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v3.23.1

Financing Arrangements (Tables) | 3 Months Ended
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Mar. 31, 2023
Debt Disclosure [Abstract] |
Schedule of Debt | The following table presents summary information with respect to the Company’s outstanding financing arrangements as of March 31, 2023:
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% |  | 50,000 |  |  | 50,000 |  |  |
2026 Notes(1) |  | Note Purchase Agreement |  | 4.50% |  | 125,000 |  |  | — |  |  | February 11, 2026
UBS Facility |  | Repurchase Agreement |  | L+3.375% |  | 125,000 |  |  | 25,000 |  |  | November 19, 2023
Series A Notes |  | Israel Public Bond Offering |  | SOFR+3.82% |  | 80,712 |  |  | — |  |  | August 31, 2026
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
|  |  |  |  |  | $ | 1,010,712 |  |  | $ | 100,000 |  |  |
(1)As of March 31, 2023, the fair value of the 2026 Notes was $119,219, 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 March 31, 2023. (2)As of March 31, 2023, the fair value of the 2021 More Term Loan was $28,913, 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 March 31, 2023. For the three months ended March 31, 2023 and 2022 and the year ended December 31, 2022, the components of interest expense, average borrowings, and weighted average interest rate for the JPM First Amendment and the Third Amended JPM Credit Facility were as follows:
|  | Three Months Ended March 31, |  |  |  | Year Ended December 31,
|  | 2023 |  | 2022 |  |  |  |  |  | 2022
Stated interest expense |  | $ | 11,990 |  |  | $ | 4,707 |  |  |  |  |  |  | $ | 29,254 |
Amortization of deferred financing costs |  | 564 |  |  | 490 |  |  |  |  |  |  | 2,214 |
Non-usage fee |  | 171 |  |  | 70 |  |  |  |  |  |  | 617 |
Total interest expense |  | $ | 12,725 |  |  | $ | 5,267 |  |  |  |  |  |  | $ | 32,085 |
Weighted average interest rate(1) |  | 8.02 | % |  | 3.44 | % |  |  |  |  |  | 4.99 | %
Average borrowings |  | $ | 606,667 |  |  | $ | 551,333 |  |  |  |  |  |  | $ | 590,603 |
(1)Includes the stated interest expense and non-usage fee on the unused portion of the JPM First Amendment and the Third Amended JPM Credit Facility and is annualized for periods covering less than one year. For the three months ended March 31, 2023 and 2022 and for the year ended December 31, 2022, the components of interest expense, average borrowings, and weighted average interest rate for the 2026 Notes were as follows:
|  | Three Months Ended March 31, |  |  |  |  |  | Year Ended December 31, 2022
|  | 2023 |  | 2022 |  |  |
Stated interest expense |  | $ | 1,406 |  |  | $ | 1,406 |  |  |  |  |  |  | $ | 5,600 |
Amortization of deferred financing costs |  | 131 |  |  | 131 |  |  |  |  |  |  | 533 |
Total interest expense |  | $ | 1,537 |  |  | $ | 1,537 |  |  |  |  |  |  | $ | 6,133 |
Weighted average interest rate(1) |  | 4.50 | % |  | 4.50 | % |  |  |  |  |  | 4.50 | %
Average borrowings |  | $ | 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 months ended March 31, 2023 and 2022 and the year ended December 31, 2022, the components of interest expense, average borrowings, and weighted average interest rate for the Amended UBS Facility were as follows:
|  | Three Months Ended March 31, |  |  |  | Year Ended December 31,
|  | 2023 |  | 2022 |  |  |  |  |  | 2022
Stated interest expense |  | $ | 2,804 |  |  | $ | 1,147 |  |  |  |  |  |  | $ | 7,273 |
Non-usage fee |  | 23 |  |  | 47 |  |  |  |  |  |  | 96 |
Total interest expense |  | $ | 2,827 |  |  | $ | 1,194 |  |  |  |  |  |  | $ | 7,369 |
Weighted average interest rate(1) |  | 8.22 | % |  | 3.82 | % |  |  |  |  |  | 5.29 | %
Average borrowings |  | $ | 137,639 |  |  | $ | 125,000 |  |  |  |  |  |  | $ | 137,322 |
(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 February 28, 2023 through March 31, 2023, the components of interest expense, average borrowings, and weighted average interest rate for the Series A Notes were as follows:
|  |  |  |  |  | For the Period From February 28, 2023 Through March 31, 2023
Stated interest expense |  |  |  |  |  | $ | 618 |
Amortization of deferred financing costs |  |  |  |  |  | 78 |
Total interest expense |  |  |  |  |  | $ | 696 |
Weighted average interest rate(1) |  |  |  |  |  | 8.62 | %
Average borrowings |  |  |  |  |  | $ | 80,712 |
(1) Includes the stated interest expense on the Series A Notes and is annualized for periods covering less than one year. For the three months ended March 31, 2023 and 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:
|  |  |  | Three Months Ended March 31, 2023 |  | For the Period From April 27, 2022 Through December 31, 2022
Stated interest expense |  |  |  | $ | 1,012 |  |  | $ | 2,027 |
Amortization of deferred financing costs |  |  |  | 51 |  |  | 140 |
Total interest expense |  |  |  | $ | 1,063 |  |  | $ | 2,167 |
Weighted average interest rate(1) |  |  |  | 8.10 | % |  | 5.86 | %
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 March 31, 2023 and 2022 and the year ended December 31, 2022, the components of interest expense, average borrowings, and weighted average interest rate for the 2021 More Term Loan were as follows:
|  | Three Months Ended March 31, |  |  |  |  |  | Year Ended December 31, 2022
|  | 2023 |  | 2022 |  |  |  |  |
Stated interest expense |  | $ | 390 |  |  | $ | 390 |  |  |  |  |  |  | $ | 1,582 |
Amortization of deferred financing costs |  | 71 |  |  | 71 |  |  |  |  |  |  | 288 |
Total interest expense |  | $ | 461 |  |  | $ | 461 |  |  |  |  |  |  | $ | 1,870 |
Weighted average interest rate(1) |  | 5.20 | % |  | 5.20 | % |  |  |  |  |  | 5.20 | %
Average borrowings |  | $ | 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.

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- 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
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