Investment Portfolio Financing (Tables)

3 Months Ended

Mar. 31, 2022

Debt Instrument [Line Items]

Schedule of Information Related to Secured Credit Agreements

The following table presents certain information regarding the Company’s secured credit agreements as of March 31, 2022 and December 31, 2021. Except as otherwise noted, all agreements are on a partial (25%) recourse basis (dollars in thousands):

	March 31, 2022
Secured credit agreements(1)	Initial maturity date	Extended maturity date	Index rate	Weighted average credit spread			Interest rate			Commitment amount		Maximum current availability		Balance outstanding		Principal balance of collateral		Amortized cost of collateral
Goldman Sachs	08/19/22	08/19/24	1 Month BR		1.8	%		2.1	%	$	500,000	$	44,555	$	455,445	$	599,302	$	598,450
Wells Fargo(2)	04/18/25	04/18/25	1 Month BR		1.6	%		1.9	%		500,000		213,547		286,453		372,590		367,224
Barclays	08/13/22	08/13/23	1 Month BR		1.5	%		2.0	%		750,000		699,899		50,101		71,011		70,759
Morgan Stanley	05/04/22	05/04/23	1 Month BR		2.1	%		2.6	%		500,000		420,916		79,084		115,085		114,658
JP Morgan	10/30/23	10/30/25	1 Month BR		1.6	%		2.1	%		400,000		273,058		126,942		180,526		180,217
US Bank	07/09/22	07/09/24	1 Month BR		1.4	%		1.9	%		33,982		—		33,982		59,060		59,060
Bank of America(3)	09/29/22	09/29/22	1 Month BR		1.8	%		2.1	%		250,000		—		110,250		179,603		179,603
Institutional financing	10/30/23	10/30/25	1 Month BR		4.5	%		5.0	%		249,546		226,000		23,546		42,390		42,390
Totals										$	3,183,528	$	1,877,975	$	1,165,803	$	1,619,567	$	1,612,361

(1)Borrowings under secured credit agreements with a guarantee for 25% recourse from Holdco. Index rate is the underlying benchmark interest rate ("BR"), currently LIBOR or Term SOFR, for the Company's borrowings on each secured credit agreement.

(2)On February 9, 2022 the secured credit agreement’s initial maturity was extended to April 18, 2025.

(3)Effective February 1, 2022 and March 30, 2022, for the sole loan pledged to the secured credit agreement, the Company amended its financing arrangement to reduce its borrowing by $9.4 million and $9.2 million, respectively, reduce its maximum current availability to zero, and extend its term on a non-mark-to-market basis through April 15, 2022. On April 14, 2022, for the sole loan pledged to the secured credit agreement, the Company amended its financing arrangement to further reduce its borrowing by $11.8 million and extend its term on a non-mark-to-market basis through May 2, 2022. The borrowing was repaid in full on April 25, 2022.

	December 31, 2021
Secured credit agreements(1)	Initial maturity date	Extended maturity date	Index rate	Weighted average credit spread			Interest rate			Commitment amount		Maximum current availability		Balance outstanding		Principal balance of collateral		Amortized cost of collateral
Goldman Sachs	08/19/22	08/19/24	1 Month LIBOR		2.0	%		2.1	%	$	250,000	$	153,680	$	96,320	$	158,177	$	157,550
Wells Fargo(2)	04/18/22	04/18/24	1 Month LIBOR		1.6	%		1.7	%		750,000		179,784		570,216		779,791		773,868
Barclays	08/13/22	08/13/23	1 Month LIBOR		1.5	%		1.7	%		750,000		726,686		23,314		41,294		41,058
Morgan Stanley	05/04/22	05/04/23	1 Month LIBOR		2.0	%		2.1	%		500,000		319,269		180,731		255,125		254,559
JP Morgan	10/30/23	10/30/25	1 Month LIBOR		1.7	%		1.8	%		400,000		290,523		109,477		200,148		199,246
US Bank	07/09/22	07/09/24	1 Month LIBOR		1.4	%		1.7	%		44,730		10,748		33,982		59,060		59,060
Bank of America(3)	09/29/22	09/29/22	1 Month LIBOR		1.8	%		1.9	%		128,625		—		128,625		183,750		183,750
Institutional financing	10/30/23	10/30/25	1 Month LIBOR		4.5	%		4.8	%		249,546		226,000		23,546		42,390		42,366
Totals										$	3,072,901	$	1,906,690	$	1,166,211	$	1,719,735	$	1,711,457

(1)Borrowings under secured credit agreements with a guarantee for 25% recourse from Holdco.

