The following table presents the value of the Company’s secured financings as of the period ended March 31, 2026 (dollars in thousands):


Description	Weighted Average Interest Rate(1)	Maximum Facility Size		Available Capacity		Debt Amount Outstanding		Carrying Value of Debt		Fair Value of Collateral		Current Maturity Date	Maximum Maturity Date(2)
Citibank Repurchase Agreement	5.17%	$	600,000	$	90,894	$	509,106	$	508,466	$	653,436	6/21/2026	6/21/2029
MS-International Repurchase Agreement(3)	5.54%		198,405		41,294		157,111		157,110		196,389	2/15/2029	2/15/2029
WF Repurchase Agreement	5.27%		500,000		135,305		364,695		364,310		462,288	11/14/2027	11/14/2030
MS US Repurchase Agreement	5.30%		250,000		62,540		187,460		187,391		258,248	7/25/2027	7/25/2028
Total		$	1,548,405	$	330,033	$	1,218,372	$	1,217,277	$	1,570,361

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(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 March 31, 2026, the 30-day SOFR and 30-day SONIA were 3.7% and 3.7% per annum, 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 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		Carrying Value of Debt		Fair Value of Collateral
Citibank Repurchase Agreement	5.64%	$	600,000	$	206,094	$	393,906	$	393,819	$	508,891
MS-International Repurchase Agreement(2)	6.06%		202,125		42,036		160,089		160,084		200,091
WF Repurchase Agreement	5.60%		500,000		164,978		335,022		334,557		425,902
MS US Repurchase Agreement	5.79%		250,000		60,540		189,460		189,343		257,247
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% per annum, respectively.

(2)

On June 21, 2024, the Company entered into an amended Master Repurchase Agreement (as amended and together with the related transaction documents, the “Citibank Repurchase Agreement”) with Citibank, N.A. (“Citibank”) to finance the acquisition and origination by the Company of eligible loans as more particularly described in the Citibank Repurchase Agreement. As a result of the amendment, the Citibank Repurchase Agreement provides for asset purchases of up to $600.0 million (reflecting an increase from the previous $250.0 million limit) by Citibank. In addition, the initial maturity date of the Citibank Facility was extended to June 21, 2026 (from December 14, 2025) and the commencement dates of each of the three one-year extension option periods were rescheduled to the respective anniversary dates of the initial maturity date. The extensions are subject to satisfaction of certain predefined conditions including compliance with certain financial and administrative covenants, as well as payment of applicable extension fees. Interest is paid monthly. Recourse to the Company is limited to 25% of the then outstanding obligations of the special purpose (indirect) subsidiaries that are wholly-owned by the Company that borrow funds under the Citibank Repurchase Agreement.

On April 23, 2024, the Company entered into a Master Repurchase and Securities Contract Agreement (together with the related transaction documents, the “MS-International Repurchase Agreement”), with Morgan Stanley Bank, N.A. (“Morgan Stanley”), to finance the acquisition and origination by the Company of eligible investment assets as more particularly described in the MS-International Repurchase Agreement. The borrowing facility is subject to one or more one-year extension options at the option of Morgan Stanley. The extensions are subject to satisfaction of certain predefined conditions including compliance with certain financial and administrative covenants. Interest is

paid quarterly. Recourse to the Company is limited to 25% of the then outstanding obligations of the special purpose (indirect) subsidiaries that are wholly-owned by the Company that borrow funds under the MS-International Repurchase Agreement.

On June 21, 2024, the Company entered into a Master Repurchase and Securities Contract Agreement (together with the related transaction documents, the “WF Repurchase Agreement”), with Wells Fargo Bank, N.A. (“Wells Fargo”), to finance the acquisition and origination by the Company of eligible investment assets as more particularly described in the WF Repurchase Agreement. On November 4, 2025, the Company amended the WF Repurchase Agreement to, among other things, increase the maximum amount available for asset purchases by Wells Fargo to up to $500.0 million (reflecting an increase from $250.0 million) and extend the initial maturity date to November 14, 2027 (from June 21, 2026). The borrowing facility has up to three one-year extension options, subject to satisfaction of certain predefined conditions including compliance with certain financial and administrative covenants, as well as payment of applicable extension fees. Interest is paid monthly. Recourse to the Company is limited to 25% of the then outstanding obligations of the special purpose (indirect) subsidiaries that are wholly-owned by the Company that borrow funds under the WF Repurchase Agreement.

On July 25, 2024, the Company entered into a Master Repurchase and Securities Contract Agreement (together with the related transaction documents, the “MS-US Repurchase Agreement”), with Morgan Stanley Mortgage Capital Holdings LLC (“MSMCH”), as administrative agent for Morgan Stanley, as a buyer, to finance the acquisition and origination by the Company of eligible investment assets as more particularly described in the MS-US Repurchase Agreement. The MS-US Repurchase Agreement provides for asset purchases by MSMCH on behalf of Morgan Stanley of up to $200.0 million, which was increased by amendment to $250.0 million in September 2025, as more particularly described therein (the “MS-US Facility”). The maturity date of the MS-US Facility is July 25, 2027, subject to a one (1) year extension at the Company’s option and, if such option is exercised, another one (1) year extension at the Company’s request subject to the consent of MSMCH, in each case, subject to satisfaction of certain customary conditions. Recourse to the Company is limited to 25% of the then outstanding obligations of the special purpose (indirect) subsidiaries that are wholly-owned by the Company that borrow funds under the MS-US Repurchase Agreement.

Each of the Citibank Repurchase Agreement, MS-International Repurchase Agreement, WF Repurchase Agreement and the MS-US Repurchase Agreement and the respective guaranty agreements contain representations, warranties, covenants, events of default and indemnities that are customary for agreements of their type. The Company was in compliance with all covenants as of March 31, 2026 and December 31, 2025, respectively.

The Company has pledged certain real estate loan investments as collateral for its secured financing facilities. If a secured financing counterparty were to default on its obligation to return the collateral, the Company would be exposed to potential losses to the extent the fair value of the collateral that the Company has pledged to the counterparty exceeded the amount loaned to us plus interest due to the counterparty. The following table summarizes the Company’s net exposure with those counterparties where the amount at risk exceeded 10.0% of shareholder’s equity as of March 31, 2026 (dollars in thousands):

Net counterparty exposure represents the excess of the fair value of collateral pledged over the related debt outstanding. Although such exposure may exceed shareholders’ equity, the Company’s recourse under these facilities is limited as described above.