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Senior Secured Term Loan, Net (Tables) | 9 Months Ended
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Sep. 30, 2024
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 September 30, 2024 and December 31, 2023 ($ in thousands):
|  | September 30, 2024 |
Local Currency |  | Count |  | Outstanding Principal |  |  | Carrying Value |
GBP |  | 6 |  | $ | 1,745,874 |  |  | $ | 1,726,495 |
EUR |  | 3 |  |  | 743,480 |  |  |  | 734,207 |
SEK |  | 1 |  |  | 244,074 |  |  |  | 242,893 |
Total |  | 10 |  | $ | 2,733,428 |  |  | $ | 2,703,595 |
|  | 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 September 30, 2024 ($ in thousands):
|  | Borrowings Outstanding(1) |  |  | Fully-Extended Maturity(2)
Total/Weighted-Average GBP |  | $ | 1,288,941 |  |  | August 2026
Total/Weighted-Average EUR |  |  | 550,425 |  |  | October 2027(3)
Total/Weighted-Average SEK |  |  | 195,530 |  |  | May 2026
Total/Weighted-Average Securitization |  | $ | 2,034,897 |  |  | December 2026
(1) As of September 30, 2024, we had £963.7 million, €494.3 million, and kr 2.0 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 kr$2.0 billion of borrowings outstanding under the Barclays Private Securitization secured by certain of our commercial mortgage loans. (2) Assumes underlying loans extend to fully extended maturity and extensions at our option are exercised. (3) The EUR portion of the Barclays Private Securitization has an "evergreen" feature such that the facility continues for one year and can be terminated by either party on certain dates with, depending on the date of notice, a minimum of nine to twelve months' notice. The following table summarizes the terms of the Term Loans as of September 30, 2024 ($ in thousands):
|  | Principal Amount |  |  | Unamortized Issuance Discount(1) |  |  | Deferred Financing Costs(1) |  |  | Carrying Value |  |  | Rate |  |  | Maturity Date
2026 Term Loan |  | $ | 473,750 |  |  | $ | (565 | ) |  | $ | (3,162 | ) |  | $ | 470,023 |  |  |  | 2.86 | % |  | 5/15/2026
2028 Term Loan |  |  | 289,500 |  |  |  | (1,464 | ) |  |  | (2,618 | ) |  |  | 285,418 |  |  |  | 3.61 | % |  | 3/11/2028
Total |  | $ | 763,250 |  |  | $ | (2,029 | ) |  | $ | (5,780 | ) |  | $ | 755,441 |  |  |  |  |  |
(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.

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