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Loans Receivable, Net
 3 Months Ended
Mar. 31, 2025
Receivables [Abstract]  
Loans Receivable, Net LOANS RECEIVABLE, NET
The following table details overall statistics for our loans receivable portfolio ($ in thousands):
March 31, 2025
December 31, 2024
Number of loans
138
130
Principal balance
$19,217,768
$19,203,126
Net book value
$18,308,171
$18,313,582
Unfunded loan commitments(1)
$1,033,229
$1,263,068
Weighted-average cash coupon(2)
+ 3.39%
+ 3.46%
Weighted-average all-in yield(2)
+ 3.70%
+ 3.78%
Weighted-average maximum maturity (years)(3)
2.3
2.1
(1)Unfunded commitments will primarily be funded to finance our borrowers’ construction or development of real
estate-related assets, capital improvements of existing assets, or lease-related expenditures. These commitments will
generally be funded over the term of each loan, subject in certain cases to an expiration date.
(2)The weighted-average cash coupon and all-in yield are expressed as a spread over the relevant floating benchmark
rates, which include SOFR, SONIA, EURIBOR, and other indices, as applicable to each loan. As of March 31, 2025
and December 31, 2024, substantially all of our loans by principal balance earned a floating rate of interest,
primarily indexed to SOFR. In addition to cash coupon, all-in yield includes the amortization of deferred origination
and extension fees, loan origination costs, and purchase discounts, as well as the accrual of exit fees. Excludes loans
accounted for under the cost-recovery and nonaccrual methods, if any.
(3)Maximum maturity assumes all extension options are exercised by the borrower, however our loans may be repaid
prior to such date. Excludes loans accounted for under the cost-recovery and nonaccrual methods, if any. As of
March 31, 2025, 17% of our loans by principal balance were subject to yield maintenance or other prepayment
restrictions and 83% were open to repayment by the borrower without penalty. As of December 31, 2024, 10% of
our loans by principal balance were subject to yield maintenance or other prepayment restrictions and 90% were
open to repayment by the borrower without penalty.
The following table details the index rate floors for our loans receivable portfolio as of March 31, 2025 ($ in thousands):
Loans Receivable Principal Balance
Index Rate Floors
USD
Non-USD(1)
Total
Fixed Rate
$161,794
$—
$161,794
0.00% or no floor(2)
2,253,062
5,429,004
7,682,066
0.01% to 1.00% floor
3,831,152
383,878
4,215,030
1.01% to 2.00% floor
1,270,538
1,002,702
2,273,240
2.01% to 3.00% floor
2,840,351
371,186
3,211,537
3.01% or more floor
1,340,478
333,623
1,674,101
Total(3)
$11,697,375
$7,520,393
$19,217,768
(1)Includes Euro, British Pound Sterling, Swedish Krona, Australian Dollar, Canadian Dollar, and Swiss Franc
currencies.
(2)Includes all impaired loans.
(3)As of March 31, 2025, the weighted-average index rate floor of our floating-rate loans receivable principal balance
was 1.13%. Excluding 0.0% index rate floors and loans with no floor, the weighted-average index rate floor was
1.74%.
Activity relating to our loans receivable portfolio was as follows ($ in thousands):
Principal
Balance
Deferred Fees /
Other Items(1)
Net Book
Value
Loans Receivable, as of December 31, 2024
$19,203,126
$(155,608)
$19,047,518
Loan fundings
1,677,727
—
1,677,727
Loan repayments, sales, and cost-recovery proceeds
(1,810,678)
(18,923)
(1,829,601)
Charge-offs
(50,384)
8,560
(41,824)
Transfer to real estate owned
(34,721)
—
(34,721)
Transfer to other assets, net(2)
(10,323)
—
(10,323)
Payment-in-kind interest
3,570
—
3,570
Unrealized gain (loss) on foreign currency translation
239,451
(742)
238,709
Deferred fees and other items
—
(11,965)
(11,965)
Amortization of fees and other items
—
10,622
10,622
Loans Receivable, as of March 31, 2025
$19,217,768
$(168,056)
$19,049,712
CECL reserve
(741,541)
Loans Receivable, net, as of March 31, 2025
$18,308,171
(1)Other items primarily consist of purchase and sale discounts or premiums, exit fees, deferred origination expenses,
and cost-recovery proceeds.
(2)This amount relates to intangible and other assets recorded in connection with loans that were transferred to REO,
net of liabilities recorded upon acquisition, if any. See Note 6 for further information.
