| Schedule of Outstanding Debt Obligations |
The following table presents information on the 2023 Debt Securitization:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | Description | | Type | | Principal Outstanding | | Interest Rate | | Credit Rating | | Class A Notes | | Senior Secured Floating Rate | | $ | 246,500 | | | SF + 2.60% | | AAA | | Class B Notes | | Senior Secured Floating Rate | | 42,500 | | | SF + 3.35% | | AA | | Class C Notes | | Secured Deferrable Floating Rate | | 34,000 | | | SF + 4.15% | | A | | Total Secured Notes | | | | $ | 323,000 | | | | | | Subordinated Notes(1) | | | | 106,100 | | | None | | Not rated | | Total Notes | | | | $ | 429,100 | | | | | |
(1)The Company retained all of the 2023 CLO Subordinated Notes issued in the 2023 Debt Securitization which are eliminated in consolidation. The following table presents information on the 2023 CLO Refinancing as of March 31, 2026:
| | | | | | | | | | | | | | | | | | | | | | Description | | Principal Outstanding | | Interest Rate | | Credit Rating | | Class A-1-R Notes | | $ | 493,000 | | | SF + 1.44% | | AAA(sf) | | Class A-2-R Notes | | 34,000 | | | SF + 1.65% | | AAA(sf) | | Class B-R Notes | | 51,000 | | | SF + 1.80% | | AA(sf) | | Total Secured Notes | | $ | 578,000 | | | | | | 2023 CLO Refinancing Subordinated Notes(1) | | 271,100 | | | None | | Not rated | | Total Notes | | $ | 849,100 | | | | | |
(1)Includes $165.0 million of the Additional Subordinated Notes newly issued on the Refinancing Date and $106.1 million of 2023 CLO Subordinated Notes issued on the Closing Date. The Company retained all of the 2023 CLO Refinancing Subordinated Notes which are eliminated in consolidation. The following table presents information on the 2024 Debt Securitization as of March 31, 2026:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Description | | Type | | Principal Outstanding | | Interest Rate | | Credit Rating | | Price | | Class A-1 Notes | | Senior Secured Floating Rate | | $ | 255,000 | | | SF + 0.250% | | AAA(sf) | | 93.22 | | Class A-2 Notes | | Senior Secured Floating Rate | | 40,850 | | SF + 1.875% | | AAA(sf) | | 100.00 | | Class A-F Notes | | Senior Secured Fixed Rate | | 9,150 | | 6.275% | | AAA(sf) | | 100.00 | | Class B-1 Notes | | Senior Secured Floating Rate | | 35,000 | | SF + 0.500% | | AA(sf) | | 89.93 | | Class B-2 Notes | | Senior Secured Floating Rate | | 13,500 | | SF + 2.400% | | AA(sf) | | 100.00 | | Class B-F Notes | | Senior Secured Fixed Rate | | 1,500 | | 6.714% | | AA(sf) | | 100.00 | | Class C-1 Notes | | Secured Deferrable Floating Rate | | 31,500 | | SF + 0.750% | | A(sf) | | 86.54 | | Class C-2 Notes | | Secured Deferrable Floating Rate | | 12,150 | | SF + 3.200% | | A(sf) | | 100.00 | | Class C-F Notes | | Secured Deferrable Fixed Rate | | 1,350 | | 7.490% | | A(sf) | | 100.00 | | Total Secured Notes | | | | $ | 400,000 | | | | | | | | Subordinated Notes(1) | | | | 126,000 | | None | | Not rated | | None | | Total Notes | | | | $ | 526,000 | | | | | | | |
(1)The Company retained all of the 2024 CLO Subordinated Notes issued in the 2024 Debt Securitization which are eliminated in consolidation. The following table presents information on the 2025 CLO Debt Securitization as of March 31, 2026:
| | | | | | | | | | | | | | | | | | | | | | Description | | Principal Outstanding | | Interest Rate | | Credit Rating | | 2025 CLO Class A Loans | | $ | 25,000 | | | SF + 1.40% | | AAA(sf) | | 2025 CLO Class A Notes | | 700,000 | | | SF + 1.40% | | AAA(sf) | | 2025 CLO Class B Notes | | 125,000 | | | SF + 1.70% | | AA(sf) | | Total Secured Debt | | $ | 850,000 | | | | | | 2025 CLO Subordinated Notes(1) | | 404,075 | | | None | | Not rated | | Total Debt | | $ | 1,254,075 | | | | | |
