XML 31 R25.htm IDEA: XBRL DOCUMENT v3.25.3
Debt (Tables)
 9 Months Ended
Sep. 30, 2025
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, 2025 and 2024 which are included in interest and financing expenses on the consolidated statements of operations, were as follows:

 

 

Three Months Ended September 30, 2025

 

 

 

 

 

 

Revolving

 

 

 

 

 

 

 

 

 

 

 

 

SBA

 

 

Credit

 

 

Secured

 

 

 

 

 

 

 

 

 

debentures

 

 

Facility

 

 

Borrowings

 

 

Notes

 

 

Total

 

Stated interest expense

 

$

2,176

 

 

$

475

 

 

$

306

 

 

$

3,982

 

 

$

6,939

 

Amortization of deferred financing costs

 

 

205

 

 

 

100

 

 

 

-

 

 

 

405

 

 

 

710

 

Total interest and financing expenses

 

$

2,381

 

 

$

575

 

 

$

306

 

 

$

4,387

 

 

$

7,649

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended September 30, 2024

 

 

 

 

 

 

Revolving

 

 

 

 

 

 

 

 

 

 

 

 

SBA

 

 

Credit

 

 

Secured

 

 

 

 

 

 

 

 

 

debentures

 

 

Facility

 

 

Borrowings

 

 

Notes

 

 

Total

 

Stated interest expense

 

$

1,903

 

 

$

633

 

 

$

396

 

 

$

2,577

 

 

$

5,509

 

Amortization of deferred financing costs

 

 

149

 

 

 

86

 

 

 

-

 

 

 

282

 

 

 

517

 

Total interest and financing expenses

 

$

2,052

 

 

$

719

 

 

$

396

 

 

$

2,859

 

 

$

6,026

 

 

 

 

 

Nine Months Ended September 30, 2025

 

 

 

 

 

 

Revolving

 

 

 

 

 

 

 

 

 

 

 

 

SBA debentures

 

 

Credit Facility

 

 

Secured Borrowings

 

 

Notes

 

 

Total

 

Stated interest expense

 

$

6,167

 

 

$

2,130

 

 

$

935

 

 

$

10,935

 

 

$

20,167

 

Amortization of deferred financing costs

 

 

601

 

 

 

297

 

 

 

-

 

 

 

1,126

 

 

 

2,024

 

Total interest and financing expenses

 

$

6,768

 

 

$

2,427

 

 

$

935

 

 

$

12,061

 

 

$

22,191

 

Weighted average stated interest rate, period end

 

 

4.139

%

 

 

8.925

%

 

 

8.242

%

 

 

4.885

%

 

 

4.857

%

Effective interest rate (1)

 

 

4.565

%

 

 

9.211

%

 

 

8.242

%

 

 

5.386

%

 

 

5.325

%

Unused commitment fee rate, period end

 

N/A

 

 

 

1.092

%

 

N/A

 

 

N/A

 

 

 

1.092

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nine Months Ended September 30, 2024

 

 

 

 

 

 

Revolving

 

 

 

 

 

 

 

 

 

 

 

 

SBA debentures

 

 

Credit Facility

 

 

Secured Borrowings

 

 

Notes

 

 

Total

 

Stated interest expense

 

$

5,905

 

 

$

1,703

 

 

$

1,208

 

 

$

7,733

 

 

$

16,549

 

Amortization of deferred financing costs

 

 

479

 

 

 

234

 

 

 

-

 

 

 

838

 

 

 

1,551

 

Total interest and financing expenses

 

$

6,384

 

 

$

1,937

 

 

$

1,208

 

 

$

8,571

 

 

$

18,100

 

Weighted average stated interest rate, period end

 

 

4.316

%

 

 

7.859

%

 

 

8.915

%

 

 

4.125

%

 

 

4.647

%

Effective interest rate (1)

 

 

4.658

%

 

 

8.145

%

 

 

8.915

%

 

 

4.576

%

 

 

5.043

%

Unused commitment fee rate, period end

 

N/A

 

 

 

0.696

%

 

N/A

 

 

N/A

 

 

 

0.696

%

(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 Revolving Credit Facility, and the Notes as of September 30, 2025 and December 31, 2024 were as follows:

 

 

 

September 30, 2025

 

 

December 31, 2024

 

 

 

 

 

 

Revolving

 

 

 

 

 

 

 

 

 

 

 

Revolving

 

 

 

 

 

 

 

 

 

SBA

 

 

Credit

 

 

 

 

 

 

 

 

SBA

 

 

Credit

 

 

 

 

 

 

 

 

 

debentures

 

 

Facility

 

 

Notes

 

 

Total

 

 

debentures

 

 

Facility

 

 

Notes

 

 

Total

 

SBA debenture commitment fees

 

$

3,500

 

 

$

—

 

 

$

—

 

 

$

3,500

 

 

$

3,500

 

 

$

—

 

 

$

—

 

 

$

3,500

 

SBA debenture leverage fees

 

 

5,343

 

 

 

—

 

 

 

—

 

 

 

5,343

 

 

 

4,261

 

 

 

—

 

 

 

—

 

 

 

4,261

 

Revolving Credit Facility upfront fees

 

 

—

 

 

 

4,717

 

 

 

