Debt and Foreign Currency Transactions and Translations (Tables)

6 Months Ended

Jun. 30, 2026

Schedule of Outstanding Debt Obligations

The Company’s outstanding debt obligations as of June 30, 2026 were as follows:


	June 30, 2026
	Aggregate Principal Committed		Outstanding Principal		Carrying Value			Fair Value (3)		Unused Portion (1)		Available Amount (2)
Senior Secured Facility	$	3,828,000	$	—	$	—		$	—	$	3,828,000	$	3,791,318
Cardinal Funding LLC		1,200,000		1,080,000		1,080,000			1,081,620		120,000		120,000
Grouse Funding LLC		1,000,000		1,000,000		1,000,000			995,600		—		—
Mallard Funding LLC		900,000		675,000		675,000			675,000		225,000		225,000
Warbler Funding LLC		1,000,000		900,000		900,000			894,780		100,000		76,374
Toucan Funding LLC		600,000		600,000		600,000			596,220		—		—
Bald Eagle Funding LLC		500,000		500,000		500,000			500,650		—		—
December 2027 Notes		82,000		82,000		81,601			81,601		—		—
January 2028 Notes		18,000		18,000		17,902			17,902		—		—
September 2026 Notes		226,000		226,000		226,217			226,217				—
September 2028 Notes		325,000		325,000		324,611			324,611		—		—
September 2026 Euronotes		102,834		102,834		103,069			103,068		—		—
2029 Notes		1,000,000		1,000,000		1,000,644	(4)		1,000,644		—		—
2031 Notes		1,000,000		1,000,000		1,001,696	(4)		1,001,696		—		—
2032 Notes		800,000		800,000		809,257	(4)		809,257		—		—
2030 Notes		500,000		500,000		493,666	(4)		493,666		—		—
2028 Notes		400,000		400,000		393,158	(4)		393,158		—		—
2031 Notes II		750,000		750,000		736,841	(4)		736,841		—		—
2033 Notes		750,000		750,000		735,012	(4)		735,012		—		—
Class A-1 Notes		450,000		450,000		450,000			450,900		—		—
2025 Class A-1a Notes		215,000		215,000		215,000			215,154		—		—
2025 Class A-1a-L1 Loans		25,000		25,000		25,000			25,018		—		—
2025 Class A-1a-L2 Loans		50,000		50,000		50,000			50,036		—		—
2025 Class A-1b Notes		10,000		10,000		10,000			10,009		—		—
2025 Class A-1b Loans		10,000		10,000		10,000			10,009		—		—
2025 Class A-2 Notes		20,000		20,000		20,000			19,970		—		—
ADS CLO 2 Class A-1 Notes		300,000		300,000		300,000			300,605		—		—
ADS CLO 2 Class A-2 Notes		30,000		30,000		30,000			30,084		—		—
ADL CLO 2 Class A-1a-L1 Loans		398,500		398,500		398,500			398,977		—		—
ADL CLO 2 Class A-1a-L2 Loans		7,500		7,500		7,500			7,509		—		—
ADL CLO 2 Class A-1b Notes		14,000		14,000		14,000			13,950		—		—
ADL CLO 2 Class A-1b Loans		14,000		14,000		14,000			13,950		—		—
ADL CLO 2 Class A-2 Notes		30,000		30,000		30,000			29,891		—		—
ADL CLO 2 Class A-2 Loans		12,000		12,000		12,000			11,956		—		—
Total Debt Obligations	$	16,567,834	$	12,294,834	$	12,264,674		$	12,255,561	$	4,273,000	$	4,212,692
Deferred Financing Costs						(112,671)
Total Debt Obligations, net of Deferred Financing Costs and Debt Discount						12,152,003

(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 June 30, 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:


