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Borrowings (Tables)
 12 Months Ended
Dec. 31, 2024
Debt Disclosure [Abstract]  
Schedule of Long-Term Debt Instruments
The following table presents information on the secured and unsecured notes issued in the 2021-1 BSL Debt Securitization:
December 31, 2024
DescriptionTypePrincipal Outstanding
Interest Rate (3)
Credit Rating
Class A NotesSenior Secured Floating Rate$499,800 
SOFR + 1.25%
Aaa
Class B NotesSenior Secured Floating Rate38,760 
SOFR + 1.80%
Aa2
Class C NotesMezzanine Secured Deferrable Floating Rate59,160 
SOFR + 2.15%
A2
Class D NotesMezzanine Secured Deferrable Floating Rate65,280 
SOFR + 3.35%
Baa3
Class E Notes (1)
Junior Secured Deferrable Floating Rate— 
SOFR + 7.00%
Ba3
Total Secured Notes663,000 
Subordinated Notes (2)
156,500 NoneNot rated
Total 2021-1 BSL Notes$819,500 
(1)The Class E Notes were initially issued as unfunded, undrawn class of notes, in the amount of $57.1 million, that may be funded after closing at direction of the Company.
(2)The Company retained all of the Subordinated Notes issued in the 2021-1 BSL Debt Securitization which are eliminated in consolidation.
(3)The floating rate notes include a spread adjustment to SOFR of 0.26161% included within the base rate.
The following table presents information on the secured and unsecured notes issued in the 2021-2 Debt Securitization:
December 31, 2024
DescriptionTypePrincipal Outstanding
Interest Rate (2)
Credit Rating
Class A-L Loans (3)
Senior Secured Floating Rate$218,000 
SOFR + 1.22%
Aaa
Class A Notes (3)
Senior Secured Floating Rate149,500 
SOFR + 1.22%
Aaa
Class B NotesSenior Secured Floating Rate38,100 
SOFR + 1.75%
Aa2
Class C NotesMezzanine Secured Deferrable Floating Rate48,000 
SOFR + 2.05%
A
Class D NotesMezzanine Secured Deferrable Floating Rate52,200 
SOFR + 3.15%
BBB-
Total Secured Notes505,800 
Subordinated Notes (1)
97,850 NoneNot rated
Total 2021-2 Notes$603,650 
(1)The Company retained all of the Subordinated Notes issued in the 2021-2 Debt Securitization which are eliminated in consolidation.
(2)The floating rate notes include a spread adjustment to SOFR of 0.26161% included within the base rate.
(3)The aggregate principal amount of the Class A Notes may be increased by up to $218.0 million and the aggregate principal amount of the Class A-L Loans reduced to $0 million upon a conversion of the Class A-L Loans in accordance with this Indenture and the Credit Agreement.
The following table presents information on the secured and unsecured notes issued in the MML 2021-1 Debt Securitization:
December 31, 2024
DescriptionTypePrincipal Outstanding
Interest Rate (2)
Credit Rating
Class A Loans (3)
Senior Secured Floating Rate$50,000 
SOFR + 1.48%
Aaa
Class A Notes (3)
Senior Secured Floating Rate480,000 
SOFR + 1.48%
Aaa
Class B NotesSenior Secured Floating Rate80,000 
SOFR + 1.90%
Aa2
Class C NotesMezzanine Secured Deferrable Floating Rate80,000 
SOFR + 2.60%
A2
Total Secured Notes690,000 
Subordinated Notes (1)
311,000 NoneNot rated
Total MML 2021-1 Notes$1,001,000 
(1)The Company retained all of the Subordinated Notes issued in the MML 2021-1 Debt Securitization which are eliminated in consolidation.
(2)The floating rate notes include a spread adjustment to SOFR of 0.26161% included within the base rate.
(3)Upon a conversion of the Class A Loans in accordance with this Indenture, the Aggregate Outstanding Amount of the Class A Notes may be increased by up to $50.0 million and the Aggregate Outstanding Amount of the Class A Loans reduced by a corresponding amount.
