Debt (Tables)
|
9 Months Ended |
Sep. 30, 2026 |
|---|
| Debt Instrument [Line Items] |
|
| Summary of Interest and Fees Related to Debt |
Interest and fees related to the Company’s debt for the three and nine months ended September 30, 2026 and 2025 which are included in interest and financing expenses on the consolidated statements of operations, were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, 2026 |
|
|
|
|
|
|
SPV |
|
|
|
|
|
|
|
|
|
|
|
|
SBA |
|
|
Credit |
|
|
Secured |
|
|
|
|
|
|
|
|
|
debentures |
|
|
Facility |
|
|
Borrowings |
|
|
Notes |
|
|
Total |
|
Stated interest expense |
|
$ |
3,366 |
|
|
$ |
1,805 |
|
|
$ |
244 |
|
|
$ |
5,363 |
|
|
$ |
10,778 |
|
Amortization of deferred financing costs |
|
|
267 |
|
|
|
170 |
|
|
|
— |
|
|
|
424 |
|
|
|
861 |
|
Total interest and financing expenses |
|
$ |
3,633 |
|
|
$ |
1,975 |
|
|
$ |
244 |
|
|
$ |
5,787 |
|
|
$ |
11,639 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, 2025 |
|
|
|
|
|
|
Revolving |
|
|
|
|
|
|
|
|
|
|
|
|
SBA |
|
|
Credit |
|
|
Secured |
|
|
|
|
|
|
|
|
|
debentures |
|
|
Facility |
|
|
Borrowings |
|
|
Notes |
|
|
Total |
|
Stated interest expense |
|
$ |
2,176 |
|
|
$ |
475 |
|
|
$ |
306 |
|
|
$ |
3,982 |
|
|
$ |
6,939 |
|
Amortization of deferred financing costs |
|
|
205 |
|
|
|
100 |
|
|
|
— |
|
|
|
405 |
|
|
|
710 |
|
Total interest and financing expenses |
|
$ |
2,381 |
|
|
$ |
575 |
|
|
$ |
306 |
|
|
$ |
4,387 |
|
|
$ |
7,649 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended September 30, 2026 |
|
|
|
|
|
|
SPV |
|
|
|
|
|
|
|
|
|
|
|
|
SBA debentures |
|
|
Credit Facility |
|
|
Secured Borrowings |
|
|
Notes |
|
|
Total |
|
Stated interest expense |
|
$ |
9,029 |
|
|
$ |
5,114 |
|
|
$ |
751 |
|
|
$ |
15,017 |
|
|
$ |
29,911 |
|
Amortization of deferred financing costs |
|
|
757 |
|
|
|
504 |
|
|
|
— |
|
|
|
1,199 |
|
|
|
2,460 |
|
Total interest and financing expenses |
|
$ |
9,786 |
|
|
$ |
5,618 |
|
|
$ |
751 |
|
|
$ |
16,216 |
|
|
$ |
32,371 |
|
Weighted average stated interest rate, period end |
|
|
4.592 |
% |
|
|
6.325 |
% |
|
|
7.846 |
% |
|
|
6.703 |
% |
|
|
5.813 |
% |
Effective interest rate (1) |
|
|
4.956 |
% |
|
|
6.626 |
% |
|
|
7.846 |
% |
|
|
7.239 |
% |
|
|
6.241 |
% |
Unused commitment fee rate, period end |
|
N/A |
|
|
|
0.500 |
% |
|
N/A |
|
|
N/A |
|
|
N/A |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended September 30, 2025 |
|
|
|
|
|
|
Revolving |
|
|
|
|
|
|
|
|
|
|
|
|
SBA debentures |
|
|
Credit Facility |
|
|
Secured Borrowings |
|
|
Notes |
|
|
Total |
|
Stated interest expense |
|
$ |
6,167 |
|
|
$ |
2,130 |
|
|
$ |
935 |
|
|
$ |
10,935 |
|
|
$ |
20,167 |
|
Amortization of deferred financing costs |
|
|
601 |
|
|
|
297 |
|
|
|
— |
|
|
|
1,126 |
|
|
|
2,024 |
|
Total interest and financing expenses |
|
$ |
6,768 |
|
|
$ |
2,427 |
|
|
$ |
935 |
|
|
$ |
12,061 |
|
|
$ |
22,191 |
|
Weighted average stated interest rate, period end |
|
|
4.139 |
% |
|
|
8.925 |
% |
|
|
8.242 |
% |
|
|
4.885 |
% |
|
|
4.857 |
% |
Effective interest rate (1) |
|
|
4.565 |
% |
|
|
9.211 |
% |
|
|
8.242 |
% |
|
|
5.386 |
% |
|
|
5.325 |
% |
Unused commitment fee rate, period end |
|
N/A |
|
|
|
1.092 |
% |
|
N/A |
|
|
N/A |
|
|
N/A |
|
(1) The effective interest rate is equal to the weighted average stated interest rate plus the amortization of deferred financing costs.
