XML 69 R60.htm IDEA: XBRL DOCUMENT v3.23.2
Debt Obligations - Credit and Repurchase Facilities (Details) - USD ($)
$ in Thousands
1 Months Ended 6 Months Ended
Apr. 30, 2023
Mar. 31, 2023
Jun. 30, 2023
Dec. 31, 2022
Debt Obligations        
Debt Carrying Value     $ 3,579,080 $ 3,841,814
Collateral Carrying Value     $ 4,892,112 5,185,293
Wtd. Avg. Note Rate     7.34%  
Outstanding principal balance repaid     $ 47,400  
Repurchase facility - securities | B Piece bonds        
Debt Obligations        
Collateral Carrying Value       33,100
Structured Business        
Debt Obligations        
Debt Carrying Value     3,115,792 3,536,371
Collateral Carrying Value     $ 4,421,186 4,845,753
Wtd. Avg. Note Rate     7.47%  
Unamortized Deferred Financing Fees     $ 8,900 $ 13,300
Weighted average note rate including certain fees and costs, percentage     7.88% 6.95%
Leverage on loans and investment portfolio financed through credit and repurchase facilities, excluding securities repurchase facility and working capital facility     70.00% 73.00%
Structured Business | $2.5B joint repurchase facility        
Debt Obligations        
Maximum borrowing capacity     $ 2,500,000  
Debt Carrying Value     1,109,720 $ 1,516,657
Collateral Carrying Value     $ 1,670,162 2,099,447
Wtd. Avg. Note Rate     7.48%  
Structured Business | $1B repurchase facility        
Debt Obligations        
Maximum borrowing capacity     $ 1,000,000  
Debt Carrying Value     386,371 498,666
Collateral Carrying Value     $ 553,113 703,740
Wtd. Avg. Note Rate     7.23%  
Structured Business | $500M repurchase facility        
Debt Obligations        
Maximum borrowing capacity     $ 500,000  
Debt Carrying Value     335,284 154,653
Collateral Carrying Value     $ 455,940 188,563
Wtd. Avg. Note Rate     8.14%  
Expiration period after the lender provides written notice     6 months  
Additional period to repurchase the underlying loans     6 months  
Structured Business | $499M repurchase facility        
Debt Obligations        
Maximum borrowing capacity     $ 499,000  
Debt Carrying Value     329,850 351,056
Collateral Carrying Value     $ 472,487 504,506
Wtd. Avg. Note Rate     7.57%  
Structured Business | $450M repurchase facility        
Debt Obligations        
Maximum borrowing capacity     $ 450,000  
Debt Carrying Value     325,057 344,237
Collateral Carrying Value     $ 450,526 450,736
Wtd. Avg. Note Rate     7.28%  
Structured Business | $450M repurchase facility | SOFR        
Debt Obligations        
Variable rate, spread   2.00%    
Structured Business | $450M repurchase facility        
Debt Obligations        
Maximum borrowing capacity     $ 450,000  
Debt Carrying Value     93,160 186,639
Collateral Carrying Value     $ 120,947 239,678
Wtd. Avg. Note Rate     6.95%  
Structured Business | $400M credit facility        
Debt Obligations        
Maximum borrowing capacity     $ 400,000  
Debt Carrying Value     18,459 33,221
Collateral Carrying Value     $ 23,088 43,238
Wtd. Avg. Note Rate     7.18%  
Structured Business | $225M credit facility        
Debt Obligations        
Maximum borrowing capacity     $ 225,000  
Debt Carrying Value     89,280 47,398
Collateral Carrying Value     $ 132,160 81,119
Wtd. Avg. Note Rate     7.75%  
Structured Business | $200M repurchase facility        
Debt Obligations        
Maximum borrowing capacity     $ 200,000  
Debt Carrying Value     60,514 32,494
Collateral Carrying Value     $ 85,979 47,750
Wtd. Avg. Note Rate     7.75%  
Structured Business | $200M repurchase facility        
