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

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

 

 

September 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

 

 

$

1,713,891

 

 

March 2030(4)

 

$

1,500,000

 

 

$

1,033,504

 

 

September 2026

Morgan Stanley Facility - GBP

 

 

586,700

 

 

 

299,453

 

 

April 2033

 

 

—

 

 

 

—

 

 

N/A

Morgan Stanley Facility - USD

 

 

450,000

 

 

 

365,256

 

 

April 2031

 

 

—

 

 

 

—

 

 

N/A

Atlas Facility - USD(5)

 

 

800,000

 

 

 

498,105

 

 

March 2027(6)

 

 

800,000

 

 

 

462,886

 

 

March 2027(6)

Atlas Facility - EUR

 

 

281,611

 

 

 

281,612

 

 

August 2028

 

 

—

 

 

 

—

 

 

N/A

HSBC Facility - GBP(7)

 

 

—

 

 

 

—

 

 

N/A

 

 

377,483

 

 

 

377,483

 

 

May 2025

HSBC Facility - EUR(7)

 

 

—

 

 

 

—

 

 

N/A

 

 

250,162

 

 

 

250,162

 

 

January 2026(8)

Barclays Facility - USD

 

 

600,000

 

 

 

475,291

 

 

March 2030(9)(10)

 

 

500,000

 

 

 

321,546

 

 

March 2027(9)

Barclays Facility - GBP

 

 

167,109

 

 

 

124,282

 

 

February 2029

 

 

—

 

 

 

—

 

 

N/A

Goldman Sachs Facility - GBP

 

 

464,062

 

 

 

440,245

 

 

June 2029

 

 

458,804

 

 

 

373,706

 

 

May 2029

Deutsche Bank Facility - USD(3)(11)

 

 

200,000

 

 

 

27,300

 

 

March 2028(11)

 

 

700,000

 

 

 

123,434

 

 

March 2026

Santander Facility - USD(12)

 

 

—

 

 

 

—

 

 

N/A

 

 

300,000

 

 

 

—

 

 

February 2026

MUFG Securities Facility - GBP(13)

 

 

—

 

 

 

—

 

 

N/A

 

 

171,972

 

 

 

171,972

 

 

November 2025(9)

Churchill Facility - USD(14)

 

 

—

 

 

 

—

 

 

N/A

 

 

130,000

 

 

 

121,289

 

 

April 2026

Total Secured Credit Facilities

 

 

5,549,482

 

 

 

4,225,435

 

 

 

 

 

5,188,421

 

 

 

3,235,982

 

 

 

Barclays Private Securitization - GBP, EUR, SEK

 

 

1,680,125

 

 

 

1,680,125

 

 

February 2028(8)

 

 

1,587,780

 

 

 

1,587,780

 

 

May 2027(8)

Revolving Credit Facility(15)

 

 

275,000

 

 

 

—

 

 

August 2028(16)

 

 

160,000

 

 

 

—

 

 

March 2026

Total Secured Debt Arrangements

 

 

7,504,607

 

 

 

5,905,560

 

 

 

 

 

6,936,201

 

 

 

4,823,762

 

 

 

Less: deferred financing costs

 

 

N/A

 

 

 

(9,545

)

 

 

 

 

N/A

 

 

 

(8,789

)

 

 

Total Secured Debt Arrangements, net(17)(18)(19)

 

$

7,504,607

 

 

$

5,896,015

 

 

 

 

$

6,936,201

 

 

$

4,814,973

 

 

 

 

