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Loans (Tables)
 12 Months Ended
Dec. 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 December 31, 2023 and 2022 (dollars in thousands):
December 31, 2023Carrying
Value		Face
Amount		Weighted
Average
Coupon (1)		Weighted
Average Life
(“WAL”)
(years)(2)
Loans held-for-investment:
Commercial loans:
First mortgages (3)$14,956,646 $15,005,827 9.0 %2.8
Subordinated mortgages (4)76,560 76,882 14.8 %2.2
Mezzanine loans (3)273,146 274,899 13.7 %2.7
Other71,012 71,843 9.6 %1.8
Total commercial loans15,377,364 15,429,451 
Infrastructure first priority loans 2,505,924 2,550,244 9.5 %3.9
Total loans held-for-investment17,883,288 17,979,695 
Loans held-for-sale:
Residential, fair value option
2,604,594 2,909,126 4.5 %N/A(5)
Commercial, fair value option 41,043 45,400 5.5 %5.2
Total loans held-for-sale2,645,637 2,954,526 
Total gross loans20,528,925 $20,934,221 
Credit loss allowances:
Commercial loans held-for-investment(298,775)
Infrastructure loans held-for-investment(10,264)
Total allowances(309,039)
Total net loans$20,219,886 
December 31, 2022
Loans held-for-investment:
Commercial loans:
First mortgages (3)$15,562,452 $15,648,358 7.9 %3.3
Subordinated mortgages (4)71,100 72,118 13.6 %3.2
Mezzanine loans (3)445,363 442,339 12.9 %1.9
Other58,393 59,393 8.2 %1.7
Total commercial loans16,137,308 16,222,208 
Infrastructure first priority loans 2,363,544 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 December 31, 2023 and 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. For commercial loans held-for-investment, the WAL is calculated assuming all extension options are exercised by the borrower, although our loans may be repaid prior to such date. For infrastructure loans, the WAL is calculated using the amounts and timing of future principal payments, as projected at origination or acquisition of each loan.
(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 $1.0 billion and $1.3 billion being classified as first mortgages as of December 31, 2023 and 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 27.8 years and 28.8 years as of December 31, 2023 and 2022, respectively.
Schedule of Variable Rate Loans Held-for-Investment
As of December 31, 2023, our variable rate loans held-for-investment, excluding loans for which interest income is not recognized, were as follows (dollars in thousands):
December 31, 2023Carrying
Value		Weighted-average
Spread Above Index
Commercial loans$14,583,440 4.0 %
Infrastructure loans2,505,924 4.1 %
Total variable rate loans held-for-investment$17,089,364 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 December 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 December 31, 202320232022202120202019Prior
Commercial loans:
Credit quality indicator:
LTV < 60%$321,465 $2,040,870 $2,979,413 $188,140 $937,355 $232,009 $— $6,699,252 $24,939 
LTV 60% - 70%518,912 1,937,799 3,522,841 97,805 85,287 318,432 — 6,481,076 78,495 
LTV > 70%60,905 102,732 483,506 451,471 433,448 589,037 — 2,121,099 190,416 
Credit deteriorated— — — — — 4,925 — 4,925 4,925 
Defeased and other14,374 41,705 — — — 14,933 — 71,012 — 
Total commercial$915,656 $4,123,106 $6,985,760 $737,416 $1,456,090 $1,159,336 $— $15,377,364 $298,775 
Infrastructure loans:
Credit quality indicator:
Power$441,646 $— $106,343 $72,687 $276,795 $442,784 $3,213 $1,343,468 $4,099 
Oil and gas410,674 136,704 211,136 — 218,129 135,075 2,068 1,113,786 6,009 
Other
48,670 — — — — — — 48,670 156 
Total infrastructure$900,990 $136,704 $317,479 $72,687 $494,924 $577,859 $5,281 $2,505,924 $10,264 
Loans held-for-sale2,645,637 — 
Total gross loans$20,528,925 $309,039 
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-Investment
Total Funded Loans
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)
Transfers(257)257 — 
Credit loss allowance at December 31, 2021
46,600 20,670 67,270 
Credit loss provision, net
42,201 6,848 49,049 
Charge-offs— (16,906)(2)(16,906)
Credit loss allowance at December 31, 2022
88,801 10,612 99,413 
Credit loss provision, net222,266 10,446 232,712 
Charge-offs (3)
(12,292)(10,794)(23,086)
Credit loss allowance at December 31, 2023
$298,775 $10,264 $309,039 
______________________________________________________________________________________________________________________
(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)Relates to a senior loan participation converted to an equity interest.
