Loans Receivable, Net (Tables)

6 Months Ended

Jun. 30, 2025

Receivables [Abstract]

Overall Statistics for Loans Receivable Portfolio

The following table details overall statistics for our loans receivable portfolio ($ in thousands):

	June 30, 2025	December 31, 2024
Number of loans	144	130
Principal balance	$19,874,340	$19,203,126
Net book value	$18,965,254	$18,313,582
Unfunded loan commitments(1)	$1,412,084	$1,263,068
Weighted-average cash coupon(2)	+ 3.30%	+ 3.46%
Weighted-average all-in yield(2)	+ 3.57%	+ 3.78%
Weighted-average maximum maturity (years)(3)	2.4	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, CORRA, and other indices, as applicable to each loan. As of

June 30, 2025, 98% of our loans by principal balance earned a floating rate of interest, primarily indexed to SOFR.

The remaining 2% of our loans by principal balance earned a fixed rate of interest. As of 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

June 30, 2025, 26% of our loans by principal balance were subject to yield maintenance or other prepayment

restrictions and 74% 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.

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 June 30, 2025 ($ in thousands):

	Loans Receivable Principal Balance
Index Rate Floors	USD	Non-USD(1)	Total
Fixed Rate	$179,821	$140,066	$319,887
0.00% or no floor(2)	2,286,822	5,412,057	7,698,879
0.01% to 1.00% floor	3,787,560	990,685	4,778,245
1.01% to 2.00% floor	640,370	1,384,033	2,024,403
2.01% to 3.00% floor	3,209,355	367,621	3,576,976
3.01% or more floor	1,299,612	176,338	1,475,950
Total(3)	$11,403,540	$8,470,800	$19,874,340

(1)Includes Euro, British Pound Sterling, Swedish Krona, Australian Dollar, Canadian Dollar, and Swiss Franc

currencies.

(2)Includes all impaired loans.

(3)As of June 30, 2025, the weighted-average index rate floor of our floating-rate loans receivable principal balance

was 1.11%. Excluding 0.0% index rate floors and loans with no floor, the weighted-average index rate floor was

1.70%.

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, 2024	$19,203,126	$(155,608)	$19,047,518
Loan fundings	3,440,030	—	3,440,030
Loan repayments, sales, and cost-recovery proceeds	(3,406,174)	(29,778)	(3,435,952)
Charge-offs	(114,678)	27,797	(86,881)
Transfer to real estate owned	(34,721)	—	(34,721)
Transfer to other assets, net(2)	(11,298)	—	(11,298)
Payment-in-kind interest	8,450	—	8,450
Unrealized gain (loss) on foreign currency translation	789,605	(2,610)	786,995
Deferred fees and other items	—	(34,874)	(34,874)
Amortization of fees and other items	—	26,838	26,838
Loans Receivable, as of June 30, 2025	$19,874,340	$(168,235)	$19,706,105
CECL reserve			(740,851)
Loans Receivable, net, as of June 30, 2025			$18,965,254

(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, and 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):

June 30, 2025
Property Type	Number of Loans	Net Book Value	Net Loan Exposure(1)	Net Loan Exposure Percentage of Portfolio
Office	44	$5,855,637	$5,195,591	28%
Multifamily	52	5,139,630	4,958,946	27
Industrial	17	3,425,450	3,392,611	18
Hospitality	17	2,842,904	2,731,203	15
Retail	7	698,410	673,021	4
Self-storage	3	666,400	498,771	3
Life Sciences / Studio	3	341,511	297,484	1
Other	1	736,163	696,789	4
Total loans receivable	144	$19,706,105	$18,444,416	100%
CECL reserve		(740,851)
Loans receivable, net		$18,965,254
Geographic Location	Number of Loans	Net Book Value	Net Loan Exposure(1)	Net Loan Exposure Percentage of Portfolio
United States
Sunbelt	49	$5,008,396	$4,485,034	24%
Northeast	23	2,900,363	2,630,050	14
West	23	1,953,102	1,861,649	10
Midwest	9	866,624	723,593	4
Northwest	4	478,745	477,570	3
Subtotal	108	11,207,230	10,177,896	55
International
United Kingdom	18	3,658,916	3,642,741	20
Ireland	3	1,232,664	1,228,094	7
Australia	5	1,064,406	1,072,552	6
Spain	2	747,836	699,814	4
Sweden	1	502,790	502,836	3
Canada	1	459,289	291,680	2
Other Europe	5	772,115	767,881	3
Other International	1	60,859	60,922	—
Subtotal	36	8,498,875	8,266,520	45
Total loans receivable	144	$19,706,105	$18,444,416	100%
CECL reserve		(740,851)
Loans receivable, net		$18,965,254

(1)Net loan exposure reflects the amount of each loan that is subject to risk of credit loss to us as of June 30, 2025,

which is our principal balance net of (i) $529.9 million of asset-specific debt, (ii) $109.2 million of cost-recovery

proceeds, (iii) our total loans receivable CECL reserve of $740.9 million, and (iv) $50.0 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.

