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Borrowings (Tables)
 3 Months Ended
Mar. 31, 2025
Debt Disclosure [Abstract]  
Schedule of Long-Term Debt Instruments
The following table presents information on the secured notes issued and the secured loans incurred in the 2024-1 Debt Securitization:
March 31, 2025
DescriptionTypePrincipal OutstandingInterest RateCredit Rating
Class A Notes (2)
Senior Secured Floating Rate$— SOFR + 1.51%Aaa
Class A-L Loans (2)
Senior Secured Floating Rate412,500 SOFR + 1.51%Aaa
Class B NotesSenior Secured Floating Rate45,000 SOFR + 1.78%Aa2
Class C Notes (1)
Mezzanine Secured Deferrable Floating Rate52,500 SOFR + 2.00%A2
Total Secured Notes510,000 
Subordinated Notes (1)
Subordinated236,770 NoneNot Rated
Total 2024-1 Notes$746,770 None
(1)The Company retained all of the Class C Notes and the Subordinated Notes issued in the 2024-1 Debt Securitization which are eliminated in consolidation.
(2)Upon a conversion of the Class A-L Loans in accordance with the Indenture and the Class A-L Loan Agreement, the Aggregate Outstanding Amount of the Class A Notes may be increased by up to $412.5 million and the Aggregate Outstanding Amount of the Class A-L Loans reduced by a corresponding amount.
The Company’s outstanding debt obligations were as follows:
March 31, 2025
Aggregate Principal CommittedOutstanding PrincipalCarrying Value (net of unamortized issuance costs, premiums and discounts)Unamortized Debt Issuance Costs (including premiums and discounts)
Unused Portion (1)
Amount Available (2)
Jackson Hole Funding Facility (3)
$500,000 $399,874 $399,874 $— $100,126 $100,126 
Breckenridge Funding Facility1,175,000 600,350 600,350 — 574,650 574,650 
Big Sky Funding Facility650,000 439,650 439,650 — 210,350 210,350 
BXSL 2025-1 Facility400,000 — — — 400,000 400,000 
Revolving Credit Facility (4)
2,225,000 1,117,076 1,117,076 — 1,107,924 1,107,924 
2026 Notes800,000 800,000 798,582 1,418 — — 
New 2026 Notes700,000 700,000 697,416 2,584 — — 
2027 Notes650,000 650,000 644,844 5,156 — — 
2028 Notes650,000 650,000 643,421 6,579 — — 
November 2027 Notes (5)
400,000 400,000 401,761 5,318 — — 
April 2028 Notes (5)
700,000 700,000 693,237 8,220 — — 
June 2030 Notes (5)
500,000 500,000 491,773 11,080 — — 
2024-1 Notes457,500 457,500 455,134 2,366 — — 
Total$9,807,500 $7,414,450 $7,383,118 $42,721 $2,393,050 $2,393,050 
(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 USD or certain other permitted currencies. As of March 31, 2025, 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 March 31, 2025, the Company had non-USD borrowings denominated in the following currencies:
•CAD 38.2 million
•EUR 279.7 million
•GBP 289.5 million
•AUD 1.0 million
(5)Carrying value is inclusive of adjustment for the change in fair value of effective hedge relationship.
December 31, 2024
Aggregate Principal CommittedOutstanding PrincipalCarrying ValueUnamortized Debt Issuance Costs
Unused Portion (1)
Amount Available (2)
Jackson Hole Funding Facility (3)
$500,000 $399,874 $399,874 $— $100,126 $100,126 
Breckenridge Funding Facility1,175,000 649,350 649,350 — 525,650 525,650 
Big Sky Funding Facility650,000 400,000 400,000 — 250,000 227,766 
BXSL 2025-1 Facility400,000 — — — 400,000 400,000 
Revolving Credit Facility (4)
2,225,000 1,287,140 1,287,140 — 937,860 937,860 
2026 Notes800,000 800,000 798,145 1,855 — — 
New 2026 Notes700,000 700,000 696,980 3,020 — — 
2027 Notes650,000 650,000 644,167 5,833 — — 
2028 Notes650,000 650,000 642,963 7,037 — — 
November 2027 Notes (5)
400,000 400,000 397,898 5,818 — — 
April 2028 Notes (5)
700,000 700,000 684,491 8,897 — — 
2024-1 Notes457,500 457,500 455,083 2,417 — — 
Total$9,307,500 $7,093,864 $7,056,091 $34,877 $2,213,636 $2,191,402 
(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 USD or certain other permitted currencies. As of December 31, 2024, 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, 2024, the Company had non-USD borrowings denominated in the following currencies:
•CAD 38.2 million
•EUR 277.7 million
•GBP 266.3 million
•AUD 1.0 million
(5)Carrying value is inclusive of adjustment for the change in fair value of effective hedge relationship.
The components of interest expense were as follows:
Three Months Ended March 31,
20252024
Borrowing interest expense$87,640 $61,165 
Facility unused fees1,701 1,816 
Amortization of deferred financing costs1,409 1,698 
Amortization of original issue discount and debt issuance costs (including premiums and discounts)3,350 2,041 
Gain (loss) from interest rate swaps accounted for as hedges and the related hedged items:
Interest rate swaps(15,409)— 
Hedged items14,285 — 
Total Interest Expense$92,976 $66,720 
Cash paid for interest expense$96,301 $72,624 
Schedule Of Assets And Liabilities, Collateral Management Agreement
The following presents the assets and liabilities of the 2024-1 Issuer, after giving effect to the elimination of intercompany balances. The assets of the 2024-1 Issuer are restricted to be used to settle the obligations of 2024-1 Issuer. The liabilities of the 2024-1 Issuer are only the obligations of the 2024-1 Issuer and the creditors (or beneficial interest holders) do not have recourse to the Company.
 March 31, 2025December 31, 2024
ASSETS
Investments at fair value
Non-controlled/non-affiliated investments$732,581 $736,551 
Total investments at fair value
732,581 736,551 
Cash and cash equivalents (restricted cash of $67,699 and $2,499, respectively)
67,699 2,499 
Interest receivable from non-controlled/non-affiliated investments
14,534 8,268 
Total assets$814,814 $747,318 
LIABILITIES
Debt (net of unamortized debt issuance costs of $2,366 and $2,417, respectively)
$455,134 $455,083 
Interest payable
9,984 3,125 
Total liabilities$465,118 $458,208