Secured borrowings

6 Months Ended

Jun. 30, 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		June 30, 2024		December 31, 2023
3	SBA loans	October 2024 - March 2025	SOFR + 2.83% Prime - 0.82%	$	250,000	$	238,184	$	189,015	$	117,115
1	LMM loans - USD	February 2025	SOFR + 1.35%		80,000		2,652		2,645		20,729
1	LMM loans - Non-USD (4)	January 2025	EURIBOR + 3.00%		214,264		45,127		32,648		12,079
Total borrowings under credit facilities and other financing agreements				$	544,264	$	285,963	$	224,308	$	149,923
9	LMM loans	November 2024 - November 2026	SOFR + 3.18%		4,306,000		2,828,152		1,758,071		1,677,885
1	LMM loans - Non-USD (4)	Matured	EURIBOR + 3.00%		—		—		—		45,031
7	MBS	July 2024 - June 2025	7.95%		329,590		596,798		329,590		229,236
Total borrowings under repurchase agreements				$	4,635,590	$	3,424,950	$	2,087,661	$	1,952,152
Total secured borrowings				$	5,179,854	$	3,710,913	$	2,311,969	$	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 June 30, 2024 and December 31, 2023, certain financing counterparties covenants calculations were

amended to exclude the PPPLF from certain covenant calculations. As of both June 30, 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)	June 30, 2024		December 31, 2023
Collateral pledged - borrowings under credit facilities and other financing agreements
Loans, held for sale	$	24,186	$	43,365
Loans, net		261,777		169,147
Total	$	285,963	$	212,512
Collateral pledged - borrowings under repurchase agreements
Loans, net		2,117,106		2,560,725
MBS		80,093		20,770
Retained interest in assets of consolidated VIEs		516,705		356,772
Loans, held for sale		579,866		9,349
Real estate acquired in settlement of loans		131,180		160,455
Total	$	3,424,950	$	3,108,071
Total collateral pledged on secured borrowings	$	3,710,913	$	3,320,583