XML 41 R35.htm IDEA: XBRL DOCUMENT v3.25.1
Secured Debt Arrangements, Net (Tables)
 3 Months Ended
Mar. 31, 2025
Debt Disclosure [Abstract]  
Schedule of Weighted Average Maturities and Interest Rates of Borrowings

Our borrowings under secured debt arrangements as of March 31, 2025 and December 31, 2024 are detailed in the following table ($ in thousands):

 

 

March 31, 2025

 

December 31, 2024

 

Maximum
Amount of
Borrowings(1)

 

 

Borrowings
Outstanding(1)

 

 

Maturity (2)

 

Maximum
Amount of
Borrowings(1)

 

 

Borrowings
Outstanding(1)

 

 

Maturity (2)

JPMorgan Facility - USD(3)

 

$

2,000,000

 

 

$

1,330,734

 

 

March 2030(4)

 

$

1,500,000

 

 

$

1,033,504

 

 

September 2026

Deutsche Bank Facility - USD(3)(5)

 

 

200,000

 

 

 

120,033

 

 

March 2028(6)

 

 

700,000

 

 

 

123,434

 

 

March 2026

Atlas Facility - USD(7)

 

 

800,000

 

 

 

540,413

 

 

March 2027

 

 

800,000

 

 

 

462,886

 

 

March 2027(8)

HSBC Facility - GBP

 

 

389,607

 

 

 

389,607

 

 

May 2025

 

 

377,483

 

 

 

377,483

 

 

May 2025

HSBC Facility - EUR

 

 

261,322

 

 

 

261,322

 

 

January 2026(10)

 

 

250,162

 

 

 

250,162

 

 

January 2026(10)

Goldman Sachs Facility - GBP

 

 

473,350

 

 

 

399,499

 

 

May 2029

 

 

458,804

 

 

 

373,706

 

 

May 2029

Barclays Facility - USD

 

 

500,000

 

 

 

321,546

 

 

March 2027(9)

 

 

500,000

 

 

 

321,546

 

 

March 2027(9)

MUFG Securities Facility - GBP

 

 

79,345

 

 

 

79,345

 

 

November 2025(9)

 

 

171,972

 

 

 

171,972

 

 

November 2025(9)

Churchill Facility - USD

 

 

130,000

 

 

 

119,982

 

 

April 2026

 

 

130,000

 

 

 

121,289

 

 

April 2026

Santander Facility - USD(11)

 

 

—

 

 

 

—

 

 

N/A

 

 

300,000

 

 

 

—

 

 

February 2026

Total Secured Credit Facilities

 

 

4,833,624

 

 

 

3,562,481

 

 

 

 

 

5,188,421

 

 

 

3,235,982

 

 

 

Barclays Private Securitization - GBP, EUR, SEK

 

 

1,667,312

 

 

 

1,667,312

 

 

August 2027(10)

 

 

1,587,780

 

 

 

1,587,780

 

 

May 2027(10)

Revolving Credit Facility - USD(12)

 

 

160,000

 

 

 

—

 

 

March 2026

 

 

160,000

 

 

 

—

 

 

March 2026

Total Secured Debt Arrangements

 

 

6,660,936

 

 

 

5,229,793

 

 

 

 

 

6,936,201

 

 

 

4,823,762

 

 

 

Less: deferred financing costs

 

 

N/A

 

 

 

(10,016

)

 

 

 

 

N/A

 

 

 

(8,789

)

 

 

Total Secured Debt Arrangements, net(13)(14)(15)

 

$

6,660,936

 

 

$

5,219,777

 

 

 

 

$

6,936,201

 

 

$

4,814,973

 

 

 

 