The tables below detail the property type and geographic distribution of the properties securing the loans in our portfolio 
($ in thousands):
March 31, 2025
Property Type
Number of Loans
Net Book Value
Net Loan Exposure(1)
Net Loan Exposure
Percentage of Portfolio
Multifamily
52
$5,417,246
$5,239,108
30%
Office
41
5,925,523
5,190,538
29
Hospitality
17
2,857,777
2,745,468
15
Industrial
14
2,590,953
2,558,417
14
Retail
5
605,745
581,280
3
Self-storage
3
632,208
471,183
3
Life Sciences / Studio
3
341,401
335,452
2
Other
3
678,859
641,886
4
Total loans receivable
138
$19,049,712
$17,763,332
100%
CECL reserve
(741,541)
Loans receivable, net
$18,308,171
Geographic Location
Number of Loans
Net Book Value
Net Loan Exposure(1)
Net Loan Exposure
Percentage of Portfolio
United States
Sunbelt
48
$4,902,798
$4,398,225
25%
Northeast
21
3,252,180
3,022,630
17
West
22
1,935,719
1,814,883
10
Midwest
11
943,864
797,296
4
Northwest
4
459,427
458,431
3
Subtotal
106
11,493,988
10,491,465
59
International
United Kingdom
16
3,088,887
3,016,245
17
Ireland
3
1,115,753
1,110,602
6
Australia
4
1,062,241
1,066,203
6
Spain
3
802,613
758,165
4
Sweden
1
473,437
473,728
2
Canada
1
434,420
273,344
2
Other Europe
3
517,620
512,645
4
Other International
1
60,753
60,935
—
Subtotal
32
7,555,724
7,271,867
41
Total loans receivable
138
$19,049,712
$17,763,332
100%
CECL reserve
(741,541)
Loans receivable, net
$18,308,171
(1)Net loan exposure reflects the amount of each loan that is subject to risk of credit loss to us as of March 31, 2025,
which is our principal balance net of (i) $494.1 million of asset-specific debt, (ii) $117.1 million of cost-recovery
proceeds, (iii) our total loans receivable CECL reserve of $741.5 million, and (iv) $101.7 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. Our asset-specific debt and loan participations sold are structurally non-
recourse and term-matched to the corresponding collateral loans.
December 31, 2024
Property Type
Number of Loans
Net Book Value
Net Loan Exposure(1)
Net Loan Exposure
Percentage of Portfolio
Office
41
$7,386,333
$5,729,418
33%
Multifamily
50
5,091,767
4,934,364
29
Hospitality
16
2,768,374
2,663,349
16
Industrial
11
2,030,627
2,000,831
12
Retail
5
555,553
532,069
3
Life Sciences/Studio
3
342,817
337,687
2
Other
4
872,047
836,585
5
Total loans receivable
130
$19,047,518
$17,034,303
100%
CECL reserve
(733,936)
Loans receivable, net
$18,313,582
Geographic Location
Number of Loans
Net Book Value
Net Loan Exposure(1)
Net Loan Exposure
Percentage of Portfolio
United States
Sunbelt
44
$4,520,632
$4,084,242
24%
Northeast
21
4,614,582
3,452,961
20
West
21
1,865,382
1,746,309
10
Midwest
10
997,156
820,858
5
Northwest
4
432,644
432,794
3
Subtotal
100
12,430,396
10,537,164
62
International
United Kingdom
16
2,916,145
2,839,096
17
Ireland
3
1,050,276
1,048,329
6
Australia
3
920,182
923,507
5
Spain
3
785,368
744,287
4
Sweden
1
429,084
429,724
2
Other Europe
3
455,417
451,245
4
Other International
1
60,650
60,951
—
Subtotal
30
6,617,122
6,497,139
38
Total loans receivable
130
$19,047,518
$17,034,303
100%
CECL reserve
(733,936)
Loans receivable, net
$18,313,582
(1)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 principal balance net of (i) $1.2 billion of asset-specific debt, (ii) $106.7 million of cost-recovery
proceeds, (iii) our total loans receivable CECL reserve of $733.9 million, and (iv) $100.1 million of junior loan
interests that we have sold, but that remain included in our consolidated financial statements. See Note 2 for further
discussion of loan participations sold. Our asset-specific debt and loan participations sold are structurally non-
recourse and term-matched to the corresponding collateral loans.
Loan Risk Ratings
As further described in Note 2, we evaluate our loan portfolio on a quarterly basis. In conjunction with our quarterly loan
portfolio review, we assess the risk factors of each loan, and assign a risk rating based on several factors. Factors
considered in the assessment include, but are not limited to, risk of loss, origination LTV, debt yield, collateral
performance, structure, exit plan, and sponsorship. Loans are rated “1” (less risk) through “5” (greater risk), which ratings
are defined in Note 2.
