Borrowings (Tables)

9 Months Ended

Sep. 30, 2024

Debt Disclosure [Abstract]

Schedule of Outstanding Debt Obligations

The Company’s outstanding debt obligations as of September 30, 2024 and December 31, 2023 were as follows:

	September 30, 2024
	Aggregate Principal Committed		Outstanding Principal		Carrying Value (1)			Unused Portion (2)		Maturity Date
SPV I facility	$	550,000	$	550,000	$	543,292		$	—	4/8/2029
SPV II facility		595,000		595,000		588,926			—	8/15/2028
Collateralized loan obligations		390,000		390,000		386,621			—	10/15/2035
Subscription facility		200,000		—		(152	)		200,000	12/18/2024
Loan repurchase obligations		251,977		251,977		251,977			—	Various (3)
Series A notes		69,000		69,000		68,134			—	5/9/2027
Series B Notes		75,000		75,000		74,059			—	5/9/2029
Series C Notes		116,000		116,000		114,544			—	5/9/2027
Series D Notes		75,000		75,000		74,059			—	5/9/2029
Total	$	2,321,977	$	2,121,977	$	2,101,460		$	200,000

	December 31, 2023
	Aggregate Principal Committed		Outstanding Principal		Carrying Value (1)		Unused Portion (2)		Maturity Date
SPV I facility	$	485,000	$	378,000	$	374,700	$	107,000	12/21/2026
SPV II facility		445,000		295,000		289,349		150,000	8/15/2028
Collateralized loan obligations		390,000		390,000		386,393		—	11/15/2035
Subscription facility		200,000		35,000		34,319		165,000	12/18/2024
Loan repurchase obligations		50,025		50,025		50,025		—	Various (3)
Total	$	1,570,025	$	1,148,025	$	1,134,786	$	422,000

(1)Carrying value is equal to outstanding principal amount net of unamortized financing costs.

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

(3)Loan repurchase obligations entered into with Macquarie have a term of 90 days, with an option for repayment as early as 45 days. As of September 30, 2024, the remaining contractual maturities were between 23-78 days. As of December 31, 2023, the remaining contractual maturities were between 32-43 days.

Schedule of Components of Interest Expense

The components of interest expense for the three and nine months ended September 30, 2024 and 2023 were as follows:

	For the Three Months Ended September 30,						For the Nine Months Ended September 30,
	2024			2023			2024			2023
Stated interest expense	$	41,307		$	16,751			100,794		$	40,703
Unused/undrawn fees		58			192			497			234
Administration fees		381			310			1,031			912
Amortization of deferred financing costs		1,179			545			3,006			1,351
Total interest expense	$	42,925		$	17,798		$	105,328		$	43,200
Average borrowings	$	2,026,171		$	814,490		$	1,654,321		$	718,060
Weighted average interest rate (1)		8.24	%		8.47	%		8.25	%		7.77	%
Amortization of financing costs		0.23	%		0.27	%		0.24	%		0.25	%
Total borrowing costs		8.47	%		8.74	%		8.49	%		8.02	%

(1)Calculated as the amount of the sum of stated interest expense, unused/undrawn fees, and administration fees all divided by the average borrowings during the reporting period. This number represents an annualized amount.