| Notes Payable |
5. NOTES PAYABLE & REPURCHASE AGREEMENT The Company's outstanding debt obligations as of September 30, 2026 were as follows:
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Aggregate Principal Committed |
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Outstanding Principal |
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Unused Portion |
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Carrying Value |
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Fair Value(1) |
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Series I |
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Series II |
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Total |
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Series I |
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Series II |
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Total |
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Series I |
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Series II |
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Total |
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Series I |
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Series II |
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Total |
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Series I |
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Series II |
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Total |
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Promissory Notes |
$ |
971 |
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$ |
971 |
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$ |
1,942 |
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$ |
971 |
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$ |
971 |
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$ |
1,942 |
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$ |
- |
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$ |
- |
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$ |
- |
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$ |
971 |
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$ |
971 |
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$ |
1,942 |
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$ |
971 |
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$ |
971 |
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$ |
1,942 |
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ACMP Holdings, LLC Facility |
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23,862 |
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76,138 |
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100,000 |
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- |
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- |
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- |
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23,862 |
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76,138 |
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100,000 |
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- |
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- |
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- |
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- |
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- |
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- |
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Total |
$ |
24,833 |
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$ |
77,109 |
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$ |
101,942 |
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$ |
971 |
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$ |
971 |
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$ |
1,942 |
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$ |
23,862 |
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$ |
76,138 |
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$ |
100,000 |
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$ |
971 |
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$ |
971 |
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$ |
1,942 |
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$ |
971 |
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$ |
971 |
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$ |
1,942 |
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(1)The carrying amount outstanding under these debt obligations approximate their fair values as of September 30, 2026. The Company's outstanding debt obligations as of December 31, 2025 were as follows:
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Aggregate Principal Committed |
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Outstanding Principal |
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Unused Portion |
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Carrying Value |
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Fair Value(1) |
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Series I |
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Series II |
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Total |
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Series I |
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Series II |
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Total |
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Series I |
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Series II |
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Total |
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Series I |
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Series II |
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Total |
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Series I |
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Series II |
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Total |
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Promissory Notes |
$ |
971 |
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$ |
971 |
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$ |
1,942 |
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$ |
971 |
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$ |
971 |
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$ |
1,942 |
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$ |
- |
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$ |
- |
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$ |
- |
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$ |
971 |
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$ |
971 |
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$ |
1,942 |
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$ |
971 |
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$ |
971 |
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$ |
1,942 |
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ACMP Holdings, LLC Facility |
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23,862 |
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|
76,138 |
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|
100,000 |
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- |
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- |
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- |
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23,862 |
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76,138 |
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|
100,000 |
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- |
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- |
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- |
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- |
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- |
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- |
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REIT Funding Cumulative Preferred Shares |
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24 |
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100 |
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124 |
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24 |
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100 |
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124 |
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- |
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- |
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- |
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24 |
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100 |
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|
124 |
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24 |
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100 |
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124 |
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Total |
$ |
24,857 |
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$ |
77,209 |
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$ |
102,066 |
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$ |
995 |
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$ |
1,071 |
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$ |
2,066 |
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$ |
23,862 |
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$ |
76,138 |
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$ |
100,000 |
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$ |
995 |
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$ |
1,071 |
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$ |
2,066 |
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$ |
995 |
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$ |
1,071 |
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$ |
2,066 |
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(1) The carrying amount outstanding under these debt obligations approximate their fair values as of December 31, 2025. Promissory Notes The below table reflects the maturity and fair value of our Promissory Notes as of September 30, 2026.
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Fair Value |
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Legal Maturity |
Series I |
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Series II |
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Total |
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6/28/2054 |
$ |
536 |
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$ |
536 |
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$ |
1,072 |
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11/1/2054 |
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215 |
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215 |
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430 |
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10/30/2055 |
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220 |
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220 |
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|
440 |
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$ |
971 |
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$ |
971 |
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$ |
1,942 |
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The below table reflects the maturity and fair value of our Promissory Notes as of December 31, 2025.
