Debt (Tables)

12 Months Ended

Dec. 31, 2024

Debt Disclosure [Abstract]

Schedule of Debt Obligations

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

	December 31, 2024
($ in thousands)	Aggregate Principal Committed		Outstanding Principal		Amount Available(1)		Unamortized Debt Issuance Costs		Net Carrying Value
Revolving Credit Facility(2)(4)	$	2,985,000	$	292,345	$	2,649,422	$	(22,426)	$	269,919
SPV Asset Facility II	300,000		300,000		—		(3,773)		296,227
CLO I	390,000		390,000		—		(3,817)		386,183
CLO II	260,000		260,000		—		(2,230)		257,770
CLO III	260,000		260,000		—		(1,862)		258,138
CLO IV	292,500		292,500		—		(3,806)		288,694
CLO V	509,625		509,625		—		(2,310)		507,315
CLO VII	239,150		239,150		—		(1,612)		237,538
CLO X	260,000		260,000		—		(1,678)		258,322
2025 Notes	425,000		425,000		—		(421)		424,579
July 2025 Notes	500,000		500,000		—		(1,048)		498,952
2026 Notes	500,000		500,000		—		(2,428)		497,572
July 2026 Notes	1,000,000		1,000,000		—		(7,640)		992,360
2027 Notes(3)	500,000		500,000		—		(4,101)		465,449
2028 Notes	850,000		850,000		—		(9,112)		840,888
2029 Notes(3)	1,000,000		1,000,000		—		(16,099)		977,796
Total Debt	$	10,271,275	$	7,578,620	$	2,649,422	$	(84,363)	$	7,457,702

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

(3)Net carrying value is inclusive of change in fair market value of effective hedge.

(4)The amount available is reduced by $43.2 million of outstanding letters of credit.

	December 31, 2023
($ in thousands)	Aggregate Principal Committed		Outstanding Principal		Amount Available(1)		Unamortized Debt Issuance Costs		Net Carrying Value
Revolving Credit Facility(2)(4)	$	1,895,000	$	419,045	$	1,416,815	$	(17,970)	$	401,075
SPV Asset Facility II	250,000		250,000		—		(4,272)		245,728
CLO I	276,607		276,607		—		(2,394)		274,213
CLO II	260,000		260,000		—		(2,533)		257,467
CLO III	260,000		260,000		—		(1,676)		258,324
CLO IV	292,500		292,500		—		(4,316)		288,184
CLO V	509,625		509,625		—		(2,625)		507,000
CLO VI	260,000		260,000		—		(1,575)		258,425
CLO VII	239,150		239,150		—		(1,862)		237,288
CLO X	260,000		260,000		—		(1,874)		258,126
2024 Notes(3)	400,000		400,000		—		(657)		395,942
2025 Notes	425,000		425,000		—		(2,120)		422,880
July 2025 Notes	500,000		500,000		—		(2,882)		497,118
2026 Notes	500,000		500,000		—		(4,680)		495,320
July 2026 Notes	1,000,000		1,000,000		—		(12,403)		987,597
2027 Notes(3)	500,000		500,000		—		(6,037)		454,017
2028 Notes	850,000		850,000		—		(11,616)		838,384
Total Debt	$	8,677,882	$	7,201,927	$	1,416,815	$	(81,492)	$	7,077,088

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

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

(3)Net carrying value is inclusive of change in fair market value of effective hedge.

(4)The amount available is reduced by $59.1 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)	2024			2023			2022
Interest expense	$	434,877		$	410,592		$	273,134
Amortization of debt issuance costs	30,661			26,849			30,076
Net change in unrealized gain (loss) on effective interest rate swaps and hedged items(1)	(623)			(1,135)			4,329
Total Interest Expense	$	464,915		$	436,306		$	307,539
Average interest rate	5.6		%	5.5		%	3.7		%
Average daily borrowings	$	7,575,562		$	7,381,908		$	7,254,857

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(1)Refer to the 2024 Notes, 2027 Notes and 2029 Notes for details on each facility’s interest rate swap.