(1)The Company retained all of the 2025 CLO Subordinated Notes issued in the 2025 CLO Debt Securitization which are eliminated in consolidation. The following table presents information on the 2025-4 Debt Securitization as of March 31, 2026:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | Description | | Principal Outstanding | | Interest Rate | | Credit Rating (S&P) | | Credit Rating (Fitch) | | 2025-4 CLO Class A Notes | | $ | 681,250 | | | SF + 1.54% | | AAA(sf) | | AAA(sf) | | 2025-4 CLO Class B Notes | | 168,750 | | | SF + 1.85% | | AA(sf) | | Not rated | | Total Secured Notes | | $ | 850,000 | | | | | | | | 2025-4 CLO Subordinated Notes(1) | | 400,000 | | | None | | Not rated | | Not rated | | Total Notes | | $ | 1,250,000 | | | | | | | |
(1)The Company retained all of the 2025-4 CLO Subordinated Notes issued in the 2025-4 Debt Securitization which are eliminated in consolidation. The following table presents information on the 2026 Debt Securitization as of March 31, 2026:
| | | | | | | | | | | | | | | | | | | | | | Description | | Principal Outstanding | | Interest Rate | | Credit Rating (S&P) | | 2026 CLO Class A-1 Notes | | $ | 435,000 | | | SF + 1.40% | | AAA(sf) | | 2026 CLO Class A-2 Notes | | 30,000 | | | SF + 1.55% | | AAA(sf) | | 2026 CLO Class B Notes | | 45,000 | | | SF + 1.70% | | AA(sf) | | Total Secured Notes | | $ | 510,000 | | | | | | 2026 CLO Subordinated Notes(1) | | 238,300 | | | None | | Not rated | | Total Notes | | $ | 748,300 | | | | | |
(1)The Company retained all of the 2026 CLO Subordinated Notes issued in the 2026 Debt Securitization which are eliminated in consolidation. The Company’s outstanding debt obligations were as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | March 31, 2026 | | Aggregate Principal Committed | | Outstanding Principal | | Carrying Value | | Unused Portion(1) | | Amount Available(2) | HLEND A Funding Facility(3) | $ | 1,600,000 | | | $ | 723,382 | | | $ | 723,382 | | | $ | 876,618 | | | $ | 499,881 | | HLEND B Funding Facility(3) | 1,500,000 | | | 900,773 | | | 900,773 | | | 599,227 | | | 355,122 | | | HLEND C Funding Facility | 850,000 | | | 510,000 | | | 510,000 | | | 340,000 | | | 26,154 | | HLEND D Funding Facility(3) | 1,000,000 | | | 575,428 | | | 575,428 | | | 424,572 | | | 201,564 | | HLEND E Funding Facility(3) | 1,500,000 | | | 903,100 | | | 903,100 | | | 596,900 | | | 240,765 | | Revolving Credit Facility(3) | 2,650,000 | | | 592,290 | | | 592,290 | | | 2,057,710 | | | 2,057,710 | | November 2027 Notes(4) | 155,000 | | | 155,000 | | | 154,794 | | | — | | | — | | March 2028 Notes(4) | 124,000 | | | 124,000 | | | 123,991 | | | — | | | — | | September 2027 Notes(4) | 75,000 | | | 75,000 | | | 75,306 | | | — | | | — | | September 2028 Notes(4) | 250,000 | | | 250,000 | | | 251,821 | | | — | | | — | | January 2029 Notes(4) | 550,000 | | | 550,000 | | | 545,848 | | | — | | | — | | September 2029 Notes(4) | 400,000 | | | 400,000 | | | 400,412 | | | — | | | — | | January 2028 Notes(4) | 750,000 | | | 750,000 | | | 749,462 | | | — | | | — | | April 2032 Notes(4) | 500,000 | | | 500,000 | | | 501,060 | | | — | | | — | | June 2027 Notes(4) | 400,000 | | | 400,000 | | | 397,353 | | | — | | | — | | June 2030 Notes(4) | 500,000 | | | 500,000 | | | 493,612 | | | — | | | — | | September 2028-1 Notes(4) | 600,000 | | | 600,000 | | | 588,203 | | | — | | | — | | November 2030 Notes(4) | 500,000 | | | 500,000 | | | 486,090 | | | — | | | — | | April 2029 Notes(4) | 350,000 | | | 350,000 | | | 343,765 | | | — | | | — | | April 2031 Notes(4) | 400,000 | | | 400,000 | | | 391,660 | | | — | | | — | | 2023 CLO Refinancing Secured Notes(4) | 578,000 | | | 578,000 | | | 575,360 | | | — | | | — | | 2024 CLO Secured Notes(4) | 400,000 | | | 400,000 | | | 383,009 | | | — | | | — | | 2025 CLO Secured Debt(4) | 850,000 | | | 850,000 | | | 846,021 | | | — | | | — | | 2025-4 CLO Secured Notes(4) | 850,000 | | | 850,000 | | | 845,345 | | | — | | | — | | 2026 CLO Secured Notes(4) | 510,000 | | | 510,000 | | | 507,269 | | | — | | | — | | | Total | $ | 17,842,000 | | | $ | 12,946,973 | | | $ | 12,865,354 | | | $ | 4,895,027 | | | $ | 3,381,196 | |
