v3.25.3
REPURCHASE FACILITIES, NOTES PAYABLE AND CREDIT FACILITIES (Tables)
 9 Months Ended
Sep. 30, 2025
Debt Disclosure [Abstract]  
Schedule of Debt
The following table summarizes the debt balances as of September 30, 2025 and December 31, 2024, and the debt activity for the nine months ended September 30, 2025 (in thousands):
During the Nine Months Ended September 30, 2025
 Balance as of December 31, 2024
Debt Issuances & Assumptions (1)
Repayments & Modifications
AmortizationBalance as of
September 30, 2025
Notes payable – variable rate debt$606,452 $— $(151,377)$— $455,075 
ABS mortgage notes758,520 — — — 758,520 
Credit facilities124,500 58,000 (29,000)— 153,500 
Repurchase facilities1,693,142 307,898 (387,947)— 1,613,093 
Total debt3,182,614 365,898 (568,324)— 2,980,188 
Deferred costs – variable rate debt(1,743)(77)314 

442 (1,064)
Deferred costs – ABS mortgage notes(10,582)(17)— 1,591 (9,008)
Total debt, net$3,170,289 $365,804 $(568,010)$2,033 $2,970,116 
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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 September 30, 2025 (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.
5.5%$83,948 $62,961 
Barclays (2)
10/20/20238/9/2026
1/1 yr.
5.5%148,852 111,639 
Mass Mutual3/16/2022(3)N/A6.5%395,501 280,475 
Total
$628,301 $455,075 
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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.
(3)Borrowings under the Mass Mutual Financing mature on various dates from July 2027 through January 2028.
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 September 30, 2025
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 September 30, 2025 (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 6.7%
(3)
$82,750 $26,537 
Citibank (4)
12/19/202312/19/2025
3/1 yr.
600,790 5.9%
(3)
546,434 414,381 
Barclays9/21/20209/22/2026
1/1 yr.
558,947 6.0%
(3)
709,138 378,334 
Barclays (4)
12/4/202312/4/2026
2/1 yr.
691,053 6.0%
(3)
115,754 81,095 
Wells Fargo5/20/20218/30/2026
1/1 yr.
512,004 5.9%
(3)
741,949 512,004 
Wells Fargo(4)
8/15/20258/15/2027
3/1 yr.
250,000 6.6%
(3)
30,300 22,725 
Deutsche Bank (4)
10/8/202110/8/2025
2/1 yr.
300,000 6.8%
(3)
175,936 99,914 
J.P. Morgan (4)
6/1/2022
(5)
(5)
— 
(5)
5.4%
(6)
134,483 78,103 
Total$2,939,331 $2,536,744 $1,613,093 
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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 (as defined below) 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 repurchase facility with J.P. Morgan (“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 September 30, 2025, ranges from 1.10% to 1.40%.
Schedule of Aggregate Principal Repayments
The following table summarizes the scheduled aggregate principal repayments for the Company’s outstanding debt subsequent to September 30, 2025 (in thousands):
Principal Repayments
Remainder of 2025$592,397 
20261,146,033 
2027296,398 
2028490,248 
2029— 
Thereafter455,112 
Total$2,980,188