Debt (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
|---|
| Schedule of Available and Outstanding Debt |
As of June 30, 2023 and December 31, 2022, the Company had the following available and outstanding debt:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in thousands) |
June 30, 2023 |
|
December 31, 2022 |
|
|
Total Available |
|
Principal |
|
Carrying Value (1) |
|
Total Available |
|
Principal |
|
Carrying Value (1) |
|
SBA Debentures (2) |
$ |
175,000 |
|
$ |
175,000 |
|
$ |
170,028 |
|
$ |
175,000 |
|
$ |
175,000 |
|
$ |
169,738 |
|
July 2024 Notes |
|
105,000 |
|
|
105,000 |
|
|
104,680 |
|
|
105,000 |
|
|
105,000 |
|
|
104,533 |
|
February 2025 Notes |
|
50,000 |
|
|
50,000 |
|
|
49,809 |
|
|
50,000 |
|
|
50,000 |
|
|
49,751 |
|
June 2025 Notes |
|
70,000 |
|
|
70,000 |
|
|
69,676 |
|
|
70,000 |
|
|
70,000 |
|
|
69,595 |
|
June 2025 3-Year Notes |
|
50,000 |
|
|
50,000 |
|
|
49,694 |
|
|
50,000 |
|
|
50,000 |
|
|
49,616 |
|
March 2026 A Notes |
|
50,000 |
|
|
50,000 |
|
|
49,747 |
|
|
50,000 |
|
|
50,000 |
|
|
49,700 |
|
March 2026 B Notes |
|
50,000 |
|
|
50,000 |
|
|
49,725 |
|
|
50,000 |
|
|
50,000 |
|
|
49,673 |
|
September 2026 Notes |
|
325,000 |
|
|
325,000 |
|
|
321,849 |
|
|
325,000 |
|
|
325,000 |
|
|
321,358 |
|
January 2027 Notes |
|
350,000 |
|
|
350,000 |
|
|
345,269 |
|
|
350,000 |
|
|
350,000 |
|
|
344,604 |
|
2031 Asset-Backed Notes |
|
150,000 |
|
|
150,000 |
|
|
148,251 |
|
|
150,000 |
|
|
150,000 |
|
|
147,957 |
|
2033 Notes |
|
40,000 |
|
|
40,000 |
|
|
38,880 |
|
|
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)(4) |
|
400,000 |
|
|
130,000 |
|
|
130,000 |
|
|
225,000 |
|
|
72,000 |
|
|
72,000 |
|
Total |
$ |
2,215,000 |
|
$ |
1,606,000 |
|
$ |
1,588,608 |
|
$ |
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.
|
| Schedule of Debt Issuance Costs, Net of Accumulated Amortization |
Debt issuance costs, net of accumulated amortization, were as follows as of June 30, 2023 and December 31, 2022:
|
|
|
|
|
|
|
|
|
(in thousands) |
|
June 30, 2023 |
|
|
December 31, 2022 |
|
SBA Debentures |
|
$ |
4,972 |
|
|
$ |
5,262 |
|
July 2024 Notes |
|
|
320 |
|
|
|
467 |
|
February 2025 Notes |
|
|
191 |
|
|
|
249 |
|
June 2025 Notes |
|
|
324 |
|
|
|
405 |
|
June 2025 3-Year Notes |
|
|
306 |
|
|
|
384 |
|
March 2026 A Notes |
|
|
253 |
|
|
|
300 |
|
March 2026 B Notes |
|
|
275 |
|
|
|
327 |
|
September 2026 Notes |
|
|
3,151 |
|
|
|
3,642 |
|
January 2027 Notes |
|
|
4,731 |
|
|
|
5,396 |
|
2031 Asset-Backed Notes |
|
|
1,749 |
|
|
|
2,043 |
|
2033 Notes |
|
|
1,120 |
|
|
|
1,174 |
|
MUFG Bank Facility (1) |
|
|
4,425 |
|
|
|
1,292 |
|
SMBC Facility (1) |
|
|
2,135 |
|
|
|
1,701 |
|
Total |
|
$ |
23,952 |
|
|
$ |
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.
