v3.25.2
Debt Obligations (Tables)
 6 Months Ended
Jun. 30, 2025
Debt Disclosure [Abstract]  
Summary of Borrowings
Borrowings under our credit and repurchase facilities are as follows ($ in thousands):
June 30, 2025December 31, 2024
Current
Maturity		Extended
Maturity		Debt
Carrying
Value (1)		Collateral
Carrying
Value		Wtd. Avg.
Note Rate (2)		Debt
Carrying
Value (1)		Collateral
Carrying
Value
Structured Business
$1.9B joint repurchase facility (3)
Jul. 2025 (11)Jul. 2026 (11)$810,567 $1,332,963 6.79%$657,690 $1,104,791 
$1.15B repurchase facility
(10)N/A1,076,935 1,368,645 6.26%— — 
$1B repurchase facility (3)
Aug. 2025Aug. 2026153,704 233,399 6.84%215,459 336,193 
$1B repurchase facility
(6)N/A751,531 1,023,366 7.21%781,812 1,055,321 
$750M repurchase facility (3)(7)
Dec. 2026Dec. 2027412,846 636,680 6.77%202,798 362,695 
$650M repurchase facility (3)(4)
Oct. 2025N/A445,556 601,201 6.92%499,017 678,017 
$400M credit facility
Mar. 2027N/A103,271 199,848 7.68%138,695 237,123 
$400M repurchase facility
Jan. 2027Jan. 2028106,016 154,525 6.87%74,896 109,920 
$350M repurchase facility
Mar. 2026N/A129,852 204,185 6.46%134,189 203,135 
$250M repurchase facility
Sept. 2027(8)34,245 65,007 7.52%— — 
$250M repurchase facility
Oct. 2025Oct. 2026134,223 169,615 5.94%— — 
$200M repurchase facility
Mar. 2027Mar. 20285,271 7,753 6.97%155,676 214,441 
$150M repurchase facility
Oct. 2025N/A78,526 100,265 7.15%108,696 145,148 
$110M loan specific credit facilities
Aug. 2025 to Jul. 2026Sept. 2026 to Aug. 202783,855 114,274 6.64%133,965 181,108 
$40M credit facility
Apr. 2026Apr. 202715,459 24,610 6.76%15,387 24,610 
$35M working capital facility
Apr. 2026N/A— — — — — 
Repurchase facility - securities (3)(5)N/AN/A50,281 — 5.74%18,549 — 
Structured Business total (9)$4,392,138 $6,236,336 6.73%$3,136,829 $4,652,502 
Agency Business
$750M ASAP agreement
N/AN/A$82,302 $82,918 5.47%$62,196 $62,372 
$500M repurchase facility (12)
Nov. 2025N/A15,131 15,134 5.80%40,872 41,165 
$200M credit facility
Mar. 2026N/A69,728 69,973 5.85%141,169 141,971 
$200M credit facility
Jun. 2026N/A104,507 105,816 5.80%137,762 138,793 
$100M joint repurchase facility (3)
Jul. 2025 (11)Jul. 2026 (11)57,816 77,853 6.17%28,611 38,962 
$50M credit facility
Sept. 2025N/A— — 5.80%11,723 11,723 
$1M repurchase facility (3)(4)
Oct. 2025N/A— — 6.85%328 469 
Agency Business total$329,484 $351,694 5.79%$422,661 $435,455 
Consolidated total$4,721,622 $6,588,030 6.66%$3,559,490 $5,087,957 
________________________
(1)At June 30, 2025 and December 31, 2024, debt carrying value for the Structured Business was net of unamortized deferred finance costs of $8.1 million and $8.6 million, respectively, and for the Agency Business was net of unamortized deferred finance costs of $0.4 million and $0.2 million, respectively.
(2)At June 30, 2025 and December 31, 2024, all credit and repurchase facilities are variable rate loans.
(3)These facilities are subject to margin call provisions associated with changes in interest spreads.
(4)A portion of this facility was used to finance a fixed-rate SFR permanent loan reported through our Agency Business.
