| Schedule of Long-Term Debt Instruments |
The following table presents information on the secured and unsecured notes issued in the MML 2021-1 Debt Securitization: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2026 | | Description | | Type | | Principal Outstanding | | Interest Rate (2) | | Credit Rating | Class A Loans (3) | | Senior Secured Floating Rate | | $ | 50,000 | | | SOFR + 1.48% | | Aaa | Class A Notes (3) | | Senior Secured Floating Rate | | 480,000 | | | SOFR + 1.48% | | Aaa | Class B Notes | | Senior Secured Floating Rate | | 80,000 | | | SOFR + 1.90% | | Aaa | Class C Notes | | Mezzanine Secured Deferrable Floating Rate | | 80,000 | | | SOFR + 2.60% | | Aa3 | Total Secured Notes | | | | 690,000 | | | | | | Subordinated Notes (1) | | | | 311,000 | | | None | | Not rated | | Total MML 2021-1 Notes | | $ | 1,001,000 | | | | | |
(1)The Company retained all of the Subordinated Notes issued in the MML 2021-1 Debt Securitization which are eliminated in consolidation. (2)The floating rate notes include a spread adjustment to SOFR of 0.26161% included within the base rate. (3)Upon a conversion of the Class A Loans in accordance with this Indenture, the Aggregate Outstanding Amount of the Class A Notes may be increased by up to $50.0 million and the Aggregate Outstanding Amount of the Class A Loans reduced by a corresponding amount. The following table presents information on the secured and unsecured notes issued in the MML 2022-1 Debt Securitization: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2026 | | Description | | Type | | Principal Outstanding | | Interest Rate | | Credit Rating | | Class A-1 Notes | | Senior Secured Floating Rate | | $ | 525,000 | | | SOFR + 1.65% | | Aaa | Class A-2 Notes | | Senior Secured Fixed | | 80,000 | | | 3.41% | | Aaa | Class B Notes | | Senior Secured Floating Rate | | 66,000 | | | SOFR + 2.00% | | Aaa | Class C Notes | | Mezzanine Secured Deferrable Floating Rate | | 88,000 | | | SOFR + 2.75% | | Aa3 | Total Secured Notes | | | | 759,000 | | | | | | Subordinated Notes (1) | | | | 331,360 | | | None | | Not rated | | Total MML 2022-1 Notes | | | | $ | 1,090,360 | | | | | |
(1)The Company retained all of the Subordinated Notes issued in the MML 2022-1 Debt Securitization which are eliminated in consolidation. The following table presents information on the secured and unsecured notes issued and the secured loans incurred in the MML 2022-2 Debt Securitization: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2026 | | Description | | Type | | Principal Outstanding | | Interest Rate | | Credit Rating | Class A-L Loans | | Senior Secured Floating Rate | | $ | 275,000 | | | SOFR + 2.10% | | Aaa | Class B-1 Notes | | Senior Secured Floating Rate | | 14,000 | | | SOFR + 3.35% | | Aaa | Class B-2 Notes | | Senior Secured Fixed Rate | | 11,500 | | | 5.88% | | Aaa | Class C Notes (1) | | Mezzanine Secured Deferrable Floating Rate | | 40,500 | | | SOFR + 2.50% | | Aa3 | | Total Secured Notes | | | | 341,000 | | | | | | Subordinated Notes (1) | | Subordinated | | 157,105 | | | None | | Not rated | | Total MML 2022-2 Notes | | $ | 498,105 | | | | | |
(1)The Company retained all of the Class C Notes and the Subordinated Notes issued in the MML 2022-2 Debt Securitization which are eliminated in consolidation. The following table presents information on the secured and unsecured notes issued and the secured loans incurred in the 2023-1 Debt Securitization: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2026 | | Description | | Type | | Principal Outstanding | | Interest Rate | | Credit Rating | | Class A Notes | | Senior Secured Floating Rate | | $ | 272,500 | | | SOFR + 2.30% | | Aaa | | Class B Notes | | Senior Secured Floating Rate | | 32,500 | | | SOFR + 3.00% | | Aa2 | Class C Notes (1) | | Mezzanine Secured Deferrable Floating Rate | | 34,000 | | | SOFR + 4.00% | | A2 | | Total Secured Notes | | | | 339,000 | | | | | | Subordinated Notes (1) | | Subordinated | | 153,665 | | | None | | Not Rated | Total 2023-1 Notes | | | | $ | 492,665 | | | | | |
