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Debt (Tables) | 3 Months Ended
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Mar. 31, 2024
Debt Disclosure [Abstract] |
Schedule of Available and Outstanding Debt | As of March 31, 2024 and December 31, 2023, the Company had the following available and outstanding debt:
(in thousands) | March 31, 2024 |  | December 31, 2023
| Total Available |  | Principal |  | Carrying Value (1) |  | Total Available |  | Principal |  | Carrying Value (1)
SBA Debentures (2) | $ | 175,000 |  |  | $ | 175,000 |  |  | $ | 170,469 |  |  | $ | 175,000 |  |  | $ | 175,000 |  |  | $ | 170,323 |
July 2024 Notes | 105,000 |  |  | 105,000 |  |  | 104,902 |  |  | 105,000 |  |  | 105,000 |  |  | 104,828 |
February 2025 Notes | 50,000 |  |  | 50,000 |  |  | 49,895 |  |  | 50,000 |  |  | 50,000 |  |  | 49,866 |
June 2025 Notes | 70,000 |  |  | 70,000 |  |  | 69,798 |  |  | 70,000 |  |  | 70,000 |  |  | 69,757 |
June 2025 3-Year Notes | 50,000 |  |  | 50,000 |  |  | 49,810 |  |  | 50,000 |  |  | 50,000 |  |  | 49,771 |
March 2026 A Notes | 50,000 |  |  | 50,000 |  |  | 49,818 |  |  | 50,000 |  |  | 50,000 |  |  | 49,795 |
March 2026 B Notes | 50,000 |  |  | 50,000 |  |  | 49,802 |  |  | 50,000 |  |  | 50,000 |  |  | 49,776 |
September 2026 Notes | 325,000 |  |  | 325,000 |  |  | 322,585 |  |  | 325,000 |  |  | 325,000 |  |  | 322,339 |
January 2027 Notes | 350,000 |  |  | 350,000 |  |  | 346,266 |  |  | 350,000 |  |  | 350,000 |  |  | 345,935 |
2031 Asset-Backed Notes | 150,000 |  |  | 150,000 |  |  | 148,691 |  |  | 150,000 |  |  | 150,000 |  |  | 148,544 |
2033 Notes | 40,000 |  |  | 40,000 |  |  | 38,962 |  |  | 40,000 |  |  | 40,000 |  |  | 38,935 |
MUFG Bank Facility (2) | 400,000 |  |  | 136,000 |  |  | 136,000 |  |  | 400,000 |  |  | 61,000 |  |  | 61,000 |
SMBC Facility (2)(3) | 400,000 |  |  | 215,000 |  |  | 215,000 |  |  | 400,000 |  |  | 94,000 |  |  | 94,000 |
Total | $ | 2,215,000 |  |  | $ | 1,766,000 |  |  | $ | 1,751,998 |  |  | $ | 2,215,000 |  |  | $ | 1,570,000 |  |  | $ | 1,554,869 |
(1)Except for the SMBC Facility and MUFG 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)Includes $175.0 million of available commitment through the letter of credit facility as of March 31, 2024 and December 31, 2023. The Company held the following SBA debentures outstanding principal balances as of March 31, 2024 and December 31, 2023:
(in thousands) Issuance/Pooling Date |  | Maturity Date |  | Interest Rate (1) |  | March 31, 2024 |  | December 31, 2023
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 March 31, 2024 and December 31, 2023:
(in thousands) |  | March 31, 2024 |  | December 31, 2023
SBA Debentures |  | $ | 4,531 |  |  | $ | 4,677 |
July 2024 Notes |  | 98 |  |  | 172 |
February 2025 Notes |  | 105 |  |  | 134 |
June 2025 Notes |  | 202 |  |  | 243 |
June 2025 3-Year Notes |  | 190 |  |  | 229 |
March 2026 A Notes |  | 182 |  |  | 205 |
March 2026 B Notes |  | 198 |  |  | 224 |
September 2026 Notes |  | 2,415 |  |  | 2,661 |
January 2027 Notes |  | 3,734 |  |  | 4,065 |
2031 Asset-Backed Notes |  | 1,309 |  |  | 1,456 |
2033 Notes |  | 1,038 |  |  | 1,065 |
MUFG Bank Facility(1) |  | 3,120 |  |  | 3,540 |
SMBC Facility (1) |  | 1,595 |  |  | 1,775 |
Total |  | $ | 18,717 |  |  | $ | 20,446 |
(1)The MUFG 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 and Cash Paid for Interest Expense for Debt | For the three months ended March 31, 2024, the components of interest expense, related fees, and cash paid for interest expense for debt were as follows:
(in thousands) |  | Three Months Ended March 31, 2024 |  |
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 |  | $ | 1,137 |  |  | $ | 146 |  |  | $ | — |  |  | $ | 1,283 |  |  | $ | 2,275 |  |  |  |  |  |  |  |  |  |  |
