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Investments in Real Estate Debt (Tables)

12 Months Ended

Dec. 31, 2023

Summary of Investments in Real Estate Debt

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


	December 31, 2023
Type of Security/Loan(1)	Weighted Average Coupon(2)	Weighted Average Maturity Date(3)	Face Amount		Cost Basis		Fair Value
CMBS(4)	+4.0%	7/16/2032	$	5,342,253	$	5,316,300	$	4,933,372
RMBS	4.2%	3/11/2060	294,493		285,059		214,124
Corporate bonds	5.0%	7/9/2031	92,312		94,068		84,744
Total real estate securities	8.8%	8/28/2033	5,729,058		5,695,427		5,232,240
Commercial real estate loans	+5.9%	10/12/2026	1,208,030		1,200,548		1,196,640
Other investments(5)(6)	5.7%	9/21/2029	392,226		367,730		361,752
Total investments in real estate debt	8.8%	3/26/2032	$	7,329,314	$	7,263,705	$	6,790,632


	December 31, 2022
Type of Security/Loan(1)	Weighted Average Coupon(2)	Weighted Average Maturity Date(3)	Face Amount		Cost Basis		Fair Value
CMBS(4)	+3.9%	12/10/2032	$	6,474,823	$	6,473,296	$	5,943,403
RMBS	+4.4%	1/21/2053	404,953		393,511		292,516
Corporate bonds	4.9%	3/17/2031	115,980		126,052		105,558
Total real estate securities	7.0%	11/4/2033	6,995,756		6,992,859		6,341,477
Commercial real estate loans	+5.5%	7/17/2026	1,489,296		1,499,691		1,483,358
Other investments(5)	5.7%	9/21/2029	209,746		183,017		176,868
Total investments in real estate debt	7.4%	5/25/2032	$	8,694,798	$	8,675,567	$	8,001,703

(1)This table does not include the Company’s Controlling Class Securities in certain CMBS securitizations that have been consolidated on the Company’s financial statements. The underlying collateral loans and the senior CMBS positions owned by third-parties of such securitizations are presented separately on the Company’s Consolidated Balance Sheets. See Note 6 to the consolidated financial statements.

(2)The symbol “+” refers to the relevant floating benchmark rates, which include SOFR, SONIA, and EURIBOR, as applicable to each security and loan. Fixed rate CMBS and commercial real estate loans are reflected as a spread over the relevant floating benchmark rates for purposes of the weighted-averages. Weighted Average Coupon for CMBS does not include zero-coupon securities.

(3)Weighted average maturity date is based on the fully extended maturity date of the instrument.

(4)Face amount excludes interest-only securities with a notional amount of $0.6 billion and $1.1 billion as of December 31, 2023 and December 31, 2022, respectively.

(5)Includes interests in unconsolidated joint ventures that hold investments in real estate debt.

(6)Weighted average coupon rate and weighted average maturity date exclude our investment in a joint venture with the Federal Deposit Insurance Corporation (“FDIC”).

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):


	December 31, 2023					December 31, 2022
Collateral(1)	Cost Basis		Fair Value		Percentage Based on Fair Value	Cost Basis		Fair Value		Percentage Based on Fair Value
Industrial	$	2,556,000	$	2,429,510	36%	$	2,681,299	$	2,483,592	32%
Rental Housing(2)	2,081,681		1,954,601		29%	2,119,282		1,940,795		24%
Net Lease	950,174		941,125		14%	983,374		947,368		12%
Hospitality	899,669		869,858		13%	1,884,353		1,768,090		22%
Other	297,394		288,748		4%	360,903		339,609		4%
Office	417,846		252,754		4%	552,016		439,938		5%
Diversified	60,941		54,036		—%	94,340		82,311		1%

Total	$	7,263,705	$	6,790,632	100%	$	8,675,567	$	8,001,703	100%

(2)Rental Housing investments in real estate debt are collateralized by various forms of rental housing including apartments and single family rental homes.

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):


	December 31, 2023					December 31, 2022
Credit Rating(1)	Cost Basis		Fair Value		Percentage Based on Fair Value	Cost Basis		Fair Value		Percentage Based on Fair Value

AA	$	77,200	$	76,019	1%	$	—	$	—	—%
A	84,021		81,783		1%	91,809		86,055		1%
BBB	868,440		850,277		13%	1,077,419		1,024,908		13%
BB	1,356,535		1,229,290		18%	1,858,101		1,659,281		21%
B	1,045,548		931,583		14%	1,609,017		1,424,940		18%
CCC	84,561		41,555		1%	40,486		33,225		—%
D	5,210		477		—%	—		—		—%
Private commercial real estate loans	1,200,548		1,196,640		18%	1,499,691		1,483,358		18%
Not rated(2)	2,541,642		2,383,008		34%	2,499,044		2,289,936		29%
Total	$	7,263,705	$	6,790,632	100%	$	8,675,567	$	8,001,703	100%

(2)As of December 31, 2023, not rated positions have a weighted-average LTV at origination of 64%, are primarily composed of 55% industrial and 39% rental housing assets, and include interest-only securities with a fair value of $9.0 million.

Schedule of Real Estate Investment

The following table details the Company’s income (loss) from investments in real estate debt ($ in thousands):


	Year Ended December 31,
		2023		2022		2021
Interest income		$	702,543	$	472,855	$	181,332
Unrealized gain (loss)		205,828		(629,079)		56,148
Realized (loss) gain		(87,318)		(116,262)		47,963
Total		821,053		(272,486)		285,443
Net realized and unrealized (loss) gain on derivatives		(7,844)		79,024		35,751
Net realized and unrealized (loss) gain on secured financings of investments in real estate debt		(9,909)		36,644		25,798
Other expense		(5,136)		(10,265)		(8)
Total income (loss) from investments in real estate debt		$	798,164	$	(167,083)	$	346,984

Schedule of Company's Affiliate Investments In Real Estate Debt

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


	Fair Value					Income (Loss)

					Year Ended December 31,
	December 31, 2023		December 31, 2022			2023		2022		2021
CMBS	$	1,525,134	$	1,683,765		$	167,853	$	(107,702)	$	105,421
Commercial real estate loans	557,549		835,846			96,731		41,012		(11,611)
Total	$	2,082,683	$	2,519,611		$	264,584	$	(66,690)	$	93,810