Debt Obligations        
Maximum borrowing capacity     $ 200,000  
Debt Carrying Value     115,566 154,516
Collateral Carrying Value     $ 148,244 200,099
Wtd. Avg. Note Rate     7.14%  
Structured Business | $172M loan specific credit facilities        
Debt Obligations        
Maximum borrowing capacity     $ 172,000  
Debt Carrying Value     171,326 156,107
Collateral Carrying Value     $ 247,164 225,805
Wtd. Avg. Note Rate     7.26%  
Structured Business | $50M credit facility        
Debt Obligations        
Maximum borrowing capacity     $ 50,000  
Debt Carrying Value     29,200 29,194
Collateral Carrying Value     $ 36,500 36,500
Wtd. Avg. Note Rate     7.29%  
Structured Business | $40M credit facility        
Debt Obligations        
Maximum borrowing capacity     $ 40,000  
Debt Carrying Value     0 0
Collateral Carrying Value     $ 0 0
Wtd. Avg. Note Rate     0.00%  
Structured Business | $35M working capital facility        
Debt Obligations        
Maximum borrowing capacity     $ 35,000  
Debt Carrying Value     0 0
Collateral Carrying Value     $ 0 0
Wtd. Avg. Note Rate     0.00%  
Structured Business | $25M credit facility        
Debt Obligations        
Maximum borrowing capacity     $ 25,000  
Debt Carrying Value     18,905 18,701
Collateral Carrying Value     $ 24,876 24,572
Wtd. Avg. Note Rate     7.80%  
Total committed amount $ 25,000      
Structured Business | Repurchase facility - securities        
Debt Obligations        
Debt Carrying Value     $ 33,100 12,832
Collateral Carrying Value     $ 0 0
Wtd. Avg. Note Rate     6.93%  
Agency Business        
Debt Obligations        
Debt Carrying Value     $ 463,288 305,443
Collateral Carrying Value     $ 470,926 339,540
Wtd. Avg. Note Rate     6.47%  
Unamortized Deferred Financing Fees     $ 600 900
Agency Business | $500M repurchase facility        
Debt Obligations        
Maximum borrowing capacity     500,000  
Debt Carrying Value     220,848 66,778
Collateral Carrying Value     $ 222,701 66,866
Wtd. Avg. Note Rate     6.52%  
Agency Business | $200M repurchase facility        
Debt Obligations        
Maximum borrowing capacity     $ 200,000  
Debt Carrying Value     112,158 31,475
Collateral Carrying Value     $ 112,881 33,177
Wtd. Avg. Note Rate     6.49%  
Total committed amount   $ 200,000    
Agency Business | $200M repurchase facility | SOFR        
Debt Obligations        
Variable rate, spread   1.40%    
Agency Business | $50M credit facility        
Debt Obligations        
Maximum borrowing capacity     $ 50,000  
Debt Carrying Value     8,161 14,664
Collateral Carrying Value     $ 8,163 14,671
Wtd. Avg. Note Rate     6.44%  
Agency Business | $750M ASAP agreement        
Debt Obligations        
Maximum borrowing capacity     $ 750,000  
Debt Carrying Value     114,018 29,476
Collateral Carrying Value     $ 114,938 30,291
Wtd. Avg. Note Rate     6.21%  
Agency Business | $500M joint repurchase facility        
Debt Obligations        
Maximum borrowing capacity     $ 500,000  
Debt Carrying Value     7,569 104,629
Collateral Carrying Value     $ 11,350 135,641
Wtd. Avg. Note Rate     8.36%  
Agency Business | $150M credit facility        
Debt Obligations        
Maximum borrowing capacity     $ 150,000  
Debt Carrying Value     0 57,887
Collateral Carrying Value     $ 0 57,974
Wtd. Avg. Note Rate     0.00%  
Agency Business | $1M repurchase facility        
Debt Obligations        
Maximum borrowing capacity     $ 1,000  
Debt Carrying Value     534 534
Collateral Carrying Value     $ 893 $ 920
Wtd. Avg. Note Rate     7.42%