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Debt Obligations | 6 Months Ended
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Jun. 30, 2024
Debt Disclosure [Abstract] |
Debt Obligations | Debt Obligations Credit and Repurchase Facilities Borrowings under our credit and repurchase facilities are as follows ($ in thousands):
|  |  |  |  |  |  | June 30, 2024 |  | December 31, 2023
| Current Maturity |  | Extended Maturity |  | Note Rate Type |  | Debt Carrying Value (1) |  | Collateral Carrying Value |  | Wtd. Avg. Note Rate |  | Debt Carrying Value (1) |  | Collateral Carrying Value
Structured Business |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
$1.9B joint repurchase facility (2)(3) | Jul. 2025 |  | Jul. 2026 |  | V |  | $ | 668,522 |  |  | $ | 1,097,067 |  |  | 7.85 | % |  | $ | 868,077 |  |  | $ | 1,371,436 |
$1B repurchase facility (2) | Aug. 2025 |  | N/A |  | V |  | 291,605 |  |  | 465,061 |  |  | 7.83 | % |  | 385,779 |  |  | 589,533 |
$1B repurchase facility | (6) |  | N/A |  | V |  | 668,484 |  |  | 912,135 |  |  | 8.29 | % |  | 447,490 |  |  | 597,205 |
$649M repurchase facility (2)(4) | Oct. 2025 |  | N/A |  | V |  | 454,926 |  |  | 620,340 |  |  | 7.81 | % |  | 355,328 |  |  | 506,753 |
$350M repurchase facility | Mar. 2025 |  | Mar. 2026 |  | V |  | 151,611 |  |  | 228,535 |  |  | 7.53 | % |  | 262,820 |  |  | 362,465 |
$250M credit facility (2) | Mar. 2026 |  | (7) |  | V |  | 112,647 |  |  | 217,110 |  |  | 8.70 | % |  | — |  |  | — |
$250M repurchase facility | Aug. 2024 |  | N/A |  | V |  | 13,922 |  |  | 23,088 |  |  | 7.30 | % |  | 17,964 |  |  | 23,088 |
$250M credit facility | Oct. 2025 |  | Oct. 2026 |  | V |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
$200M repurchase facility | Mar. 2025 |  | N/A |  | V |  | 92,144 |  |  | 133,503 |  |  | 7.99 | % |  | 45,969 |  |  | 68,762 |
$200M repurchase facility | Jan. 2025 |  | N/A |  | V |  | 73,338 |  |  | 95,568 |  |  | 7.35 | % |  | 107,324 |  |  | 141,130 |
$166M loan specific credit facilities | Aug. 2024 to Sept. 2025 |  | Aug. 2024 to Aug. 2027 |  | V |  | 138,010 |  |  | 188,562 |  |  | 7.16 | % |  | 120,328 |  |  | 161,700 |
$150M repurchase facility | Oct. 2025 |  | N/A |  | V |  | 112,076 |  |  | 149,727 |  |  | 8.45 | % |  | 120,610 |  |  | 162,068 |
$100M credit facility | Oct. 2024 |  | N/A |  | V |  | 6,775 |  |  | 13,692 |  |  | 7.13 | % |  | 32,579 |  |  | 41,522 |
$50M credit facility | (8) |  | N/A |  | V |  | — |  |  | — |  |  | — |  |  | 29,200 |  |  | 36,500 |
$40M credit facility | Apr. 2026 |  | Apr. 2027 |  | V |  | 15,518 |  |  | 24,610 |  |  | 7.79 | % |  | — |  |  | — |
$35M working capital facility | Aug. 2024 |  | N/A |  | V |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Repurchase facility - securities (2)(5) | N/A |  | N/A |  | V |  | 25,635 |  |  | — |  |  | 7.13 | % |  | 31,033 |  |  | — |
Structured Business total |  |  |  |  |  |  | $ | 2,825,213 |  |  | $ | 4,168,998 |  |  | 7.96 | % |  | $ | 2,824,501 |  |  | $ | 4,062,162 |
Agency Business |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
$750M ASAP agreement | N/A |  | N/A |  | V |  | $ | 53,516 |  |  | $ | 54,095 |  |  | 6.48 | % |  | $ | 73,011 |  |  | $ | 73,781 |
$500M repurchase facility | Nov. 2024 |  | N/A |  | V |  | 140,797 |  |  | 141,410 |  |  | 6.82 | % |  | 115,730 |  |  | 241,895 |
$200M credit facility | Mar. 2025 |  | N/A |  | V |  | 96,237 |  |  | 97,064 |  |  | 6.73 | % |  | 187,138 |  |  | 187,185 |
$100M joint repurchase facility (2)(3) | Jul. 2025 |  | Jul. 2026 |  | V |  | 7,920 |  |  | 11,345 |  |  | 7.74 | % |  | 7,833 |  |  | 11,350 |
$100M credit facility | Aug. 2024 |  | N/A |  | V |  | 30,005 |  |  | 30,010 |  |  | 6.79 | % |  | — |  |  | — |
$50M credit facility | Sept. 2024 |  | N/A |  | V |  | 6,165 |  |  | 6,166 |  |  | 6.68 | % |  | 29,083 |  |  | 29,418 |
