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Secured Debt Arrangements, Net | 6 Months Ended
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Jun. 30, 2025
Debt Disclosure [Abstract] |
Senior Secured Notes, Net | Note 7 – Secured Debt Arrangements, Net We utilize secured debt arrangements to finance the origination activity in our loan portfolio. Our secured debt arrangements are comprised of secured credit facilities, a private securitization, and a revolving credit facility. During the six months ended June 30, 2025, we entered into two new secured credit facilities with Morgan Stanley and a new secured credit facility with Barclays which provided a combined $1.1 billion of additional capacity. Additionally, we upsized the Barclays Private Securitization by $276.6 million and our secured credit facility with JPMorgan by $500.0 million. Furthermore, we have repaid the full amount of borrowings outstanding on both the MUFG Securities and Churchill facilities. Our borrowings under secured debt arrangements as of June 30, 2025 and December 31, 2024 are detailed in the following table ($ in thousands):
|  | June 30, 2025 |  | December 31, 2024
|  | Maximum Amount of Borrowings(1) |  |  | Borrowings Outstanding(1) |  |  | Maturity (2) |  | Maximum Amount of Borrowings(1) |  |  | Borrowings Outstanding(1) |  |  | Maturity (2)
JPMorgan Facility - USD(3) |  | $ | 2,000,000 |  |  | $ | 1,771,528 |  |  | March 2030(4) |  | $ | 1,500,000 |  |  | $ | 1,033,504 |  |  | September 2026
Morgan Stanley Facility - GBP |  |  | 589,350 |  |  |  | 165,324 |  |  | April 2033 |  |  | — |  |  |  | — |  |  | N/A
Morgan Stanley Facility - USD |  |  | 450,000 |  |  |  | 266,694 |  |  | April 2031 |  |  | — |  |  |  | — |  |  | N/A
Atlas Facility - USD(5) |  |  | 800,000 |  |  |  | 530,518 |  |  | March 2027(6) |  |  | 800,000 |  |  |  | 462,886 |  |  | March 2027(6)
HSBC Facility - GBP |  |  | 414,158 |  |  |  | 414,158 |  |  | October 2025 |  |  | 377,483 |  |  |  | 377,483 |  |  | May 2025
HSBC Facility - EUR |  |  | 284,783 |  |  |  | 284,783 |  |  | November 2025(7) |  |  | 250,162 |  |  |  | 250,162 |  |  | January 2026(7)
Barclays Facility - USD |  |  | 500,000 |  |  |  | 321,546 |  |  | March 2027(8) |  |  | 500,000 |  |  |  | 321,546 |  |  | March 2027(8)
Barclays Facility - GBP |  |  | 126,925 |  |  |  | 126,925 |  |  | February 2029 |  |  | — |  |  |  | — |  |  | N/A
Goldman Sachs Facility - GBP |  |  | 490,237 |  |  |  | 438,039 |  |  | May 2029 |  |  | 458,804 |  |  |  | 373,706 |  |  | May 2029
Deutsche Bank Facility - USD(3)(9) |  |  | 200,000 |  |  |  | 27,300 |  |  | March 2028(9) |  |  | 700,000 |  |  |  | 123,434 |  |  | March 2026
Santander Facility - USD(10) |  |  | — |  |  |  | — |  |  | N/A |  |  | 300,000 |  |  |  | — |  |  | February 2026
MUFG Securities Facility - GBP(11) |  |  | — |  |  |  | — |  |  | N/A |  |  | 171,972 |  |  |  | 171,972 |  |  | November 2025(8)
Churchill Facility - USD(12) |  |  | — |  |  |  | — |  |  | N/A |  |  | 130,000 |  |  |  | 121,289 |  |  | April 2026
Total Secured Credit Facilities |  |  | 5,855,453 |  |  |  | 4,346,815 |  |  |  |  |  | 5,188,421 |  |  |  | 3,235,982 |  |  |
Barclays Private Securitization - GBP, EUR, SEK |  |  | 1,837,360 |  |  |  | 1,837,360 |  |  | September 2027(7) |  |  | 1,587,780 |  |  |  | 1,587,780 |  |  | May 2027(7)
Revolving Credit Facility - USD(13) |  |  | 160,000 |  |  |  | 37,500 |  |  | March 2026 |  |  | 160,000 |  |  |  | — |  |  | March 2026
Total Secured Debt Arrangements |  |  | 7,852,813 |  |  |  | 6,221,675 |  |  |  |  |  | 6,936,201 |  |  |  | 4,823,762 |  |  |
Less: deferred financing costs |  |  | N/A |  |  |  | (8,487 | ) |  |  |  |  | N/A |  |  |  | (8,789 | ) |  |
