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Secured Debt Arrangements, Net (Tables)
 12 Months Ended
Dec. 31, 2021
Debt Disclosure [Abstract]  
Schedule of Weighted Average Maturities and Interest Rates of Borrowings
At December 31, 2021 and December 31, 2020, our borrowings included the following secured debt arrangements, maturities and weighted-average interest rates ($ in thousands):
 
December 31, 2021December 31, 2020
 
Maximum Amount of Borrowings(1)
Borrowings Outstanding(1)
Maturity (2)
Maximum Amount of Borrowings(1)
Borrowings Outstanding(1)
Maturity (2)
JPMorgan (USD)$1,344,283 $1,329,923 September 2026$1,113,156 $984,125 June 2024
JPMorgan (GBP)87,497 86,849 September 2026113,548 113,548 June 2024
JPMorgan (EUR)68,220 68,220 September 202673,296 73,296 June 2024
DB (USD)700,000 259,073 March 20231,000,000 520,457 March 2023
Goldman (USD)300,000 168,231 
November 2025(3)
500,000 332,352 
November 2023(3)
CS Facility - USD161,609 148,720 
February 2025(4)(5)
374,251 369,182 
December 2023(4)(5)
HSBC Facility - EUR167,756 162,937 July 2022163,785 163,785 July 2021
Barclays (USD)200,000 32,693 March 2024200,000 35,192 March 2024
Total Secured Credit Facilities3,029,365 2,256,646 3,538,036 2,591,937 
Barclays Private Securitization1,902,684 1,902,684 
August 2024(5)
857,728 857,728 
September 2023(5)
Total Secured Debt Arrangements4,932,049 4,159,330 4,395,764 3,449,665 
Less: deferred financing costsN/A(9,062)N/A(12,993)
Total Secured Debt Arrangements, net(6)(7)(8)
$4,932,049 $4,150,268 $4,395,764 $3,436,672  
———————
(1)As of December 31, 2021, British Pound Sterling ("GBP"), Euros ("EUR"), and Swedish Krona ("SEK") borrowings were converted to USD at a rate of 1.35, 1.14, and 0.11, respectively. As of December 31, 2020, GBP and EUR borrowings were converted to USD at a rate of 1.37 and 1.22, respectively.
(2)Maturity date assumes extensions at our option are exercised with consent of financing providers, where applicable.
(3)Assumes facility enters the amortization period described below.
(4)Assumes financings are extended in line with the underlying loans.
(5)Represents weighted average maturity across various financings with the counterparty. See below for additional details.
(6)Weighted-average borrowing costs as of December 31, 2021 and December 31, 2020 were applicable benchmark rates plus spreads of USD: +2.00% / GBP: +1.86% / EUR: +1.42% / SEK: +1.50% and USD: +2.16% / GBP: +1.83% / EUR: +1.46%, respectively.
(7)Weighted average advance rates based on cost as of December 31, 2021 and December 31, 2020 were 69.8% (67.1% (USD) / 72.7% (GBP) / 68.9% (EUR) / 80.7% (SEK)) and 63.7% (62.5% (USD) / 68.7% (GBP) / 60.8% (EUR)).
(8)As of December 31, 2021 and December 31, 2020, approximately 50% and 55% of the outstanding balance under these secured borrowings were recourse to us.
Schedule of Assets Under the Private Barclays Securitization
The table below provides the borrowings outstanding (on an as converted basis) and weighted-average fully-extended maturities by currency for the assets financed under the Barclays Private Securitization as of December 31, 2021 ($ in thousands):
Borrowings outstanding
Fully-Extended Maturity(1)
Total/Weighted-Average GBP$1,299,321 
June 2025
Total/Weighted-Average EUR373,904
November 2022(2)
Total/Weighted-Average SEK229,458November 2022
Total/Weighted-Average Securitization$1,902,683 August 2024
———————
(1)Assumes underlying loans extend to fully extended maturity and extensions at our option are exercised.
(2)The EUR portion of the Barclays Private Securitization has an "evergreen" feature such that the facility continues for one year and can be terminated by either party on certain dates with, depending on the date of notice, a minimum of nine to twelve months' notice.
The following table summarizes the terms of our Term Loans as of December 31, 2021 ($ in thousands):
Principal Amount
Unamortized Issuance Discount(1)
Deferred Financing Costs(1)
Carrying ValueSpreadMaturity Date
2026 Term Loan$487,500 $(1,548)$(7,933)$478,019 2.75 %5/15/2026
2028 Term Loan297,750 (2,643)(4,801)290,306 3.50 %3/11/2028
Total$785,250 $(4,191)$(12,734)$768,325 
(1)     Unamortized issuance discount and deferred financing costs will be amortized to interest expense over remaining life of respective term loans.