(5)At June 30, 2025 and December 31, 2024, this facility was collateralized by certificates retained by us from our Freddie Mac Q Series securitization (“Q Series securitization”) with a principal balance of $26.6 million. At June 30, 2025, this facility was also collateralized by investment grade notes we retained from our BTR CLO 1 securitization with a principal balance of $41.0 million.
(6)The commitment amount under this facility expires six months after the lender provides written notice. We then have an additional six months to repurchase the underlying loans.
(7)$500.0 million of this facility is available for financing performing loans and $250.0 million is available for financing non-performing loans.
(8)We have the ability to extend the maturity of this facility in one-year increments, subject to lender approval.
(9)These amounts exclude outstanding mortgage notes payable on our REO assets with a debt carrying value of $184.6 million and $74.9 million at June 30, 2025 and December 31, 2024, respectively.
(10)This facility matures at the latest maturity date of all purchased assets, which is currently February 2028.
(11)In July 2025, this facility was amended to reduce the facility size to $1.50 billion from $2.00 billion and extend the maturity date to July 2027, with a one-year extension option.
(12)In July 2025, this facility was amended to temporarily increase the facility size to $1.00 billion from $500.0 million, effective through August 2025.
Borrowings and the corresponding collateral under our securitized debt transactions are as follows ($ in thousands):
DebtCollateral (3)
LoansCash
June 30, 2025Face ValueCarrying
Value (1)		Wtd. Avg.
Rate (2)		UPBCarrying
Value		Restricted
Cash (4)
BTR CLO 1$491,416 $482,655 6.98 %$598,690 $596,343 $— 
CLO 18 (5)1,165,068 1,163,440 6.50 %1,555,321 1,553,807 — 
CLO 17 (5)1,271,526 1,270,345 6.21 %1,659,345 1,659,134 — 
CLO 16 (5)557,510 556,519 6.02 %819,854 819,367 — 
Total CLOs3,485,520 3,472,959 6.38 %4,633,210 4,628,651 — 
Q Series securitization37,950 37,906 6.45 %82,440 82,433 — 
Total securitized debt$3,523,470 $3,510,865 6.38 %$4,715,650 $4,711,084 $— 
December 31, 2024
CLO 19$753,987 $751,364 7.02 %$912,935 $912,392 $— 
CLO 181,335,647 1,332,950 6.47 %1,684,765 1,684,285 37,090 
CLO 171,482,657 1,480,495 6.15 %1,811,391 1,810,463 50,910 
CLO 16682,845 681,008 5.93 %944,660 943,542 — 
CLO 14326,238 326,238 6.11 %452,751 452,526 — 
Total CLOs (5)4,581,374 4,572,055 6.35 %5,806,502 5,803,208 88,000 
Q Series securitization50,641 50,434 6.49 %94,940 94,895 — 
Total securitized debt$4,632,015 $4,622,489 6.35 %$5,901,442 $5,898,103 $88,000 
________________________
(1)Debt carrying value is net of $12.6 million and $9.5 million of deferred financing fees at June 30, 2025 and December 31, 2024, respectively.
(2)At June 30, 2025 and December 31, 2024, the aggregate weighted average note rate for our collateralized loan obligations ("CLO"), including certain fees and costs, was 6.71% and 6.59%, respectively, and the Q Series securitization was 7.52% and 7.46%, respectively.
(3)At June 30, 2025 and December 31, 2024, 45 and 46 loans, respectively, with a total UPB of $1.88 billion and $1.60 billion, respectively, were deemed a "credit risk" as defined by the CLO indentures. A credit risk asset is generally defined as one that, in the CLO collateral manager's reasonable business judgment, has a significant risk of becoming a defaulted asset.
(4)Represents restricted cash held for principal repayments as well as for reinvestment in the CLOs. Does not include restricted cash related to interest payments, delayed fundings and expenses totaling $63.7 million and $43.4 million at June 30, 2025 and December 31, 2024, respectively.
(5)The replenishment period for the following CLOs has ended: CLO 14 - September 2023, CLO 16 – March 2024, CLO 19 – May 2024, CLO 17 – June 2024 and CLO 18 – August 2024.
