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Secured Debt Arrangements, Net (Tables)
 12 Months Ended
Dec. 31, 2022
Debt Disclosure [Abstract]  
Schedule of Weighted Average Maturities and Interest Rates of Borrowings Our borrowings under secured debt arrangements at December 31, 2022 and December 31, 2021 are detailed in the following table ($ in thousands):
December 31, 2022December 31, 2021
 
Maximum Amount of Borrowings(1)
Borrowings Outstanding(1)
Maturity (2)
Maximum Amount of Borrowings(1)
Borrowings Outstanding(1)
Maturity (2)
JPMorgan Facility - USD(3)(4)
$1,532,722 $1,306,320 September 2026$1,344,283 $1,329,923 September 2026
JPMorgan Facility - GBP(3)(4)
67,278 67,278 September 202687,497 86,849 September 2026
JPMorgan Facility - EUR(3)(4)
— — N/A68,220 68,220 September 2026
Deutsche Bank Facility - USD(3)
700,000 385,818 March 2026700,000 259,073 March 2023
Credit Suisse Facility - USD635,653 632,747 
August 2026(6)(7)
161,609 148,720 
February 2025(6)(7)
HSBC Facility - GBP364,423 364,423 April 2025— — N/A
HSBC Facility - EUR272,890 272,890 
January 2026(7)
167,756 162,937 July 2022
Goldman Sachs Facility - USD300,000 70,249 
November 2025(5)
300,000 168,231 
November 2025(5)
Barclays Facility - USD200,000 111,909 
June 2027(6)
200,000 32,693 March 2024
MUFG Securities Facility - GBP194,272 194,272 
June 2025(6)
— — N/A
Santander Facility - EUR57,807 53,320 August 2024— — N/A
Total Secured Credit Facilities4,325,045 3,459,226 3,029,365 2,256,646 
Barclays Private Securitization - GBP, EUR, SEK1,850,076 1,850,076 
February 2026(7)
1,902,684 1,902,684 
August 2024(7)
Total Secured Debt Arrangements6,175,121 5,309,302 4,932,049 4,159,330 
Less: deferred financing costsN/A(12,477)N/A(9,062)
Total Secured Debt Arrangements, net(8)(9)(10)
$6,175,121 $5,296,825 $4,932,049 $4,150,268  
———————
(1)As of December 31, 2022, GBP, EUR, and Swedish Krona ("SEK") borrowings were converted to USD at a rate of 1.21, 1.07, 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)Facility enables us to elect to receive advances in USD, GBP, or EUR.
(4)The JPMorgan Facility allows for $1.6 billion of maximum borrowings in total as of December 31, 2022. The facility was temporarily upsized from $1.5 billion to $1.6 billion during August 2022 and the maximum borrowings will decrease to $1.5 billion as of January 2023.
(5)Assumes facility enters the two-year amortization period subsequent to the November 2023 maturity, which allows for the refinancing or pay down of assets under the facility.
(6)Assumes financings are extended in line with the underlying loans.
(7)Represents weighted average maturity across various financings with the counterparty. See below for additional details.
(8)Weighted-average borrowing costs as of December 31, 2022 and December 31, 2021 were applicable benchmark rates and credit spread adjustments, plus spreads of USD: +2.28% / GBP: +2.02% / EUR: +1.54% / SEK: +1.50% and USD: +2.00% / GBP: +1.86% / EUR: +1.42%/ SEK: +1.50%, respectively.
(9)Weighted average advance rates based on cost as of December 31, 2022 and December 31, 2021 were 68.8% (63.9% (USD) / 74.0% (GBP) / 72.1% (EUR) / 80.5% (SEK)) and 69.8% (67.1% (USD) / 72.7% (GBP) / 68.9% (EUR) / 80.7% (SEK)), respectively.
(10)As of December 31, 2022 and December 31, 2021, approximately 58% and 50% of the outstanding balance under these secured borrowings were recourse to us.
Schedule of Assets Under the Private Barclays Securitization
The table below provides principal balances and the carrying value for commercial mortgage loans pledged to the Barclays Private Securitization as of December 31, 2022 and December 31, 2021 ($ in thousands):
December 31, 2022
Local CurrencyCountOutstanding PrincipalCarrying Value
GBP7$1,495,616 $1,475,241 
EUR5752,531747,240
SEK1248,064 245,714 
Total 13$2,496,211 $2,468,195 
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 $2,559,266 
The table below provides the borrowings outstanding (on an as converted basis) and weighted-average fully-extended maturities by currency for the assets financed under the Barclays Private Securitization as of December 31, 2022 ($ in thousands):
Borrowings outstanding(1)
Fully-Extended Maturity(2)
Total/Weighted-Average GBP$1,125,420 
May 2026
Total/Weighted-Average EUR526,204
July 2025(3)
Total/Weighted-Average SEK198,452May 2026
Total/Weighted-Average Securitization$1,850,076 February 2026
———————
(1)As of December 31, 2022, we had £931.4 million, €491.6 million, and kr2.1 billion of borrowings outstanding under the Barclays Private Securitization secured by certain of our commercial mortgage loans.
