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v3.26.1

Debt (Tables) | 3 Months Ended
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Mar. 31, 2026
Debt Disclosure [Abstract] |
Summary of Debt | The following table presents debt as of March 31, 2026, and December 31, 2025 (dollars in thousands):
|  |  |  |  |  |  |  |  | March 31, 2026 |  | December 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-recourse |  | Aug-43 |  | SOFR + 1.69% |  | $ | 833,237 |  |  | $ | 827,427 |  |  | $ | — |  |  | $ | — |  |  |  |  |
BRSP 2024-FL2(3) |  |  | Non-recourse |  | Aug-37 |  | SOFR + 2.47% |  | 583,875 |  |  | 579,433 |  |  | 583,875 |  |  | 578,879 |  |  |  |  |
BRSP 2021-FL1(3) |  |  | Non-recourse |  | (4) |  | (4) |  | — |  |  | — |  |  | 398,215 |  |  | 398,203 |  |  |  |  |
Subtotal securitization bonds payable, net |  |  |  |  |  |  |  |  | 1,417,112 |  |  | 1,406,860 |  |  | 982,090 |  |  | 977,082 |  |  |  |  |
Mortgage and other notes payable, net |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net lease 1 |  |  | Non-recourse |  | Sep-33 |  | 4.77% |  | 200,000 |  |  | 199,092 |  |  | 200,000 |  |  | 199,068 |  |  |  |  |
Net lease 3 |  |  | Non-recourse |  | Aug-26 |  | 4.08% |  | 27,771 |  |  | 27,752 |  |  | 27,958 |  |  | 27,928 |  |  |  |  |
Net lease 4 |  |  | Non-recourse |  | Oct-27 |  | 4.45% |  | 20,563 |  |  | 20,563 |  |  | 20,730 |  |  | 20,730 |  |  |  |  |
Net lease 5(5) |  |  | Non-recourse |  | Nov-26 |  | 4.45% |  | 16,106 |  |  | 16,055 |  |  | 16,222 |  |  | 16,153 |  |  |  |  |
Net lease 5(6) |  |  | Non-recourse |  | Mar-28 |  | 7.25% |  | 10,748 |  |  | 10,311 |  |  | 10,800 |  |  | 10,362 |  |  |  |  |
Net lease 6 |  |  | Non-recourse |  | Nov-26 |  | 4.45% |  | 6,399 |  |  | 6,379 |  |  | 6,445 |  |  | 6,418 |  |  |  |  |
Net lease 8 |  |  | Non-recourse |  | Nov-26 |  | 4.45% |  | 2,966 |  |  | 2,957 |  |  | 2,987 |  |  | 2,975 |  |  |  |  |
Other real estate 1 |  |  | Non-recourse |  | Dec-28(7) |  | 4.47% |  | 96,516 |  |  | 95,874 |  |  | 97,082 |  |  | 96,348 |  |  |  |  |
Loan 1(8) |  |  | Non-recourse |  | Jul-28(8) |  | 5.50% |  | 33,831 |  |  | 33,831 |  |  | 34,078 |  |  | 34,078 |  |  |  |  |
Subtotal mortgage and other notes payable, net |  |  |  |  |  |  |  |  | 414,900 |  |  | 412,814 |  |  | 416,302 |  |  | 414,060 |  |  |  |  |
Bank credit facility |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Bank credit facility | $ | 120,000 |  |  | Recourse |  | Dec-28 (9) |  | SOFR + 2.25% |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  |
Subtotal bank credit facility |  |  |  |  |  |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  |
Master repurchase facilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Bank 1 | 600,000 |  |  | Limited Recourse(10) |  | Apr-27 |  | SOFR + 2.42% | (11) | 341,594 |  |  | 341,594 |  |  | 433,642 |  |  | 433,642 |  |  |  |  |
Bank 2 | 600,000 |  |  | Limited Recourse(10) |  | Apr-30(12) |  | n/a | (11) | — |  |  | — |  |  | 135,550 |  |  | 135,550 |  |  |  |  |
Bank 3 | 500,000 |  |  | Limited Recourse(13) |  | June-30(14) |  | SOFR + 1.77% | (11) | 224,445 |  |  | 224,445 |  |  | 427,899 |  |  | 427,899 |  |  |  |  |
Bank 4 | 400,000 |  |  | Limited Recourse(10) |  | Nov-29(15) |  | SOFR + 1.64% | (11) | 85,646 |  |  | 85,646 |  |  | 81,007 |  |  | 81,007 |  |  |  |  |
Bank 5 | 250,000 |  |  | Limited Recourse(10) |  | Mar-31(16) |  | SOFR + 2.25% | (11) | 120,642 |  |  | 120,642 |  |  | — |  |  | — |  |  |  |  |
Subtotal master repurchase facilities | $ | 2,350,000 |  |  |  |  |  |  |  |  | 772,327 |  |  | 772,327 |  |  | 1,078,098 |  |  | 1,078,098 |  |  |  |  |
Subtotal credit facilities |  |  |  |  |  |  |  |  | 772,327 |  |  | 772,327 |  |  | 1,078,098 |  |  | 1,078,098 |  |  |  |  |
Total |  |  |  |  |  |  |  |  | $ | 2,604,339 |  |  | $ | 2,592,001 |  |  | $ | 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)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. (6)Represents a mortgage note collateralized by three properties. In April 2025, the contractual interest rate on Net lease 5 was modified to 7.25%. (7)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. (8)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. (9)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. (10)Recourse solely with respect to 25.0% of the financed amount. (11)Represents the weighted average spread as of March 31, 2026. The contractual interest rate depends upon asset type and characteristics and ranges from SOFR plus 1.35% to 2.75%. (12)The current maturity date is April 20 28, with two one-year extensions available at the option of the Company, whic h may be exercised upon the satisfaction of certain customary conditions set forth in the governing documents. (13)Recourse is either 25.0% or 50.0% depending on loan metrics. (14)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. (15)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. (16)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 March 31, 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):
| Total |  | Securitization Bonds Payable, Net |  | Mortgage and Other Notes Payable, Net |  | Credit Facilities
Remainder of 2026 | $ | 54,014 |  |  | $ | — |  |  | $ | 54,014 |  |  | $ | — |
2027 | 361,903 |  |  | — |  |  | 20,309 |  |  | 341,594 |
2028 | 140,577 |  |  | — |  |  | 140,577 |  |  | — |
2029 | 85,646 |  |  | — |  |  | — |  |  | 85,646 |
2030 | 224,445 |  |  | — |  |  | — |  |  | 224,445 |
2031 and thereafter | 1,737,754 |  |  | 1,417,112 |  |  | 200,000 |  |  | 120,642 |
Total | $ | 2,604,339 |  |  | $ | 1,417,112 |  |  | $ | 414,900 |  |  | $ | 772,327 |

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