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Loans (Tables)
 3 Months Ended
Mar. 31, 2023
Receivables [Abstract]  
Schedule of Investments in Mortgages and Loans by Subordination Class The following tables summarize our investments in mortgages and loans as of March 31, 2023 and December 31, 2022 (dollars in thousands):
March 31, 2023Carrying
Value		Face
Amount		Weighted
Average
Coupon (1)		Weighted
Average Life
(“WAL”)
(years)(2)
Loans held-for-investment:
Commercial loans:
First mortgages (3)$15,610,218 $15,684,751 8.4 %1.6
Subordinated mortgages (4)72,379 73,244 14.1 %1.5
Mezzanine loans (3)472,404 469,176 13.2 %1.1
Other58,071 58,927 8.2 %1.2
Total commercial loans16,213,072 16,286,098 
Infrastructure first priority loans 2,373,782 2,405,700 9.1 %3.9
Total loans held-for-investment18,586,854 18,691,798 
Loans held-for-sale:
Residential, fair value option 2,733,358 3,054,552 4.5 %N/A(5)
Commercial, fair value option77,531 85,450 6.0 %9.5
Total loans held-for-sale2,810,889 3,140,002 
Total gross loans21,397,743 $21,831,800 
Credit loss allowances:
Commercial loans held-for-investment(118,479)
Infrastructure loans held-for-investment(15,951)
Total allowances(134,430)
Total net loans$21,263,313 
December 31, 2022
Loans held-for-investment:
Commercial loans:
First mortgages (3)$15,562,452 $15,648,358 7.9 %1.7
Subordinated mortgages (4)71,100 72,118 13.6 %1.8
Mezzanine loans (3)445,363 442,339 12.9 %1.0
Other58,393 59,393 8.2 %1.4
Total commercial loans16,137,308 16,222,208 
Infrastructure first priority loans2,363,544 2,395,762 8.6 %3.9
Total loans held-for-investment18,500,852 18,617,970 
Loans held-for-sale:
Residential, fair value option 2,763,458 3,092,915 4.5 %N/A(5)
Commercial, fair value option21,136 23,900 5.7 %8.6
Total loans held-for-sale2,784,594 3,116,815 
Total gross loans21,285,446 $21,734,785 
Credit loss allowances:
Commercial loans held-for-investment(88,801)
Infrastructure loans held-for-investment(10,612)
Total allowances(99,413)
Total net loans$21,186,033 
______________________________________________________________________________________________________________________
(1)Calculated using applicable index rates as of March 31, 2023 and December 31, 2022 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 being classified as first mortgages as of both March 31, 2023 and December 31, 2022.
(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)Residential loans have a weighted average remaining contractual life of 28.5 years and 28.8 years as of March 31, 2023 and December 31, 2022, respectively.
Schedule of Variable Rate Loans Held-for-Investment
As of March 31, 2023, our variable rate loans held-for-investment, excluding loans for which interest income is not recognized, were as follows (dollars in thousands):
March 31, 2023Carrying
Value		Weighted-average
Spread Above Index
Commercial loans$15,526,655 4.0 %
Infrastructure loans2,360,875 4.0 %
Total variable rate loans held-for-investment$17,887,530 4.0 %
Schedule of Risk Ratings by Class of Loan
The significant credit quality indicators for our loans measured at amortized cost, which excludes loans held-for-sale, were as follows as of March 31, 2023 (dollars in thousands):
Term Loans
Amortized Cost Basis by Origination Year		Revolving Loans
Amortized Cost
Total		Total
Amortized
Cost Basis		Credit
Loss
Allowance
As of March 31, 202320232022202120202019Prior
Commercial loans:
Credit quality indicator:
LTV < 60%$— $1,923,695 $2,893,448 $209,003 $1,049,495 $806,693 $— $6,882,334 $11,562 
LTV 60% - 70%— 1,891,000 3,732,239 177,795 852,640 550,494 — 7,204,168 45,830 
LTV > 70%42,443 102,019 479,021 416,130 478,570 545,391 — 2,063,574 56,162 
Credit deteriorated— — — — — 4,925 — 4,925 4,925 
Defeased and other— 42,138 — — — 15,933 — 58,071 — 
Total commercial$42,443 $3,958,852 $7,104,708 $802,928 $2,380,705 $1,923,436 $— $16,213,072 $118,479 
Infrastructure loans:
Credit quality indicator:
Power$— $89,428 $208,091 $83,415 $284,346 $733,327 $18,677 $1,417,284 $4,304 
Oil and gas108,732 108,040 355,589 — 185,551 134,776 2,008 894,696 4,721 
Other48,895 — — — — — — 48,895 202 
Credit deteriorated— — — — — 12,907 — 12,907 6,724 
Total infrastructure$157,627 $197,468 $563,680 $83,415 $469,897 $881,010 $20,685 $2,373,782 $15,951 
Loans held-for-sale2,810,889 — 
Total gross loans$21,397,743 $134,430 
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, 2023
CommercialInfrastructure
Credit loss allowance at December 31, 2022$88,801 $10,612 $99,413 
Credit loss provision, net29,678 5,339 35,017 
Credit loss allowance at March 31, 2023$118,479 $15,951 $134,430 
Unfunded Commitments Credit Loss Allowance (1)
Loans Held-for-Investment
Three Months Ended March 31, 2023
CommercialInfrastructureCMBS (2)Total
Credit loss allowance at December 31, 2022$9,749 $72 $52 $9,873 
Credit loss provision (reversal), net1,145 (11)(15)1,119 
Credit loss allowance at March 31, 2023$10,894 $61 $37 $10,992 
Memo: Unfunded commitments as of March 31, 2023 (3)
$1,956,436 $15,500 $33,523 $2,005,459 
______________________________________________________________________________________________________________________
(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, 2023
CommercialInfrastructureResidentialHeld-for-Sale LoansTotal Loans
Balance at December 31, 2022$16,048,507 $2,352,932 $— $2,784,594 $21,186,033 
Acquisitions/originations/additional funding259,113 172,502 — 69,200 500,815 
Capitalized interest (1)27,924 130 — — 28,054 
Basis of loans sold (2)— — — (13,439)(13,439)
Loan maturities/principal repayments(256,644)(165,323)— (38,367)(460,334)
Discount accretion/premium amortization12,551 2,629 — — 15,180 
Changes in fair value— — — 8,901 8,901 
Foreign currency translation gain, net32,820 300 — — 33,120 
Credit loss provision, net(29,678)(5,339)— — (35,017)
Balance at March 31, 2023$16,094,593 $2,357,831 $— $2,810,889 $21,263,313 
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 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 
______________________________________________________________________________________________________________________
(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.