Financing Arrangements (Tables)

3 Months Ended

Mar. 31, 2023

Debt Disclosure [Abstract]

Schedule of Debt

The following table presents summary information with respect to the Company’s outstanding financing arrangements as of March 31, 2023: 

Financing Arrangement	Type of Financing Arrangement	Rate	Amount Outstanding		Amount Available		Maturity Date
JPM Credit Facility	Term Loan Credit Facility	L+3.10%	$	550,000	$	25,000	May 15, 2024
		SOFR+3.10%	50,000		50,000
2026 Notes(1)	Note Purchase Agreement	4.50%	125,000		—		February 11, 2026
UBS Facility	Repurchase Agreement	L+3.375%	125,000		25,000		November 19, 2023
Series A Notes	Israel Public Bond Offering	SOFR+3.82%	80,712		—		August 31, 2026
2022 More Term Loan	Term Loan Facility Agreement	SOFR+3.50%	50,000		—		April 27, 2027
2021 More Term Loan(2)	Term Loan Facility Agreement	5.20%	30,000		—		September 30, 2024
			$	1,010,712	$	100,000

(1)As of March 31, 2023, the fair value of the 2026 Notes was $119,219, which was based on a yield analysis and discount rate commensurate with the market yields for similar types of debt. The fair value of these debt obligations would be categorized as Level 3 under ASC 820 as of March 31, 2023.

(2)As of March 31, 2023, the fair value of the 2021 More Term Loan was $28,913, which was based on a yield analysis and discount rate commensurate with the market yields for similar types of debt. The fair value of these debt obligations would be categorized as Level 3 under ASC 820 as of March 31, 2023.

For the three months ended March 31, 2023 and 2022 and the year ended December 31, 2022, the components of interest expense, average borrowings, and weighted average interest rate for the JPM First Amendment and the Third Amended JPM Credit Facility were as follows:

	Three Months Ended March 31,						Year Ended December 31,
	2023			2022			2022
Stated interest expense	$	11,990		$	4,707		$	29,254
Amortization of deferred financing costs	564			490			2,214
Non-usage fee	171			70			617
Total interest expense	$	12,725		$	5,267		$	32,085
Weighted average interest rate(1)	8.02		%	3.44		%	4.99		%
Average borrowings	$	606,667		$	551,333		$	590,603

(1)Includes the stated interest expense and non-usage fee on the unused portion of the JPM First Amendment and the Third Amended JPM Credit Facility and is annualized for periods covering less than one year.

For the three months ended March 31, 2023 and 2022 and for the year ended December 31, 2022, the components of interest expense, average borrowings, and weighted average interest rate for the 2026 Notes were as follows:

	Three Months Ended March 31,						Year Ended December 31, 2022
	2023			2022
Stated interest expense	$	1,406		$	1,406		$	5,600
Amortization of deferred financing costs	131			131			533
Total interest expense	$	1,537		$	1,537		$	6,133
Weighted average interest rate(1)	4.50		%	4.50		%	4.50		%
Average borrowings	$	125,000		$	125,000		$	125,000

(1)Includes the stated interest expense on the 2026 Notes and is annualized for periods covering less than one year.

For the three months ended March 31, 2023 and 2022 and the year ended December 31, 2022, the components of interest expense, average borrowings, and weighted average interest rate for the Amended UBS Facility were as follows:

	Three Months Ended March 31,						Year Ended December 31,
	2023			2022			2022
Stated interest expense	$	2,804		$	1,147		$	7,273
Non-usage fee	23			47			96
Total interest expense	$	2,827		$	1,194		$	7,369
Weighted average interest rate(1)	8.22		%	3.82		%	5.29		%
Average borrowings	$	137,639		$	125,000		$	137,322

(1)Includes the stated interest expense and non-usage fee on the unused portion of the Amended UBS Facility and is annualized for periods covering less than one year.

For the period from February 28, 2023 through March 31, 2023, the components of interest expense, average borrowings, and weighted average interest rate for the Series A Notes were as follows:

	For the Period From February 28, 2023 Through March 31, 2023
Stated interest expense	$	618
Amortization of deferred financing costs	78
Total interest expense	$	696
Weighted average interest rate(1)	8.62		%
Average borrowings	$	80,712

(1) Includes the stated interest expense on the Series A Notes and is annualized for periods covering less than one year.

For the three months ended March 31, 2023 and for the period from April 27, 2022 through December 31, 2022, the components of interest expense, average borrowings, and weighted average interest rate for the 2022 More Term Loan were as follows:

	Three Months Ended March 31, 2023			For the Period From April 27, 2022 Through December 31, 2022
Stated interest expense	$	1,012		$	2,027
Amortization of deferred financing costs	51			140
Total interest expense	$	1,063		$	2,167
Weighted average interest rate(1)	8.10		%	5.86		%
Average borrowings	$	50,000		$	50,000

(1) Includes the stated interest expense on the 2022 More Term Loan and is annualized for periods covering less than one year.

For the three months ended March 31, 2023 and 2022 and the year ended December 31, 2022, the components of interest expense, average borrowings, and weighted average interest rate for the 2021 More Term Loan were as follows:

	Three Months Ended March 31,						Year Ended December 31, 2022
	2023			2022
Stated interest expense	$	390		$	390		$	1,582
Amortization of deferred financing costs	71			71			288
Total interest expense	$	461		$	461		$	1,870
Weighted average interest rate(1)	5.20		%	5.20		%	5.20		%
Average borrowings	$	30,000		$	30,000		$	30,000

(1) Includes the stated interest expense on the 2021 More Term Loan and is annualized for periods covering less than one year.