(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 December 31, 2024, substantially all of our loans by principal balance earned a floating rate of interest, primarily indexed to SOFR. As of December 31, 2023, 99% of our loans by principal balance earned a floating rate of interest, primarily indexed to SOFR and the remaining 1% of our loans earned a fixed rate of interest. Floating rate exposure as of December 31, 2023 includes an interest rate swap we entered into with a notional amount of $229.9 million that effectively converted 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 December 31, 2024, 10% of our loans by principal balance were subject to yield maintenance or other prepayment restrictions and 90% 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, 2022	$	25,160,343	$	(142,463)	$	25,017,880
Loan fundings	1,344,130		—		1,344,130
Loan repayments, sales, and cost-recovery proceeds	(2,871,423)		(52,978)		(2,924,401)
Payment-in-kind interest, net of interest received	2,865		—		2,865

Unrealized gain (loss) on foreign currency translation	287,804		(1,702)		286,102
Deferred fees and other items	—		(17,992)		(17,992)
Amortization of fees and other items	—		78,428		78,428
Loans Receivable, as of December 31, 2023	$	23,923,719	$	(136,707)	$	23,787,012


Loan fundings	1,356,208		—		1,356,208
Loan repayments, sales, and cost-recovery proceeds	(4,663,293)		(87,993)		(4,751,286)
Charge-offs	(419,849)		35,246		(384,603)
Transfer to real estate owned	(590,937)		—		(590,937)
Transfer to other assets, net(2)	(70,248)		—		(70,248)
Payment-in-kind interest, net of interest received	16,660		—		16,660
Unrealized (loss) gain on foreign currency translation	(349,134)		1,406		(347,728)
Deferred fees and other items	—		(31,693)		(31,693)
Amortization of fees and other items	—		64,133		64,133
Loans Receivable, as of December 31, 2024	$	19,203,126	$	(155,608)	$	19,047,518
CECL reserve					(733,936)
Loans Receivable, net, as of December 31, 2024					$	18,313,582


December 31, 2024
Property Type	Number of Loans	Net Book Value		Total Loan Exposure(1)		Net Loan Exposure(2)		Net Loan Exposure Percentage of Portfolio
Office	41	$	7,386,333	$	7,740,932	$	5,729,418	33%
Multifamily	50	5,091,767		5,309,345		4,934,364		29
Hospitality	16	2,768,374		2,812,485		2,663,349		16
Industrial	11	2,030,627		2,039,069		2,000,831		12
Retail	5	555,553		585,221		532,069		3
Life Sciences / Studio	3	342,817		560,564		337,687		2
Other	4	872,047		872,923		836,585		5
Total loans receivable	130	$	19,047,518	$	19,920,539	$	17,034,303	100%
CECL reserve		(733,936)
Loans receivable, net		$	18,313,582

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	44	$	4,520,632	$	4,663,498	$	4,084,242	24%
Northeast	21	4,614,582		4,673,581		3,452,961		20
West	21	1,865,382		2,549,329		1,746,309		10
Midwest	10	997,156		1,006,613		820,858		5
Northwest	4	432,644		435,526		432,794		3
Subtotal	100	12,430,396		13,328,547		10,537,164		62
International
United Kingdom	16	2,916,145		2,877,609		2,839,096		17
Ireland	3	1,050,276		1,055,131		1,048,329		6
Australia	3	920,182		925,106		923,507		5
Spain	3	785,368		786,576		744,287		4
Sweden	1	429,084		430,416		429,724		2

Other Europe	3	455,417		456,102		451,245		4
Other International	1	60,650		61,052		60,951		—
Subtotal	30	6,617,122		6,591,992		6,497,139		38
Total loans receivable	130	$	19,047,518	$	19,920,539	$	17,034,303	100%
CECL reserve		(733,936)
Loans receivable, net		$	18,313,582


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.


