| Schedule of Long-Term Debt Instruments |
The following table presents information on the secured notes issued and the secured loans incurred in the 2024-1 Debt Securitization: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | September 30, 2026 | | Description | | Type | | Principal Outstanding | | Interest Rate | | Credit Rating | Class A Notes (2) | | Senior Secured Floating Rate | | $ | — | | | SOFR + 1.51% | | Aaa | Class A-L Loans (2) | | Senior Secured Floating Rate | | 412,500 | | | SOFR + 1.51% | | Aaa | | Class B Notes | | Senior Secured Floating Rate | | 45,000 | | | SOFR + 1.78% | | Aa2 | Class C Notes (1) | | Mezzanine Secured Deferrable Floating Rate | | 52,500 | | | SOFR + 2.00% | | A1 | | Total Secured Notes | | | | 510,000 | | | | | | Subordinated Notes (1) | | Subordinated | | 236,770 | | | None | | Not Rated | | Total 2024-1 Notes | | | | $ | 746,770 | | | None | | |
(1)The Company 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 the Indenture and the Class A-L Loan Agreement, the Aggregate Outstanding Amount of the Class A Notes may be increased by up to $412.5 million and the Aggregate Outstanding Amount of the Class A-L Loans reduced by a corresponding amount. The Company’s outstanding debt obligations were as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | September 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) | | Breckenridge Funding Facility | $ | 1,175,000 | | | $ | 445,850 | | | $ | 445,850 | | | $ | — | | | $ | 729,150 | | | $ | 729,150 | | | Big Sky Funding Facility | 800,000 | | | 482,400 | | | 482,400 | | | — | | | 317,600 | | | 317,600 | | | BXSL 2025-1 Facility | 400,000 | | | 40,700 | | | 40,700 | | | — | | | 359,300 | | | 259,800 | | Revolving Credit Facility(3) | 2,452,723 | | | 1,301,542 | | | 1,301,542 | | | — | | | 1,151,181 | | | 1,149,047 | | | 2027 Notes | 650,000 | | | 650,000 | | | 648,968 | | | 1,032 | | | — | | | — | | | 2028 Notes | 650,000 | | | 650,000 | | | 646,242 | | | 3,758 | | | — | | | — | | November 2027 Notes(4) | 400,000 | | | 400,000 | | | 396,998 | | | 2,284 | | | — | | | — | | April 2028 Notes(4) | 700,000 | | | 700,000 | | | 686,352 | | | 4,106 | | | — | | | — | | June 2030 Notes(4) | 500,000 | | | 500,000 | | | 474,927 | | | 7,936 | | | — | | | — | | January 2031 Notes(4) | 500,000 | | | 500,000 | | | 465,736 | | | 7,360 | | | — | | | — | | September 2029 Notes(4) | 400,000 | | | 400,000 | | | 378,453 | | | 4,994 | | | — | | | — | | May 2031 Notes(4) | 650,000 | | | 650,000 | | | 612,417 | | | 12,941 | | | — | | | — | | | 2024-1 Notes | 457,500 | | | 457,500 | | | 455,441 | | | 2,059 | | | — | | | — | | | Total | $ | 9,735,223 | | | $ | 7,177,992 | | | $ | 7,036,026 | | | $ | 46,470 | | | $ | 2,557,231 | | | $ | 2,455,597 | |
(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 the Revolving Credit Facility, the Company may borrow in USD or certain other permitted currencies. As of September 30, 2026, the Company had non-USD borrowings denominated in the following currencies: •CAD 35.0 million •EUR 369.4 million •GBP 293.8 million •AUD 44.0 million (4)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 | | Unamortized Debt Issuance Costs | | Unused Portion (1) | | Amount Available (2) | Jackson Hole Funding Facility (3) | $ | 500,000 | | | $ | 22,374 | | | $ | 22,374 | | | $ | — | | | $ | 477,626 | | | $ | 477,626 | | | Breckenridge Funding Facility | 1,175,000 | | | 652,550 | | | 652,550 | | | — | | | 522,450 | | | 418,348 | | | Big Sky Funding Facility | 650,000 | | | 585,900 | | | 585,900 | | | — | | | 64,100 | | | 64,100 | | | BXSL 2025-1 Facility | 400,000 | | | 34,800 | | | 34,800 | | | — | | | 365,200 | | | 351,400 | | Revolving Credit Facility (4) | 2,425,000 | | | 1,447,497 | | | 1,447,497 | | | — | | | 977,503 | | | 977,503 | | | 2026 Notes | 800,000 | | | 800,000 | | | 799,936 | | | 64 | | | — | | | — | | | New 2026 Notes | 700,000 | | | 700,000 | | | 698,746 | | | 1,254 | | | — | | | — | | | 2027 Notes | 650,000 | | | 650,000 | | | 646,911 | | | 3,089 | | | — | | | — | | | 2028 Notes | 650,000 | | | 650,000 | | | 644,837 | | | 5,163 | | | — | | | — | | November 2027 Notes (5) | 400,000 | | | 400,000 | | | 403,760 | | | 3,803 | | | — | | | — | | April 2028 Notes (5) | 700,000 | | | 700,000 | | | 700,057 | | | 6,107 | | | — | | | — | | June 2030 Notes (5) | 500,000 | | | 500,000 | | | 497,626 | | | 9,520 | | | — | | | — | | January 2031 Notes (5) | 500,000 | | | 500,000 | | | 489,847 | | | 8,688 | | | — | | | — | | | 2024-1 Notes | 457,500 | | | 457,500 | | | 455,288 | | | 2,212 | | | — | | | — | | | Total | $ | 10,507,500 | | | $ | 8,100,621 | | | $ | 8,080,129 | | | $ | 39,900 | | | $ | 2,406,879 | | | $ | 2,288,977 | |
(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 the Jackson Hole Funding Facility, the Company may borrow in USD or certain other permitted currencies. As of December 31, 2025, the Company had no borrowings denominated in currencies other than USD. (4)Under the Revolving Credit Facility, the Company may borrow in USD or certain other permitted currencies. As of December 31, 2025, the Company had non-USD borrowings denominated in the following currencies: •CAD 30.7 million •EUR 417.2 million •GBP 293.5 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 September 30, | | Nine Months Ended September 30, | | 2026 | | 2025 | | 2026 | | 2025 | | Borrowing interest expense | $ | 90,169 | | | $ | 86,952 | | | $ | 274,743 | | | $ | 259,161 | | | Facility unused fees | 2,201 | | | 2,136 | | | 6,466 | | | 6,374 | | | Amortization of deferred financing costs | 1,449 | | | 1,354 | | | 4,858 | | | 4,204 | | | Amortization of original issue discount and debt issuance costs (including premiums and discounts) | 4,877 | | | 3,943 | | | 13,327 | | | 11,029 | | | Gain (loss) from interest rate swaps accounted for as hedges and the related hedged items: | | | | | | | | | Interest rate swaps | 69,514 | | | (488) | | | 115,691 | | | (26,266) | | | Hedged items | (69,268) | | | 794 | | | (114,904) | | | 25,452 | | | Total interest expense | $ | 98,942 | | | $ | 94,691 | | | $ | 300,181 | | | $ | 279,954 | | | Cash paid for interest expense | $ | 106,374 | | | $ | 113,467 | | | $ | 294,681 | | | $ | 278,653 | |
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| Schedule of Maturities of Long-Term Debt |
The following tables summarize the contractual maturities of the Company’s outstanding principal as of September 30, 2026 and December 31, 2025: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | September 30, 2026 | | Less than 1 Year | | 1 - 3 Years | | 3 - 5 Years | | Greater than 5 Years | | Total | | SPV Financing Facilities | $ | — | | | $ | 486,550 | | | $ | 482,400 | | | $ | — | | | $ | 968,950 | | | Revolving Credit Facility | 77,723 | | | — | | | 1,223,819 | | | — | | | 1,301,542 | | | Unsecured Notes | 650,000 | | | 2,150,000 | | | 1,650,000 | | | — | | | 4,450,000 | | | Debt Securitizations | — | | | — | | | — | | | 457,500 | | | 457,500 | | | Total outstanding principal | $ | 727,723 | | | $ | 2,636,550 | | | $ | 3,356,219 | | | $ | 457,500 | | | $ | 7,177,992 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2025 | | Less than 1 Year | | 1 - 3 Years | | 3 - 5 Years | | Greater than 5 Years | | Total | | SPV Financing Facilities | $ | — | | | $ | 643,074 | | | $ | 652,550 | | | $ | — | | | $ | 1,295,624 | | | Revolving Credit Facility | — | | | — | | | 1,447,497 | | | — | | | 1,447,497 | | | Unsecured Notes | 1,500,000 | | | 2,400,000 | | | 500,000 | | | 500,000 | | | 4,900,000 | | | Debt Securitizations | — | | | — | | | — | | | 457,500 | | | 457,500 | | | Total outstanding principal | $ | 1,500,000 | | | $ | 3,043,074 | | | $ | 2,600,047 | | | $ | 957,500 | | | $ | 8,100,621 | |
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