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Loans (Tables)
 3 Months Ended
Mar. 31, 2022
Receivables [Abstract]  
Summary of Investments in Mortgages and Loans by Subordination Class The following tables summarize our investments in mortgages and loans as of March 31, 2022 and December 31, 2021 (dollars in thousands):
March 31, 2022Carrying
Value		Face
Amount		Weighted
Average
Coupon (1)		Weighted
Average Life
(“WAL”)
(years)(2)
Loans held-for-investment:
Commercial loans:
First mortgages (3)$13,596,590 $13,684,558 4.6 %1.9
Subordinated mortgages (4)70,934 72,399 10.1 %2.6
Mezzanine loans (3)424,835 422,752 9.6 %1.3
Other17,138 18,599 8.2 %2.0
Total commercial loans14,109,497 14,198,308 
Infrastructure first priority loans 2,156,399 2,181,264 4.8 %4.3
Residential loans, fair value option (5)55,621 57,792 6.0 %N/A(6)
Total loans held-for-investment16,321,517 16,437,364 
Loans held-for-sale:
Residential, fair value option (5)2,299,153 2,331,997 4.3 %N/A(6)
Commercial, fair value option 385,359 392,505 4.9 %9.6
Total loans held-for-sale2,684,512 2,724,502 
Total gross loans19,006,029 $19,161,866 
Credit loss allowances:
Commercial loans held-for-investment(47,979)
Infrastructure loans held-for-investment(20,281)
Total allowances(68,260)
Total net loans$18,937,769 
December 31, 2021
Loans held-for-investment:
Commercial loans:
First mortgages (3)$12,991,099 $13,067,524 4.5 %1.9
Subordinated mortgages (4)70,771 72,371 10.0 %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 loans2,048,096 2,071,912 4.4 %4.3
Residential loans, fair value option 59,225 60,133 6.0 %N/A(6)
Total loans held-for-investment15,604,119 15,706,124 
Loans held-for-sale:
Residential, fair value option 2,590,005 2,525,910 4.2 %N/A(6)
Commercial, fair value option286,795 289,761 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 
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(1)Calculated using applicable index rates as of March 31, 2022 and December 31, 2021 for variable rate loans and excludes loans for which interest income is not recognized.
(2)Represents the WAL of each respective group of loans, excluding loans for which interest income is not recognized, 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 $1.3 billion and $1.4 billion being classified as first mortgages as of March 31, 2022 and December 31, 2021, 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 three months ended March 31, 2022, $0.3 million of residential loans held-for-investment were reclassified into loans held-for-sale.
(6)Residential loans have a weighted average remaining contractual life of 29.4 years as of both March 31, 2022 and December 31, 2021.
Summary of Variable Rate Loans Held-for-Investment
As of March 31, 2022, our variable rate loans held-for-investment, excluding loans for which interest income is not recognized, were as follows (dollars in thousands):
March 31, 2022Carrying
Value		Weighted-average
Spread Above Index
Commercial loans$13,419,816 4.0 %
Infrastructure loans2,123,111 3.9 %
Total variable rate loans held-for-investment$15,542,927 4.0 %
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 March 31, 2022 (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 March 31, 202220222021202020192018Prior
Commercial loans:
Credit quality indicator:
LTV < 60%$234,534 $2,744,291 $505,166 $978,325 $558,782 $699,224 $— $5,720,322 $3,349 
LTV 60% - 70%667,690 3,901,356 288,906 1,166,327 392,003 82,385 — 6,498,667 7,458 
LTV > 70%53,705 561,838 265,996 415,062 310,158 261,686 — 1,868,445 32,247 
Credit deteriorated— — — — — 4,925 — 4,925 4,925 
Defeased and other— — — — — 17,138 — 17,138 — 
Total commercial$955,929 $7,207,485 $1,060,068 $2,559,714 $1,260,943 $1,065,358 $— $14,109,497 $47,979 
Infrastructure loans:
Credit quality indicator:
Power$89,110 $206,412 $86,988 $275,264 $373,959 $350,008 $5,112 $1,386,853 $5,192 
Oil and gas— 300,666 41,126 257,910 84,805 49,821 1,930 736,258 4,968 
Credit deteriorated— — — — — 33,288 — 33,288 10,121 
Total infrastructure$89,110 $507,078 $128,114 $533,174 $458,764 $433,117 $7,042 $2,156,399 $20,281 
Residential loans held-for-investment, fair value option55,621 — 
Loans held-for-sale2,684,512 — 
Total gross loans$19,006,029 $68,260 
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
Three Months Ended March 31, 2022
CommercialInfrastructure
Credit loss allowance at December 31, 2021$46,600 $20,670 $67,270 
Credit loss provision (reversal), net1,379 (389)990 
Credit loss allowance at March 31, 2022$47,979 $20,281 $68,260 
Unfunded Commitments Credit Loss Allowance (1)
Loans Held-for-InvestmentHTM Preferred
Three Months Ended March 31, 2022
CommercialInfrastructureInterests (2)Total
Credit loss allowance at December 31, 2021$6,692 $145 $— $6,837 
Credit loss provision (reversal), net271 (47)353 577 
Credit loss allowance at March 31, 2022$6,963 $98 $353 $7,414 
Memo: Unfunded commitments as of March 31, 2022 (3)
$2,822,554 $12,110 $12,500 $2,847,164 
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(1)Included in accounts payable, accrued expenses and other liabilities in our consolidated balance sheets.
(2)See Note 5 for further details.
(3)Represents amounts expected to be funded (see Note 22).
Schedule of Activity in Loan Portfolio
The activity in our loan portfolio was as follows (amounts in thousands):
Held-for-Investment Loans
Three Months Ended March 31, 2022
CommercialInfrastructureResidentialHeld-for-Sale LoansTotal Loans
Balance at December 31, 2021$13,450,198 $2,027,426 $59,225 $2,876,800 $18,413,649 
Acquisitions/originations/additional funding1,359,483 198,338 — 2,266,699 3,824,520 
Capitalized interest (1)26,697 113 — 93 26,903 
Basis of loans sold (2)— — — (2,278,467)(2,278,467)
Loan maturities/principal repayments(715,665)(91,853)(1,995)(56,439)(865,952)
Discount accretion/premium amortization14,093 2,507 — — 16,600 
Changes in fair value— — (1,263)(124,520)(125,783)
Foreign currency translation gain/(loss), net(71,909)(802)— — (72,711)
Credit loss (provision) reversal, net(1,379)389 — — (990)
Transfer to/from other asset classifications or between segments— — (346)346 — 
Balance at March 31, 2022$14,061,518 $2,136,118 $55,621 $2,684,512 $18,937,769 
Held-for-Investment Loans
Three Months Ended March 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 funding2,196,813 99,311 — 375,270 2,671,394 
Capitalized interest (1)36,646 — — — 36,646 
Basis of loans sold (2)— — — (571,927)(571,927)
Loan maturities/principal repayments(1,021,393)(18,055)(9,210)(44,326)(1,092,984)
Discount accretion/premium amortization15,824 921 — — 16,745 
Changes in fair value— — (290)(9,188)(9,478)
Foreign currency translation loss, net(14,082)(181)— — (14,263)
Credit loss provision, net(1,880)(717)— — (2,597)
Transfer to/from other asset classifications or between segments(211,904)93,089 69,528 41,967 (7,320)
Balance at March 31, 2021$10,583,973 $1,586,808 $150,712 $844,631 $13,166,124 


______________________________________________________________________________________________________________________
(1)Represents accrued interest income on loans whose terms do not require current payment of interest.
(2)See Note 12 for additional disclosure on these transactions.