	December 31, 2024
Risk Rating	Number of Loans	Net Book Value		Total Loan Exposure(1)		Net Loan Exposure(2)
1	11	$	1,919,280	$	1,921,416	$	994,056
2	21	3,346,881		3,354,857		3,349,347
3	65	9,246,692		9,462,122		8,818,346
4	20	2,707,104		3,245,102		2,622,877
5	13	1,827,561		1,937,042		1,249,677
Total loans receivable	130	$	19,047,518	$	19,920,539	$	17,034,303
CECL reserve		(733,936)
Loans receivable, net		$	18,313,582

	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 December 31, 2024, total loan exposure, includes (i) loans with an outstanding principal balance of $19.2 billion that are included in our consolidated financial statements, (ii) $817.5 million of non-consolidated senior interests in loans we have sold, which are not included in our consolidated financial statements, and excludes (iii) $100.1 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 December 31, 2024, which is our total loan exposure net of (i) $817.5 million of non-consolidated senior interests, (ii) $1.2 billion of asset-specific debt, (iii) $106.7 million of cost-recovery proceeds, and (iv) our total loans receivable CECL reserve of $733.9 million. 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.


	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









Increase (decrease) in CECL reserves	1,722		(5,419)		(2,284)		547,584		541,603
Charge-offs of CECL reserves	—		—		—		(384,603)		(384,603)
CECL reserves as of December 31, 2024	80,057		26,141		47,087		580,651		733,936

CECL reserves as of December 31, 2022	$	67,880	$	22,519	$	45,960	$	189,778	$	326,137









Increase in CECL reserves	10,455		9,041		3,411		227,892		250,799

CECL reserves as of December 31, 2023	$	78,335	$	31,560	$	49,371	$	417,670	$	576,936

During the year ended December 31, 2024, we recorded a net increase of $157.0 million in the CECL reserves against our loans receivable portfolio, due to a $541.6 million increase in CECL reserves, offset by charge-offs of our CECL reserves of $384.6 million, bringing our total loans receivable CECL reserve to $733.9 million as of December 31, 2024. This increase primarily relates to six additional loans that were impaired but not resolved during the year ended December 31, 2024, all 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. This increase in the CECL reserves were partially offset by the resolution and charge-off of the CECL reserves on 13 impaired loans during the year ended December 31, 2024. Additionally, the income accrual was suspended on one additional loan that was impaired during the three months ended December 31, 2024, as the recovery of income and principal was doubtful. During the three months ended December 31, 2024, we recorded $3.0 million of interest income on this loan. In addition, our general CECL reserves decreased primarily as a result of loan repayments reducing the size of our portfolio during the year ended December 31, 2024. The $384.6 million of charge-offs primarily related to the 13 previously impaired loans that were resolved during the year ended December 31, 2024.

As of December 31, 2024, we had an aggregate $580.7 million asset-specific CECL reserve related to 13 of our loans receivable, with an aggregate amortized cost basis of $1.8 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 December 31, 2024. No income was recorded on our impaired loans subsequent to determining that they were impaired. During the year ended December 31, 2024, we received an aggregate $88.0 million of cash proceeds from such loans that were applied as a reduction to the amortized cost basis of each respective loan.

As of December 31, 2024, one of our performing loans with an amortized cost basis of $195.0 million, inclusive of a $50.0 million junior loan participation sold, was past its current maturity date, was less than 90 days past due on its interest payment, and had a risk rating of “3.” This loan was not impaired as of December 31, 2024 as the estimated fair value of the underlying collateral exceeded our basis in the loan. As of December 31, 2024, all other borrowers under performing loans were in compliance with the applicable contractual terms of each respective loan, including any required payment of interest. Refer to Note 2 for further discussion of our policies on revenue recognition and our CECL reserves.


