v3.26.1
CREDIT FACILITIES, NOTES PAYABLE AND REPURCHASE FACILITIES
 6 Months Ended
Jun. 30, 2026
Debt Disclosure [Abstract]  
CREDIT FACILITIES, NOTES PAYABLE AND REPURCHASE FACILITIES
NOTE 5 — CREDIT FACILITIES, NOTES PAYABLE AND REPURCHASE FACILITIES
As of June 30, 2026, the Company had $3.0 billion of debt outstanding, including net deferred financing costs. The following table summarizes the debt balances as of June 30, 2026 and December 31, 2025, and the debt activity for the six months ended June 30, 2026 (in thousands):
During the Six Months Ended June 30, 2026
Debt Activity:
Balance as of December 31, 2025
Debt Assumed in the Transactions
Debt Issuances & Assumptions (1)
Repayments & Modifications
Amortization
Balance as of June 30, 2026
Corporate subsidiary borrowings:
Revolving credit facility
$
168,300 
$
— 
$
182,000 
$
(170,300)
$
— 
$
180,000 
Senior notes
150,000 
— 
— 
— 
— 
150,000 
Total debt - corporate
318,300 
— 
182,000 
(170,300)
— 
330,000 
Deferred costs - senior notes
(2,584)
— 
— 
— 
230 
(2,354)
Total - unallocated subsidiary borrowings
315,716 
— 
182,000 
(170,300)
230 
327,646 
Strategic Holdings Borrowings:
Mortgage payable
20,105 
— 
— 
— 
— 
20,105 
Notes payable – variable rate debt
— 
67,643 
— 
— 
— 
67,643 
ABS mortgage notes
— 
758,520 
— 
— 
— 
758,520 
Credit facilities
— 
232,500 
15,000 
(12,500)
— 
235,000 
Repurchase facilities
— 
1,639,630 
— 
— 
— 
1,639,630 
Total - Strategic holdings
20,105 
2,698,293 
15,000 
(12,500)
— 
2,720,898 
Net premiums
— 
(53,213)
— 
— 
— 
(53,213)
Deferred costs - Strategic holdings borrowings
(110)
— 
— 
— 
49 
(61)
Total - Strategic holdings borrowings
19,995 
2,645,080 
15,000 
(12,500)
49 
2,667,624 
Total
$
335,711 
$
2,645,080 
$
197,000 
$
(182,800)
$
279 
$
2,995,270 
____________________________________
(1)Includes deferred financing costs incurred during the period, if any.
Corporate Subsidiary Borrowings
Corporate subsidiary borrowings consists of debt used to support the Company’s real assets management platform, general corporate activities, working capital and other permitted purposes. Interest expense related to these borrowings are not allocated to either of the Company’s reportable segments.
Revolving Credit Facility
As of June 30, 2026, a subsidiary of CMFH had a revolving credit agreement with an aggregate commitment of $250.0 million and a maturity date of March 28, 2028. The maturity date can be extended for up to two additional terms, each no longer than twelve months, subject to satisfaction of certain conditions. Outstanding advances under the revolving credit facility bear interest at Term Secured Overnight Financing Rate (“SOFR”) plus an applicable margin ranging from 2.75% – 3.50%, depending on the Company subsidiary’s ratio of Consolidated Net Funded Indebtedness to Consolidated Adjusted EBITDA (as such terms are defined in the amended and restated credit agreement). The revolving credit facility is subject to customary financial covenants such as a consolidated net leverage ratio and a minimum fee earning equity owned and operated. The Company does not guarantee the revolving credit facility. As of June 30, 2026, the outstanding balance on the revolving credit facility was $180.0 million.
