Debt (Tables)

9 Months Ended

Sep. 30, 2024

Debt Disclosure [Abstract]

Schedule of Components of Interest Expense

For the three and nine months ended September 30, 2024, the components of interest expense related to the 2029 Notes and 2030 Notes are as follows.

	Three Months Ended		Nine Months Ended
	September 30, 2024		September 30, 2024
Interest expense	$	13,625	$	25,921
Accretion of original issue discount		294		628
Amortization of deferred financing costs		548		1,052
Total Interest Expense	$	14,467	$	27,601

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

	Three Months Ended						Nine Months Ended
	September 30, 2024			September 30, 2023			September 30, 2024			September 30, 2023
Interest expense	$	44,129		$	18,233		$	117,690		$	39,563
Commitment fees		941			755			2,376			2,403
Amortization of deferred financing costs		1,606			1,423			5,724			3,690
Accretion of original issue discount		294			—			628			—
Swap settlement		3,021			—			5,676			—
Total Interest Expense	$	49,991		$	20,411		$	132,094		$	45,656
Average debt outstanding (in millions)	$	2,598.9		$	1,005.6		$	2,252.9		$	733.1
Weighted average interest rate		7.3	%		7.3	%		7.3	%		7.2	%

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

As of September 30, 2024, the components of the carrying value of the 2029 Notes and 2030 Notes and the stated interest rates were as follows.

	September 30, 2024
	2029 Notes			2030 Notes
Principal amount of debt	$	750,000		$	600,000
Original issue discount, net of accretion		(5,993	)		(948	)
Deferred financing costs		(8,727	)		(7,273	)
Fair value of an effective hedge		22,547			(3,224	)
Carrying value of debt	$	757,827		$	588,555
Stated interest rate		6.50	%		5.75	%

Schedule of Debt Obligations

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

	September 30, 2024
	Aggregate Principal Amount Committed		Outstanding Principal		Amount Available (1)		Carrying Value (2)(3)
Subscription Facility	$	1,500,000	$	951,311	$	548,689	$	947,143
Revolving Credit Facility		1,425,000		1,234,411		184,649		1,225,205
2029 Notes		750,000		750,000		—		757,827
2030 Notes		600,000		600,000		—		588,555
Total Debt	$	4,275,000	$	3,535,722	$	733,338	$	3,518,730

(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, the 2029 Notes and 2030 Notes are presented net of the combination of deferred financing costs and original issue discounts totaling $4.2 million, $9.2 million, $14.7 million and $8.2 million, respectively.

(3)The carrying value of the 2029 Notes and 2030 Notes are presented inclusive of an incremental $22.5 million and $(3.2) million, respectively, which represents an adjustment in the carrying value of the 2029 Notes and 2030 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, respectively.