(1)The Company (through its wholly-owned and consolidated subsidiary, 2023-1 Depositor) retained all of the Class C Notes and the Subordinated Notes issued in the 2023-1 Debt Securitization which are eliminated in consolidation. The following table presents information on the secured and unsecured notes issued and the secured loans incurred in the 2024-1 Debt Securitization: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2026 | | Description | | Type | | Principal Outstanding | | Interest Rate | | Credit Rating | Class A Notes (2) | | Senior Secured Floating Rate | | $ | 180,000 | | | SOFR + 1.83% | | Aaa | Class A-L Loans (2) | | Senior Secured Floating Rate | | 40,000 | | | SOFR + 1.83% | | Aaa | | Class B Notes | | Senior Secured Floating Rate | | 24,000 | | | SOFR + 2.35% | | Aa2 | Class C Notes (1) | | Mezzanine Secured Deferrable Floating Rate | | 28,000 | | | SOFR + 2.80% | | A2 | | Total Secured Notes | | | | 272,000 | | | | | | Subordinated Notes (1) | | Subordinated | | 130,161 | | | None | | Not Rated | | Total 2024-1 Notes | | | | $ | 402,161 | | | | | |
(1)The Company (through its wholly-owned and consolidated subsidiary, 2024-1 Depositor) retained all of the Class C Notes and the Subordinated Notes issued in the 2024-1 Debt Securitization which are eliminated in consolidation. (2)Upon a conversion of the Class A-L Loans in accordance with this Indenture and the Class A-L Loan Agreement, the Aggregate Outstanding Amount of the Class A Notes may be increased by up to $220.0 million and the Aggregate Outstanding Amount of the Class A-L Loans reduced by a corresponding amount. The following table presents information on the secured and unsecured notes issued and the secured loans incurred in the 2024-2 Debt Securitization: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2026 | | Description | | Type | | Principal Outstanding | | Interest Rate | | Credit Rating | Class A Notes (2)(3)(4) | | Senior Secured Floating Rate | | $ | 60,000 | | | SOFR + 1.50% | | Aaa | Class A-L1 Loans (2) | | Senior Secured Floating Rate | | 145,000 | | | SOFR + 1.50% | | Aaa | Class A-L2 Loans (3) | | Senior Secured Floating Rate | | 50,000 | | | SOFR + 1.50% | | Aaa | Class A-L3 Loans (4) | | Senior Secured Floating Rate | | 20,000 | | | SOFR + 1.50% | | Aaa | | Class B Notes | | Senior Secured Floating Rate | | 30,000 | | | SOFR + 1.80% | | Aa2 | Class C Notes (1) | | Mezzanine Secured Deferrable Floating Rate | | 35,000 | | | SOFR + 2.00% | | A2 | | Total Secured Notes | | | | 340,000 | | | | | | Subordinated Notes (1) | | Subordinated | | 160,500 | | | None | | Not Rated | | Total 2024-2 Notes | | | | $ | 500,500 | | | | | |
(1)The Company (through its wholly-owned and consolidated subsidiary, 2024-2 Depositor) retained all of the Class C Notes and the Subordinated Notes issued in the 2024-2 Debt Securitization which are eliminated in consolidation. (2)Upon a conversion of the Class A-L1 Loans in accordance with this Indenture and the Class A-L1 Loan Agreement, the Aggregate Outstanding Amount of the Class A Notes may be increased by up to $145.0 million and the Aggregate Outstanding Amount of the Class A-L1 Loans reduced by a corresponding amount. (3)Class A-L2 Loans may not be converted into Class A Notes at any time. For the avoidance of doubt, the Class A Notes shall not be exchangeable or convertible into Class A-L2 Loans at any time. (4)Upon a conversion of the Class A-L3 Loans in accordance with this Indenture and the Class A-L3 Loan Agreement, the Aggregate Outstanding Amount of the Class A Notes may be increased by up to $20.0 million and the Aggregate Outstanding Amount of the Class A-L3 Loans reduced by a corresponding amount. The following table presents information on the secured and unsecured notes issued in the 2025-1 Debt Securitization: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2026 | | Description | | Type | | Principal Outstanding | | Interest Rate | | Credit Rating | | Class A Notes | | Senior Secured Floating Rate | | $ | 715,000 | | | SOFR + 1.38% | | Aaa | | Class B Notes | | Senior Secured Floating Rate | | 78,000 | | | SOFR + 1.70% | | Aa2 | Class C Notes | | Mezzanine Secured Deferrable Floating Rate | | 91,000 | | | SOFR + 2.00% | | A2 | | Total Secured Notes | | | | 884,000 | | | | | | Subordinated Notes (1) | | Subordinated | | 413,000 | | | None | | Not Rated | Total 2025-1 Notes | | | | $ | 1,297,000 | | | | | |
