Securitized Debt Obligations, Net

6 Months Ended

Jun. 30, 2026

SECURED DEBT, NET

Our secured debt represents borrowings under our secured credit facilities. During the six months ended June 30, 2026, we

closed $1.0 billion of new borrowings against $1.5 billion of collateral assets.

The following table details our secured debt ($ in thousands):


	Secured Debt Borrowings Outstanding
	June 30, 2026	December 31, 2025
Secured credit facilities	$8,717,351	$10,125,839
Deferred financing costs(1)	(8,407)	(8,547)
Net book value of secured debt	$8,708,944	$10,117,292

(1)Costs incurred in connection with our secured debt are recorded on our consolidated balance sheets when incurred

and recognized as a component of interest expense over the life of each related facility.

Secured Credit Facilities

Our secured credit facilities are bilateral agreements we use to finance diversified pools of senior loan collateral with

sufficient flexibility to accommodate our investment and asset management strategy. The facilities are generally structured

to provide currency, index, and term-matched financing without capital markets-based mark-to-market provisions. Our

credit facilities are diversified across 16 counterparties, primarily consisting of top global financial institutions to minimize

our counterparty risk exposure.

The following table details our secured credit facilities as of June 30, 2026 ($ in thousands):


								Recourse Limitation
Currency	Lenders(1)	Borrowings	Wtd. Avg. Maturity(2)	Wtd. Avg. All-in Cost(3)(4)(5)	Loan Count	Collateral(6)	Wtd. Avg. All-in Yield(3)(4)	Wtd. Avg.	Range
USD	14	$3,668,157	May 2028	+1.74%	78	$6,042,859	+2.76%	36%	25% - 100%
GBP	6	1,906,500	Mar 2029	+1.68%	14	2,647,180	+3.17%	25%	25%
EUR	6	1,618,548	Feb 2030	+1.64%	13	2,380,828	+2.99%	37%	15% - 100%
Others(7)	4	1,524,146	May 2029	+2.21%	6	1,910,983	+4.34%	25%	25%
Total	16	$8,717,351	Jan 2029	+1.79%	111	$12,981,850	+3.16%	32%	25% - 100%

(1)Represents the number of lenders with fundings advanced in each respective currency, as well as the total number of

facility lenders.

(2)Our secured debt agreements are generally term-matched to their underlying collateral. Therefore, the weighted-

average maturity is generally allocated based on the maximum maturity date of the collateral loans, assuming all

extension options are exercised by the borrower. In limited instances, the maturity date of the respective secured

credit facility is used.

(3)The spread, all-in cost, and all-in yield are expressed over the relevant floating benchmark rates, which include

SOFR, SONIA, EURIBOR, CORRA, and other indices as applicable.

(4)In addition to spread, the cost includes the associated deferred fees and expenses related to the respective

borrowings. In addition to cash coupon, all-in yield includes the amortization of deferred origination and extension

fees, loan origination costs, and purchase discounts, as well as the accrual of exit fees. All-in yield excludes loans

accounted for under the cost-recovery and nonaccrual methods, if any, and owned real estate assets.

(5)Represents the weighted-average all-in cost as of June 30, 2026 and is not necessarily indicative of the spread

applicable to recent or future borrowings.

(6)Represents the principal balance of the collateral loan assets and the carrying value of the collateral owned real

estate assets.

(7)Includes Australian Dollar, Canadian Dollar, and Swedish Krona currencies.

The availability of funding under our secured credit facilities is based on the amount of approved collateral, which

collateral is proposed by us in our discretion and approved by the respective counterparty in its discretion, resulting in a

mutually agreed collateral portfolio construction. Certain structural elements of our secured credit facilities, including the

limitation on recourse to us and facility economics, are influenced by the specific collateral portfolio construction of each

facility, and therefore vary within and among the facilities.

Our secured credit facilities generally permit us to increase or decrease the amount advanced against the pledged collateral

in our discretion within certain maximum/minimum amounts and frequency limitations. As of June 30, 2026, there was an

aggregate $807.5 million available to be drawn at our discretion under our credit facilities.

Financial Covenants

As of June 30, 2026, we are subject to the following financial covenants related to our secured debt and secured debt of our

unconsolidated entities: (i) our ratio of earnings before interest, taxes, depreciation, and amortization, or EBITDA, to fixed

charges, as defined in the agreements, shall be not less than 1.3 to 1.0; (ii) our tangible net worth, as defined in the

agreements, shall not be less than $2.8 billion as of each measurement date plus 75% to 85% of the net cash proceeds of

future equity issuances subsequent to June 30, 2026; (iii) cash liquidity shall not be less than the greater of (x) $10.0

million or (y) no more than 5% of our recourse indebtedness; and (iv) our indebtedness shall not exceed 83.33% of our

total assets. As of June 30, 2026 and December 31, 2025, we were in compliance with these covenants.

