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Senior Secured Term Loans, Net (Tables)
 9 Months Ended
Sep. 30, 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 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