Secured Borrowings (Tables)

6 Months Ended

Jun. 30, 2026

The table below presents certain characteristics of secured borrowings.


					Pledged Assets	Carrying Value at
Lenders (1)	Asset Class	Current Maturity (2)	Pricing (3)	Facility Size	Carrying Value	June 30, 2026	December 31, 2025
3	SBA loans	August 2026 to June 2027	SOFR + 2.50% Prime - 0.82%	$275,000	$213,778	$187,486	$307,522
1	LMM loans - USD	Matured (5)	SOFR + 1.75%	25,000	9,967	9,817	16,425
1	LMM loans - Non-USD (4)	Matured	EURIBOR + 3.00%	—	—	—	29,965
2	USDA loans	June 2027 - August 2028	SOFR + 2.75%	198,500	33,185	16,561	31,204
Total borrowings under credit facilities and other financing agreements				$498,500	$256,930	$213,864	$385,116
7	LMM loans	August 2026 - September 2028	SOFR + 2.55%	3,150,000	2,557,356	1,555,605	2,277,028
5	MBS	July 2026 - November 2026	5.35%	107,244	188,834	107,244	126,782
Total borrowings under repurchase agreements				$3,257,244	$2,746,190	$1,662,849	$2,403,810
Total secured borrowings				$3,755,744	$3,003,120	$1,876,713	$2,788,926

(1)Represents the total number of facility lenders.

(2)Current maturity does not reflect extension options available beyond original commitment terms.

(3)Asset class pricing is determined using an index rate plus a weighted average spread.

(4)Non-USD denominated credit facilities and repurchase agreements have been converted into USD for purposes of this disclosure.

(5)Agreement permits advance amounts to be repaid after the maturity date.

The table below presents the carrying value of collateral pledged with respect to secured borrowings outstanding.


	Pledged Assets Carrying Value
(in thousands)	June 30, 2026	December 31, 2025
Collateral pledged - borrowings under credit facilities and other financing agreements
Loans, held for sale	$28,687	$28,516
Loans, net	228,243	423,151
Total	$256,930	$451,667
Collateral pledged - borrowings under repurchase agreements
Loans, net	1,853,418	2,284,251
MBS	31,586	34,501
Retained interest in assets of consolidated VIEs	157,248	188,113
Loans, held for sale	216,900	506,883
Real estate acquired in settlement of loans	487,038	546,835
Total	$2,746,190	$3,560,583
Total collateral pledged on secured borrowings	$3,003,120	$4,012,250