v3.26.1
Debt Obligations (Tables)
 6 Months Ended
Jun. 30, 2026
Debt Disclosure [Abstract]  
Schedule of Borrowings
Borrowings under our credit and repurchase facilities are as follows ($ in thousands):
June 30, 2026December 31, 2025
Current
Maturity		Extended
Maturity		Debt
Carrying
Value (1)		Collateral
Carrying
Value		Wtd. Avg.
Note
Rate (2)		Debt
Carrying
Value (1)		Collateral
Carrying
Value
Structured Business
$1.66B repurchase facility
(6)N/A$1,543,778 $2,145,982 5.56%$1,149,944 $1,555,403 
$1.55B joint repurchase facility (3)
Jul. 2027Jul. 20281,569,336 2,268,747 5.91%882,635 1,468,161 
$1.00B repurchase facility
(5)N/A857,560 1,256,534 6.49%879,499 1,207,513 
$850M repurchase facility (3)
Dec. 2026Dec. 2027341,017 599,935 6.51%443,880 725,309 
$650M repurchase facility (3)
Oct. 2026N/A212,203 251,274 6.27%462,694 549,069 
$400M credit facility
Mar. 2027N/A45,167 84,664 7.00%66,479 125,099 
$400M repurchase facility
Jan. 2027Jan. 2028242,775 335,775 6.03%291,342 383,195 
$350M repurchase facility (7)
Mar. 2027N/A147,823 248,081 5.63%127,199 238,422 
$300M credit facility
Mar. 2029Mar. 203065,442 85,637 6.74%— — 
$250M repurchase facility
Sept. 2027Sept. 202866,455 99,072 6.68%73,052 113,121 
$250M repurchase facility
Oct. 2026N/A62,345 78,500 5.19%98,186 126,340 
$250M repurchase facility
Oct. 2027N/A124,489 163,248 6.24%78,963 102,758 
$200M credit facility
Mar. 2027Mar. 202871,316 96,696 6.29%41,114 59,147 
$40M credit facility (7)
Sept. 2026Sept. 202715,574 24,610 6.09%15,532 24,610 
$35M working capital facility (7)
Sept. 2026N/A35,000 — 6.65%35,000 — 
$21M loan specific credit facility (9)
Jul. 2026N/A20,798 26,000 5.83%63,456 87,000 
Repurchase facility - securities (3)(4)N/AN/A31,903 — 5.07%50,280 — 
Structured Business total (8)$5,452,981 $7,764,755 5.98%$4,759,255 $6,765,147 
Agency Business
$750M ASAP agreement
N/AN/A$21,996 $22,154 4.87%$91,965 $92,733 
$500M repurchase facility
Nov. 2026N/A99,050 100,571 5.15%89,427 89,573 
$200M credit facility (7)
Mar. 2027N/A168,609 170,438 5.10%101,802 102,409 
$200M credit facility (7)
Jun. 2027N/A4,379 4,578 4.95%42,887 43,096 
$100M joint repurchase facility (3)
Jul. 2027Jul. 202865,243 77,729 6.15%64,315 77,798 
Agency Business total$359,277 $375,470 5.29%$390,396 $405,609 
Consolidated total$5,812,258 $8,140,225 5.94%$5,149,651 $7,170,756 
________________________
(1)At June 30, 2026 and December 31, 2025, debt carrying value for the Structured Business was net of unamortized deferred financing fees of $9.4 million and $11.7 million, respectively, and for the Agency Business was net of unamortized deferred financing fees of $0.3 million at both June 30, 2026 and December 31, 2025.
(2)At June 30, 2026 and December 31, 2025, all credit and repurchase facilities are variable rate loans.
(3)These facilities are subject to margin call provisions associated with changes in interest spreads.
