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Borrowings (Tables)
3 Months Ended
Mar. 31, 2023
Borrowings  
Schedule of SBA debentures outstanding

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As of March 31, 2023

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As of December 31, 2022

 

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Total

    

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Total

    

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Aggregate

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Aggregate

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Principal

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Principal

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Amount

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Principal

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Amount

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Principal

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Committed/

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Amount

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Carrying

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Committed/

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Amount

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Carrying

 

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Outstanding (1)

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Outstanding

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Value

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Outstanding (1)

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Outstanding

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Value

 

Credit Facility

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$

450,000

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$

253,500

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$

251,413

(2)

$

450,000

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$

357,400

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$

354,904

(2)

Term Loan

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151,886

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151,886

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150,445

(3)

 

100,000

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100,000

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98,953

(3)

2022 ABS

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306,000

(4)

 

306,000

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297,825

(5)

 

306,000

(4)

 

306,000

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297,629

(5)

Total

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$

907,886

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$

711,386

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$

699,683

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$

856,000

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$

763,400

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$

751,486

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(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

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Three months ended March 31,

 

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2023

    

2022

 

Interest expense - Credit Facility

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$

5,798

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$

2,895

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Interest expense - Term Loan

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2,340

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Interest expense - 2022 ABS

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3,221

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Amortization of deferred financing costs

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730

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385

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Total interest and other debt financing expenses

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$

12,089

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$

3,280

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Average debt outstanding

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$

750,495

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$

339,678

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Average stated interest rate

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6.1

%  

 

3.4

%