XML 24 R11.htm IDEA: XBRL DOCUMENT v3.21.2
Note Receivable
9 Months Ended
Sep. 30, 2021
Receivables [Abstract]  
Note Receivable

Note 5. Note Receivable

The Company's note receivable consists of an Advance Agreement and Secured Promissory Note that was executed on September 30, 2021 between the Company and BCP Partners Holdings, LP ("BCP") to lend funds to cover their GP commitments. This agreement provides for a note to BCP for $5.0 million, of which $2.3 million was drawn as of September 30, 2021 with a maturity date of September 30, 2031. The note will earn interest at the greater of (i) the applicable federal rate that must be charged to avoid imputation of interest under Section 1274(d) of the code and (ii) 5.5%. Interest will be paid on December 31st of each year commencing December 31, 2021. Principal payments will be made periodically from mandatory payments from available cash flows at BCP. As of September 30, 2021 and December 31, 2020, the balance was $2.3 million and $0, respectively. The Company recognized interest revenue of $0 and $0 million for the nine and three months ended September 30, 2021 and 2020, respectively.