Borrowings (Tables)

9 Months Ended

Sep. 30, 2023

The following table represents borrowings as of September 30, 2023:


	Maturity Date	Total Aggregate Borrowing Capacity		Total Principal Outstanding		Less Deferred Financing Costs		Amount per Consolidated Statements of Assets and Liabilities
Wells Fargo Credit Facility	8/25/2028	$	300,000	$	225,000	$	(5,960)	$	219,040
JPM Credit Facility	9/15/2027	400,000		320,000		(3,179)		316,821
JPM Revolver Facility	6/10/2027	495,000		232,190		(3,179)		229,011
2026 Notes	3/30/2026	300,000		298,052		(271)		297,781
2024 Notes	12/15/2024	100,000		99,712		(45)		99,667


Totals		$	1,595,000	$	1,174,954	$	(12,634)	$	1,162,320

The following table represents borrowings as of December 31, 2022:


	Maturity Date	Total Aggregate Borrowing Capacity		Total Principal Outstanding		Less Deferred Financing Costs		Amount per Consolidated Statements of Assets and Liabilities
Wells Fargo Credit Facility	8/28/2025	$	300,000	$	225,000	$	(4,051)	$	220,949
JPM Credit Facility	8/28/2024	400,000		320,000		(1,289)		318,711
JPM Revolver Facility	6/10/2027	495,000		231,876		(3,823)		228,053
2026 Notes	3/30/2026	300,000		297,469		(353)		297,116
2024 Notes	12/15/2024	100,000		99,534		(72)		99,462
2023 Notes	5/30/2023	60,000		59,973		(77)		59,896
Totals		$	1,655,000	$	1,233,852	$	(9,665)	$	1,224,187

Schedule of Interest and Debt Fees

The following table represents interest and debt fees for the three and nine months ended September 30, 2023:


	Three months ended September 30, 2023								Nine months ended September 30, 2023
	Interest Rate	Non-Usage Rate	Interest Expense		Deferred Financing Costs (6)		Other Fees (7)		Interest Rate	Non-Usage Rate	Interest Expense		Deferred Financing Costs (6)		Other Fees (7)
Wells Fargo Credit Facility	(1)	(2)	$	4,521	$	353	$	123	(1)	(2)	$	12,756	$	1,109	$	372
JPM Credit Facility	(3)	(4)	6,688		197		248		(3)	(4)	19,133		583		625
JPM Revolver Facility	(5)	0.38%	5,455		217		190		(5)	0.38%	14,404		644		661
2026 Notes	3.25%	n/a	2,634		27		—		3.25%	n/a	7,896		81		9
2024 Notes	4.85%	n/a	1,273		9		—		4.85%	n/a	3,816		27		9
2023 Notes	—	—	—		—		—		5.38%	n/a	1,361		77		—
Totals			$	20,571	$	803	$	561			$	59,366	$	2,521	$	1,676

______________

(1) From January 1, 2023 through August 24, 2023, the Wells Fargo Credit Facility had an interest rate of Daily Simple SOFR, with a Daily Simple SOFR floor of zero, plus a spread calculated based upon the composition of the loans in the collateral pool, not to exceed 2.60% per annum. From August 25, 2023 through September 30, 2023, the interest rate was Daily Simple SOFR, with a Daily Simple SOFR floor of zero, plus a spread of 2.75% per annum.

(2) The non-usage fee per annum is 0.50% for the first 25% of the unused balance and increases to 2.00% for any remaining unused balance.

(3) From January 1, 2023 through September 14, 2023, the JPM Credit Facility had an interest rate of three-month Term SOFR, plus a spread of 3.00% per annum. From September 15, 2023 through September 30, 2023, the interest rate was three-month Term SOFR, plus a spread of 2.80% per annum, inclusive of an administrative agent fee of 0.20%.

(4) From January 1, 2023 through September 14, 2023, the non-usage fee per annum was 0.75% for the first 20% of the unused balance and increases to 3.00% for any remaining unused balance. From September 15, 2023 through September 30, 2023, the non-usage fee of 0.75% per annum was amended to be inclusive of an administrative agent fee of 0.20%.