(1)
As of September 30, 2025, British Pound Sterling ("GBP"), Euro ("EUR"), and Swedish Krona ("SEK") borrowings were converted to USD at a rate of 1.3446, 1.17, 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 - USD was formerly the Credit Suisse Facility. See "Atlas Facilities" below for additional discussion.
(6)
The Atlas Facility - USD 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)
The HSBC Facility was terminated during the third quarter of 2025.
(8)
Represents weighted-average maturity across various financings with the counterparty. See below for additional details.
(9)
Assumes financings are extended in line with the underlying loans.
(10)
The Barclays Facility final maturity was extended to March 26, 2030 during the third quarter of 2025.
(11)
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.
(12)
The Santander Facility was terminated during the first quarter of 2025.
(13)
The MUFG Facility was terminated during the second quarter of 2025.
(14)
The Churchill Facility was terminated during the second quarter of 2025.
(15)
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.
(16)
The Revolving Credit Facility was extended to August 7, 2028 during the third quarter of 2025. See "Revolving Credit Facility" below for additional
discussion.
(17)
Weighted-average borrowing costs as of September 30, 2025 and December 31, 2024 were applicable benchmark rates and credit spread adjustments, plus spreads of USD: +2.02% / GBP: +1.99% / EUR: +2.26% / SEK: +1.50% and USD: +2.47% / GBP: +2.43% / EUR: +2.11% / SEK: +1.50%, respectively.
(18)
Weighted-average advance rates based on cost as of September 30, 2025 and December 31, 2024 were 73.45% (71.9% (USD) / 76.3% (GBP) / 71.1% (EUR) / 80.1% (SEK)) and 68.6% (62.2% (USD) / 75.3% (GBP) / 70.8% (EUR) / 80.2% (SEK)), respectively.
(19)
As of September 30, 2025 and December 31, 2024, approximately 36% 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 September 30, 2025 and December 31, 2024 ($ in thousands):

 

 

 

 

 

 

September 30, 2025

 

Local Currency

 

Count

 

Outstanding
Principal

 

 

Carrying Value

 

GBP

 

5

 

$

1,453,105

 

 

$

1,441,264

 

EUR

 

2

 

 

542,844

 

 

 

536,885

 

SEK

 

1

 

 

263,350

 

 

 

262,631

 

Total

 

8

 

$

2,259,299

 

 

$

2,240,780

 

 

 

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 September 30, 2025 ($ in thousands):

 

 

Borrowings
Outstanding(1)

 

 

Fully-Extended
Maturity(2)

Total/Weighted-Average GBP

 

$

1,076,127

 

 

June 2028

Total/Weighted-Average EUR

 

 

393,318

 

 

January 2028(3)

Total/Weighted-Average SEK

 

 

210,680

 

 

May 2026

Total/Weighted-Average Securitization

 

$

1,680,125

 

 

February 2028

 

(1)
As of September 30, 2025, we had £800.3 million, €335.2 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 2030 Term Loan as of September 30, 2025 ($ in thousands):

 

 

Principal Amount

 

 

Unamortized Issuance Discount(1)

 

 

Deferred Financing Costs(1)

 

 

Carrying Value

 

 

Rate(2)

 

Maturity Date

2030 Term Loan

 

$

748,125

 

 

$

(6,681

)

 

$

(13,086

)

 

$

728,358

 

 

+ 3.25%

 

6/13/2030

Total

 

$

748,125

 

 

$

(6,681

)

 

$

(13,086

)

 

$

728,358

 

 

 

 

 

 

(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 2026 and 2028 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):

 

 

September 30, 2025

 

 

December 31, 2024

 

Assets:

 

 

 

 

 

 

Cash

 

$

1,345

 

 

$

150

 

Commercial mortgage loans, net(1)

 

 

2,240,780

 

 

 

2,171,277

 

Other Assets(2)

 

 

36,321

 

 

 

29,179

 

Total Assets

 

$

2,278,446

 

 

$

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)

 

$

1,679,210

 

 

$

1,586,680

 

Accounts payable, accrued expenses and other liabilities(3)

 

 

10,099

 

 

 

10,519

 

Total Liabilities

 

$

1,689,309

 

 

$

1,597,199

 

 

(1)
Net of the General CECL Allowance of $8.9 million and $10.8 million as of September 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 $1.3 million and $2.1 million as of September 30, 2025 and December 31, 2024, respectively.
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 September 30,

 

 

Nine months ended September 30,

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Net interest income:

 

 

 

 

 

 

 

 

 

 

 

 

Interest income from commercial mortgage loans

 

$

43,479

 

 

$

69,455

 

 

$

138,919

 

 

$

197,574

 

Interest expense

 

 

(24,436

)

 

 

(39,343

)

 

 

(77,010

)

 

 

(111,445

)

Net interest income

 

$

19,043

 

 

$

30,112

 

