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Debt (Tables)
 9 Months Ended
Sep. 30, 2020
Debt Disclosure [Abstract]  
Summary of Debt
The following table presents debt as of September 30, 2020 and December 31, 2019 (dollars in thousands):
September 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 $834,621 $840,423 $833,153 
Subtotal securitization bonds payable, net840,423 834,621 840,423 833,153 
Mortgage and other notes payable, net
Net lease 6(4)
Non-recourseOct-274.45%23,780 23,780 24,117 24,117 
Net lease 5(5)
Non-recourseNov-264.45%3,373 3,290 3,422 3,329 
Net lease 4(5)
Non-recourseNov-264.45%7,272 7,094 7,384 7,184 
Net lease 3(5)
Non-recourseJun-214.00%12,308 12,268 12,450 12,368 
Net lease 6(5)
Non-recourseJul-23
LIBOR + 2.15%
1,439 1,405 1,658 1,615 
Net lease 5(4)
Non-recourseAug-264.08%31,439 31,189 31,821 31,539 
Net lease 1(5)(6)
Non-recourseNov-264.45%18,315 17,866 18,579 18,076 
Net lease 1(7)
Non-recourseMar-284.38%12,077 11,639 12,221 11,758 
Net lease 4(4)(8)
Non-recourseApr-21
LIBOR + 2.50%
— — 74,916 74,845 
Net lease 1(4)
Non-recourseJul-254.31%250,000 247,270 250,000 246,961 
Net lease 2(4)(9)
Non-recourseJun-253.91%170,112 172,524 181,952 184,532 
Net lease 3(4)
Non-recourseSep-334.77%200,000 198,583 200,000 198,521 
Other real estate 4(5)
Non-recourseDec-234.84%42,383 42,853 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 22,648 15,819 16,324 
Other real estate 10(5)(11)
Non-recourseJun-303.53%12,480 12,306 11,744 11,939 
Other real estate 9(5)
Non-recourseNov-263.98%23,543 22,791 23,885 23,133 
Other real estate 1(5)
Non-recourseOct-244.47%107,317 107,915 108,719 109,475 
Other real estate 3(5)
Non-recourseJan-254.30%74,134 73,548 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%
22,788 22,282 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, net1,107,388 1,102,999 1,260,267 1,256,112 
Bank credit facility
Bank credit facility$450,000 Recourse
Feb-23 (14)
 LIBOR + 2.25%
— — 113,500 113,500 
Subtotal bank credit facility— — 113,500 113,500 
Master repurchase facilities
Bank 1 facility 3$400,000 
Limited Recourse(15)
Apr-23(16)
 LIBOR + 1.91%
(17)103,622 103,622 106,309 106,309 
Bank 2 facility 3(18)
200,000 
Limited Recourse(15)
Oct-22
 LIBOR + 2.50%
(17)21,353 21,353 22,750 22,750 
Bank 3 facility 3600,000 
Limited Recourse(15)
Apr-22
 LIBOR + 2.14%
(17)202,952 202,952 265,633 265,633 
Bank 7 facility 1500,000 
Limited Recourse(15)
Apr-22(19)
 LIBOR + 2.01%
(17)124,704 124,704 221,421 221,421 
Bank 8 facility 1250,000 
Limited Recourse(15)
Jun-21(20)
 LIBOR + 1.98%
(17)130,769 130,769 164,098 164,098 
Bank 9 facility 1300,000 
(21)
Nov-23(22)
(23)(17)— — — — 
Subtotal master repurchase facilities$2,250,000 583,400 583,400 780,211 780,211 
September 30, 2020December 31, 2019
Capacity ($)
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%13,165 13,165 83,584 83,584 
Bank 6 facility 2Recourse(24)4.25%12,067 12,067 82,729 82,729 
Subtotal CMBS credit facilities25,232 25,232 205,522 205,522 
Subtotal credit facilities608,632 608,632 1,099,233 1,099,233 
Total$2,556,443 $2,546,252 $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)Represents a mortgage note that was repaid during the third quarter of 2020 in connection with the sale of the collateralized property.
(9)As of September 30, 2020, the outstanding principal of the mortgage payable was NOK 1.6 billion, which translated to $170.1 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 September 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. Subsequent to September 30, 2020, the Company exercised a one-year extension option to October 2021 and reduced the capacity of Bank 2 Facility 3 to $21.4 million.
(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 six 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 September 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$25,904 $— $672 $25,232 
2021145,401 — 14,632 130,769 
2022351,529 — 2,520 349,009 
2023148,532 — 44,910 103,622 
2024204,072 — 204,072 — 
2025 and thereafter1,681,005 840,423 840,582 — 
Total$2,556,443 $840,423 $1,107,388 $608,632 
_________________________________________
(1)Includes $101.3 million of future minimum principal payments related to assets held for sale.