XML 44 R35.htm IDEA: XBRL DOCUMENT
v3.23.1

Senior Secured Term Loan, Net (Tables) | 3 Months Ended
--- | ---
Mar. 31, 2023
Debt Disclosure [Abstract] |
Schedule of Long-term Debt Instruments | 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.

X
- References No definition available. + Details
Name: | us-gaap_DebtDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.22) -URI https://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04(a)) -URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e24072-122690 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 45 -Paragraph 1A -URI https://asc.fasb.org/extlink&oid=124435984&loc=d3e28541-108399 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 6 -URI https://asc.fasb.org/extlink&oid=126973232&loc=d3e21506-112644 Reference 5: http://www.xbrl.org/2003/role/exampleRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 55 -Paragraph 69B -URI https://asc.fasb.org/extlink&oid=123466577&loc=SL123495735-112612 Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 45 -Paragraph 2 -URI https://asc.fasb.org/extlink&oid=124435984&loc=d3e28551-108399 Reference 7: http://www.xbrl.org/2003/role/exampleRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 55 -Paragraph 69E -URI https://asc.fasb.org/extlink&oid=123466577&loc=SL123495743-112612 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 7 -URI https://asc.fasb.org/extlink&oid=126973232&loc=d3e21521-112644 Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 8 -URI https://asc.fasb.org/extlink&oid=126973232&loc=d3e21538-112644 Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 470 -Section 50 -Paragraph 3 -URI https://asc.fasb.org/extlink&oid=123599511&loc=d3e64711-112823 Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 55 -Paragraph 8 -URI https://asc.fasb.org/extlink&oid=114775985&loc=d3e28878-108400 Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI https://asc.fasb.org/extlink&oid=126973232&loc=d3e21475-112644 + Details
Name: | us-gaap_ScheduleOfDebtInstrumentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration