DEBT OBLIGATIONS, NET (Tables)

6 Months Ended

Jun. 30, 2026

The details of the Company’s debt obligations at June 30, 2026 and December 31, 2025 are as follows ($ in thousands):

June 30, 2026


Debt Obligations	Committed Amount		Outstanding Principal Amount		Carrying Value(1)		Average Cost of Funds(2)	Current Maturity	Final Stated Maturity(3)	Carrying Value of Collateral (5)
Unsecured Revolving Credit Facility	$	1,250,000	$	202,000	$	202,000	4.87%	12/20/2028	12/20/2029	N/A
Senior Unsecured Notes	N/A		2,222,993		2,207,255		5.29%	2027-2031	2027-2031	N/A
Term Loan Facility	275,000		275,000		275,000		5.00%	2/20/2029	2/20/2030	N/A
Total Unsecured Debt	$	1,525,000	$	2,699,993	$	2,684,255				N/A

Loan Repurchase Facility	$	220,000	$	57,628	$	57,628	5.06%	9/27/2028	9/27/2030	$	71,422
Loan Repurchase Facility	300,000		—		—		—%	10/21/2026	10/21/2026	—
Loan Repurchase Facility	50,000		49,600		49,600		5.08%	4/30/2028	4/30/2031	61,472


Securities Repurchases	—		825,936		825,936		4.13%	Jul. 2026	Jul. 2026	913,716


Mortgage Debt	N/A		386,017		387,485		5.88%	2026-2034(4)	2027-2048	556,587

Total Debt Obligations, net	$	2,095,000	$	4,019,174	$	4,004,904				$	1,603,197

(1)Carrying Value excludes $8.9 million, $2.2 million and $1.9 million of unamortized deferred financing costs included in Other Assets related to the Revolving Credit Facilities, Term Loan Facility and Loan Repurchase facilities, respectively.

(2)Interest rates on floating rate debt reflect the applicable index in effect as of June 30, 2026. Excludes deferred financing costs.

(3)Final Stated Maturity assumes extensions at our option are exercised with consent of financing providers, where applicable.

(4)Current maturity of Mortgage Debt based on Anticipated Repayment Dates, if applicable.

(5)Collateral for Mortgage Debt represents the undepreciated value.

December 31, 2025


Debt Obligations	Committed Amount		Outstanding Principal Amount		Carrying Value(1)		Average Cost of Funds(2)	Current Maturity	Final Stated Maturity(3)	Carrying Value of Collateral (5)
Senior Unsecured Notes	N/A		$	2,233,409	$	2,215,195	5.29%	2027-2031	2027-2031	N/A
Unsecured Revolving Credit Facility	850,000		280,000		280,000		4.91%	12/20/2028	12/20/2029	N/A

Total Unsecured Debt	$	850,000	$	2,513,409	$	2,495,195				N/A

Loan Repurchase Facility	$	300,000	$	—	$	—	—%	9/27/2028	9/27/2030	$	—
Loan Repurchase Facility	300,000		—		—		—%	10/21/2026	10/21/2026	—
Loan Repurchase Facility	56,000		—		—		—%	4/30/2026	4/30/2029	—


Securities Repurchases	—		627,012		627,012		4.29%	Jan. 2026	Jan. 2026	707,218


Mortgage Debt	N/A		386,543		388,195		5.88%	2026-2034(4)	2027-2048	555,086

Total Debt Obligations, net	$	1,506,000	$	3,526,964	$	3,510,402				$	1,262,304

(1)Carrying Value excludes $7.1 million and $3.1 million of unamortized deferred financing costs included in Other Assets related to the Revolving Credit Facilities and Loan Repurchase facilities, respectively.

(2)Interest rates on floating rate debt reflect the applicable index in effect as of December 31, 2025. Excludes deferred financing costs.

(3)Final Stated Maturity assumes extensions at our option are exercised with consent of financing providers, where applicable.

(4)Current maturity of Mortgage Debt based on Anticipated Repayment Dates, if applicable.

(5)Collateral for Mortgage Debt represents the undepreciated value.

Schedule of Contractual Payments Under All Borrowings by Maturity

The following schedule reflects the Company’s contractual payments under borrowings by maturity ($ in thousands):


Period ending December 31,	Borrowings by Maturity(1)
2026 (last six months)	$	841,613
2027	705,165
2028	24,517
2029	871,694
2030	933,546
Thereafter	642,640
Subtotal	4,019,175
Debt issuance costs included in senior unsecured notes	(15,738)




Debt issuance costs included in mortgage loan financings	(1,286)
Net premiums included in mortgage loan financings (2)	2,753
Total	$	4,004,904

(1)The allocation of repayments under the Company’s committed loan repurchase facilities is based on the earlier of: (i) the final stated maturity date of each agreement; or (ii) the maximum maturity date of the collateral loans, assuming all extension options are exercised by the borrower. Repayments of the Company's mortgage debt are based on the anticipated repayment dates as defined in the mortgage loan agreements.

(2)Represents sales proceeds received in excess of loan amounts sold into securitizations that are amortized as a reduction to interest expense using the effective interest method over the life of the underlying loan.