Derivatives (Tables)

3 Months Ended

Mar. 31, 2021

Schedule of Fair Value of Derivative Financial Instruments

The following table details the fair value of the Company’s derivative financial instruments ($ in thousands):

	Fair Value of Derivatives in an Asset(1) Position				Fair Value of Derivatives in a Liability(2) Position
	March 31, 2021		December 31, 2020		March 31, 2021		December 31, 2020
Interest rate derivatives	$	39,872	$	—	$	14,405	$	46,144
Foreign exchange contracts		6,473		—		540		9,392
Total Derivatives	$	46,345	$	—	$	14,945	$	55,536

⁽¹⁾ Included in Other Assets in the Company’s Condensed Consolidated Balance Sheets.

⁽²⁾ Included in Other Liabilities in the Company’s Condensed Consolidated Balance Sheets.

Schedule of Effect of Derivative Financial Instruments on Condensed Consolidated Statements of Operations

The following table details the effect of the Company’s derivative financial instruments on the Condensed Consolidated Statements of Operations ($ in thousands):

			Three Months Ended March 31,
Type of Derivative	Realized/Unrealized Gain (Loss)	Location of Gain (Loss) Recognized in Net Income	2021			2020
Foreign Currency Forward Contract	Realized (loss) gain	Income from investments in real estate debt	$	(4,478	)	$	356
Interest Rate Swap - Investments in real estate debt	Realized (loss)	Income from investments in real estate debt		(14,691	)		(1,711	)
Foreign Currency Forward Contract	Unrealized gain	Income from investments in real estate debt		15,326			2,229
Interest Rate Swap – Investments in real estate debt	Unrealized gain (loss)	Income from investments in real estate debt		54,422			(57,824	)
Interest Rate Swap - Property debt	Unrealized gain	Other income (expense)		17,201			—
			$	67,780		$	(56,950	)

Interest Rate Contracts [Member]

Schedule of Outstanding Derivatives

The following tables detail the Company’s outstanding interest rate derivatives that were non-designated hedges of interest rate risk (notional amount in thousands):

	March 31, 2021
Interest Rate Derivatives	Number of Instruments	Notional Amount		Strike	Index	Weighted Average Maturity (Years)
Interest Rate Swaps - Investments in real estate debt	49	$	1,050,760	1.1%	LIBOR		5.8
Interest Rate Swaps - Property debt	6	$	1,500,000	1.1%	LIBOR		7.3
	December 31, 2020
Interest Rate Derivatives	Number of Instruments	Notional Amount		Strike	Index	Weighted Average Maturity (Years)
Interest Rate Swaps - Investments in real estate debt	53	$	929,560	1.3%	LIBOR		6.3

Foreign Currency Contracts [Member]

Schedule of Outstanding Derivatives

The following table details the Company’s outstanding foreign exchange derivatives that were non-designated hedges of foreign currency risk (notional amount in thousands):

	March 31, 2021				December 31, 2020
Foreign Currency Derivatives		Number of Instruments	Notional Amount		Number of Instruments	Notional Amount
Buy USD / Sell EUR Forward		7	€	219,430	7	€	219,430
Buy USD / Sell GBP Forward		3	£	26,917	2	£	25,093