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Debt (Tables) | 6 Months Ended
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Jun. 30, 2026
Debt Disclosure [Abstract] |
Schedule of Debt Obligations | The tables below present the Company’s debt obligations for the following periods:
|  | As of June 30, 2026
|  | Aggregate Principal Committed |  | Outstanding Principal |  | Unused Portion(5) |  | Amount Available(3) |  | Unamortized Debt Issuance Costs |  | Net Carrying Value
Revolving Credit Facility(1)(4) |  | $ | 4,000,000 |  |  | $ | 105,500 |  |  | $ | 3,856,721 |  |  | $ | 3,856,721 |  |  | $ | (34,124) |  |  | $ | 71,376 |
SPV Asset Facility II |  | 300,000 |  |  | 256,200 |  |  | 43,800 |  |  | 43,800 |  |  | (5,295) |  |  | 250,905 |
SPV Asset Facility V |  | 525,000 |  |  | 430,500 |  |  | 94,500 |  |  | 94,500 |  |  | (4,412) |  |  | 426,088 |
SPV Asset Facility VI |  | 500,000 |  |  | 310,000 |  |  | 190,000 |  |  | 143,051 |  |  | (3,530) |  |  | 306,470 |
CLO III |  | 260,000 |  |  | 260,000 |  |  | — |  |  | — |  |  | (1,638) |  |  | 258,362 |
CLO IV |  | 219,948 |  |  | 219,948 |  |  | — |  |  | — |  |  | (2,782) |  |  | 217,166 |
CLO V |  | 509,625 |  |  | 509,625 |  |  | — |  |  | — |  |  | (1,939) |  |  | 507,686 |
CLO VII |  | 330,500 |  |  | 330,500 |  |  | — |  |  | — |  |  | (2,041) |  |  | 328,459 |
CLO X |  | 272,000 |  |  | 272,000 |  |  | — |  |  | — |  |  | (1,833) |  |  | 270,167 |
July 2026 Notes |  | 1,000,000 |  |  | 1,000,000 |  |  | — |  |  | — |  |  | (197) |  |  | 999,803 |
2027 Notes(2) |  | 500,000 |  |  | 500,000 |  |  | — |  |  | — |  |  | (9,073) |  |  | 489,826 |
April 2027 Notes |  | 325,000 |  |  | 325,000 |  |  | — |  |  | — |  |  | (665) |  |  | 324,335 |
July 2027 Notes |  | 250,000 |  |  | 250,000 |  |  | — |  |  | — |  |  | (962) |  |  | 249,038 |
2028 Notes |  | 850,000 |  |  | 850,000 |  |  | — |  |  | — |  |  | (5,251) |  |  | 844,749 |
June 2028 Notes |  | 100,000 |  |  | 100,000 |  |  | — |  |  | — |  |  | (469) |  |  | 99,531 |
September 2028 Notes(2) |  | 400,000 |  |  | 400,000 |  |  | — |  |  | — |  |  | (2,861) |  |  | 393,582 |
2029 Notes(2) |  | 1,000,000 |  |  | 1,000,000 |  |  | — |  |  | — |  |  | (6,965) |  |  | 986,672 |
2030 Notes(2) |  | 500,000 |  |  | 500,000 |  |  | — |  |  | — |  |  | (9,041) |  |  | 486,848 |
2031 Notes(2) |  | 400,000 |  |  | 400,000 |  |  | — |  |  | — |  |  | (8,694) |  |  | 392,470 |
Total Debt |  | $ | 12,242,073 |  |  | $ | 8,019,273 |  |  | $ | 4,185,021 |  |  | $ | 4,138,072 |  |  | $ | (101,772) |  |  | $ | 7,903,533 |
________________ (1)The amount available and unused portion are reduced by $37.8 million of outstanding letters of credit. (2)Net carrying value is inclusive of change in fair market value of effective hedge. (3)The amount available reflects any limitations related to each credit facility’s borrowing base. (4)As of June 30, 2026, the Company's Revolving Credit Facility borrowing base value was $5.65 billion excluding cash. (5)The unused portion is the amount upon which commitment fees, if any, are based.
