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Secured Debt Arrangements, Net (Tables) | 3 Months Ended
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Mar. 31, 2023
Debt Disclosure [Abstract] |
Schedule of Weighted Average Maturities and Interest Rates of Borrowings | Our borrowings under secured debt arrangements at March 31, 2023 and December 31, 2022 are detailed in the following table ($ in thousands):
| March 31, 2023 |  | December 31, 2022 |
| 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) | $ | 1,483,123 |  |  | $ | 1,247,388 |  |  | September 2026 |  | $ | 1,532,722 |  |  | $ | 1,306,320 |  |  | September 2026 |
JPMorgan Facility - GBP(3)(4) | 16,877 |  |  | 16,877 |  |  | September 2026 |  | 67,278 |  |  | 67,278 |  |  | September 2026 |
Deutsche Bank Facility - USD(3) | 700,000 |  |  | 385,818 |  |  | March 2026 |  | 700,000 |  |  | 385,818 |  |  | March 2026 |
Atlas Facility - USD(5) | 695,339 |  |  | 688,126 |  |  | March 2027(6)(7) |  | 635,653 |  |  | 632,747 |  |  | March 2027(6)(7) |
HSBC Facility - GBP | 372,095 |  |  | 372,095 |  |  | April 2025 |  | 364,423 |  |  | 364,423 |  |  | April 2025 |
HSBC Facility - EUR | 276,299 |  |  | 276,299 |  |  | January 2026(7) |  | 272,890 |  |  | 272,890 |  |  | January 2026 |
Goldman Sachs Facility - USD | 300,000 |  |  | 33,755 |  |  | November 2025(8) |  | 300,000 |  |  | 70,249 |  |  | November 2025(8) |
Barclays Facility - USD | 200,000 |  |  | 111,909 |  |  | June 2027(6) |  | 200,000 |  |  | 111,909 |  |  | June 2027 |
MUFG Securities Facility - GBP | 198,355 |  |  | 198,355 |  |  | June 2025(6) |  | 194,272 |  |  | 194,272 |  |  | June 2025 |
Santander Facility - USD | 300,000 |  |  | 75,000 |  |  | February 2025(6) |  | — |  |  | — |  |  | N/A |
Santander Facility - EUR | 58,531 |  |  | 54,202 |  |  | August 2024 |  | 57,807 |  |  | 53,320 |  |  | August 2024 |
Total Secured Credit Facilities | 4,600,619 |  |  | 3,459,824 |  |  |  |  | 4,325,045 |  |  | 3,459,226 |  |  |  |
Barclays Private Securitization - GBP, EUR, SEK | 1,872,779 |  |  | 1,872,779 |  |  | February 2026(7) |  | 1,850,076 |  |  | 1,850,076 |  |  | February 2026(7) |
Revolving Credit Facility - USD(9) | 170,000 |  |  | — |  |  | March 2026 |  | — |  |  | — |  |  | N/A |
Total Secured Debt Arrangements | 6,643,398 |  |  | 5,332,603 |  |  |  |  | 6,175,121 |  |  | 5,309,302 |  |  |  |
Less: deferred financing costs | N/A |  | (15,750) |  |  |  |  | N/A |  | (12,477) |  |  |  |
Total Secured Debt Arrangements, net(10)(11)(12) | $ | 6,643,398 |  |  | $ | 5,316,853 |  |  |  |  | $ | 6,175,121 |  |  | $ | 5,296,825 |  |  |
——————— (1)As of March 31, 2023, British Pound Sterling("GBP"), Euro ("EUR"), and Swedish Krona ("SEK") borrowings were converted to USD at a rate of 1.23, 1.08, and 0.10, respectively. As of December 31, 2022, GBP, EUR and SEK borrowings were converted to USD at a rate of 1.21, 1.07 and 0.10, respectively. (2)Maturity date assumes extensions at our option are exercised with consent of financing providers, where applicable. (3)The JPMorgan Facility and Deutsche Bank Facility enable us to elect to receive advances in USD, GBP, or EUR. (4)The JPMorgan Facility allows for $1.5 billion of maximum borrowings in total as of March 31, 2023. The JPMorgan Facility was temporarily upsized from $1.5 billion to $1.6 billion during August 2022 and the maximum borrowings decreased to $1.5 billion as of January 2023. (5)The Atlas Facility was formerly the Credit Suisse Facility. See "—Atlas Facility" below for additional discussion. (6)Assumes financings are extended in line with the underlying loans. (7)Represents weighted average maturity across various financings with the counterparty. See below for additional details. (8)Assumes facility enters the two-year amortization period subsequent to the November 2023 maturity, which allows for the refinancing or pay down of assets under the facility. (9)The current stated maturity of the Revolving Credit Facility is March 2026. Borrowings under the Revolving Credit Facility bear interest at a per annum rate equal to the sum of (i) a floating rate index and (ii) a fixed margin. Borrowings under the Revolving Credit Facility are full recourse to certain guarantor wholly-owned subsidiaries of the Company. See "—Revolving Credit Facility" below for additional discussion. (10)Weighted-average borrowing costs as of March 31, 2023 and December 31, 2022 were applicable benchmark rates and credit spread adjustments, plus spreads of USD: +2.35% / GBP: +1.92% / EUR: +1.54% / SEK: +1.50% and USD: +2.28% / GBP: +2.02% / EUR: +1.54%/ SEK: +1.50%, respectively. (11)Weighted average advance rates based on cost as of March 31, 2023 and December 31, 2022 were 69.7% (65.6% (USD) / 74.5% (GBP) / 71.7% (EUR) / 80.5% (SEK)) and 68.8% (63.9% (USD) / 74.0% (GBP) / 72.1% (EUR) / 80.5% (SEK)), respectively. (12)As of March 31, 2023 and December 31, 2022, approximately 58% and 58% of the outstanding balance under these secured borrowings were recourse to us.
