v3.25.4
Debt (Tables)
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Schedule of Repurchase Agreement
The following tables set forth the details of the Company’s repurchase financing agreements and facilities:
($ in thousands)
December 31, 2025
Maturity DateAmount OutstandingAmount of CollateralInterest Rate
Goldman Sachs - bonds(1)
$36,431 $42,767 4.58 %
A BondsJanuary 12, 20268,510 10,000 4.41 %
February 17, 202627,921 32,767 4.63 %
Goldman Sachs - loans (3)
December 12, 2027$11,148 $17,150 6.62 %
Lucid - bonds(1)
$50,829 $60,000 4.42 %
A bondsJanuary 12, 202629,543 35,000 4.47 %
January 15, 202621,286 25,000 4.36 %
Barclays - bonds(1)
$85,885 $109,816 4.65 %
A bondsJanuary 9, 202614,780 17,439 4.47 %
January 12, 202612,963 15,000 4.51 %
January 14, 202615,598 18,540 4.71 %
January 23, 202618,576 23,014 4.46 %
March 19, 202614,629 20,041 4.82 %
B bondsJanuary 23, 20264,195 6,531 5.18 %
March 19, 20264,573 8,129 5.20 %
M bondsJanuary 23, 202690 149 4.78 %
March 19, 2026481 973 5.00 %
Nomura - bonds(1)
$99,005 $178,102 (4)5.16 %
A BondsMarch 30, 20269,009 12,885 5.24 %
B BondsMarch 19, 20261,638 4,101 5.45 %
B BondsMarch 30, 202638,477 71,204 5.02 %
M BondsMarch 30, 202617,894 26,019 4.89 %
Beneficial Interests (5)
March 19, 202631,987 63,893 5.45 %
Nomura - loans(2)
February 27, 2026$20,543 $25,999 5.91 %
Santander bonds(1)
$103,231 $120,093 4.54 %
A BondsJanuary 12, 202621,396 25,000 4.41 %
January 15, 202681,835 95,093 4.58 %
Totals/Weighted Averages$407,072 $553,927 4.83 %
(1)Maximum borrowing capacity subject to pledging sufficient collateral is the equivalent of the amount outstanding as of December 31, 2025.
(2)Maximum borrowing capacity subject to pledging sufficient collateral as of December 31, 2025 was $400.0 million.
(3)Maximum borrowing capacity subject to pledging sufficient collateral as of December 31, 2025 was $200.0 million.
(4)Includes bonds that are consolidated on the Company’s balance sheet as of December 31, 2025.
(5)Collateral of beneficial interests presented at fair value, as disclosed in Note 6.
($ in thousands)
December 31, 2024
Maturity DateAmount OutstandingAmount of CollateralInterest Rate
Goldman Sachs - bonds(1)
$59,548 $70,000 5.18 %
A BondsJanuary 16, 202529,759 35,000 5.08 %
February 18, 202529,789 35,000 5.27 %
Lucid - bonds(1)
January 16, 2025$34,114 $40,000 5.05 %
A BondsJanuary 16, 202534,114 40,000 5.05 %
Barclays - bonds(1)
$86,956 $115,443 5.41 %
A BondsJanuary 10, 202517,065 20,000 5.20 %
January 13, 202516,917 19,952 5.19 %
January 31, 202525,123 32,280 5.43 %
($ in thousands)
December 31, 2024
Maturity DateAmount OutstandingAmount of CollateralInterest Rate
March 20, 202517,319 24,857 5.48 %
B BondsJanuary 31, 20254,298 6,232 6.12 %
March 20, 20255,003 9,667 5.86 %
M BondsJanuary 31, 2025305 512 5.72 %
March 20, 2025926 1,943 5.65 %
Nomura - bonds(1)
$66,445 $119,572 (3)5.67 %
A BondsMarch 31, 202510,687 15,615 5.87 %
B BondsMarch 31, 202535,563 70,709 5.66 %
M BondsMarch 31, 202520,195 33,248 5.56 %
Nomura - loans(2)
February 28, 2025$23,331 $31,821 6.97 %
Santander bonds(1)
$86,171 $99,000 5.11 %
A BondsJanuary 6, 202521,685 25,000 5.18 %
January 15, 202564,486 74,000 5.08 %
Totals/Weighted Averages
$356,565 $475,836 5.41 %
(1)Maximum borrowing capacity subject to pledging sufficient collateral is the equivalent of the amount outstanding as of December 31, 2024.
(2)Maximum borrowing capacity subject to pledging sufficient collateral as of December 31, 2024 was $400.0 million.
(3)Includes bonds that are consolidated on the Company’s balance sheet as of December 31, 2024.
Schedule of Amount Outstanding on Repurchase Facilities and Carrying Value Collateral
The amount outstanding on the Company’s repurchase facilities and the carrying value of the Company’s loans pledged as collateral are presented as gross amounts on the Company’s consolidated balance sheets as of December 31, 2025 and 2024, in the table below:
($ in thousands)
Gross amounts not offset on balance sheet
December 31, 2025December 31, 2024
Gross amount of recognized liabilities $407,072 $356,565 
Gross amount of loans and securities pledged as collateral553,927 475,836 
Net Collateral Amount$146,855 $119,271 
Schedule of Status of Mortgage Loans
The following table sets forth the status of the notes held by others as of December 31, 2025 and 2024, and the original balance at the securitization cutoff date:
($ in thousands)
Balances at December 31, 2025Balances at December 31, 2024Original balances at
securitization cutoff date
Class of NotesCarrying value of mortgagesBond principal balancePercentage of collateral coverageCarrying value of mortgagesBond principal balancePercentage of collateral coverageMortgage UPBBond principal balance
2019-D$85,105 $52,508 162 %$91,118 $58,942 155 %$193,301 $156,670 
2019-F81,025 41,676 194 %89,179 50,028 178 %170,876 127,673 
2020-B86,096 48,894 176 %95,090 57,277 166 %156,468 114,534 
2021-A109,382 83,816 131 %119,180 93,412 128 %206,506 175,116 
$361,608 $226,894 (1)159 %$394,567 $259,659 (1)152 %$727,151 $573,993 
(1)This represents the gross amount of secured bonds payable and excludes the impact of deferred issuance costs of $0.7 million and $1.3 million as of December 31, 2025 and 2024, respectively.
Schedule of Interest Expense on 2027 Notes
The following table presents interest expense on the 2027 Notes for the years ended December 31, 2025 and 2024:
($ in thousands)
Year ended December 31,
20252024
Interest expense$10,862 $10,129 
Amortization of discount and deferred expenses
861 860 
Total Interest Expense on 2027 Notes$11,723 $10,989