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Note 7 - Borrowings | 12 Months Ended
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Dec. 31, 2023
Notes to Financial Statements |
Debt Disclosure [Text Block] | Note 7. Borrowings The following table shows the Company’s borrowings as of December 31, 2023 and 2022:
|  | December 31, 2023 |  |  | December 31, 2022 |
|  | Total |  |  | Balance |  |  | Unused |  |  | Total |  |  | Balance |  |  | Unused |
|  | Commitment |  |  | Outstanding |  |  | Commitment |  |  | Commitment |  |  | Outstanding |  |  | Commitment |
|  | (In thousands) |
Key Facility |  | $ | 150,000 |  |  | $ | 70,000 |  |  | $ | 80,000 |  |  | $ | 125,000 |  |  | $ | 5,000 |  |  | $ | 120,000 |
NYL Facility |  |  | 250,000 |  |  |  | 181,000 |  |  |  | 69,000 |  |  |  | 200,000 |  |  |  | 176,750 |  |  |  | 23,250 |
2019 Asset-Backed Notes |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 42,573 |  |  |  | 42,573 |  |  |  | — |
2022 Asset-Backed Notes |  |  | 100,000 |  |  |  | 100,000 |  |  |  | — |  |  |  | 100,000 |  |  |  | 100,000 |  |  |  | — |
2027 Notes |  |  | 57,500 |  |  |  | 57,500 |  |  |  | — |  |  |  | 57,500 |  |  |  | 57,500 |  |  |  | — |
2026 Notes |  |  | 57,500 |  |  |  | 57,500 |  |  |  | — |  |  |  | 57,500 |  |  |  | 57,500 |  |  |  | — |
Total before debt issuance costs |  |  | 615,000 |  |  |  | 466,000 |  |  |  | 149,000 |  |  |  | 582,573 |  |  |  | 439,323 |  |  |  | 143,250 |
Unamortized debt issuance costs attributable to term borrowings |  |  | — |  |  |  | (3,765 | ) |  |  | — |  |  |  | — |  |  |  | (5,245 | ) |  |  | — |
Total borrowings outstanding, net |  | $ | 615,000 |  |  | $ | 462,235 |  |  | $ | 149,000 |  |  | $ | 582,573 |  |  | $ | 434,078 |  |  | $ | 143,250 |
As of December 31, 2023, with certain limited exceptions the Company, as a BDC is only allowed to borrow amounts such that the Company’s asset coverage, as defined in the 1940 Act, is at least 150% after such borrowings. As of December 31, 2023, the asset coverage for borrowed amounts was 170%. Credit Facilities Key Facility The Company entered into the Key Facility with Key effective November 4, 2013. On June 29, 2023 the Company amended the Key Facility, among other things, to increase the commitment amount to $150 million and to increase the amount of the accordion feature which now allows for the potential increase in the total commitment amount to $300 million. The Key Facility is collateralized by all debt investments and warrants held by Credit II and permits an advance rate of up to 60% of eligible debt investments held by Credit II. The Key Facility contains covenants that, among other things, require the Company to maintain a minimum net worth and to restrict the debt investments securing the Key Facility to certain criteria for qualified debt investments and includes portfolio company concentration limits as defined in the related loan agreement. The Company may request advances under the Key Facility through June 22, 2024 and the Key Facility is scheduled to mature on June 22, 2026. Through June 21, 2021, the interest rate on the Key Facility was based upon the one-month LIBOR plus a spread of 3.25%, with a LIBOR floor of 1.00%. From and after June 30, 2021, the interest rate on the Key Facility is based on the rate of interest published in The Wall Street Journal as the prime rate in the United States plus 0.25%, with a prime rate floor of 4.25%. The prime rate was 8.50% and 7.50% on December 31, 2023 and 2022, respectively. The average interest rate for the years ended December 31, 2023 and 2022 was 8.45% and 5.33%, respectively. The Key Facility requires the payment of an unused line fee in an amount up to 0.50% on an annualized basis of any unborrowed amount available under the facility. As of December 31, 2023 and 2022, the Company had borrowing capacity under the Key Facility of $80.0 million and $120.0 million, respectively. At December 31, 2023 and 2022, $25.0 million and $40.2 million, respectively, was available for borrowing, subject to existing terms and advance rates. NYL Facility On April 21, 2020, the Company purchased all of the limited liability company interests in HSLFI. HFI entered into the NYL Facility with the NYL Noteholders for an aggregate purchase price of up to $100.0 million, with an accordion feature of up to $200.0 million at the mutual discretion and agreement of HSLFI and the NYL Noteholders. On June 1, 2018, HSLFI sold or contributed to HFI certain secured loans made to certain portfolio companies pursuant to the Sale and Servicing Agreement. Any notes issued by HFI are collateralized by all investments held by HFI and permit an advance rate of up to 67% of the