| Summary of Repurchase Facilities and Revolving Credit Facility Borrowings Activity |
The table below summarizes the Company’s Repurchase Facilities and Revolving Credit Facility borrowings as of December 31, 2025 ($ in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal Outstanding Balance
as of December 31, 2025 |
|
|
Maximum Facility Size |
|
|
Weighted Average Interest Rate |
|
|
Maturity Date |
Repurchase Facilities: |
|
|
|
|
|
|
|
|
|
|
|
GS Seller I Repurchase Facility |
|
$ |
784,949 |
|
|
$ |
859,027 |
|
|
|
6.23 |
% |
|
8/16/2027 |
GS Seller II Repurchase Facility |
|
|
57,180 |
|
|
|
57,180 |
|
|
|
6.07 |
% |
|
8/16/2027 |
GS Seller III Repurchase Facility |
|
|
83,793 |
|
|
|
83,793 |
|
|
|
6.20 |
% |
|
8/16/2027 |
Atlas Repurchase Facility |
|
|
264,653 |
|
|
|
300,000 |
|
|
|
6.19 |
% |
|
10/11/2027 |
Morgan Stanley Repurchase Facility |
|
|
202,350 |
|
|
|
250,000 |
|
|
|
5.62 |
% |
|
7/24/2029 |
NS Seller I Repurchase Facility |
|
|
— |
|
|
|
200,000 |
|
|
|
— |
% |
|
11/21/2027 |
Total Repurchase Facilities |
|
|
1,392,925 |
|
|
|
1,750,000 |
|
|
|
|
|
|
Deferred Financing Costs, net |
|
|
(5,946 |
) |
|
|
|
|
|
|
|
|
Total Repurchase Facilities, net |
|
|
1,386,979 |
|
|
|
|
|
|
|
|
|
Revolving Credit Facility: |
|
|
|
|
|
|
|
|
|
|
|
JPM Revolving Credit Facility |
|
|
295,207 |
|
|
|
400,000 |
|
|
|
6.11 |
% |
|
5/8/2027 |
Deferred Financing Costs, net |
|
|
(129 |
) |
|
|
|
|
|
|
|
|
Revolving Credit Facility, net |
|
|
295,078 |
|
|
|
|
|
|
|
|
|
Total |
|
$ |
1,682,057 |
|
|
$ |
2,150,000 |
|
|
|
|
|
|
The table below summarizes the Company’s Repurchase Facilities and Revolving Credit Facility borrowings as of December 31, 2024 ($ in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal Outstanding Balance
as of December 31, 2024 |
|
|
Maximum Facility Size |
|
|
Weighted Average Interest Rate |
|
|
Maturity Date |
Repurchase Facilities: |
|
|
|
|
|
|
|
|
|
|
|
GS Seller I Repurchase Facility |
|
$ |
159,146 |
|
|
$ |
439,887 |
|
|
|
6.71 |
% |
|
8/16/2027 |
GS Seller II Repurchase Facility |
|
|
25,605 |
|
|
|
25,605 |
|
|
|
6.37 |
% |
|
8/16/2027 |
GS Seller III Repurchase Facility |
|
|
34,508 |
|
|
|
34,508 |
|
|
|
6.72 |
% |
|
8/16/2027 |
Atlas Repurchase Facility |
|
|
14,027 |
|
|
|
200,000 |
|
|
|
7.10 |
% |
|
10/11/2027 |
Total Repurchase Facilities |
|
|
233,286 |
|
|
|
700,000 |
|
|
|
|
|
|
Deferred Financing Costs, net |
|
|
(1,352 |
) |
|
|
|
|
|
|
|
|
Total Repurchase Facilities, net |
|
|
231,934 |
|
|
|
|
|
|
|
|
|
Revolving Credit Facility: |
|
|
|
|
|
|
|
|
|
|
|
JPM Revolving Credit Facility |
|
|
61,591 |
|
|
|
179,061 |
|
|
|
6.50 |
% |
|
5/8/2027 |
Deferred Financing Costs, net |
|
|
(155 |
) |
|
|
|
|
|
|
|
|
Revolving Credit Facility, net |
|
|
61,436 |
|
|
|
|
|
|
|
|
|
Total |
|
$ |
293,370 |
|
|
$ |
879,061 |
|
|
|
|
|
|
|
| Maturity of Outstanding Borrowings |
The table below shows the aggregate amount of maturities of our outstanding borrowings over the next five years and thereafter as of December 31, 2025 ($ in thousands):
|
|
|
|
|
|
|
|
|
Year |
|
Repurchase Facilities |
|
|
Revolving Credit Facility |
|
2026 |
|
$ |
— |
|
|
$ |
— |
|
2027 |
|
|
1,190,575 |
|
|
|
295,207 |
|
2028 |
|
|
— |
|
|
|
— |
|
2029 |
|
|
202,350 |
|
|
|
— |
|
2030 |
|
|
— |
|
|
|
— |
|
Thereafter |
|
|
— |
|
|
|
— |
|
Total |
|
$ |
1,392,925 |
|
|
$ |
295,207 |
|
|