|  | As of December 31, 2025
|  | Aggregate Principal Committed |  | Outstanding Principal |  | Unused Portion(5) |  | Amount Available(3) |  | Unamortized Debt Issuance Costs |  | Net Carrying Value
Revolving Credit Facility(1)(4) |  | $ | 4,025,000 |  |  | $ | 1,012,000 |  |  | $ | 2,970,841 |  |  | $ | 2,970,841 |  |  | $ | (27,931) |  |  | $ | 984,069 |
SPV Asset Facility II |  | 300,000 |  |  | 161,700 |  |  | 138,300 |  |  | 137,146 |  |  | (5,562) |  |  | 156,138 |
SPV Asset Facility V |  | 525,000 |  |  | 384,000 |  |  | 141,000 |  |  | 48,167 |  |  | (5,001) |  |  | 378,999 |
SPV Asset Facility VI |  | 500,000 |  |  | 300,000 |  |  | 200,000 |  |  | 92,046 |  |  | (4,041) |  |  | 295,959 |
SPV Asset Facility VII |  | 300,000 |  |  | 210,000 |  |  | 90,000 |  |  | 9,964 |  |  | (1,601) |  |  | 208,399 |
CLO I |  | 390,000 |  |  | 390,000 |  |  | — |  |  | — |  |  | (3,489) |  |  | 386,511 |
CLO III |  | 260,000 |  |  | 260,000 |  |  | — |  |  | — |  |  | (1,727) |  |  | 258,273 |
CLO IV |  | 275,463 |  |  | 275,463 |  |  | — |  |  | — |  |  | (3,346) |  |  | 272,117 |
CLO V |  | 509,625 |  |  | 509,625 |  |  | — |  |  | — |  |  | (2,062) |  |  | 507,563 |
CLO VII |  | 330,500 |  |  | 330,500 |  |  | — |  |  | — |  |  | (2,127) |  |  | 328,373 |
CLO X |  | 272,000 |  |  | 272,000 |  |  | — |  |  | — |  |  | (1,797) |  |  | 270,203 |
CLO XIV |  | 260,000 |  |  | 260,000 |  |  | — |  |  | — |  |  | (1,578) |  |  | 258,422 |
2026 Notes |  | 500,000 |  |  | 500,000 |  |  | — |  |  | — |  |  | (91) |  |  | 499,909 |
July 2026 Notes |  | 1,000,000 |  |  | 1,000,000 |  |  | — |  |  | — |  |  | (2,717) |  |  | 997,283 |
2027 Notes(2) |  | 500,000 |  |  | 500,000 |  |  | — |  |  | — |  |  | (2,117) |  |  | 483,987 |
April 2027 Notes |  | 325,000 |  |  | 325,000 |  |  | — |  |  | — |  |  | (1,078) |  |  | 323,922 |
July 2027 Notes |  | 250,000 |  |  | 250,000 |  |  | — |  |  | — |  |  | (1,389) |  |  | 248,611 |
2028 Notes |  | 850,000 |  |  | 850,000 |  |  | — |  |  | — |  |  | (6,549) |  |  | 843,451 |
June 2028 Notes |  | 100,000 |  |  | 100,000 |  |  | — |  |  | — |  |  | (585) |  |  | 99,415 |
2029 Notes(2) |  | 1,000,000 |  |  | 1,000,000 |  |  | — |  |  | — |  |  | (8,373) |  |  | 1,002,667 |
2030 Notes(2) |  | 500,000 |  |  | 500,000 |  |  | — |  |  | — |  |  | (10,025) |  |  | 495,805 |
Total Debt |  | $ | 12,972,588 |  |  | $ | 9,390,288 |  |  | $ | 3,540,141 |  |  | $ | 3,258,164 |  |  | $ | (93,186) |  |  | $ | 9,300,076 |
_______________ (1)The amount available and unused portion are reduced by $42.2 million of outstanding letters of credit. (2)Net carrying value is inclusive of change in fair market value of effective hedge. (3)The amount available reflects any limitations related to each credit facility’s borrowing base. (4)As of December 31, 2025, the Company's Revolving Credit Facility borrowing base value was $5.90 billion excluding cash. (5)The unused portion is the amount upon which commitment fees, if any, are based.
