v3.26.3
SECURED FINANCINGS
 9 Months Ended
Sep. 30, 2026
Debt Disclosure [Abstract]  
SECURED FINANCINGS SECURED FINANCINGS
Secured Financings
On November 24, 2025, the Company entered into a Master Repurchase Agreement (the “RTL-C Repurchase Agreement”) with Churchill MRA Funding I LLC (“Churchill”) to finance the purchase of RTLs and similar loans. The agreement provides for up to $500.0 million of financing capacity. The Company’s RTL-C Repurchase Agreement does not contain a single stated maturity date. Rather, the agreement provides for an open-ended Funding Period (as defined in the RTL-C Repurchase Agreement) that continues unless terminated by the parties. Churchill may end the Funding Period on 180 days’ notice.
On November 24, 2025, the Company entered into a Master Repurchase Agreement with Wells Fargo Bank, National Association (the “TRS-W Repurchase Agreement”) to finance the purchase of RTLs and NQMs. The agreement provides for up to $500.0 million of financing capacity with a termination date of November 24, 2028.
On March 18, 2026, the Company entered into an uncommitted revolving Futures Margin Finance Agreement (the “Margin Finance Facility”) with Macquarie Bank Limited (“MBL”), under which MBL may in its sole discretion advance up to $1.5 million, including accrued interest, to fund initial margin on the Company’s exchange-traded futures account. Advances bear interest at Secured Overnight Financing Rate (“SOFR”), subject to a floor of zero, plus 2.00% per annum, are secured by that account and mature on March 18, 2031, subject to MBL’s right to demand repayment on thirty calendar days’ notice and either party’s right to terminate the agreement at any time. The Margin Finance Facility was first drawn on September 11, 2026.
The following tables summarize secured financings, at fair value:
September 30, 2026
Collateral(1)
Debt Obligations/CollateralOutstanding FaceCarrying Value / Fair Value
Final Stated Maturity
RateWeighted Average RateUPBFair ValueWeighted Average Life (Years)
Secured Financings:
RTL-C Repurchase Agreement
$160,723 $160,723 
Open-ended(2)
SOFR + 2.3%
5.9 %$211,173 $212,114 0.5
TRS-W Repurchase Agreement
350,732 350,732 11/24/2028
SOFR + 1.6%
5.3 %446,898 451,175 4.5
Margin Finance Facility1,489 1,489 3/18/2031
SOFR + 2.0%
5.6 %N/A1,500 N/A
Secured Financings, at Fair Value$512,944 $512,944 $658,071 $664,789 
(1)Secured financing balances may include paydowns that have not settled and are held in restricted cash. Restricted cash is not included in loan fair value.
(2)No stated contractual maturity; terminable by either party in accordance with the agreement.
December 31, 2025
Collateral
Debt Obligations/CollateralOutstanding FaceCarrying Value / Fair Value
Final Stated Maturity
RateWeighted Average RateUPBFair ValueWeighted Average Life (Years)
Secured Financings:
RTL-C Repurchase Agreement
$135,182 $135,182 
Open-ended(1)
SOFR + 2.3%
6.1 %$175,990 $176,584 0.8
TRS-W Repurchase Agreement
71,902 71,902 11/24/2028
SOFR + 1.6%
5.4 %85,059 87,630 5.3
Secured Financings, at Fair Value$207,084 $207,084 $261,049 $264,214 
(1)No stated contractual maturity; terminable by either party in accordance with the agreement.