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Investments in Real Estate Debt (Tables)
 9 Months Ended
Sep. 30, 2020
Investment In Real Estate And Loans [Abstract]  
Summary of Investments in Real Estate Debt

The following tables detail the Company’s investments in real estate debt ($ in thousands):

 

 

September 30, 2020

 

Type of Security/Loan

 

Number of

Positions

 

Weighted

Average

Coupon(1)

 

 

Weighted

Average

Maturity Date(2)

 

Face

Amount/

Notional(3)

 

 

Cost

Basis

 

Fair

Value

 

CMBS - floating

 

 

138

 

L+2.7%

 

 

1/5/2025

 

$

3,212,846

 

 

$

3,193,384

 

$

2,914,116

 

CMBS - fixed

 

 

54

 

4.0%

 

 

4/18/2028

 

 

1,022,626

 

 

 

991,867

 

 

933,104

 

Corporate bonds

 

 

15

 

5.0%

 

 

2/28/2027

 

 

231,249

 

 

 

229,821

 

 

222,315

 

CMBS - zero coupon

 

 

4

 

N/A

 

 

1/2/2027

 

 

236,090

 

 

 

134,960

 

 

136,476

 

RMBS - fixed

 

 

14

 

4.4%

 

 

12/9/2031

 

 

28,462

 

 

 

28,635

 

 

27,695

 

CMBS - interest only

 

 

5

 

2.3%

 

 

10/10/2026

 

 

2,258,809

 

 

 

21,748

 

 

21,726

 

Total real estate securities

 

 

230

 

3.1%

 

 

12/18/2025

 

N/M

 

 

 

4,600,415

 

 

4,255,432

 

Term loans

 

 

10

 

L+3.0%

 

 

3/15/2022

 

 

598,533

 

 

 

562,778

 

 

591,101

 

Mezzanine loans

 

 

1

 

L+6.9%

 

 

12/15/2024

 

 

134,750

 

 

 

134,338

 

 

119,144

 

Total real estate loans

 

 

11

 

L+3.7%

 

 

8/31/2022

 

 

733,283

 

 

 

697,116

 

 

710,245

 

Total investments in real estate debt

 

 

241

 

3.2%

 

 

6/29/2025

 

N/M

 

 

$

5,297,531

 

$

4,965,677

 

 

 

 

December 31, 2019

 

Type of Security/Loan

 

Number of

Positions

 

Weighted

Average

Coupon(1)

 

 

Weighted

Average

Maturity Date(2)

 

Face

Amount/

Notional(3)

 

 

Cost

Basis

 

Fair

Value

 

CMBS - floating

 

 

122

 

L+2.7%

 

 

1/29/2025

 

$

2,907,080

 

 

$

2,899,556

 

$

2,906,952

 

CMBS - fixed

 

 

43

 

4.2%

 

 

6/26/2027

 

 

850,738

 

 

 

829,403

 

 

831,970

 

Corporate bonds

 

 

12

 

5.2%

 

 

2/16/2027

 

 

276,302

 

 

 

276,496

 

 

288,111

 

CMBS - zero coupon

 

 

4

 

N/A

 

 

12/30/2026

 

 

236,090

 

 

 

127,219

 

 

136,027

 

RMBS - fixed

 

 

9

 

4.3%

 

 

7/9/2028

 

 

29,315

 

 

 

29,506

 

 

29,448

 

CMBS - interest only

 

 

5

 

2.3%

 

 

10/2/2026

 

 

2,261,480

 

 

 

23,564

 

 

23,547

 

Total real estate securities

 

 

195

 

4.2%

 

 

10/15/2025

 

N/M

 

 

 

4,185,744

 

 

4,216,055

 

Term loans

 

 

7

 

L+2.9%

 

 

8/30/2024

 

 

175,239

 

 

 

173,466

 

 

173,129

 

Mezzanine loans

 

 

1

 

L+6.9%

 

 

12/15/2024

 

 

134,750

 

 

 

134,078

 

 

134,076

 

Total real estate loans

 

 

8

 

L+4.6%

 

 

10/16/2024

 

 

309,989

 

 

 

307,544

 

 

307,205

 

Total investments in real estate debt

 

 

203

 

4.4%

 

 

9/21/2025

 

N/M

 

 

$

4,493,288

 

$

4,523,260

 

 

(1)

The term “L” refers to the relevant floating benchmark rates, which include USD LIBOR, GBP LIBOR, EURIBOR and Sterling Overnight Index Average, as applicable to each security and loan.  

(2)

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.

(3)

Represents notional amount for interest-only positions.

Summary of Collateral Type of Properties Securing Investments in Real Estate Debt

The following table details the collateral type of the properties securing the Company’s investments in real estate debt ($ in thousands):

 

 

September 30, 2020

 

 

December 31, 2019

 

Collateral(1)

 

Number of

Positions

 

 

Cost

Basis

 

 

Fair

Value

 

 

Percentage Based on Fair Value

 

 

Number of

Positions

 

 

Cost

Basis

 

 

Fair

Value

 

 

Percentage Based on Fair Value

 

Hospitality

 

 

84

 

 

$

2,199,573

 

 

$

1,960,694

 

 

40%

 

 

 

75

 

 

$

2,252,556

 

 

$

2,259,102

 

 

50%

 

Multifamily

 

 

71

 

 

 

991,973

 

 

 

1,015,850

 

 

21%

 

 

 

61

 

 

 

596,184

 

 

 

613,470

 

 

14%

 

Office

 

 

38

 

 

 

766,733

 

 

 

715,184

 

 

14%

 

 

 

37

 

 

 

793,782

 

 

 

794,881

 

 

18%

 

Industrial

 

 

24

 

 

 

669,778

 

 

 

656,682

 

 

13%

 

 

 

14

 

 

 

375,975

 

 

 

378,147

 

 

8%

 

Diversified

 

 

17

 

 

 

314,077

 

 

 

297,011

 

 

6%

 

 

 

10

 

 

 

219,215

 

 

 

219,798

 

 

5%

 

Other

 

 

5

 

 

 

238,202

 

 

 

201,398

 

 

4%

 

 

 

5

 

 

 

238,202

 

 

 

240,558

 

 

5%

 

Net Lease

 

 

1

 

 

 

99,820

 

 

 

102,942

 

 

2%

 

 

 

—

 

 

 

—

 

 

 

—

 

 

—%

 

Retail

 

 

1

 

 

 

17,375

 

 

 

15,916

 

 

—%

 

 

 

1

 

 

 

17,374

 

 

 

17,304

 

 

—%

 

Total

 

 

241

 

 

$

5,297,531

 

 

$

4,965,677

 

 

100%

 

 

 

203

 

 

$

4,493,288

 

 

$

4,523,260

 

 

100%

 

 

(1)

Multifamily investments in real estate debt are collateralized by various forms of rental housing including single-family homes and apartments.
Summary of Credit Rating of Investments in Real Estate Debt

The following table details the credit rating of the Company’s investments in real estate debt ($ in thousands):

 

 

September 30, 2020

 

December 31, 2019

 

Credit Rating

 

Number of

Positions

 

 

Cost

Basis

 

Fair

Value

 

Percentage Based on Fair Value

 

Number of

Positions

 

Cost

Basis

 

Fair

Value

 

Percentage Based on Fair Value

 

BB

 

 

79

 

 

$

1,632,234

 

$

1,503,362

 

30%

 

 

72

 

$

1,598,930

 

$

1,610,643

 

36%

 

Not rated

 

 

38

 

 

 

1,177,793

 

 

1,149,268

 

23%

 

 

33

 

 

764,941

 

 

773,791

 

17%

 

B

 

 

52

 

 

 

1,220,773

 

 

1,130,536

 

23%

 

 

40

 

 

906,609

 

 

909,587

 

20%

 

BBB

 

 

51

 

 

 

883,408

 

 

812,313

 

16%

 

 

45

 

 

885,891

 

 

891,272

 

20%

 

A

 

 

15

 

 

 

341,495

 

 

331,143

 

7%

 

 

10

 

 

319,031

 

 

320,140

 

7%

 

CCC

 

 

3

 

 

 

32,429

 

 

29,665

 

1%

 

 

—

 

 

—

 

 

—

 

—%

 

AAA

 

 

2

 

 

 

8,608

 

 

8,600

 

–%

 

 

2

 

 

9,554

 

 

9,550

 

—%

 

AA

 

 

1

 

 

 

791

 

 

790

 

–%

 

 

1

 

 

8,332

 

 

8,277

 

—%

 

Total

 

 

241

 

 

$

5,297,531

 

$

4,965,677

 

100%

 

 

203

 

$

4,493,288

 

$

4,523,260

 

100%

 

 
Schedule of Company's Affiliate Investments In Real Estate Debt The following table details the Company’s affiliate investments in real estate debt ($ in thousands):

 

 

Fair Value

 

Interest Income

 

 

 

September 30,

 

December 31,

 

Three Months Ended September 30,

 

Nine Months Ended September 30,

 

 

 

2020

 

2019

 

2020

 

2019

 

2020

 

2019

 

CMBS collateralized by properties

 

$

1,725,919

 

$

1,418,056

 

$

13,799

 

$

13,580

 

$

44,812

 

$

37,950

 

Loans collateralized by properties

 

 

528,298

 

 

134,076

 

 

5,968

 

 

—

 

 

12,868

 

 

—

 

CMBS collateralized by loans

 

 

128,043

 

 

155,978

 

 

1,089

 

 

2,012

 

 

4,046

 

 

6,199

 

Total

 

$

2,382,260

 

$

1,708,110

 

$

20,856

 

$

15,592

 

$

61,726

 

$

44,149