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 and net loan exposure balances based on our internal risk ratings ($ in

thousands):

	June 30, 2025
Risk Rating	Number of Loans	Net Book Value	Net Loan Exposure(1)
1	8	$476,141	$475,273
2	17	2,942,069	2,773,722
3	87	11,908,048	11,477,440
4	18	2,788,227	2,682,712
5	14	1,591,620	1,035,269
Total loans receivable	144	$19,706,105	$18,444,416
CECL reserve		(740,851)
Loans receivable, net		$18,965,254
	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 June 30, 2025,

which is our principal balance net of (i) $529.9 million of asset-specific debt, (ii) $109.2 million of cost-recovery

proceeds, (iii) our total loans receivable CECL reserve of $740.9 million, and (iv) $50.0 million of junior loan

interests that we have sold, but that remain included in our consolidated financial statements. Our net loan exposure

as of December 31, 2024 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. Our 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 June 30, 2025 and December 31, 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 June 30, 2025
Risk Rating	2025	2024	2023	2022	2021	Prior	Total
U.S. loans
1	$—	$—	$—	$151,479	$238,468	$86,194	$476,141
2	—	60,858	—	197,143	627,773	261,824	1,147,598
3	954,362	271,344	—	1,585,986	2,601,349	794,940	6,207,981
4	—	—	—	364,634	500,100	994,108	1,858,842
5	—	—	—	—	—	—	—
Total U.S. loans	$954,362	$332,202	$—	$2,299,242	$3,967,690	$2,137,066	$9,690,562
Non-U.S. loans
1	$—	$—	$—	$—	$—	$—	$—
2	559,630	—	—	577,028	657,813	—	1,794,471
3	1,694,846	—	—	99,853	1,379,437	1,365,949	4,540,085
4	—	—	—	—	—	366,125	366,125
5	—	—	—	—	—	—	—
Total Non-U.S. loans	$2,254,476	$—	$—	$676,881	$2,037,250	$1,732,074	$6,700,681
Unique loans
1	$—	$—	$—	$—	$—	$—	$—
2	—	—	—	—	—	—	—
3	—	—	—	864,675	—	295,307	1,159,982
4	—	—	—	—	—	563,260	563,260
5	—	—	—	—	—	—	—
Total unique loans	$—	$—	$—	$864,675	$—	$858,567	$1,723,242
Impaired loans
1	$—	$—	$—	$—	$—	$—	$—
2	—	—	—	—	—	—	—
3	—	—	—	—	—	—	—
4	—	—	—	—	—	—	—
5	—	—	—	166,893	604,448	820,279	1,591,620
Total impaired loans	$—	$—	$—	$166,893	$604,448	$820,279	$1,591,620
Total loans receivable
1	$—	$—	$—	$151,479	$238,468	$86,194	$476,141
2	559,630	60,858	—	774,171	1,285,586	261,824	2,942,069
3	2,649,208	271,344	—	2,550,514	3,980,786	2,456,196	11,908,048
4	—	—	—	364,634	500,100	1,923,493	2,788,227
5	—	—	—	166,893	604,448	820,279	1,591,620
Total loans receivable	$3,208,838	$332,202	$—	$4,007,691	$6,609,388	$5,547,986	$19,706,105
CECL reserve							(740,851)
Loans receivable, net							$18,965,254
Gross charge-offs(2)	—	—	—	(166)	(44,891)	(41,824)	$(86,881)

(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 six months ended June 30, 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.

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 six months ended June 30,

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
(Decrease) increase in CECL reserves	(6,759)	(1,568)	4,249	48,445	44,367
Charge-offs of CECL reserves	—	—	—	(45,057)	(45,057)
CECL reserves as of June 30, 2025	$90,902	$38,369	$52,813	$558,767	$740,851
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
(Decrease) increase in CECL reserves	(11,997)	(2,639)	423	169,318	155,105
Charge-offs of CECL reserves	—	—	—	(12,537)	(12,537)
CECL reserves as of June 30, 2024	$62,531	$28,151	$43,876	$759,380	$893,938

(1)Includes one U.S. dollar-denominated loan that is located in Bermuda.