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Debt (Tables) | 3 Months Ended
--- | ---
Mar. 31, 2024
Debt Instrument [Line Items] |
Summary of Interest and Fees Related to Debt | Interest and fees related to the Company’s debt for the three months ended March 31, 2024 and 2023 which are included in interest and financing expenses on the consolidated statements of operations, were as follows:
|  | Three Months Ended March 31, 2024 |
|  | SBA debentures |  |  | Credit Facility |  |  | Secured Borrowings |  |  | Notes |  |  | Total |
Stated interest expense |  | $ | 2,118 |  |  | $ | 368 |  |  | $ | 413 |  |  | $ | 2,578 |  |  | $ | 5,477 |
Amortization of deferred financing costs |  |  | 183 |  |  |  | 74 |  |  |  | - |  |  |  | 278 |  |  |  | 535 |
Total interest and financing expenses |  | $ | 2,301 |  |  | $ | 442 |  |  | $ | 413 |  |  | $ | 2,856 |  |  | $ | 6,012 |
Weighted average stated interest rate, period end |  |  | 4.316 | % |  |  | 8.118 | % |  |  | 9.363 | % |  |  | 4.125 | % |  |  | 4.568 | %
Effective interest rate (1) |  |  | 4.658 | % |  |  | 8.419 | % |  |  | 9.363 | % |  |  | 4.576 | % |  |  | 4.969 | %
Unused commitment fee rate, period end |  | N/A |  |  |  | 0.851 | % |  | N/A |  |  | N/A |  |  |  | 0.851 | %
|  | Three Months Ended March 31, 2023 |
|  | SBA debentures |  |  | Credit Facility |  |  | Secured Borrowings |  |  | Notes |  |  | Total |
Stated interest expense |  | $ | 1,372 |  |  | $ | 330 |  |  | $ | 389 |  |  | $ | 2,578 |  |  | $ | 4,669 |
Amortization of deferred financing costs |  |  | 168 |  |  |  | 73 |  |  |  | - |  |  |  | 275 |  |  |  | 516 |
Total interest and financing expenses |  | $ | 1,540 |  |  | $ | 403 |  |  | $ | 389 |  |  | $ | 2,853 |  |  | $ | 5,185 |
Weighted average stated interest rate, period end |  |  | 3.268 | % |  |  | 7.390 | % |  |  | 8.685 | % |  |  | 4.125 | % |  |  | 4.244 | %
Effective interest rate (1) |  |  | 3.705 | % |  |  | 7.691 | % |  |  | 8.685 | % |  |  | 4.576 | % |  |  | 4.668 | %
Unused commitment fee rate, period end |  | N/A |  |  |  | 0.970 | % |  | N/A |  |  | N/A |  |  |  | 0.970 | %
(1) The effective interes t rate is equal to the weighted average stated interest rate plus the amortization of deferred financing costs.
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 March 31, 2024 and December 31, 2023 were as follows:
|  | March 31, 2024 |  |  | December 31, 2023 |
|  | SBA |  |  | Credit |  |  |  |  |  |  |  |  | SBA |  |  | Credit |  |  |  |  |  |  |
|  | debentures |  |  | Facility |  |  | Notes |  |  | Total |  |  | debentures |  |  | Facility |  |  | Notes |  |  | Total |
SBA debenture commitment fees |  | $ | 3,250 |  |  | $ | — |  |  | $ | — |  |  | $ | 3,250 |  |  | $ | 3,250 |  |  | $ | — |  |  | $ | — |  |  | $ | 3,250 |
SBA debenture leverage fees |  |  | 7,899 |  |  |  | — |  |  |  | — |  |  |  | 7,899 |  |  |  | 7,899 |  |  |  | — |  |  |  | — |  |  |  | 7,899 |
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 |  |  |  | 11,149 |  |  |  | 4,417 |  |  |  | 5,690 |  |  |  | 21,256 |
Less: accumulated amortization |  |  | (6,325 | ) |  |  | (3,410 | ) |  |  | (3,211 | ) |  |  | (12,946 | ) |  |  | (5,621 | ) |  |  | (3,335 | ) |  |  | (2,933 | ) |  |  | (11,889 | )
Unamortized deferred financing costs |  | $ | 4,824 |  |  | $ | 1,007 |  |  | $ | 2,479 |  |  | $ | 8,310 |  |  | $ | 5,528 |  |  | $ | 1,082 |  |  | $ | 2,757 |  |  | $ | 9,367 |
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 March 31, 2024 and December 31, 2023:
|  | March 31, 2024(1) |  |  | December 31, 2023(1) |
|  | SBA |  |  | Credit |  |  |  |  |  |  |  |  | SBA |  |  | Credit |  |  |  |  |  |  |
|  | debentures |  |  | Facility |  |  | Notes |  |  | Total |  |  | debentures |  |  | Facility |  |  | Notes |  |  | Total |
Outstanding debt |  | $ | 175,000 |  |  | $ | 22,500 |  |  | $ | 250,000 |  |  | $ | 447,500 |  |  | $ | 210,000 |  |  | $ | — |  |  | $ | 250,000 |  |  | $ | 460,000 |
Less: unamortized deferred financing costs |  |  | (4,824 | ) |  |  | (1,007 | ) |  |  | (2,479 | ) |  |  | (8,310 | ) |  |  | (5,528 | ) |  |  | (1,082 | ) |  |  | (2,757 | ) |  |  | (9,367 | )
Debt, net of deferred financing costs |  | $ | 170,176 |  |  | $ | 21,493 |  |  | $ | 247,521 |  |  | $ | 439,190 |  |  | $ | 204,472 |  |  | $ | (1,082 | ) |  | $ | 247,243 |  |  | $ | 450,633 |
(1) Total excludes $15,626 and $15,880 of Secured Borrowings as of March 31, 2024 and December 31, 2023, respectively.