(2)On February 9, 2022 the secured credit agreement’s initial maturity was extended to April 18, 2025.

(3)Effective February 1, 2022 for the sole loan pledged to the secured credit agreement, the Company amended its financing arrangement to reduce its borrowing by $9.4 million and extend its term on a non-mark-to-market basis through March 31, 2022, with an option to further extend its maturity through April 15, 2022 in exchange for a further reduction in borrowings of $9.4 million.

Summary of Recourse and Market-to-Market Provisions

The following table presents the recourse and mark-to-market provisions for the Company’s secured credit agreements as of March 31, 2022:

Secured credit agreements	Basis of margin calls	Recourse percentage			Initial maturity date	Extended maturity date
Goldman Sachs	Credit		25.0	%	08/19/22	08/19/24
Wells Fargo(1)	Credit		25.0	%	04/18/25	04/18/25
Barclays	Credit		25.0	%	08/13/22	08/13/23
Morgan Stanley	Credit		25.0	%	05/04/22	05/04/23
JP Morgan	Credit and Spread		25.0	%	10/30/23	10/30/25
US Bank	Credit		25.0	%	07/09/22	07/09/24
Bank of America(2)	Credit		25.0	%	09/29/22	09/29/22
Institutional financing(3)	Credit		25.0	%	10/30/23	10/30/25

(1)On February 9, 2022 the secured credit agreement’s initial maturity was extended to April 18, 2025.

(2)Effective February 1, 2022 and March 30, 2022, for the sole loan pledged to the secured credit agreement, the Company amended its financing arrangement to reduce its borrowing by $9.4 million and $9.2 million, respectively, and extend its term on a non-mark-to-market basis through April 15, 2022. On April 14, 2022, for the sole loan pledged to the secured credit agreement, the Company amended its financing arrangement to reduce its borrowing by $11.8 million and extend its term on a non-mark-to-market basis through May 2, 2022. The borrowing was repaid in full on April 25, 2022.

(3)The secured credit agreement may be re-margined beginning after its second anniversary date on October 30, 2022 based on an LTV test; otherwise, no credit or spread-based marks apply.

The following table presents the recourse and mark-to-market provisions for the Company’s secured credit agreements as of December 31, 2021:

Secured credit agreements	Basis of margin calls	Recourse percentage			Initial maturity date	Extended maturity date
Goldman Sachs	Credit		25.0	%	08/19/22	08/19/24
Wells Fargo(1)	Credit		25.0	%	04/18/22	04/18/24
Barclays	Credit		25.0	%	08/13/22	08/13/23
Morgan Stanley	Credit		25.0	%	05/04/22	05/04/23
JP Morgan	Credit and Spread		25.0	%	10/30/23	10/30/25
US Bank	Credit		25.0	%	07/09/22	07/09/24
Bank of America(2)	Credit		25.0	%	09/29/22	09/29/22
Institutional financing(3)	Credit		25.0	%	10/30/23	10/30/25

(1)On February 9, 2022 the secured credit agreement’s initial maturity was extended to April 18, 2025.

(2)Effective February 1, 2022 for the sole loan pledged to the credit facility the Company amended its financing arrangement to reduce its borrowing by $9.4 million and extend its term on a non-mark-to-market basis through March 31, 2022, with an option to further extend its maturity through April 15, 2022 in exchange for a further reduction in borrowings of $9.4 million.