Schedule of Components of Interest Expense | The table below presents the components of interest expense for the following periods:
|  | For the Three Months Ended June 30, |  | For the Six Months Ended June 30,
|  | 2026 |  | 2025 |  | 2026 |  | 2025 |  |
Interest expense |  | $ | 108,538 |  |  | $ | 139,775 |  |  | $ | 230,046 |  |  | $ | 281,130 |  |  |
Amortization of debt issuance costs |  | 14,318 |  |  | 11,516 |  |  | 26,705 |  |  | 21,318 |  |  |
Net change in unrealized (gain) loss on effective interest rate swaps and hedged items included in interest expense(1) |  | 127 |  |  | 280 |  |  | 548 |  |  | (2,345) |  |  |
Total Interest Expense |  | $ | 122,983 |  |  | $ | 151,571 |  |  | $ | 257,299 |  |  | $ | 300,103 |  |  |
Average interest rate |  | 5.2 | % |  | 5.5 | % |  | 5.2 | % |  | 5.6 | % |  |
Average daily borrowings |  | $ | 8,418,935 |  |  | $ | 9,965,559 |  |  | $ | 8,880,096 |  |  | $ | 10,069,798 |  |  |
_______________ (1)Refer to the 2027 Notes, September 2028 Notes, 2029 Notes, 2030 Notes and 2031 Notes below and to “Note 7 — Derivative Instruments” for details on the associated interest rate swaps.
Schedule of Maturities of Long-Term Debt | The table below presents a summary of the Company’s contractual payment obligations under credit facilities and notes as of June 30, 2026:
|  | Payments Due by Period
|  | Total |  | Less than 1 year |  | 1-3 years |  | 3-5 years |  | After 5 years
Revolving Credit Facility |  | $ | 105,500 |  |  | $ | — |  |  | $ | — |  |  | $ | 105,500 |  |  | $ | — |
SPV Asset Facility II |  | 256,200 |  |  | — |  |  | — |  |  | — |  |  | 256,200 |
SPV Asset Facility V |  | 430,500 |  |  | — |  |  | — |  |  | 430,500 |  |  | — |
SPV Asset Facility VI |  | 310,000 |  |  | — |  |  | — |  |  | 310,000 |  |  | — |
CLO III |  | 260,000 |  |  | — |  |  | — |  |  | — |  |  | 260,000 |
CLO IV |  | 219,948 |  |  | — |  |  | — |  |  | — |  |  | 219,948 |
CLO V |  | 509,625 |  |  | — |  |  | — |  |  | — |  |  | 509,625 |
CLO VII |  | 330,500 |  |  | — |  |  | — |  |  | — |  |  | 330,500 |
CLO X |  | 272,000 |  |  | — |  |  | — |  |  | — |  |  | 272,000 |
July 2026 Notes |  | 1,000,000 |  |  | 1,000,000 |  |  | — |  |  | — |  |  | — |
2027 Notes |  | 500,000 |  |  | 500,000 |  |  | — |  |  | — |  |  | — |
April 2027 Notes |  | 325,000 |  |  | 325,000 |  |  | — |  |  | — |  |  | — |
July 2027 Notes |  | 250,000 |  |  | — |  |  | 250,000 |  |  | — |  |  | — |
2028 Notes |  | 850,000 |  |  | — |  |  | 850,000 |  |  | — |  |  | — |
June 2028 Notes |  | 100,000 |  |  | — |  |  | 100,000 |  |  | — |  |  | — |
September 2028 Notes |  | 400,000 |  |  | — |  |  | 400,000 |  |  | — |  |  | — |
2029 Notes |  | 1,000,000 |  |  | — |  |  | 1,000,000 |  |  | — |  |  | — |
2030 Notes |  | 500,000 |  |  | — |  |  | — |  |  | 500,000 |  |  | — |
2031 Notes |  | 400,000 |  |  | — |  |  | — |  |  | — |  |  | 400,000 |
Total Contractual Obligations |  | $ | 8,019,273 |  |  | $ | 1,825,000 |  |  | $ | 2,600,000 |  |  | $ | 1,346,000 |  |  | $ | 2,248,273 |

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