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Secured Debt Arrangements, Net (Tables) | 6 Months Ended
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Jun. 30, 2020
Debt Disclosure [Abstract] |
Schedule of Weighted Average Maturities and Interest Rates of Borrowings | At June 30, 2020 and December 31, 2019, our borrowings included the following secured debt arrangements, maturities and weighted-average interest rates ($ in thousands):
|  | June 30, 2020 |  | December 31, 2019
|  | Maximum Amount of Borrowings(1) |  | Borrowings Outstanding(1) |  | Maturity (2) |  | Maximum Amount of Borrowings(1) |  | Borrowings Outstanding(1) |  | Maturity (2)
| JPMorgan (USD) | $ | 1,138,858 |  |  | $ | 993,495 |  |  | June 2024 |  | $ | 1,154,109 |  |  | $ | 1,090,160 |  |  | June 2024
| JPMorgan (GBP) | 93,738 |  |  | 93,738 |  |  | June 2024 |  | 51,702 |  |  | 50,410 |  |  | June 2024
| JPMorgan (EUR) | 67,404 |  |  | 67,404 |  |  | June 2024 |  | 94,189 |  |  | 94,189 |  |  | June 2024
| DB (USD) | 1,000,000 |  |  | 509,800 |  |  | March 2023 |  | 1,250,000 |  |  | 513,876 |  |  | March 2021
| Goldman (USD) | 500,000 |  |  | 354,562 |  |  | November 2021 |  | 500,000 |  |  | 322,170 |  |  | November 2021
| CS - USD | 332,444 |  |  | 321,518 |  |  | January 2023(3) |  | 226,068 |  |  | 218,644 |  |  | June 2020
| CS - GBP | 84,618 |  |  | 84,618 |  |  | March 2021(3) |  | 93,915 |  |  | 93,915 |  |  | June 2020
| HSBC - USD | 47,223 |  |  | 47,223 |  |  | January 2021 |  | 50,625 |  |  | 50,625 |  |  | October 2020
| HSBC - GBP | — |  |  | — |  |  | N/A |  | 34,634 |  |  | 34,634 |  |  | June 2020
| HSBC - EUR | 150,621 |  |  | 150,621 |  |  | July 2021 |  | 154,037 |  |  | 154,037 |  |  | January 2021
| Barclays (USD) | 200,000 |  |  | 35,192 |  |  | March 2024 |  | N/A |  |  | N/A |  |  | N/A
| Barclays (GBP) | — |  |  | — |  |  | N/A(4) |  | 538,916 |  |  | 290,347 |  |  | February 2024(5)
| Barclays (EUR) | — |  |  | — |  |  | N/A(4) |  | 182,549 |  |  | 182,549 |  |  | November 2020
| Total Secured Credit Facilities | 3,614,906 |  |  | 2,658,171 |  |  |  |  | 4,330,744 |  |  | 3,095,556 |  |  |
| Barclays Private Securitization | 782,006 |  |  | 782,006 |  |  | July 2023(5) |  | N/A |  |  | N/A |  |  | N/A
| Total Secured Debt Arrangements | 4,396,912 |  |  | 3,440,177 |  |  |  |  | 4,330,744 |  |  | 3,095,556 |  |  |
| less: deferred financing costs | N/A |  |  | (15,079 | ) |  |  |  | N/A |  |  | (17,190 | ) |  |
| Total Secured Debt Arrangements, net(6)(7)(8) | $ | 4,396,912 |  |  | $ | 3,425,098 |  |  |  |  | $ | 4,330,744 |  |  | $ | 3,078,366 |  |
———————
(1) | As of June 30, 2020, British Pound Sterling ("GBP") and Euros ("EUR") borrowings were converted to U.S. Dollars ("USD") at a rate of 1.24 and 1.12, respectively. As of December 31, 2019, GBP and EUR borrowings were converted at a rate of 1.33 and 1.12, respectively.
(2) Maturity date assumes extensions at our option are exercised with consent of financing providers, where applicable. (3) Assumes financings are extended in line with the underlying loans. (4) As of June 30, 2020, there are no loans pledged to this facility. (5) Represents weighted average maturity across various financings with the counterparty. See below for additional details. (6) Weighted-average borrowing costs as of June 30, 2020 and December 31, 2019 were USD L + 2.13% / GBP L + 1.87% / EUR L + 1.46% and USD L + 2.07% / GBP L + 1.75% / EUR L + 1.36%, respectively. (7) Weighted average advance rates based on cost as of June 30, 2020 and December 31, 2019 were 64.5% (63.6% (USD) / 68.8% (GBP) / 61.6% (EUR)) and 63.8% (66.7% (USD) / 47.1% (GBP) / 76.1% (EUR)). (8) As of June 30, 2020 and December 31, 2019, approximately 56% and 54% of the outstanding balance under these secured borrowings were recourse to us.
Schedule of Assets Under The Private Barclays Securitization | The table below provides the borrowings outstanding and weighted-average fully-extended maturities by currency for the assets financed under the Barclays Private Securitization ($ in thousands):
| Borrowings outstanding | Fully-Extended Maturity(1)
Total/Weighted-Average GBP | $644,397 | December 2023
Total/Weighted-Average EUR | 137,609 | May 2021(2)
Total/Weighted-Average Securitization | $782,006 | July 2023
——————— (1) Assumes underlying loans extend to fully extended maturity and extensions at our option are exercised. (2) The EUR portion of the Barclays Private Securitization has an "evergreen" feature such that the facility continues for one year and can be terminated by either party on certain dates with, depending on the date of notice, a minimum of nine to twelve months' notice.
