Asset-Specific Debt, Net

6 Months Ended

Jun. 30, 2025

SECURED DEBT, NET

Our secured debt represents borrowings under our secured credit facilities. During the six months ended June 30, 2025, we

closed $2.0 billion of new borrowings against $2.5 billion of collateral assets.

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


	Secured Debt Borrowings Outstanding
	June 30, 2025	December 31, 2024
Secured credit facilities	$10,693,596	$9,705,529
Deferred financing costs(1)	(10,276)	(9,195)
Net book value of secured debt	$10,683,320	$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 14 counterparties, primarily consisting of top global financial institutions to minimize

our counterparty risk exposure.

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


June 30, 2025
							Recourse Limitation
Currency	Lenders(1)	Borrowings	Wtd. Avg. Maturity(2)	Loan Count	Collateral(3)	Wtd. Avg. Maturity(4)	Wtd. Avg.	Range
USD	13	$4,451,693	February 2027	87	$7,205,566	March 2027	33%	25% - 100%
GBP	6	2,802,902	April 2028	17	3,659,704	May 2028	25%	25%
EUR	7	1,936,500	July 2027	11	2,716,669	July 2027	42%	25% - 100%
Others(5)	4	1,502,501	December 2028	7	1,878,126	December 2028	25%	25%
Total	14	$10,693,596	October 2027	122	$15,460,065	October 2027	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, Swedish Krona, and Swiss Franc 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 June 30, 2025 and December 31, 2024 ($ in

thousands):

Six Months Ended

June 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

$1,330,750

$4,676,347

+1.54%

$6,862,828

+3.06%

+1.52%

+ 1.51% to + 1.75%

462,809

2,541,857

+1.75%

3,303,560

+3.51%

+1.76%

+ 1.76% to + 2.00%

99,002

1,138,331

+2.09%

1,963,534

+3.28%

+1.19%

+ 2.01% or more

110,597

2,337,061

+2.59%

3,330,143

+4.23%

+1.64%

Total

$2,003,158

$10,693,596

+1.88%

$15,460,065

+3.44%

+1.56%

Year Ended

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 six months ended June 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 June 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 June 30, 2025, there was an

aggregate $697.9 million available to be drawn at our discretion under our credit facilities.

Financial Covenants

As of June 30, 2025, we are subject to the following financial covenants related to our secured debt: (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 1.25 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 June 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 June 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 collateralized loan obligations, or 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):


	June 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	$821,427	+ 2.15%	October 2042
Underlying Collateral Assets		19	997,805	997,805	+ 3.44%	July 2028
2021 FL4 Collateralized Loan Obligation
Senior CLO Securities Outstanding		1	621,149	621,149	+ 1.44%	May 2038
Underlying Collateral Assets		19	768,996	768,996	+ 2.86%	December 2026
2020 FL3 Collateralized Loan Obligation
Senior CLO Securities Outstanding		1	464,258	464,258	+ 2.50%	November 2037
Underlying Collateral Assets		12	624,917	624,917	+ 2.79%	February 2027
2020 FL2 Collateralized Loan Obligation
Senior CLO Securities Outstanding		1	586,177	586,177	+ 1.76%	February 2038
Underlying Collateral Assets		12	813,168	813,168	+ 2.72%	February 2027
Total
Senior CLO Securities Outstanding(5)		4	$2,502,834	$2,493,011	+ 1.95%
Underlying Collateral Assets		62	$3,204,886	$3,204,886	+ 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 six months ended June 30, 2025, we recorded $40.3 million and $67.9 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 six months ended June 30, 2024, we recorded $40.2 million and $81.7 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):


	June 30, 2025
Asset-Specific Debt		Count	Principal Balance	Book Value(1)	Wtd. Avg. Yield/Cost(2)	Wtd. Avg. Term(3)
Financing provided		2	$529,867	$528,224	+ 3.36%	September 2029
Collateral assets		2	$656,019	$650,846	+ 4.58%	September 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 three months ended June 30, 2025, we borrowed an additional $1.0 billion under the B-6 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 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	June 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	403,105	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	1,048,375	—	+ 3.00%	+ 3.55%	December 10, 2030
Total face value	$1,760,748	$1,764,437
Deferred financing costs and unamortized discounts	(34,304)	(32,364)
Net book value	$1,726,444	$1,732,073

(1)The B-4 Term Loan and the B-6 Term Loan borrowings are subject to a 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

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.

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


	Three Months Ended June 30,		Six Months Ended June 30,
	2025	2024	2025	2024
Cash coupon	$34,096	$44,242	$68,144	$88,666
Discount and issuance cost amortization	1,886	2,283	4,068	4,565
Total interest expense	$35,982	$46,525	$72,212	$93,231

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

June 30, 2025 and December 31, 2024, we were in compliance with this covenant. Refer to Note 2 for additional 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	June 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	(8,590)	(9,857)
Hedging adjustments(3)	7,340	(4,424)
Net book value	$784,066	$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 additional discussion.

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


	Three Months Ended June 30,		Six Months Ended June 30,
	2025	2024	2025	2024
Cash coupon	$11,862	$3,187	$23,725	$6,541
Discount and issuance cost amortization	651	254	1,349	521
Total interest expense	$12,513	$3,441	$25,074	$7,062

There was no repurchase activity or gain on debt extinguishment during the six months ended June 30, 2025. During the

six months ended June 30, 2024, we repurchased an aggregate principal amount of $26.2 million of the October 2021

Senior Secured Notes at a weighted-average price of 88% of par. This resulted in a gain on extinguishment of debt of

$3.0 million during the six months ended June 30, 2024.

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

As of June 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	June 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	(1,976)	(2,541)
Net book value	$264,181	$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 June 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 $19.25 on June 30, 2025, the last trading day in the six months ended June 30,

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

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


	Three Months Ended June 30,		Six Months Ended June 30,
	2025	2024	2025	2024
Cash coupon	$3,660	$4,125	$7,319	$8,250
Discount and issuance cost amortization	282	319	565	639
Total interest expense	$3,942	$4,444	$7,884	$8,889

Accrued interest payable for the Convertible Notes was $4.3 million as of both June 30, 2025 and December 31, 2024.

Refer to Note 2 for additional discussion of our accounting policies for the Convertible Notes.