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Debt and Foreign Currency Transactions and Translations (Tables)

9 Months Ended

Sep. 30, 2023

Schedule of Outstanding Debt Obligations

The Company’s outstanding debt obligations as of September 30, 2023 were as follows:


	September 30, 2023
	Aggregate Principal Committed		Outstanding Principal		Carrying Value		Fair Value (3)		Unused Portion (1)		Amount Available (2)
Revolving Credit Facility	$	2,085,000		383,871		383,871		382,588		1,701,129		1,701,129
Cardinal Funding LLC		800,000		601,770		601,770		599,782		198,230		64,736
Grouse Funding LLC		250,000		187,500		187,500		187,500		62,500		33,496
Mallard Funding LLC		500,000		386,465		386,465		386,448		113,535		113,535
December 2025 Notes		62,000		62,000		60,932		60,932		—		—
January 2026 Notes		38,000		38,000		37,307		37,307		—		—
December 2027 Notes		82,000		82,000		79,673		79,673		—		—
January 2028 Notes		18,000		18,000		17,472		17,472		—		—
September 2026 Notes		226,000		226,000		223,605		223,605		—		—
September 2028 Notes		325,000		325,000		318,680		318,680		—		—
September 2026 Euronotes		95,153		95,153		94,862		94,862		—		—
Total Debt Obligations	$	4,481,153	$	2,405,759	$	2,392,137	$	2,388,849	$	2,075,394	$	1,912,896
Deferred Financing Costs and Debt Discounts						(21,481)
Total Debt Obligations, net of Deferred Financing Cost and Debt Discount						2,370,656

(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)

The fair value of these debt obligations would be categorized as Level 3 under ASC 820 as of September 30, 2023. The valuation is based on a yield analysis and discount rate commensurate with the market yields for similar types of debt.

The Company’s outstanding debt obligations as of December 31, 2022 were as follows:


	December 31, 2022
	Aggregate Principal Committed		Outstanding Principal		Carrying Value (4)		Fair Value (3)		Unused Portion (1)		Amount Available (2)
Revolving Credit Facility	$	2,085,000		976,462		976,462		971,776		1,108,538		722,012
Cardinal Funding LLC		800,000		498,731		498,731		495,510		301,269		163,459
Mallard Funding LLC		500,000		416,395		416,395		416,012		83,605		82,813
Grouse Funding LLC		250,000		158,000		158,000		158,000		92,000		42,157
2025 Notes		62,000		62,000		61,964		61,964		—		—
2026 Notes		38,000		—		(105)		—		38,000		—
2027 Notes		82,000		82,000		81,769		81,769		—		—
2028 Notes		18,000		—		(88)		—		18,000		—
Total Debt Obligations	$	3,835,000	$	2,193,588	$	2,193,128	$	2,185,031	$	1,641,412	$	1,010,441
Deferred Financing Costs and Debt Discount						(20,508)
Total Debt Obligations, net of Deferred Financing Cost and Debt Discount						2,172,620

(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)

The fair value of these debt obligations would be categorized as Level 3 under ASC 820 as of December 31, 2022. The valuation is based on a yield analysis and discount rate commensurate with the market yields for similar types of debt.

(4)

Negative values (if any) represent adjustments to debt valuation in connection with gain/losses on interest rate swap valuation on qualifying hedge accounting relationships. Please see Note 5 for additional details.

Summary of Average and Maximum Debt Outstanding, Interest and Debt Issuance Cost

The following table summarizes the average and maximum debt outstanding, and the interest and debt issuance cost for the three and nine months ended September 30, 2023 and 2022:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Average debt outstanding	$	2,048,042	$	1,965,705	$	2,069,145	$	1,195,556
Maximum amount of debt outstanding		2,745,659		2,202,477		2,745,659		2,202,477

Weighted average annualized interest cost (1)		7.53%		4.34%		7.16%		3.99%
Annualized amortized debt issuance cost		0.26%		0.24%		0.26%		0.31%
Total annualized interest cost		7.79%		4.58%		7.42%		4.30%

Average 1-month SOFR rate		5.2%		2.6%		4.9%		1.7%

(1)

Includes the stated interest expense and commitment fees on the unused portion of the Senior Secured Facility and SPV Financing Facilities, and net interest on interest rate swaps entered into qualifying hedge accounting relationships . Commitment fees for the three and nine months ended September 30, 2023 were $2,066 and $6,039, respectively. Commitment fees for the three and nine months ended September 30, 2022 were $1,827 and $5,271, respectively.

Components of Interest Expense

The components of interest expense for the three and nine months ended September 30, 2023 and 2022 were as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Borrowing interest expense	$	36,375	$	19,944	$	104,400	$	29,678
Facility unused fees		2,066		1,827		6,039		5,271
Amortization of financing costs and debt issuance costs		1,381		1,185		4,098		2,693
Gain (loss) from interest rate swaps accounted for as hedges and the related hedged items
Interest rate swaps		12,078		—		15,425		—
Hedged items		(11,245)		—		(13,621)		—
Total interest expense	$	40,655	$	22,956	$	116,341	$	37,642

Schedule of Foreign-denominated Debt Outstanding

The Company had the following foreign-denominated debt obligations outstanding on its Senior Secured Facility and SPV Financing Facilities as of September 30, 2023:


	September 30, 2023
	Original Principal Amount (Local)		Original Principal Amount (USD)		Principal Amount Outstanding		Unrealized Gain/(Loss)		Reset Date
British Pound	£	40,800		52,002		49,780		2,222		10/30/2023
British Pound	£	6,200		8,408		7,565		843		11/1/2023
British Pound	£	3,500		4,747		4,270		477		10/30/2023
European Euro	€	316,000		325,253		334,091		(8,838)		10/30/2023
Total		366,500		390,410		395,706		(5,296)

The Company had the following foreign-denominated debt obligations outstanding on its Senior Secured Facility and SPV Financing Facilities as of December 31, 2022:


	December 31, 2022
	Original Principal Amount (Local)		Original Principal Amount (USD)		Principal Amount Outstanding		Unrealized Gain/(Loss)		Reset Date
British Pound	£	76,000		92,180		91,880		300		1/31/2023
British Pound	£	6,200		8,408		7,495		913		2/1/2023
British Pound	£	3,500		4,747		4,231		516		1/31/2023
Australian Dollar	A$	10,000		7,402		6,809		593		1/31/2023
European Euro	€	277,000		282,015		296,515		(14,500)		1/31/2023
Swedish Krona	kr	34,000		3,237		3,258		(21)		1/31/2023
Total				397,989		410,188		(12,199)