XML 69 R55.htm IDEA: XBRL DOCUMENT v3.22.2.2
Long-Term Debt - Narrative (Details)
1 Months Ended 3 Months Ended 9 Months Ended
Jun. 05, 2019
USD ($)
extensionTerm
Rate
Aug. 31, 2022
USD ($)
renewalPeriod
Mar. 31, 2020
USD ($)
Sep. 30, 2022
USD ($)
Rate
Sep. 30, 2021
USD ($)
Sep. 30, 2022
USD ($)
Rate
Sep. 30, 2021
USD ($)
Aug. 12, 2022
USD ($)
Dec. 31, 2021
USD ($)
Debt Instrument [Line Items]                  
Ratio of indebtedness to net capital | Rate       390.00%   390.00%      
Threshold percentage       50.00%   50.00%      
DSCR less than 1.75x - Cash Flow Sweeping Event | Rate       175.00%   175.00%      
DSCR less than 1.20x - Rapid Amortization Event | Rate       120.00%   120.00%      
Interest-only DSCR less than 1.20x - Manager Termination Event | Rate       120.00%   120.00%      
Interest-only DSCR less than 1.10x - Default Event | Rate       110.00%   110.00%      
Debt service coverage ratio | Rate       415.00%   415.00%      
Loss on extinguishment of debt       $ (1,161,000) $ (9,000) $ (1,161,000) $ (34,000)    
Series 2019-1 4.723% Fixed Rate Senior Secured Notes, Class A-2-II and Series 2019-1 4.194% Fixed Rate Senior Secured Notes, Class A-2-I                  
Debt Instrument [Line Items]                  
Number of tranches issued | extensionTerm 2                
Series 2019-1 4.194% Fixed Rate Senior Secured Notes, Class A-2-I                  
Debt Instrument [Line Items]                  
Debt interest rate (percent) 4.194%     4.194%   4.194%     4.194%
Debt instrument, face amount $ 700,000,000                
Make-whole premium       $ 0   $ 0      
Series 2019-1 4.194% Fixed Rate Senior Secured Notes, Class A-2-I | Ten Year United States Treasury Bill Rate                  
Debt Instrument [Line Items]                  
Basis spread on variable rate 2.15%                
Series 2019-1 4.723% Fixed Rate Senior Secured Notes, Class A-2-II                  
Debt Instrument [Line Items]                  
Debt interest rate (percent) 4.723%     4.723%   4.723%     4.723%
Debt instrument, face amount $ 600,000,000                
Make-whole premium       $ 500,000   $ 500,000      
Series 2019-1 4.723% Fixed Rate Senior Secured Notes, Class A-2-II | Ten Year United States Treasury Bill Rate                  
Debt Instrument [Line Items]                  
Basis spread on variable rate 2.64%                
Series 2022-1 Variable Funding Class A-1, variable interest rate of 5.50% at September 30, 2022                  
Debt Instrument [Line Items]                  
Debt interest rate (percent)       5.50%   5.50%      
Letters of credit outstanding, amount       $ 3,400,000   $ 3,400,000      
Line of credit facility, current borrowing capacity       221,600,000   $ 221,600,000      
Series 2022-1 Variable Funding Class A-1, variable interest rate of 5.50% at September 30, 2022 | Revolving Credit Facility                  
Debt Instrument [Line Items]                  
Line of credit facility, maximum borrowing capacity   $ 325,000,000           $ 325,000,000  
Proceeds from credit facility   $ 100,000,000              
Number of renewal periods | renewalPeriod   2              
Renewal period term   1 year              
Interest rate percentage after renewal date           5.00%      
Unamortized debt issuance cost       6,100,000   $ 6,100,000      
Amortization of debt issuance costs       100,000   100,000      
Debt issuance costs, gross   $ 6,300,000              
Series 2022-1 Variable Funding Class A-1, variable interest rate of 5.50% at September 30, 2022 | Revolving Credit Facility | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate                  
Debt Instrument [Line Items]                  
Basis spread on variable rate   2.50%              
Series 2022-1 Variable Funding Class A-1, variable interest rate of 5.50% at September 30, 2022 | Letter of Credit | Base Rate                  
Debt Instrument [Line Items]                  
Basis spread on variable rate   2.00%              
Series 2022-1 Variable Funding Class A-1, variable interest rate of 5.50% at September 30, 2022 | Letter of Credit | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate                  
Debt Instrument [Line Items]                  
Basis spread on variable rate   0.50%              
Series 2022-1 Variable Funding Class A-1, variable interest rate of 5.50% at September 30, 2022 | Letter of Credit | Federal Funds Rate                  
Debt Instrument [Line Items]                  
Basis spread on variable rate   0.50%              
Series 2022-1 Variable Funding Class A-1, variable interest rate of 5.50% at September 30, 2022 | Revolving Credit Facility                  
Debt Instrument [Line Items]                  
Line of credit facility, maximum borrowing capacity       225,000,000   225,000,000      
Line of credit facility, terminated amount               $ 225,000,000  
Proceeds from credit facility     $ 220,000,000            
Repayments of long-term lines of credit     $ 220,000,000            
Long-term line of credit                 $ 0
Loss on extinguishment of debt       (1,200,000)          
Amortization of debt issuance costs       0 200,000 400,000 500,000    
2019 Class A-2 Notes                  
Debt Instrument [Line Items]                  
Additional interest on fixed rate 5.00%                
Debt instrument, term 10 years                
Quarterly principal payment $ 3,250,000         3,250,000      
Covenant compliance, leverage ratio, maximum | Rate 525.00%                
Unamortized debt issuance cost       5,700,000   5,700,000      
Amortization of debt issuance costs       600,000 $ 600,000 1,700,000 $ 1,700,000    
Annual principal payment       $ 13,000,000   $ 13,000,000      
2019 Class A-2 Notes | Maximum                  
Debt Instrument [Line Items]                  
Ratio of indebtedness to net capital | Rate       525.00%   525.00%