XML 43 R31.htm IDEA: XBRL DOCUMENT
v3.22.2.2

Financing Arrangements (Tables) | 9 Months Ended
--- | ---
Sep. 30, 2022
Debt Disclosure [Abstract] |
Schedule of Debt | The following table presents summary information with respect to the Company’s outstanding financing arrangements as of September 30, 2022:
Financing Arrangement |  | Type of Financing Arrangement |  | Rate |  | Amount Outstanding |  | Amount Available |  | Maturity Date
JPM Credit Facility |  | Term Loan Credit Facility |  | L+3.10% |  | $ | 550,000 |  |  | $ | 25,000 |  |  | May 15, 2024
|  |  |  | SOFR+3.10% |  | 60,000 |  |  | 40,000 |  |  |
2026 Notes(1) |  | Note Purchase Agreement |  | 4.50% |  | 125,000 |  |  | — |  |  | February 11, 2026
UBS Facility |  | Repurchase Agreement |  | L+3.375% |  | 142,500 |  |  | 7,500 |  |  | November 19, 2023
2022 More Term Loan |  | Term Loan Facility Agreement |  | SOFR+3.50% |  | 50,000 |  |  | — |  |  | April 27, 2027
2021 More Term Loan(2) |  | Term Loan Facility Agreement |  | 5.20% |  | 30,000 |  |  | — |  |  | September 30, 2024
|  |  |  |  |  | $ | 957,500 |  |  | $ | 72,500 |  |  |
(1)As of September 30, 2022, the fair value of the 2026 Notes was $125,000, which was based on a yield analysis and discount rate commensurate with the market yields for similar types of debt. The fair value of these debt obligations would be categorized as Level 3 under ASC 820 as of September 30, 2022. (2)As of September 30, 2022, the fair value of the 2021 More Term Loan was $30,000, which was based on a yield analysis and discount rate commensurate with the market yields for similar types of debt. The fair value of these debt obligations would be categorized as Level 3 under ASC 820 as of September 30, 2022. For the three and nine months ended September 30, 2022 and 2021 and the year ended December 31, 2021, the components of interest expense, average borrowings, and weighted average interest rate for the JPM First Amendment, the Third Amended JPM Credit Facility and the Second Amended JPM Credit Facility, as applicable, were as follows:
|  | Three Months Ended September 30, |  | Nine Months Ended September 30, |  | Year Ended December 31,
|  | 2022 |  | 2021 |  | 2022 |  | 2021 |  | 2021
Stated interest expense |  | $ | 7,906 |  |  | $ | 4,532 |  |  | $ | 18,669 |  |  | $ | 13,625 |  |  | $ | 18,299 |
Amortization of deferred financing costs |  | 576 |  |  | 464 |  |  | 1,637 |  |  | 1,628 |  |  | 2,119 |
Non-usage fee |  | 188 |  |  | 64 |  |  | 451 |  |  | 432 |  |  | 457 |
Total interest expense |  | $ | 8,670 |  |  | $ | 5,060 |  |  | $ | 20,757 |  |  | $ | 15,685 |  |  | $ | 20,875 |
Weighted average interest rate(1) |  | 5.32 | % |  | 3.28 | % |  | 4.33 | % |  | 3.41 | % |  | 3.36 | %
Average borrowings |  | $ | 601,739 |  |  | $ | 550,000 |  |  | $ | 584,066 |  |  | $ | 543,681 |  |  | $ | 549,110 |
(1)Includes the stated interest expense and non-usage fee on the unused portion of the JPM First Amendment, the Third Amended JPM Credit Facility and the Second Amended JPM Credit Facility, as applicable, and is annualized for periods covering less than one year. For the three months ended September 30, 2022 and 2021, for the nine months ended September 30, 2022, for the period from February 11, 2021 through September 30, 2021 and for the period from February 11, 2021 through December 31, 2021, the components of interest expense, average borrowings, and weighted average interest rate for the 2026 Notes were as follows:
|  | Three Months Ended September 30, 2022 |  | Three Months Ended September 30, 2021 |  | Nine Months Ended September 30, 2022 |  | For the Period From February 11, 2021 Through September 30, 2021 |  | For the Period From February 11, 2021 Through December 31, 2021
Stated interest expense |  | $ | 1,406 |  |  | $ | 1,437 |  |  | $ | 4,234 |  |  | $ | 3,625 |  |  | $ | 5,062 |
Amortization of deferred financing costs |  | 135 |  |  | 135 |  |  | 399 |  |  | 339 |  |  | 473 |
Total interest expense |  | $ | 1,541 |  |  | $ | 1,572 |  |  | $ | 4,633 |  |  | $ | 3,964 |  |  | $ | 5,535 |
