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Senior Secured Term Loan, Net (Tables)
 3 Months Ended
Mar. 31, 2025
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 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.