DEBT OBLIGATIONS AND CREDIT FACILITIES (Tables)

12 Months Ended

Dec. 31, 2025

Schedule of Consolidated Funds of Debt Obligations Outstanding

The consolidated funds had the following debt obligations outstanding:


	Outstanding Amount as of December 31,				Facility Capacity	Weighted Average Interest Rate	Weighted Average Remaining Maturity (years)	Commitment Fee Rate	L/C Fee
Credit Agreement	2025		2024
Revolving credit facilities (1)	$	1,320,795	$	1,472,795	$1,784,037	5.46%	0.49	0.25%	1.76%


Less: Debt issuance costs (2)	(2,666)		(2,685)
Total debt obligations, net	$	1,318,129	$	1,470,110

(1) The credit facility capacity is calculated on a pro rata basis using fund commitments as of December 31, 2025.

(2) Debt issuance costs are included in other assets as of December 31, 2025 and December 31, 2024.

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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+ Details