| Schedule of Outstanding Debt Obligations |
The Company’s outstanding debt obligations as of March 31, 2026 were as follows:
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March 31, 2026 |
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Aggregate Principal Committed |
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Outstanding Principal |
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Carrying Value |
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Fair Value (3) |
|
Unused Portion (1) |
|
Available Amount (2) |
Senior Secured Facility |
$ |
3,828,000 |
|
$ |
66,461 |
|
$ |
66,461 |
|
$ |
66,461 |
|
$ |
3,761,539 |
|
$ |
3,735,646 |
Cardinal Funding LLC |
|
1,200,000 |
|
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1,100,000 |
|
|
1,100,000 |
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1,097,140 |
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|
100,000 |
|
|
100,000 |
Grouse Funding LLC |
|
1,000,000 |
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|
500,000 |
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|
500,000 |
|
|
490,150 |
|
|
500,000 |
|
|
500,000 |
Mallard Funding LLC |
|
900,000 |
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|
900,000 |
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|
900,000 |
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|
894,150 |
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— |
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— |
Warbler Funding LLC |
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1,000,000 |
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|
447,000 |
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|
447,000 |
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442,932 |
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|
553,000 |
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|
553,000 |
Toucan Funding LLC |
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600,000 |
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600,000 |
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600,000 |
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594,840 |
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— |
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— |
Bald Eagle Funding LLC |
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500,000 |
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500,000 |
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500,000 |
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500,000 |
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— |
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— |
December 2027 Notes |
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82,000 |
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|
82,000 |
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|
82,034 |
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|
82,034 |
|
|
— |
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— |
January 2028 Notes |
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18,000 |
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|
18,000 |
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|
18,003 |
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|
18,003 |
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— |
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— |
September 2026 Notes |
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226,000 |
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|
226,000 |
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|
226,508 |
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|
226,508 |
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|
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— |
September 2028 Notes |
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325,000 |
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|
325,000 |
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|
327,472 |
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|
327,472 |
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— |
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— |
September 2026 Euronotes |
|
104,027 |
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|
104,027 |
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|
104,494 |
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|
104,494 |
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— |
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— |
2029 Notes |
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1,000,000 |
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1,000,000 |
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|
1,011,183 |
(4) |
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1,011,183 |
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— |
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— |
2031 Notes |
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1,000,000 |
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1,000,000 |
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1,014,395 |
(4) |
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1,014,395 |
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— |
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— |
2032 Notes |
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500,000 |
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500,000 |
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515,928 |
(4) |
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515,928 |
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— |
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— |
2030 Notes |
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500,000 |
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|
500,000 |
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|
499,391 |
(4) |
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499,391 |
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— |
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— |
2028 Notes |
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400,000 |
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400,000 |
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396,309 |
(4) |
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396,309 |
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— |
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— |
2031 Notes II |
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750,000 |
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750,000 |
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745,454 |
(4) |
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745,454 |
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— |
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— |
Class A-1 Notes |
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450,000 |
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450,000 |
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450,000 |
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|
450,112 |
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— |
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— |
2025 Class A-1a Notes |
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215,000 |
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215,000 |
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|
215,000 |
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|
214,742 |
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— |
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— |
2025 Class A-1a-L1 Loans |
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25,000 |
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25,000 |
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25,000 |
