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Borrowings (Tables)
 9 Months Ended
Sep. 30, 2023
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, 2023
DescriptionTypePrincipal OutstandingInterest RateCredit Rating
Class A NotesSenior Secured Floating Rate$499,800 
SOFR + 1.25%
Aaa
Class B NotesSenior Secured Floating Rate38,760 
SOFR + 1.80%
Aa2
Class C NotesMezzanine Secured Deferrable Floating Rate59,160 
SOFR + 2.15%
A2
Class D NotesMezzanine Secured Deferrable Floating Rate65,280 
SOFR + 3.35%
Baa3
Class E Notes (1)
Junior Secured Deferrable Floating Rate— 
SOFR + 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, 2023
DescriptionTypePrincipal OutstandingInterest RateCredit Rating
Class A-L LoansSenior Secured Floating Rate$218,000 
SOFR + 1.22%
Aaa
Class A NotesSenior Secured Floating Rate149,500 
SOFR + 1.22%
Aaa
Class B NotesSenior Secured Floating Rate38,100 
SOFR + 1.75%
Aa2
Class C NotesMezzanine Secured Deferrable Floating Rate48,000 
SOFR + 2.05%
Not rated
Class D NotesMezzanine Secured Deferrable Floating Rate52,200 
SOFR + 3.15%
Not rated
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, 2023
DescriptionTypePrincipal OutstandingInterest RateCredit Rating
Class A LoansSenior Secured Floating Rate$50,000 
SOFR + 1.48%
Aaa
Class A NotesSenior Secured Floating Rate480,000 
SOFR + 1.48%
Aaa
Class B NotesSenior Secured Floating Rate80,000 
SOFR + 1.90%
Aa2
Class C NotesMezzanine Secured Deferrable Floating Rate80,000 
SOFR + 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, 2023
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, 2023
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 MML 2022-2 Debt Securitization:
September 30, 2023
DescriptionTypePrincipal OutstandingInterest RateCredit Rating
Class A-L NotesSenior Secured Floating Rate$275,000 
SOFR + 2.10%
Aaa (sf)
Class B-1 NotesSenior Secured Floating Rate14,000 
SOFR + 3.35%
Aa2
Class B-2 NotesSenior Secured Fixed Rate11,500 5.88%Aa2
Class C Notes (1)
Mezzanine Secured Deferrable Floating Rate40,500 
SOFR + 2.50%
A2
Total Secured Notes341,000 
Subordinated Notes (1)
Subordinated157,105 NoneNot rated
Total Debt$498,105 
(1)    The Company retained all of the Class C Notes and the Subordinated Notes issued in the 2022-2 MML Debt Securitization which are eliminated in consolidation.
The Company’s outstanding debt obligations were as follows:

September 30, 2023
Aggregate
Principal
Committed		Outstanding
Principal		Carrying
Value		Unamortized Debt Issuance Costs
Unused
Portion (1)
Amount
Available (2)
Bard Peak Funding Facility (3)
$1,650,000 $507,074 $507,074 $— $1,142,926 $983,358 
Castle Peak Funding Facility (3)
1,600,000 1,119,717 1,119,717 — 480,283 72,323 
Summit Peak Funding Facility (3)
2,300,000 531,099 531,099 — 1,768,901 1,388,054 
Denali Peak Funding Facility750,000 562,800 562,800 — 187,200 187,200 
Bushnell Peak Funding Facility600,000 430,000 430,000 — 170,000 38,993 
Granite Peak Funding Facility750,000 675,600 675,600 — 74,400 22,911 
Middle Peak Funding Facility1,000,000 600,950 600,950 — 399,050 270,427 
Bison Peak Funding Facility1,500,000 700,000 700,000 — 800,000 800,000 
Blanca Peak Funding Facility1,500,000 1,375,100 1,375,100 — 124,900 124,900 
Windom Peak Funding Facility (3)
2,150,000 1,290,314 1,290,314 — 859,686 859,686 
Monarch Peak Funding Facility2,000,000 1,400,400 1,400,400 — 599,600 349,924 
Borah Peak Funding Facility400,000 80,000 80,000 — 320,000 111,944 
Naomi Peak Funding Facility400,000 385,000 385,000 — 15,000 15,000 
Meridian Peak Funding Facility350,000 220,000 220,000 — 130,000 130,000 
Haydon Peak Funding Facility250,000 49,000 49,000 — 201,000 201,000 
Bear Peak Funding Facility (3)
529,375 370,660 370,660 — 158,715 158,715 
Revolving Credit Facility (4)
5,150,000 1,092,402 1,092,402 — 4,057,598 4,057,236 
June 2024 Notes (5)
435,000 435,000 422,097 940 — — 
June 2026 Notes400,000 400,000 398,104 1,896 — — 
May 2027 Notes (5)
625,000 625,000 587,180 1,988 — — 
October 2027 Notes (5)
350,000 350,000 334,814 5,556 — — 
September 2024 Notes (5)
365,000 365,000 350,952 1,132 — — 
December 2026 Notes (5)
1,250,000 1,250,000 1,152,272 15,479 — — 
November 2026 Eurobonds529,375 529,375 523,982 4,943 — — 
November 2024 Notes (5)
500,000 500,000 477,717 1,865 — — 
March 2027 Notes1,000,000 1,000,000 990,627 9,373 — — 
January 2025 Notes (5)
500,000 500,000 475,819 2,215 — — 
January 2029 Notes650,000 650,000 640,581 9,419 — — 
March 2025 Notes (5)
900,000 900,000 858,004 4,334 — — 
April 2026 UK Bonds (5)
305,150 305,150 282,016 2,232 — — 
September 2025 Notes (5)
800,000 800,000 778,124 8,550 — — 
2021-1 BSL Notes663,000 663,000 662,061 939 — — 
2021-2 Notes505,800 505,800 504,352 1,448 — — 
MML 2021-1 Debt690,000 690,000 686,033 3,967 — — 
MML 2022-1 Debt759,000 759,000 753,913 5,087 — — 
2022-1 BSL Debt420,000 420,000 418,502 1,498 — — 
MML 2022-2 Debt300,500 300,500 297,988 2,512 — — 
Short-Term Borrowings28,546 28,546 28,546 — — — 
Total$34,855,746 $23,366,487 $23,013,800 $85,373 $11,489,259 $9,771,671 
(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 certain SPV Financing Facilities, the company is permitted to borrow in USD and other currencies.
Under the Bard Peak Funding Facility, as of September 30, 2023, the Company had borrowings denominated in the following non-USD currencies:
•Canadian Dollars (CAD) 94.1 million
•Euros (EUR) 69.0 million
•British Pounds (GBP) 74.6 million
Under the Castle Peak Funding Facility, as of September 30, 2023, the Company had borrowings denominated in the following non-USD currencies:
•Canadian Dollars (CAD) 78.9 million
•Euros (EUR) 46.4 million
•British Pounds (GBP) 64.4 million
Under the Summit Peak Funding Facility, as of September 30, 2023, the Company had borrowings denominated in the following non-USD currencies:
•Canadian Dollars (CAD) 154.3 million
•Euros (EUR) 26.8 million
•British Pounds (GBP) 101.7 million
Under the Windom Peak Funding Facility, as of September 30, 2023, the Company had borrowings denominated in the following non-USD currencies:
•British Pounds (GBP) 115.9 million
Under the Bear Peak Funding Facility, as of September 30, 2023, the Company had borrowings denominated in the following non-USD currencies:
•Euros (EUR) 260.8 million
•British Pounds (GBP) 57.0 million
(4)Under the Revolving Credit Facility, the Company is permitted to borrow in USD or certain other currencies. As of September 30, 2023, the Company had borrowings denominated in the following non-USD currencies:
•Canadian Dollars (CAD) 168.0 million
•Euros (EUR) 6.5 million
•British Pounds (GBP) 419.7 million
•Swiss Franc (CHF) 54.3 million
(5)Carrying value is inclusive of adjustment for the change in fair value of effective hedge relationship.
December 31, 2022
Aggregate
Principal
Committed		Outstanding
Principal		Carrying
Value (net of unamortized issuance costs)		Unamortized Debt Issuance Costs
Unused
Portion (1)
Amount
Available (2)
Bard Peak Funding Facility (3)
$1,650,000 $1,235,414 $1,235,414 $— $414,586 $414,586 
Castle Peak Funding Facility (3)
1,600,000 1,146,600 1,146,600 — 453,400 166,697 
Maroon Peak Funding Facility300,000 300,000 300,000 — — — 
Summit Peak Funding Facility (3)
2,300,000 1,691,844 1,691,844 — 608,156 15,377 
Denali Peak Funding Facility750,000 749,800 749,800 — 200 200 
Bushnell Peak Funding Facility600,000 400,000 400,000 — 200,000 69,559 
Granite Peak Funding Facility750,000 647,600 647,600 — 102,400 102,134 
Middle Peak Funding Facility800,000 596,950 596,950 — 203,050 203,050 
Bison Peak Funding Facility1,500,000 1,182,000 1,182,000 — 318,000 233,740 
Blanca Peak Funding Facility1,500,000 1,081,000 1,081,000 — 419,000 360,054 
Windom Peak Funding Facility (3)
2,000,000 1,741,465 1,741,465 — 258,535 258,535 
Monarch Peak Funding Facility2,000,000 873,400 873,400 — 1,126,600 968,726 
Borah Peak Funding Facility400,000 223,000 223,000 — 177,000 35,951 
2022-1 BSL WH300,000 148,000 148,000 — 152,000 152,000 
Naomi Peak Funding Facility400,000 400,000 400,000 — — — 
Meridian Peak Funding Facility500,000 170,000 170,000 — 330,000 330,000 
Haydon Peak Funding Facility500,000 49,000 49,000 — 451,000 373,519 
Bear Peak Funding Facility (3)
468,494 166,031 166,031 — 302,463 130,772 
Revolving Credit Facility (4)
5,150,000 1,470,758 1,470,758 — 3,679,242 2,326,743 
June 2024 Notes (5)
435,000 435,000 413,963 1,912 — — 
June 2026 Notes400,000 400,000 397,611 2,389 — — 
May 2027 Notes (5)
625,000 625,000 596,809 2,402 — — 
October 2027 Notes (5)
350,000 350,000 345,618 3,356 — — 
September 2024 Notes (5)
365,000 365,000 345,353 2,015 — — 
December 2026 Notes (5)
1,250,000 1,250,000 1,162,596 19,084 — — 
November 2026 Eurobonds534,975 534,975 529,223 5,752 — — 
November 2024 Notes (5)
500,000 500,000 471,336 3,083 — — 
March 2027 Notes1,000,000 1,000,000 988,597 11,403 — — 
January 2025 Notes (5)
500,000 500,000 470,441 3,460 — — 
January 2029 Notes650,000 650,000 639,254 10,746 — — 
March 2025 Notes (5)
900,000 900,000 853,359 6,527 — — 
April 2026 UK Bonds (5)
301,725 301,725 278,946 2,890 — — 
September 2025 Notes (5)
800,000 800,000 786,332 10,952 — — 
2021-1 BSL Notes663,000 663,000 661,997 1,003 — — 
2021-2 Notes505,800 505,800 504,255 1,545 — — 
MML 2021-1 Debt690,000 690,000 685,884 4,116 — — 
MML 2022-1 Debt759,000 759,000 753,600 5,400 — — 
2022-1 BSL Debt420,000 420,000 418,408 1,592 — — 
MML 2022-2 Debt300,500 300,500 297,837 2,663 — — 
Short-Term Borrowings619,377 619,377 619,377 — — — 
Total$36,037,871 $26,842,239 $26,493,658 $102,290 $9,195,632 $6,141,643 
(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 certain SPV Financing Facilities, the company is permitted to borrow in USD and other currencies.
Under the Bard Peak Funding Facility, as of December 31, 2022, the Company had borrowings denominated in the following non-USD currencies:
•Canadian Dollars (CAD) 94.1 million
•Euros (EUR) 66.0 million
•British Pounds (GBP) 50.0 million
Under the Castle Peak Funding Facility, as of December 31, 2022, the Company had borrowings denominated in the following non-USD currencies:
•Canadian Dollars (CAD) 48.8 million
•Euros (EUR) 36.0 million
•British Pounds (GBP) 42.4 million
Under the Summit Peak Funding Facility, as of December 31, 2022, the Company had borrowings denominated in the following non-USD currencies:
•Canadian Dollars (CAD) 132.7 million
•British Pounds (GBP) 6.1 million
Under the Windom Peak Funding Facility, as of December 31, 2022, the Company had borrowings denominated in the following non-USD currencies:
•British Pounds (GBP) 43.6 million
Under the Bear Peak Funding Facility, as of December 31, 2022, the Company had borrowings denominated in the following non-USD currencies:
•Euros (EUR) 75.0 million
•British Pounds (GBP) 50.7 million
(4)Under the Revolving Credit Facility, the Company is permitted to borrow in USD or certain other currencies. As of December 31, 2022, the Company had borrowings denominated in the following non-USD currencies:
•Canadian Dollars (CAD) 247.1 million
•Euros (EUR) 49.0 million
•British Pounds (GBP) 608.8 million
•Swiss Franc (CHF) 102.6 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 September 30,
20232022
Borrowing interest expense$412,127 $278,356 
Facility unused fees17,039 6,542 
Accretion of original issue discount6,092 4,989 
Amortization of financing costs and debt issuance costs9,268 7,192 
Gain (loss) from interest rate swaps accounted for as hedges and the related hedged items:
Interest rate swaps(2,953)(167,469)
Hedged items2,662 165,162 
Total interest expense$444,235 $294,772 
Cash paid for interest expense$466,808 $43,572 
Nine Months Ended September 30,
20232022
Borrowing interest expense$1,233,921 $512,340 
Facility unused fees40,905 21,946 
Accretion of original issue discount18,114 13,318 
Amortization of financing costs and debt issuance costs25,678 20,066 
Gain (loss) from interest rate swaps accounted for as hedges and the related hedged items:
Interest rate swaps21,013 (263,674)
Hedged items(20,574)262,336 
Total interest expense$1,319,057 $566,332 
Cash paid for interest expense$1,429,853 $405,828