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| Long-Term Debt | SECURED DEBT, NET Our secured debt represents borrowings under our secured credit facilities. During the year ended December 31, 2025, we closed $3.2 billion of new borrowings against $4.1 billion of collateral assets. The following table details our secured debt ($ in thousands):
(1)Costs incurred in connection with our secured debt are recorded on our consolidated balance sheets when incurred and recognized as a component of interest expense over the life of each related facility. Secured Credit Facilities Our secured credit facilities are bilateral agreements we use to finance diversified pools of senior loan collateral with sufficient flexibility to accommodate our investment and asset management strategy. The facilities are generally structured to provide currency, index, and term-matched financing without capital markets-based mark-to-market provisions. Our credit facilities are diversified across 15 counterparties, primarily consisting of top global financial institutions to minimize our counterparty risk exposure. The following table details our secured credit facilities as of December 31, 2025 ($ in thousands):
(1)Represents the number of lenders with fundings advanced in each respective currency, as well as the total number of facility lenders. The total number of facility lenders includes one additional lender that had no fundings advanced as of December 31, 2025. (2)Our secured debt agreements are generally term-matched to their underlying collateral. Therefore, the weighted- average maturity is generally allocated based on the maximum maturity date of the collateral loans, assuming all extension options are exercised by the borrower. In limited instances, the maturity date of the respective secured credit facility is used. (3)Represents the principal balance of the collateral loan assets and the carrying value of the collateral owned real estate assets. (4)Maximum maturity assumes all extension options are exercised by the borrower; however, our loans may be repaid prior to such date. (5)Includes Australian Dollar, Canadian Dollar, and Swedish Krona currencies. The availability of funding under our secured credit facilities is based on the amount of approved collateral, which collateral is proposed by us in our discretion and approved by the respective counterparty in its discretion, resulting in a mutually agreed collateral portfolio construction. Certain structural elements of our secured credit facilities, including the limitation on recourse to us and facility economics, are influenced by the specific collateral portfolio construction of each facility, and therefore vary within and among the facilities. The following tables detail the spread of our secured credit facilities as of December 31, 2025 and December 31, 2024 ($ in thousands):
(1)The spread, all-in cost, and all-in yield are expressed over the relevant floating benchmark rates, which include SOFR, SONIA, EURIBOR, CORRA, and other indices as applicable. (2)Represents the amount of new borrowings we closed during the years ended December 31, 2025 and 2024, respectively. (3)In addition to spread, the cost includes the associated deferred fees and expenses related to the respective borrowings. In addition to cash coupon, all-in yield includes the amortization of deferred origination and extension fees, loan origination costs, and purchase discounts, as well as the accrual of exit fees. All-in yield excludes loans accounted for under the cost-recovery and nonaccrual methods, if any, and owned real estate assets. (4)Represents the weighted-average all-in cost as of December 31, 2025 and December 31, 2024, respectively, and is not necessarily indicative of the spread applicable to recent or future borrowings. (5)Represents the principal balance of the collateral loan assets and the carrying value of the collateral owned real estate assets. (6)Represents the difference between the weighted-average all-in yield and weighted-average all-in cost. (7)Includes an interest rate swap with a $35.6 million notional amount that effectively converts our floating rate liability to a fixed rate liability to align with the financed fixed rate loan exposure. Our secured credit facilities generally permit us to increase or decrease the amount advanced against the pledged collateral in our discretion within certain maximum/minimum amounts and frequency limitations. As of December 31, 2025, there was an aggregate $551.6 million available to be drawn at our discretion under our credit facilities. Financial Covenants As of December 31, 2025, we are subject to the following financial covenants related to our secured debt and secured debt of our unconsolidated entities: (i) our ratio of earnings before interest, taxes, depreciation, and amortization, or EBITDA, to fixed charges, as defined in the agreements, shall be not less than 1.3 to 1.0; (ii) our tangible net worth, as defined in the agreements, shall not be less than $3.6 billion as of each measurement date plus 75% to 85% of the net cash proceeds of future equity issuances subsequent to December 31, 2025; (iii) cash liquidity shall not be less than the