expense(1) |  | Amortization of debt issuance cost (loan fees)(2) |  | Unused facility and other fees (loan fees) |  | Total interest expense and fees |  | Cash paid for interest expense
SBA Debentures |  | $ | 3,997 |  |  | $ | 581 |  |  | $ | — |  |  | $ | 4,578 |  |  | $ | 2,835 |
2022 Notes(3) |  | 1,011 |  |  | 50 |  |  | — |  |  | 1,061 |  |  | 2,293 |
July 2024 Notes |  | 5,009 |  |  | 295 |  |  | — |  |  | 5,304 |  |  | 5,009 |
February 2025 Notes |  | 2,140 |  |  | 115 |  |  | — |  |  | 2,255 |  |  | 2,140 |
June 2025 Notes |  | 3,017 |  |  | 162 |  |  | — |  |  | 3,179 |  |  | 3,017 |
June 2025 3-Year Notes |  | 1,567 |  |  | 81 |  |  | — |  |  | 1,648 |  |  | 1,500 |
March 2026 A Notes |  | 2,250 |  |  | 95 |  |  | — |  |  | 2,345 |  |  | 2,250 |
March 2026 B Notes |  | 2,275 |  |  | 103 |  |  | — |  |  | 2,378 |  |  | 2,275 |
September 2026 Notes |  | 8,698 |  |  | 815 |  |  | — |  |  | 9,513 |  |  | 8,531 |
January 2027 Notes |  | 11,630 |  |  | 782 |  |  | — |  |  | 12,412 |  |  | 5,906 |
2031 Asset-Backed Notes |  | 3,975 |  |  | 209 |  |  | — |  |  | 4,184 |  |  | 3,671 |
2033 Notes |  | 2,500 |  |  | 108 |  |  | — |  |  | 2,608 |  |  | 2,500 |
2022 Convertible Notes(3) |  | 923 |  |  | 148 |  |  | — |  |  | 1,071 |  |  | 5,004 |
MUFG Bank Facility(2) |  | 4,548 |  |  | 941 |  |  | 2,285 |  |  | 7,774 |  |  | 4,097 |
SMBC Facility |  | 1,209 |  |  | 315 |  |  | 513 |  |  | 2,037 |  |  | 1,047 |
Total |  | $ | 54,749 |  |  | $ | 4,800 |  |  | $ | 2,798 |  |  | $ | 62,347 |  |  | $ | 52,075 |
(1)Interest expense includes amortization of original issue discounts for the year ended December 31, 2022, of $23 thousand, $112 thousand, $166 thousand, $475 thousand, $98 thousand related to the 2022 Notes, 2022 Convertible Notes, September 2026 Notes, January 2027 Notes, and 2031 Asset-Backed Notes, respectively. (2)The June 2022 amendment of the MUFG Bank Facility replaced Union Bank Facility via an amendment as the lead lender. (3)The Company fully redeemed the 2022 Notes on February 22, 2022 and fully repaid the 2022 Convertible Notes on February 1, 2022. For the year ended December 31, 2021, the components of interest expense, related fees, and cash paid for interest expense for debt were as follows:
(in thousands) |  | Year ended December 31, 2021
Description |  | Interest expense(1) |  | Amortization of debt issuance cost (loan fees) |  | Unused facility and other fees (loan fees) |  | Total interest expense and fees |  | Cash paid for interest expense
SBA Debentures |  | $ | 1,580 |  |  | $ | 452 |  |  | $ | — |  |  | $ | 2,032 |  |  | $ | 2,272 |
2022 Notes |  | 7,102 |  |  | 360 |  |  | — |  |  | 7,462 |  |  | 6,938 |
July 2024 Notes |  | 5,009 |  |  | 295 |  |  | — |  |  | 5,304 |  |  | 5,008 |
February 2025 Notes |  | 2,140 |  |  | 115 |  |  | — |  |  | 2,255 |  |  | 2,140 |
April 2025 Notes(3) |  | 1,969 |  |  | 1,667 |  |  | — |  |  | 3,636 |  |  | 2,635 |
June 2025 Notes |  | 3,017 |  |  | 162 |  |  | — |  |  | 3,179 |  |  | 3,017 |
March 2026 A Notes |  | 2,250 |  |  | 93 |  |  | — |  |  | 2,343 |  |  | 1,875 |
March 2026 B Notes |  | 1,877 |  |  | 85 |  |  | — |  |  | 1,962 |  |  | 1,138 |
September 2026 Notes |  | 2,513 |  |  | 236 |  |  | — |  |  | 2,749 |  |  | — |
2033 Notes |  | 2,500 |  |  | 108 |  |  | — |  |  | 2,608 |  |  | 2,500 |
2027 Asset-Backed Notes(3) |  | 4,888 |  |  | 2,176 |  |  | — |  |  | 7,064 |  |  | 4,972 |
2028 Asset-Backed Notes(3) |  | 8,139 |  |  | 2,351 |  |  | — |  |  | 10,490 |  |  | 8,240 |
2022 Convertible Notes |  | 10,734 |  |  | 892 |  |  | — |  |  | 11,626 |  |  | 10,062 |
Wells Facility(3) |  | — |  |  | 198 |  |  | 675 |  |  | 873 |  |  | — |
MUFG Bank Facility(4) |  | 672 |  |  | 1,228 |  |  | 1,906 |  |  | 3,806 |  |  | 672 |
SMBC Facility |  | 57 |  |  | 33 |  |  | 44 |  |  | 134 |  |  | — |
Total |  | $ | 54,447 |  |  | $ | 10,451 |  |  | $ | 2,625 |  |  | $ | 67,523 |  |  | $ | 51,469 |
(1)Interest expense includes amortization of original issue discounts for the year ended December 31, 2021, of $165 thousand, $671 thousand, and $48 thousand for the 2022 Notes, 2022 Convertible Notes, and September 2026 Notes, respectively. (2)“Amortization of debt issuance cost (loan fees)” includes $1,477 thousand, $1,272 thousand, and $1,670 thousand related to debt extinguishment costs for the April 2025 Notes, 2027 Asset-Backed Notes, and 2028 Asset-Backed Notes, respectively for the year ended December 31, 2021 disclosed as a “Loss on debt extinguishment” in the Consolidated Statements of Operations. (3)The April 2025 Notes, 2027 Asset-Backed Notes and 2028 Asset-Backed Notes were retired on July 1, 2021, and October 20, 2021, respectively. The Wells Facility was terminated on November 29, 2021. (4)The June 2022 amendment of the MUFG Bank Facility replaced Union Bank Facility via an amendment as the lead lender.

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