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Debt (Tables) | 12 Months Ended
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Dec. 31, 2022
Debt Instrument [Line Items] |
Summary of Interest and Fees Related to Debt | Interest and fees related to the Company’s debt for the years ended December 31, 2022, 2021 and 2020 that are included in interest and financing expenses on the consolidated statements of operations, were as follows:
|  | Year Ended December 31, 2022 |
|  | SBA debentures |  |  | Credit Facility |  |  | Secured Borrowings |  |  | Notes |  |  | Total |
Stated interest expense |  | $ | 3,747 |  |  | $ | 1,424 |  |  | $ | 1,078 |  |  | $ | 10,312 |  |  | $ | 16,561 |
Amortization of deferred financing costs |  |  | 598 |  |  |  | 394 |  |  |  | - |  |  |  | 1,112 |  |  |  | 2,104 |
Total interest and financing expenses |  | $ | 4,345 |  |  | $ | 1,818 |  |  | $ | 1,078 |  |  | $ | 11,424 |  |  | $ | 18,665 |
Weighted average stated interest rate, period end |  |  | 3.479 | % |  | N/A |  | (1) |  | 7.786 | % |  |  | 4.125 | % |  |  | 4.037 | %
Unused commitment fee rate, period end |  | N/A |  |  |  | 1.200 | % | (1) | N/A |  |  | N/A |  |  |  | 1.200 | %
|  | Year Ended December 31, 2021 |
|  | SBA debentures |  |  | Credit Facility |  |  | Secured Borrowings |  |  | Notes |  |  | Total |
Stated interest expense |  | $ | 3,810 |  |  | $ | 1,467 |  |  | $ | 427 |  |  | $ | 11,245 |  |  | $ | 16,949 |
Amortization of deferred financing costs |  |  | 532 |  |  |  | 453 |  |  |  | - |  |  |  | 1,230 |  |  |  | 2,215 |
Total interest and financing expenses |  | $ | 4,342 |  |  | $ | 1,920 |  |  | $ | 427 |  |  | $ | 12,475 |  |  | $ | 19,164 |
Weighted average stated interest rate, period end |  |  | 2.676 | % |  | N/A |  | (1) |  | 4.392 | % |  |  | 4.125 | % |  |  | 3.724 | %
Unused commitment fee rate, period end |  | N/A |  |  |  | 1.375 | % | (1) | N/A |  |  | N/A |  |  |  | 1.375 | %
|  | Year Ended December 31, 2020 |
|  | SBA debentures |  |  | Credit Facility |  |  | Secured Borrowings |  |  | Notes |  |  | Total |
Stated interest expense |  | $ | 5,140 |  |  | $ | 1,642 |  |  | $ | - |  |  | $ | 10,625 |  |  | $ | 17,407 |
Amortization of deferred financing costs |  |  | 549 |  |  |  | 397 |  |  |  | - |  |  |  | 1,325 |  |  |  | 2,271 |
Total interest and financing expenses |  | $ | 5,689 |  |  | $ | 2,039 |  |  | $ | - |  |  | $ | 11,950 |  |  | $ | 19,678 |
Weighted average stated interest rate, period end |  |  | 3.297 | % |  | N/A |  | (1) | N/A |  |  |  | 5.342 | % |  |  | 4.680 | %
Unused commitment fee rate, period end |  | N/A |  |  |  | 1.375 | % | (1) | N/A |  |  | N/A |  |  |  | 1.375 | %
(1) Reflects the effective rate as of year end
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 December 31, 2022 and 2021 were as follows:
|  | December 31, 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 |  |  | 6,389 |  |  |  | - |  |  |  | - |  |  |  | 6,389 |  |  |  | 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 |  |  | 9,389 |  |  |  | 4,417 |  |  |  | 5,690 |  |  |  | 19,496 |  |  |  | 7,038 |  |  |  | 3,238 |  |  |  | 5,690 |  |  |  | 15,966 |  |
Less: accumulated amortization |  |  | (4,865 | ) |  |  | (3,037 | ) |  |  | (1,818 | ) |  |  | (9,720 | ) |  |  | (4,016 | ) |  |  | (2,643 | ) |  |  | (706 | ) |  |  | (7,365 | ) |
Unamortized deferred financing costs |  | $ | 4,524 |  |  | $ | 1,380 |  |  | $ | 3,872 |  |  | $ | 9,776 |  |  | $ | 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 December 31, 2022 and 2021:
|  | December 31, 2022(1) |  |  | December 31, 2021 |  |
|  | SBA |  |  | Credit |  |  |  |  |  |  |  |  | SBA |  |  | Credit |  |  |  |  |  |  |  |
|  | debentures |  |  | Facility |  |  | Notes |  |  | Total |  |  | debentures |  |  | Facility |  |  | Notes |  |  | Total |  |
Outstanding debt |  | $ | 153,000 |  |  | $ | - |  |  | $ | 250,000 |  |  | $ | 403,000 |  |  | $ | 107,000 |  |  | $ | - |  |  | $ | 250,000 |  |  | $ | 357,000 |  |
Less: unamortized deferred financing costs |  |  | (4,524 | ) |  |  | (1,380 | ) |  |  | (3,872 | ) |  |  | (9,776 | ) |  |  | (3,022 | ) |  |  | (595 | ) |  |  | (4,984 | ) |  |  | (8,601 | ) |
Debt, net of deferred financing costs |  | $ | 148,476 |  |  | $ | (1,380 | ) |  | $ | 246,128 |  |  | $ | 393,224 |  |  | $ | 103,978 |  |  | $ | (595 | ) |  | $ | 245,016 |  |  | $ | 348,399 |  |
(1) | Total excludes $16,880 and $17,637 of Secured Borrowings as of December 31, 2022 and 2021, respectively.
