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Debt (Tables)
 6 Months Ended
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 CostsNet 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 II300,000 256,200 43,800 43,800 (5,295)250,905 
SPV Asset Facility V525,000 430,500 94,500 94,500 (4,412)426,088 
SPV Asset Facility VI500,000 310,000 190,000 143,051 (3,530)306,470 
CLO III260,000 260,000 — — (1,638)258,362 
CLO IV219,948 219,948 — — (2,782)217,166 
CLO V509,625 509,625 — — (1,939)507,686 
CLO VII330,500 330,500 — — (2,041)328,459 
CLO X272,000 272,000 — — (1,833)270,167 
July 2026 Notes1,000,000 1,000,000 — — (197)999,803 
2027 Notes(2)
500,000 500,000 — — (9,073)489,826 
April 2027 Notes325,000 325,000 — — (665)324,335 
July 2027 Notes250,000 250,000 — — (962)249,038 
2028 Notes850,000 850,000 — — (5,251)844,749 
June 2028 Notes100,000 100,000 — — (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 CostsNet 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 II300,000 161,700 138,300 137,146 (5,562)156,138 
SPV Asset Facility V525,000 384,000 141,000 48,167 (5,001)378,999 
SPV Asset Facility VI500,000 300,000 200,000 92,046 (4,041)295,959 
SPV Asset Facility VII300,000 210,000 90,000 9,964 (1,601)208,399 
CLO I390,000 390,000 — — (3,489)386,511 
CLO III260,000 260,000 — — (1,727)258,273 
CLO IV275,463 275,463 — — (3,346)272,117 
CLO V509,625 509,625 — — (2,062)507,563 
CLO VII330,500 330,500 — — (2,127)328,373 
CLO X272,000 272,000 — — (1,797)270,203 
CLO XIV260,000 260,000 — — (1,578)258,422 
2026 Notes500,000 500,000 — — (91)499,909 
July 2026 Notes1,000,000 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 Notes250,000 250,000 — — (1,389)248,611 
2028 Notes850,000 850,000 — — (6,549)843,451 
June 2028 Notes100,000 100,000 — — (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,
2026202520262025
Interest expense$108,538 $139,775 $230,046 $281,130 
Amortization of debt issuance costs14,318 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 rate5.2 %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
TotalLess than 1 year1-3 years3-5 yearsAfter 5 years
Revolving Credit Facility
$105,500 $— $— $105,500 $— 
SPV Asset Facility II256,200 — — — 256,200 
SPV Asset Facility V430,500 — — 430,500 — 
SPV Asset Facility VI310,000 — — 310,000 — 
CLO III260,000 — — — 260,000 
CLO IV219,948 — — — 219,948 
CLO V509,625 — — — 509,625 
CLO VII330,500 — — — 330,500 
CLO X272,000 — — — 272,000 
July 2026 Notes1,000,000 1,000,000 — — — 
2027 Notes500,000 500,000 — — — 
April 2027 Notes325,000 325,000 — — — 
July 2027 Notes250,000 — 250,000 — — 
2028 Notes850,000 — 850,000 — — 
June 2028 Notes100,000 — 100,000 — — 
September 2028 Notes400,000 — 400,000 — — 
2029 Notes1,000,000 — 1,000,000 — — 
2030 Notes500,000 — — 500,000 — 
2031 Notes400,000 — — — 400,000 
Total Contractual Obligations$8,019,273 $1,825,000 $2,600,000 $1,346,000 $2,248,273