v3.26.1
Senior Secured Term Loans, Net (Tables)
 6 Months Ended
Jun. 30, 2026
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 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