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Secured Debt Arrangements, Net (Tables)
 6 Months Ended
Jun. 30, 2023
Debt Disclosure [Abstract]  
Schedule of Weighted Average Maturities and Interest Rates of Borrowings
Our borrowings under secured debt arrangements at June 30, 2023 and December 31, 2022 are detailed in the following table ($ in thousands):
June 30, 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)
$1,482,622 $1,185,964 September 2026$1,532,722 $1,306,320 September 2026
JPMorgan Facility - GBP(3)(4)
17,378 17,378 September 202667,278 67,278 September 2026
Deutsche Bank Facility - USD(3)
700,000 335,296 March 2026700,000 385,818 March 2026
Atlas Facility - USD(5)
695,339 677,372 
April 2027(6)(7)
635,653 632,747 
August 2026(6)(7)
HSBC Facility - GBP383,122 383,122 April 2025364,423 364,423 April 2025
HSBC Facility - EUR278,087 278,087 
January 2026(7)
272,890 272,890 January 2026
Goldman Sachs Facility - USD300,000 23,693 
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 - GBP204,240 204,240 
June 2025(6)
194,272 194,272 June 2025
Churchill Facility - USD130,000 129,129 March 2026— — N/A
Santander Facility - USD300,000 75,000 
February 2026(6)
— — N/A
Santander Facility - EUR58,909 54,897 August 202457,807 53,320 August 2024
Total Secured Credit Facilities4,749,697 3,476,087 4,325,045 3,459,226 
Barclays Private Securitization - GBP, EUR, SEK1,903,187 1,903,187 
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 Arrangements6,822,884 5,379,274 6,175,121 5,309,302 
Less: deferred financing costsN/A(13,847)N/A(12,477)
Total Secured Debt Arrangements, net(10)(11)(12)
$6,822,884 $5,365,427 $6,175,121 $5,296,825  
———————
(1)As of June 30, 2023, British Pound Sterling("GBP"), Euro ("EUR"), and Swedish Krona ("SEK") borrowings were converted to USD at a rate of 1.27, 1.09, and 0.09, 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 June 30, 2023. The JPMorgan Facility was temporarily upsized from $1.5 billion to $1.6 billion during August 2022 and the maximum borrowings decreased to $1.5 billion as of January 2023.
(5)The Atlas Facility was formerly the Credit Suisse Facility. See "—Atlas Facility" below for additional discussion.
(6)Assumes financings are extended in line with the underlying loans.
(7)Represents weighted average maturity across various financings with the counterparty. See below for additional details.
(8)Assumes facility enters the two-year amortization period subsequent to the November 2023 maturity, which allows for the refinancing or pay down of assets under the facility.
(9)The current stated maturity of the Revolving Credit Facility is March 2026. Borrowings under the Revolving Credit Facility bear interest at a per annum rate equal to the sum of (i) a floating rate index and (ii) a fixed margin. Borrowings under the Revolving Credit Facility are full recourse to certain guarantor wholly-owned subsidiaries of the Company. See "—Revolving Credit Facility" below for additional discussion.
(10)Weighted-average borrowing costs as of June 30, 2023 and December 31, 2022 were applicable benchmark rates and credit spread adjustments, plus spreads of USD: +2.45% / GBP: +1.99% / EUR: +1.65% / SEK: +1.50% and USD: +2.28% / GBP: +2.02% / EUR: +1.54%/ SEK: +1.50%, respectively.
(11)Weighted average advance rates based on cost as of June 30, 2023 and December 31, 2022 were 69.3% (65.5% (USD) / 73.2% (GBP) / 71.2% (EUR) / 80.5% (SEK)) and 68.8% (63.9% (USD) / 74.0% (GBP) / 72.1% (EUR) / 80.5% (SEK)), respectively.
(12)As of June 30, 2023 and December 31, 2022, approximately 57% and 58% of the outstanding balance under these secured borrowings were recourse to us.
Schedule of Assets Under the Private Barclays Securitization
The table below provides principal balances and the carrying value for commercial mortgage loans pledged to the Barclays Private Securitization as of June 30, 2023 and December 31, 2022 ($ in thousands):
June 30, 2023
Local CurrencyCountOutstanding PrincipalCarrying Value
GBP7$1,605,079 $1,585,915 
EUR5755,981751,742
SEK1238,879 236,596 
Total 13$2,599,939 $2,574,253 
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 $2,468,195 
The table below provides the borrowings outstanding (on an as converted basis) and weighted-average fully-extended maturities by currency for the assets financed under the Barclays Private Securitization as of June 30, 2023 ($ in thousands):
Borrowings Outstanding(1)
Fully-Extended Maturity(2)
Total/Weighted-Average GBP$1,189,626 
May 2026
Total/Weighted-Average EUR522,458
June 2025(3)
Total/Weighted-Average SEK191,103May 2026
Total/Weighted-Average Securitization$1,903,187 February 2026
———————
(1)As of June 30, 2023, we had £936.5 million, €478.9 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$1,850,076 February 2026
———————
(1)As of December 31, 2022, we had £931.4 million, €491.6 million, and kr2.1 billion of borrowings outstanding under the Barclays Private Securitization secured by certain of our commercial mortgage loans.