$1M repurchase facility (2)(4) | Oct. 2025 |  | N/A |  | V |  | 531 |  |  | 838 |  |  | 7.80 | % |  | 531 |  |  | 866 |
Agency Business total |  |  |  |  |  |  | $ | 335,171 |  |  | $ | 340,928 |  |  | 6.76 | % |  | $ | 413,326 |  |  | $ | 544,495 |
Consolidated total |  |  |  |  |  |  | $ | 3,160,384 |  |  | $ | 4,509,926 |  |  | 7.83 | % |  | $ | 3,237,827 |  |  | $ | 4,606,657 |
________________________ V = variable note rate (1)At June 30, 2024 and December 31, 2023, debt carrying value for the Structured Business was net of unamortized deferred finance costs of $6.5 million and $4.8 million, respectively, and for the Agency Business was net of unamortized deferred finance costs of $0.2 million and $0.3 million, respectively. (2)These facilities are subject to margin call provisions associated with changes in interest spreads. (3)In March 2024, this joint repurchase facility was reduced from $3.00 billion to $2.00 billion. (4)A portion of this facility was used to finance a fixed-rate SFR permanent loan reported through our Agency Business. (5)At June 30, 2024 and December 31, 2023, this facility was collateralized by certificates retained by us from our Freddie Mac Q Series securitization (“Q Series securitization”) with a principal balance of $36.7 million and $43.1 million, respectively. (6)The commitment amount under this repurchase facility expires six months after the lender provides written notice. We then have an additional six months to repurchase the underlying loans. (7)We have the ability to extend the maturity of this credit facility in one-year increments, subject to lender approval. (8)In June 2024, we terminated this credit facility. Structured Business At June 30, 2024 and December 31, 2023, the weighted average interest rate for the credit and repurchase facilities of our Structured Business, including certain fees and costs, such as structuring, commitment, non-use and warehousing fees, was 8.40% and 8.26%, respectively. The leverage on our loan and investment portfolio financed through our credit and repurchase facilities, excluding the securities repurchase facility and the working capital facility, was 67% and 69% at June 30, 2024 and December 31, 2023, respectively. In June 2024, we amended a $500.0 million repurchase facility to increase the facility size to $650.0 million and extend the maturity to October 2025. The interest rate range for new loans under this facility was also adjusted to SOFR plus 2.61% to 3.11%, with a 0.25% SOFR floor. In April 2024, we amended a $200.0 million credit facility to decrease the facility size to $100.0 million. In March 2024, we amended a $500.0 million repurchase facility to increase the facility size to $1.00 billion. In March 2024, we amended a $450.0 million repurchase facility to decrease the facility size to $350.0 million and exercised one of two remaining one-year extension options to extend maturity to March 2025. In March 2024, we entered into a $250.0 million repurchase facility to finance non-performing loans that matures in March 2026, with the ability to extend the maturity in one-year increments, subject to lender approval. The facility has an interest rate of SOFR plus 3.25%, with a SOFR floor of 2.50%. In January 2024, we consolidated two credit facilities of $225.0 million and $25.0 million into one facility totaling $150.0 million. This facility bears interest at SOFR plus 3.00% with an all-in floor of 5.50% and matures in October 2025. Agency Business In June 2024, we amended our letter of credit securing our obligations under the Fannie Mae DUS and the Freddie Mac SBL programs by increasing the outstanding letter of credit amount for our Fannie Mae DUS obligations to $70.0 million from $64.0 million. We have no