Debt (Tables)

3 Months Ended

Mar. 31, 2025

Debt Disclosure [Abstract]

Schedule of Components of Interest Expense

For the three months ended March 31, 2025 and 2024 the components of interest expense were as follows:

(Amounts in thousands)	Three Months Ended March 31, 2025			Three Months Ended March 31, 2024
Interest expense	$	30,170		$	14,055
Amortization of deferred financing costs	1,783			630
(Gain) loss from interest rate swaps accounted for as hedges and related hedged items
Interest rate swaps	—			773
Hedged items	—
Total interest expense	$	31,953		$	15,458
Average interest rate	6.85		%	7.87		%
Average daily borrowings	$	1,709,148		$	665,103

Schedule of Secured Notes and Equity Interests in the CLO Transaction

The following table presents information on the secured notes and equity interests in the CLO Transaction:

	As of March 31, 2025
(Amounts in thousands)	Principal Outstanding		Interest Rate	Credit Rating
Class A Senior Secured Floating Rate Notes	$	161,000	SOFR + 1.90%	AAA(sf)
Class A-L Senior Secured Floating Rate Loans	$	100,000	SOFR + 1.90%	AAA(sf)
Class B Senior Secured Floating Rate Notes	$	45,000	SOFR + 2.30%	AA(sf)
Class C Senior Secured Floating Rate Notes	$	36,000	SOFR + 2.95%	A(sf)
Class D Senior Secured Floating Rate Notes	$	27,000	SOFR + 4.95%	BBB(sf)
Equity Interests1	$	76,000	None	Not Rated
Total CLO Transaction	$	445,000

(1) Equity Interests were retained by the Company as of March 31, 2025.

Schedule of Debt

Total debt consisted of the following as of March 31, 2025:

	As of March 31, 2025
(Amounts in thousands)	Maximum Principal Amount Committed		Principal Amount Outstanding		Principal Amount Available(1)		Carrying Value(2)		Assets Pledged as Collateral(3)
ASPV Credit Facility	$	500,000	$	297,000	$	33,163	$	297,000	$	504,929
MSPV Credit Facility	500,000		375,000		125,000		375,000		801,691
Truist Credit Facility	975,000		36,000		808,282		36,000		1,547,426
Series A Tranche A Notes	90,000		90,000		—		90,216		—
Series A Tranche B Notes	150,000		150,000		—		150,788		—
Series B Tranche A Notes	85,000		85,000		—		85,438		—
Series B Tranche B Notes	25,000		25,000		—		25,000		—
Series B Tranche C Notes	290,000		290,000		—		291,411		—
CLO Transaction	369,000		369,000		—		369,000		444,915
Total	$	2,984,000	$	1,717,000	$	966,445	$	1,719,853	$	3,298,961

(1)The amount available reflects any limitations related to the facilities borrowing bases.

(2)Carrying value is inclusive of adjustments for the change in fair value of the effective hedge relationship, if applicable.

(3)Fair market value of the assets held as collateral in the respective credit facility.

Total debt consisted of the following as of December 31, 2024:

	As of December 31, 2024
(Amounts in thousands)	Maximum Principal Amount Committed		Principal Amount Outstanding		Principal Amount Available(1)		Carrying Value		Assets Pledged as Collateral(2)
ASPV Credit Facility	$	500,000	$	251,300	$	69,062	$	251,300	$	493,142
MSPV Credit Facility	500,000		191,400		101,922		191,400		505,122
Truist Credit Facility	975,000		299,600		546,860		299,600		1,639,675
Series A Tranche A Notes	90,000		90,000		—		89,732		—
Series A Tranche B Notes	150,000		150,000		—		148,799		—
Series B Tranche A Notes	85,000		85,000		—		84,330		—
Series B Tranche B Notes	25,000		25,000		—		25,000		—
Series B Tranche C Notes	290,000		290,000		—		286,838		—
CLO Transaction	369,000		369,000		—		369,000		442,629
Total	$	2,984,000	$	1,751,300	$	717,844	$	1,745,999	$	3,080,569

(1)The amount available reflects any limitations related to the facilities borrowing bases.

(2)Fair market value of the assets held as collateral in the respective credit facility.

Average debt outstanding and weighted average interest rates of outstanding debt for the three months ended March 31, 2025 and 2024 were as follows:

	Three Months Ended March 31, 2025			Three Months Ended March 31, 2024
	Weighted Average Interest Rate	Average Debt Outstanding (in thousands)		Weighted Average Interest Rate	Average Debt Outstanding (in thousands)
ASPV Credit Facility	6.75%	$	298,290	8.06%	$	212,435
MSPV Credit Facility	6.78%	$	310,391	7.74%	$	261,637
Truist Credit Facility	6.61%	$	91,467	7.56%	$	147,947
Series A Tranche A Notes	7.69%	$	90,000	7.69%	$	64,380
Series A Tranche B Notes	7.78%	$	150,000	7.78%	$	107,299
Series B Tranche A Notes	6.42%	$	85,000
Series B Tranche B Notes	7.58%	$	25,000
Series B Tranche C Notes	6.52%	$	290,000
CLO Transaction	6.79%	$	369,000	7.57%	$	166,993
Total Weighted Average	6.85%	$	1,709,148	7.84%	$	960,691