Debt (Tables)

6 Months Ended

Jun. 30, 2024

Debt Disclosure [Abstract]

Schedule of Components of Interest Expense

For the three and six months ended June 30, 2024, the components of interest expense related to the 2029 Notes are as follows.

	Three Months Ended		Six Months Ended
	June 30, 2024		June 30, 2024
Interest expense	$	10,129	$	12,296
Accretion of original issue discount		272		334
Amortization of deferred financing costs		392		504
Total Interest Expense	$	10,793	$	13,134

For the three and six months ended June 30, 2024 and 2023, the components of interest expense were as follows:

	Three Months Ended						Six Months Ended
	June 30, 2024			June 30, 2023			June 30, 2024			June 30, 2023
Interest expense	$	41,319		$	13,923		$	73,561		$	21,330
Commitment fees		797			1,088			1,435			1,647
Amortization of deferred financing costs		2,291			1,382			4,118			2,268
Accretion of original issue discount		272			—			334			—
Swap settlement		2,345			—			2,655			—
Total Interest Expense	$	47,024		$	16,393		$	82,103		$	25,245
Average debt outstanding (in millions)	$	2,381.4		$	742.1		$	2,078.0		$	594.7
Weighted average interest rate		7.3	%		7.5	%		7.3	%		7.2	%

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

As of June 30, 2024, the components of the carrying value of the 2029 Notes and the stated interest rate were as follows.

	June 30, 2024
	2029 Notes
Principal amount of debt	$	750,000
Original issue discount, net of accretion		(6,281	)
Deferred financing costs		(9,074	)
Fair value of an effective hedge		(2,310	)
Carrying value of debt	$	732,335
Stated interest rate		6.50	%

Schedule of Debt Obligations

Debt obligations consisted of the following as of June 30, 2024 and December 31, 2023:

	June 30, 2024
	Aggregate Principal Amount Committed		Outstanding Principal		Amount Available (1)		Carrying Value (2)(3)
Subscription Facility	$	1,500,000	$	874,559	$	625,441	$	873,618
Revolving Credit Facility		1,425,000		1,006,569		412,491		996,933
2029 Notes		750,000		750,000		—		732,335
Total Debt	$	3,675,000	$	2,631,128	$	1,037,932	$	2,602,886

(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 $0.9 million, $9.6 million, and $15.4 million respectively.

(3)The carrying value of the 2029 Notes is presented inclusive of an incremental $2.3 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.