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Loans (Tables)
 12 Months Ended
Dec. 31, 2021
Receivables [Abstract]  
Summary of Investments in Mortgages and Loans by Subordination Class The following tables summarize our investments in mortgages and loans as of December 31, 2021 and 2020 (dollars in thousands):
December 31, 2021Carrying
Value		Face
Amount		Weighted
Average
Coupon (1)		Weighted
Average Life
(“WAL”)
(years)(2)
Loans held-for-investment:
Commercial loans:
First mortgages (3)$12,991,099 $13,067,524 4.6 %1.9
Subordinated mortgages (4)70,771 72,371 9.8 %2.8
Mezzanine loans (3)417,504 415,155 9.4 %1.4
Other17,424 19,029 8.2 %2.1
Total commercial loans13,496,798 13,574,079 
Infrastructure first priority loans (5)2,048,096 2,071,912 4.4 %4.3
Residential loans, fair value option (6)59,225 60,133 6.0 %N/A(7)
Total loans held-for-investment15,604,119 15,706,124 
Loans held-for-sale:
Residential, fair value option (6)2,590,005 2,525,910 4.2 %N/A(7)
Commercial, fair value option 286,795 289,761 4.0 %9.0
Total loans held-for-sale2,876,800 2,815,671 
Total gross loans18,480,919 $18,521,795 
Credit loss allowances:
Commercial loans held-for-investment(46,600)
Infrastructure loans held-for-investment(20,670)
Total allowances(67,270)
Total net loans$18,413,649 
December 31, 2020
Loans held-for-investment:
Commercial loans:
First mortgages (3)$8,931,772 $8,978,373 5.3 %1.5
Subordinated mortgages (4)71,185 72,257 8.8 %2.8
Mezzanine loans (3)620,319 619,352 10.1 %1.6
Other30,284 33,626 8.9 %1.8
Total commercial loans9,653,560 9,703,608 
Infrastructure first priority loans (5)1,420,273 1,439,940 4.4 %4.3
Residential loans, fair value option (6)90,684 86,796 6.0 %N/A(7)
Total loans held-for-investment11,164,517 11,230,344 
Loans held-for-sale:
Residential, fair value option (6)841,963 820,807 6.0 %N/A(7)
Commercial, fair value option90,332 90,789 3.9 %10.0
Infrastructure, lower of cost or fair value (5)120,540 120,900 3.1 %3.2
Total loans held-for-sale1,052,835 1,032,496 
Total gross loans12,217,352 $12,262,840 
Credit loss allowances:
Commercial loans held-for-investment(69,611)
Infrastructure loans held-for-investment(7,833)
Total allowances(77,444)
Total net loans$12,139,908 
______________________________________________________________________________________________________________________
(1)Calculated using LIBOR or other applicable index rates as of December 31, 2021 and 2020 for variable rate loans.
(2)Represents the WAL of each respective group of loans as of the respective balance sheet date. The WAL of each individual loan is calculated using amounts and timing of future principal payments, as projected at origination or acquisition.
(3)First mortgages include first mortgage loans and any contiguous mezzanine loan components because as a whole, the expected credit quality of these loans is more similar to that of a first mortgage loan.  The application of this methodology resulted in mezzanine loans with carrying values of $1.4 billion and $877.3 million being classified as first mortgages as of December 31, 2021 and 2020, respectively.
(4)Subordinated mortgages include B-Notes and junior participation in first mortgages where we do not own the senior A-Note or senior participation. If we own both the A-Note and B-Note, we categorize the loan as a first mortgage loan.
(5)During the year ended December 31, 2021, $61.3 million of infrastructure loans held-for-sale were reclassified into loans held-for-investment. During the year ended December 31, 2020, $104.3 million of infrastructure loans held-for-sale were reclassified into loans held-for-investment and $174.6 million of infrastructure loans held-for-investment were reclassified into loans held-for-sale.
(6)During the year ended December 31, 2021, $94.2 million of residential loans held-for-sale were reclassified into loans held-for-investment and $125.4 million of residential loans held-for-investment were reclassified into loans held-for-sale. During the year ended December 31, 2020, $575.3 million of residential loans held-for-investment were reclassified into loans held-for-sale.
(7)Residential loans have a weighted average remaining contractual life of 29.4 years and 27.9 years as of December 31, 2021 and 2020, respectively.
