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Debt (Tables)
 6 Months Ended
Jun. 30, 2020
Debt Disclosure [Abstract]  
Summary of Debt
The following table presents debt as of June 30, 2020 and December 31, 2019 (dollars in thousands):
June 30, 2020December 31, 2019
Capacity ($)
Recourse vs. Non-Recourse(1)
Final
Maturity		Contractual
Interest Rate
Principal
Amount(2)
Carrying Value(2)
Principal Amount(2)
Carrying Value(2)
Securitization bonds payable, net
CLNC 2019-FL1(3)
Non-recourseAug-35
 LIBOR + 1.59%
$840,423  $834,088  $840,423  $833,153  
Subtotal securitization bonds payable, net840,423  834,088  840,423  833,153  
Mortgage and other notes payable, net
Net lease 6(4)
Non-recourseOct-274.45%23,906  23,906  24,117  24,117  
Net lease 5(5)
Non-recourseNov-264.45%3,389  3,303  3,422  3,329  
Net lease 4(5)
Non-recourseNov-264.45%7,306  7,121  7,384  7,184  
Net lease 3(5)
Non-recourseJun-214.00%12,364  12,310  12,450  12,368  
Net lease 6(5)
Non-recourseJul-23
LIBOR + 2.15%
1,514  1,477  1,658  1,615  
Net lease 5(4)
Non-recourseAug-264.08%31,582  31,321  31,821  31,539  
Net lease 1(5)(6)
Non-recourseNov-264.45%18,402  17,935  18,579  18,076  
Net lease 1(7)
Non-recourseMar-284.38%12,166  11,729  12,221  11,758  
Net lease 4(4)
Non-recourse
Apr-21(8)
LIBOR + 2.50%
75,871  75,677  74,916  74,845  
Net lease 1(4)
Non-recourseJul-254.31%250,000  247,224  250,000  246,961  
Net lease 2(4)(9)
Non-recourseJun-253.91%165,312  167,656  181,952  184,532  
Net lease 3(4)
Non-recourseSep-334.77%200,000  198,562  200,000  198,521  
Other real estate 4(5)
Non-recourseDec-234.84%42,545  42,966  42,925  43,407  
Other real estate 2(5)(10)
Non-recourseDec-234.94%—  —  42,443  42,851  
Other real estate 8(5)
Non-recourseJun-303.53%22,880  22,587  15,819  16,324  
Other real estate 10(5)(11)
Non-recourseJun-303.53%12,482  12,296  11,744  11,939  
Other real estate 9(5)
Non-recourseNov-263.98%23,657  22,904  23,885  23,133  
Other real estate 1(5)
Non-recourseOct-244.47%107,871  108,532  108,719  109,475  
Other real estate 3(5)
Non-recourseJan-254.30%74,579  73,946  75,256  74,554  
Other real estate 5(5)(10)
Non-recourseApr-23
LIBOR + 4.00%
—  —  33,498  32,801  
Other real estate 6(5)(12)
Non-recourseApr-24
LIBOR + 2.95%
21,500  20,946  21,500  20,825  
Loan 9(13)
Non-recourseJun-24
LIBOR + 3.00%
71,748  71,748  65,958  65,958  
Subtotal mortgage and other notes payable, net1,179,074  1,174,146  1,260,267  1,256,112  
Bank credit facility
Bank credit facility$450,000  Recourse
Feb-23 (14)
 LIBOR + 2.25%
195,000  195,000  113,500  113,500  
Subtotal bank credit facility195,000  195,000  113,500  113,500  
Master repurchase facilities
Bank 1 facility 3$400,000  
Limited Recourse(15)
Apr-23(16)
 LIBOR + 1.91%
(17)104,559  104,559  106,309  106,309  
Bank 2 facility 3200,000  
Limited Recourse(15)
Oct-22(18)
 LIBOR + 2.50%
(17)21,353  21,353  22,750  22,750  
Bank 3 facility 3600,000  
Limited Recourse(15)
Apr-22
 LIBOR + 2.15%
(17)207,176  207,176  265,633  265,633  
Bank 7 facility 1500,000  
Limited Recourse(15)
Apr-22(19)
 LIBOR + 1.93%
(17)181,396  181,396  221,421  221,421  
Bank 8 facility 1250,000  
Limited Recourse(15)
Jun-21(20)
 LIBOR + 2.00%
(17)152,337  152,337  164,098  164,098  
Bank 9 facility 1300,000  
(21)
Nov-23(22)
(23)(17)—  —  —  —  
Subtotal master repurchase facilities$2,250,000  666,821  666,821  780,211  780,211  
June 30, 2020December 31, 2019
Capacity ($)
Recourse vs. Non-Recourse(1)
Final
Maturity		Contractual
Interest Rate
Principal
Amount(2)
Carrying Value(2)
Principal Amount(2)
Carrying Value(2)
CMBS credit facilities
Bank 1 facility 1Recourse(24)NA(25)—  —  20,375  20,375  
Bank 1 facility 2Recourse(24)NA(25)—  —  18,834  18,834  
Bank 3 facilityRecourse(24) NA (25)—  —  —  —  
Bank 4 facilityRecourse(24) NA (25)—  —  —  —  
Bank 5 facility 1Recourse(24) NA(25)—  —  —  —  
Bank 5 facility 2Recourse(24) NA(25)—  —  —  —  
Bank 6 facility 1Recourse(24)4.25%23,122  23,122  83,584  83,584  
Bank 6 facility 2Recourse(24)4.25%15,230  15,230  82,729  82,729  
Subtotal CMBS credit facilities38,352  38,352  205,522  205,522  
Subtotal credit facilities900,173  900,173  1,099,233  1,099,233  
Total$2,919,670  $2,908,407  $3,199,923  $3,188,498  
_________________________________________
(1)Subject to customary non-recourse carveouts.
