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.