XML 61 R38.htm IDEA: XBRL DOCUMENT v3.25.0.1
Financing Arrangements (Tables)
 12 Months Ended
Dec. 31, 2024
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, 2024: 
Financing ArrangementType of Financing ArrangementRateAmount OutstandingAmount AvailableMaturity Date
JPM Credit FacilityTerm Loan Credit Facility
SOFR+2.55%(1)
$325,000 $81,250 June 15, 2027
2029 Notes(2)U.S. Public Bond Offering
7.50%
172,500 — December 30, 2029
2026 Notes(3)Note Purchase Agreement
4.50%
125,000 — February 11, 2026
UBS Facility(4)Repurchase Agreement
SOFR+3.20%
100,000 50,000 January 15, 2025
Series A Notes(5)Israel Public Bond Offering
SOFR+3.82%
114,844 — August 31, 2026
2027 Notes (Tranche A)Note Purchase Agreement
SOFR+4.75%
100,000 — November 8, 2027
2027 Notes (Tranche B)Amended and Restated Note Purchase Agreement
SOFR+3.90%
100,000 — November 8, 2027
2022 Term LoanTerm Loan Facility Agreement
SOFR+3.50%
50,000 — April 27, 2027
2024 Term LoanTerm Loan Facility Agreement
SOFR+3.80%
30,000 — September 30, 2027
$1,117,344 $131,250 
(1)34th Street will pay an annual administration fee of 0.20% on JPM's total financing commitment. The administration fee is included in interest expense in the consolidated statements of operations.
(2)As of December 31, 2024, the fair value of the 2029 Notes was $174,087, 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, 2024.
(3)As of December 31, 2024, 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, 2024.
(4)As described in Note 16, on February 13, 2025, Murray Hill Funding II and UBS terminated the UBS facility and simultaneously entered into the 2025 UBS Credit Facility.
(5)As of December 31, 2024, the fair value of the Series A Notes was $116,497, 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, 2024.
For the years ended December 31, 2024 and 2023, the components of interest expense, average borrowings, and weighted average interest rate for the Third Amended JPM Credit Facility were as follows:
Years Ended December 31,
20242023
Stated interest expense$42,934 $50,223 
Amortization of deferred financing costs2,013 2,097 
Non-usage fee1,211 808 
Total interest expense$46,158 $53,128 
Weighted average interest rate(1)8.47 %8.45 %
Average borrowings$513,866 $595,342 
(1)Includes the stated interest expense and non-usage fee on the unused portion of the Third Amended JPM Credit Facility and is annualized for periods covering less than one year.
For the period from October 3, 2024 through December 31, 2024, the components of interest expense, average borrowings, and weighted average interest rate for the 2029 Notes were as follows:
For the Period From October 3, 2024 Through December 31, 2024
Stated interest expense$3,163 
Amortization of deferred financing costs210 
Total interest expense$3,373 
Weighted average interest rate(1)7.50 %
Average borrowings$172,500 
(1)Includes the stated interest expense on the 2029 Notes and is annualized for periods covering less than one year.
For the years ended December 31, 2024 and 2023, the components of interest expense, average borrowings, and weighted average interest rate for the 2026 Notes were as follows:
Years Ended December 31,
20242023
Stated interest expense$5,625 $5,625 
Amortization of deferred financing costs535 533 
Total interest expense$6,160 $6,158 
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, 2024 and 2023, the components of interest expense, average borrowings, and weighted average interest rate for the Amended UBS Facility were as follows:
Years Ended December 31,
20242023
Stated interest expense$8,974 $10,297 
Non-usage fee341 239 
Total interest expense$9,315 $10,536 
Weighted average interest rate(1)8.70 %8.76 %
Average borrowings$105,287 $118,610 
(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 year ended December 31, 2024 and 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:
Year Ended
December 31, 2024		For the Period From February 28, 2023 Through December 31, 2023
Stated interest expense$10,378 $6,886 
Amortization of deferred financing costs1,598 887 
Total interest expense$11,976 $7,773 
Weighted average interest rate(1)8.91 %8.98 %
Average borrowings$114,844 $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 year ended December 31, 2024 and 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 and the Tranche B 2027 Notes were as follows:
Year Ended
December 31, 2024		For the Period From November 8, 2023 Through December 31, 2023
Stated interest expense$12,453 $1,495 
Amortization of deferred financing costs772 63 
Total interest expense$13,225 $1,558 
Weighted average interest rate(1)9.68 %9.97 %
Average borrowings$128,689 $100,000 
(1) Includes the stated interest expense on the 2027 Notes and the Tranche B 2027 Notes and is annualized for periods covering less than one year.
For the years ended December 31, 2024 and 2023, the components of interest expense, average borrowings, and weighted average interest rate for the 2022 Term Loan were as follows:
Year Ended December 31,
20242023
Stated interest expense$4,391 $4,328 
Amortization of deferred financing costs205 205 
Total interest expense$4,596 $4,533 
Weighted average interest rate(1)8.64 %8.54 %
Average borrowings$50,000 $50,000 
(1) Includes the stated interest expense on the 2022 Term Loan and is annualized for periods covering less than one year.
For the years ended December 31, 2024 and 2023, the components of interest expense, average borrowings, and weighted average interest rate for the 2021 Term Loan were as follows:
Years Ended December 31,
20242023
Stated interest expense$1,157 $1,582 
Amortization of deferred financing costs209 288 
Total interest expense$1,366 $1,870 
Weighted average interest rate(1)5.20 %5.20 %
Average borrowings$21,885 $30,000 
(1) Includes the stated interest expense on the 2021 Term Loan and is annualized for periods covering less than one year.
For the period from September 30, 2024 through December 31, 2024, the components of interest expense, average borrowings, and weighted average interest rate for the 2024 Term Loan were as follows:
For the Period from September 30, 2024 Through December 31, 2024
Stated interest expense$651 
Amortization of deferred financing costs50 
Total interest expense$701 
Weighted average interest rate(1)8.40 %
Average borrowings$30,000 
(1) Includes the stated interest expense on the 2024 Term Loan and is annualized for periods covering less than one year.