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Secured Debt Arrangements, Net (Tables)
 3 Months Ended
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, 2023December 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 202667,278 67,278 September 2026
Deutsche Bank Facility - USD(3)
700,000 385,818 March 2026700,000 385,818 March 2026
Atlas Facility - USD(5)
695,339 688,126 
March 2027(6)(7)
635,653 632,747 
March 2027(6)(7)
HSBC Facility - GBP372,095 372,095 April 2025364,423 364,423 April 2025
HSBC Facility - EUR276,299 276,299 
January 2026(7)
272,890 272,890 January 2026
Goldman Sachs Facility - USD300,000 33,755 
November 2025(8)
300,000 70,249 
November 2025(8)
Barclays Facility - USD200,000 111,909 
June 2027(6)
200,000 111,909 June 2027
MUFG Securities Facility - GBP198,355 198,355 
June 2025(6)
194,272 194,272 June 2025
Santander Facility - USD300,000 75,000 
February 2025(6)
— — N/A
Santander Facility - EUR58,531 54,202 August 202457,807 53,320 August 2024
Total Secured Credit Facilities4,600,619 3,459,824 4,325,045 3,459,226 
Barclays Private Securitization - GBP, EUR, SEK1,872,779 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 Arrangements6,643,398 5,332,603 6,175,121 5,309,302 
Less: deferred financing costsN/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 CurrencyCountOutstanding PrincipalCarrying Value
GBP7$1,544,534 $1,525,382 
EUR5759,708754,935
SEK1248,634 246,170 
Total 13$2,552,876 $2,526,487 
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 

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 EUR526,493
June 2025(3)
Total/Weighted-Average SEK198,907May 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 GBP1,125,420
May 2026
Total/Weighted-Average EUR526,204
June 2025(3)
Total/Weighted-Average SEK198,452May 2026
Total/Weighted-Average Securitization$1,850,076 February 2026
———————
(1)As of December 31, 2022, we had £931.4 million, €491.6 million, and kr2.1 billion of borrowings outstanding under the Barclays Private Securitization secured by certain of our commercial mortgage loans.
(2)Assumes underlying loans extend to fully extended maturity and extensions at our option are exercised.
(3)The EUR portion of the Barclays Private Securitization has an "evergreen" feature such that the facility continues for one year and can be terminated by either party on certain dates with, depending on the date of notice, a minimum of nine to twelve months' notice.
The following table summarizes the terms of the Term Loans as of March 31, 2023 ($ in thousands):
Principal Amount
Unamortized Issuance Discount(1)
Deferred Financing Costs(1)
Carrying ValueSpreadMaturity Date
2026 Term Loan$481,250 $(1,101)$(3,742)$476,407 2.75 %5/15/2026
2028 Term Loan294,000 (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 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)$763,813 
———————
(1)     Unamortized issuance discount and deferred financing costs will be amortized to interest expense over remaining life of respective term loans.
Schedule of Assets and Liabilities
The table below provides the assets and liabilities of the Barclays Private Securitization VIE included in our condensed consolidated balance sheets ($ in thousands):
March 31, 2023December 31, 2022
Assets:
Cash$1,734 $758 
Commercial mortgage loans, net(1)
2,526,487 2,468,195 
Other Assets30,230 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 Allowance 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 of $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,
20232022
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, net199 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 Facility88,359 130,892 166,567 — 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, 2023For the three months ended March 31, 2023
 BalanceAmortized 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 Facility385,818 569,703 385,818 385,818 
Goldman Sachs Facility33,755 56,173 70,249 58,084 
Atlas Facility688,126 939,299 688,126 650,791 
HSBC Facility648,394 828,224 648,482 643,014 
Barclays Facility111,909 138,652 111,909 111,909 
MUFG Securities Facility198,355 267,448 198,355 196,576 
Santander Facility - USD75,000 99,389 75,000 50,000 
Santander Facility - EUR54,202 72,270 54,227 53,755 
Barclays Private Securitization1,872,779 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
 BalanceAmortized Cost of CollateralMaximum 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 
Atlas 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