aggregate principal amount of eligible debt investments. The notes were issued pursuant to the Indenture. The interest rate on the notes issued under the NYL Facility was based on the three year USD mid-market swap rate plus a margin of between 3.55% and 5.15% with an interest rate floor, depending on the rating of such notes at the time of issuance. On February 25, 2022, the Company amended its NYL Facility to, among other things, reduce the applicable margin used to calculate the credit facility’s interest rate on the Company’s borrowings above $100.0 million. Such borrowings were priced at the three-year USD mid-market swap rate plus 3.00%. On May 24, 2023, the Company amended its NYL Facility to, among other things, increase the commitment by $50.0 million to enable its wholly-owned subsidiary to issue up to $250.0 million of secured notes. The amendment to the NYL Facility extends the investment period to June 2024 and the maturity date of all advances to June 2029. In addition, the amendment amended the interest rate for advances made after May 24, 2023, fixing the interest rate at the greater of (i) 4.60% and (ii) the Three Year I Curve plus 3.50%, with the interest rate to be reset on any advance date. There were $181.0 million and $176.8 million in advances made by the NYL Noteholders as of December 31, 2023 and 2022, respectively. The interest rate as of December 31, 2023 and 2022 was 5.96% and 5.57%, respectively. As of December 31, 2023 and 2022, the Company had borrowing capacity under the NYL Facility of $69.0 million and $23.2 million, respectively. At December 31, 2023 and 2022, $17.4 million and $23.2 million, respectively, was available for borrowing, subject to existing terms and advance rates. Under the terms of the NYL Facility, the Company is required to maintain a reserve cash balance, which may be used to pay monthly interest and principal payments on the NYL Facility. The Company has segregated these funds and classified them as restricted investments in money market funds. At December 31, 2023 and 2022, there were approximately $1.4 million and $1.0 million, respectively, of restricted investments. Securitizations 2019 Asset-Backed Notes On August 13, 2019, the Company completed a term debt securitization in connection with which an affiliate of the Company made an offering of the 2019 Asset-Backed Notes. The 2019 Asset-Backed Notes were rated A+(sf) by Morningstar Credit Ratings, LLC. There was no change in the rating since August 13, 2019. The 2019 Asset-Backed Notes were repaid in full on November 22, 2023. The 2019 Asset-Backed Notes were issued by the 2019‑1 Trust pursuant to a note purchase agreement, dated as of August 13, 2019, by and among the Company and Keybanc Capital Markets Inc. as Initial Purchaser, and were backed by a pool of loans made to certain portfolio companies of the Company and secured by certain assets of those portfolio companies and were to be serviced by the Company. Interest on the 2019 Asset-Backed Notes was paid, to the extent of funds available, at a fixed rate of 4.21% per annum. The reinvestment period of the 2019 Asset-Backed Notes ended July 15, 2021 and the maturity date was September 15, 2027. As of December 31, 2023, the 2019 Asset-Backed Notes were repaid in full. The Company accelerated $0.2 million of unamortized debt issuance costs related to the 2019 Asset-Backed Notes. As of December 31, 2022, the 2019 Asset-Backed Notes had an outstanding principal balance of $42.6 million. Under the terms of the 2019 Asset-Backed Notes, the Company was required to maintain a reserve cash balance, funded through proceeds from the sale of the 2019 Asset-Backed Notes, which may have been used to pay monthly interest and principal payments on the 2019 Asset-Backed Notes. The Company had segregated these funds and classified them as restricted investments in money market funds. At December 31, 2022, there were approximately $0.6 million of restricted investments. 2022 Asset-Backed Notes On November 9, 2022, the Company completed a term debt securitization in connection with which an affiliate of the Company made an offering of the 2022 Asset-Backed Notes. The 2022 Asset-Backed Notes were rated A by DBRS, Inc. There has been no change in the rating since November 9, 2022. The 2022 Asset-Backed Notes were issued by the 2022‑1 Trust pursuant to a note purchase agreement, dated as of November 9, 2022, by and among the Company and Keybanc Capital Markets Inc. as Initial Purchaser, and are backed by a pool of loans made to certain portfolio companies of the Company and secured by certain assets of those portfolio companies and are to be serviced by the Company. Interest on the 2022 Asset-Backed Notes will be paid, to the extent of funds available, at a fixed rate of 7.56% per annum. The reinvestment period of the 2022 Asset-Backed Notes ends November 15, 2024 and the maturity date is November 15, 2030. As of December 31, 2023 and 2022, the 2022 Asset-Backed Notes had an outstanding principal balance of $100.0 million. Under the terms of the 2022 Asset-Backed Notes, the Company is required to maintain a reserve cash balance, funded through proceeds from the sale of the 2022 Asset-Backed Notes, which may be used to pay monthly interest and principal payments on the 2022 Asset-Backed Notes. The Company has segregated these funds and classified them as restricted investments in money market funds. At December 31, 2023 and 2022, there were approximately $1.3 million and $1.2 million, respectively, of restricted investments. Unsecured Notes 2022 Notes On September 29, 2017, the Company issued and sold an aggregate principal amount of $32.5 million of 6.25% notes due in 2022 and on October 11, 2017, pursuant to the underwriters’ 30-day option to purchase additional notes, the Company sold an additional $4.9 million of such notes (collectively, the “2022 Notes”). The 2022 Notes had a stated maturity of September 15, 2022 and were redeemable in whole or in part at the Company’s option at any time or from time to time on or after September 15, 2019 at a redemption price of $25 per security plus accrued and unpaid interest. The 2022 Notes bore interest at a rate of 6.25% per year, payable quarterly on March 15, June 15, September 15 and December 15 of each year. The 2022 Notes were the Company’s direct unsecured obligations and (i) ranked equally in right of payment with the Company’s current and future unsecured indebtedness; (ii) were senior in right of payment to any of the Company’s future indebtedness that expressly provides it is subordinated to the 2022 Notes; (iii) were effectively subordinated to all of the Company’s existing and future secured indebtedness (including indebtedness that is initially unsecured to which the Company subsequently grants security), to the extent of the value of the assets securing such indebtedness, and (iv) were structurally subordinated to all existing and future indebtedness and other obligations of any of the Company’s subsidiaries. On April 24, 2021 (the “Redemption Date”), the Company redeemed all of the issued and outstanding 2022 Notes in an aggregate principal amount of $37.4 million and paid accrued interest of $0.3 million. The Company accelerated $0.4 million of unamortized debt issuance costs related to the 2022 Notes. The 2022 Notes were delisted effective on the Redemption Date. 2026 Notes On March 30, 2021, the Company issued and sold an aggregate principal amount of $57.5 million of 4.875% notes due in 2026 (the “2026 Notes”). The amount of 2026 Notes issued and sold included the full exercise by the underwriters of their option to purchase $7.5 million in aggregate principal of additional notes. The 2026 Notes have a stated maturity of March 30, 2026 and may be redeemed in whole or in part at the Company’s option at any time or from time to time on or after March 30, 2023 at a redemption price of $25 per security plus accrued and unpaid interest. The 2026 Notes bear interest at a rate of 4.875% per year, payable quarterly on March 30, June 30, September 30 and December 30 of each year. The 2026 Notes are the Company’s direct unsecured obligations and (i) rank equally in right of payment with the Company’s current and future unsecured indebtedness; (ii) are senior in right of payment to any of the Company’s future indebtedness that expressly provides it is subordinated to the 2026 Notes; (iii) are effectively subordinated to all of the Company’s existing and future secured indebtedness (including indebtedness that is initially unsecured to which the Company subsequently grants security), to the extent of the value of the assets securing such indebtedness, and (iv) are structurally subordinated to all existing and future indebtedness and other obligations of any of the Company’s subsidiaries. As of December 31, 2023, the Company was in material compliance with the terms of the 2026 Notes. The 2026 Notes are listed on the New York Stock Exchange under the symbol “HTFB”. 