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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 ArrangementType of Financing ArrangementRateAmount OutstandingAmount AvailableMaturity Date
JPM Credit FacilityTerm 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 FacilityRepurchase Agreement
L+3.375%
142,500 7,500 November 19, 2023
2022 More Term LoanTerm 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,
20222021202220212021
Stated interest expense$7,906 $4,532 $18,669 $13,625 $18,299 
Amortization of deferred financing costs576 464 1,637 1,628 2,119 
Non-usage fee188 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, 2022Three Months Ended September 30, 2021Nine Months Ended September 30, 2022For the Period From February 11, 2021 Through September 30, 2021For 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 costs135 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,
20222021202220212021
Stated interest expense$2,006 $1,000 $4,686 $2,795 $3,731 
Non-usage fee14 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 the 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, 2022For the Period From April 27, 2022 Through September 30, 2022
Stated interest expense$715 $1,125 
Amortization of deferred financing costs52 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, 2022Three Months Ended September 30, 2021Nine Months Ended September 30, 2022For the Period From April 14, 2021 Through September 30, 2021For the Period From April 14, 2021 Through December 31, 2021
Stated interest expense$399 $399 $1,183 $711 $1,109 
Amortization of deferred financing costs72 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.