v3.26.1
Secured Financing Agreements
 3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
Secured Financing Agreements Secured Financing Agreements
As of March 31, 2026, we had secured financing facilities governed by master repurchase agreements with Wells Fargo, National Association, or Wells Fargo, Citibank, N.A., or Citibank, and UBS AG, or UBS; and a facility loan program with BMO Harris Bank N.A., or BMO. We refer to the Wells Fargo, Citibank and UBS facilities as our Master Repurchase Facilities and the BMO facility as our BMO Facility. Collectively, we refer to our Master Repurchase Facilities and the BMO Facility as our Secured Financing Facilities. See our 2025 Annual Report for more information regarding our Secured Financing Facilities.
The table below summarizes our Secured Financing Facilities as of March 31, 2026 and December 31, 2025:
Debt Obligation
Weighted AverageCollateral
Maximum Facility SizePrincipal BalanceCarrying Value
Coupon Rate (1)
Remaining Maturity (years) (2)
Maturity Date
Principal Balance
March 31, 2026:
UBS Master Repurchase Facility$250,000 $142,417 $141,837 6.28%0.82/18/2028$208,538 
Wells Fargo Master Repurchase Facility250,000 104,305 103,708 5.47%1.73/13/2028136,658 
Citibank Master Repurchase Facility215,000 135,715 135,513 5.76%0.59/27/2026200,409 
BMO Facility150,000 85,032 84,759 5.68%1.2Various114,323 
Total/weighted average$865,000 $467,469 $465,817 5.84%1.0$659,928 
December 31, 2025:
UBS Master Repurchase Facility$250,000 $194,948 $194,887 6.19%0.12/18/2026$278,594 
Citibank Master Repurchase Facility215,000 135,715 135,426 5.84%0.79/27/2026199,838 
BMO Facility150,000 64,632 64,442 5.81%0.9Various88,684 
Wells Fargo Master Repurchase Facility125,000 92,980 92,902 5.54%0.23/11/2026120,469 
Total/weighted average$740,000 $488,275 $487,657 5.92%0.4$687,585 
(1)The weighted average coupon rate is determined using SOFR plus a spread ranging from 1.50% to 2.95%, as applicable, for the respective borrowings under our Secured Financing Facilities as of the applicable date.
(2)The weighted average remaining maturity of our Master Repurchase Facilities is determined using the earlier of the underlying loan investment maturity date and the respective repurchase agreement maturity date. The weighted average remaining maturity of the BMO Facility is determined using the underlying loan investment maturity date.

In February 2026, we amended our master repurchase agreement with UBS to extend the stated maturity date to February 18, 2028.
In February 2026, we amended our master repurchase agreement with Wells Fargo and made certain changes to the agreement, including extending the stated maturity date to March 13, 2028 and increasing the maximum facility size by $125,000 to $250,000.
As of March 31, 2026, we were in compliance with the covenants and other terms of the agreements that govern our Secured Financing Facilities.
As of March 31, 2026, our outstanding borrowings under our Secured Financing Facilities had the following remaining maturities:
YearPrincipal Payments on
Secured Financing Facilities
2026$295,924 
202764,487 
202886,658 
202920,400 
2030 and thereafter— 
$467,469 
Based upon the performance and payment history of our commercial mortgage loans, along with our ability to obtain financing under repurchase agreements and success in extending certain of our existing Master Repurchase Agreements, we believe it is probable that we will extend our Master Repurchase Facilities prior to their maturities.