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Schedule IV - Mortgage Loans on Real Estate
 12 Months Ended
Dec. 31, 2023
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract]  
Schedule IV - Mortgage Loans on Real Estate
Type of LoanUnderlying Property TypeInterest Rates (1)Effective Maturity DatesPeriodic Payment Terms (2)Prior LiensFace amount of MortgagesCarrying Amount of MortgagesPrincipal Amount of Mortgages Subject to Delinquent Principal or Interest (3)
First Mortgages individually >3%
First MortgageOffice9.19%8/6/2024IO$— $110,800 $110,551 $— 
First MortgageOffice8.99%7/6/2024IO— 224,175 223,676 — 
First MortgageIndustrial8.49%6/30/2024IO— 114,331 114,330 — 
First MortgageMixed9.46%10/4/2024IO— 145,840 144,752 — 
First Mortgages individually <3%
First MortgageMulti-Family, Office, Mixed, Industrial, Retail, Mobile Home Park, Hotel, Land4.25%—13.74%2024—2032IO, P&I— 2,568,007 2,556,267 14,541 
   Total First Mortgages— 3,163,153 3,149,576 14,541 
Subordinated Mortgages individually <3%
Subordinate MortgageRetail, Office, Hotel10.00%—12.00%2024—2027IO296,201 32,423 32,381 — 
   Total Subordinated Mortgages296,201 32,423 32,381 — 
Total Mortgages296,201 3,195,576 3,181,957 14,541 
Allowance for credit lossesN/AN/A(43,165)(4)N/A
Total Mortgages after Allowance for Credit Losses$296,201 $3,195,576 $3,138,792 (5)(6)$14,541 
(1)    Interest rates as of December 31, 2023.
(2)    IO = Interest only. P&I = Principal and Interest.
(3)    Represents principal amount of loans on non-accrual status. The carrying value of loans on non-accrual status was $14.5 million as of December 31, 2023. Refer to the Allowance for Credit Losses and Non-Accrual Status section of Note 3, Mortgage Loan Receivables, for further detail.
(4)    Refer to Note 3, Mortgage Loan Receivables, for further detail.
(5)    The aggregate cost for U.S. federal income tax purposes is $3.2 billion.
(6)     Includes $26.9 million of mortgage loans held for sale as of December 31, 2023.
Reconciliation of mortgage loans on real estate:

The following tables reconcile mortgage loans on real estate from December 31, 2020 to December 31, 2023 ($ in thousands):
Mortgage loan receivables held for investment, net, at amortized cost:
 Mortgage loans receivableAllowance for credit lossesMortgage loan 
receivables held
for sale		Total Mortgage loan
receivables
Balance December 31, 2022$3,885,746 $(20,755)$27,391 $3,892,382 
Origination of mortgage loan receivables68,415 — — 68,415 
Repayment of mortgage loan receivables(726,710)— — (726,710)
Non-cash disposition of loan via foreclosure(91,408)— — (91,408)
Realized gain on sale of mortgage loan receivables— — (523)(523)
Accretion/amortization of discount, premium and other fees19,046 — — 19,046 
Charge-offs— 2,700 — 2,700 
Release of provision for current expected credit loss, net— (25,110)— (25,110)
Balance December 31, 2023$3,155,089 $(43,165)$26,868 $3,138,792 
(1)Refer to Note 5, Real Estate and Related Lease Intangibles, Net for further detail on foreclosure of real estate.

Mortgage loan receivables held for investment, net, at amortized cost:
 Mortgage loans receivableAllowance for credit lossesMortgage loan receivables heldTotal Mortgage loan
receivables
Balance December 31, 2021$3,553,737 $(31,752)$— $3,521,985 
Origination of mortgage loan receivables1,234,765 — 61,318 1,296,083 
Repayment of mortgage loan receivables(901,082)— (68)(901,150)
Proceeds from sales of mortgage loan receivables— — (29,151)(29,151)
Non-cash disposition of loan via foreclosure(10,235)— — (10,235)
Realized gain on sale of mortgage loan receivables2,197 — (4,708)(2,511)
Accretion/amortization of discount, premium and other fees20,759 — — 20,759 
Charge-offs(14,395)14,395 — — 
Release of provision for current expected credit loss, net— (3,398)— (3,398)
Balance December 31, 2022$3,885,746 $(20,755)$27,391 $3,892,382 
(1)Refer to Note 5, Real Estate and Related Lease Intangibles, Net for further detail on foreclosure of real estate.
Mortgage loan receivables held for investment, net, at amortized cost:
 Mortgage loans receivableAllowance for credit lossesMortgage loan receivables heldTotal Mortgage loan
receivables
Balance December 31, 2020$2,354,059 $(41,507)$30,518 $2,343,070 
Origination of mortgage loan receivables2,309,888 — 220,359 2,530,247 
Repayment of mortgage loan receivables(1,059,796)— (183)(1,059,979)
Proceeds from sales of mortgage loan receivables(46,557)— (259,092)(305,649)
Non-cash disposition of loan via foreclosure(81,289)— — (81,289)
Realized gain on sale of mortgage loan receivables— — 8,398 8,398 
Accretion/amortization of discount, premium and other fees13,832 — — 13,832 
Release of asset-specific loan loss provision via foreclosure(1)— 1,150 — 1,150 
Release of provision for current expected credit loss, net— 8,605 — 8,605 
Balance December 31, 2021$3,553,737 $(31,752)$— $3,521,985 
(1)Refer to Note 5, Real Estate and Related Lease Intangibles, Net for further detail on foreclosure of real estate.