v3.26.1
REPURCHASE FACILITIES, NOTES PAYABLE AND CREDIT FACILITIES (Tables)
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Schedule of Debt
The following table summarizes the debt balances as of December 31, 2025 and 2024, and the debt activity for the year ended December 31, 2025 (in thousands):
During the Year Ended December 31, 2025
 
Balance as of December 31, 2024
Debt Issuances & Assumptions (1)
Repayments & Modifications
Amortization
Balance as of December 31, 2025
Notes payable – variable rate debt
$
606,452 
$
— 
$
(227,677)
$
— 
$
378,775 
ABS mortgage notes
758,520 
— 
— 
— 
758,520 
Credit facilities
124,500 
92,000 
(29,000)
— 
187,500 
Repurchase facilities
1,693,142 
672,741 
(588,483)
— 
1,777,400 
Total debt
3,182,614 
764,741 
(845,160)
— 
3,102,195 
Deferred costs – variable rate debt
(1,743)
(77)
587 
554 
(679)
Deferred costs – ABS mortgage notes
(10,582)
(17)
— 
2,122 
(8,477)
Total debt, net
$
3,170,289 
$
764,647 
$
(844,573)
$
2,676 
$
3,093,039 
____________________________________
(1)Includes deferred financing costs incurred during the period, if any.
For more information regarding the Company’s debt activity during the year ended December 31, 2024, see Notes to Consolidated Financial Statements of the Company’s Annual Report on Form 10-K for the year ended December 31, 2024.
The following table is a summary of the Note on Note Financing Arrangements as of December 31, 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)
6/16/2023
8/9/2026
1/1 yr.
5.1%
$
83,948 
$
62,961 
Barclays (2)
10/20/2023
8/9/2026
1/1 yr.
5.1%
148,852 
111,639 
Mass Mutual
3/16/2022
(3)
N/A
6.1%
320,228 
204,175 
Total
$
553,028 
$
378,775 
____________________________________
(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.
(3)Borrowings under the Mass Mutual Financing mature on various dates from October 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 Notes
Initial Principal Balance
Principal Balance as of December 31, 2025
Note Rate
Anticipated Repayment Date
Rated Final Payment Date
Credit Rating (1)
A-1 (AAA)
$
146,400,000 
$
140,208,000 
2.09%
July 2028
July 2051
AAA (sf)
A-2 (AAA)
219,600,000 
210,312,000 
2.57%
July 2031
July 2051
AAA (sf)
A-3 (AA)
39,200,000 
39,200,000 
2.51%
July 2028
July 2051
AA (sf)
A-4 (AA)
58,800,000 
58,800,000 
3.04%
July 2031
July 2051
AA (sf)
A-5 (A)
124,000,000 
124,000,000 
2.91%
July 2028
July 2051
A (sf)
A-6 (A)
186,000,000 
186,000,000 
3.44%
July 2031
July 2051
A (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 December 31, 2025 (dollar amounts in thousands):
Repurchase Facility
Date of Agreement
Maturity Date
Remaining Extension Options (1)
Maximum Facility Size
Weighted Average Interest Rate
Loans Financed under Repurchase Facility (2)
Amount Financed
Citibank
6/4/2020
3/5/2027
2/1 yr.
$
26,537 
6.3%
(3)
$
84,374 
$
26,537 
Citibank (4)
12/19/2023
12/19/2026
2/1 yr.
600,790 
5.5%
(3)
666,976 
504,962 
Barclays
9/21/2020
9/22/2026
1/1 yr.
558,947 
5.6%
(3)
722,517 
359,417 
Barclays (4)
12/4/2023
12/4/2026
2/1 yr.
691,053 
5.6%
(3)
118,067 
81,094 
Wells Fargo
5/20/2021
8/30/2026
1/1 yr.
512,004 
(5)
5.5%
(3)
658,707 
444,503 
Wells Fargo (4)
8/15/2025
8/15/2027
3/1 yr.
250,000 
(5)
5.4%
(3)
285,250 
216,050 
Deutsche Bank (4)
10/8/2021
10/8/2026
1/1 yr.
300,000 
6.4%
(3)
175,936 
99,913 
J.P. Morgan (4)
6/1/2022
(6)
(6)
— 
(6)
5.1%
(7)
64,222 
44,924 
Total
$
2,939,331 
$
2,776,049 
$
1,777,400 
__________________________________
(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)Subsequent to December 31, 2025, the maximum facility size on the repurchase facilities held with Wells Fargo were amended, as described in further detail in Note 19 — Subsequent Events.
(6)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.
(7)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 December 31, 2025, ranges from 1.15% to 1.40%.
Schedule of Aggregate Principal Repayments
The following table summarizes the scheduled aggregate principal repayments for the Company’s outstanding debt subsequent to December 31, 2025 (in thousands):
Year Ending December 31,
Principal Repayments
2026
$
1,709,413 
2027
413,422 
2028
524,248 
2029
— 
2030
— 
Thereafter
455,112 
Total
$
3,102,195