v3.26.1
DEBT (Tables)
 6 Months Ended
Jun. 30, 2026
Debt Disclosure [Abstract]  
Schedule of Repurchase Agreement
The following tables set forth the details of the Company’s repurchase financing agreements and facilities:
June 30, 2026
Maturity DateAmount OutstandingAmount of CollateralInterest Rate
Goldman Sachs - loans(1)
April 29, 2028$87,889 $127,743 5.87 %
Lucid - bonds(2)
$38,229 $45,000 4.25 %
A bondsJuly 16, 202638,229 45,000 4.25 %
Barclays - bonds(2)
$53,063 $70,977 4.56 %
A bondsJuly 8, 202612,963 15,000 4.36 %
July 17, 202613,626 18,815 4.65 %
July 22, 202616,951 20,946 4.37 %
B bondsJuly 17, 20264,634 8,340 5.04 %
July 22, 20264,322 6,754 5.09 %
M bondsJuly 17, 2026471 973 4.84 %
July 22, 202696 149 4.69 %
Nomura - bonds(2)
$99,243 $185,121 (3)5.19 %
A bondsSeptember 30, 20268,161 11,731 5.28 %
B bondsSeptember 21, 20261,539 4,101 5.43 %
B bondsSeptember 30, 202638,699 71,622 5.07 %
M bondsSeptember 30, 202617,734 26,019 4.94 %
Beneficial Interests(4)
September 21, 202633,110 71,648 5.43 %
Nomura - loans(5)
February 26, 2027$12,248 $14,956 5.85 %
Santander bonds(2)
$20,835 $24,366 4.31 %
A BondsJuly 15, 202620,835 24,366 4.31 %
Totals/Weighted Averages$311,507 $468,163 5.12 %
(1)Maximum borrowing capacity subject to pledging sufficient collateral as of June 30, 2026 was $300.0 million.
(2)Maximum borrowing capacity subject to pledging sufficient collateral is the equivalent of the amount outstanding as of June 30, 2026.
(3)Includes bonds that are consolidated on the Company’s balance sheet as of June 30, 2026.
(4)Collateral of beneficial interests presented at fair value, as disclosed in Note 7.
(5)Maximum borrowing capacity subject to pledging sufficient collateral as of June 30, 2026 was $400.0 million.

December 31, 2025
Maturity DateAmount OutstandingAmount of CollateralInterest Rate
Goldman Sachs - bonds(1)
$36,431 $42,767 4.58 %
A bondsJanuary 12, 20268,510 10,000 4.41 %
February 17, 202627,921 32,767 4.63 %
Goldman Sachs - loans(2)
December 12, 2027$11,148 $17,150 6.62 %
Lucid - bonds(1)
$50,829 $60,000 4.42 %
A bondsJanuary 12, 202629,543 35,000 4.47 %
A bondsJanuary 15, 202621,286 25,000 4.36 %
Barclays - bonds(1)
$85,885 $109,816 4.65 %
A bondsJanuary 9, 202614,780 17,439 4.47 %
January 12, 202612,963 15,000 4.51 %
January 14, 202615,598 18,540 4.71 %
January 23, 202618,576 23,014 4.46 %
March 19, 202614,629 20,041 4.82 %
December 31, 2025
Maturity DateAmount OutstandingAmount of CollateralInterest Rate
B bondsJanuary 23, 20264,195 6,531 5.18 %
March 19, 20264,573 8,129 5.20 %
M bondsJanuary 23, 202690 149 4.78 %
March 19, 2026481 973 5.00 %
Nomura - bonds(1)
$99,005 $178,102 (3)5.16 %
A bondsMarch 30, 20269,009 12,885 5.24 %
B bondsMarch 19, 20261,638 4,101 5.45 %
B bondsMarch 30, 202638,477 71,204 5.02 %
M bondsMarch 30, 202617,894 26,019 4.89 %
Beneficial Interests(4)
March 19, 202631,987 63,893 5.45 %
Nomura - loans(5)
February 27, 2026$20,543 $25,999 5.91 %
Santander bonds(1)
$103,231 $120,093 4.54 %
A bondsJanuary 12, 202621,396 25,000 4.41 %
January 15, 202681,835 95,093 4.58 %
Totals/Weighted Averages
$407,072 $553,927 4.83 %
(1)Maximum borrowing capacity subject to pledging sufficient collateral is the equivalent of the amount outstanding as of December 31, 2025.
(2)Maximum borrowing capacity subject to pledging sufficient collateral as of December 31, 2025 was $200.0 million.
(3)Includes bonds that are consolidated on the Company’s balance sheet as of December 31, 2025.
(4)Collateral of beneficial interests presented at fair value, as disclosed in Note 7.
(5)Maximum borrowing capacity subject to pledging sufficient collateral as of December 31, 2025 was $400.0 million.
Schedule of Amount Outstanding on Repurchase Facilities and Carrying Value Collateral The table below presents the gross amounts on the consolidated balance sheets for these arrangements:
Gross Amounts Not Offset on Balance Sheet
June 30, 2026December 31, 2025
Gross amount of recognized liabilities $311,507 $407,072 
Gross amount of loans and securities pledged as collateral468,163 553,927 
Net Collateral Amount$156,656 $146,855 
Schedule of Status of Mortgage Loans
The following table sets forth the status of the notes held by third parties as of June 30, 2026 and December 31, 2025, and the original balance at the securitization cutoff date:
June 30, 2026December 31, 2025Original Balances at
Securitization Cutoff Date
Class of NotesCarrying Value of MortgagesBond Principal BalancePercentage of Collateral CoverageCarrying Value of MortgagesBond Principal BalancePercentage of Collateral CoverageMortgage UPBBond Principal Balance
2019-D$82,654 $50,131 165 %$85,105 $52,508 162 %$193,301 $156,670 
2019-F77,138 37,940 203 %81,025 41,676 194 %170,876 127,673 
2020-B82,513 45,158 183 %86,096 48,894 176 %156,468 114,534 
2021-A104,636 79,421 132 %109,382 83,816 131 %206,506 175,116 
$346,941 $212,650 (1)163 %$361,608 $226,894 (1)159 %$727,151 $573,993 
(1)Represents the gross amount of secured bonds payable and excludes the impact of deferred issuance costs of $0.4 million and $0.7 million as of June 30, 2026 and December 31, 2025, respectively.
Schedule of Interest Expense on 2027 Notes
The following table presents interest expense on the 2027 Notes for the three and six months ended June 30, 2026 and 2025:
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Interest expense$2,716 $2,716 $5,432 $5,431 
Amortization of discount and deferred expenses
215 215 430 430 
Total Interest Expense on 2027 Notes$2,931 $2,931 $5,862 $5,861