|
| Summary of Deferred Financing Costs Amortized into Interest and Financing Expenses |
Deferred financing costs are amortized into interest and financing expenses on the consolidated statements of operations, using the effective interest method, over the term of the respective financing instrument. Deferred financing costs related to the SBA debentures, the SPV Credit Facility, and the Notes as of September 30, 2026 and December 31, 2025 were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30, 2026 |
|
|
December 31, 2025 |
|
|
|
|
|
|
SPV |
|
|
|
|
|
|
|
|
|
|
|
SPV |
|
|
|
|
|
|
|
|
|
SBA |
|
|
Credit |
|
|
|
|
|
|
|
|
SBA |
|
|
Credit |
|
|
|
|
|
|
|
|
|
debentures |
|
|
Facility |
|
|
Notes |
|
|
Total |
|
|
debentures |
|
|
Facility |
|
|
Notes |
|
|
Total |
|
SBA debenture commitment fees |
|
$ |
3,500 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
3,500 |
|
|
$ |
3,500 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
3,500 |
|
SBA debenture leverage fees |
|
|
8,327 |
|
|
|
— |
|
|
|
— |
|
|
|
8,327 |
|
|
|
6,477 |
|
|
|
— |
|
|
|
— |
|
|
|
6,477 |
|
SPV Credit Facility upfront fees |
|
|
— |
|
|
|
3,349 |
|
|
|
— |
|
|
|
3,349 |
|
|
|
— |
|
|
|
3,342 |
|
|
|
— |
|
|
|
3,342 |
|
Notes underwriting discounts |
|
|
— |
|
|
|
— |
|
|
|
5,660 |
|
|
|
5,660 |
|
|
|
— |
|
|
|
— |
|
|
|
8,505 |
|
|
|
8,505 |
|
Notes debt issuance costs |
|
|
— |
|
|
|
— |
|
|
|
1,028 |
|
|
|
1,028 |
|
|
|
— |
|
|
|
— |
|
|
|
1,361 |
|
|
|
1,361 |
|
Total deferred financing costs |
|
|
11,827 |
|
|
|
3,349 |
|
|
|
6,688 |
|
|
|
21,864 |
|
|
|
9,977 |
|
|
|
3,342 |
|
|
|
9,866 |
|
|
|
23,185 |
|
Less: accumulated amortization |
|
|
(4,176 |
) |
|
|
(624 |
) |
|
|
(1,462 |
) |
|
|
(6,262 |
) |
|
|
(3,034 |
) |
|
|
(119 |
) |
|
|
(5,757 |
) |
|
|
(8,910 |
) |
Unamortized deferred financing costs |
|
$ |
7,651 |
|
|
$ |
2,725 |
|
|
$ |
5,226 |
|
|
$ |
15,602 |
|
|
$ |
6,943 |
|
|
$ |
3,223 |
|
|
$ |
4,109 |
|
|
$ |
14,275 |
|
|
| Summary of Outstanding Debt Net of Unamortized Deferred Financing Costs |
The following table summarizes the outstanding debt net of unamortized deferred financing costs as of September 30, 2026 and December 31, 2025:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30, 2026(1) |
|
|
December 31, 2025(1) |
|
|
|
|
|
|
SPV |
|
|
|
|
|
|
|
|
|
|
|
SPV |
|
|
|
|
|
|
|
|
|
SBA |
|
|
Credit |
|
|
|
|
|
|
|
|
SBA |
|
|
Credit |
|
|
|
|
|
|
|
|
|
debentures |
|
|
Facility |
|
|
Notes |
|
|
Total |
|
|
debentures |
|
|
Facility |
|
|
Notes |
|
|
Total |
|
Outstanding debt |
|
$ |
289,500 |
|
|
$ |
92,250 |
|
|
$ |
320,000 |
|
|
$ |
701,750 |
|
|
$ |
237,500 |
|
|
$ |
83,850 |
|
|
$ |
325,000 |
|
|
$ |
646,350 |
|
Less: unamortized deferred financing costs |
|
|
(7,651 |
) |
|
|
(2,725 |
) |
|
|
(5,226 |
) |
|
|
(15,602 |
) |
|
|
(6,943 |
) |
|
|
(3,223 |
) |
|
|
(4,109 |
) |
|
|
(14,275 |
) |
Debt, net of deferred financing costs |
|
$ |
281,849 |
|
|
$ |
89,525 |
|
|
$ |
314,774 |
|
|
$ |
686,148 |
|
|
$ |
230,557 |
|
|
$ |
80,627 |
|
|
$ |
320,891 |
|
|
$ |
632,075 |
|
(1)Total excludes $10,460 and $12,000 of Secured Borrowings as of September 30, 2026 and December 31, 2025, respectively.
|
| Scheduled to Mature Debt Liabilities |
As of September 30, 2026, the Company’s debt liabilities are scheduled to mature as follows (1):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SPV |
|
|
|
|
|
|
|
|
|
|
|
|
SBA |
|
|
Credit |
|
|
Secured |
|
|
|
|
|
|
|
Year |
|
Debentures |
|
|
Facility (2) |
|
|
Borrowings |
|
|
Notes |
|
|
Total |
|
2027 |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
10,450 |
|
|
$ |
— |
|
|
$ |
10,450 |
|
2028 |
|
|
— |
|
|
|
— |
|
|
|
5 |
|
|
|
— |
|
|
|
5 |
|
2029 |
|
|
7,500 |
|
|
|
— |
|
|
|
5 |
|
|
|
120,000 |
|
|
|
127,505 |
|
2030 |
|
|
6,000 |
|
|
|
92,250 |
|
|
|
— |
|
|
|
200,000 |
|
|
|
298,250 |
|
2031 |
|
|
11,500 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
11,500 |
|
Thereafter |
|
|
264,500 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
264,500 |
|
Total |
|
$ |
289,500 |
|
|
$ |
92,250 |
|
|
$ |
10,460 |
|
|
$ |
320,000 |
|
|
$ |
712,210 |
|
|
|
(1) |
The table above presents scheduled maturities of the Company’s outstanding debt liabilities as of a point in time pursuant to the terms of those instruments. The timing of actual repayments of outstanding debt liabilities may not ultimately correspond with the scheduled maturity dates depending on the terms of the underlying instruments and the potential for earlier prepayments. |
(2) |
The SPV Credit Facility matures on October 16, 2030. |
|
| SBA Debentures |
|
| Debt Instrument [Line Items] |
|
| Summary of Issued and Outstanding SBA Debentures |
As of September 30, 2026 and December 31, 2025, the Company’s issued and outstanding SBA debentures mature as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pooling |
|
Maturity |
|
Fixed |
|
|
September 30, |
|
|
December 31, |
|
Date (1) |
|
Date |
|
Interest Rate |
|
|
2026 |
|
|
2025 |
|
9/25/2019 |
|
9/1/2029 |
|
|
2.377 |
|
% |
$ |
7,500 |
|
|
$ |
7,500 |
|
3/25/2020 |
|
3/1/2030 |
|
|
2.172 |
|
|
|
6,000 |
|
|
|
6,000 |
|
9/22/2021 |
|
9/1/2031 |
|
|
1.398 |
|
|
|
11,500 |
|
|
|
11,500 |
|
3/23/2022 |
|
3/1/2032 |
|
|
3.209 |
|
|
|
43,000 |
|
|
|
43,000 |
|
9/21/2022 |
|
9/1/2032 |
|
|
4.533 |
|
|
|
17,500 |
|
|
|
17,500 |
|
3/22/2023 |
|
3/1/2033 |
|
|
5.439 |
|
|
|
— |
|
|
|
4,000 |
|
3/22/2023 |
|
3/1/2033 |
|
|
5.341 |
|
|
|
3,000 |
|
|
|
3,000 |
|
3/22/2023 |
|
3/1/2033 |
|
|
5.341 |
|
|
|
3,000 |
|
|
|
3,000 |
|
3/22/2023 |
|
3/1/2033 |
|
|
5.439 |
|
|
|
— |
|
|
|
5,000 |
|
3/22/2023 |
|
3/1/2033 |
|
|
5.439 |
