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Secured Financing Agreements
 12 Months Ended
Dec. 31, 2024
Debt Disclosure [Abstract]  
Secured Financing Agreements Secured Financing Agreements
As of December 31, 2024 and 2023, we had secured financing facilities governed by master repurchase agreements with Wells Fargo, National Association, or Wells Fargo, Citibank N.A., or Citibank, and UBS AG, or UBS; and a facility loan program with BMO Harris Bank N.A, or BMO. We refer to the Wells Fargo, Citibank and UBS facilities as our Master Repurchase Facilities and the BMO facility as our BMO Facility. Collectively, we refer to our Master Repurchase Facilities and the BMO Facility as our Secured Financing Facilities.
Pursuant to our Master Repurchase Facilities, we may sell to, and later repurchase from the respective lender, the purchased assets related to the applicable facility. The initial purchase price paid under our Master Repurchase Facilities is generally between 75% and 80% of the market value or the unpaid principal balance of such purchased asset. Our Master Repurchase Facilities each contain margin maintenance provisions that provide our lenders with the right, in certain circumstances related to a credit event, to redetermine the value of purchased assets. Where a decline in the value of a purchased asset results in a margin deficit, we may be required to eliminate such a deficit through a combination of purchased asset repurchases and cash transfers.
Pursuant to our BMO Facility, BMO advances amounts to fund new mortgage loan originations and/or fund future obligations under existing loans. Advances under the BMO Facility are secured by a security interest and collateral assignment of the underlying loan, are coterminous with the pledged mortgage loans, generally up to an 80% advance rate and are not subject to margin calls.
In connection with each of our Secured Financing Facilities, we entered into guarantees that require us to guarantee 25% of the aggregate purchase price of the asset and also contain financial covenants, which require us to maintain a minimum tangible net worth, a minimum liquidity and a minimum interest coverage ratio and to satisfy a total indebtedness to stockholders’ equity ratio. Interest expense under our Secured Financing Facilities accrues at a rate of SOFR plus a premium.
In September 2024, we amended our Citibank Master Repurchase Agreement. The amendment to the Citibank Master Repurchase Agreement made certain changes to the agreement and related fee letter, including extending the stated maturity date to September 27, 2026.
In October 2024, we amended our Wells Fargo Master Repurchase Agreement. The amendment to the Wells Fargo Master Repurchase Agreement made certain changes to the agreement and related fee letter, including extending the stated maturity date to March 11, 2026.
In December 2024, we amended the fee letter to our UBS Master Repurchase Agreement to extend the stated maturity date to February 18, 2026 and increase the maximum facility size to $250,000.
As of December 31, 2024, we were in compliance with the covenants and other terms of the agreements that govern our Secured Financing Facilities.
The table below summarizes our Secured Financing Facilities as of December 31, 2024 and 2023:
Debt Obligation
Weighted AverageCollateral
Maximum Facility SizePrincipal BalanceCarrying Value
Coupon Rate (1)
Remaining Maturity (years) (2)
Maturity DatePrincipal Balance
December 31, 2024:
UBS Master Repurchase Facility$250,000 $181,989 $181,566 6.85 %0.72/18/2026$267,084 
Citibank Master Repurchase Facility215,000 93,314 92,700 6.57 %1.59/27/2026145,520 
BMO Facility150,000 103,855 103,622 6.39 %0.9Various145,234 
Wells Fargo Master Repurchase Facility125,000 40,464 39,908 6.31 %0.63/11/202652,973 
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 %0.73/15/2025$142,465 
UBS Master Repurchase Facility205,000 181,381 181,162 7.72 %0.82/18/2025241,887 
BMO Facility150,000 87,767 87,451 7.29 %1.3Various118,471 
Wells Fargo Master Repurchase Facility125,000 95,551 94,998 7.44 %1.13/11/2025127,069 
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.
As of December 31, 2024, our outstanding borrowings under our Secured Financing Facilities had the following remaining maturities:
Maturity YearPrincipal Payments
on Secured Financing Facilities
2025$255,765 
2026147,769 
202716,088 
2028 and thereafter— 
$419,622 
Based upon the performance and payment history of our commercial mortgage loans, along with our ability to obtain financing under repurchase agreements and success in extending certain of our existing Master Repurchase Agreements, we believe it is probable that we will extend our Master Repurchase Facilities prior to their maturities.