(1)The Company (through its wholly-owned and consolidated subsidiary, 2025-1 Depositor) retained all of the Subordinated Notes issued in the 2025-1 Debt Securitization which are eliminated in consolidation. The following table presents information on the loans incurred in the 2025-1 Lender Finance Facility: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2026 | | Description | | Type | | Principal Outstanding | | Interest Rate | | Credit Rating | | Class A Term Loans | | Senior Secured Floating Rate | | $ | 802,500 | | | SOFR + 1.47% | | Aaa | | Class B Term Loans | | Senior Secured Floating Rate | | 87,500 | | | SOFR + 1.77% | | Aa2 | Class C Term Loans (1) | | Senior Secured Deferrable Floating Rate | | 25,000 | | | SOFR + 2.00% | | A1 | Total Term Loans | | | | $ | 915,000 | | | | | |
(1)The Company (through its wholly-owned and consolidated subsidiary, 2025-1 Lender Finance Depositor) retained all of the Class C Term Loans incurred in the 2025-1 Lender Finance Facility which are eliminated in consolidation. The following table presents information on the secured and unsecured notes issued in the 2025-1 BSL Static Debt Securitization: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2026 | | Description | | Type | | Principal Outstanding | | Interest Rate | | Credit Rating | Class A Notes | | Senior Secured Floating Rate | | $ | 277,684 | | | SOFR + 1.25% | | AAA | Class B Notes | | Senior Secured Floating Rate | | 96,380 | | | SOFR + 1.85% | | AA | Class C Notes | | Mezzanine Secured Deferrable Floating Rate | | 53,325 | | | SOFR + 2.10% | | A | Class D Notes (1) | | Mezzanine Secured Deferrable Floating Rate | | 33,575 | | | SOFR + 2.77% | | BBB | | Total Secured Notes | | | | 460,964 | | | | | | Subordinated Notes (1) | | | | 156,500 | | | None | | Not rated | Total 2025-1 BSL Notes | | | | $ | 617,464 | | | | | |
(1)The Company retained all of the Class D Notes and the Subordinated Notes issued in the 2025-1 BSL Debt Securitization which are eliminated in consolidation. The following table presents information on the loans incurred in the 2025-2 Lender Finance Facility: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2026 | | Description | | Type | | Principal Outstanding | | Interest Rate | | Credit Rating | | Class A Term Loans | | Senior Secured Floating Rate | | $ | 802,500 | | | SOFR + 1.50% | | Aaa | | Class B Term Loans | | Senior Secured Floating Rate | | 80,000 | | | SOFR + 1.80% | | Aa2 | Class C Term Loans (1) | | Senior Deferrable Floating Rate | | 137,500 | | | SOFR + 2.10% | | A2 | Total Term Loans | | | | $ | 1,020,000 | | | | | |
(1)The Company (through its wholly-owned and consolidated subsidiary, 2025-2 Lender Finance Depositor) retained all of the Class C Term Loans incurred in the 2025-2 Lender Finance Facility which are eliminated in consolidation. The following table presents information on the secured and unsecured notes issued in the 2026-1 Debt Securitization: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2026 | | Description | | Type | | Principal Outstanding | | Interest Rate | | Credit Rating | | Class A Notes | | Senior Secured Floating Rate | | $ | 540,000 | | | SOFR + 1.37% | | AAA | | Class B Notes | | Senior Secured Floating Rate | | 140,000 | | | SOFR + 1.70% | | AA | Class C Notes | | Mezzanine Secured Deferrable Floating Rate | | 55,000 | | | SOFR + 1.95% | | A | | Total Secured Notes | | | | 735,000 | | | | | | Subordinated Notes (1) | | Subordinated | | 259,340 | | | None | | Not Rated | Total 2026-1 Notes | | | | $ | 994,340 | | | | | |