Schedule of Assets Under the Private Barclays Securitization | The table below provides principal balances and the carrying value for commercial mortgage loans pledged to the Barclays Private Securitization as of March 31, 2023 and December 31, 2022 ($ in thousands):
| March 31, 2023
Local Currency | Count |  | Outstanding Principal |  | Carrying Value
GBP | 7 |  | $ | 1,544,534 |  |  | $ | 1,525,382 |
EUR | 5 |  | 759,708 |  | 754,935
SEK | 1 |  | 248,634 |  |  | 246,170 |
Total | 13 |  | $ | 2,552,876 |  |  | $ | 2,526,487 |
| December 31, 2022
Local Currency | Count |  | Outstanding Principal |  | Carrying Value
GBP | 7 |  | $ | 1,495,616 |  |  | $ | 1,475,241 |
EUR | 5 |  | 752,531 |  | 747,240
SEK | 1 |  | 248,064 |  |  | 245,714 |
Total | 13 |  | $ | 2,496,211 |  |  | $ | 2,468,195 |
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, 2023 ($ in thousands):
| Borrowings Outstanding(1) |  | Fully-Extended Maturity(2)
Total/Weighted-Average GBP | $ | 1,147,379 |  |  | May 2026
Total/Weighted-Average EUR | 526,493 |  | June 2025(3)
Total/Weighted-Average SEK | 198,907 |  | May 2026
Total/Weighted-Average Securitization | $ | 1,872,779 |  |  | February 2026
——————— (1)As of March 31, 2023, we had £930.0 million, €485.7 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, 2022 ($ in thousands):
| Borrowings Outstanding(1) |  | Fully-Extended Maturity(2)
Total/Weighted-Average GBP | 1,125,420 |  | May 2026
Total/Weighted-Average EUR | 526,204 |  | June 2025(3)
Total/Weighted-Average SEK | 198,452 |  | May 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 following table summarizes the terms of the Term Loans as of March 31, 2023 ($ in thousands):
| Principal Amount | Unamortized Issuance Discount(1) | Deferred Financing Costs(1) | Carrying Value | Spread | Maturity Date
2026 Term Loan | $ | 481,250 |  | $ | (1,101) |  | $ | (3,742) |  | $ | 476,407 |  | 2.75 | % | 5/15/2026
2028 Term Loan | 294,000 |  | (2,107) |  | (5,594) |  | 286,299 |  | 3.50 | % | 3/11/2028
Total | $ | 775,250 |  | $ | (3,208) |  | $ | (9,336) |  | $ | 762,706 |  |  |
——————— (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, 2022 ($ in thousands):
| Principal Amount | Unamortized Issuance Discount(1) | Deferred Financing Costs(1) | Carrying Value | Spread | Maturity Date
2026 Term Loan | $ | 482,500 |  | $ | (1,190) |  | $ | (6,106) |  | $ | 475,204 |  | 2.75 | % | 5/15/2026
2028 Term Loan | 294,750 |  | (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.
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 sheets ($ in thousands):
| March 31, 2023 |  | December 31, 2022
Assets: |  |  |
Cash | $ | 1,734 |  |  | $ | 758 |
Commercial mortgage loans, net(1) | 2,526,487 |  |  | 2,468,195 |
Other Assets | 30,230 |  |  | 30,992 |
Total Assets | $ | 2,558,451 |  |  | $ | 2,499,945 |
Liabilities: |  |  |
Secured debt arrangements, net (net of deferred financing costs of $2.7 million and $2.3 million in 2023 and 2022, respectively) | $ | 1,870,088 |  |  | $ | 1,847,799 |
Accounts payable, accrued expenses and other liabilities(2) | 10,735 |  |  | 8,814 |
Total Liabilities | $ | 1,880,823 |  |  | $ | 1,856,613 |
——————— (1)Net of the General CECL Al lowance of $8.0 million and $8.2 million as of March 31, 2023 and December 31, 2022, respectively. (2)Includes General CECL Allowance related to unfunded commitments on commercial mortgage loans, net o f $2.9 million and $2.9 million as of March 31, 2023 and December 31, 2022, respectively.
Interest Income and Interest Expense Disclosure | The table below provides the net income of the Barclays Private Securitization VIE included in our condensed consolidated statement of operations ($ in thousands):
|  |  | Three months ended March 31,
|  |  |  |  | 2023 |  | 2022
Net Interest Income: |  |  |  |  |  |  |
Interest income from commercial mortgage loans |  |  |  |  | $ | 46,977 |  |  | $ | 28,714 |
Interest expense |  |  |  |  | (23,133) |  |  | (9,588) |
Net interest income |  |  |  |  | $ | 23,844 |  |  | $ | 19,126 |
Decrease (increase) in current expected credit loss allowance, net |  |  |  |  | 199 |  |  | 3,341 |
Foreign currency translation gain (loss) |  |  |  |  | 10,002 |  |  | (19,629) |
Net Income |  |  |  |  | $ | 34,045 |  |  | $ | 2,838 |
Schedule of Remaining Maturities of Borrowings | At March 31, 2023, 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 | $ | 143,557 |  |  | $ | 527,349 |  |  | $ | 593,359 |  |  | $ | — |  |  | $ | 1,264,265 |
Deutsche Bank Facility | 88,359 |  |  | 130,892 |  |  | 166,567 |  |  | — |  |  | 385,818 |
Atlas Facility | — |  |  | 105,008 |  |  | 583,118 |  |  | — |  |  | 688,126 |
HSBC Facility | — |  |  | 493,056 |  |  | 155,338 |  |  | — |  |  | 648,394 |
Goldman Sachs Facility | — |  |  | 33,755 |  |  | — |  |  | — |  |  | 33,755 |
Barclays Facility | — |  |  | — |  |  | 111,909 |  |  | — |  |  | 111,909 |
MUFG Securities Facility | — |  |  | 198,355 |  |  | — |  |  | — |  |  | 198,355 |
Santander Facility - USD | — |  |  | 75,000 |  |  | — |  |  | — |  |  | 75,000 |
Santander Facility - EUR | — |  |  | 54,202 |  |  | — |  |  | — |  |  | 54,202 |
Barclays Private Securitization | — |  |  | 716,189 |  |  | 1,156,590 |  |  | — |  |  | 1,872,779 |
Total | $ | 231,916 |  |  | $ | 2,333,806 |  |  | $ | 2,766,881 |  |  | $ | — |  |  | $ | 5,332,603 |
Schedule of Outstanding, Maximum and Average Balances of Debt | The table below summarizes the outstanding balances at March 31, 2023, as well as the maximum and average month-end balances for the three months ended March 31, 2023 for our borrowings under secured debt arrangements ($ in thousands).
| As of March 31, 2023 |  | For the three months ended March 31, 2023
| Balance |  | Amortized Cost of Collateral |  | Maximum Month-End Balance |  | Average Month-End Balance
JPMorgan Facility | $ | 1,264,265 |  |  | $ | 2,115,700 |  |  | $ | 1,324,226 |  |  | $ | 1,295,325 |
Deutsche Bank Facility | 385,818 |  |  | 569,703 |  |  | 385,818 |  |  | 385,818 |
Goldman Sachs Facility | 33,755 |  |  | 56,173 |  |  | 70,249 |  |  | 58,084 |
Atlas Facility | 688,126 |  |  | 939,299 |  |  | 688,126 |  |  | 650,791 |
HSBC Facility | 648,394 |  |  | 828,224 |  |  | 648,482 |  |  | 643,014 |
Barclays Facility | 111,909 |  |  | 138,652 |  |  | 111,909 |  |  | 111,909 |
MUFG Securities Facility | 198,355 |  |  | 267,448 |  |  | 198,355 |  |  | 196,576 |
Santander Facility - USD | 75,000 |  |  | 99,389 |  |  | 75,000 |  |  | 50,000 |
Santander Facility - EUR | 54,202 |  |  | 72,270 |  |  | 54,227 |  |  | 53,755 |
Barclays Private Securitization | 1,872,779 |  |  | 2,534,457 |  |  | 1,879,238 |  |  | 1,860,505 |
Total | $ | 5,332,603 |  |  | $ | 7,621,315 |  |  |  |  |
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, 2022 |  | For the year ended December 31, 2022
| Balance |  | Amortized 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 Facility | 385,818 |  |  | 565,387 |  |  | 432,455 |  |  | 400,337 |
Goldman Sachs Facility | 70,249 |  |  | 116,619 |  |  | 164,607 |  |  | 140,599 |
Atlas Facility | 632,747 |  |  | 855,119 |  |  | 633,143 |  |  | 541,245 |
HSBC Facility | 637,313 |  |  | 813,716 |  |  | 660,004 |  |  | 501,674 |
Barclays Facility | 111,909 |  |  | 138,510 |  |  | 172,693 |  |  | 102,664 |
MUFG Securities Facility | 194,272 |  |  | 261,319 |  |  | 194,272 |  |  | 156,499 |
Santander Facility | 53,320 |  |  | 71,093 |  |  | 53,320 |  |  | 50,450 |
Barclays Private Securitization | 1,850,076 |  |  | 2,476,349 |  |  | 1,963,837 |  |  | 1,828,794 |
Total | $ | 5,309,302 |  |  | $ | 7,674,266 |  |  |  |  |

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