Debt (Tables)

9 Months Ended

Sep. 30, 2023

Debt Disclosure [Abstract]

Schedule of Debt Obligations

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

	September 30, 2023
($ in thousands)	Aggregate Principal Committed		Outstanding Principal		Amount Available(1)		Net Carrying Value(2)
Revolving Credit Facility(3)(5)	$	1,795,000	$	420,964	$	1,318,591	$	408,806
SPV Asset Facility II	250,000		140,000		110,000		135,617
CLO I	386,806		386,806		—		384,328
CLO II	260,000		260,000		—		257,405
CLO III	260,000		260,000		—		258,263
CLO IV	292,500		292,500		—		288,061
CLO V	509,625		509,625		—		506,941
CLO VI	260,000		260,000		—		258,396
CLO VII	239,150		239,150		—		237,232
CLO X	260,000		260,000		—		258,093
2024 Notes(4)	400,000		400,000		—		392,062
2025 Notes	425,000		425,000		—		422,459
July 2025 Notes	500,000		500,000		—		496,670
2026 Notes	500,000		500,000		—		494,772
July 2026 Notes	1,000,000		1,000,000		—		986,434
2027 Notes(4)	500,000		500,000		—		439,095
2028 Notes	850,000		850,000		—		837,765
Total Debt	$	8,688,081	$	7,204,045	$	1,428,591	$	7,062,399

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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 $12.2 million, $4.4 million, $2.5 million, $2.6 million, $1.7 million, $4.4 million, $2.7 million, $1.6 million, $1.9 million, $1.9 million, $1.2 million, $2.6 million, $3.3 million, $5.2 million, $13.6 million, $6.5 million and $12.2 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 $55.4 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

______________

(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 September 30,						For the Nine Months Ended September 30,
($ in thousands)	2023			2022			2023			2022
Interest expense	$	103,931		$	73,539		$	304,398		$	184,354
Amortization of debt issuance costs	6,152			6,311			20,577			21,133
Net change in unrealized gain (loss) on effective interest rate swaps and hedged items(1)	362			1,360			(559)			4,448
Total Interest Expense	$	110,445		$	81,210		$	324,416		$	209,935
Average interest rate	5.6		%	3.9		%	5.4		%	3.4		%
Average daily borrowings	$	7,260,470		$	7,368,456		$	7,396,054		$	7,218,099

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