Debt (Tables)
|
12 Months Ended |
Dec. 31, 2022 |
Line Of Credit Facility [Line Items] |
|
Schedule of Total Debt Outstanding and Available |
Total debt outstanding and available at December 31, 2022 was as follows:
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Maturity |
|
Rate |
|
|
Carrying Value (1) |
|
|
Available |
|
|
Total Capacity |
|
|
Operating Facility |
|
2026 |
|
L+1.75% |
(2) |
|
$ |
123,889,980 |
|
|
$ |
176,110,020 |
|
|
$ |
300,000,000 |
|
(3) |
Funding Facility II |
|
2025 |
|
L+2.00% |
(4) |
|
|
100,000,000 |
|
|
|
100,000,000 |
|
|
|
200,000,000 |
|
(5) |
SBA Debentures |
|
2024−2031 |
|
2.52% |
(6) |
|
|
150,000,000 |
|
|
|
10,000,000 |
|
|
|
160,000,000 |
|
|
2024 Notes ($250 million par) |
|
2024 |
|
3.900% |
|
|
|
248,997,527 |
|
|
|
— |
|
|
|
248,997,527 |
|
|
2026 Notes ($325 million par) |
|
2026 |
|
2.850% |
|
|
|
326,174,734 |
|
|
|
— |
|
|
|
326,174,734 |
|
|
Total leverage |
|
|
|
|
|
|
|
949,062,241 |
|
|
$ |
286,110,020 |
|
|
$ |
1,235,172,261 |
|
|
Unamortized issuance costs |
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|
|
|
|
|
|
(5,056,427 |
) |
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|
|
|
|
|
|
Debt, net of unamortized issuance costs |
|
|
|
|
|
|
$ |
944,005,814 |
|
|
|
|
|
|
|
|
(1)Except for the 2024 Notes and the 2026 Notes, all carrying values are the same as the principal amounts outstanding. (2)As of December 31, 2022, $7.9 million of the outstanding amount bore interest at a rate of EURIBOR + 2.00% and $16.0 million of the outstanding amount bore interest at a rate of Prime + 1.00%. (3)Operating Facility includes a $100.0 million accordion which allows for expansion of the facility to up to $400.0 million subject to consent from the lender and other customary conditions. (4)Subject to certain funding requirements (5)Funding Facility II includes a $50.0 million accordion which allows for expansion of the facility to up to $250.0 million subject to consent from the lender and other customary conditions. (6)Weighted-average interest rate, excluding fees of 0.35% or 0.36%. Total debt outstanding and available at December 31, 2021 was as follows:
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|
Maturity |
|
Rate |
|
|
Carrying Value (1) |
|
|
Available |
|
|
Total Capacity |
|
|
Operating Facility |
|
2026 |
|
L+1.75% |
(2) |
|
$ |
154,479,544 |
|
|
$ |
145,520,456 |
|
|
$ |
300,000,000 |
|
(3) |
Funding Facility II |
|
2025 |
|
L+2.00% |
(4) |
|
|
— |
|
|
|
200,000,000 |
|
|
|
200,000,000 |
|
(5) |
SBA Debentures |
|
2024−2031 |
|
2.52% |
(6) |
|
|
150,000,000 |
|
|
|
10,000,000 |
|
|
|
160,000,000 |
|
|
2022 Convertible Notes ($140 million par) |
|
2022 |
|
4.625% |
|
|
|
139,886,910 |
|
|
|
— |
|
|
|
139,886,910 |
|
|
2024 Notes ($250 million par) |
|
2024 |
|
3.900% |
|
|
|
248,423,170 |
|
|
|
— |
|
|
|
248,423,170 |
|
|
2026 Notes ($325 million par) |
|
2026 |
|
2.850% |
|
|
|
326,549,826 |
|
|
|
— |
|
|
|
326,549,826 |
|
|
Total leverage |
|
|
|
|
|
|
|
1,019,339,450 |
|
|
$ |
355,520,456 |
|
|
$ |
1,374,859,906 |
|
|
Unamortized issuance costs |
|
|
|
|
|
|
|
(6,878,110 |
) |
|
|
|
|
|
|
|
Debt, net of unamortized issuance costs |
|
|
|
|
|
|
$ |
1,012,461,340 |
|
|
|
|
|
|
|
|
(1)Except for the 2022 Convertible notes, the 2022 Notes and the 2024 Notes, all carrying values are the same as the principal amounts outstanding. (2)As of December 31, 2021, $8.4 million of the outstanding amount bore interest at a rate of EURIBOR + 2.00% and $34.1 million of the outstanding amount bore interest at a rate of Prime + 1.00% (3)Operating Facility includes a $100.0 million accordion which allows for expansion of the facility to up to $400.0 million subject to consent from the lender and other customary conditions. (4)Subject to certain funding requirements (5)Funding Facility II includes a $50.0 million accordion which allows for expansion of the facility to up to $250.0 million subject to consent from the lender and other customary conditions. (6)Weighted-average interest rate, excluding fees of 0.35% or 0.36%.
