Secured Borrowings

12 Months Ended

Dec. 31, 2023

Secured Borrowings

Secured borrowings

Note 10. Secured borrowings

The table below presents certain characteristics of secured borrowings.

						Pledged Assets		Carrying Value December 31,
Lenders (1)	Asset Class	Current Maturity (2)	Pricing (3)		Facility Size	Carrying Value		2023		2022
3	SBA loans	October 2024 - March 2025	SOFR + 2.82% Prime - 0.82%	$	250,000	$	160,360	$	117,115	$	160,903
1	LMM loans - USD	February 2025	SOFR + 1.35%		80,000		20,956		20,729		111,966
1	LMM loans - Non-USD (4)	June 2026	SONIA + 3.75%		127,318		31,196		12,079		61,596
Total borrowings under credit facilities and other financing agreements				$	457,318	$	212,512	$	149,923	$	334,465
9	LMM loans	March 2024 - November 2026	1 MT + 2.00% SOFR + 3.00%		4,295,500		2,670,899		1,677,885		1,905,358
1	LMM loans - Non-USD (4)	January 2025	EURIBOR + 3.00%		220,784		59,630		45,031		—
5	MBS	January 2024 - February 2024	7.15%		229,236		377,542		229,236		423,912
Total borrowings under repurchase agreements				$	4,745,520	$	3,108,071	$	1,952,152	$	2,329,270
Total secured borrowings				$	5,202,838	$	3,320,583	$	2,102,075	$	2,663,735
(1) Represents the total number of facility lenders.
(2) Current maturity does not reflect extension options available beyond original commitment terms.
(3) Asset class pricing is determined using an index rate plus a weighted average spread.
(4) Non-USD denominated credit facilities and repurchase agreements have been converted into USD for purposes of this disclosure.

In the table above, the agreements governing secured borrowings require maintenance of certain financial and debt covenants. As of December 31, 2023, certain financing counterparties covenants calculations were amended to exclude the PPPLF from certain covenant calculations. As of both December 31, 2023 and December 31, 2022 the Company was in compliance with all debt and financial covenants.

The table below presents the carrying value of collateral pledged with respect to secured borrowings outstanding.

	Pledged Assets Carrying Value
(in thousands)	December 31, 2023		December 31, 2022
Collateral pledged - borrowings under credit facilities and other financing agreements
Loans, held for sale	$	43,365	$	13,791
Loans, net		169,147		575,075
Total	$	212,512	$	588,866
Collateral pledged - borrowings under repurchase agreements
Loans, net		2,560,725		2,496,880
MBS		20,770		27,015
Retained interest in assets of consolidated VIEs		356,772		753,099
Loans, held for sale		—		60,551
Loans, held at fair value		9,349		3,974
Real estate acquired in settlement of loans		160,455		1,491
Total	$	3,108,071	$	3,343,010
Total collateral pledged on secured borrowings	$	3,320,583	$	3,931,876