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Loans Receivable, Net (Tables)
 9 Months Ended
Sep. 30, 2024
Receivables [Abstract]  
Overall Statistics for Loans Receivable Portfolio
The following table details overall statistics for our loans receivable portfolio ($ in thousands):
September 30, 2024December 31, 2023
Number of loans149 178 
Principal balance$21,761,684 $23,923,719 
Net book value$20,591,458 $23,210,076 
Unfunded loan commitments(1)
$1,562,589 $2,430,664 
Weighted-average cash coupon(2)
+ 3.40 %+ 3.37 %
Weighted-average all-in yield(2)
+ 3.74 %+ 3.71 %
Weighted-average maximum maturity (years)(3)
2.22.5
(1)Unfunded commitments will primarily be funded to finance our borrowers’ construction or development of real estate-related assets, capital improvements of existing assets, or lease-related expenditures. These commitments will generally be funded over the term of each loan, subject in certain cases to an expiration date.
(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 $229.9 million that effectively converts certain of our fixed rate loan exposure to floating rate exposure. In addition to cash coupon, all-in yield includes the amortization of deferred origination and extension fees, loan origination costs, and purchase discounts, as well as the accrual of exit fees. Excludes loans accounted for under the cost-recovery and nonaccrual methods, if any.
(3)Maximum maturity assumes all extension options are exercised by the borrower, however our loans may be repaid prior to such date. Excludes loans accounted for under the cost-recovery and nonaccrual methods, if any. As of September 30, 2024, 14% of our loans by principal balance were subject to yield maintenance or other prepayment restrictions and 86% were open to repayment by the borrower without penalty. As of December 31, 2023, 14% of our loans by principal balance were subject to yield maintenance or other prepayment restrictions and 86% were open to repayment by the borrower without penalty.
Disclosure Details Of Loan Receivable Portfolio Based On Index Floor Rates
The following table details the index rate floors for our loans receivable portfolio as of September 30, 2024 ($ in thousands):

 Loans Receivable Principal Balance
Index Rate FloorsUSD
Non-USD(1)
Total
0.00% or no floor(2)(3)
$5,307,784 $5,035,435 $10,343,219 
0.01% to 1.00% floor4,256,122401,7154,657,837
1.01% to 2.00% floor1,944,476960,4632,904,939
2.01% to 3.00% floor1,724,694542,0202,266,714
3.01% or more floor1,388,231200,7441,588,975
Total(4)
$14,621,307 $7,140,377 $21,761,684 
(1)Includes Euro, British Pound Sterling, Swedish Krona, Australian Dollar, and Swiss Franc currencies.
(2)Includes an interest rate swap we entered into with a notional amount of $229.9 million that effectively converts certain of our fixed rate loan exposure to floating rate exposure.
(3)Includes all impaired loans.
(4)As of September 30, 2024, the weighted-average index rate floor of our loans receivable principal balance was 0.97%. Excluding 0.0% index rate floors and loans with no floor, the weighted-average index rate floor was 1.57%.
Activity Relating to Loans Receivable Portfolio
Activity relating to our loans receivable portfolio was as follows ($ in thousands):
 
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 fundings982,229—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 received9,612—9,612
Unrealized gain (loss) on foreign currency translation174,741(658)174,083
Deferred fees and other items—(26,140)(26,140)
Amortization of fees and other items—50,56850,568
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
$20,591,458 
(1)Other items primarily consist of purchase and sale discounts or premiums, exit fees, deferred origination expenses, and cost-recovery proceeds.
(2)This amount relates to: (i) a loan that was partially satisfied through the issuance of a note receivable; (ii) proceeds from a loan repayment that are held in escrow; and (iii) intangible assets related to loans that were transferred to REO, all of which are included within other assets in our consolidated balance sheets. See Note 5 for further information.
Property Type and Geographic Distribution of Properties Securing Loans in Portfolio
The tables below detail the property type and geographic distribution of the properties securing the loans in our portfolio ($ in thousands):
September 30, 2024
Property TypeNumber of Loans
Net
Book Value
Total Loan
 Exposure(1)
Net Loan
 Exposure(2)
Net Loan Exposure Percentage of
 Portfolio
Office47$8,684,237 $9,033,796 $6,807,782 35%
Multifamily625,620,1115,811,8995,471,55828
Hospitality173,175,4233,217,0143,038,09316
Industrial102,086,7852,096,2292,062,92311
Retail5693,991721,638660,9353
Life Sciences / Studio4401,890606,999400,3032
Other4940,080940,840905,3155
Total loans receivable149$21,602,517 $22,428,415 $19,346,909 100%
CECL reserve(1,011,059)
Loans receivable, net$20,591,458 
Geographic LocationNumber of Loans
Net
Book Value
Total Loan
 Exposure(1)
Net Loan
 Exposure(2)
Net Loan Exposure Percentage of
 Portfolio
United States    
Sunbelt55$5,236,391 $5,359,950 $4,815,460 25%
Northeast235,117,1815,174,0733,848,67520
West262,723,4363,381,5142,425,95813
Midwest9945,419951,628772,8524
Northwest4412,956416,373413,9822
Subtotal11714,435,38315,283,53812,276,92764
International
United Kingdom173,130,7123,091,9813,072,99616
Australia31,026,8941,032,9141,029,2215
Ireland31,112,9881,118,5831,111,3257
Spain3852,586854,172813,0414
Sweden1467,303469,004468,6242
Other Europe4519,158520,223517,1342
Other International157,49358,00057,641—
Subtotal327,167,1347,144,8777,069,98236
Total loans receivable149$21,602,517 $22,428,415 $19,346,909 100%
CECL reserve(1,011,059)
Loans receivable, net$20,591,458 
(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. 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 non-consolidated senior interests, asset-specific debt, and loan participations sold are structurally non-recourse and term-matched to the corresponding collateral loans.
December 31, 2023
Property TypeNumber of
 Loans		Net
Book Value
Total Loan
 Exposure(1)
Net Loan
 Exposure(2)
Net Loan Exposure Percentage of
 Portfolio
Office54$9,253,609 $10,072,963 $7,956,472 36%
Multifamily735,876,1285,997,8865,756,19226
Hospitality234,161,5254,194,5883,804,09117
Industrial122,189,8082,201,4972,190,91410
Retail6814,241834,825785,5734
Life Sciences/Studio4385,098561,517384,2192
Other61,106,6031,107,7521,074,5275
Total loans receivable178$23,787,012 $24,971,028 $21,951,988 100%
CECL reserve(576,936)
Loans receivable, net$23,210,076 
Geographic LocationNumber of
 Loans		Net
Book Value
Total Loan
 Exposure(1)
Net Loan
 Exposure(2)
Net Loan Exposure Percentage of
 Portfolio
United States    
Sunbelt65$5,658,172 $5,786,395 $5,402,732 25%
Northeast305,386,9405,426,9514,340,66020
West313,088,6444,108,0742,910,55913
Midwest9944,132945,222913,9734
Northwest6382,591385,978383,3822
Subtotal14115,460,47916,652,62013,951,30664
International
United Kingdom203,470,1203,439,6783,181,48914
Australia51,429,1441,437,8701,432,1467
Ireland31,191,0681,197,3371,188,5545
Spain31,117,7901,120,3751,078,8115
Sweden1474,262476,718476,2812
Other Europe5644,149646,430643,4013
Subtotal378,326,5338,318,4088,000,68236
Total loans receivable178$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 $576.9 million. Our non-consolidated senior interests, asset-specific debt, and loan participations sold are structurally non-recourse and term-matched to the corresponding collateral loans.
Net Book Value, Total Loan Exposure and Net Loan Exposure of Loans Receivable Based on Internal Risk Ratings and Credit Quality Indicators
The following table allocates the net book value, total loan exposure, and net loan exposure balances based on our internal risk ratings ($ in thousands):
September 30, 2024
Risk
 Rating
Number
 of Loans
Net
Book Value
Total Loan
 Exposure(1)
Net Loan
 Exposure(2)
116$2,058,795 $2,062,324 $1,139,470 
2263,938,9503,947,8163,944,699
3679,595,6969,783,8479,192,975
4202,843,4643,365,7982,783,690
5203,165,6123,268,6302,286,075
Total loans receivable149$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)
115$763,101 $811,217 $763,223 
2366,143,1846,618,3195,095,395
39912,277,51812,573,28211,964,620
4152,725,9303,036,8372,668,025
5131,877,2791,931,3731,460,725
Total loans receivable178$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 $576.9 million. Our non-consolidated senior interests, asset-specific debt, and loan participations sold are structurally non-recourse and term-matched to the corresponding collateral loans.