Schedule of Assets and Liabilities | The table below provides the assets and liabilities of the Barclays Private Securitization VIE included in our condensed consolidated balance sheet ($ in thousands):
| June 30, 2020
Assets: |
Commercial mortgage loans, net(1) | $ | 1,169,978 |
Liabilities: |
Secured debt arrangements, net | $ | 782,006 |
Accounts payable, accrued expenses and other liabilities(2) | 317 |
Total Liabilities | 782,323 |
——————— (1) Net of the General CECL Allowance of $6.9 million. (2) Represents General CECL Allowance related to unfunded commitments.
Schedule of Remaining Maturities of Borrowings | At June 30, 2020, our borrowings had the following remaining maturities ($ in thousands):
| Less than 1 year |  | 1 to 3 years |  | 3 to 5 years |  | More than 5 years |  | Total
JPMorgan | $ | 61,836 |  |  | $ | 415,766 |  |  | $ | 677,035 |  |  | $ | — |  |  | $ | 1,154,637 |
DB | 15,594 |  |  | 494,206 |  |  | — |  |  | — |  |  | 509,800 |
Goldman | — |  |  | 354,562 |  |  | — |  |  | — |  |  | 354,562 |
CS - USD | — |  |  | 198,154 |  |  | 123,364 |  |  | — |  |  | 321,518 |
CS - GBP(1) | 84,618 |  |  | — |  |  | — |  |  | — |  |  | 84,618 |
HSBC - USD | 47,223 |  |  | — |  |  | — |  |  | — |  |  | 47,223 |
HSBC - EUR | — |  |  | 150,621 |  |  | — |  |  | — |  |  | 150,621 |
Barclays (USD) | — |  |  | — |  |  | 35,192 |  |  | — |  |  | 35,192 |
Barclays Private Securitization | 137,610 |  |  | 156,718 |  |  | 487,678 |  |  | — |  |  | 782,006 |
Total | $ | 346,881 |  |  | $ | 1,770,027 |  |  | $ | 1,323,269 |  |  | $ | — |  |  | $ | 3,440,177 |
——————— (1) Subsequent to quarter end, the outstanding balance was repaid in connection with the sale of the underlying loan. For more information, see "Note 18 - Subsequent Events."
Schedule of Outstanding, Maximum and Average Balances of Debt | The table below summarizes the outstanding balances at June 30, 2020, as well as the maximum and average month-end balances for the six months ended June 30, 2020 for our borrowings under secured debt arrangements ($ in thousands).
| As of June 30, 2020 |  | For the six months ended June 30, 2020
| Balance |  | Amortized Cost of Collateral |  | Maximum Month-End Balance |  | Average Month-End Balance
JPMorgan | $ | 1,154,637 |  |  | $ | 1,934,291 |  |  | $ | 1,192,288 |  |  | $ | 1,080,012 |
DB | 509,800 |  |  | 786,913 |  |  | 514,301 |  |  | 491,215 |
Goldman | 354,562 |  |  | 546,776 |  |  | 359,541 |  |  | 337,854 |
CS - USD | 321,518 |  |  | 451,872 |  |  | 336,448 |  |  | 324,101 |
CS - GBP | 84,618 |  |  | 121,288 |  |  | 90,111 |  |  | 86,189 |
HSBC - USD | 47,223 |  |  | 67,122 |  |  | 50,625 |  |  | 48,924 |
HSBC - GBP | — |  |  | — |  |  | 34,501 |  |  | 27,417 |
HSBC - EUR | 150,621 |  |  | 195,326 |  |  | 152,389 |  |  | 150,289 |
Barclays (USD) | 35,192 |  |  | 49,865 |  |  | 35,193 |  |  | 23,462 |
Barclays (GBP) | — |  |  | — |  |  | 666,810 |  |  | 521,385 |
Barclays (EUR) | — |  |  | — |  |  | 180,595 |  |  | 141,042 |
Barclays Private Securitization | 782,006 |  |  | 1,176,927 |  |  | 782,006 |  |  | 130,334 |
Total | $ | 3,440,177 |  |  | $ | 5,330,380 |  |  |  |  |
The table below summarizes the outstanding balances at December 31, 2019, as well as the maximum and average month-end balances for the year ended December 31, 2019 for our borrowings under secured debt arrangements ($ in thousands).
| As of December 31, 2019 |  | For the year ended December 31, 2019
| Balance |  | Amortized Cost of Collateral |  | Maximum Month-End Balance |  | Average Month-End Balance
JPMorgan | $ | 1,234,759 |  |  | $ | 1,845,400 |  |  | $ | 1,234,759 |  |  | $ | 947,400 |
DB | 513,876 |  |  | 766,676 |  |  | 757,117 |  |  | 604,067 |
Goldman | 322,170 |  |  | 513,559 |  |  | 324,821 |  |  | 246,318 |
CS - USD | 218,644 |  |  | 308,884 |  |  | 218,644 |  |  | 182,646 |
CS - GBP | 93,915 |  |  | 129,723 |  |  | 150,811 |  |  | 134,694 |
HSBC - USD | 50,625 |  |  | 66,960 |  |  | 50,625 |  |  | 50,625 |
HSBC - GBP | 34,634 |  |  | 49,976 |  |  | 50,784 |  |  | 42,296 |
HSBC - EUR | 154,037 |  |  | 190,780 |  |  | 154,037 |  |  | 151,889 |
Barclays (GBP) | 290,347 |  |  | 738,455 |  |  | 290,347 |  |  | 139,004 |
Barclays (EUR) | 182,549 |  |  | 241,674 |  |  | 182,549 |  |  | 181,159 |
Total | $ | 3,095,556 |  |  | $ | 4,852,087 |  |  |  |  |

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