(1)
As of March 31, 2025, British Pound Sterling ("GBP"), Euro ("EUR"), and Swedish Krona ("SEK") borrowings were converted to USD at a rate of 1.29, 1.08, and 0.10, respectively. As of December 31, 2024, GBP, EUR and SEK borrowings were converted to USD at a rate of 1.25, 1.04 and 0.09, 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 final maturity was extended to March 31, 2030 during the first quarter of 2025.
(5)
Effective March 31, 2025, the capacity on the Deutsche Bank Facility was reduced to $200.0 million from $700.0 million.
(6)
The Deutsche Bank Facility final maturity was extended to March 31, 2028 during the first quarter 2025.
(7)
The Atlas Facility (as defined below) was formerly the Credit Suisse Facility. See "Atlas Facility" below for additional discussion.
(8)
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.
(9)
Assumes financings are extended in line with the underlying loans.
(10)
Represents weighted-average maturity across various financings with the counterparty. See below for additional details.
(11)
The Santander Facility was terminated during the first quarter of 2025.
(12)
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.
(13)
Weighted-average borrowing costs as of March 31, 2025 and December 31, 2024 were applicable benchmark rates and credit spread adjustments, plus spreads of USD: +2.41% / GBP: +2.40% / EUR: +2.11% / SEK: +1.50% and USD: +2.47% / GBP: +2.43% / EUR: +2.11% / SEK: +1.50%, respectively.
(14)
Weighted-average advance rates based on cost as of March 31, 2025 and December 31, 2024 were 68.64% (64.6% (USD) / 72.7% (GBP) / 70.7% (EUR) / 80.2% (SEK)) and 68.6% (62.2% (USD) / 75.3% (GBP) / 70.8% (EUR) / 80.2% (SEK)), respectively.
(15)
As of March 31, 2025 and December 31, 2024, approximately 45% and 46%, 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, 2025 and December 31, 2024 ($ in thousands):

 

 

March 31, 2025

 

Local Currency

 

Count

 

Outstanding
Principal

 

 

Carrying Value

 

GBP

 

5

 

$

1,309,001

 

 

$

1,296,020

 

EUR

 

3

 

 

752,691

 

 

 

744,904

 

SEK

 

1

 

 

247,013

 

 

 

245,618

 

Total

 

9

 

$

2,308,705

 

 

$

2,286,542

 

 

 

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

 

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, 2025 ($ in thousands):

 

 

Borrowings
Outstanding(1)

 

 

Fully-Extended
Maturity(2)

Total/Weighted-Average GBP

 

$

936,211

 

 

October 2027

Total/Weighted-Average EUR

 

 

533,490

 

 

October 2027(3)

Total/Weighted-Average SEK

 

 

197,611

 

 

May 2026

Total/Weighted-Average Securitization

 

$

1,667,312

 

 

August 2027

 

(1)
As of March 31, 2025, we had £724.7 million, €493.2 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, 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 following table summarizes the terms of the Term Loans as of March 31, 2025 ($ in thousands):

 

 

Principal Amount

 

 

Unamortized Issuance Discount(1)

 

 

Deferred Financing Costs(1)

 

 

Carrying Value

 

 

Rate

 

 

Maturity Date

2026 Term Loan

 

$

471,250

 

 

$

(387

)

 

$

(2,403

)

 

$

468,460

 

 

 

2.86

%

 

5/15/2026

2028 Term Loan

 

 

288,000

 

 

 

(1,250

)

 

 

(2,245

)

 

 

284,505

 

 

 

3.61

%

 

3/11/2028

Total

 

$

759,250

 

 

$

(1,637

)

 

$

(4,648

)

 

$

752,965

 

 

 

 

 

 

 

(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, 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.
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, 2025

 

 

December 31, 2024

 

Assets:

 

 

 

 

 

 

Cash

 

$

346

 

 

$

150

 

Commercial mortgage loans, net(1)

 

 

2,286,542

 

 

 

2,171,277

 

Other Assets(2)

 

 

26,845

 

 

 

29,179

 

Total Assets

 

$

2,313,733

 

 

$

2,200,606

 

Liabilities:

 

 

 

 

 

 

Secured debt arrangements, net (net of deferred financing costs of $0.8 million and $1.1 million in 2025 and 2024, respectively)

 

$

1,666,484

 

 

$

1,586,680

 

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

 

 

7,207

 

 

 

10,519

 

Total Liabilities

 

$

1,673,691

 

 

$

1,597,199

 

 

