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Other Assets and Liabilities
 12 Months Ended
Dec. 31, 2021
Deferred Costs, Capitalized, Prepaid, Other Assets and Other Liabilities Disclosure [Abstract]  
Other Assets and Liabilities
4. OTHER ASSETS AND LIABILITIES
Other Assets
The following table details the components of our other assets ($ in thousands):
 December 31, 2021December 31, 2020
Accrued interest receivable$86,101 $66,757 
Debt securities held-to-maturity(1)
78,08377,445
CECL reserve(70)(1,723)
Debt securities held-to-maturity, net78,01375,722
Loan portfolio payments held by servicer(2)
77,62473,224
Derivative assets30,531522
Prepaid expenses956973
Collateral deposited under derivative agreements—51,050
Prepaid taxes—376
Other5721,195
Total$273,797 $269,819 
(1)Represents the subordinate position we own in the 2018 Single Asset Securitization, which held aggregate loan assets of $379.3 million and $735.5 million as of December 31, 2021 and December 31, 2020, respectively, with a yield to full maturity of L+10.0% and a maximum maturity date of June 9, 2025, assuming all extension options are exercised by the borrower. Refer to Note 17 for additional discussion.
(2)Represents loan principal, interest payments, and related loan fees held by our third-party loan servicer as of the balance sheet date which were remitted to us during the subsequent remittance cycle.
Current Expected Credit Loss Reserve
The CECL reserve required under GAAP reflects our current estimate of potential credit losses related to the loans and debt securities included in our consolidated balance sheets. Refer to Note 2 for further discussion of our CECL reserve. The following table presents the activity in our debt securities CECL reserve by investment pool for the year ended December 31, 2021 ($ in thousands):
 Debt Securities Held-To-Maturity Total
CECL reserve as of December 31, 2020
$1,723 
Decrease in CECL reserve(1,653)
CECL reserve as of December 31, 2021
$70 
CECL reserve as of December 31, 2019$— 
Initial CECL reserve on January 1, 2020445 
Increase in CECL reserve1,278
CECL reserve as of December 31, 2020
$1,723 
Our initial CECL reserve of $445,000 against our debt securities held-to-maturity, recorded on January 1, 2020, is reflected as a direct charge to retained earnings on our consolidated statements of changes in equity; however subsequent changes to the CECL reserve are recognized through net income on our consolidated statements of operations. During the year ended December 31, 2021, we recorded a decrease of $1.7 million in the CECL reserve against our debt securities held-to-maturity, bringing our total CECL reserve to $70,000 as of December 31, 2021. During the year ended December 31, 2020,
we recorded an increase of $1.3 million in the CECL reserve against our debt securities held-to-maturity, bringing our total CECL reserve to $1.7 million as of December 31, 2020. See Note 2 for further discussion of COVID-19.
Other Liabilities
The following table details the components of our other liabilities ($ in thousands):
 December 31, 2021December 31, 2020
Accrued dividends payable$104,271 $91,004 
Secured debt repayments pending servicer remittance(1)
47,664—
Accrued interest payable29,85120,548
Accrued management and incentive fees payable28,37319,158
Accounts payable and other liabilities9,0462,671
Derivative liabilities5,89058,915
Current expected credit loss reserve for unfunded loan commitments(2)
6,26310,031
Total$231,358 $202,327 
(1)Represents pending transfers from our third-party loan servicer that were remitted to our banking counterparties during the subsequent remittance cycle.
(2)Represents the CECL reserve related to our unfunded loan commitments. See Note 2 for further discussion of the CECL reserve.
Current Expected Credit Loss Reserve for Unfunded Loan Commitments
As of December 31, 2021, we had unfunded commitments of $4.2 billion related to 118 loans receivable. The expected credit losses over the contractual period of our loans are subject to the obligation to extend credit through our unfunded loan commitments. See Note 2 for further discussion of the CECL reserve related to our unfunded loan commitments, and Note 19 for further discussion of our unfunded loan commitments. The following table presents the activity in the CECL reserve related to our unfunded loan commitments by investment pool for the year ended December 31, 2021 ($ in thousands):
 U.S. Loans
Non-U.S.
 Loans
Unique
 Loans
Impaired
 Loans
Total
Unfunded Loan Commitments     
CECL reserve as of December 31, 2020
$6,953 $2,994 $84 $— $10,031 
Decrease in CECL reserve(2,881)(803)(84)— (3,768)
CECL reserve as of December 31, 2021
$4,072 $2,191 $— $— $6,263 
CECL reserve as of December 31, 2019$— $— $— $— $— 
Initial CECL reserve on January 1, 20202,8014539—3,263
Increase in CECL reserve4,1522,54175—6,768
CECL reserve as of December 31, 2020
$6,953 $2,994 $84 $— $10,031 
Our initial CECL reserve of $3.3 million against our unfunded loan commitments, recorded on January 1, 2020, is reflected as a direct charge to retained earnings on our consolidated statements of changes in equity; however subsequent changes to the CECL reserve are recognized through net income on our consolidated statements of operations. During the year ended December 31, 2021, we recorded a decrease of $3.8 million in the CECL reserve against our unfunded loan commitments, bringing our total CECL reserve to $6.3 million as of December 31, 2021. During the year ended December 31, 2020, we recorded an increase of $6.8 million in the CECL reserve against our unfunded loan commitments, bringing our total CECL reserve to $10.0 million as of December 31, 2020. The decrease in the CECL reserve during the year ended December 31, 2021 reflects the ongoing market recovery from COVID-19 and the resulting improvement in the performance of the collateral assets underlying our portfolio. See Note 2 for further discussion of COVID-19.