v3.25.4
Debt (Tables)
 12 Months Ended
Dec. 31, 2025
Debt Instrument [Line Items]  
Schedule of Outstanding Debt

The Company’s outstanding debt was as follows:

 

 

 

December 31, 2025

 

 

December 31, 2024

 

 

Aggregate
Borrowing
Amount
Committed

 

 

Amount
Available

 

 

Carrying
Value(1)

 

 

Aggregate
Borrowing
Amount
Committed

 

 

Amount
Available

 

Carrying
Value

 

 

Truist Revolving Credit Facility(2)

 

$

3,275,000

 

 

$

414,054

 

 

$

2,892,631

 

 

$

1,255,000

 

 

$

92,090

 

$

1,161,893

 

 

BNPP Revolving Credit Facility(3)

 

 

1,100,000

 

 

 

250,000

 

 

 

850,000

 

 

 

900,000

 

 

 

200,000

 

 

700,000

 

 

MS Revolving Credit Facility(4)

 

 

2,000,000

 

 

 

809,048

 

 

 

1,193,154

 

 

 

2,000,000

 

 

 

1,285,000

 

 

715,000

 

 

2028 Notes

 

 

400,000

 

 

 

—

 

 

 

396,958

 

 

 

—

 

 

 

—

 

 

—

 

 

2029 Notes

 

 

660,000

 

 

 

—

 

 

 

649,041

 

 

 

—

 

 

 

—

 

 

—

 

 

2030 Notes

 

 

600,000

 

 

 

—

 

 

 

594,052

 

 

 

—

 

 

 

—

 

 

—

 

 

2031 Notes

 

 

500,000

 

 

 

—

 

 

 

485,885

 

 

 

—

 

 

 

—

 

 

—

 

 

Total debt

 

$

8,535,000

 

 

$

1,473,102

 

 

$

7,061,721

 

 

$

4,155,000

 

 

$

1,577,090

 

$

2,576,893

 

 

 

(1)
The carrying value is presented net of the unamortized debt issuance costs and includes the cumulative hedging adjustments for those borrowings that are designated in a fair value hedging relationship, as applicable.
(2)
Provides, under certain circumstances, a total borrowing capacity of $3,555,000. The amount available is reduced by $630 of outstanding letters of credit. The Company may borrow amounts in USD or certain other permitted currencies. Debt outstanding denominated in currencies other than USD has been converted to USD using the applicable foreign currency exchange rate as of the applicable reporting date. As of December 31, 2025, the Company had outstanding borrowings denominated in USD of $2,051,000, in Euros of EUR 298,800, in CAD of CAD 118,050 in GBP of GBP 79,550, in CHF of CHF 24,200, in AUD of AUD 386,250 and in NOK of NOK 90,000. As of December 31, 2024, the Company had outstanding borrowings denominated in USD of $864,000, in Euros of EUR 153,890, in CAD of CAD 59,500, in GBP of GBP 60,500 and in AUD of AUD 34,500. The amount available is reduced by $630 of outstanding letters of credit.
(3)
Provides, under certain circumstances, a total borrowing capacity of $1,100,000. The Company may borrow amounts in USD or certain other permitted currencies. Debt outstanding denominated in currencies other than USD has been converted to USD using the applicable foreign currency exchange rate as of the applicable reporting date. As of December 31, 2025, the Company had outstanding borrowings denominated in USD of $850,000. As of December 31, 2024, the Company had outstanding borrowings denominated in USD of $700,000.
(4)
Provides, under certain circumstances, a total borrowing capacity of $2,000,000. The Company may borrow amounts in USD or certain other permitted currencies. Debt outstanding denominated in currencies other than USD has been converted to USD using the applicable foreign currency exchange rate as of the applicable reporting date. As of December31, 2025, the Company had outstanding borrowings denominated in USD of $989,900, in GBP of GBP 16,050 and in AUD of AUD 272,150. As of December 31, 2024, the Company had outstanding borrowings denominated in USD of $715,000.
Truist Revolving Credit Facility  
Debt Instrument [Line Items]  
Schedule of Revolving Credit Facility

The following table presents the summary information regarding the Truist Revolving Credit Facility:

 

 

 

For the Year Ended December 31,

 

 

 

 

2025

 

 

2024

 

 

2023

 

 

 

 

 

 

 

 

 

 

 

 

 

Borrowing interest expense

 

$

52,251

 

 

$

34,301

 

 

$

6,726

 

 

Facility fees

 

 

4,498

 

 

 

2,663

 

 

 

2,002

 

 

Amortization of financing costs

 

 

3,186

 

 

 

2,160

 

 

 

1,001

 

 

Total

 

$

59,935

 

 

$

39,124

 

 

$

9,729

 

 

Weighted average interest rate

 

 

5.40

%

 

 

6.72

%

 

 

7.34

%

 

Average outstanding balance

 

$

968,115

 

 

$

510,310

 

 

$

123,857

 

 
BNPP Revolving Credit Facility  
Debt Instrument [Line Items]  
Schedule of Revolving Credit Facility

The following table presents the summary information regarding the BNPP Revolving Credit Facility:

 

 

 

For the Year Ended December 31,

 

 

 

 

2025

 

 

2024

 

 

2023

 

 

Borrowing interest expense

 

$

42,038

 

 

$

21,487

 

 

$

68

 

 

Facility fees

 

 

1,186

 

 

 

252

 

 

 

6

 

 

Amortization of financing costs

 

 

2,158

 

 

 

938

 

 

 

154

 

 

Total

 

$

45,382

 

 

$

22,677

 

 

$

228

 

 

Weighted average interest rate

 

 

5.92

%

 

 

6.85

%

 

 

7.25

%

 

Average outstanding balance

 

$

709,726

 

 

$

313,497

 

 

$

3,579

 

 
MS Revolving Credit Facility  
Debt Instrument [Line Items]  
Schedule of Revolving Credit Facility

The following table presents the summary information regarding the MS Revolving Credit Facility:

 

 

 

For the Year Ended December 31,

 

 

 

 

 

2025

 

 

2024

 

 

2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Borrowing interest expense

 

$

56,530

 

 

$

14,216

 

 

$

—

 

 

 

Facility fees

 

 

9,879

 

 

 

799

 

 

 

—

 

 

 

Amortization of financing costs

 

 

3,100

 

 

$

917

 

 

 

—

 

 

 

Total

 

$

69,509

 

 

$

15,932

 

 

$

—

 

 

 

Weighted average interest rate

 

 

6.38

%

 

 

7.22

%

 

 

—

 

 

 

Average outstanding balance

 

$

886,540

 

 

$

497,298

 

 

$

—

 

 

 
2028 Notes  
Debt Instrument [Line Items]  
Schedule of Outstanding Debt

The following table presents the components of the carrying value of the 2028 Notes:

 

 

 

December 31, 2025

 

 

December 31, 2024

 

Principal amount of debt

 

$

400,000

 

 

$

—

 

Unamortized debt issuance costs

 

 

(4,081

)

 

 

—

 

Cumulative hedging adjustments

 

 

1,039

 

 

 

—

 

Carrying Value

 

$

396,958

 

 

$

—

 
Components of Interest and Other Debt Expenses

The following table presents the components of interest and other debt expenses related to the 2028 Notes:

 

 

 

For the Year Ended December 31,

 

 

 

 

2025

 

 

2024

 

 

2023

 

 

 

 

 

 

 

 

 

 

 

 

 

Borrowing interest expense

 

$

16,371

 

 

$

—

 

 

$

—

 

 

(Gain) loss from interest rate swaps accounted for as hedges and the related hedged items:

 

 

 

 

 

 

 

 

 

 

Interest rate swaps

 

 

(1,000

)

 

 

—

 

 

 

—

 

 

Hedged items

 

 

1,039

 

 

 

—

 

 

 

—

 

 

Amortization of debt issuance costs

 

 

1,143

 

 

 

—

 

 

 

—

 

 

Total

 

$

17,553

 

 

$

—

 

 

$

—

 

 
2030 Notes  
Debt Instrument [Line Items]  
Schedule of Outstanding Debt

The following table presents the components of the carrying value of the 2030 Notes:

 

 

 

December 31, 2025

 

 

December 31, 2024

 

Principal amount of debt

 

$

600,000

 

 

$

—

 

Unamortized debt issuance costs

 

 

(7,057

)

 

 

—

 

Cumulative hedging adjustments

 

 

1,109

 

 

 

—

 

Carrying Value

 

$

594,052

 

 

$

—

 
Components of Interest and Other Debt Expenses

The following table presents the components of interest and other debt expenses related to the 2030 Notes:

 

 

 

For the Year Ended December 31,

 

 

 

 

2025

 

 

2024

 

 

2023

 

 

 

 

 

 

 

 

 

 

 

 

 

Borrowing interest expense

 

$

25,960

 

 

$

—

 

 

$

—

 

 

(Gain) loss from interest rate swaps accounted for as hedges and the related hedged items:

 

 

 

 

 

 

 

 

 

 

Interest rate swaps

 

 

(1,044

)

 

 

—

 

 

 

—

 

 

Hedged items

 

 

1,109

 

 

 

—

 

 

 

—

 

 

Amortization of debt issuance costs

 

 

1,067

 

 

 

—

 

 

 

—

 

 

Total

 

$

27,092

 

 

$

—

 

 

$

—

 

 
2029 Notes  
Debt Instrument [Line Items]  
Schedule of Outstanding Debt

The following table presents the components of the carrying value of the 2029 Notes:

 

 

 

December 31, 2025

 

 

December 31, 2024

 

Principal amount of debt

 

$

660,000

 

 

$

—

 

Unamortized debt issuance costs

 

 

(10,745

)

 

 

—

 

Cumulative hedging adjustments

 

 

(214

)

 

 

—

 

Carrying Value

 

$

649,041

 

 

$

—

 
Components of Interest and Other Debt Expenses

The following table presents the components of interest and other debt expenses related to the 2029 Notes:

 

 

 

For the Year Ended December 31,

 

 

 

2025

 

 

2024

 

 

2023

 

 

 

 

 

 

 

 

 

 

 

Borrowing interest expense

 

$

5,550

 

 

$

—

 

 

$

—

 

(Gain) loss from interest rate swaps accounted for as hedges and the related hedged items:

 

 

 

 

 

 

 

 

 

Interest rate swaps

 

 

181

 

 

 

—

 

 

 

—

 

Hedged items

 

 

(214

)

 

 

—

 

 

 

—

 

Amortization of debt issuance costs

 

 

544

 

 

 

—

 

 

 

—

 

Total

 

$

6,061

 

 

$

—

 

 

$

—

 
2031 Notes  
Debt Instrument [Line Items]  
Schedule of Outstanding Debt

The following table presents the components of the carrying value of the 2031 Notes:

 

 

 

December 31, 2025

 

 

December 31, 2024

 

Principal amount of debt

 

$

500,000

 

 

$

—

 

Unamortized debt issuance costs

 

 

(12,391

)

 

 

—

 

Cumulative hedging adjustments

 

 

(1,724

)

 

 

—

 

Carrying Value

 

$

485,885

 

 

$

—

 
Components of Interest and Other Debt Expenses

The following table presents the components of interest and other debt expenses related to the 2031 Notes:

 

 

 

For the Year Ended December 31,

 

 

 

2025

 

 

2024

 

 

2023

 

 

 

 

 

 

 

 

 

 

 

Borrowing interest expense

 

$

3,495

 

 

$

—

 

 

$

—

 

(Gain) loss from interest rate swaps accounted for as hedges and the related hedged items:

 

 

 

 

 

 

 

 

 

Interest rate swaps

 

 

1,894

 

 

 

—

 

 

 

—

 

Hedged items

 

 

(1,724

)

 

 

—

 

 

 

—

 

Amortization of debt issuance costs

 

 

253

 

 

 

—

 

 

 

—

 

Total

 

$

3,918

 

 

$

—

 

 

$

—