Total Secured Debt Arrangements, net(14)(15)(16) |  | $ | 7,852,813 |  |  | $ | 6,213,188 |  |  |  |  | $ | 6,936,201 |  |  | $ | 4,814,973 |  |  |
(1) As of June 30, 2025, British Pound Sterling ("GBP"), Euro ("EUR"), and Swedish Krona ("SEK") borrowings were converted to USD at a rate of 1.37, 1.18, and 0.11, respectively. As of December 31, 2024, GBP, EUR and SEK borrowings were converted to USD at a rate of 1.25, 1.04 and 0.09, respectively. (2) Maturity date assumes extensions at our option are exercised with consent of financing providers, where applicable. (3) The JPMorgan Facility and Deutsche Bank Facility enable us to elect to receive advances in USD, GBP, or EUR. (4) The JPMorgan Facility final maturity was extended to March 31, 2030 during the first quarter of 2025. (5) The Atlas Facility (as defined below) was formerly the Credit Suisse Facility. See "Atlas Facility" below for additional discussion. (6) The Atlas Facility was amended during March 2024 to convert the facility's maturity from a six month "evergreen" feature to a two-year initial term, with an additional one-year extension option. (7) Represents weighted-average maturity across various financings with the counterparty. See below for additional details. (8) Assumes financings are extended in line with the underlying loans. (9) Effective March 31, 2025, the capacity on the Deutsche Bank Facility was reduced to $200.0 million from $700.0 million and final maturit y was extended to March 31, 2028 during the first quarter 2025. (10) The Santander Facility was terminated during the first quarter of 2025. (11) The MUFG Facility was terminated during the second quarter of 2025. (12) The Churchill Facility was terminated during the second quarter of 2025. (13) Borrowings under the Revolving Credit Facility bear interest at a per annum rate equal to the sum of (i) a floating rate index and (ii) a fixed margin. Borrowings under the Revolving Credit Facility are full recourse to certain guarantor wholly-owned subsidiaries of the Company. See "Revolving Credit Facility" below for additional discussion. (14) Weighted-average borrowing costs as of June 30, 2025 and December 31, 2024 were applicable benchmark rates and credit spread adjustments, plus spreads of USD: +2.30% / GBP: +2.08% / EUR: +2.07% / SEK: +1.50% and USD: +2.47% / GBP: +2.43% / EUR: +2.11% / SEK: +1.50%, respectively. (15) Weighted-average advance rates based on cost as of June 30, 2025 and December 31, 2024 were 71.61% (67.7% (USD) / 76.8% (GBP) / 69.8% (EUR) / 80.1% (SEK)) and 68.6% (62.2% (USD) / 75.3% (GBP) / 70.8% (EUR) / 80.2% (SEK)), respectively. (16) As of June 30, 2025 and December 31, 2024, approximately 41% and 46%, respectively, of the outstanding balance under these secured borrowings were recourse to us. Terms of our secured credit facilities are designed to keep each lender's credit exposure generally constant as a percentage of the underlying value of the assets pledged as security to the facility. If the credit of the underlying collateral value decreases, the amount of leverage to us may be reduced. As of both June 30, 2025 and December 31, 2024, the weighted-average haircut under our secured debt arrangements was approximately 28.4%. Our secured credit facilities do not contain capital markets-based mark-to-market provisions. Revolving Credit Facility We are party to a revolving credit facility (the "Revolving Credit Facility") administered by Bank of America, N.A. The Revolving Credit Facility provides up to $160.0 million of borrowings secured by qualifying commercial mortgage loans and real property owned assets. The Revolving Credit Facility has a term of three years, maturing in March 2026 and enables us to borrow on qualifying commercial mortgage loans for up to two years and real