(1)The Company (through its wholly-owned and consolidated subsidiary, 2026-1 Depositor) retained all of the Subordinated Notes issued in the 2026-1 Debt Securitization which are eliminated in consolidation. The notes offered and loans incurred in the 2026-1 Static Debt Securitization (collectively, the “2026-1 Static Notes”) were issued by the 2026-1 PC Issuer, an indirectly wholly-owned and consolidated (for tax and accounting purposes) subsidiary of the Company, and are primarily secured by a diversified portfolio of private credit loans and participation interests therein.The following table presents information on the secured and unsecured notes issued in the 2026-1 Static Debt Securitization: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2026 | | Description | | Type | | Principal Outstanding | | Interest Rate | | Credit Rating | | Class A Notes | | Senior Secured Floating Rate | | $ | 165,500 | | | SOFR + 1.28% | | AAA | | Class A-L-B Loans | | Senior Secured Floating Rate | | 100,000 | | | SOFR + 1.28% | | AAA | | Class B Notes | | Senior Secured Floating Rate | | 40,500 | | | SOFR + 2.05% | | AA | Class C Notes (1) | | Mezzanine Secured Deferrable Floating Rate | | 27,000 | | | SOFR + 2.40% | | A | Class D Notes (1) | | Mezzanine Secured Deferrable Floating Rate | | 20,250 | | | SOFR + 3.90% | | BBB- | | Total Secured Notes | | | | 353,250 | | | | | | Subordinated Notes (1) | | Subordinated | | 96,550 | | | None | | Not Rated | | Total 2026-1 Static Notes | | | | 449,800 | | | | | |
(1)The Company (through its wholly-owned and consolidated subsidiary, 2026-1 PC Depositor) retained all of the Class C Notes, the Class D Notes and the Subordinated Notes issued in the 2026-1 PC Debt Securitization which are eliminated in consolidation. The following table presents information on the secured and unsecured notes issued in the 2026-2 Static Debt Securitization: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2026 | | Description | | Type | | Principal Outstanding | | Interest Rate | | Credit Rating | | Class A-1 Notes | | Senior Secured Floating Rate | | $ | 530,000 | | | SOFR + 1.34% | | AAA | | Class A-2 Notes | | Senior Secured Floating Rate | | 60,000 | | | SOFR + 1.70% | | AAA | | Class B Notes | | Senior Secured Floating Rate | | 90,000 | | | SOFR + 1.90% | | AA | Class C Notes (1) | | Mezzanine Secured Deferrable Floating Rate | | 40,000 | | | SOFR + 2.20% | | A | Class D Notes (1) | | Mezzanine Secured Deferrable Floating Rate | | 45,000 | | | SOFR + 3.50% | | BBB- | | Total Secured Notes | | | | 765,000 | | | | | | Subordinated Notes (1) | | Subordinated | | 236,860 | | | None | | Not Rated | | Total 2026-2 Static Notes | | | | 1,001,860 | | | | | |
(1)The Company (through its wholly-owned and consolidated subsidiary, 2026-2 PC Depositor) retained all of the Class C Notes, the Class D Notes and the Subordinated Notes issued in the 2026-2 PC Debt Securitization which are eliminated in consolidation. The following table presents information on the secured and unsecured notes issued in the 2026-2 Debt Securitization: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2026 | | Description | | Type | | Principal Outstanding | | Interest Rate | | Credit Rating | | Class A Notes | | Senior Secured Floating Rate | | $ | 145,000 | | | SOFR + 1.48% | | AAA | | Class A-L Loans | | Senior Secured Floating Rate | | 79,000 | | | SOFR + 1.48% | | AAA | | Class B Notes | | Senior Secured Floating Rate | | 48,000 | | | SOFR + 1.90% | | AA | Class C Notes (1) | | Mezzanine Secured Deferrable Floating Rate | | 24,000 | | | SOFR + 2.25% | | A | Class D Notes (1) | | Mezzanine Secured Deferrable Floating Rate | | 27,000 | | | SOFR + 3.60% | | BBB- | | Total Secured Notes | | | | 323,000 | | | | | | Subordinated Notes (1) | | Subordinated | | 77,980 | | | None | | Not Rated | | Total 2026-2 Notes | | | | 400,980 | | | | | |
(1)The Company (through its wholly-owned and consolidated subsidiary, 2026-2 Depositor) retained all of the Class C Notes, the Class D Notes and the Subordinated Notes issued in the 2026-2 Debt Securitization which are eliminated in consolidation. The Company’s outstanding debt obligations were as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2026 | | Aggregate Principal Committed | | Outstanding Principal | | Carrying Value (net of unamortized issuance costs, premiums and discounts) | | Unamortized Debt Issuance Costs (including premiums and discounts) | | Unused Portion (1) | | Amount Available (2) | Bard Peak Funding Facility (3) | $ | 2,138,000 | | | $ | 725,830 | | | $ | 725,830 | | | $ | — | | | $ | 1,412,170 | | | $ | 1,411,814 | | Castle Peak Funding Facility (3) | 2,600,000 | | | 866,931 | | | 866,931 | | | — | | | 1,733,069 | | | 1,703,441 | | Summit Peak Funding Facility (3) | 1,375,000 | | | 828,644 | | | 