v3.26.1
Secured Financing Agreements (Tables)
 6 Months Ended
Jun. 30, 2026
Debt Disclosure [Abstract]  
Schedule of Collateralized Borrowings
The following tables summarize details of the Company’s borrowings outstanding on its secured financing arrangements as of June 30, 2026, and December 31, 2025:
June 30, 2026
(dollars in thousands)
Maturity Date(1)
Amount Outstanding
Unused Capacity(2)
Total CapacityCarrying Value of CollateralWeighted Average Borrowing Rate
Repurchase facilities:
Morgan Stanley Bank(3)
June 28, 2027$52,151 $197,849 $250,000 $110,532 6.4%
JPMorgan Chase Bank(4)
July 28, 2026189,083 235,917 425,000 304,947 6.2%
CitibankApril 26, 202772,487 177,513 250,000 103,432 5.3%
Total$313,721 $611,279 $925,000 $518,911 
Secured credit facility December 21, 2027$71,774 $28,226 $100,000 $75,969 9.1%
Mortgage loan payable(5)
October 3, 2030$18,000 $— $18,000 $35,780 6.7%
December 31, 2025
(dollars in thousands)
Maturity Date(1)
Amount Outstanding
Unused Capacity(2)
Total CapacityCarrying Value of CollateralWeighted Average Borrowing Rate
Repurchase facilities:
Morgan Stanley Bank(3)
June 28, 2026$52,444 $197,556 $250,000 $119,715 6.5%
JPMorgan Chase Bank(4)
July 28, 2026314,242 147,574 461,816 446,849 7.2%
CitibankApril 27, 202672,487 177,513 250,000 102,471 5.4%
Total$439,173 $522,643 $961,816 $669,035 
Secured credit facility December 21, 2026$71,774 $28,226 $100,000 $98,772 9.5 %
Mortgage loan payable(5)
October 3, 2030$18,000 $— $18,000 $35,060 6.8 %
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(1)The facilities are set to mature on the stated maturity date, unless extended pursuant to their terms.
(2)Unused capacity is not committed as of June 30, 2026, and December 31, 2025.
(3)Collateral value includes REO, held-for-sale with a carrying value of $54.9 million as of June 30, 2026, and REO held-for-investment, net with a carrying value of $62.9 million as of December 31, 2025.
(4)Subsequent to June 30, 2026, the Company entered into modifications of the facility to extend the maturity date to July 28, 2028, and increase the maximum facility capacity to $651.0 million.
(5)Mortgage loan payable balance net of unamortized debt issuance costs is $17.6 million as of June 30, 2026, and $17.5 million as of December 31, 2025.
Schedule of Repurchase Facilities and Counterparty Concentration
The following table summarizes certain characteristics of the Company’s repurchase facilities and counterparty concentration at June 30, 2026, and December 31, 2025:
June 30, 2026December 31, 2025
(dollars in thousands)Amount Outstanding
Net Counterparty Exposure(1)
Percent of EquityWeighted Average Years to MaturityAmount Outstanding
Net Counterparty Exposure(1)
Percent of EquityWeighted Average Years to Maturity
Morgan Stanley Bank$52,151 $59,325 12%0.99$52,444 $69,097 12%0.49
JPMorgan Chase Bank189,083 129,018 27%0.08314,242 149,946 27%0.57
Citibank72,487 32,618 7%0.8272,487 32,657 6%0.32
Total$313,721 $220,961 $439,173 $251,700 
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(1)Represents the excess of the carrying amount or market value of the loans held-for-investment pledged as collateral for repurchase facilities, including accrued interest plus any cash on deposit to secure the repurchase obligation, less the amount of the repurchase liability, including accrued interest.