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v3.22.2.2

Debt (Tables) | 9 Months Ended
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Sep. 30, 2022
Debt Instrument [Line Items] |
Summary of Interest and Fees Related to Debt | Interest and fees related to the Company’s debt for the three and nine months ended September 30, 2022 and 2021 which are included in interest and financing expenses on the consolidated statements of operations, were as follows:
|  | Three Months Ended September 30, 2022 |  |  | Three Months Ended September 30, 2021 |
|  | SBA |  |  | Credit |  |  | Secured |  |  |  |  |  |  |  |  | SBA |  |  | Credit |  |  | Secured |  |  |  |  |  |  |
|  | debentures |  |  | Facility |  |  | Borrowings |  |  | Notes |  |  | Total |  |  | debentures |  |  | Facility |  |  | Borrowings |  |  | Notes |  |  | Total |
Stated interest expense |  | $ | 933 |  |  | $ | 356 |  |  | $ | 289 |  |  | $ | 2,578 |  |  | $ | 4,156 |  |  | $ | 931 |  |  | $ | 368 |  |  | $ | 222 |  |  | $ | 2,603 |  |  | $ | 4,124 |
Amortization of deferred financing costs |  |  | 156 |  |  |  | 94 |  |  |  | - |  |  |  | 280 |  |  |  | 530 |  |  |  | 138 |  |  |  | 115 |  |  |  | - |  |  |  | 285 |  |  |  | 538 |
Total interest and financing expenses |  | $ | 1,089 |  |  | $ | 450 |  |  | $ | 289 |  |  | $ | 2,858 |  |  | $ | 4,686 |  |  | $ | 1,069 |  |  | $ | 483 |  |  | $ | 222 |  |  | $ | 2,888 |  |  | $ | 4,662 |
|  | Nine Months Ended September 30, 2022 |  |  | Nine Months Ended September 30, 2021 |  |
|  | SBA debentures |  |  | Credit Facility |  |  | Secured Borrowings |  |  | Notes |  |  | Total |  |  | SBA debentures |  |  | Credit Facility |  |  | Secured Borrowings |  |  | Notes |  |  | Total |  |
Stated interest expense |  | $ | 2,583 |  |  | $ | 1,106 |  |  | $ | 726 |  |  | $ | 7,734 |  |  | $ | 12,149 |  |  | $ | 3,102 |  |  | $ | 1,101 |  |  | $ | 222 |  |  | $ | 8,338 |  |  | $ | 12,763 |  |
Amortization of deferred financing costs |  |  | 438 |  |  |  | 319 |  |  |  | - |  |  |  | 831 |  |  |  | 1,588 |  |  |  | 408 |  |  |  | 340 |  |  |  | - |  |  |  | 907 |  |  |  | 1,655 |  |
Total interest and financing expenses |  | $ | 3,021 |  |  | $ | 1,425 |  |  | $ | 726 |  |  | $ | 8,565 |  |  | $ | 13,737 |  |  | $ | 3,510 |  |  | $ | 1,441 |  |  | $ | 222 |  |  | $ | 9,245 |  |  | $ | 14,418 |  |
Weighted average stated interest rate, period end |  |  | 3.214 | % |  | N/A |  |  |  | 6.446 | % |  |  | 4.125 | % |  |  | 3.921 | % |  |  | 2.899 | % |  |  | 3.125 | % |  |  | 4.392 | % |  |  | 5.055 | % |  |  | 4.239 | % |
Unused commitment fee rate, period end |  | N/A |  |  |  | 1.200 | % |  | N/A |  |  | N/A |  |  |  | 1.200 | % |  | N/A |  |  |  | 0.500 | % |  | N/A |  |  | N/A |  |  |  | 0.500 | % |
Summary of Deferred Financing Costs Amortized into Interest and Financing Expenses | Deferred financing costs are amortized into interest and financing expenses on the consolidated statements of operations, using the effective interest method, over the term of the respective financing instrument. Deferred financing costs related to the SBA debentures, the Credit Facility, and the Notes as of September 30, 2022 and December 31, 2021 were as follows:
|  | September 30, 2022 |  |  | December 31, 2021 |
|  | SBA |  |  | Credit |  |  |  |  |  |  |  |  | SBA |  |  | Credit |  |  |  |  |  |  |
|  | debentures |  |  | Facility |  |  | Notes |  |  | Total |  |  | debentures |  |  | Facility |  |  | Notes |  |  | Total |
SBA debenture commitment fees |  | $ | 3,000 |  |  | $ | — |  |  | $ | — |  |  | $ | 3,000 |  |  | $ | 2,500 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,500 |
SBA debenture leverage fees |  |  | 5,902 |  |  |  | — |  |  |  | — |  |  |  | 5,902 |  |  |  | 4,538 |  |  |  | — |  |  |  | — |  |  |  | 4,538 |
Credit Facility upfront fees |  |  | — |  |  |  | 4,417 |  |  |  | — |  |  |  | 4,417 |  |  |  | — |  |  |  | 3,238 |  |  |  | — |  |  |  | 3,238 |
Notes underwriting discounts |  |  | — |  |  |  | — |  |  |  | 5,005 |  |  |  | 5,005 |  |  |  | — |  |  |  | — |  |  |  | 5,005 |  |  |  | 5,005 |
Notes debt issue costs |  |  | — |  |  |  | — |  |  |  | 685 |  |  |  | 685 |  |  |  | — |  |  |  | — |  |  |  | 685 |  |  |  | 685 |
Total deferred financing costs |  |  | 8,902 |  |  |  | 4,417 |  |  |  | 5,690 |  |  |  | 19,009 |  |  |  | 7,038 |  |  |  | 3,238 |  |  |  | 5,690 |  |  |  | 15,966 |
Less: accumulated amortization |  |  | (4,705 | ) |  |  | (2,962 | ) |  |  | (1,537 | ) |  |  | (9,204 | ) |  |  | (4,016 | ) |  |  | (2,643 | ) |  |  | (706 | ) |  |  | (7,365 | )
Unamortized deferred financing costs |  | $ | 4,197 |  |  | $ | 1,455 |  |  | $ | 4,153 |  |  | $ | 9,805 |  |  | $ | 3,022 |  |  | $ | 595 |  |  | $ | 4,984 |  |  | $ | 8,601 |
Summary of Outstanding Debt Net of Unamortized Deferred Financing Costs | The following table summarizes the outstanding debt net of unamortized deferred financing costs as of September 30, 2022 and December 31, 2021:
|  | September 30, 2022(1) |  |  | December 31, 2021(1) |
|  | SBA |  |  | Credit |  |  |  |  |  |  |  |  | SBA |  |  | Credit |  |  |  |  |  |  |
|  | debentures |  |  | Facility |  |  | Notes |  |  | Total |  |  | debentures |  |  | Facility |  |  | Notes |  |  | Total |
Outstanding debt |  | $ | 133,000 |  |  | $ | — |  |  | $ | 250,000 |  |  | $ | 383,000 |  |  | $ | 107,000 |  |  | $ | — |  |  | $ | 250,000 |  |  | $ | 357,000 |
Less: unamortized deferred financing costs |  |  | (4,197 | ) |  |  | (1,455 | ) |  |  | (4,153 | ) |  |  | (9,805 | ) |  |  | (3,022 | ) |  |  | (595 | ) |  |  | (4,984 | ) |  |  | (8,601 | )
Debt, net of deferred financing costs |  | $ | 128,803 |  |  | $ | (1,455 | ) |  | $ | 245,847 |  |  | $ | 373,195 |  |  | $ | 103,978 |  |  | $ | (595 | ) |  | $ | 245,016 |  |  | $ | 348,399 |
(1) Total excludes $16,995 and $17,637 of Secured Borrowings as of September 30, 2022 and December 31, 2021, respectively.
