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Financing Arrangements (Tables)

12 Months Ended

Dec. 31, 2022

Debt Disclosure [Abstract]

Schedule of Debt

The following table presents summary information with respect to the Company’s outstanding financing arrangements as of December 31, 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 December 31, 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 December 31, 2022.

(2)As of December 31, 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 December 31, 2022.

For the years ended December 31, 2022 and 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:

						Years Ended December 31,
						2022						2021
Stated interest expense						$	29,254					$	18,299
Amortization of deferred financing costs						2,214						2,119
Non-usage fee						617						457
Total interest expense						$	32,085					$	20,875
Weighted average interest rate(1)						4.99		%				3.36		%
Average borrowings						$	590,603					$	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 year ended December 31, 2022 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:

						Year Ended December 31, 2022						For the Period From February 11, 2021 Through December 31, 2021
Stated interest expense									$	5,600								$	5,062
Amortization of deferred financing costs						533						473
Total interest expense						$	6,133					$	5,535
Weighted average interest rate(1)						4.50		%				4.50		%
Average borrowings						$	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 years ended December 31, 2022 and 2021, the components of interest expense, average borrowings, and weighted average interest rate for the Amended UBS Facility were as follows:

						Years Ended December 31,
						2022						2021
Stated interest expense						$	7,273					$	3,731
Non-usage fee						96						349
Total interest expense						$	7,369					$	4,080
Weighted average interest rate(1)						5.29		%				3.86		%
Average borrowings						$	137,322					$	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 period from April 27, 2022 through December 31, 2022, the components of interest expense, average borrowings, and weighted average interest rate for the 2022 More Term Loan were as follows:

												For the Period From April 27, 2022 Through December 31, 2022
Stated interest expense															$	2,027
Amortization of deferred financing costs												140
Total interest expense												$	2,167
Weighted average interest rate(1)												5.86		%
Average borrowings												$	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 year ended December 31, 2022 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:

						Year Ended December 31, 2022						For the Period from April 14, 2021 through December 31, 2021
Stated interest expense						$	1,582					$	1,109
Amortization of deferred financing costs						288						208
Total interest expense						$	1,870					$	1,317
Weighted average interest rate(1)						5.20		%				5.20		%
Average borrowings						$	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.

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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.

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