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 "markdown": "# Balance Sheet and Capital Position\n\n## Provides Flexibility\n\nMaintained balance sheet flexibility which supports the ability to resolve risk rated 4 and 5 loans and\ncontinued investment activity\n\n\n<figure type=\"CHART\">Continued to Maintain Balance Sheet Flexibility ($ in millions). \n\n<description>This is a bar chart displaying financial metrics over five quarters from Q1 2025 to Q1 2026. The chart uses two data series: 'Total Outstanding Borrowings' represented by dark blue bars and 'Net Debt to Equity Excluding CECL' represented by light blue circular data points overlaid on the bars. The X-axis lists the time periods, and the Y-axis represents monetary values in millions. The values for total borrowings are displayed above each bar, and the net debt to equity ratios are displayed below each corresponding light blue circle.</description><table><thead><tr><th>Quarter</th><th>Total Outstanding Borrowings ($ millions)</th><th>Net Debt to Equity Excluding CECL</th></tr></thead><tbody><tr><td>Q1 2025</td><td>$946</td><td>1.2x</td></tr><tr><td>Q2 2025</td><td>$889</td><td>1.2x</td></tr><tr><td>Q3 2025</td><td>$811</td><td>1.1x</td></tr><tr><td>Q4 2025</td><td>$1,048</td><td>1.6x</td></tr><tr><td>Q1 2026</td><td>$1,272</td><td>1.9x</td></tr></tbody></table></figure>\n\nAs of March 31, 2026, unless otherwise noted. Past performance is not indicative of future results. Due to rounding, numbers presented may not add up to the totals provided. 1) Total outstanding\nborrowings is based on total outstanding principal balance. 2) Net debt to equity ratio (excluding CECL reserve) is calculated as (i) $1.3 billion outstanding principal of borrowings less $86 million\nof cash, (ii) divided by the sum of total stockholders' equity of $492 million plus CECL reserve of $138 million. Net debt to equity ratio including CECL reserve is 2.4x as of March 31, 2026. Total\ndebt to equity ratio excluding CECL reserve is 2.0x and including CECL reserve is 2.6x as of March 31, 2026. Please see prior earnings presentations for calculations of net debt to equity ratio for\nprior periods. 3) As of March 31, 2026, includes $86 million of cash and approximately $77 million of available financing proceeds under our secured funding agreements.\n\n\n\u00d8 ARES\n\n\nRepayments on Loans Held for Investment \n$94 million in Q1 2026 \n\nAvailable Capital<sup>3</sup> \n$163 million \n\n8\n\n<!-- doc_id=parse-01m2rrjhqq4e391tw8r8fwjrks -->",
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