XML 42 R27.htm IDEA: XBRL DOCUMENT
v3.23.3

Borrowings (Tables) | 9 Months Ended
--- | ---
Sep. 30, 2023
Debt Disclosure [Abstract] |
Debt instruments | For the three and nine months ended September 30, 2023 and 2022, the components of interest expense, cash paid for interest, effective interest rates and average outstanding balances for the SBA debentures were as follows:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2023 |  | 2022 |  | 2023 |  | 2022
Stated interest expense | $ | 328 |  |  | $ | 369 |  |  | $ | 1,006 |  |  | $ | 1,184 |
Amortization of debt issuance costs | 43 |  |  | 48 |  |  | 133 |  |  | 140 |
Total interest and debt financing costs | $ | 371 |  |  | $ | 417 |  |  | $ | 1,139 |  |  | $ | 1,324 |
Cash paid for interest expense | $ | 694 |  |  | $ | 737 |  |  | $ | 1,419 |  |  | $ | 1,739 |
Effective interest rate | 3.27 | % |  | 3.28 | % |  | 3.24 | % |  | 3.21 | %
Average outstanding balance | $ | 45,311 |  |  | $ | 50,920 |  |  | $ | 46,795 |  |  | $ | 55,026 |
For the three and nine months ended September 30, 2023 and 2022, the components of interest expense, cash paid for interest, average interest rates and average outstanding balances for the Unsecured Notes were as follows:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2023 |  | 2022 |  | 2023 |  | 2022
Stated interest expense | $ | 2,165 |  |  | $ | 2,165 |  |  | $ | 6,495 |  |  | $ | 6,495 |
Amortization of debt issuance costs | 245 |  |  | 259 |  |  | 734 |  |  | 779 |
Total interest and debt financing costs | $ | 2,410 |  |  | $ | 2,424 |  |  | $ | 7,229 |  |  | $ | 7,274 |
Cash paid for interest expense | $ | 3,649 |  |  | $ | 3,649 |  |  | $ | 7,979 |  |  | $ | 8,002 |
Effective interest rate | 5.35 | % |  | 5.39 | % |  | 5.35 | % |  | 5.39 | %
Average outstanding balance | $ | 180,000 |  |  | $ | 180,000 |  |  | $ | 180,000 |  |  | $ | 180,000 |
For the three and nine months ended September 30, 2023 and 2022, the average dollar borrowings and weighted average effective interest rate on the Company’s outstanding borrowings were as follows:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2023 |  | 2022 |  | 2023 |  | 2022
Average dollar borrowings | $ | 323,781 |  |  | $ | 367,992 |  |  | $ | 331,792 |  |  | $ | 361,319 |
Weighted average effective interest rate | 6.07 | % |  | 5.06 | % |  | 5.95 | % |  | 4.51 | %
Credit facilities | For the three and nine months ended September 30, 2023 and 2022, the components of interest expense, cash paid for interest, average interest rates and average outstanding balances for the BNP Facility were as follows:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2023 |  | 2022 |  | 2023 |  | 2022
Stated interest expense(1) | $ | 2,012 |  |  | $ | 1,671 |  |  | $ | 6,008 |  |  | $ | 3,295 |
Amortization of debt issuance costs | 95 |  |  | 95 |  |  | 285 |  |  | 231 |
Total interest and debt financing costs | $ | 2,107 |  |  | $ | 1,766 |  |  | $ | 6,293 |  |  | $ | 3,526 |
Cash paid for interest expense | $ | 2,101 |  |  | $ | 1,520 |  |  | $ | 6,069 |  |  | $ | 2,906 |
Effective interest rate | 8.61 | % |  | 5.20 | % |  | 8.12 | % |  | 3.74 | %
Average outstanding balance | $ | 97,883 |  |  | $ | 135,680 |  |  | $ | 103,327 |  |  | $ | 125,574 |
(1) Stated interest expense includes unused fees. For the three and nine months ended September 30, 2023 and 2022, the components of interest expense, cash paid for interest, average interest rates and average outstanding balances for the PWB Credit Facility were as follows:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2023 |  | 2022 |  | 2023 |  | 2022
Stated interest expense(1) | $ | 25 |  |  | $ | 49 |  |  | $ | 136 |  |  | $ | 96 |
Amortization of debt issuance costs | — |  |  | 1 |  |  | 1 |  |  | 4 |
Total interest and debt financing costs | $ | 25 |  |  | $ | 50 |  |  | $ | 137 |  |  | $ | 100 |
Cash paid for interest expense | $ | 24 |  |  | $ | 49 |  |  | $ | 135 |  |  | $ | 95 |
Effective interest rate | n/m(2) |  | n/m(2) |  | n/m(2) |  | n/m(2)
Average outstanding balance | $ | 587 |  |  | $ | 1,391 |  |  | $ | 1,669 |  |  | $ | 719 |
(1) Stated interest expense includes unused fees. (2) Not meaningful due to a minimal average outstanding balance relative to the size of the total commitment and unused fees incurred during the periods.
Scheduled maturities | The following table shows the scheduled maturities of the principal balances of the Company’s outstanding borrowings as of September 30, 2023:
|  | Payments due by period
|  | Total |  | Less than 1 year |  | 1 to 3 years |  | 3 to 5 years |  | After 5 years
PWB Credit Facility |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Unsecured Notes |  | 180,000 |  |  | — |  |  | 125,000 |  |  | — |  |  | 55,000 |
SBA Debentures |  | 31,920 |  |  | — |  |  | 31,920 |  |  | — |  |  | — |
BNP Facility |  | 91,100 |  |  | — |  |  | — |  |  | 91,100 |  |  | — |
Total |  | $ | 303,020 |  |  | $ | — |  |  | $ | 156,920 |  |  | $ | 91,100 |  |  | $ | 55,000 |

X
- References No definition available. + Details
Name: | us-gaap_DebtDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 55 -Paragraph 69B -Publisher FASB -URI https://asc.fasb.org//1943274/2147481568/470-20-55-69B Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 55 -Paragraph 69E -Publisher FASB -URI https://asc.fasb.org//1943274/2147481568/470-20-55-69E Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04(a)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-3 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 45 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482925/835-30-45-2 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 45 -Paragraph 1A -Publisher FASB -URI https://asc.fasb.org//1943274/2147482925/835-30-45-1A Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-3 Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.22) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 55 -Paragraph 8 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482949/835-30-55-8 Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 942 -SubTopic 470 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480848/942-470-50-3 Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 8 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-8 Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-6 Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 7 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-7 + Details
Name: | us-gaap_ScheduleOfDebtInstrumentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of short-term or long-term contractual arrangements with lenders, including letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19(b),22(b)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1 + Details
Name: | us-gaap_ScheduleOfLineOfCreditFacilitiesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of maturity and sinking fund requirement for long-term debt. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 1 -SubTopic 10 -Topic 470 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481544/470-10-50-1 + Details
Name: | us-gaap_ScheduleOfMaturitiesOfLongTermDebtTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration