The non-traded REIT cut one repurchase facility nearly in half while doubling another, rebalancing how it finances commercial real estate loans.

March 19, 2026

CIM Real Estate Finance Trust Inc. has made significant changes to two repurchase financing arrangements with Wells Fargo Bank, reducing the borrowing capacity of one facility while substantially expanding the other. The paired transactions, disclosed on March 18, 2026, reflect a strategic realignment of the company’s debt financing infrastructure.

On March 12, 2026, CMFT RE Lending RF Sub WF LLC, an indirect wholly-owned subsidiary of CIM Real Estate Finance Trust, executed a fifth amendment to its master repurchase and securities contract with Wells Fargo. The amendment lowered the maximum facility amount from approximately $512 million to roughly $277.5 million — a reduction of about $234.5 million. The original repurchase agreement dates to May 2021 and has been amended on four prior occasions, most recently in August 2025. The reduction was implemented through an amended and restated fee letter, with the fifth amendment making corresponding changes to the underlying agreement. All other material terms remain intact.

CLR Facility Doubles to $500 Million

The following day, March 13, 2026, a separate subsidiary completed a contrasting move. CLR RE Lending Sub WF LLC — a subsidiary of both CIM Commercial Lending REIT and CIM Real Estate Finance Trust — amended and restated the fee letter associated with its own master repurchase agreement with Wells Fargo. That amendment doubled the CLR Repurchase Facility from $250 million to $500 million. The CLR repurchase agreement was originally established in August 2025.

Taken together, the two amendments result in a net increase of approximately $15.5 million in total borrowing capacity across the combined facilities, shifting the center of gravity toward the newer CLR vehicle.

Guaranty Obligations Reaffirmed

Alongside the CLR facility expansion, CIM Real Estate Finance Trust and CIM Commercial Lending REIT reaffirmed their joint and several guaranty obligations to Wells Fargo on March 13, 2026. Both entities serve as co-guarantors under the arrangement, a structure that will remain in place until certain conditions are met, at which point CIM Commercial Lending REIT is expected to take on sole guarantor responsibilities.

The reaffirmation agreement confirmed that all guaranty obligations remain in full force and effect following the fee letter amendment. Both guarantors represented that no defaults or events of default had occurred, and that they remained in compliance with all covenants under the repurchase documents.

Legal Framework and Key Details

The fifth amendment to the CMFT repurchase agreement includes standard representations and warranties from the seller, guarantor, and pledgor entities, confirming that the amendment was duly authorized, does not conflict with existing obligations, and constitutes a legally binding commitment. The amendment explicitly states that it does not constitute a novation of any existing obligations and that all security interests and liens under the repurchase documents are preserved.

The seller subsidiary also agreed to cover reasonable legal fees incurred by Moore and Van Allen PLLC, counsel to Wells Fargo, in connection with the amendment. The agreement is governed by New York law.

Nathan D. DeBacker, the company’s chief financial officer, principal accounting officer, and treasurer, executed the disclosure and the underlying transaction documents on behalf of multiple CIM entities.

Strategic Implications

CIM Real Estate Finance Trust is a non-traded REIT managed by affiliates of CIM Group, focused on commercial real estate debt investments. The restructuring suggests the company is channeling financing capacity away from the longer-standing CMFT facility and toward the CLR platform, which was created just last year. This rebalancing may indicate a shift in how the company plans to originate and fund commercial real estate loans going forward.