Our primary credit quality indicator is our risk ratings, which are further discussed above. The following tables present the net book value of our loan portfolio as of September 30, 2024 and December 31, 2023, respectively, by year of origination, investment pool, and risk rating ($ in thousands):
 
Net Book Value of Loans Receivable by Year of Origination(1)
 As of September 30, 2024
Risk Rating
20242023202220212020PriorTotal
U.S. loans
1$— $— $151,575 $352,654 $60,364 $1,404,644 $1,969,237 
2——196,9971,835,751—285,5202,318,268
3149,237—1,608,0302,326,962580,073474,9725,139,274
4——235,509903,496—761,4811,900,486
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 $— $— $89,558 
2——537,063850,62494,179138,8161,620,682
3——681,6981,167,063—1,415,5263,264,287
4—————363,489363,489
5——— ————
Total Non-U.S. loans$— $— $1,218,761 $2,107,245 $94,179 $1,917,831 $5,338,016 
Unique loans
1$— $— $— $— $— $— $— 
2———————
3——909,171——282,964 1,192,135
4—————579,489579,489
5———————
Total unique loans$— $— $909,171 $— $— $862,453 $1,771,624 
Impaired loans
1$— $— $— $— $— $— $— 
2———————
3———————
4———————
5——492,6151,146,576138,8401,387,5813,165,612
Total impaired loans$— $— $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——734,0602,686,37594,179424,3363,938,950
3149,237—3,198,8993,494,025580,0732,173,4629,595,696
4——235,509903,496—1,704,4592,843,464
5——492,6151,146,576138,8401,387,5813,165,612
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)
(1)Date loan was originated or acquired by us. Origination dates are subsequently updated to reflect material loan modifications.
(2)Represents charge-offs by year of origination during the nine months ended September 30, 2024.
 
Net Book Value of Loans Receivable by Year of Origination(1)
 As of December 31, 2023
Risk Rating
20232022202120202019PriorTotal
U.S. loans
1$— $172,575 $443,739 $39,877 $52,939 $53,971 $763,101 
2—195,7551,883,16232,179200,9171,438,1753,750,188
3—1,870,6103,730,842613,688380,726359,2576,955,123
4—317,665924,070—193,168679,8852,114,788
5———————
Total U.S. loans$— $2,556,605 $6,981,813 $685,744 $827,750 $2,531,288 $13,583,200 
Non-U.S. loans
1$— $— $— $— $— $— $— 
2—1,034,1961,230,76293,42334,615—2,392,996
3—643,0181,084,137—2,249,931—3,977,086
4———————
5———————
Total Non-U.S. loans$— $1,677,214 $2,314,899 $93,423 $2,284,546 $— $6,370,082 
Unique loans
1$— $— $— $— $— $— $— 
2———————
3—894,599——264,457186,2531,345,309
4—————611,142611,142
5———————
Total unique loans$— $894,599 $— $— $264,457 $797,395 $1,956,451 
Impaired loans
1$— $— $— $— $— $— $— 
2———————
3———————
4———————
5——508,264140,000—1,229,0151,877,279
Total impaired loans$— $— $508,264 $140,000 $— $1,229,015 $1,877,279 
Total loans receivable
1$— $172,575 $443,739 $39,877 $52,939 $53,971 $763,101 
2—1,229,9513,113,924125,602235,5321,438,1756,143,184
3—3,408,2274,814,979613,6882,895,114545,51012,277,518
4—317,665924,070—193,1681,291,0272,725,930
5——508,264140,000—1,229,0151,877,279
Total loans receivable$— $5,128,418 $9,804,976 $919,167 $3,376,753 $4,557,698 $23,787,012 
CECL reserve(576,936)
Loans receivable, net$23,210,076 
(1)Date loan was originated or acquired by us. Origination dates are subsequently updated to reflect material loan modifications.
Schedule Of Current Expected Credit Loss Reserve By Pool The following table presents the activity in our loans receivable CECL reserve by investment pool for the three and nine months ended September 30, 2024 and 2023 ($ 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)245,942235,447 
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)423169,318155,105 
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)4,424141,186134,110 
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 reserves5,314 (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 reserves1,199 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 
(1)Includes one U.S. dollar-denominated loan that is located in Bermuda.