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Debt (Tables)

9 Months Ended

12 Months Ended

Sep. 30, 2023

Dec. 31, 2022

Debt Disclosure [Abstract]

Schedule of Long-Term Debt Instruments

The summary information of the CIBC Subscription Facility is as follows:

​	​	​	​	​	​	​	​	​	​	​	​	​	​
​		For the Three Months Ended						For the Nine Months Ended
​		September 30, 2023			September 30, 2022			September 30, 2023			September 30, 2022
Borrowing interest expense	​	$	—	​	$	2,271	​	$	—	​	$	5,450	​
Facility unused commitment fees	​		—	​		6	​		—	​		19	​
Amortization of deferred financing costs	​		—	​		327	​		—	​		1,125	​
Total	​	$	—	​	$	2,604	​	$	—	​	$	6,594	​
Weighted average interest rate (excluding unused fees and financing costs)	​		—	%		3.76	%		—	%		2.57	%
Weighted average outstanding balance	​	$	—	​	$	236,491	​	$	—	​	$	279,562	​

​

The summary information of the BNP Funding Facility is as follows:

​	​	​	​	​	​	​	​	​	​	​	​	​	​
​		For the Three Months Ended						For the Nine Months Ended
​		September 30, 2023			September 30, 2022			September 30, 2023			September 30, 2022
Borrowing interest expense	​	$	6,904	​	$	4,517	​	$	20,862	​	$	10,665	​
Facility unused commitment fees	​		209	​		128	​		455	​		209	​
Amortization of deferred financing costs	​		297	​		289	​		840	​		855	​
Total	​	$	7,410	​	$	4,934	​	$	22,157	​	$	11,729	​
Weighted average interest rate (excluding unused fees and financing costs)	​		7.77	%		4.57	%		7.34	%		3.37	%
Weighted average outstanding balance	​	$	347,446	​	$	386,962	​	$	374,927	​	$	417,700	​

​

The summary information of the Truist Credit Facility is as follows:

​	​	​	​	​	​	​	​	​	​	​	​	​	​
​		For the Three Months Ended						For the Nine Months Ended
​		September 30, 2023			September 30, 2022			September 30, 2023			September 30, 2022
Borrowing interest expense	​	$	10,613	​	$	4,018	​	$	27,086	​	$	7,485	​
Facility unused commitment fees	​		531	​		568	​		1,723	​		1,863	​
Amortization of deferred financing costs	​		518	​		267	​		1,473	​		905	​
Total	​	$	11,662	​	$	4,853	​	$	30,282	​	$	10,253	​
Weighted average interest rate (excluding unused fees and financing costs)	​		7.26	%		4.05	%		6.91	%		3.05	%
Weighted average outstanding balance	​	$	572,225	​	$	388,313	​	$	516,745	​	$	323,300	​

​

The summary information of 2027 Notes is as follows:

​	​	​	​	​	​	​	​	​	​	​	​	​	​
​		For the Three Months Ended						For the Nine Months Ended
​		September 30, 2023			September 30, 2022			September 30, 2023			September 30, 2022
Borrowing interest expense	​	$	4,781	​	$	4,781	​	$	14,344	​	$	12,219	​
Accretion of original issuance discount	​		54	​		54	​		160	​		136	​
Amortization of debt issuance costs	​		283	​		279	​		839	​		704	​
Total	​	$	5,118	​	$	5,114	​	$	15,343	​	$	13,059	​
Stated interest rate	​		4.50	%		4.50	%		4.50	%		4.50	%

​

The summary information of 2025 Notes is as follows:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

For the Three Months Ended

For the Nine Months Ended

​

​

September 30, 2023

​

September 30, 2022

​

September 30, 2023

​

September 30, 2022

Borrowing interest expense

​

$

5,191

​

$

1,038

​

$

15,572

​

$

1,038

​

Amortization of debt issuance costs

​

305

​

58

​

906

​

58

​

Total

​

$

5,496

​

$

1,096

​

$

16,478

​

$

1,096

​

Stated interest rate

​

7.55

%

7.55

%

7.55

%

7.55

%

​

The Company’s debt obligations were as follows. Unused debt capacity of credit facilities were subject to certain borrowing base restrictions:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

September 30, 2023

December 31, 2022

​

​

Aggregate

​

​

​

​

​

​

​

Aggregate

​

​

​

​

​

​

​

​

Principal

​

Outstanding

​

Unused

​

Principal

​

Outstanding

​

Unused

​

​

Committed

Principal

Portion

Committed

Principal

Portion

CIBC Subscription Facility(1)

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

BNP Funding Facility

​

600,000

​

345,000

​

255,000

​

600,000

​

400,000

​

200,000

Truist Credit Facility(2)(3)

​

1,120,000

​

680,252

​

438,498

​

975,000

​

432,254

​

538,521

2027 Notes(4)

​

425,000

​

425,000

​

—

​

425,000

​

425,000

​

—

2025 Notes(4)

​

275,000

​

275,000

​

—

​

275,000

​

275,000

​

—

Total

​

$

2,420,000

​

$

1,725,252

​

$

693,498

​

$

2,275,000

​

$

1,532,254

​

$

738,521

(1) The CIBC Subscription Facility matured and was fully paid off as of December 31, 2022.

