v3.26.1
Borrowings (Tables)
 6 Months Ended
Jun. 30, 2026
Debt Disclosure [Abstract]  
Schedule of Debt
The table below summarizes our borrowing arrangements as of June 30, 2026 and December 31, 2025. Our borrowing arrangements include our secured financing facilities and a revolving credit facility.
June 30, 2026December 31, 2025
$ in thousandsCurrent Maturity
Extension Options(1)
Weighted Average Interest Rate(2)
Maximum Facility SizeAvailable CapacityAmount OutstandingFair ValueAmount OutstandingFair Value
Term Lending Agreements
INCREF Lending IIMatch-termMatch-term5.94%$300,000 $144,319 $155,681 $155,681 $155,027 $155,033 
INCREF Lending IIIMatch-termMatch-term5.17%72,840 4,840 68,000 68,000 $68,000 $68,000 
Secured Lending Agreements
Repurchase Agreements
Morgan Stanley Bank(3)
Dec 2027Dec 20285.17%750,000 375,822 374,178 374,184 713,335 713,335 
CitibankJun 2028Jun 20305.07%1,300,000 604,347 695,653 695,678 590,301 590,401 
Barclays(3)
Apr 2027Apr 20295.11%500,000 153,732 346,268 346,040 328,897 328,897 
Wells Fargo(3)
Mar 2028Mar 20314.84%1,200,000 459,660 740,340 740,352 340,663 340,664 
Bank of Montreal(3)
Jul 2027Jul 20304.93%256,600 32,600 224,000 224,000 256,600 256,600 
INCREF Repurchase I(3)
Feb 2027Feb 20304.94%250,000 163,542 86,458 86,459 129,589 129,646 
INCREF Repurchase IIFeb 2029Feb 20295.05%250,000 132,992 117,008 117,061 N/AN/A
Total secured financing facilities$4,879,440 $2,071,854 $2,807,586 $2,807,455 $2,582,412 $2,582,576 
Revolving Credit Facility(4)
May 2028May 20296.90%$100,000 $— $100,000 $100,000 $55,000 $55,000 
(1)Assumes all available extension options are exercised.
(2)Represents the weighted average interest rate in effect as of June 30, 2026.
(3)Certain extension options for these facilities are subject to lender approval and compliance with certain financial and administrative covenants.
(4)A new revolving credit facility was entered into on May 7, 2026, resulting in the termination of the prior credit facility.
Schedule of Net Exposure With Counterparties Where Amount At Risk Exceeded 10.0% of Stockholders’ Equity The following table summarizes our net exposure with those counterparties where the amount at risk exceeded 10.0% of equity as of June 30, 2026 and December 31, 2025.
$ in thousandsOutstanding PrincipalNet Counterparty Exposure
Weighted Average Life (Years)(1)
June 30, 2026
Wells Fargo$740,340 $196,267 2.90
Citibank695,653 175,145 3.07
Total$1,435,993 $371,412 2.98
December 31, 2025
Morgan Stanley Bank$713,335 $186,066 2.92
Citibank590,301 148,674 3.56
Bank of Montreal411,627 107,463 4.18
Total$1,715,263 $442,203 3.45
(1)Assumes all extension options are exercised for borrowing facilities that may be extended at our option, subject to compliance with certain financial and administrative covenants.
Schedule of Maturities of Long-Term Debt
The following table shows the aggregate amount of maturities of our outstanding borrowings over the next five years and thereafter as of June 30, 2026:
$ in thousands
Secured Lending Agreements(1)
Term Lending Agreements(1)
Revolving Credit Facility(1)
Total
Year
2026 (remaining)$— $— $— $— 
2027— — — — 
2028374,178 — — 374,178 
2029463,276 128,442 100,000 691,718 
20301,006,111 95,239 — 1,101,350 
2031740,340 — — 740,340 
Thereafter— — — — 
Total$2,583,905 $223,681 $100,000 $2,907,586 
(1)Assumes all extension options are exercised for borrowing facilities that may be extended at our option, subject to compliance with certain financial and administrative covenants.