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DEBT (Tables)
9 Months Ended
Sep. 30, 2024
Debt Disclosure [Abstract]  
Schedule of Long-Term Debt Instruments
The Company’s debt obligations were as follows.
September 30, 2024December 31, 2023
Aggregate Principal CommittedOutstanding PrincipalUnused PortionAggregate Principal CommittedOutstanding PrincipalUnused Portion
BNP Funding Facility$600,000 $246,000 $354,000 $600,000 $282,000 $318,000 
Truist Credit Facility(1)
1,300,000 545,987 748,735 1,120,000 520,263 599,484 
2027 Notes(2)
425,000 425,000 — 425,000 425,000 — 
2025 Notes(2)
275,000 275,000 — 275,000 275,000 — 
2029 Notes(2)
350,000 350,000 — — — — 
Total$2,950,000 $1,841,987 $1,102,735 $2,420,000 $1,502,263 $917,484 
(1)As of September 30, 2024 and December 31, 2023, a letter of credit of $5,278 and $253, respectively, was outstanding, which reduced the unused availability under the Truist Credit Facility by the same amount. Under the Truist Credit Facility, the Company may borrow in U.S. dollars or certain other permitted currencies. As of September 30, 2024 and December 31, 2023, the Company had borrowings denominated in Euros (EUR) of 238 and 238, respectively and Canadian dollars (CAD) of 300 and 0, respectively.
(2)As of September 30, 2024, the carrying value of the Company’s 2027 Notes, 2025 Notes and 2029 Notes were presented net of unamortized debt issuance costs of $2,657, $1,155 and $3,608 and unamortized original issuance discount of $506, $0 and $3,594, respectively. As of December 31, 2023, the carrying value of the Company’s 2027 Notes, 2025 Notes and 2029 Notes were presented net of unamortized debt issuance costs of $3,499, $2,065 $0, and unamortized original issuance discount of $667, $0 and $0, respectively.
The Company's summary information of its debt obligations were as follows:
For the Three Months EndedFor the Nine Months Ended
September 30, 2024September 30, 2023 September 30, 2024September 30, 2023
Combined weighted average interest rate (1)
6.45 %6.64 %6.56 %6.45 %
Combined weighted average effective interest rate (2)
6.89 %6.99 %7.00 %6.78 %
Combined weighted average debt outstanding$1,799,879 $1,619,670$1,614,402 $1,591,671
(1) Excludes unused commitment fees, amortization of financing costs, accretion of original issue discount and net change in unrealized (appreciation) depreciation on effective interest rate swaps and hedged items.
(2) Excludes unused commitment fees and and net change in unrealized (appreciation) depreciation on effective interest rate swaps and hedged items.
The summary information of the BNP Funding Facility is as follows:
For the Three Months EndedFor the Nine Months Ended
 September 30, 2024September 30, 2023 September 30, 2024September 30, 2023
Borrowing interest expense$4,137 $6,904 $15,382 $20,862 
Facility unused commitment fees736 209 1,523 455 
Amortization of deferred financing costs346 297 1,173 840 
Total$5,219 $7,410 $18,078 $22,157 
Weighted average interest rate7.90 %7.77 %8.10 %7.34 %
Weighted average outstanding balance$204,957 $347,446 $249,387 $374,927 
The summary information of the Truist Credit Facility is as follows:
For the Three Months EndedFor the Nine Months Ended
 September 30, 2024September 30, 2023 September 30, 2024September 30, 2023
Borrowing interest expense$10,182 $10,613 $27,342 $27,086 
Facility unused commitment fees741 531 2,156 1,723 
Amortization of deferred financing costs524 518 1,553 1,473 
Total$11,447 $11,662 $31,051 $30,282 
Weighted average interest rate7.31 %7.26 %7.33 %6.91 %
Weighted average outstanding balance$544,923 $572,225 $490,015 $516,745 
The summary information of 2027 Notes is as follows:
For the Three Months EndedFor the Nine Months Ended
 September 30, 2024September 30, 2023 September 30, 2024September 30, 2023
Borrowing interest expense$4,781 $4,781 $14,344 $14,344 
Accretion of original issuance discount53 54 159 160 
Amortization of debt issuance costs283 283 851 839 
Total$5,117 $5,118 $15,354 $15,343 
Stated interest rate4.50 %4.50 %4.50 %4.50 %
The summary information of 2025 Notes is as follows:
For the Three Months EndedFor the Nine Months Ended
 September 30, 2024September 30, 2023 September 30, 2024September 30, 2023
Borrowing interest expense$5,191 $5,191 $15,572 $15,572 
Amortization of debt issuance costs305 305 910 906 
Total$5,496 $5,496 $16,482 $16,478 
Stated interest rate7.55 %7.55 %7.55 %7.55 %
The summary information of 2029 Notes is as follows:
For the Three Months EndedFor the Nine Months Ended
 September 30, 2024September 30, 2023 September 30, 2024September 30, 2023
Borrowing interest expense$5,381 $— $8,012 $— 
Accretion of original issuance discount197 — 293 — 
Net change in unrealized (appreciation) depreciation on effective interest rate swaps and hedged items(26)— (33)— 
Amortization of debt issuance costs322 — 480 — 
Total$5,874 $— $8,752 $— 
Stated interest rate6.15 %— %6.15 %— %