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Secured Debt Arrangements, Net (Tables) | 6 Months Ended
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Jun. 30, 2021
Debt Disclosure [Abstract] |
Schedule of Weighted Average Maturities and Interest Rates of Borrowings | At June 30, 2021 and December 31, 2020, our borrowings included the following secured debt arrangements, maturities and weighted-average interest rates ($ in thousands):
| June 30, 2021 |  | December 31, 2020
| Maximum Amount of Borrowings(1) |  | Borrowings Outstanding(1) |  | Maturity (2) |  | Maximum Amount of Borrowings(1) |  | Borrowings Outstanding(1) |  | Maturity (2)
JPMorgan (USD) | $ | 1,113,966 |  |  | $ | 1,069,071 |  |  | June 2024 |  | $ | 1,113,156 |  |  | $ | 984,125 |  |  | June 2024
JPMorgan (GBP) | 114,886 |  |  | 114,886 |  |  | June 2024 |  | 113,548 |  |  | 113,548 |  |  | June 2024
JPMorgan (EUR) | 71,148 |  |  | 71,148 |  |  | June 2024 |  | 73,296 |  |  | 73,296 |  |  | June 2024
DB (USD) | 700,000 |  |  | 413,325 |  |  | March 2023 |  | 1,000,000 |  |  | 520,457 |  |  | March 2023
Goldman (USD) | 500,000 |  |  | 133,955 |  |  | November 2023(3) |  | 500,000 |  |  | 332,352 |  |  | November 2023(3)
CS Facility - USD | 189,219 |  |  | 189,219 |  |  | July 2024(4)(5) |  | 374,251 |  |  | 369,182 |  |  | December 2023(4)(5)
HSBC Facility - EUR | 169,930 |  |  | 169,930 |  |  | July 2022 |  | 163,785 |  |  | 163,785 |  |  | July 2021
Barclays (USD) | 200,000 |  |  | 32,693 |  |  | March 2024 |  | 200,000 |  |  | 35,192 |  |  | March 2024
Total Secured Credit Facilities | 3,059,149 |  |  | 2,194,227 |  |  |  |  | 3,538,036 |  |  | 2,591,937 |  |  |
Barclays Private Securitization | 1,495,432 |  |  | 1,495,432 |  |  | September 2023(5) |  | 857,728 |  |  | 857,728 |  |  | September 2023(5)
Total Secured Debt Arrangements | 4,554,581 |  |  | 3,689,659 |  |  |  |  | 4,395,764 |  |  | 3,449,665 |  |  |
Less: deferred financing costs | N/A |  | (9,753) |  |  |  |  | N/A |  | (12,993) |  |  |
Total Secured Debt Arrangements, net(6)(7)(8) | $ | 4,554,581 |  |  | $ | 3,679,906 |  |  |  |  | $ | 4,395,764 |  |  | $ | 3,436,672 |  |
——————— (1)As of June 30, 2021, British Pound Sterling ("GBP"), Euros ("EUR"), and Swedish Krona ("SEK") borrowings were converted to USD at a rate o f 1.38, 1.19, and 0.12, respectively. As of December 31, 2020, GBP and EUR borrowings were converted to USD at a rate of 1.37 and 1.22, respectively. (2)Maturity date assumes extensions at our option are exercised with consent of financing providers, where applicable. (3)Assumes facility enters the amortization period described below. (4)Assumes financings are extended in line with the underlying loans. (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, 2021 and December 31, 2020 were USD L+2.00% / GBP L+2.03% / EUR L+1.43% / SEK L+1.50% and USD L+2.16% / GBP L+1.83% / EUR L+1.46%, respectively. (7)Weighted average advance rates based on cost as of June 30, 2021 and December 31, 2020 were 67.2% (64.8% (USD) / 68.8% (GBP) / 67.6% (EUR) / 80.8% (SEK)) and 63.7% (62.5% (USD) / 68.7% (GBP) / 60.8% (EUR)). (8)As of June 30, 2021 and December 31, 2020, approximately 54% and 55% 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 (on an as converted basis) and weighted-average fully-extended maturities by currency for the assets financed under the Barclays Private Securitization as of June 30, 2021 ($ in thousands):
| Borrowings outstanding |  | Fully-Extended Maturity(1)
Total/Weighted-Average GBP | $881,976 |  | August 2024
Total/Weighted-Average EUR | 370,492 |  | June 2022(2)
Total/Weighted-Average SEK | 242,964 |  | May 2022
Total/Weighted-Average Securitization | $1,495,432 |  | September 2023
