XML 27 R17.htm IDEA: XBRL DOCUMENT v3.25.0.1
Debt
 12 Months Ended
Dec. 31, 2024
Debt Disclosure [Abstract]  
Debt

Note 6. Debt

Revolving Credit Facility: On June 16, 2014, FIC entered into a senior secured revolving credit agreement (the "Credit Agreement" and the senior secured revolving credit facility, the “Credit Facility”) with ING Capital LLC (“ING”), as the administrative agent, collateral agent, and lender. The Credit Facility is secured by certain portfolio investments held by the Company, but portfolio investments held by the SBIC Funds are not collateral for the Credit Facility. On April 24, 2019, the Company entered into an Amended & Restated Senior Secured Revolving Credit Agreement (the “Amended Credit Agreement”) among the Company, as borrower, the lenders party thereto, and ING, as administrative agent. On June 26, 2020, the Company entered into an amendment to the Amended Credit Agreement that, among other changes, modified certain financial covenants. On August 17, 2022, the Company entered into a second amendment to the Amended Credit Agreement ("Second Amendment"). The Second Amendment, among other things: (i) changed the underlying benchmark used to compute interest under the Amended Credit Agreement to SOFR from LIBOR; (ii) reduced the applicable margin from 3.00% to 2.675% on SOFR loans prior to satisfying certain step-down conditions, and from 2.675% to 2.50% after satisfying certain step-down conditions, with commensurate reductions in the applicable margins for base rate loans; (iii) provided for a loan commitment availability period ending on August 17, 2026; (iv) extended the maturity date to August 17, 2027 from April 24, 2023; and (v) amended certain financial covenants, including (a) amending the asset coverage ratio to no less than 1.50 to 1.00 from no less than 2.00 to 1.00 (on a regulatory basis); and (b) requiring the Company to maintain a senior asset coverage ratio of no less than 2.00 to 1.00. On July 25, 2024, the Company entered into an incremental commitment agreement that increased the Credit Facility total commitment from $100,000 to $140,000.

The Company pays a commitment fee that varies depending on the size of the unused portion of the Credit Facility: 2.500% to 2.675% per annum on the unused portion of the Credit Facility at or below 35% of the commitments and 0.50% per annum on any remaining unused portion of the Credit Facility between the total commitments and the 35% minimum utilization. The Credit Facility is secured by a first priority security interest in all of our assets, excluding the assets of our SBIC subsidiaries.

Amounts available to borrow under the Credit Facility are subject to a minimum borrowing/collateral base that applies an advance rate to certain investments held by the Company, excluding investments held by the SBIC Funds. The Company is subject to limitations with respect to the investments securing the Credit Facility, including, but not limited to, restrictions on sector concentrations, loan size, payment frequency and status and collateral interests, as well as restrictions on portfolio company leverage, which may also affect the borrowing base and therefore amounts available to borrow.

The Company has made customary representations and warranties and is required to comply with various covenants, reporting requirements and other customary requirements for similar credit facilities. These covenants are subject to important limitations and exceptions that are described in the documents governing the Credit Facility. As of December 31, 2024 and 2023, the Company was in compliance in all material respects with the terms of the Credit Agreement.

SBA debentures: The Company uses debenture leverage provided through the SBA to fund a portion of its investment purchases.

Under the SBA debenture program, the SBA commits to purchase debentures issued by SBICs; such debentures have 10-year terms with the entire principal balance due at maturity and are guaranteed by the SBA. Interest on SBA debentures is payable semi-annually on March 1 and September 1. As of December 31, 2024 and 2023, approved and unused SBA debenture commitments were $175,000 and zero, respectively. The SBA may limit the amount that may be drawn each year under any SBA debenture commitments, and each issuance of leverage is conditioned on the Company’s full compliance, as determined by the SBA, with the terms and conditions under SBA regulations.

As of December 31, 2024 and 2023, the Company’s issued and outstanding SBA debentures mature as follows:

Pooling

 

Maturity

 

Fixed

 

 

December 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.

Notes: On December 23, 2020, the Company closed the offering of $125,000 in aggregate principal amount of its 4.75% notes due 2026, or the “January 2026 Notes”. The total net proceeds to the Company from the January 2026 Notes, based on a public offering price of 100.00% of par, after deducting underwriting discounts of $2,500 and offering expenses of $366, were $122,134. The January 2026 Notes will mature on January 31, 2026 and bear interest at a rate of 4.75%. The January 2026 Notes may be redeemed in whole or in part at any time or from time to time at our option subject to a make whole provision if redeemed before October 31, 2025 (the date falling three months prior to maturity) and at par thereafter. Interest on the January 2026 Notes is payable on January 31 and July 31 of each year. The Company does not intend to list the January 2026 Notes on any securities exchange or automated dealer quotation system.

