Debt and Foreign Currency Transactions and Translations (Tables)

3 Months Ended

Mar. 31, 2024

Debt And Foreign Currency Transactions And Translations [Abstract]

Schedule of Outstanding Debt Obligations

The Company’s outstanding debt obligations as of March 31, 2024 were as follows:

	Date Issued/ Amended	Total Aggregate Principal Amount Committed			Principal Amount Outstanding				Fair Value				Final Maturity Date
Senior Secured Facility	4/19/2023	$	1,705,000	**	$	625,110		*	$	625,110	(1	)	4/19/2028
Bethesda CLO 1 Class A-1	11/2/2023		232,000			232,000				232,000	(2	)	10/23/2035
2025 Notes	3/3/2015		350,000			350,000				344,100	(2	)	3/3/2025
2026 Notes	7/16/2021		125,000			125,000				116,165	(2	)	7/16/2026
2028 Notes	12/13/2023		80,000			80,000				81,184	(3	)	12/15/2028
Total Debt Obligations		$	2,492,000		$	1,412,110			$	1,398,559
Deferred Financing Costs and Debt Discount						(6,989	)
Total Debt Obligations, net of Deferred Financing Cost and Debt Discount					$	1,405,121

* Includes foreign currency debt obligations as outlined in Foreign Currency Transactions and Translations within this note to the consolidated financial statements.

** Prior to November 19, 2022, total lender commitments were $1,810,000. As of March 31, 2024, total lender commitments were $1,705,000. The total lender commitments will remain $1,705,000 until December 22, 2024 and will decrease to $1,550,000 thereafter.

(1)The fair value of these debt obligations would be categorized as Level 3 under ASC 820 as of March 31, 2024. The valuation is based on a yield analysis and discount rate commensurate with the market yields for similar types of debt.

(2)The fair value of these debt obligations would be categorized as Level 2 under ASC 820 as of March 31, 2024. The valuation is based on broker quoted prices.

(3)The fair value of these debt obligations would be categorized as Level 1 under ASC 820 as of March 31, 2024. The valuation is arrived using the closing price on exchange as on the relevant date.

The Company’s outstanding debt obligations as of December 31, 2023 were as follows:

	Date Issued/ Amended	Total Aggregate Principal Amount Committed			Principal Amount Outstanding				Fair Value				Final Maturity Date
Senior Secured Facility	4/19/2023	$	1,705,000	**	$	682,977		*	$	682,977	(1	)	4/19/2028
Bethesda CLO 1 Class A-1	11/2/2023		232,000			232,000				232,000	(2	)	10/23/2035
2025 Notes	3/3/2015		350,000			350,000				336,013	(2	)	3/3/2025
2026 Notes	7/16/2021		125,000			125,000				114,291	(2	)	7/16/2026
2028 Notes	12/13/2023		80,000			80,000				81,600	(3	)	12/15/2028
Total Debt Obligations		$	2,492,000		$	1,469,977			$	1,446,881
Deferred Financing Costs and Debt Discount					$	(7,710	)
Total Debt Obligations, net of Deferred Financing Cost and Debt Discount					$	1,462,267

* Includes foreign currency debt obligations as outlined in Foreign Currency Transactions and Translations within this note to the consolidated financial statements.

** Prior to November 19, 2022, total lender commitments were $1,810,000. As of December 31, 2023, total lender commitments were $1,705,000.

(1)The fair value of these debt obligations would be categorized as Level 3 under ASC 820 as of December 31, 2023. The valuation is based on a yield analysis and discount rate commensurate with the market yields for similar types of debt.

(2)The fair value of these debt obligations would be categorized as Level 2 under ASC 820 as of December 31, 2023. The valuation is based on broker quoted prices.

(3)The fair value of these debt obligations would be categorized as Level 1 under ASC 820 as of December 31, 2023. The valuation is arrived using the closing price on exchange as on the relevant date.

Summary of Secured and Unsecured Notes Issued

The following table presents information on the secured and unsecured notes issued in the Bethesda CLO 1:

			March 31, 2024
Description	Type	Principal Outstanding			Interest Rate	Credit Rating
Class A-1 Notes	Senior Secured Floating Rate			232,000	SOFR + 2.40%	AAA(sf)/ AAAsf
Class A-2 Notes (1)	Senior Secured Floating Rate			16,000	SOFR + 2.90%	AAA(sf)
Total Secured Notes				248,000
Subordinated Notes (1)				154,360	None	NR
Total Bethesda CLO 1 Notes		$		402,360

(1) The Company retained (in the Bethesda CLO 1 Depositor) all of the Class A-2 Notes and the Subordinated Notes issued in the Bethesda CLO 1 Debt Securitization which are eliminated in consolidation.

Summary of Average and Maximum Debt Outstanding, Interest and Debt Issuance Cost

The following table summarizes the average and maximum debt outstanding, and the interest and debt issuance cost for the three months ended March 31, 2024 and 2023:

	Three Months Ended March 31,
		2024				2023
Average debt outstanding	$		1,370,740		$		1,451,485
Maximum amount of debt outstanding			1,461,563				1,484,362
Weighted average annualized interest cost (1)			7.09	%			6.46	%
Annualized amortized debt issuance cost			0.56	%			0.39	%
Total annualized interest cost			7.65	%			6.85	%

________________

(1)Includes the stated interest expense and commitment fees on the unused portion of the Senior Secured Facility. Commitment fees for the three months ended March 31, 2024 and 2023 were $1,039 and $670 respectively.

Schedule of Foreign-denominated Debt Outstanding

The Company had the following foreign-denominated debt outstanding on the Senior Secured Facility as of March 31, 2024:

	Original Principal Amount (Local)		Original Principal Amount (USD)		Principal Amount Outstanding		Unrealized Gain/(Loss)			Reset Date
British Pound	£	14,900	$	18,538	$	18,810	$	(272	)		4/30/2024
Total			$	18,538	$	18,810	$	(272	)

The Company had the following foreign-denominated debt outstanding on the Senior Secured Facility as of December 31, 2023:

	Original Principal Amount (Local)		Original Principal Amount (USD)		Principal Amount Outstanding		Unrealized Gain/(Loss)			Reset Date
British Pound	£	36,900	$	45,909	$	46,977	$	(1,068	)		1/31/2024
Total			$	45,909	$	46,977	$	(1,068	)