(2)Assumes underlying loans extend to fully extended maturity and extensions at our option are exercised.
(3)The EUR portion of the Barclays Private Securitization has an "evergreen" feature such that the facility continues for one year and can be terminated by either party on certain dates with, depending on the date of notice, a minimum of nine to twelve months' notice.
The following table summarizes the terms of the Term Loans as of June 30, 2023 ($ in thousands):
Principal Amount
Unamortized Issuance Discount(1)
Deferred Financing Costs(1)
Carrying ValueRateMaturity Date
2026 Term Loan$480,000 $(1,012)$(3,556)$475,432 2.86 %5/15/2026
2028 Term Loan293,250 (2,000)(5,077)286,173 3.61 %3/11/2028
Total$773,250 $(3,012)$(8,633)$761,605 
———————
(1)     Unamortized issuance discount and deferred financing costs will be amortized to interest expense over remaining life of respective term loans.
The following table summarizes the terms of the Term Loans as of December 31, 2022 ($ in thousands):
Principal Amount
Unamortized Issuance Discount(1)
Deferred Financing Costs(1)
Carrying ValueRateMaturity 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):
June 30, 2023December 31, 2022
Assets:
Cash$102 $758 
Commercial mortgage loans, net(1)
2,574,254 2,468,195 
Other Assets37,424 30,992 
Total Assets$2,611,780 $2,499,945 
Liabilities:
Secured debt arrangements, net (net of deferred financing costs of $2.4 million and $2.3 million in 2023 and 2022, respectively)
$1,900,819 $1,847,799 
Accounts payable, accrued expenses and other liabilities(2)
12,855 8,814 
Total Liabilities$1,913,674 $1,856,613 
———————
(1)Net of the General CECL Allowance of $8.4 million and $8.2 million as of June 30, 2023 and December 31, 2022, respectively.
(2)Includes General CECL Allowance related to unfunded commitments on commercial mortgage loans, net of $3.2 million and $2.9 million as of June 30, 2023 and December 31, 2022, respectively.
Interest Income and Interest Expense Disclosure The table below provides the net income (loss) of the Barclays Private Securitization VIE included in our condensed consolidated statement of operations ($ in thousands):
Three months ended June 30,
Six months ended June 30,
2023202220232022
Net Interest Income:
Interest income from commercial mortgage loans$52,781 $27,463 $99,758 $56,177 
Interest expense(27,241)(10,574)(50,374)(20,162)
Net interest income$25,540 $16,889 $49,384 $36,015 
General and administrative expense(7)— (7)— 
Decrease (increase) in current expected credit loss allowance, net(774)468 (575)3,809 
Foreign currency translation gain (loss)10,709 (41,879)20,711 (61,508)
Net Income (Loss)$35,468 $(24,522)$69,513 $(21,684)
Schedule of Remaining Maturities of Borrowings At June 30, 2023, our borrowings had the following remaining maturities ($ in thousands):
Less than
1 year		1 to 3
years		3 to 5
years		More than
5 years		Total
JPMorgan Facility$210,306 $656,177 $336,859 $— $1,203,342 
Deutsche Bank Facility154,971 180,325 — — 335,296 
Atlas Facility— 95,567 581,805 — 677,372 
HSBC Facility— 504,878 156,331 — 661,209 
Goldman Sachs Facility— 23,693 — — 23,693 
Barclays Facility— — 111,909 — 111,909 
MUFG Securities Facility— 204,240 — — 204,240 
Churchill Facility— 129,129 — — 129,129 
Santander Facility - USD— 75,000 — — 75,000 
Santander Facility - EUR— 54,897 — — 54,897 
Barclays Private Securitization — 1,088,363 814,824 — 1,903,187 
Total$365,277 $3,012,269 $2,001,728 $— $5,379,274 
Schedule of Outstanding, Maximum and Average Balances of Debt The table below summarizes the outstanding balances at June 30, 2023, as well as the maximum and average month-end balances for the six months ended June 30, 2023 for our borrowings under secured debt arrangements ($ in thousands).
As of June 30, 2023For the six months ended June 30, 2023
 BalanceAmortized Cost of Collateral Maximum Month-End
Balance		Average Month-End
Balance
JPMorgan Facility$1,203,342 $2,007,473 $1,324,226 $1,252,739 
Deutsche Bank Facility335,296 517,796 385,818 365,437 
Goldman Sachs Facility23,693 45,517 70,249 42,567 
Atlas Facility677,372 939,806 688,126 666,770 
HSBC Facility661,209 849,742 661,206 649,642 
Barclays Facility111,909 138,795 111,909 111,909 
MUFG Securities Facility204,240 276,238 204,240 199,342 
Churchill Facility129,129 171,275 130,000 129,564 
Santander Facility - USD75,000 99,472 75,000 62,500 
Santander Facility - EUR54,897 73,196 55,157 54,150 
Barclays Private Securitization1,903,187 2,582,669 1,915,643 1,877,903 
Total$5,379,274 $7,701,979 
The table below summarizes the outstanding balances at December 31, 2022, as well as the maximum and average month-end balances for the year ended December 31, 2022 for our borrowings under secured debt arrangements ($ 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