The following table presents information on the secured and unsecured notes issued in the MML 2022-1 Debt Securitization:
December 31, 2024
DescriptionTypePrincipal OutstandingInterest RateCredit Rating
Class A-1 NotesSenior Secured Floating Rate$525,000 
SOFR + 1.65%
Aaa
Class A-2 NotesSenior Secured Fixed80,000 3.41%Aaa
Class B NotesSenior Secured Floating Rate66,000 
SOFR + 2.00%
Aa2
Class C NotesMezzanine Secured Deferrable Floating Rate88,000 
SOFR + 2.75%
A2
Total Secured Notes759,000 
Subordinated Notes (1)
331,360 NoneNot rated
Total MML 2022-1 Notes$1,090,360 
(1)The Company retained all of the Subordinated Notes issued in the MML 2022-1 Debt Securitization which are eliminated in consolidation.
The following table presents information on the secured and unsecured notes issued in the 2022-1 BSL Debt Securitization:
December 31, 2024
DescriptionTypePrincipal OutstandingInterest RateCredit Rating
Class A-1A NotesSenior Secured Floating Rate$292,000 
SOFR + 1.58%
Aaa
Class A-1B NotesSenior Secured Fixed Rate50,000 4.34%Aaa
Class A-2 NotesSenior Secured Floating Rate12,000 
SOFR + 2.00%
AAA
Class B-1 NotesSenior Secured Floating Rate40,000 
SOFR + 2.35%
AA
Class B-2 NotesSenior Secured Fixed Rate26,000 4.98%AA
Class C Notes (1)
Secured Deferrable Floating Rate51,000 
SOFR + 2.60%
A
Class D Notes (1)
Mezzanine Secured Deferrable Floating Rate39,000 
SOFR + 3.69%
BBB-
Class E Notes (1)
Junior Secured Deferrable Floating Rate21,000 
SOFR + 7.33%
BB-
Total Secured Notes531,000 
Subordinated Notes (1)
58,750 NoneNot rated
Total 2022-1 BSL Notes$589,750 
(1)The Company retained all of the Class C Notes, the Class D Notes, the Class E Notes and the Subordinated Notes issued in the 2022-1 BSL Debt Securitization which are eliminated in consolidation.
The following table presents information on the secured and unsecured notes issued and the secured loans incurred in the MML 2022-2 Debt Securitization:
December 31, 2024
DescriptionTypePrincipal OutstandingInterest RateCredit Rating
Class A-L NotesSenior Secured Floating Rate$275,000 
SOFR + 2.10%
Aaa
Class B-1 NotesSenior Secured Floating Rate14,000 
SOFR + 3.35%
Aa2
Class B-2 NotesSenior Secured Fixed Rate11,500 5.88%Aa2
Class C Notes (1)
Mezzanine Secured Deferrable Floating Rate40,500 
SOFR + 2.50%
A2
Total Secured Notes341,000 
Subordinated Notes (1)
Subordinated157,105 BNoneNot rated
Total MML 2022-2 Notes$498,105 
(1)The Company retained all of the Class C Notes and the Subordinated Notes issued in the MML 2022-2 Debt Securitization which are eliminated in consolidation.
The following table presents information on the secured and unsecured notes issued and the secured loans incurred in the 2023-1 Debt Securitization:
December 31, 2024
DescriptionTypePrincipal OutstandingInterest RateCredit Rating
Class A NotesSenior Secured Floating Rate$272,500 
SOFR + 2.30%
Aaa
Class B NotesSenior Secured Floating Rate32,500 
SOFR + 3.00%
Aa2
Class C Notes (1)
Mezzanine Secured Deferrable Floating Rate34,000 
SOFR + 4.00%
A2
Total Secured Notes339,000 
Subordinated Notes (1)
Subordinated153,665 NoneNot Rated
Total 2023-1 Notes$492,665 
(1)The Company (through its wholly-owned and consolidated subsidiary, 2023-1 Depositor) retained all of the Class C Notes and the Subordinated Notes issued in the 2023-1 Debt Securitization which are eliminated in consolidation.
