XML 31 R25.htm IDEA: XBRL DOCUMENT v3.24.1.u1
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 interest 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.