4 unchanged sentences
will decrease net income.
−Removed: As of March 31, 2026 , 97% of our loans by principal balance earned a floating rate of interest,
+Added: As of June 30, 2026 , 97% of our loans by principal balance earned a floating rate of interest,
primarily indexed to SOFR, and were financed with liabilities that pay interest at floating rates, which resulted in an
2 unchanged sentences
The following table projects the impact on our net interest income, presented net of implied changes in incentive fees, for
−Removed: the twelve-month period following March 31, 2026 , of an increase in the various floating-rate indices referenced by our
+Added: the twelve-month period following June 30, 2026 , of an increase in the various floating-rate indices referenced by our
portfolio, assuming no change in credit spreads, portfolio composition, or asset performance, relative to the average indices
−Removed: during the three months ended March 31, 2026 ($ in thousands):
+Added: during the three months ended June 30, 2026 ($ in thousands):
Assets (Liabilities)
Interest Rates (1)
−Removed: Interest Rate Sensitivity as of March 31, 2026 (2)(3)
+Added: Interest Rate Sensitivity as of June 30, 2026 (2)(3)
Increase in Rates
14 unchanged sentences
(6) Excludes amounts related to our investments in unconsolidated entities.
−Removed: (7) Includes amounts outstanding under our secured debt, securitizations, asset-specific debt, Term Loans, and Senior
−Removed: Secured Notes due 2029, for which we entered into an interest rate swap with a notional amount of $450.0 million
−Removed: that effectively converts our fixed rate exposure to floating rate exposure for such notes.
−Removed: Excludes amounts related to
−Removed: the indebtedness of our unconsolidated entities.
+Added: (7) Includes amounts outstanding under our secured debt, securitizations, asset-specific debt, Term Loans, Senior
+Added: Secured Notes due 2029, and Senior Secured Notes due 2031.
+Added: We entered into interest rate swaps with an aggregate
+Added: notional amount of $900.0 million that effectively converts our fixed rate exposure to floating rate exposure for the
+Added: Senior Secured Notes due 2029 and Senior Secured Notes due 2031.
+Added: Excludes amounts related to the indebtedness
+Added: of our unconsolidated entities.
Loan Portfolio Value
−Removed: As of March 31, 2026 , 97% of our loans by principal balance earned a floating rate of interest, so the value of such
+Added: As of June 30, 2026 , 97% of our loans by principal balance earned a floating rate of interest, so the value of such
investments is generally not impacted by changes in market interest rates.
29 unchanged sentences
certain loans.
−Removed: As of March 31, 2026 , we had an aggregate $84.9 million asset-specific CECL reserve related to seven of our
+Added: As of June 30, 2026 , we had an aggregate $219.5 million asset-specific CECL reserve related to nine of our
loans receivable, with an aggregate amortized cost basis of $695.2 million , net of cost-recovery proceeds.
−Removed: reserve was recorded based on our estimation of the fair value of each of the loan’s underlying collateral as of March 31,
+Added: reserve was recorded based on our estimation of the fair value of each of the loan’s underlying collateral as of June 30,
Our portfolio monitoring and asset management operations benefit from the deep knowledge, experience, and information
40 unchanged sentences
addition, substantially all of our net asset exposure to foreign currencies has been hedged with foreign currency forward
−Removed: contracts as of March 31, 2026 .
+Added: contracts as of June 30, 2026 .
The following tables outline our assets and liabilities that are denominated in a foreign currency (amounts in thousands):
−Removed: March 31, 2026
+Added: June 30, 2026
All Other (1)
6 unchanged sentences
(2) Represents the U.S.
−Removed: Dollar equivalent as of March 31, 2026 .
+Added: Dollar equivalent as of June 30, 2026 .
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.