The following table presents information on the secured and unsecured notes issued and the secured loans incurred in the 2024-1 Debt Securitization:
December 31, 2024
DescriptionTypePrincipal OutstandingInterest RateCredit Rating
Class A Notes (2)
Senior Secured Floating Rate$180,000 SOFR + 1.83%Aaa
Class A-L Loans (2)
Senior Secured Floating Rate40,000 SOFR + 1.83%Aaa
Class B NotesSenior Secured Floating Rate24,000 SOFR + 2.35%Aa2
Class C Notes (1)
Mezzanine Secured Deferrable Floating Rate28,000 SOFR + 2.80%A2
Total Secured Notes272,000 
Subordinated Notes (1)
Subordinated130,161 NoneNot Rated
Total 2024-1 Notes$402,161 None
(1)     The Company (through its wholly-owned and consolidated subsidiary, 2024-1 Depositor) 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 this Indenture and the Class A-L Loan Agreement, the Aggregate Outstanding Amount of the Class A Notes may be increased by up to $220.0 million and the Aggregate Outstanding Amount of the Class A-L Loans reduced by a corresponding amount.
The following table presents information on the secured and unsecured notes issued and the secured loans incurred in the 2024-2 Debt Securitization:
December 31, 2024
DescriptionTypePrincipal OutstandingInterest RateCredit Rating
Class A Notes (2)(3)(4)
Senior Secured Floating Rate$60,000 SOFR + 1.50%Aaa
Class A-L1 Loans (2)
Senior Secured Floating Rate145,000 SOFR + 1.50%Aaa
Class A-L2 Loans (3)
Senior Secured Floating Rate50,000 SOFR + 1.50%Aaa
Class A-L3 Loans (4)
Senior Secured Floating Rate20,000 SOFR + 1.50%Aaa
Class B NotesSenior Secured Floating Rate30,000 SOFR + 1.80%Aa2
Class C Notes (1)
Mezzanine Secured Deferrable Floating Rate35,000 SOFR + 2.00%A2
Total Secured Notes340,000 
Subordinated Notes (1)
Subordinated160,500 NoneNot Rated
Total 2024-2 Notes$500,500 None
(1)    The Company (through its wholly-owned and consolidated subsidiary, 2024-2 Depositor) retained all of the Class C Notes and the Subordinated Notes issued in the 2024-2 Debt Securitization which are eliminated in consolidation.
(2) Upon a conversion of the Class A-L1 Loans in accordance with this Indenture and the Class A-L1 Loan Agreement, the Aggregate Outstanding Amount of the Class A Notes may be increased by up to $145.0 million and the Aggregate Outstanding Amount of the Class A-L1 Loans reduced by a corresponding amount.
(3) Class A-L2 Loans may not be converted into Class A Notes at any time. For the avoidance of doubt, the Class A Notes shall not be exchangeable or convertible into Class A-L2 Loans at any time.
(4) Upon a conversion of the Class A-L3 Loans in accordance with this Indenture and the Class A-L3 Loan Agreement, the Aggregate Outstanding Amount of the Class A Notes may be increased by up to $20.0 million and the Aggregate Outstanding Amount of the Class A-L3 Loans reduced by a corresponding amount.
The Company’s outstanding debt obligations were as follows:
December 31, 2024
Aggregate Principal CommittedOutstanding PrincipalCarrying Value (net of unamortized issuance costs)Unamortized Debt Issuance Costs
Unused
Portion (1)
Amount
Available (2)
Bard Peak Funding Facility (3)
$1,650,000 $1,000,298 $1,000,298 $— $649,702 $559,732 
Castle Peak Funding Facility (3)
1,900,000 1,194,401 1,194,401 — 705,599 516,131 
Summit Peak Funding Facility (3)
1,375,000 952,105 952,105 — 422,895 422,895 
Denali Peak Funding Facility750,000 562,800 562,800 — 187,200 187,200 
Bushnell Peak Funding Facility600,000 480,300 480,300 — 119,700 119,700 
Granite Peak Funding Facility500,000 493,554 493,554 — 6,446 6,446 
Middle Peak Funding Facility1,000,000 750,000 750,000 — 250,000 250,000 
Bison Peak Funding Facility1,500,000 1,203,200 1,203,200 — 296,800 296,800 
Blanca Peak Funding Facility1,500,000 1,375,090 1,375,090 — 124,910 65,207 
Windom Peak Funding Facility (3)
2,150,000 1,029,841 1,029,841 — 1,120,159 1,120,159 
Monarch Peak Funding Facility1,500,000 750,000 750,000 — 750,000 534,195 
Meridian Peak Funding Facility350,000 246,000 246,000 — 104,000 104,000 