SECURITIZED DEBT OBLIGATIONS, NET

We have financed certain pools of our loans through CLOs and have also financed one of our loans through a securitization

vehicle, or the European Loan Securitization. The CLOs and the European Loan Securitization are consolidated in our

financial statements and have issued securitized debt obligations that are non-recourse to us. Refer to Note 19 for further

discussion of our CLOs and the European Loan Securitization. The following tables detail our securitized debt obligations

and the underlying collateral assets that are financed by our CLOs and the European Loan Securitization ($ in thousands):


	June 30, 2026
Securitized Debt Obligations		Count	Principal Balance	Book Value(1)	Wtd. Avg. Yield/Cost(2)	Term(3)
CLOs
2026 FL6 Collateralized Loan Obligation
Senior CLO Securities Outstanding		1	$880,000	$872,474	+ 1.84%	August 2043
Underlying Collateral Assets		19	998,448	998,448	+ 3.04%	September 2029
2025 FL5 Collateralized Loan Obligation
Senior CLO Securities Outstanding		1	831,250	823,296	+ 2.15%	October 2042
Underlying Collateral Assets		19	997,984	997,984	+ 3.44%	February 2029
2021 FL4 Collateralized Loan Obligation
Senior CLO Securities Outstanding		1	421,346	421,346	+ 1.83%	May 2038
Underlying Collateral Assets		13	551,661	551,661	+ 4.17%	July 2027
2020 FL2 Collateralized Loan Obligation
Senior CLO Securities Outstanding		1	428,673	428,673	+ 1.93%	February 2038
Underlying Collateral Assets		9	595,239	595,239	+ 3.04%	February 2027
Total CLOs
Senior CLO Securities Outstanding		4	$2,561,269	$2,545,789	+ 1.95%
Underlying Collateral Assets		60	3,143,332	3,143,332	+ 3.35%
European Loan Securitization
Financing Provided		1	$189,541	$187,175	+ 1.71%	July 2030
Underlying Collateral Assets(4)		1	244,367	241,995	+ 2.97%	July 2030
Total
Senior CLO Securities Outstanding / Financing Provided(5)		5	$2,750,810	$2,732,964	+ 1.93%
Underlying Collateral Assets		61	3,387,699	3,385,327	+ 3.35%

(1)The book value of underlying collateral assets excludes any applicable CECL reserves.

(2)In addition to cash coupon, all-in yield includes the amortization of deferred origination and extension fees, loan

origination costs, purchase discounts, and accrual of exit fees, while all-in cost includes the amortization of deferred

origination fees and financing costs. The weighted-average all-in yield and cost are expressed as a spread over the

relevant floating benchmark rates, which is SOFR for the CLOs and EURIBOR for the European Loan

Securitization. All-in yield excludes loans accounted for under the cost-recovery and nonaccrual methods, if any,

owned real estate assets, and cash from repayment proceeds held in certain of our CLOs that may be used to add

new eligible collateral assets.

(3)Underlying collateral assets term represents the weighted-average final maturity of such loans, assuming all

extension options are exercised by the borrower, and excludes owned real estate assets. Repayments of securitized

debt obligations are tied to timing of the related collateral loan asset repayments. The term of these obligations

represents the rated final distribution date of the securitizations.

(4)We financed our $55.8 million retained interests in the securitization under a repurchase agreement structured

without capital markets-based mark-to-market provisions. The amount of the financing is included in other liabilities

on our consolidated balance sheets.

(5)During the three and six months ended June 30, 2026, we recorded $40.1 million and $74.8 million, respectively, of

interest expense related to our securitized debt obligations.


	December 31, 2025
Securitized Debt Obligations		Count	Principal Balance	Book Value(1)	Wtd. Avg. Yield/Cost(2)(3)	Term(4)
CLOs
2025 FL5 Collateralized Loan Obligation
Senior CLO Securities Outstanding		1	$831,250	$822,243	+ 2.15%	October 2042
Underlying Collateral Assets		18	944,537	944,537	+ 3.49%	October 2028
2021 FL4 Collateralized Loan Obligation
Senior CLO Securities Outstanding		1	605,613	605,613	+ 1.45%	May 2038
Underlying Collateral Assets		16	736,360	736,360	+ 3.18%	February 2027
2020 FL2 Collateralized Loan Obligation
Senior CLO Securities Outstanding		1	519,967	519,967	+ 1.82%	February 2038
Underlying Collateral Assets		11	691,964	691,964	+ 2.84%	January 2027
Total CLOs
Senior CLO Securities Outstanding		3	$1,956,830	$1,947,823	+ 1.84%
Underlying Collateral Assets		45	2,372,861	2,372,861	+ 3.22%
European Loan Securitization
Financing Provided		1	$192,666	$191,896	+ 1.53%	July 2030
Underlying Collateral Assets(5)		1	249,160	246,421	+ 2.97%	July 2030
Total
Senior CLO Securities Outstanding / Financing Provided(6)		4	$2,149,496	$2,139,719	+ 1.82%
Underlying Collateral Assets		46	2,622,021	2,619,282	+ 3.22%

(1)The book value of underlying collateral assets excludes any applicable CECL reserves.

