Cost of Debt & Various Spreads

This section is organized into three subsections that analyze how debt costs and spreads vary across leverage ratios and market conditions:

1. Cost of Debt at Various Leverage Ratios
   Assesses how borrowing costs change with different loan-to-value (LTV) levels, providing insight into the relationship between leverage and credit pricing.

2. Analysis of Debt Spreads
   Tracks the behavior of credit spreads over time, highlighting differences between high- and low-LTV loans relative to the risk-free rate.

3. Initial Thoughts on Mezzanine Financing
   Introduces preliminary considerations around mezzanine debt, focusing on its role in the capital stack and implications for return and risk.