property owned assets for up to six months. The Revolving Credit Facility is also subject to certain financial covenants, which are discussed below (see "Debt Covenants"). As of June 30, 2025 we had $37.5 million outstanding and as of December 31, 2024, we had no outstanding balance on the Revolving Credit Facility. During the three and six months ended June 30, 2025, we recorded $63.0 thousand and $143.0 thousand of unused fees, respectively. During the three and six months ended June 30, 2024, we recorded $77.1 thousand and $110.7 thousand of unused fees, respectively. During the both the three and six months ended June 30, 2025, we recorded $0.6 million of contractual interest expense. During the three and six months ended June 30, 2024, we recorded $0.4 million and $2.3 million of contractual interest expense. Barclays Private Securitization We are party to a private securitization with Barclays Bank plc ("Barclays") (such securitization, the "Barclays Private Securitization"). Commercial mortgage loans currently financed under the Barclays Securitization are denominated in GBP, EUR and SEK. The Barclays Private Securitization does not include daily margining provisions and grants us significant discretion to modify certain terms of the underlying collateral including waiving certain loan-level covenant breaches and deferring or waiving of debt service payments for up to 18 months. The securitization includes loan-to-value based covenants with deleveraging requirements that are based on significant declines in the value of the collateral as determined by an annual third-party (engaged by us) appraisal process tied to the provisions of the underlying loan agreements. We believe this provides us with both cushion and predictability to avoid sudden unexpected outcomes and material repayment requirements. The table below provides principal balances and the carrying value for commercial mortgage loans pledged to the Barclays Private Securitization as of June 30, 2025 and December 31, 2024 ($ in thousands):
|  | June 30, 2025 |
Local Currency |  | Count |  | Outstanding Principal |  |  | Carrying Value |
GBP |  | 6 |  | $ | 1,682,261 |  |  | $ | 1,667,499 |
EUR |  | 2 |  |  | 528,296 |  |  |  | 521,712 |
SEK |  | 1 |  |  | 262,186 |  |  |  | 261,440 |
Total |  | 9 |  | $ | 2,472,743 |  |  | $ | 2,450,651 |
|  | December 31, 2024 |
Local Currency |  | Count |  | Outstanding Principal |  |  | Carrying Value |
GBP |  | 5 |  | $ | 1,251,205 |  |  | $ | 1,236,691 |
EUR |  | 3 |  |  | 720,126 |  |  |  | 711,859 |
SEK |  | 1 |  |  | 223,992 |  |  |  | 222,727 |
Total |  | 9 |  | $ | 2,195,324 |  |  | $ | 2,171,277 |
The table below provides the borrowings outstanding (on an as converted basis) and weighted-average fully-extended maturities by currency for the assets financed under the Barclays Private Securitization as of June 30, 2025 ($ in thousands):
|  | Borrowings Outstanding(1) |  |  | Fully-Extended Maturity(2)
Total/Weighted-Average GBP |  | $ | 1,260,014 |  |  | November 2027
Total/Weighted-Average EUR |  |  | 367,598 |  |  | December 2027(3)
Total/Weighted-Average SEK |  |  | 209,748 |  |  | May 2026
Total/Weighted-Average Securitization |  | $ | 1,837,360 |  |  | September 2027
(1) As of June 30, 2025, we had £917.6 million, €311.9 million, and kr 2.0 billion of borrowings outstanding under the Barclays Private Securitization secured by certain of our commercial mortgage loans. (2) Assumes underlying loans extend to fully extended maturity and extensions at our option are exercised. (3) The EUR portion of the Barclays Private Securitization has an "evergreen" feature such that the facility continues for one year and can be terminated by either party on certain dates with, depending on the date of notice, a minimum of nine to twelve months' notice. The table below provides the borrowings outstanding (on an as converted basis) and weighted-average fully-extended maturities by currency for the assets financed under the Barclays Private Securitization as of December 31, 2024 ($ in thousands):
