(2)The weighted-average cash coupon and all-in yield are expressed as a spread over the relevant floating benchmark rates, which include SOFR, SONIA, EURIBOR, and other indices, as applicable to each loan. As of September 30, 2024, all of our loans by principal balance earned a floating rate of interest, primarily indexed to SOFR. As of December 31, 2023, substantially all of our loans by principal balance earned a floating rate of interest, primarily indexed to SOFR. Floating rate exposure as of September 30, 2024 and December 31, 2023 includes an interest rate swap we entered into with a notional amount of $229.9 million that effectively converts certain of our fixed rate loan exposure to floating rate exposure. In addition to cash coupon, all-in yield includes the amortization of deferred origination and extension fees, loan origination costs, and purchase discounts, as well as the accrual of exit fees. Excludes loans accounted for under the cost-recovery and nonaccrual methods, if any.

(3)Maximum maturity assumes all extension options are exercised by the borrower, however our loans may be repaid prior to such date. Excludes loans accounted for under the cost-recovery and nonaccrual methods, if any. As of September 30, 2024, 14% of our loans by principal balance were subject to yield maintenance or other prepayment restrictions and 86% were open to repayment by the borrower without penalty. As of December 31, 2023, 14% of our loans by principal balance were subject to yield maintenance or other prepayment restrictions and 86% were open to repayment by the borrower without penalty.


	Principal Balance		Deferred Fees / Other Items(1)		Net Book Value







Loans Receivable, as of December 31, 2023	$	23,923,719	$	(136,707)	$	23,787,012
Loan fundings	982,229		—		982,229
Loan repayments, sales, and cost-recovery proceeds	(3,055,044)		(59,848)		(3,114,892)
Charge-offs	(104,157)		13,618		(90,539)
Transfer to real estate owned	(139,239)		—		(139,239)
Transfer to other assets(2)	(30,177)		—		(30,177)
Payment-in-kind interest, net of interest received	9,612		—		9,612
Unrealized gain (loss) on foreign currency translation	174,741		(658)		174,083
Deferred fees and other items	—		(26,140)		(26,140)
Amortization of fees and other items	—		50,568		50,568
Loans Receivable, as of September 30, 2024	$	21,761,684	$	(159,167)	$	21,602,517
CECL reserve					(1,011,059)
Loans Receivable, net, as of September 30, 2024					$	20,591,458


September 30, 2024
Property Type	Number of Loans	Net Book Value		Total Loan Exposure(1)		Net Loan Exposure(2)		Net Loan Exposure Percentage of Portfolio
Office	47	$	8,684,237	$	9,033,796	$	6,807,782	35%
Multifamily	62	5,620,111		5,811,899		5,471,558		28
Hospitality	17	3,175,423		3,217,014		3,038,093		16
Industrial	10	2,086,785		2,096,229		2,062,923		11
Retail	5	693,991		721,638		660,935		3
Life Sciences / Studio	4	401,890		606,999		400,303		2
Other	4	940,080		940,840		905,315		5
Total loans receivable	149	$	21,602,517	$	22,428,415	$	19,346,909	100%
CECL reserve		(1,011,059)
Loans receivable, net		$	20,591,458

Geographic Location	Number of Loans	Net Book Value		Total Loan Exposure(1)		Net Loan Exposure(2)		Net Loan Exposure Percentage of Portfolio
United States
Sunbelt	55	$	5,236,391	$	5,359,950	$	4,815,460	25%
Northeast	23	5,117,181		5,174,073		3,848,675		20
West	26	2,723,436		3,381,514		2,425,958		13
Midwest	9	945,419		951,628		772,852		4
Northwest	4	412,956		416,373		413,982		2
Subtotal	117	14,435,383		15,283,538		12,276,927		64
International
United Kingdom	17	3,130,712		3,091,981		3,072,996		16
Australia	3	1,026,894		1,032,914		1,029,221		5
Ireland	3	1,112,988		1,118,583		1,111,325		7
Spain	3	852,586		854,172		813,041		4
Sweden	1	467,303		469,004		468,624		2
Other Europe	4	519,158		520,223		517,134		2
Other International	1	57,493		58,000		57,641		—

Subtotal	32	7,167,134		7,144,877		7,069,982		36
Total loans receivable	149	$	21,602,517	$	22,428,415	$	19,346,909	100%
CECL reserve		(1,011,059)
Loans receivable, net		$	20,591,458