828,644 | | | — | | | 546,356 | | | 546,356 | | Denali Peak Funding Facility (3) | 1,425,000 | | | 714,593 | | | 714,593 | | | — | | | 710,407 | | | 710,383 | | | Bushnell Peak Funding Facility | 1,000,000 | | | 350,300 | | | 350,300 | | | — | | | 649,700 | | | 649,700 | | | Granite Peak Funding Facility | 1,000,000 | | | 750,000 | | | 750,000 | | | — | | | 250,000 | | | 250,000 | | | Middle Peak Funding Facility | 1,500,000 | | | 730,000 | | | 730,000 | | | — | | | 770,000 | | | 770,000 | | | Bison Peak Funding Facility | 2,100,000 | | | 930,200 | | | 930,200 | | | — | | | 1,169,800 | | | 1,169,800 | | | Blanca Peak Funding Facility | 1,100,000 | | | 825,000 | | | 825,000 | | | — | | | 275,000 | | | 275,000 | | Windom Peak Funding Facility (3) | 2,150,000 | | | 957,919 | | | 957,919 | | | — | | | 1,192,081 | | | 1,191,274 | | | Monarch Peak Funding Facility | 1,500,000 | | | 1,050,000 | | | 1,050,000 | | | — | | | 450,000 | | | 450,000 | | | Haydon Peak Funding Facility | 500,000 | | | 114,000 | | | 114,000 | | | — | | | 386,000 | | | 386,000 | | Phoenix Peak Funding Facility (3) | 215,945 | | | 215,945 | | | 215,034 | | | 911 | | | — | | | — | | | Sonora Peak Funding Facility | 1,100,000 | | | 100,000 | | | 100,000 | | | — | | | 1,000,000 | | | 1,000,000 | | | Ramsey Peak Funding Facility | 1,000,000 | | | 200,000 | | | 200,000 | | | — | | | 800,000 | | | 800,000 | | | Crystal Peak Funding Facility | 750,000 | | | 75,000 | | | 75,000 | | | — | | | 675,000 | | | 675,000 | | | Weller Peak Funding Facility | 214,400 | | | — | | | — | | | — | | | 214,400 | | | 127,454 | | Meadow Pass WH Funding Facility | 1,000,000 | | | 303,000 | | | 303,000 | | | — | | | 697,000 | | | 465,912 | | Revolving Credit Facility (4) | 5,950,000 | | | 2,304,440 | | | 2,304,440 | | | — | | | 3,645,560 | | | 3,644,405 | | | 2026 Notes | 400,000 | | | 400,000 | | | 399,914 | | | 86 | | | — | | | — | | May 2027 Notes (5) | 625,000 | | | 625,000 | | | 619,081 | | | 464 | | | — | | | — | | October 2027 Notes (5) | 350,000 | | | 350,000 | | | 346,985 | | | 1,764 | | | — | | | — | | March 2031 5.54% Notes (5) | 500,000 | | | 500,000 | | | 488,499 | | | 9,347 | | | — | | | — | | March 2033 Notes (5) | 500,000 | | | 500,000 | | | 485,198 | | | 12,031 | | | — | | | — | | January 2032 Series 2026A Notes (5) | 210,000 | | | 210,000 | | | 204,749 | | | 463 | | | — | | | — | | April 2031 Series 2026B Notes (5) | 500,000 | | | 500,000 | | | 482,302 | | | 12,152 | | | — | | | — | | July 2031 Series 2026B Notes (5) | 500,000 | | | 500,000 | | | 482,232 | | | 12,174 | | | — | | | — | | June 2032 Series 2026C Notes (5) | 688,000 | | | 688,000 | | | 679,528 | | | 10,848 | | | — | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2026 | | Aggregate Principal Committed | | Outstanding Principal | | Carrying Value (net of unamortized issuance costs, premiums and discounts) | | Unamortized Debt Issuance Costs (including premiums and discounts) | | Unused Portion (1) | | Amount Available (2) | December 2026 Notes (5) | $ | 1,250,000 | | | $ | 1,250,000 | | | $ | 1,239,775 | | | $ | 2,209 | | | $ | — | | | $ | — | | | November 2026 Eurobonds | 571,300 | | | 571,300 | | | 570,649 | | | 651 | | | — | | | — | | | March 2027 Notes | 1,000,000 | | | 1,000,000 | | | 998,088 | | | 1,912 | | | — | | | — | | | January 2029 Notes | 650,000 | | | 650,000 | | | 645,472 | | | 4,528 | | | — | | | — | | November 2028 Notes (5) | 650,000 | | | 650,000 | | | 649,857 | | | 1,347 | | | — | | | — | | January 2031 Notes (5) | 600,000 | | | 600,000 | | | 585,307 | | | 7,909 | | | — | | | — | | July 2029 Notes (5) | 900,000 | | | 900,000 | | | 893,463 | | | 2,725 | | | — | | | — | | September 2027 Notes (5) | 400,000 | | | 400,000 | | | 393,151 | | | 2,774 | | | — | | | — | | April 2030 Notes (5) | 400,000 | | | 400,000 | | | 382,796 | | | 6,506 | | | — | | | — | | November 2029 Notes (5) | 400,000 | | | 400,000 | | | 393,248 | | | 6,198 | | | — | | | — | | November 2034 Notes (5) | 800,000 | | | 800,000 | | | 771,080 | | | 20,258 | | | — | | | — | | January 2032 Notes (5) | 1,000,000 | | | 1,000,000 | | | 988,538 | | | 20,106 | | | — | | | — | | September 2030 Notes (5) | 500,000 | | | 500,000 | | | 479,492 | | | 8,418 | | | — | | | — | | March 2031 5.350% Notes (5) | 700,000 | | | 700,000 | | | 672,278 | | | 13,254 | | | — | | | — | | May 2031 Notes (5) | 850,000 | | | 850,000 | | | 820,743 | | | 16,961 | | | — | | | — | | | MML 2021-1 Debt | 690,000 | | | 690,000 | | | 686,998 | | | 3,002 | | | — | | | — | | | MML 2022-1 Debt | 759,000 | | | 759,000 | | | 755,123 | | | 3,877 | | | — | | | — | | | MML 2022-2 Debt | 300,500 | | | 300,500 | | | 298,628 | | | 1,872 | | | — | | | — | | | 2023-1 Notes | 305,000 | | | 305,000 | | | 303,449 | | | 1,551 | | | — | | | — | | | 2024-1 Notes | 244,000 | | | 244,000 | | | 242,557 | | | 1,443 | | | — | | | — | | | 2024-2 Notes | 305,000 | | | 305,000 | | | 302,308 | | | 2,692 | | | — | | | — | | | 2025-1 Notes | 884,000 | | | 884,000 | | | 880,940 | | | 3,060 | | | — | | | — | | | 2025-1 Lender Finance Facility | 890,000 | | | 890,000 | | | 887,538 | | | 2,462 | | | — | | | — | | | 2025-1 BSL Notes | 427,389 | | | 427,389 | | | 426,164 | | | 1,225 | | | — | | | — | | 2025-2 Lender Finance Facility | 882,500 | | | 882,500 | | | 879,664 | | | 2,836 | | | — | | | — | | 2026-1 Notes | 735,000 | | | 735,000 | | | 731,231 | | | 3,769 | | | — | | | — | | | 2026-1 Static Notes | 306,000 | | | 306,000 | | | 303,674 | | | 2,326 | | | — | | | — | | | 2026-2 Static Notes | 680,000 | | | 680,000 | | | 676,814 | | | 3,186 | | | — | | | — | | | 2026-2 Notes | 272,000 | | | 272,000 | | | 269,756 | | | 2,244 | | | — | | | — | | | Short-Term Borrowings | 604,371 | | | 604,371 | | | 604,371 | | | — | | | — | | | — | | | Total | $ | 51,847,405 | | | $ | 35,270,862 | | | $ | 34,962,531 | | | $ | 211,541 | | | $ | 16,576,543 | | | $ | 16,226,539 | |
(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)Under certain SPV Financing Facilities, the company is permitted to borrow in USD and other currencies. Under the Bard Peak Funding Facility, as of June 30, 2026, the Company had non-USD borrowings denominated in the following currencies: •CAD 94.1 million •EUR 251.4 million •GBP 113.5 million •NZD 125.4 million Under the Castle Peak Funding Facility, as of June 30, 2026, the Company had non-USD borrowings denominated in the following currencies: •CAD 102.9 million •EUR 46.4 million •GBP 38.9 million Under the Summit Peak Funding Facility, as of June 30, 2026, the Company had non-USD borrowings denominated in the following currencies: •CAD 64.7 million •EUR 26.9 million •GBP 104.7 million Under the Denali Peak Funding Facility, as of June 30, 2026, the Company had non-USD borrowings denominated in the following currencies: •GBP 30.0 million Under the Windom Peak Funding Facility, as of June 30, 2026, the Company had non-USD borrowings denominated in the following currencies: •GBP 100.4 million Under the Phoenix Peak Funding Facility, as of June 30, 2026, the Company had non-USD borrowings denominated in the following currencies: •EUR 142.8 million •GBP 39.8 million (4)Under the Revolving Credit Facility, the Company is permitted to borrow in USD or certain other currencies. As of June 30, 2026, the Company had non-USD borrowings denominated in the following currencies: •EUR 435.9 million •GBP 994.3 million •AUD 119.0 million (5)Carrying value is inclusive of adjustment for the change in fair value of effective hedge relationship. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2025 | | Aggregate Principal Committed | | Outstanding Principal | | Carrying Value (net of unamortized issuance costs, premiums and discounts) | | Unamortized Debt Issuance Costs (including premiums and discounts) | | Unused Portion (1) | | Amount Available (2) | Bard Peak Funding Facility (3) | $ | 1,650,000 | | | $ | 1,549,670 | | | $ | 1,549,670 | | | $ | — | | | $ | 100,330 | | | $ | 100,330 | | Castle Peak Funding Facility (3) | 2,550,000 | | | 1,760,209 | | | 1,760,209 | | | — | | | 789,791 | | | 789,638 | | Summit Peak Funding Facility (3) | 1,375,000 | | | 1,257,548 | | | 1,257,548 | | | — | | | 117,452 | | | 105,732 | | | Denali Peak Funding Facility | 750,000 | | | 584,800 | | | 584,800 | | | — | | | 165,200 | | | 136,379 | | | Bushnell Peak Funding Facility | 1,000,000 | | | 554,300 | | | 554,300 | | | — | | | 445,700 | | | 445,700 | | | Granite Peak Funding