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Debt (Tables)
 6 Months Ended
Jun. 30, 2024
Debt Disclosure [Abstract]  
Schedule of Available and Outstanding Debt
As of June 30, 2024 and December 31, 2023, the Company had the following available and outstanding debt:
(in thousands)June 30, 2024December 31, 2023
 Total AvailablePrincipal
Carrying Value(1)
Total AvailablePrincipal
Carrying Value(1)
SBA Debentures(2)
$175,000 $175,000 $170,615 $175,000 $175,000 $170,323 
July 2024 Notes105,000 105,000 104,975 105,000 105,000 104,828 
February 2025 Notes50,000 50,000 49,924 50,000 50,000 49,866 
June 2025 Notes70,000 70,000 69,838 70,000 70,000 69,757 
June 2025 3-Year Notes50,000 50,000 49,848 50,000 50,000 49,771 
March 2026 A Notes50,000 50,000 49,842 50,000 50,000 49,795 
March 2026 B Notes50,000 50,000 49,828 50,000 50,000 49,776 
September 2026 Notes325,000 325,000 322,830 325,000 325,000 322,339 
January 2027 Notes350,000 350,000 346,600 350,000 350,000 345,935 
2031 Asset-Backed Notes150,000 150,000 148,838 150,000 150,000 148,544 
2033 Notes40,000 40,000 38,989 40,000 40,000 38,935 
MUFG Bank Facility(2)
400,000 133,000 133,000 400,000 61,000 61,000 
SMBC Facility(2)(3)
400,000 212,000 212,000 400,000 94,000 94,000 
Total$2,215,000 $1,760,000 $1,747,127 $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)“Total Available” includes $175.0 million of available commitment through the letter of credit facility as of June 30, 2024 and December 31, 2023.
The Company held the following SBA debentures outstanding principal balances as of June 30, 2024 and December 31, 2023:
(in thousands)
Issuance/Pooling Date		Maturity Date
Interest Rate(1)
June 30, 2024December 31, 2023
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 June 30, 2024 and December 31, 2023:
(in thousands)June 30, 2024December 31, 2023
SBA Debentures$4,385 $4,677 
July 2024 Notes25 172 
February 2025 Notes76 134 
June 2025 Notes162 243 
June 2025 3-Year Notes152 229 
March 2026 A Notes158 205 
March 2026 B Notes172 224 
September 2026 Notes2,170 2,661 
January 2027 Notes3,400 4,065 
2031 Asset-Backed Notes1,162 1,456 
2033 Notes1,011 1,065 
MUFG Bank Facility(1)
2,670 3,540 
SMBC Facility(1)
1,415 1,775 
Total$16,958 $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 and six months ended June 30, 2024, the components of interest expense, related fees, and cash paid for interest expense for debt were as follows:
(in thousands)Three Months Ended June 30, 2024Six Months Ended June 30, 2024
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$1,138 $146 $— $1,284 $— $2,275 $292 $— $2,567 $2,275 
July 2024 Notes1,252 74 — 1,326 — 2,504 148 — 2,652 2,504 
February 2025 Notes535 28 — 563 — 1,070 57 — 1,127 1,070 
June 2025 Notes754 41 — 795 1,508 1,508 81 — 1,589 1,508 
June 2025 3-Year Notes750 39 — 789 1,500 1,500 78 — 1,578 1,500 
March 2026 A Notes562 23 — 585 — 1,125 47 — 1,172 1,125 
March 2026 B Notes569 26 — 595 — 1,138 52 — 1,190 1,138 
September 2026 Notes2,174 204 — 2,378 — 4,349 408 — 4,757 4,265 
January 2027 Notes3,077 207 — 3,284 — 6,156 413 — 6,569 5,906 
2031 Asset-Backed Notes1,904 100 — 2,004 1,856 3,807 200 — 4,007 3,712 
2033 Notes625 27 — 652 625 1,250 54 — 1,304 1,250 
MUFG Bank Facility2,143 438 634 3,215 2,155 4,076 885 1,243 6,204 3,721 
SMBC Facility3,679 180 179 4,038 3,808 6,028 360 425 6,813 5,562 
Total$19,162 $1,533 $813 $21,508 $11,452 $36,786 $3,075 $1,668 $41,529 $35,536 

(1)Interest expense includes amortization of original issue discounts for the three months ended June 30, 2024 of $41 thousand, $125 thousand, and $47 thousand related to the September 2026 Notes, January 2027 Notes, and 2031 Asset-Backed Notes, respectively. Interest expense includes amortization of original issue discounts for the six months ended June 30, 2024 of $83 thousand, $251 thousand, and $94 thousand, related to the September 2026 Notes, January 2027 Notes, and 2031 Asset-Backed Notes, respectively.
For the three and six months ended June 30, 2023, the components of interest expense, related fees, and cash paid for interest expense for debt were as follows:
(in thousands)Three Months Ended June 30, 2023Six Months Ended June 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$1,137 $146 $— $1,283 $— $2,262 $290 $— $2,552 $2,262 
July 2024 Notes1,252 74 — 1,326 — 2,504 148 — 2,652 2,504 
February 2025 Notes535 28 — 563 — 1,070 57 — 1,127 1,070 
June 2025 Notes755 41 — 796 1,509 1,509 81 — 1,590 1,509 
June 2025 3-Year Notes750 39 — 789 1,500 1,500 78 — 1,578 1,500 
March 2026 A Notes562 23 — 585 — 1,125 47 — 1,172 1,125 
March 2026 B Notes568 26 — 594 — 1,137 52 — 1,189 1,138 
September 2026 Notes2,175 204 — 2,379 — 4,349 408 — 4,757 4,266 
January 2027 Notes3,078 207 — 3,285 — 6,157 414 — 6,571 5,906 
2031 Asset-Backed Notes1,904 100 — 2,004 1,857 3,807 200 — 4,007 3,713 
2033 Notes625 27 — 652 625 1,250 54 — 1,304 1,250 
MUFG Bank Facility1,363 442 691 2,496 1,595 3,076 884 1,308 5,268 3,433 
SMBC Facility2,480 180 236 2,896 2,738 4,063 333 439 4,835 3,988 
Total$17,184 $1,537 $927 $19,648 $9,824 $33,809 $3,046 $1,747 $38,602 $33,664 

(1)Interest expense includes amortization of original issue discounts for the three months ended June 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. Interest expense includes amortization of original issue discounts for the six months ended June 30, 2023, of $83 thousand, $251 thousand, and $94 thousand, related to the September 2026 Notes, January 2027 Notes, and 2031 Asset-Backed Notes, respectively.