Investments in Real Estate-Related Securities and Loans (Tables)

9 Months Ended

Sep. 30, 2019

Investment In Real Estate And Loans [Abstract]

Summary of Investments in Real Estate-Related Securities and Loans

The following tables detail the Company’s investments in real estate-related securities and loans ($ in thousands):

				September 30, 2019
Number of Positions		Credit Rating⁽¹⁾	Collateral⁽²⁾	Weighted Average Coupon⁽³⁾	Weighted Average Maturity Date⁽⁴⁾	Face Amount/ Notional⁽⁵⁾		Cost Basis		Fair Value
CMBS - Floating:
	43	BB	Hospitality, Industrial, Multifamily, Office, Diversified, Other	L+2.83%	11/12/2024	$	1,027,601	$	1,028,981	$	1,032,524
	34	BBB	Hospitality, Multifamily, Office, Diversified, Other	L+2.30%	11/5/2024		808,188		809,970		811,824
	22	B	Hospitality, Multifamily, Office	L+3.44%	11/2/2024		467,437		466,423		468,201
	6	A	Hospitality, Industrial, Retail, Diversified	L+2.05%	11/7/2024		275,883		276,237		277,259
	13	Other	Multifamily	L+2.47%	6/13/2026		103,345		103,782		103,705
	118								2,685,393		2,693,513
CMBS - Fixed:
	5	B	Hospitality, Multifamily, Diversified	4.5%	6/3/2026		132,950		131,675		133,962
	8	BB	Hospitality, Multifamily, Office, Diversified	4.1%	5/20/2026		122,964		119,777		123,802
	11	BBB	Hospitality, Multifamily, Diversified	4.0%	11/6/2027		99,103		96,187		101,827
	9	Other	Hospitality, Multifamily, Diversified	4.5%	12/5/2026		157,129		153,458		155,941
	33								501,097		515,532
RMBS - Fixed:
	2	BB	Multifamily	4.2%	6/11/2022		6,689		6,689		6,712
CMBS - Zero Coupon:
	1	BB	Multifamily	N/A	4/19/2025		27,273		20,320		20,706
	3	Other	Multifamily	N/A	4/12/2027		208,817		104,403		114,699
	4								124,723		135,405
CMBS - Interest Only:
	2	AAA	Multifamily	0.1%	5/20/2026		1,800,104		9,952		9,967
	1	BBB	Multifamily	0.1%	1/5/2028		225,803		1,397		1,396
	1	A	Multifamily	0.1%	5/2/2025		194,399		939		940
	1	Other	Multifamily	4.7%	1/5/2029		42,024		12,140		12,129
	5								24,428		24,432
Corporate Bonds:
	9	BB	Hospitality, Multifamily, Diversified	5.5%	12/8/2026		225,165		224,411		234,015
	2	B	Hospitality, Multifamily	6.2%	5/21/2025		31,170		31,394		32,145
	11								255,805		266,160
Term Loans:
	6	B	Hospitality, Diversified	L+3.70%	1/16/2025		62,038		61,486		61,469
	1	BB	Diversified	L+2.75%	5/7/2026		54,291		54,042		54,087
	1	BBB	Hospitality	L+2.25%	8/29/2025		1,041		1,040		1,045
	1	Other	Diversified	L+1.70%	2/6/2022		47,132		46,073		45,954
	9								162,641		162,555
	182							$	3,760,776	$	3,804,309

					December 31, 2018
Number of Positions		Credit Rating⁽¹⁾		Collateral⁽²⁾	Weighted Average Coupon⁽³⁾	Weighted Average Maturity Date⁽⁴⁾	Face Amount/ Notional⁽⁵⁾		Cost Basis		Fair Value
CMBS:
	38	BB	Hospitality, Industrial, Multifamily, Office, Retail		L+2.83%	9/4/2024	$	941,240	$	939,742	$	930,411
	26	BBB		Hospitality, Industrial, Multifamily, Office	L+2.15%	11/18/2024		578,771		576,601		571,171
	21	B		Hospitality, Multifamily, Office	L+3.56%	9/19/2024		496,383		495,095		490,019
	3	A		Hospitality, Industrial, Retail	L+1.81%	3/10/2023		89,165		89,184		88,358
	7	Other		Multifamily	L+1.99%	6/13/2026		35,442		34,876		34,951
	95									2,135,498		2,114,910
CMBS - Interest Only:
	2	AAA		Multifamily	0.1%	3/12/2027		1,802,581		9,959		9,957
	1	BBB		Multifamily	0.1%	5/25/2028		225,802		1,414		1,415
	1	A		Multifamily	0.1%	7/25/2025		194,399		1,001		1,001
	4									12,374		12,373
CMBS - Zero Coupon:
	2	Other		Multifamily	N/A	3/2/2027		166,793		80,892		81,875
Corporate Bond:
	1	BB		Hospitality	6.5%	9/15/2026		52,652		52,652		50,755
	102								$	2,281,416	$	2,259,913

⁽¹⁾

AAA represents credit ratings of AAA and AAA-, A represents credit ratings of A+, A, and A-, BBB represents credit ratings of BBB+, BBB, and BBB-, BB represents credit ratings of BB+, BB, and BB-, and B represents credit ratings of B+, B, and B-. Other consists of investments that, as of September 30, 2019 and December 31, 2018, were either not ratable or have not been submitted to rating agencies.

⁽²⁾	Multifamily real estate-related securities and loans are collateralized by various forms of rental housing including single-family homes and apartments.

⁽³⁾	The term “L” refers to the one-month U.S. dollar-denominated London Interbank Offer Rate (“LIBOR”). As of September 30, 2019, one-month LIBOR was equal to 2.0%.

⁽⁴⁾	Weighted average maturity date is based on the fully extended maturity date of the instrument or, in the case of CMBS and RMBS, the underlying collateral.

⁽⁵⁾	Represents notional amount for interest only positions.

Schedule of Company's Affiliate CMBS Positions

The following table details the Company’s affiliate CMBS positions ($ in thousands):

	Fair Value				Interest Income
	September 30,		December 31,		Three Months Ended September 30,				Nine Months Ended September 30,
	2019		2018		2019		2018		2019		2018
CMBS collateralized by properties	$	1,069,935	$	919,392	$	13,580	$	10,617	$	37,950	$	26,412
CMBS collateralized by a loan		162,663		163,404		2,012		1,910		6,199		3,358
Total	$	1,232,598	$	1,082,796	$	15,592	$	12,527	$	44,149	$	29,770