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Secured Debt Arrangements, Net (Tables)
 6 Months Ended
Jun. 30, 2022
Debt Disclosure [Abstract]  
Schedule of Weighted Average Maturities and Interest Rates of Borrowings At June 30, 2022 and December 31, 2021, our borrowings included the following secured debt arrangements, maturities and weighted-average interest rates ($ in thousands):
June 30, 2022December 31, 2021
 
Maximum Amount of Borrowings(1)
Borrowings Outstanding(1)
Maturity (2)
Maximum Amount of Borrowings(1)
Borrowings Outstanding(1)
Maturity (2)
JPMorgan - USD$1,421,841 $1,224,801 September 2026$1,344,283 $1,329,923 September 2026
JPMorgan - GBP78,159 78,159 September 202687,497 86,849 September 2026
JPMorgan - EUR— — N/A68,220 68,220 September 2026
DB - USD700,000 429,352 March 2023700,000 259,073 March 2023
Goldman - USD300,000 152,589 
November 2025(3)
300,000 168,231 
November 2025(3)
CS Facility - USD632,360 629,349 
August 2026(4)(5)
161,609 148,720 
February 2025(4)(5)
HSBC Facility - GBP367,288 367,288 April 2025— — N/A
HSBC Facility - EUR273,406 273,406 
January 2026(5)
167,756 162,937 July 2022
Barclays - USD200,000 172,693 
June 2026(4)(5)
200,000 32,693 March 2024
Santander - EUR56,614 50,537 August 2024— — N/A
Total Secured Credit Facilities4,029,668 3,378,174 3,029,365 2,256,646 
Barclays Private Securitization - GBP, EUR, SEK1,815,687 1,815,687 
February 2026(5)
1,902,684 1,902,684 
August 2024(5)
Total Secured Debt Arrangements5,845,355 5,193,861 4,932,049 4,159,330 
Less: deferred financing costsN/A(10,024)N/A(9,062)
Total Secured Debt Arrangements, net(6)(7)(8)
$5,845,355 $5,183,837 $4,932,049 $4,150,268  
———————
(1)As of June 30, 2022, GBP, EUR, and Swedish Krona ("SEK") borrowings were converted to USD at a rate of 1.22, 1.05, and 0.10, respectively. As of December 31, 2021, GBP, EUR and SEK borrowings were converted to USD at a rate of 1.35, 1.14 and 0.11, respectively.
(2)Maturity date assumes extensions at our option are exercised with consent of financing providers, where applicable.
(3)Assumes facility enters the amortization period described below.
(4)Assumes financings are extended in line with the underlying loans.
(5)Represents weighted average maturity across various financings with the counterparty. See below for additional details.
(6)Weighted-average borrowing costs as of June 30, 2022 and December 31, 2021 were applicable benchmark rates and credit spread adjustments, plus spreads of USD: +2.11% / GBP: +1.84% / EUR: +1.52% / SEK: +1.50% and USD: +2.00% / GBP: +1.86% / EUR: +1.42%/ SEK: +1.50%, respectively.
(7)Weighted average advance rates based on cost as of June 30, 2022 and December 31, 2021 were 71.9% (68.0% (USD) / 76.6% (GBP) / 74.9% (EUR) / 80.6% (SEK)) and 69.8% (67.1% (USD) / 72.7% (GBP) / 68.9% (EUR) / 80.7% (SEK)), respectively.
(8)As of June 30, 2022 and December 31, 2021, approximately 58% and 50% of the outstanding balance under these secured borrowings were recourse to us.
Schedule of Assets Under the Private Barclays Securitization
The table below provides principal balances and the carrying value for commercial mortgage loans pledged to the Barclays Private Securitization as of June 30, 2022 and December 31, 2021 ($ in thousands):
June 30, 2022
Local CurrencyCountOutstanding PrincipalCarrying Value
GBP7$1,505,125 $1,485,639 
EUR4647,913643,462
SEK1253,024 250,429 
Total 12$2,406,062 $2,379,530 
December 31, 2021
Local CurrencyCountOutstanding PrincipalCarrying Value
GBP7$1,767,063 $1,748,367 
EUR2533,164528,344
SEK1286,822 282,555 
Total 10$2,587,049 $2,559,266 
The table below provides the borrowings outstanding (on an as converted basis) and weighted-average fully-extended maturities by currency for the assets financed under the Barclays Private Securitization as of June 30, 2022 ($ in thousands):
Borrowings outstanding
Fully-Extended Maturity(1)
Total/Weighted-Average GBP$1,142,881 
April 2026
Total/Weighted-Average EUR470,387
July 2025(2)
Total/Weighted-Average SEK202,419May 2026
Total/Weighted-Average Securitization$1,815,687 February 2026
———————
(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 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$1,902,683 August 2024
———————
(1)Assumes underlying loans extend to fully extended maturity and extensions at our option are exercised.
(2)The EUR portion of the Barclays Private Securitization has an "evergreen" feature such that the facility continues for one year and can be terminated by either party on certain dates with, depending on the date of notice, a minimum of nine to twelve months' notice.