The following table allocates the net book value and net loan exposure balances based on our internal risk ratings ($ in
thousands):
March 31, 2025
Risk Rating
Number of Loans
Net Book Value
Net Loan Exposure(1)
1
10
$562,331
$561,866
2
20
3,324,353
3,324,516
3
75
10,728,778
10,093,832
4
20
2,912,484
2,813,943
5
13
1,521,766
969,175
Total loans receivable
138
$19,049,712
$17,763,332
CECL reserve
(741,541)
Loans receivable, net
$18,308,171
December 31, 2024
Risk Rating
Number of Loans
Net Book Value
Net Loan Exposure(1)
1
11
$1,919,280
$994,056
2
21
3,346,881
3,349,347
3
65
9,246,692
8,818,346
4
20
2,707,104
2,622,877
5
13
1,827,561
1,249,677
Total loans receivable
130
$19,047,518
$17,034,303
CECL reserve
(733,936)
Loans receivable, net
$18,313,582
(1)Net loan exposure reflects the amount of each loan that is subject to risk of credit loss to us as of March 31, 2025,
which is our principal balance net of (i) $494.1 million of asset-specific debt, (ii) $117.1 million of cost-recovery
proceeds, (iii) our total loans receivable CECL reserve of $741.5 million, and (iv) $101.7 million of junior loan
interests that we have sold, but that remain included in our consolidated financial statements. Our asset-specific debt
and loan participations sold are structurally non-recourse and term-matched to the corresponding collateral loans.
Our loan portfolio had a weighted-average risk rating of 3.0 as of both March 31, 2025 and December 31, 2024,
respectively.
Current Expected Credit Loss Reserve
The CECL reserves required under GAAP reflect our current estimate of potential credit losses related to the loans included
in our consolidated balance sheets. Refer to Note 2 for further discussion of our CECL reserves. The following table
presents the activity in our loans receivable CECL reserve by investment pool for the three months ended March 31, 2025
and 2024 ($ in thousands):
U.S. Loans(1)
Non-U.S.
Loans
Unique
Loans
Impaired
Loans
Total
Loans Receivable, Net
CECL reserves as of December 31, 2024
$80,057
$26,141
$47,087
$580,651
$733,936
Increase in CECL reserves
17,604
13,796
1,477
16,552
49,429
Charge-offs of CECL reserves
—
—
—
(41,824)
(41,824)
CECL reserves as of March 31, 2025
$97,661
$39,937
$48,564
$555,379
$741,541
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
(1)Includes one U.S. dollar-denominated loan that is located in Bermuda.
During the three months ended March 31, 2025, we recorded a net increase of $49.4 million in the CECL reserves against
our loans receivable portfolio, primarily due to a $32.9 million increase in our general CECL reserves, offset by charge-
offs of our CECL reserves of $41.8 million, bringing our total loans receivable CECL reserve to $741.5 million as of
March 31, 2025. This increase in our general CECL reserves was primarily as a result of a change in the portfolio mix, as
loan repayments were offset by new originations, as well as changes in the historical loss rate. Additionally, we recorded an
increase in our asset-specific CECL reserves, primarily as a result of one additional loan that was impaired during the three
months ended March 31, 2025, which was secured by an office asset. The office sector is generally facing reduced tenant
and capital markets demand in recent years. 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. The income accrual was suspended on
the one loan that was impaired during the three months ended March 31, 2025, as the recovery of income and principal was
doubtful. During the three months ended March 31, 2025, we recorded $2.8 million of interest income on this loan. This
increase in the CECL reserves was partially offset by a resolution and a $41.8 million charge-off of the CECL reserve on
one previously impaired loan. The resolution was the result of an acquisition of title through a deed-in-lieu of foreclosure
transaction related to an office property located in Chicago, IL, which is now included on our consolidated balance sheet as
an REO asset.
As of March 31, 2025, we had an aggregate $555.4 million asset-specific CECL reserve related to 13 of our loans
receivable, with an aggregate amortized cost basis of $1.5 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 March 31, 2025. No
income was recorded on our impaired loans subsequent to determining that they were impaired. During the three months
ended March 31, 2025, we received an aggregate $18.9 million of cash proceeds from such loans that were applied as a
reduction to the amortized cost basis of each respective loan.
As of March 31, 2025, one of our performing loans with an amortized cost basis of $195.0 million, inclusive of a
$50.0 million junior loan participation sold, was past its current maturity date, was greater than 90 days past due on its
interest payment, and had a risk rating of “3.” This loan was not impaired as of March 31, 2025 as the estimated fair value
of the underlying collateral exceeded our basis in the loan. As of March 31, 2025, all other borrowers under performing
loans were in compliance with the applicable contractual terms of each respective loan, including any required payment of
interest. Refer to Note 2 for further discussion of our policies on revenue recognition and our CECL reserves.
