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Debt (Tables)

9 Months Ended

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.

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.