greater of (x) $10.0 million or (y) no more than 5% of our recourse indebtedness; and (iv) our indebtedness shall not exceed 83.33% of our total assets. As of December 31, 2025 and December 31, 2024, we were in compliance with these covenants. SECURITIZED DEBT OBLIGATIONS, NET We have financed certain pools of our loans through CLOs and have also financed one of our loans through a securitization vehicle, or the European Loan Securitization. The CLOs and the European Loan Securitization are consolidated in our financial statements and have issued securitized debt obligations that are non-recourse to us. Refer to Note 20 for further discussion of our CLOs and the European Loan Securitization. The following tables detail our securitized debt obligations and the underlying collateral assets that are financed by our CLOs and the European Loan Securitization ($ in thousands):
(1)The book value of underlying collateral assets excludes any applicable CECL reserves. (2)In addition to cash coupon, all-in yield includes the amortization of deferred origination and extension fees, loan origination costs, purchase discounts, and accrual of exit fees. which is SOFR for the CLOs and EURIBOR for the European Loan Securitization. All-in yield excludes loans accounted for under the cost-recovery and nonaccrual methods, if any, and owned real estate assets. (4)Underlying collateral assets term represents the weighted-average final maturity of such loans, assuming all extension options are exercised by the borrower, and excludes owned real estate assets. Repayments of securitized debt obligations are tied to timing of the related collateral loan asset repayments. The term of these obligations represents the rated final distribution date of the securitizations. (5)We financed our $55.8 million retained interests in the securitization under a repurchase agreement structured without capital markets-based mark-to-market provisions. The amount of the financing is included in other liabilities on our consolidated balance sheets. (6)During the year ended December 31, 2025, we recorded $140.0 million of interest expense related to our securitized debt obligations.
(1)The book value of underlying collateral assets excludes any applicable CECL reserves. (2)In addition to cash coupon, all-in yield includes the amortization of deferred origination and extension fees, loan origination costs, purchase discounts, and accrual of exit fees. (3)The weighted-average all-in yield and cost are expressed as a spread over SOFR. All-in yield excludes loans accounted for under the cost-recovery and nonaccrual methods, if any. (4)Underlying collateral assets term represents the weighted-average final maturity of such loans, assuming all extension options are exercised by the borrower. Repayments of securitized debt obligations are tied to timing of the related collateral loan asset repayments. The term of these obligations represents the rated final distribution date of the securitizations. (5)During the year ended December 31, 2024, we recorded $157.0 million of interest expense related to our securitized debt obligations. ASSET-SPECIFIC DEBT, NET The following tables detail our asset-specific debt ($ in thousands):
(1)The book value of underlying collateral assets excludes any applicable CECL reserves. (2) which include SOFR and CORRA, as applicable. These floating rate loans and related liabilities are currency and index-matched to the applicable benchmark rate relevant in each arrangement. In addition to cash coupon, yield/cost includes the amortization of deferred origination fees and financing costs. (3)The weighted-average term is determined based on the maximum maturity of the corresponding loans, assuming all extension options are exercised by the borrower. Our non-recourse, asset-specific debt is term-matched in each case to the corresponding collateral loans. TERM LOANS, NET During the year ended December 31, 2025, we borrowed an additional (i) $1.0 billion under the B-6 Term Loan, (ii) $453.1 million under the B-7 Term Loan, and (iii) $700.0 million under the B-8 Term Loan. The proceeds from the B-6 Term Loan were used to repay $400.0 million in principal outstanding under the B-4 Term Loan and all $648.4 million in principal outstanding under the B-5 Term Loan. The proceeds from the B-7 Term Loan were used, among other things, to repay the remaining $403.1 million in principal outstanding under the B-4 Term Loan. The proceeds from the B-8 Term Loan were used, among other things, to repay all $309.3 million in principal outstanding under the B-1 Term Loan and to repay $350.0 million in principal outstanding under the B-6 Term Loan. Subsequent to December 31, 2025, we borrowed an additional $770.8 million under a B-9 Term Loan, the proceeds of which were used, among other things, to repay all $695.8 million in principal outstanding under the B-6 Term Loan. The B-9 Term Loan bears interest at SOFR + 2.50% and matures in December 2030. The following table details the net book value of each of our senior term loan facilities, or Term Loans, on our consolidated balance sheets ($ in thousands):