December 31, 2023
Property Type	Number of Loans	Net Book Value		Total Loan Exposure(1)		Net Loan Exposure(2)		Net Loan Exposure Percentage of Portfolio
Office	54	$	9,253,609	$	10,072,963	$	7,956,472	36%
Multifamily	73	5,876,128		5,997,886		5,756,192		26
Hospitality	23	4,161,525		4,194,588		3,804,091		17
Industrial	12	2,189,808		2,201,497		2,190,914		10
Retail	6	814,241		834,825		785,573		4
Life Sciences/Studio	4	385,098		561,517		384,219		2
Other	6	1,106,603		1,107,752		1,074,527		5
Total loans receivable	178	$	23,787,012	$	24,971,028	$	21,951,988	100%
CECL reserve		(576,936)
Loans receivable, net		$	23,210,076

Geographic Location	Number of Loans	Net Book Value		Total Loan Exposure(1)		Net Loan Exposure(2)		Net Loan Exposure Percentage of Portfolio
United States
Sunbelt	65	$	5,658,172	$	5,786,395	$	5,402,732	25%
Northeast	30	5,386,940		5,426,951		4,340,660		20
West	31	3,088,644		4,108,074		2,910,559		13
Midwest	9	944,132		945,222		913,973		4
Northwest	6	382,591		385,978		383,382		2
Subtotal	141	15,460,479		16,652,620		13,951,306		64
International
United Kingdom	20	3,470,120		3,439,678		3,181,489		14
Australia	5	1,429,144		1,437,870		1,432,146		7
Ireland	3	1,191,068		1,197,337		1,188,554		5
Spain	3	1,117,790		1,120,375		1,078,811		5
Sweden	1	474,262		476,718		476,281		2

Other Europe	5	644,149		646,430		643,401		3
Subtotal	37	8,326,533		8,318,408		8,000,682		36
Total loans receivable	178	$	23,787,012	$	24,971,028	$	21,951,988	100%
CECL reserve		(576,936)
Loans receivable, net		$	23,210,076

(1)Total loan exposure reflects our aggregate exposure to each loan investment. As of December 31, 2023, total loan exposure, includes (i) loans with an outstanding principal balance of $23.9 billion that are included in our consolidated financial statements, (ii) $1.1 billion of non-consolidated senior interests in loans we have sold, which are not included in our consolidated financial statements, and excludes (iii) $100.9 million of junior loan interests that we have sold, but that remain included in our consolidated financial statements. See Note 2 for further discussion of loan participations sold.

(2)Net loan exposure reflects the amount of each loan that is subject to risk of credit loss to us as of December 31, 2023, which is our total loan exposure net of (i) $1.1 billion of non-consolidated senior interests, (ii) $1.0 billion of asset-specific debt, (iii) $236.8 million of senior loan participations sold, (iv) $53.0 million of cost-recovery proceeds, and (v) our total loans receivable CECL reserve of $576.9 million. Our non-consolidated senior interests, asset-specific debt, and loan participations sold are structurally non-recourse and term-matched to the corresponding collateral loans.

As further described in Note 2, we evaluate our loan portfolio on a quarterly basis. In conjunction with our quarterly loan portfolio review, we assess the risk factors of each loan, and assign a risk rating based on several factors. Factors considered in the assessment include, but are not limited to, risk of loss, origination LTV, debt yield, collateral performance, structure, exit plan, and sponsorship. Loans are rated “1” (less risk) through “5” (greater risk), which ratings are defined in Note 2.


	September 30, 2024
Risk Rating	Number of Loans	Net Book Value		Total Loan Exposure(1)		Net Loan Exposure(2)
1	16	$	2,058,795	$	2,062,324	$	1,139,470
2	26	3,938,950		3,947,816		3,944,699
3	67	9,595,696		9,783,847		9,192,975
4	20	2,843,464		3,365,798		2,783,690
5	20	3,165,612		3,268,630		2,286,075
Total loans receivable	149	$	21,602,517	$	22,428,415	$	19,346,909
CECL reserve		(1,011,059)
Loans receivable, net		$	20,591,458

	December 31, 2023
Risk Rating	Number of Loans	Net Book Value		Total Loan Exposure(1)		Net Loan Exposure(2)
1	15	$	763,101	$	811,217	$	763,223
2	36	6,143,184		6,618,319		5,095,395
3	99	12,277,518		12,573,282		11,964,620
4	15	2,725,930		3,036,837		2,668,025
5	13	1,877,279		1,931,373		1,460,725
Total loans receivable	178	$	23,787,012	$	24,971,028	$	21,951,988
CECL reserve		(576,936)
Loans receivable, net		$	23,210,076

