XML 54 R33.htm IDEA: XBRL DOCUMENT v3.25.0.1
Schedule IV - Mortgage Loans on Real Estate
 12 Months Ended
Dec. 31, 2024
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract]  
Schedule IV - Mortgage Loans on Real Estate
Type of Loan/BorrowerDescription / Location
Interest Payment Rates(2)
Maximum
 Maturity Date(3)
Periodic
 Payment
 Terms(4)
Prior
 Liens(5)
Face Amount
 of Loans
Carrying
 Amount of
 Loans(6)
Principal Amount of Loans Subject to Delinquent Principal or Interest(7)
Senior Mortgage Loans(1)
Senior loans in excess of 3% of the carrying amount of total loans
Borrower A
Office / New York
+ 4.17%2027I/O$— $1,329,829 $1,327,886 $— 
Borrower B
Mixed-Use / Dublin, IE
+ 3.20%2025I/O—860,102855,764—
Borrower C
Hospitality / Australia
+ 4.75%2029I/O—818,672814,225—
Senior loans less than 3% of the carrying amount of total loans
Senior Mortgage LoansOffice / Diversified
-1.30% – 4.62%
Fixed 6.00%
2024 – 2030
I/O—4,658,5554,607,433330,699
Senior Mortgage LoansMultifamily / Diversified
+1.71% – 8.86%
2025 – 2029
I/O & P/I—4,960,9754,947,380195,000
Senior Mortgage LoansHospitality / Diversified
+3.11% – 4.95%
2025 – 2029
I/O & P/I—1,893,2711,854,663—
Senior Mortgage LoansMixed-Use / Diversified
+2.76% – 4.60%
2025 – 2029
I/O—1,860,7951,847,567—
Senior Mortgage LoansIndustrial / Diversified
+2.71% – 4.60%
2025 – 2030
I/O & P/I—1,380,7841,376,442—
Senior Mortgage LoansOther / Diversified
+3.25% – 5.11%
2026 – 2028
I/O—472,118471,427—
Senior Mortgage LoansRetail / Diversified
+2.95% – 3.33%
2025 – 2027
I/O & P/I—335,784335,213—
Senior Mortgage LoansLife Sciences/Studio / Diversified
+3.66% – 3.75%
2026 – 2026
I/O—288,724288,484—
—15,851,00615,728,609525,699
Total senior mortgage loans$— $18,859,609 $18,726,484 $525,699 
Subordinate Loans(8)
Subordinate loans less than 3% of the carrying amount of total loans
Subordinate loansVarious / Diversified
+3.70% – 4.75%
2025 – 2028
I/O817,477343,515321,034—
Total subordinate loans$817,477 $343,515 $321,034 $525,699 
Total loans$817,477 $19,203,126 $19,047,518 $525,699 
CECL reserve(8)
(733,936)
Total loans, net$18,313,582 
(1)Includes senior mortgages and similar credit quality loans, including related contiguous subordinate loans, and pari passu participations in senior mortgage loans.
(2)The interest payment rates are expressed as a spread over the relevant floating benchmark rates, which include SOFR, SONIA, EURIBOR, and other indices, as applicable to each loan. Excludes loans accounted for under the cost-recovery and nonaccrual methods, if any.
(3)Maximum maturity date assumes all extension options are exercised.
(4)I/O = interest only, P/I = principal and interest.
(5)Represents only third party liens.
(6)The tax basis of the loans included above is $18.6 billion as of December 31, 2024.
(7)Such loans are generally risk rated “5” with asset-specific CECL reserves, other than one loan that was risk rated “3” and not impaired as of December 31, 2024, as the estimated fair value of the underlying collateral exceeded our basis in the loan.
(8)Includes loans in which we have previously originated a whole loan and sold a senior mortgage interest to a third-party, resulting in these subordinate interests in mortgages, and mezzanine loans.
(9)As of December 31, 2024, we had a total loans receivable CECL reserve of $733.9 million, of which $580.7 million is specifically related to 13 of our loans receivable with an aggregate amortized cost basis of $1.8 billion as of December 31, 2024. Refer to Note 3 for additional information on our CECL reserves.
Reconciliation of Mortgage Loans on Real Estate:
The following table reconciles mortgage loans on real estate for the years ended:
 202420232022
Balance at January 1,$23,787,012 $25,017,880 $22,003,017 
Additions during period:
Loan fundings 1,356,2081,344,1306,810,218
Payment-in-kind interest, net of interest received16,6602,865—
Amortization of fees and other items64,13378,42880,632
Deductions during period:
Loan repayments, sales, and cost-recovery proceeds(4,751,286)(2,924,401)(3,168,155)
Charge-offs
(384,603)——
Transfer to real estate owned
(590,937)——
Transfer to other assets, net
(70,248)——
Unrealized gain (loss) on foreign currency translation(347,728)286,102(632,902)
Deferred fees and other items(31,693)(17,992)(74,930)
Balance at December 31,$19,047,518 $23,787,012 $25,017,880 
CECL reserve(733,936)(576,936)(326,137)
Net balance at December 31,$18,313,582 $23,210,076 $24,691,743