Credit Facilities and Other Debt (Tables)
|
6 Months Ended |
Jun. 30, 2025 |
|---|
| Line Of Credit Facility [Line Items] |
|
| Schedule of Carrying Values of Company Debt |
The carrying value of the Company’s credit facilities and other debt consists of the following as of the respective period ends:
|
|
|
|
|
|
|
|
|
June 30, |
|
|
December 31, |
|
($ in thousands) |
2025 |
|
|
2024 |
|
Credit facilities and other debt, net |
|
|
|
|
|
Senior secured credit facilities with financial institutions |
$ |
165,511 |
|
|
$ |
166,914 |
|
Senior secured credit facility with a related party |
|
11,860 |
|
|
|
18,329 |
|
Senior secured debt - other |
|
11,869 |
|
|
|
21,433 |
|
Mezzanine secured credit facilities with financial institutions |
|
— |
|
|
|
7,707 |
|
Mezzanine secured credit facilities with a related party |
|
26,717 |
|
|
|
23,532 |
|
Debt issuance costs |
|
(58 |
) |
|
|
(676 |
) |
Total credit facilities and other debt, net |
|
215,899 |
|
|
|
237,239 |
|
Current portion - credit facilities and other debt, net |
|
|
|
|
|
Total credit facilities and other debt, net |
|
177,322 |
|
|
|
195,378 |
|
Total credit facilities and other debt - related party |
|
38,577 |
|
|
|
41,861 |
|
Total credit facilities and other debt, net |
$ |
215,899 |
|
|
$ |
237,239 |
|
|
| Summary of Company Senior Secured Credit Facilities |
The following summarizes certain details related to the Company’s senior secured credit facilities (in thousands, except interest rates):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Borrowing Capacity |
|
Outstanding |
|
Weighted-
Average
Interest |
|
End of
Revolving /
Withdrawal |
|
Final
Maturity |
As of June 30, 2025 |
Committed |
|
Uncommitted |
|
Total |
|
Amount |
|
Rate |
|
Period |
|
Date |
Senior financial institution 1 |
$25,000 |
|
$175,000 |
|
$200,000 |
|
$164,726 |
|
7.12% |
|
December 2025 |
|
June 2026 |
Senior financial institution 2 |
— |
|
200,000 |
|
200,000 |
|
— |
|
— |
|
January 2026 |
|
July 2026 |
Senior financial institution 3 |
— |
|
150,000 |
|
150,000 |
|
— |
|
7.58% |
|
January 2026 |
|
April 2026 |
Related party |
25,539 |
|
24,461 |
|
50,000 |
|
11,860 |
|
9.32% |
|
March 2025 |
|
February 2026 |
Senior financial institution 4 |
— |
|
30,000 |
|
30,000 |
|
785 |
|
10.15% |
|
August 2025 |
|
February 2026 |
Senior secured credit facilities |
$50,539 |
|
$579,461 |
|
$630,000 |
|
$177,371 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Borrowing Capacity |
|
|
Outstanding |
|
|
Weighted-
Average
Interest |
|
|
|
|
|
As of December 31, 2024 |
Committed |
|
|
Uncommitted |
|
|
Total |
|
|
Amount |
|
|
Rate |
|
|
|
|
|
Senior financial institution 1 |
$ |
150,000 |
|
|
$ |
250,000 |
|
|
$ |
400,000 |
|
|
$ |
110,109 |
|
|
|
7.93 |
% |
|
|
|
|
Senior financial institution 2 |
|
— |
|
|
|
200,000 |
|
|
|
200,000 |
|
|
|
— |
|
|
|
8.01 |
% |
|
|
|
|
Senior financial institution 3 |
|
100,000 |
|
|
|
50,000 |
|
|
|
150,000 |
|
|
|
30,941 |
|
|
|
8.38 |
% |
|
|
|
|
Related party |
|
30,000 |
|
|
|
20,000 |
|
|
|
50,000 |
|
|
|
18,329 |
|
|
|
10.09 |
% |
|
|
|
|
Senior financial institution 4 |
|
— |
|
|
|
30,000 |
|
|
|
30,000 |
|
|
|
25,864 |
|
|
|
9.76 |
% |
|
|
|
|
Senior secured credit facilities |
$ |
280,000 |
|
|
$ |
550,000 |
|
|
$ |
830,000 |
|
|
$ |
185,243 |
|
|
|
|
|
|
|
|
|
| Mezzanine Revolving Credit Facilities |
|
| Line Of Credit Facility [Line Items] |
|
| Summary of Company Senior Secured Credit Facilities |
The following summarizes certain details related to the Company’s mezzanine secured credit facilities (in thousands, except interest rates):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Borrowing Capacity |
|
Outstanding |
|
Weighted-
Average
Interest |
|
End of
Revolving /
Withdrawal |
|
Final
Maturity |
As of June 30, 2025 |
Committed |
|
Uncommitted |
|
Total |
|
Amount |
|
Rate |
|
Period |
|
Date |
Related party facility 1 |
$13,125 |
|
$21,875 |
|
$35,000 |
|
$23,761 |
|
13.00% |
|
June 2026 |
|
December 2026 |
Mezzanine financial institution 1 |
— |
|
45,000 |
|
45,000 |
|
— |
|
— |
|
January 2026 |
|
July 2026 |
Mezzanine financial institution 2 |
— |
|
40,000 |
|
40,000 |
|
— |
|
11.58% |
|
January 2026 |
|
April 2026 |
Related party facility 2 |
6,811 |
|
15,189 |
|
22,000 |
|
2,956 |
|
13.00% |
|
March 2025 |
|
February 2026 |
Mezzanine secured credit facilities |
$19,936 |
|
$122,064 |
|
$142,000 |
|
$26,717 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Borrowing Capacity |
|
Outstanding |
|
Weighted-
Average
Interest |
|
|
|
|
As of December 31, 2024 |
Committed |
|
Uncommitted |
|
Total |
|
Amount |
|
Rate |
|
|
|
|
Related party facility 1 |
$45,000 |
|
$25,000 |
|
$70,000 |
|
$18,372 |
|
13.67% |
|
|
|
|
Mezzanine financial institution 1 |
— |
|
45,000 |
|
45,000 |
|
— |
|
13.86% |
|
|
|
|
Mezzanine financial institution 2 |
26,667 |
|
13,333 |
|
40,000 |
|
7,707 |
|
12.39% |
|
|
|
|
Related party facility 2 |
8,000 |
|
14,000 |
|
22,000 |
|
5,160 |
|
13.59% |
|
|
|
|
Mezzanine secured credit facilities |
$79,667 |
|
$97,333 |
|
$177,000 |
|
$31,239 |
|
|
|
|
|
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|