Haydon Peak Funding Facility250,000 250,000 250,000 — — — 
Bear Peak Funding Facility (3)
517,925 164,816 164,816 — 353,109 289,286 
Phoenix Peak Funding Facility (3)
197,736 197,736 197,736 — — — 
Revolving Credit Facility (4)
5,650,000 4,639,587 4,639,587 — 1,010,413 1,010,368 
June 2026 Notes400,000 400,000 398,930 1,070 — — 
May 2027 Notes (5)
625,000 625,000 606,940 1,293 — — 
October 2027 Notes (5)
350,000 350,000 343,257 3,826 — — 
December 2026 Notes (5)
1,250,000 1,250,000 1,200,860 9,414 — — 
November 2026 Eurobonds517,925 517,925 514,940 2,984 — — 
March 2027 Notes1,000,000 1,000,000 994,032 5,968 — — 
January 2025 Notes (5)
500,000 500,000 499,806 65 — — 
January 2029 Notes650,000 650,000 642,805 7,195 — — 
March 2025 Notes (5)
900,000 900,000 895,447 658 — — 
April 2026 UK Bonds (5)
312,975 312,975 303,118 1,128 — — 
September 2025 Notes (5)
800,000 800,000 796,012 3,183 — — 
November 2028 Notes (5)
500,000 500,000 491,884 9,315 — — 
January 2031 Notes (5)
500,000 500,000 478,572 12,752 — — 
July 2029 Notes (5)
500,000 500,000 492,483 10,248 — — 
September 2027 Notes (5)
400,000 400,000 385,192 5,989 — — 
April 2030 Notes (5)
400,000 400,000 374,785 8,969 — — 
November 2029 Notes (5)
400,000 400,000 389,112 8,737 — — 
November 2034 Notes (5)
800,000 800,000 761,812 23,750 — — 
2021-1 BSL Notes663,000 663,000 662,170 830 — — 
2021-2 Notes505,800 505,800 504,516 1,284 — — 
MML 2021-1 Debt690,000 690,000 686,473 3,527 — — 
MML 2022-1 Debt759,000 759,000 754,464 4,536 — — 
2022-1 BSL Debt420,000 420,000 418,661 1,339 — — 
MML 2022-2 Debt300,500 300,500 298,280 2,220 — — 
2023-1 Notes305,000 305,000 303,206 1,794 — — 
December 31, 2024
Aggregate Principal CommittedOutstanding PrincipalCarrying Value (net of unamortized issuance costs)Unamortized Debt Issuance Costs
Unused
Portion (1)
Amount
Available (2)
2024-1 Notes$244,000 $244,000 $242,337 $1,663 $— $— 
2024-2 Notes305,000 305,000 301,927 3,073 — — 
Short-Term Borrowings420,829 420,829 420,829 — — — 
Total$36,809,690 $30,708,757 $30,452,578 $136,810 $6,100,933 $5,482,119 
(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 certain SPV Financing Facilities, the company is permitted to borrow in USD and other currencies.
Under the Bard Peak Funding Facility, as of December 31, 2024, the Company had non-USD borrowings denominated in the following currencies:
•Canadian Dollars (CAD) 94.1 million
•Euros (EUR) 69.0 million
•British Pounds (GBP) 74.6 million
Under the Castle Peak Funding Facility, as of December 31, 2024, the Company had non-USD borrowings denominated in the following currencies:
•Canadian Dollars (CAD) 78.9 million
•Euros (EUR) 46.4 million
•British Pounds (GBP) 64.4 million
Under the Summit Peak Funding Facility, as of December 31, 2024, the Company had non-USD borrowings denominated in the following currencies:
•Canadian Dollars (CAD) 64.7 million
•Euros (EUR) 26.9 million
•British Pounds (GBP) 99.7 million
Under the Windom Peak Funding Facility, as of December 31, 2024, the Company had non-USD borrowings denominated in the following currencies:
•British Pounds (GBP) 115.9 million
Under the Bear Peak Funding Facility, as of December 31, 2024, the Company had non-USD borrowings denominated in the following currencies:
•Euros (EUR) 110.8 million
•British Pounds (GBP) 40.0 million
Under the Phoenix Peak Funding Facility, as of December 31, 2024, the Company had non-USD borrowings denominated in the following currencies:
•Euros (EUR) 142.8 million
•British Pounds (GBP) 39.8 million
(4)Under the Revolving Credit Facility, the Company is permitted to borrow in USD or certain other currencies. As of December 31, 2024, the Company had non-USD borrowings denominated in the following currencies:
•Canadian Dollars (CAD) 816.0 million
•Euros (EUR) 850.0 million
•British Pounds (GBP) 1,108.3 million
•Swiss Franc (CHF) 52.9 million
•Australian Dollars (AUD) 1.0 million
(5)Carrying value is inclusive of adjustment for the change in fair value of effective hedge relationship.
