Borrowings (Tables)

3 Months Ended

Mar. 31, 2026

The table below summarizes our borrowing arrangements as of March 31, 2026 and December 31, 2025. Our borrowing arrangements include our secured financing facilities and a revolving credit facility.


			March 31, 2026							December 31, 2025
$ in thousands	Current Maturity	Extension Options(1)	Weighted Average Interest Rate(2)	Maximum Facility Size		Available Capacity		Amount Outstanding		Fair Value		Amount Outstanding		Fair Value

Term Lending Agreements
INCREF Lending II	Match-term	Match-term	5.94%	$	300,000	$	144,603	$	155,397	$	155,397	$	155,027	$	155,033
INCREF Lending III	Match-term	Match-term	5.17%	72,840		4,840		68,000		68,000		$	68,000	$	68,000

Secured Lending Agreements
Repurchase Agreements
Morgan Stanley Bank(3)	Dec 2027	Dec 2028	5.33%	750,000		69,430		680,570		680,474		713,335		713,335
Citibank	Jul 2027	Jul 2029	5.07%	1,000,000		417,996		582,004		582,004		590,301		590,401
Barclays(3)	Apr 2027	Apr 2029	5.15%	500,000		77,106		422,894		422,894		328,897		328,897
Wells Fargo(3)	Mar 2028	Mar 2031	5.16%	1,200,000		629,095		570,905		570,892		340,663		340,664
Bank of Montreal(3)	Jul 2027	Jul 2030	5.00%	256,600		—		256,600		256,600		256,600		256,600
INCREF Repurchase I(3)	Feb 2027	Feb 2030	5.15%	250,000		74,964		175,036		175,066		$	129,589	$	129,646
INCREF Repurchase II	Feb 2029	Feb 2029	5.12%	250,000		116,992		133,008		133,008		N/A		N/A
Total secured financing facilities				$	4,579,440	$	1,535,026	$	3,044,414	$	3,044,335	$	2,582,412	$	2,582,576

Revolving Credit Facility(4)			6.57%	$	162,000	$	146,000	$	16,000	$	16,000	$	55,000	$	55,000

(1)Assumes all available extension options are exercised.

(2)Represents the weighted average interest rate in effect as of March 31, 2026.

(3)Certain extension options for these facilities are subject to lender approval and compliance with certain financial and administrative covenants.

(4)Maturity date is aligned with the Company’s ability to call remaining outstanding capital committed under the Invesco Subscription Agreement, as further explained below.

Schedule of Net Exposure With Counterparties Where Amount At Risk Exceeded 10.0% of Stockholders’ Equity

The following table summarizes our net exposure with those counterparties where the amount at risk exceeded 10.0% of equity as of March 31, 2026 and December 31, 2025.


$ in thousands	Outstanding Principal		Net Counterparty Exposure		Weighted Average Life (Years)(1)
March 31, 2026
Morgan Stanley Bank	$	680,570	$	176,662	2.68
Citibank	582,004		145,501		3.32
Bank of Montreal	411,997		107,449		3.94
Barclays	422,894		107,993		3.07
Wells Fargo	570,905		156,122		3.15
Total	$	2,668,370	$	693,727	3.17
December 31, 2025
Morgan Stanley Bank	$	713,335	$	186,066	2.92
Citibank	590,301		148,674		3.56
Bank of Montreal	411,627		107,463		4.18

Total	$	1,715,263	$	442,203	3.45

(1)Assumes all extension options are exercised for borrowing facilities that may be extended at our option, subject to compliance with certain financial and administrative covenants.

Schedule of Maturities of Long-Term Debt

The following table shows the aggregate amount of maturities of our outstanding borrowings over the next five years and thereafter as of March 31, 2026:


$ in thousands	Secured Lending Agreements(1)		Term Lending Agreements(1)		Revolving Credit Facility(1)		Total
Year
2026 (remaining)	$	—	$	—	$	16,000	$	16,000
2027	—		—		—		—
2028	680,570		—		—		680,570
2029	1,137,906		128,369		—		1,266,275
2030	431,636		95,028		—		526,664
2031	570,905		—		—		570,905
Thereafter	—		—		—		—
Total	$	2,821,017	$	223,397	$	16,000	$	3,060,414

(1)Assumes all extension options are exercised for borrowing facilities that may be extended at our option, subject to compliance with certain financial and administrative covenants.