Facility | 1,000,000 | | | 500,000 | | | 500,000 | | | — | | | 500,000 | | | 486,953 | | | Middle Peak Funding Facility | 1,000,000 | | | 890,000 | | | 890,000 | | | — | | | 110,000 | | | 110,000 | | | Bison Peak Funding Facility | 1,500,000 | | | 1,437,200 | | | 1,437,200 | | | — | | | 62,800 | | | 62,800 | | | Blanca Peak Funding Facility | 1,100,000 | | | 951,000 | | | 951,000 | | | — | | | 149,000 | | | 149,000 | | Windom Peak Funding Facility (3) | 2,150,000 | | | 2,150,076 | | | 2,150,076 | | | — | | | — | | | — | | | Monarch Peak Funding Facility | 1,500,000 | | | 1,500,000 | | | 1,500,000 | | | — | | | — | | | — | | | Haydon Peak Funding Facility | 250,000 | | | 212,000 | | | 212,000 | | | — | | | 38,000 | | | 38,000 | | Bear Peak Funding Facility (3) | 587,600 | | | 587,017 | | | 587,017 | | | — | | | 583 | | | 583 | | Phoenix Peak Funding Facility (3) | 221,455 | | | 221,455 | | | 220,354 | | | 1,101 | | | — | | | — | | 2025-2 Lender Finance Warehouse Facility | 882,500 | | | — | | | — | | | — | | | 882,500 | | | 882,500 | | Revolving Credit Facility (4) | 5,800,000 | | | 2,259,240 | | | 2,259,240 | | | — | | | 3,540,760 | | | 3,540,760 | | | 2026 Notes | 400,000 | | | 400,000 | | | 399,584 | | | 416 | | | — | | | — | | May 2027 Notes (5) | 625,000 | | | 625,000 | | | 620,163 | | | 739 | | | — | | | — | | October 2027 Notes (5) | 350,000 | | | 350,000 | | | 349,354 | | | 2,448 | | | — | | | — | | March 2031 5.54% Notes (5) | 500,000 | | | 500,000 | | | 498,066 | | | 10,326 | | | — | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2025 | | Aggregate Principal Committed | | Outstanding Principal | | Carrying Value (net of unamortized issuance costs, premiums and discounts) | | Unamortized Debt Issuance Costs (including premiums and discounts) | | Unused Portion (1) | | Amount Available (2) | March 2033 Notes (5) | $ | 500,000 | | | $ | 500,000 | | | $ | 494,769 | | | $ | 12,916 | | | $ | — | | | $ | — | | December 2026 Notes (5) | 1,250,000 | | | 1,250,000 | | | 1,233,234 | | | 4,565 | | | — | | | — | | | November 2026 Eurobonds | 587,600 | | | 587,600 | | | 586,175 | | | 1,425 | | | — | | | — | | | March 2027 Notes | 1,000,000 | | | 1,000,000 | | | 996,741 | | | 3,259 | | | — | | | — | | | January 2029 Notes | 650,000 | | | 650,000 | | | 644,590 | | | 5,410 | | | — | | | — | | April 2026 UK Bonds (5) | 336,988 | | | 336,988 | | | 335,202 | | | 250 | | | — | | | — | | November 2028 Notes (5) | 650,000 | | | 650,000 | | | 661,542 | | | 1,624 | | | — | | | — | | January 2031 Notes (5) | 600,000 | | | 600,000 | | | 596,471 | | | 8,843 | | | — | | | — | | July 2029 Notes (5) | 900,000 | | | 900,000 | | | 910,031 | | | 3,213 | | | — | | | — | | September 2027 Notes (5) | 400,000 | | | 400,000 | | | 395,183 | | | 3,885 | | | — | | | — | | April 2030 Notes (5) | 400,000 | | | 400,000 | | | 388,785 | | | 7,365 | | | — | | | — | | November 2029 Notes (5) | 400,000 | | | 400,000 | | | 400,465 | | | 7,071 | | | — | | | — | | November 2034 Notes (5) | 800,000 | | | 800,000 | | | 785,348 | | | 21,529 | | | — | | | — | | January 2032 Notes (5) | 1,000,000 | | | 1,000,000 | | | 1,009,275 | | | 21,892 | | | — | | | — | | September 2030 Notes (5) | 500,000 | | | 500,000 | | | 487,697 | | | 9,388 | | | — | | | — | | | 2021-2 Notes | 505,800 | | | 505,800 | | | 504,647 | | | 1,153 | | | — | | | — | | | MML 2021-1 Debt | 690,000 | | | 690,000 | | | 686,824 | | | 3,176 | | | — | | | — | | | MML 2022-1 Debt | 759,000 | | | 759,000 | | | 754,904 | | | 4,096 | | | — | | | — | | | 2022-1 BSL Debt | 420,000 | | | 420,000 | | | 418,788 | | | 1,212 | | | — | | | — | | | MML 2022-2 Debt | 300,500 | | | 300,500 | | | 298,513 | | | 1,987 | | | — | | | — | | | 2023-1 Notes | 305,000 | | | 305,000 | | | 303,368 | | | 1,632 | | | — | | | — | | | 2024-1 Notes | 244,000 | | | 244,000 | | | 242,484 | | | 1,516 | | | — | | | — | | | 2024-2 Notes | 305,000 | | | 305,000 | | | 302,181 | | | 2,819 | | | — | | | — | | 2025-1 Notes | 884,000 | | | 884,000 | | | 880,799 | | | 3,201 | | | — | | | — | | 2025-1 Lender Finance | 890,000 | | | 890,000 | | | 887,425 | | | 2,575 | | | — | | | — | | 2025-1 BSL Notes | 661,625 | | | 661,625 | | | 659,634 | | | 1,991 | | | — | | | — | | | Short-Term Borrowings | 856,829 | | | 856,829 | | | 856,829 | | | — | | | — | | | — | | | Total | $ | 41,987,897 | | | $ | 35,085,857 | | | $ | 35,002,485 | | | $ | 153,023 | | | $ | 6,902,116 | | | $ | 6,848,375 | |
