Investments in Real Estate Debt (Tables)

3 Months Ended

Mar. 31, 2021

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):

	March 31, 2021
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		151	L+2.8%	4/23/2025	$	3,058,143	$	3,035,444	$	2,976,607
CMBS - fixed		56	4.0%	5/23/2028		970,027		935,055		927,426
Corporate bonds		9	4.9%	8/30/2027		163,200		162,487		167,404
CMBS - zero coupon		4	N/A	3/8/2027		236,090		140,394		152,643
RMBS - fixed		24	4.3%	3/8/2045		24,673		24,863		24,830
CMBS - interest only		6	2.3%	4/17/2028		2,277,315		20,707		20,690
Total real estate securities		250	3.2%	4/8/2026	N/M			4,318,950		4,269,600
Term loans		8	L+3.1%	12/23/2021		456,542		423,766		454,774
Mezzanine loans		2	L+6.3%	1/29/2025		183,750		181,064		172,042
Total real estate loans		10	L+4.0%	10/30/2022		640,292		604,830		626,816
Total investments in real estate debt		260	3.2%	10/29/2025	N/M		$	4,923,780	$	4,896,416

	December 31, 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		131	L+2.8%	3/1/2025	$	2,878,598	$	2,849,161	$	2,675,210
CMBS - fixed		54	4.0%	5/21/2028		978,513		941,784		915,371
Corporate bonds		10	5.0%	5/3/2027		179,398		178,219		183,203
CMBS - zero coupon		4	N/A	3/10/2027		236,090		137,665		141,632
RMBS - fixed		15	4.5%	10/24/2049		22,429		22,602		22,510
CMBS - interest only		5	2.3%	4/14/2028		2,257,282		21,214		21,215
Total real estate securities		219	3.2%	3/29/2026	N/M			4,150,645		3,959,141
Term loans		8	L+3.1%	1/7/2022		488,824		438,445		486,273
Mezzanine loans		1	L+6.9%	12/15/2024		134,750		134,424		120,892
Total real estate loans		9	L+3.8%	8/8/2022		623,574		572,869		607,165
Total investments in real estate debt		228	3.5%	10/3/2025	N/M		$	4,723,514	$	4,566,306

⁽¹⁾ The term “L” refers to the relevant floating benchmark rates, which include USD LIBOR, GBP LIBOR, EURIBOR and SONIA, 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):

	March 31, 2021								December 31, 2020
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		79	$	2,094,352	$	2,038,382	42%			78	$	2,046,529	$	1,904,256	42%
Industrial		42		779,263		786,859	16%			29		612,884		610,504	13%
Multifamily		71		734,737		775,270	16%			58		748,086		797,840	17%
Office		40		732,790		709,461	15%			36		720,665		681,596	15%
Other		5		238,202		232,115	5%			5		238,202		213,654	5%
Diversified		19		215,687		217,756	4%			18		234,527		225,077	5%
Net Lease		3		111,374		120,118	2%			3		105,246		117,219	3%
Retail		1		17,375		16,455		—%		1		17,375		16,160		—%
Total		260	$	4,923,780	$	4,896,416	100%			228	$	4,723,514	$	4,566,306	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):

	March 31, 2021								December 31, 2020
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	87		$	1,409,962	$	1,404,595	29%			81	$	1,435,891	$	1,381,221	30%
Not rated	43			1,203,589		1,211,332	25%			28		997,411		1,004,027	22%
B	63			1,212,740		1,182,356	24%			52		1,186,975		1,114,977	24%
BBB	48			794,027		783,062	16%			48		797,918		753,393	17%
A	11			260,220		268,855	5%			11		262,097		267,023	6%
CCC	3			32,780		35,763	1%			3		32,402		34,839	1%
AAA	4			9,712		9,704		—%		4		10,044		10,047	—%
AA	1			750		749		—%		1		776		779	—%
Total		260	$	4,923,780	$	4,896,416	100%			228	$	4,723,514	$	4,566,306	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
					Three Months Ended
	March 31, 2021		December 31, 2020		March 31, 2021		March 31, 2020
CMBS	$	1,789,631	$	1,749,877	$	14,591	$	18,404
Loans		571,805		545,539		5,665		3,217
Total	$	2,361,436	$	2,295,416	$	20,256	$	21,621