(2)In addition to cash coupon, all-in yield includes the amortization of deferred origination and extension fees, loan

origination costs, purchase discounts, and accrual of exit fees.

(3)The weighted-average all-in yield and cost are expressed as a spread over the relevant floating benchmark rates,

which is SOFR for the CLOs and EURIBOR for the European Loan Securitization. All-in yield excludes loans

accounted for under the cost-recovery and nonaccrual methods, if any, owned real estate assets, and cash from

repayment proceeds held in certain of our CLOs that may be used to add new eligible collateral assets.

(4)Underlying collateral assets term represents the weighted-average final maturity of such loans, assuming all

extension options are exercised by the borrower. Repayments of securitized debt obligations are tied to timing of the

related collateral loan asset repayments. The term of these obligations represents the rated final distribution date of

the securitizations.

(5)We financed our $55.8 million retained interests in the securitization under a repurchase agreement structured

without capital markets-based mark-to-market provisions. The amount of the financing is included in other liabilities

on our consolidated balance sheets.

(6)During the year ended December 31, 2025, we recorded $140.0 million of interest expense related to our securitized

debt obligations.

ASSET-SPECIFIC DEBT, NET

The following tables detail our asset-specific debt ($ in thousands):


	June 30, 2026
Asset-Specific Debt		Count	Principal Balance	Book Value(1)	Wtd. Avg. Yield/Cost(2)	Wtd. Avg. Term(3)
Financing provided		4	$972,635	$971,305	+ 2.73%	February 2030
Collateral assets		4	$1,209,740	$1,202,445	+ 4.10%	February 2030

	December 31, 2025
Asset-Specific Debt		Count	Principal Balance	Book Value(1)	Wtd. Avg. Yield/Cost(2)	Wtd. Avg. Term(3)
Financing provided		4	$999,810	$997,746	+ 2.66%	February 2030
Collateral assets		4	$1,243,500	$1,234,205	+ 4.02%	February 2030

(1)The book value of underlying collateral assets excludes any applicable CECL reserves.

(2)The weighted-average all-in yield and cost are expressed as a spread over the relevant floating benchmark rates,

which include SOFR and CORRA, as applicable. These floating rate loans and related liabilities are currency and

index-matched to the applicable benchmark rate relevant in each arrangement. In addition to cash coupon, yield/cost

includes the amortization of deferred origination fees and financing costs.

(3)The weighted-average term is determined based on the maximum maturity of the corresponding loans, assuming all

extension options are exercised by the borrower. Our non-recourse, asset-specific debt is term-matched in each case

to the corresponding collateral loans.

TERM LOANS, NET

During the six months ended June 30, 2026, we borrowed an additional $770.8 million under a B-9 Term Loan, the

proceeds of which were used, among other things, to repay all $695.8 million in principal outstanding under the B-6 Term

Loan.

The following table details the net book value of each of our senior term loan facilities, or Term Loans, on our consolidated

balance sheets ($ in thousands):


	Face Value
Term Loans	June 30, 2026	December 31, 2025	Interest Rate(1)	All-in Cost(1)(2)	Maturity
B-6 Term Loan	—	695,754	+ 3.00%	+ 3.61%	December 10, 2030
B-7 Term Loan	449,706	451,972	+ 2.50%	+ 3.11%	May 9, 2029
B-8 Term Loan	696,500	700,000	+ 2.50%	+ 2.95%	December 19, 2032
B-9 Term Loan	768,827	—	+ 2.50%	+ 2.95%	December 10, 2030
Total face value	$1,915,033	$1,847,726
Deferred financing costs and unamortized discounts	(36,471)	(39,726)
Net book value	$1,878,562	$1,808,000

(1)The B-7 Term Loan and B-9 Term Loan borrowings are subject to a benchmark interest rate floor of 0.50%. The

Term loans are indexed to one-month SOFR.

(2)Includes issue discount and transaction expenses that are amortized through interest expense over the life of the

applicable Term Loans.

The Term Loans are partially amortizing, with an amount equal to 1.0% per annum of the aggregate initial principal

balance due in quarterly installments.