(4)At both June 30, 2026 and December 31, 2025, this facility was collateralized by investment grade notes we retained from our BTR CLO 1 securitization with a principal balance of $41.0 million, and at December 31, 2025 it was also collateralized by certificates retained by us from our Freddie Mac Q Series securitization (“Q Series securitization”) with a principal balance of $26.5 million.
(5)The commitment amount under this facility expires six months after the lender provides written notice. We then have an additional six months to repurchase the underlying loans.
(6)This facility matures at the latest maturity date of all purchased assets, which is currently March 2029.
(7)These facilities were extended in 2026.
(8)These amounts exclude outstanding notes payable on our REO assets with a debt carrying value of $270.4 million and $223.0 million at June 30, 2026 and December 31, 2025, respectively.
(9)This facility matures on July 31, 2026 and will not be renewed.
Borrowings and the corresponding collateral under our securitized debt transactions are as follows ($ in thousands):
DebtCollateral (3)
LoansCash
June 30, 2026Face ValueCarrying
Value (1)		Wtd. Avg.
Rate (2)		UPBCarrying
Value		Restricted
Cash (4)
CLO 21$673,990 $668,339 5.46 %$756,567 $753,112 $— 
CLO 20933,187 925,853 5.47 %1,020,331 1,016,667 25,834 
BTR CLO 1595,933 589,114 6.18 %690,402 689,083 611 
CLO 18 (5)788,940 788,940 5.96 %1,182,619 1,182,470 — 
Total securitized debt$2,992,050 $2,972,246 5.74 %$3,649,919 $3,641,332 $26,445 
December 31, 2025
CLO 20$933,187 $924,504 5.50 %$1,045,664 $1,040,984 $— 
BTR CLO 1525,304 517,395 6.29 %685,746 683,807 — 
CLO 18 (5)971,595 970,979 6.01 %1,339,523 1,338,395 21,469 
CLO 17 (5)1,055,700 1,055,380 5.66 %1,443,820 1,443,845 — 
Total CLOs3,485,786 3,468,258 5.81 %4,514,753 4,507,031 21,469 
Q Series securitization— — — 50,600 50,600 — 
Total securitized debt$3,485,786 $3,468,258 5.81 %$4,565,353 $4,557,631 $21,469 
________________________
(1)Debt carrying value is net of $19.8 million and $17.5 million of deferred financing fees at June 30, 2026 and December 31, 2025, respectively.
(2)At June 30, 2026 and December 31, 2025, the aggregate weighted average note rate for our CLOs, including certain fees and costs, was 6.01% and 6.07%, respectively.
(3)At June 30, 2026 and December 31, 2025, 20 and 39 loans, respectively, with a total UPB of $808.3 million and $1.69 billion, respectively, were deemed a "credit risk" as defined by the CLO indentures. A credit risk asset is generally defined as one that, in the CLO collateral manager's reasonable business judgment, has a significant risk of becoming a defaulted asset.
(4)Represents restricted cash held for principal repayments as well as for reinvestment in the CLOs. Does not include restricted cash related to interest payments, delayed fundings and expenses totaling $76.6 million and $10.1 million at June 30, 2026 and December 31, 2025, respectively.
(5)The replenishment period for CLO 17 and CLO 18 ended in June 2024 and August 2024, respectively.
Schedule of Senior Unsecured Notes
A summary of our senior unsecured notes is as follows ($ in thousands):
June 30, 2026December 31, 2025
Senior
Unsecured Notes		 Issuance
Date 		MaturityUPBCarrying
Value (1)		Wtd. Avg.
Rate (2)		UPBCarrying
Value (1) 		Wtd. Avg.
