v3.25.2
REPURCHASE FACILITIES, NOTES PAYABLE AND CREDIT FACILITIES (Tables)
 6 Months Ended
Jun. 30, 2025
Debt Disclosure [Abstract]  
Schedule of Debt
The following table summarizes the debt balances as of June 30, 2025 and December 31, 2024, and the debt activity for the six months ended June 30, 2025 (in thousands):
During the Six Months Ended June 30, 2025
 Balance as of December 31, 2024
Debt Issuances & Assumptions (1)
Repayments & Modifications
AmortizationBalance as of
June 30, 2025
Notes payable – variable rate debt$606,452 $— $(147,253)$— $459,199 
ABS mortgage notes758,520 — — — 758,520 
Credit facilities124,500 30,000 (29,000)— 125,500 
Repurchase facilities1,693,142 222,569 (222,001)— 1,693,710 
Total debt3,182,614 252,569 (398,254)— 3,036,929 
Deferred costs – variable rate debt(1,743)(77)314 

311 (1,195)
Deferred costs – ABS mortgage notes(10,582)(17)— 1,060 (9,539)
Total debt, net$3,170,289 $252,475 $(397,940)$1,371 $3,026,195 
____________________________________
(1)Includes deferred financing costs incurred during the period, if any.
The following table is a summary of the Note on Note Financing Arrangements as of June 30, 2025 (dollar amounts in thousands):
Note on Note Financing Arrangement
Date of Agreement
Maturity Date
Remaining Extension Options (1)
Weighted Average Interest Rate
Loans Financed under Note on Note Financing
Amount Financed
Citibank (2)
6/16/20238/9/2025
2/1 yr.
5.6%$85,931 $64,448 
Barclays (2)
10/20/20238/9/2025
2/1 yr.
5.6%152,368 114,276 
Mass Mutual3/16/2022(3)
N/A
6.6%393,990 280,475 
Total
$632,289 $459,199 
____________________________________
(1)Represents the number of extension options remaining and the term of each option. Such extension options are subject to certain conditions as set forth within each respective note on note financing agreement.
(2)Note on Note Financing Arrangement is held through CLR. Subsequent to June 30, 2025, the Company exercised one year extension options on the Note on Note Financing Arrangements resulting in maturity dates in August 2026.
(3)Borrowings under the Mass Mutual Financing mature on various dates from July 2027 through January 2028.
On July 28, 2021, the Company issued $774.0 million aggregate principal amount of asset backed securities (“ABS”) mortgage notes, Series 2021-1 (the “Class A Notes”) in six classes, as shown below:
Class of NotesInitial Principal Balance
Principal Balance as of June 30, 2025
Note RateAnticipated Repayment DateRated Final Payment Date
Credit Rating (1)
A-1 (AAA)$146,400,000 $140,208,000 2.09%July 2028July 2051AAA (sf)
A-2 (AAA)219,600,000 210,312,000 2.57%July 2031July 2051AAA (sf)
A-3 (AA)39,200,000 39,200,000 2.51%July 2028July 2051AA (sf)
A-4 (AA)58,800,000 58,800,000 3.04%July 2031July 2051AA (sf)
A-5 (A)124,000,000 124,000,000 2.91%July 2028July 2051A (sf)
A-6 (A)186,000,000 186,000,000 3.44%July 2031July 2051A (sf)
$774,000,000 $758,520,000 
____________________________________
(1)Reflects credit rating from Standard & Poor’s Financial Services LLC (“Standard & Poor’s”).
Schedule of Repurchase Facilities
The following table is a summary of the Repurchase Facilities as of June 30, 2025 (dollar amounts in thousands):
Repurchase FacilityDate of Agreement
Maturity Date
Remaining Extension Options (1)
Maximum Facility SizeWeighted Average Interest Rate
Loans Financed under Repurchase Facility (2)
Amount Financed
Citibank6/4/20203/5/2027
2/1 yr.
$47,813 6.9%
(3)
$80,334 $47,813 
Citibank (4)
12/19/202312/19/2025
3/1 yr.
579,515 6.1%
(3)
545,520 414,731 
Barclays9/21/20209/22/2025
2/1 yr.
558,947 6.2%
(3)
700,396 378,334 
Barclays (4)
12/4/202312/4/2026
2/1 yr.
691,053 6.3%
(3)
179,083 129,844 
Wells Fargo5/20/20218/30/2025
2/1 yr.
750,000 6.1%
(3)
737,423 512,005 
Deutsche Bank (4)
10/8/202110/8/2025
2/1 yr.
300,000 7.0%
(3)
166,536 99,913 
J.P. Morgan (4)
6/1/2022
(5)
(5)
— 
(5)
5.6%
(6)
195,278 111,070 
Total$2,927,328 $2,604,570 $1,693,710 
__________________________________
(1)Represents the number of extension options remaining and the term of each option. Such extension options are subject to certain conditions as set forth within each respective Repurchase Agreement.
(2)CRE mortgage loan balances financed under the Repurchase Facilities with Citibank, Barclays, Wells Fargo and Deutsche Bank reflect the aggregate outstanding principal balance while the CMBS balance financed under the J.P. Morgan Repurchase Facility (as defined below) reflects fair value.
(3)Advances under the Repurchase Agreements accrue interest at per annum rates based on Term SOFR (as such term is defined in the applicable Repurchase Agreement) or the daily compounded SOFR plus a spread ranging from 1.30% to 3.00% to be determined on a case-by-case basis between Citibank, Barclays, Wells Fargo or Deutsche Bank and the Lending Subs.
(4)Repurchase facility is held through CLR.
(5)Facilities under the repurchase facility with J.P. Morgan (“J.P. Morgan Repurchase Facility”) carry a rolling term which is reset monthly. Such facilities carry no maximum facility size.
(6)Under the Master Repurchase Agreement with J.P. Morgan, advances under the repurchase agreement may be made based on one-month Term SOFR plus a spread designated by J.P. Morgan, which as of June 30, 2025, ranges from 1.10% to 1.45%.
Schedule of Aggregate Principal Repayments
The following table summarizes the scheduled aggregate principal repayments for the Company’s outstanding debt subsequent to June 30, 2025 (in thousands):
Principal Repayments
Remainder of 2025$1,694,778 
2026129,844 
2027294,948 
2028462,248 
2029— 
Thereafter455,111 
Total$3,036,929