Debt Obligations, at Fair Value (Tables)

6 Months Ended

Jun. 30, 2025

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.