| Schedule of Outstanding Debt |
The Fund’s outstanding debt as of December 31, 2025 and 2024 was as follows: | | | | | | | | | | | | | | | | | | | | | | As of December 31, | | | | 2025 | | 2024 | | | | Total Aggregate | | | | | | | | Total Aggregate | | | | | | | | | | Principal Amount | | Principal | | | | | Principal Amount | | Principal | | | | | | | Committed/ | | Amount | | Carrying | | Committed/ | | Amount | | Carrying | | | | Outstanding(1) | | Outstanding | | Value | | Outstanding(1) | | Outstanding | | Value | | Revolving Credit Facility | | $ | 3,250,000 | (2) | $ | 2,523,737 | | $ | 2,525,642 | | $ | 1,810,000 | (2) | $ | 489,506 | | $ | 489,453 | | SG Funding Facility | | | 1,825,000 | (3) | | 612,811 | | | 612,811 | | | 1,825,000 | (3) | | 861,811 | | | 861,811 | | SB Funding Facility | | | 750,000 | | | 400,000 | | | 400,000 | | | 750,000 | | | 75,000 | | | 75,000 | | BNP Funding Facility | | | 1,000,000 | | | 900,000 | | | 900,000 | | | 500,000 | | | 250,000 | | | 250,000 | | January 2037 CLO Notes(4) | | | 476,000 | | | 476,000 | | | 473,310 | (5) | | 476,000 | | | 476,000 | | | 473,120 | (5) | April 2038 CLO Debt(4) | | | 350,000 | | | 350,000 | | | 348,196 | (5) | | — | | | — | | | — | | January 2039 CLO Debt(4) | | | 532,000 | | | 532,000 | | | 529,820 | (5) | | — | | | — | | | — | | March 2028 Notes | | | 1,000,000 | | | 1,000,000 | | | 1,004,008 | (5)(6) | | 1,000,000 | | | 1,000,000 | | | 984,492 | (5)(6) | September 2028 Notes | | | 600,000 | | | 600,000 | | | 597,103 | (5)(6) | | — | | | — | | | — | | January 2029 Notes | | | 600,000 | | | 600,000 | | | 589,036 | (5)(6) | | — | | | — | | | — | | August 2029 Notes | | | 700,000 | | | 700,000 | | | 705,261 | (5)(6) | | 700,000 | | | 700,000 | | | 687,445 | (5)(6) | February 2030 Notes | | | 750,000 | | | 750,000 | | | 731,239 | (5)(6) | | 750,000 | | | 750,000 | | | 705,863 | (5)(6) | September 2030 Notes | | | 500,000 | | | 500,000 | | | 496,117 | (5)(6) | | — | | | — | | | — | | January 2031 Notes | | | 500,000 | | | 500,000 | | | 483,459 | (5)(6) | | — | | | — | | | — | | March 2032 Notes | | | 750,000 | | | 750,000 | | | 764,594 | (5)(6) | | — | | | — | | | — | | Total | | $ | 13,583,000 | | $ | 11,194,548 | | $ | 11,160,596 | | $ | 7,811,000 | | $ | 4,602,317 | | $ | 4,527,184 | |
| (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 $4,553,000 and $2,625,000 as of December 31, 2025 and 2024, 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 and $2,000,000 as of December 31, 2025 and 2024, respectively. |
| (4) | Excludes the January 2037 CLO Subordinated Notes, the April 2038 CLO Subordinated Notes and the January 2039 CLO Subordinated Notes (each as defined below), which were retained by the Fund and, as such, eliminated in consolidation. |
| (5) | Represents the aggregate principal amount outstanding, less unamortized debt issuance costs and the unaccreted discount recorded upon issuance. |
| (6) | 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 and the March 2032 Notes (each as defined below) as of December 31, 2025 includes adjustments as a result of effective hedge accounting relationships. The carrying value of the March 2028 Notes, the August 2029 Notes and the February 2030 Notes as of December 31, 2024 includes adjustments as a result of effective hedge accounting relationships. See Note 6 for more information on the interest rate swaps related to these unsecured notes issuances. |
