v3.26.1
Secured Financing Agreements (Tables)
 3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
Schedule of Collateralized Borrowings
The following tables summarize details of the Company’s borrowings outstanding on its secured financing arrangements as of March 31, 2026, and December 31, 2025:
March 31, 2026
(dollars in thousands)
Maturity Date(1)
Amount Outstanding
Unused Capacity(2)
Total CapacityCarrying Value of CollateralWeighted Average Borrowing Rate
Repurchase facilities:
Morgan Stanley Bank(3)
June 28, 2026$52,325 $197,675 $250,000 $117,125 6.4%
JPMorgan Chase Bank
July 28, 2026222,679 202,321 425,000 346,383 6.3%
Citibank(4)
April 27, 202672,487 177,513 250,000 103,121 5.4%
Total$347,491 $577,509 $925,000 $566,629 
Secured credit facility December 21, 2026$71,774 $28,226 $100,000 $99,819 9.4%
Mortgage loan payable(5)
October 3, 2030$18,000 $— $18,000 $36,278 6.7%
December 31, 2025
(dollars in thousands)
Maturity Date(1)
Amount Outstanding
Unused Capacity(2)
Total CapacityCarrying Value of CollateralWeighted Average Borrowing Rate
Repurchase facilities:
Morgan Stanley Bank(3)
June 28, 2026$52,444 $197,556 $250,000 $119,715 6.5%
JPMorgan Chase BankJuly 28, 2026314,242 147,574 461,816 446,849 7.2%
Citibank(4)
April 27, 202672,487 177,513 250,000 102,471 5.4%
Total$439,173 $522,643 $961,816 $669,035 
Secured credit facility December 21, 2026$71,774 $28,226 $100,000 $98,772 9.5 %
Mortgage loan payable(5)
October 3, 2030$18,000 $— $18,000 $35,060 6.8 %
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(1)The facilities are set to mature on the stated maturity date, unless extended pursuant to their terms.
(2)Unused capacity is not committed as of March 31, 2026, and December 31, 2025.
(3)Collateral value includes real estate owned with a carrying value of $61.9 million as of March 31, 2026, and $62.9 million as of December 31, 2025.
(4)Subsequent to March 31, 2026, the Company exercised an option to extend the maturity date to April 26, 2027.
(5)Mortgage loan payable balance net of unamortized debt issuance costs is $17.6 million as of March 31, 2026, and $17.5 million as of December 31, 2025.
Schedule of Repurchase Facilities and Counterparty Concentration
The following table summarizes certain characteristics of the Company’s repurchase facilities and counterparty concentration at March 31, 2026, and December 31, 2025:
March 31, 2026December 31, 2025
(dollars in thousands)Amount Outstanding
Net Counterparty Exposure(1)
Percent of EquityWeighted Average Years to MaturityAmount Outstanding
Net Counterparty Exposure(1)
Percent of EquityWeighted Average Years to Maturity
Morgan Stanley Bank$52,325 $65,498 12%0.24$52,444 $69,097 12%0.49
JPMorgan Chase Bank222,679 135,821 25%0.33314,242 149,946 27%0.57
Citibank72,487 32,327 6%0.0772,487 32,657 6%0.32
Total$347,491 $233,646 $439,173 $251,700 
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(1)Represents the excess of the carrying amount or market value of the loans held-for-investment pledged as collateral for repurchase facilities, including accrued interest plus any cash on deposit to secure the repurchase obligation, less the amount of the repurchase liability, including accrued interest.