The following table details our interest expense related to the Term Loans ($ in thousands):


	Three Months Ended June 30,		Six Months Ended June 30,
	2026	2025	2026	2025
Cash coupon	$29,825	$34,096	$59,506	$68,144
Discount and issuance cost amortization	2,023	1,886	4,472	4,068
Total interest expense	$31,848	$35,982	$63,978	$72,212

The Term Loans contain the financial covenant that our indebtedness shall not exceed 83.33% of our total assets. As of

June 30, 2026 and December 31, 2025, we were in compliance with this covenant. Refer to Note 2 for further discussion of

our accounting policies for the Term Loans.

SENIOR SECURED NOTES, NET

During the six months ended June 30, 2026, we issued an additional $450.0 million principal amount of senior secured

notes, or Senior Secured Notes, the proceeds of which were used, among other things, to repay existing secured debt.

The following table details the net book value of our Senior Secured Notes on our consolidated balance sheets ($ in

thousands):


	Face Value
Senior Secured Notes Issuance	June 30, 2026	December 31, 2025	Interest Rate	Swapped Rate(1)	All-in Cost(2)	Maturity
October 2021	$335,316	$335,316	3.75%	n/a	4.06%	January 15, 2027
December 2024	450,000	450,000	7.75%	+ 3.95%	8.14%	December 1, 2029
May 2026	450,000	—	6.25%	+ 2.50%	6.68%	June 1, 2031
Total face value	$1,235,316	$785,316
Deferred financing costs and unamortized discounts	(13,111)	(7,280)
Hedging adjustments(3)	(4,706)	6,840
Net book value	$1,217,499	$784,876

(1)For certain of the Senior Secured Notes, we have entered into interest rate swaps that effectively convert our fixed

rate exposure to floating rate exposure. The interest rate swaps are indexed to one-month SOFR. Refer to Note 13

for further discussion.

(2)Includes transaction expenses that are amortized through interest expense over the life of the Senior Secured Notes.

(3)Represents the aggregate fair value of interest rate swaps that we entered into to convert the fixed rate exposure of

both the December 2024 and May 2026 Senior Secured Notes into floating rate. Refer to Note 13 for further

discussion.

The following table details our interest expense related to the Senior Secured Notes ($ in thousands):


	Three Months Ended June 30,		Six Months Ended June 30,
	2026	2025	2026	2025
Cash coupon	$15,222	$11,862	$27,084	$23,725
Discount and issuance cost amortization	818	651	1,459	1,349
Total interest expense	$16,040	$12,513	$28,543	$25,074

The Senior Secured Notes contain the financial covenant that our indebtedness shall not exceed 83.33% of our total assets.

As of June 30, 2026 and December 31, 2025, we were in compliance with this covenant. Under certain circumstances, we

may, at our option, release all of the collateral securing our Senior Secured Notes, in which case we would also be required

to maintain a total unencumbered assets to total unsecured indebtedness ratio of 1.20 or greater. This covenant is not

currently in effect as the collateral securing our Senior Secured Notes has not been released.

CONVERTIBLE NOTES, NET

The following table details the net book value of our convertible senior notes, or Convertible Notes, on our consolidated

balance sheets ($ in thousands):


	Face Value
Convertible Notes	June 30, 2026	December 31, 2025	Interest Rate	All-in Cost(1)	Conversion Price(2)	Maturity
Face value	$266,157	$266,157	5.50%	5.79%	$36.27	March 15, 2027
Deferred financing costs and unamortized discount	(847)	(1,412)
Net book value	$265,310	$264,745

(1)Includes issuance costs that are amortized through interest expense over the life of the Convertible Notes using the

effective interest method.

(2)Represents the price of class A common stock per share based on a conversion rate of 27.5702 for the Convertible

Notes. The conversion rate represents the number of shares of class A common stock issuable per $1,000 principal

amount of Convertible Notes. The cumulative dividend threshold has not been exceeded as of June 30, 2026.

Other than as provided by the optional redemption provisions with respect to our Convertible Notes, we may not redeem

the Convertible Notes prior to maturity. The Convertible Notes are convertible at the holders’ option into shares of our

class A common stock, only under specific circumstances, prior to the close of business on December 14, 2026 at the

applicable conversion rate in effect on the conversion date. Thereafter, the Convertible Notes are convertible at the option

of the holder at any time until the second scheduled trading day immediately preceding the maturity date. The last reported

sale price of our class A common stock of $16.95 on June 30, 2026, the last trading day in the six months ended June 30,

2026, was less than the per share conversion price of the Convertible Notes.

The following table details our interest expense related to the Convertible Notes ($ in thousands):


	Three Months Ended June 30,		Six Months Ended June 30,
	2026	2025	2026	2025
Cash coupon	$3,660	$3,660	$7,319	$7,319
Discount and issuance cost amortization	282	282	565	565
Total interest expense	$3,942	$3,942	$7,884	$7,884

Accrued interest payable for the Convertible Notes was $4.3 million as of both June 30, 2026 and December 31, 2025.

Refer to Note 2 for further discussion of our accounting policies for the Convertible Notes.