Debt (Tables)

9 Months Ended

Sep. 30, 2024

Debt Disclosure [Abstract]

Schedule of Debt Obligations

The tables below present debt obligations as of the following periods:

	September 30, 2024
($ in thousands)	Aggregate Principal Committed		Outstanding Principal		Amount Available(1)		Unamortized Debt Issuance Costs		Net Carrying Value
Subscription Credit Facility	$	800,000	$	535,000	$	265,000	$	843	$	534,157
Revolving Credit Facility(2)	1,075,000		365,409		709,591		8,703		356,706
SPV Asset Facility I	925,000		312,500		307,996		12,119		300,381
SPV Asset Facility II	300,000		—		192,641		3,609		(3,609)
Athena CLO II	288,000		288,000		—		2,263		285,737
Athena CLO IV	240,000		240,000		—		2,600		237,400
2023A Notes	75,000		75,000		—		720		74,280
April 2029 Notes(3)	700,000		700,000		—		15,664		705,759
Total Debt	$	4,403,000	$	2,515,909	$	1,475,228	$	46,521	$	2,490,811

(1)The amount available reflects any limitations related to each credit facility’s borrowing base.

(2)Includes the unrealized translation gain (loss) on borrowings denominated in foreign currencies.

(3)Net carrying value is inclusive of change in fair market value of effective hedge.

	December 31, 2023
($ in thousands)	Aggregate Principal Committed		Outstanding Principal		Amount Available		Unamortized Debt Issuance Costs		Net Carrying Value(1)
Subscription Credit Facility	$	800,000	$	800,000	$	—	$	2,546	$	797,454
Revolving Credit Facility	825,000		288,355		536,645		9,275		279,080
SPV Asset Facility I	625,000		330,000		84,826		8,613		321,387
SPV Asset Facility II	300,000		270,000		11,505		2,353		267,647
Athena CLO II	288,000		288,000		—		2,404		285,596
2023A Notes	75,000		75,000		—		856		74,144
Total Debt	$	2,913,000	$	2,051,355	$	632,976	$	26,047	$	2,025,308

Schedule of Components of Interest Expense

The table below presents the components of interest expense for the following periods:

	For the Three Months Ended September 30,						For the Nine Months Ended September 30,
($ in thousands)	2024			2023			2024			2023
Interest expense	$	54,073		$	32,715		$	141,653		$	86,733
Amortization of debt issuance costs	2,584			1,457			6,491			4,168
Net change in unrealized gain (loss) on effective interest rate swaps and hedged items(1)	(2,053)			—			(1,766)			—
Total Interest Expense	$	54,604		$	34,172		$	146,378		$	90,901
Average interest rate	7.7		%	7.8		%	7.9		%	7.4		%
Average daily borrowings	$	2,638,769		$	1,646,915		$	2,327,802		$	1,543,034

(1)Refer to the April 2029 Notes for details on the facility’s interest rate swap.