Scheduled to Mature Debt Liabilities | As of December 31, 2022, the Company’s debt liabilities are scheduled to mature as follows (1):
|  | SBA |  |  | Credit |  |  | Secured |  |  |  |  |  |  |
Year |  | debentures |  |  | Facility (2) |  |  | Borrowings |  |  | Notes |  |  | Total |
2023 |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
2024 |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
2025 |  |  | 1,500 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 1,500 |
2026 |  |  | 4,500 |  |  |  | — |  |  |  | 16,880 |  |  |  | 250,000 |  |  |  | 271,380 |
2027 |  |  | 34,000 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 34,000 |
Thereafter |  |  | 113,000 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 113,000 |
Total |  | $ | 153,000 |  |  | $ | — |  |  | $ | 16,880 |  |  | $ | 250,000 |  |  | $ | 419,880 |
(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 Company’s Credit Facility matures on August 17, 2027. As of December 31, 2022, there were no outstanding borrowings under the Credit Facility.
Information about Senior Securities | Information about our senior securities is shown in the following table for the years indicated in the table, unless otherwise noted.
Class and Year |  |  | Total Amount Outstanding Exclusive of Treasury Securities (1) |  |  |  | Asset Coverage per Unit (2)(5) |  |  |  | Involuntary Liquidation Preference per Unit (3) |  |  | Average Market Value per Unit (4) |
|  | (dollars in thousands) |  |  |  |  |  |  |  |
SBA debentures |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
2013 |  | $ |  | 144,500 |  |  | $ | ** |  |  | $ | * |  | $ | N/A |
2014 |  |  |  | 173,500 |  |  |  | ** |  |  |  | * |  |  | N/A |
2015 |  |  |  | 213,500 |  |  |  | ** |  |  |  | * |  |  | N/A |
2016 |  |  |  | 224,000 |  |  |  | ** |  |  |  | * |  |  | N/A |
2017 |  |  |  | 231,300 |  |  |  | ** |  |  |  | * |  |  | N/A |
2018 |  |  |  | 191,000 |  |  |  | ** |  |  |  | * |  |  | N/A |
2019 |  |  |  | 157,500 |  |  |  | ** |  |  |  | * |  |  | N/A |
2020 |  |  |  | 147,000 |  |  |  | ** |  |  |  | * |  |  | N/A |
2021 |  |  |  | 107,000 |  |  |  | ** |  |  |  | * |  |  | N/A |
2022 |  |  |  | 153,000 |  |  |  | ** |  |  |  | * |  |  | N/A |
Credit Facility |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
2013 |  | $ |  | - |  |  | $ | N/A |  |  | $ | * |  | $ | N/A |
2014 |  |  |  | 10,000 |  |  |  |  | 25,326 |  |  |  | * |  |  | N/A |
2015 |  |  |  | 15,500 |  |  |  |  | 16,959 |  |  |  | * |  |  | N/A |
2016 |  |  |  | - |  |  |  | N/A |  |  |  | * |  |  | N/A |
2017 |  |  |  | 11,500 |  |  |  |  | 35,198 |  |  |  | * |  |  | N/A |
2018 |  |  |  | 36,500 |  |  |  |  | 5,659 |  |  |  | * |  |  | N/A |
2019 |  |  |  | 25,000 |  |  |  |  | 2,989 |  |  |  | * |  |  | N/A |
2020 |  |  |  | - |  |  |  |  | 2,337 |  |  |  | * |  |  | N/A |
2021 |  |  |  | - |  |  |  |  | 2,822 |  |  |  | * |  |  | N/A |
2022 |  |  |  | - |  |  |  |  | 2,800 |  |  |  | * |  |  | N/A |
2023 Notes(6) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
2018 |  | $ |  | 50,000 |  |  | $ |  | 5,659 |  |  | $ | * |  | $ |  | 25.74 |
2019 |  |  |  | 50,000 |  |  |  |  | 2,989 |  |  |  | * |  |  |  | 25.81 |
2020 |  |  |  | 50,000 |  |  |  |  | 2,337 |  |  |  | * |  |  |  | 24.12 |
February 2024 Notes(6) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
2019 |  | $ |  | 69,000 |  |  | $ |  | 2,989 |  |  | $ | * |  | $ |  | 25.97 |
2020 |  |  |  | 69,000 |  |  |  |  | 2,337 |  |  |  | * |  |  |  | 24.60 |
November 2024 Notes(6) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
2019 |  | $ |  | 63,250 |  |  | $ |  | 2,989 |  |  | $ | * |  | $ |  | 25.75 |
