The Company's borrowings under secured debt arrangements at December 31, 2025 and December 31, 2024 are detailed in the following table ($ in thousands):


	December 31, 2025								December 31, 2024
		Maximum Amount of Borrowings		Borrowings Outstanding			Weighted Average Borrowing Costs	Maturity Date (1)	Maximum Amount of Borrowings		Borrowings Outstanding			Weighted Average Borrowing Costs	Maturity Date (1)
JPM Repurchase Facility		$	400,000	$	240,069		SOFR + 2.02%	October 2028	$	250,000	$	139,985		SOFR + 2.42%	October 2028
Barclays Repurchase Facility			500,000		69,535		SOFR + 1.75%	July 2030		-		-		N/A	N/A
BofA Repurchase Facility		N/A			40,017		SOFR + 0.55%	March 2026		-		-		N/A	N/A
Total secured debt arrangements				$	349,621		SOFR + 1.80%				$	139,985
Less: Unamortized deferred financing costs					(1,511	)						(1,065	)
Total secured debt arrangements, net				$	348,110						$	138,920

(1) Maturity date assumes extensions at the Company's option are exercised with consent of the financing provider.

At December 31, 2025, the Company's borrowings had the following maturities ($ in thousands):


	Less than 1 year		1 to 3 years		3 to 5 years		More than 5 years		Total
JPM Repurchase Facility	$	-	$	14,481	$	225,588	$	-	$	240,069
Barclays Repurchase Facility		-		-		69,535		-		69,535
BofA Repurchase Facility		40,017		-		-		-		40,017
Total	$	40,017	$	14,481	$	295,123	$	-	$	349,621

The table above assumes extensions at the Company's option are exercised with consent of financing providers, where applicable.

Certain indirect subsidiaries (the "JPM Sellers") of the Company are party to a Master Repurchase Agreement with JPMorgan Chase Bank, National Association (the "JPM Repurchase Facility"), which provides the Company the ability to make borrowings for the purchase, sale and repurchase of senior mortgage loans and participation interests in performing senior mortgage loans that are secured directly or indirectly by multifamily, mixed use, retail, industrial, office and hospitality and other types of properties. The JPM Repurchase Facility has a three-year term plus two one-year extension options. The Operating Partnership has agreed to provide a limited guarantee of the obligations of the JPM Sellers under the JPM Repurchase Facility. During the year ended December 31, 2025, the Company increased the maximum aggregate purchase price of the JPM Repurchase Facility from $250.0 million to $400.0 million.

Additionally, during the year ended December 31, 2025, certain indirect subsidiaries (the "Barclays Sellers") of the Company entered into a Master Repurchase Agreement with Barclays (the "Barclays Repurchase Facility"), which provides the Company the ability for the purchase, sale and repurchase of senior mortgage loans and participation interests in performing senior mortgage loans that are secured directly or indirectly by multifamily, office, retail, hospitality, industrial, self-storage, student housing, senior housing, manufactured housing properties and other types of properties. The Barclays Repurchase Facility has a three-year term plus two one-year extension options. The Operating Partnership has agreed to provide a limited guarantee of the obligations of the Barclays Sellers under the Barclays Repurchase Facility.

Lastly, during the year ended December 31, 2025, an indirect subsidiary (the "BofA Seller") of the Company entered into a Master Repurchase Agreement with BofA (the "BofA Repurchase Facility"), which provides the Company the ability to make revolving borrowings secured by certain investments in real estate-related securities. The Operating Partnership has agreed to provide a payment guarantee of the obligations of the BofA Seller under the BofA Repurchase Facility.

The guarantees related to the Company's repurchase facilities contain the following financial covenants: (i) while tangible net worth is equal to or less than $450.0 million, the Operating Partnership's NAV is not permitted to decline by 20% from the preceding quarter or 40% from the corresponding calendar month of the preceding calendar year; (ii) NAV cannot decline by 50% or more from the Operating Partnership's NAV

The Company was in compliance with the covenants under its repurchase facilities as of December 31, 2025 and December 31, 2024. The impact of macroeconomic conditions on the commercial real estate markets and global capital markets, including increased interest rates, changes to fiscal and monetary policy, slower economic growth or recession, labor shortages, and recent distress in the banking sector, may make it more difficult to meet or satisfy these covenants in the future.