
	June 30, 2026				December 31, 2025
(In thousands)	Principal		Deferred Financing Cost		Amortized Cost		Principal		Deferred Financing Cost		Amortized Cost

Securitized financing facility	$	300,000	$	(8,234)	$	291,766	$	300,000	$	(1,196)	$	298,804

In May 2026, special-purpose subsidiaries of the OP (the "Co-Issuers") issued Series 2026-1 Secured Fund Fee

Revenue Notes, composed of: (i) $300 million aggregate principal amount of 6.326% Secured Fund Fee Revenue Notes, Series 2026-1, Class A-2 (the “Class A-2 Notes”); and (ii) up to $100 million Secured Fund Fee Revenue Variable Funding Notes, Series 2026-1, Class A-1 (the “VFN” and, together with the Class A-2 Notes, the “Series 2026-1 Notes”). The VFN allow the Co-Issuers to borrow on a revolving basis.

Proceeds from issuance of the Series 2026-1 Class A-2 Notes, net of payment of $8.5 million debt offering costs, were used to repay the $300 million outstanding principal plus the 3.933% accrued interest on the Series 2021-1 Secured Fund Fee Revenue Notes that had an anticipated repayment date ("ARD") in September 2026. There were no outstanding amounts drawn on the prior $100 million Series 2021-1 VFN.

The Series 2026-1 Notes were issued under the original Series 2021-1 Indenture dated July 2021, as amended in April 2022 and May 2026, that allows the Co-Issuers to issue additional series of notes in the future, subject to certain conditions. The broad terms governing the Series 2026-1 Notes, as described below, are substantially consistent with those of Series 2021-1.

The Series 2026-1 Notes represent obligations of the Co-Issuers and certain other special-purpose subsidiaries of DBRG, and neither DBRG, the OP nor any of DBRG's other subsidiaries are liable for the obligations of the Co-Issuers. The Series 2026-1 Notes are secured by net investment management fees earned by subsidiaries of the Company, as well as equity interests in certain portfolio companies and limited partnership interests in certain funds managed by affiliates of the Company, as collateral.

The following table summarizes certain key terms of the Series 2026-1 Notes:

($ in thousands)

Outstanding Principal

Interest Rate

(Per Annum)(1)

ARD(2)

Years Remaining to ARD(2)

Class A-2 Notes

300,000

6.326

June 2031

4.9

Variable Funding Notes

—

1-month Term SOFR + 2.6%

June 2031

(2) The final maturity date of the Class A-2 Notes is in March 2056. The ARD of the VFN reflects two one-year extensions exercisable at the option of the Co-Issuers.

If the Series 2026-1 Notes are not repaid or refinanced prior to their ARD, or such date is not extended for the VFN, the Series 2026-1 Notes will begin to amortize quarterly, and additional interest will accrue on outstanding balances at per annum rates of 5% for the VFN and a minimum of 5% or greater as prescribed in the Indenture for the Class A-2 Notes.

The Series 2026-1 Notes may be optionally prepaid, in whole or in part, prior to their ARD. There is no prepayment penalty, except that prepayment of the Class A-2 Notes prior to their quarterly payment date in June 2029 will be subject to additional consideration as set out in the Indenture.