Rate (2)
8.50% Notes (3)
Dec. 2025Dec. 2028$400,000 $395,238 8.50 %$400,000 $394,340 8.50 %
7.875% Notes (4)
Jul. 2025Jul. 2030500,000 490,553 7.88 %500,000 489,397 7.88 %
9.00% Notes (3)
Oct. 2024Oct. 2027100,000 99,223 9.00 %100,000 98,934 9.00 %
8.50% Notes (3)
Oct. 2022Oct. 2027150,000 149,303 8.50 %150,000 149,041 8.50 %
5.00% Notes (3)
Dec. 2021Dec. 2028180,000 178,938 5.00 %180,000 178,725 5.00 %
4.50% Notes (3)(5)
Aug. 2021Sept. 2026270,000 269,860 4.50 %270,000 269,439 4.50 %
4.50% Notes (3)
Mar. 2020Mar. 2027275,000 274,654 4.50 %275,000 274,412 4.50 %
5.00% Notes (6)
Apr. 2021Apr. 2026— — — 175,000 174,790 5.00 %
$1,875,000 $1,857,769 6.86 %$2,050,000 $2,029,078 6.70 %
________________________
(1)At June 30, 2026 and December 31, 2025, the carrying value is net of deferred financing fees of $17.2 million and $20.9 million, respectively.
(2)At June 30, 2026 and December 31, 2025, the aggregate weighted average note rate, including certain fees and costs, was 7.23% and 7.06%, respectively.
(3)These notes can be redeemed by us prior to three months before the maturity date, at a redemption price equal to 100% of the aggregate principal amount, plus a “make-whole” premium and accrued and unpaid interest. We have the right to redeem the notes
within three months prior to the maturity date at a redemption price equal to 100% of the aggregate principal amount, plus accrued and unpaid interest.
(4)These notes can be redeemed by us prior to six months before the maturity date, at a redemption price equal to 100% of the aggregate principal amount, plus a “make-whole” premium and accrued and unpaid interest. We have the right to redeem the notes within six months prior to the maturity date at a redemption price equal to 100% of the aggregate principal amount, plus accrued and unpaid interest.
(5)In July 2026, we redeemed our 4.50% senior notes. See "Convertible Senior Unsecured Notes" below.
(6)In April 2026, we redeemed our 5.00% senior notes at maturity.
Schedule of CLO Compliance Tests
Our CLO compliance tests as of the most recent determination dates in July 2026 are as follows:
Cash Flow TriggersCLO 18 BTR CLO 1CLO 20CLO 21
Overcollateralization (1)
Current145.88 %117.47 %112.52 %113.15 %
Limit123.03 %115.47 %110.52 %111.15 %
Pass / FailPass PassPassPass
Interest Coverage (2)
Current140.81 %171.10 %134.60 %133.81 %
Limit120.00 %120.00 %120.00 %120.00 %
Pass / FailPass PassPassPass
________________________
(1)The overcollateralization ratio divides the total principal balance of all collateral in the CLO by the total principal balance of the bonds associated with the applicable ratio. To the extent an asset is considered a defaulted security, the asset’s principal balance for purposes of the overcollateralization test is the lesser of the asset’s market value or the principal balance of the defaulted asset multiplied by the asset’s recovery rate which is determined by the rating agencies. Rating downgrades of CLO collateral will generally not have a direct impact on the principal balance of a CLO asset for purposes of calculating the CLO overcollateralization test unless the rating downgrade is below a significantly low threshold (e.g., CCC-) as defined in each CLO vehicle.
(2)The interest coverage ratio divides interest income by interest expense for the classes senior to those retained by us.
Schedule of CLO Overcollateralization Ratios
Our CLO overcollateralization ratios as of the determination dates subsequent to each quarter are as follows:
Determination (1)CLO 18 BTR CLO 1CLO 20CLO 21
July 2026145.88 %117.47 %112.52 %113.15 %
April 2026139.84 %117.47 %112.52 %113.15 %
January 2026136.54 %117.47 %112.52 %N/A
October 2025131.38 %117.47 %112.52 %N/A
July 2025130.03 %117.47 %N/AN/A
________________________
(1)This table represents the quarterly trend of our overcollateralization ratio, however, the CLO determination dates are monthly, and we were in compliance with this test for all periods presented.