——————— (1)Assumes underlying loans extend to fully extended maturity and extensions at our option are exercised. (2)The EUR portion of the Barclays Private Securitization has an "evergreen" feature such that the facility continues for one year and can be terminated by either party on certain dates with, depending on the date of notice, a minimum of nine to twelve months' notice. The following table summarizes the terms of our Term Loans as of June 30, 2021 ($ in thousands):
| Principal Amount | Unamortized Issuance Discount | Deferred Financing Costs | Carrying Value | Spread | Maturity Date
2026 Term Loan | $ | 490,000 |  | $ | (1,726) |  | $ | (6,280) |  | $ | 481,994 |  | 2.75 | % | 5/15/2026
2028 Term Loan | 299,250 |  | (2,857) |  | (3,818) |  | 292,575 |  | 3.50 | % | 3/11/2028
Total | $ | 789,250 |  | $ | (4,583) |  | $ | (10,098) |  | $ | 774,569 |  |  |
The following table summarizes the terms of our Term Loans as of December 31, 2020 ($ in thousands):
| Principal Amount | Unamortized Issuance Discount | Deferred Financing Costs | Carrying Value | Spread | Maturity Date
2026 Term Loan | $ | 492,500 |  | $ | (1,905) |  | $ | (7,130) |  | $ | 483,465 |  | 2.75 | % | 5/15/2026
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, 2021 |  | December 31, 2020
Assets: |  |  |
Cash | $ | 1,955 |  |  | $ | 2,020 |
Commercial mortgage loans, net(1) | 2,110,376 |  |  | 1,290,393 |
Other Assets | 17,119 |  |  | 15,831 |
Total Assets | $ | 2,129,450 |  |  | $ | 1,308,244 |
Liabilities: |  |  |
Secured debt arrangements, net (net of deferred financing costs of $2.2 million and $0.7 million in 2021 and 2020, respectively) | $ | 1,493,222 |  |  | $ | 857,043 |
Accounts payable, accrued expenses and other liabilities(2) | 2,228 |  |  | 1,307 |
Total Liabilities | $ | 1,495,450 |  |  | $ | 858,350 |
——————— (1)Net of the General CECL Allowance of $10.2 million and $4.4 million as of June 30, 2021 and December 31, 2020, respectively. (2)Represents General CECL Allowance related to unfunded commitments on commercial mortgage loans, net of $0.4 million and $0.3 million as of June 30, 2021 and December 31, 2020, respectively.
Interest Income and Interest Expense Disclosure | The table below provides the net income of the Barclays Private Securitization VIE included in our condensed consolidated statement of operations ($ in thousands):
| Three months ended | Six months ended
| June 30, 2021 | June 30, 2021
Net Interest Income: |  |
Interest income from commercial mortgage loans | $ | 20,943 |  | $ | 37,036 |
Interest expense | (6,396) |  | (10,986) |
Net interest income | $ | 14,547 |  | $ | 26,050 |
General and administrative expense | — |  | (1) |
Provision for loan losses and impairments | (2,040) |  | (5,668) |
Foreign currency gain | 2,802 |  | 1,890 |
Net Income | $ | 15,309 |  | $ | 22,271 |
Schedule of Remaining Maturities of Borrowings | At June 30, 2021, 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 Facility | $ | 121,115 |  |  | $ | 1,133,991 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,255,106 |
DB Facility | — |  |  | 413,325 |  |  | — |  |  | — |  |  | 413,325 |
Goldman Facility | 133,955 |  |  | — |  |  | — |  |  | — |  |  | 133,955 |
CS Facility - USD | — |  |  | 40,500 |  |  | 148,719 |  |  | — |  |  | 189,219 |
HSBC Facility - EUR | — |  |  | 169,930 |  |  | — |  |  | — |  |  | 169,930 |
Barclays Facility - USD | — |  |  | 32,693 |  |  | — |  |  | — |  |  | 32,693 |
Barclays Private Securitization | 613,455 |  |  | 550,784 |  |  | 331,192 |  |  | — |  |  | 1,495,431 |
Total | $ | 868,525 |  |  | $ | 2,341,223 |  |  | $ | 479,911 |  |  | $ | — |  |  | $ | 3,689,659 |
Schedule of Outstanding, Maximum and Average Balances of Debt | The table below summarizes the outstanding balances at June 30, 2021, as well as the maximum and average month-end balances for the six months ended June 30, 2021 for our borrowings under secured debt arrangements ($ in thousands).
