v3.25.2
Debt Obligations, at Fair Value
 6 Months Ended
Jun. 30, 2025
Debt Disclosure [Abstract]  
Debt Obligations, at Fair Value

Note 4. Debt Obligations, at fair value

The following table presents the Company's debt obligations as of June 30, 2025 ($ in thousands):

 

Description

 

Stated
Interest Rate(2)

 

Maximum
Facility
Size(3)

 

 

Available
Capacity(3)

 

 

Debt
Amount
Outstanding

 

 

Fair Value
of Debt

 

 

Fair
Value of
Collateral

 

 

Current
Maturity
Date

 

Maximum
Maturity
Date

Natixis Repurchase Agreement(1)

 

1M SOFR + 1.40%

 

$

150,000

 

 

$

64,680

 

 

$

85,320

 

 

$

85,320

 

$

127,453

 

 

5/23/2028

 

5/23/2029

 

 

 

 

 

 

 

 

 

 

 

 

 

 

JPM Revolving Credit Facility

 

1M SOFR + 1.95%

 

 

43,875

 

 

 

5,075

 

 

 

37,000

 

 

 

37,000

 

N/A(4)

 

 

5/21/2026

 

5/21/2027

 

 

 

 

 

 

 

 

 

 

$

122,320

 

 

$

122,320

 

 

 

 

 

 

 

 

(1)
The Natixis repurchase agreement is secured by the Company's real estate loan portfolio as of June 30, 2025. As of June 30, 2025, all real estate loan investments were originated in the Seller (as defined below) under terms of such repurchase agreement and considered collateral under such purchase agreement.
(2)
Represents the stated interest rate of the most recent interest period in effect for each loan as of period end. Borrowings under the Company’s debt obligations carry interest at one-month Term SOFR plus a spread. On June 30, 2025, one-month Term SOFR was 4.32%.
(3)
Represents maximum facility size under the initial agreement and remaining available capacity to borrow after taking into account outstanding indebtedness as of June 30, 2025. Debt obligations may provide for increased borrowing capacity subject to the consent of the lender in its sole discretion.
(4)
The Company’s obligations under the JPM Credit Agreement (as defined below) are secured by outstanding capital commitments of the BlackRock Advisor. As of June 30, 2025, the remaining outstanding capital commitment of the BlackRock Advisor was $46.75 million.

Repurchase agreement

On May 23, 2025, BLKM I, LLC (the “Seller”), an indirect, wholly-owned special-purpose financing subsidiary of the Company, entered into a Master Repurchase Agreement and Securities Contract (together with the related transaction documents, the “Repurchase Agreement”), with Natixis, New York Branch (“Natixis”), to finance the acquisition by the Seller of eligible loans as more particularly described in the Repurchase Agreement. The Repurchase Agreement provides for asset purchases by Natixis for up to an initial amount of $150 million, which may be increased to $300 million, subject to the consent of Natixis, in its sole discretion. The initial maturity date of the Repurchase Agreement is May 23, 2028, subject to extension to a date in the future generally not to exceed the repurchase date of the last remaining eligible loan subject to the Repurchase Agreement, subject to satisfaction of certain customary conditions. In connection with the Repurchase Agreement, the Company provided a Guaranty (the "Guaranty"), which may become full recourse to the Company upon the occurrence of certain events, such as material breach of covenants, change of control, or reorganization of the guarantor as described in the Guaranty. The Guaranty contains operational covenants, and covenants to maintain certain financial ratios and liquidity amounts customary for agreements of this type. The covenants to maintain certain financial ratios and liquidity amounts are not effective until the quarter commencing October 1, 2025.

Revolving credit facility

On May 22, 2025, the Company entered into a revolving credit agreement (as it may be amended from time to time, the “JPM Credit Agreement”) with JPMorgan Chase Bank, N.A. (“JPM”), as lender. The JPM Credit Agreement provides for revolving loans of up to a maximum aggregate availability of $43.9 million. The Company’s obligations under the JPM Credit Agreement are secured by outstanding capital commitments of the BlackRock Advisor. The JPM Credit Agreement may be increased to an amount as agreed between the Company and JPM, subject to the consent of JPM and other customary conditions. In addition, at no time may the outstanding obligations under the JPM Credit Agreement exceed 90% of the total uncalled capital commitments of the BlackRock Advisor. The JPM Credit Agreement also contains certain operational covenants customary for agreements of this type. As of June 30, 2025, the total uncalled capital commitments of the BlackRock Advisor were $46.75 million and obligations under the JPM Credit Agreement were limited to $42.08 million. The Company is permitted to borrow under the JPM Credit Agreement for any purpose permitted under its constituent documents. The maturity date of the JPM Credit Agreement is May 21, 2026, which may be extended upon the Company’s request to a date no longer than 12 months after the then-effective maturity date, subject to the consent of JPM and other customary conditions.