|  | Borrowings Outstanding(1) |  |  | Fully-Extended Maturity(2)
Total/Weighted-Average GBP |  | $ | 897,199 |  |  | April 2027
Total/Weighted-Average EUR |  |  | 511,387 |  |  | October 2027(3)
Total/Weighted-Average SEK |  |  | 179,194 |  |  | May 2026
Total/Weighted-Average Securitization |  | $ | 1,587,780 |  |  | May 2027
(1) As of December 31, 2024, we had £716.8 million, €493.9 million, and kr 2.0 billion of borrowings outstanding under the Barclays Private Securitization secured by certain of our commercial mortgage loans. (2) Assumes underlying loans extend to fully extended maturity and extensions at our option are exercised. (3) The EUR portion of the Barclays Private Securitization has an "evergreen" feature such that the facility continues for one year and can be terminated by either party on certain dates with, depending on the date of notice, a minimum of nine to twelve months' notice. The table below provides the assets and liabilities of the Barclays Private Securitization VIE included in our condensed consolidated balance sheet s ($ in thousands):
|  | June 30, 2025 |  |  | December 31, 2024 |
Assets: |  |  |  |  |  |
Cash |  | $ | 9,268 |  |  | $ | 150 |
Commercial mortgage loans, net(1) |  |  | 2,450,651 |  |  |  | 2,171,277 |
Other Assets(2) |  |  | 34,652 |  |  |  | 29,179 |
Total Assets |  | $ | 2,494,571 |  |  | $ | 2,200,606 |
Liabilities: |  |  |  |  |  |
Secured debt arrangements, net (net of deferred financing costs of $0.9 million and $1.1 million in 2025 and 2024, respectively) |  | $ | 1,836,475 |  |  | $ | 1,586,680 |
Accounts payable, accrued expenses and other liabilities(3)(4) |  |  | 11,392 |  |  |  | 10,519 |
Total Liabilities |  | $ | 1,847,867 |  |  | $ | 1,597,199 |
(1) Net of the General CECL Allowance of $11.1 million and $10.8 million as of June 30, 2025 and December 31, 2024, respectively. (2) Includes loan principal, interest, and other fees held by our third-party servicers as of the balance sheet date and remitted during subsequent remittance cycle. (3) Includes General CECL Allowance related to unfunded commitments on commercial mortgage loans, net of $0.8 million and $2.1 million as of June 30, 2025 and December 31, 2024, respectively. (4) Includes pending transfers from our third party loan servicers that were remitted to our secured credit facility counterparties during the subsequent remittance cycle. The table below provides the net income of the Barclays Private Securitization VIE included in our condensed consolidated statement of operations ($ in thousands):
|  | Three months ended June 30, |  |  | Six months ended June 30, |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Net interest income: |  |  |  |  |  |  |  |  |  |  |  |
Interest income from commercial mortgage loans |  | $ | 49,050 |  |  | $ | 63,596 |  |  | $ | 95,440 |  |  | $ | 128,119 |
Interest expense |  |  | (27,378 | ) |  |  | (36,019 | ) |  |  | (52,574 | ) |  |  | (72,102 | )
Net interest income |  | $ | 21,672 |  |  | $ | 27,577 |  |  | $ | 42,866 |  |  | $ | 56,017 |
General and administrative expense |  | $ | (163 | ) |  | $ | (2 | ) |  | $ | (163 | ) |  | $ | (2 | )
Decrease (increase) in current expected credit loss allowance, net |  |  | (293 | ) |  |  | (1,574 | ) |  |  | 1,053 |  |  |  | (4,139 | )
Foreign currency translation gain (loss) |  |  | 43,437 |  |  |  | (487 | ) |  |  | 69,070 |  |  |  | (13,410 | )
Net income |  | $ | 64,653 |  |  | $ | 25,514 |  |  | $ | 112,826 |  |  | $ | 38,466 |
