v3.26.3
Debt (Tables)
 9 Months Ended
Sep. 30, 2026
Debt Disclosure [Abstract]  
Summary of Debt
The following table presents debt as of September 30, 2026, and December 31, 2025 (dollars in thousands):
September 30, 2026December 31, 2025
Capacity ($)
Recourse vs. Non-Recourse(1)
Final
Maturity		Contractual
Interest Rate
Principal
Amount(2)
Carrying Value(2)
Principal
Amount(2)
Carrying Value(2)
Securitization bonds payable, net
    BRSP 2026-FL3(3)
Non-recourseAug-43
 SOFR + 1.69%
$833,237 $828,132 $— $— 
    BRSP 2024-FL2(3)
Non-recourseAug-37
 SOFR + 2.51%
537,785 534,599 583,875 578,879 
    BRSP 2021-FL1(3)
      Non-recourse
(4)
(4)
— — 398,215 398,203 
Subtotal securitization bonds payable, net1,371,022 1,362,731 982,090 977,082 
Mortgage and other notes payable, net
Net lease 1Non-recourse
(5)
(5)
— — 200,000 199,068 
Net lease 3(6)
Non-recourseAug-264.08%27,465 27,465 27,958 27,928 
Net lease 4Non-recourseOct-274.45%20,221 20,221 20,730 20,730 
Net lease 5(7)(8)
Non-recourseNov-264.45%15,878 15,857 16,222 16,153 
Net lease 5(9)
Non-recourseMar-287.25%10,651 10,214 10,800 10,362 
Net lease 6(8)
Non-recourseNov-264.45%6,308 6,302 6,445 6,418 
Net lease 8(8)
Non-recourseNov-264.45%2,924 2,916 2,987 2,975 
Other real estate 1Non-recourse
Dec-28(10)
4.47%95,413 94,666 97,082 96,348 
Loan 1(11)
Non-recourse
Jul-28(11)
5.50%
33,347 33,347 34,078 34,078 
Subtotal mortgage and other notes payable, net212,207 210,988 416,302 414,060 
Bank credit facility
Bank credit facility$120,000 Recourse
Dec-28 (12)
SOFR + 2.25%
45,000 45,000 — — 
Subtotal bank credit facility45,000 45,000 — — 
Master repurchase facilities
Bank 1600,000 
Limited Recourse(13)
Oct-28
SOFR + 1.98%
(14)405,216 405,216 433,642 433,642 
Bank 2600,000 
Limited Recourse(13)
Apr-30(15)
n/a(14)— — 135,550 135,550 
Bank 3500,000 
Limited Recourse(16)
June-30(17)
SOFR + 1.74%
(14)223,793 223,793 427,899 427,899 
Bank 4400,000 
Limited Recourse(13)
Nov-29(18)
SOFR + 1.45%
(14)224,752 224,752 81,007 81,007 
Bank 5250,000 
Limited Recourse(13)
Mar-31(19)
SOFR + 1.92%
(14)161,092 161,092 — — 
Subtotal master repurchase facilities$2,350,000 1,014,853 1,014,853 1,078,098 1,078,098 
Subtotal credit facilities1,059,853 1,059,853 1,078,098 1,078,098 
Total$2,643,082 $2,633,572 $2,476,490 $2,469,240 
_________________________________________
(1)Subject to customary non-recourse carveouts.
(2)Difference between principal amount and carrying value of securitization bonds payable, net and mortgage and other notes payable, net is attributable to deferred financing costs, net and premium/discount on mortgage notes payable.
(3)The Company, through indirect Cayman subsidiaries, securitized commercial mortgage loans originated by the Company. Senior notes issued by the securitization trusts were generally sold to third parties and subordinated notes were retained by the Company. These securitizations are accounted for as secured financings with the underlying mortgage loans pledged as collateral. Principal payments from underlying collateral loans must be applied to repay the notes until fully paid off, irrespective of the contractual maturities on the notes. Underlying collateral loans have initial terms of two to three years.
(4)On February 19, 2026, the Company redeemed the outstanding securities under BRSP 2021-FL1, including the 2021-FL1 Notes, at a redemption price of $310.7 million.
