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   "markdown": "<a id='89bf724e-2841-4623-bbc4-8414f29d8e13'></a>\n\n>$2.6B loan originations over last 18 months, with positive rating and funding developments",
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   "markdown": "<a id='23918740-245a-4be5-bdca-38530fae58ae'></a>\n\n# Capital Structure Momentum (2025-2026)\n\n## Credit Rating Upgrades\nIG ratings from Moody's (Baa3) and Fitch (BBB-)\nS&P upgrade to BB+ and outlook revised to Positive\n\n## Inaugural IG Bond Issuance\n~5.5x oversubscribed; significant spread tightening since pricing\n\n$1.25B Upsized Unsecured Revolver @ S+125\n\n$275M New Unsecured Term Loan @ S+140",
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 "markdown": "<a id='50a88da1-0cef-4f25-9882-6ecf17aac3ab'></a>\n\nRECENT MOMENTUM\n\n<a id='89bf724e-2841-4623-bbc4-8414f29d8e13'></a>\n\n>$2.6B loan originations over last 18 months, with positive rating and funding developments\n\n<a id='71ed4d56-e18f-4538-9dc6-ffccca090b73'></a>\n\nLoan Origination Momentum\n<::bar chart with an overlay line graph. The title of the chart is \"LOAN PORTFOLIO \u00b9 ($M)\".\nThe x-axis represents years/quarters, and the y-axis represents the loan portfolio in millions of dollars.\nThere are three blue bars:\n- 2024: $1,591\n- 2025: $2,217\n- Q2 2026: $2,817\nAn upward sloping gold line starts from 2024, goes over the bars, and extends as a dashed line labeled \"ACTIVE PIPELINE\".\nCaption: Recent vintage \u2013 85% of portfolio originated since 2024\n: chart::>\n\n<a id='23918740-245a-4be5-bdca-38530fae58ae'></a>\n\n# Capital Structure Momentum (2025-2026)\n\n## Credit Rating Upgrades\nIG ratings from Moody's (Baa3) and Fitch (BBB-)\nS&P upgrade to BB+ and outlook revised to Positive\n\n## Inaugural IG Bond Issuance\n~5.5x oversubscribed; significant spread tightening since pricing\n\n$1.25B Upsized Unsecured Revolver @ S+125\n\n$275M New Unsecured Term Loan @ S+140\n\n<a id='075775fa-b7a7-45eb-b0f7-7f852b5567a2'></a>\n\nNote: As of 06/30/2026. Forward pipeline subject to change.\n1. As of end of period\n\n<a id='9f129a54-f484-4f91-b82a-0cebb89254e1'></a>\n\n6",
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