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Financing Arrangements (Tables)
 6 Months Ended
Jun. 30, 2025
Debt Disclosure [Abstract]  
Schedule of Debt
The following table presents summary information with respect to the Company’s outstanding financing arrangements as of June 30, 2025: 
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
2025 UBS Credit FacilityTerm Loan Credit Facility
SOFR+2.75%
100,000 25,000 February 13, 2028
Series A Notes(4)Israel Public Bond Offering
SOFR+3.82%
114,844 — August 31, 2026
Tranche A 2027 Notes(5)Note Purchase Agreement
SOFR+4.75%
100,000 — November 8, 2027
Tranche B 2027 Notes(5)Amended and Restated Note Purchase Agreement
SOFR+3.90%
100,000 — November 8, 2027
2022 Term Loan(5)Term Loan Facility Agreement
SOFR+3.50%
50,000 — April 27, 2027
2024 Term Loan(5)Term Loan Facility Agreement
SOFR+3.80%
30,000 — September 30, 2027
$1,117,344 $106,250 
(1)34th Street pays 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 June 30, 2025, the fair value of the 2029 Notes was $169,602, 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 June 30, 2025.
(3)As of June 30, 2025, the fair value of the 2026 Notes was $124,063, which was estimated based on discounted cash flows using current market interest rates for similar debt with comparable terms and remaining maturities. The fair value of these debt obligations would be categorized as Level 3 under ASC 820 as of June 30, 2025.
(4)As of June 30, 2025, the fair value of the Series A Notes was $109,802, 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 June 30, 2025.
(5)As of June 30, 2025, the outstanding amount of these debt obligations approximates their fair value. The fair value was estimated based on discounted cash flows using current market interest rates for similar debt with comparable terms and remaining maturities. The fair value of these debt obligations would be categorized as Level 3 under ASC 820 as of June 30, 2025.
For the three and six months ended June 30, 2025 and 2024 and for the year ended December 31, 2024, the components of interest expense, average borrowings, and weighted average interest rate for the Third Amended JPM Credit Facility were as follows:
Three Months Ended
June 30,		Six Months Ended
June 30,		Year Ended December 31,
20252024202520242024
Stated interest expense$5,774 $11,824 $11,947 $23,781 $42,934 
Amortization of deferred financing costs508 496 1,009 990 2,013 
Non-usage fee205 316 368 632 1,211 
Total interest expense$6,487 $12,636 $13,324 $25,403 $46,158 
Weighted average interest rate(1)7.32 %8.77 %7.35 %8.78 %8.47 %
Average borrowings$325,000 $550,000 $333,066 $550,000 $513,866 
(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 three and six months ended June 30, 2025 and 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:
Three Months Ended June 30, 2025Six Months Ended June 30, 2025For the Period From October 3, 2024 Through December 31, 2024
Stated interest expense$3,235 $6,469 $3,163 
Amortization of deferred financing costs204 397 210 
Total interest expense$3,439 $6,866 $3,373 
Weighted average interest rate(1)7.50 %7.50 %7.50 %
Average borrowings$172,500 $172,500 $172,500 
(1)Includes the stated interest expense on the 2029 Notes and is annualized for periods covering less than one year.
For the three and six months ended June 30, 2025 and 2024 and for the year ended December 31, 2024, the components of interest expense, average borrowings, and weighted average interest rate for the 2026 Notes were as follows:
Three Months Ended
June 30,		Six Months Ended
June 30,		Year Ended December 31,
2024
2025202420252024
Stated interest expense$1,406 $1,406 $2,812 $2,812 $5,625 
Amortization of deferred financing costs133 133 264 266 535 
Total interest expense$1,539 $1,539 $3,076 $3,078 $6,160 
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 $125,000 
(1)Includes the stated interest expense on the 2026 Notes and is annualized for periods covering less than one year.
For the three and six months ended June 30, 2025 and 2024 and for the year ended December 31, 2024, the components of interest expense, average borrowings, and weighted average interest rate for the Amended UBS Facility were as follows:
Three Months Ended
June 30,		Six Months Ended
June 30,		Year Ended December 31,
20252024202520242024
Stated interest expense$— $2,155 $919 $4,774 $8,974 
Non-usage fee— 95 45 149 341 
Total interest expense$— $2,250 $964 $4,923 $9,315 
Weighted average interest rate(1)— 8.90 %8.07 %8.80 %8.70 %
Average borrowings$— $100,000 $12,757 $110,632 $105,287 
(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 June 30, 2025 and for the period from February 13, 2025 through June 30, 2025, the components of interest expense, average borrowings, and weighted average interest rate for the 2025 UBS Credit Facility were as follows:
Three Months Ended
June 30, 2025		For the Period from February 13, 2025 Through June 30, 2025
Stated interest expense$1,782 $2,705 
Non-usage fee48 72 
Amortization of deferred financing costs100 151 
Total interest expense$1,930 $2,928 
Weighted average interest rate(1)7.24 %7.24 %
Average borrowings$100,000 $100,000 
(1)Includes the stated interest expense and non-usage fee on the unused portion of the 2025 UBS Credit Facility and is annualized for periods covering less than one year.
For the three and six months ended June 30, 2025 and 2024 and for the year ended December 31, 2024, the components of interest expense, average borrowings, and weighted average interest rate for the Series A Notes were as follows:
Three Months Ended
June 30,		Six Months Ended
June 30,		Year Ended December 31,
20252024202520242024
Stated interest expense$2,452 $2,671 $4,753 $5,313 $10,378 
Amortization of deferred financing costs397 398 790 795 1,598 
Total interest expense$2,849 $3,069 $5,543 $6,108 $11,976 
Weighted average interest rate(1)8.44 %9.13 %8.23 %9.12 %8.91 %
Average borrowings$114,844 $114,844 $114,844 $114,844 $114,844 
(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 three and six months ended June 30, 2025 and 2024 and for the year ended December 31, 2024, the components of interest expense, average borrowings, and weighted average interest rate for the Tranche A 2027 Notes and the Tranche B 2027 Notes were as follows:
Three Months Ended
June 30,		Six Months Ended
June 30,		Year Ended December 31,
20252024202520242024
Stated interest expense$4,273 $2,544 $8,697 $5,088 $12,453 
Amortization of deferred financing costs405 106 805 213 772 
Total interest expense$4,678 $2,650 $9,502 $5,301 $13,225 
Weighted average interest rate(1)8.65 %10.07 %8.70 %10.07 %9.68 %
Average borrowings$200,000 $100,000 $200,000 $100,000 $128,689 
(1) Includes the stated interest expense on the Tranche A 2027 Notes and the Tranche B 2027 Notes and is annualized for periods covering less than one year.
For the three and six months ended June 30, 2025 and 2024 and for the year ended December 31, 2024, the components of interest expense, average borrowings, and weighted average interest rate for the 2022 Term Loan were as follows:
Three Months Ended
June 30,		Six Months Ended
June 30,		Year Ended December 31,
20252024202520242024
Stated interest expense$985 $1,112 $1,964 $2,228 $4,391 
Amortization of deferred financing costs52 51 102 102 205 
Total interest expense$1,037 $1,163 $2,066 $2,330 $4,596 
Weighted average interest rate(1)7.80 %8.80 %7.81 %8.81 %8.64 %
Average borrowings$50,000 $50,000 $50,000 $50,000 $50,000 
(1) Includes the stated interest expense on the 2022 Term Loan and is annualized for periods covering less than one year.
For the three and six months ended June 30, 2025 and 2024 and for the year ended December 31, 2024, the components of interest expense, average borrowings, and weighted average interest rate for the 2021 Term Loan were as follows:
Three Months Ended
June 30,		Six Months Ended
June 30,		Year Ended December 31,
20252024202520242024
Stated interest expense$— $395 $— $789 $1,157 
Amortization of deferred financing costs— 71 — 143 209 
Total interest expense$— $466 $— $932 $1,366 
Weighted average interest rate(1)— 5.20 %— 5.20 %5.20 %
Average borrowings$— $30,000 $— $30,000 $21,885 
(1) Includes the stated interest expense on the 2021 Term Loan and is annualized for periods covering less than one year.
For the three and six months ended June 30, 2025 and 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:
Three Months Ended
June 30, 2025		Six Months Ended
June 30, 2025		For the Period from September 30, 2024 Through December 31, 2024
Stated interest expense$614 $1,224 $651 
Amortization of deferred financing costs64 142 50 
Total interest expense$678 $1,366 $701 
Weighted average interest rate(1)8.10 %8.11 %8.40 %
Average borrowings$30,000 $30,000 $30,000 
(1) Includes the stated interest expense on the 2024 Term Loan and is annualized for periods covering less than one year.