Term Loans

6 Months Ended

Jun. 30, 2026

Term Loans

Debt

Debt

Term Loans

A.2026 Term Loan Facility

In March 2026, we closed a $693.9 million unsecured term loan due January 2036 at a fixed rate of 4.9% (the "2026

Term Loan Facility") and executed a cross-currency swap on $500.0 million of proceeds for approximately

€431.0 million, achieving an effective blended borrowing rate of 4.34%. As of June 30, 2026, the outstanding

principal balance was $703.0 million.

B.2026 Delayed Draw Term Loan

During the three months ended June 30, 2026, the Fund fully drew on its $380.0 million unsecured delayed draw

term loan under the Fund Credit Facilities. The delayed draw term loan matures in April 2028, includes four six-

month extensions, which can be exercised at our option, and is subject to interest rate swaps that fix the effective

interest rate at 4.92%.

C.2025 Term Loan Facility

Our term loan agreement governing our multi-currency term loan provides for a £900.0 million Sterling-denominated

term loan facility that will initially mature in January 2028, before giving effect to one twelve-month extension option.

As of June 30, 2026, we had an outstanding balance of $1.2 billion. Our A3/A- credit ratings provide for a borrowing

rate of 80 basis points over the applicable benchmark rate, which includes adjusted SOFR for USD-denominated

loans and adjusted SONIA for GBP-denominated loans. In conjunction with the closing, we executed variable-to-

fixed interest rate swaps, which fix the weighted average per annum interest rate at 4.3% over the two-year term.

D.2024 Term Loan Facility

In January 2024, in connection with the merger with Spirit (the "Merger"), we entered into an amended and restated

term loan agreement that replaced Spirit's then-existing term loans with various lenders. As of June 30, 2026, we

had an outstanding balance of $500.0 million, due August 2027, which is subject to interest rate swaps that fix the

effective interest rate at 3.3%.

E.Deferred Financing Costs

Deferred financing costs were $14.5 million as of June 30, 2026 and are included net of the term loans' principal

balance, as compared to $9.4 million as of December 31, 2025 on our consolidated balance sheets. These costs

are being amortized over the remaining term of the term loans.

As of June 30, 2026, we were in compliance with the covenants contained in the term loans.