|
|
|
— |
|
|
|
5,000 |
|
3/22/2023 |
|
3/1/2033 |
|
|
5.341 |
|
|
|
7,000 |
|
|
|
7,000 |
|
3/22/2023 |
|
3/1/2033 |
|
|
5.341 |
|
|
|
2,000 |
|
|
|
4,000 |
|
9/20/2023 |
|
9/1/2033 |
|
|
5.861 |
|
|
|
— |
|
|
|
5,000 |
|
9/20/2023 |
|
9/1/2033 |
|
|
5.735 |
|
|
|
— |
|
|
|
3,000 |
|
3/20/2024 |
|
3/1/2034 |
|
|
5.082 |
|
|
|
3,000 |
|
|
|
3,000 |
|
3/20/2024 |
|
3/1/2034 |
|
|
5.082 |
|
|
|
12,000 |
|
|
|
12,000 |
|
3/20/2024 |
|
3/1/2034 |
|
|
5.082 |
|
|
|
2,000 |
|
|
|
2,000 |
|
3/20/2024 |
|
3/1/2034 |
|
|
5.082 |
|
|
|
2,000 |
|
|
|
2,000 |
|
3/20/2024 |
|
3/1/2034 |
|
|
5.082 |
|
|
|
3,000 |
|
|
|
3,000 |
|
3/26/2025 |
|
3/1/2035 |
|
|
5.310 |
|
|
|
19,500 |
|
|
|
19,500 |
|
9/25/2025 |
|
9/1/2035 |
|
|
4.879 |
|
|
|
10,000 |
|
|
|
10,000 |
|
9/25/2025 |
|
9/1/2035 |
|
|
4.879 |
|
|
|
10,000 |
|
|
|
10,000 |
|
3/25/2026 (²) |
|
3/1/2036 |
|
|
4.973 |
|
|
|
5,000 |
|
|
|
5,000 |
|
3/25/2026 (²) |
|
3/1/2036 |
|
|
4.973 |
|
|
|
3,500 |
|
|
|
3,500 |
|
3/25/2026 (³) |
|
3/1/2036 |
|
|
4.973 |
|
|
|
13,000 |
|
|
|
13,000 |
|
3/25/2026 (⁴) |
|
3/1/2036 |
|
|
4.973 |
|
|
|
30,000 |
|
|
|
30,000 |
|
3/25/2026 |
|
3/1/2036 |
|
|
4.973 |
|
|
|
30,000 |
|
|
|
— |
|
9/23/2026 |
|
9/1/2036 |
|
|
5.801 |
|
|
|
3,000 |
|
|
|
— |
|
9/23/2026 |
|
9/2/2036 |
|
|
5.801 |
|
|
|
16,000 |
|
|
|
— |
|
9/23/2026 |
|
9/1/2036 |
|
|
5.801 |
|
|
|
16,500 |
|
|
|
— |
|
9/23/2026 |
|
9/1/2036 |
|
|
5.801 |
|
|
|
7,500 |
|
|
|
— |
|
9/23/2026 |
|
9/1/2036 |
|
|
5.801 |
|
|
|
3,000 |
|
|
|
— |
|
Total outstanding SBA debentures |
|
|
|
|
|
|
$ |
289,500 |
|
|
$ |
237,500 |
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(1) |
The SBA has quarterly scheduled pooling dates for debentures (in each of March, June, September, and December). Certain debentures funded during the reporting periods may not be pooled until the subsequent pooling date. |
(2) (3) (4) |
The Company issued SBA debentures which did not pool until March 2026. Prior to the pooling date, the debentures bore interest at a fixed interim interest rate of 4.74%. The Company issued SBA debentures which did not pool until March 2026. Prior to the pooling date, the debentures bore interest at a fixed interim interest rate of 4.73%. The Company issued SBA debentures which did not pool until March 2026. Prior to the pooling date, the debentures bore interest at a fixed interim interest rate of 4.55%. |
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