Borrowings (Tables)
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12 Months Ended |
Dec. 31, 2023 |
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| Debt Disclosure [Abstract] |
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| Schedule of Borrowings |
The following table shows the Company's borrowings as of December 31, 2023 and December 31, 2022 (in thousands):
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December 31, 2023 |
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December 31, 2022 |
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Total Commitment |
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Principal |
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Deferred Debt Cost(1) |
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Carrying Value |
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Total Commitment |
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Principal |
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Deferred Debt Cost(1) |
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Carrying Value |
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Credit Facility |
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$ |
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550,000 |
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$ |
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272,000 |
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$ |
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(4,434 |
) |
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$ |
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267,566 |
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$ |
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425,000 |
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$ |
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337,000 |
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$ |
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(4,640 |
) |
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$ |
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332,360 |
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April 2026 Notes |
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25,000 |
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25,000 |
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(277 |
) |
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24,723 |
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— |
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— |
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— |
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— |
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December 2026 Notes |
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70,000 |
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70,000 |
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(573 |
) |
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69,427 |
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70,000 |
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70,000 |
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(818 |
) |
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69,182 |
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July 2027 Notes |
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80,500 |
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80,500 |
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(1,924 |
) |
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78,576 |
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80,500 |
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80,500 |
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(2,380 |
) |
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78,120 |
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August 2027 Notes |
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20,000 |
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20,000 |
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(511 |
) |
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19,489 |
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20,000 |
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20,000 |
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(653 |
) |
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19,347 |
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December 2027 Notes |
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51,750 |
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51,750 |
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(1,453 |
) |
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50,297 |
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51,750 |
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51,750 |
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(1,802 |
) |
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49,948 |
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Total |
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$ |
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797,250 |
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$ |
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519,250 |
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$ |
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(9,172 |
) |
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$ |
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510,078 |
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$ |
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647,250 |
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$ |
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559,250 |
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$ |
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(10,293 |
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$ |
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548,957 |
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(1)Net of accumulated amortization.
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| Schedule of Components of Interest Expense Amortization of Deferred Debt Costs, Unused Fees on Credit Facility and Other Costs |
For the years ended December 31, 2023, December 31, 2022 and December 31, 2021, the components of interest expense, amortization of deferred debt costs, unused fees on the Credit Facility (as defined below), and any other costs associated with the Company's borrowings were as follows (dollars in thousands):
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Interest Expense |
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Amortization of
Deferred Debt Costs |
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Unused Facility and
Other Fees (1) |
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Total Interest and Other Debt Financing Expenses |
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Weighted Average
Cost of Debt |
Year Ended December 31, 2023 |
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Credit Facility |
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$ |
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22,559 |
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$ |
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1,664 |
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$ |
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1,474 |
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$ |
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25,697 |
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9.24 |
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% |
April 2026 Notes |
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1,530 |
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87 |
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— |
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1,617 |
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8.98 |
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December 2026 Notes |
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2,975 |
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210 |
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— |
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3,185 |
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4.55 |
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July 2027 Notes |
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6,038 |
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557 |
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— |
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6,595 |
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8.19 |
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August 2027 Notes |
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1,400 |
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142 |
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— |
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1,542 |
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7.71 |
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December 2027 Notes |
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4,140 |
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367 |
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— |
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4,507 |
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8.71 |
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Total |
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$ |
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38,642 |
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$ |
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3,027 |
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$ |
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1,474 |
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$ |
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43,143 |
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8.32 |
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% |
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Year Ended December 31, 2022 |
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Credit Facility |
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$ |
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7,713 |
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$ |
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921 |
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$ |
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1,615 |
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$ |
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10,249 |
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7.60 |
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% |
December 2026 Notes |
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2,734 |
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182 |
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— |
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2,916 |
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4.52 |
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July 2027 Notes |
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2,566 |
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219 |
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— |
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2,785 |
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8.04 |
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August 2027 Notes |
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467 |
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44 |
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— |
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511 |
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7.64 |
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December 2027 Notes |
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276 |
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24 |
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— |
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300 |
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8.44 |
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Total |
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$ |
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13,756 |
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$ |
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1,390 |
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$ |
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1,615 |
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$ |
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16,761 |
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6.86 |
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% |
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Year Ended December 31, 2021 |
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Credit Facility |
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$ |
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2,492 |
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$ |
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467 |
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$ |
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1,126 |
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$ |
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4,085 |
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5.82 |
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% |
December 2026 Notes |
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52 |
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5 |
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— |
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57 |
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4.69 |
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Total |
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$ |
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2,544 |
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$ |
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472 |
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$ |
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1,126 |
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$ |
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4,142 |
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5.80 |
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% |
(1)Unused facility and other fees for the year ended December 31, 2022 include supplemental fees of $0.2 million, which were predominantly incurred in the first half of 2022 and were nonrecurring in nature.
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| Schedule of Senior Securities Outstanding |
Information about the Company’s senior securities is shown in the following table for the fiscal years ended December 31, 2023, 2022, 2021, 2020, 2019 and 2018 (in thousands). No senior securities were outstanding for the fiscal years ended December 31, 2017 and prior.
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Class and Period |
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Total Amount Outstanding Exclusive of Treasury Securities(1) |
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Asset Coverage per Unit(2) |
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Involuntary Liquidating Preference per Unit(3) |
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Average Market Value per Unit(4) |
2027 Notes |
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December 31, 2023 |
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$ |
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152,250 |
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$ |
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4,593 |
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— |
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N/A |
December 31, 2022 |
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$ |
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152,250 |
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$ |
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4,784 |
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— |
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N/A |
December 31, 2021 |
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$ |
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— |
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$ |
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— |
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— |
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N/A |
December 31, 2020 |
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$ |
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— |
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$ |
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— |
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— |
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N/A |
December 31, 2019 |
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$ |
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— |
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$ |
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— |
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— |
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N/A |
December 31, 2018 |
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$ |
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— |
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$ |
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— |
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— |
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N/A |
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2026 Notes |
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December 31, 2023 |
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$ |
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95,000 |
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$ |
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6,759 |
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— |
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N/A |
December 31, 2022 |
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$ |
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70,000 |
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$ |
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9,229 |
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— |
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N/A |
December 31, 2021 |
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$ |
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20,000 |
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$ |
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31,310 |
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— |
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N/A |
December 31, 2020 |
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$ |
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— |
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$ |
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— |
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— |
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N/A |
December 31, 2019 |
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$ |
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— |
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$ |
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— |
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— |
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N/A |
December 31, 2018 |
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$ |
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— |
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$ |
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— |
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— |
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N/A |
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Credit Facility |
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December 31, 2023 |
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$ |
|
272,000 |
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$ |
|
3,011 |
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|
|
|
— |
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N/A |
December 31, 2022 |
|
$ |
|
337,000 |
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|
$ |
|
2,709 |
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|
|
|
— |
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N/A |
December 31, 2021 |
|
$ |
|
61,000 |
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$ |
|
10,938 |
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|
— |
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N/A |
December 31, 2020 |
|
$ |
|
99,000 |
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|
$ |
|
5,710 |
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|
|
— |
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N/A |
December 31, 2019 |
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$ |
|
61,000 |
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$ |
|
7,169 |
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|
|
— |
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N/A |
December 31, 2018 |
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$ |
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— |
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$ |
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— |
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— |
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N/A |
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Credit Facility - CIBC (5) |
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December 31, 2023 |
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$ |
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— |
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$ |
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— |
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|
— |
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N/A |
December 31, 2022 |
|
$ |
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— |
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|
$ |
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— |
|
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|
|
— |
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|
N/A |
December 31, 2021 |
|
$ |
|
— |
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|
$ |
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— |
|
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|
— |
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N/A |
December 31, 2020 |
|
$ |
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— |
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|
$ |
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— |
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|
|
— |
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N/A |
December 31, 2019 |
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$ |
|
— |
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|
$ |
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— |
|
|
|
|
— |
|
|
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N/A |
December 31, 2018 |
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$ |
|
59,500 |
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$ |
|
3,813 |
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|
|
— |
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N/A |
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Total |
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|
December 31, 2023 |
|
$ |
|
519,250 |
|
|
$ |
|
2,054 |
|
|
|
|
— |
|
|
|
N/A |
December 31, 2022 |
|
$ |
|
559,250 |
|
|
$ |
|
2,030 |
|
|
|
|
— |
|
|
|
N/A |
December 31, 2021 |
|
$ |
|
81,000 |
|
|
$ |
|
8,484 |
|
|
|
|
— |
|
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|
N/A |
December 31, 2020 |
|
$ |
|
99,000 |
|
|
$ |
|
5,710 |
|
|
|
|
— |
|
|
|
N/A |
December 31, 2019 |
|
$ |
|
61,000 |
|
|
$ |
|
7,169 |
|
|
|
|
— |
|
|
|
N/A |
December 31, 2018 |
|
$ |
|
59,500 |
|
|
$ |
|
3,813 |
|
|
|
|
— |
|
|
|
N/A |
(1)Total amount of each class of senior securities outstanding at the end of the period presented. (2)Asset coverage per unit is the ratio of the carrying value of total assets, less all liabilities excluding indebtedness represented by senior securities in this table to the aggregate amount of senior securities representing indebtedness. Asset coverage per unit is express in terms of dollar amounts per $1,000 of indebtedness and is calculated on a consolidated basis. (3)The amount to which such class of senior security would be entitled upon the Company’s involuntary liquidation in preference to any security junior to it. The "—" in this column indicates information that the SEC expressly does not require to be disclosed for certain types of senior securities. (4)Not applicable because the senior securities are not registered for public trading. (5)On June 22, 2018, the Company entered into the Credit Facility with CIBC. On May 31, 2019, in conjunction with securing and entering into the new Credit Facility, the Company terminated the Credit Facility with CIBC.
|