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Secured Debt Arrangements, Net (Tables) | 3 Months Ended
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Mar. 31, 2024
Debt Disclosure [Abstract] |
Schedule of Weighted Average Maturities and Interest Rates of Borrowings | Our borrowings under secured debt arrangements at March 31, 2024 and December 31, 2023 are detailed in the following table ($ in thousands):
| March 31, 2024 |  | December 31, 2023 |
| 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) | $ | 1,482,730 |  |  | $ | 1,036,803 |  |  | September 2026 |  | $ | 1,482,584 |  |  | $ | 1,043,964 |  |  | September 2026 |
JPMorgan Facility - GBP(3)(4) | 17,270 |  |  | 17,270 |  |  | September 2026 |  | 17,416 |  |  | 17,416 |  |  | September 2026 |
Deutsche Bank Facility - USD(3) | 700,000 |  |  | 278,703 |  |  | March 2026 |  | 700,000 |  |  | 275,815 |  |  | March 2026 |
Atlas Facility - USD(5) | 800,000 |  |  | 751,207 |  |  | March 2027(6) |  | 686,527 |  |  | 669,302 |  |  | April 2027(7)(8) |
HSBC Facility - GBP | 380,740 |  |  | 380,740 |  |  | May 2025 |  | 383,967 |  |  | 383,967 |  |  | May 2025 |
HSBC Facility - EUR | 275,027 |  |  | 275,027 |  |  | January 2026(8) |  | 281,401 |  |  | 281,401 |  |  | January 2026 |
Goldman Sachs Facility - USD | 11,605 |  |  | 11,605 |  |  | November 2025(9) |  | 13,437 |  |  | 13,437 |  |  | November 2025(9) |
Goldman Sachs Facility - GBP | 158,599 |  |  | 158,599 |  |  | January 2029 |  | — |  |  | — |  |  | N/A |
Barclays Facility - USD | 200,000 |  |  | 99,817 |  |  | June 2027(7) |  | 200,000 |  |  | 107,929 |  |  | June 2027(7) |
MUFG Securities Facility - GBP | 202,970 |  |  | 202,970 |  |  | June 2025(7) |  | 204,690 |  |  | 204,690 |  |  | June 2025(7) |
Churchill Facility - USD | 130,000 |  |  | 125,209 |  |  | April 2026 |  | 130,000 |  |  | 126,515 |  |  | March 2026 |
Santander Facility - USD | 300,000 |  |  | 67,500 |  |  | February 2026(7) |  | 300,000 |  |  | 67,500 |  |  | February 2026(7) |
Santander Facility - EUR | 58,261 |  |  | 54,677 |  |  | August 2024 |  | 59,611 |  |  | 55,716 |  |  | August 2024 |
Total Secured Credit Facilities | 4,717,202 |  |  | 3,460,127 |  |  |  |  | 4,459,633 |  |  | 3,247,652 |  |  |  |
Barclays Private Securitization - GBP, EUR, SEK | 2,056,364 |  |  | 2,056,364 |  |  | July 2026(8) |  | 2,369,125 |  |  | 2,157,157 |  |  | June 2026(8) |
Revolving Credit Facility - USD(10) | 170,000 |  |  | 94,000 |  |  | March 2026 |  | 170,000 |  |  | 147,000 |  |  | March 2026 |
Total Secured Debt Arrangements | 6,943,566 |  |  | 5,610,491 |  |  |  |  | 6,998,758 |  |  | 5,551,809 |  |  |  |
Less: deferred financing costs | N/A |  | (13,524) |  |  |  |  | N/A |  | (13,333) |  |  |  |
Total Secured Debt Arrangements, net(11)(12)(13) | $ | 6,943,566 |  |  | $ | 5,596,967 |  |  |  |  | $ | 6,998,758 |  |  | $ | 5,538,476 |  |  |
——————— (1)As of March 31, 2024, British Pound Sterling("GBP"), Euro ("EUR"), and Swedish Krona ("SEK") borrowings were converted to USD at a rate of 1.26, 1.08, and 0.09, respectively. As of December 31, 2023, GBP, EUR and SEK borrowings were converted to USD at a rate of 1.27, 1.10 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, 2024. (5)The Atlas Facility (as defined below) was formerly the Credit Suisse Facility. See "Atlas Facility" below for additional discussion. (6)The Atlas Facility was amended during March 2024 to convert the facility's maturity from a six month "evergreen" feature to a two-year initial term, with an additional one-year extension option. (7)Assumes financings are extended in line with the underlying loans. (8)Represents weighted-average maturity across various financings with the counterparty. See below for additional details. (9)Facility entered the two-year amortization period. During the amortization period, the maturity date for current outstanding transactions are extended for a period of up to two years from the November 2023 maturity. (10)The current stated maturity of the Revolving Credit Facility (as defined below) 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. (11)Weighted-average borrowing costs as of March 31, 2024 and December 31, 2023 were applicable benchmark rates and credit spread adjustments, plus spreads of USD: +2.64% / GBP: +2.25% / EUR: +1.86% / SEK: +1.50% and USD: +2.49% / GBP: +2.21% / EUR: +1.86%/ SEK: +1.50%, respectively. (12)Weighted-average advance rates based on cost as of March 31, 2024 and December 31, 2023 were 68.1% (62.4% (USD) / 72.2% (GBP) / 71.7% (EUR) / 80.4% (SEK)) and 68.4% (62.9% (USD) / 72.5% (GBP) / 72.1% (EUR) / 80.4% (SEK)), respectively. (13)As of March 31, 2024 and December 31, 2023, approximately 52.2% and 58.3%, respectively, is 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, 2024 and December 31, 2023 ($ in thousands):
| March 31, 2024
Local Currency | Count |  | Outstanding Principal |  | Carrying Value
GBP | 7 |  | $ | 1,704,318 |  |  | $ | 1,685,240 |
EUR | 5 |  | 867,551 |  | 859,740
SEK | 1 |  | 232,117 |  |  | 230,524 |
Total | 13 |  | $ | 2,803,986 |  |  | $ | 2,775,504 |
| December 31, 2023
Local Currency | Count |  | Outstanding Principal |  | Carrying Value
GBP | 7 |  | $ | 1,662,457 |  |  | $ | 1,643,979 |
EUR | 6 |  | 1,021,272 |  | 1,012,987
SEK | 1 |  | 248,088 |  |  | 246,220 |
Total | 14 |  | $ | 2,931,817 |  |  | $ | 2,903,186 |
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, 2024 ($ in thousands):
| Borrowings Outstanding(1) |  | Fully-Extended Maturity(2)
Total/Weighted-Average GBP | $ | 1,261,051 |  |  | July 2026
Total/Weighted-Average EUR | 609,619 |  | September 2026(3)
Total/Weighted-Average SEK | 185,694 |  | May 2026
Total/Weighted-Average Securitization | $ | 2,056,364 |  |  | July 2026
——————— (1)As of March 31, 2024, we had £998.9 million, €565.0 million, and kr2.0 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, 2023 ($ in thousands):
| Borrowings Outstanding(1) |  | Fully-Extended Maturity(2)
Total/Weighted-Average GBP | 1,234,740 |  | June 2026
Total/Weighted-Average EUR | 723,947 |  | May 2026(3)
Total/Weighted-Average SEK | 198,470 |  | May 2026
Total/Weighted-Average Securitization | $ | 2,157,157 |  |  | June 2026
——————— (1)As of December 31, 2023, we had £969.9 million, €655.8 million, and kr2.0 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, 2024 ($ in thousands):
| Principal Amount | Unamortized Issuance Discount(1) | Deferred Financing Costs(1) | Carrying Value | Rate | Maturity Date
2026 Term Loan | $ | 476,250 |  | $ | (743) |  | $ | (3,923) |  | $ | 471,584 |  | 2.86 | % | 5/15/2026
2028 Term Loan | 291,000 |  | (1,679) |  | (2,993) |  | 286,328 |  | 3.61 | % | 3/11/2028
Total | $ | 767,250 |  | $ | (2,422) |  | $ | (6,916) |  | $ | 757,912 |  |  |
——————— (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, 2023 ($ in thousands):
| Principal Amount | Unamortized Issuance Discount(1) | Deferred Financing Costs(1) | Carrying Value | Rate | Maturity Date
2026 Term Loan | $ | 477,500 |  | $ | (833) |  | $ | (4,302) |  | $ | 472,365 |  | 2.86 | % | 5/15/2026