 

$

61,909

 

 

$

86,129

 

General and administrative expense

 

$

(163

)

 

$

(4

)

 

$

(326

)

 

$

(6

)

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

 

 

1,634

 

 

 

(176

)

 

 

2,687

 

 

 

(4,315

)

Foreign currency translation gain (loss)

 

 

(9,342

)

 

 

38,209

 

 

 

59,728

 

 

 

24,799

 

Net income

 

$

11,172

 

 

$

68,141

 

 

$

123,998

 

 

$

106,607

 
Schedule of Remaining Maturities of Borrowings

At September 30, 2025, our borrowings had the following remaining maturities ($ in thousands):

 

 

Less than
1 year

 

 

1 to 3
years

 

 

3 to 5
years

 

 

Total

 

JPMorgan Facility

 

$

319,039

 

 

$

198,892

 

 

$

1,195,960

 

 

$

1,713,891

 

Morgan Stanley Facility - GBP

 

 

—

 

 

 

—

 

 

 

299,453

 

 

 

299,453

 

Morgan Stanley Facility - USD

 

 

—

 

 

 

—

 

 

 

365,256

 

 

 

365,256

 

Atlas Facility

 

 

93,100

 

 

 

405,005

 

 

 

—

 

 

 

498,105

 

Atlas UK Facility

 

 

—

 

 

 

281,612

 

 

 

—

 

 

 

281,612

 

Barclays Facility - USD

 

 

—

 

 

 

29,599

 

 

 

445,692

 

 

 

475,291

 

Barclays Facility - GBP

 

 

—

 

 

 

—

 

 

 

124,282

 

 

 

124,282

 

Goldman Sachs Facility - GBP

 

 

—

 

 

 

—

 

 

 

440,245

 

 

 

440,245

 

Deutsche Bank Facility

 

 

27,300

 

 

 

—

 

 

 

—

 

 

 

27,300

 

Barclays Private Securitization

 

 

359,264

 

 

 

421,828

 

 

 

899,033

 

 

 

1,680,125

 

Revolving Credit Facility

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Total

 

$

798,703

 

 

$

1,336,936

 

 

$

3,769,921

 

 

$

5,905,560

 
Schedule of Outstanding, Maximum and Average Balances of Debt

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

 

 

As of September 30, 2025

 

 

For the nine months ended September 30, 2025

 

 

Balance

 

 

Collateral(1)

 

 

Maximum
Month-End
Balance

 

 

Average
Month-End
Balance

 

JPMorgan Facility

 

$

1,713,891

 

 

$

2,375,092

 

 

$

1,713,890

 

 

$

1,515,568

 

Morgan Stanley Facility - GBP

 

 

299,453

 

 

 

368,600

 

 

 

300,726

 

 

 

207,836

 

Morgan Stanley Facility - USD

 

 

365,256

 

 

 

483,527

 

 

 

365,256

 

 

 

306,119

 

Atlas Facility

 

 

498,105

 

 

 

751,904

 

 

 

505,776

 

 

 

516,416

 

Atlas UK Facility

 

 

281,612

 

 

 

410,332

 

 

 

293,685

 

 

 

63,922

 

HSBC Facility

 

 

—

 

 

 

—

 

 

 

674,118

 

 

 

514,882

 

Barclays Facility - USD

 

 

475,291

 

 

 

652,029

 

 

 

475,291

 

 

 

334,338

 

Barclays Facility - GBP

 

 

124,282

 

 

 

157,263

 

 

 

124,817

 

 

 

124,283

 

Goldman Sachs Facility - GBP

 

 

440,245

 

 

 

570,147

 

 

 

440,244

 

 

 

416,849

 

Deutsche Bank Facility

 

 

27,300

 

 

 

45,500

 

 

 

27,300

 

 

 

68,967

 

Barclays Private Securitization

 

 

1,680,125

 

 

 

2,249,711

 

 

 

1,801,532

 

 

 

1,720,970

 

Revolving Credit Facility

 

 

—

 

 

 

—

 

 

 

—

 

 

 

19,625

 

Total

 

$

5,905,560

 

 

$

8,064,105

 

 

 

 

 

 

 

 

(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.