December 31, 2023
Aggregate Principal CommittedOutstanding PrincipalCarrying Value (net of unamortized issuance costs)Unamortized Debt Issuance Costs
Unused
Portion (1)
Amount
Available (2)
Bard Peak Funding Facility (3)
$1,650,000 $242,243 $242,243 $— $1,407,757 $1,290,994 
Castle Peak Funding Facility (3)
1,600,000 1,121,681 1,121,681 — 478,319 186,042 
Summit Peak Funding Facility (3)
2,300,000 286,046 286,046 — 2,013,954 1,575,278 
Denali Peak Funding Facility750,000 562,800 562,800 — 187,200 187,200 
Bushnell Peak Funding Facility600,000 465,300 465,300 — 134,700 134,512 
Granite Peak Funding Facility750,000 563,600 563,600 — 186,400 86,337 
Middle Peak Funding Facility1,000,000 600,950 600,950 — 399,050 278,721 
Bison Peak Funding Facility1,500,000 703,200 703,200 — 796,800 796,800 
Blanca Peak Funding Facility1,500,000 1,375,090 1,375,090 — 124,910 124,910 
Windom Peak Funding Facility (3)
2,150,000 967,477 967,477 — 1,182,523 1,182,505 
Monarch Peak Funding Facility2,000,000 1,400,400 1,400,400 — 599,600 330,688 
Borah Peak Funding Facility400,000 130,000 130,000 — 270,000 81,124 
Naomi Peak Funding Facility400,000 385,000 385,000 — 15,000 15,000 
Meridian Peak Funding Facility350,000 246,000 246,000 — 104,000 104,000 
Haydon Peak Funding Facility250,000 49,000 49,000 — 201,000 201,000 
Bear Peak Funding Facility (3)
551,975 360,531 360,531 — 191,444 191,444 
Revolving Credit Facility (4)
5,150,000 1,131,025 1,131,025 — 4,018,975 4,018,453 
June 2024 Notes (5)
435,000 435,000 426,970 612 — — 
June 2026 Notes400,000 400,000 398,270 1,730 — — 
May 2027 Notes (5)
625,000 625,000 605,332 1,848 — — 
October 2027 Notes (5)
350,000 350,000 345,621 5,209 — — 
September 2024 Notes (5)
365,000 365,000 355,524 834 — — 
December 2026 Notes (5)
1,250,000 1,250,000 1,187,236 14,265 — — 
November 2026 Eurobonds551,975 551,975 547,426 4,549 — — 
November 2024 Notes (5)
500,000 500,000 484,566 1,454 — — 
March 2027 Notes1,000,000 1,000,000 991,311 8,689 — — 
January 2025 Notes (5)
500,000 500,000 483,230 1,796 — — 
January 2029 Notes650,000 650,000 641,028 8,972 — — 
March 2025 Notes (5)
900,000 900,000 871,800 3,596 — — 
April 2026 UK Bonds (5)
318,663 318,663 304,284 2,010 — — 
September 2025 Notes (5)
800,000 800,000 790,713 7,471 — — 
November 2028 Notes (5)
500,000 500,000 501,424 11,536 — — 
2021-1 BSL Notes663,000 663,000 662,083 917 — — 
2021-2 Notes505,800 505,800 504,385 1,415 — — 
MML 2021-1 Debt690,000 690,000 686,121 3,879 — — 
MML 2022-1 Debt759,000 759,000 754,024 4,976 — — 
2022-1 BSL Debt420,000 420,000 418,534 1,466 — — 
MML 2022-2 Debt300,500 300,500 298,046 2,454 — — 
2023-1 Notes305,000 305,000 303,044 1,956 — — 
Short-Term Borrowings28,546 28,546 28,546 — — — 
Total$35,719,459 $23,407,827 $23,179,861 $91,634 $12,311,632 $10,785,008 
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 certain SPV Financing Facilities, the company is permitted to borrow in USD and other currencies.
