Debt (Tables)

9 Months Ended

Sep. 30, 2025

Debt Disclosure [Abstract]

Schedule of Components of Interest Expense

For the three and nine months ended September 30, 2025 and 2024 the components of interest expense were as follows:

(Amounts in thousands)	Three Months Ended September 30, 2025			Three Months Ended September 30, 2024			Nine Months Ended September 30, 2025			Nine Months Ended September 30, 2024
Interest expense	$	33,529		$	27,394		$	95,489		$	61,097
Amortization of deferred financing costs	1,711			1,209			5,281			2,633
(Gain) loss from interest rate swaps accounted for as hedges and related hedged items
Interest rate swaps	(1,070)			—			(14,766)			—
Hedged items	769						13,493
Total interest expense	$	34,939		$	28,603		$	99,497		$	63,730
Average interest rate	6.73		%	7.72		%	6.76		%	7.84		%
Average daily borrowings	$	1,790,090		$	1,299,712		$	1,735,364		$	960,691

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 September 30, 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 September 30, 2025.

Schedule of Debt

Total debt consisted of the following as of September 30, 2025:

	As of September 30, 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	$	274,200	$	58,956	$	274,200	$	501,263
MSPV Credit Facility	500,000		363,100		74,273		363,100		707,695
Truist Credit Facility	975,000		146,200		408,259		146,200		2,160,297
Series A Tranche A Notes	90,000		90,000		—		90,384		—
Series A Tranche B Notes	150,000		150,000		—		151,953		—
Series B Tranche A Notes	85,000		85,000		—		86,092		—
Series B Tranche B Notes	25,000		25,000		—		25,000		—
Series B Tranche C Notes	290,000		290,000		—		294,360		—
Series C Tranche A Notes	25,000		25,000		—		25,324		—
Series C Tranche B Notes	75,000		75,000		—		75,078		—
CLO Transaction	369,000		369,000				369,000		434,764
Total	$	3,084,000	$	1,892,500	$	541,488	$	1,900,691	$	3,804,018

(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 and nine months ended September 30, 2025 and 2024 were as follows:

	Three Months Ended September 30, 2025			Three Months Ended September 30, 2024
	Weighted Average Interest Rate	Average Debt Outstanding (in thousands)		Weighted Average Interest Rate	Average Debt Outstanding (in thousands)
ASPV Credit Facility	6.74%	$	275,154	7.91%	$	258,816
MSPV Credit Facility	6.46%	$	365,495	7.52%	$	195,370
Truist Credit Facility	6.84%	$	40,441	7.49%	$	236,526
Series A Tranche A Notes	7.69%	$	90,000	7.69%	$	90,000
Series A Tranche B Notes	7.78%	$	150,000	7.78%	$	150,000
Series B Tranche A Notes	6.42%	$	85,000
Series B Tranche B Notes	7.55%	$	25,000
Series B Tranche C Notes	6.52%	$	290,000
Series C Tranche A Notes	6.05%	$	25,000
Series C Tranche B Notes	6.40%	$	75,000
CLO Transaction	6.59%	$	369,000	7.57%	$	369,000
Total Weighted Average	6.73%	$	1,790,090	7.65%	$	1,299,712

	Nine Months Ended September 30, 2025			Nine Months Ended September 30, 2024
	Weighted Average Interest Rate	Average Debt Outstanding (in thousands)		Weighted Average Interest Rate	Average Debt Outstanding (in thousands)
ASPV Credit Facility	6.73%	$	289,481	8.06%	$	212,435
MSPV Credit Facility	6.47%	$	346,156	7.74%	$	261,637
Truist Credit Facility	6.78%	$	56,662	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	7.55%	$	25,000
Series B Tranche C Notes	6.52%	$	290,000
Series C Tranche A Notes	6.05%	$	8,516
Series C Tranche B Notes	6.40%	$	25,549
CLO Transaction	6.64%	$	369,000	7.57%	$	166,993
Total Weighted Average	6.76%	$	1,735,364	7.72%	$	960,691