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Secured Debt Arrangements, Net (Tables)
 12 Months Ended
Dec. 31, 2024
Debt Disclosure [Abstract]  
Schedule of Weighted Average Maturities and Interest Rates of Borrowings

Our borrowings under secured debt arrangements as of December 31, 2024 and December 31, 2023 are detailed in the following table ($ in thousands):

 

 

December 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)

 

$

1,500,000

 

 

$

1,033,504

 

 

September 2026

 

$

1,482,584

 

 

$

1,043,964

 

 

September 2026

JPMorgan Facility - GBP(3)

 

 

—

 

 

 

—

 

 

N/A

 

 

17,416

 

 

 

17,416

 

 

September 2026

Deutsche Bank Facility - USD(3)

 

 

700,000

 

 

 

123,434

 

 

March 2026

 

 

700,000

 

 

 

275,815

 

 

March 2026

Atlas Facility - USD(4)

 

 

800,000

 

 

 

462,886

 

 

March 2027(5)

 

 

686,527

 

 

 

669,302

 

 

April 2027(6)(7)

HSBC Facility - GBP

 

 

377,483

 

 

 

377,483

 

 

May 2025

 

 

383,967

 

 

 

383,967

 

 

May 2025

HSBC Facility - EUR

 

 

250,162

 

 

 

250,162

 

 

January 2026(7)

 

 

281,401

 

 

 

281,401

 

 

January 2026

Goldman Sachs Facility - USD(8)

 

 

—

 

 

 

—

 

 

N/A

 

 

13,437

 

 

 

13,437

 

 

November 2025

Goldman Sachs Facility - GBP

 

 

458,804

 

 

 

373,706

 

 

May 2029

 

 

—

 

 

 

—

 

 

N/A

Barclays Facility - USD

 

 

500,000

 

 

 

321,546

 

 

March 2027(6)

 

 

200,000

 

 

 

107,929

 

 

June 2027(6)

MUFG Securities Facility - GBP

 

 

171,972

 

 

 

171,972

 

 

November 2025(6)

 

 

204,690

 

 

 

204,690

 

 

June 2025(6)

Churchill Facility - USD

 

 

130,000

 

 

 

121,289

 

 

April 2026

 

 

130,000

 

 

 

126,515

 

 

March 2026

Santander Facility - USD

 

 

300,000

 

 

 

—

 

 

February 2026

 

 

300,000

 

 

 

67,500

 

 

February 2026(6)

Santander Facility - EUR(9)

 

 

—

 

 

 

—

 

 

N/A

 

 

59,611

 

 

 

55,716

 

 

August 2024

Total Secured Credit Facilities

 

 

5,188,421

 

 

 

3,235,982

 

 

 

 

 

4,459,633

 

 

 

3,247,652

 

 

 

Barclays Private Securitization - GBP, EUR, SEK

 

 

1,587,780

 

 

 

1,587,780

 

 

May 2027(7)

 

 

2,369,125

 

 

 

2,157,157

 

 

June 2026(7)

Revolving Credit Facility - USD(10)(11)

 

 

160,000

 

 

 

—

 

 

March 2026

 

 

170,000

 

 

 

147,000

 

 

March 2026

Total Secured Debt Arrangements

 

 

6,936,201

 

 

 

4,823,762

 

 

 

 

 

6,998,758

 

 

 

5,551,809

 

 

 

Less: deferred financing costs

 

 

N/A

 

 

 

(8,789

)

 

 

 

 

N/A

 

 

 

(13,333

)

 

 

Total Secured Debt Arrangements, net(12)(13)(14)

 

$

6,936,201

 

 

$

4,814,973

 

 

 

 

$

6,998,758

 

 

$

5,538,476

 

 

 

 

(1)
As of December 31, 2024, British Pound Sterling("GBP"), Euro ("EUR"), and Swedish Krona ("SEK") borrowings were converted to USD at a rate of 1.25, 1.04, 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 Atlas Facility (as defined below) was formerly the Credit Suisse Facility. See "Atlas Facility" below for additional discussion.
(5)
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.
(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)
Facility entered the two-year amortization period during the fourth quarter of 2023. 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. The facility was terminated during the year ended December 31, 2024, in conjunction with repayment of the underlying loan securing the facility.
(9)
The facility was terminated during the second quarter of 2024 in conjunction with repayment of the underlying loan securing the facility.
(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)
Effective September 30, 2024, the capacity on our Revolving Credit Facility was reduced to $160.0 million from $170.0 million.
(12)
Weighted-average borrowing costs as of December 31, 2024 and December 31, 2023 were applicable benchmark rates and credit spread adjustments, plus spreads of USD: +2.47% / GBP: +2.43% / EUR: +2.11% / SEK: +1.50% and USD: +2.49% / GBP: +2.21% / EUR: +1.86% / SEK: +1.50%, respectively.
(13)
Weighted-average advance rates based on cost as of December 31, 2024 and December 31, 2023 were 68.6% (62.2% (USD) / 75.3% (GBP) / 70.8% (EUR) / 80.2% (SEK)) and 68.4% (62.9% (USD) / 72.5% (GBP) / 72.1% (EUR) / 80.4% (SEK)), respectively.
(14)
As of December 31, 2024 and December 31, 2023, approximately 46% and 58%, 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 December 31, 2024 and December 31, 2023 ($ in thousands):

 

 

December 31, 2024

 

Local Currency

 

Count

 

Outstanding
Principal

 

 

Carrying Value

 

GBP

 

5

 

$

1,251,205

 

 

$

1,236,691

 

EUR

 

3

 

 

720,126

 

 

 

711,859

 

SEK

 

1

 

 

223,992

 

 

 

222,727

 

Total

 

9

 

$

2,195,324

 

 

$

2,171,277

 

 

 

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 December 31, 2024 ($ in thousands):

 

 

Borrowings
Outstanding(1)

 

 

Fully-Extended
Maturity(2)

Total/Weighted-Average GBP

 

$

897,199

 

 

April 2027

Total/Weighted-Average EUR

 

 

511,387

 

 

October 2027(3)

Total/Weighted-Average SEK

 

 

179,194

 

 

May 2026

Total/Weighted-Average Securitization

 

$

1,587,780

 

 

May 2027

 

(1)
As of December 31, 2024, we had £716.8 million, €493.9 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 December 31, 2024 ($ in thousands):

 

 

Principal Amount

 

 

Unamortized Issuance Discount(1)

 

 

Deferred Financing Costs(1)

 

 

Carrying Value

 

 

Rate

 

 

Maturity Date

2026 Term Loan

 

$

472,500

 

 

$

(476

)

 

$

(2,778

)

 

$

469,246

 

 

 

2.86

%

 

5/15/2026

2028 Term Loan

 

 

288,750

 

 

 

(1,357

)

 

 

(2,429

)

 

 

284,964

 

 

 

3.61

%

 

3/11/2028

Total

 

$

761,250

 

 

$

(1,833

)

 

$

(5,207

)

 

$

754,210

 

 

 

 

 

 

 

(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 consolidated balance sheets ($ in thousands):

 

 

December 31, 2024

 

 

December 31, 2023

 

Assets:

 

 

 

 

 

 

Cash

 

$

150

 

 

$

924

 

Commercial mortgage loans, net(1)

 

 

2,171,277

 

 

 

2,903,186

 

Other Assets(2)

 

 

29,179

 

 

 

41,180

 

Total Assets

 

$

2,200,606

 

 

$

2,945,290

 

Liabilities:

 

 

 

 

 

 

Secured debt arrangements, net (net of deferred financing costs of $1.1 million and $2.0 million in 2024 and 2023, respectively)

 

$

1,586,680

 

 

$

2,155,197

 

Accounts payable, accrued expenses and other liabilities(3)(4)

 

 

10,519

 

 

 

9,083

 

Total Liabilities

 

$

1,597,199

 

 

$

2,164,280

 

 

(1)
Net of the General CECL Allowance of $10.8 million and $8.3 million as of December 31, 2024 and December 31, 2023, respectively.
(2)
Includes loan principal, interest, and other fees held by our third-party servicers as of the balance sheet date and remitted during subsequent remittance cycle.
(3)
Includes General CECL Allowance related to unfunded commitments on commercial mortgage loans, net of $2.1 million and $2.5 million as of December 31, 2024 and December 31, 2023, respectively.
(4)
Includes pending transfers from our third party loan servicers that were remitted to our secured credit facility counterparties during the subsequent remittance cycle.
Schedule of Net Income from VIE

The table below provides the net income of the Barclays Private Securitization VIE included in our consolidated statement of operations ($ in thousands):

 

 

Year ended December 31,

 

 

2024

 

 

2023

 

 

2022

 

Net interest income:

 

 

 

 

 

 

 

 

 

Interest income from commercial mortgage loans

 

$

252,391

 

 

$

217,132

 

 

$

126,847

 

Interest expense

 

 

(141,010

)

 

 

(113,910

)

 

 

(51,487

)

Net interest income

 

$

111,381

 

 

$

103,222

 

 

$

75,360

 

General and administrative expense

 

$

(6

)

 

$

(16

)

 

$

—

 

Decrease (increase) in current expected credit loss allowance, net

 

 

(2,131

)

 

 

277

 

 

 

1,101

 

Foreign currency translation gain (loss)

 

 

(22,802

)

 

 

29,425

 

 

 

(62,058

)

Net income

 

$

86,442

 

 

$

132,908

 

 

$

14,403

 
Schedule of Remaining Maturities of Borrowings

At December 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

 

$

197,798

 

 

$

835,706

 

 

$

—

 

 

$

—

 

 

$

1,033,504

 

Deutsche Bank Facility

 

 

27,300

 

 

 

96,134

 

 

 

—

 

 

 

—

 

 

 

123,434

 

Atlas Facility

 

 

—

 

 

 

462,886

 

 

 

—

 

 

 

—

 

 

 

462,886

 

HSBC Facility

 

 

493,041

 

 

 

134,604

 

 

 

—

 

 

 

—

 

 

 

627,645

 

Goldman Sachs Facility - GBP

 

 

—

 

 

 

—

 

 

 

373,706

 

 

 

—

 

 

 

373,706

 

Barclays Facility

 

 

—

 

 

 

321,546

 

 

 

—

 

 

 

—

 

 

 

321,546

 

MUFG Securities Facility

 

 

171,972

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

171,972

 

Churchill Facility

 

 

—

 

 

 

121,289

 

 

 

—

 

 

 

—

 

 

 

121,289

 

Barclays Private Securitization

 

 

114,077

 

 

 

958,165

 

 

 

515,537

 

 

 

—

 

 

 

1,587,780

 

Total

 

$

1,004,188

 

 

$

2,930,330

 

 

$

889,243

 

 

$

—

 

 

$

4,823,762

 
Schedule of Outstanding, Maximum and Average Balances of Debt

The table below summarizes the outstanding balances at December 31, 2024, as well as the maximum and average month-end balances for the year ended December 31, 2024 for our borrowings under secured debt arrangements ($ in thousands).

 

 

As of December 31, 2024

 

 

For the twelve months ended December 31, 2024

 

 

Balance

 

 

Collateral(1)

 

 

Maximum
Month-End
Balance

 

 

Average
Month-End
Balance

 

JPMorgan Facility

 

$

1,033,504

 

 

 

1,832,859

 

 

 

1,063,261

 

 

$

969,759

 

Deutsche Bank Facility

 

 

123,434

 

 

 

199,217

 

 

 

278,703

 

 

 

201,020

 

Goldman Sachs Facility - USD

 

 

—

 

 

 

—

 

 

 

11,620

 

 

 

2,903

 

Goldman Sachs Facility - GBP

 

 

373,706

 

 

 

485,054

 

 

 

390,163

 

 

 

251,571

 

Atlas Facility

 

 

462,886

 

 

 

702,927

 

 

 

758,201

 

 

 

640,453

 

HSBC Facility

 

 

627,646

 

 

 

839,123

 

 

 

672,422

 

 

 

653,182

 

Barclays Facility

 

 

321,546

 

 

 

420,774

 

 

 

353,153

 

 

 

242,792

 

MUFG Securities Facility

 

 

171,972

 

 

 

209,493

 

 

 

211,057

 

 

 

197,420

 

Churchill Facility

 

 

121,289

 

 

 

161,264

 

 

 

126,080

 

 

 

123,684

 

Santander Facility - USD

 

 

—

 

 

 

—

 

 

 

67,500

 

 

 

56,250

 

Santander Facility - EUR

 

 

—

 

 

 

—

 

 

 

54,677

 

 

 

22,684

 

Barclays Private Securitization

 

 

1,587,779

 

 

 

2,182,088

 

 

 

2,249,538

 

 

 

2,041,421

 

Revolving Credit Facility

 

 

—

 

 

 

—

 

 

 

150,000

 

 

 

38,796

 

Total

 

$

4,823,762

 

 

$

7,032,800

 

 

 

 

 

 

 

 

(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.