(1)Total loan exposure reflects our aggregate exposure to each loan investment. As of September 30, 2024, total loan exposure, includes (i) loans with an outstanding principal balance of $21.8 billion that are included in our consolidated financial statements, (ii) $770.2 million of non-consolidated senior interests in loans we have sold, which are not included in our consolidated financial statements, and excludes (iii) $103.5 million of junior loan interests that we have sold, but that remain included in our consolidated financial statements. As of December 31, 2023, total loan exposure, includes (i) loans with an outstanding principal balance of $23.9 billion that are included in our consolidated financial statements (ii) $1.1 billion of non-consolidated senior interests in loans we have sold, which are not included in our consolidated financial statements, and excludes (iii) $100.9 million of junior loan interests that we have sold, but that remain included in our consolidated financial statements. See Note 2 for further discussion of loan participations sold.

(2)Net loan exposure reflects the amount of each loan that is subject to risk of credit loss to us as of September 30, 2024, which is our total loan exposure net of (i) $770.2 million of non-consolidated senior interests, (ii) $1.2 billion of asset-specific debt, (iii) $99.0 million of cost-recovery proceeds, and (iv) our total loans receivable CECL reserve of $1.0 billion. Our net loan exposure as of December 31, 2023 is our total loan exposure net of (i) $1.1 billion of non-consolidated senior interests, (ii) $1.0 billion of asset-specific debt, (iii) $236.8 million of senior loan participations sold, and (iv) $53.0 million of cost-recovery proceeds, and (v) our total loans receivable CECL reserve of $576.9 million. Our non-consolidated senior interests, asset-specific debt, and loan participations sold are structurally non-recourse and term-matched to the corresponding collateral loans.

The CECL reserves required under GAAP reflect our current estimate of potential credit losses related to the loans included in our consolidated balance sheets. Refer to Note 2 for further discussion of our CECL reserves. The following table presents the activity in our loans receivable CECL reserve by investment pool for the three and nine months ended September 30, 2024 and 2023 ($ in thousands):


	U.S. Loans(1)		Non-U.S. Loans		Unique Loans		Impaired Loans		Total
Loans Receivable, Net
CECL reserves as of December 31, 2023	$	78,335	$	31,560	$	49,371	$	417,670	$	576,936
(Decrease) increase in CECL reserves	(3,807)		(770)		(5,918)		245,942		235,447
Charge-offs of CECL reserves	—		—		—		(61,013)		(61,013)
CECL reserves as of March 31, 2024	$	74,528	$	30,790	$	43,453	$	602,599	$	751,370
(Decrease) increase in CECL reserves	(11,997)		(2,639)		423		169,318		155,105
Charge-offs of CECL reserves	—		—		—		(12,537)		(12,537)
CECL reserve as of June 30, 2024	$	62,531	$	28,151	$	43,876	$	759,380	$	893,938
(Decrease) increase in CECL reserves	(9,584)		(1,916)		4,424		141,186		134,110
Charge-offs of CECL reserves	—		—		—		(16,989)		(16,989)
CECL reserve as of September 30, 2024	$	52,947	$	26,235	$	48,300	$	883,577	$	1,011,059





CECL reserves as of December 31, 2022	$	67,880	$	22,519	$	45,960	$	189,778	$	326,137
Increase (decrease) in CECL reserves	5,314		(2,823)		483		7,480		10,454

CECL reserves as of March 31, 2023	$	73,194	$	19,696	$	46,443	$	197,258	$	336,591
Increase (decrease) in CECL reserves	1,199		9,296		(354)		17,143		27,284

CECL reserve as of June 30, 2023	$	74,393	$	28,992	$	46,089	$	214,401	$	363,875
(Decrease) increase in CECL reserves	(5,639)		(2,336)		(627)		108,150		99,548

CECL reserve as of September 30, 2023	$	68,754	$	26,656	$	45,462	$	322,551	$	463,423