(2)Difference between principal amount and carrying value of securitization bonds payable, net and mortgage and other notes payable, net is attributable to deferred financing costs, net and premium/discount on mortgage notes payable.
(3)The Company, through indirect Cayman subsidiaries, securitized commercial mortgage loans originated by the Company. Senior notes issued by the securitization trusts were generally sold to third parties and subordinated notes retained by the Company. These securitizations are accounted for as secured financing with the underlying mortgage loans pledged as collateral. Principal payments from underlying collateral loans must be applied to repay the notes until fully paid off, irrespective of the contractual maturities on the notes. Underlying collateral loans have initial terms of two to three years.
(4)Represents a mortgage note collateralized by an investment in the Company’s Core Portfolio.
(5)Represents a mortgage note collateralized by an investment in the Company’s Legacy, Non-Strategic Portfolio.
(6)Payment terms are periodic payment of principal and interest for debt on two properties and periodic payment of interest only with principal at maturity (except for principal repayments to release collateral properties disposed) for debt on one property.
(7)Represents a mortgage note collateralized by three properties in the Company’s Legacy, Non-Strategic Portfolio.
(8)The current maturity of the mortgage payable is April 2021, with a one-year extension available at the Company’s option, which may be subject to the satisfaction of certain customary conditions set forth in the governing documents.
(9)As of June 30, 2020, the outstanding principal of the mortgage payable was NOK 1.6 billion, which translated to $165.3 million.
(10)Represents a mortgage note that was repaid during the first quarter of 2020 in connection with the sale of the collateralized properties.
(11)Represents two separate senior mortgage notes with a weighted average maturity of December 2020 and weighted average interest rate of 3.53%.
(12)The current maturity of the mortgage payable is April 2022, with two one-year extensions available at the Company’s option, which may be subject to the satisfaction of certain customary conditions set forth in the governing documents.
(13)The current maturity of the note payable is June 2021, with three one-year extensions available at the Company’s option, which may be subject to the satisfaction of certain customary conditions set forth in the governing documents. The loan is included in the Company’s Core Portfolio.
(14)The ability to borrow additional amounts terminates on February 1, 2022 at which time the Company may, at its election, extend the termination date for two additional six-month terms.
(15)Recourse solely with respect to 25.0% of the financed amount.
(16)The next maturity date is April 2021, with two one-year extensions available at the option of the Company, which may be exercised upon the satisfaction of certain customary conditions set forth in the governing documents.
(17)Represents the weighted average spread as of June 30, 2020. The contractual interest rate depends upon asset type and characteristics and ranges from one-month London Interbank Offered Rates (“LIBOR”) plus 1.50% to 2.60%.
(18)The next maturity date is October 2020, with two one-year extension options available, which may be subject to the satisfaction of certain customary conditions set forth in the governing documents.
(19)The next maturity date is April 2021, with a one-year extension available, which may be subject to the satisfaction of certain customary conditions set forth in the governing documents.
(20)The next maturity date is June 2021, with a one-year extension available, which may be subject to the satisfaction of certain customary conditions set forth in the governing documents.
(21)Recourse is either 25.0% or 50.0% depending on loan metrics.
(22)The next maturity date is November 2021, with two one-year extension options available, which may be subject to the satisfaction of certain customary conditions set forth in the governing documents.
(23)The interest rate will be determined by the lender in its sole discretion.
(24)The maturity dates on the CMBS Credit Facilities are dependent upon asset type and will typically range from one to three months.
(25)CMBS Credit Facilities are undrawn and fully available.
Schedule of Scheduled Principal on Debt
The following table summarizes future scheduled minimum principal payments at June 30, 2020 based on initial maturity dates or extended maturity dates to the extent criteria are met and the extension option is at the borrower’s discretion (dollars in thousands):
TotalSecuritization Bonds Payable, Net
Mortgage Notes Payable, Net(1)
Credit Facilities(1)
Remainder of 2020$39,683  $—  $1,331  $38,352  
2021242,811  —  90,474  152,337  
2022412,445  —  2,520  409,925  
2023344,595  —  45,036  299,559  
2024203,338  —  203,338  —  
2025 and thereafter1,676,798  840,423  836,375  —  
Total$2,919,670  $840,423  $1,179,074  $900,173  
_________________________________________
(1)Includes $427.4 million of future minimum principal payments related to assets held for sale.