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Secured Debt, Net

9 Months Ended

Sep. 30, 2025

Debt Disclosure [Abstract]

Long-Term Debt

SECURED DEBT, NET

Our secured debt represents borrowings under our secured credit facilities. During the nine months ended September 30,

2025, we closed $2.2 billion of new borrowings against $2.9 billion of collateral assets.

The following table details our secured debt ($ in thousands):

	Secured Debt Borrowings Outstanding
	September 30, 2025		December 31, 2024
Secured credit facilities	$9,548,332		$9,705,529
Deferred financing costs(1)	(8,108)		(9,195)
Net book value of secured debt	$9,540,224		$9,696,334

(1)Costs incurred in connection with our secured debt are recorded on our consolidated balance sheets when incurred

and recognized as a component of interest expense over the life of each related facility.

Secured Credit Facilities

Our secured credit facilities are bilateral agreements we use to finance diversified pools of senior loan collateral with

sufficient flexibility to accommodate our investment and asset management strategy. The facilities are uniformly structured

to provide currency, index, and term-matched financing without capital markets based mark-to-market provisions. Our

credit facilities are diversified across 13 counterparties, primarily consisting of top global financial institutions to minimize

our counterparty risk exposure.

The following table details our secured credit facilities as of September 30, 2025 ($ in thousands):

September 30, 2025
																Recourse Limitation
Currency		Lenders(1)		Borrowings		Wtd. Avg. Maturity(2)			Loan Count		Collateral(3)		Wtd. Avg. Maturity(4)			Wtd. Avg.		Range
USD		12		$3,954,253		July 2027			81		$6,522,111		July 2027			32%		25% - 100%
GBP		6		2,265,827		August 2028			14		3,098,509		September 2028			25%		25%
EUR		7		1,835,792		September 2027			10		2,588,781		October 2027			42%		25% - 100%
Others(5)		4		1,492,460		January 2029			7		1,873,776		January 2029			25%		25%
Total		13		$9,548,332		January 2028			112		$14,083,177		January 2028			31%		25% - 100%

(1)Represents the number of lenders with fundings advanced in each respective currency, as well as the total number of

facility lenders.

(2)Our secured debt agreements are generally term-matched to their underlying collateral. Therefore, the weighted-

average maturity is generally allocated based on the maximum maturity date of the collateral loans, assuming all

extension options are exercised by the borrower. In limited instances, the maturity date of the respective secured

credit facility is used.

(3)Represents the principal balance of the collateral loan assets and the book value of the collateral REO assets.

(4)Maximum maturity assumes all extension options are exercised by the borrower, however our loans may be repaid

prior to such date.

(5)Includes Australian Dollar, Canadian Dollar, and Swedish Krona currencies.

The availability of funding under our secured credit facilities is based on the amount of approved collateral, which

collateral is proposed by us in our discretion and approved by the respective counterparty in its discretion, resulting in a

mutually agreed collateral portfolio construction. Certain structural elements of our secured credit facilities, including the

limitation on recourse to us and facility economics, are influenced by the specific collateral portfolio construction of each

facility, and therefore vary within and among the facilities.

The following tables detail the spread of our secured credit facilities as of September 30, 2025 and December 31, 2024 ($

in thousands):

Nine Months Ended September 30, 2025

September 30, 2025

Spread(1)

New Financings(2)

Total Borrowings

Wtd. Avg. All-in Cost(1)(3)(4)

Collateral(5)

Wtd. Avg. All-in Yield(1)(3)

Net Interest Margin(6)

+ 1.50% or less

$1,385,800

$4,547,118

+1.54%

$6,600,493

+2.99%

+1.45%

+ 1.51% to + 1.75%

555,478

2,564,711

+1.75%

3,375,095

+3.48%

+1.73%

+ 1.76% to + 2.00%

104,841

935,067

+2.10%

1,766,876

+3.28%

+1.18%

+ 2.01% or more

137,147

1,501,436

+2.63%

2,340,713

+4.24%

+1.61%

Total

$2,183,266

$9,548,332

+1.82%

$14,083,177

+3.35%

+1.53%

Year Ended December 31, 2024

December 31, 2024

Spread(1)

New Financings(2)

