| Schedule of Outstanding Debt |
The Fund’s outstanding debt as of September 30, 2026 and December 31, 2025 was as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | As of | | | | | | | | September 30, 2026 | | December 31, 2025 | | | Total Aggregate Principal Amount Committed/ Outstanding (1) | | Principal Amount Outstanding | | Carrying Value | | Total Aggregate Principal Amount Committed/ Outstanding (1) | | Principal Amount Outstanding | | Carrying Value | | Revolving Credit Facility | $ | 4,138,000 | | (2) | $ | 2,104,596 | | | $ | 2,101,059 | | | $ | 3,250,000 | | (2) | $ | 2,523,737 | | | $ | 2,525,642 | | | | SG Funding Facility | 2,325,000 | | (3) | 1,470,811 | | | 1,470,811 | | | 1,825,000 | | (3) | 612,811 | | | 612,811 | | | | SB Funding Facility | 1,500,000 | | (4) | 650,000 | | | 650,000 | | | 750,000 | | | 400,000 | | | 400,000 | | | | BNP Funding Facility | 1,000,000 | | | 568,000 | | | 568,000 | | | 1,000,000 | | | 900,000 | | | 900,000 | | | | January 2037 CLO Secured Notes(5) | 476,000 | | | 476,000 | | | 473,501 | | (6) | 476,000 | | | 476,000 | | | 473,310 | | (6) | | April 2038 CLO Secured Debt(5) | 350,000 | | | 350,000 | | | 348,312 | | (6) | 350,000 | | | 350,000 | | | 348,196 | | (6) | | January 2039 CLO Secured Debt(5) | 532,000 | | | 532,000 | | | 530,259 | | (6) | 532,000 | | | 532,000 | | | 529,820 | | (6) | | March 2028 Notes | 1,000,000 | | | 1,000,000 | | | 984,196 | | (6)(7) | 1,000,000 | | | 1,000,000 | | | 1,004,008 | | (6)(7) | | September 2028 Notes | 600,000 | | | 600,000 | | | 582,416 | | (6)(7) | 600,000 | | | 600,000 | | | 597,103 | | (6)(7) | | January 2029 Notes | 600,000 | | | 600,000 | | | 573,479 | | (6)(7) | 600,000 | | | 600,000 | | | 589,036 | | (6)(7) | | August 2029 Notes | 700,000 | | | 700,000 | | | 677,992 | | (6)(7) | 700,000 | | | 700,000 | | | 705,261 | | (6)(7) | | February 2030 Notes | 750,000 | | | 750,000 | | | 702,715 | | (6)(7) | 750,000 | | | 750,000 | | | 731,239 | | (6)(7) | | September 2030 Notes | 500,000 | | | 500,000 | | | 472,698 | | (6)(7) | 500,000 | | | 500,000 | | | 496,117 | | (6)(7) | | January 2031 Notes | 500,000 | | | 500,000 | | | 459,545 | | (6)(7) | 500,000 | | | 500,000 | | | 483,459 | | (6)(7) | | April 2031 Notes | 700,000 | | | 700,000 | | | 654,482 | | (6)(7) | — | | | — | | | — | | | | March 2032 Notes | 750,000 | | | 750,000 | | | 717,245 | | (6)(7) | 750,000 | | | 750,000 | | | 764,594 | | (6)(7) | | Total | $ | 16,421,000 | | | $ | 12,251,407 | | | $ | 11,966,710 | | | $ | 13,583,000 | | | $ | 11,194,548 | | | $ | 11,160,596 | | |
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(1)Represents the total aggregate amount committed or outstanding, as applicable, under such instrument. Borrowings under the committed Revolving Credit Facility, SG Funding Facility, SB Funding Facility and BNP Funding Facility (each as defined below) are subject to borrowing base and other restrictions.
(2)Provides for an “accordion” feature that allows the Fund, under certain circumstances, to increase the size of the Revolving Credit Facility to a maximum of $6,150,000 and $4,553,000 as of September 30, 2026 and December 31, 2025, respectively.
(3)Provides for an “accordion” feature that allows ASIF Funding I (as defined below), under certain circumstances, to increase the size of the SG Funding Facility to a maximum of $2,500,000.