(1)The unused portion is the amount upon which commitment fees, if any, are based. (2)The amount available reflects any limitations related to each respective credit facility’s borrowing base. (3)The Company may borrow amounts in USD or certain other permitted currencies. Debt outstanding denominated in currencies other than USD has been converted to USD using the applicable foreign currency exchange rate as of the applicable reporting date. As of March 31, 2026, the Company had outstanding borrowings denominated in the following non-USD currencies:
| | | | | | | | | | | | | | | | | | | | | | | Currency | | Facility | | Australian Dollars (AUD) | | Euros (EUR) | | British Pounds (GBP) | | HLEND A Funding Facility | | A$ | 94,413 | | | € | 83,500 | | | £ | — | | | HLEND B Funding Facility | | 25,519 | | | 125,352 | | | 90,347 | | | HLEND D Funding Facility | | — | | | 167,513 | | | — | | | HLEND E Funding Facility | | — | | | 167,836 | | | — | | | Revolving Credit Facility | | 34,910 | | | 360,592 | | | 114,392 | |
(4)As of March 31, 2026, the carrying value of the Company’s Unsecured Notes and CLO Debt are presented net of unamortized debt issuance costs and original issue discount, as applicable, in the below table. Additionally, the carrying value of the Company’s Unsecured Notes includes the increase (decrease) in the notes carrying value as a result of the qualifying fair value hedge relationship as disclosed in the below table, and as further described above.
| | | | | | | | | | | | | | | | | Unamortized Debt Issuance Costs and Original Issue Discount | | Cumulative Change in the Notes Carrying Value as a Result of the Qualifying Fair Value Hedge Relationship | | November 2027 Notes | | $ | (573) | | | $ | 367 | | | March 2028 Notes | | (442) | | | 433 | | | September 2027 Notes | | (287) | | | 593 | | | September 2028 Notes | | (1,292) | | | 3,113 | | | January 2029 Notes | | (7,203) | | | 3,051 | | | September 2029 Notes | | (6,432) | | | 6,844 | | | January 2028 Notes | | (7,063) | | | 6,525 | | | April 2032 Notes | | (11,562) | | | 12,622 | | | June 2027 Notes | | (2,575) | | | (72) | | | June 2030 Notes | | (6,723) | | | 335 | | | September 2028-1 Notes | | (6,634) | | | (5,163) | | | November 2030 Notes | | (5,120) | | | (8,790) | | | April 2029 Notes | | (3,331) | | | (2,904) | | | April 2031 Notes | | (4,860) | | | (3,480) | | | 2023 CLO Refinancing Secured Notes | | (2,640) | | | — | | | 2024 CLO Secured Notes | | (16,991) | | | — | | | 2025 CLO Secured Debt | | (3,979) | | | — | | | 2025-4 CLO Secured Notes | | (4,655) | | | — | | | 2026 CLO Secured Notes | | (2,731) | | | — | | | Total | | $ | (95,093) | | | $ | 13,474 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2025 | | Aggregate Principal Committed | | Outstanding Principal | | Carrying Value | | Unused Portion(1) | | Amount Available(2) | HLEND A Funding Facility(3) | $ | 1,600,000 | | | $ | 758,407 | | | $ | 758,407 | | | $ | 841,593 | | | $ | 196,143 | | HLEND B Funding Facility(3) | 1,500,000 | | | 833,783 | | | 833,783 | | | 666,217 | | | 225,397 | | | HLEND C Funding Facility | 850,000 | | | 510,000 | | | 510,000 | | | 340,000 | | | 12,656 | | HLEND D Funding Facility(3) | 1,000,000 | | | 757,110 | | | 757,110 | | | 242,890 | | | 76,088 | | HLEND E Funding Facility(3) | 1,500,000 | | | 906,290 | | | 906,290 | | | 593,710 | | | 218,848 | | Revolving Credit Facility(3) | 2,250,000 | | | 1,742,106 | | | 1,742,106 | | | 507,894 | | | 507,894 | | November 2027 Notes(4) | 155,000 | | | 155,000 | | | 155,206 | | | — | | | — | | March 2028 Notes(4) | 124,000 | | | 124,000 | | | 124,775 | | | — | | | — | | September 