Borrowings (Tables)

6 Months Ended

Jun. 30, 2025

The table below summarizes our borrowing arrangements as of June 30, 2025 and December 31, 2024. Our borrowing arrangements include secured lending and term lending agreements (collectively, our “secured financing facilities”) and a revolving credit facility.


			June 30, 2025							December 31, 2024
$ in thousands	Current Maturity	Extension Options(1)	Weighted Average Interest Rate(2)	Maximum Facility Size		Available Capacity		Amount Outstanding		Fair Value		Amount Outstanding		Fair Value

Term Lending Agreement
INCREF Lending II	Match-term	Match-term	6.59%	$	300,000	$	152,327	$	147,673	$	147,732	$	134,518	$	134,518

Secured Lending Agreements
Term Financing
INCREF Lending I	Oct 2026	Oct 2029	6.32%	837,517		107,475		730,042		730,203		722,672		722,796

Repurchase Agreements
Morgan Stanley Bank(3)	May 2026	May 2027	5.85%	500,000		169,124		330,876		330,880		342,009		342,079
Citibank	Sep 2026	Sep 2028	5.54%	500,000		72,836		427,164		427,486		276,323		276,653
Barclays(3)	Apr 2027	Apr 2029		500,000		500,000		—		—		199,305		199,326
Wells Fargo	May 2026	May 2029	6.02%	300,000		195,548		104,452		104,477		179,462		179,496
Bank of Montreal(3)	Jul 2025	Jul 2028		25,000		25,000		—		—		—		—
Capital One(3)	Feb 2027	Feb 2030	5.81%	250,000		163,359		86,641		86,732		N/A		N/A
Total secured financing facilities				$	3,212,517	$	1,385,669	$	1,826,848	$	1,827,510	$	1,854,289	$	1,854,868

Revolving Credit Facility(4)			7.20%	$	162,000	$	162,000	$	—	$	—	$	—	$	—

(1) Assumes all available extension options are exercised.

(2) Represents the weighted average interest rate in effect as of June 30, 2025.

(3) Certain extension options for these facilities are subject to lender approval and compliance with certain financial and administrative covenants.

(4) Maturity date is aligned with the Company’s ability to call remaining outstanding capital committed under the Invesco Subscription Agreement, as further explained below.

Schedule of Net Exposure With Counterparties Where Amount At Risk Exceeded 10.0% of Stockholders’ Equity

The following table summarizes our net exposure with those counterparties where the amount at risk exceeded 10.0% of stockholders’ equity as of June 30, 2025 and December 31, 2024.


$ in thousands	Outstanding Principal		Net Counterparty Exposure		Weighted Average Life (Years)(1)
June 30, 2025
Morgan Stanley Bank	$	330,876	$	90,630	1.90
Citibank	1,157,206		296,130		3.91


Total	$	1,488,082	$	386,760	3.46
December 31, 2024
Morgan Stanley Bank	$	342,009	$	101,931	2.40
Citibank	998,995		260,459		4.51
Barclays	199,305		51,591		4.32
Wells Fargo	179,462		48,058		4.39
Total	$	1,719,771	$	462,039	4.05

(1) Assumes all extension options are exercised for borrowing facilities that may be extended at our option, subject to compliance with certain financial and administrative covenants.

Schedule of Maturities of Long-Term Debt

The following table shows the aggregate amount of maturities of our outstanding borrowings over the next five years and thereafter as of June 30, 2025:


$ in thousands	Secured Lending Agreements(1)		Term Lending Agreement(1)		Total
Year
2025 (remaining)	$	—	$	—	$	—
2026	—		—		—
2027	330,876		—		330,876
2028	427,164		—		427,164
2029	834,494		126,836		961,330
2030	86,641		20,837		107,478
Thereafter	—		—		—
Total	$	1,679,175	$	147,673	$	1,826,848

(1) Assumes all extension options are exercised for borrowing facilities that may be extended at our option, subject to compliance with certain financial and administrative covenants.