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Loans Receivable, Net (Tables)
 12 Months Ended
Dec. 31, 2024
Receivables [Abstract]  
Overall Statistics for Loans Receivable Portfolio
The following table details overall statistics for our loans receivable portfolio ($ in thousands):
December 31, 2024December 31, 2023
Number of loans130 178 
Principal balance$19,203,126 $23,923,719 
Net book value$18,313,582 $23,210,076 
Unfunded loan commitments(1)
$1,263,068 $2,430,664 
Weighted-average cash coupon(2)
+ 3.46 %+ 3.37 %
Weighted-average all-in yield(2)
+ 3.78 %+ 3.71 %
Weighted-average maximum maturity (years)(3)
2.12.5
(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 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 $229.9 million that effectively converted certain of our fixed rate loan exposure to floating rate exposure. In addition to cash coupon, all-in yield includes the amortization of deferred origination and extension fees, loan origination costs, and purchase discounts, as well as the accrual of exit fees. Excludes loans accounted for under the cost-recovery and nonaccrual methods, if any.
(3)Maximum maturity assumes all extension options are exercised by the borrower, however our loans may be repaid prior to such date. Excludes loans accounted for under the cost-recovery and nonaccrual methods, if any. As of December 31, 2024, 10% of our loans by principal balance were subject to yield maintenance or other prepayment restrictions and 90% were open to repayment by the borrower without penalty. As of December 31, 2023, 14% of our loans by principal balance were subject to yield maintenance or other prepayment restrictions and 86% were open to repayment by the borrower without penalty.
Disclosure Details Of Loan Receivable Portfolio Based On Index Floor Rates
The following table details the index rate floors for our loans receivable portfolio as of December 31, 2024 ($ in thousands):

 Loans Receivable Principal Balance
Index Rate FloorsUSD
Non-USD(1)
Total
Fixed Rate$61,750 $— $61,750 
0.00% or no floor(2)
3,764,2924,604,7268,369,018
0.01% to 1.00% floor3,928,566372,6194,301,185
1.01% to 2.00% floor1,570,804905,0952,475,899
2.01% to 3.00% floor2,049,477508,0682,557,545
3.01% or more floor1,247,235190,4941,437,729
Total(3)
$12,622,124 $6,581,002 $19,203,126 
(1)Includes Euro, British Pound Sterling, Swedish Krona, Australian Dollar, and Swiss Franc currencies.
(2)Includes all impaired loans.
(3)As of December 31, 2024, the weighted-average index rate floor of our loans receivable principal balance was 1.02%. Excluding 0.0% index rate floors and loans with no floor, the weighted-average index rate floor was 1.63%.
Activity Relating to Loans Receivable Portfolio
Activity relating to our loans receivable portfolio was as follows ($ in thousands):
 