(5) Interest rate is three-month Term SOFR, plus a spread calculated based upon the composition of the loans in the collateral pool,which will not exceed 1.98% per annum.

(6) Amortization of deferred financing costs.

(7) Includes non-usage fees and custody fees.

The following table represents interest and debt fees for the three and nine months ended September 30, 2022:


	Three months ended September 30, 2022								Nine months ended September 30, 2022
	Interest Rate	Non-Usage Rate	Interest Expense		Deferred Financing Costs (7)		Other Fees (8)		Interest Rate	Non-Usage Rate	Interest Expense		Deferred Financing Costs (7)		Other Fees (8)
Wells Fargo Credit Facility	(1)	(2)	$	3,196	$	384	$	65	(1)	(2)	$	7,411	$	1,140	$	206
JPM Credit Facility	(3)	(4)	4,210		107		195		(3)	(4)	10,631		317		382
JPM Revolver Facility	(5)	0.38%	49		197		468		(5)	0.38%	59		242		576
MassMutual Credit Facility (9)	—	—	—		—		—		(6)	0.50%	—		38		26
2026 Notes	3.25%	n/a	2,634		29		17		3.25%	n/a	7,896		97		19
2024 Notes	4.85%	n/a	1,273		9		—		4.85%	n/a	3,816		27		9
2023 Notes	5.38%	n/a	823		48		—		5.38%	n/a	2,467		142		—
2022 Notes	4.75%	n/a	1,823		115		—		4.75%	n/a	5,467		342		9
Totals			$	14,008	$	889	$	745			$	37,747	$	2,345	$	1,227

______________

(1) From April 6, 2021 through May 26, 2022, the Wells Fargo Credit Facility had an interest rate of three-month LIBOR, with a LIBOR floor of zero, plus a spread calculated based upon the composition of the loans in the collateral pool, not to exceed 2.50% per annum. From May 27, 2022 through September 30, 2022, the Wells Fargo Credit Facility had an interest rate of Daily Simple SOFR, with a Daily Simple SOFR floor of zero, plus a spread calculated based upon the composition of the loans in the collateral pool, not to exceed 2.60% per annum.

(2) The non-usage fee per annum is 0.50% for the first 25% of the unused balance and increases to 2.0% for any remaining unused balance.

(3) Interest rate is three-month LIBOR, with a LIBOR floor of zero, plus a spread of 2.75% per annum.

(4) The non-usage fee per annum is 0.75% for the first 20% of the unused balance and increases to 2.75% for any remaining unused balance.

(5) Interest rate is three-month Term SOFR, plus a spread calculated based upon the composition of the loans in the collateral pool,which will not exceed 1.98% per annum.

(6) Interest rate is three-month LIBOR, with a LIBOR floor of 0.75%, plus a spread of 5.0% per annum.

(7) Amortization of deferred financing costs.

(8) Includes non-usage fees and custody fees.

(9) Amounts presented represent activity prior to termination on February 18, 2022.

Schedule of Carrying Values and Estimated Fair Values of Debt Instruments

The fair values of the Company’s remaining financial instruments that are not reported at fair value on the accompanying consolidated statements of assets and liabilities are reported below:


	Level	Carrying Amount at September 30, 2023		Fair Value at September 30, 2023
Wells Fargo Credit Facility	3	$	225,000	$	225,000
JPM Credit Facility	3	320,000		320,000
JPM Revolver Facility	3	232,190		232,190
2026 Notes	3	298,052		269,931
2024 Notes	3	99,712		95,114


		$	1,174,954	$	1,142,235


	Level	Carrying Amount at December 31, 2022		Fair Value at December 31, 2022
Wells Fargo Credit Facility	3	$	225,000	$	225,000
JPM Credit Facility	3	320,000		320,000
JPM Revolver Facility	3	231,876		231,876
2026 Notes	3	297,469		264,438
2024 Notes	3	99,534		93,706
2023 Notes	3	59,973		59,399
		$	1,233,852	$	1,194,419

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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+ Details

Franklin BSP Lending Corp 10-Q