(2)Assumes underlying loans extend to fully extended maturity and extensions at our option are exercised.
(3)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$1,902,683 August 2024
———————
(1)Assumes underlying loans extend to fully extended maturity and extensions at our option are exercised.
(2)The EUR portion of the Barclays Private Securitization has an "evergreen" feature such that the facility continues for one year and can be terminated by either party on certain dates with, depending on the date of notice, a minimum of nine to twelve months' notice.
The following table summarizes the terms of the Term Loans as of December 31, 2022 ($ in thousands):
Principal Amount
Unamortized Issuance Discount(1)
Deferred Financing Costs(1)
Carrying ValueSpreadMaturity Date
2026 Term Loan$482,500 $(1,190)$(6,106)$475,204 2.75 %5/15/2026
2028 Term Loan294,750 (2,214)(3,927)288,609 3.50 %3/11/2028
Total$777,250 $(3,404)$(10,033)$763,813 
———————
(1)     Unamortized issuance discount and deferred financing costs will be amortized to interest expense over remaining life of respective term loans.
The following table summarizes the terms of the Term Loans as of December 31, 2021 ($ 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)$768,325 
———————
(1)     Unamortized issuance discount and deferred financing costs will be amortized to interest expense over remaining life of respective term loans.
Schedule of Assets and Liabilities
The table below provides the assets and liabilities of the Barclays Private Securitization VIE included in our consolidated balance sheets ($ in thousands):
December 31, 2022December 31, 2021
Assets:
Cash$758 $3,456 
Commercial mortgage loans, net(1)
2,468,195 2,559,266 
Other Assets30,992 20,765 
Total Assets$2,499,945 $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)
$1,847,799 $1,900,640 
Accounts payable, accrued expenses and other liabilities(2)
8,814 2,671 
Total Liabilities$1,856,613 $1,903,311 
———————
(1)Net of the General CECL Allowance of $8.2 million and $11.8 million as of December 31, 2022 and December 31, 2021, respectively.
(2)Includes General CECL Allowance related to unfunded commitments on commercial mortgage loans, net of $2.9 million and $0.4 million as of December 31, 2022 and December 31, 2021, respectively.
Interest Income and Interest Expense Disclosure The table below provides the net income of the Barclays Private Securitization VIE included in our consolidated statement of operations ($ in thousands):
Year ended December 31,
20222021
Net Interest Income:
Interest income from commercial mortgage loans$126,847 $86,377 
Interest expense(51,487)(25,661)
Net interest income$75,360 $60,716 
Decrease (increase) in current expected credit loss allowance, net1,101 (7,148)
Foreign currency translation gain (loss)(62,058)(13,102)
Net Income$14,403 $40,466 
Schedule of Remaining Maturities of Borrowings
At December 31, 2022, our borrowings had the following remaining maturities ($ in thousands):
Less than
1 year		1 to 3
years		3 to 5
years		More than
5 years		Total
JPMorgan Facility$228,077 $549,279 $596,242 $— $1,373,598 
Deutsche Bank Facility188,051 31,200 166,567 — 385,818 
Credit Suisse Facility— 164,747 468,000 — 632,747 
HSBC Facility— 483,899 153,414 — 637,313 
Goldman Sachs Facility35,499 34,750 — — 70,249 
Barclays Facility— — 111,909 — 111,909 
MUFG Securities Facility— 194,272 — — 194,272 
Santander Facility— 53,320 — — 53,320 
Barclays Private Securitization — 563,819 1,286,257 — 1,850,076 
Total$451,627 $2,075,286 $2,782,389 $— $5,309,302 
Schedule of Outstanding, Maximum and Average Balances of Debt
The table below summarizes the outstanding balances at December 31, 2022, as well as the maximum and average month-end balances for the year ended December 31, 2022 for our borrowings under secured debt arrangements ($ in thousands).
As of December 31, 2022For the year ended December 31, 2022
 BalanceAmortized Cost of Collateral Maximum Month-End
Balance		Average Month-End
Balance
JPMorgan Facility$1,373,598 $2,376,154 $1,584,171 $1,411,644 
Deutsche Bank Facility385,818 565,387 432,455 400,337 
Goldman Sachs Facility70,249 116,619 164,607 140,599 
Credit Suisse Facility632,747 855,119 633,143 541,245 
HSBC Facility637,313 813,716 660,004 501,674 
Barclays Facility111,909 138,510 172,693 102,664 
MUFG Securities Facility194,272 261,319 194,272 156,499 
Santander Facility53,320 71,093 53,320 50,450 
Barclays Private Securitization1,850,076 2,476,349 1,963,837 1,828,794 
Total$5,309,302 $7,674,266 
The table below summarizes the outstanding balances at December 31, 2021, as well as the maximum and average month-end balances for the year ended December 31, 2021 for our borrowings under secured debt arrangements ($ 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 
Deutsche Bank Facility259,073 389,238 520,217 407,428 
Goldman Sachs Facility168,231 261,848 331,154 228,312 
Credit Suisse 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