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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,
2023202220232022
Stated interest expense$328 $369 $1,006 $1,184 
Amortization of debt issuance costs43 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 rate3.27 %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,
2023202220232022
Stated interest expense$2,165 $2,165 $6,495 $6,495 
Amortization of debt issuance costs245 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 rate5.35 %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,
2023202220232022
Average dollar borrowings$323,781 $367,992 $331,792 $361,319 
Weighted average effective interest rate6.07 %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,
2023202220232022
Stated interest expense(1)
$2,012 $1,671 $6,008 $3,295 
Amortization of debt issuance costs95 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 rate8.61 %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,
2023202220232022
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 $719 
(1) Stated interest expense includes unused fees.
(2) Not meaningful due to a minimal average outstanding balance relative to the size of the total commitment and unused fees incurred during the periods.
Scheduled maturities
The following table shows the scheduled maturities of the principal balances of the Company’s outstanding borrowings as of September 30, 2023:
 Payments due by period
TotalLess than
1 year		1 to 3 years3 to 5 yearsAfter 5 years
PWB Credit Facility$— $— $— $— $— 
Unsecured Notes180,000 — 125,000 — 55,000 
SBA Debentures31,920 — 31,920 — — 
BNP Facility91,100 — — 91,100 — 
Total$303,020 $— $156,920 $91,100 $55,000