Secured Borrowings (Tables)

3 Months Ended

Mar. 31, 2026

The table below presents certain characteristics of secured borrowings.


					Pledged Assets	Carrying Value at
Lenders (1)	Asset Class	Current Maturity (2)	Pricing (3)	Facility Size	Carrying Value	March 31, 2026	December 31, 2025
3	SBA loans	April 2026 to June 2027	SOFR + 2.55% Prime - 0.82%	$335,000	$382,817	$301,025	$307,522
1	LMM loans - USD	May 2026	SOFR + 1.35%	40,000	8,490	8,277	16,425
1	LMM loans - Non-USD (4)	January 2027	EURIBOR + 3.00%	58,696	21,356	29,413	29,965
2	USDA loans	June 2027 - August 2028	SOFR + 2.75%	198,500	33,851	19,285	31,204
Total borrowings under credit facilities and other financing agreements				$632,196	$446,514	$358,000	$385,116
7	LMM loans	June 2026 - September 2028	SOFR + 2.56%	3,425,000	2,997,237	1,841,176	2,277,028
5	MBS	April 2026 - September 2026	5.38%	122,267	212,800	122,267	126,782
Total borrowings under repurchase agreements				$3,547,267	$3,210,037	$1,963,443	$2,403,810
Total secured borrowings				$4,179,463	$3,656,551	$2,321,443	$2,788,926

(1)Represents the total number of facility lenders.

(2)Current maturity does not reflect extension options available beyond original commitment terms.

(3)Asset class pricing is determined using an index rate plus a weighted average spread.

(4)Non-USD denominated credit facilities and repurchase agreements have been converted into USD for purposes of this disclosure.

The table below presents the carrying value of collateral pledged with respect to secured borrowings outstanding.


	Pledged Assets Carrying Value
(in thousands)	March 31, 2026	December 31, 2025
Collateral pledged - borrowings under credit facilities and other financing agreements
Loans, held for sale	$25,941	$28,516
Loans, net	420,573	423,151
Total	$446,514	$451,667
Collateral pledged - borrowings under repurchase agreements
Loans, net	2,208,675	2,284,251
MBS	31,648	34,501
Retained interest in assets of consolidated VIEs	181,151	188,113
Loans, held for sale	272,230	506,883
Real estate acquired in settlement of loans	516,333	546,835
Total	$3,210,037	$3,560,583
Total collateral pledged on secured borrowings	$3,656,551	$4,012,250