Summary of Variable Rate Loans Held-for-Investment
As of December 31, 2021, our variable rate loans held-for-investment were as follows (dollars in thousands):
December 31, 2021Carrying
Value		Weighted-average
Spread Above Index
Commercial loans$13,190,863 4.1 %
Infrastructure loans2,048,096 3.8 %
Total variable rate loans held-for-investment$15,238,959 4.1 %
Schedule of Risk Ratings by Class of Loan
The significant credit quality indicators for our loans measured at amortized cost, which excludes loans held-for-sale, were as follows as of December 31, 2021 (dollars in thousands):
Term Loans
Amortized Cost Basis by Origination Year		Revolving Loans
Amortized Cost
Total		Total
Amortized
Cost Basis		Credit
Loss
Allowance
As of December 31, 202120212020201920182017Prior
Commercial loans:
Credit quality indicator:
LTV < 60%$2,270,678 $778,838 $1,294,515 $534,351 $639,455 $313,089 $— $5,830,926 $11,831 
LTV 60% - 70%3,766,294 248,021 1,127,493 571,726 — 82,329 — 5,795,863 21,502 
LTV > 70%737,069 273,417 379,452 395,793 — 61,929 — 1,847,660 8,342 
Credit deteriorated— — — — — 4,925 — 4,925 4,925 
Defeased and other— — — — — 17,424 — 17,424 — 
Total commercial$6,774,041 $1,300,276 $2,801,460 $1,501,870 $639,455 $479,696 $— $13,496,798 $46,600 
Infrastructure loans:
Credit quality indicator:
Power$211,788 $82,103 $228,634 $427,794 $120,348 $235,177 $8,529 $1,314,373 $4,705 
Oil and gas297,588 15,442 241,866 97,471 45,068 — 1,903 699,338 5,844 
Credit deteriorated— — — — — 34,385 — 34,385 10,121 
Total infrastructure$509,376 $97,545 $470,500 $525,265 $165,416 $269,562 $10,432 $2,048,096 $20,670 
Residential loans held-for-investment, fair value option59,225 — 
Loans held-for-sale2,876,800 — 
Total gross loans$18,480,919 $67,270 
Schedule of Activity in Allowance for Loan Losses
The following tables present the activity in our credit loss allowance for funded loans and unfunded commitments (amounts in thousands):
Funded Commitments Credit Loss Allowance
Loans Held-for-InvestmentTotal
Funded Loans
Year Ended December 31, 2021
CommercialInfrastructure
Credit loss allowance at December 31, 2020$69,611 $7,833 $77,444 
Credit loss (reversal) provision, net(7,947)12,580 4,633 
Charge-offs(14,807)(1)— (14,807)
Recoveries— — — 
Transfers(257)257 — 
Credit loss allowance at December 31, 2021$46,600 $20,670 $67,270 
Unfunded Commitments Credit Loss Allowance (2)
Loans Held-for-Investment
Year Ended December 31, 2021
CommercialInfrastructureTotal
Credit loss allowance at December 31, 2020$5,258 $812 $6,070 
Credit loss provision (reversal), net1,434 (667)767 
Credit loss allowance at December 31, 2021$6,692 $145 $6,837 
Memo: Unfunded commitments as of December 31, 2021 (3)
$2,236,598 $15,430 $2,252,028 
______________________________________________________________________________________________________________________
(1)Relates to a $7.8 million unsecured promissory note deemed uncollectible in connection with a residential conversion project located in New York City and a $7.0 million subordinated mortgage note deemed uncollectible in connection with a vacant department store in the Chicago area. Both notes were previously considered credit deteriorated and were fully reserved at or prior to write-off.
(2)Included in accounts payable, accrued expenses and other liabilities in our consolidated balance sheets.
(3)Represents amounts expected to be funded (see Note 23).