2027 Notes On June 15, 2022, the Company issued and sold an aggregate principal amount of $50.0 million of 6.25% notes due in 2027 and on July 11, 2022, pursuant to the underwriters’ 30-day option to purchase additional notes, the Company sold an additional $7.5 million of such notes (collectively, the “2027 Notes”). The 2027 Notes have a stated maturity of June 15, 2027 and may be redeemed in whole or in part at the Company’s option at any time or from time to time on or after June 15, 2024 at a redemption price of $25 per security plus accrued and unpaid interest. The 2027 Notes bear interest at a rate of 6.25% per year, payable quarterly on March 30, June 30, September 30 and December 30 of each year, commencing on September 30, 2022. The 2027 Notes are the Company’s direct unsecured obligations and (i) rank equally in right of payment with the Company’s current and future unsecured indebtedness; (ii) are senior in right of payment to any of the Company’s future indebtedness that expressly provides it is subordinated to the 2027 Notes; (iii) are effectively subordinated to all of the Company’s existing and future secured indebtedness (including indebtedness that is initially unsecured to which the Company subsequently grants security), to the extent of the value of the assets securing such indebtedness, and (iv) are structurally subordinated to all existing and future indebtedness and other obligations of any of the Company’s subsidiaries. As of December 31, 2023, the Company was in material compliance with the terms of the 2027 Notes. The 2027 Notes are listed on the New York Stock Exchange under the symbol “HTFC”. The following table shows information about our senior securities as of December 31, 2023, 2022, 2021, 2020, 2019, 2018, 2017, 2016, 2015 and 2014:
|  | Total Amount |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Outstanding |  |  |  |  |  |  | Involuntary |  |  | Average |
|  | Exclusive of |  |  | Asset |  |  | Liquidation |  |  | Market |
|  | Treasury |  |  | Coverage |  |  | Preference |  |  | Value per |
Class and Year |  | Securities(1) |  |  | per Unit(2) |  |  | per Unit(3) |  |  | Unit(4) |
|  | (In thousands, except unit data) |
Credit facilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
2023 |  | $ | 251,000 |  |  | $ | 3,147 |  |  |  | — |  |  |  | N/A |
2022 |  | $ | 181,750 |  |  | $ | 4,169 |  |  |  | — |  |  |  | N/A |
2021 |  | $ | 132,250 |  |  | $ | 3,823 |  |  |  | — |  |  |  | N/A |
2020 |  | $ | 50,250 |  |  | $ | 7,965 |  |  |  | — |  |  |  | N/A |
2019 |  | $ | 17,000 |  |  | $ | 19,908 |  |  |  | — |  |  |  | N/A |
2018 |  | $ | 90,500 |  |  | $ | 2,896 |  |  |  | — |  |  |  | N/A |
2017 |  | $ | 58,000 |  |  | $ | 3,973 |  |  |  | — |  |  |  | N/A |
2016 |  | $ | 63,000 |  |  | $ | 3,733 |  |  |  | — |  |  |  | N/A |
2015 |  | $ | 68,000 |  |  | $ | 4,048 |  |  |  | — |  |  |  | N/A |
2014 |  | $ | 10,000 |  |  | $ | 22,000 |  |  |  | — |  |  |  | N/A |
2027 Notes |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
2023 |  | $ | 57,500 |  |  | $ | 13,739 |  |  |  | — |  |  | $ | 24.26 |
2022 |  | $ | 57,500 |  |  | $ | 13,179 |  |  |  | — |  |  | $ | 24.09 |
2021 |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
2020 |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
2019 |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
2018 |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
2017 |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
2016 |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
2015 |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
2014 |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
2026 Notes |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
2023 |  | $ | 57,500 |  |  | $ | 13,739 |  |  |  | — |  |  | $ | 23.75 |
2022 |  | $ | 57,500 |  |  | $ | 13,179 |  |  |  | — |  |  | $ | 24.45 |
2021 |  | $ | 57,500 |  |  | $ | 8,793 |  |  |  | — |  |  | $ | 25.90 |
2020 |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
2019 |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
2018 |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
2017 |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
2016 |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
2015 |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
2014 |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
2022 Notes |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
2023 |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
2022 |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
2021 |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
2020 |  | $ | 37,375 |  |  | $ | 10,708 |  |  |  | — |  |  | $ | 24.60 |
2019 |  | $ | 37,375 |  |  | $ | 9,055 |  |  |  | — |  |  | $ | 25.53 |
2018 |  | $ | 37,375 |  |  | $ | 7,014 |  |  |  | — |  |  | $ | 25.52 |
2017 |  | $ | 37,375 |  |  | $ | 6,166 |  |  |  | — |  |  | $ | 25.66 |
2016 |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
2015 |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
2014 |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
|  | Total Amount |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Outstanding |  |  |  |  |  |  | Involuntary |  |  | Average |
