Debt (Tables)

12 Months Ended

Dec. 31, 2024

Debt Disclosure [Abstract]

Schedule of Components of Interest Expense

For the year ended December 31, 2024, the components of interest expense related to the 2029 Notes and January 2030 Notes were as follows:

	For the Year Ended
	December 31, 2024
Interest expense	$	46,734
Accretion of original issue discount		965
Amortization of deferred financing costs		1,941
Total Interest Expense	$	49,640

For the years ended December 31, 2024, December 31, 2023 and for the period from April 5, 2022 (Inception) through December 31, 2022, the components of interest expense were as follows:

	For the Year Ended						From April 5, 2022 (Inception) through
	December 31, 2024			December 31, 2023			December 31, 2022
Interest expense	$	169,790		$	64,118		$	4,598
Commitment fees		3,175			3,022			175
Amortization of deferred financing costs		8,301			5,216			460
Accretion of original issue discount		966			—			—
Swap settlement		9,757			—			—
Total Interest Expense	$	191,989		$	72,356		$	5,233
Average debt outstanding (in millions)	$	2,519.0		$	876.9		$	219.4
Weighted average interest rate		7.1	%		7.3	%		6.3	%

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

As of December 31, 2024, the components of the carrying value of the 2029 Notes and January 2030 Notes and the stated interest rates were as follows:

	December 31, 2024
	2029 Notes			January 2030 Notes
Principal amount of debt	$	750,000		$	600,000
Original issue discount, net of accretion		(5,695	)		(909	)
Deferred financing costs		(8,486	)		(7,680	)
Fair value of an effective hedge		(1,079	)		(24,135	)
Carrying value of debt	$	734,740		$	567,276
Stated interest rate		6.50	%		5.75	%

Schedule of Debt Obligations

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

	December 31, 2024
	Aggregate Principal Amount Committed		Outstanding Principal		Amount Available (1)		Carrying Value (2)(3)
Subscription Facility	$	1,500,000	$	1,496,759	$	3,241	$	1,493,740
Revolving Credit Facility		1,550,000		1,501,965		42,095		1,492,845
2029 Notes		750,000		750,000		—		734,740
January 2030 Notes		600,000		600,000		—		567,276
Total Debt	$	4,400,000	$	4,348,724	$	45,336	$	4,288,601

(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, 2029 Notes and January 2030 Notes are presented net deferred financing costs $3.0 million, $9.1 million, $14.2 million, and $8.6 million, respectively.

(3)The carrying value of the 2029 Notes and January 2030 Notes are presented inclusive of an incremental $1.1 million and $24.1 million, respectively, which represents an adjustment in the carrying value of the 2029 Notes and January 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, Revolving Credit Facility and asset coverage requirements.

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