The following table summarizes the terms of our Term Loans as of December 31, 2020 ($ in thousands):
Principal Amount
Unamortized Issuance Discount(1)
Deferred Financing Costs(1)
Carrying ValueSpreadMaturity Date
2026 Term Loan$492,500 $(1,905)$(7,130)$483,465 2.75 %5/15/2026
Schedule of Assets and Liabilities The table below provides the assets and liabilities of the Barclays Private Securitization VIE included in our consolidated balance sheet ($ in thousands):
December 31, 2021December 31, 2020
Assets:
Cash$3,456 $2,020 
Commercial mortgage loans, net(1)
2,559,266 1,290,393 
Other Assets20,765 15,831 
Total Assets$2,583,487 $1,308,244 
Liabilities:
Secured debt arrangements, net (net of deferred financing costs of $2.0 million and $0.7 million in 2021 and 2020, respectively)
$1,900,640 $857,043 
Accounts payable, accrued expenses and other liabilities(2)
2,671 1,307 
Total Liabilities$1,903,311 $858,350 
———————
(1)Net of the General CECL Allowance of $11.8 million and $4.4 million as of December 31, 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 $0.3 million as of December 31, 2021 and December 31, 2020, respectively.
Interest Income and Interest Expense Disclosure
The table below provides the net income of the Barclays Private Securitization VIE included in our consolidated statement of operations ($ in thousands):
Year ended December 31,
20212020
Net Interest Income:
Interest income from commercial mortgage loans$86,377 $29,511 
Interest expense(25,661)(8,312)
Net interest income$60,716 $21,199 
General and administrative expense— (178)
Provision for loan losses and impairments(7,148)(916)
Foreign currency gain (loss)(13,102)39,731 
Net Income$40,466 $59,836 
Schedule of Remaining Maturities of Borrowings
At December 31, 2021, our borrowings had the following remaining maturities ($ in thousands):
Less than
1 year		1 to 3
years		3 to 5
years		More than
5 years		Total
JPMorgan Facility$129,317 $800,734 $554,942 $— $1,484,993 
DB Facility— 259,073 — — 259,073 
Goldman Facility— 125,611 42,620 — 168,231 
CS Facility - USD— — 148,720 — 148,720 
HSBC Facility - EUR162,937 — — — 162,937 
Barclays Facility - USD— 32,693 — — 32,693 
Barclays Private Securitization 603,362 690,598 608,723 — 1,902,683 
Total$895,616 $1,908,709 $1,355,005 $— $4,159,330 
Schedule of Outstanding, Maximum and Average Balances of Debt The table below summarizes the outstanding balances at December 31, 2021, as well as the maximum and average month-end balances for the year ended December 31, 2021 for our borrowings under secured debt arrangements ($ in thousands).
As of December 31, 2021For the year ended December 31, 2021
 BalanceAmortized Cost of Collateral Maximum Month-End
Balance		Average Month-End
Balance
JPMorgan Facility$1,484,992 $2,259,376 $1,484,992 $1,219,072 
DB Facility259,073 389,238 520,217 407,428 
Goldman Facility168,231 261,848 331,154 228,312 
CS Facility - USD148,720 214,124 369,182 224,351 
HSBC Facility - EUR162,937 211,813 174,717 165,958 
Barclays Facility - USD32,693 50,241 35,193 33,526 
Barclays Private Securitization1,902,684 2,571,067 1,902,684 1,396,411 
Total$4,159,330 $5,957,707 
The table below summarizes the outstanding balances at December 31, 2020, as well as the maximum and average month-end balances for the year ended December 31, 2020 for our borrowings under secured debt arrangements ($ in thousands).
As of December 31, 2020
For the year ended December 31, 2020
 BalanceAmortized Cost of CollateralMaximum Month-End
Balance		Average Month-End
Balance
JPMorgan Facility$1,170,969 $2,009,249 $1,192,288 $1,119,997 
DB Facility520,457 814,715 526,743 506,831 
Goldman Facility332,352 510,371 362,139 343,621 
CS Facility - USD369,182 524,139 378,781 348,464 
CS Facility - GBP— — 90,111 43,094 
HSBC Facility - USD— — 50,625 44,000 
HSBC Facility - GBP— — 34,500 20,563 
HSBC Facility - EUR163,785 215,509 163,788 154,725 
Barclays Facility - USD35,192 49,993 35,193 29,327 
Barclays Facility - GBP— — 666,810 260,692 
Barclays Facility - EUR— — 180,595 70,521 
Barclays Private Securitization857,728 1,295,023 857,728 823,915 
Total$3,449,665 $5,418,999