Debt (Tables)

6 Months Ended

Jun. 30, 2024

Debt Disclosure [Abstract]

Schedule of Components of Interest Expense

For the three and six months ended June 30, 2024 and 2023, the components of interest expense related to the 2023 Notes, 2024 Notes, 2026 Notes, 2028 Notes and 2029 Notes were as follows:

	Three Months Ended				Six Months Ended
	June 30, 2024		June 30, 2023		June 30, 2024		June 30, 2023
Interest expense	$	15,813	$	5,241	$	30,733	$	10,877
Accretion of original issue discount		421		195		816		387
Amortization of deferred financing costs		900		440		1,757		913
Total Interest Expense	$	17,134	$	5,876	$	33,306	$	12,177

For the three and six months ended June 30, 2024 and 2023, the components of interest expense were as follows:

	Three Months Ended						Six Months Ended
	June 30, 2024			June 30, 2023			June 30, 2024			June 30, 2023
Interest expense	$	25,646		$	23,915		$	52,198		$	44,320
Commitment fees		1,090			612			2,090			1,266
Amortization of deferred financing costs		1,741			1,085			3,446			2,312
Accretion of original issue discount		421			195			816			387
Swap settlement		10,336			6,635			19,716			12,643
Total Interest Expense	$	39,234		$	32,442		$	78,266		$	60,928
Average debt outstanding (in millions)	$	1,857.8		$	1,713.0		$	1,870.9		$	1,641.8
Weighted average interest rate		7.7	%		7.1	%		7.7	%		6.9	%

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

As June 30, 2024, the components of the carrying value of the 2024 Notes, 2026 Notes, 2028 Notes and 2029 Notes and the stated interest rate were as follows:

	June 30, 2024
	2024 Notes			2026 Notes			2028 Notes			2029 Notes
Principal amount of debt	$	347,500		$	300,000		$	300,000		$	350,000
Original issue discount, net of accretion		(136	)		(871	)		(1,519	)		(3,114	)
Deferred financing costs		(345	)		(1,559	)		(3,563	)		(4,587	)
Fair value of an effective hedge		(4,979	)		(25,376	)		(2,542	)		(6,339	)
Carrying value of debt	$	342,040		$	272,194		$	292,376		$	335,960
Stated interest rate		3.88	%		2.50	%		6.95	%		6.13	%

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

	December 31, 2023
	2024 Notes			2026 Notes			2028 Notes
Principal amount of debt	$	347,500		$	300,000		$	300,000
Original issue discount, net of accretion		(335	)		(1,072	)		(1,675	)
Deferred financing costs		(852	)		(1,932	)		(3,994	)
Fair value of an effective hedge		(10,409	)		(26,111	)		4,680
Carrying value of debt	$	335,904		$	270,885		$	299,011
Stated interest rate		3.88	%		2.50	%		6.95	%

Schedule of Debt Obligations

Debt obligations consisted of the following as of June 30, 2024 and December 31, 2023:

	June 30, 2024
	Aggregate Principal Amount Committed		Outstanding Principal		Amount Available (1)		Carrying Value (2)(3)
Revolving Credit Facility	$	1,700,000	$	487,542	$	1,209,456	$	470,335
2024 Notes		347,500		347,500		—		342,040
2026 Notes		300,000		300,000		—		272,194
2028 Notes		300,000		300,000		—		292,376
2029 Notes		350,000		350,000		—		335,960
Total Debt	$	2,997,500	$	1,785,042	$	1,209,456	$	1,712,905

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

(2)The carrying values of the Revolving Credit Facility, 2024 Notes, 2026 Notes, 2028 Notes and 2029 Notes are presented net of the combination of deferred financing costs and original issue discounts totaling $17.2 million, $0.5 million, $2.4 million, $5.1 million and $7.7 million, respectively.

(3)The carrying values of the 2024 Notes, 2026 Notes, 2028 Notes and 2029 Notes are presented inclusive of an incremental $(5.0) million, $(25.4) million, $(2.5) million and $(6.3) million, respectively, which represents an adjustment in the carrying values of the 2024 Notes, 2026 Notes, 2028 Notes and 2029 Notes, each resulting from a hedge accounting relationship.

	December 31, 2023
	Aggregate Principal Amount Committed		Outstanding Principal		Amount Available (1)		Carrying Value (2)(3)
Revolving Credit Facility	$	1,710,000	$	889,659	$	820,160	$	874,507
2024 Notes		347,500		347,500		—		335,904
2026 Notes		300,000		300,000		—		270,885
2028 Notes		300,000		300,000		—		299,011
Total Debt	$	2,657,500	$	1,837,159	$	820,160	$	1,780,307

(1)The amount available may be subject to limitations related to the borrowing base under the Revolving Credit Facility, outstanding letters of credit 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 $15.2 million, $1.2 million, $3.0 million and $5.7 million, respectively.

(3)The carrying values of the 2024 Notes, 2026 Notes and 2028 Notes are presented inclusive of an incremental $(10.4) million, $(26.1) million and $4.7 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.