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Loans (Tables)
 9 Months Ended
Sep. 30, 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 September 30, 2023 and December 31, 2022 (dollars in thousands):
September 30, 2023Carrying
Value		Face
Amount		Weighted
Average
Coupon (1)		Weighted
Average Life
(“WAL”)
(years)(2)
Loans held-for-investment:
Commercial loans:
First mortgages (3)$14,812,543 $14,887,200 9.0 %1.3
Subordinated mortgages (4)75,097 75,617 14.8 %1.1
Mezzanine loans (3)246,968 248,518 13.5 %1.6
Other87,193 88,339 9.6 %1.6
Total commercial loans15,221,801 15,299,674 
Infrastructure first priority loans 2,283,724 2,334,472 9.6 %4.0
Total loans held-for-investment17,505,525 17,634,146 
Loans held-for-sale:
Residential, fair value option 2,499,681 2,954,536 4.5 %N/A(5)
Commercial, fair value option
102,584 107,997 7.0 %6.1
Total loans held-for-sale2,602,265 3,062,533 
Total gross loans20,107,790 $20,696,679 
Credit loss allowances:
Commercial loans held-for-investment(261,914)
Infrastructure loans held-for-investment(9,406)
Total allowances(271,320)
Total net loans$19,836,470 
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 September 30, 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 $1.1 billion and $1.3 billion being classified as first mortgages as of September 30, 2023 and December 31, 2022, 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)Residential loans have a weighted average remaining contractual life of 28.0 years and 28.8 years as of September 30, 2023 and December 31, 2022, respectively.
Schedule of Variable Rate Loans Held-for-Investment
As of September 30, 2023, our variable rate loans held-for-investment, excluding loans for which interest income is not recognized, were as follows (dollars in thousands):
September 30, 2023Carrying
Value		Weighted-average
Spread Above Index
Commercial loans$14,532,060 4.0 %
Infrastructure loans2,281,923 4.1 %
Total variable rate loans held-for-investment$16,813,983 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 September 30, 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 September 30, 202320232022202120202019Prior
Commercial loans:
Credit quality indicator:
LTV < 60%$265,245 $1,937,607 $3,101,829 $188,077 $991,760 $206,365 $— $6,690,883 $24,768 
LTV 60% - 70%85,019 1,911,675 3,526,879 94,397 102,782 386,971 — 6,107,723 73,696 
LTV > 70%40,008 102,433 653,348 440,349 433,034 637,766 — 2,306,938 158,525 
Credit deteriorated— — — — — 29,065 — 29,065 4,925 
Defeased and other30,374 41,543 — — — 15,275 — 87,192 — 
Total commercial$420,646 $3,993,258 $7,282,056 $722,823 $1,527,576 $1,275,442 $— $15,221,801 $261,914 
Infrastructure loans:
Credit quality indicator:
Power$288,797 $— $107,644 $75,616 $278,309 $465,377 $5,757 $1,221,500 $3,722 
Oil and gas216,509 123,212 346,269 — 188,682 134,959 2,048 1,011,679 5,483 
Other48,744 — — — — — — 48,744 201 
Credit deteriorated— — — — — 1,801 — 1,801 — 
Total infrastructure$554,050 $123,212 $453,913 $75,616 $466,991 $602,137 $7,805 $2,283,724 $9,406 
Loans held-for-sale2,602,265 — 
Total gross loans$20,107,790 $271,320 
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
Nine Months Ended September 30, 2023
CommercialInfrastructure
Credit loss allowance at December 31, 2022$88,801 $10,612 $99,413 
Credit loss provision, net187,775 9,900 197,675 
Charge-offs (1)(14,662)(11,106)(25,768)
Credit loss allowance at September 30, 2023$261,914 $9,406 $271,320 
_____________________________________________________________________________________________________________________
(1)Represents the charge-off of (i) a $14.7 million credit loss allowance related to the portion of a credit deteriorated commercial mortgage loan on an office and retail complex in Arizona deemed uncollectible and (ii) an $11.1 million credit loss allowance related to the portion of a credit deteriorated infrastructure loan participation collateralized by a first priority lien on two natural gas fired power plants near Chicago, which was deemed uncollectible due to a third party’s nearly complete acquisition of the power plants (see discussion of both above). Such loans were originated in 2015 and 2017, respectively, with the infrastructure loan acquired as part of the Infrastructure Lending Segment acquisition in 2018.

Unfunded Commitments Credit Loss Allowance (1)
Loans Held-for-InvestmentHTM Preferred
Nine Months Ended September 30, 2023
CommercialInfrastructureInterests (2)CMBS (2)Total
Credit loss allowance at December 31, 2022$9,749 $72 $— $52 $9,873 
Credit loss provision, net
3,141 342 6,695 88 10,266 
Credit loss allowance at September 30, 2023$12,890 $414 $6,695 $140 $20,139 
Memo: Unfunded commitments as of September 30, 2023 (3)
$1,362,554 $46,183 $19,543 $33,806 $1,462,086 
______________________________________________________________________________________________________________________
(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
Nine Months Ended September 30, 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 funding1,053,627 605,397 — 363,520 2,022,544 
Capitalized interest (1)91,641 389 — 172 92,202 
Basis of loans sold (2)(53,000)— — (337,321)(390,321)
Loan maturities/principal repayments(1,903,021)(683,053)— (137,916)(2,723,990)
Discount accretion/premium amortization40,733 10,298 — — 51,031 
Changes in fair value— — — (111,247)(111,247)
Foreign currency translation loss, net
(48,362)(1,745)— — (50,107)
Credit loss provision, net(187,775)(9,900)— — (197,675)
Loan foreclosure(41,071)— — (929)(42,000)(3)
Transfer to/from other asset classifications or between segments(41,392)— — 41,392 — 
Balance at September 30, 2023$14,959,887 $2,274,318 $— $2,602,265 $19,836,470 
Held-for-Investment Loans
Nine Months Ended September 30, 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 funding4,410,306 597,092 — 3,793,467 8,800,865 
Capitalized interest (1)85,454 373 1,445 402 87,674 
Basis of loans sold (2)(6,330)— — (4,056,511)(4,062,841)
Loan maturities/principal repayments(1,558,907)(246,127)(6,663)(146,184)(1,957,881)
Discount accretion/premium amortization40,179 7,289 — — 47,468 
Changes in fair value— — (485)(326,252)(326,737)
Foreign currency translation loss, net(612,669)(4,530)— — (617,199)
Credit loss provision, net(18,262)(7,079)— — (25,341)
Loan foreclosure and equity control(50,151)— — — (50,151)(4)
Transfer to/from other asset classifications or between segments(63,616)— (346)63,962 — 
Balance at September 30, 2022$15,676,202 $2,374,444 $53,176 $2,205,684 $20,309,506 
______________________________________________________________________________________________________________________
(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.
(3)Represents the $41.1 million carrying value of a mortgage loan on the retail portion of a hotel located in Chicago foreclosed in May 2023 (see discussion above) and $0.9 million in residential mortgage loans foreclosed.
(4)Represents the net carrying value of first mortgage and contiguous mezzanine loans related to an office building in Texas that is eliminated as a result of consolidating the net assets of the mezzanine borrower entity upon obtaining control over its pledged equity interests in May 2022.