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Secured Debt Arrangements, Net (Tables)
 6 Months Ended
Jun. 30, 2025
Debt Disclosure [Abstract]  
Schedule of Weighted Average Maturities and Interest Rates of Borrowings

Our borrowings under secured debt arrangements as of June 30, 2025 and December 31, 2024 are detailed in the following table ($ in thousands):

 

 

June 30, 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

 

 

$

1,771,528

 

 

March 2030(4)

 

$

1,500,000

 

 

$

1,033,504

 

 

September 2026

Morgan Stanley Facility - GBP

 

 

589,350

 

 

 

165,324

 

 

April 2033

 

 

—

 

 

 

—

 

 

N/A

Morgan Stanley Facility - USD

 

 

450,000

 

 

 

266,694

 

 

April 2031

 

 

—

 

 

 

—

 

 

N/A

Atlas Facility - USD(5)

 

 

800,000

 

 

 

530,518

 

 

March 2027(6)

 

 

800,000

 

 

 

462,886

 

 

March 2027(6)

HSBC Facility - GBP

 

 

414,158

 

 

 

414,158

 

 

October 2025

 

 

377,483

 

 

 

377,483

 

 

May 2025

HSBC Facility - EUR

 

 

284,783

 

 

 

284,783

 

 

November 2025(7)

 

 

250,162

 

 

 

250,162

 

 

January 2026(7)

Barclays Facility - USD

 

 

500,000

 

 

 

321,546

 

 

March 2027(8)

 

 

500,000

 

 

 

321,546

 

 

March 2027(8)

Barclays Facility - GBP

 

 

126,925

 

 

 

126,925

 

 

February 2029

 

 

—

 

 

 

—

 

 

N/A

Goldman Sachs Facility - GBP

 

 

490,237

 

 

 

438,039

 

 

May 2029

 

 

458,804

 

 

 

373,706

 

 

May 2029

Deutsche Bank Facility - USD(3)(9)

 

 

200,000

 

 

 

27,300

 

 

March 2028(9)

 

 

700,000

 

 

 

123,434

 

 

March 2026

Santander Facility - USD(10)

 

 

—

 

 

 

—

 

 

N/A

 

 

300,000

 

 

 

—

 

 

February 2026

MUFG Securities Facility - GBP(11)

 

 

—

 

 

 

—

 

 

N/A

 

 

171,972

 

 

 

171,972

 

 

November 2025(8)

Churchill Facility - USD(12)

 

 

—

 

 

 

—

 

 

N/A

 

 

130,000

 

 

 

121,289

 

 

April 2026

Total Secured Credit Facilities

 

 

5,855,453

 

 

 

4,346,815

 

 

 

 

 

5,188,421

 

 

 

3,235,982

 

 

 

Barclays Private Securitization - GBP, EUR, SEK

 

 

1,837,360

 

 

 

1,837,360

 

 

September 2027(7)

 

 

1,587,780

 

 

 

1,587,780

 

 

May 2027(7)

Revolving Credit Facility - USD(13)

 

 

160,000

 

 

 

37,500

 

 

March 2026

 

 

160,000

 

 

 

—

 

 

March 2026

Total Secured Debt Arrangements

 

 

7,852,813

 

 

 

6,221,675

 

 

 

 

 

6,936,201

 

 

 

4,823,762

 

 

 

Less: deferred financing costs

 

 

N/A

 

 

 

(8,487

)

 

 

 

 

N/A

 

 

 

(8,789

)

 

 

Total Secured Debt Arrangements, net(14)(15)(16)

 

$

7,852,813

 

 

$

6,213,188

 

 

 

 

$

6,936,201

 

 

$

4,814,973

 

 

 

 

(1)
As of June 30, 2025, British Pound Sterling ("GBP"), Euro ("EUR"), and Swedish Krona ("SEK") borrowings were converted to USD at a rate of 1.37, 1.18, and 0.11, 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)
The Atlas Facility (as defined below) was formerly the Credit Suisse Facility. See "Atlas Facility" below for additional discussion.
(6)
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.
(7)
Represents weighted-average maturity across various financings with the counterparty. See below for additional details.
(8)
Assumes financings are extended in line with the underlying loans.
(9)
Effective March 31, 2025, the capacity on the Deutsche Bank Facility was reduced to $200.0 million from $700.0 million and final maturity was extended to March 31, 2028 during the first quarter 2025.
(10)
The Santander Facility was terminated during the first quarter of 2025.
(11)
The MUFG Facility was terminated during the second quarter of 2025.
(12)
The Churchill Facility was terminated during the second quarter of 2025.
(13)
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.
(14)
Weighted-average borrowing costs as of June 30, 2025 and December 31, 2024 were applicable benchmark rates and credit spread adjustments, plus spreads of USD: +2.30% / GBP: +2.08% / EUR: +2.07% / SEK: +1.50% and USD: +2.47% / GBP: +2.43% / EUR: +2.11% / SEK: +1.50%, respectively.
(15)
Weighted-average advance rates based on cost as of June 30, 2025 and December 31, 2024 were 71.61% (67.7% (USD) / 76.8% (GBP) / 69.8% (EUR) / 80.1% (SEK)) and 68.6% (62.2% (USD) / 75.3% (GBP) / 70.8% (EUR) / 80.2% (SEK)), respectively.
(16)
As of June 30, 2025 and December 31, 2024, approximately 41% and 46%, respectively, of 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 June 30, 2025 and December 31, 2024 ($ in thousands):

 

 

June 30, 2025

 

Local Currency

 

Count

 

Outstanding
Principal

 

 

Carrying Value

 

GBP

 

6

 

$

1,682,261

 

 

$

1,667,499

 

EUR

 

2

 

 

528,296

 

 

 

521,712

 

SEK

 

1

 

 

262,186

 

 

 

261,440

 

Total

 

9

 

$

2,472,743

 

 

$

2,450,651

 

 

 

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 June 30, 2025 ($ in thousands):

 

 

Borrowings
Outstanding(1)

 

 

Fully-Extended
Maturity(2)

Total/Weighted-Average GBP

 

$

1,260,014

 

 

November 2027

Total/Weighted-Average EUR

 

 

367,598

 

 

December 2027(3)

Total/Weighted-Average SEK

 

 

209,748

 

 

May 2026

Total/Weighted-Average Securitization

 

$

1,837,360

 

 

September 2027

 

(1)
As of June 30, 2025, we had £917.6 million, €311.9 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, 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 June 30, 2025 ($ in thousands):

 

 

Principal Amount

 

 

Unamortized Issuance Discount(1)

 

 

Deferred Financing Costs(1)

 

 

Carrying Value

 

 

Rate(2)

 

Maturity Date

2030 Term Loan

 

$

750,000

 

 

$

(7,037

)

 

$

(13,547

)

 

$

729,416

 

 

+ 3.25%

 

6/13/2030

Total

 

$

750,000

 

 

$

(7,037

)

 

$

(13,547

)

 

$

729,416

 

 

 

 

 

 

(1)
Unamortized issuance discount and deferred financing costs will be amortized to interest expense over remaining life of respective term loans.
(2)
Indexed to one-month SOFR

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(2)

 

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.
(2)
Indexed to one-month SOFR
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):

 

 

June 30, 2025

 

 

December 31, 2024

 

Assets:

 

 

 

 

 

 

Cash

 

$

9,268

 

 

$

150

 

Commercial mortgage loans, net(1)

 

 

2,450,651

 

 

 

2,171,277

 

Other Assets(2)

 

 

34,652

 

 

 

29,179

 

Total Assets

 

$

2,494,571

 

 

$

2,200,606

 

Liabilities:

 

 

 

 

 

 

Secured debt arrangements, net (net of deferred financing costs of $0.9 million and $1.1 million in 2025 and 2024, respectively)

 

$

1,836,475

 

 

$

1,586,680

 

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

 

 

11,392

 

 

 

10,519

 

Total Liabilities

 

$

1,847,867

 

 

$

1,597,199

 

 

(1)
Net of the General CECL Allowance of $11.1 million and $10.8 million as of June 30, 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 $0.8 million and $2.1 million as of June 30, 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 June 30,

 

 

Six months ended June 30,

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Net interest income:

 

 

 

 

 

 

 

 

 

 

 

 

Interest income from commercial mortgage loans

 

$

49,050

 

 

$

63,596

 

 

$

95,440

 

 

$

128,119

 

Interest expense

 

 

(27,378

)

 

 

(36,019

)

