Debt (Tables)

6 Months Ended

Jun. 30, 2023

Debt Disclosure [Abstract]

Schedule of Debt Obligations

The below tables present the debt obligations for the following periods:

	June 30, 2023
($ in thousands)	Aggregate Principal Committed		Outstanding Principal		Amount Available(1)		Net Carrying Value(2)
Revolving Credit Facility(3)(5)	$	1,795,000	$	390,175	$	1,359,048	$	377,237
SPV Asset Facility II	250,000		140,000		110,000		135,524
CLO I	390,000		390,000		—		387,487
CLO II	260,000		260,000		—		257,347
CLO III	260,000		260,000		—		258,207
CLO IV	292,500		292,500		—		287,987
CLO V	509,625		509,625		—		506,889
CLO VI	260,000		260,000		—		258,325
CLO VII	239,150		239,150		—		237,238
CLO X	260,000		260,000		—		258,072
2024 Notes(4)	400,000		400,000		—		388,496
2025 Notes	425,000		425,000		—		422,050
July 2025 Notes	500,000		500,000		—		496,222
2026 Notes	500,000		500,000		—		494,232
July 2026 Notes	1,000,000		1,000,000		—		985,271
2027 Notes(4)	500,000		500,000		—		439,434
2028 Notes	850,000		850,000		—		837,158
Total Debt	$	8,691,275	$	7,176,450	$	1,469,048	$	7,027,176

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(1)The amount available reflects any collateral related limitations at the Company level related to each credit facility’s borrowing base.

(2)The carrying value of the Company’s Revolving Credit Facility, SPV Asset Facility II, CLO I, CLO II, CLO III, CLO IV, CLO V, CLO VI, CLO VII, CLO X, 2024 Notes, 2025 Notes, July 2025 Notes, 2026 Notes, July 2026 Notes, 2027 Notes and 2028 Notes are presented net of deferred financing costs of $12.9 million, $4.5 million, $2.5 million, $2.7 million, $1.8 million, $4.5 million, $2.7 million, $1.7 million, $1.9 million, $1.9 million, $1.8 million, $3.0 million, $3.8 million, $5.8 million, $14.7 million, $7.0 million and $12.8 million respectively.

(3)Includes the unrealized translation gain (loss) on borrowings denominated in foreign currencies.

(4)Inclusive of change in fair market value of effective hedge.

(5)The amount available is reduced by $45.8 million of outstanding letters of credit.

	December 31, 2022
($ in thousands)	Aggregate Principal Committed		Outstanding Principal		Amount Available(1)		Net Carrying Value(2)
Revolving Credit Facility(3)(5)	$	1,855,000	$	557,144	$	1,253,057	$	542,453
SPV Asset Facility II	350,000		250,000		100,000		245,368
SPV Asset Facility III	250,000		250,000		—		249,372
CLO I	390,000		390,000		—		387,321
CLO II	260,000		260,000		—		257,206
CLO III	260,000		260,000		—		258,145
CLO IV	292,500		292,500		—		287,777
CLO V	509,625		509,625		—		506,792
CLO VI	260,000		260,000		—		258,271
CLO VII	239,150		239,150		—		237,155
2024 Notes(4)	400,000		400,000		—		384,851
2025 Notes	425,000		425,000		—		421,242
July 2025 Notes	500,000		500,000		—		495,347
2026 Notes	500,000		500,000		—		493,162
July 2026 Notes	1,000,000		1,000,000		—		982,993
2027 Notes(4)	500,000		500,000		—		438,332
2028 Notes	850,000		850,000		—		835,957
Total Debt	$	8,841,275	$	7,443,419	$	1,353,057	$	7,281,744

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(1)The amount available reflects any limitations related to each credit facility’s borrowing base.

(2)The carrying value of the Company’s Revolving Credit Facility, SPV Asset Facility II, SPV Asset Facility III, CLO I, CLO II, CLO III, CLO IV, CLO V, CLO VI, CLO VII, 2024 Notes, 2025 Notes, July 2025 Notes, 2026 Notes, July 2026 Notes, 2027 Notes and 2028 Notes are presented net of deferred financing costs of $14.7 million, $4.6 million, $0.6 million, $2.7 million, $2.8 million, $1.9 million, $4.7 million, $2.8 million, $1.7 million, $2.0 million, $2.9 million, $3.8 million, $4.7 million, $6.8 million, $17.0 million, $7.9 million and $14.0 million respectively.

(3)Includes the unrealized translation gain (loss) on borrowings denominated in foreign currencies.

(4)Inclusive of change in fair market value of effective hedge.

(5)The amount available is reduced by $44.8 million of outstanding letters of credit.

Schedule of Components of Interest Expense

The table below presents the components of interest expense for the following periods:

	For the Three Months Ended June 30,						For the Six Months Ended June 30,
($ in thousands)	2023			2022			2023			2022
Interest expense	$	102,141		$	58,185		$	200,468		$	110,832
Amortization of debt issuance costs	7,562			8,697			14,426			14,807
Net change in unrealized gain (loss) on effective interest rate swaps and hedged items(1)	314			465			(922)			3,087
Total Interest Expense	$	110,017		$	67,347		$	213,972		$	128,726
Average interest rate	5.4		%	3.2		%	5.3		%	3.1		%
Average daily borrowings	$	7,432,693		$	7,131,423		$	7,464,970		$	7,141,675

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(1)Refer to the 2023 Notes, 2024 Notes and 2027 Notes for details on each facility’s interest rate swap.