(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)Under certain SPV Financing Facilities, the company is permitted to borrow in USD and other currencies. Under the Bard Peak Funding Facility, as of December 31, 2025, the Company had non-USD borrowings denominated in the following currencies: •CAD 94.1 million •EUR 69.0 million •GBP 74.6 million Under the Castle Peak Funding Facility, as of December 31, 2025, the Company had non-USD borrowings denominated in the following currencies: •CAD 78.9 million •EUR 46.4 million •GBP 38.9 million Under the Summit Peak Funding Facility, as of December 31, 2025, the Company had non-USD borrowings denominated in the following currencies: •CAD 64.7 million •EUR 26.9 million •GBP 99.7 million Under the Windom Peak Funding Facility, as of December 31, 2025, the Company had non-USD borrowings denominated in the following currencies: •GBP 100.4 million Under the Bear Peak Funding Facility, as of December 31, 2025, the Company had non-USD borrowings denominated in the following currencies: •EUR 390.8 million •GBP 40.0 million •NZD 128.3 million Under the Phoenix Peak Funding Facility, as of December 31, 2025, the Company had non-USD borrowings denominated in the following currencies: •EUR 142.8 million •GBP 39.8 million (4)Under the Revolving Credit Facility, the Company is permitted to borrow in USD or certain other currencies. As of December 31, 2025, the Company had non-USD borrowings denominated in the following currencies: •CAD 24.5 million •EUR 369.9 million •GBP 1,039.3 million •AUD 1.0 million (5)Carrying value is inclusive of adjustment for the change in fair value of effective hedge relationship. The components of interest expense were as follows: | | | | | | | | | | | | | Three Months Ended June 30, | | 2026 | | 2025 | | Borrowing interest expense | $ | 476,576 | | | $ | 448,888 | | | Facility unused fees | 12,596 | | | 11,852 | | | Amortization of deferred financing costs | 10,882 | | | 8,829 | | | Amortization of original issue discount and debt issuance costs (including premiums and discounts) | 12,031 | | | 9,742 | | | Gain (loss) from interest rate swaps accounted for as hedges and the related hedged items: | | | | | Interest rate swaps | 112,538 | | | (62,716) | | | Hedged items | (111,347) | | | 61,414 | | | Total interest expense | $ | 513,276 | | | $ | 478,009 | | | Cash paid for interest expense | $ | 647,196 | | | $ | 575,793 | |
| | | | | | | | | | | | | Six Months Ended June 30, | | 2026 | | 2025 | | Borrowing interest expense | $ | 956,731 | | | $ | 904,892 | | | Facility unused fees | 20,185 | | | 19,482 | | | Amortization of deferred financing costs | 24,852 | | | 17,327 | | | Amortization of original issue discount and debt issuance costs (including premiums and discounts) | 22,115 | | | 19,162 | | | Gain (loss) from interest rate swaps accounted for as hedges and the related hedged items: | | | | | Interest rate swaps | 166,963 | | | (189,808) | | | Hedged items | (165,802) | | | 186,589 | | | Total interest expense | $ | 1,025,044 | | | $ | 957,644 | | | Cash paid for interest expense | $ | 1,200,225 | | | $ | 1,165,146 | |
The following table presents information on the loans incurred in the 2026-1 Lender Finance Facility:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2026 | | Description | | Type | | Principal Outstanding | | Interest Rate | | Credit Rating | | Class A Term Loans | | Senior Secured Floating Rate | | $ | 535,000 | | | SOFR + 1.56% | | AAA | | Class B Term Loans | | Senior Secured Floating Rate | | 53,300 | | | SOFR + 1.86% | | AA | Class C Term Loans (1) | | Senior Deferrable Floating Rate | | 141,700 | | | SOFR + 2.10% | | A | Total Term Loans | | | | $ | 730,000 | | | | | |
(1)The Company (through its wholly-owned and consolidated subsidiary, 2026-1 Lender Finance Depositor) retained all of the Class C Term Loans incurred in the 2026-1 Lender Finance Facility which are eliminated in consolidation.
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