Repurchase Agreements (Tables)

3 Months Ended

Mar. 31, 2026

Schedule of Underlying Assets of Repurchase Agreements when Amount of Repurchase Agreements Exceeds 10 Percent of Assets

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 Size		Available Capacity		Debt Amount Outstanding		Fair Value of Debt		Fair Value of Collateral		Current Maturity Date	Maximum Maturity Date (2)
FBRED REIT BWH Seller, LLC	5.26	%	$	250,000	$	135,659	$	114,341	$	114,341	$	144,955	5/8/2028	5/8/2030
FBRED REIT JWH Seller, LLC	5.53	%	250,000		76,108		173,892		173,892		229,536		3/18/2027	3/18/2030
FBRED REIT WWH Seller, LLC	5.16	%	150,000		2,726		147,274		147,274		185,793		7/30/2027	7/30/2030
FBRED REIT AWH Seller, LLC	6.41	%	100,000		94,903		5,097		5,097		7,281		12/16/2026	12/16/2027
FBRED REIT High Yield Securities, LLC - JPM (3)	4.60	%	n/a		N/A		54,309		54,309		64,775		30 days	30 days
FBRED REIT High Yield Securities - Lucid (3)	4.70	%	n/a		N/A		17,489		17,489		21,500		30 days	30 days
Total	5.25	%					$	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 Size		Available Capacity		Debt Amount Outstanding		Fair Value of Debt		Fair Value of Collateral		Current Maturity Date	Maximum Maturity Date (2)
FBRED REIT BWH Seller, LLC	5.32	%	$	250,000	$	177,162	$	72,837	$	72,837	$	91,999	5/8/2028	5/8/2030
FBRED REIT JWH Seller, LLC	6.01	%	250,000		184,474		65,526		65,526		90,772		3/18/2027	3/18/2030
FBRED REIT WWH Seller, LLC	5.17	%	150,000		84,292		65,708		65,708		83,437		7/30/2027	7/30/2030
FBRED REIT AWH Seller, LLC	6.44	%	100,000		94,903		5,097		5,097		7,281		12/16/2026	12/16/2027
FBRED REIT High Yield Securities, LLC - JPM (3)	4.63	%	N/A		N/A		54,558		54,558		65,870		30 days	30 days
FBRED REIT High Yield Securities - Lucid (3)	4.76	%	N/A		N/A		28,306		28,306		37,500		30 days	30 days
Total	5.28	%					$	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.

Schedule of Future Principal Payments, Repurchase Agreements

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)
Year	Amount
2026	$	71,798
2027	5,097
2028	—
2029	—
2030	435,507
Thereafter	—
Total	$	512,402