On October 8, 2021, the Company closed the offering of $125,000 in aggregate principal amount of its 3.50% notes due 2026, or the “November 2026 Notes” (collectively with the January 2026 Notes, the “Notes”). The total net proceeds to the Company from the November 2026 Notes, based on a public offering price of 99.996% of par, after deducting underwriting discounts of $2,500 and offering expenses of $318, were $122,177. The November 2026 Notes will mature on November 15, 2026 and bear interest at a rate of 3.50%. The November 2026 Notes may be redeemed in whole or in part at any time or from time to time at our option subject to a make whole provision if redeemed before August 15, 2026 (the date falling three months prior to maturity) and at par thereafter. Interest on the November 2026 Notes is payable on May 15 and November 15 of each year. The Company does not intend to list the November 2026 Notes on any securities exchange or automated dealer quotation system.

Each of the Notes are unsecured obligations of the Company and rank pari passu with the Company’s existing and future unsecured indebtedness; effectively subordinated to all of the Company’s existing and future secured indebtedness; and structurally subordinated to all existing and future indebtedness and other obligations of any of its subsidiaries, financing vehicles, or similar facilities the

Company may form in the future, with respect to claims on the assets of any such subsidiaries, financing vehicles, or similar facilities, including the Credit Facility.

Secured Borrowing

As of December 31, 2024 and December 31, 2023, the carrying value of secured borrowings totaled $13,674 and $15,880, respectively, and the fair value of the associated loans included in investments was $13,505 and $15,800, respectively. These secured borrowings were created as a result of our completion of partial loan sales of certain unitranche loan assets that did not meet the definition of a “participating interest” as defined in ASC 860 (see Note 2. Significant Accounting Policies - Partial loan and equity sales” for more information). As a result, sale treatment was not permitted and these partial loan sales were treated as secured borrowings. The weighted average interest rate on our secured borrowings was approximately 8.6% and 9.4% as of December 31, 2024 and 2023, respectively.

Senior Securities

As of December 31, 2024, and December 31, 2023, the aggregate amount outstanding of the senior securities (including secured borrowings) issued by the Company was $308,674 and $265,880, respectively, for which our asset coverage was 312.4% and 321.7%, respectively. The SBA debentures are excluded from the definition “senior securities” in the asset coverage requirement applicable to the Company under the 1940 Act pursuant to exemptive relief granted to us by the SEC on June 30, 2014. The asset coverage ratio for a class of senior securities representing indebtedness is calculated as our consolidated total assets, less all liabilities and indebtedness not represented by senior securities, divided by total senior securities representing indebtedness.

Interest and Financing Expenses

Interest and fees related to the Company’s debt for the years ended December 31, 2024, 2023 and 2022 that are included in interest and financing expenses on the consolidated statements of operations, were as follows:

 

 

Year Ended December 31, 2024

 

 

 

SBA debentures

 

 

Credit Facility

 

 

Secured Borrowings

 

 

Notes

 

 

Total

 

Stated interest expense

 

$

7,809

 

 

$

2,617

 

 

$

1,551

 

 

$

10,311

 

 

$

22,288

 

Amortization of deferred financing costs

 

 

656

 

 

 

335

 

 

 

-

 

 

 

1,119

 

 

 

2,110

 

Total interest and financing expenses

 

$

8,465

 

 

$

2,952

 

 

$

1,551

 

 

$

11,430

 

 

$

24,398

 

Weighted average stated interest rate, period end

 

 

4.316

%

 

N/A

 

(1)

 

8.568

%

 

 

4.125

%

 

 

4.599

%

Effective interest rate (1)

 

 

4.658

%

 

 

7.420

%

 

 

8.568

%

 

 

4.576

%

 

 

4.994

%

Unused commitment fee rate, period end

 

N/A

 

 

 

0.592

%

(1)

N/A

 

 

N/A

 

 

 

0.592

%

 

 

 

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

%

Effective interest rate (1)

 

 

4.625

%

 

N/A

 

(1)

 

9.407

%

 

 

4.576

%

 

 

4.775

%

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

%

Effective interest rate (1)

 

 

3.915

%

 

N/A

 

 

 

7.786

%

 

 

4.576

%

 

 

4.482

%

Unused commitment fee rate, period end

 

N/A

 

 

 

1.200

%

(1)

N/A

 

 

N/A

 

 

 

1.200

%
(1)
Reflects the effective rate as of year end

Realized Losses on Extinguishment of Debt

During the years ended December 31, 2024, 2023, and 2022, the Company prepaid $35,000, $5,000, and $30,000 of SBA debentures, respectively, which were scheduled to mature on dates ranging from 2025 to 2028. As a result of the prepayments, the Company recognized realized losses on extinguishment of debt of $521, $23, and $251 respectively, equal to the write-off of the related unamortized deferred financing costs, during the years ended December 31, 2024, 2023, and 2022.

Deferred Financing Costs

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, 2024 and 2023 were as follows:

 

 

December 31, 2024

 

 

December 31, 2023

 

 

 

 

SBA

 

 

Credit

 

 

 

 

 

 

 

 

SBA

 

 

Credit

 

 

 

 

 

 

 

 

 

 

debentures

 

 

Facility

 

 

Notes

 

 

Total

 

 

debentures

 

 

Facility

 

 

Notes

 

 

Total

 

 

SBA debenture commitment fees

 

$

3,500

 

 

$

-

 

 

$

-

 

 

$

3,500

 

 

$

3,250

 

 

$

-

 

 

$

-

 

 

$

3,250

 

 

SBA debenture leverage fees

 

 

4,261

 

 

 

-

 

 

 

-

 

 

 

4,261

 

 

 

7,899

 

 

 

-

 

 

 

-

 

 

 

7,899

 

 

Credit Facility upfront fees

 

 

-

 

 

 

4,717

 

 

 

-

 

 

 

4,717

 

 

 

-

 

 

 

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

 

 

7,761

 

 

 

4,717

 

 

 

5,690

 

 

 

18,168

 

 

 

11,149

 

 

 

4,417

 

 

 

5,690

 

 

 

21,256

 

 

Less: accumulated amortization

 

 

(1,660

)

 

 

(3,671

)

 

 

(4,052

)

 

 

(9,383

)

 

 

(5,621

)

 

 

(3,335

)

 

 

(2,933

)

 

 

(11,889

)

 

Unamortized deferred financing costs

 

$

6,101

 

 

$

1,046

 

 

$

1,638

 

 

$

8,785

 

 

$

5,528

 

 

$

1,082

 

 

$

2,757

 

 

$

9,367

 

 

Unamortized deferred financing costs are presented as a direct offset to the SBA debentures, the Credit Facility, and the Notes liabilities on the consolidated statements of assets and liabilities. The following table summarizes the outstanding debt net of unamortized deferred financing costs as of December 31, 2024 and 2023:

 

 

December 31, 2024(1)

 

 

December 31, 2023(1)

 

 

 

 

SBA

 

 

Credit

 

 

 

 

 

 

 

 

SBA

 

 

Credit

 

 

 

 

 

 

 

 

 

 

debentures

 

 

Facility

 

 

Notes

 

 

Total

 

 

debentures

 

 

Facility

 

 

Notes

 

 

Total

 

 

Outstanding debt

 

$

175,000

 

 

$

45,000

 

 

$

250,000

 

 

$

470,000

 

 

$

210,000

 

 

$

-

 

 

$

250,000

 

 

$

460,000

 

 

Less: unamortized deferred financing costs

 

 

(6,101

)

 

 

(1,046

)

 

 

(1,638

)

 

 

(8,785

)

 

 

(5,528

)

 

 

(1,082

)

 

 

(2,757

)

 

 

(9,367

)

 

Debt, net of deferred financing costs

 

$

168,899

 

 

$

43,954

 

 

$

248,362

 

 

$

461,215

 

 

$

204,472

 

 

$

(1,082

)

 

$

247,243

 

 

$

450,633

 

 

 

(1)

Total excludes $13,674 and $15,880 of Secured Borrowings as of December 31, 2024 and 2023, respectively.

As of December 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

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

2026

 

 

—

 

 

 

—

 

 

 

13,344

 

 

 

250,000

 

 

 

263,344

 

2027

 

 

—

 

 

 

45,000

 

 

 

—

 

 

 

—

 

 

 

45,000

 

2028

 

 

—

 

 

 

—

 

 

 

330

 

 

 

—

 

 

 

330

 

2029

 

 

7,500

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

7,500

 

Thereafter

 

 

167,500

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

167,500

 

Total

 

$

175,000

 

 

$

45,000

 

 

$

13,674

 

 

$

250,000

 

 

$

483,674

 
(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, 2024, there were $45,000 of outstanding borrowings under the Credit Facility.

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

2024

 

 

 

175,000

 

 

 

**

 

 

 

*

 

 

N/A

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Credit Facility

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

2024

 

 

 

45,000

 

 

 

 

3,124

 

 

 

*

 

 

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

 

2024

 

 

 

125,000

 

 

 

 

3,124

 

 

 

*

 

 

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

 

2024

 

 

 

125,000

 

 

 

 

3,124

 

 

 

*

 

 

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

 

2024

 

 

 

13,674

 

 

 

 

3,124

 

 

 

*

 

 

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 SBIC 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.