Debt (Tables)

3 Months Ended

Mar. 31, 2025

Debt Disclosure [Abstract]

Schedule of Components of Interest Expense

For the three months ended March 31, 2025 and three months ended March 31, 2024, the components of interest expense related to the 2029 Notes, January 2030 Notes and July 2030 Notes are as follows.

	For the Three Months Ended
	March 31, 2025		March 31, 2024
Interest expense	$	30,766	$	2,167
Accretion of original issue discount		522		62
Amortization of deferred financing costs		1,257		112
Total Interest Expense	$	32,545	$	2,341

For the three months ended March 31, 2025 and three months ended March 31, 2024, the components of interest expense were as follows:

	For the Three Months Ended
	March 31, 2025			March 31, 2024
Interest expense	$	48,936		$	32,242
Commitment fees		1,433			638
Amortization of deferred financing costs		2,945			1,827
Accretion of original issue discount		522			62
Swap settlement		2,280			309
Total Interest Expense	$	56,116		$	35,078
Average debt outstanding (in millions)	$	3,345.7		$	1,774.7
Weighted average interest rate		6.1	%		7.3	%

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

As of March 31, 2025, the components of the carrying value of the 2029 Notes, January 2030 Notes and July 2030 Notes and the stated interest rates were as follows.

	March 31, 2025
	2029 Notes			January 2030 Notes			July 2030 Notes
Principal amount of debt	$	750,000		$	600,000		$	750,000
Original issue discount, net of accretion		(5,402	)		(870	)		(4,707	)
Deferred financing costs		(8,022	)		(7,328	)		(9,458	)
Fair value of an effective hedge		9,104			(13,745	)		14,243
Carrying value of debt	$	745,680		$	578,057		$	750,078
Stated interest rate		6.50	%		5.75	%		6.13	%

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 March 31, 2025 and December 31, 2024:

	March 31, 2025
	Aggregate Principal Amount Committed		Outstanding Principal		Amount Available (1)		Carrying Value (2)(3)
Subscription Facility	$	1,500,000	$	21,180	$	1,478,820	$	19,288
Revolving Credit Facility		2,280,000		1,764,819		486,541		1,748,365
2029 Notes		750,000		750,000		—		745,680
January 2030 Notes		600,000		600,000		—		578,057
July 2030 Notes		750,000		750,000		—		750,078
Total Debt	$	5,880,000	$	3,885,999	$	1,965,361	$	3,841,468

(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, January 2030 Notes and July 2030 Notes are presented net of the combination of deferred financing costs and original issue discounts totaling $1.9 million, $16.5 million, $13.4 million, $8.2 million and $14.2 million, respectively.

(3)The carrying value of the 2029 Notes, January 2030 Notes, and July 2030 Notes are presented inclusive of an incremental $(9.1) million, $13.7 million and $(14.2) million, respectively, which represents an adjustment in the carrying value of the 2029 Notes, January 2030 Notes and July 2030 Notes, resulting from a hedge accounting relationship.

	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, the 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.