At June 30, 2025, our borrowings had the following remaining maturities ($ in thousands):
|  | Less than 1 year |  |  | 1 to 3 years |  |  | 3 to 5 years |  |  | More than 5 years |  |  | Total |
JPMorgan Facility |  | $ | 543,926 |  |  | $ | 314,256 |  |  | $ | 913,346 |  |  | $ | — |  |  | $ | 1,771,528 |
Morgan Stanley Facility - GBP |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 165,324 |  |  |  | 165,324 |
Morgan Stanley Facility - USD |  |  | — |  |  |  | — |  |  |  | 266,694 |  |  |  | — |  |  |  | 266,694 |
Atlas Facility |  |  | 93,100 |  |  |  | 437,418 |  |  |  | — |  |  |  | — |  |  |  | 530,518 |
HSBC Facility |  |  | 698,940 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 698,940 |
Barclays Facility - USD |  |  | — |  |  |  | 321,546 |  |  |  | — |  |  |  | — |  |  |  | 321,546 |
Barclays Facility - GBP |  |  | — |  |  |  | — |  |  |  | 126,925 |  |  |  | — |  |  |  | 126,925 |
Goldman Sachs Facility - GBP |  |  | — |  |  |  | — |  |  |  | 438,039 |  |  |  | — |  |  |  | 438,039 |
Deutsche Bank Facility |  |  | 27,300 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 27,300 |
Barclays Private Securitization |  |  | 488,759 |  |  |  | 473,656 |  |  |  | 874,945 |  |  |  | — |  |  |  | 1,837,360 |
Revolving Credit Facility |  |  | 37,500 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 37,500 |
Total |  | $ | 1,889,525 |  |  | $ | 1,546,876 |  |  | $ | 2,619,949 |  |  | $ | 165,324 |  |  | $ | 6,221,674 |
The table above reflects the fully extended maturity date of the facility and assumes facilities with an "evergreen" feature continue to extend through the fully-extended maturity of the underlying asset and assumes underlying loans are extended with consent of financing providers. The table below summarizes the outstanding balances at June 30, 2025, as well as the maximum and average month-end balances for the six months ended June 30, 2025 for our borrowings under secured debt arrangements ($ in thousands).
|  | As of June 30, 2025 |  |  | For the six months ended June 30, 2025 |
|  | Balance |  |  | Collateral(1) |  |  | Maximum Month-End Balance |  |  | Average Month-End Balance |
JPMorgan Facility |  | $ | 1,771,528 |  |  |  | 2,454,825 |  |  |  | 1,771,527 |  |  | $ | 1,453,045 |
Morgan Stanley Facility - GBP |  |  | 165,324 |  |  |  | 202,479 |  |  |  | 126,925 |  |  |  | 124,842 |
Morgan Stanley Facility - USD |  |  | 266,694 |  |  |  | 353,086 |  |  |  | 266,694 |  |  |  | 266,694 |
Atlas Facility |  |  | 530,518 |  |  |  | 786,675 |  |  |  | 537,721 |  |  |  | 523,286 |
HSBC Facility |  |  | 698,941 |  |  |  | 937,038 |  |  |  | 698,940 |  |  |  | 659,969 |
Barclays Facility - USD |  |  | 321,546 |  |  |  | 424,583 |  |  |  | 321,546 |  |  |  | 321,546 |
Barclays Facility - GBP |  |  | 126,925 |  |  |  | 160,315 |  |  |  | 126,925 |  |  |  | 124,842 |
Goldman Sachs Facility - GBP |  |  | 438,039 |  |  |  | 566,956 |  |  |  | 438,039 |  |  |  | 407,718 |
Deutsche Bank Facility |  |  | 27,300 |  |  |  | 45,500 |  |  |  | 117,300 |  |  |  | 89,800 |
Barclays Private Securitization |  |  | 1,837,360 |  |  |  | 2,461,742 |  |  |  | 1,854,659 |  |  |  | 1,720,802 |
Revolving Credit Facility |  |  | 37,500 |  |  |  | 69,569 |  |  |  | 119,500 |  |  |  | 31,400 |
Total |  | $ | 6,221,675 |  |  | $ | 8,462,768 |  |  |  |  |  |  |
(1) Represents the amortized cost balance of commercial loan collateral assets and the value of net real estate assets of real property owned collateral assets. The table below summarizes the outstanding balances at December 31, 2024, as well as the maximum and average month-end balances for the year ended December 31, 2024 for our borrowings under secured debt arrangements ($ in thousands).
