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Borrowings (Tables)

3 Months Ended

Mar. 31, 2023

Schedule of SBA debentures outstanding


		As of March 31, 2023									As of December 31, 2022
		Total									Total
		Aggregate									Aggregate
		Principal									Principal
		Amount			Principal						Amount			Principal
		Committed/			Amount			Carrying			Committed/			Amount			Carrying
		Outstanding ⁽¹⁾			Outstanding			Value			Outstanding ⁽¹⁾			Outstanding			Value
Credit Facility		$	450,000		$	253,500		$	251,413	⁽²⁾	$	450,000		$	357,400		$	354,904	⁽²⁾
Term Loan			151,886			151,886			150,445	⁽³⁾		100,000			100,000			98,953	⁽³⁾
2022 ABS			306,000	⁽⁴⁾		306,000			297,825	⁽⁵⁾		306,000	⁽⁴⁾		306,000			297,629	⁽⁵⁾
Total		$	907,886		$	711,386		$	699,683		$	856,000		$	763,400		$	751,486

⁽¹⁾	Represents the total aggregate amount committed or outstanding, as applicable, under such instrument.

⁽²⁾	Represents the aggregate principal amount outstanding of the Credit Facility (as defined below), less unamortized debt issuance costs. As of March 31, 2023 and December 31, 2022, the total unamortized debt issuance costs were $2,087 and $2,496, respectively.

⁽³⁾	Represents the aggregate principal amount outstanding of the Term Loan (as defined below), less unamortized debt issuance costs. As of March 31, 2023 and December 31, 2022, the total unamortized debt issuance costs were $1,441 and $1,047, respectively.

⁽⁴⁾	As of both March 31, 2023 and December 31, 2022, the Class C Senior Secured Notes and Subordinated Notes (as defined below) totaling $36,125 and $82,875, are excluded from the total aggregate principal amount committed/outstanding amount as these notes are eliminated in consolidation.

⁽⁵⁾	Represents the aggregate principal amount outstanding of the 2022 ABS (as defined below), less unamortized debt issuance costs. As of March 31, 2023 and December 31, 2022, the total unamortized debt issuance costs were $8,175 and $8,371, respectively.

Schedule of components of the Company's interest expense and other debt financing expenses, average debt outstanding balances and average stated interest rates


		Three months ended March 31,
		2023			2022
Interest expense - Credit Facility		$	5,798		$	2,895
Interest expense - Term Loan			2,340			—
Interest expense - 2022 ABS			3,221			—
Amortization of deferred financing costs			730			385
Total interest and other debt financing expenses		$	12,089		$	3,280
Average debt outstanding		$	750,495		$	339,678
Average stated interest rate			6.1	%		3.4	%