remaining letter of credit capacity available under this facility. Securitized Debt We account for securitized debt transactions on our consolidated balance sheet as financing facilities. These transactions are considered VIEs for which we are the primary beneficiary and are consolidated in our financial statements. The investment grade notes and guaranteed certificates issued to third parties are treated as secured financings and are non-recourse to us. Borrowings and the corresponding collateral under our securitized debt transactions are as follows ($ in thousands):
|  | Debt |  | Collateral (3)
|  |  |  |  |  |  |  | Loans |  | Cash
June 30, 2024 |  | Face Value |  | Carrying Value (1) |  | Wtd. Avg. Rate (2) |  | UPB |  | Carrying Value |  | Restricted Cash (4)
CLO 19 (5) |  | $ | 872,512 |  |  | $ | 868,964 |  |  | 7.79 | % |  | $ | 1,028,780 |  |  | $ | 1,026,925 |  |  | $ | — |
CLO 18 |  | 1,652,812 |  |  | 1,648,992 |  |  | 7.24 | % |  | 1,872,391 |  |  | 1,870,372 |  |  | 132,906 |
CLO 17 (5) |  | 1,714,125 |  |  | 1,710,879 |  |  | 7.12 | % |  | 2,075,322 |  |  | 2,072,577 |  |  | 9,914 |
CLO 16 (5) |  | 938,740 |  |  | 935,958 |  |  | 6.82 | % |  | 1,178,271 |  |  | 1,176,416 |  |  | — |
CLO 14 (5) |  | 369,790 |  |  | 369,274 |  |  | 7.04 | % |  | 495,951 |  |  | 495,282 |  |  | — |
Total CLOs |  | 5,547,979 |  |  | 5,534,067 |  |  | 7.20 | % |  | 6,650,715 |  |  | 6,641,572 |  |  | 142,820 |
Q Series securitization |  | 183,448 |  |  | 182,446 |  |  | 7.33 | % |  | 209,598 |  |  | 209,174 |  |  | — |
Total securitized debt |  | $ | 5,731,427 |  |  | $ | 5,716,513 |  |  | 7.20 | % |  | $ | 6,860,313 |  |  | $ | 6,850,746 |  |  | $ | 142,820 |
December 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |
CLO 19 |  | $ | 872,812 |  |  | $ | 868,359 |  |  | 7.84 | % |  | $ | 1,031,772 |  |  | $ | 1,028,669 |  |  | $ | 4,527 |
CLO 18 |  | 1,652,812 |  |  | 1,647,885 |  |  | 7.29 | % |  | 1,784,921 |  |  | 1,780,930 |  |  | 244,629 |
CLO 17 |  | 1,714,125 |  |  | 1,709,800 |  |  | 7.14 | % |  | 1,870,388 |  |  | 1,865,878 |  |  | 203,938 |
CLO 16 |  | 1,237,500 |  |  | 1,233,769 |  |  | 6.76 | % |  | 1,456,872 |  |  | 1,453,297 |  |  | 847 |
CLO 15 (5) |  | 674,412 |  |  | 673,367 |  |  | 6.82 | % |  | 734,120 |  |  | 732,498 |  |  | 42,600 |
CLO 14 (5) |  | 589,345 |  |  | 588,176 |  |  | 6.82 | % |  | 680,814 |  |  | 679,469 |  |  | 33,271 |
Total CLOs |  | 6,741,006 |  |  | 6,721,356 |  |  | 7.14 | % |  | 7,558,887 |  |  | 7,540,741 |  |  | 529,812 |
Q Series securitization |  | 215,278 |  |  | 213,654 |  |  | 7.38 | % |  | 287,038 |  |  | 286,053 |  |  | — |
Total securitized debt |  | $ | 6,956,284 |  |  | $ | 6,935,010 |  |  | 7.15 | % |  | $ | 7,845,925 |  |  | $ | 7,826,794 |  |  | $ | 529,812 |
________________________ (1)Debt carrying value is net of $13.9 million and $21.3 million of deferred financing fees at June 30, 2024 and December 31, 2023, respectively. (2)At June 30, 2024 and December 31, 2023, the aggregate weighted average note rate for our collateralized loan obligations ("CLO"), including certain fees and costs, was 7.42% and 7.37%, respectively, and the Q Series securitization was 8.04% and 7.99%, respectively. (3)At June 30, 2024 and December 31, 2023, eighteen and twelve loans, respectively, with a total UPB of $541.6 million and $308.3 million, respectively, were deemed a "credit risk" as defined by the CLO indentures. A credit risk asset is generally defined as one that, in the CLO collateral manager's reasonable business judgment, has a significant risk of becoming a defaulted asset. (4)Represents restricted cash held for principal repayments as well as for reinvestment in the CLOs. Excludes restricted cash related to interest payments, delayed fundings and expenses totaling $59.4 million and $63.9 million