	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		$	272,197	$	3,180,803	$	3,157,068
Cardinal Funding LLC		1,200,000		1,200,000		1,200,000			1,199,760		—		—
Grouse Funding LLC		500,000		500,000		500,000			492,700		—		—
Mallard Funding LLC		900,000		900,000		900,000			897,930		—		—
Warbler Funding LLC		500,000		500,000		500,000			500,000		—		—
Toucan Funding LLC		600,000		400,000		400,000			400,000		200,000		200,000
December 2027 Notes		82,000		82,000		82,554			82,554		—		—
January 2028 Notes		18,000		18,000		18,120			18,120		—		—
September 2026 Notes		226,000		226,000		227,180			227,180				—
September 2028 Notes		325,000		325,000		330,078			330,078		—		—
September 2026 Euronotes		105,768		105,768		106,770			106,770		—		—
2029 Notes		1,000,000		1,000,000		1,019,226	(4)		1,019,226		—		—
2031 Notes		1,000,000		1,000,000		1,021,910	(4)		1,021,910		—		—
2032 Notes		500,000		500,000		519,937	(4)		519,937		—		—
2030 Notes		500,000		500,000		503,170	(4)		503,170		—		—
2028 Notes		400,000		400,000		398,390	(4)		398,390		—		—
Class A-1 Notes		450,000		450,000		450,000			450,407		—		—
2025 Class A-1a Notes		215,000		215,000		215,000			215,042		—		—
2025 Class A-1a-L1 Loans		25,000		25,000		25,000			25,005		—		—
2025 Class A-1a-L2 Loans		50,000		50,000		50,000			50,010		—		—
2025 Class A-1b Notes		10,000		10,000		10,000			9,905		—		—
2025 Class A-1b Loans		10,000		10,000		10,000			9,905		—		—
2025 Class A-2 Notes		20,000		20,000		20,000			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			7,504		—		—
ADL CLO 2 Class A-1b Notes		14,000		14,000		14,000			14,011		—		—
ADL CLO 2 Class A-1b Loans		14,000		14,000		14,000			14,011		—		—
ADL CLO 2 Class A-2 Notes		30,000		30,000		30,000			30,025		—		—
ADL CLO 2 Class A-2 Loans		12,000		12,000		12,000			12,010		—		—
Total Debt Obligations	$	12,895,768	$	9,514,965	$	9,585,532		$	9,574,992	$	3,380,803	$	3,357,068
Deferred Financing Costs						(99,565)
Total Debt Obligations, net of Deferred Financing Costs and Debt Discount					$	9,485,967

(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.

Summary of Average and Maximum Debt Outstanding, Interest and Debt Issuance Cost

The following table summarizes the average and maximum debt outstanding, and the interest and debt issuance cost for the three and six months ended June 30, 2026 and 2025:


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Average debt outstanding	$	11,759,398	$	5,871,455	$	11,171,938	$	5,530,895
Maximum amount of debt outstanding		12,294,834		7,039,758		12,294,834		7,039,758
Weighted average annualized interest cost (1)		5.91%		7.09%		5.85%		7.01%
Annualized amortized debt issuance cost		0.20%		0.22%		0.21%		0.21%
Total annualized interest cost		6.11%		7.31%		6.06%		7.22%

Average 1-month SOFR rate		3.66%		4.32%		3.66%		4.32%

(1)

Includes the stated interest expense for all facilities and commitment fees on the unused portions of the Senior Secured Facility and SPV Financing Facilities, and net interest on interest rate swaps entered into qualifying hedge accounting relationships. Commitment fees for the three and six months ended June 30, 2026 were $3,717 and $7,080, respectively. Commitment fees for the three and six months ended June 30, 2025 were $2,852 and $6,077, respectively.

Components of Interest Expense

The components of interest expense for the three and six months ended June 30, 2026 and 2025 were as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Borrowing interest expense	$	171,715	$	98,008	$	323,289	$	184,718
Facility unused fees		3,717		2,852		7,080		6,077
Amortization of financing costs and debt issuance costs		5,582		2,748		10,612		5,414
Gain (loss) from interest rate swaps accounted for as hedges and related hedged items
Interest rate swaps		53,176		(22,254)		84,816		(82,784)
Hedged items		(54,493)		27,238		(87,190)		87,303
Total interest expense	$	179,697	$	108,592	$	338,607	$	200,728

Schedule of Foreign-denominated Debt Outstanding

The Company had the following foreign-denominated debt obligations outstanding as of June 30, 2026:


	June 30, 2026
	Original Principal Amount (Local)		Original Principal Amount (USD)		Principal Amount Outstanding		Unrealized Gain/(Loss)		Reset Date
European Euro	€	90,000		95,081		102,834		(7,753)		N/A
Total		90,000		95,081		102,834		(7,753)

The Company had the following foreign-denominated debt obligations outstanding as of December 31, 2025:


	December 31, 2025
	Original Principal Amount (Local)		Original Principal Amount (USD)		Principal Amount Outstanding		Unrealized Gain/(Loss)		Reset Date
British Pound	£	46,000		62,174		62,006		167		3/31/2026
European Euro	€	81,000		94,357		95,191		(834)		3/30/2026
European Euro	€	90,000		95,081		105,768		(10,687)		N/A
Total		217,000		251,612		262,965		(11,354)