Annual report pursuant to Section 13 and 15(d)

Debt (Tables)

v3.24.0.1
Debt (Tables)
 12 Months Ended
Dec. 31, 2023
Debt Disclosure [Abstract]  
Schedule of Available and Outstanding Debt
As of December 31, 2023 and December 31, 2022, the Company had the following available and outstanding debt:
(in thousands) December 31, 2023 December 31, 2022
Total Available Principal
Carrying Value (1)
Total Available Principal
Carrying Value (1)
SBA Debentures (2)
$ 175,000  $ 175,000  $ 170,323  $ 175,000  $ 175,000  $ 169,738 
July 2024 Notes 105,000  105,000  104,828  105,000  105,000  104,533 
February 2025 Notes 50,000  50,000  49,866  50,000  50,000  49,751 
June 2025 Notes 70,000  70,000  69,757  70,000  70,000  69,595 
June 2025 3-Year Notes 50,000  50,000  49,771  50,000  50,000  49,616 
March 2026 A Notes 50,000  50,000  49,795  50,000  50,000  49,700 
March 2026 B Notes 50,000  50,000  49,776  50,000  50,000  49,673 
September 2026 Notes 325,000  325,000  322,339  325,000  325,000  321,358 
January 2027 Notes 350,000  350,000  345,935  350,000  350,000  344,604 
2031 Asset-Backed Notes 150,000  150,000  148,544  150,000  150,000  147,957 
2033 Notes 40,000  40,000  38,935  40,000  40,000  38,826 
MUFG Bank Facility (2)(3)
400,000  61,000  61,000  545,000  107,000  107,000 
SMBC Facility (2)
400,000  94,000  94,000  225,000  72,000  72,000 
Total $ 2,215,000  $ 1,570,000  $ 1,554,869  $ 2,185,000  $ 1,594,000  $ 1,574,351 
(1)Except for the SMBC Facility and MUFG Bank Facility (f.k.a. Union Bank Facility), all carrying values represent the principal amount outstanding less the remaining unamortized debt issuance costs and unaccreted premium or discount, if any, associated with the debt as of the balance sheet date.
(2)Availability subject to the Company meeting the borrowing base requirements.
(3)In June 2022 the MUFG Bank Facility replaced the Union Bank Facility via an amendment which changed the lead lender.
(4)Includes $175.0 million of available commitment through the letter of credit facility as of December 31, 2023.
The Company held the following SBA debentures outstanding principal balances as of December 31, 2023 and December 31, 2022:
(in thousands)
Issuance/Pooling Date
 Maturity Date
Interest Rate (1)
December 31, 2023 December 31, 2022
March 26, 2021 September 1, 2031 1.58% $ 37,500  $ 37,500 
June 25, 2021 September 1, 2031 1.58% 16,200  16,200 
July 28, 2021 September 1, 2031 1.58% 5,400  5,400 
August 20, 2021 September 1, 2031 1.58% 5,400  5,400 
October 21, 2021 March 1, 2032 3.21% 14,000  14,000 
November 1, 2021 March 1, 2032 3.21% 21,000  21,000 
November 15, 2021 March 1, 2032 3.21% 5,200  5,200 
November 30, 2021 March 1, 2032 3.21% 20,800  20,800 
December 20, 2021 March 1, 2032 3.21% 10,000  10,000 
December 23, 2021 March 1, 2032 3.21% 10,000  10,000 
December 28, 2021 March 1, 2032 3.21% 5,000  5,000 
January 14, 2022 March 1, 2032 3.21% 4,500  4,500 
January 21, 2022 March 1, 2032 3.21% 20,000  20,000 
Total SBA Debentures $ 175,000  $ 175,000 
(1)Interest rates are determined initially at issuance and reset to a fixed rate at the debentures pooling date. The rates are inclusive of annual SBA charges.
Schedule of Debt Issuance Costs, Net of Accumulated Amortization
Debt issuance costs, net of accumulated amortization, were as follows as of December 31, 2023 and December 31, 2022:
(in thousands) December 31, 2023 December 31, 2022
SBA Debentures $ 4,677  $ 5,262 
July 2024 Notes 172  467 
February 2025 Notes 134  249 
June 2025 Notes 243  405 
June 2025 3-Year Notes 229  384 
March 2026 A Notes 205  300 
March 2026 B Notes 224  327 
September 2026 Notes 2,661  3,642 
January 2027 Notes 4,065  5,396 
2031 Asset-Backed Notes 1,456  2,043 
2033 Notes 1,065  1,174 
MUFG Bank Facility(1)
3,540  1,292 
SMBC Facility (1)
1,775  1,701 
Total $ 20,446  $ 22,642 
(1)The MUFG Bank Facility (f.k.a. Union Bank Facility) and SMBC Facility, are line-of-credit arrangements, the debt issuance costs associated with these instruments are included within Other assets on the Consolidated Statements of Assets and Liabilities in accordance with ASC Subtopic 835-30.