at June 30, 2024 and December 31, 2023, respectively. (5)The replenishment periods of CLO 14, CLO 15, CLO 16, CLO 19, and CLO 17 ended in September 2023, December 2023, March 2024, May 2024 and June 2024, respectively. CLO 15. In June 2024, we unwound CLO 15, redeeming the remaining outstanding notes, which were paid primarily from the refinancing of the remaining assets within our other CLO vehicles and credit and repurchase facilities. Securitization Paydowns. During the six months ended June 30, 2024, outstanding notes totaling $518.6 million on CLO 14, CLO 16 and CLO 19 and $31.8 million on the Q Series securitization have been paid down. Senior Unsecured Notes A summary of our senior unsecured notes is as follows ($ in thousands):
Senior Unsecured Notes |  | Issuance Date |  |  |  | June 30, 2024 |  | December 31, 2023
|  | Maturity |  | UPB |  | Carrying Value (1) |  | Wtd. Avg. Rate (2) |  | UPB |  | Carrying Value (1) |  | Wtd. Avg. Rate (2)
7.75% Notes (3) |  | Mar. 2023 |  | Mar. 2026 |  | $ | 95,000 |  |  | $ | 93,985 |  |  | 7.75 | % |  | $ | 95,000 |  |  | $ | 93,697 |  |  | 7.75 | %
8.50% Notes (3) |  | Oct. 2022 |  | Oct. 2027 |  | 150,000 |  |  | 148,281 |  |  | 8.50 | % |  | 150,000 |  |  | 148,023 |  |  | 8.50 | %
5.00% Notes (3) |  | Dec. 2021 |  | Dec. 2028 |  | 180,000 |  |  | 178,088 |  |  | 5.00 | % |  | 180,000 |  |  | 177,875 |  |  | 5.00 | %
4.50% Notes (3) |  | Aug. 2021 |  | Sept. 2026 |  | 270,000 |  |  | 268,183 |  |  | 4.50 | % |  | 270,000 |  |  | 267,763 |  |  | 4.50 | %
5.00% Notes (3) |  | Apr. 2021 |  | Apr. 2026 |  | 175,000 |  |  | 173,846 |  |  | 5.00 | % |  | 175,000 |  |  | 173,542 |  |  | 5.00 | %
4.50% Notes (3) |  | Mar. 2020 |  | Mar. 2027 |  | 275,000 |  |  | 273,685 |  |  | 4.50 | % |  | 275,000 |  |  | 273,444 |  |  | 4.50 | %
4.75% Notes (4) |  | Oct. 2019 |  | Oct. 2024 |  | 110,000 |  |  | 109,888 |  |  | 4.75 | % |  | 110,000 |  |  | 109,721 |  |  | 4.75 | %
5.75% Notes (5) |  | Mar. 2019 |  | Apr. 2024 |  | — |  |  | — |  |  | — |  |  | 90,000 |  |  | 89,903 |  |  | 5.75 | %
|  |  |  |  |  | $ | 1,255,000 |  |  | $ | 1,245,956 |  |  | 5.39 | % |  | $ | 1,345,000 |  |  | $ | 1,333,968 |  |  | 5.41 | %
________________________ (1)At June 30, 2024 and December 31, 2023, the carrying value is net of deferred financing fees of $9.0 million and $11.0 million, respectively. (2)At June 30, 2024 and December 31, 2023, the aggregate weighted average note rate, including certain fees and costs, was 5.67% and 5.70%, respectively. (3)These notes can be redeemed by us prior to three months before the maturity date, at a redemption price equal to 100% of the aggregate principal amount, plus a “make-whole” premium and accrued and unpaid interest. We have the right to redeem the notes within three months prior to the maturity date at a redemption price equal to 100% of the aggregate principal amount, plus accrued and unpaid interest. (4)These notes can be redeemed by us at any time prior to the maturity date, at a redemption price equal to 100% of the aggregate principal amount, plus a “make-whole” premium and accrued and unpaid interest. We have the right to redeem the notes on the maturity date at a redemption price equal to 100% of the aggregate principal amount, plus accrued and unpaid interest. (5)In April 2024, these notes matured and were redeemed for cash. Convertible Senior Unsecured Notes Our 7.50% convertible senior unsecured notes are not redeemable by us prior to maturity (August 2025) and are convertible by the holder into, at our election, cash, shares of our common stock, or a combination of both, subject to the satisfaction of certain conditions and during specified periods. The conversion rates are subject to adjustment upon the occurrence of certain specified events and the holders may require us to repurchase all, or any portion, of their notes for cash equal to 100% of the principal amount, plus accrued and unpaid interest, if we undergo a fundamental change specified in the agreements. The UPB and net carrying value of our convertible notes are as follows (in thousands):
Period |  | UPB |  | Unamortized Deferred Financing Fees |  | Net Carrying Value
June 30, 2024 |  | $ | 287,500 |  |  | $ | 3,027 |  |  | $ | 284,473 |
December 31, 2023 |  | $ | 287,500 |  |  | $ | 4,382 |  |  | $ | 283,118 |
During the three months ended June 30, 2024, we incurred interest expense on the notes totaling $6.1 million, of which $5.4 million and $0.7 million related to the cash coupon and deferred financing fees, respectively. During the six months ended June 30, 2024, we incurred interest expense on the notes totaling $12.2 million, of which $10.8 million and $1.4 million related to the cash coupon and deferred financing fees, respectively. During the three months ended June 30, 2023, we incurred interest expense on the notes totaling $6.1 million, of which $5.4 million and $0.7 million related to the cash coupon and deferred financing fees, respectively. During the six months ended June 30, 2023, we incurred interest expense on the notes totaling $12.2 million, of which $10.8 million and $1.4 million related to the cash coupon and deferred financing fees, respectively. Including the amortization of the deferred financing fees, our weighted average total cost of the notes was 8.43% and 8.42% at June 30, 2024 and December 31, 2023, respectively. At June 30, 2024, the 7.50% convertible senior notes had a conversion rate of 60.7378 shares of common stock per $1,000 of principal, which represented a conversion price of $16.46 per share of common stock. Junior Subordinated Notes The carrying values of borrowings under our junior subordinated notes were $144.3 million and $143.9 million at June 30, 2024 and December 31, 2023, respectively, which is net of a deferred amount of $8.6 million and $9.0 million, respectively, (which is amortized into interest expense over the life of the notes) and deferred financing fees of $1.4 million and $1.5 million, respectively. These notes have maturities ranging from March 2034 through April 2037 and pay interest quarterly at a floating rate. The weighted average note rate was 8.21% and 8.48% at June 30, 2024 and December 31, 2023, respectively. Including certain fees and costs, the weighted average note rate was 8.30% and 8.56% at June 30, 2024 and December 31, 2023, respectively. Debt Covenants Credit and Repurchase Facilities and Unsecured Debt. The credit and repurchase facilities and unsecured debt (senior and convertible notes) contain various financial covenants, including, but not limited to, minimum liquidity requirements, minimum net worth requirements, minimum unencumbered asset requirements, as well as certain other debt service coverage ratios, debt to equity ratios and minimum servicing portfolio tests. We were in compliance with all financial covenants and restrictions at June 30, 2024. CLOs. Our CLO vehicles contain interest coverage and asset overcollateralization covenants that must be met as of the waterfall distribution date in order for us to receive such payments. If we fail these covenants in any of our CLOs, all cash flows from the applicable CLO would be diverted to repay principal and interest on the outstanding CLO bonds and we would not receive any residual payments until that CLO regained compliance with such tests. Our CLOs were in compliance with all such covenants at June 30, 2024, as well as on the most recent determination dates in July 2024. In the event of a breach of the CLO covenants that could not be cured in the near-term, we would be required to fund our non-CLO expenses, including employee costs, distributions required to maintain our REIT status, debt costs, and other expenses with (1) cash on hand, (2) income from any CLO not in breach of a covenant test, (3) income from real property and loan assets, (4) sale of assets, or (5) accessing the equity or debt capital markets, if available. We have the right to cure covenant breaches which would resume normal residual payments to us by purchasing non-performing loans out of the CLOs. However, we may not have sufficient liquidity available to do so at such time. Our CLO compliance tests as of the most recent determination dates in July 2024 are as follows:
Cash Flow Triggers |  | CLO 14 |  |  |  | CLO 16 |  | CLO 17 |  | CLO 18 |  | CLO 19
Overcollateralization (1) |  |  |  |  |  |  |  |  |  |  |  |
Current |  | 132.91 | % |  |  |  | 127.64 | % |  | 121.78 | % |  | 123.67 | % |  | 119.98 | %
Limit |  | 118.76 | % |  |  |  | 120.21 | % |  | 121.51 | % |  | 123.03 | % |  | 119.30 | %
Pass / Fail |  | Pass |  |  |  | Pass |  | Pass |  | Pass |  | Pass
Interest Coverage (2) |  |  |  |  |  |  |  |  |  |  |  |
Current |  | 178.52 | % |  |  |  | 176.03 | % |  | 165.14 | % |  | 155.45 | % |  | 141.61 | %
Limit |  | 120.00 | % |  |  |  | 120.00 | % |  | 120.00 | % |  | 120.00 | % |  | 120.00 | %
Pass / Fail |  | Pass |  |  |  | Pass |  | Pass |  | Pass |  | Pass
________________________ (1)The overcollateralization ratio divides the total principal balance of all collateral in the CLO by the total principal balance of the bonds associated with the applicable ratio. To the extent an asset is considered a defaulted security, the asset’s principal balance for purposes of the overcollateralization test is the lesser of the asset’s market value or the principal balance of the defaulted asset multiplied by the asset’s recovery rate which is determined by the rating agencies. Rating downgrades of CLO collateral will generally not have a direct impact on the principal balance of a CLO asset for purposes of calculating the CLO overcollateralization test unless the rating downgrade is below a significantly low threshold (e.g. CCC-) as defined in each CLO vehicle. (2)The interest coverage ratio divides interest income by interest expense for the classes senior to those retained by us. Our CLO overcollateralization ratios as of the determination dates subsequent to each quarter are as follows:
Determination (1) |  | CLO 14 |  |  |  | CLO 16 |  | CLO 17 |  | CLO 18 |  | CLO 19
July 2024 |  | 132.91 | % |  |  |  | 127.64 | % |  | 121.78 | % |  | 123.67 | % |  | 119.98 | %
April 2024 |  | 125.22 | % |  |  |  | 120.81 | % |  | 121.71 | % |  | 123.87 | % |  | 119.30 | %
January 2024 |  | 120.00 | % |  |  |  | 120.81 | % |  | 121.71 | % |  | 123.87 | % |  | 120.30 | %
October 2023 |  | 119.76 | % |  |  |  | 121.21 | % |  | 122.51 | % |  | 124.03 | % |  | 120.30 | %
July 2023 |  | 119.76 | % |  |  |  | 121.21 | % |  | 122.51 | % |  | 124.03 | % |  | 120.30 | %
________________________ (1)This table represents the quarterly trend of our overcollateralization ratio, however, the CLO determination dates are monthly and we were in compliance with this test for all periods presented. The ratio will fluctuate based on the performance of the underlying assets, transfers of assets into the CLOs prior to the expiration of their respective replenishment dates, purchase or disposal of other investments, and loan payoffs. No payment due under the junior subordinated indentures may be paid if there is a default under any senior debt and the senior lender has sent notice to the trustee. The junior subordinated indentures are also cross-defaulted with each other.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481544/470-10-50-6 Reference 2: 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