Debt (Tables)

9 Months Ended

Sep. 30, 2023

Debt Disclosure [Abstract]

Schedule of Components of Interest Expense

For the three and nine months ended September 30, 2023 and 2022, the components of interest expense related to the 2023 Notes, 2024 Notes, 2026 Notes and 2028 Notes were as follows:

	Three Months Ended				Nine Months Ended
	September 30, 2023		September 30, 2022		September 30, 2023		September 30, 2022
Interest expense	$	7,963	$	6,929	$	18,840	$	20,787
Accretion of original issue discount		237		193		623		571
Amortization of deferred financing costs		555		607		1,469		1,801
Total Interest Expense	$	8,755	$	7,729	$	20,932	$	23,159

For the three and nine months ended September 30, 2023 and 2022, the components of interest expense were as follows:

	Three Months Ended						Nine Months Ended
	September 30, 2023			September 30, 2022			September 30, 2023			September 30, 2022
Interest expense	$	24,752		$	14,632		$	69,073		$	34,439
Commitment fees		803			892			2,070			3,268
Amortization of deferred financing costs		1,413			1,424			3,725			4,306
Accretion of original issue discount		237			193			623			571
Swap settlement		7,837			1,710			20,480			(2,168	)
Total Interest Expense	$	35,042		$	18,851		$	95,971		$	40,416
Average debt outstanding (in millions)	$	1,730.8		$	1,490.9		$	1,671.8		$	1,287.1
Weighted average interest rate		7.5	%		4.4	%		7.1	%		3.3	%

Schedule of Component of Carrying Value of Convertible Notes and Interest Rate

As September 30, 2023 and December 31, 2022, the components of the carrying value of the 2023 Notes, 2024 Notes, 2026 Notes and 2028 Notes and the stated interest rate were as follows:

	September 30, 2023									December 31, 2022
	2024 Notes			2026 Notes			2028 Notes			2023 Notes			2024 Notes			2026 Notes
Principal amount of debt	$	347,500		$	300,000		$	300,000		$	150,000		$	347,500		$	300,000
Original issue discount, net of accretion		(434	)		(1,172	)		(1,751	)		(1	)		(721	)		(1,468	)
Deferred financing costs		(1,109	)		(2,120	)		(4,198	)		(39	)		(1,869	)		(2,679	)
Fair value of an effective hedge		(15,140	)		(34,724	)		(6,079	)	—				(19,418	)		(35,665	)
Carrying value of debt	$	330,817		$	261,984		$	287,972		$	149,960		$	325,492		$	260,188
Stated interest rate		3.88	%		2.50	%		6.95	%		4.50	%		3.88	%		2.50	%

Schedule of Debt Obligations

Debt obligations consisted of the following as of September 30, 2023 and December 31, 2022:

	September 30, 2023
	Aggregate Principal Amount Committed		Outstanding Principal		Amount Available (1)		Carrying Value (2)(3)
Revolving Credit Facility	$	1,710,000	$	758,247	$	951,572	$	742,237
2024 Notes		347,500		347,500		—		330,817
2026 Notes		300,000		300,000		—		261,984
2028 Notes		300,000		300,000		—		287,972
Total Debt	$	2,657,500	$	1,705,747	$	951,572	$	1,623,010

(1)The amount available may be subject to limitations related to the borrowing base under the Revolving Credit Facility and asset coverage requirements.

(2)The carrying values of the Revolving Credit Facility, 2024 Notes, 2026 Notes and 2028 Notes are presented net of the combination of deferred financing costs and original issue discounts totaling $16.0 million, $1.5 million, $3.3 million and $5.9 million, respectively.

(3)The carrying values of the 2024 Notes, 2026 Notes and 2028 Notes are presented inclusive of an incremental $(15.1) million, $(34.7) million and $(6.1) million, respectively, which represents an adjustment in the carrying values of the 2024 Notes, 2026 Notes and 2028 Notes, each resulting from a hedge accounting relationship.

	December 31, 2022
	Aggregate Principal Amount Committed		Outstanding Principal		Amount Available (1)		Carrying Value (2)(3)
Revolving Credit Facility	$	1,585,000	$	719,328	$	865,672	$	706,156
2023 Notes		150,000		150,000		—		149,960
2024 Notes		347,500		347,500		—		325,492
2026 Notes		300,000		300,000		—		260,188
Total Debt	$	2,382,500	$	1,516,828	$	865,672	$	1,441,796

(1)The amount available may be subject to limitations related to the borrowing base under the Revolving Credit Facility and asset coverage requirements.

(2)The carrying values of the Revolving Credit Facility, 2023 Notes, 2024 Notes and 2026 Notes are presented net of the combination of deferred financing costs and original issue discounts totaling $13.2 million, less than $0.1 million, $2.6 million and $4.1 million, respectively.

(3)The carrying values of the 2024 Notes and 2026 Notes are presented inclusive of an incremental $(19.4) million and $(35.7) million, respectively, which represents an adjustment in the carrying values of the 2024 Notes and 2026 Notes, each resulting from a hedge accounting relationship.