2020 |  |  |  | 63,250 |  |  |  |  | 2,337 |  |  |  | * |  |  |  | 23.20 |
January 2026 Notes |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
2020 |  | $ |  | 125,000 |  |  | $ |  | 2,337 |  |  | $ | * |  | $ | N/A |
2021 |  |  |  | 125,000 |  |  |  |  | 2,822 |  |  |  | * |  |  | N/A |
2022 |  |  |  | 125,000 |  |  |  |  | 2,800 |  |  |  | * |  |  | N/A |
November 2026 Notes |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
2021 |  | $ |  | 125,000 |  |  | $ |  | 2,822 |  |  | $ | * |  | $ | N/A |
2022 |  |  |  | 125,000 |  |  |  |  | 2,800 |  |  |  | * |  |  | N/A |
Secured Borrowings |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
2021 |  | $ |  | 17,637 |  |  | $ |  | 2,822 |  |  | $ | * |  | $ | N/A |
2022 |  |  |  | 16,880 |  |  |  |  | 2,800 |  |  |  | * |  |  | N/A |
(1) Total amount of each class of senior securities outstanding at the end of the period presented. (2) Asset coverage per unit is the ratio of the carrying value of our total consolidated assets, less all liabilities and indebtedness not represented by senior securities, to the aggregate amount of senior securities representing indebtedness. Asset coverage per unit is expressed in terms of dollar amounts per $1,000 of indebtedness. (3) The amount to which such class of senior security would be entitled upon the involuntary liquidation of the issuer in preference to any security junior to it. The “*” indicates information which the SEC expressly does not require to be disclosed for certain types of senior securities. (4) Not applicable to SBA debentures, Credit Facility, January 2026 Notes, the November 2026 Notes and Secured Borrowings because these senior securities are not registered for public trading. The average market value per unit for the Public Notes is based on the average of the closing market price as of each quarter end during the fiscal year and the prior year end, as applicable, and is expressed per $1,000 of indebtedness. The Public Notes were issued in $25 increments. (5) We have excluded our SBA debentures from the asset coverage calculation as of December 31, 2012 pursuant to the exemptive relief granted by the SEC in March 2012 that permits us to exclude the senior securities issued by the Funds from the definition of senior securities in the asset coverage requirement applicable to us under the 1940 Act. (6) Our 2023 Notes were repaid in full on January 19, 2021. Our February 2024 Notes and our November 2024 Notes were repaid in full on November 2, 2021.
SBA Debentures |
Debt Instrument [Line Items] |
Summary of Issued and Outstanding SBA Debentures | As of December 31, 2022 and 2021, the Company’s issued and outstanding SBA debentures mature as follows:
Pooling |  | Maturity |  | Fixed |  |  | December 31, |  |  | 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) |  |  |  | 4,000 |  |  |  | — |
(2) |  | (2) |  | (2) |  |  |  | 3,000 |  |  |  | — |
(2) |  | (2) |  | (2) |  |  |  | 3,000 |  |  |  | — |
(2) |  | (2) |  | (2) |  |  |  | 5,000 |  |  |  | — |
(2) |  | (2) |  | (2) |  |  |  | 5,000 |  |  |  | — |
(2) |  | (2) |  | (2) |  |  |  | 7,000 |  |  |  | — |
Total outstanding SBA debentures |  |  |  |  |  |  | $ | 153,000 |  |  | $ | 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, $3,000, $3,000, $5,000, $5,000, and $7,000 in SBA debentures that will pool in March 2023. Until the pooling date, the debentures bear interest at a fixed rate interim interest rate of 4.855%, 4.757%, 5.123%, 5.221%, 5.341%, and 5.243%, respectively.

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