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v3.26.1

Debt (Tables) | 3 Months Ended
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Mar. 31, 2026
Debt Disclosure [Abstract] |
Schedule of Debt Obligations | The tables below present the Company’s debt obligations for the following periods:
|  | As of March 31, 2026
|  | Aggregate Principal Committed |  | Outstanding Principal |  | Amount Available(3) |  | Unamortized Debt Issuance Costs |  | Net Carrying Value
Revolving Credit Facility(1) |  | $ | 4,025,000 |  |  | $ | 516,000 |  |  | $ | 3,464,086 |  |  | $ | (26,162) |  |  | $ | 489,838 |
SPV Asset Facility II |  | 300,000 |  |  | 283,700 |  |  | 16,300 |  |  | (5,429) |  |  | 278,271 |
SPV Asset Facility V |  | 525,000 |  |  | 483,000 |  |  | 42,000 |  |  | (4,708) |  |  | 478,292 |
SPV Asset Facility VI |  | 500,000 |  |  | 440,000 |  |  | 30,398 |  |  | (3,787) |  |  | 436,213 |
SPV Asset Facility VII |  | 300,000 |  |  | 300,000 |  |  | — |  |  | (1,478) |  |  | 298,522 |
CLO I |  | 390,000 |  |  | 390,000 |  |  | — |  |  | (3,394) |  |  | 386,606 |
CLO III |  | 260,000 |  |  | 260,000 |  |  | — |  |  | (1,679) |  |  | 258,321 |
CLO IV |  | 234,448 |  |  | 234,448 |  |  | — |  |  | (2,946) |  |  | 231,502 |
CLO V |  | 509,625 |  |  | 509,625 |  |  | — |  |  | (2,001) |  |  | 507,624 |
CLO VII |  | 330,500 |  |  | 330,500 |  |  | — |  |  | (2,084) |  |  | 328,416 |
CLO X |  | 272,000 |  |  | 272,000 |  |  | — |  |  | (1,875) |  |  | 270,125 |
July 2026 Notes |  | 1,000,000 |  |  | 1,000,000 |  |  | — |  |  | (1,467) |  |  | 998,533 |
2027 Notes(2) |  | 500,000 |  |  | 500,000 |  |  | — |  |  | (12,540) |  |  | 486,646 |
April 2027 Notes |  | 325,000 |  |  | 325,000 |  |  | — |  |  | (873) |  |  | 324,127 |
July 2027 Notes |  | 250,000 |  |  | 250,000 |  |  | — |  |  | (1,177) |  |  | 248,823 |
2028 Notes |  | 850,000 |  |  | 850,000 |  |  | — |  |  | (5,905) |  |  | 844,095 |
June 2028 Notes |  | 100,000 |  |  | 100,000 |  |  | — |  |  | (527) |  |  | 99,473 |
2029 Notes(2) |  | 1,000,000 |  |  | 1,000,000 |  |  | — |  |  | (7,674) |  |  | 996,429 |
2030 Notes(2) |  | 500,000 |  |  | 500,000 |  |  | — |  |  | (9,538) |  |  | 492,703 |
Total Debt |  | $ | 12,171,573 |  |  | $ | 8,544,273 |  |  | $ | 3,552,784 |  |  | $ | (95,244) |  |  | $ | 8,454,559 |
________________ (1)The amount available is reduced by $44.9 million of outstanding letters of credit. (2)Net carrying value is inclusive of change in fair market value of effective hedge. (3)The amount available reflects any limitations related to each credit facility’s borrowing base.
|  | As of December 31, 2025
|  | Aggregate Principal Committed |  | Outstanding Principal |  | Amount Available(3) |  | Unamortized Debt Issuance Costs |  | Net Carrying Value
Revolving Credit Facility(1) |  | $ | 4,025,000 |  |  | $ | 1,012,000 |  |  | $ | 2,970,841 |  |  | $ | (27,931) |  |  | $ | 984,069 |
SPV Asset Facility II |  | 300,000 |  |  | 161,700 |  |  | 137,146 |  |  | (5,562) |  |  | 156,138 |
SPV Asset Facility V |  | 525,000 |  |  | 384,000 |  |  | 48,167 |  |  | (5,001) |  |  | 378,999 |
SPV Asset Facility VI |  | 500,000 |  |  | 300,000 |  |  | 92,046 |  |  | (4,041) |  |  | 295,959 |
SPV Asset Facility VII |  | 300,000 |  |  | 210,000 |  |  | 9,964 |  |  | (1,601) |  |  | 208,399 |
CLO I |  | 390,000 |  |  | 390,000 |  |  | — |  |  | (3,489) |  |  | 386,511 |
CLO III |  | 260,000 |  |  | 260,000 |  |  | — |  |  | (1,727) |  |  | 258,273 |
CLO IV |  | 275,463 |  |  | 275,463 |  |  | — |  |  | (3,346) |  |  | 272,117 |
CLO V |  | 509,625 |  |  | 509,625 |  |  | — |  |  | (2,062) |  |  | 507,563 |
CLO VII |  | 330,500 |  |  | 330,500 |  |  | — |  |  | (2,127) |  |  | 328,373 |
CLO X |  | 272,000 |  |  | 272,000 |  |  | — |  |  | (1,797) |  |  | 270,203 |
CLO XIV |  | 260,000 |  |  | 260,000 |  |  | — |  |  | (1,578) |  |  | 258,422 |
2026 Notes |  | 500,000 |  |  | 500,000 |  |  | — |  |  | (91) |  |  | 499,909 |
July 2026 Notes |  | 1,000,000 |  |  | 1,000,000 |  |  | — |  |  | (2,717) |  |  | 997,283 |
2027 Notes(2) |  | 500,000 |  |  | 500,000 |  |  | — |  |  | (2,117) |  |  | 483,987 |
April 2027 Notes |  | 325,000 |  |  | 325,000 |  |  | — |  |  | (1,078) |  |  | 323,922 |
July 2027 Notes |  | 250,000 |  |  | 250,000 |  |  | — |  |  | (1,389) |  |  | 248,611 |
2028 Notes |  | 850,000 |  |  | 850,000 |  |  | — |  |  | (6,549) |  |  | 843,451 |
June 2028 Notes |  | 100,000 |  |  | 100,000 |  |  | — |  |  | (585) |  |  | 99,415 |
2029 Notes(2) |  | 1,000,000 |  |  | 1,000,000 |  |  | — |  |  | (8,373) |  |  | 1,002,667 |
2030 Notes(2) |  | 500,000 |  |  | 500,000 |  |  | — |  |  | (10,025) |  |  | 495,805 |
Total Debt |  | $ | 12,972,588 |  |  | $ | 9,390,288 |  |  | $ | 3,258,164 |  |  | $ | (93,186) |  |  | $ | 9,300,076 |
_______________ (1)The amount available is reduced by $42.2 million of outstanding letters of credit. (2)Net carrying value is inclusive of change in fair market value of effective hedge. (3)The amount available reflects any limitations related to each credit facility’s borrowing base.
Schedule of Components of Interest Expense | The table below presents the components of interest expense for the following periods:
|  | For the Three Months Ended March 31, |  |
|  | 2026 |  | 2025 |  |  |  |  |  |
Interest expense |  | $ | 121,508 |  |  | $ | 141,355 |  |  |  |  |  |  |
Amortization of debt issuance costs |  | 12,387 |  |  | 9,802 |  |  |  |  |  |  |
Net change in unrealized (gain) loss on effective interest rate swaps and hedged items included in interest expense(1) |  | 421 |  |  | (2,625) |  |  |  |  |  |  |
Total Interest Expense |  | $ | 134,316 |  |  | $ | 148,532 |  |  |  |  |  |  |
Average interest rate |  | 5.2 | % |  | 5.6 | % |  |  |  |  |  |
Average daily borrowings |  | $ | 9,346,381 |  |  | $ | 10,175,195 |  |  |  |  |  |  |
_______________ (1)Refer to the 2027 Notes, 2029 Notes and 2030 Notes for details on the associated interest rate swaps.
Schedule of Maturities of Long-Term Debt | The table below presents a summary of the Company’s contractual payment obligations under credit facilities and notes as of March 31, 2026:
|  | Payments Due by Period
|  | Total |  | Less than 1 year |  | 1-3 years |  | 3-5 years |  | After 5 years
Revolving Credit Facility |  | $ | 516,000 |  |  | $ | — |  |  | $ | 5,582 |  |  | $ | 510,418 |  |  | $ | — |
SPV Asset Facility II |  | 283,700 |  |  | — |  |  | — |  |  | — |  |  | 283,700 |
SPV Asset Facility V |  | 483,000 |  |  | — |  |  | — |  |  | 483,000 |  |  | — |
SPV Asset Facility VI |  | 440,000 |  |  | — |  |  | — |  |  | 440,000 |  |  | — |
SPV Asset Facility VII |  | 300,000 |  |  | — |  |  | 300,000 |  |  | — |  |  | — |
CLO I |  | 390,000 |  |  | — |  |  | — |  |  | — |  |  | 390,000 |
CLO III |  | 260,000 |  |  | — |  |  | — |  |  | — |  |  | 260,000 |
CLO IV |  | 234,448 |  |  | — |  |  | — |  |  | — |  |  | 234,448 |
CLO V |  | 509,625 |  |  | — |  |  | — |  |  | — |  |  | 509,625 |
CLO VII |  | 330,500 |  |  | — |  |  | — |  |  | — |  |  | 330,500 |
CLO X |  | 272,000 |  |  | — |  |  | — |  |  | — |  |  | 272,000 |
July 2026 Notes |  | 1,000,000 |  |  | 1,000,000 |  |  | — |  |  | — |  |  | — |
2027 Notes |  | 500,000 |  |  | 500,000 |  |  | — |  |  | — |  |  | — |
April 2027 Notes |  | 325,000 |  |  | — |  |  | 325,000 |  |  | — |  |  | — |
July 2027 Notes |  | 250,000 |  |  | — |  |  | 250,000 |  |  | — |  |  | — |
2028 Notes |  | 850,000 |  |  | — |  |  | 850,000 |  |  | — |  |  | — |
June 2028 Notes |  | 100,000 |  |  | — |  |  | 100,000 |  |  | — |  |  | — |
2029 Notes |  | 1,000,000 |  |  | — |  |  | 1,000,000 |  |  | — |  |  | — |
2030 Notes |  | 500,000 |  |  | — |  |  | — |  |  | 500,000 |  |  | — |
Total Contractual Obligations |  | $ | 8,544,273 |  |  | $ | 1,500,000 |  |  | $ | 2,830,582 |  |  | $ | 1,933,418 |  |  | $ | 2,280,273 |

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