(3)The secured credit agreement may be re-margined beginning after its second anniversary date on October 30, 2022 based on an LTV test; otherwise, no credit or spread-based marks apply.

Commercial Mortgage Loans

Debt Instrument [Line Items]

Summary of Secured Credit Agreements Secured by Mortgage Loan Investments, CRE Debt Securities and Counterparty Concentration Risks

The following table summarizes certain characteristics of the Company’s secured credit agreements secured by mortgage loan investments, including counterparty concentration risks, as of March 31, 2022 (dollars in thousands):

	March 31, 2022
Secured credit agreements	Commitment amount		UPB of collateral		Amortized cost of collateral(1)		Amount payable(2)		Net counterparty exposure(3)		Percent of stockholders' equity			Days to extended maturity
Goldman Sachs Bank	$	500,000	$	599,302	$	600,858	$	455,752	$	145,106		9.9	%		872
Wells Fargo		500,000		372,590		369,314		286,951		82,363		5.6	%		1,114
Barclays		750,000		71,011		70,837		50,171		20,666		1.4	%		500
Morgan Stanley Bank		500,000		115,085		115,836		79,161		36,675		2.5	%		399
JP Morgan Chase Bank		649,546		222,916		224,398		150,687		73,711		5.0	%		1,309
US Bank		33,982		59,060		59,435		34,037		25,398		1.7	%		831
Bank of America		250,000		179,603		180,942		110,237		70,705		4.8	%		182
Total / weighted average	$	3,183,528	$	1,619,567	$	1,621,620	$	1,166,996	$	454,623					873

(1)Loan amounts include interest receivable of $9.3 million and are net of premium, discount and origination fees of $7.2 million.

(2)Loan amounts include interest payable of $1.2 million and do not reflect unamortized deferred financing fees of $5.1 million.

(3)Loan amounts represent the net carrying value of the commercial real estate assets sold under agreements to repurchase, including accrued interest plus any cash or assets on deposit to secure the repurchase obligation, less the amount of the repurchase liability, including accrued interest.

The following table summarizes certain characteristics of the Company’s secured credit agreements secured by mortgage loan investments, including counterparty concentration risks, as of December 31, 2021 (dollars in thousands):

	December 31, 2021
Secured credit agreements	Commitment amount		UPB of collateral		Amortized cost of collateral(1)		Amount payable(2)		Net counterparty exposure(3)		Percent of stockholders' equity	Days to extended maturity
Goldman Sachs Bank	$	250,000	$	158,177	$	159,269	$	96,389	$	62,880	4.3%		962
Wells Fargo		750,000		779,791		776,196		570,839		205,357	14.0%		839
Barclays		750,000		41,294		41,019		23,330		17,689	1.2%		590
Morgan Stanley Bank		500,000		255,125		255,858		180,891		74,967	5.1%		489
JP Morgan Chase Bank		649,546		242,538		243,181		133,191		109,990	7.5%		1,399
US Bank		44,730		59,060		59,435		34,035		25,400	1.7%		921
Bank of America		128,625		183,750		184,531		128,648		55,883	3.8%		272
Total / weighted average	$	3,072,901	$	1,719,735	$	1,719,489	$	1,167,323	$	552,165			794

(1)Loan amounts include interest receivable of $8.0 million and are net of premium, discount and origination fees of $8.8 million.

(2)Loan amounts include interest payable of $1.1 million and do not reflect unamortized deferred financing fees of $4.0 million.

(3)Loan amounts represent the net carrying value of the commercial real estate assets sold under agreements to repurchase, including accrued interest plus any cash or assets on deposit to secure the repurchase obligation, less the amount of the repurchase liability, including accrued interest.

As a result of contributing collateral into TRTX 2022-FL5 upon its issuance during the three months ended March 31, 2022, the Company wrote-off $1.1 million of unamortized deferred transaction costs related to its secured credit agreements to interest expense in its consolidated statements of income and comprehensive income. See Note 5 for details regarding the Company's issuance of TRTX 2022-FL5.