Total Borrowings

Wtd. Avg. All-in Cost(1)(3)(4)

Collateral(5)

Wtd. Avg. All-in Yield(1)(3)

Net Interest Margin(6)

+ 1.50% or less

$165,616

$3,976,192

+1.53%

$6,185,925

+3.18%

+1.65%

+ 1.51% to + 1.75%

74,118

2,238,376

+1.78%

3,140,937

+3.52%

+1.74%

+ 1.76% to + 2.00%

—

969,541

+2.09%

1,802,431

+3.67%

+1.58%

+ 2.01% or more

374,407

2,521,420

+2.61%

3,678,528

+4.31%

+1.70%

Total

$614,141

$9,705,529

+1.92%

$14,807,821

+3.58%

+1.66%

(1)The spread, all-in cost, and all-in yield are expressed over the relevant floating benchmark rates, which include

SOFR, SONIA, EURIBOR, CORRA, and other indices as applicable.

(2)Represents the amount of new borrowings we closed during the nine months ended September 30, 2025 and year

ended December 31, 2024, respectively.

(3)In addition to spread, the cost includes the associated deferred fees and expenses related to the respective

borrowings. In addition to cash coupon, all-in yield includes the amortization of deferred origination and extension

fees, loan origination costs, and purchase discounts, as well as the accrual of exit fees. All-in yield excludes loans

accounted for under the cost-recovery and nonaccrual methods, if any, and REO assets.

(4)Represents the weighted-average all-in cost as of September 30, 2025 and December 31, 2024, respectively, and is

not necessarily indicative of the spread applicable to recent or future borrowings.

(5)Represents the principal balance of the collateral loan assets and the book value of the collateral REO assets.

(6)Represents the difference between the weighted-average all-in yield and weighted-average all-in cost.

Our secured credit facilities generally permit us to increase or decrease the amount advanced against the pledged collateral

in our discretion within certain maximum/minimum amounts and frequency limitations. As of September 30, 2025, there

was an aggregate $844.1 million available to be drawn at our discretion under our credit facilities.

Financial Covenants

As of September 30, 2025, we are subject to the following financial covenants related to our secured debt and secured debt

of our unconsolidated entities: (i) our ratio of earnings before interest, taxes, depreciation, and amortization, or EBITDA, to

fixed charges, as defined in the agreements, shall be not less than 1.3 to 1.0; (ii) our tangible net worth, as defined in the

agreements, shall not be less than $3.6 billion as of each measurement date plus 75% to 85% of the net cash proceeds of

future equity issuances subsequent to September 30, 2025; (iii) cash liquidity shall not be less than the greater of (x) $10.0

million or (y) no more than 5% of our recourse indebtedness; and (iv) our indebtedness shall not exceed 83.33% of our

total assets. As of September 30, 2025 and December 31, 2024, we were in compliance with these covenants.

During 2024, the financial covenant under each applicable secured debt agreement related to the ratio of our EBITDA to

fixed charges, as noted above, was amended so that the ratio shall be not less than 1.25 to 1.0 with respect to each of the

four fiscal quarters beginning with the quarter ended September 30, 2024, and shall be not less than 1.3 to 1.0 thereafter.

SECURITIZED DEBT OBLIGATIONS, NET

We have financed certain pools of our loans through CLOs. The CLOs are consolidated in our financial statements and

have issued securitized debt obligations that are non-recourse to us. Refer to Note 20 for further discussion of our CLOs.

The following tables detail our securitized debt obligations and the underlying collateral assets that are financed by our

CLOs ($ in thousands):

	September 30, 2025
Securitized Debt Obligations		Count		Principal Balance		Book Value(1)		Wtd. Avg. Yield/Cost(2)(3)		Term(4)
2025 FL5 Collateralized Loan Obligation
Senior CLO Securities Outstanding		1		$831,250		$821,900		+ 2.15%		October 2042
Underlying Collateral Assets		17		898,950		898,950		+ 3.50%		September 2028
2021 FL4 Collateralized Loan Obligation
Senior CLO Securities Outstanding		1		609,741		609,741		+ 1.45%		May 2038
Underlying Collateral Assets		18		759,956		759,956		+ 2.66%		March 2027
2020 FL3 Collateralized Loan Obligation
Senior CLO Securities Outstanding		1		457,129		457,129		+ 2.51%		November 2037
Underlying Collateral Assets		12		625,580		625,580		+ 2.78%		February 2027
2020 FL2 Collateralized Loan Obligation
Senior CLO Securities Outstanding		1		581,297		581,297		+ 1.76%		February 2038
Underlying Collateral Assets		12		813,742		813,742		+ 2.71%		March 2027
Total
Senior CLO Securities Outstanding(5)		4		$2,479,417		$2,470,067		+ 1.95%
Underlying Collateral Assets		59		$3,098,228		$3,098,228		+ 3.15%