Summary of Senior Unsecured Notes
A summary of our senior unsecured notes is as follows ($ in thousands):
June 30, 2025December 31, 2024
Senior
Unsecured Notes (3)		 Issuance
Date 		MaturityUPBCarrying
Value (1)		Wtd. Avg.
Rate (2)		UPBCarrying
Value (1) 		Wtd. Avg.
Rate (2)
9.00% Notes
Oct. 2024Oct. 2027$100,000 $98,643 9.00 %$100,000 $98,352 9.00 %
7.75% Notes
Mar. 2023Mar. 202695,000 94,564 7.75 %95,000 94,275 7.75 %
8.50% Notes
Oct. 2022Oct. 2027150,000 148,790 8.50 %150,000 148,531 8.50 %
5.00% Notes
 Dec. 2021Dec. 2028180,000 178,513 5.00 %180,000 178,300 5.00 %
4.50% Notes
 Aug. 2021Sept. 2026270,000 269,020 4.50 %270,000 268,601 4.50 %
5.00% Notes
 Apr. 2021Apr. 2026175,000 174,475 5.00 %175,000 174,161 5.00 %
4.50% Notes
 Mar. 2020 Mar. 2027275,000 274,169 4.50 %275,000 273,927 4.50 %
$1,245,000 $1,238,174 5.73 %$1,245,000 $1,236,147 5.73 %
________________________
(1)At June 30, 2025 and December 31, 2024, the carrying value is net of deferred financing fees of $6.8 million and $8.9 million, respectively.
(2)At both June 30, 2025 and December 31, 2024, the aggregate weighted average note rate, including certain fees and costs, was 6.02%.
(3)These notes can be redeemed by us prior to three months before the maturity date, at a redemption price equal to 100% of the aggregate principal amount, plus a “make-whole” premium and accrued and unpaid interest. We have the right to redeem the notes within three months prior to the maturity date at a redemption price equal to 100% of the aggregate principal amount, plus accrued and unpaid interest.
Summary of UPB and Net Carrying Value of Convertible Notes
The UPB and net carrying value of our convertible notes are as follows (in thousands):
PeriodUPBUnamortized Deferred
Financing Fees		Net Carrying
Value
June 30, 2025$287,500 $242 $287,258 
December 31, 2024$287,500 $1,647 $285,853 
Summary of CLO Compliance Tests
Our CLO compliance tests as of the most recent determination dates in July 2025 are as follows:
Cash Flow TriggersCLO 16 CLO 17 CLO 18 BTR CLO 1
Overcollateralization (1)
Current140.90 %124.46 %130.03 %117.47 %
Limit120.21 %121.51 %123.03 %115.47 %
Pass / FailPassPassPass Pass
Interest Coverage (2)
Current170.20 %151.24 %144.01 %139.43 %
Limit120.00 %120.00 %120.00 %120.00 %
Pass / FailPass PassPass Pass
________________________
(1)The overcollateralization ratio divides the total principal balance of all collateral in the CLO by the total principal balance of the bonds associated with the applicable ratio. To the extent an asset is considered a defaulted security, the asset’s principal balance for purposes of the overcollateralization test is the lesser of the asset’s market value or the principal balance of the defaulted asset multiplied by the asset’s recovery rate which is determined by the rating agencies. Rating downgrades of CLO collateral will generally not have a direct impact on the principal balance of a CLO asset for purposes of calculating the CLO overcollateralization test unless the rating downgrade is below a significantly low threshold (e.g., CCC-) as defined in each CLO vehicle.
(2)The interest coverage ratio divides interest income by interest expense for the classes senior to those retained by us.
Summary of CLO Overcollateralization Ratios
Our CLO overcollateralization ratios as of the determination dates subsequent to each quarter are as follows:
Determination (1)CLO 16 CLO 17 CLO 18 BTR CLO 1
July 2025140.90 %124.46 %130.03 %117.47 %
April 2025142.15 %122.65 %127.91 %N/A
January 2025136.19 %122.10 %123.89 %N/A
October 2024129.98 %123.14 %124.20 %N/A
July 2024127.64 %121.78 %123.67 %N/A
________________________
(1)This table represents the quarterly trend of our overcollateralization ratio, however, the CLO determination dates are monthly and we were in compliance with this test for all periods presented.