Secured Debt Arrangements, Net (Tables)

6 Months Ended

Jun. 30, 2026

Schedule of Weighted Average Maturities and Interest Rates of Borrowings

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


	December 31, 2025
	Maximum Amount of Borrowings(1)		Borrowings Outstanding(1)			Maturity (2)
JPMorgan Facility - USD(3)	$	2,000,000	$	1,905,928		March 2030(4)
Morgan Stanley Facility - GBP, EUR		587,300		300,097		April 2033
Morgan Stanley Facility - USD		450,000		378,435		April 2031
Atlas Facility - USD(5)		800,000		485,340		March 2027(6)
Atlas Facility - GBP, EUR		455,928		455,929		August 2028
Barclays Facility - USD		600,000		461,850		March 2030(7)(8)
Barclays Facility - GBP		167,830		124,550		February 2029
Goldman Sachs Facility - GBP		465,063		449,139		June 2029
Goldman Sachs Facility - USD		300,000		146,233		November 2028(9)
Deutsche Bank Facility - USD(3)(10)		200,000		25,800		March 2028(10)
Total Secured Credit Facilities		6,026,121		4,733,301
Barclays Private Securitization - GBP, EUR, SEK		1,543,925		1,543,925		January 2028(11)
Revolving Credit Facility(12)		275,000		—		August 2028(13)
Total Secured Debt Arrangements		7,845,046		6,277,226
Less: deferred financing costs		N/A		(8,676	)
Total Secured Debt Arrangements, net(14)(15)(16)	$	7,845,046	$	6,268,550

(1)

As of December 31, 2025, British Pound Sterling ("GBP"), Euro ("EUR"), and Swedish Krona ("SEK") borrowings were converted to USD at a rate of 1.35, 1.17 and 0.11, 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)

Assumes financings are extended in line with the underlying loans.

(8)

The Barclays Facility final maturity was extended to March 26, 2030 during the third quarter of 2025.

(9)

Assumes facility enters the two-year amortization period subsequent to the November 2026 maturity, which allows for the refinancing or pay down of assets under the facility.

(10)

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.

(11)

Represents weighted-average maturity across various financings with the counterparty. See below for additional details.

(12)

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)

The Revolving Credit Facility was extended to August 7, 2028 during the third quarter of 2025. See "Revolving Credit Facility" below for additional discussion.

(14)

Weighted-average borrowing cost as of December 31, 2025 was applicable benchmark rates and credit spread adjustments, plus spreads of USD: +2.05% / GBP: +1.95% / EUR: +2.26% / SEK: +1.50%.

(15)

Weighted-average advance rate based on cost as of December 31, 2025 was 72.91% (71.0% (USD) / 76.6% (GBP) / 70.8% (EUR) / 80.1% (SEK)).

(16)

As of December 31, 2025, approximately 34% of the outstanding balance under these secured borrowings was 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 December 31, 2025 ($ in thousands):


	December 31, 2025
Local Currency	Count	Outstanding Principal		Carrying Value
GBP	4	$	1,263,872	$	1,254,294
EUR	2		543,263		537,005
SEK	1		261,595		260,682
Total	7	$	2,068,730	$	2,051,981

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, 2025 ($ in thousands):


	Borrowings Outstanding(1)		Fully-Extended Maturity(2)
Total/Weighted-Average GBP	$	941,015	April 2028
Total/Weighted-Average EUR		393,634	May 2028(3)
Total/Weighted-Average SEK		209,276	May 2026
Total/Weighted-Average Securitization	$	1,543,925	January 2028

(1)

As of December 31, 2025, we had £698.3 million, €335.1 million, and kr1.9 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 solely as of December 31, 2025 ($ in thousands):


	Principal Amount		Unamortized Issuance Discount(1)			Deferred Financing Costs(1)			Carrying Value		Rate(2)	Maturity Date
2030 Term Loan	$	746,250	$	(6,324	)	$	(12,393	)	$	727,533	+ 3.25%	6/13/2030
Total	$	746,250	$	(6,324	)	$	(12,393	)	$	727,533

(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 as of December 31, 2025 ($ in thousands):


	December 31, 2025
Assets:
Cash	$	1,325
Commercial mortgage loans, net(1)		2,051,981
Other Assets(2)		23,623
Total Assets	$	2,076,929
Liabilities:
Secured debt arrangements, net (net of deferred financing costs of $1.1 million)	$	1,542,817
Accounts payable, accrued expenses and other liabilities(3)		8,348
Total Liabilities	$	1,551,165

(1)

Net of the General CECL Allowance of $8.4 million as of December 31, 2025.

(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 $1.0 million as of December 31, 2025.

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,
	2026			2025			2026			2025
Net interest income:
Interest income from commercial mortgage loans	$	9,372		$	49,050		$	42,628		$	95,440
Interest expense		(5,310	)		(27,378	)		(23,979	)		(52,574	)
Net interest income	$	4,062		$	21,672		$	18,649		$	42,866
General and administrative expense	$	(25	)	$	(163	)	$	69		$	(163	)
Decrease (increase) in current expected credit loss allowance, net		7,083			(293	)		9,363			1,053
Foreign currency translation gain		11,738			43,437			2,520			69,070
Realized loss on extinguishment of debt		(968	)		—			(968	)		—
Net realized loss on investments		(870	)		—			(870	)		—
Net income	$	21,020		$	64,653		$	28,763		$	112,826

Schedule of Outstanding, Maximum and Average Balances of Debt

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


	As of December 31, 2025				For the year ended December 31, 2025
	Balance		Collateral(1)		Maximum Month-End Balance		Average Month-End Balance
JPMorgan Facility	$	1,905,928	$	2,565,786	$	1,925,843	$	1,601,369
Morgan Stanley Facility - GBP		300,097		369,962		300,096		237,199
Morgan Stanley Facility - USD		378,435		489,666		378,435		329,942
Atlas Facility		485,340		740,608		496,333		510,415
Atlas UK Facility		455,929		643,877		455,928		160,604
HSBC Facility		—		—		—		386,161
Barclays Facility - USD		461,850		630,014		468,595		365,432
Barclays Facility - GBP		124,550		157,891		124,549		123,794
Goldman Sachs Facility - GBP		449,139		581,378		449,091		422,641
Goldman Sachs Facility - USD		146,233		180,806		146,233		97,488
Deutsche Bank Facility		25,800		42,500		27,300		58,425
Barclays Private Securitization		1,543,925		2,060,388		1,543,925		1,673,351
Revolving Credit Facility		—		—		—		14,273
Total	$	6,277,226	$	8,462,876

(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.

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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+ Details

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

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