For the years ended December 31, 2025, 2024 and 2023, 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 Years Ended December 31, | | | | 2025 | | 2024 | | 2023 | | Stated interest expense | | $ | 39,648 | | $ | 17,236 | | $ | 18,879 | | Credit facility fees | | | 7,215 | | | 4,778 | | | 1,652 | | Amortization of debt issuance costs | | | 4,034 | | | 2,461 | | | 1,322 | | Total interest and credit facility fees expense | | $ | 50,897 | | $ | 24,475 | | $ | 21,853 | | Cash paid for interest expense | | $ | 45,835 | | $ | 17,915 | | $ | 19,954 | | Average stated interest rate | | | 5.68 | % | | 6.96 | % | | 7.16 | % | Average outstanding balance | | $ | 688,279 | | $ | 243,676 | | $ | 259,901 | |
For the years ended December 31, 2025, 2024 and 2023, 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 Years Ended December 31, | | | | 2025 | | 2024 | | 2023 | | Stated interest expense | | $ | 56,157 | | $ | 41,686 | | $ | 1,323 | | Credit facility fees | | | 4,886 | | | 4,986 | | | 1,103 | | Amortization of debt issuance costs | | | 3,815 | | | 3,090 | | | 519 | | Total interest and credit facility fees expense | | $ | 64,858 | | $ | 49,762 | | $ | 2,945 | | Cash paid for interest expense | | $ | 61,627 | | $ | 41,185 | | $ | 1,655 | | Average stated interest rate | | | 6.21 | % | | 7.56 | % | | 7.86 | % | Average outstanding balance | | $ | 891,668 | | $ | 542,355 | | $ | 38,365 | |
For the years ended December 31, 2025 and 2024, 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 Years Ended December 31, | | | | 2025 | | 2024 | | Stated interest expense | | $ | 11,932 | | $ | 10,009 | | Credit facility fees | | | 2,163 | | | 1,552 | | Amortization of debt issuance costs | | | 819 | | | 592 | | Total interest and credit facility fees expense | | $ | 14,914 | | $ | 12,153 | | Cash paid for interest expense | | $ | 11,595 | | $ | 8,816 | | Average stated interest rate | | | 6.08 | % | | 7.39 | % | Average outstanding balance | | $ | 193,562 | | $ | 133,128 | |
For the years ended December 31, 2025 and 2024, 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 Years Ended December 31, | | | | 2025 | | 2024 | | Stated interest expense | | $ | 24,384 | | $ | 555 | | Credit facility fees | | | — | | | — | | Amortization of debt issuance costs | | | 1,266 | | | 93 | | Total interest and credit facility fees expense | | $ | 25,650 | | $ | 648 | | Cash paid for interest expense | | $ | 16,522 | | $ | — | | Average stated interest rate | | | 5.40 | % | | 5.88 | % | Average outstanding balance | | $ | 445,125 | | $ | 9,290 | |
The following table presents information on the January 2037 CLO Notes as of December 31, 2025: Class | | Type | | Principal
Outstanding | | Maturity Date | | Interest Rate | January 2037 Class A-1 CLO Notes | | Senior Secured Floating Rate | | $ | 399,000 | | January 20, 2037 | | SOFR+1.58% | January 2037 Class A-2 CLO Notes | | Senior Secured Floating Rate | | | 35,000 | | January 20, 2037 | | SOFR+1.75% | January 2037 Class B CLO Notes | | Senior Secured Floating Rate | | | 42,000 | | January 20, 2037 | | SOFR+1.85% | Total January 2037 CLO Secured Notes | | | | | 476,000 | | | | | January 2037 CLO Subordinated Notes | | Subordinated | | | 218,100 | | January 20, 2037 | | None | Total January 2037 CLO Notes | | | | $ | 694,100 | | | | |
The following table presents information on the April 2038 CLO Notes as of December 31, 2025: Class | | Type | | Principal
Outstanding | | Maturity Date | | Interest Rate | April 2038 Class A-1 CLO Notes | | Senior Secured Floating Rate | | $ | 210,000 | | April 20, 2038 | | SOFR+1.38% | April 2038 Class A-1A CLO Loans | | Senior Secured Floating Rate | | | 75,000 | | April 20, 2038 | | SOFR+1.38% | April 2038 Class A-2 CLO Notes | | Senior Secured Floating Rate | | | 15,000 | | April 20, 2038 | | SOFR+1.60% | April 2038 Class B CLO Notes | | Senior Secured Floating Rate | | | 50,000 | | April 20, 2038 | | SOFR+1.70% | Total April 2038 CLO Secured Debt | | | | | 350,000 | | | | | April 2038 CLO Subordinated Notes | | Subordinated | | | 149,100 | | April 20, 2038 | | None | Total April 2038 CLO Debt | | | | $ | 499,100 | | | | |
The following table presents information on the January 2039 CLO Notes as of December 31, 2025: Class | | Type | | Principal
Outstanding | | Maturity Date | | Interest Rate | January 2039 Class A-1 CLO Notes | | Senior Secured Floating Rate | | $ | 356,000 | | January 20, 2039 | | SOFR+1.40% | January 2039 Class A-1A CLO Loans | | Senior Secured Floating Rate | | | 50,000 | | January 20, 2039 | | SOFR+1.40% | January 2039 Class A-2 CLO Notes | | Senior Secured Floating Rate | | | 28,000 | | January 20, 2039 | | SOFR+1.60% | January 2039 Class B CLO Notes | | Senior Secured Floating Rate | | | 42,000 | | January 20, 2039 | | SOFR+1.75% | January 2039 Class C CLO Notes | | Senior Secured Floating Rate | | | 56,000 | | January 20, 2039 | | SOFR+2.00% | Total January 2039 CLO Secured Debt | | | | | 532,000 | | | | | January 2039 CLO Subordinated Notes | | Subordinated | | | 164,400 | | January 20, 2039 | | None | Total January 2039 CLO Debt | | | | $ | 696,400 | | | | |
For the years ended December 31, 2025 and 2024, 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 Years Ended December 31, | | | | 2025 | | 2024 | | Stated interest expense | | $ | 43,433 | | $ | 3,844 | | Amortization of debt issuance costs | | | 305 | | | 69 | | Total interest expense | | $ | 43,738 | | $ | 3,913 | | Cash paid for interest expense | | $ | 37,120 | | $ | — | | Average stated interest rate | | | 5.70 | % | | 6.06 | % | Average outstanding balance | | $ | 751,474 | | $ | 62,426 | |
Certain key terms related to the features for the Unsecured Notes as of December 31, 2025 are listed below. Unsecured Notes | | Aggregate Principal
Amount Issued | | Effective Stated
Interest Rate | | Original Issuance Date | | Maturity Date | March 2028 Notes(1) | | $ | 1,000,000 | | 5.399 | % | November 21, 2024 | | March 15, 2028 | September 2028 Notes(1) | | $ | 600,000 | | 5.524 | % | June 9, 2025 | | September 9, 2028 | January 2029 Notes(1) | | $ | 600,000 | | 5.372 | % | September 15, 2025 | | January 15, 2029 | August 2029 Notes(1) | | $ | 700,000 | | 5.958 | % | June 5, 2024 | | August 15, 2029 | February 2030 Notes(1) | | $ | 750,000 | | 6.052 | % | October 2, 2024 | | February 15, 2030 | September 2030 Notes(1) | | $ | 500,000 | | 5.826 | % | June 9, 2025 | | September 9, 2030 | January 2031 Notes | | $ | 500,000 | | 5.150 | % | September 15, 2025 | | January 15, 2031 | March 2032 Notes(1) | | $ | 750,000 | | 5.563 | % | January 21, 2025 | | March 21, 2032 |
(1)The effective stated interest rates include the impact of interest rate swaps. For the years ended December 31, 2025 and 2024, the components of interest expense and cash paid for interest expense for the Unsecured Notes were as follows. | | For the Years Ended December 31, | | | 2025 | | 2024 | Stated interest expense(1) | | $ | 254,779 | | $ | 48,913 | Amortization of debt issuance costs | | | 7,095 | | | 648 | Accretion of discount | | | 7,440 | | | 707 | Net (gain) loss on interest rate swaps accounted for as hedge instruments and the related hedged items | | | (1,532) | | | 278 | Total interest expense | | $ | 267,782 | | $ | 50,546 | Cash paid for interest expense(1) | | $ | 240,871 | | $ | 51,682 |
(1)Includes the impact of the interest rate swaps.
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