Borrowings (Tables)

3 Months Ended

Mar. 31, 2023

Debt Disclosure [Abstract]

Schedule of Long-Term Debt Instruments

The Company’s outstanding debt obligations were as follows:

	March 31, 2023
	Aggregate Principal Committed		Outstanding Principal		Carrying Value		Unamortized Debt Issuance Costs		Unused Portion (1)		Amount Available (2)
Jackson Hole Funding Facility(3)	$	400,000	$	360,019	$	360,019	$	—	$	39,981	$	39,981
Breckenridge Funding Facility	825,000		809,500		809,500		—		15,500		15,500
Big Sky Funding Facility	500,000		499,606		499,606		—		394		394
Revolving Credit Facility(4)	1,625,000		615,469		615,469		—		1,009,531		1,009,531
2023 Notes	400,000		400,000		399,381		619		—		—
2026 Notes	800,000		800,000		795,001		4,999		—		—
New 2026 Notes	700,000		700,000		693,868		6,132		—		—
2027 Notes	650,000		650,000		639,346		10,654		—		—
2028 Notes	650,000		650,000		639,664		10,336		—		—
Total	$	6,550,000	$	5,484,594	$	5,451,854	$	32,740	$	1,065,406	$	1,065,406

(1)The unused portion is the amount upon which commitment fees, if any, are based.

(2)The amount available reflects any limitations related to each respective credit facility’s borrowing base.

(3)Under the Jackson Hole Funding Facility, the Company may borrow in U.S. dollars (USD) or certain other permitted currencies. As of March 31, 2023, the Company had no borrowings denominated in currencies other than USD.

(4)Under the Revolving Credit Facility, the Company may borrow in U.S. dollars or certain other permitted currencies. As of March 31, 2023, the Company had borrowings denominated in the following currencies other than USD:

•Canadian Dollars (CAD) 274.9 million

•Euros (EUR) 97.9 million

•British Pounds (GBP) 65.4 million

	December 31, 2022
	Aggregate Principal Committed		Outstanding Principal		Carrying Value		Unamortized Debt Issuance Costs		Unused Portion (1)		Amount Available (2)
Jackson Hole Funding Facility(3)	$	400,000	$	360,019	$	360,019	$	—	$	39,981	$	39,981
Breckenridge Funding Facility	825,000		825,000		825,000		—		—		—
Big Sky Funding Facility	500,000		499,606		499,606		—		394		394
Revolving Credit Facility(4)	1,625,000		678,378		678,378		—		946,622		936,004
2023 Notes	400,000		400,000		398,850		1,150		—		—
2026 Notes	800,000		800,000		794,559		5,441		—		—
New 2026 Notes	700,000		700,000		693,432		6,568		—		—
2027 Notes	650,000		650,000		638,669		11,332		—		—
2028 Notes	650,000		650,000		639,202		10,798		—		—
Total	$	6,550,000	$	5,563,003	$	5,527,715	$	35,289	$	986,997	$	976,379

(1)The unused portion is the amount upon which commitment fees, if any, are based.

(2)The amount available reflects any limitations related to each respective credit facility’s borrowing base.

(3)Under the Jackson Hole Funding Facility, the Company may borrow in U.S. dollars (USD) or certain other permitted currencies. As of December 31, 2022, the Company had no borrowings denominated in currencies other than USD.

(4)Under the Revolving Credit Facility, the Company may borrow in USD or certain other permitted currencies. As of December 31, 2022, the Company had borrowings denominated in the following currencies other than USD:

•Canadian Dollars (CAD) 355.9 million

•Euros (EUR) 97.9 million

•British Pounds (GBP) 66.6 million

The components of interest expense were as follows:

	Three months ended March 31,
	2023		2022
Borrowing interest expense	$	62,125	$	36,496
Facility unused fees	929		384
Amortization of financing costs and debt issuance costs	1,392		1,139
Accretion of original issue discount	2,282		2,282
Total Interest Expense	$	66,728	$	40,301