(4)As of September 30, 2026, $1,125,000 of the total commitment was available under the SB Funding Facility and subject to borrowing base and other restrictions. The remaining $375,000 became fully available after October 29, 2026. (5)Excludes the subordinated notes issued by certain of the Fund’s wholly owned, consolidated subsidiaries in connection with the Debt Securitizations described below, all of which were retained by the Fund and, as such, eliminated in consolidation.
(6)Represents the aggregate principal amount outstanding, less unamortized debt issuance costs and the unaccreted discount recorded upon issuance.
(7)The carrying value of the March 2028 Notes, the September 2028 Notes, the January 2029 Notes, the August 2029 Notes, the February 2030 Notes, the September 2030 Notes, the January 2031 Notes, the April 2031 Notes and the March 2032 Notes (each as defined below) as of September 30, 2026 and December 31, 2025 includes adjustments as a result of effective hedge accounting relationships, as applicable. See Note 6 for more information on the interest rate swaps related to these unsecured notes issuances. For the three and nine months ended September 30, 2026 and 2025, the components of interest and credit facility fees expense, cash paid for interest expense, average stated interest rates (i.e., rate in effect plus the spread) and average outstanding balances for the Revolving Credit Facility were as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | For the Three Months Ended September 30, | | For the Nine Months Ended September 30, | | 2026 | | 2025 | | 2026 | | 2025 | | | | Stated interest expense | $ | 23,990 | | | $ | 11,637 | | | $ | 58,040 | | | $ | 16,456 | | | | | Credit facility fees | 1,947 | | | 2,008 | | | 5,429 | | | 5,885 | | | | | Amortization of debt issuance costs | 2,075 | | | 1,163 | | | 4,771 | | | 2,860 | | | | | Total interest and credit facility fees expense | $ | 28,012 | | | $ | 14,808 | | | $ | 68,240 | | | $ | 25,201 | | | | | Cash paid for interest expense | $ | 17,231 | | | $ | 12,759 | | | $ | 54,314 | | | $ | 22,348 | | | | | Average stated interest rate | 5.16 | % | | 5.91 | % | | 5.13 | % | | 5.93 | % | | | | Average outstanding balance | $ | 1,819,735 | | | $ | 770,921 | | | $ | 1,490,535 | | | $ | 365,761 | | | |
For the three and nine months ended September 30, 2026 and 2025, the components of interest and credit facility fees expense, cash paid for interest expense, average stated interest rates (i.e., rate in effect plus the spread) and average outstanding balances for the SG Funding Facility were as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | For the Three Months Ended September 30, | | For the Nine Months Ended September 30, | | 2026 | | 2025 | | 2026 | | 2025 | | | | | | | | | | | | | | Stated interest expense | $ | 20,926 | | | $ | 14,884 | | | $ | 50,548 | | | $ | 41,882 | | | | | Credit facility fees | 1,058 | | | 1,152 | | | 1,956 | | | 3,910 | | | | | Amortization of debt issuance costs | 1,105 | | | 958 | | | 3,218 | | | 2,854 | | | | | Total interest and credit facility fees expense | $ | 23,089 | | | $ | 16,994 | | | $ | 55,722 | | | $ | 48,646 | | | | | Cash paid for interest expense | $ | 21,853 | | | $ | 16,239 | | | $ | 51,623 | | | $ | 46,016 | | | | | Average stated interest rate | 5.57 | % | | 6.23 | % | | 5.51 | % | | 6.34 | % | | | | Average outstanding balance | $ | 1,470,811 | | | $ | 935,637 | | | $ | 1,209,034 | | | $ | 871,539 | | | |
For the three and nine months ended September 30, 2026 and 2025, the components of interest and credit facility fees expense, cash paid for interest expense, average stated interest rates (i.e., rate in effect plus the spread) and average outstanding balances for the SB Funding Facility were as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | For the Three Months Ended September 30, | | For the Nine Months Ended September 30, | | 2026 | | 2025 | | 2026 | | 2025 | | Stated interest expense | $ | 9,064 | | | $ | 3,622 | | | $ | 21,450 | | | $ | 6,983 | | | Credit facility fees | 630 | | | 684 | | | 2,209 | | | 1,547 | | | Amortization of debt issuance costs | 420 | | | 244 | | | 1,179 | | | 576 | | | Total interest and credit facility fees expense | $ | 10,114 | | | $ | 4,550 | | | $ | 24,838 | | | $ | 9,106 | | | Cash paid for interest expense | $ | 8,322 | | | $ | 2,532 | | | $ | 20,616 | | | $ | 6,761 | | | Average stated interest rate | 5.57 | % | | 6.20 | % | | 5.53 | % | | 6.25 | % | | Average outstanding balance | $ | 636,957 | | | $ | 228,804 | | | $ | 511,538 | | | $ | 147,436 | |
