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Investments in Real Estate Debt (Tables)

3 Months Ended

Mar. 31, 2025

Schedule of Investments in Real Estate Debt

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


	March 31, 2025
Type of Security/Loan(1)	Weighted Average Coupon(2)	Weighted Average Maturity Date(3)	Face Amount		Cost Basis		Fair Value
CMBS(4)	+4.2%	3/7/2032	$	3,935,323	$	3,919,816	$	3,705,462
RMBS	4.2%	2/3/2058	171,128		168,233		129,560
Corporate bonds	4.9%	5/26/2028	55,779		56,003		52,693
Total real estate securities	8.2%	12/29/2032	4,162,230		4,144,052		3,887,715
Commercial real estate loans	+4.6%	9/24/2027	976,751		968,526		969,615
Other investments(5)(6)	5.7%	9/21/2029	287,094		275,910		337,639
Total investments in real estate debt	8.1%	10/20/2031	$	5,426,075	$	5,388,488	$	5,194,969


	December 31, 2024
Type of Security/Loan(1)	Weighted Average Coupon(2)	Weighted Average Maturity Date(3)	Face Amount		Cost Basis		Fair Value
CMBS(4)	+4.2%	5/1/2032	$	3,970,222	$	3,956,637	$	3,728,985
RMBS	4.2%	7/25/2056	190,626		187,552		141,767
Corporate bonds	4.9%	5/30/2028	55,355		56,003		51,652
Total real estate securities	8.3%	2/26/2033	4,216,203		4,200,192		3,922,404
Commercial real estate loans	+4.6%	8/29/2027	1,037,985		1,044,460		1,032,821
Other investments(5)(6)	5.7%	9/21/2029	287,768		276,584		324,703
Total investments in real estate debt	8.2%	11/14/2031	$	5,541,956	$	5,521,236	$	5,279,928

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

(2)The symbol “+” means that the figure represents a spread over the relevant floating benchmark rates, which include Secured Overnight Financing Rate (“SOFR”), Sterling Overnight Index Average (“SONIA”), and Euro Interbank Offer Rate (“EURIBOR”), as applicable to each security and loan. Fixed rate CMBS and commercial real estate loans represent 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 $1.8 billion as of both March 31, 2025 and December 31, 2024.

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

(6)Weighted average coupon and weighted average maturity date exclude the Company's investment in a joint venture with the Federal Deposit Insurance Corporation.

Schedule 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, 2025					December 31, 2024
Collateral(1)	Cost Basis		Fair Value		Percentage Based on Fair Value	Cost Basis		Fair Value		Percentage Based on Fair Value
Industrial	$	2,026,395	$	2,000,043	38%	$	1,972,592	$	1,940,709	37%
Rental Housing(2)	1,811,091		1,821,010		35%	1,873,616		1,850,255		35%
Net Lease	858,504		860,079		17%	858,605		860,465		16%
Hospitality	244,140		231,299		4%	332,623		322,052		6%
Office	366,661		204,419		4%	379,257		209,882		4%
Other	52,529		50,610		1%	52,257		49,900		1%
Diversified	29,168		27,509		1%	52,286		46,665		1%

Total	$	5,388,488	$	5,194,969	100%	$	5,521,236	$	5,279,928	100%

(1)This table does not include the Company’s Controlling Class Securities in certain CMBS securitizations that have been consolidated on the Company’s condensed consolidated 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 Condensed Consolidated Balance Sheets. See Note 6 to the condensed consolidated financial statements.

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

Schedule 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, 2025					December 31, 2024
Credit Rating(1)	Cost Basis		Fair Value		Percentage Based on Fair Value	Cost Basis		Fair Value		Percentage Based on Fair Value


A	$	35,301	$	33,309	1%	$	28,200	$	27,735	1%
BBB	786,787		778,306		15%	807,228		799,005		15%
BB	779,350		748,346		14%	797,219		759,361		14%
B	571,863		534,642		10%	576,629		523,784		9%
CCC and below	155,892		46,116		1%	143,548		38,704		1%



Private commercial real estate loans	968,526		969,615		19%	1,044,460		1,032,821		20%
Not rated(2)	2,090,769		2,084,635		40%	2,123,952		2,098,518		40%
Total	$	5,388,488	$	5,194,969	100%	$	5,521,236	$	5,279,928	100%

(1)This table does not include the Company’s Controlling Class Securities in certain CMBS securitizations that have been consolidated on the Company’s condensed consolidated 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 Condensed Consolidated Balance Sheets. See Note 6 to the condensed consolidated financial statements.

(2)As of March 31, 2025, not rated positions have a weighted-average loan-to-value (“LTV”) at origination of 55%, and are primarily composed of 57% industrial and 41% rental housing assets.

Schedule of Real Estate Investment

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


	For the Three Months Ended March 31,
		2025		2024
Interest income		$	113,358	$	178,838
Unrealized gain		41,311		94,392
Realized loss		(8,793)		(10,936)
Total		145,876		262,294
Net realized and unrealized (loss) gain on derivatives		(4,175)		4,120
Net realized and unrealized (loss) gain on secured financings of investments in real estate debt		(5,471)		5,442
Other expense		(3,352)		(3,663)
Total income from investments in real estate debt		$	132,878	$	268,193

Schedule of Company's Affiliate Investments In Real Estate Debt

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


	Fair Value					Income

					Three Months Ended March 31,
	March 31, 2025		December 31, 2024				2025		2024
CMBS	$	670,757	$	746,773			$	20,409	$	61,710
Commercial real estate loans	367,578		416,942				6,834		14,777
Total	$	1,038,335	$	1,163,715			$	27,243	$	76,487