Debt (Tables)

6 Months Ended

Jun. 30, 2026

Schedule of Components of Interest Expense

For the three and six months ended June 30, 2026 and 2025 respectively, the components of interest expense related to the 2029 Notes, January 2030 Notes and July 2030 Notes are as follows.


	For the Three Months Ended				For the Six Months Ended
	June 30, 2026		June 30, 2025		June 30, 2026		June 30, 2025
Interest expense	$	32,297	$	32,297	$	64,594	$	63,063
Accretion of original issue discount		566		504		1,120		1,026
Amortization of deferred financing costs		1,345		1,334		2,653		2,591
Total Interest Expense	$	34,208	$	34,135	$	68,367	$	66,680

For the three and six months ended June 30, 2026 and 2025, the components of interest expense were as follows:


	For the Three Months Ended						For the Six Months Ended
	June 30, 2026			June 30, 2025			June 30, 2026			June 30, 2025
Interest expense	$	56,076		$	50,073		$	109,764		$	99,008
Commitment fees		1,008			1,711			1,896			3,143
Amortization of deferred financing costs		2,633			3,309			5,215			6,254
Accretion of original issue discount		566			504			1,120			1,027
Swap settlement		(327	)		3,457			(1,323	)		5,737
Total Interest Expense	$	59,956		$	59,054		$	116,672		$	115,169
Average debt outstanding (in millions)	$	4,260.5		$	3,609.7		$	4,192.6		$	3,478.4
Weighted average interest rate		5.2	%		5.9	%		5.2	%		6.0	%

Schedule of Component of Carrying Value of Convertible Notes and Interest Rate

As of June 30, 2026, the components of the carrying value and the stated interest rates of the 2029 Notes, January 2030 Notes and July 2030 Notes and the stated interest rates were as follows.


	June 30, 2026
	2029 Notes			January 2030 Notes			July 2030 Notes
Principal amount of debt	$	750,000		$	600,000		$	750,000
Original issue discount, net of accretion		(3,841	)		(665	)		(3,750	)
Deferred financing costs		(5,489	)		(5,103	)		(7,759	)
Fair value of an effective hedge		1,144			(14,862	)		5,305
Carrying value of debt	$	741,814		$	579,370		$	743,796
Stated interest rate		6.50	%		5.75	%		6.13	%

As of December 31, 2025, the components of the carrying value and the stated interest rates of the 2029 Notes, January 2030 Notes and July 2030 Notes were as follows.


	December 31, 2025
	2029 Notes			January 2030 Notes			July 2030 Notes
Principal amount of debt	$	750,000		$	600,000		$	750,000
Original issue discount, net of accretion		(4,475	)		(749	)		(4,152	)
Deferred financing costs		(6,497	)		(5,817	)		(8,273	)
Fair value of an effective hedge		15,141			(5,161	)		20,952
Carrying value of debt	$	754,169		$	588,273		$	758,527
Stated interest rate		6.50	%		5.75	%		6.13	%

Schedule of Debt Obligations

Debt obligations consisted of the following as of June 30, 2026 and December 31, 2025:


	June 30, 2026
	Aggregate Principal Amount Committed		Outstanding Principal		Amount Available (1)		Carrying Value (2)(3)
Subscription Facility	$	500,000	$	192,017	$	307,983	$	191,781
Revolving Credit Facility		2,675,000		1,851,542		798,516		1,831,505
2029 Notes		750,000		750,000		—		741,814
January 2030 Notes		600,000		600,000		—		579,370
July 2030 Notes		750,000		750,000		—		743,796
Total Debt	$	5,275,000	$	4,143,559	$	1,106,499	$	4,088,266

(1)

The amount available may be subject to limitations related to the borrowing base under the Subscription Facility, Revolving Credit Facility, outstanding letters of credit issued and asset coverage requirements.

(2)

The carrying values of the Subscription Facility, Revolving Credit Facility, the 2029 Notes, January 2030 Notes and July 2030 Notes are presented net of the combination of deferred financing costs and original issue discounts totaling $0.2 million, $20.0 million, $9.3 million, $5.8 million and $11.5 million, respectively.

(3)

The carrying value of the 2029 Notes, January 2030 Notes, and July 2030 Notes are presented inclusive of an incremental $1.1 million, $(14.9) million and $5.3 million, respectively, which represents an adjustment in the carrying value of the 2029 Notes, January 2030 Notes and July 2030 Notes, resulting from a hedge accounting relationship.


	December 31, 2025
	Aggregate Principal Amount Committed		Outstanding Principal		Amount Available (1)		Carrying Value (2)(3)
Subscription Facility	$	500,000	$	22,428	$	477,572	$	21,469
Revolving Credit Facility		2,675,000		2,025,883		617,129		2,010,387
2029 Notes		750,000		750,000		—		754,169
January 2030 Notes		600,000		600,000		—		588,273
July 2030 Notes		750,000		750,000		—		758,527
Total Debt	$	5,275,000	$	4,148,311	$	1,094,701	$	4,132,825

(1)

The amount available may be subject to limitations related to the borrowing base under the Subscription Facility, the Revolving Credit Facility, outstanding letters of credit issued, and asset coverage requirements.

(2)

The carrying values of the Subscription Facility, Revolving Credit Facility, 2029 Notes, January 2030 Notes and July 2030 Notes are presented net of the combination of deferred financing costs and original issue discounts totaling $1.0 million, $15.5 million, $11.0 million, $6.6 million, and $12.4 million, respectively.

(3)

The carrying value of the 2029 Notes, January 2030 Notes and July 2030 Notes are presented inclusive of an incremental $15.1 million, $(5.2) million and $21.0 million, respectively, which represents an adjustment in the carrying value of the 2029 Notes, January 2030 Notes and July 2030 Notes, resulting from a hedge accounting relationship.