(3)Represents the net charge-off of (i) a $12.3 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) a $10.8 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 then nearly completed acquisition of the power plants. 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
CommercialInfrastructure
Interests (2)
CMBS (2)
Total
Credit loss allowance at December 31, 2020
$5,258 $812 $— $— $6,070 
Credit loss provision (reversal), net
1,434 (667)— — 767 
Credit loss allowance at December 31, 2021
6,692 145 — — 6,837 
Credit loss provision (reversal), net3,057 (73)— 52 3,036 
Credit loss allowance at December 31, 2022
9,749 72 — 52 9,873 
Credit loss (reversal) provision, net
(1,007)492 1,548 22 1,055 
Credit loss allowance at December 31, 2023
$8,742 $564 $1,548 $74 $10,928 
Memo: Unfunded commitments as of December 31, 2023 (3)
$1,237,874 $65,546 $8,282 $34,743 $1,346,445 
______________________________________________________________________________________________________________________
(1)Included in accounts payable, accrued expenses and other liabilities in our consolidated balance sheets.
(2)See Note 6 for further details.
(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, 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 funding1,713,979 1,002,908 — 757,355 3,474,242 
Capitalized interest (1)125,057 518 — 172 125,747 
Basis of loans sold (2)(53,000)— — (813,104)(866,104)
Loan maturities/principal repayments(2,596,738)(864,549)— (185,884)(3,647,171)
Discount accretion/premium amortization53,418 13,694 — — 67,112 
Changes in fair value— — — 62,702 62,702 
Foreign currency translation gain, net
152,869 603 — — 153,472 
Credit loss provision, net(222,266)(10,446)— — (232,712)
Loan foreclosure and equity control
(101,845)— — (929)(102,774)(3)
Transfer to/from other asset/liability classifications or between segments(41,392)— — 40,731 (661)
Balance at December 31, 2023$15,078,589 $2,495,660 $— $2,645,637 $20,219,886 
Held-for-Investment Loans
Year Ended December 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 funding4,882,414 661,598 — 4,634,722 10,178,734 
Capitalized interest (1)121,500 503 1,639 508 124,150 
Basis of loans sold (2)(10,109)(26,824)— (4,216,618)(4,253,551)
Loan maturities/principal repayments(1,764,638)(293,264)(7,623)(193,105)(2,258,630)
Discount accretion/premium amortization52,939 9,618 — — 62,557 
Changes in fair value— — (3,169)(343,053)(346,222)
Foreign currency translation loss, net
(304,051)(2,895)— — (306,946)
Credit loss provision, net
(42,201)(6,848)— — (49,049)
Loan foreclosure, equity control and conversion to equity interest
(273,929)(16,382)— — (290,311)(4)
Transfer to/from other asset classifications or between segments(63,616)— (50,072)25,340 (88,348)(5)
Balance at December 31, 2022$16,048,507 $2,352,932 $— $2,784,594 $21,186,033 

Held-for-Investment Loans
Year Ended December 31, 2021
Commercial InfrastructureResidentialHeld-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 funding
7,822,441  817,104 — 5,351,03413,990,579 
Capitalized interest (1)
112,178  — 4,308 2,650119,136 
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 amortization
52,416  5,028 — 50457,948 
Changes in fair value
—  — 1,186 67,86469,050 
Foreign currency translation loss, net
(71,419) (711)— —(72,130)
Credit loss (provision) reversal, net
7,947  (12,580)— —(4,633)
Loan foreclosure and conversion to equity interest
(36,308)— — —(36,308)(6)
Transfer to/from other asset classifications
(204,583)123,701 (5,702)611,360524,776 (7)
 Balance at December 31, 2021
$13,450,198$2,027,426$59,225$2,876,800$18,413,649
______________________________________________________________________________________________________________________
(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)Represents (i) the $41.1 million carrying value of a mortgage loan on the retail portion of a hotel located in Chicago foreclosed in May 2023, (ii) the $60.8 million carrying value of a first mortgage and mezzanine loan on a multifamily property in the Pacific Northwest consolidated upon obtaining equity control in December 2023 and (iii) $0.9 million in residential mortgage loans foreclosed.
(4)Represents (i) the $50.2 million 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, (ii) the $223.8 million principal amount of a senior loan secured by an office building in California foreclosed in December 2022 and (iii) the $16.4 million net carrying value of a senior loan participation in a natural gas-fired power plant in Massachusetts that was converted to an equity interest in December 2022.
(5)During the year ended December 2022, we repurchased at par $745.0 million of agency-eligible residential loans that were previously sold. The repurchase was subject to a contingency for which we recorded a contingency loss of $88.4 million within other loss, net in the consolidated statement of operations. At the time the loans were repurchased, this loss was utilized to reduce the carrying value of the loans to their estimated fair value.
(6)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.
(7)Net transfers represent residential loans transferred from VIE assets upon redemption of three consolidated RMBS trusts in 2021.