During the three months ended September 30, 2024, we recorded a net increase of $117.1 million in the CECL reserves against our loans receivable portfolio, due to a $134.1 million increase in CECL reserves, offset by charge-offs of our CECL reserves of $17.0 million, bringing our total loans receivable CECL reserve to $1.0 billion as of September 30, 2024. This increase primarily relates to two loans impaired during the three months ended September 30, 2024, both of which were secured by office buildings. The office sector is generally facing reduced tenant and capital markets demand in recent years. These impairments are each determined individually as a result of changes in the specific credit quality factors for such loans. These factors included, among others, (i) the underlying collateral performance, (ii) discussions with the borrower, (iii) borrower events of default, and (iv) other facts that impact the borrower’s ability to pay the contractual amounts due under the terms of the loan. As of September 30, 2024, the income accrual was suspended on the two additional loans that were impaired as the recovery of income and principal was doubtful. During the three months ended September 30, 2024, we recorded $4.9 million of interest income on these two loans. In addition, our general CECL reserves decreased primarily as a result of loan repayments reducing the size of our portfolio during the three months ended September 30, 2024.

As of September 30, 2024, we had an aggregate $883.6 million asset-specific CECL reserve related to 20 of our loans receivable, with an aggregate amortized cost basis of $3.2 billion, net of cost-recovery proceeds. This CECL reserve was recorded based on our estimation of the fair value of each of the loan's underlying collateral as of September 30, 2024. No income was recorded on our impaired loans subsequent to determining that they were impaired. During the three months ended September 30, 2024, we received an aggregate $24.5 million of cash proceeds from such loans that were applied as a


	Net Book Value of Loans Receivable by Year of Origination(1)
	As of September 30, 2024
Risk Rating	2024		2023		2022		2021		2020		Prior		Total
U.S. loans
1	$	—	$	—	$	151,575	$	352,654	$	60,364	$	1,404,644	$	1,969,237
2	—		—		196,997		1,835,751		—		285,520		2,318,268
3	149,237		—		1,608,030		2,326,962		580,073		474,972		5,139,274
4	—		—		235,509		903,496		—		761,481		1,900,486
5	—		—		—		—		—		—		—
Total U.S. loans	$	149,237	$	—	$	2,192,111	$	5,418,863	$	640,437	$	2,926,617	$	11,327,265
Non-U.S. loans
1	$	—	$	—	$	—	$	89,558	$	—	$	—	$	89,558
2	—		—		537,063		850,624		94,179		138,816		1,620,682
3	—		—		681,698		1,167,063		—		1,415,526		3,264,287
4	—		—		—		—		—		363,489		363,489
5	—		—		—		—		—		—		—
Total Non-U.S. loans	$	—	$	—	$	1,218,761	$	2,107,245	$	94,179	$	1,917,831	$	5,338,016
Unique loans
1	$	—	$	—	$	—	$	—	$	—	$	—	$	—
2	—		—		—		—		—		—		—
3	—		—		909,171		—		—		282,964		1,192,135
4	—		—		—		—		—		579,489		579,489
5	—		—		—		—		—		—		—
Total unique loans	$	—	$	—	$	909,171	$	—	$	—	$	862,453	$	1,771,624
Impaired loans
1	$	—	$	—	$	—	$	—	$	—	$	—	$	—
2	—		—		—		—		—		—		—
3	—		—		—		—		—		—		—
4	—		—		—		—		—		—		—
5	—		—		492,615		1,146,576		138,840		1,387,581		3,165,612
Total impaired loans	$	—	$	—	$	492,615	$	1,146,576	$	138,840	$	1,387,581	$	3,165,612
Total loans receivable
1	$	—	$	—	$	151,575	$	442,212	$	60,364	$	1,404,644	$	2,058,795
2	—		—		734,060		2,686,375		94,179		424,336		3,938,950
3	149,237		—		3,198,899		3,494,025		580,073		2,173,462		9,595,696
4	—		—		235,509		903,496		—		1,704,459		2,843,464
5	—		—		492,615		1,146,576		138,840		1,387,581		3,165,612
Total loans receivable	$	149,237	$	—	$	4,812,658	$	8,672,684	$	873,456	$	7,094,482	$	21,602,517
CECL reserve													(1,011,059)
Loans receivable, net													$	20,591,458

Gross charge-offs(2)	—		—		(17,450)		(53,587)		—		(19,502)		$	(90,539)