For the three and nine months ended September 30, 2026 and 2025, the components of interest and credit facility fees expense, cash paid for interest expense, average stated interest rates (i.e., rate in effect plus the spread) and average outstanding balances for the BNP Funding Facility were as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | For the Three Months Ended September 30, | | For the Nine Months Ended September 30, | | 2026 | | 2025 | | 2026 | | 2025 | | Stated interest expense | $ | 7,483 | | | $ | 6,224 | | | $ | 25,133 | | | $ | 15,405 | | | Credit facility fees | 257 | | | — | | | 661 | | | 150 | | | Amortization of debt issuance costs | 634 | | | 245 | | | 1,881 | | | 725 | | | Total interest and credit facility fees expense | $ | 8,374 | | | $ | 6,469 | | | $ | 27,675 | | | $ | 16,280 | | | Cash paid for interest expense | $ | 7,537 | | | $ | 5,440 | | | $ | 27,398 | | | $ | 10,628 | | | Average stated interest rate | 5.02 | % | | 5.71 | % | | 5.03 | % | | 5.70 | % | | Average outstanding balance | $ | 582,837 | | | $ | 421,630 | | | $ | 659,308 | | | $ | 354,471 | |
The following table presents information on the ADL CLO 3 Debt Securitization as of September 30, 2026:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | Class | | Type | | Principal Amount
Outstanding | | Maturity Date | | Interest Rate | | January 2037 Class A-1 CLO Notes(1) | | Senior Secured Floating Rate | | $ | 399,000 | | | January 20, 2037 | | SOFR+1.58% | | January 2037 Class A-2 CLO Notes(1) | | Senior Secured Floating Rate | | 35,000 | | | January 20, 2037 | | SOFR+1.75% | | January 2037 Class B CLO Notes(1) | | Senior Secured Floating Rate | | 42,000 | | | January 20, 2037 | | SOFR+1.85% | | Total January 2037 CLO Secured Notes | | | | 476,000 | | | | | SOFR+1.62% | | January 2037 CLO Subordinated Notes(2) | | Subordinated | | 218,100 | | | January 20, 2037 | | None | | Total January 2037 CLO Notes | | | | $ | 694,100 | | | | | |
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(1)The January 2037 Class A-1 CLO Notes, the January 2037 Class A-2 CLO Notes and the January 2037 Class B CLO Notes are referred to collectively as the “January 2037 CLO Secured Notes” and are the secured obligations of ADL CLO 3 and are backed by a diversified portfolio of first lien senior secured loans contributed by the Fund to ADL CLO 3. The January 2037 CLO Secured Notes and the January 2037 CLO Subordinated Notes are referred to collectively as the “January 2037 CLO Notes.”
(2)The Fund retained all of the January 2037 CLO Subordinated Notes, as such, the January 2037 CLO Subordinated Notes are eliminated in consolidation. The following table presents information on the ADL CLO 5 Debt Securitization as of September 30, 2026:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | Class | | Type | | Principal Amount
Outstanding | | Maturity Date | | Interest Rate | | April 2038 Class A-1 CLO Notes(1) | | Senior Secured Floating Rate | | $ | 210,000 | | | April 20, 2038 | | SOFR+1.38% | | April 2038 Class A-1A CLO Loans(1) | | Senior Secured Floating Rate | | 75,000 | | | April 20, 2038 | | SOFR+1.38% | | April 2038 Class A-2 CLO Notes(1) | | Senior Secured Floating Rate | | 15,000 | | | April 20, 2038 | | SOFR+1.60% | | April 2038 Class B CLO Notes(1) | | Senior Secured Floating Rate | | 50,000 | | | April 20, 2038 | | SOFR+1.70% | | Total April 2038 CLO Secured Debt | | | | 350,000 | | | | | SOFR+1.44% | | April 2038 CLO Subordinated Notes(2) | | Subordinated | | 149,100 | | | April 20, 2038 | | None | | Total April 2038 CLO Debt | | | | $ | 499,100 | | | | | |
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(1)The April 2038 Class A-1 CLO Notes, the April 2038 Class A-1A CLO Loans, the April 2038 Class A-2 CLO Notes and the April 2038 Class B CLO Notes are referred to collectively as the “April 2038 CLO Secured Debt” and are the secured obligations of ADL CLO 5 and are backed by a diversified portfolio of first lien senior secured loans contributed by the Fund to ADL CLO 5.