(1)The B-6 Term Loan and B-7 Term Loan borrowings are subject to a benchmark interest rate floor of 0.50%. The Term loans are indexed to one-month SOFR. (2)Includes issue discount and transaction expenses that are amortized through interest expense over the life of the applicable Term Loans. The Term Loans are partially amortizing, with an amount equal to 1.0% per annum of the aggregate initial principal balance due in quarterly installments. There was no repurchase activity or gain on debt extinguishment during the year ended December 31, 2025. During the year ended December 31, 2024, we repurchased an aggregate principal amount of $2.3 million of the B-1 Term Loan at a weighted-average price of 99%. This resulted in a gain on extinguishment of debt of $25,000 during the year ended December 31, 2024. The following table details our interest expense related to the Term Loans ($ in thousands):
The Term Loans contain the financial covenant that our indebtedness shall not exceed 83.33% of our total assets. As of December 31, 2025 and December 31, 2024, we were in compliance with this covenant. Refer to Note 2 for further discussion of our accounting policies for the Term Loans. SENIOR SECURED NOTES, NETThe following table details the net book value of our senior secured notes, or Senior Secured Notes, on our consolidated balance sheets ($ in thousands):
(1)Includes transaction expenses that are amortized through interest expense over the life of the Senior Secured Notes. (2)Represents the stated coupon rate of the notes. We have entered into an interest rate swap that effectively converts our fixed rate exposure to a SOFR + 3.95% floating rate exposure. (3)Represents the fair value of an interest rate swap that we entered into to convert the fixed rate exposure of the December 2024 Senior Secured Notes into floating rate. Refer to Note 14 for further discussion. The following table details our interest expense related to the Senior Secured Notes ($ in thousands):
There was no repurchase activity or gain on debt extinguishment during the year ended December 31, 2025. During the years ended December 31, 2024 and 2023, we repurchased an aggregate principal amount of $30.8 million and $33.9 million, respectively, of the October 2021 Senior Secured Notes at a weighted-average price of 88% and 85% of par, respectively. This resulted in a gain on extinguishment of debt of $3.3 million and $4.6 million during the years ended December 31, 2024 and 2023, respectively. The Senior Secured Notes contain the financial covenant that our indebtedness shall not exceed 83.33% of our total assets. As of December 31, 2025 and December 31, 2024, we were in compliance with this covenant. Under certain circumstances, we may, at our option, release all of the collateral securing our Senior Secured Notes, in which case we would also be required to maintain a total unencumbered assets to total unsecured indebtedness ratio of 1.20 or greater. This covenant is not currently in effect as the collateral securing our Senior Secured Notes has not been released. CONVERTIBLE NOTES, NET The following table details the net book value of our convertible senior notes, or Convertible Notes, on our consolidated balance sheets ($ in thousands):
(1)Includes issuance costs that are amortized through interest expense over the life of the Convertible Notes using the effective interest method. (2)Represents the price of class A common stock per share based on a conversion rate of 27.5702 for the Convertible Notes. The conversion rate represents the number of shares of class A common stock issuable per $1,000 principal amount of Convertible Notes. The cumulative dividend threshold has not been exceeded as of December 31, 2025. Other than as provided by the optional redemption provisions with respect to our Convertible Notes, we may not redeem the Convertible Notes prior to maturity. The Convertible Notes are convertible at the holders’ option into shares of our class A common stock, only under specific circumstances, prior to the close of business on December 14, 2026 at the applicable conversion rate in effect on the conversion date. Thereafter, the Convertible Notes are convertible at the option of the holder at any time until the second scheduled trading day immediately preceding the maturity date. The last reported sale price of our class A common stock of $19.13 on December 31, 2025, the last trading day in the year ended December 31, 2025, was less than the per share conversion price of the Convertible Notes. There was no repurchase activity during the years ended December 31, 2025 and 2023. During the year ended December 31, 2024, we repurchased an aggregate principal amount of $33.8 million of the Convertible Notes at a weighted-average price of 93% of par. This resulted in a gain on extinguishment of debt of $2.0 million during the year ended December 31, 2024, respectively. The following table details our interest expense related to the Convertible Notes ($ in thousands):
Accrued interest payable for the Convertible Notes was $4.3 million as of both December 31, 2025 and December 31, 2024. Refer to Note 2 for further discussion of our accounting policies for the Convertible Notes.
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