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Borrowings (Tables)
 9 Months Ended
Sep. 30, 2022
Debt Disclosure [Abstract]  
Schedule of Long-Term Debt Instruments
The following table presents information on the secured and unsecured notes issued in the 2021-1 BSL Debt Securitization:
September 30, 2022
DescriptionTypePrincipal OutstandingInterest RateCredit Rating
Class A NotesSenior Secured Floating Rate$499,800 
L+1.25%
Aaa
Class B NotesSenior Secured Floating Rate38,760 
L+1.80%
Aa2
Class C NotesMezzanine Secured Deferrable Floating Rate59,160 
L+2.15%
A2
Class D NotesMezzanine Secured Deferrable Floating Rate65,280 
L+3.35%
Baa3
Class E Notes(1)Junior Secured Deferrable Floating Rate— 
L+7.00%
Ba3
Total Secured Notes663,000 
Subordinated Notes (2)156,500 NoneNot rated
Total 2021-1 BSL Notes$819,500 
(1)The Class E Notes were initially issued as unfunded, undrawn class of notes, in the amount of $57.1 million, that may be funded after closing at direction of the Company.
(2)The Company retained all of the Subordinated Notes issued in the 2021-1 Debt Securitization which are eliminated in consolidation. The following table presents information on the secured and unsecured notes issued in the 2021-2 Debt Securitization:
September 30, 2022
DescriptionTypePrincipal OutstandingInterest RateCredit Rating
Class A-L LoansSenior Secured Floating Rate$218,000 
L+1.22%
Aaa
Class A NotesSenior Secured Floating Rate149,500 
L+1.22%
Aaa
Class B NotesSenior Secured Floating Rate38,100 
L+1.75%
Aa2
Class C NotesMezzanine Secured Deferrable Floating Rate48,000 
L+2.05%
A
Class D NotesMezzanine Secured Deferrable Floating Rate52,200 
L+3.15%
BBB-
Total Secured Notes505,800 
Subordinated Notes (1)97,850 NoneNot rated
Total 2021-2 Notes$603,650 
(1)    The Company retained all of the Subordinated Notes issued in the 2021-2 Debt Securitization which are eliminated in consolidation.
The following table presents information on the secured and unsecured notes issued in the MML 2021-1 Debt Securitization:
September 30, 2022
DescriptionTypePrincipal OutstandingInterest RateCredit Rating
Class A LoansSenior Secured Floating Rate$50,000 
L+1.48%
Aaa
Class A NotesSenior Secured Floating Rate480,000 
L+1.48%
Aaa
Class B NotesSenior Secured Floating Rate80,000 
L+1.90%
Aa2
Class C NotesMezzanine Secured Deferrable Floating Rate80,000 
L+2.60%
A2
Total Secured Notes690,000 
Subordinated Notes (1)311,000 NoneNot rated
Total MML 2021-1 Notes$1,001,000 
(1)The Company retained all of the Subordinated Notes issued in the 2021-1 Debt Securitization which are eliminated in consolidation.
The following table presents information on the secured and unsecured notes issued in the MML 2022-1 Debt Securitization:
September 30, 2022
DescriptionTypePrincipal OutstandingInterest RateCredit Rating
Class A-1 NotesSenior Secured Floating Rate$525,000 
SOFR+1.65%
Aaa
Class A-2 NotesSenior Secured Fixed80,000 3.41%Aaa
Class B NotesSenior Secured Floating Rate66,000 
SOFR+2.00%
Aa2
Class C NotesMezzanine Secured Deferrable Floating Rate88,000 
SOFR+2.75%
A2
Total Secured Notes759,000 
Subordinated Notes (1)331,360 NoneNot rated
Total MML 2022-1 Notes$1,090,360 
(1)The Company retained all of the Subordinated Notes issued in the MML 2022-1 Debt Securitization which are eliminated in consolidation.
