Debt (Tables)

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Schedule of Debt Obligations

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

	December 31, 2023
($ in thousands)	Aggregate Principal Committed		Outstanding Principal		Amount Available(1)		Net Carrying Value(2)
Revolving Credit Facility(3)(5)	$	1,895,000	$	419,045	$	1,416,815	$	401,075
SPV Asset Facility II	250,000		250,000		—		245,728
CLO I	276,607		276,607		—		274,213
CLO II	260,000		260,000		—		257,467
CLO III	260,000		260,000		—		258,324
CLO IV	292,500		292,500		—		288,184
CLO V	509,625		509,625		—		507,000
CLO VI	260,000		260,000		—		258,425
CLO VII	239,150		239,150		—		237,288
CLO X	260,000		260,000		—		258,126
2024 Notes(4)	400,000		400,000		—		395,942
2025 Notes	425,000		425,000		—		422,880
July 2025 Notes	500,000		500,000		—		497,118
2026 Notes	500,000		500,000		—		495,320
July 2026 Notes	1,000,000		1,000,000		—		987,597
2027 Notes(4)	500,000		500,000		—		454,017
2028 Notes	850,000		850,000		—		838,384
Total Debt	$	8,677,882	$	7,201,927	$	1,416,815	$	7,077,088

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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 $18.0 million, $4.3 million, $2.4 million, $2.5 million, $1.7 million, $4.3 million, $2.6 million, $1.6 million, $1.9 million, $1.9 million, $0.6 million, $2.1 million, $2.9 million, $4.7 million, $12.4 million, $6.0 million and $11.6 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 $59.1 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 Years Ended December 31,
($ in thousands)	2023			2022			2021
Interest expense	$	410,592		$	273,134		$	192,652
Amortization of debt issuance costs	26,849			30,076			25,721
Net change in unrealized gain (loss) on effective interest rate swaps and hedged items(1)	(1,135)			4,329			759
Total Interest Expense	$	436,306		$	307,539		$	219,132
Average interest rate	5.5		%	3.7		%	3.0		%
Average daily borrowings	$	7,381,908		$	7,254,857		$	6,329,332

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