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Debt (Tables)

3 Months Ended

Mar. 31, 2024

Schedule of Components of Interest Expense

For the three months ended March 31, 2024, the components of interest expense related to the 2029 Notes are as follows.


	Three Months Ended
	March 31, 2024
Interest expense	$	2,167
Accretion of original issue discount		62
Amortization of deferred financing costs		112
Total Interest Expense	$	2,341

For the three months ended March 31, 2024 and 2023, the components of interest expense were as follows:


	Three Months Ended
	March 31, 2024			March 31, 2023
Interest expense	$	32,242		$	7,407
Commitment fees		638			560
Amortization of deferred financing costs		1,827			885
Accretion of original issue discount		62			—
Swap settlement		309			—
Total Interest Expense	$	35,078		$	8,852
Average debt outstanding (in millions)	$	1,774.7		$	445.6
Weighted average interest rate		7.3	%		6.7	%

Schedule of Component of Carrying Value of Convertible Notes and Interest Rate

As of March 31, 2024, the components of the carrying value of the 2029 Notes and the stated interest rate were as follows.


	March 31, 2024
	2029 Notes
Principal amount of debt	$	600,000
Original issue discount, net of accretion		(6,316	)
Deferred financing costs		(7,505	)
Fair value of an effective hedge		(878	)
Carrying value of debt	$	585,301
Stated interest rate		6.50	%

Schedule of Debt Obligations

Debt obligations consisted of the following as of March 31, 2024 and December 31, 2023:


	March 31, 2024
	Aggregate Principal Amount Committed		Outstanding Principal		Amount Available (1)		Carrying Value (2)(3)
Subscription Facility	$	1,500,000	$	538,635	$	961,365	$	536,316
Revolving Credit Facility		1,000,000		797,235		197,265		789,290
2029 Notes		600,000		600,000		—		585,301
Total Debt	$	3,100,000	$	1,935,870	$	1,158,630	$	1,910,907

(1)

The amount available may be subject to limitations related to the borrowing base under the Subscription Facility, Revolving Credit Facility, outstanding letters of credit issued and asset coverage requirements.

(2)

The carrying values of the Subscription Facility, Revolving Credit Facility and the 2029 Notes are presented net of the combination of deferred financing costs and original issue discounts totaling $2.3 million, $7.9 million, and $13.8 million respectively.

(3)

The carrying value of the 2029 Notes is presented inclusive of an incremental $(0.9) million, which represents an adjustment in the carrying value of the 2029 Notes, resulting from a hedge accounting relationship.


	December 31, 2023
	Aggregate Principal Amount Committed		Outstanding Principal		Amount Available (1)		Carrying Value (2)
Subscription Facility	$	1,500,000	$	1,054,733	$	445,267	$	1,051,033
Revolving Credit Facility		725,000		193,282		526,218		188,829
Total Debt	$	2,225,000	$	1,248,015	$	971,485	$	1,239,862

(1)

The amount available may be subject to limitations related to the borrowing base under the Subscription Facility, the Revolving Credit Facility and asset coverage requirements.

(2)

The carrying values of the Subscription Facility and the Revolving Credit Facility are presented net deferred financing costs of $3.7 million and $4.5 million.