The following table presents information on the secured and unsecured notes issued in the Debt Securitization:
September 30, 2022
DescriptionTypePrincipal OutstandingInterest RateCredit Rating
Class A-1A NotesSenior Secured Floating Rate$292,000 
SOFR+1.58%
Aaa (sf)
Class A-1B NotesSenior Secured Fixed Rate50,000 4.34%Aaa (sf)
Class A-2 NotesSenior Secured Floating Rate12,000 
SOFR+2.00%
AAA (sf)
Class B-1 NotesSenior Secured Floating Rate40,000 
SOFR+2.35%
AA (sf)
Class B-2 NotesSenior Secured Fixed Rate26,000 4.98%AA (sf)
Class C Notes (1)Secured Deferrable Floating Rate51,000 
SOFR+2.60%
A (sf)
Class D Notes (1)Mezzanine Secured Deferrable Floating Rate39,000 
SOFR+3.69%
BBB- (sf)
Class E Notes (1)Junior Secured Deferrable Floating Rate21,000 
SOFR+7.33%
BB- (sf)
Total Secured Notes531,000 
Subordinated Notes (1)58,750 NoneNot rated
Total 2022-1 BSL Notes$589,750 
(1)The Company retained all of the Class C Notes, the Class D Notes, the Class E Notes and the Subordinated Notes issued in the 2022-1 BSL Debt Securitization which are eliminated in consolidation.
The following table presents information on the secured and unsecured notes issued and the secured loans incurred in the Debt Securitization:
September 30, 2022
DescriptionTypePrincipal OutstandingInterest RateCredit Rating
Class A-L LoansSenior Secured Floating Rate$275,000 
SOFR+2.10%
Aaa (sf)
Class B-1 NotesSenior Secured Floating Rate14,000 
SOFR+3.35%
Aaa (sf)
Class B-2 NotesSenior Secured Fixed Rate11,500 5.88%AAA (sf)
Class C Notes (1)Mezzanine Secured Deferrable Floating Rate40,500 
SOFR+2.50%
AA (sf)
Total Secured Debt341,000 
Subordinated Notes (1)Subordinated157,105 N/AN/A
Total Debt$498,105 
(1)The Company retained all of the Class C Notes and the Subordinated Notes issued in the 2022-2 MMLu Debt Securitization which are eliminated in consolidation.
The Company’s outstanding debt obligations were as follows:
September 30, 2022
Aggregate
Principal
Committed		Outstanding
Principal		Carrying
Value		Unused
Portion (1)		Amount
Available (2)
Bard Peak Funding Facility (3)$1,650,000 $1,449,196 $1,449,196 $200,804 $200,804 
Castle Peak Funding Facility (4)1,600,000 1,195,027 1,195,027 404,973 327,034 
Maroon Peak Funding Facility800,000 800,000 800,000 — — 
Summit Peak Funding Facility (5)2,300,000 1,535,572 1,535,572 764,428 111,342 
Denali Peak Funding Facility750,000 749,800 749,800 200 200 
Bushnell Peak Funding Facility600,000 600,000 600,000 — — 
Granite Peak Funding Facility750,000 562,700 562,700 187,300 113,734 
Middle Peak Funding Facility800,000 599,950 599,950 200,050 200,050 
Bison Peak Funding Facility1,500,000 1,467,300 1,467,300 32,700 32,700 
Blanca Peak Funding Facility1,500,000 1,000,000 1,000,000 500,000 380,923 
Windom Peak Funding Facility(6)2,000,000 1,612,648 1,612,648 387,352 386,613 
Monarch Peak Funding Facility2,000,000 1,123,400 1,123,400 876,600 46,780 
Borah Peak Funding Facility400,000 381,000 381,000 19,000 19,000 
Naomi Peak Funding Facility400,000 340,000 340,000 60,000 60,000 
Meridian Peak Funding Facility500,000 100,000 100,000 400,000 400,000 
2022-1 BSL WH400,000 168,000 168,000 232,000 232,000 
Revolving Credit Facility (7)5,150,000 1,543,710 1,543,710 3,606,290 3,578,119 
June 2024 Notes (8)(11)435,000 435,000 413,517 — — 
June 2026 Notes (8)400,000 400,000 397,444 — — 
September 2024 Notes (8)(11)365,000 365,000 344,879 — — 