2027 Notes(4) | 75,000 | | | 75,000 | | | 75,847 | | | — | | | — | | September 2028 Notes(4) | 250,000 | | | 250,000 | | | 253,865 | | | — | | | — | | January 2029 Notes(4) | 550,000 | | | 550,000 | | | 548,317 | | | — | | | — | | September 2029 Notes(4) | 400,000 | | | 400,000 | | | 403,520 | | | — | | | — | | January 2028 Notes(4) | 750,000 | | | 750,000 | | | 753,079 | | | — | | | — | | April 2032 Notes(4) | 500,000 | | | 500,000 | | | 504,209 | | | — | | | — | | June 2027 Notes(4) | 400,000 | | | 400,000 | | | 398,846 | | | — | | | — | | June 2030 Notes(4) | 500,000 | | | 500,000 | | | 497,133 | | | — | | | — | | September 2028-1 Notes(4) | 600,000 | | | 600,000 | | | 590,215 | | | — | | | — | | November 2030 Notes(4) | 500,000 | | | 500,000 | | | 489,753 | | | — | | | — | | 2023 CLO Refinancing Secured Notes(4) | 578,000 | | | 578,000 | | | 575,217 | | | — | | | — | | 2024 CLO Secured Notes(4) | 400,000 | | | 400,000 | | | 381,678 | | | — | | | — | | 2025 CLO Secured Debt(4) | 850,000 | | | 850,000 | | | 845,771 | | | — | | | — | | 2025-4 CLO Secured Notes(4) | 850,000 | | | 850,000 | | | 845,079 | | | — | | | — | | | Total | $ | 16,182,000 | | | $ | 12,989,696 | | | $ | 12,950,206 | | | $ | 3,192,304 | | | $ | 1,237,026 | |
(1)The unused portion is the amount upon which commitment fees, if any, are based. (2)The amount available reflects any limitations related to each respective credit facility’s borrowing base. (3)The Company may borrow amounts in USD or certain other permitted currencies. Debt outstanding denominated in currencies other than USD has been converted to USD using the applicable foreign currency exchange rate as of the applicable reporting date. As of December 31, 2025, the Company had outstanding borrowings denominated in the following non-USD currencies:
| | | | | | | | | | | | | | | | | | | | | | | Currency | | Facility | | Australian Dollars (AUD) | | Euros (EUR) | | British Pounds (GBP) | | HLEND A Funding Facility | | A$ | 94,413 | | | € | 75,500 | | | £ | — | | | HLEND B Funding Facility | | 25,519 | | | 125,352 | | | 90,347 | | | HLEND D Funding Facility | | — | | | 167,513 | | | — | | | HLEND E Funding Facility | | — | | | 167,836 | | | — | | | Revolving Credit Facility | | 43,310 | | | 374,495 | | | 225,692 | |
(4)As of December 31, 2025, the carrying value of the Company’s Unsecured Notes and CLO Debt are presented net of unamortized debt issuance costs and original issue discount, as applicable, in the below table. Additionally, the carrying value of the Company’s Unsecured Notes includes the increase (decrease) in the notes carrying value as a result of the qualifying fair value hedge relationship as disclosed in the below table, and as further described above.
| | | | | | | | | | | | | | | | | Unamortized Debt Issuance Costs and Original Issue Discount | | Cumulative Change in the Notes Carrying Value as a Result of the Qualifying Fair Value Hedge Relationship | | November 2027 Notes | | $ | (660) | | | $ | 866 | | | March 2028 Notes | | (498) | | | 1,273 | | | September 2027 Notes | | (336) | | | 1,183 | | | September 2028 Notes | | (1,422) | | | 5,287 | | | January 2029 Notes | | (7,829) | | | 6,146 | | | September 2029 Notes | | (6,885) | | | 10,405 | | | January 2028 Notes | | (8,035) | | | 11,114 | | | April 2032 Notes | | (12,033) | | | 16,242 | | | June 2027 Notes | | (3,005) | | | 1,851 | | | June 2030 Notes | | (6,991) | | | 4,124 | | | September 2028-1 Notes | | (7,145) | | | (2,640) | | | November 2030 Notes | | (5,265) | | | (4,982) | | | 2023 CLO Refinancing Secured Notes | | (2,783) | | | — | | | 2024 CLO Secured Notes | | (18,322) | | | — | | | 2025 CLO Secured Debt | | (4,229) | | | — | | | 2025-4 CLO Secured Notes | | (4,921) | | | — | | | Total | | $ | (90,359) | | | $ | 50,869 | |
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