|  | Exclusive of |  |  | Asset |  |  | Liquidation |  |  | Market |
|  | Treasury |  |  | Coverage |  |  | Preference |  |  | Value per |
Class and Year |  | Securities(1) |  |  | per Unit(2) |  |  | per Unit(3) |  |  | Unit(4) |
|  | (In thousands, except unit data) |
2019 Notes |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
2023 |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
2022 |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
2021 |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
2020 |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
2019 |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
2018 |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
2017 |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
2016 |  | $ | 33,000 |  |  | $ | 7,127 |  |  |  | — |  |  | $ | 25.42 |
2015 |  | $ | 33,000 |  |  | $ | 8,342 |  |  |  | — |  |  | $ | 25.26 |
2014 |  | $ | 33,000 |  |  | $ | 6,667 |  |  |  | — |  |  | $ | 25.64 |
2022-1 Securitization |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
2023 |  | $ | 100,000 |  |  | $ | 7,900 |  |  |  | — |  |  |  | N/A |
2022 |  | $ | 100,000 |  |  | $ | 7,578 |  |  |  | — |  |  |  | N/A |
2021 |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
2020 |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
2019 |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
2018 |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
2017 |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
2016 |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
2015 |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
2014 |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
2019-1 Securitization |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
2023 |  | $ | — |  |  | $ | — |  |  |  | — |  |  |  | N/A |
2022 |  | $ | 42,573 |  |  | $ | 17,799 |  |  |  | — |  |  |  | N/A |
2021 |  | $ | 70,500 |  |  | $ | 7,171 |  |  |  | — |  |  |  | N/A |
2020 |  | $ | 100,000 |  |  | $ | 4,002 |  |  |  | — |  |  |  | N/A |
2019 |  | $ | 100,000 |  |  | $ | 3,384 |  |  |  | — |  |  |  | N/A |
2018 |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
2017 |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
2016 |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
2015 |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
2014 |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
2013-1 Securitization |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
2023 |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
2022 |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
2021 |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
2020 |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
2019 |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
2018 |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
2017 |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
2016 |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
2015 |  | $ | 14,546 |  |  | $ | 18,926 |  |  |  | — |  |  |  | N/A |
2014 |  | $ | 38,753 |  |  | $ | 5,677 |  |  |  | — |  |  |  | N/A |
Total senior securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
2023 |  | $ | 466,000 |  |  | $ | 1,695 |  |  |  | — |  |  |  | N/A |
2022 |  | $ | 439,323 |  |  | $ | 1,725 |  |  |  | — |  |  |  | N/A |
2021 |  | $ | 260,250 |  |  | $ | 1,943 |  |  |  | — |  |  |  | N/A |
2020 |  | $ | 187,625 |  |  | $ | 2,133 |  |  |  | — |  |  |  | N/A |
2019 |  | $ | 154,375 |  |  | $ | 2,192 |  |  |  | — |  |  |  | N/A |
2018 |  | $ | 127,875 |  |  | $ | 2,050 |  |  |  | — |  |  |  | N/A |
2017 |  | $ | 95,375 |  |  | $ | 2,416 |  |  |  | — |  |  |  | N/A |
2016 |  | $ | 96,000 |  |  | $ | 2,450 |  |  |  | — |  |  |  | N/A |
2015 |  | $ | 115,546 |  |  | $ | 2,383 |  |  |  | — |  |  |  | N/A |
2014 |  | $ | 81,753 |  |  | $ | 2,691 |  |  |  | — |  |  |  | N/A |
(1) | Total amount of senior securities outstanding at the end of the period presented.
(2) | Asset coverage per unit is the ratio of the original cost less accumulated depreciation, amortization or impairment of the Company’s 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 which the holder of such class of senior security would be entitled upon the voluntary liquidation of the applicable issuer in preference to any security junior to it. The “ — ” in this column indicates that the SEC expressly does not require this information to be disclosed for certain types of securities.
(4) | Not applicable to the Company’s credit facilities, 2013-1 Securitization, 2019‑1 Securitization and 2022-1 Securitization because such securities are not registered for public trading.

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