There might be, but I think the real question should be closer to: "Are there no other avenues for securing capital that are close to your ARR with costs as low

There might be, but I think the real question should be closer to: "Are there no other avenues for securing capital that are close to your ARR with costs as low as you'd get during a new funding round?" I don't have an answer to your question, but access to cheap capital is just one reason why you may want to fundraise when the money isn't necessary.