Debt (Tables)

3 Months Ended

Mar. 31, 2023

Line Of Credit Facility [Line Items]

Schedule of Total Debt Outstanding and Available

Total debt outstanding and available at March 31, 2023 was as follows:

	Maturity	Rate		Carrying Value (1)			Available		Total Capacity
Operating Facility	2026	L+1.75%	(2)	$	202,033,121		$	97,966,879	$	300,000,000	(3)
Funding Facility II	2025	SOFR+2.00%	(4)		100,000,000			100,000,000		200,000,000	(5)
SBA Debentures	2024−2031	2.52%	(6)		150,000,000			10,000,000		160,000,000
2024 Notes ($250 million par)	2024	3.900%			249,144,733			—		249,144,733
2026 Notes ($325 million par)	2026	2.850%			326,079,582			—		326,079,582
Total leverage					1,027,257,436		$	207,966,879	$	1,235,224,315
Unamortized issuance costs					(4,636,951	)
Debt, net of unamortized issuance costs				$	1,022,620,485

(1)Except for the 2024 Notes and the 2026 Notes, all carrying values are the same as the principal amounts outstanding.

(2)As of March 31, 2023, $8.0 million of the outstanding amount bore interest at a rate of EURIBOR + 2.00% and $2.0 million of the outstanding amount bore interest at a rate of Prime + 1.00%.

(3)Operating Facility includes a $100.0 million accordion which allows for expansion of the facility to up to $400.0 million subject to consent from the lender and other customary conditions.

(4)Subject to certain funding requirements and a SOFR credit adjustment of 0.15%

(5)Funding Facility II includes a $50.0 million accordion which allows for expansion of the facility to up to $250.0 million subject to consent from the lender and other customary conditions.

(6)Weighted-average interest rate, excluding fees of 0.35% or 0.36%.

Total debt outstanding and available at December 31, 2022 was as follows:

	Maturity	Rate		Carrying Value (1)			Available		Total Capacity
Operating Facility	2026	L+1.75%	(2)	$	123,889,980		$	176,110,020	$	300,000,000	(3)
Funding Facility II	2025	L+2.00%	(4)		100,000,000			100,000,000		200,000,000	(5)
SBA Debentures	2024−2031	2.52%	(6)		150,000,000			10,000,000		160,000,000
2024 Notes ($250 million par)	2024	3.900%			248,997,527			—		248,997,527
2026 Notes ($325 million par)	2026	2.850%			326,174,734			—		326,174,734
Total leverage					949,062,241		$	286,110,020	$	1,235,172,261
Unamortized issuance costs					(5,056,427	)
Debt, net of unamortized issuance costs				$	944,005,814

(1)Except for the 2024 Notes and the 2026 Notes, all carrying values are the same as the principal amounts outstanding.

(2)As of December 31, 2022, $7.9 million of the outstanding amount bore interest at a rate of EURIBOR + 2.00% and $16.0 million of the outstanding amount bore interest at a rate of Prime + 1.00%

(3)Operating Facility includes a $100.0 million accordion which allows for expansion of the facility to up to $400.0 million subject to consent from the lender and other customary conditions.

(4)Subject to certain funding requirements

(5)Funding Facility II includes a $50.0 million accordion which allows for expansion of the facility to up to $250.0 million subject to consent from the lender and other customary conditions.

(6)Weighted-average interest rate, excluding fees of 0.35% or 0.36%.

Total Expense Related to Debt

Total expenses related to debt included the following:

	Three Months Ended March 31,
	2023		2022
Interest expense	$	10,626,322	$	8,253,874
Amortization of deferred debt issuance costs		712,804		833,279
Commitment fees		210,045		258,051
Total	$	11,549,171	$	9,345,204

Schedule of SBA Debenture Outstanding

SBA Debentures outstanding as of March 31, 2023 and December 31, 2022 were as follows:

Issuance Date	Maturity	Debenture Amount		Fixed Interest Rate				SBA Annual Charge
September 24, 2014	September 1, 2024	$	18,500,000		3.02	%			0.36	%
March 25, 2015	March 1, 2025		9,500,000		2.52	%			0.36	%
September 23, 2015	September 1, 2025		10,800,000		2.83	%			0.36	%
March 23, 2016	March 1, 2026		4,000,000		2.51	%			0.36	%
September 21, 2016	September 1, 2026		18,200,000		2.05	%			0.36	%
September 20, 2017	September 1, 2027		14,000,000		2.52	%			0.36	%
March 21, 2018	March 1, 2028		8,000,000		3.19	%			0.35	%
September 19, 2018	September 1, 2028		15,000,000		3.55	%			0.35	%
September 25, 2019	September 1, 2029		40,000,000		2.28	%			0.35	%
September 22, 2021	September 1, 2031		12,000,000		1.30	%			0.35	%
		$	150,000,000		2.52	%	*

* Weighted-average interest rate

2022 Convertible Notes

Line Of Credit Facility [Line Items]

Schedule of Component of Carrying Value and Interest Expense of Debt

As of March 31, 2023 and December 31, 2022, the components of the carrying values of the 2022 Convertible Notes were $0.0.

For the three months ended March 31, 2023 and 2022, the components of interest expense for the convertible notes were as follows:

	Three Months Ended March 31,
	2023	2022
Stated interest expense	NA	$	1,079,167
Amortization of original issue discount	NA		—
Total interest expense	NA	$	1,079,167

2024 Notes

Line Of Credit Facility [Line Items]

Schedule of Component of Carrying Value and Interest Expense of Debt

As of March 31, 2023 and December 31, 2022, the components of the carrying value of 2024 Notes and 2026 Notes were as follows:

	March 31, 2023					December 31, 2022
	2024 Notes			2026 Notes		2024 Notes			2026 Notes
Principal amount of debt	$	250,000,000		$	325,000,000	$	250,000,000		$	325,000,000
Original issue (discount)/ premium, net of accretion		(855,267	)		1,079,582		(1,002,473	)		1,174,734
Carrying value of debt	$	249,144,733		$	326,079,582	$	248,997,527		$	326,174,734

For the three months ended March 31, 2023 and 2022, the components of interest expense for the 2024 Notes and 2026 Notes were as follows:

	Three Months Ended March 31,
	2023					2022
	2024 Notes		2026 Notes			2024 Notes		2026 Notes
Stated interest expense	$	2,437,500	$	2,315,625		$	2,437,500	$	2,315,625
Amortization of original issue discount/ (premium)		147,206		(95,151	)		141,271		(93,060	)
Total interest expense	$	2,584,706	$	2,220,474		$	2,578,771	$	2,222,565

4. Debt — (continued)