XML 37 R26.htm IDEA: XBRL DOCUMENT v3.24.0.1
Debt (Tables)
 12 Months Ended
Dec. 31, 2023
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, 2023, 2022 and 2021 that are included in interest and financing expenses on the consolidated statements of operations, were as follows:

 

 

Year Ended December 31, 2023

 

 

 

SBA debentures

 

 

Credit Facility

 

 

Secured Borrowings

 

 

Notes

 

 

Total

 

Stated interest expense

 

$

6,914

 

 

$

1,739

 

 

$

1,637

 

 

$

10,313

 

 

$

20,603

 

Amortization of deferred financing costs

 

 

733

 

 

 

297

 

 

 

-

 

 

 

1,116

 

 

 

2,146

 

Total interest and financing expenses

 

$

7,647

 

 

$

2,036

 

 

$

1,637

 

 

$

11,429

 

 

$

22,749

 

Weighted average stated interest rate, period end

 

 

4.226

%

 

N/A

 

(1)

 

9.407

%

 

 

4.125

%

 

 

4.346

%

Unused commitment fee rate, period end

 

N/A

 

 

 

1.261

%

(1)

N/A

 

 

N/A

 

 

 

1.261

%

 

 

 

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

%
(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, 2023 and 2022 were as follows:

 

 

December 31, 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

 

 

7,899

 

 

 

-

 

 

 

-

 

 

 

7,899

 

 

 

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

 

 

11,149

 

 

 

4,417

 

 

 

5,690

 

 

 

21,256

 

 

 

9,389

 

 

 

4,417

 

 

 

5,690

 

 

 

19,496

 

 

Less: accumulated amortization

 

 

(5,621

)

 

 

(3,335

)

 

 

(2,933

)

 

 

(11,889

)

 

 

(4,865

)

 

 

(3,037

)

 

 

(1,818

)

 

 

(9,720

)

 

Unamortized deferred financing costs

 

$

5,528

 

 

$

1,082

 

 

$

2,757

 

 

$

9,367

 

 

$

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 December 31, 2023 and 2022:

 

 

December 31, 2023(1)

 

 

December 31, 2022

 

 

 

 

SBA

 

 

Credit

 

 

 

 

 

 

 

 

SBA

 

 

Credit

 

 

 

 

 

 

 

 

 

 

debentures

 

 

Facility

 

 

Notes

 

 

Total

 

 

debentures

 

 

Facility

 

 

Notes

 

 

Total

 

 

Outstanding debt

 

$

210,000

 

 

$

-

 

 

$

250,000

 

 

$

460,000

 

 

$

153,000

 

 

$

-

 

 

$

250,000

 

 

$

403,000

 

 

Less: unamortized deferred financing costs

 

 

(5,528

)

 

 

(1,082

)

 

 

(2,757

)

 

 

(9,367

)

 

 

(4,524

)

 

 

(1,380

)

 

 

(3,872

)

 

 

(9,776

)

 

Debt, net of deferred financing costs

 

$

204,472

 

 

$

(1,082

)

 

$

247,243

 

 

$

450,633

 

 

$

148,476

 

 

$

(1,380

)

 

$

246,128

 

 

$

393,224

 

 

 

(1)

Total excludes $15,880 and $16,880 of Secured Borrowings as of December 31, 2023 and 2022, respectively.
Scheduled to Mature Debt Liabilities

As of December 31, 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

 

 

 

—

 

 

 

15,880

 

 

 

250,000

 

 

 

266,880

 

2027

 

 

34,000

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

34,000

 

2028

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Thereafter

 

 

175,000

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

175,000

 

Total

 

$

210,000

 

 

$

—

 

 

$

15,880

 

 

$

250,000

 

 

$

475,880

 

 

(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, 2023, 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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

2023

 

 

 

210,000

 

 

 

**

 

 

 

*

 

 

N/A

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Credit Facility

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

-

 

 

 

 

3,217

 

 

 

*

 

 

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

 

2023

 

 

 

125,000

 

 

 

 

3,217

 

 

 

*

 

 

N/A

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

November 2026 Notes

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2021

 

$

 

125,000

 

 

$

 

2,822

 

 

$

*

 

$

N/A

 

2022

 

 

 

125,000

 

 

 

 

2,800

 

 

 

*

 

 

N/A

 

2023

 

 

 

125,000

 

 

 

 

3,217

 

 

 

*

 

 

N/A

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Secured Borrowings

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2021

 

$

 

17,637

 

 

$

 

2,822

 

 

$

*

 

$

N/A

 

2022

 

 

 

16,880

 

 

 

 

2,800

 

 

 

*

 

 

N/A

 

2023

 

 

 

15,880

 

 

 

 

3,217

 

 

 

*

 

 

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 January 2026 Notes and the November 2026 Notes were issued in minimum denominations of $2,000 and integral multiples of $1,000 in excess thereof.

(5) We have excluded our SBA debentures from the asset coverage calculation pursuant to the exemptive relief granted by the SEC in June 2014 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, 2023 and 2022, the Company’s issued and outstanding SBA debentures mature as follows:

Pooling

 

Maturity

 

Fixed

 

 

December 31,

 

 

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

 

 

 

—

 

(2)

 

(2)

 

(2)

 

 

 

3,000

 

 

 

—

 

(2)

 

(2)

 

(2)

 

 

 

12,000

 

 

 

—

 

(2)

 

(2)

 

(2)

 

 

 

2,000

 

 

 

—

 

(2)

 

(2)

 

(2)

 

 

 

2,000

 

 

 

—

 

(2)

 

(2)

 

(2)

 

 

 

3,000

 

 

 

—

 

Total outstanding SBA debentures

 

 

 

 

 

 

$

210,000

 

 

$

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.

(2)

The Company issued $3,000, $12,000, $2,000, $2,000, and $3,000 in SBA debentures that will pool in March 2024. Until the pooling date, the debentures bear interest at a fixed rate interim interest rate of 6.083%, 6.026%, 6.009%, 5.991%, and 5.980%, respectively.