XML 88 R77.htm IDEA: XBRL DOCUMENT v3.24.1.u1
Secured Borrowings - Secured Financing Agreements (Details) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2024
Dec. 31, 2023
Secured Borrowings    
Pledged Asset Carrying Value $ 100,319 $ 102,368
Secured financing agreements, net 12,556,487 13,867,996
Revolving Credit Facility    
Secured Borrowings    
Maximum borrowing capacity 150,000  
Equity interests in certain subsidiaries used to secure facilities 5,900,000  
Borrowing Base Facility    
Secured Borrowings    
Maximum Facility Size 450,000  
Maximum facility size subject to certain conditions 750,000  
Commercial Financing Facilities    
Secured Borrowings    
Maximum Facility Size 471,000  
Term Loan Facility    
Secured Borrowings    
Maximum borrowing capacity 770,800  
Term Loan Facility Maturing November 2027    
Secured Borrowings    
Maximum borrowing capacity $ 592,500  
Floor interest rate (as a percent) 0.50%  
SOFR | Revolving Credit Facility    
Secured Borrowings    
Coupon Rate 2.60%  
SOFR | Term Loan Facility    
Secured Borrowings    
Floor interest rate (as a percent) 0.75%  
SOFR | Term Loan Facility Maturing November 2027    
Secured Borrowings    
Pricing margin (as a percent) 3.25%  
SOFR + 2.60% | Term Loan Facility    
Secured Borrowings    
Pricing margin (as a percent) 2.60%  
Maximum borrowing capacity $ 382,000  
SOFR + 3.35% | Term Loan Facility    
Secured Borrowings    
Pricing margin (as a percent) 3.35%  
Maximum borrowing capacity $ 388,800  
Secured Borrowings    
Secured Borrowings    
Maximum Facility Size 22,321,961  
Long term debt, gross 12,625,490 13,948,828
Unamortized net discount (23,530) (24,975)
Unamortized deferred financing costs (45,473) (55,857)
Secured financing agreements, net 12,556,487 13,867,996
Secured Borrowings | Borrowing Base Facility    
Secured Borrowings    
Maximum Facility Size 750,000  
Long term debt, gross 5,384 27,639
Secured Borrowings | Commercial Financing Facilities    
Secured Borrowings    
Maximum Facility Size 571,030  
Long term debt, gross 408,210 387,822
Secured Borrowings | Infrastructure Financing Facilities    
Secured Borrowings    
Maximum Facility Size 1,050,000  
Long term debt, gross $ 594,211 631,187
Secured Borrowings | Property Mortgages - Fixed rate    
Secured Borrowings    
Coupon Rate 4.52%  
Maximum Facility Size $ 29,797  
Long term debt, gross 29,797 29,898
Secured Borrowings | Property Mortgages - Variable rate    
Secured Borrowings    
Maximum Facility Size 707,941  
Long term debt, gross 705,916 853,145
Secured Borrowings | Term Loans and Revolver    
Secured Borrowings    
Maximum Facility Size 1,513,281  
Long term debt, gross 1,363,281 1,366,778
Secured Borrowings | Total Other Secured Financing    
Secured Borrowings    
Maximum Facility Size 4,622,049  
Long term debt, gross $ 3,106,799 3,296,469
Secured Borrowings | First Mortgage and Mezzanine    
Secured Borrowings    
Coupon Rate 3.46%  
Long term debt, gross $ 600,000  
Secured Borrowings | Asset Pledged as Collateral    
Secured Borrowings    
Pledged Asset Carrying Value 16,508,835  
Secured Borrowings | Asset Pledged as Collateral | Borrowing Base Facility    
Secured Borrowings    
Pledged Asset Carrying Value 104,276  
Secured Borrowings | Asset Pledged as Collateral | Commercial Financing Facilities    
Secured Borrowings    
Pledged Asset Carrying Value 580,687  
Secured Borrowings | Asset Pledged as Collateral | Infrastructure Financing Facilities    
Secured Borrowings    
Pledged Asset Carrying Value 818,997  
Secured Borrowings | Asset Pledged as Collateral | Property Mortgages - Fixed rate    
Secured Borrowings    
Pledged Asset Carrying Value 32,436  
Secured Borrowings | Asset Pledged as Collateral | Property Mortgages - Variable rate    
Secured Borrowings    
