v3.26.1
Debt Obligations, at Fair Value (Tables)
 6 Months Ended
Jun. 30, 2026
Debt Disclosure [Abstract]  
Summary of Debt Obligations by Facility

The following table presents debt obligations by facility as of June 30, 2026 ($ in thousands):

 

Description

 

Stated
Interest Rate(2)

 

Maximum
Facility
Size(3)

 

 

Available
Capacity(3)

 

 

Debt
Amount
Outstanding

 

 

Fair Value
of Debt

 

 

Fair
Value of
Collateral

 

 

Funding Period End Date

 

Maximum Maturity Date

Natixis Repurchase Agreement(1)

 

1M SOFR + 1.36%

 

$

500,000

 

 

$

266,404

 

 

$

233,596

 

 

$

233,596

 

$

292,651

 

 

6/24/2028

 

6/24/2030

Customers Bank Credit Agreement(1)

 

1M SOFR + 2.00%

 

 

360,000

 

 

 

48,803

 

 

 

311,197

 

 

 

311,197

 

 

 

398,350

 

 

7/30/2028

 

7/30/2030

CIBC Credit Agreement(1)

 

1M SOFR + 2.00%

 

 

100,000

 

 

 

34,554

 

 

 

65,446

 

 

 

65,446

 

 

 

88,300

 

 

10/28/2028

 

10/28/2030

Nomura Repurchase Agreement (1)

 

1M SOFR + 2.00%

 

 

250,000

 

 

 

234,000

 

 

 

16,000

 

 

 

16,000

 

 

 

20,000

 

 

6/4/2029

 

6/4/2030

ConnectOne Credit Facility (1)

 

1M SOFR + 3.00%

 

 

100,000

 

 

 

88,033

 

 

 

11,967

 

 

 

11,967

 

 

 

14,079

 

 

6/1/2029

 

6/1/2031

 

 

 

$

1,310,000

 

 

$

671,794

 

 

$

638,206

 

 

$

638,206

 

 

$

813,380

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Description

 

Stated
Interest Rate(2)

 

Maximum
Facility
Size(3)

 

 

Available
Capacity(3)

 

 

Debt
Amount
Outstanding

 

 

Fair Value
of Debt

 

 

Fair
Value of
Collateral

 

 

Current
Maturity
Date

 

Maximum
Maturity
Date

JPM Revolving Credit Facility

 

1M SOFR + 1.85%

 

$

42,075

 

 

$

16,770

 

 

$

25,305

 

 

$

25,305

 

N/A(4)

 

 

5/20/2027

 

5/20/2028

 

 

Total Debt Obligations

 

 

$

663,511

 

 

$

663,511

 

 

 

 

 

 

See notes below

The following table presents debt obligations by facility as of December 31, 2025 ($ in thousands):

 

Description

 

Stated
Interest Rate(2)

 

Maximum
Facility
Size(3)

 

 

Available
Capacity(3)

 

 

Debt
Amount
Outstanding

 

 

Fair Value
of Debt

 

 

Fair
Value of
Collateral

 

 

Funding Period End Date

 

Maturity Date

Natixis Repurchase Agreement(1)

 

1M SOFR + 1.40%

 

$

250,000

 

 

$

89,296

 

 

$

160,704

 

 

$

160,704

 

$

227,515

 

 

5/23/2027

 

5/23/2029

Customers Bank Credit Agreement(1)

 

1M SOFR + 2.00%

 

 

260,000

 

 

 

79,108

 

 

 

180,893

 

 

 

180,893

 

 

 

246,150

 

 

7/30/2028

 

7/30/2030

CIBC Credit Agreement(1)

 

1M SOFR + 2.00%

 

 

100,000

 

 

 

25,104

 

 

 

74,896

 

 

 

74,896

 

 

 

88,300

 

 

10/28/2028

 

10/28/2030

 

 

 

$

610,000

 

 

$

193,508

 

 

$

416,493

 

 

$

416,493

 

 

$

561,965

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Description

 

Stated
Interest Rate(2)

 

Maximum
Facility
Size(3)

 

 

Available
Capacity(3)

 

 

Debt
Amount
Outstanding

 

 

Fair Value
of Debt

 

 

Fair
Value of
Collateral

 

 

Current
Maturity
Date

 

Maximum
Maturity
Date

JPM Revolving Credit Facility

 

1M SOFR + 1.95%

 

 

42,075

 

 

 

15,355

 

 

 

26,720

 

 

 

26,720

 

N/A(4)

 

 

5/21/2026

 

5/21/2027

 

 

Total Debt Obligations

 

 

$

443,213

 

 

$

443,213

 

 

 

 

 

 

(1)
Debt obligations are secured by certain real estate loan investments originated in certain of the Company’s special-purpose financing subsidiaries. Certain commercial real estate loan investments have been assigned and pledged as collateral for these arrangements. As of June 30, 2026, the fair value of collateral represents the fair value of only the real estate loan investments which are pledged to secure the borrowings.
(2)
Represents the stated interest rate. Borrowings under the Company’s debt obligations carry interest at one-month Term SOFR plus a spread. On June 30, 2026 and December 31, 2025, one-month Term SOFR was 3.65% and 3.68%, respectively.
(3)
Represents maximum facility size under the initial agreement and remaining available capacity to borrow after taking into account outstanding indebtedness as of June 30, 2026 and December 31, 2025. Debt obligations may provide for increased borrowing capacity subject to the consent of the lender in its sole discretion.
(4)
The Company’s obligations under the JPM Credit Agreement (as defined below) are secured by outstanding capital commitments of the BlackRock Advisor. As of June 30, 2026 and December 31, 2025, the remaining outstanding capital commitment of the BlackRock Advisor was $46.8 million.
Schedule of Company's Net Exposure of Counterparties The following table presents the Company’s net exposure to those counterparties where the amount at risk exceeded 10% of shareholders’ equity as of June 30, 2026 and December 31, 2025 ($ in thousands):

 

June 30, 2026

 

Debt
Amount
Outstanding

 

 

 

Net Counterparty Exposure

 

 

Life Remaining (Years)

 

Natixis Repurchase Agreement

 

$

233,596

 

 

 

$

59,055

 

 

 

4.0

 

Total

 

$

233,596

 

 

 

 

$

59,055

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2025

 

Debt
Amount
Outstanding

 

 

 

Net Counterparty Exposure

 

 

Life Remaining (Years)

 

Natixis Repurchase Agreement

 

$

160,704

 

 

 

$

40,383

 

 

 

3.4

 

Total

 

$

160,704

 

 

 

$

40,383

 

 

 

 

 
Schedule of Aggregate Amount of Maturities of Outstanding Long-term Borrowings

The following table shows the aggregate amount of maturities of our outstanding long-term borrowings over the next five years and thereafter as of June 30, 2026 ($ in thousands):

 

Year

 

Debt Obligations(1)

 

2026

 

$

-

 

2027

 

 

-

 

2028

 

 

219,930

 

2029

 

 

365,831

 

2030

 

 

52,445

 

Thereafter

 

 

-

 

Total:

 

$

638,206

 

 

(1)
Assumes the earlier of (i) the fully-extended maturity of underlying real estate loan investments or (ii) the maturity of the respective debt facility.