| Minimum Assets Under Management · Financial Covenant | $179,825,526,099 | | source ↗ |
| Limitation on Liens · Negative Covenant | No Liens except Permitted Liens | | source ↗ |
| Limitation on Restrictive Agreements · Negative Covenant | No agreements prohibiting or restricting ability to make loans, pay dividends or guarantee Debt of Loan Parties or Restricted Subsidiaries, subject to customary exceptions | | source ↗ |
| Default Rate · Pricing Covenant | Applicable rate plus 2.0 percentage points on overdue amounts and during Event of Default | | source ↗ |
| Unrestricted Subsidiary Debt Cap for AUM Exclusion · Financial Covenant | $300,000,000 | | source ↗ |
| Designated Subsidiary AUM Cap in Adjusted EBITDA · Financial Covenant | No more than 15% of Management Fees and ARCC Part I Fees from Designated Subsidiaries; no more than 5% from Unrestricted Subsidiaries | | source ↗ |
| Applicable Margin – Level I · Pricing Covenant | Commitment Fee 0.050%; Term Benchmark/RFR/LC Margin 0.650%; Base Rate Margin 0.000% | | source ↗ |
| Applicable Margin – Level V · Pricing Covenant | Commitment Fee 0.140%; Term Benchmark/RFR/LC Margin 1.150%; Base Rate Margin 0.150% | | source ↗ |
| Restriction on Fundamental Changes · Negative Covenant | No mergers, consolidations, reorganizations, or dispositions of all or substantial part of business or assets except as permitted | | source ↗ |
| Limitation on Sale of Assets · Negative Covenant | No sale of all or substantial part of property or business except in ordinary course, pursuant to Benefit Plan, or in connection with IPO Event transactions | | source ↗ |
| Other Permitted Investments Cap · Negative Covenant | $750,000,000 at any time | loose $750m vs negative covenant median $137.5m (n=56) | source ↗ |
| Permitted Liens – Other Liens Cap · Negative Covenant | $1,000,000,000 aggregate | loose $1bn vs negative covenant median $137.5m (n=56) | source ↗ |
| Back-to-Back Lending Facilities Cap · Negative Covenant | $200,000,000 | market $200m vs negative covenant median $137.5m (n=56) | source ↗ |
| Judgment Default Threshold · Event of Default | $75,000,000 | tight $75m vs event of default median $125m (n=62) | source ↗ |
| Debt to Adjusted EBITDA (Maximum Leverage) · Financial Covenant | 4.00:1.00 | market 4x vs leverage median 4x (n=99) | source ↗ |
| Limitation on Debt · Negative Covenant | Subsidiaries (other than Loan Parties) may not incur Debt exceeding the greater of $1,700,000,000 or Adjusted EBITDA for most recent four quarter period; other Debt permitted subject to compliance with Section 6.13 | loose $1.7bn vs negative covenant median $137.5m (n=56) | source ↗ |
| Transactions with Affiliates · Negative Covenant | No transactions with holders of 5% or more of equity or Affiliates on terms less favorable than arm's length | tight 5% vs negative covenant median 20% (n=79) | source ↗ |