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24,970 |
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— |
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— |
2025 Class A-1a-L2 Loans |
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50,000 |
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50,000 |
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50,000 |
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49,940 |
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— |
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— |
2025 Class A-1b Notes |
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10,000 |
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10,000 |
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10,000 |
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|
9,985 |
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— |
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— |
2025 Class A-1b Loans |
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10,000 |
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10,000 |
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10,000 |
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9,985 |
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— |
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— |
2025 Class A-2 Notes |
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20,000 |
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20,000 |
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20,000 |
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19,918 |
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— |
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— |
ADS CLO 2 Class A-1 Notes |
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300,000 |
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300,000 |
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300,000 |
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|
300,289 |
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— |
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— |
ADS CLO 2 Class A-2 Notes |
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30,000 |
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30,000 |
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30,000 |
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29,982 |
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— |
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— |
ADL CLO 2 Class A-1a-L1 Loans |
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398,500 |
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398,500 |
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398,500 |
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|
398,110 |
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— |
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— |
ADL CLO 2 Class A-1a-L2 Loans |
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7,500 |
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7,500 |
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7,500 |
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|
7,493 |
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— |
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— |
ADL CLO 2 Class A-1b Notes |
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14,000 |
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|
14,000 |
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|
14,000 |
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13,911 |
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ADL CLO 2 Class A-1b Loans |
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14,000 |
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14,000 |
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14,000 |
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13,911 |
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— |
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— |
ADL CLO 2 Class A-2 Notes |
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30,000 |
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30,000 |
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30,000 |
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29,803 |
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ADL CLO 2 Class A-2 Loans |
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12,000 |
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12,000 |
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12,000 |
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|
11,921 |
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— |
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— |
Total Debt Obligations |
$ |
15,519,027 |
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$ |
10,604,488 |
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$ |
10,640,632 |
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$ |
10,611,916 |
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$ |
4,914,539 |
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$ |
4,888,646 |
Deferred Financing Costs |
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(112,891) |
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Total Debt Obligations, net of Deferred Financing Costs and Debt Discount |
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10,527,741 |
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(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 fair value of these debt obligations would be categorized as Level 3 under ASC 820 as of March 31, 2026. The valuation for the Senior Secured Facility and SPV Financing Facilities is based on a yield analysis and discount rate commensurate with the market yields for similar types of debt. (4)Balance is inclusive of original issue discount and/or premium on notes issued below/above par. The Company’s outstanding debt obligations as of December 31, 2025 were as follows:
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December 31, 2025 |
|
Aggregate Principal Committed |
|
Outstanding Principal |
|
Carrying Value |
|
Fair Value (3) |
|
Unused Portion (1) |
|
Available Amount (2) |
Senior Secured Facility |
$ |
3,453,000 |
|
$ |
272,197 |
|
$ |
272,197 |
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$ |
272,197 |
|
$ |
3,180,803 |
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$ |
3,157,068 |
Cardinal Funding LLC |
|
1,200,000 |
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|
1,200,000 |
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|
1,200,000 |
|
|
1,199,760 |
|
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— |
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— |
Grouse Funding LLC |
|
500,000 |
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|
500,000 |
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|
500,000 |
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|
492,700 |
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— |
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— |
Mallard Funding LLC |
|
900,000 |
|
|
900,000 |
|
|
900,000 |
|
|
897,930 |
|
|
— |
|
|
— |
Warbler Funding LLC |
|
500,000 |
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|
500,000 |
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|
500,000 |
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|
500,000 |
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|
— |
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— |
Toucan Funding LLC |
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600,000 |
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|
400,000 |
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|
400,000 |
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400,000 |
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|
200,000 |