(1)The book value of underlying collateral assets excludes any applicable CECL reserves.

(2)In addition to cash coupon, all-in yield includes the amortization of deferred origination and extension fees, loan

origination costs, purchase discounts, and accrual of exit fees.

(3)The weighted-average all-in yield and cost are expressed as a spread over SOFR. All-in yield excludes loans

accounted for under the cost-recovery and nonaccrual methods, if any, and REO assets.

(4)Underlying Collateral Assets term represents the weighted-average final maturity of such loans, assuming all

extension options are exercised by the borrower, and excludes REO assets. Repayments of securitized debt

obligations are tied to timing of the related collateral loan asset repayments. The term of these obligations represents

the rated final distribution date of the securitizations.

(5)During the three and nine months ended September 30, 2025, we recorded $40.0 million and $107.8 million,

respectively, of interest expense related to our securitized debt obligations.

	December 31, 2024
Securitized Debt Obligations		Count		Principal Balance		Book Value(1)		Wtd. Avg. Yield/Cost(2)(3)		Term(4)
2021 FL4 Collateralized Loan Obligation
Senior CLO Securities Outstanding		1		$785,453		$785,442		+ 1.39%		May 2038
Underlying Collateral Assets		22		952,764		952,764		+ 2.95%		August 2026
2020 FL3 Collateralized Loan Obligation
Senior CLO Securities Outstanding		1		552,664		552,663		+ 1.92%		November 2037
Underlying Collateral Assets		12		743,914		743,914		+ 2.92%		June 2026
2020 FL2 Collateralized Loan Obligation
Senior CLO Securities Outstanding		1		598,850		598,851		+ 1.50%		February 2038
Underlying Collateral Assets		12		855,725		855,725		+ 2.79%		August 2026
Total
Senior CLO Securities Outstanding(5)		3		$1,936,967		$1,936,956		+ 1.57%
Underlying Collateral Assets		46		$2,552,403		$2,552,403		+ 2.98%

(1)The book value of underlying collateral assets excludes any applicable CECL reserves.

(2)In addition to cash coupon, all-in yield includes the amortization of deferred origination and extension fees, loan

origination costs, purchase discounts, and accrual of exit fees.

(3)The weighted-average all-in yield and cost are expressed as a spread over SOFR. All-in yield excludes loans

accounted for under the cost-recovery and nonaccrual methods, if any.

(4)Underlying Collateral Assets term represents the weighted-average final maturity of such loans, assuming all

extension options are exercised by the borrower. Repayments of securitized debt obligations are tied to timing of the

related collateral loan asset repayments. The term of these obligations represents the rated final distribution date of

the securitizations.

(5)During the three and nine months ended September 30, 2024, we recorded $40.6 million and $123.9 million,

respectively, of interest expense related to our securitized debt obligations.

ASSET-SPECIFIC DEBT, NET

The following table details our asset-specific debt ($ in thousands):

	September 30, 2025
Asset-Specific Debt		Count		Principal Balance		Book Value(1)		Wtd. Avg. Yield/Cost(2)		Wtd. Avg. Term(3)
Financing provided		3		$629,890		$627,916		+ 3.18%		October 2029
Collateral assets		3		$781,189		$775,248		+ 4.52%		October 2029
	December 31, 2024
Asset-Specific Debt		Count		Principal Balance		Book Value(1)		Wtd. Avg. Yield/Cost(2)		Wtd. Avg. Term(3)
Financing provided		2		$1,228,110		$1,224,841		+ 3.20%		June 2026
Collateral assets		2		$1,467,185		$1,459,864		+ 4.03%		June 2026

(1)The book value of underlying collateral assets excludes any applicable CECL reserves.