	Net Book Value of Loans Receivable by Year of Origination(1)
	As of December 31, 2023
Risk Rating	2023		2022		2021		2020		2019		Prior		Total
U.S. loans
1	$	—	$	172,575	$	443,739	$	39,877	$	52,939	$	53,971	$	763,101
2	—		195,755		1,883,162		32,179		200,917		1,438,175		3,750,188
3	—		1,870,610		3,730,842		613,688		380,726		359,257		6,955,123
4	—		317,665		924,070		—		193,168		679,885		2,114,788
5	—		—		—		—		—		—		—
Total U.S. loans	$	—	$	2,556,605	$	6,981,813	$	685,744	$	827,750	$	2,531,288	$	13,583,200
Non-U.S. loans
1	$	—	$	—	$	—	$	—	$	—	$	—	$	—
2	—		1,034,196		1,230,762		93,423		34,615		—		2,392,996
3	—		643,018		1,084,137		—		2,249,931		—		3,977,086
4	—		—		—		—		—		—		—
5	—		—		—		—		—		—		—
Total Non-U.S. loans	$	—	$	1,677,214	$	2,314,899	$	93,423	$	2,284,546	$	—	$	6,370,082
Unique loans
1	$	—	$	—	$	—	$	—	$	—	$	—	$	—
2	—		—		—		—		—		—		—
3	—		894,599		—		—		264,457		186,253		1,345,309
4	—		—		—		—		—		611,142		611,142
5	—		—		—		—		—		—		—
Total unique loans	$	—	$	894,599	$	—	$	—	$	264,457	$	797,395	$	1,956,451
Impaired loans
1	$	—	$	—	$	—	$	—	$	—	$	—	$	—
2	—		—		—		—		—		—		—
3	—		—		—		—		—		—		—
4	—		—		—		—		—		—		—
5	—		—		508,264		140,000		—		1,229,015		1,877,279
Total impaired loans	$	—	$	—	$	508,264	$	140,000	$	—	$	1,229,015	$	1,877,279
Total loans receivable
1	$	—	$	172,575	$	443,739	$	39,877	$	52,939	$	53,971	$	763,101
2	—		1,229,951		3,113,924		125,602		235,532		1,438,175		6,143,184
3	—		3,408,227		4,814,979		613,688		2,895,114		545,510		12,277,518
4	—		317,665		924,070		—		193,168		1,291,027		2,725,930
5	—		—		508,264		140,000		—		1,229,015		1,877,279
Total loans receivable	$	—	$	5,128,418	$	9,804,976	$	919,167	$	3,376,753	$	4,557,698	$	23,787,012
CECL reserve													(576,936)
Loans receivable, net													$	23,210,076

Two of the loan modifications included other-than-insignificant payment delays, specifically the option to pay interest in-kind. For one of the loans, the modification included an additional 2.00% exit fee and the interest rate increased by 2.00%. The other modification included an additional 3.00% exit fee and the interest rate increased by 4.00%. As of September 30, 2024, the aggregate amortized cost basis of these loans was $347.5 million, or 1.6% of our aggregate loans receivable portfolio, and these loans had no unfunded commitments. These loans were performing pursuant to their modified contractual terms as of September 30, 2024, had risk ratings of “5” as of September 30, 2024, and have asset-specific CECL reserves.

The other four loan modifications included term extensions combined with other-than-insignificant payment delays. The first loan modification included a term extension of 2.5 years, and the loan was bifurcated into a separate senior loan and mezzanine loan. The senior loan is paying interest current while the mezzanine loan is paying interest in-kind. The second modification included a term extension of 2 years, a $34.5 million increase in our total loan commitment, and was converted to a fixed coupon rate of 15.00% with interest paid in-kind, inclusive of a senior portion of our loan that accrues interest at a floating rate of SOFR + 2.50%. We are accruing interest on the senior portion of the loan, and deferring interest income recognition on the remaining portion. The third loan modification included a term extension of 7 months, and an increase in paid in-kind interest of 5.00%. The fourth loan modification included a term extension of 10 months. As of September 30, 2024, the aggregate amortized cost basis of these loans was $457.9 million, or 2.1% of our aggregate loans receivable portfolio, with an aggregate $61.5 million of unfunded commitments. The loans were performing pursuant to their contractual terms as of September 30, 2024. As of September 30, 2024, three of these loans had a risk rating of “5” and two loans had a risk rating of “4.”

Loans with a risk rating of “4” are included in the determination of our general CECL reserve and loans with a risk rating of “5” have an asset-specific CECL reserve. Loan modifications that allow the option to pay interest in-kind increase our potential economics and the size of our secured claim, as interest is capitalized and added to the outstanding principal balance for applicable loans. As of September 30, 2024, no income was recorded on our loans subsequent to determining that they were impaired and risk rated “5.”