(5)During the third quarter of 2026, the Company completed the sale of an industrial portfolio and the purchaser assumed the associated mortgage note payable collateralized by Net lease 1. Refer to Note 4,“Real Estate, net” for further discussion.
(6)The mortgage note payable collateralized by Net Lease 3 is in maturity default. As a result, the mortgage note payable is currently accruing default interest at a per annum rate of 4.00% in addition to the contractual interest rate. The Company is currently negotiating an extension with the lender.
(7)Payment terms are periodic payment of principal and interest for debt on two properties and periodic payment of interest only with principal at maturity (except for principal repayments to release collateral properties disposed) for debt on one property.
(8)During the nine months ended September 30, 2026, the Company received notice that it was in default on the mortgage notes payable cross-collateralized by Net Lease 5, Net Lease 6 and Net Lease 8. The Company deconsolidated two properties collateralizing Net Lease 5 and the property collateralizing Net Lease 8 during the nine months ended September 30, 2026. The Company expects the lender to continue to pursue remedies and thereby lose control over the two remaining retail properties, at which time the Company will deconsolidate the cross-collateralized mortgage notes payable. Refer to Note 4, "Real estate, net" for further detail.
(9)Represents a mortgage note collateralized by three properties. In April 2025, the contractual interest rate on Net lease 5 was modified to 7.25%.
(10)The current maturity date is December 2027, with a one-year extension available, subject to satisfaction of certain customary conditions set forth in the governing documents.
(11)During the third quarter of 2025, the Company acquired legal title to the multifamily construction/development project collateralizing the note payable through a deed-in-lieu of foreclosure. Additionally, the Company refinanced the note payable, with a two-year initial term plus one one-year extension option. The principal balance and spread of the note payable did not change. Refer to Note 4, “Real Estate, net” for further discussion.
(12)On December 9, 2025, the Company, through its subsidiaries, including the OP, entered into an Amendment No. 1 to the Restated Credit Agreement. Refer to “Bank Credit Facility” within this note for more details.
(13)Recourse solely with respect to 25.0% of the financed amount.
(14)Represents the weighted average spread as of September 30, 2026. The contractual interest rate depends upon asset type and characteristics and ranges from SOFR plus 1.30% to 2.75%.
(15)The current maturity date is April 2028, with two one-year extensions available at the option of the Company, which may be exercised upon the satisfaction of certain customary conditions set forth in the governing documents.
(16)Recourse is either 25.0% or 50.0% depending on loan metrics.
(17)The current maturity date is June 2028, with two one-year extensions available at the option of the Company, which may be exercised upon the satisfaction of certain customary conditions set forth in the governing documents. In December 2025, the maximum facility size was increased to $500.0 million.
(18)The current maturity date is November 2026, with three one-year extensions available at the option of the Company, which may be exercised upon the satisfaction of certain customary conditions set forth in the governing documents.
(19)The Company entered into a Master Repurchase Agreement with Bank 5 which provides up to $250.0 million to finance first mortgage loans, senior loan participations and related mezzanine loans secured by commercial real estate. The current maturity date is March 2029, with two one-year extensions available at the option of the Company, which may be exercised upon the satisfaction of certain customary conditions set forth in the governing documents.
Schedule of Scheduled Principal on Debt
The following table summarizes future scheduled minimum principal payments at September 30, 2026 based on initial maturity dates or extended maturity dates to the extent criteria are met and the extension option is at the borrower’s discretion (dollars in thousands):
TotalSecuritization Bonds Payable, NetMortgage and Other Notes Payable, NetCredit Facilities
Remainder of 2026(1)
$52,875 $— $52,875 $— 
202720,298 — 20,298 — 
2028589,250 — 139,034 450,216 
2029224,752 — — 224,752 
2030223,793 — — 223,793 
2031 and thereafter1,532,114 1,371,022 — 161,092 
Total$2,643,082 $1,371,022 $212,207 $1,059,853 
_________________________________________
(1)Mortgage and other notes payable, net includes Net lease 5, Net lease 6 and Net lease 8, which are in default as of September 30, 2026.