v3.25.2
Financing Arrangements (Tables)
 6 Months Ended
Jun. 30, 2025
Debt Disclosure [Abstract]  
Summary of Information of Outstanding Financing Arrangement
The following tables present summary information with respect to the Company's outstanding financing arrangements as of June 30, 2025 and December 31, 2024.
As of June 30, 2025 (Unaudited)
Arrangement
Weighted Average Spread(1)
Amount Outstanding(2)
Amount AvailableMaturity DateCarrying Amount of CollateralFair Value of Collateral
Collateralized Loan Obligations
2021-FL2 Notes
 +1.80%(3)
$428,244 $— May 5, 2038$567,073 $567,873 
2021-FL3 Notes
 +1.73%(3)
642,516 — November 4, 2036803,319 796,165 
2022-FL4 Notes
 +2.49%(3)
448,561 — January 31, 2039692,146 688,155 
2024-FL9 Notes
 +1.96%(3)
746,894 — October 21, 2039838,333 838,169 
2025-FL10 Notes
 +1.59%(3)
890,237 — August 19, 20421,021,410 1,020,818 
3,156,452 — 3,922,281 3,911,180 
Repurchase Agreements
WF-1 Facility
+1.63%(4)
241,682 258,318 November 26, 2026302,769 302,102 
GS-1 Facility
 +1.99%(5)
309,482 140,518 April 25, 2028397,687 404,390 
BB-1 Facility
+1.74%(3)
51,428 648,572 February 21, 202865,945 65,534 
MS-1 Facility
 (6)
— 150,000 October 13, 2025— — 
RBC Facility
+1.20%(7)
132,875 — N/A170,496 170,762 
NTX-1 Facility
 (4)
— 250,000 November 10, 2025— — 
BMO-1 Facility
+1.50%(4)
18,492 6,508 April 16, 202723,105 23,115 
Lucid Facility
 +0.94%
91,816 — N/A126,133 127,209 
WF-2 Facility
+2.50%(4)
206,757 230,361 October 21, 2026284,661 283,618 
Finance Blue Facility
+1.60%(4)
54,695 636 February 17, 202869,090 69,418 
CB-1 Facility
+1.93%(4)
684,966 73,415 September 9, 2028924,222 915,838 
1,792,193 1,758,328 2,364,108 2,361,986 
Revolving Credit Facility
MM-1 Facility
 +2.30%(6)
850,037 149,963 September 20, 20311,124,006 1,115,053 
Barclays Facility
 (8)
— 425,000 April 24, 2027— — 
850,037 574,963 1,124,006 1,115,053 
Mortgage Loan
+2.15%(6)
124,700 2,000 
July 9, 2025(9)
150,840 185,000 
Total$5,923,382 $2,335,291 $7,561,235 $7,573,219 
________________
(1)    The rates are expressed over the relevant floating benchmark rates, which include Term SOFR and SOFR Average (compounded average of SOFR over a rolling 30-day period).
(2)    The amount outstanding under the facilities approximates their fair value.
(3)    Term SOFR or SOFR Average (compounded average of SOFR over a rolling 30-day period), subject to a 0.00% floor.
(4)    Benchmark rate is subject to a 0.00% floor. SOFR benchmark rate is selected with respect to a transaction as set forth in the related transaction confirmation for the underlying transaction.
(5)    Term SOFR is subject to a 0.00% floor. GS-1 and Goldman Sachs may mutually agree on rates outside this range or a different floor on an asset by asset basis.
(6)     Term SOFR is subject to a 0.00% floor.
(7)    Borrowings under the RBC Facility consists of one or more floating and fixed rate transactions. Fixed rate transactions are reflected as a spread over the relevant floating benchmark rate.
(8)    Borrowings under the Barclays Facility bear interest, at the Company's election, at either a base rate plus a spread of 1.25% per annum or one-, three- or six-month Term SOFR plus a spread of 2.25% per annum and a credit spread adjustment of 0.10% per annum.
(9)    In July 2025, the Company extended the mortgage loan one year to July 9, 2026.
