DEBT OBLIGATIONS, NET (Tables)

12 Months Ended

Dec. 31, 2025

The details of the Company’s debt obligations at December 31, 2025 and December 31, 2024 are as follows ($ in thousands):

December 31, 2025


Debt Obligations	Committed Amount		Outstanding Principal Amount		Carrying Value(1)		Average Cost of Funds(2)	Current Maturity	Final Stated Maturity(3)	Carrying Value of Collateral
Senior Unsecured Notes	N/A		2,233,409		2,215,195		5.29%	2027-2031	2027-2031	N/A
Unsecured Revolving Credit Facility	850,000		280,000		280,000		4.91%	12/20/2028	12/20/2029	N/A
Total Unsecured Debt	$	850,000	$	2,513,409	$	2,495,195				N/A

Loan Repurchase Facility	$	300,000	$	—	$	—	—%	9/27/2028	9/27/2030	$	—
Loan Repurchase Facility	300,000		—		—		—%	10/21/2026	10/21/2026	—
Loan Repurchase Facility	56,000		—		—		—%	4/30/2026	4/30/2029	—


Securities Repurchases	—		627,012		627,012		4.29%	Jan. 2026	Jan. 2026	707,218


Mortgage Debt	N/A		386,543		388,195		5.88%	2026-2034(4)	2027-2048	383,173

Total Debt Obligations, net	$	1,506,000	$	3,526,964	$	3,510,402				$	1,090,391

(1)Carrying Value excludes $7.1 million and $3.1 million of unamortized deferred financing costs included in Other Assets related to the Revolving Credit Facilities and Loan Repurchase facilities, respectively.

(2)Interest rates on floating rate debt reflect the applicable index in effect as of December 31, 2025. Excludes deferred financing costs.

(3)Final Stated Maturity assumes extensions at our option are exercised with consent of financing providers, where applicable.

(4)Current maturity of Mortgage Debt based on Anticipated Repayment Dates, if applicable.

December 31, 2024


Debt Obligations	Committed Amount		Outstanding Principal Amount		Carrying Value(1)		Average Cost of Funds(2)	Current Maturity	Final Stated Maturity(3)	Carrying Value of Collateral
Senior Unsecured Notes	N/A		2,041,557		2,025,053		5.22%	2025-2031	2025-2031	N/A
Unsecured Revolving Credit Facility(4)	725,000		—		—		—%	12/20/2028	12/20/2029	N/A
Total Unsecured Debt	$	725,000	$	2,041,557	$	2,025,053				N/A

Loan Repurchase Facility	500,000		62,738		62,738		6.55%	9/27/2025	9/27/2027	97,254
Loan Repurchase Facility	300,000		—		—		—%	10/21/2027	10/21/2029	—
Loan Repurchase Facility	200,000		—		—		—%	10/3/2025	10/3/2027	14,636
Loan Repurchase Facility	100,000		—		—		—%	1/22/2025	1/22/2026	—
Loan Repurchase Facility	56,000		—		—		—%	4/30/2026	4/30/2029	—

Mortgage Debt	N/A		443,733		446,397		6.09%	2025-2034(5)	2027-2048	451,880
CLO Debt	N/A		601,464		601,429		6.36%	2025-2026(6)	2036-2038	831,270
Total Debt Obligations, net	$	1,881,000	$	3,149,492	$	3,135,617				$	1,395,040

(1)Carrying value excludes $7.1 million and $2.1 million of unamortized deferred financing costs included in Other Assets related to the Revolving Credit facility and Loan Repurchase facilities, respectively.

(2)Interest rates on floating rate debt reflect the applicable index in effect as of December 31, 2024. Excludes deferred financing costs.

(3)Final Stated Maturity assumes extensions at our option are exercised with consent of financing providers, where applicable.

(4)The obligations under the Unsecured Revolving Credit Facility are secured by equity pledges of certain subsidiaries of the Company.

(5)Anticipated Repayment Dates.

(6)Represents the estimated maturity dates based on the underlying loan maturities.

Schedule of Variable Interest Entities

At December 31, 2024, the Company had $601.4 million of matched term, non-mark-to-market and non-recourse CLO debt included in debt obligations on its consolidated balance sheet, as a result, the Company consolidated two CLOs that were considered VIE's on its consolidated balance sheet as of December 31, 2024 ($ in thousands):


	December 31, 2024



Mortgage loan receivables held for investment, net, at amortized cost	$	831,270

Accrued interest receivable	5,530
Other assets	42,621
Total assets	$	879,421
Debt obligations, net	$	601,429

Accrued expenses	1,806

Total liabilities	603,235
Net equity in VIEs (eliminated in consolidation)	276,186

Total equity	276,186
Total liabilities and equity	$	879,421

Schedule of Contractual Payments Under All Borrowings by Maturity

The following schedule reflects the Company’s contractual payments under borrowings by maturity ($ in thousands):


Period ending December 31,	Borrowings by Maturity(1)
2026	$	653,392
2027	715,346
2028	24,269
2029	949,433
2030	601,176
Thereafter	583,347
Subtotal	3,526,963
Debt issuance costs included in senior unsecured notes	(18,214)




Debt issuance costs included in mortgage loan financings	(1,415)
Net premiums included in mortgage loan financings (2)	3,068
Total	$	3,510,402

(1)The allocation of repayments under the Company’s committed loan repurchase facilities is based on the earlier of: (i) the final stated maturity date of each agreement; or (ii) the maximum maturity date of the collateral loans, assuming all extension options are exercised by the borrower. Repayments of the Company's mortgage debt are based on the anticipated repayment dates as defined in the mortgage loan agreements.

(2)Represents sales proceeds received in excess of loan amounts sold into securitizations that are amortized as a reduction to interest expense using the effective interest method over the life of the underlying loan.

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

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