Our primary credit quality indicator is our risk ratings, which are further discussed above. The following tables present the
net book value of our loan portfolio as of March 31, 2025 and 2024, respectively, by year of origination, investment pool,
and risk rating ($ in thousands):
Net Book Value of Loans Receivable by Year of Origination(1)
As of March 31, 2025
Risk Rating
2025
2024
2023
2022
2021
Prior
Total
U.S. loans
1
$—
$—
$—
$151,381
$215,728
$114,183
$481,292
2
—
60,754
—
197,014
1,628,396
152,678
2,038,842
3
554,167
270,141
—
1,537,931
2,187,705
931,344
5,481,288
4
—
—
—
363,173
842,455
970,948
2,176,576
5
—
—
—
—
—
—
—
Total U.S. loans
$554,167
$330,895
$—
$2,249,499
$4,874,284
$2,169,153
$10,177,998
Non-U.S. loans
1
$—
$—
$—
$—
$81,039
$—
$81,039
2
92,018
—
—
467,554
619,179
106,760
1,285,511
3
851,629
—
—
626,990
1,421,084
1,249,321
4,149,024
4
—
—
—
—
—
207,305
207,305
5
—
—
—
—
—
—
—
Total Non-U.S. loans
$943,647
$—
$—
$1,094,544
$2,121,302
$1,563,386
$5,722,879
Unique loans
1
$—
$—
$—
$—
$—
$—
$—
2
—
—
—
—
—
—
—
3
—
—
—
822,403
—
276,063
1,098,466
4
—
—
—
—
—
528,603
528,603
5
—
—
—
—
—
—
—
Total unique loans
$—
$—
$—
$822,403
$—
$804,666
$1,627,069
Impaired loans
1
$—
$—
$—
$—
$—
$—
$—
2
—
—
—
—
—
—
—
3
—
—
—
—
—
—
—
4
—
—
—
—
—
—
—
5
—
—
—
167,604
401,192
952,970
1,521,766
Total impaired loans
$—
$—
$—
$167,604
$401,192
$952,970
$1,521,766
Total loans receivable
1
$—
$—
$—
$151,381
$296,767
$114,183
$562,331
2
92,018
60,754
—
664,568
2,247,575
259,438
3,324,353
3
1,405,796
270,141
—
2,987,324
3,608,789
2,456,728
10,728,778
4
—
—
—
363,173
842,455
1,706,856
2,912,484
5
—
—
—
167,604
401,192
952,970
1,521,766
Total loans receivable
$1,497,814
$330,895
$—
$4,334,050
$7,396,778
$5,490,175
$19,049,712
CECL reserve
(741,541)
Loans receivable, net
$18,308,171
Gross charge-offs(2)
—
—
—
—
—
(41,824)
$(41,824)
(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 three months ended March 31, 2025.
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)
(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.
Loan Modifications Pursuant to ASC 326
During the twelve months ended March 31, 2025, we entered into six loan modifications that require disclosure pursuant to
ASC 326. Five of these loans were collateralized by office assets and one was collateralized by a mixed-use asset.
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 March 31, 2025, no income was recorded on our loans subsequent to determining that
they were impaired and risk rated “5.”
One of the loan modifications included a term extension of 14 months. As of March 31, 2025, the amortized cost basis of
this loan was $108.7 million, or 0.6% of our aggregate loans receivable portfolio, with an aggregate $23.9 million of
unfunded commitments. This loan was in compliance with its modified contractual terms as of March 31, 2025.
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 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 second 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 third loan modification 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. The fourth loan
modification had a term extension of 3.8 years, the loan was bifurcated into a separate senior loan and mezzanine loan, and
the borrower paid a $1.7 million fee upon closing of the modification. 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
modification had a term extension of one year, the interest rate on the senior loan decreased by 2.43%, the borrower repaid
$25.0 million upon closing of the modification, 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 all of the interest on the senior loan that is paying partially current and partially in-kind, and
deferring interest on the mezzanine loan that is paying interest in-kind. As of March 31, 2025, the aggregate amortized cost
basis of these loans was $837.3 million, or 4.4% of our aggregate loans receivable portfolio, with an aggregate
$53.8 million of unfunded commitments. The loans were in compliance with their contractual terms as of March 31, 2025.
As of March 31, 2025, five of these modified loans had a risk rating of “5,” and one loan had a risk rating of “4.” In
aggregate, these modifications resulted in the bifurcation of four loans into separate senior and mezzanine loans. Of the
four newly bifurcated senior loans, three loans had a risk rating of “4,” and one loan had a risk rating of “3.” The four
newly bifurcated mezzanine loans all had a risk rating of “5.”
Multifamily Joint Venture
As discussed in Note 2, we entered into a Multifamily Joint Venture in April 2017. As of both March 31, 2025 and
December 31, 2024, our Multifamily Joint Venture held a $43.3 million loan, which is included in the loan disclosures
above. As of March 31, 2025 and December 31, 2024, our Multifamily Joint Venture also held a $32.3 million and
$32.4 million REO asset, respectively, which is included in the REO disclosures in Note 4. Refer to Note 2 for additional
discussion of our Multifamily Joint Venture.