(1)
Net of the General CECL Allowance of $10.1 million and $10.8 million as of March 31, 2025 and December 31, 2024, 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 $1.4 million and $2.1 million as of March 31, 2025 and December 31, 2024, 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 condensed consolidated statement of operations ($ in thousands):

 

 

Three months ended March 31,

 

 

2025

 

 

2024

 

Net interest income:

 

 

 

 

 

 

Interest income from commercial mortgage loans

 

$

46,390

 

 

$

64,523

 

Interest expense

 

 

(25,196

)

 

 

(36,083

)

Net interest income

 

$

21,194

 

 

$

28,440

 

General and administrative expense:

 

 

 

 

 

 

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

 

 

1,346

 

 

 

(2,565

)

Foreign currency translation gain (loss)

 

 

25,633

 

 

 

(12,923

)

Net income

 

$

48,173

 

 

$

12,952

 

 
Schedule of Remaining Maturities of Borrowings

At March 31, 2025, 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

 

$

274,854

 

 

$

464,196

 

 

$

591,684

 

 

$

—

 

 

$

1,330,734

 

Deutsche Bank Facility

 

 

27,300

 

 

 

—

 

 

 

92,733

 

 

 

—

 

 

 

120,033

 

Atlas Facility

 

 

93,100

 

 

 

447,313

 

 

 

—

 

 

 

—

 

 

 

540,413

 

HSBC Facility

 

 

650,929

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

650,929

 

Goldman Sachs Facility - GBP

 

 

—

 

 

 

—

 

 

 

399,499

 

 

 

—

 

 

 

399,499

 

Barclays Facility

 

 

—

 

 

 

321,546

 

 

 

—

 

 

 

—

 

 

 

321,546

 

MUFG Securities Facility

 

 

79,345

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

79,345

 

Churchill Facility

 

 

—

 

 

 

119,982

 

 

 

—

 

 

 

—

 

 

 

119,982

 

Barclays Private Securitization

 

 

117,741

 

 

 

1,549,571

 

 

 

—

 

 

 

—

 

 

 

1,667,312

 

Total

 

$

1,243,269

 

 

$

2,902,608

 

 

$

1,083,916

 

 

$

—

 

 

$

5,229,793

 
Schedule of Outstanding, Maximum and Average Balances of Debt

The table below summarizes the outstanding balances at March 31, 2025, as well as the maximum and average month-end balances for the three months ended March 31, 2025 for our borrowings under secured debt arrangements ($ in thousands).

 

 

As of March 31, 2025

 

 

For the three months ended March 31, 2025

 

 

Balance

 

 

Collateral(1)

 

 

Maximum
Month-End
Balance

 

 

Average
Month-End
Balance

 

JPMorgan Facility

 

$

1,330,734

 

 

 

1,886,169

 

 

 

1,330,734

 

 

$

1,152,849

 

Deutsche Bank Facility

 

 

120,033

 

 

 

195,669

 

 

 

123,434

 

 

 

122,301

 

Goldman Sachs Facility - GBP

 

 

399,499

 

 

 

517,703

 

 

 

399,499

 

 

 

387,209

 

Atlas Facility

 

 

540,413

 

 

 

800,512

 

 

 

540,413

 

 

 

513,653

 

HSBC Facility

 

 

650,929

 

 

 

872,168

 

 

 

650,929

 

 

 

635,035

 

Barclays Facility

 

 

321,546

 

 

 

422,548

 

 

 

321,546

 

 

 

321,546

 

MUFG Securities Facility

 

 

79,345

 

 

 

166,934

 

 

 

110,772

 

 

 

92,179

 

Churchill Facility

 

 

119,982

 

 

 

160,278

 

 

 

120,853

 

 

 

120,417

 

Barclays Private Securitization

 

 

1,667,312

 

 

 

2,296,668

 

 

 

1,667,312

 

 

 

1,614,412

 

Revolving Credit Facility

 

 

—

 

 

 

69,031

 

 

 

—

 

 

 

—

 

Total

 

$

5,229,793

 

 

$

7,387,680

 

 

 

 

 

 

 

 

(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, 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 year 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.