Debt (Tables)
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9 Months Ended |
Sep. 30, 2025 |
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| Debt Instrument [Line Items] |
|
| Schedule of Outstanding Debt |
The Company’s outstanding debt was as follows:
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As of |
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September 30, 2025 |
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December 31, 2024 |
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Aggregate
Borrowing
Amount
Committed |
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|
Amount
Available |
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|
Carrying
Value(1) |
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|
Aggregate
Borrowing
Amount
Committed |
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|
Amount
Available |
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|
Carrying
Value(1) |
|
Revolving Credit Facility(2) |
|
$ |
1,695,000 |
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|
$ |
1,142,557 |
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|
$ |
553,014 |
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|
$ |
1,695,000 |
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|
$ |
1,019,992 |
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|
$ |
674,628 |
|
2025 Notes |
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|
— |
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|
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— |
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|
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— |
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|
|
360,000 |
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|
— |
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|
359,845 |
|
2026 Notes |
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|
500,000 |
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|
— |
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|
499,440 |
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|
500,000 |
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|
— |
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|
498,010 |
|
2027 Notes |
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|
400,000 |
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|
— |
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|
396,165 |
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|
400,000 |
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|
— |
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|
393,969 |
|
2030 Notes |
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|
400,000 |
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— |
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392,162 |
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— |
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— |
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— |
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Total Debt |
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$ |
2,995,000 |
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$ |
1,142,557 |
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|
$ |
1,840,781 |
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|
$ |
2,955,000 |
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|
$ |
1,019,992 |
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|
$ |
1,926,452 |
|
(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 $2,542,500. 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 September 30, 2025, the Company had outstanding borrowings denominated in USD of $457,674, in EUR of EUR 13,700, in GBP of GBP 18,950, in CAD of CAD 52,270 and in AUD of AUD 24,500. As of December 31, 2024, the Company had outstanding borrowings denominated in USD of $626,674, in EUR of EUR 10,500, in GBP of GBP 18,950, in CAD of CAD 8,520 and in AUD of AUD 12,000.
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| Schedule of Revolving Credit Facility |
The following table presents the summary information of the Revolving Credit Facility:
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For the Three Months Ended |
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For the Nine Months Ended |
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September 30,
2025 |
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September 30,
2024 |
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September 30,
2025 |
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|
September 30,
2024 |
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Borrowing interest expense |
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$ |
13,484 |
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|
$ |
12,617 |
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|
$ |
41,175 |
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$ |
41,746 |
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Facility fees |
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|
845 |
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|
1,019 |
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|
2,384 |
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|
2,725 |
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Amortization of financing costs |
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|
821 |
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|
824 |
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2,442 |
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|
2,461 |
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Total |
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$ |
15,150 |
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$ |
14,460 |
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$ |
46,001 |
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$ |
46,932 |
|
Weighted average interest rate |
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|
6.18 |
% |
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|
7.33 |
% |
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|
6.29 |
% |
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|
7.35 |
% |
Average outstanding balance |
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$ |
865,780 |
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|
$ |
685,103 |
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$ |
874,620 |
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$ |
758,550 |
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| 2025 Notes |
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| Debt Instrument [Line Items] |
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| Schedule of Outstanding Debt |
The following table presents the components of the carrying value of the 2025 Notes:
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September 30,
2025 |
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December 31,
2024 |
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Principal amount of debt |
|
$ |
— |
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|
$ |
360,000 |
|
Unamortized debt issuance costs |
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|
— |
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|
(155 |
) |
Carrying Value |
|
$ |
— |
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|
$ |
359,845 |
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| Components of Interest and Other Debt Expenses |
The following table presents the components of interest and other debt expenses related to the 2025 Notes:
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For the Three Months Ended |
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For the Nine Months Ended |
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September 30,
2025 |
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September 30,
2024 |
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September 30,
2025 |
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September 30,
2024 |
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Borrowing interest expense |
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$ |
— |
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|
$ |
3,375 |
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$ |
1,463 |
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$ |
