Credit Facilities and Other Debt (Tables)
|
3 Months Ended |
Mar. 31, 2026 |
|---|
| 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:
|
|
|
|
|
|
|
|
|
March 31, |
|
|
December 31, |
|
($ in thousands) |
2026 |
|
|
2025 |
|
Senior secured credit facilities with financial institutions |
$ |
55,452 |
|
|
$ |
57,957 |
|
Senior secured credit facilities with a related party |
|
384 |
|
|
|
628 |
|
Senior secured debt - other |
|
7,875 |
|
|
|
17,689 |
|
Mezzanine secured credit facilities with a related party |
|
2,204 |
|
|
|
2,006 |
|
Revolving credit facility |
|
15,000 |
|
|
|
15,000 |
|
Debt financing costs |
|
(482 |
) |
|
|
(554 |
) |
Total credit facilities and other debt, net |
$ |
80,433 |
|
|
$ |
92,726 |
|
|
| Schedule of Carrying Values of Company Debt classification of current period |
The following details the classification of the Company’s credit facilities and other debt, as of the respective period ends:
|
|
|
|
|
|
|
|
|
March 31, |
|
|
December 31, |
|
($ in thousands) |
2026 |
|
|
2025 |
|
Total credit facilities and other debt with financial institutions, net, current |
$ |
63,202 |
|
|
$ |
75,494 |
|
Total credit facilities with a related party, net, current |
|
2,547 |
|
|
|
2,582 |
|
Total credit facilities and other debt, net, current |
|
65,749 |
|
|
|
78,076 |
|
Revolving credit facility, net, non-current |
|
14,684 |
|
|
|
14,650 |
|
Total credit facilities and other debt, net |
$ |
80,433 |
|
|
$ |
92,726 |
|
|
| 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 March 31, 2026 |
Committed |
|
|
Uncommitted |
|
|
Total |
|
|
Amount |
|
|
Rate |
|
|
Period |
|
Date |
Senior financial institution 1 |
$ |
25,000 |
|
|
$ |
175,000 |
|
|
$ |
200,000 |
|
|
$ |
23,730 |
|
|
|
6.47 |
% |
|
December 2025 |
|
June 2026 |
Senior financial institution 2 |
|
— |
|
|
|
200,000 |
|
|
|
200,000 |
|
|
|
— |
|
|
|
— |
|
|
January 2026 |
|
July 2026 |
Senior financial institution 3 |
|
— |
|
|
|
150,000 |
|
|
|
150,000 |
|
|
|
— |
|
|
|
— |
|
|
January 2026 |
|
April 2026 |
Related party facility 2 |
|
7,500 |
|
|
|
7,500 |
|
|
|
15,000 |
|
|
|
384 |
|
|
|
13.00 |
% |
|
October 2026 |
|
April 2027 |
Senior financial institution 4 |
|
— |
|
|
|
50,000 |
|
|
|
50,000 |
|
|
|
3,103 |
|
|
|
9.47 |
% |
|
September 2026 |
|
March 2027 |
Senior financial institution 5 |
|
— |
|
|
|
75,000 |
|
|
|
75,000 |
|
|
|
28,619 |
|
|
|
8.71 |
% |
|
August 2027 |
|
August 2027 |
Senior secured credit facilities |
$ |
32,500 |
|
|
$ |
657,500 |
|
|
$ |
690,000 |
|
|
$ |
55,836 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Borrowing Capacity |
|
|
Outstanding |
|
|
Weighted-
Average
Interest |
|
|
|
|
|
As of December 31, 2025 |
Committed |
|
|
Uncommitted |
|
|
Total |
|
|
Amount |
|
|
Rate |
|
|
|
|
|
Senior financial institution 1 |
$ |
25,000 |
|
|
$ |
175,000 |
|
|
$ |
200,000 |
|
|
$ |
19,173 |
|
|
|
7.07 |
% |
|
|
|
|
Senior financial institution 2 |
|
— |
|
|
|
200,000 |
|
|
|
200,000 |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
Senior financial institution 3 |
|
— |
|
|
|
150,000 |
|
|
|
150,000 |
|
|
|
— |
|
|
|
7.58 |
% |
|
|
|
|
Related party facility 1 |
|
25,539 |
|
|
|
24,461 |
|
|
|
50,000 |
|
|
|
— |
|
|
|
9.32 |
% |
|
|
|
|
Related party facility 2 |
|
7,500 |
|
|
|
7,500 |
|
|
|
15,000 |
|
|
|
628 |
|
|
|
13.00 |
% |
|
|
|
|
Senior financial institution 4 |
|
— |
|
|
|
50,000 |
|
|
|
50,000 |
|
|
|
3,537 |
|
|
|
10.13 |
% |
|
|
|
|
Senior financial institution 5 |
|
— |
|
|
|
75,000 |
|
|
|
75,000 |
|
|
|
35,247 |
|
|
|
8.82 |
% |
|
|
|
|
Senior secured credit facilities |
$ |
58,039 |
|
|
$ |
681,961 |
|
|
$ |
740,000 |
|
|
$ |
58,585 |
|
|
|
|
|
|
|
|
|
| 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 March 31, 2026 |
Committed |
|
|
Uncommitted |
|
|
Total |
|
|
Amount |
|
|
Rate |
|
|
Period |
|
Date |
Related party facility 1 |
$ |
— |
|
|
$ |
35,000 |
|
|
$ |
35,000 |
|
|
$ |
2,204 |
|
|
|
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 |
|
|
|
— |
|
|
|
— |
|
|
January 2026 |
|
April 2026 |
Mezzanine secured credit facilities |
$ |
— |
|
|
$ |
120,000 |
|
|
$ |
120,000 |
|
|
$ |
2,204 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Borrowing Capacity |
|
|
Outstanding |
|
|
Weighted-
Average
Interest |
|
|
|
|
|
As of December 31, 2025 |
Committed |
|
|
Uncommitted |
|
|
Total |
|
|
Amount |
|
|
Rate |
|
|
|
|
|
Related party facility 1 |
$ |
— |
|
|
$ |
35,000 |
|
|
$ |
35,000 |
|
|
$ |
2,006 |
|
|
|
13.00 |
% |
|
|
|
|
Mezzanine financial institution 1 |
|
— |
|
|
|
45,000 |
|
|
|
45,000 |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
Mezzanine financial institution 2 |
|
— |
|
|
|
40,000 |
|
|
|
40,000 |
|
|
|
— |
|
|
|
11.58 |
% |
|
|
|
|
Related party facility 2 |
|
6,811 |
|
|
|
15,189 |
|
|
|
22,000 |
|
|
|
— |
|
|
|
13.00 |
% |
|
|
|
|
Mezzanine secured credit facilities |
$ |
6,811 |
|
|
$ |
135,189 |
|
|
$ |
142,000 |
|
|
$ |
2,006 |
|
|
|
|
|
|
|
|
|