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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:

 

 

 

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

 

20242031

 

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

 

 

 

 

 

 

 

(5,056,427

)

 

 

 

 

 

 

 

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:

 

 

 

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

 

20242031

 

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:

 

 

 

Year Ended December 31,

 

 

 

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:

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:

 

 

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:

 

 

 

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)