Quarterly report pursuant to Section 13 or 15(d)

Debt (Tables)

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Debt (Tables)
 6 Months Ended
Jun. 30, 2024
Debt Disclosure [Abstract]  
Schedule of Available and Outstanding Debt
As of June 30, 2024 and December 31, 2023, the Company had the following available and outstanding debt:
(in thousands) June 30, 2024 December 31, 2023
  Total Available Principal
Carrying Value(1)
Total Available Principal
Carrying Value(1)
SBA Debentures(2)
$ 175,000  $ 175,000  $ 170,615  $ 175,000  $ 175,000  $ 170,323 
July 2024 Notes 105,000  105,000  104,975  105,000  105,000  104,828 
February 2025 Notes 50,000  50,000  49,924  50,000  50,000  49,866 
June 2025 Notes 70,000  70,000  69,838  70,000  70,000  69,757 
June 2025 3-Year Notes 50,000  50,000  49,848  50,000  50,000  49,771 
March 2026 A Notes 50,000  50,000  49,842  50,000  50,000  49,795 
March 2026 B Notes 50,000  50,000  49,828  50,000  50,000  49,776 
September 2026 Notes 325,000  325,000  322,830  325,000  325,000  322,339 
January 2027 Notes 350,000  350,000  346,600  350,000  350,000  345,935 
2031 Asset-Backed Notes 150,000  150,000  148,838  150,000  150,000  148,544 
2033 Notes 40,000  40,000  38,989  40,000  40,000  38,935 
MUFG Bank Facility(2)
400,000  133,000  133,000  400,000  61,000  61,000 
SMBC Facility(2)(3)
400,000  212,000  212,000  400,000  94,000  94,000 
Total $ 2,215,000  $ 1,760,000  $ 1,747,127  $ 2,215,000  $ 1,570,000  $ 1,554,869 
(1)Except for the SMBC Facility and MUFG 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)“Total Available” includes $175.0 million of available commitment through the letter of credit facility as of June 30, 2024 and December 31, 2023.
The Company held the following SBA debentures outstanding principal balances as of June 30, 2024 and December 31, 2023:
(in thousands)
Issuance/Pooling Date		 Maturity Date
Interest Rate(1)
June 30, 2024 December 31, 2023
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 June 30, 2024 and December 31, 2023:
(in thousands) June 30, 2024 December 31, 2023
SBA Debentures $ 4,385  $ 4,677 
July 2024 Notes 25  172 
February 2025 Notes 76  134 
June 2025 Notes 162  243 
June 2025 3-Year Notes 152  229 
March 2026 A Notes 158  205 
March 2026 B Notes 172  224 
September 2026 Notes 2,170  2,661 
January 2027 Notes 3,400  4,065 
2031 Asset-Backed Notes 1,162  1,456 
2033 Notes 1,011  1,065 
MUFG Bank Facility(1)
2,670  3,540 
SMBC Facility(1)
1,415  1,775 
Total $ 16,958  $ 20,446 
(1)The MUFG 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.
Components of Interest Expense, Related Fees and Cash Paid for Interest Expense for Debt
For the three and six months ended June 30, 2024, the components of interest expense, related fees, and cash paid for interest expense for debt were as follows:
(in thousands) Three Months Ended June 30, 2024 Six Months Ended June 30, 2024
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
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 $ 1,138  $ 146  $ —  $ 1,284  $ —  $ 2,275  $ 292  $ —  $ 2,567  $ 2,275 
July 2024 Notes 1,252  74  —  1,326  —  2,504  148  —  2,652  2,504 
February 2025 Notes 535  28  —  563  —  1,070  57  —  1,127  1,070 
June 2025 Notes 754  41  —  795  1,508  1,508  81  —  1,589  1,508 
June 2025 3-Year Notes 750  39  —  789  1,500  1,500  78  —  1,578  1,500 
March 2026 A Notes 562  23  —  585  —  1,125  47  —  1,172  1,125 
March 2026 B Notes 569  26  —  595  —  1,138  52  —  1,190  1,138 
September 2026 Notes 2,174  204  —  2,378  —  4,349  408  —  4,757  4,265 
January 2027 Notes 3,077  207  —  3,284  —  6,156  413  —  6,569  5,906 
2031 Asset-Backed Notes 1,904  100  —  2,004  1,856  3,807  200  —  4,007  3,712 
2033 Notes 625  27  —  652  625  1,250  54  —  1,304  1,250 
MUFG Bank Facility 2,143  438  634  3,215  2,155  4,076  885  1,243  6,204  3,721 
SMBC Facility 3,679  180  179  4,038  3,808  6,028  360  425  6,813  5,562 
Total $ 19,162  $ 1,533  $ 813  $ 21,508  $ 11,452  $ 36,786  $ 3,075  $ 1,668  $ 41,529  $ 35,536 

(1)Interest expense includes amortization of original issue discounts for the three months ended June 30, 2024 of $41 thousand, $125 thousand, and $47 thousand related to the September 2026 Notes, January 2027 Notes, and 2031 Asset-Backed Notes, respectively. Interest expense includes amortization of original issue discounts for the six months ended June 30, 2024 of $83 thousand, $251 thousand, and $94 thousand, related to the September 2026 Notes, January 2027 Notes, and 2031 Asset-Backed Notes, respectively.
For the three and six months ended June 30, 2023, the components of interest expense, related fees, and cash paid for interest expense for debt were as follows:
(in thousands) Three Months Ended June 30, 2023 Six Months Ended June 30, 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
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 $ 1,137  $ 146  $ —  $ 1,283  $ —  $ 2,262  $ 290  $ —  $ 2,552  $ 2,262 
July 2024 Notes 1,252  74  —  1,326  —  2,504  148  —  2,652  2,504 
February 2025 Notes 535  28  —  563  —  1,070  57  —  1,127  1,070 
June 2025 Notes 755  41  —  796  1,509  1,509  81  —  1,590  1,509 
June 2025 3-Year Notes 750  39  —  789  1,500  1,500  78  —  1,578  1,500 
March 2026 A Notes 562  23  —  585  —  1,125  47  —  1,172  1,125 
March 2026 B Notes 568  26  —  594  —  1,137  52  —  1,189  1,138 
September 2026 Notes 2,175  204  —  2,379  —  4,349  408  —  4,757  4,266 
January 2027 Notes 3,078  207  —  3,285  —  6,157  414  —  6,571  5,906 
2031 Asset-Backed Notes 1,904  100  —  2,004  1,857  3,807  200  —  4,007  3,713 
2033 Notes 625  27  —  652  625  1,250  54  —  1,304  1,250 
MUFG Bank Facility 1,363  442  691  2,496  1,595  3,076  884  1,308  5,268  3,433 
SMBC Facility 2,480  180  236  2,896  2,738  4,063  333  439  4,835  3,988 
Total $ 17,184  $ 1,537  $ 927  $ 19,648  $ 9,824  $ 33,809  $ 3,046  $ 1,747  $ 38,602  $ 33,664 

(1)Interest expense includes amortization of original issue discounts for the three months ended June 30, 2023 of $42 thousand, $126 thousand, and $47 thousand related to the September 2026 Notes, January 2027 Notes, and 2031 Asset-Backed Notes, respectively. Interest expense includes amortization of original issue discounts for the six months ended June 30, 2023, of $83 thousand, $251 thousand, and $94 thousand, related to the September 2026 Notes, January 2027 Notes, and 2031 Asset-Backed Notes, respectively.