Debt (Tables)

6 Months Ended

Jun. 30, 2025

Debt Disclosure [Abstract]

Schedule of Components of Interest Expense

For the three and six months ended June 30, 2025 and 2024 respectively, the components of interest expense related to the 2029 Notes, January 2030 Notes and July 2030 Notes are as follows.

	Three Months Ended				Six Months Ended
	June 30, 2025		June 30, 2024		June 30, 2025		June 30, 2024
Interest expense	$	32,297	$	10,129	$	63,063	$	12,296
Accretion of original issue discount		504		272		1,026		334
Amortization of deferred financing costs		1,334		392		2,591		504
Total Interest Expense	$	34,135	$	10,793	$	66,680	$	13,134

For the three and six months ended June 30, 2025 and 2024, the components of interest expense were as follows:

	Three Months Ended						Six Months Ended
	June 30, 2025			June 30, 2024			June 30, 2025			June 30, 2024
Interest expense		50,073		$	41,319			99,008		$	73,561
Commitment fees		1,711			797			3,143			1,435
Amortization of deferred financing costs		3,309			2,291			6,254			4,118
Accretion of original issue discount		504			272			1,027			334
Swap settlement		3,457			2,345			5,737			2,655
Total Interest Expense	$	59,054		$	47,024		$	115,169		$	82,103
Average debt outstanding (in millions)	$	3,609.7		$	2,381.4		$	3,478.4		$	2,078.0
Weighted average interest rate		5.9	%		7.3	%		6.0	%		7.3	%

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

As of June 30, 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.

	June 30, 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		(5,101	)		(830	)		(4,543	)
Deferred financing costs		(7,523	)		(6,947	)		(9,012	)
Fair value of an effective hedge		15,671			(6,582	)		22,402
Carrying value of debt	$	753,047		$	585,641		$	758,847
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 June 30, 2025 and December 31, 2024:

	June 30, 2025
	Aggregate Principal Amount Committed		Outstanding Principal		Amount Available (1)		Carrying Value (2)(3)
Subscription Facility	$	1,500,000	$	22,684	$	1,477,316	$	21,932
Revolving Credit Facility		2,280,000		2,090,113		158,371		2,074,467
2029 Notes		750,000		750,000		—		753,047
January 2030 Notes		600,000		600,000		—		585,641
July 2030 Notes		750,000		750,000		—		758,847
Total Debt	$	5,880,000	$	4,212,797	$	1,635,687	$	4,193,934

(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 $0.8 million, $15.6 million, $12.6 million, $7.8 million and $13.6 million, respectively.

(3)The carrying value of the 2029 Notes, January 2030 Notes, and July 2030 Notes are presented inclusive of an incremental $15.7 million, $(6.6) million and $22.4 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.