Quarterly report pursuant to Section 13 or 15(d)

Debt

v3.24.3
Debt
 9 Months Ended
Sep. 30, 2024
Debt Disclosure [Abstract]  
DEBT

8. DEBT

 

The Company’s debt as of September 30, 2024 and December 31, 2023 is presented below:

 

 

 

September 30,

 

 

December 31,

 

 

 

2024

 

 

2023

 

Monroe Term Loans

 

$

65,000

 

 

$

65,000

 

Unamortized discounts and debt issuance costs

 

 

(503

)

 

 

(666

)

Total secured loans, net

 

$

64,497

 

 

$

64,334

 

 

 

 

 

 

 

ROAR 1 SPV Credit Facility

 

$

42,900

 

 

$

64,500

 

ROAR 2 SPV Credit Facility

 

 

64,500

 

 

 

62,500

 

Unamortized discounts and debt issuance costs

 

 

(812

)

 

 

(1,581

)

Total other debt, net

 

$

106,588

 

 

$

125,419

 

 

For more information regarding debt instruments outstanding as of December 31, 2023, see Note 7, “Debt” in Part II, Item 8 of the Company’s Annual Report on Form 10-K for the year ended December 31, 2023.

 

Monroe Term Loans—The Monroe Term Loans (as defined below) are comprised of term loans with a principal balance of $65.0 million (the “Term A-1 Loans”) and term loans that were fully repaid during 2023 (the “Term A-2 Loans” and together with the Term A-1 Loans, the “Monroe Term Loans”). The interest rate as of September 30, 2024 on the Term A-1 Loans was 12.25%.

 

Other Debt—In September 2021, ROAR 1 SPV Finance LLC, an indirect wholly owned subsidiary of the Company (the “ROAR 1 SPV Borrower”), entered into a $100,000 credit agreement, which, during the first quarter of 2024, decreased to $80,000 (the “ROAR 1 SPV Credit Facility”), with a lender for the funding of finance receivables, which secure the ROAR 1 SPV Credit Facility. The ROAR 1 SPV Credit Facility allows for increases in maximum borrowings under the agreement of up to $200,000, bears interest at a rate of 12.5% and matures in March 2025, unless it is extended to March 2026. Under the terms of the ROAR 1 SPV Credit Facility, the ROAR 1 SPV Borrower is subject to certain covenants including minimum asset requirements to be held by ROAR 1 SPV Borrower.