|
Total Expense Related to Debt |
Total expenses related to debt included the following:
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|
Year Ended December 31, |
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|
|
2022 |
|
|
2021 |
|
|
2020 |
|
Interest expense |
|
$ |
35,516,749 |
|
|
$ |
35,714,645 |
|
|
$ |
36,488,786 |
|
Amortization of deferred debt issuance costs |
|
|
3,011,599 |
|
|
|
3,703,342 |
|
|
|
3,504,578 |
|
Commitment fees |
|
|
830,548 |
|
|
|
1,570,773 |
|
|
|
1,243,671 |
|
Total |
|
$ |
39,358,896 |
|
|
$ |
40,988,760 |
|
|
$ |
41,237,035 |
|
|
Schedule of SBA Debenture Outstanding |
SBA Debentures outstanding as of December 31, 2022 and December 31, 2021 were as follows:
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|
Issuance Date |
|
Maturity |
|
Debenture Amount |
|
|
Fixed Interest Rate |
|
|
SBA Annual Charge |
|
September 24, 2014 |
|
September 1, 2024 |
|
$ |
18,500,000 |
|
|
|
3.02 |
% |
|
|
0.36 |
% |
March 25, 2015 |
|
March 1, 2025 |
|
|
9,500,000 |
|
|
|
2.52 |
% |
|
|
0.36 |
% |
September 23, 2015 |
|
September 1, 2025 |
|
|
10,800,000 |
|
|
|
2.83 |
% |
|
|
0.36 |
% |
March 23, 2016 |
|
March 1, 2026 |
|
|
4,000,000 |
|
|
|
2.51 |
% |
|
|
0.36 |
% |
September 21, 2016 |
|
September 1, 2026 |
|
|
18,200,000 |
|
|
|
2.05 |
% |
|
|
0.36 |
% |
September 20, 2017 |
|
September 1, 2027 |
|
|
14,000,000 |
|
|
|
2.52 |
% |
|
|
0.36 |
% |
March 21, 2018 |
|
March 1, 2028 |
|
|
8,000,000 |
|
|
|
3.19 |
% |
|
|
0.35 |
% |
September 19, 2018 |
|
September 1, 2028 |
|
|
15,000,000 |
|
|
|
3.55 |
% |
|
|
0.35 |
% |
September 25, 2019 |
|
September 1, 2029 |
|
|
40,000,000 |
|
|
|
2.28 |
% |
|
|
0.35 |
% |
September 22, 2021 |
|
September 1, 2031 |
|
|
12,000,000 |
|
|
|
1.30 |
% |
|
|
0.35 |
% |
|
|
|
|
$ |
150,000,000 |
|
|
|
2.52 |
% |
* |
|
|
* Weighted-average interest rate
|
2022 Convertible Notes |
|
Line Of Credit Facility [Line Items] |
|
Schedule of Component of Carrying Value and Interest Expense of Debt |
As of December 31, 2022 and December 31, 2021, the components of the carrying values of the 2022 Convertible Notes were as follows:
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|
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|
|
|
December 31, 2022 |
|
December 31, 2021 |
|
Principal amount of debt |
|
NA |
|
$ |
140,000,000 |
|
Original issue discount, net of accretion |
|
NA |
|
|
(113,090 |
) |
Carrying value of debt |
|
NA |
|
$ |
139,886,910 |
|
For the years ended December 31, 2022, 2021 and 2020, the components of interest expense for the convertible notes were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, |
|
|
|
2022 |
|
|
2021 |
|
|
2020 |
|
Stated interest expense |
|
$ |
1,079,167 |
|
|
$ |
6,475,000 |
|
|
$ |
6,475,000 |
|
Amortization of original issue discount |
|
|
— |
|
|
|
667,113 |
|
|
|
635,485 |
|
Total interest expense |
|
$ |
1,079,167 |
|
|
$ |
7,142,113 |
|
|
$ |
7,110,485 |
|
|
2024 Notes |
|
Line Of Credit Facility [Line Items] |
|
Schedule of Component of Carrying Value and Interest Expense of Debt |
As of December 31, 2022 and December 31, 2021, the components of the carrying value of 2024 Notes and 2026 Notes were as follows:
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2022 |
|
|
December 31, 2021 |
|
|
|
2024 Notes |
|
|
2026 Notes |
|
|
2024 Notes |
|
|
2026 Notes |
|
Principal amount of debt |
|
$ |
250,000,000 |
|
|
$ |
325,000,000 |
|
|
$ |
250,000,000 |
|
|
$ |
325,000,000 |
|
Original issue (discount)/ premium, net of accretion |
|
|
(1,002,473 |
) |
|
|
1,174,734 |
|
|
|
(1,576,830 |
) |
|
|
1,549,826 |
|
Carrying value of debt |
|
$ |
248,997,527 |
|
|
$ |
326,174,734 |
|
|
$ |
248,423,170 |
|
|
$ |
326,549,826 |
|
For the years ended December 31, 2022 and 2021, the components of interest expense for the 2022 Notes, 2024 Notes and 2026 Notes were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, |
|
|
2022 |
|
|
2021 |
|
|
2020 |
|
|
2022 Notes |
|
2024 Notes |
|
|
2026 Notes |
|
|
2022 Notes |
|
|
2024 Notes |
|
|
2026 Notes |
|
|
2022 Notes |
|
|
2024 Notes |
|
|
2026 Notes |
Stated interest expense |
|
NA |
|
$ |
9,750,000 |
|
|
$ |
9,262,500 |
|
|
$ |
5,133,333 |
|
|
$ |
9,750,000 |
|
|
$ |
5,933,542 |
|
|
$ |
7,218,750 |
|
|
$ |
8,282,083 |
|
|
N/A |
Amortization of original issue discount/ (premium) |
|
NA |
|
|
574,357 |
|
|
|
(375,092 |
) |
|
|
94,927 |
|
|
|
551,261 |
|
|
|
(54,174 |
) |
|
|
128,829 |
|
|
|
463,837 |
|
|
N/A |
Total interest expense |
|
NA |
|
$ |
10,324,357 |
|
|
$ |
8,887,408 |
|
|
$ |
5,228,260 |
|
|
$ |
10,301,261 |
|
|
$ |
5,879,368 |
|
|
$ |
7,347,579 |
|
|
$ |
8,745,920 |
|
|
N/A |
4. Debt — (continued)
|