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Secured Financing Agreements
 6 Months Ended
Jun. 30, 2024
Debt Disclosure [Abstract]  
Secured Financing Agreements Secured Financing Agreements
Our secured financing agreements at June 30, 2024 consisted of agreements that govern: our master repurchase facility with Wells Fargo, National Association, or Wells Fargo, or the Wells Fargo Master Repurchase Facility; our master repurchase facility with Citibank, N.A., or Citibank, or the Citibank Master Repurchase Facility; our master repurchase facility with UBS AG, or UBS, or the UBS Master Repurchase Facility, and our facility loan program with BMO Harris Bank N.A., or BMO, or the BMO Facility. We refer to the Wells Fargo Master Repurchase Facility, Citibank Master Repurchase Facility and UBS Master Repurchase Facility, collectively, as our Master Repurchase Facilities. We refer to the Master Repurchase Facilities and the BMO Facility, collectively, as our Secured Financing Facilities. See our 2023 Annual Report for more information regarding our Secured Financing Facilities.
The table below summarizes our Secured Financing Facilities as of June 30, 2024 and December 31, 2023:
Debt Obligation
Weighted AverageCollateral
Maximum Facility SizePrincipal BalanceCarrying Value
Coupon Rate (1)
Remaining Maturity (years) (2)
Maturity Date
Principal Balance
June 30, 2024:
Citibank Master Repurchase Facility$215,000 $68,090 $67,902 7.48 %0.43/15/2025$116,790 
UBS Master Repurchase Facility205,000 167,581 167,441 7.65 %0.42/18/2025224,891 
BMO Facility150,000 87,767 87,600 7.25 %0.8Various119,516 
Wells Fargo Master Repurchase Facility125,000 95,551 94,996 7.41 %0.73/11/2025127,563 
Total/weighted average$695,000 $418,989 $417,939 7.48 %0.6$588,760 
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 the Secured Overnight Financing Rate, or SOFR, plus a spread ranging from 1.83% to 2.90%, 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 June 30, 2024, we were in compliance with the covenants and other terms of the agreements that govern our Secured Financing Facilities.
As of June 30, 2024, our outstanding borrowings under our Secured Financing Facilities had the following remaining maturities:
YearPrincipal Payments on
Secured Financing Facilities
2024$157,062 
2025261,927 
2026 and thereafter— 
$418,989 
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.