Pledged Asset Carrying Value 677,616  
Secured Borrowings | Asset Pledged as Collateral | Total Other Secured Financing    
Secured Borrowings    
Pledged Asset Carrying Value $ 2,214,012  
Secured Borrowings | Index | Commercial Financing Facilities    
Secured Borrowings    
Pricing margin (as a percent) 2.24%  
Secured Borrowings | Index | Infrastructure Financing Facilities    
Secured Borrowings    
Pricing margin (as a percent) 2.15%  
Secured Borrowings | SOFR | Borrowing Base Facility    
Secured Borrowings    
Pricing margin (as a percent) 2.11%  
Secured Borrowings | SOFR | First Mortgage and Mezzanine | Weighted Average    
Secured Borrowings    
Pricing margin (as a percent) 2.18%  
Line of Credit | Commercial Financing Facilities    
Secured Borrowings    
Line of credit capacity if conditions are met $ 571,000  
Commercial Loans    
Secured Borrowings    
Maximum Facility Size 11,800,000  
Secured financing agreements, net 2,500,000  
Line of credit capacity if conditions are met $ 12,200,000  
Commercial Loans | SOFR | Weighted Average    
Secured Borrowings    
Pricing margin (as a percent) 2.73%  
Commercial Loans | Secured Borrowings    
Secured Borrowings    
Maximum Facility Size $ 12,234,452  
Long term debt, gross 6,010,151 7,170,389
Commercial Loans | Secured Borrowings | Asset Pledged as Collateral    
Secured Borrowings    
Pledged Asset Carrying Value $ 9,736,328  
Commercial Loans | Secured Borrowings | Index    
Secured Borrowings    
Pricing margin (as a percent) 2.05%  
Residential Loans | Secured Borrowings    
Secured Borrowings    
Maximum Facility Size $ 3,450,000  
Long term debt, gross 2,269,811 2,287,655
Residential Loans | Secured Borrowings | Asset Pledged as Collateral    
Secured Borrowings    
Pledged Asset Carrying Value $ 2,516,364  
Residential Loans | Secured Borrowings | SOFR    
Secured Borrowings    
Pricing margin (as a percent) 1.90%  
Infrastructure Loans | Secured Borrowings    
Secured Borrowings    
Maximum Facility Size $ 650,000  
Long term debt, gross 475,763 453,217
Infrastructure Loans | Secured Borrowings | Asset Pledged as Collateral    
Secured Borrowings    
Pledged Asset Carrying Value $ 571,784  
Infrastructure Loans | Secured Borrowings | SOFR    
Secured Borrowings    
Pricing margin (as a percent) 2.07%  
Conduit Loans | Secured Borrowings    
Secured Borrowings    
Maximum Facility Size $ 375,000  
Long term debt, gross 56,507 26,930
Conduit Loans | Secured Borrowings | Asset Pledged as Collateral    
Secured Borrowings    
Pledged Asset Carrying Value $ 72,402  
Conduit Loans | Secured Borrowings | SOFR    
Secured Borrowings    
Pricing margin (as a percent) 2.15%  
CMBS/RMBS    
Secured Borrowings    
Coupon Rate 3.54%  
Secured financing agreements, net $ 279,000  
Amount outstanding on a repurchase facility not subject to margin calls 279,000  
Amount outstanding on repurchase facility $ 32,200  
Pro rata share owned by a non-controlling partner in a consolidated joint venture 49.00%  
CMBS/RMBS | Certain Facilities    
Secured Borrowings    
Secured financing agreements, net $ 330,900  
Rolling maturity period 12 months  
CMBS/RMBS | SOFR | Weighted Average    
Secured Borrowings    
Coupon Rate 2.19%  
CMBS/RMBS | Secured Borrowings    
Secured Borrowings    
Maximum Facility Size $ 990,460  
Long term debt, gross 706,459 714,168
CMBS/RMBS | Secured Borrowings | Asset Pledged as Collateral    
Secured Borrowings    
Pledged Asset Carrying Value 1,397,945  
Total Repurchase Agreements | Secured Borrowings    
Secured Borrowings    
Maximum Facility Size 17,699,912  
Long term debt, gross 9,518,691 $ 10,652,359
Total Repurchase Agreements | Secured Borrowings | Asset Pledged as Collateral    
Secured Borrowings    
Pledged Asset Carrying Value $ 14,294,823