Principal
Balance
Deferred Fees /
Other Items(1)
Net Book
Value
Loans Receivable, as of December 31, 2022
$25,160,343 $(142,463)$25,017,880 
Loan fundings1,344,130—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 received2,865—2,865
Unrealized gain (loss) on foreign currency translation287,804(1,702)286,102
Deferred fees and other items—(17,992)(17,992)
Amortization of fees and other items—78,42878,428
Loans Receivable, as of December 31, 2023
$23,923,719 $(136,707)$23,787,012 
Loan fundings1,356,208—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 received16,660—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—64,13364,133
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
$18,313,582 
(1)Other items primarily consist of purchase and sale discounts or premiums, exit fees, deferred origination expenses, and cost-recovery proceeds.
(2)This amount relates to: (i) intangible and other assets recorded in connection with loans that were transferred to REO, net of any liabilities recorded upon acquisition, if any; (ii) a loan that was partially satisfied through the issuance of a note receivable; and (iii) proceeds from loan repayments that are held in escrow, all of which are included within other assets in our consolidated balance sheets. See Note 6 for further information.
Property Type and Geographic Distribution of Properties Securing Loans in Portfolio
The tables below detail the property type and geographic distribution of the properties securing the loans in our portfolio ($ in thousands):
December 31, 2024
Property TypeNumber of Loans
Net
Book Value
Total Loan
 Exposure(1)
Net Loan
 Exposure(2)
Net Loan Exposure Percentage of
 Portfolio
Office41$7,386,333 $7,740,932 $5,729,418 33%
Multifamily505,091,7675,309,3454,934,36429
Hospitality162,768,3742,812,4852,663,34916
Industrial112,030,6272,039,0692,000,83112
Retail5555,553585,221532,0693
Life Sciences / Studio3342,817560,564337,6872
Other4872,047872,923836,5855
Total loans receivable130$19,047,518 $19,920,539 $17,034,303 100%
CECL reserve(733,936)
Loans receivable, net$18,313,582 
Geographic LocationNumber of Loans
Net
Book Value
Total Loan
 Exposure(1)
Net Loan
 Exposure(2)
Net Loan Exposure Percentage of
 Portfolio
United States    
Sunbelt44$4,520,632 $4,663,498 $4,084,242 24%
Northeast214,614,5824,673,5813,452,96120
West211,865,3822,549,3291,746,30910
Midwest10997,1561,006,613820,8585
Northwest4432,644435,526432,7943
Subtotal10012,430,39613,328,54710,537,16462
International
United Kingdom162,916,1452,877,6092,839,09617
Ireland31,050,2761,055,1311,048,3296
Australia3920,182925,106923,5075
Spain3785,368786,576744,2874
Sweden1429,084430,416429,7242
Other Europe3455,417456,102451,2454
Other International160,65061,05260,951—
Subtotal306,617,1226,591,9926,497,13938
Total loans receivable130$19,047,518 $19,920,539 $17,034,303 100%
CECL reserve(733,936)
Loans receivable, net$18,313,582 
(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. 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 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):
December 31, 2024
Risk
 Rating
Number
 of Loans
Net
Book Value
Total Loan
 Exposure(1)
Net Loan
 Exposure(2)
111$1,919,280 $1,921,416 $994,056 
2213,346,8813,354,8573,349,347
3659,246,6929,462,1228,818,346
4202,707,1043,245,1022,622,877
5131,827,5611,937,0421,249,677
Total loans receivable130$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)
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 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 $576.9 million. Our non-consolidated senior interests, asset-specific debt, and loan participations sold are structurally non-recourse and term-matched to the corresponding collateral loans.
Our primary credit quality indicator is our risk ratings, which are further discussed above. The following tables present the net book value of our loan portfolio as of December 31, 2024 and 2023, respectively, by year of origination, investment pool, and risk rating ($ in thousands):
 
Net Book Value of Loans Receivable by Year of Origination(1)
 As of December 31, 2024
Risk Rating
20242023202220212020PriorTotal
U.S. loans
1$— $— $151,674 $245,289 $60,240 $1,381,858 $1,839,061 
260,651—197,1531,611,856——1,869,660
3268,408—1,599,6042,160,837691,097392,4705,112,416
4——236,7801,019,672—726,5131,982,965
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 $— $— $80,219 
2——500,104787,66087,629101,8281,477,221
3——594,7401,126,698—1,332,8053,054,243
4—————198,389198,389
5——— ————
Total Non-U.S. loans$— $— $1,094,844 $1,994,577 $87,629 $1,633,022 $4,810,072 
Unique loans
1$— $— $— $— $— $— $— 
2———————
3——814,225——265,808 1,080,033
4—————525,750525,750
5———————
Total unique loans$— $— $814,225 $— $— $791,558 $1,605,783 
Impaired loans
1$— $— $— $— $— $— $— 
2———————
3———————
4———————
5——170,388367,03034,2141,255,9291,827,561
Total impaired loans$— $— $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 
260,651—697,2572,399,51687,629101,8283,346,881
3268,408—3,008,5693,287,535691,0971,991,0839,246,692
4——236,7801,019,672—1,450,6522,707,104
5——170,388367,03034,2141,255,9291,827,561
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)
(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 year ended December 31, 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$23,210,076 
(1)Date loan was originated or acquired by us. Origination dates are subsequently updated to reflect material loan modifications.
Schedule Of Current Expected Credit Loss Reserve By Pool The following table presents the activity in our loans receivable CECL reserve by investment pool for the years ended December 31, 2024 and 2023 ($ 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 
Increase (decrease) in CECL reserves1,722(5,419)(2,284)547,584541,603 
Charge-offs of CECL reserves———(384,603)(384,603)
CECL reserves as of December 31, 2024
80,05726,14147,087580,651733,936
CECL reserves as of December 31, 2022
$67,880 $22,519 $45,960 $189,778 $326,137 
Increase in CECL reserves10,455 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 
(1)Includes one U.S. dollar-denominated loan that is located in Bermuda.