December 2026 Notes (8)(11)1,250,000 1,250,000 1,155,655 — — 
November 2026 Eurobonds (8)(9)580,475 580,475 484,402 — — 
November 2024 Notes (8)(11)500,000 500,000 470,872 — — 
March 2027 Notes (8)1,000,000 1,000,000 988,722 — — 
January 2025 Notes (8)(11)500,000 500,000 469,326 — — 
January 2029 Notes (8)650,000 650,000 638,778 — — 
March 2025 Notes (8)(11)900,000 900,000 852,378 — — 
May 2027 Notes (8)(11)625,000 625,000 593,636 — — 
April 2026 UK Bonds (8)(9)(12)326,925 326,925 248,301 — — 
September 2025 Notes600,000 600,000 590,541 — — 
2021-1 BSL Debt (10)663,000 663,000 661,975 — — 
2022-1 BSL Debt (10)420,000 420,000 418,376 — — 
2021-2 Debt (10)505,800 505,800 504,222 — — 
MML 2021-1 Debt (10)690,000 690,000 685,943 — — 
MML 2022-1 Debt (10)759,000 759,000 753,757 — — 
MML 2022-2 Debt(10)300,500 300,500 297,971 — — 
Short-Term Borrowings844,083 844,083 844,083 — — 
Total$35,414,783 $27,543,087 $27,043,081 $7,871,697 $6,089,299 
December 31, 2021
Aggregate
Principal
Committed		Outstanding
Principal		Carrying
Value		Unused
Portion (1)		Amount
Available (2)
Bard Peak Funding Facility (3)$1,650,000 $879,000 $879,000 $771,000 $— 
Castle Peak Funding Facility (4)1,600,000 1,171,809 1,171,809 428,191 131,041 
Maroon Peak Funding Facility700,000 483,952 483,952 216,048 216,048 
Summit Peak Funding Facility (5)2,000,000 1,643,154 1,643,154 356,846 86,767 
Denali Peak Funding Facility675,000 668,400 668,400 6,600 6,600 
Bushnell Peak Funding Facility600,000 395,500 395,500 204,500 98,376 
Granite Peak Funding Facility250,000 248,000 248,000 2,000 2,000 
Middle Peak Funding Facility800,000 799,550 799,550 450 68 
Bison Peak Funding Facility1,500,000 1,320,800 1,320,800 179,200 69,364 
Blanca Peak Funding Facility1,000,000 892,800 892,800 107,200 107,200 
Windom Peak Funding Facility(6)1,000,000 989,759 989,759 10,241 6,471 
Monarch Peak Funding Facility1,000,000 567,400 567,400 432,600 68,250 
Revolving Credit Facility (7)3,250,000 1,144,422 1,144,422 2,105,578 2,105,578 
June 2024 Notes (8)435,000 435,000 431,854 — — 
June 2026 Notes (8)400,000 400,000 396,952 — — 
September 2024 Notes (8)365,000 365,000 361,805 — — 
December 2026 Notes (8)1,250,000 1,250,000 1,227,844 — — 
November 2026 Eurobonds (8)(9)569,958 569,958 563,695 — — 
November 2024 Notes (8)500,000 500,000 496,054 — — 
March 2027 Notes (8)1,000,000 1,000,000 987,298 — — 
2021-1 BSL Debt (10)663,000 663,000 661,910 — — 
2021-2 Debt (10)505,800 505,800 504,124 — — 
MML 2021-1 Debt (10)690,000 690,000 685,696 — — 
Short-Term Borrowings718,156 718,156 718,156 — — 
Total$23,121,914 $18,301,460 $18,239,934 $4,820,454 $2,897,763 
(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 Bard Peak Funding Facility, the Company may borrow in U.S. dollars or certain other permitted currencies. As of September 30, 2022, the Company had borrowings denominated in Canadian Dollars (CAD) and Euros (EUR) of 39.2 million and 36.0 million, respectively.
(4)Under the Castle Peak Funding Facility, the Company may borrow in U.S. dollars or certain other permitted currencies. As of September 30, 2022, the Company had borrowings denominated in Canadian Dollars (CAD), British Pounds (GBP), and Euros (EUR) of 60.0 million, 42.4 million, and 36.0 million respectively. As of December 31, 2021, the Company had borrowings denominated in Canadian Dollars (CAD) and British Pounds (GBP) of 60.0 million and 42.4 million, respectively.
(5)Under the Summit Peak Funding Facility, the Company may borrow in U.S. dollars or certain other permitted currencies. As of September 30, 2022, the Company had borrowings denominated in Canadian Dollars (CAD) and British Pounds (GBP) of 99.2 million and 6.1 million, respectively. As of December 31, 2021, the Company had borrowings denominated in Canadian Dollars (CAD) of 60.0 million.
(6)Under the Windom Peak Funding Facility, the Company may borrow in U.S. dollars or certain other permitted currencies. As of September 30, 2022 and December 31, 2021, the Company had borrowings denominated in British Pounds (GBP) of 43.6 million and 43.6 million, respectively.
(7)Under the Revolving Credit Facility, the Company may borrow in U.S. dollars or certain other permitted currencies. As of September 30, 2022, the Company had borrowings denominated in Canadian Dollars (CAD), Swiss Franc (CHF), British Pounds (GBP), and Euros (EUR) of 323.6 million, 105.1 million, 660.3 million, and 75.5 million, respectively . As December 31, 2021 the Company had borrowings denominated in Canadian Dollars (CAD) and British Pounds (GBP) of 46.8 million and 156.9 million, respectively.
(8)The carrying value of the Company's June 2024 Notes, June 2026 Notes, September 2024 Notes, December 2026 Notes, November 2026 Eurobonds, November 2024 Notes, March 2027 Notes, January 2025 Notes, January 2029 Notes, March 2025 Notes, May 2027 Notes, April 2026 UK Bonds, and September 2025 Notes are presented net of unamortized debt issuance costs of $2.2 million, $2.5 million, $2.3 million, $19.6 million, $6.1 million, $3.1 million, $11.3 million, $3.9 million, $11.2 million, $7.3 million, $2.5 million, $3.1 million, and $8.9 million, respectively, as of September 30, 2022. The carrying value of the Company's June 2024 Notes, September 2024 Notes, June 2026 Notes, December 2026 Notes, November 2026 Eurobonds, November 2024 Notes and March 2027 Notes are presented net of unamortized debt issuance costs of $3.1 million, $3.2 million, $3.0 million, $22.2 million, $6.3 million, $3.9 million and $12.7 million, respectively, as of December 31, 2021.
(9)The November 2026 Eurobonds are denominated in Euros and were converted from local currency (EUR) to U.S. Dollars at the time of the transaction. The April 2026 UK Bonds are denominated in British Pounds and were converted from local currency (GBP) to U.S. Dollars at the time of the transaction.
(10)The carrying value of the Company’s 2021-1 BSL Debt, 2022-1 BSL Debt, 2021-2 Debt, MML 2021-1 Debt, MML 2022-1 Debt and MML 2022-2 Debt is presented net of unamortized debt issuance costs of $1.0 million, $1.6 million, $1.6 million, $4.2 million, $5.3 million, and $2.5 million as of September 30, 2022. The carrying value of the Company’s 2021-1 BSL Debt, 2021-2 Debt and MML 2021-1 Debt is presented net of unamortized debt issuance costs of $1.1 million, $1.7 million and $4.3 million as of December 31, 2021.
(11)Inclusive of change in fair market value of effective hedge.
The components of interest expense were as follows:
Three Months Ended September 30,
20222021
Borrowing interest expense$278,356 $34,795 
Facility unused fees6,542 1,929 
Accretion of original issue discount4,989 533 
Amortization of financing costs and debt issuance costs7,192 2,502 
Gain (loss) from interest rate swaps accounted for as hedges and the related hedged items:
Interest rate swaps(167,469)— 
Hedged items165,162 — 
Total interest expense$294,772 $39,759 
Cash paid for interest expense$43,572 $23,908 
Nine Months Ended September 30,
20222021
Borrowing interest expense$512,340 $52,604 
Facility unused fees21,946 2,611 
Accretion of original issue discount13,318 563 
Amortization of financing costs and debt issuance costs20,066 4,766 
Gain (loss) from interest rate swaps accounted for as hedges and the related hedged items:
Interest rate swaps(263,674)— 
Hedged items262,336 — 
Total interest expense$566,332 $60,544 
Cash paid for interest expense$405,828 $35,752