Quarterly report pursuant to Section 13 or 15(d)

Debt (Tables)

v3.22.2.2
Debt (Tables)
9 Months Ended
Sep. 30, 2022
Debt Disclosure [Abstract]  
Schedule of Debt Obligations
Debt obligations consisted of the following as of September 30, 2022 and December 31, 2021:
September 30, 2022
($ in thousands) Aggregate Principal Committed Outstanding Principal
Amount Available(1)
Net Carrying Value(2)
Revolving Credit Facility(3)(5)
$ 1,855,000  $ 406,913  $ 1,395,174  $ 391,769 
SPV Asset Facility II 350,000  250,000  100,000  245,107 
SPV Asset Facility III 250,000  250,000  —  249,208 
SPV Asset Facility IV 250,000  76,484  173,516  73,863 
CLO I 390,000  390,000  —  387,253 
CLO II 260,000  260,000  —  257,127 
CLO III 260,000  260,000  —  258,098 
CLO IV 292,500  292,500  —  287,674 
CLO V 509,625  509,625  —  506,965 
CLO VI 260,000  260,000  —  258,246 
CLO VII 239,150  239,150  —  237,266 
2024 Notes(4)
400,000  400,000  —  384,328 
2025 Notes 425,000  425,000  —  420,841 
July 2025 Notes 500,000  500,000  —  494,912 
2026 Notes 500,000  500,000  —  492,635 
July 2026 Notes 1,000,000  1,000,000  —  981,868 
2027 Notes(4)
500,000  500,000  —  433,638 
2028 Notes 850,000  850,000  —  835,356 
Total Debt $ 9,091,275  $ 7,369,672  $ 1,668,690  $ 7,196,154 
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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)The carrying value of the Company’s Revolving Credit Facility, SPV Asset Facility II, SPV Asset Facility III, SPV Asset Facility IV, CLO I, CLO II, CLO III, CLO IV, CLO V, CLO VI, CLO VII, 2024 Notes, 2025 Notes, July 2025 Notes, 2026 Notes, July 2026 Notes, 2027 Notes and 2028 Notes are presented net of deferred financing costs of $15.1 million, $4.9 million, $0.8 million, $2.6 million, $2.7 million, $2.9 million, $1.9 million, $4.8 million, $2.7 million, $1.8 million, $1.9 million, $3.4 million, $4.2 million, $5.1 million, $7.4 million, $18.1 million, $8.4 million and $14.6 million respectively.
(3)Includes the unrealized translation gain (loss) on borrowings denominated in foreign currencies.
(4)Inclusive of change in fair market value of effective hedge.
(5)The amount available is reduced by $52.9 million of outstanding letters of credit.
December 31, 2021
($ in thousands) Aggregate Principal Committed Outstanding Principal Amount Available(1) Net Carrying Value(2)
Revolving Credit Facility(3)(5) $ 1,655,000  $ 892,313  $ 707,370  $ 879,943 
SPV Asset Facility II 350,000  100,000  250,000  95,668 
SPV Asset Facility III 500,000  190,000  310,000  188,979 
SPV Asset Facility IV 250,000  155,000  95,000  152,727 
CLO I 390,000  390,000  —  386,989 
CLO II 260,000  260,000  —  256,942 
CLO III 260,000  260,000  —  257,937 
CLO IV 292,500  292,500  —  287,342 
CLO V 196,000  196,000  —  194,167 
CLO VI 260,000  260,000  —  258,093 
2024 Notes(4) 400,000  400,000  —  406,481 
2025 Notes 425,000  425,000  —  419,674 
July 2025 Notes 500,000  500,000  —  493,637 
2026 Notes 500,000  500,000  —  491,085 
July 2026 Notes 1,000,000  1,000,000  —  978,537 
2027 Notes(4) 500,000  500,000  —  497,537 
2028 Notes 850,000  850,000  —  833,588 
Total Debt $ 8,588,500  $ 7,170,813  $ 1,362,370  $ 7,079,326 
______________
(1)The amount available reflects any limitations related to each credit facility’s borrowing base.
(2)The carrying value of the Company’s Revolving Credit Facility, SPV Asset Facility II, SPV Asset Facility III, SPV Asset Facility IV, CLO I, CLO II, CLO III, CLO IV, CLO V, CLO VI, 2024 Notes, 2025 Notes, July 2025 Notes, 2026 Notes, July 2026 Notes, 2027 Notes and 2028 Notes are presented net of deferred financing costs of $12.4 million, $4.3 million, $1.0 million, $2.2 million, $3.0 million, $3.1 million, $2.1 million, $5.2 million, $1.8 million, $1.9 million, $5.0 million, $5.3 million, $6.4 million, $8.9 million, $21.5 million, $9.7 million and $16.4 million, respectively.
(3)Includes the unrealized translation gain (loss) on borrowings denominated in foreign currencies.
(4)Inclusive of change in fair market value of effective hedge.
(5)The amount available is reduced by $55.3 million of outstanding letters of credit.
Schedule of Components of Interest Expense
For the three and nine months ended September 30, 2022 and 2021 the components of interest expense were as follows:

For the Three Months Ended September 30, For the Nine Months Ended September 30,
($ in thousands) 2022 2021 2022 2021
Interest expense $ 73,539  $ 50,054  $ 184,354  $ 139,502 
Amortization of debt issuance costs 6,311  6,731  21,133  18,882 
Net change in unrealized gain (loss) on effective interest rate swaps and hedged items(1) 1,360  (269) 4,448  653 
Total Interest Expense $ 81,210  $ 56,516  $ 209,935  $ 159,037 
Average interest rate 3.9  % 2.9  % 3.4  % 3.0  %
Average daily borrowings $ 7,368,456  $ 6,713,786  $ 7,218,099  $ 6,050,836 
______________
(1)Refer to the 2023 Notes, 2024 Notes and 2027 Notes for details on each facility’s interest rate swap.