v3.26.1
Repurchase Agreements
 3 Months Ended
Mar. 31, 2026
Transfers and Servicing [Abstract]  
Repurchase Agreements Repurchase Agreements
The following table presents the value of repurchase agreements, at fair value at March 31, 2026:
(in thousands, except interest rates)
Description
Weighted Average Interest Rate (1)
Maximum Facility SizeAvailable CapacityDebt Amount Outstanding Fair Value of DebtFair Value of CollateralCurrent Maturity Date
Maximum Maturity Date (2)
FBRED REIT BWH Seller, LLC5.26 %$250,000 $135,659 $114,341 $114,341 $144,955 5/8/20285/8/2030
FBRED REIT JWH Seller, LLC5.53 %250,00076,108173,892173,892229,5363/18/20273/18/2030
FBRED REIT WWH Seller, LLC5.16 %150,0002,726147,274147,274185,7937/30/20277/30/2030
FBRED REIT AWH Seller, LLC6.41 %100,00094,9035,0975,0977,28112/16/202612/16/2027
FBRED REIT High Yield Securities, LLC - JPM (3)
4.60 %n/aN/A54,30954,30964,77530 days30 days
FBRED REIT High Yield Securities - Lucid (3)
4.70 %n/aN/A17,489 17,489 21,500 30 days30 days
Total5.25 %$512,402 $512,402 $653,840 

(1)Represents the weighted average interest rate at March 31, 2026.
(2)Borrowing facilities may have extension options, subject to lender approval and compliance with certain financial and administrative covenants.
(3)Borrowings are tied to real estate securities with a 30-day repurchase maturity term, which automatically renew, subject to administrative covenants.
The following table presents the value of repurchase agreements, at fair value at December 31, 2025:
(in thousands, except interest rates)
Description
Weighted Average Interest Rate (1)
Maximum Facility SizeAvailable CapacityDebt Amount OutstandingFair Value of DebtFair Value of CollateralCurrent Maturity Date
Maximum Maturity Date (2)
FBRED REIT BWH Seller, LLC5.32 %$250,000 $177,162 $72,837 $72,837 $91,999 5/8/20285/8/2030
FBRED REIT JWH Seller, LLC6.01 %250,000184,47465,52665,52690,7723/18/20273/18/2030
FBRED REIT WWH Seller, LLC5.17 %150,00084,29265,70865,70883,4377/30/20277/30/2030
FBRED REIT AWH Seller, LLC6.44 %100,00094,9035,0975,0977,28112/16/202612/16/2027
FBRED REIT High Yield Securities, LLC - JPM (3)
4.63 %N/AN/A54,55854,55865,87030 days30 days
FBRED REIT High Yield Securities - Lucid (3)
4.76 %N/AN/A28,30628,30637,50030 days30 days
Total5.28 %$292,032 $292,032 $376,859 

(1)Represents the weighted average interest rate at December 31, 2025.
(2)Borrowing facilities may have extension options, subject to lender approval and compliance with certain financial and administrative covenants.
(3)Borrowings are tied to real estate securities with a 30-day repurchase maturity term, which automatically renew, subject to administrative covenants.
Borrowings under the Company’s repurchase agreements bear interest at one-month term SOFR plus a spread. At March 31, 2026, the one-month SOFR was 3.66%. Our repurchase agreements are subject to certain non-financial and financial covenants, including liquidity, tangible net worth and leverage covenants. We were in compliance with these covenants as of March 31, 2026.
Repurchase Agreement Facilities
On March 17, 2025, the Company, through its indirect wholly-owned subsidiary FBRED REIT High Yield Securities, LLC, entered into a Master Repurchase Agreement (the “J.P. Morgan MRA”) with J.P. Morgan Securities LLC. Under the J.P. Morgan MRA, there is no maximum aggregate commitment. There is no initial maturity date of the J.P. Morgan MRA, however the borrowings are tied to real estate securities with 30-day repurchase maturity terms.
On March 18, 2025, the Company, through its indirect wholly-owned subsidiary FBRED REIT JWH Seller, LLC (“JWH”), entered into an Uncommitted Master Repurchase Agreement (the “Uncommitted MRA”) with J.P. Morgan Chase Bank, National Association. The Uncommitted MRA provides up to $250 million of advances. At the Company’s option, the Uncommitted MRA may be upsized to provide up to $500 million in advances. The initial maturity date of the Uncommitted MRA is March 18, 2027.
On May 8, 2025, the Company, through its indirect wholly-owned subsidiary FBRED REIT BWH Seller, LLC, entered into an Master Repurchase Agreement (the “Barclays MRA”) with Barclays Bank PLC. The Barclays MRA provides up to $250 million of advances. The initial maturity date of the Barclays MRA is May 8, 2028.
On July 30, 2025, the Company, through its indirect wholly-owned subsidiary FBRED REIT WWH Seller, LLC, entered into a Master Repurchase Agreement (the “Wells Fargo MRA”) with Wells Fargo Bank, National Association. The Wells Fargo MRA provides up to $150 million of advances. The initial maturity date of the Wells Fargo MRA is July 30, 2027, which may be extended for up to three years.
On September 19, 2025, the Company, through its indirect wholly-owned subsidiary FBRED REIT High Yield Securities, LLC, entered into a Master Repurchase Agreement (the “Lucid MRA”) with Lucid Prime Fund LLC. Under the Lucid MRA, there is no maximum aggregate commitment. There is no initial maturity date on the Lucid MRA, however the borrowings are tied to real estate securities 30-day repurchase maturity term.
On December 17, 2025, the Company, through its indirect wholly-owned subsidiaries FBRED REIT AWH Seller, LLC and FBRED REIT AWH Mezzanine Loan Seller, LLC, entered into a Master Repurchase Agreement (the “Atlas MRA”) with Atlas Securitized Products, L.P. The Atlas MRA provides up to $100 million of advances. The initial maturity of the Atlas MRA is December 16, 2026, which may be extended for one year.
The following table represents the future principal payments under the Company’s outstanding repurchase agreements, assuming maximum maturity dates under available extension options, at March 31, 2026:
(in thousands)
YearAmount
2026$71,798 
20275,097
2028—
2029—
2030435,507 
Thereafter—
Total$512,402