| As of June 30, 2021 |  | For the six months ended June 30, 2021
| Balance |  | Amortized Cost of Collateral |  | Maximum Month-End Balance |  | Average Month-End Balance
JPMorgan Facility | $ | 1,255,105 |  |  | $ | 2,018,979 |  |  | $ | 1,359,053 |  |  | $ | 1,191,150 |
DB Facility | 413,325 |  |  | 610,654 |  |  | 520,217 |  |  | 463,607 |
Goldman Facility | 133,955 |  |  | 202,812 |  |  | 331,154 |  |  | 293,899 |
CS Facility - USD | 189,219 |  |  | 271,691 |  |  | 369,182 |  |  | 266,233 |
HSBC Facility - EUR | 169,930 |  |  | 214,185 |  |  | 174,717 |  |  | 165,863 |
Barclays Facility - USD | 32,693 |  |  | 50,121 |  |  | 35,193 |  |  | 34,359 |
Barclays Private Securitization | 1,495,432 |  |  | 2,120,617 |  |  | 1,495,432 |  |  | 1,190,667 |
Total | $ | 3,689,659 |  |  | $ | 5,489,059 |  |  |  |  |
The table below summarizes the outstanding balances at December 31, 2020, as well as the maximum and average month-end balances for the year ended December 31, 2020 for our borrowings under secured debt arrangements ($ in thousands).
| As of December 31, 2020 |  | For the year ended December 31, 2020
| Balance |  | Amortized Cost of Collateral |  | Maximum Month-End Balance |  | Average Month-End Balance
JPMorgan Facility | $ | 1,170,969 |  |  | $ | 2,009,249 |  |  | $ | 1,192,288 |  |  | $ | 1,119,997 |
DB Facility | 520,457 |  |  | 814,715 |  |  | 526,743 |  |  | 506,831 |
Goldman Facility | 332,352 |  |  | 510,371 |  |  | 362,139 |  |  | 343,621 |
CS Facility - USD | 369,182 |  |  | 524,139 |  |  | 378,781 |  |  | 348,464 |
CS Facility - GBP | — |  |  | — |  |  | 90,111 |  |  | 43,094 |
HSBC Facility - USD | — |  |  | — |  |  | 50,625 |  |  | 44,000 |
HSBC Facility - GBP | — |  |  | — |  |  | 34,500 |  |  | 20,563 |
HSBC Facility - EUR | 163,785 |  |  | 215,509 |  |  | 163,788 |  |  | 154,725 |
Barclays Facility - USD | 35,192 |  |  | 49,993 |  |  | 35,193 |  |  | 29,327 |
Barclays Facility - GBP | — |  |  | — |  |  | 666,810 |  |  | 260,692 |
Barclays Facility - EUR | — |  |  | — |  |  | 180,595 |  |  | 70,521 |
Barclays Private Securitization | 857,728 |  |  | 1,295,023 |  |  | 857,728 |  |  | 823,915 |
Total | $ | 3,449,665 |  |  | $ | 5,418,999 |  |  |  |  |

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