v3.26.3
SECURED FINANCINGS (Tables)
 9 Months Ended
Sep. 30, 2026
Debt Disclosure [Abstract]  
Schedule of Secured Financing Agreements
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.