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Secured Financing Agreements | 3 Months Ended
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Mar. 31, 2023
Debt Disclosure [Abstract] |
Secured Financing Agreements | Secured Financing Agreements Our secured financing agreements at March 31, 2023 consisted of agreements that govern: our master repurchase facility with Wells Fargo, National Association, or Wells Fargo, or the Wells Fargo Master Repurchase Facility; our master repurchase facility with Citibank, N.A., or Citibank, or the Citibank Master Repurchase Facility; our facility loan program with BMO Harris Bank N.A., or BMO, or the BMO Facility, and our master repurchase facility with UBS AG, or UBS, or the UBS Master Repurchase Facility. We refer to the Wells Fargo Master Repurchase Facility, Citibank Master Repurchase Facility and UBS Master Repurchase Facility, collectively, as our Master Repurchase Facilities. We refer to the Master Repurchase Facilities and the BMO Facility, collectively, as our Secured Financing Facilities. See our 2022 Annual Report for more information regarding our Secured Financing Facilities. As of March 31, 2023, we were in compliance with the covenants and other terms of the agreements that govern our Secured Financing Facilities. As of March 31, 2023 and April 20, 2023, we had a $435,490 and $426,340, respectively, aggregate outstanding principal balance under our Secured Financing Facilities. The table below summarizes our Secured Financing Facilities as of March 31, 2023 and December 31, 2022:
|  | Debt Obligation |  |  |  |  |
|  |  |  |  |  |  |  | Weighted Average |  |  | Collateral
|  | Maximum Facility Size |  | Principal Balance |  | Carrying Value |  | Coupon Rate (1) |  | Remaining Maturity (years) (2) |  |  | Principal Balance |  |
March 31, 2023: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Citibank Master Repurchase Facility |  | $ | 215,000 |  |  | $ | 150,101 |  |  | $ | 149,845 |  |  | 6.83 | % |  | 0.9 |  |  | $ | 205,380 |  |  |
UBS Master Repurchase Facility |  | 192,000 |  |  | 133,108 |  |  | 132,680 |  |  | 6.80 | % |  | 0.8 |  |  | 182,530 |  |  |
BMO Facility |  | 150,000 |  |  | 84,855 |  |  | 84,296 |  |  | 6.73 | % |  | 2.0 |  |  | 113,745 |  |  |
Wells Fargo Master Repurchase Facility |  | 125,000 |  |  | 67,426 |  |  | 66,564 |  |  | 6.57 | % |  | 1.9 |  |  | 89,177 |  |  |
Total/weighted average |  | $ | 682,000 |  |  | $ | 435,490 |  |  | $ | 433,385 |  |  | 6.76 | % |  | 1.3 |  |  | $ | 590,832 |  |  |
December 31, 2022: |  |  |  |  |  |  |  |  |  |  |  |  |
Citibank Master Repurchase Facility |  | $ | 215,000 |  |  | $ | 150,647 |  |  | $ | 150,360 |  |  | 6.34 | % |  | 1.1 |  |  | $ | 205,234 |
UBS Master Repurchase Facility |  | 192,000 |  |  | 144,437 |  |  | 143,887 |  |  | 6.48 | % |  | 1.1 |  |  | 198,254 |
BMO Facility |  | 150,000 |  |  | 111,105 |  |  | 110,473 |  |  | 6.22 | % |  | 2.2 |  |  | 148,476 |
Wells Fargo Master Repurchase Facility |  | 125,000 |  |  | 67,426 |  |  | 66,801 |  |  | 6.23 | % |  | 2.1 |  |  | 89,008 |
Total/weighted average |  | $ | 682,000 |  |  | $ | 473,615 |  |  | $ | 471,521 |  |  | 6.34 | % |  | 1.5 |  |  | $ | 640,972 |
(1)The weighted average coupon rate is determined using the Secured Overnight Financing Rate, or SOFR, plus a spread ranging from 1.83% to 2.51%, as applicable, for the respective borrowings under our Secured Financing Facilities as of the applicable date. (2)The weighted average remaining maturity is determined using the current maturity date of our corresponding loan investments, assuming no borrower loan extension options have been exercised. As of March 31, 2023, our Citibank Master Repurchase Facility, UBS Master Repurchase Facility and Wells Fargo Master Repurchase Facility mature on March 15, 2025, February 18, 2024 and March 11, 2025, respectively. Our BMO Facility matures at various dates based on the respective underlying loans held for investment. As of March 31, 2023, our outstanding borrowings under our Secured Financing Facilities had the following remaining maturities:
Year |  | Principal Payments on Secured Financing Facilities
2023 |  | $ | 87,237 |
2024 |  | 237,996 |
2025 |  | 110,257 |
2026 and thereafter |  | — |
|  | $ | 435,490 |

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI https://asc.fasb.org/topic&trid=2208564 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -Subparagraph (h) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1C -Subparagraph (c) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1I -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1I -Subparagraph (d) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(c)) -URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -Subparagraph (g) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1C -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1C -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1E -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495348-112611 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1I -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -Subparagraph (i) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 + Details
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