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Senior Secured Term Loan, Net (Tables)
 9 Months Ended
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 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 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.