Schedule of Activity in Loan Portfolio
The activity in our loan portfolio was as follows (amounts in thousands):
Held-for-Investment Loans
Year Ended December 31, 2021
CommercialInfrastructureResidentialHeld-for-Sale LoansTotal Loans
Balance at December 31, 2020$9,583,949 $1,412,440 $90,684 $1,052,835 $12,139,908 
Acquisitions/originations/additional funding7,822,441 817,104 — 5,351,034 13,990,579 
Capitalized interest (1)112,178 — 4,308 2,650 119,136 
Basis of loans sold (2)(307,454)(12,678)— (3,856,736)(4,176,868)
Loan maturities/principal repayments(3,508,969)(304,878)(31,251)(352,711)(4,197,809)
Discount accretion/premium amortization52,416 5,028 — 504 57,948 
Changes in fair value— — 1,186 67,864 69,050 
Foreign currency translation gain/(loss), net(71,419)(711)— — (72,130)
Credit loss reversal (provision), net7,947 (12,580)— — (4,633)
Loan foreclosure and conversion to equity interest(36,308)— — — (36,308)(3)
Transfer to/from other asset classifications or between segments(204,583)123,701 (5,702)611,360 524,776 (4)
Balance at December 31, 2021$13,450,198 $2,027,426 $59,225 $2,876,800 $18,413,649 
Held-for-Investment Loans
Year Ended December 31, 2020
CommercialInfrastructureResidentialHeld-for-Sale LoansTotal Loans
Balance at December 31, 2019$8,517,054 $1,397,448 $671,572 $884,150 $11,470,224 
Cumulative effect of ASC 326 effective January 1, 2020(10,112)(10,328)— — (20,440)
Acquisitions/originations/additional funding2,753,782 278,694 100,720 2,204,203 5,337,399 
Capitalized interest (1)143,818 195 — — 144,013 
Basis of loans sold (2)(443,793)— (604)(2,862,606)(3,307,003)
Loan maturities/principal repayments(1,398,991)(189,288)(90,273)(142,644)(1,821,196)
Discount accretion/premium amortization39,642 2,447 — 110 42,199 
Changes in fair value— — (15,382)148,506 133,124 
Foreign currency translation gain/(loss), net102,748 1,096 — (1,291)102,553 
Credit loss (provision) reversal, net(48,711)2,495 — 125 (46,091)
Transfer to/from other asset classifications(71,488)(5)(70,319)(575,349)822,282 (6)105,126 
Balance at December 31, 2020$9,583,949 $1,412,440 $90,684 $1,052,835 $12,139,908 

Loans Transferred As Secured Borrowings
Held-for-Investment Loans
Year Ended December 31, 2019
Commercial InfrastructureResidentialHeld-for-Sale LoansTotal Loans
Balance at December 31, 2018
$7,075,577 $1,456,779$—$1,187,552$74,346 $9,794,254 
Acquisitions/originations/additional funding
4,161,584  902,053 394,697 3,636,380— 9,094,714 
Capitalized interest (1)
110,632  — — —— 110,632 
Basis of loans sold (2)
(743,425) — (106)(3,567,859)— (4,311,390)
Loan maturities/principal repayments
(2,172,068) (832,998)(62,704)(162,376)(74,692)(3,304,838)
Discount accretion/premium amortization
30,128  2,072 — 2,841346 35,387 
Changes in fair value
—  — (1,314)72,915— 71,601 
Foreign currency translation gain/(loss), net38,050  — — 2,105— 40,155 
Credit loss provision, net
(2,616) (3,314)— (1,196)— (7,126)
Loan foreclosures
(27,303)— — —— (27,303)
Transfer to/from other asset classifications
46,495 (127,144)340,999 (286,212)— (25,862)
 Balance at December 31, 2019
$8,517,054$1,397,448$671,572$884,150$—$11,470,224
______________________________________________________________________________________________________________________
(1)Represents accrued interest income on loans whose terms do not require current payment of interest.
(2)See Note 13 for additional disclosure on these transactions.
(3)Includes (i) a $29.0 million credit deteriorated loan related to a residential conversion project which was foreclosed in April 2021 and (ii) $7.3 million of a commercial loan that was converted to equity interests in March 2021 (see Note 9) pursuant to a consensual transfer under pre-existing equity pledges of additional collateral, both as described above.
(4)Net transfers represent residential loans transferred from VIE assets upon redemption of three consolidated RMBS trusts.
(5)Represents the net carrying value of credit deteriorated first mortgage and contiguous mezzanine loans related to a residential conversion project located in New York City that was eliminated as a result of consolidating the net assets of the borrower entities upon exercising control over their pledged equity interests in October 2020.
(6)Includes $176.6 million of residential loans transferred from VIE assets upon redemption of a consolidated RMBS trust.