XML 43 R35.htm IDEA: XBRL DOCUMENT v3.25.4
Debt (Tables)
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Schedule of Components of Interest Expense

For the years ended December 31, 2025 and December 31, 2024, the components of interest expense related to the 2029 Notes, January 2030 Notes and July 2030 Notes were as follows:

 

 

For the Year Ended

 

 

 

December 31, 2025

 

 

December 31, 2024

 

Interest expense

 

$

127,656

 

 

$

46,734

 

Accretion of original issue discount

 

 

2,125

 

 

 

965

 

Amortization of deferred financing costs

 

 

5,184

 

 

 

1,941

 

Total Interest Expense

 

$

134,965

 

 

$

49,640

 

 

For the years ended December 31, 2025, December 31, 2024 and December 31, 2023, the components of interest expense were as follows:

 

 

 

For the Year Ended

 

 

December 31, 2025

 

 

December 31, 2024

 

 

December 31, 2023

 

 

Interest expense

 

 

202,877

 

 

$

169,790

 

 

 

64,118

 

 

Commitment fees

 

 

5,968

 

 

 

3,175

 

 

 

3,022

 

 

Amortization of deferred financing costs

 

 

11,900

 

 

 

8,301

 

 

 

5,216

 

 

Accretion of original issue discount

 

 

2,125

 

 

 

966

 

 

 

—

 

 

Swap settlement

 

 

11,030

 

 

 

9,757

 

 

 

—

 

 

Total Interest Expense

 

$

233,900

 

 

$

191,989

 

 

$

72,356

 

 

Average debt outstanding (in millions)

 

$

3,687.3

 

 

$

2,519.0

 

 

$

876.9

 

 

Weighted average interest rate

 

 

5.8

%

 

 

7.1

%

 

 

7.3

%

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

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

 

 

December 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

 

 

(4,475

)

 

 

(749

)

 

 

(4,152

)

Deferred financing costs

 

 

(6,497

)

 

 

(5,817

)

 

 

(8,273

)

Fair value of an effective hedge

 

 

15,141

 

 

 

(5,161

)

 

 

20,952

 

Carrying value of debt

 

$

754,169

 

 

$

588,273

 

 

$

758,527

 

Stated interest rate

 

 

6.50

%

 

 

5.75

%

 

 

6.13

%

As of December 31, 2024, the components of the carrying value and the stated interest rates of the 2029 Notes and January 2030 Notes 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, 2025 and December 31, 2024:

 

 

December 31, 2025

 

 

 

Aggregate
Principal
Amount
Committed

 

 

Outstanding
Principal

 

 

Amount
Available (1)

 

 

Carrying
Value (2)(3)

 

Subscription Facility

 

$

500,000

 

 

$

22,428

 

 

$

477,572

 

 

$

21,469

 

Revolving Credit Facility

 

 

2,675,000

 

 

 

2,025,883

 

 

 

617,129

 

 

 

2,010,387

 

2029 Notes

 

 

750,000

 

 

 

750,000

 

 

 

—

 

 

 

754,169

 

January 2030 Notes

 

 

600,000

 

 

 

600,000

 

 

 

—

 

 

 

588,273

 

July 2030 Notes

 

 

750,000

 

 

 

750,000

 

 

 

—

 

 

 

758,527

 

Total Debt

 

$

5,275,000

 

 

$

4,148,311

 

 

$

1,094,701

 

 

$

4,132,825

 

 

 

(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, January 2030 Notes and July 2030 Notes are presented net of the combination of deferred financing costs and original issue discounts totaling $1.0 million, $15.5 million, $11.0 million, $6.6 million and $12.4 million, respectively.
(3)
The carrying value of the 2029 Notes, January 2030 Notes and July 2030 Notes are presented inclusive of an incremental $15.1 million, $(5.2) million and $21.0 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.