(2)The weighted-average all-in yield and cost are expressed as a spread over the relevant floating benchmark rates,

which include SOFR and CORRA, as applicable. These floating rate loans and related liabilities are currency and

index-matched to the applicable benchmark rate relevant in each arrangement. In addition to cash coupon, yield/cost

includes the amortization of deferred origination fees and financing costs.

(3)The weighted-average term is determined based on the maximum maturity of the corresponding loans, assuming all

extension options are exercised by the borrower. Our non-recourse, asset-specific debt is term-matched in each case

to the corresponding collateral loans.

TERM LOANS, NET

During the nine months ended September 30, 2025, we borrowed an additional $1.0 billion under the B-6 Term Loan and

$453.1 million under the B-7 Term Loan. The B-6 Term Loan bears interest at SOFR plus 3.00% and matures in December

2030. The proceeds from the B-6 Term Loan were used to repay $400.0 million of the outstanding B-4 Term Loan and all

$648.4 million in principal outstanding under the B-5 Term Loan. The B-7 Term Loan bears interest at SOFR plus 2.50%

and matures in May 2029. The proceeds from the B-7 Term Loan were used, among other things, to repay all

$403.1 million in principal outstanding under the B-4 Term Loan.

The following table details the net book value of each of our senior term loan facilities, or Term Loans, on our consolidated

balance sheets ($ in thousands):

		Face Value
Term Loans		September 30, 2025		December 31, 2024		Interest Rate(1)		All-in Cost(1)(2)		Maturity
B-1 Term Loan		$309,268		$309,268		+ 2.36%		+ 2.53%		April 23, 2026
B-4 Term Loan		—		805,169		+ 3.50%		+ 3.99%		May 9, 2029
B-5 Term Loan		—		650,000		+ 3.75%		+ 4.27%		December 10, 2028
B-6 Term Loan		1,045,754		—		+ 3.00%		+ 3.55%		December 10, 2030
B-7 Term Loan		453,105		—		+ 2.50%		+ 3.05%		May 9, 2029
Total face value		$1,808,127		$1,764,437
Deferred financing costs and unamortized discounts		(33,214)		(32,364)
Net book value		$1,774,913		$1,732,073

(1)The B-6 Term Loan and the B-7 Term Loan borrowings are subject to a benchmark interest rate floor of 0.50%. The

Term Loans are indexed to one-month SOFR.

(2)Includes issue discount and transaction expenses that are amortized through interest expense over the life of the

applicable Term Loans.

The Term Loans are partially amortizing, with an amount equal to 1.0% per annum of the aggregate initial principal

balance due in quarterly installments. There was no repurchase activity or gain on debt extinguishment during the nine

months ended September 30, 2025. During the three and nine months ended September 30, 2024, we repurchased an

aggregate principal amount of $2.3 million of the B-1 Term Loan at a weighted-average price of 99% of par. This resulted

in a gain on extinguishment of debt of $25,000 during the three and nine months ended September 30, 2024.

The following table details our interest expense related to the Term Loans ($ in thousands):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Cash coupon	$32,898		$44,242		$101,041		$132,906
Discount and issuance cost amortization	2,266		2,283		8,381		6,848
Total interest expense	$35,164		$46,525		$109,422		$139,754

The Term Loans contain the financial covenant that our indebtedness shall not exceed 83.33% of our total assets. As of

September 30, 2025 and December 31, 2024, we were in compliance with this covenant. Refer to Note 2 for further

discussion of our accounting policies for the Term Loans.

SENIOR SECURED NOTES, NET

The following table details the net book value of our senior secured notes, or Senior Secured Notes, on our consolidated

balance sheets ($ in thousands):

		Face Value
Senior Secured Notes Issuance		September 30, 2025		December 31, 2024		Interest Rate		All-in Cost(1)		Maturity
October 2021		$335,316		$335,316		3.75%		4.06%		January 15, 2027
December 2024		450,000		450,000		7.75%	(2)	8.14%		December 1, 2029
Total face value		$785,316		$785,316
Deferred financing costs and unamortized discounts		(7,935)		(9,857)
Hedging adjustments(3)		7,834		(4,424)
Net book value		$785,215		$771,035

(1)Includes transaction expenses that are amortized through interest expense over the life of the Senior Secured Notes.