Senior Notes
As of June 30, 2026, a subsidiary of CMFH had $150.0 million of senior notes outstanding, comprising (a) $50.0 million aggregate principal amount of 6.42% Series A Senior Notes due August 30, 2029, (b) $75.0 million aggregate principal amount of 6.50% Series B Senior Notes due August 30, 2032 and (c) $25.0 million aggregate principal amount of 6.75% Series C Senior Notes due August 30, 2034 (collectively, the “Senior Notes”). The interest is payable semiannually in February and
August. The Senior Notes are subject to customary financial covenants such as a consolidated net leverage ratio and a minimum fee earning equity owned and operated. The Company does not guarantee the Senior Notes. The entire unpaid principal balance of each Senior Note is due and payable on its respective maturity date. The Company believes it was in compliance with the financial covenants under the Senior Notes as of June 30, 2026.
Strategic Holdings Borrowings
Strategic Holdings borrowings primarily consists of financing arrangements secured by commercial real estate loans, real estate-related securities and other investment assets acquired in connection with the Transactions completed on June 24, 2026.
Mortgage Payable
As of June 30, 2026, the Company had $20.1 million outstanding under a mortgage payable (the “Mortgage Note”), which bears interest based on SOFR or the prime rate plus an applicable margin. The Mortgage Note has a maturity date of March 1, 2027, with an option to extend until August 30, 2027, subject to certain conditions. A subsidiary of the Company provides a limited guarantee of up to $6.0 million, which may be reduced by certain qualifying property expenditures.
Notes Payable - Variable Rate Debt
As of June 30, 2026, a subsidiary of CMFH had $67.6 million of variable rate debt outstanding, the borrowings of which are financed through note on note financing arrangements with Massachusetts Mutual Life Insurance Company (“Mass Mutual” and such financing, the “Mass Mutual Financing”) to provide financing for the Company’s commercial real estate (“CRE”) mortgage loans. Interest accrues at SOFR or the prime referenced rate plus the applicable margin. The note agreement was originally entered into on March 16, 2022 with a maturity date of October 13, 2027 and no renewal options. The note financed by the Mass Mutual Financing had a principal value of $196.7 million as of June 30, 2026.
ABS Mortgage Notes
A subsidiary of CMFH has outstanding asset backed securities (“ABS”) mortgage notes collateralized by a portfolio of net leased real estate assets and related lease cash flows (the “Class A Notes”).
As of June 30, 2026, amounts outstanding on the Class A Notes totaled $758.5 million with a weighted average interest rate of 2.8% and anticipated repayment dates ranging from July 2028 through July 2031. The collateral pool for the Class A Notes is comprised of 160 of the Company’s net leased properties with an aggregate gross asset value of $1.0 billion.
Other Credit Facilities
The following is a summary of the Company’s other credit facility as of June 30, 2026 (dollar amounts in thousands):
Credit Facility
Maximum Commitment
Outstanding Balance
Final Maturity Date
Weighted Average Interest Rate
Ally Bank Loan Facility
$
300,000 
$
235,000 
2/6/2031 (1)
5.8%
____________________________________
(1)May be increased until the scheduled revolving period end date of February 6, 2029 to an aggregate principal amount up to $500.0 million as agreed to by the borrower, any applicable lender under the Ally Bank Loan Facility and Ally Bank.
In addition to the Ally Bank Loan Facility, other credit facilities assumed in the Transactions included an additional credit facility with outstanding borrowings of $12.5 million which was repaid in full and terminated as of June 30, 2026.
Borrowings under the Ally Bank Loan Facility bears interest based on SOFR plus an applicable spread and is secured by eligible commercial real estate loans, liquid corporate senior loans and other related collateral. The Ally Bank Loan Facility contains customary representations, warranties, financial covenants and events of default. The Company believes it was in compliance with the financial covenants under the Ally Bank Loan Facility as of June 30, 2026.
Repurchase Facilities
As of June 30, 2026, indirectly owned subsidiaries of the Company (the “Lending Subs”) maintained secured repurchase facilities with multiple financial institutions that provide financing for commercial real estate loans, CMBS and other eligible investment assets held within the Strategic Holdings segment (the “Repurchase Facilities”). Borrowings under these facilities
generally bear interest at rates based on SOFR plus an applicable spread and are collateralized by the underlying financed assets.
