Secured Financings (Tables)

3 Months Ended

Mar. 31, 2026

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

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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 December 31, 2025, the 30-day SOFR and 30-day SONIA were 3.8% and 3.7% per annum, respectively.

(2)

Summary of Net Exposure with those Counterparties

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):


Counterparty	Debt Amount Outstanding		Net Counterparty Exposure		Weighted Average Life (Years)(1)
Citibank	$	509,106	$	144,330		3.2
Morgan Stanley		344,571		110,066		2.6
Wells Fargo Bank		364,695		97,593		4.6
Total	$	1,218,372	$	351,989

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(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 March 31, 2026 (dollars in thousands):


Year	Total(1)
2026 (remaining)	$	—
2027		—
2028		187,460
2029		666,217
2030		364,695
2031		—
Thereafter		—
Total	$	1,218,372

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(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.