|  | As of December 31, 2024 |  |  | For the year ended December 31, 2024 |
|  | Balance |  |  | Collateral(1) |  |  | Maximum Month-End Balance |  |  | Average Month-End Balance |
JPMorgan Facility |  | $ | 1,033,504 |  |  | $ | 1,832,859 |  |  | $ | 1,063,261 |  |  | $ | 969,759 |
Deutsche Bank Facility |  |  | 123,434 |  |  |  | 199,217 |  |  |  | 278,703 |  |  |  | 201,020 |
Goldman Sachs Facility - USD |  |  | — |  |  |  | — |  |  |  | 11,620 |  |  |  | 2,903 |
Goldman Sachs Facility - GBP |  |  | 373,706 |  |  |  | 485,054 |  |  |  | 390,163 |  |  |  | 251,571 |
Atlas Facility |  |  | 462,886 |  |  |  | 702,927 |  |  |  | 758,201 |  |  |  | 640,453 |
HSBC Facility |  |  | 627,646 |  |  |  | 839,123 |  |  |  | 672,422 |  |  |  | 653,182 |
Barclays Facility |  |  | 321,546 |  |  |  | 420,774 |  |  |  | 353,153 |  |  |  | 242,792 |
MUFG Securities Facility |  |  | 171,972 |  |  |  | 209,493 |  |  |  | 211,057 |  |  |  | 197,420 |
Churchill Facility |  |  | 121,289 |  |  |  | 161,264 |  |  |  | 126,080 |  |  |  | 123,684 |
Santander Facility - USD |  |  | — |  |  |  | — |  |  |  | 67,500 |  |  |  | 56,250 |
Santander Facility - EUR |  |  | — |  |  |  | — |  |  |  | 54,677 |  |  |  | 22,684 |
Barclays Private Securitization |  |  | 1,587,779 |  |  |  | 2,182,088 |  |  |  | 2,249,538 |  |  |  | 2,041,421 |
Revolving Credit Facility |  |  | — |  |  |  | — |  |  |  | 150,000 |  |  |  | 38,796 |
Total |  | $ | 4,823,762 |  |  | $ | 7,032,800 |  |  |  |  |  |  |
(1) Represents the amortized cost balance of commercial loan collateral assets and the value of net real estate assets of real property owned collateral assets. Debt Covenants The guarantees related to our secured debt arrangements contain the following financial covenants: (i) tangible net worth must be greater than $1.25 billion plus 75% of the net cash proceeds of any equity issuance after March 31, 2017; (ii) our ratio of total indebtedness to total assets shall not exceed 83.33% (81.82% for the Revolving Credit Facility) and (iii) our liquidity cannot be less than an amount equal to the greater of 5.0% of total recourse indebtedness or $30.0 million. Under these covenants, our General CECL Allowance is added back to our tangible net worth calculation and total assets and total indebtedness are subject to certain adjustments. The Revolving Credit Facility contains an additional financial covenant to maintain a minimum interest coverage ratio of not less than 1.3:1. Effective as of June 30, 2025, we amended our financial covenants from a maximum ratio of total indebtedness to tangible net worth of 4.0:1.0 to a ratio of total indebtedness to total assets not to exceed 83.33% (81.82% for our Revolving Credit Facility). We were in compliance with our covenants for the periods ended June 30, 2025 (after giving effect to such amendment) and December 31, 2024. The impact of macroeconomic conditions on the commercial real estate markets and global capital markets, including increased interest rates, foreign currency fluctuations, changes to fiscal and monetary policy, slower economic growth or recession, labor shortages, and recent distress in the banking sector, may make it more difficult to meet or satisfy our debt covenants in the fu ture. Note 8 – Senior Secured Term Loans, Net In June 2025, we entered into a $750.0 million senior secured term loan facility (the "2030 Term Loan") to refinance and replace our previously outstanding 2026 Term Loan and 2028 Term Loans (each as defined and described below). The 2030 Term Loan matures in June 2030 and bears interest at a rate of SOFR plus 3.25%. The 2030 Term Loan was issued at a price of 99.3% and is amortizing with repayments of 0.25% per quarter of the total committed principal starting September 30, 2025. Inclusive of the discount and deferred financing costs, the total cost of the 2030 Term Loan was SOFR+3.92% as of June 30, 2025. The 2030 Term Loan contains restrictions relating to liens, asset sales, indebtedness, and investments in non-wholly owned entities. The refinancing was accounted for as a continuation of the existing loans in accordance with ASC Topic 470 "Debt". Prior to refinancing in June 2025, we held a $471.3 million senior secured term loan (the "2026 Term Loan") that bore interest at SOFR plus 2.86% and a $288.0 million senior secured term loan (the "2028 Term Loan", collectively with the 2026 Term Loan, the "2026 and 2028 Term Loans") that bore interest at SOFR (with a floor of 0.50%) plus 3.61%. The 2026 and 2028 Term Loans contained restrictions relating to liens, asset sales, indebtedness, and investments in non-wholly owned entities and were issued at a price of 99.5% and 99.0%, respectively. The following table summarizes the terms of the Term Loans as of June 30, 2025 ($ in thousands):
|  | Principal Amount |  |  | Unamortized Issuance Discount(1) |  |  | Deferred Financing Costs(1) |  |  | Carrying Value |  |  | Rate(2) |  | Maturity Date
2030 Term Loan |  | $ | 750,000 |  |  | $ | (7,037 | ) |  | $ | (13,547 | ) |  | $ | 729,416 |  |  | + 3.25% |  | 6/13/2030
Total |  | $ | 750,000 |  |  | $ | (7,037 | ) |  | $ | (13,547 | ) |  | $ | 729,416 |  |  |  |  |
(1) Unamortized issuance discount and deferred financing costs will be amortized to interest expense over remaining life of respective term loans. (2) Indexed to one-month SOFR The following table summarizes the terms of the Term Loans as of December 31, 2024 ($ in thousands):
|  | Principal Amount |  |  | Unamortized Issuance Discount(1) |  |  | Deferred Financing Costs(1) |  |  | Carrying Value |  |  | Rate(2) |  | Maturity Date
2026 Term Loan |  | $ | 472,500 |  |  | $ | (476 | ) |  | $ | (2,778 | ) |  | $ | 469,246 |  |  | + 2.86% |  | 5/15/2026
2028 Term Loan |  |  | 288,750 |  |  |  | (1,357 | ) |  |  | (2,429 | ) |  |  | 284,964 |  |  | + 3.61% |  | 3/11/2028
Total |  | $ | 761,250 |  |  | $ | (1,833 | ) |  | $ | (5,207 | ) |  | $ | 754,210 |  |  |  |  |
(1) Unamortized issuance discount and deferred financing costs will be amortized to interest expense over remaining life of respective term loans. (2) Indexed to one-month SOFR Covenants The 2030 Term Loan contains a financial covenant that our recourse indebtedness shall not exceed 83.3% of our total assets (subject to certain adjustments) effective September 30, 2025. The financial covenants of the 2026 and 2028 Term Loans included the requirement that we maintain: (i) a maximum ratio of total recourse debt to tangible net worth of 4:1; and (ii) a ratio of total unencumbered assets to total pari-passu indebtedness of at least 2.50:1. We were in compliance with the covenants under the 2026 and 2028 Term Loans at December 31, 2024.

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