July 2024 Notes |  | 1,252 |  |  | 74 |  |  | — |  |  | 1,326 |  |  | 2,504 |  |  |  |  |  |  |  |  |  |  |
February 2025 Notes |  | 535 |  |  | 29 |  |  | — |  |  | 564 |  |  | 1,070 |  |  |  |  |  |  |  |  |  |  |
June 2025 Notes |  | 754 |  |  | 40 |  |  | — |  |  | 794 |  |  | — |  |  |  |  |  |  |  |  |  |  |
June 2025 3-Year Notes |  | 750 |  |  | 39 |  |  | — |  |  | 789 |  |  | — |  |  |  |  |  |  |  |  |  |  |
March 2026 A Notes |  | 563 |  |  | 24 |  |  | — |  |  | 587 |  |  | 1,125 |  |  |  |  |  |  |  |  |  |  |
March 2026 B Notes |  | 569 |  |  | 26 |  |  | — |  |  | 595 |  |  | 1,138 |  |  |  |  |  |  |  |  |  |  |
September 2026 Notes |  | 2,175 |  |  | 203 |  |  | — |  |  | 2,378 |  |  | 4,265 |  |  |  |  |  |  |  |  |  |  |
January 2027 Notes |  | 3,079 |  |  | 207 |  |  | — |  |  | 3,286 |  |  | 5,906 |  |  |  |  |  |  |  |  |  |  |
2031 Asset-Backed Notes |  | 1,903 |  |  | 100 |  |  | — |  |  | 2,003 |  |  | 1,856 |  |  |  |  |  |  |  |  |  |  |
2033 Notes |  | 625 |  |  | 27 |  |  | — |  |  | 652 |  |  | 625 |  |  |  |  |  |  |  |  |  |  |
MUFG Bank Facility |  | 1,933 |  |  | 447 |  |  | 609 |  |  | 2,989 |  |  | 1,566 |  |  |  |  |  |  |  |  |  |  |
SMBC Facility |  | 2,349 |  |  | 180 |  |  | 246 |  |  | 2,775 |  |  | 1,754 |  |  |  |  |  |  |  |  |  |  |
Total |  | $ | 17,624 |  |  | $ | 1,542 |  |  | $ | 855 |  |  | $ | 20,021 |  |  | $ | 24,084 |  |  |  |  |  |  |  |  |  |  |
(1)Interest expense includes amortization of original issue discounts for the three months ended March 31, 2024 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 three months ended March 31, 2023, the components of interest expense, related fees, and cash paid for interest expense for debt were as follows:
(in thousands) |  | Three Months Ended March 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 |  | $ | 1,125 |  |  | $ | 144 |  |  | $ | — |  |  | $ | 1,269 |  |  | $ | 2,262 |  |  |  |  |  |  |  |  |  |  |
July 2024 Notes |  | 1,252 |  |  | 74 |  |  | — |  |  | 1,326 |  |  | 2,504 |  |  |  |  |  |  |  |  |  |  |
February 2025 Notes |  | 535 |  |  | 29 |  |  | — |  |  | 564 |  |  | 1,070 |  |  |  |  |  |  |  |  |  |  |
June 2025 Notes |  | 754 |  |  | 40 |  |  | — |  |  | 794 |  |  | — |  |  |  |  |  |  |  |  |  |  |
June 2025 3-Year Notes |  | 750 |  |  | 39 |  |  | — |  |  | 789 |  |  | — |  |  |  |  |  |  |  |  |  |  |
March 2026 A Notes |  | 563 |  |  | 24 |  |  | — |  |  | 587 |  |  | 1,125 |  |  |  |  |  |  |  |  |  |  |
March 2026 B Notes |  | 569 |  |  | 26 |  |  | — |  |  | 595 |  |  | 1,139 |  |  |  |  |  |  |  |  |  |  |
September 2026 Notes |  | 2,174 |  |  | 204 |  |  | — |  |  | 2,378 |  |  | 4,266 |  |  |  |  |  |  |  |  |  |  |
January 2027 Notes |  | 3,079 |  |  | 207 |  |  | — |  |  | 3,286 |  |  | 5,906 |  |  |  |  |  |  |  |  |  |  |
2031 Asset-Backed Notes |  | 1,903 |  |  | 100 |  |  | — |  |  | 2,003 |  |  | 1,856 |  |  |  |  |  |  |  |  |  |  |
2033 Notes |  | 625 |  |  | 27 |  |  | — |  |  | 652 |  |  | 625 |  |  |  |  |  |  |  |  |  |  |
MUFG Bank Facility |  | 1,713 |  |  | 442 |  |  | 617 |  |  | 2,772 |  |  | 1,837 |  |  |  |  |  |  |  |  |  |  |
SMBC Facility |  | 1,583 |  |  | 153 |  |  | 203 |  |  | 1,939 |  |  | 1,250 |  |  |  |  |  |  |  |  |  |  |
Total |  | $ | 16,625 |  |  | $ | 1,509 |  |  | $ | 820 |  |  | $ | 18,954 |  |  | $ | 23,840 |  |  |  |  |  |  |  |  |  |  |
(1)Interest expense includes amortization of original issue discounts for the three months ended March 31, 2023 of $42 thousand, $126 thousand, and $47 thousand related to the September 2026 Notes, January 2027 Notes, and 2031 Asset-Backed Notes, respectively.

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