XML 39 R24.htm IDEA: XBRL DOCUMENT v3.24.1.u1
Borrowings (Tables)
 3 Months Ended
Mar. 31, 2024
Debt Disclosure [Abstract]  
Schedule of Long-Term Debt Instruments
The Company’s outstanding debt obligations were as follows:
March 31, 2024
Aggregate
Principal
Committed		Outstanding
Principal		Carrying
Value		Unamortized Debt Issuance Costs
Unused
Portion (1)
Amount
Available (2)
Jackson Hole Funding Facility(3)
$500,000 $387,949 $387,949 $— $112,051 $112,051 
Breckenridge Funding Facility1,025,000 824,350 824,350 — 200,650 200,650 
Big Sky Funding Facility500,000 500,000 500,000 — — — 
Revolving Credit Facility(4)
1,775,000 785,728 785,728 — 989,273 989,273 
2026 Notes800,000 800,000 796,789 3,211 — — 
New 2026 Notes700,000 700,000 695,647 4,353 — — 
2027 Notes650,000 650,000 642,097 7,903 — — 
2028 Notes650,000 650,000 641,554 8,446 — — 
Total$6,600,000 $5,298,027 $5,274,114 $23,913 $1,301,974 $1,301,974 
(1)The unused portion is the amount upon which commitment fees, if any, are based.
(2)The amount available reflects any limitations related to each respective credit facility’s borrowing base.
(3)Under the Jackson Hole Funding Facility, the Company may borrow in U.S. dollars (USD) or certain other permitted currencies. As of March 31, 2024, the Company had no borrowings denominated in currencies other than USD.
(4)Under the Revolving Credit Facility, the Company may borrow in U.S. dollars or certain other permitted currencies. As of March 31, 2024, the Company had non-USD borrowings denominated in the following currencies:
•Canadian Dollars (CAD) 1.0 million
•Euros (EUR) 101.1 million
•British Pounds (GBP) 113.2 million
•Australian Dollar (AUD) 1.0 million
December 31, 2023
Aggregate
Principal
Committed		Outstanding
Principal		Carrying
Value		Unamortized Debt Issuance Costs
Unused
Portion (1)
Amount
Available (2)
Jackson Hole Funding Facility(3)
$500,000 $233,019 $233,019 $— $266,981 $266,981 
Breckenridge Funding Facility1,025,000 741,700 741,700 — 283,300 283,300 
Big Sky Funding Facility500,000 480,906 480,906 — 19,094 19,094 
Revolving Credit Facility(4)
1,775,000 682,258 682,258 — 1,092,742 1,092,662 
2026 Notes800,000 800,000 796,343 3,657 — — 
New 2026 Notes700,000 700,000 695,206 4,794 — — 
2027 Notes650,000 650,000 641,412 8,588 — — 
2028 Notes650,000 650,000 641,086 8,914 — — 
Total$6,600,000 $4,937,883 $4,911,930 $25,953 $1,662,117 $1,662,037 

(1)The unused portion is the amount upon which commitment fees, if any, are based.
(2)The amount available reflects any limitations related to each respective credit facility’s borrowing base.
(3)Under the Jackson Hole Funding Facility, the Company may borrow in U.S. dollars (USD) or certain other permitted currencies. As of December 31, 2023, the Company had no borrowings denominated in currencies other than USD.
(4)Under the Revolving Credit Facility, the Company may borrow in USD or certain other permitted currencies. As of December 31, 2023, the Company had non-USD borrowings denominated in the following currencies:
•Canadian Dollars (CAD) 1.0 million
•Euros (EUR) 94.4 million
•British Pounds (GBP) 66.9 million
The components of interest expense were as follows:
Three months ended March 31,
20242023
Borrowing interest expense$61,165 $62,125 
Facility unused fees1,816 929 
Amortization of deferred financing costs1,698 1,125 
Amortization of original issue discount and debt issuance costs2,041 2,549 
Total Interest Expense$66,720 $66,728 
Cash paid for interest expense$72,624 $88,513