v3.26.1
Investment Portfolio Financing Arrangements (Tables)
 6 Months Ended
Jun. 30, 2026
Debt Disclosure [Abstract]  
Schedule of Debt
The following tables detail the loan collateral and borrowings under the Company's CRE CLOs (dollars in thousands):
June 30, 2026
CRE CLOsCountBenchmark interest rateOutstanding principal balance
Carrying value(1)
Wtd. avg. spread(2)
Wtd. avg. maturity(3)
TRTX 2025-FL6
Collateral loan investments19Term SOFR1,100,0001,088,2723.07%3.3
Financing provided1Term SOFR962,500955,1101.83%16.2
TRTX 2025-FL7
Collateral loan investments21Term SOFR1,100,0001,088,9603.14%3.4
Financing provided1Term SOFR957,000950,6801.67%16.9
Total
Collateral loan investments(4)
40Term SOFR$2,200,000$2,177,2323.10%3.4 years
Financing provided(5)
2Term SOFR$1,919,500$1,905,7901.75%16.6 years
________________________________
(1)Includes loan amounts held in the Company's CRE CLOs and excludes other REO investments of $85.4 million held within the Sub-REIT.
(2)Weighted average spread excludes the amortization of loan fees, deferred financing costs, and debt issuance discounts.
(3)Loan term represents weighted average final maturity, assuming extension options are exercised by the borrower. Repayments of CRE CLO notes are dependent on timing of underlying loan repayments post-reinvestment period. The term of the CRE CLO notes represents the rated final distribution date.
(4)Collateral loan investment assets of FL6 and FL7 represent 25.4% and 25.3%, respectively, of the aggregate unpaid principal balance of the Company's loans held for investment portfolio as of June 30, 2026.
(5)During the three months ended June 30, 2026, the Company recognized interest expense of $31.6 million, which includes $1.2 million of discount and deferred financing cost amortization and is reflected within the Company's consolidated statements of income and comprehensive income. During the six months ended June 30, 2026, the Company recognized interest expense of $68.4 million, which includes $2.3 million of discount and deferred financing cost amortization and is reflected within the Company's consolidated statements of income and comprehensive income.
December 31, 2025
CRE CLOsCountBenchmark interest rateOutstanding principal balance
Carrying value(1)
Wtd. avg. spread(2)
Wtd. avg. maturity(3)
TRTX 2022-FL5
Collateral loan investments19Term SOFR$843,784$822,4883.52%1.5
Financing provided1Term SOFR675,816675,8162.14%13.1
TRTX 2025-FL6
Collateral loan investments19Term SOFR1,100,0001,086,3263.15%3.3
Financing provided1Term SOFR962,500954,1331.83%16.7
TRTX 2025-FL7
Collateral loan investments21Term SOFR1,100,0001,087,4913.14%3.9
Financing provided1Term SOFR957,000949,9711.67%17.4
Total
Collateral loan investments(4)
59Term SOFR$3,043,784$2,996,3053.25%3.0 years
Financing provided(5)
3Term SOFR$2,595,316$2,579,9201.85%16.0 years
________________________________
(1)Includes loan amounts held in the Company's CRE CLOs and excludes other REO investments of $84.7 million held within the Sub-REIT.
(2)Weighted average spread excludes the amortization of loan fees, deferred financing costs, and debt issuance discounts.
(3)Loan term represents weighted average final maturity, assuming extension options are exercised by the borrower. Repayments of CRE CLO notes are dependent on timing of related loan repayments post-reinvestment period. The term of the CRE CLO notes represents the rated final distribution date.
(4)Collateral loan investment assets of FL5, FL6, and FL7 represent 20.5%, 26.6% and 26.7%, respectively, of the aggregate unpaid principal balance of the Company's loans held for investment portfolio as of December 31, 2025.
