Secured borrowings

3 Months Ended

Mar. 31, 2024

Secured borrowings

Secured borrowings

Note 10. Secured borrowings

The table below presents certain characteristics of secured borrowings.

						Pledged Assets		Carrying Value at
Lenders (1)	Asset Class	Current Maturity (2)	Pricing (3)		Facility Size	Carrying Value		March 31, 2024		December 31, 2023
3	SBA loans	October 2024 - March 2025	SOFR + 2.82% Prime - 0.82%	$	250,000	$	201,894	$	152,988	$	117,115
1	LMM loans - USD	February 2025	SOFR + 1.35%		80,000		5,770		5,686		20,729
1	LMM loans - Non-USD (4)	January 2025	EURIBOR + 3.00%		215,926		45,501		41,466		12,079
Total borrowings under credit facilities and other financing agreements				$	545,926	$	253,165	$	200,140	$	149,923
9	LMM loans	July 2024 - November 2026	SOFR + 3.20%		4,295,500		2,688,517		1,764,584		1,677,885
1	LMM loans - Non-USD (4)	Matured	EURIBOR + 3.00%		—		—		—		45,031
6	MBS	April 2024 - August 2024	6.95%		233,548		375,953		233,548		229,236
Total borrowings under repurchase agreements				$	4,529,048	$	3,064,470	$	1,998,132	$	1,952,152
Total secured borrowings				$	5,074,974	$	3,317,635	$	2,198,272	$	2,102,075
(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 both March 31, 2024 and December 31, 2023, certain financing counterparties covenants calculations were amended to exclude the PPPLF from certain covenant calculations. As of both March 31, 2024 and December 31, 2023 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)	March 31, 2024		December 31, 2023
Collateral pledged - borrowings under credit facilities and other financing agreements
Loans, held for sale	$	34,013	$	43,365
Loans, net		219,152		169,147
Total	$	253,165	$	212,512
Collateral pledged - borrowings under repurchase agreements
Loans, net		2,103,618		2,560,725
MBS		20,972		20,770
Retained interest in assets of consolidated VIEs		354,981		356,772
Loans, held for sale		402,434		—
Loans, held at fair value		—		9,349
Real estate acquired in settlement of loans		182,465		160,455
Total	$	3,064,470	$	3,108,071
Total collateral pledged on secured borrowings	$	3,317,635	$	3,320,583