Scheduled to Mature Debt Liabilities | As of March 31, 2024, the Company’s debt liabilities are scheduled to mature as follows (1):
|  | SBA |  |  | Credit |  |  | Secured |  |  |  |  |  |  |
Year |  | debentures |  |  | Facility (2) |  |  | Borrowings |  |  | Notes |  |  | Total |
2025 |  | $ | — |  |  | $ | — |  |  | $ | 330 |  |  | $ | — |  |  | $ | 330 |
2026 |  |  | — |  |  |  | — |  |  |  | 15,296 |  |  |  | 250,000 |  |  |  | 265,296 |
2027 |  |  | — |  |  |  | 22,500 |  |  |  | — |  |  |  | — |  |  |  | 22,500 |
2028 |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | - |
2029 |  |  | 7,500 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 7,500 |
Thereafter |  |  | 167,500 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 167,500 |
Total |  | $ | 175,000 |  |  | $ | 22,500 |  |  | $ | 15,626 |  |  | $ | 250,000 |  |  | $ | 463,126 |
(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 March 31, 2024 and December 31, 2023, the Company’s issued and outstanding SBA debentures mature as follows:
Pooling |  | Maturity |  | Fixed |  |  | March 31, |  |  | December 31, |
Date (1) |  | Date |  | Interest Rate |  |  | 2024 |  |  | 2023 |
3/23/2016 |  | 3/1/2026 |  |  | 3.267 |  | % | $ | - |  |  |  | 500 |
9/21/2016 |  | 9/1/2026 |  |  | 2.793 |  |  |  | - |  |  |  | 500 |
9/20/2017 |  | 9/1/2027 |  |  | 3.260 |  |  |  | - |  |  |  | 1,000 |
9/20/2017 |  | 9/1/2027 |  |  | 3.190 |  |  |  | - |  |  |  | 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 |  |  |  | 4,000 |
9/20/2023 |  | 9/1/2033 |  |  | 5.861 |  |  |  | 8,000 |  |  |  | 8,000 |
9/20/2023 |  | 9/1/2033 |  |  | 5.861 |  |  |  | 12,000 |  |  |  | 12,000 |
9/20/2023 |  | 9/1/2033 |  |  | 5.861 |  |  |  | 5,000 |  |  |  | 5,000 |
9/20/2023 |  | 9/1/2033 |  |  | 5.861 |  |  |  | 8,000 |  |  |  | 8,000 |
9/20/2023 |  | 9/1/2033 |  |  | 5.735 |  |  |  | 3,000 |  |  |  | 3,000 |
3/20/2024 |  | 3/1/2034 |  |  | 5.082 |  |  |  | 3,000 |  |  |  | 3,000 |
3/20/2024 |  | 3/1/2034 |  |  | 5.082 |  |  |  | 12,000 |  |  |  | 12,000 |
3/20/2024 |  | 3/1/2034 |  |  | 5.082 |  |  |  | 2,000 |  |  |  | 2,000 |
3/20/2024 |  | 3/1/2034 |  |  | 5.082 |  |  |  | 2,000 |  |  |  | 2,000 |
3/20/2024 |  | 3/1/2034 |  |  | 5.082 |  |  |  | 3,000 |  |  |  | 3,000 |
Total outstanding SBA debentures |  |  |  |  |  |  | $ | 175,000 |  |  | $ | 210,000 |
(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.

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