Secured Financings, at Fair Value (Tables)

12 Months Ended

Dec. 31, 2025

Schedule of Secured Financings at Fair Value

The following table presents the value of the Company’s Secured financings, at fair value, as of the period ended December 31, 2025 (dollars in thousands):


Description	Weighted Average Interest Rate(1)	Maximum Facility Size		Available Capacity		Debt Amount Outstanding		Fair Value of Debt		Fair Value of Collateral		Current Maturity Date	Maximum Maturity Date(2)
Citibank Repurchase Agreement	5.64%	$	600,000	$	206,094	$	393,906	$	393,819	$	508,891	6/21/2026	6/21/2029
MS-International Repurchase Agreement(3)	6.06%		202,125		42,036		160,089		160,084		200,091	2/15/2029	2/15/2029
WF Repurchase Agreement	5.60%		500,000		164,978		335,022		334,557		425,902	11/14/2027	11/14/2030
MS US Repurchase Agreement	5.79%		250,000		60,540		189,460		189,343		257,247	7/25/2027	7/25/2028
Total		$	1,552,125	$	473,648	$	1,078,477	$	1,077,803	$	1,392,131

__________________

(1)

Represents the weighted average interest rate as of period end. With the exception of MS-International Repurchase Agreement, borrowings under the Company’s repurchase agreements carry interest at one-month Term SOFR plus a spread. Borrowings under MS-International Repurchase Agreement carry interest based on the SONIA plus a spread. On December 31, 2025, the 30-day SOFR and 30-day SONIA were 3.8% and 3.7%, respectively.

(2)

Borrowing facilities may have extension options, subject to lender approval and compliance with certain financial and administrative covenants.

(3)

The MS-International Repurchase Agreement provides for asset purchases by Morgan Stanley of up to £150.0 million. The values associated with this repurchase agreement in the table above have been converted from £ to USD using the prevailing spot exchange rate for the applicable reporting period.

The following table presents the value of the Company’s Secured financings, at fair value, as of the period ended December 31, 2024 (dollars in thousands):


Description	Weighted Average Interest Rate(1)	Maximum Facility Size		Available Capacity		Debt Amount Outstanding		Fair Value of Debt		Fair Value of Collateral
Citibank Repurchase Agreement	6.65%	$	600,000	$	399,500	$	200,500	$	200,228	$	257,099
MS-International Repurchase Agreement(3)	6.51%		187,740		37,548		150,192		149,913		186,328
WF Repurchase Agreement	6.21%		250,000		36,318		213,682		212,705		297,325
MS US Repurchase Agreement	6.30%		200,000		142,750		57,250		56,941		87,463
Total		$	1,237,740	$	616,116	$	621,624	$	619,787	$	828,215

__________________

(1)

Represents the weighted average interest rate as of period end. With the exception of MS-International Repurchase Agreement, borrowings under the Company’s repurchase agreements carry interest at one-month Term SOFR plus a spread. Borrowings under MS-International Repurchase Agreement carry interest based on the SONIA plus a spread. On December 31, 2024, the 30-day SOFR and 30-day SONIA were 4.5% and 4.7%, respectively.

(2)

Borrowing facilities may have extension options, subject to lender approval and compliance with certain financial and administrative covenants.

(3)

Summary of Net Exposure with those Counterparties

The following table summarizes our net exposure with those counterparties where the amount at risk exceeded 10.0% of shareholder’s equity as of December 31, 2025 (dollars in thousands):


Counterparty	Debt Amount Outstanding		Net Counterparty Exposure		Weighted Average Life (Years)(1)
Citibank	$	393,906	$	114,985		3.5
Morgan Stanley		349,549		107,789		2.8
Wells Fargo Bank		335,022		90,880		4.9
	$	1,078,477	$	313,654

__________________

(1)

Assumes all extension options are exercised that may be extended at the Company’s option, subject to compliance with certain financial and administrative covenants.

Schedule of Maturities of Debt Securities

The following table represents the future principal payments under the Company’s secured borrowings, at fair value, as of December 31, 2025 (dollars in thousands):


Year	Total(1)
2026	$	—
2027		—
2028		189,460
2029		553,995
2030		335,022
Thereafter		—
Total	$	1,078,477

__________________

(1)

Assumes all extension options are exercised that may be extended at the Company’s option, subject to compliance with certain financial and administrative covenants.