| Schedule of Secured Financings at Fair Value |
The following table presents the value of secured financings, at fair value, as of June 30, 2025 (dollars in thousands):
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Description |
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Weighted Average Interest Rate(1) |
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Maximum Facility Size |
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Available Capacity |
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Debt Amount Outstanding |
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Fair Value of Debt |
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Fair Value of Collateral |
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Current
Maturity
Date |
|
Maximum
Maturity
Date(2) |
Citibank Repurchase Agreement |
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6.42% |
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$ |
600,000 |
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$ |
369,714 |
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$ |
230,286 |
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$ |
230,102 |
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$ |
316,735 |
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6/21/2026 |
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6/21/2029 |
MS International Repurchase Agreement |
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6.28% |
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193,770 |
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28,986 |
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164,784 |
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164,628 |
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205,189 |
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2/15/2029 |
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2/15/2029 |
WF Repurchase Agreement |
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6.14% |
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250,000 |
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33,318 |
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216,682 |
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215,890 |
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299,457 |
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6/21/2026 |
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6/21/2029 |
MS US Repurchase
Agreement |
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6.09% |
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200,000 |
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39,140 |
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160,860 |
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160,646 |
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207,579 |
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7/25/2027 |
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7/25/2029 |
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$ |
1,243,770 |
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$ |
471,158 |
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$ |
772,612 |
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$ |
771,266 |
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$ |
1,028,960 |
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The following table presents the value of secured financings, at fair value, as of December 31, 2024 (dollars in thousands):
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Description |
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Weighted Average Interest Rate(1) |
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Maximum Facility Size |
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Available Capacity |
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Debt Amount Outstanding |
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Fair Value of Debt |
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Fair Value of Collateral |
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Current
Maturity
Date |
|
Maximum
Maturity
Date(2) |
Citibank Repurchase Agreement |
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6.65% |
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$ |
600,000 |
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$ |
399,500 |
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$ |
200,500 |
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$ |
200,228 |
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$ |
257,099 |
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6/21/2026 |
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6/21/2029 |
MS International Repurchase Agreement |
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6.51% |
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187,740 |
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37,548 |
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150,192 |
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149,913 |
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186,328 |
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2/15/2029 |
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2/15/2029 |
WF Repurchase Agreement |
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6.21% |
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250,000 |
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36,318 |
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213,682 |
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212,705 |
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297,325 |
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6/21/2026 |
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6/21/2029 |
MS US Repurchase Agreement |
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6.30% |
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200,000 |
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142,750 |
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57,250 |
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56,941 |
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87,463 |
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7/25/2027 |
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7/25/2029 |
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$ |
1,237,740 |
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$ |
616,116 |
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$ |
621,624 |
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$ |
619,787 |
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$ |
828,215 |
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| Summary of Net Exposure with those Counterparties |
The following table summarizes our net exposure with those counterparties where the amount at risk exceeded 10.0% of stockholder’s equity as of June 30, 2025 (dollars in thousands):
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Counterparty |
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Debt Amount Outstanding |
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Net Counterparty Exposure |
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Morgan Stanley |
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$ |
325,644 |
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$ |
87,124 |
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Citibank |
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230,286 |
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86,449 |
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Wells Fargo Bank |
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216,682 |
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|
82,775 |
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$ |
772,612 |
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$ |
256,348 |
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| Schedule of Maturities of Debt Securities |
The following table represents the future principal payments under the Company’s secured borrowings, at fair value, as of June 30, 2025 (dollars in thousands):
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Year |
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Amount |
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2025 |
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$ |
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— |
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2026 |
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446,968 |
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2027 |
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160,860 |
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2028 |
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— |
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2029 |
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164,784 |
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Thereafter |
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— |
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Total |
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$ |
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772,612 |
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