(2)Represents the stated coupon rate of the notes. We have entered into an interest rate swap that effectively converts

our fixed rate exposure to a SOFR + 3.95% floating rate exposure.

(3)Represents the fair value of an interest rate swap that we entered into to convert the fixed rate exposure of the

December 2024 Senior Secured Notes into floating rate. Refer to Note 14 for further discussion.

The following table details our interest expense related to the Senior Secured Notes ($ in thousands):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Cash coupon	$11,862		$3,160		$35,587		$9,701
Discount and issuance cost amortization	654		254		2,003		775
Total interest expense	$12,516		$3,414		$37,590		$10,476

There was no repurchase activity or gain on debt extinguishment during the nine months ended September 30, 2025.

During the three and nine months ended September 30, 2024, we repurchased an aggregate principal amount of

$4.6 million and $30.8 million, respectively, of the October 2021 Senior Secured Notes at a weighted-average price of 92%

and 88% of par, respectively. This resulted in a gain on extinguishment of debt of $330,000 and $3.3 million during the

three and nine months ended September 30, 2024.

The Senior Secured Notes contain the financial covenant that our indebtedness shall not exceed 83.33% of our total assets.

As of September 30, 2025 and December 31, 2024, we were in compliance with this covenant. Under certain

circumstances, we may, at our option, release all of the collateral securing our Senior Secured Notes, in which case we

would also be required to maintain a total unencumbered assets to total unsecured indebtedness ratio of 1.20 or greater.

This covenant is not currently in effect as the collateral securing our Senior Secured Notes has not been released.

CONVERTIBLE NOTES, NET

The following table details the net book value of our convertible senior notes, or Convertible Notes, on our consolidated

balance sheets ($ in thousands):

		Face Value
Convertible Notes		September 30, 2025		December 31, 2024		Interest Rate		All-in Cost(1)		Conversion Price(2)		Maturity
Face value		$266,157		$266,157		5.50%		5.79%		$36.27		March 15, 2027
Deferred financing costs and unamortized discount		(1,694)		(2,541)
Net book value		$264,463		$263,616

(1)Includes issuance costs that are amortized through interest expense over the life of the Convertible Notes using the

effective interest method.

(2)Represents the price of class A common stock per share based on a conversion rate of 27.5702 for the Convertible

Notes. The conversion rate represents the number of shares of class A common stock issuable per $1,000 principal

amount of Convertible Notes. The cumulative dividend threshold has not been exceeded as of September 30, 2025.

Other than as provided by the optional redemption provisions with respect to our Convertible Notes, we may not redeem

the Convertible Notes prior to maturity. The Convertible Notes are convertible at the holders’ option into shares of our

class A common stock, only under specific circumstances, prior to the close of business on December 14, 2026 at the

applicable conversion rate in effect on the conversion date. Thereafter, the Convertible Notes are convertible at the option

of the holder at any time until the second scheduled trading day immediately preceding the maturity date. The last reported

sale price of our class A common stock of $18.41 on September 30, 2025, the last trading day in the nine months ended

September 30, 2025, was less than the per share conversion price of the Convertible Notes.

There was no repurchase activity during the nine months ended September 30, 2025. During the three and nine months

ended September 30, 2024, we repurchased an aggregate principal amount of $33.8 million of the Convertible Notes at a

weighted-average price of 93% of par. This resulted in a gain on extinguishment of debt of $2.0 million during the three

and nine months ended September 30, 2024, respectively.

The following table details our interest expense related to the Convertible Notes ($ in thousands):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Cash coupon	$3,660		$3,874		$10,979		$12,124
Discount and issuance cost amortization	282		305		847		944
Total interest expense	$3,942		$4,179		$11,826		$13,068

Accrued interest payable for the Convertible Notes was $649,000 and $4.3 million as of September 30, 2025 and

December 31, 2024, respectively. Refer to Note 2 for further discussion of our accounting policies for the Convertible

Notes.

X

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X

- Definition

The entire disclosure for long-term debt.

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-Topic 470
-Name Accounting Standards Codification
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