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|
200,000 |
December 2027 Notes |
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82,000 |
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|
82,000 |
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|
82,554 |
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|
82,554 |
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— |
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— |
January 2028 Notes |
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18,000 |
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18,000 |
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18,120 |
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18,120 |
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— |
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— |
September 2026 Notes |
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226,000 |
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|
226,000 |
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|
227,180 |
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|
227,180 |
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|
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— |
September 2028 Notes |
|
325,000 |
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|
325,000 |
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|
330,078 |
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|
330,078 |
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— |
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— |
September 2026 Euronotes |
|
105,768 |
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|
105,768 |
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|
106,770 |
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|
106,770 |
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— |
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— |
2029 Notes |
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1,000,000 |
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|
1,000,000 |
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|
1,019,226 |
(4) |
|
1,019,226 |
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— |
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— |
2031 Notes |
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1,000,000 |
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|
1,000,000 |
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|
1,021,910 |
(4) |
|
1,021,910 |
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— |
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— |
2032 Notes |
|
500,000 |
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|
500,000 |
|
|
519,937 |
(4) |
|
519,937 |
|
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— |
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— |
2030 Notes |
|
500,000 |
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|
500,000 |
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|
503,170 |
(4) |
|
503,170 |
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— |
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— |
2028 Notes |
|
400,000 |
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|
400,000 |
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|
398,390 |
(4) |
|
398,390 |
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|
— |
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— |
Class A-1 Notes |
|
450,000 |
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|
450,000 |
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|
450,000 |
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|
450,407 |
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— |
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— |
2025 Class A-1a Notes |
|
215,000 |
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|
215,000 |
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|
215,000 |
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|
215,042 |
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— |
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— |
2025 Class A-1a-L1 Loans |
|
25,000 |
|
|
25,000 |
|
|
25,000 |
|
|
25,005 |
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— |
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— |
2025 Class A-1a-L2 Loans |
|
50,000 |
|
|
50,000 |
|
|
50,000 |
|
|
50,010 |
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|
— |
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|
— |
2025 Class A-1b Notes |
|
10,000 |
|
|
10,000 |
|
|
10,000 |
|
|
9,905 |
|
|
— |
|
|
— |
2025 Class A-1b Loans |
|
10,000 |
|
|
10,000 |
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|
10,000 |
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|
9,905 |
|
|
— |
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|
— |
2025 Class A-2 Notes |
|
20,000 |
|
|
20,000 |
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|
20,000 |
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|
19,806 |
|
|
— |
|
|
— |
ADS CLO 2 Class A-1 Notes |
|
300,000 |
|
|
300,000 |
|
|
300,000 |
|
|
298,873 |
|
|
— |
|
|
— |
ADS CLO 2 Class A-2 Notes |
|
30,000 |
|
|
30,000 |
|
|
30,000 |
|
|
29,851 |
|
|
— |
|
|
— |
ADL CLO 2 Class A-1a-L1 Loans |
|
398,500 |
|
|
398,500 |
|
|
398,500 |
|
|
398,705 |
|
|
— |
|
|
— |
ADL CLO 2 Class A-1a-L2 Loans |
|
7,500 |
|
|
7,500 |
|
|
7,500 |
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|
7,504 |
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— |
|
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— |
ADL CLO 2 Class A-1b Notes |
|
14,000 |
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|
14,000 |
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|
14,000 |
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|
14,011 |
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— |
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— |
ADL CLO 2 Class A-1b Loans |
|
14,000 |
|
|
14,000 |
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|
14,000 |
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|
14,011 |
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|
— |
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— |
ADL CLO 2 Class A-2 Notes |
|
30,000 |
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|
30,000 |
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|
30,000 |
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|
30,025 |
|
|
— |
|
|
— |
ADL CLO 2 Class A-2 Loans |
|
12,000 |
|
|
12,000 |
|
|
12,000 |
|
|
12,010 |
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— |
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— |
Total Debt Obligations |
$ |
12,895,768 |
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$ |
9,514,965 |
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$ |
9,585,532 |
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$ |
9,574,992 |
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$ |
3,380,803 |
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$ |
3,357,068 |
Deferred Financing Costs |
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|
|
|
|
|
(99,565) |
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Total Debt Obligations, net of Deferred Financing Costs and Debt Discount |
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|
|
|
$ |
9,485,967 |
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(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 fair value of these debt obligations would be categorized as Level 3 under ASC 820 as of December 31, 2025. The valuation for the Senior Secured Facility and SPV Financing Facilities is based on a yield analysis and discount rate commensurate with the market yields for similar types of debt. (4)Balance is inclusive of original issue discount and/or premium on notes issued below/above par.
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