(5)During the three months ended June 30, 2025, the Company recognized interest expense of $39.9 million, which includes $0.7 million of deferred financing cost amortization and is reflected within the Company's consolidated statements of income and comprehensive income. During the six months ended June 30, 2025, the Company recognized interest expense of $67.5 million, which includes $1.3 million of discount and deferred financing cost amortization and is reflected within the Company's consolidated statements of income and comprehensive income.
The following table summarizes the Company's investment portfolio financing arrangements (dollars in thousands):
Outstanding principal balance
June 30, 2026December 31, 2025
Collateralized loan obligations(1)
$1,919,500 $2,595,316 
Secured credit agreements991,978 591,245 
Asset-specific financing arrangements60,235 60,235 
Secured revolving credit facility128,903 31,466 
Mortgage loan payable31,200 31,200 
Total$3,131,816 $3,309,462 
________________________________
(1)See Note 5 for additional information regarding the Company's collateralized loan obligations.
The following table details the Company's asset-specific financing arrangements (dollars in thousands):
June 30, 2026
FinancingCollateral
Asset-specific financingCountCommitment amountOutstanding principal balance
Carrying
value(1)
Wtd. avg.
spread(2)
Wtd. avg.
term(3)
CountOutstanding principal balanceAmortized costWtd. avg.
term
HSBC Facility1$31,125 $31,125 $30,693 1.9 %4.21$41,500 $41,200 4.2
BMO Facility1200,000 29,110 29,088 2.0 %1.2142,522 42,522 1.2
Total / weighted average$231,125 $60,235 $59,781 1.9 %2.8 years$84,022 $83,722 2.8 years
_______________________
(1)Net of $0.5 million unamortized deferred financing costs.
(2)Collateral loan assets and related financings are indexed to Term SOFR.
(3)Borrowings are term-matched to the corresponding collateral loan asset. The weighted average term assumes all extension options of the collateral loan assets are exercised by the borrower.
The following table details the Company's asset-specific financing arrangements (dollars in thousands):
December 31, 2025
FinancingCollateral
Asset-specific financingCountCommitment amountOutstanding principal balance
Carrying
value(1)
Wtd. avg.
spread(2)
Wtd. avg.
term(3)
CountOutstanding principal balanceAmortized costWtd. avg.
term
HSBC Facility1$31,125 $31,125 $30,670 1.9 %4.71$41,500 $41,132 4.7
BMO Facility1200,000 29,110 29,110 2.0 %1.7140,963 40,963 1.7
Total / weighted average$231,125 $60,235 $59,780 1.9 %3.3 years$82,463 $82,095 3.3 years
_______________________
(1)Net of $0.5 million unamortized deferred financing costs.
(2)Collateral loan assets and related financings are indexed to Term SOFR.
(3)Borrowings are term-matched to the corresponding collateral loan asset. The weighted average term assumes all extension options of the collateral loan assets are exercised by the borrower.
Schedule of Information Related to Secured Credit Agreements
The following table presents certain information regarding the Company’s secured credit agreements. Except as otherwise noted, all agreements are on a partial (25%) recourse basis (dollars in thousands):
June 30, 2026
Secured credit agreements(1)
Initial
maturity date
Extended
maturity date(2)
Wtd. avg.
credit spread 		Wtd. avg. interest rate Commitment
amount		Maximum
current availability		Balance
outstanding		Principal balance
of collateral		Amortized cost
of collateral
Goldman Sachs(3)
11/17/2911/17/311.8 %5.4 %$750,000 $371,192 $378,808 $510,190 $509,313 
Wells Fargo(4)
05/12/2805/12/281.5 %5.1 %850,000 382,221 467,779 974,770 971,847 
Citi(5)
06/30/2806/30/28— %— %500,000 500,000 — — — 
Bank of America(6)
06/06/2906/06/291.4 %5.0 %200,000 54,609 145,391 185,312 184,536 
Totals$2,300,000 $1,308,022 $991,978 $1,670,272 $1,665,696 
________________________________
(1)Borrowings under secured credit agreements with a 25% recourse guarantee from Holdco. Both the Wells Fargo and Citi secured credit agreements are subject to credit marks above specified LTV thresholds. In addition, a portion of the Wells Fargo secured credit agreement, is subject to a non-mark-to-market holiday through May 2027.
(2)Upon the contractual extended maturities of the Wells Fargo and Citi secured credit agreements, the Company may further extend these agreements and the financing arrangements convert to matched-term of the underlying collateral.
(3)On June 30, 2026, the Company executed an amendment of the secured credit agreement, increasing the total commitment amount to $750.0 million.
(4)On May 12, 2026, the Company executed an amendment of the secured credit agreement, increasing the total commitment amount to $850.0 million and extending the initial and extended maturity date to May 12, 2028. Until such date, new and revolving borrowings are permitted. After such date, no new collateral may be pledged and the secured credit agreement may be further extended through the latest final fully extended maturity date of the collateral pledged. Additionally, for one year following the amendment, the Company is not subject to margin calls under this agreement.
(5)On June 30, 2026, the Company closed a $500.0 million secured credit agreement with Citi. The secured credit agreement has an initial maturity of June 30, 2028. After such date, no new collateral may be pledged and the secured credit agreement may be further extended through the latest final fully extended maturity date of the collateral pledged.
(6)On January 2, 2026, the Company executed an extension of the initial and extended maturity date to June 6, 2029, effective June 6, 2026.
The following table presents certain information regarding the Company’s secured credit agreements. Except as otherwise noted, all agreements are on a partial (25%) recourse basis (dollars in thousands):
December 31, 2025
Secured credit agreements(1)
Initial
maturity date		Extended
maturity date		Wtd. avg.
credit spread 		Wtd. avg.
interest rate 		Commitment
amount		Maximum
current availability		Balance
outstanding		Principal balance
of collateral		Amortized cost
of collateral
Goldman Sachs(2)
11/17/2911/17/311.8 %5.5 %$500,000 $130,233 $369,767 $499,717 $498,501 
Wells Fargo12/06/2712/06/271.6 %5.3 %500,000 423,913 76,087 104,245 103,296 
Barclays(3)
03/31/2603/31/27— %— %500,000 500,000 — — — 
Bank of America06/06/2606/06/261.4 %5.1 %200,000 54,609 145,391 181,739 180,806 
Totals$1,700,000 $1,108,755 $591,245 $785,701 $782,603 
________________________________
(1)Borrowings under secured credit agreements with a 25% recourse guarantee from Holdco. Each secured credit agreement contains defined mark-to-market provisions that permit the lenders to issue margin calls based on credit marks.
(2)On November 7, 2025, the Company extended the secured credit agreement through November 17, 2029. Until such date, new and revolving borrowings are permitted. After such date, the secured credit agreement automatically enters a two-year term-out period through November 17, 2031.
(3)On August 11, 2025, the Company executed an extension of the initial maturity date to November 12, 2025. On November 12, 2025, the Company executed a further extension of the maturity date to March 31, 2026.
Schedule of Secured Credit Agreements Secured by Mortgage Loan Investments, CRE Debt Securities and Counterparty Concentration Risks
The following table summarizes certain characteristics of the Company’s secured credit agreements secured by mortgage loan investments, including counterparty concentration risks (dollars in thousands):
June 30, 2026
Secured credit agreementsCommitment
amount		UPB of
collateral
Amortized cost
of collateral(1)
Amount
payable(2)
Net counterparty exposure(3)
Percent of
stockholders' equity 		Days to
extended maturity
Goldman Sachs Bank$750,000 $510,190 $511,995 $379,300 $132,695 12.7 %1966
Wells Fargo850,000 974,770 976,321 468,383 507,938 48.6 %682
Citi500,000 — — — — — %731
Bank of America200,000 185,312 185,268 145,574 39,694 3.8 %1072
Total / weighted average$2,300,000 $1,670,272 $1,673,584 $993,257 $680,327 1229
_______________________
(1)Loan amounts include interest receivable of $7.9 million and are net of premium, discount and origination fees of $4.6 million.