Scheduled to Mature Debt Liabilities | As of September 30, 2022, the Company’s debt liabilities are scheduled to mature as follows (1):
|  | SBA |  |  | Credit |  |  | Secured |  |  |  |  |  |  |
Year |  | debentures |  |  | Facility (2) |  |  | Borrowings |  |  | Notes |  |  | Total |
2022 |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
2023 |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
2024 |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
2025 |  |  | 1,500 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 1,500 |
2026 |  |  | 4,500 |  |  |  | — |  |  |  | 16,995 |  |  |  | 250,000 |  |  |  | 271,495 |
Thereafter |  |  | 127,000 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 127,000 |
Total |  | $ | 133,000 |  |  | $ | — |  |  | $ | 16,995 |  |  | $ | 250,000 |  |  | $ | 399,995 |
(1) | The table above presents scheduled maturities of the Company’s outstanding debt liabilities as of a point in time pursuant to the terms of those instruments. The timing of actual repayments of outstanding debt liabilities may not ultimately correspond with the scheduled maturity dates depending on the terms of the underlying instruments and the potential for earlier prepayments.
(2) | The Credit Facility matures on August 17, 2027.
SBA Debentures |
Debt Instrument [Line Items] |
Summary of Issued and Outstanding SBA Debentures | As of September 30, 2022 and December 31, 2021, the Company’s issued and outstanding SBA debentures mature as follows:
Pooling |  | Maturity |  | Fixed |  |  | September 30, |  |  | December 31, |
Date (1) |  | Date |  | Interest Rate |  |  | 2022 |  |  | 2021 |
3/25/2015 |  | 3/1/2025 |  |  | 3.277 |  | % | $ | 1,500 |  |  | $ | 22,500 |
3/23/2016 |  | 3/1/2026 |  |  | 3.267 |  |  |  | 1,500 |  |  |  | 1,500 |
3/23/2016 |  | 3/1/2026 |  |  | 3.249 |  |  |  | 2,500 |  |  |  | 2,500 |
9/21/2016 |  | 9/1/2026 |  |  | 2.793 |  |  |  | 500 |  |  |  | 500 |
9/20/2017 |  | 9/1/2027 |  |  | 3.260 |  |  |  | 1,000 |  |  |  | 1,000 |
9/20/2017 |  | 9/1/2027 |  |  | 3.190 |  |  |  | 33,000 |  |  |  | 33,000 |
3/21/2018 |  | 3/1/2028 |  |  | 3.534 |  |  |  | — |  |  |  | 9,000 |
9/25/2019 |  | 9/1/2029 |  |  | 2.377 |  |  |  | 7,500 |  |  |  | 7,500 |
3/25/2020 |  | 3/1/2030 |  |  | 2.172 |  |  |  | 6,000 |  |  |  | 6,000 |
9/22/2021 |  | 9/1/2031 |  |  | 1.398 |  |  |  | 11,500 |  |  |  | 11,500 |
3/23/2022 |  | 3/1/2032 |  |  | 3.209 |  |  |  | 43,500 |  |  |  | 12,000 |
9/21/2022 |  | 9/1/2032 |  |  | 4.533 |  |  |  | 17,500 |  |  |  | — |
(2) |  | (2) |  | (2) |  |  |  | 7,000 |  |  |  | — |
Total outstanding SBA debentures |  |  |  |  |  |  | $ | 133,000 |  |  | $ | 107,000 |
(1) | The SBA has two scheduled pooling dates for debentures (in March and in September). Certain debentures funded during the reporting periods may not be pooled until the subsequent pooling date.
(2) | The Company issued $4,000 and $3,000 in SBA debentures which will pool in March 2023. Until the pooling date, the debentures bear interest at a fixed rate interim interest rate of 4.855% and 4.757%, respectively. The Company expects the current interim interest rate will reset to a higher long-term fixed rate on the pooling date.

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