(2)The Fund retained all of the April 2038 CLO Subordinated Notes, as such, the April 2038 CLO Subordinated Notes are eliminated in consolidation. The April 2038 CLO Secured Debt and the April 2038 CLO Subordinated Notes are referred to collectively as the “April 2038 CLO Debt.” The following table presents information on the ADL CLO 8 Debt Securitization as of September 30, 2026:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | Class | | Type | | Principal Amount
Outstanding | | Maturity Date | | Interest Rate | | January 2039 Class A-1 CLO Notes(1) | | Senior Secured Floating Rate | | $ | 356,000 | | | January 20, 2039 | | SOFR+1.40% | | January 2039 Class A-1A CLO Loans(1) | | Senior Secured Floating Rate | | 50,000 | | | January 20, 2039 | | SOFR+1.40% | | January 2039 Class A-2 CLO Notes(1) | | Senior Secured Floating Rate | | 28,000 | | | January 20, 2039 | | SOFR+1.60% | | January 2039 Class B CLO Notes(1) | | Senior Secured Floating Rate | | 42,000 | | | January 20, 2039 | | SOFR+1.75% | | January 2039 Class C CLO Notes(1) | | Senior Secured Floating Rate | | 56,000 | | | January 20, 2039 | | SOFR+2.00% | | Total January 2039 CLO Secured Debt | | | | 532,000 | | | | | SOFR+1.50% | | January 2039 CLO Subordinated Notes(2) | | Subordinated | | 164,400 | | | January 20, 2039 | | None | | Total January 2039 CLO Debt | | | | $ | 696,400 | | | | | |
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(1)The January 2039 Class A-1 CLO Notes, the January 2039 Class A-1A CLO Loans, the January 2039 Class A-2 CLO Notes, the January 2039 Class B CLO Notes and the January 2039 Class C CLO Notes are referred to collectively as the “January 2039 CLO Secured Debt” and are the secured obligations of ADL CLO 8 and are backed by a diversified portfolio of first lien senior secured loans contributed by the Fund to ADL CLO 8.
(2)The Fund retained all of the January 2039 CLO Subordinated Notes, as such, the January 2039 CLO Subordinated Notes are eliminated in consolidation. The January 2039 CLO Secured Debt and the January 2039 CLO Subordinated Notes are referred to collectively as the “January 2039 CLO Debt.” For the three and nine months ended September 30, 2026 and 2025, the components of interest expense, cash paid for interest expense, average stated interest rates (i.e., rate in effect plus the spread) and average outstanding balances for the January 2037 CLO Secured Notes, the April 2038 CLO Secured Debt and the January 2039 CLO Secured Debt were as follows. | | | | | | | | | | | | | | | | | | | | | | | | | For the Three Months Ended September 30, | | For the Nine Months Ended September 30, | | 2026 | | 2025 | | 2026 | | 2025 | | Stated interest expense | $ | 18,194 | | | $ | 12,093 | | | $ | 53,771 | | | $ | 30,776 | | | Amortization of debt issuance costs | 4 | | | 52 | | | 547 | | | 304 | | | Total interest expense | $ | 18,198 | | | $ | 12,145 | | | $ | 54,318 | | | $ | 31,080 | | | Cash paid for interest expense | $ | 27,257 | | | $ | 7,082 | | | $ | 49,460 | | | $ | 19,733 | | | Average stated interest rate | 5.24 | % | | 5.73 | % | | 5.22 | % | | 5.81 | % | | Average outstanding balance | $ | 1,358,000 | | | $ | 826,000 | | | $ | 1,358,000 | | | $ | 699,077 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | Unsecured Notes | | Aggregate Principal Amount Issued | | Effective Stated Interest Rate(1) | | Original Issuance Date | | Maturity Date | | March 2028 Notes | | $ | 1,000,000 | | | 5.465 | % | | November 21, 2024 | | March 15, 2028 | | September 2028 Notes | | $ | 600,000 | | | 5.489 | % | | June 9, 2025 | | September 9, 2028 | | January 2029 Notes | | $ | 600,000 | | | 5.439 | % | | September 15, 2025 | | January 15, 2029 | | August 2029 Notes | | $ | 700,000 | | | 6.025 | % | | June 5, 2024 | | August 15, 2029 | | February 2030 Notes | | $ | 750,000 | | | 6.119 | % | | October 2, 2024 | | February 15, 2030 | | September 2030 Notes | | $ | 500,000 | | | 5.791 | % | | June 9, 2025 | | September 9, 2030 | | January 2031 Notes | | $ | 500,000 | | | 5.763 | % | | September 15, 2025 | | January 15, 2031 | | April 2031 Notes | | $ | 700,000 | | | 5.692 | % | | January 29, 2026 | | April 15, 2031 | | March 2032 Notes | | $ | 750,000 | | | 5.489 | % | | January 21, 2025 | | March 21, 2032 |
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(1)The effective stated interest rates include the impact of interest rate swaps. The following exchange offers were completed during 2025 and 2026: | | | | | | | | | | | | | | | | | | | | | | Unsecured Notes | | Original Issuance Date | | Exchange Offer Commenced | | Exchange Offer Expired(1) | | March 2028 Notes | | November 21, 2024 | | April 24, 2025 | | May 23, 2025 | | August 2029 Notes | | June 5, 2024 | | April 24, 2025 | | May 23, 2025 | | February 2030 Notes | | October 2, 2024 | | April 24, 2025 | | May 23, 2025 | | March 2032 Notes | | January 21, 2025 | | April 24, 2025 | | May 23, 2025 | | September 2028 Notes | | June 9, 2025 | | April 28, 2026 | | May 28, 2026 | | January 2029 Notes | | September 15, 2025 | | April 28, 2026 | | May 28, 2026 | | September 2030 Notes | | June 9, 2025 | | April 28, 2026 | | May 28, 2026 | | January 2031 Notes | | September 15, 2025 | | April 28, 2026 | | May 28, 2026 | | April 2031 Notes | | January 29, 2026 | | April 28, 2026 | | May 28, 2026 |
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(1)The related exchange was completed promptly following the expiration of the applicable exchange offer. For the three and nine months ended September 30, 2026 and 2025, the components of interest expense, cash paid for interest expense, average stated interest rates (i.e., rate in effect plus the spread) and average outstanding balances for the Unsecured Notes were as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | For the Three Months Ended September 30, | | For the Nine Months Ended September 30, | | 2026 | | 2025 | | 2026 | | 2025 | | | | Stated interest expense(1) | $ | 86,844 | | | $ | 72,112 | | | $ | 253,257 | | | $ | 175,410 | | | | | Amortization of debt issuance costs | 2,892 | | | 1,994 | | | 8,381 | | | 4,603 | | | | | Accretion of discount | 3,037 | | | 2,085 | | | 8,787 | | | 4,850 | | | | | Net (gain) loss on interest rate swaps accounted for as hedge instruments and the related hedged items | 1,345 | | | (118) | | | 2,026 | | | (1,878) | | | | | Total interest expense | $ | 94,118 | | | $ | 76,073 | | | $ | 272,451 | | | $ | 182,985 | | | | | Cash paid for interest expense(1) | $ | 97,011 | | | $ | 68,486 | | | $ | 258,579 | | | $ | 167,027 | | | | | Average stated interest rate(1) | 5.57 | % | | 6.26 | % | | 5.54 | % | | 6.29 | % | | | | Average outstanding balance | $ | 6,100,000 | | | $ | 4,491,305 | | | $ | 6,025,641 | | | $ | 3,668,865 | | | |
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(1)Includes the impact of interest rate swaps.
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