CREDIT FACILITIES, NOTES PAYABLE AND REPURCHASE FACILITIES (Tables)

6 Months Ended

Jun. 30, 2026

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

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(1)Includes deferred financing costs incurred during the period, if any.

Schedule of 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%

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(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.

Schedule of Repurchase Facilities

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

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(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%.

Schedule of Aggregate Principal Repayments

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