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Secured Financing Agreements (Tables) | 12 Months Ended
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Dec. 31, 2024
Debt Disclosure [Abstract] |
Schedule of Secured Financing Agreements | The table below summarizes our Secured Financing Facilities as of December 31, 2024 and 2023:
|  | Debt Obligation |  |  |  |  |
|  |  |  |  |  |  |  | Weighted Average |  |  |  |  | Collateral
|  | Maximum Facility Size |  | Principal Balance |  | Carrying Value |  | Coupon Rate (1) |  | Remaining Maturity (years) (2) |  | Maturity Date |  |  | Principal Balance |  |
December 31, 2024: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
UBS Master Repurchase Facility |  | $ | 250,000 |  |  | $ | 181,989 |  |  | $ | 181,566 |  |  | 6.85 | % |  | 0.7 |  | 2/18/2026 |  |  | $ | 267,084 |  |  |
Citibank Master Repurchase Facility |  | 215,000 |  |  | 93,314 |  |  | 92,700 |  |  | 6.57 | % |  | 1.5 |  | 9/27/2026 |  |  | 145,520 |  |  |
BMO Facility |  | 150,000 |  |  | 103,855 |  |  | 103,622 |  |  | 6.39 | % |  | 0.9 |  | Various |  |  | 145,234 |  |  |
Wells Fargo Master Repurchase Facility |  | 125,000 |  |  | 40,464 |  |  | 39,908 |  |  | 6.31 | % |  | 0.6 |  | 3/11/2026 |  |  | 52,973 |  |  |
Total/weighted average |  | $ | 740,000 |  |  | $ | 419,622 |  |  | $ | 417,796 |  |  | 6.62 | % |  | 0.9 |  |  |  |  | $ | 610,811 |  |  |
December 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Citibank Master Repurchase Facility |  | $ | 215,000 |  |  | $ | 91,115 |  |  | $ | 90,811 |  |  | 7.47 | % |  | 0.7 |  | 3/15/2025 |  | $ | 142,465 |
UBS Master Repurchase Facility |  | 205,000 |  |  | 181,381 |  |  | 181,162 |  |  | 7.72 | % |  | 0.8 |  | 2/18/2025 |  | 241,887 |
BMO Facility |  | 150,000 |  |  | 87,767 |  |  | 87,451 |  |  | 7.29 | % |  | 1.3 |  | Various |  | 118,471 |
Wells Fargo Master Repurchase Facility |  | 125,000 |  |  | 95,551 |  |  | 94,998 |  |  | 7.44 | % |  | 1.1 |  | 3/11/2025 |  | 127,069 |
Total/weighted average |  | $ | 695,000 |  |  | $ | 455,814 |  |  | $ | 454,422 |  |  | 7.53 | % |  | 0.9 |  |  |  | $ | 629,892 |
(1)The weighted average coupon rate is determined using SOFR plus a spread ranging from 1.83% to 2.95%, as applicable, for the respective borrowings under our Secured Financing Facilities as of the applicable date. (2)The weighted average remaining maturity of our Master Repurchase Facilities is determined using the earlier of the underlying loan investment maturity date and the respective repurchase agreement maturity date. The weighted average remaining maturity of the BMO Facility is determined using the underlying loan investment maturity date.
Schedule of Maturities of Long-term Debt | As of December 31, 2024, our outstanding borrowings under our Secured Financing Facilities had the following remaining maturities:
Maturity Year |  | Principal Payments on Secured Financing Facilities
2025 |  | $ | 255,765 |
2026 |  | 147,769 |
2027 |  | 16,088 |
2028 and thereafter |  | — |
|  | $ | 419,622 |

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