Collateralized Loan Obligations (Tables)

6 Months Ended

Jun. 30, 2026

Schedule of Assets and Associated Liabilities Accounted for as Secured Borrowings

The table below summarizes our collateralized loan obligations as of June 30, 2026:


	Facility						Collateral
$ in thousands	Term	Weighted Average Interest Rate(1)	Amount Outstanding		Fair Value		Count	Principal Balance Outstanding		Fair Value

INCREF 2026-FL2	Dec 2043	5.27%	$	1,088,692	$	1,088,692	35	$	1,146,226	$	1,146,226
INCREF 2025-FL1	Oct 2042	5.67%	1,040,842		1,038,102		27	1,084,546		1,082,244
Total			$	2,129,534	$	2,126,794	62	$	2,230,772	$	2,228,470

(1)Represents the weighted average interest rate in effect as of June 30, 2026.

The table below summarizes our collateralized loan obligations as of December 31, 2025:


	Facility						Collateral
$ in thousands	Term	Weighted Average Interest Rate(1)	Amount Outstanding		Fair Value		Count	Principal Balance Outstanding		Fair Value

INCREF 2025-FL1	Oct 2042	5.71%	$	998,234	$	1,005,157	30	$	1,217,359	$	1,224,656
Total			$	998,234	$	1,005,157	30	$	1,217,359	$	1,224,656

(1)Represents the weighted average interest rate in effect as of December 31, 2025.

Schedule of Variable Interest Entities

The following table details the assets and liabilities of INCREF 2026-FL2:


$ in thousands	June 30, 2026
Assets:

Restricted cash	$	101,363
Commercial real estate loan investments, at fair value	1,146,226
Interest receivable	3,327

Total assets	$	1,250,916

Liabilities:
Collateralized loan obligations, at fair value	$	1,088,692
Interest payable	2,390
Total liabilities	$	1,091,082

The following table details the assets and liabilities of INCREF 2025-FL1:


$ in thousands	June 30, 2026		December 31, 2025
Assets:

Restricted cash	$	1,750	$	150
Commercial real estate loan investments, at fair value	1,082,244		1,224,656
Interest receivable	3,147		3,840
Other assets	131,888		—
Total assets	$	1,219,029	$	1,228,646

Liabilities:
Collateralized loan obligations, at fair value	$	1,038,102	$	1,005,157
Interest payable	1,969		2,057
Total liabilities	$	1,040,071	$	1,007,214

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

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