Schedules of Components of Interest Expense, Related Fees, Losses on Debt Extinguishment and Cash Paid for Interest Expense for Debt
For the year ended December 31, 2023, the components of interest expense, related fees, losses on debt extinguishment and cash paid for interest expense for debt were as follows:
 (in thousands)
Year ended December 31, 2023
Description
Interest expense(1)
Amortization of debt issuance cost (loan fees) Unused facility and other fees (loan fees) Total interest expense and fees Cash paid for interest expense
SBA Debentures $ 4,562  $ 585  $ —  $ 5,147  $ 4,562 
July 2024 Notes 5,009  295  —  5,304  5,009 
February 2025 Notes 2,140  115  —  2,255  2,140 
June 2025 Notes 3,017  162  —  3,179  3,017 
June 2025 3-Year Notes 3,000  155  —  3,155  3,000 
March 2026 A Notes 2,250  95  —  2,345  2,250 
March 2026 B Notes 2,275  103  —  2,378  2,276 
September 2026 Notes 8,697  815  —  9,512  8,532 
January 2027 Notes 12,316  828  —  13,144  11,812 
2031 Asset-Backed Notes 7,613  399  —  8,012  7,425 
2033 Notes 2,500  108  —  2,608  2,500 
MUFG Bank Facility(2)
5,583  1,770  2,782  10,135  5,948 
SMBC Facility 8,658  693  940  10,291  8,678 
Total $ 67,620  $ 6,123  $ 3,722  $ 77,465  $ 67,149 
(1)Interest expense includes amortization of original issue discounts for the year ended December 31, 2023, of $166 thousand, $503 thousand, and $188 thousand related to the September 2026 Notes, January 2027 Notes, and 2031 Asset-Backed Notes, respectively.
(2)The June 2022 amendment of the MUFG Bank Facility replaced the Union Bank Facility via an amendment which changed the lead lender.
For the year ended December 31, 2022, the components of interest expense, related fees, and cash paid for interest expense for debt were as follows:
 (in thousands)
Year ended December 31, 2022
Description
Interest expense(1)
Amortization of debt issuance cost (loan fees)(2)
Unused facility and other fees (loan fees) Total interest expense and fees Cash paid for interest expense
SBA Debentures $ 3,997  $ 581  $ —  $ 4,578  $ 2,835 
2022 Notes(3)
1,011  50  —  1,061  2,293 
July 2024 Notes 5,009  295  —  5,304  5,009 
February 2025 Notes 2,140  115  —  2,255  2,140 
June 2025 Notes 3,017  162  —  3,179  3,017 
June 2025 3-Year Notes 1,567  81  —  1,648  1,500 
March 2026 A Notes 2,250  95  —  2,345  2,250 
March 2026 B Notes 2,275  103  —  2,378  2,275 
September 2026 Notes 8,698  815  —  9,513  8,531 
January 2027 Notes 11,630  782  —  12,412  5,906 
2031 Asset-Backed Notes 3,975  209  —  4,184  3,671 
2033 Notes 2,500  108  —  2,608  2,500 
2022 Convertible Notes(3)
923  148  —  1,071  5,004 
MUFG Bank Facility(2)
4,548  941  2,285  7,774  4,097 
SMBC Facility 1,209  315  513  2,037  1,047 
Total $ 54,749  $ 4,800  $ 2,798  $ 62,347  $ 52,075 
(1)Interest expense includes amortization of original issue discounts for the year ended December 31, 2022, of $23 thousand, $112 thousand, $166 thousand, $475 thousand, $98 thousand related to the 2022 Notes, 2022 Convertible Notes, September 2026 Notes, January 2027 Notes, and 2031 Asset-Backed Notes, respectively.
(2)The June 2022 amendment of the MUFG Bank Facility replaced Union Bank Facility via an amendment as the lead lender.
(3)The Company fully redeemed the 2022 Notes on February 22, 2022 and fully repaid the 2022 Convertible Notes on February 1, 2022.
For the year ended December 31, 2021, the components of interest expense, related fees, and cash paid for interest expense for debt were as follows:
 (in thousands)
Year ended December 31, 2021
Description
Interest expense(1)
Amortization of debt issuance cost (loan fees) Unused facility and other fees (loan fees) Total interest expense and fees Cash paid for interest expense
SBA Debentures $ 1,580  $ 452  $ —  $ 2,032  $ 2,272 
2022 Notes 7,102  360  —  7,462  6,938 
July 2024 Notes 5,009  295  —  5,304  5,008 
February 2025 Notes 2,140  115  —  2,255  2,140 
April 2025 Notes(3)
1,969  1,667  —  3,636  2,635 
June 2025 Notes 3,017  162  —  3,179  3,017 
March 2026 A Notes 2,250  93  —  2,343  1,875 
March 2026 B Notes 1,877  85  —  1,962  1,138 
September 2026 Notes 2,513  236  —  2,749  — 
2033 Notes 2,500  108  —  2,608  2,500 
2027 Asset-Backed Notes(3)
4,888  2,176  —  7,064  4,972 
2028 Asset-Backed Notes(3)
8,139  2,351  —  10,490  8,240 
2022 Convertible Notes 10,734  892  —  11,626  10,062 
Wells Facility(3)
—  198  675  873  — 
MUFG Bank Facility(4)
672  1,228  1,906  3,806  672 
SMBC Facility 57  33  44  134  — 
Total $ 54,447  $ 10,451  $ 2,625  $ 67,523  $ 51,469 
(1)Interest expense includes amortization of original issue discounts for the year ended December 31, 2021, of $165 thousand, $671 thousand, and $48 thousand for the 2022 Notes, 2022 Convertible Notes, and September 2026 Notes, respectively.
(2)“Amortization of debt issuance cost (loan fees)” includes $1,477 thousand, $1,272 thousand, and $1,670 thousand related to debt extinguishment costs for the April 2025 Notes, 2027 Asset-Backed Notes, and 2028 Asset-Backed Notes, respectively for the year ended December 31, 2021 disclosed as a “Loss on debt extinguishment” in the Consolidated Statements of Operations.
(3)The April 2025 Notes, 2027 Asset-Backed Notes and 2028 Asset-Backed Notes were retired on July 1, 2021, and October 20, 2021, respectively. The Wells Facility was terminated on November 29, 2021.
(4)The June 2022 amendment of the MUFG Bank Facility replaced Union Bank Facility via an amendment as the lead lender.