10,125 |
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Amortization of debt issuance costs |
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|
— |
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|
348 |
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|
155 |
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|
1,037 |
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Total |
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$ |
— |
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|
$ |
3,723 |
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$ |
1,618 |
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$ |
11,162 |
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| 2026 Notes |
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| Debt Instrument [Line Items] |
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| Schedule of Outstanding Debt |
The following table presents the components of the carrying value of the 2026 Notes:
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September 30,
2025 |
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December 31,
2024 |
|
Principal amount of debt |
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$ |
500,000 |
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|
$ |
500,000 |
|
Unamortized debt issuance costs |
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|
(560 |
) |
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(1,990 |
) |
Carrying Value |
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$ |
499,440 |
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|
$ |
498,010 |
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| Components of Interest and Other Debt Expenses |
The following table presents the components of interest and other debt expenses related to the 2026 Notes:
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For the Three Months Ended |
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For the Nine Months Ended |
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September 30,
2025 |
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September 30,
2024 |
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September 30,
2025 |
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|
September 30,
2024 |
|
Borrowing interest expense |
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$ |
3,593 |
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$ |
3,593 |
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|
$ |
10,781 |
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$ |
10,781 |
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Amortization of debt issuance costs |
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|
482 |
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|
482 |
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|
1,430 |
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|
1,435 |
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Total |
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$ |
4,075 |
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$ |
4,075 |
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$ |
12,211 |
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$ |
12,216 |
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| 2027 Notes |
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| Debt Instrument [Line Items] |
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| Schedule of Outstanding Debt |
The following table presents the components of the carrying value of the 2027 Notes:
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September 30,
2025 |
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December 31,
2024 |
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Principal amount of debt |
|
$ |
400,000 |
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|
$ |
400,000 |
|
Unamortized debt issuance costs |
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|
(3,973 |
) |
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|
(6,031 |
) |
Cumulative hedging adjustments |
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|
138 |
|
|
|
— |
|
Carrying Value |
|
$ |
396,165 |
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|
$ |
393,969 |
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| Components of Interest and Other Debt Expenses |
The following table presents the components of interest and other debt expenses related to the 2027 Notes:
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For the Three Months Ended |
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For the Nine Months Ended |
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September 30,
2025 |
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September 30,
2024 |
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September 30,
2025 |
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|
September 30,
2024 |
|
Borrowing interest expense |
|
$ |
6,559 |
|
|
$ |
6,375 |
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|
$ |
19,311 |
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$ |
14,167 |
|
Gain (loss) from interest rate swap accounted for as hedges and the related hedged items: |
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Interest rate swap |
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|
(133 |
) |
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|
— |
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|
(133 |
) |
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|
— |
|
Hedged item |
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|
138 |
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|
|
— |
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|
138 |
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|
— |
|
Amortization of debt issuance costs |
|
|
694 |
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|
665 |
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|
|
2,058 |
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|
|
1,538 |
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Total |
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$ |
7,258 |
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$ |
7,040 |
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$ |
21,374 |
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$ |
15,705 |
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| 2030 Notes |
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| Debt Instrument [Line Items] |
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| Schedule of Outstanding Debt |
The following table presents the components of the carrying value of the 2030 Notes:
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September 30,
2025 |
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|
December 31,
2024 |
|
Principal amount of debt |
|
$ |
400,000 |
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|
$ |
— |
|
Unamortized debt issuance costs |
|
|
(5,069 |
) |
|
|
— |
|
Cumulative hedging adjustments |
|
|
(2,769 |
) |
|
|
— |
|
Carrying Value |
|
$ |
392,162 |
|
|
$ |
— |
|
|
| Components of Interest and Other Debt Expenses |
The following table presents the components of interest and other debt expenses related to the 2030 Notes:
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For the Three Months Ended |
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For the Nine Months Ended |
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September 30,
2025 |
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|
September 30,
2024 |
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|
September 30,
2025 |
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|
September 30,
2024 |
|
Borrowing interest expense |
|
$ |
1,509 |
|
|
$ |
— |
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|
$ |
1,509 |
|
|
$ |
— |
|
Gain (loss) from interest rate swap accounted for as hedges and the related hedged items: |
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|
|
|
|
|
|
|
|
|
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|
Interest rate swap |
|
|
2,794 |
|
|
|
— |
|
|
|
2,794 |
|
|
|
— |
|
Hedged item |
|
|
(2,769 |
) |
|
|
— |
|
|
|
(2,769 |
) |
|
|
— |
|
Amortization of debt issuance costs |
|
|
62 |
|
|
|
— |
|
|
|
62 |
|
|
|
— |
|
Total |
|
$ |
1,596 |
|
|
$ |
— |
|
|
$ |
1,596 |
|
|
$ |
— |
|
|