Secured Financing Agreements

9 Months Ended

Sep. 30, 2025

As of September 30, 2025, we had secured financing facilities governed by master repurchase agreements with Wells Fargo, National Association, or Wells Fargo, Citibank, N.A., or Citibank, and UBS AG, or UBS; and a facility loan program with BMO Harris Bank N.A., or BMO. We refer to the Wells Fargo, Citibank and UBS facilities as our Master Repurchase Facilities and the BMO facility as our BMO Facility. Collectively, we refer to our Master Repurchase Facilities and the BMO Facility as our Secured Financing Facilities. See our 2024 Annual Report for more information regarding our Secured Financing Facilities.

The table below summarizes our Secured Financing Facilities as of September 30, 2025 and December 31, 2024:


	Debt Obligation
							Weighted Average				Collateral
	Maximum Facility Size		Principal Balance		Carrying Value		Coupon Rate (1)		Remaining Maturity (years) (2)	Maturity Date	Principal Balance
September 30, 2025:

UBS Master Repurchase Facility	$	250,000	$	146,799	$	146,638	6.54	%	0.3	2/18/2026	$	216,861
Citibank Master Repurchase Facility	215,000		135,714		135,338		6.24	%	1.0	9/27/2026	198,887
BMO Facility	150,000		77,258		77,041		6.20	%	0.9	Various	106,041

Wells Fargo Master Repurchase Facility	125,000		70,652		70,432		6.04	%	0.4	3/11/2026	92,558
Total/weighted average	$	740,000	$	430,423	$	429,449	6.30	%	0.7		$	614,347


December 31, 2024:

UBS Master Repurchase Facility	$	250,000	$	181,989	$	181,566	6.85	%	0.7	2/18/2026	$	267,084
Citibank Master Repurchase Facility	215,000		93,314		92,700		6.57	%	1.5	9/27/2026	145,520
BMO Facility	150,000		103,855		103,622		6.39	%	0.9	Various	145,234

Wells Fargo Master Repurchase Facility	125,000		40,464		39,908		6.31	%	0.6	3/11/2026	52,973
Total/weighted average	$	740,000	$	419,622	$	417,796	6.62	%	0.9		$	610,811

(1)The weighted average coupon rate is determined using SOFR plus a spread ranging from 1.75% to 2.95%, 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 September 30, 2025, we were in compliance with the covenants and other terms of the agreements that govern our Secured Financing Facilities.

As of September 30, 2025, our outstanding borrowings under our Secured Financing Facilities had the following remaining maturities:


Year	Principal Payments on Secured Financing Facilities
2025	$	57,019
2026	357,316
2027	16,088
2028 and thereafter	—
	$	430,423

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.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

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+ Details

Seven Hills Realty Trust 10-Q