The new uncommitted repurchase agreement with Banco Santander further expands the mortgage REIT’s growing borrowing infrastructure.

April 15, 2026

Fortress Credit Realty Income Trust announced on April 8, 2026, that two of its subsidiaries entered into a new uncommitted master repurchase agreement with Banco Santander’s New York branch, providing up to $350 million in financing capacity. The facility will support the company’s ongoing acquisition and origination of mortgage loans, mezzanine loans, and participation interests in such loans.

The two subsidiary sellers, FCR CRE Toro Seller LLC and Dwight FCR-2025 LLC, will use the facility under terms that accrue interest at a per annum rate equal to one-month Term SOFR plus a margin negotiated on a transaction-by-transaction basis. The Santander repurchase agreement has a termination date of April 8, 2029, with the possibility of extending for an additional year as an amortization period, subject to customary conditions.

Guaranty and Covenants

In connection with the agreement, Fortress Credit Realty Income Trust provided a limited guaranty under which it guarantees losses tied to customary non-recourse carve-outs and agrees to maintain certain financial covenants, including minimum net worth, liquidity thresholds, and maximum leverage. The guaranty could become fully recourse if the subsidiary sellers or the company itself become subject to voluntary or involuntary bankruptcy proceedings. The company would also be liable for costs and losses arising from customary bad-act events.

Expanding Financing Infrastructure

The Santander facility represents the latest expansion of the trust’s financing infrastructure. As detailed in the company’s recent annual report covering fiscal year 2025, Fortress Credit Realty Income Trust had already established repurchase facilities with Goldman Sachs, Atlas Securitized Products, and Morgan Stanley, along with a JPMorgan revolving credit facility. At that time, total outstanding borrowings stood at approximately $1.69 billion against a combined maximum facility size of $2.15 billion. The addition of the $350 million Santander facility further increases the company’s total available borrowing capacity.

The trust, which is externally managed by an affiliate of Fortress Investment Group, has been rapidly scaling its operations since its formation in June 2024. As of its most recent annual report, the company had built a portfolio valued at approximately $2.6 billion, consisting primarily of senior floating-rate commercial real estate loans, tax liens, mortgage servicing rights, and residential bridge loans.

The new financing arrangement was signed by Chief Financial Officer Avraham Dreyfuss on behalf of the company on April 14, 2026.