	Net Book Value of Loans Receivable by Year of Origination(1)
	As of December 31, 2024
Risk Rating	2024		2023		2022		2021		2020		Prior		Total
U.S. loans
1	$	—	$	—	$	151,674	$	245,289	$	60,240	$	1,381,858	$	1,839,061
2	60,651		—		197,153		1,611,856		—		—		1,869,660
3	268,408		—		1,599,604		2,160,837		691,097		392,470		5,112,416
4	—		—		236,780		1,019,672		—		726,513		1,982,965
5	—		—		—		—		—		—		—
Total U.S. loans	$	329,059	$	—	$	2,185,211	$	5,037,654	$	751,337	$	2,500,841	$	10,804,102
Non-U.S. loans
1	$	—	$	—	$	—	$	80,219	$	—	$	—	$	80,219
2	—		—		500,104		787,660		87,629		101,828		1,477,221
3	—		—		594,740		1,126,698		—		1,332,805		3,054,243
4	—		—		—		—		—		198,389		198,389
5	—		—		—		—		—		—		—
Total Non-U.S. loans	$	—	$	—	$	1,094,844	$	1,994,577	$	87,629	$	1,633,022	$	4,810,072
Unique loans
1	$	—	$	—	$	—	$	—	$	—	$	—	$	—
2	—		—		—		—		—		—		—
3	—		—		814,225		—		—		265,808		1,080,033
4	—		—		—		—		—		525,750		525,750
5	—		—		—		—		—		—		—
Total unique loans	$	—	$	—	$	814,225	$	—	$	—	$	791,558	$	1,605,783
Impaired loans
1	$	—	$	—	$	—	$	—	$	—	$	—	$	—
2	—		—		—		—		—		—		—
3	—		—		—		—		—		—		—
4	—		—		—		—		—		—		—
5	—		—		170,388		367,030		34,214		1,255,929		1,827,561
Total impaired loans	$	—	$	—	$	170,388	$	367,030	$	34,214	$	1,255,929	$	1,827,561
Total loans receivable
1	$	—	$	—	$	151,674	$	325,508	$	60,240	$	1,381,858	$	1,919,280
2	60,651		—		697,257		2,399,516		87,629		101,828		3,346,881
3	268,408		—		3,008,569		3,287,535		691,097		1,991,083		9,246,692
4	—		—		236,780		1,019,672		—		1,450,652		2,707,104
5	—		—		170,388		367,030		34,214		1,255,929		1,827,561
Total loans receivable	$	329,059	$	—	$	4,264,668	$	7,399,261	$	873,180	$	6,181,350	$	19,047,518
CECL reserve													(733,936)
Loans receivable, net													$	18,313,582

Gross charge-offs(2)	—		—		(52,045)		(255,005)		—		(77,553)		$	(384,603)


	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

Loans with a risk rating of “3” and “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 December 31, 2024, no income was recorded on our loans subsequent to determining that they were impaired and risk rated “5.”

Two of the loan modifications included term extensions. For one of the loans, the modification included a term extension of 10 months. The other modification included a term extension of nine months. As of December 31, 2024, the aggregate amortized cost basis of these loans was $446.2 million, or 2.3% of our aggregate loans receivable portfolio, with an aggregate $23.9 million of unfunded commitments. These loans were performing pursuant to their modified contractual terms as of December 31, 2024, had risk ratings of “5” as of December 31, 2024, and have asset-specific CECL reserves.

The other five loan modifications included term extensions combined with other-than-insignificant payment delays and/or interest rate reductions. 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 six months, an additional 3.00% exit fee and the interest rate increased by 4.00%. The third modification included a term extension of two 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 fourth loan modification included a term extension of five years, the borrower repaid $6.0 million of principal, and the loan was bifurcated into a separate senior loan and mezzanine loan. We are accruing interest on the senior loan, which is paying interest current, and deferring interest on the mezzanine loan that is paying interest in-kind. The fifth loan had a term extension of 4.8 years, the interest rate decreased by 0.10%, and the loan was bifurcated into a separate senior loan and mezzanine loan. The senior loan is paying interest partially current, and partially in-kind, while the mezzanine loan is paying interest in-kind. We are accruing interest on the portion of the senior loan that is paying current and a portion that is paid in-kind, and deferring interest income recognition on the remaining portion, including the entire mezzanine loan. As of December 31, 2024, the aggregate amortized cost basis of these loans was $509.8 million, or 2.7% of our aggregate loans receivable portfolio, with an aggregate $28.6 million of unfunded commitments. The loans were performing pursuant to their contractual terms as of December 31, 2024. As of December 31, 2024, four of these existing loans had a risk rating of “5,” and one of these existing loans had a risk rating of “4.” Of the three newly bifurcated senior loans, two loans had a risk rating of “4,” and one loan had a risk rating of “3.” The newly bifurcated mezzanine loans all had a risk rating of “5.”