As of December 31, 2024
Arrangement
Weighted Average Interest Rate(2)
Amount Outstanding(1)
Amount AvailableMaturity DateCarrying Amount of CollateralFair Value of Collateral
Collateralized Loan Obligations
2019-FL1 Notes
 +2.12%(5)
$75,257 $— December 18, 2036$170,635 $167,117 
2021-FL2 Notes
 +1.71%(5)
530,971 — May 5, 2038615,579 613,601 
2021-FL3 Notes
 +1.70%(5)
692,948 — November 4, 2036897,852 886,073 
2022-FL4 Notes
 +2.33%(5)
611,666 — January 31, 2039823,286 813,333 
2022-FL5 Notes
 +2.83%(5)
490,597 — June 17, 2037620,552 611,895 
2022-FL7 Notes
 +3.21%(5)
573,385 — October 17, 2039757,095 750,863 
2024-FL9 Notes
 +2.03%(5)
746,894 — October 21, 2039821,587 819,772 
3,721,718 — 4,706,586 4,662,654 
Repurchase Agreements
WF-1 Facility
 (3)
— 500,000 September 26, 2026— — 
GS-1 Facility
 +2.08%(4)
295,512 154,488 January 26, 2025372,211 382,072 
BB-1 Facility
 +1.94%(5)
88,875 611,125 February 21, 2025117,372 117,476 
MS-1 Facility
 +2.65%(6)
32,889 117,111 October 13, 202545,998 45,828 
RBC Facility
 +1.03%(7)
117,038 — N/A149,102 150,107 
NTX-1 Facility
 +1.56%(3)
143,260 106,740 November 10, 2025178,900 178,942 
BMO-1 Facility
 +2.00%(3)
53,200 112,000 February 28, 202566,493 66,485 
Lucid Facility
 +0.89%
63,457 — N/A85,027 85,408 
WF-2 Facility
 +2.50%(3)
233,107 204,011 October 21, 2026303,884 302,197 
Finance Blue Facility
 +1.60%(3)
55,331 — February 17, 202869,119 69,107 
1,082,669 1,805,475 1,388,106 1,397,622 
Revolving Credit Facilities
MM-1 Facility
 +2.30%(6)(7)
850,000 150,000 September 20, 20311,106,058 1,097,415 
Barclays Facility
(8)
— 425,000 April 24, 2027— — 
850,000 575,000 1,106,058 1,097,415 
Mortgage Loan
 +2.15%(6)
124,700 2,000 July 9, 2025152,036 186,630 
Total$5,779,087 $2,382,475 $7,352,786 $7,344,321 
_______________________
(1)    The amount outstanding under the facilities approximates their fair value.
(2)    The rates are expressed over the relevant floating benchmark rates, which include Term SOFR and SOFR Average (compounded average of SOFR over a rolling 30-day period).
(3)    Benchmark rate is subject to a 0.00% floor. SOFR benchmark rate is selected with respect to a transaction as set forth in the related transaction confirmation for the underlying transaction.
(4)    Term SOFR is subject to a 0.00% floor. GS-1 and Goldman Sachs may mutually agree on rates outside this range or a different floor on an asset by asset basis.
(5)    Term SOFR or SOFR Average (compounded average of SOFR over a rolling 30-day period), subject to a 0.00% floor.
(6)     Term SOFR is subject to a 0.00% floor.
(7)    Borrowings under the RBC Facility consists of one or more floating and fixed rate transactions. Fixed rate transactions are reflected as a spread over the relevant floating benchmark rate.
(8)    Borrowings under the Barclays Facility bear interest, at the Company's election, at either a base rate plus a spread of 1.25% per annum or one-, three- or six-month Term SOFR plus a spread of 2.25% per annum and a credit spread adjustment of 0.10% per annum.
Summary of Repayment for Secured Financings Outstanding The following table sets forth the Company's repayment schedule for secured financings outstanding as of June 30, 2025 based on the maturity date of each financing arrangement:
Collateralized Loan Obligations(1)
Repurchase AgreementsRevolving Credit FacilitiesMortgage LoanTotal
2025$24,171 $— $— $124,700 $148,871 
2026821,929 448,439 — — 1,270,368 
20271,156,090 18,492 — — 1,174,582 
2028341,621 1,100,571 — — 1,442,192 
2029435,530 — — — 435,530 
Thereafter377,111 224,691 850,037 — 1,451,839 
Total$3,156,452 $1,792,193 $850,037 $124,700 $5,923,382 
_______________________
(1)     The allocation of repayments under the Company's collateralized loan obligations is based on the maturity date of each agreement, or the maximum maturity date assuming all extension options are exercised by the borrower if the reinvestment period has expired.
Summary of Number of Loans and the Principal Balance The following table outlines the number of loans, including partial loans, and the principal balance of the collateralized pool of interests for each CLO.
As of June 30, 2025 (Unaudited)
Collateral AssetsTotal CountPrincipal Balance
2021-FL219$529,890 
2021-FL320803,388 
2022-FL420692,211 
2024-FL917838,443 
2025-FL10241,021,794 
Total100 $3,885,726 
Summary of Net Book Value of Debt Instrument The following table outlines the net book value of the CLOs on the Company's consolidated balance sheets.
June 30,
20252024
Face value$3,156,452 $4,214,531 
Unamortized deferred financing costs(16,936)(20,467)
Unamortized discount(3,606)(7,423)
Net book value$3,135,910 $4,186,641 
The following table outlines the net book value of the Company's repurchase facilities on its consolidated balance sheets.
June 30,
20252024
Face value$1,792,193 $791,733 
Unamortized deferred financing costs(4,669)(3,097)
Net book value$1,787,524 $788,636 
The following table details the net book value of the Company's revolving credit facilities on its consolidated balance sheets.
June 30,
20252024
Face value$850,037 $963,350 
Unamortized deferred financing costs(9,890)(14,022)
Net book value$840,147 $949,328 
The following table details the net book value of the Company's mortgage loan on its consolidated balance sheets.
June 30,
20252024
Face value$124,700 $124,700 
Unamortized deferred financing costs— (687)
Net book value$124,700 $124,013