Financing Arrangements (Tables)

12 Months Ended

Dec. 31, 2023

The following table presents summary information with respect to the Company’s outstanding financing arrangements as of December 31, 2023:


Financing Arrangement	Type of Financing Arrangement	Rate	Amount Outstanding		Amount Available		Maturity Date
JPM Credit Facility	Term Loan Credit Facility	SOFR+3.20%	$	550,000	$	125,000	May 15, 2025
2026 Notes(1)	Note Purchase Agreement	4.50%	125,000		—		February 11, 2026
UBS Facility	Repurchase Agreement	SOFR+3.20%	122,500		27,500		November 19, 2024
Series A Notes(2)	Israel Public Bond Offering	SOFR+3.82%	114,844		—		August 31, 2026
2027 Notes	Note Purchase Agreement	SOFR+4.75%	100,000		—		November 8, 2027
2022 More Term Loan	Term Loan Facility Agreement	SOFR+3.50%	50,000		—		April 27, 2027
2021 More Term Loan(3)	Term Loan Facility Agreement	5.20%	30,000		—		September 30, 2024
			$	1,092,344	$	152,500

(1)As of December 31, 2023, 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, 2023.

(2)As of December 31, 2023, the fair value of the Series A Notes was $121,710, which was based on readily observable, transparent prices. The fair value of these debt obligations would be categorized as Level 1 under ASC 820 as of December 31, 2023.

(3)As of December 31, 2023, 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, 2023.

For the years ended December 31, 2023 and 2022, the components of interest expense, average borrowings, and weighted average interest rate for the JPM Second Amendment and the Third Amended JPM Credit Facility were as follows:


	Years Ended December 31,
	2023			2022
Stated interest expense	$	50,223		$	29,254
Amortization of deferred financing costs	2,097			2,214
Non-usage fee	808			617
Total interest expense	$	53,128		$	32,085
Weighted average interest rate(1)	8.45		%	4.99		%
Average borrowings	$	595,342		$	590,603

(1)Includes the stated interest expense and non-usage fee on the unused portion of the JPM Second Amendment and the Third Amended JPM Credit Facility and is annualized for periods covering less than one year.

For the years ended December 31, 2023 and 2022, the components of interest expense, average borrowings, and weighted average interest rate for the 2026 Notes were as follows:


	Years Ended December 31,
	2023			2022
Stated interest expense	$	5,625		$	5,600
Amortization of deferred financing costs	533			533

Total interest expense	$	6,158		$	6,133
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, 2023 and 2022, the components of interest expense, average borrowings, and weighted average interest rate for the Amended UBS Facility were as follows:


	Years Ended December 31,
	2023			2022
Stated interest expense	$	10,297		$	7,273
Non-usage fee	239			96

Total interest expense	$	10,536		$	7,369
Weighted average interest rate(1)	8.76		%	5.29		%
Average borrowings	$	118,610		$	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 December 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 December 31, 2023

Stated interest expense	$	6,886

Amortization of deferred financing costs	887
Total interest expense	$	7,773
Weighted average interest rate(1)	8.98		%
Average borrowings	$	89,940

(1) Includes the stated interest expense on the Series A Notes and the Additional Series A Notes and is annualized for periods covering less than one year.

For the period from November 8, 2023 through December 31, 2023, the components of interest expense, average borrowings, and weighted average interest rate for the 2027 Notes were as follows:


	For the Period From November 8, 2023 Through December 31, 2023

Stated interest expense	$	1,495

Amortization of deferred financing costs	63
Total interest expense	$	1,558
Weighted average interest rate(1)	9.97		%
Average borrowings	$	100,000

(1) Includes the stated interest expense on the 2027 Notes and is annualized for periods covering less than one year.

For the year ended December 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:


	Year Ended December 31, 2023			For the Period From April 27, 2022 Through December 31, 2022

Stated interest expense	$	4,328			$	2,027

Amortization of deferred financing costs	205				140
Total interest expense	$	4,533			$	2,167
Weighted average interest rate(1)	8.54		%		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 years ended December 31, 2023 and 2022, the components of interest expense, average borrowings, and weighted average interest rate for the 2021 More Term Loan were as follows:


	Years Ended December 31,
	2023			2022
Stated interest expense	$	1,582		$	1,582

Amortization of deferred financing costs	288			288
Total interest expense	$	1,870		$	1,870
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.