XML 35 R26.htm IDEA: XBRL DOCUMENT v3.23.3
Debt (Tables)
 9 Months Ended
Sep. 30, 2023
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, 2023 and 2022 which are included in interest and financing expenses on the consolidated statements of operations, were as follows:

 

 

Three Months Ended September 30, 2023

 

 

Three Months Ended September 30, 2022

 

 

 

SBA

 

 

Credit

 

 

Secured

 

 

 

 

 

 

 

 

SBA

 

 

Credit

 

 

Secured

 

 

 

 

 

 

 

 

 

debentures

 

 

Facility

 

 

Borrowings

 

 

Notes

 

 

Total

 

 

debentures

 

 

Facility

 

 

Borrowings

 

 

Notes

 

 

Total

 

Stated interest expense

 

$

1,899

 

 

$

541

 

 

$

419

 

 

$

2,578

 

 

$

5,437

 

 

$

933

 

 

$

356

 

 

$

289

 

 

$

2,578

 

 

$

4,156

 

Amortization of deferred financing costs

 

 

191

 

 

 

75

 

 

 

-

 

 

 

282

 

 

 

548

 

 

 

156

 

 

 

94

 

 

 

-

 

 

 

280

 

 

 

530

 

Total interest and financing expenses

 

$

2,090

 

 

$

616

 

 

$

419

 

 

$

2,860

 

 

$

5,985

 

 

$

1,089

 

 

$

450

 

 

$

289

 

 

$

2,858

 

 

$

4,686

 

 

 

 

Nine Months Ended September 30, 2023

 

 

Nine Months Ended September 30, 2022

 

 

 

 

SBA debentures

 

 

Credit Facility

 

 

Secured Borrowings

 

 

Notes

 

 

Total

 

 

SBA debentures

 

 

Credit Facility

 

 

Secured Borrowings

 

 

Notes

 

 

Total

 

 

Stated interest expense

 

$

4,818

 

 

$

1,396

 

 

$

1,220

 

 

$

7,734

 

 

$

15,168

 

 

$

2,583

 

 

$

1,106

 

 

$

726

 

 

$

7,734

 

 

$

12,149

 

 

Amortization of deferred financing costs

 

 

536

 

 

 

222

 

 

 

-

 

 

 

835

 

 

 

1,593

 

 

 

438

 

 

 

319

 

 

 

-

 

 

 

831

 

 

 

1,588

 

 

Total interest and financing expenses

 

$

5,354

 

 

$

1,618

 

 

$

1,220

 

 

$

8,569

 

 

$

16,761

 

 

$

3,021

 

 

$

1,425

 

 

$

726

 

 

$

8,565

 

 

$

13,737

 

 

Weighted average stated interest rate, period end

 

 

4.016

%

 

N/A

 

 

 

9.291

%

 

 

4.125

%

 

 

4.265

%

 

 

3.214

%

 

N/A

 

 

 

6.446

%

 

 

4.125

%

 

 

3.921

%

 

Unused commitment fee rate, period end

 

N/A

 

 

 

1.261

%

 

N/A

 

 

N/A

 

 

 

1.261

%

 

N/A

 

 

 

1.200

%

 

N/A

 

 

N/A

 

 

 

1.200

%

 
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, 2023 and December 31, 2022 were as follows:

 

 

 

September 30, 2023

 

 

December 31, 2022

 

 

 

SBA

 

 

Credit

 

 

 

 

 

 

 

 

SBA

 

 

Credit

 

 

 

 

 

 

 

 

 

debentures

 

 

Facility

 

 

Notes

 

 

Total

 

 

debentures

 

 

Facility

 

 

Notes

 

 

Total

 

SBA debenture commitment fees

 

$

3,250

 

 

$

—

 

 

$

—

 

 

$

3,250

 

 

$

3,000

 

 

$

—

 

 

$

—

 

 

$

3,000

 

SBA debenture leverage fees

 

 

7,363

 

 

 

—

 

 

 

—

 

 

 

7,363

 

 

 

6,389

 

 

 

—

 

 

 

—

 

 

 

6,389

 

Credit Facility upfront fees

 

 

—

 

 

 

4,417

 

 

 

—

 

 

 

4,417

 

 

 

—

 

 

 

4,417

 

 

 

—

 

 

 

4,417

 

Notes underwriting discounts

 

 

—

 

 

 

—

 

 

 

5,005

 

 

 

5,005

 

 

 

—

 

 

 

—

 

 

 

5,005

 

 

 

5,005

 

Notes debt issue costs

 

 

—

 

 

 

—

 

 

 

685

 

 

 

685

 

 

 

—

 

 

 

—

 

 

 

685

 

 

 

685

 

Total deferred financing costs

 

 

10,613

 

 

 

4,417

 

 

 

5,690

 

 

 

20,720

 

 

 

9,389

 

 

 

4,417

 

 

 

5,690

 

 

 

19,496

 

Less: accumulated amortization

 

 

(5,424

)

 

 

(3,260

)

 

 

(2,652

)

 

 

(11,336

)

 

 

(4,865

)

 

 

(3,037

)

 

 

(1,818

)

 

 

(9,720

)

Unamortized deferred financing costs

 

$

5,189

 

 

$

1,157

 

 

$

3,038

 

 

$

9,384

 

 

$

4,524

 

 

$

1,380

 

 

$

3,872

 

 

$

9,776

 
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, 2023 and December 31, 2022:

 

 

 

September 30, 2023(1)

 

 

December 31, 2022(1)

 

 

 

SBA

 

 

Credit

 

 

 

 

 

 

 

 

SBA

 

 

Credit

 

 

 

 

 

 

 

 

 

debentures

 

 

Facility

 

 

Notes

 

 

Total

 

 

debentures

 

 

Facility

 

 

Notes

 

 

Total

 

Outstanding debt

 

$

188,000

 

 

$

—

 

 

$

250,000

 

 

$

438,000

 

 

$

153,000

 

 

$

—

 

 

$

250,000

 

 

$

403,000

 

Less: unamortized deferred financing costs

 

 

(5,189

)

 

 

(1,157

)

 

 

(3,038

)

 

 

(9,384

)

 

 

(4,524

)

 

 

(1,380

)

 

 

(3,872

)

 

 

(9,776

)

Debt, net of deferred financing costs

 

$

182,811

 

 

$

(1,157

)

 

$

246,962

 

 

$

428,616

 

 

$

148,476

 

 

$

(1,380

)

 

$

246,128

 

 

$

393,224

 
(1)
Total excludes $16,319 and $16,880 of Secured Borrowings as of September 30, 2023 and December 31, 2022, respectively.
Scheduled to Mature Debt Liabilities

As of September 30, 2023, the Company’s debt liabilities are scheduled to mature as follows (1):

 

 

 

SBA

 

 

Credit

 

 

Secured

 

 

 

 

 

 

 

Year

 

debentures

 

 

Facility (2)

 

 

Borrowings

 

 

Notes

 

 

Total

 

2024

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

2025

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

2026

 

 

1,000

 

 

 

—

 

 

 

16,319

 

 

 

250,000

 

 

 

267,319

 

2027

 

 

34,000

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

34,000

 

2028

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Thereafter

 

 

153,000

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

153,000

 

Total

 

$

188,000

 

 

$

—

 

 

$

16,319

 

 

$

250,000

 

 

$

454,319

 

 

(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, 2023 and December 31, 2022, the Company’s issued and outstanding SBA debentures mature as follows:

 

Pooling

 

Maturity

 

Fixed

 

 

September 30,

 

 

December 31,

 

Date (1)

 

Date

 

Interest Rate

 

 

2023

 

 

2022

 

3/25/2015

 

3/1/2025

 

 

3.277

 

 %

$

-

 

 

 

1,500

 

3/23/2016

 

3/1/2026

 

 

3.267

 

 

 

500

 

 

 

1,500

 

3/23/2016

 

3/1/2026

 

 

3.249

 

 

 

-

 

 

 

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

 

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

 

 

 

43,500

 

9/21/2022

 

9/1/2032

 

 

4.533

 

 

 

17,500

 

 

 

17,500

 

3/22/2023

 

3/1/2033

 

 

5.439

 

 

 

4,000

 

 

 

4,000

 

3/22/2023

 

3/1/2033

 

 

5.341

 

 

 

3,000

 

 

 

3,000

 

3/22/2023

 

3/1/2033

 

 

5.341

 

 

 

3,000

 

 

 

3,000

 

3/22/2023

 

3/1/2033

 

 

5.439

 

 

 

5,000

 

 

 

5,000

 

3/22/2023

 

3/1/2033

 

 

5.439

 

 

 

5,000

 

 

 

5,000

 

3/22/2023

 

3/1/2033

 

 

5.341

 

 

 

7,000

 

 

 

7,000

 

3/22/2023

 

3/1/2033

 

 

5.341

 

 

 

4,000

 

 

 

—

 

9/20/2023

 

9/1/2033

 

 

5.861

 

 

 

8,000

 

 

 

—

 

9/20/2023

 

9/1/2033

 

 

5.861

 

 

 

12,000

 

 

 

—

 

9/20/2023

 

9/1/2033

 

 

5.861

 

 

 

5,000

 

 

 

—

 

9/20/2023

 

9/1/2033

 

 

5.861

 

 

 

8,000

 

 

 

—

 

9/20/2023

 

9/1/2033

 

 

5.735

 

 

 

3,000

 

 

 

—

 

Total outstanding SBA debentures

 

 

 

 

 

 

$

188,000

 

 

$

153,000

 

 

(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.