v3.26.1
Debt Obligations, at Fair Value (Tables)
 3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
Summary of Debt Obligations by Facility

The following table presents debt obligations by facility as of March 31, 2026 ($ 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

 

 

Funding Period End Date

 

Maximum Maturity Date

Natixis Repurchase Agreement(1)

 

1M SOFR + 1.40%

 

$

250,000

 

 

$

47,696

 

 

$

202,304

 

 

$

202,304

 

$

253,371

 

 

5/23/2027

 

5/23/2029

Customers Bank Credit Agreement(1)

 

1M SOFR + 2.00%

 

 

360,000

 

 

 

62,123

 

 

 

297,878

 

 

 

297,878

 

 

 

374,850

 

 

7/30/2028

 

7/30/2030

CIBC Bank USA(1)

 

1M SOFR + 2.00%

 

 

100,000

 

 

 

25,104

 

 

 

74,896

 

 

 

74,896

 

 

 

88,300

 

 

10/28/2028

 

10/28/2030

 

 

 

$

710,000

 

 

$

134,923

 

 

$

575,078

 

 

$

575,078

 

 

$

716,521

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

JPM Revolving Credit Facility

 

1M SOFR + 1.95%

 

$

42,075

 

 

$

1,090

 

 

$

40,985

 

 

$

40,985

 

N/A(4)

 

 

5/21/2026

 

5/21/2027

 

 

Total Debt Obligations

 

 

$

616,063

 

 

$

616,063

 

 

 

 

 

 

See notes below

The following table presents debt obligations by facility as of December 31, 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

 

 

Funding Period End Date

 

Maximum Maturity Date

Natixis Repurchase Agreement(1)

 

1M SOFR + 1.40%

 

$

250,000

 

 

$

89,296

 

 

$

160,704

 

 

$

160,704

 

$

227,515

 

 

5/23/2027

 

5/23/2029

Customers Bank Credit Agreement(1)

 

1M SOFR + 2.00%

 

 

260,000

 

 

 

79,108

 

 

 

180,893

 

 

 

180,893

 

 

 

246,150

 

 

7/30/2028

 

7/30/2030

CIBC Bank USA(1)

 

1M SOFR + 2.00%

 

 

100,000

 

 

 

25,104

 

 

 

74,896

 

 

 

74,896

 

 

 

88,300

 

 

10/28/2028

 

10/28/2030

 

 

 

$

610,000

 

 

$

193,508

 

 

$

416,493

 

 

$

416,493

 

 

$

561,965

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

JPM Revolving Credit Facility

 

1M SOFR + 1.95%

 

 

42,075

 

 

 

15,355

 

 

 

26,720

 

 

 

26,720

 

N/A(4)

 

 

5/21/2026

 

5/21/2027

 

 

Total Debt Obligations

 

 

$

443,213

 

 

$

443,213

 

 

 

 

 

 

(1)
The Natixis Repurchase Agreement, Customers Bank Credit Agreement and CIBC Credit Agreement (each as defined below) are secured by certain real estate loan investments originated in BLKM I, BLKM III and BLKM IV (each as defined below), respectively, as of March 31, 2026 and December 31, 2025. As of March 31, 2026, the fair value of collateral represents the fair value of only the real estate loan investments which are pledged to secure the borrowings.
(2)
Represents the stated interest rate. Borrowings under the Company’s debt obligations carry interest at one-month Term SOFR plus a spread. On March 31, 2026 and December 31, 2025, one-month Term SOFR was 3.67% and 3.68%, respectively.
(3)
Represents maximum facility size under the initial agreement and remaining available capacity to borrow after taking into account outstanding indebtedness as of March 31, 2026 and December 31, 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 March 31, 2026 and December 31, 2025, the remaining outstanding capital commitment of the BlackRock Advisor was $46.8 million.
Schedule of Company's Net Exposure of Counterparties The following table presents the Company’s net exposure to those counterparties where the amount at risk exceeded 10% of shareholders’ equity as of March 31, 2026 and December 31, 2025 ($ in thousands):

 

March 31, 2026

 

Outstanding Principal

 

 

Net Counterparty Exposure

 

 

Life Remaining (Years)

 

Natixis Repurchase Agreement

 

$

202,304

 

 

$

51,067

 

 

 

3.1

 

Total

 

$

202,304

 

 

$

51,067

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2025

 

Outstanding Principal

 

 

Net Counterparty Exposure

 

 

Life Remaining (Years)

 

Natixis Repurchase Agreement

 

$

160,704

 

 

$

40,383

 

 

 

3.4

 

Total

 

$

160,704

 

 

$

40,383

 

 

 

 

 
Schedule of Aggregate Amount of Maturities of Outstanding Long-term Borrowings

The following table shows the aggregate amount of maturities of our outstanding long-term borrowings over the next five years and thereafter as of March 31, 2026 ($ in thousands):

 

Year

 

Debt Obligations(1)

 

2026

 

 

-

 

2027

 

 

-

 

2028

 

 

208,209

 

2029

 

 

314,424

 

2030

 

 

52,445

 

Thereafter

 

 

-

 

Total:

 

$

575,078

 

 

(1)
Assumes the earlier of (i) the fully-extended maturity of underlying real estate loan investments or (ii) the maturity of the respective debt facility.