 

 

(52,574

)

 

 

(72,102

)

Net interest income

 

$

21,672

 

 

$

27,577

 

 

$

42,866

 

 

$

56,017

 

General and administrative expense

 

$

(163

)

 

$

(2

)

 

$

(163

)

 

$

(2

)

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

 

 

(293

)

 

 

(1,574

)

 

 

1,053

 

 

 

(4,139

)

Foreign currency translation gain (loss)

 

 

43,437

 

 

 

(487

)

 

 

69,070

 

 

 

(13,410

)

Net income

 

$

64,653

 

 

$

25,514

 

 

$

112,826

 

 

$

38,466

 
Schedule of Remaining Maturities of Borrowings

At June 30, 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

 

$

543,926

 

 

$

314,256

 

 

$

913,346

 

 

$

—

 

 

$

1,771,528

 

Morgan Stanley Facility - GBP

 

 

—

 

 

 

—

 

 

 

—

 

 

 

165,324

 

 

 

165,324

 

Morgan Stanley Facility - USD

 

 

—

 

 

 

—

 

 

 

266,694

 

 

 

—

 

 

 

266,694

 

Atlas Facility

 

 

93,100

 

 

 

437,418

 

 

 

—

 

 

 

—

 

 

 

530,518

 

HSBC Facility

 

 

698,940

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

698,940

 

Barclays Facility - USD

 

 

—

 

 

 

321,546

 

 

 

—

 

 

 

—

 

 

 

321,546

 

Barclays Facility - GBP

 

 

—

 

 

 

—

 

 

 

126,925

 

 

 

—

 

 

 

126,925

 

Goldman Sachs Facility - GBP

 

 

—

 

 

 

—

 

 

 

438,039

 

 

 

—

 

 

 

438,039

 

Deutsche Bank Facility

 

 

27,300

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

27,300

 

Barclays Private Securitization

 

 

488,759

 

 

 

473,656

 

 

 

874,945

 

 

 

—

 

 

 

1,837,360

 

Revolving Credit Facility

 

 

37,500

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

37,500

 

Total

 

$

1,889,525

 

 

$

1,546,876

 

 

$

2,619,949

 

 

$

165,324

 

 

$

6,221,674

 
Schedule of Outstanding, Maximum and Average Balances of Debt

The table below summarizes the outstanding balances at June 30, 2025, as well as the maximum and average month-end balances for the six months ended June 30, 2025 for our borrowings under secured debt arrangements ($ in thousands).

 

 

As of June 30, 2025

 

 

For the six months ended June 30, 2025

 

 

Balance

 

 

Collateral(1)

 

 

Maximum
Month-End
Balance

 

 

Average
Month-End
Balance

 

JPMorgan Facility

 

$

1,771,528

 

 

 

2,454,825

 

 

 

1,771,527

 

 

$

1,453,045

 

Morgan Stanley Facility - GBP

 

 

165,324

 

 

 

202,479

 

 

 

126,925

 

 

 

124,842

 

Morgan Stanley Facility - USD

 

 

266,694

 

 

 

353,086

 

 

 

266,694

 

 

 

266,694

 

Atlas Facility

 

 

530,518

 

 

 

786,675

 

 

 

537,721

 

 

 

523,286

 

HSBC Facility

 

 

698,941

 

 

 

937,038

 

 

 

698,940

 

 

 

659,969

 

Barclays Facility - USD

 

 

321,546

 

 

 

424,583

 

 

 

321,546

 

 

 

321,546

 

Barclays Facility - GBP

 

 

126,925

 

 

 

160,315

 

 

 

126,925

 

 

 

124,842

 

Goldman Sachs Facility - GBP

 

 

438,039

 

 

 

566,956

 

 

 

438,039

 

 

 

407,718

 

Deutsche Bank Facility

 

 

27,300

 

 

 

45,500

 

 

 

117,300

 

 

 

89,800

 

Barclays Private Securitization

 

 

1,837,360

 

 

 

2,461,742

 

 

 

1,854,659

 

 

 

1,720,802

 

Revolving Credit Facility

 

 

37,500

 

 

 

69,569

 

 

 

119,500

 

 

 

31,400

 

Total

 

$

6,221,675

 

 

$

8,462,768

 

 

 

 

 

 

 

 

(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.