Quarterly report pursuant to Section 13 or 15(d)

Debt Obligations (Tables)

Debt Obligations (Tables)
6 Months Ended
Jun. 30, 2022
Debt Disclosure [Abstract]  
Debt obligations and activity
Debt consists of the following:

June 30, 2022 December 31, 2021
Month Issued Outstanding Face Amount Carrying Value Maximum Facility Size Final Stated Maturity Weighted Average
Carrying Value(a)
Funding Cost Life (Years)
Revolving credit facility(a)
Apr 2021 $ 20,613  $ 20,613  $ 30,000  Apr 2023 6.6  % 0.8 $ 20,613 
a.In March 2016, Sunlight entered into a Loan and Security Agreement with a lender (“Prior Lender”). In May 2019, Sunlight and Prior Lender amended and restated the agreement to provide Sunlight a $15.0 million revolving credit facility (“Prior Facility”). In April 2021, Sunlight paid the Prior Facility in full using proceeds from a Loan and Security Agreement into which Sunlight entered with a Lender and replaced the associated standby letter of credit. Borrowings under the current $30.0 million revolving credit facility, secured by the net assets of Sunlight Financial LLC, bear interest at a per annum rate equal to the sum of (i) a floating rate index and (ii) a fixed margin. The facility includes unused facility costs, and amounts borrowed under this facility are nonrecourse to Sunlight Financial Holdings Inc.
Activities related to the carrying value of Sunlight’s debt obligations were as follows:
Successor Predecessor Successor Predecessor
For the Three Months Ended June 30, For the Three Months Ended June 30, For the Six Months Ended June 30, For the Six Months Ended June 30,
2022 2021 2022 2021
Beginning Balance $ 20,613  $ 14,625  $ 20,613  $ 14,625 
Borrowings —  20,746  —  20,746 
Repayments —  (14,758) —  (14,758)
Amortization of deferred financing costs(a)
—  —  —  — 
Ending Balance $ 20,613  $ 20,613  $ 20,613  $ 20,613 
a.Excludes $0.0 million and $0.0 million amortization of deferred financing costs for the three and six months ended June 30, 2021, respectively. Sunlight includes amortization of these costs within “Depreciation and Amortization” in the accompanying Unaudited Condensed Consolidated Statements of Operations. Unamortized deferred financing costs upon closing of the Business Combination did not qualify as acquired assets; therefore, Sunlight did not have any such unamortized costs at June 30, 2022 or December 31, 2021 and did not amortize any such costs for the three or six months ended June 30, 2022.