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Fair Value |
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Legal Maturity |
Series I |
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Series II |
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Total |
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6/28/2054 |
$ |
536 |
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$ |
536 |
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$ |
1,072 |
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11/1/2054 |
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215 |
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215 |
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430 |
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10/30/2055 |
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220 |
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220 |
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|
440 |
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$ |
971 |
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$ |
971 |
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$ |
1,942 |
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The Promissory Notes are reported at amortized cost and are reflected within notes payable on the Company’s Consolidated Statements of Assets and Liabilities. The Promissory Notes pay interest on the principal balances at a rate of 12.4% per annum, payable semi-annually in arrears. However, the Company intends to repay the Promissory Notes prior to the legal maturity and is currently amortizing upfront costs associated with the Promissory Notes over a period of three years. Amortized amounts are included within general and administration expenses on the Company’s Consolidated Statements of Operations. Repurchase Agreement The below table reflects the characteristics of our Repurchase Agreement as of September 30, 2026.
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Aggregate Principal Committed |
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Outstanding Principal |
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Unused Portion |
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Carrying Value |
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|
Series I |
|
Series II |
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Total |
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Series I |
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Series II |
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Total |
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Series I |
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Series II |
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Total |
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Series I |
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Series II |
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Total |
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Counterparty |
Interest Rate |
Maturity Date |
Collateral Type |
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Repurchase Agreement |
Bank of America, N.A. |
SOFR+130 |
N/A |
Real Estate (Residential Mortgage Loans) |
$ |
67,837 |
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$ |
282,163 |
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$ |
350,000 |
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$ |
23,227 |
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$ |
125,276 |
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$ |
148,503 |
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$ |
44,610 |
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$ |
156,887 |
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$ |
201,497 |
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$ |
23,227 |
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$ |
125,276 |
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$ |
148,503 |
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Total |
$ |
67,837 |
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$ |
282,163 |
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$ |
350,000 |
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$ |
23,227 |
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$ |
125,276 |
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$ |
148,503 |
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$ |
44,610 |
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$ |
156,887 |
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$ |
201,497 |
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$ |
23,227 |
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$ |
125,276 |
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$ |
148,503 |
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The below table reflects the characteristics of our Repurchase Agreement as of December 31, 2025.
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Aggregate Principal Committed |
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Outstanding Principal |
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Unused Portion |
|
Carrying Value |
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|
|
Series I |
|
Series II |
|
Total |
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Series I |
|
Series II |
|
Total |
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Series I |
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Series II |
|
Total |
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Series I |
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Series II |
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Total |
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Counterparty |
Interest Rate |
Maturity Date |
Collateral Type |
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Repurchase Agreement |
Bank of America, N.A. |
SOFR+130 |
N/A |
Real Estate (Residential Mortgage Loans) |
$ |
67,837 |
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$ |
282,163 |
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$ |
350,000 |
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$ |
33,228 |
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$ |
138,210 |
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$ |
171,438 |
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$ |
34,609 |
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$ |
143,954 |
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$ |
178,562 |
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$ |
33,228 |
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$ |
138,210 |
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$ |
171,438 |
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Total |
$ |
67,837 |
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$ |
282,163 |
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$ |
350,000 |
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$ |
33,228 |
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$ |
138,210 |
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$ |
171,438 |
|
$ |
34,609 |
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$ |
143,954 |
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$ |
178,562 |
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$ |
33,228 |
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$ |
138,210 |
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$ |
171,438 |
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The maturity date for repurchase agreement, previously presented as 9/39/2026, is presented as “N/A” in the current period. The instrument does not have a stated maturity date and may be terminated only upon the occurrence of certain events as defined in the governing agreement ACMP Holdings, LLC Facility The ACMP Holdings, LLC Facility is an uncommitted revolving credit facility which is reported at amortized cost and reflected within notes payable on the Company's Consolidated Statements of Assets and Liabilities. This facility pays interest on the principal balance at SOFR + 300 bps payable on a monthly basis. The legal maturity date of this facility is February 22, 2027.
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