(2)Loan amounts include interest payable of $1.3 million and do not reflect unamortized deferred financing fees of $3.2 million.
(3)Loan amounts represent the net carrying value of the commercial real estate loans sold under agreements to repurchase, including accrued interest plus any cash or assets on deposit to secure the repurchase obligation, less the amount of the repurchase liability, including accrued interest.
The following table summarizes certain characteristics of the Company’s secured credit agreements secured by mortgage loan investments, including counterparty concentration risks (dollars in thousands):
 December 31, 2025
Secured credit agreementsCommitment
amount		UPB of
collateral
Amortized cost
of collateral(1)
Amount
payable(2)
Net counterparty exposure(3)
Percent of
stockholders' equity		Days to
extended maturity
Goldman Sachs Bank$500,000 $499,717 $502,259 $370,474 $131,785 12.3 %2147
Wells Fargo500,000 104,245 103,857 76,246 27,611 2.6 %705
Barclays500,000 — — — — — %225
Bank of America200,000 181,739 180,890 145,453 35,437 3.3 %157
Total / weighted average$1,700,000 $785,701 $787,006 $592,173 $194,833  1473
_______________________
(1)Loan amounts include interest receivable of $4.4 million and are net of premium, discount and origination fees of $3.1 million.
(2)Loan amounts include interest payable of $0.9 million and do not reflect unamortized deferred financing fees of $1.6 million.
(3)Loan amounts represent the net carrying value of the commercial real estate loans sold under agreements to repurchase, including accrued interest plus any cash or assets on deposit to secure the repurchase obligation, less the amount of the repurchase liability, including accrued interest.
Schedule of Financial Covenant Compliance
The Company's financial covenants and guarantees for outstanding borrowings related to its investment portfolio financing arrangements require Holdco to maintain compliance with the following financial covenants (among others):
Financial CovenantCurrent
Previous(1)
Cash Liquidity
Minimum cash liquidity of no less than the greater of: $15.0 million; and 5.0% of Holdco’s recourse indebtedness.
Minimum cash liquidity of no less than the greater of: $15.0 million; and 5.0% of Holdco’s recourse indebtedness.
Tangible Net Worth
$1.0 billion, plus 75% of all subsequent equity issuances (net of discounts, commissions, expense), minus 75% of the redeemed or repurchased preferred or redeemable equity or stock. With respect to the Secured Revolving Credit Facility, $0.8 billion, plus 75% of all subsequent equity issuances (net of discounts, commissions, expense) after September 30, 2024, minus 75% of the redeemed or repurchased preferred or redeemable equity or stock after September 30, 2024.
$1.0 billion, plus 75% of all subsequent equity issuances (net of discounts, commissions, expense), minus 75% of the redeemed or repurchased preferred or redeemable equity or stock. With respect to the Secured Revolving Credit Facility, $0.8 billion, plus 75% of all subsequent equity issuances (net of discounts, commissions, expense) after September 30, 2024, minus 75% of the redeemed or repurchased preferred or redeemable equity or stock after September 30, 2024.
Debt-to-EquityN/A
Debt-to-Equity ratio not to exceed 4.25 to 1.0.
Total Debt to
Total Assets
Maximum total debt to total assets ratio of Holdco and its subsidiaries of 83.333%2.
N/A
Interest Coverage
Minimum interest coverage ratio of no less than 1.3 to 1.02.
Minimum interest coverage ratio of no less than 1.4 to 1.0.
_______________________
(1)In connection with the closing of the Term Loan B and Revolver during the three months ended June 30, 2026, the Company amended its financial covenants.
(2)Includes the impact of any amounts outstanding on the Term Loan B and Revolver as of June 30, 2026.