The following table summarizes the terms of our Term Loans as of June 30, 2022 ($ in thousands):
Principal Amount
Unamortized Issuance Discount(1)
Deferred Financing Costs(1)
Carrying ValueSpreadMaturity Date
2026 Term Loan$485,000 $(1,369)$(6,990)$476,641 2.75 %5/15/2026
2028 Term Loan296,250 (2,428)(4,304)289,518 3.50 %3/11/2028
Total$781,250 $(3,797)$(11,294)$766,159 
———————
(1)     Unamortized issuance discount and deferred financing costs will be amortized to interest expense over remaining life of respective term loans.
The following table summarizes the terms of our Term Loans as of December 31, 2021 ($ in thousands):
Principal Amount
Unamortized Issuance Discount(1)
Deferred Financing Costs(1)
Carrying 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)$768,325 
———————
(1)     Unamortized issuance discount and deferred financing costs will be amortized to interest expense over remaining life of respective term loans.
Schedule of Assets and Liabilities
The table below provides the assets and liabilities of the Barclays Private Securitization VIE included in our condensed consolidated balance sheet ($ in thousands):
June 30, 2022December 31, 2021
Assets:
Cash$1,231 $3,456 
Commercial mortgage loans, net(1)
2,379,530 2,559,266 
Other Assets36,085 20,765 
Total Assets$2,416,846 $2,583,487 
Liabilities:
Secured debt arrangements, net (net of deferred financing costs of $2.3 million and $2.0 million in 2022 and 2021, respectively)
$1,813,364 $1,900,640 
Accounts payable, accrued expenses and other liabilities(2)
4,760 2,671 
Total Liabilities$1,818,124 $1,903,311 
———————
(1)Net of the General CECL Allowance of $6.7 million and $11.8 million as of June 30, 2022 and December 31, 2021, respectively.
(2)Includes General CECL Allowance related to unfunded commitments on commercial mortgage loans, net of $1.7 million and $0.4 million as of June 30, 2022 and December 31, 2021, respectively.
Interest Income and Interest Expense Disclosure The table below provides the net income of the Barclays Private Securitization VIE included in our condensed consolidated statement of operations ($ in thousands):
Three months ended June 30,
Six months ended June 30,
2022202120222021
Net Interest Income:
Interest income from commercial mortgage loans$27,463 $20,943 $56,177 $37,036 
Interest expense(10,574)(6,396)(20,162)(10,986)
Net interest income$16,889 $14,547 $36,015 $26,050 
Reversal of (provision for) loan losses, net468 (2,040)3,809 (5,668)
Foreign currency translation gain (loss)(41,879)2,802 (61,508)1,889 
Net Income$(24,522)$15,309 $(21,684)$22,271 
Schedule of Remaining Maturities of Borrowings
At June 30, 2022, our borrowings had the following remaining maturities ($ in thousands):
Less than
1 year		1 to 3
years		3 to 5
years		More than
5 years		Total
JPMorgan Facility$182,096 $513,498 $607,365 $— $1,302,959 
DB Facility429,352 — — — 429,352 
Goldman Facility80,847 35,886 35,856 — 152,589 
CS Facility— 162,347 467,002 — 629,349 
HSBC Facility— 490,455 150,240 — 640,695 
Barclays Facility32,693 — 140,000 — 172,693 
Santander Facility— 50,537 — — 50,537 
Barclays Private Securitization — 530,829 1,284,858 — 1,815,687 
Total$724,988 $1,783,552 $2,685,321 $— $5,193,861 
Schedule of Outstanding, Maximum and Average Balances of Debt
The table below summarizes the outstanding balances at June 30, 2022, as well as the maximum and average month-end balances for the six months ended June 30, 2022 for our borrowings under secured debt arrangements ($ in thousands).
As of June 30, 2022For the six months ended June 30, 2022
 BalanceAmortized Cost of Collateral Maximum Month-End
Balance		Average Month-End
Balance
JPMorgan Facility$1,302,960 $2,013,513 $1,467,343 $1,381,513 
DB Facility429,352 633,113 432,455 391,224 
Goldman Facility152,589 250,243 164,607 158,708 
CS Facility629,349 845,782 633,143 451,734 
HSBC Facility640,694 803,321 660,004 385,236 
Barclays Facility172,693 223,618 172,693 79,359 
Santander Facility50,537 66,471 52,222 50,915 
Barclays Private Securitization1,815,687 2,386,192 1,963,837 1,862,220 
Total$5,193,861 $7,222,253 
The table below summarizes the outstanding balances at December 31, 2021, as well as the maximum and average month-end balances for the year ended December 31, 2021 for our borrowings under secured debt arrangements ($ in thousands).
As of December 31, 2021
For the year ended December 31, 2021
 BalanceAmortized Cost of CollateralMaximum 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 Facility148,720 214,124 369,182 224,351 
HSBC Facility162,937 211,813 174,717 165,958 
Barclays Facility32,693 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