The following table is a summary of the Company’s repurchase facilities as of June 30, 2026 (dollar amounts in thousands):
Repurchase Facilities
Maturity Date
Remaining Extension Options (1)
Maximum Facility Size
Weighted Average Interest Rate
Loans Financed under Repurchase Facilities (2)
Amount Financed
Citibank
3/5/2027
2 / 1 yr.
$
26,537 
6.1%
(3)
$
85,767 
$
26,537 
Citibank (4)
12/19/2026
2 / 1 yr.
600,790 
5.3%
(3)
551,552 
421,736 
Barclays
9/22/2026
1 / 1 yr.
558,947 
5.5%
(3)
793,276 
341,447 
Barclays (4)
12/4/2026
2 / 1 yr.
691,053 
5.5%
(3)
104,980 
77,828 
Wells Fargo
8/30/2026
1 / 1 yr.
277,516 
5.3%
(3)
462,715 
316,717 
Wells Fargo (4)
8/15/2028
2 / 1 yr.
500,000 
5.3%
(3)
467,411 
311,691 
Deutsche Bank (4)
10/8/2026
1 / 1 yr.
300,000 
6.3%
(3)
170,936 
99,913 
J.P. Morgan (4)
(6)
(6)
— 
(5)
4.9%
(2)
62,554 
43,761 
Total
$
2,954,843 
$
2,699,191 
$
1,639,630 
__________________________________
(1)Represents the number of extension options remaining and the term of each option. Such extension options are subject to certain conditions as set forth within each respective Master repurchase agreement entered into with the applicable financial institution (each, a “Repurchase Agreement” and collectively, the “Repurchase Agreements”).
(2)CRE mortgage loan balances financed under the repurchase facilities with Citibank, Barclays, Wells Fargo and Deutsche Bank reflect the aggregate outstanding principal balance while the CMBS balance financed under the J.P. Morgan repurchase facility reflects fair value.
(3)Advances under the repurchase agreements accrue interest at per annum rates based on Term SOFR (as such term is defined in the applicable repurchase agreement) or the daily compounded SOFR plus a spread ranging from 1.30% to 3.00% to be determined on a case-by-case basis between Citibank, Barclays, Wells Fargo or Deutsche Bank and the Lending Subs.
(4)Repurchase facility is held through CLR.
(5)Facilities under the J.P. Morgan repurchase facility carry a rolling term which is reset monthly. Such facilities carry no maximum facility size.
(6)Under the repurchase agreement with J.P. Morgan, advances under the repurchase agreement may be made based on one-month Term SOFR plus a spread designated by J.P. Morgan, which as of June 30, 2026, ranges from 1.05% to 1.35%.
The repurchase agreements provide for commitments by each of Citibank, Barclays, Wells Fargo, Deutsche Bank and J.P. Morgan to re-sell such purchased CRE mortgage loans and CMBS back to Lending Subs at a certain future date or upon demand.
The repurchase facilities contain customary borrowing base requirements, collateral eligibility provisions, representations and warranties, financial covenants and events of default. Certain facilities are guaranteed by the Company and/or specified subsidiaries. The Company believes it was in compliance with the financial covenants under its repurchase facilities as of June 30, 2026.
Maturities
Liquidity and Financial Condition — The Company has $1.3 billion of debt maturing within the next 12 months following the date these financial statements are issued. The Company is in active communication with its lenders to exercise the extension options under its Repurchase Facilities and notes payable that are maturing within the next 12 months, which management believes is probable given its history of meeting all compliance metrics with these Repurchase Facilities. The Company also has the ability to enter into new financing arrangements or refinance existing arrangements to meet its obligations as they become due, which management believes is probable based on the current loan-to-value ratios and assessment of the current lending environment.
The following table summarizes the scheduled aggregate principal repayments for the Company’s outstanding debt subsequent to June 30, 2026 (in thousands):
Principal Repayments
Remainder of 2026
$
1,262,202 
2027
465,176 
2028
483,408 
2029
50,000 
2030
— 
Thereafter
790,112 
Total
$
3,050,898