|
| Components of Interest Expense, Related Fees, Losses on Debt Extinguishment and Cash Paid for Interest Expense for Debt |
For the three and six months ended June 30, 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) |
|
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(2) |
|
|
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. For the six months ended June 30, 2023, $83 thousand, $251 thousand, and $94 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 three and six months ended June 30, 2022, the components of interest expense and related fees and cash paid for interest expense for debt were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in thousands) |
|
Three Months Ended June 30, 2022 |
|
|
Six Months Ended June 30, 2022 |
|
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)(2) |
|
Unused facility and other fees (loan fees) |
|
Total interest expense and fees |
|
Cash paid for interest expense |
|
SBA Debentures |
|
$ |
1,138 |
|
$ |
146 |
|
$ |
— |
|
$ |
1,284 |
|
$ |
— |
|
|
$ |
1,688 |
|
$ |
286 |
|
$ |
— |
|
$ |
1,974 |
|
$ |
749 |
|
2022 Notes(2) |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
|
1,011 |
|
|
50 |
|
|
— |
|
|
1,061 |
|
|
2,293 |
|
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 |
|
|
67 |
|
|
4 |
|
|
— |
|
|
71 |
|
|
— |
|
|
|
67 |
|
|
4 |
|
|
— |
|
|
71 |
|
|
— |
|
March 2026 A Notes |
|
|
562 |
|
|
24 |
|
|
— |
|
|
586 |
|
|
— |
|
|
|
1,125 |
|
|
48 |
|
|
— |
|
|
1,173 |
|
|
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 |
|
|
— |
|
|
|
5,473 |
|
|
368 |
|
|
— |
|
|
5,841 |
|
|
— |
|
2031 Asset-Backed Notes |
|
|
169 |
|
|
9 |
|
|
— |
|
|
178 |
|
|
— |
|
|
|
169 |
|
|
9 |
|
|
— |
|
|
178 |
|
|
— |
|
2033 Notes |
|
|
625 |
|
|
27 |
|
|
— |
|
|
652 |
|
|
625 |
|
|
|
1,250 |
|
|
54 |
|
|
— |
|
|
1,304 |
|
|
1,250 |
|
2022 Convertible Notes(2) |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
|
923 |
|
|
149 |
|
|
— |
|
|
1,072 |
|
|
5,004 |
|
MUFG Bank Facility(3) |
|
|
1,369 |
|
|
175 |
|
|
395 |
|
|
1,939 |
|
|
1,215 |
|
|
|
1,483 |
|
|
412 |
|
|
962 |
|
|
2,857 |
|
|
1,215 |
|
SMBC Facility |
|
|
405 |
|
|
64 |
|
|
68 |
|
|
537 |
|
|
283 |
|
|
|
587 |
|
|
113 |
|
|
133 |
|
|
833 |
|
|
519 |
|
Total |
|
$ |
12,698 |
|
$ |
1,029 |
|
$ |
463 |
|
$ |
14,190 |
|
$ |
3,632 |
|
|
$ |
24,345 |
|
$ |
2,239 |
|
$ |
1,095 |
|
$ |
27,679 |
|
$ |
22,642 |
|
(1)
Interest expense includes amortization of original issue discounts for the three months ended June 30, 2022 of $42 thousand, $126 thousand, and $4 thousand related to the September 2026 Notes, January 2027 Notes, and 2031 Asset-Backed Notes, respectively. For the six months ended June 30, 2022, $23 thousand, $112 thousand, $84 thousand, $223 thousand, and $4 thousand, related to the 2022 Notes, 2022 Convertible Notes, September 2026 Notes, January 2027 Notes, and 2031 Asset-Backed Notes, respectively.
(2)In February 2022, the Company has fully repaid the aggregate outstanding principal balances and retired 2022 Notes and 2022 Convertible Notes.
(3)The June 2022 amendment of the MUFG Bank Facility replaced the Union Bank Facility via an amendment which changed the lead lender.
|
| SBA Debentures |
|
| Schedule of Available and Outstanding Debt |
The Company held the following SBA debentures outstanding principal balances as of June 30, 2023 and December 31, 2022:
|
|
|
|
|
|
|
|
|
|
|
|
|
(in thousands)
Issuance/Pooling Date |
|
Maturity Date |
|
Interest Rate (1) |
|
June 30, 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.
|