(2) As of September 30, 2023 and December 31, 2022, a letter of credit of $1,250 and $4,225, respectively, was outstanding, which reduced the unused availability under the Truist Credit Facility by the same amount.

(3) Under the Truist Credit Facility, the Company may borrow in U.S. dollars or certain other permitted currencies. As of September 30, 2023 and December 31, 2022, the Company had borrowings denominated in Euros (EUR) of 238.

(4) As of September 30, 2023, the carrying value of the Company’s 2027 Notes and 2025 Notes were presented on the Consolidated Statements of Assets and Liabilities net of unamortized debt issuance costs of $3,782 and $2,370, and unamortized original issuance discount of $721 and $0, respectively.

The summary information of the CIBC Subscription Facility is as follows:

​	​	​	​	​	​	​	​	​	​	​
​		For the Year Ended
​	​	December 31, 2022			December 31, 2021			December 31, 2020
Borrowing interest expense	​	$	8,312	​	$	6,379	​	$	2,247	​
Facility unused commitment fees	​		26	​		92	​		406	​
Amortization of deferred financing costs	​		1,347	​		1,375	​		1,072	​
Total	​	$	9,685	​	$	7,846	​	$	3,725	​
Weighted average interest rate (excluding unused fees and financing costs)	​		3.13	%		1.77	%		1.93	%
Weighted average outstanding balance	​	$	262,184	​	$	354,810	​	$	114,431	​

​

The summary information of the BNP Funding Facility is as follows:

​	​	​	​	​	​	​	​	​	​	​
​	​	For the Year Ended
​		December 31, 2022			December 31, 2021			December 31, 2020
Borrowing interest expense	​	$	15,376	​	$	8,559	​	$	—	​
Facility unused commitment fees	​		507	​		69	​		—	​
Amortization of deferred financing costs	​		1,145	​		1,073	​		147	​
Total	​	$	17,028	​	$	9,701	​	$	147	​
Weighted average interest rate (excluding unused fees and financing costs)	​		3.90	%		2.48	%		—	%
Weighted average outstanding balance	​	$	389,216	​	$	340,437	​	$	—	​

​

The summary information of the Truist Credit Facility is as follows:

​	​	​	​	​	​	​	​
​	​	For the Year Ended		​	From July 16, 2021 to
​		December 31, 2022			December 31, 2021
Borrowing interest expense	​	$	11,959	​	$	2,145	​
Facility unused commitment fees	​		2,487	​		858	​
Amortization of deferred financing costs	​		1,243	​		465	​
Total	​	$	15,689	​	$	3,468	​
Weighted average interest rate (excluding unused fees and financing costs)	​		3.68	%		2.09	%
Weighted average outstanding balance	​	$	320,955	​	$	218,189	​

​

The summary information of 2027 Notes is as follows:

​	​	​	​	​
​		For the year ended December 31, 2022
Borrowing interest expense	​	$	17,000	​
Accretion of original issuance discount	​		190	​
Amortization of debt issuance costs	​		996	​
Total	​	$	18,186	​
Stated interest rate	​		4.50	%

The summary information of 2025 Notes is as follows:

​	​	​	​	​
​		For the year ended December 31, 2022
Borrowing interest expense	​	$	6,229	​
Amortization of debt issuance costs	​		365	​
Total	​	$	6,594	​
Stated interest rate	​		7.55	%

​

The Company’s debt obligations were as follows. Unused debt capacity of credit facilities were subject to certain borrowing base restrictions:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

December 31, 2022

​

December 31, 2021

​

Aggregate

​

​

​

​

Aggregate

​

​

​

​

​

​

Principal

​

Outstanding

​

Unused

​

Principal

​

Outstanding

​

Unused

​

​

Committed

​

Principal

​

Portion

​

Committed

​

Principal

​

Portion

CIBC Subscription Facility(1)

​

$

—

​

$

—

​

$

—

​

$

400,000

​

$

310,350

​

$

89,650

BNP Funding Facility

​

600,000

​

400,000

​

200,000

​

600,000

​

463,500

​

136,500

Truist Credit Facility(2)(3)

​

975,000

​

432,254

​

538,521

​

975,000

​

476,000

​

499,000

2027 Notes(4)

​

425,000

​

425,000

​

—

​

—

​

—

​

—

2025 Notes(4)

​

275,000

​

275,000

​

—

​

—

​

—

​

—

Total

​

$

2,275,000

​

$

1,532,254

​

$

738,521

​

$

1,975,000

​

$

1,249,850

​

$

725,150

(1) The CIBC Subscription Facility matured on December 31, 2022 and was fully paid off.

(2) As of December 31, 2022, $4,225 letter of credit was outstanding, which reduced the unused availability under the Truist Credit Facility of the same amount. As of December 31, 2021, no letter of credit was outstanding.

(3) Under the Truist Credit Facility, the Company may borrow in U.S. dollars or certain other permitted currencies. As of December 31, 2022, the Company had borrowings denominated in Euros (EUR) of 238. As of December 31, 2021, the Company did not have any borrowings denominated in Euros (EUR) or other permitted currencies.

(4) The carrying value of the Company’s 2027 Notes and 2025 Notes were presented on the Consolidated Statements of Assets and Liabilities net of unamortized debt issuance costs of $4,622 and $3,277, and unamortized original issuance discount of $881 and $—, respectively.

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- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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