—

 

 

 

4,717

 

 

 

—

 

 

 

4,717

 

 

 

—

 

 

 

4,717

 

Notes underwriting discounts

 

 

—

 

 

 

—

 

 

 

7,005

 

 

 

7,005

 

 

 

—

 

 

 

—

 

 

 

5,005

 

 

 

5,005

 

Notes debt issuance costs

 

 

—

 

 

 

—

 

 

 

1,737

 

 

 

1,737

 

 

 

—

 

 

 

—

 

 

 

685

 

 

 

685

 

Total deferred financing costs

 

 

8,843

 

 

 

4,717

 

 

 

8,742

 

 

 

22,302

 

 

 

7,761

 

 

 

4,717

 

 

 

5,690

 

 

 

18,168

 

Less: accumulated amortization

 

 

(2,815

)

 

 

(3,968

)

 

 

(5,253

)

 

 

(12,036

)

 

 

(1,660

)

 

 

(3,671

)

 

 

(4,052

)

 

 

(9,383

)

Unamortized deferred financing costs

 

$

6,028

 

 

$

749

 

 

$

3,489

 

 

$

10,266

 

 

$

6,101

 

 

$

1,046

 

 

$

1,638

 

 

$

8,785

 
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, 2025 and December 31, 2024:

 

 

 

September 30, 2025(1)

 

 

December 31, 2024(1)

 

 

 

 

 

 

Revolving

 

 

 

 

 

 

 

 

 

 

 

Revolving

 

 

 

 

 

 

 

 

 

SBA

 

 

Credit

 

 

 

 

 

 

 

 

SBA

 

 

Credit

 

 

 

 

 

 

 

 

 

debentures

 

 

Facility

 

 

Notes

 

 

Total

 

 

debentures

 

 

Facility

 

 

Notes

 

 

Total

 

Outstanding debt

 

$

191,000

 

 

$

15,000

 

 

$

325,000

 

 

$

531,000

 

 

$

175,000

 

 

$

45,000

 

 

$

250,000

 

 

$

470,000

 

Less: unamortized deferred financing costs

 

 

(6,028

)

 

 

(749

)

 

 

(3,489

)

 

 

(10,266

)

 

 

(6,101

)

 

 

(1,046

)

 

 

(1,638

)

 

 

(8,785

)

Debt, net of deferred financing costs

 

$

184,972

 

 

$

14,251

 

 

$

321,511

 

 

$

520,734

 

 

$

168,899

 

 

$

43,954

 

 

$

248,362

 

 

$

461,215

 
(1)
Total excludes $12,816 and $13,674 of Secured Borrowings as of September 30, 2025 and December 31, 2024, respectively.
Scheduled to Mature Debt Liabilities

As of September 30, 2025, the Company’s debt liabilities are scheduled to mature as follows:(1)

 

 

 

 

 

 

Revolving

 

 

 

 

 

 

 

 

 

 

 

 

SBA

 

 

Credit

 

 

Secured

 

 

 

 

 

 

 

Year

 

debentures

 

 

Facility (2)

 

 

Borrowings

 

 

Notes

 

 

Total

 

2026

 

$

—

 

 

$

—

 

 

$

12,476

 

 

$

225,000

 

 

$

237,476

 

2027

 

 

—

 

 

 

15,000

 

 

 

—

 

 

 

—

 

 

 

15,000

 

2028

 

 

—

 

 

 

—

 

 

 

335

 

 

 

—

 

 

 

335

 

2029

 

 

7,500

 

 

 

—

 

 

 

5

 

 

 

—

 

 

 

7,505

 

2030

 

 

6,000

 

 

 

—

 

 

 

—

 

 

 

100,000

 

 

 

106,000

 

Thereafter

 

 

177,500

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

177,500

 

Total

 

$

191,000

 

 

$

15,000

 

 

$

12,816

 

 

$

325,000

 

 

$

543,816

 

 

(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 Revolving Credit Facility matures on August 17, 2027.

SBA Debentures  
Debt Instrument [Line Items]  
Summary of Issued and Outstanding SBA Debentures

As of September 30, 2025 and December 31, 2024, the Company’s issued and outstanding SBA debentures mature as follows:

 

Pooling

 

Maturity

 

Fixed

 

 

September 30,

 

 

December 31,

 

Date (1)

 

Date

 

Interest Rate

 

 

2025

 

 

2024

 

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

 

 

 

43,000

 

 

 

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

 

 

 

5,000

 

 

 

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

 

 

 

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

 

3/26/2025

 

3/1/2035

 

 

5.310

 

 

 

19,500

 

 

 

—

 

9/25/2025

 

9/1/2035

 

 

4.879

 

 

 

10,000

 

 

 

—

 

9/25/2025

 

9/1/2035

 

 

4.879

 

 

 

10,000

 

 

 

—

 

(2)

 

(2)

 

(2)

 

 

 

5,000

 

 

 

—

 

Total outstanding SBA debentures

 

 

 

 

 

 

$

191,000

 

 

$

175,000

 

 

(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 SBA debentures which will pool in March 2026. Until the pooling date, the debentures bear interest at a fixed interim interest rate of 4.74%. The Company expects the current interim interest rates will reset to a higher long-term fixed rate on the pooling date.