
(in thousands, except interest rates)
Description	Weighted Average Interest Rate (1)		Maximum Facility Size	Available Capacity	Debt Amount Outstanding	Fair Value of Debt	Fair Value of Collateral	Current Maturity Date	Maximum Maturity Date (2)
FBRED REIT BWH Seller, LLC	4.45	%	250,000	233,352	16,648	16,648	21,280	5/8/2028	5/8/2030
FBRED REIT JWH Seller, LLC	5.86	%	250,000	178,068	71,932	71,932	103,116	3/18/2027	3/18/2030
FBRED REIT High Yield Securities, LLC (3)	0.94	%	n/a	n/a	47,296	47,296	57,410	30 days	30 days
Total	3.97	%			135,876	135,876	181,806

(2)Borrowing facilities may have extension options, subject to lender approval and compliance with certain financial and administrative covenants.

(3)Borrowings are tied to real estate securities with a 30-day repurchase maturity term, which automatically renew, subject to administrative covenants.

Borrowings under the Company’s repurchase agreements bear interest at one-month term SOFR plus a spread. At June 30, 2025, the one-month SOFR was 4.32%. Our repurchase agreements are subject to certain non-financial and financial covenants, including liquidity, tangible net worth and leverage covenants. We were in compliance with these covenants as of June 30, 2025.

On March 17, 2025, the Company, through its indirect wholly-owned subsidiary FBRED REIT High Yield Securities, LLC, entered into a Master Repurchase Agreement (the “MRA”) with J.P. Morgan Securities LLC. Under the MRA, there is no maximum aggregate commitment. There is no initial maturity date of the MRA, however the borrowings are tied to real estate securities with 30-day repurchase maturity terms.

On March 18, 2025, the Company, through its indirect wholly-owned subsidiary FBRED REIT JWH Seller, LLC (“JWH”), entered into an Uncommitted Master Repurchase Agreement (the “Uncommitted MRA”) with J.P. Morgan Chase Bank, National Association. The Uncommitted MRA provides up to $250 million of advances. At the Company’s option, the Uncommitted MRA may be upsized to provide up to $500 million in advances. The initial maturity date of the Uncommitted MRA is March 18, 2027.

On May 8, 2025, the Company, through its indirect wholly-owned subsidiary FBRED REIT BWH Seller, LLC, entered into an MRA with Barclays Bank PLC. The MRA provides up to $250 million of advances. The initial maturity date of the MRA is May 8, 2028.

The following table represents the future principal payments under the Company’s outstanding repurchase agreements at June 30, 2025: