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Secured Debt Arrangements, Net (Tables) | 3 Months Ended
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Mar. 31, 2022
Debt Disclosure [Abstract] |
Schedule of Weighted Average Maturities and Interest Rates of Borrowings | At March 31, 2022 and December 31, 2021, our borrowings included the following secured debt arrangements, maturities and weighted-average interest rates ($ in thousands):
| March 31, 2022 |  | December 31, 2021
| Maximum Amount of Borrowings(1) |  | Borrowings Outstanding(1) |  | Maturity (2) |  | Maximum Amount of Borrowings(1) |  | Borrowings Outstanding(1) |  | Maturity (2)
JPMorgan - USD | $ | 1,415,051 |  |  | $ | 1,269,796 |  |  | September 2026 |  | $ | 1,344,283 |  |  | $ | 1,329,923 |  |  | September 2026
JPMorgan - GBP | 84,949 |  |  | 84,320 |  |  | September 2026 |  | 87,497 |  |  | 86,849 |  |  | September 2026
JPMorgan - EUR | — |  |  | — |  |  | N/A |  | 68,220 |  |  | 68,220 |  |  | September 2026
DB - USD | 700,000 |  |  | 421,461 |  |  | March 2023 |  | 700,000 |  |  | 259,073 |  |  | March 2023
Goldman - USD | 300,000 |  |  | 159,618 |  |  | November 2025(3) |  | 300,000 |  |  | 168,231 |  |  | November 2025(3)
CS Facility - USD | 486,319 |  |  | 470,651 |  |  | June 2026(4)(5) |  | 161,609 |  |  | 148,720 |  |  | February 2025(4)(5)
HSBC Facility - EUR | 163,285 |  |  | 158,592 |  |  | July 2022 |  | 167,756 |  |  | 162,937 |  |  | July 2022
Barclays - USD | 200,000 |  |  | 32,693 |  |  | June 2022 |  | 200,000 |  |  | 32,693 |  |  | March 2024
Santander - EUR | 59,762 |  |  | 52,222 |  |  | August 2024 |  | — |  |  | — |  |  | N/A
Total Secured Credit Facilities | 3,409,366 |  |  | 2,649,353 |  |  |  |  | 3,029,365 |  |  | 2,256,646 |  |  |
Barclays Private Securitization - GBP, EUR, SEK | 1,932,666 |  |  | 1,932,666 |  |  | February 2026(5) |  | 1,902,684 |  |  | 1,902,684 |  |  | August 2024(5)
Total Secured Debt Arrangements | 5,342,032 |  |  | 4,582,019 |  |  |  |  | 4,932,049 |  |  | 4,159,330 |  |  |
Less: deferred financing costs | N/A |  | (10,705) |  |  |  |  | N/A |  | (9,062) |  |  |
Total Secured Debt Arrangements, net(6)(7)(8) | $ | 5,342,032 |  |  | $ | 4,571,314 |  |  |  |  | $ | 4,932,049 |  |  | $ | 4,150,268 |  |
——————— (1)As of March 31, 2022, GBP, EUR, and Swedish Krona ("SEK") borrowings were converted to USD at a rate o f 1.31, 1.11, and 0.11, r espectively. As of December 31, 2021, GBP, EUR and SEK borrowings were converted to USD at a rat e of 1.35, 1.14 and 0.11 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 March 31, 2022 and December 31, 2021 were applicable benchmark rates and credit spread adjustments, plus spreads of USD: +2.08% / GBP: +1.82% / EUR: +1.49% / SEK: +1.50% and USD: +2.00% / GBP: +1.86% / EUR: +1.42%/ SEK : +1.50%, respectively. (7)Weighted average advance rates based on cost as of March 31, 2022 and December 31, 2021 were 70.5% (66.5% (USD) / 75.6% (GBP) / 72.9% (EUR) / 80.7% (SEK)) and 69.8% (67.1% (USD) / 72.7% (GBP) / 68.9% (EUR)/ 80.7% (SEK)), respectively. (8)As of March 31, 2022 and December 31, 2021, approximately 52% and 50% 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 March 31, 2022 ($ in thousands):
| Borrowings outstanding |  | Fully-Extended Maturity(1)
Total/Weighted-Average GBP | $ | 1,215,814 |  |  | April 2026
Total/Weighted-Average EUR | 496,625 |  | July 2025(2)
Total/Weighted-Average SEK | 220,227 |  | May 2026
Total/Weighted-Average Securitization | $ | 1,932,666 |  |  | February 2026
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 EUR | 373,904 |  | November 2022(2)
Total/Weighted-Average SEK | 229,458 |  | November 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 March 31, 2022 ($ in thousands):
| Principal Amount | Unamortized Issuance Discount(1) | Deferred Financing Costs(1) | Carrying Value | Spread | Maturity Date
2026 Term Loan | $ | 486,250 |  | $ | (1,458) |  | $ | (7,469) |  | $ | 477,323 |  | 2.75 | % | 5/15/2026
2028 Term Loan | 297,000 |  | (2,536) |  | (4,490) |  | 289,974 |  | 3.50 | % | 3/11/2028
Total | $ | 783,250 |  | $ | (3,994) |  | $ | (11,959) |  | $ | 767,297 |  |  |
——————— (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, 2021 ($ in thousands):
| Principal Amount | Unamortized Issuance Discount(1) | Deferred Financing Costs(1) | Carrying Value | Spread | Maturity Date
2026 Term Loan | $ | 487,500 |  | $ | (1,548) |  | $ | (7,933) |  | $ | 478,019 |  | 2.75 | % | 5/15/2026
2028 Term Loan | 297,750 |  | (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.
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):
| March 31, 2022 |  | December 31, 2021
Assets: |  |  |
Cash | $ | 873 |  |  | $ | 3,456 |
Commercial mortgage loans, net(1) | 2,536,735 |  |  | 2,559,266 |
Other Assets | 19,352 |  |  | 20,765 |
Total Assets | $ | 2,556,960 |  |  | $ | 2,583,487 |
Liabilities: |  |  |
Secured debt arrangements, net (net of deferred financing costs of $2.5 million and $2.0 million in 2022 and 2021, respectively) | $ | 1,930,163 |  |  | $ | 1,900,640 |
Accounts payable, accrued expenses and other liabilities(2) | 4,374 |  |  | 2,671 |
Total Liabilities | $ | 1,934,537 |  |  | $ | 1,903,311 |
——————— (1)Net of the General CECL Al lowance of $7.0 million and $11.8 million as of March 31, 2022 and December 31, 2021, respectively. (2)Includes General CECL Allowance related to unfunded commitments on commercial mortgage loans, net o f $1.8 million and $0.4 million as of March 31, 2022 and December 31, 2021, respectively.
Interest Income and Interest Expense Disclosure | The table below provides the net income of the Barclays Private Securitization VIE included in our condensed consolidated statement of operations ($ in thousands):
| Three months ended March 31,
| 2022 |  | 2021
Net Interest Income: |  |  |
Interest income from commercial mortgage loans | $ | 28,714 |  |  | $ | 16,093 |
Interest expense | (9,588) |  |  | (4,590) |
Net interest income | $ | 19,126 |  |  | $ | 11,503 |
Reversal of (provision for) loan losses and impairments | 3,341 |  |  | (3,628) |
Foreign currency loss | (19,629) |  |  | (913) |
Net Income | $ | 2,838 |  |  | $ | 6,962 |
Schedule of Remaining Maturities of Borrowings | At March 31, 2022, 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 | $ | 127,524 |  |  | $ | 770,775 |  |  | $ | 455,817 |  |  | $ | — |  |  | $ | 1,354,116 |
DB Facility | 10,630 |  |  | 410,831 |  |  | — |  |  | — |  |  | 421,461 |
Goldman Facility | 84,898 |  |  | 35,886 |  |  | 38,834 |  |  | — |  |  | 159,618 |
CS Facility | — |  |  | 148,720 |  |  | 321,931 |  |  | — |  |  | 470,651 |
HSBC Facility | 158,592 |  |  | — |  |  | — |  |  | — |  |  | 158,592 |
Barclays Facility | 32,693 |  |  | — |  |  | — |  |  | — |  |  | 32,693 |
Santander Facility | — |  |  | 52,222 |  |  | — |  |  | — |  |  | 52,222 |
Barclays Private Securitization | — |  |  | 567,640 |  |  | 1,365,026 |  |  | — |  |  | 1,932,666 |
Total | $ | 414,337 |  |  | $ | 1,986,074 |  |  | $ | 2,181,608 |  |  | $ | — |  |  | $ | 4,582,019 |
Schedule of Outstanding, Maximum and Average Balances of Debt | The table below summarizes the outstanding balances at March 31, 2022, as well as the maximum and average month-end balances for the three months ended March 31, 2022 for our borrowings under secured debt arrangements ($ in thousands).
| As of March 31, 2022 |  | For the three months ended March 31, 2022
| Balance |  | Amortized Cost of Collateral |  | Maximum Month-End Balance |  | Average Month-End Balance
JPMorgan Facility | $ | 1,354,116 |  |  | $ | 2,105,790 |  |  | $ | 1,467,343 |  |  | $ | 1,392,462 |
DB Facility | 421,461 |  |  | 625,530 |  |  | 421,461 |  |  | 354,967 |
Goldman Facility | 159,618 |  |  | 257,227 |  |  | 164,607 |  |  | 161,743 |
CS Facility | 470,651 |  |  | 645,392 |  |  | 470,651 |  |  | 274,050 |
HSBC Facility | 158,592 |  |  | 206,168 |  |  | 161,003 |  |  | 160,124 |
Barclays Facility | 32,693 |  |  | 50,149 |  |  | 32,693 |  |  | 32,693 |
Santander Facility | 52,222 |  |  | 67,545 |  |  | 52,222 |  |  | 52,222 |
Barclays Private Securitization | 1,932,666 |  |  | 2,543,761 |  |  | 1,963,837 |  |  | 1,878,007 |
Total | $ | 4,582,019 |  |  | $ | 6,501,562 |  |  |  |  |
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, 2021 |  | For the year ended December 31, 2021
| Balance |  | Amortized 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 Facility | 259,073 |  |  | 389,238 |  |  | 520,217 |  |  | 407,428 |
Goldman Facility | 168,231 |  |  | 261,848 |  |  | 331,154 |  |  | 228,312 |
CS Facility | 148,720 |  |  | 214,124 |  |  | 369,182 |  |  | 224,351 |
HSBC Facility | 162,937 |  |  | 211,813 |  |  | 174,717 |  |  | 165,958 |
Barclays Facility | 32,693 |  |  | 50,241 |  |  | 35,193 |  |  | 33,526 |
Barclays Private Securitization | 1,902,684 |  |  | 2,571,067 |  |  | 1,902,684 |  |  | 1,396,411 |
Total | $ | 4,159,330 |  |  | $ | 5,957,707 |  |  |  |  |

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