v3.26.1
DEBT OBLIGATIONS AND CREDIT FACILITIES
 6 Months Ended
Jun. 30, 2026
Debt Disclosure [Abstract]  
DEBT OBLIGATIONS AND CREDIT FACILITIES DEBT OBLIGATIONS AND CREDIT FACILITIES
Debt Obligations of the Consolidated Funds
Certain consolidated funds may maintain revolving credit facilities that are secured by the assets of the fund or may issue senior variable rate notes to fund investments on a longer term basis, generally up to ten years. The obligations of the consolidated funds are nonrecourse to the Company.
The consolidated funds had the following debt obligations outstanding:
Outstanding Amount as of
Key terms as of June 30, 2026
Credit AgreementJune 30, 2026December 31, 2025Facility CapacityEffective Interest Rate
Weighted Average Remaining Maturity (years) (3)
Commitment Fee RateL/C Fee
Revolving credit facilities (1)
$1,500,383 $1,320,795 $1,766,359 5.42%0.780.25%1.69%
Less: Debt issuance costs (2)
(3,245)(2,666)
Total debt obligations, net$1,497,138 $1,318,129 
(1)    The credit facility capacity is calculated on a pro rata basis using fund commitments as of June 30, 2026.
(2)    Debt issuance costs are included in other assets as of June 30, 2026 and December 31, 2025.
(3)     The credit facility of one consolidated fund, which was scheduled to mature shortly after June 30, 2026, was subsequently renewed through July 30, 2027.
The carrying value of the revolving credit facilities approximated fair value due to recent issuance. Financial instruments that are valued using quoted prices for the security or similar securities are generally classified as Level III because the quoted prices may be indicative in nature for securities that are in an inactive market, may be for similar securities, or may require adjustment for investment-specific factors or restrictions.