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Secured Financing Agreements
 3 Months Ended
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 AverageCollateral
Maximum Facility SizePrincipal BalanceCarrying 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 Facility192,000 133,108 132,680 6.80 %0.8182,530 
BMO Facility150,000 84,855 84,296 6.73 %2.0113,745 
Wells Fargo Master Repurchase Facility125,000 67,426 66,564 6.57 %1.989,177 
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 Facility192,000 144,437 143,887 6.48 %1.1198,254 
BMO Facility150,000 111,105 110,473 6.22 %2.2148,476 
Wells Fargo Master Repurchase Facility125,000 67,426 66,801 6.23 %2.189,008 
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:
YearPrincipal Payments on
Secured Financing Facilities
2023$87,237 
2024237,996 
2025110,257 
2026 and thereafter— 
$435,490