v3.26.1
REPURCHASE FACILITIES, NOTES PAYABLE AND CREDIT FACILITIES (Tables)
 3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
Schedule of Debt
The following table summarizes the debt balances as of March 31, 2026 and December 31, 2025, and the debt activity for the three months ended March 31, 2026 (in thousands):
During the Three Months Ended March 31, 2026
 Balance as of December 31, 2025
Debt Issuances & Assumptions (1)
Repayments & Modifications
AmortizationBalance as of
March 31, 2026
Notes payable – variable rate debt$378,775 $— $(126,532)$— $252,243 
ABS mortgage notes758,520 — — — 758,520 
Credit facilities187,500 25,000 — — 212,500 
Repurchase facilities1,777,400 8,510 (274,524)— 1,511,386 
Total debt3,102,195 33,510 (401,056)— 2,734,649 
Deferred costs – variable rate debt(679)— 282 

91 (306)
Deferred costs – ABS mortgage notes(8,477)— — 531 (7,946)
Total debt, net$3,093,039 $33,510 $(400,774)$622 $2,726,397 
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(1)Includes deferred financing costs incurred during the period, if any.
The following table is a summary of the Note on Note Financing Arrangements as of March 31, 2026 (dollar amounts in thousands):
Note on Note Financing Arrangement
Date of Agreement
Maturity Date
Remaining Extension Options (1)
Weighted Average Interest Rate
Loans Financed under Note on Note Financing
Amount Financed
Citibank (2)
6/16/20238/9/2026
1/1 yr.
5.0%$83,948 $62,961 
Barclays (2)
10/20/20238/9/2026
1/1 yr.
5.0%148,852 111,639 
Mass Mutual3/16/202210/13/2027N/A6.0%195,197 77,643 
Total
$427,997 $252,243 
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(1)Represents the number of extension options remaining and the term of each option. Such extension options are subject to certain conditions as set forth within each respective note on note financing agreement.
(2)Note on Note Financing Arrangement is held through CLR.
On July 28, 2021, the Company issued $774.0 million aggregate principal amount of asset backed securities (“ABS”) mortgage notes, Series 2021-1 (the “Class A Notes”) in six classes, as shown below:
Class of NotesInitial Principal Balance
Principal Balance as of March 31, 2026
Note RateAnticipated Repayment DateRated Final Payment Date
Credit Rating (1)
A-1 (AAA)$146,400,000 $140,208,000 2.09%July 2028July 2051AAA (sf)
A-2 (AAA)219,600,000 210,312,000 2.57%July 2031July 2051AAA (sf)
A-3 (AA)39,200,000 39,200,000 2.51%July 2028July 2051AA (sf)
A-4 (AA)58,800,000 58,800,000 3.04%July 2031July 2051AA (sf)
A-5 (A)124,000,000 124,000,000 2.91%July 2028July 2051A (sf)
A-6 (A)186,000,000 186,000,000 3.44%July 2031July 2051A (sf)
$774,000,000 $758,520,000 
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(1)Reflects credit rating from Standard & Poor’s Financial Services LLC (“Standard & Poor’s”).
Schedule of Repurchase Facilities
The following table is a summary of the Repurchase Facilities as of March 31, 2026 (dollar amounts in thousands):
Repurchase FacilityDate of Agreement
Maturity Date
Remaining Extension Options (1)
Maximum Facility SizeWeighted Average Interest Rate
Loans Financed under Repurchase Facility (2)
Amount Financed
Citibank6/4/20203/5/2027
2/1 yr.
$26,537 6.2%
(3)
$85,574 $26,537 
Citibank (4)
12/19/202312/19/2026
2/1 yr.
600,790 5.4%
(3)
518,463 397,906 
Barclays9/21/20209/22/2026
1/1 yr.
558,947 5.5%
(3)
728,669 359,417 
Barclays (4)
12/4/202312/4/2026
2/1 yr.
691,053 5.5%
(3)
119,056 89,528 
Wells Fargo5/20/20218/30/2026
1/1 yr.
277,516 5.3%
(3)
459,976 277,517 
Wells Fargo(4)
8/15/20258/15/2027
3/1 yr.
500,000 5.4%
(3)
285,250 216,050 
Deutsche Bank (4)
10/8/202110/8/2026
1/1 yr.
300,000 6.3%
(3)
170,936 99,913 
J.P. Morgan (4)
6/1/2022
(5)
(5)
— 
(5)
4.9%
(6)
63,464 44,518 
Total$2,954,843 $2,431,388 $1,511,386 
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(1)Represents the number of extension options remaining and the term of each option. Such extension options are subject to certain conditions as set forth within each respective Repurchase Agreement.
(2)CRE mortgage loan balances financed under the Repurchase Facilities with Citibank, Barclays, Wells Fargo and Deutsche Bank reflect the aggregate outstanding principal balance while the CMBS balance financed under the J.P. Morgan Repurchase Facility reflects fair value.
(3)Advances under the Repurchase Agreements accrue interest at per annum rates based on Term SOFR (as such term is defined in the applicable Repurchase Agreement) or the daily compounded SOFR plus a spread ranging from 1.30% to 3.00% to be determined on a case-by-case basis between Citibank, Barclays, Wells Fargo or Deutsche Bank and the Lending Subs.
(4)Repurchase facility is held through CLR.
(5)Facilities under the J.P. Morgan Repurchase Facility carry a rolling term which is reset monthly. Such facilities carry no maximum facility size.
(6)Under the Master Repurchase Agreement with J.P. Morgan, advances under the repurchase agreement may be made based on one-month Term SOFR plus a spread designated by J.P. Morgan, which as of March 31, 2026, ranges from 1.05% to 1.35%.
Schedule of Aggregate Principal Repayments
The following table summarizes the scheduled aggregate principal repayments for the Company’s outstanding debt subsequent to March 31, 2026 (in thousands):
Principal Repayments
Remainder of 2026$1,455,899 
2027320,230 
2028303,408 
2029— 
2030— 
Thereafter655,112 
Total$2,734,649