Under the Bard Peak Funding Facility, as of December 31, 2023, the Company had non-USD borrowings denominated in the following currencies:
•Canadian Dollars (CAD) 94.1 million
•Euros (EUR) 69.0 million
•British Pounds (GBP) 74.6 million
Under the Castle Peak Funding Facility, as of December 31, 2023, the Company had non-USD borrowings denominated in the following currencies:
•Canadian Dollars (CAD) 78.9 million
•Euros (EUR) 46.4 million
•British Pounds (GBP) 64.4 million
Under the Summit Peak Funding Facility, as of December 31, 2023, the Company had non-USD borrowings denominated in the following currencies:
•Canadian Dollars (CAD) 160.6 million
•Euros (EUR) 27.9 million
•British Pounds (GBP) 101.7 million
Under the Windom Peak Funding Facility, as of December 31, 2023, the Company had non-USD borrowings denominated in the following currencies:
•British Pounds (GBP) 115.9 million
Under the Bear Peak Funding Facility, as of December 31, 2023, the Company had non-USD borrowings denominated in the following currencies:
•Euros (EUR) 260.8 million
•British Pounds (GBP) 57.0 million
(4)Under the Revolving Credit Facility, the Company is permitted to borrow in USD or certain other currencies. As of December 31, 2023, the Company had non-USD borrowings denominated in the following currencies:
•Canadian Dollars (CAD) 134.0 million
•Euros (EUR) 8.0 million
•British Pounds (GBP) 445.7 million
•Swiss Franc (CHF) 52.9 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:
For the Year Ended December 31,
202420232022
Borrowing interest expense$1,703,286 $1,639,410 $908,086 
Facility unused fees63,696 61,182 34,472 
Amortization of deferred financing costs37,786 31,362 25,136 
Amortization of original issue discount and debt issuance costs33,408 27,699 20,823 
Gain (loss) from interest rate swaps accounted for as hedges and the related hedged items:
Interest rate swaps(16,539)(110,174)248,311 
Hedged items16,963 109,958 (246,290)
Total Interest Expense$1,838,600 $1,759,437 $990,538 
Cash paid for interest expense$2,034,750 $1,946,485 $799,997 
Schedule Of Assets And Liabilities, Collateral Management Agreement
The following presents the assets and liabilities of the 2021-1 BSL Issuer, 2021-2 Issuer, MML 2021-1 Issuer, MML 2022-1 Issuer, 2022-1 BSL Issuer, MML 2022-2 Issuer, 2023-1 Issuer, 2024-1 Issuer, and the 2024-2 Issuer (collectively referred to as, the “CLO Issuers”), after giving effect to the elimination of intercompany balances. The assets of the CLO Issuers are restricted to be used to settle the obligations of the CLO Issuers. The liabilities of the CLO Issuers are only the obligations of the CLO Issuers and the creditors (or beneficial interest holders) do not have recourse to the Company.
December 31, 2024December 31, 2023
ASSETS
Investments at fair value
Non-controlled/non-affiliated investments$5,866,717 $5,001,266 
Total investments at fair value5,866,717 5,001,266 
Cash and cash equivalents (restricted cash of $304,999 at December 31, 2024)
304,999 218,778 
Interest receivable from non-controlled/non-affiliated investments44,670 39,509 
Total assets$6,216,386 $5,259,553 
LIABILITIES
Debt (net of unamortized debt issuance costs of $20,261 and $17,062, respectively)
$4,172,039 $3,626,238 
Interest payable51,890 49,968 
Total liabilities$4,223,929 $3,676,206