Weighted average interest rate(1) |  | 4.50 | % |  | 4.50 | % |  | 4.50 | % |  | 4.50 | % |  | 4.50 | %
Average borrowings |  | $ | 125,000 |  |  | $ | 125,000 |  |  | $ | 125,000 |  |  | $ | 125,000 |  |  | $ | 125,000 |
(1)Includes the stated interest expense on the 2026 Notes and is annualized for periods covering less than one year. For the three and nine months ended September 30, 2022 and 2021 and the year ended December 31, 2021, the components of interest expense, average borrowings, and weighted average interest rate for the Amended UBS Facility were as follows:
|  | Three Months Ended September 30, |  | Nine Months Ended September 30, |  | Year Ended December 31,
|  | 2022 |  | 2021 |  | 2022 |  | 2021 |  | 2021
Stated interest expense |  | $ | 2,006 |  |  | $ | 1,000 |  |  | $ | 4,686 |  |  | $ | 2,795 |  |  | $ | 3,731 |
Non-usage fee |  | 14 |  |  | 74 |  |  | 82 |  |  | 263 |  |  | 349 |
Total interest expense |  | $ | 2,020 |  |  | $ | 1,074 |  |  | $ | 4,768 |  |  | $ | 3,058 |  |  | $ | 4,080 |
Weighted average interest rate(1) |  | 5.58 | % |  | 3.78 | % |  | 4.64 | % |  | 3.88 | % |  | 3.86 | %
Average borrowings |  | $ | 142,500 |  |  | $ | 111,413 |  |  | $ | 135,577 |  |  | $ | 103,846 |  |  | $ | 104,110 |
(1)Includes the stated interest expense and non-usage fee on the unused portion of the Amended UBS Facility and is annualized for periods covering less than one year. For the three months ended September 30, 2022 and for t he period from April 27, 2022 through September 30, 2022, the components of interest expense, average borrowings, and weighted average interest rate for the 2022 More Term Loan were as follows:
|  |  |  | Three Months Ended September 30, 2022 |  | For the Period From April 27, 2022 Through September 30, 2022
Stated interest expense |  |  |  | $ | 715 |  |  | $ | 1,125 |
Amortization of deferred financing costs |  |  |  | 52 |  |  | 88 |
Total interest expense |  |  |  | $ | 767 |  |  | $ | 1,213 |
Weighted average interest rate(1) |  |  |  | 5.59 | % |  | 5.16 | %
Average borrowings |  |  |  | $ | 50,000 |  |  | $ | 50,000 |
(1) Includes the stated interest expense on the 2022 More Term Loan and is annualized for periods covering less than one year. For the three months ended September 30, 2022 and 2021, for the nine months ended September 30, 2022, for the period from April 14, 2021 through September 30, 2021 and for the period from April 14, 2021 through December 31, 2021, the components of interest expense, average borrowings, and weighted average interest rate for the 2021 More Term Loan were as follows:
|  | Three Months Ended September 30, 2022 |  | Three Months Ended September 30, 2021 |  | Nine Months Ended September 30, 2022 |  | For the Period From April 14, 2021 Through September 30, 2021 |  | For the Period From April 14, 2021 Through December 31, 2021
Stated interest expense |  | $ | 399 |  |  | $ | 399 |  |  | $ | 1,183 |  |  | $ | 711 |  |  | $ | 1,109 |
Amortization of deferred financing costs |  | 72 |  |  | 71 |  |  | 215 |  |  | 134 |  |  | 208 |
Total interest expense |  | $ | 471 |  |  | $ | 470 |  |  | $ | 1,398 |  |  | $ | 845 |  |  | $ | 1,317 |
Weighted average interest rate(1) |  | 5.20 | % |  | 5.20 | % |  | 5.20 | % |  | 5.20 | % |  | 5.20 | %
Average borrowings |  | $ | 30,000 |  |  | $ | 30,000 |  |  | $ | 30,000 |  |  | $ | 30,000 |  |  | $ | 30,000 |
(1) Includes the stated interest expense on the 2021 More Term Loan and is annualized for periods covering less than one year.

X
- References No definition available. + Details
Name: | us-gaap_DebtDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of information pertaining to short-term and long-debt instruments or arrangements, including but not limited to identification of terms, features, collateral requirements and other information necessary to a fair presentation. + References No definition available. + Details
Name: | us-gaap_ScheduleOfDebtTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration