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Secured Debt Arrangements, Net (Tables)
 3 Months Ended
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, 2024December 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 202617,416 17,416 September 2026
Deutsche Bank Facility - USD(3)
700,000 278,703 March 2026700,000 275,815 March 2026
Atlas Facility - USD(5)
800,000 751,207 
March 2027(6)
686,527 669,302 
April 2027(7)(8)
HSBC Facility - GBP380,740 380,740 May 2025383,967 383,967 May 2025
HSBC Facility - EUR275,027 275,027 
January 2026(8)
281,401 281,401 January 2026
Goldman Sachs Facility - USD11,605 11,605 
November 2025(9)
13,437 13,437 
November 2025(9)
Goldman Sachs Facility - GBP158,599 158,599 January 2029— — N/A
Barclays Facility - USD200,000 99,817 
June 2027(7)
200,000 107,929 
June 2027(7)
MUFG Securities Facility - GBP202,970 202,970 
June 2025(7)
204,690 204,690 
June 2025(7)
Churchill Facility - USD130,000 125,209 April 2026130,000 126,515 March 2026
Santander Facility - USD300,000 67,500 
February 2026(7)
300,000 67,500 
February 2026(7)
Santander Facility - EUR58,261 54,677 August 202459,611 55,716 August 2024
Total Secured Credit Facilities4,717,202 3,460,127 4,459,633 3,247,652 
Barclays Private Securitization - GBP, EUR, SEK2,056,364 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 2026170,000 147,000 March 2026
Total Secured Debt Arrangements6,943,566 5,610,491 6,998,758 5,551,809 
Less: deferred financing costsN/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 CurrencyCountOutstanding PrincipalCarrying Value
GBP7$1,704,318 $1,685,240 
EUR5867,551859,740
SEK1232,117 230,524 
Total 13$2,803,986 $2,775,504 
December 31, 2023
Local CurrencyCountOutstanding PrincipalCarrying Value
GBP7$1,662,457 $1,643,979 
EUR61,021,2721,012,987
SEK1248,088 246,220 
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 EUR609,619
September 2026(3)
Total/Weighted-Average SEK185,694May 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 GBP1,234,740June 2026
Total/Weighted-Average EUR723,947
May 2026(3)
Total/Weighted-Average SEK198,470May 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 ValueRateMaturity Date
2026 Term Loan$476,250 $(743)$(3,923)$471,584 2.86 %5/15/2026
2028 Term Loan291,000 (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 ValueRateMaturity Date
2026 Term Loan$477,500 $(833)$(4,302)$472,365 2.86 %5/15/2026
2028 Term Loan291,750 (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, 2024December 31, 2023
Assets:
Cash$327 $924 
Commercial mortgage loans, net(1)
2,775,504 2,903,186 
Other Assets46,490 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 Allowance 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 of $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,
20242023
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 Facility95,686 183,017 — — 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 - USD67,500 — — 67,500 
Santander Facility - EUR54,677 — — — 54,677 
Barclays Private Securitization 379,765 1,480,142 196,456 — 2,056,364 
Revolving Credit Facility76,385 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, 2024For 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 Facility278,703 421,949 278,703 277,741 
Goldman Sachs Facility - USD11,605 25,242 11,620 11,612 
Goldman Sachs Facility - GBP158,599 209,523 159,403 158,872 
Atlas Facility751,207 1,098,342 751,207 676,229 
HSBC Facility655,767 849,268 658,434 656,800 
Barclays Facility99,817 124,107 102,598 101,671 
MUFG Securities Facility202,970 275,579 203,999 203,318 
Churchill Facility125,209 166,563 126,080 125,644 
Santander Facility - USD67,500 99,736 67,500 67,500 
Santander Facility - EUR54,677 72,302 54,677 54,666 
Barclays Private Securitization2,056,364 2,786,288 2,146,965 2,085,304 
Revolving Credit Facility94,000 181,130 150,000 112,667 
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 Facility275,815 419,170 385,818 322,676 
Goldman Sachs Facility13,437 28,533 70,249 30,482 
Atlas Facility669,302 933,085 688,126 667,794 
HSBC Facility665,368 860,134 667,430 651,758 
Barclays Facility107,929 129,439 111,909 110,729 
MUFG Securities Facility204,690 278,223 206,362 200,447 
Churchill Facility126,515 168,138 130,000 128,094 
Santander Facility - USD67,500 99,648 75,000 68,125 
Santander Facility - EUR55,716 74,288 55,716 54,347 
Barclays Private Securitization2,157,157 2,911,470 2,157,157 1,896,144 
Revolving Credit Facility147,000 319,048 147,000 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.