2028 Term Loan | 291,750 |  | (1,786) |  | (3,179) |  | 286,785 |  | 3.61 | % | 3/11/2028
Total | $ | 769,250 |  | $ | (2,619) |  | $ | (7,481) |  | $ | 759,150 |  |  |
——————— (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, 2024 |  | December 31, 2023
Assets: |  |  |
Cash | $ | 327 |  |  | $ | 924 |
Commercial mortgage loans, net(1) | 2,775,504 |  |  | 2,903,186 |
Other Assets | 46,490 |  |  | 41,180 |
Total Assets | $ | 2,822,321 |  |  | $ | 2,945,290 |
Liabilities: |  |  |
Secured debt arrangements, net (net of deferred financing costs of $1.7 million and $2.0 million in 2024 and 2023, respectively) | $ | 2,054,681 |  |  | $ | 2,155,197 |
Accounts payable, accrued expenses and other liabilities(2) | 11,328 |  |  | 9,083 |
Total Liabilities | $ | 2,066,009 |  |  | $ | 2,164,280 |
——————— (1)Net of the General CECL Al lowance of $10.8 million and $8.3 million as of March 31, 2024 and December 31, 2023, respectively. (2)Includes General CECL Allowance related to unfunded commitments on commercial mortgage loans, net o f $2.6 million and $2.5 million as of March 31, 2024 and December 31, 2023, respectively.
Interest Income and Interest Expense Disclosure | The table below provides the net income (loss) of the Barclays Private Securitization VIE included in our condensed consolidated statement of operations ($ in thousands):
|  |  | Three months ended March 31,
|  |  |  |  | 2024 |  | 2023
Net interest income: |  |  |  |  |  |  |
Interest income from commercial mortgage loans |  |  |  |  | $ | 64,523 |  |  | $ | 46,977 |
Interest expense |  |  |  |  | (36,083) |  |  | (23,133) |
Net interest income |  |  |  |  | $ | 28,440 |  |  | $ | 23,844 |
Decrease (increase) in current expected credit loss allowance, net |  |  |  |  | (2,565) |  |  | 199 |
Foreign currency translation gain (loss) |  |  |  |  | (12,923) |  |  | 10,002 |
Net income |  |  |  |  | $ | 12,952 |  |  | $ | 34,045 |
Schedule of Remaining Maturities of Borrowings | At March 31, 2024, 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 | $ | 27,271 |  |  | $ | 1,026,802 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,054,073 |
Deutsche Bank Facility | 95,686 |  |  | 183,017 |  |  | — |  |  | — |  |  | 278,703 |
Atlas Facility | — |  |  | 751,207 |  |  |  |  | — |  |  | 751,207 |
HSBC Facility | — |  |  | 655,767 |  |  | — |  |  | — |  |  | 655,767 |
Goldman Sachs Facility - USD | — |  |  | 11,605 |  |  | — |  |  | — |  |  | 11,605 |
Goldman Sachs Facility - GBP | — |  |  | — |  |  | 158,599 |  |  | — |  |  | 158,599 |
Barclays Facility | — |  |  | — |  |  | 99,817 |  |  | — |  |  | 99,817 |
MUFG Securities Facility | — |  |  | 202,970 |  |  | — |  |  | — |  |  | 202,970 |
Churchill Facility | — |  |  | 125,209 |  |  | — |  |  | — |  |  | 125,209 |
Santander Facility - USD | 67,500 |  |  |  |  | — |  |  | — |  |  | 67,500 |
Santander Facility - EUR | 54,677 |  |  | — |  |  | — |  |  | — |  |  | 54,677 |
Barclays Private Securitization | 379,765 |  |  | 1,480,142 |  |  | 196,456 |  |  | — |  |  | 2,056,364 |
Revolving Credit Facility | 76,385 |  |  | 17,615 |  |  | — |  |  | — |  |  | 94,000 |
Total | $ | 701,284 |  |  | $ | 4,454,334 |  |  | $ | 454,872 |  |  | $ | — |  |  | $ | 5,610,491 |
Schedule of Outstanding, Maximum and Average Balances of Debt | The table below summarizes the outstanding balances at March 31, 2024, as well as the maximum and average month-end balances for the three months ended March 31, 2024 for our borrowings under secured debt arrangements ($ in thousands).
| As of March 31, 2024 |  | For the three months ended March 31, 2024
| Balance |  | Collateral(1) |  | Maximum Month-End Balance |  | Average Month-End Balance
JPMorgan Facility | $ | 1,054,073 |  |  | $ | 1,869,057 |  |  | $ | 1,063,261 |  |  | $ | 1,058,968 |
Deutsche Bank Facility | 278,703 |  |  | 421,949 |  |  | 278,703 |  |  | 277,741 |
Goldman Sachs Facility - USD | 11,605 |  |  | 25,242 |  |  | 11,620 |  |  | 11,612 |
Goldman Sachs Facility - GBP | 158,599 |  |  | 209,523 |  |  | 159,403 |  |  | 158,872 |
Atlas Facility | 751,207 |  |  | 1,098,342 |  |  | 751,207 |  |  | 676,229 |
HSBC Facility | 655,767 |  |  | 849,268 |  |  | 658,434 |  |  | 656,800 |
Barclays Facility | 99,817 |  |  | 124,107 |  |  | 102,598 |  |  | 101,671 |
MUFG Securities Facility | 202,970 |  |  | 275,579 |  |  | 203,999 |  |  | 203,318 |
Churchill Facility | 125,209 |  |  | 166,563 |  |  | 126,080 |  |  | 125,644 |
Santander Facility - USD | 67,500 |  |  | 99,736 |  |  | 67,500 |  |  | 67,500 |
Santander Facility - EUR | 54,677 |  |  | 72,302 |  |  | 54,677 |  |  | 54,666 |
Barclays Private Securitization | 2,056,364 |  |  | 2,786,288 |  |  | 2,146,965 |  |  | 2,085,304 |
Revolving Credit Facility | 94,000 |  |  | 181,130 |  |  | 150,000 |  |  | 112,667 |
Total | $ | 5,610,491 |  |  | $ | 8,179,086 |  |  |  |  |
(1)Represents the amortized cost balance of commercial loan collateral assets and the value of net real estate assets of real property owned collateral assets. The table below summarizes the outstanding balances at December 31, 2023, as well as the maximum and average month-end balances for the year ended December 31, 2023 for our borrowings under secured debt arrangements ($ in thousands).
| As of December 31, 2023 |  | For the year ended December 31, 2023
| Balance |  | Collateral(1) |  | Maximum Month-End Balance |  | Average Month-End Balance
JPMorgan Facility | $ | 1,061,380 |  |  | $ | 1,871,854 |  |  | $ | 1,324,226 |  |  | $ | 1,190,651 |
Deutsche Bank Facility | 275,815 |  |  | 419,170 |  |  | 385,818 |  |  | 322,676 |
Goldman Sachs Facility | 13,437 |  |  | 28,533 |  |  | 70,249 |  |  | 30,482 |
Atlas Facility | 669,302 |  |  | 933,085 |  |  | 688,126 |  |  | 667,794 |
HSBC Facility | 665,368 |  |  | 860,134 |  |  | 667,430 |  |  | 651,758 |
Barclays Facility | 107,929 |  |  | 129,439 |  |  | 111,909 |  |  | 110,729 |
MUFG Securities Facility | 204,690 |  |  | 278,223 |  |  | 206,362 |  |  | 200,447 |
Churchill Facility | 126,515 |  |  | 168,138 |  |  | 130,000 |  |  | 128,094 |
Santander Facility - USD | 67,500 |  |  | 99,648 |  |  | 75,000 |  |  | 68,125 |
Santander Facility - EUR | 55,716 |  |  | 74,288 |  |  | 55,716 |  |  | 54,347 |
Barclays Private Securitization | 2,157,157 |  |  | 2,911,470 |  |  | 2,157,157 |  |  | 1,896,144 |
Revolving Credit Facility | 147,000 |  |  | 319,048 |  |  | 147,000 |  |  | 93,500 |
Total | $ | 5,551,809 |  |  | $ | 8,093,030 |  |  |  |  |
(1)Represents the amortized cost balance of commercial loan collateral assets and the value of net real estate assets of real property owned collateral assets.

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- Definition Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481203/810-10-50-3 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 5A -Publisher FASB -URI https://asc.fasb.org//1943274/2147481203/810-10-50-5A Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481203/810-10-50-9 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481203/810-10-50-4 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481203/810-10-50-6 + Details
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