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Loans Receivable, Net (Tables)
 12 Months Ended
Dec. 31, 2021
Receivables [Abstract]  
Overall Statistics for Loans Receivable Portfolio
The following table details overall statistics for our loans receivable portfolio ($ in thousands):

 December 31, 2021December 31, 2020
Number of loans188 120 
Principal balance$22,156,437 $16,652,824 
Net book value$21,878,338 $16,399,166 
Unfunded loan commitments(1)
$4,180,128 $3,160,084 
Weighted-average cash coupon(2)
+ 3.19 %+ 3.18 %
Weighted-average all-in yield(2)
+ 3.52 %+ 3.53 %
Weighted-average maximum maturity (years)(3)
3.43.1
(1)Unfunded commitments will primarily be funded to finance our borrowers’ construction or development of real estate-related assets, capital improvements of existing assets, or lease-related expenditures. These commitments will generally be funded over the term of each loan, subject in certain cases to an expiration date.
(2)The weighted-average cash coupon and all-in yield are expressed as a spread over the relevant floating benchmark rates, which include USD LIBOR, SOFR, GBP LIBOR, SONIA, EURIBOR, and other indices, as applicable to each loan. As of December 31, 2021, 99.5% of our loans by principal balance earned a floating rate of interest, primarily indexed to USD LIBOR. The other 0.5% of our loans earned a fixed rate of interest. As of December 31, 2020, 99.4% of our loans by total loan exposure earned a floating rate of interest, primarily indexed to USD LIBOR. The other 0.6% of our loans earned a fixed rate of interest. We reflect our fixed rate loans as a spread over the relevant floating benchmark rates, as of December 31, 2021 and December 31, 2020, respectively, for purposes of the weighted-averages. In addition to cash coupon, all-in yield includes the amortization of deferred origination and extension fees, loan origination costs, and purchase discounts, as well as the accrual of exit fees. Excludes a loan accounted for under the cost-recovery method.
(3)Maximum maturity assumes all extension options are exercised by the borrower, however our loans may be repaid prior to such date. As of December 31, 2021, 56% of our loans by principal balance were subject to yield maintenance or other prepayment restrictions and 44% were open to repayment by the borrower without penalty. As of December 31, 2020, 31% of our loans by principal balance were subject to yield maintenance or other prepayment restrictions and 69% were open to repayment by the borrower without penalty.
Disclosure Details Of Loan Receivable Portfolio Based On Floor Rate
The following table details the index rate floors for our loans receivable portfolio as of December 31, 2021 ($ in thousands):

 Loans Receivable Principal Balance
Index Rate FloorsUSD
Non-USD(1)
Total
Fixed Rate$37,500 $78,367 $115,867 
0.00% or no floor(2)
3,835,4675,444,8419,280,308
0.01% to 0.25% floor6,686,115447,3397,133,454
0.26% to 1.00% floor1,259,076501,7641,760,840
1.01% or more floor3,641,876224,0923,865,968
Total(3)(4)
$15,460,034 $6,696,403 $22,156,437 
(1)Includes Euro, British Pound Sterling, Swedish Krona, Australian Dollar, Canadian Dollar, and Swiss Franc currencies.
(2)Includes a $286.3 million loan accounted for under the cost-recovery method.
(3)Excludes investment exposure to $79.2 million subordinate position we own in the $379.3 million 2018 Single Asset Securitization. Refer to Notes 4 and 17 to our consolidated financial statements for further discussion of the 2018 Single Asset Securitization.
(4)As of December 31, 2021, the weighted-average index rate floor of our loan portfolio was 0.39%. Excluding 0.0% index rate floors, the weighted-average index rate floor was 0.66%.
Activity Relating to Loans Receivable Portfolio
Activity relating to our loans receivable portfolio was as follows ($ in thousands):
 
Principal
Balance
Deferred Fees /
Other Items(1)
Net Book
Value
Loans Receivable, as of December 31, 2019
$16,277,343 $(112,542)$16,164,801 
Loan fundings1,896,276—1,896,276
Loan repayments and sales proceeds(1,862,955)—(1,862,955)
Unrealized gain (loss) on foreign currency translation342,160(1,900)340,260
Deferred fees and other items—(21,946)(21,946)
Amortization of fees and other items—56,27956,279
Loans Receivable, as of December 31, 2020
$16,652,824 $(80,109)$16,572,715 
Loan fundings12,550,463—12,550,463
Loan repayments and sales(6,733,105)—(6,733,105)
Principal charge-offs(14,427)—(14,427)
Unrealized (loss) gain on foreign currency translation(299,318)1,424(297,894)
Deferred fees and other items—(143,002)(143,002)
Amortization of fees and other items—68,26768,267
Loans Receivable, as of December 31, 2021
$22,156,437 $(153,420)$22,003,017 
CECL reserve(124,679)
Loans Receivable, net, as of December 31, 2021
$21,878,338 
(1)Other items primarily consist of purchase and sale discounts or premiums, exit fees, and deferred origination expenses.
Property Type and Geographic Distribution of Properties Securing Loans in Portfolio
The tables below detail the property type and geographic distribution of the properties securing the loans in our portfolio ($ in thousands):
December 31, 2021
Property Type
Number of
 Loans
Net
Book Value
Total Loan
 Exposure(1)(2)
Percentage of
 Portfolio
Office65$9,473,039 $10,425,026 44%
Multifamily755,721,2605,771,51724
Hospitality253,427,2453,540,39115
Industrial61,102,4521,185,6065
Retail8871,241909,9704
Other91,407,7801,836,6018
Total loans receivable188$22,003,017 $23,669,111 100%
CECL reserve(124,679)
Loans receivable, net$21,878,338 
Geographic Location
Number of
 Loans
Net
Book Value
Total Loan
 Exposure(1)(2)
Percentage of
 Portfolio
United States    
Sunbelt71$5,907,230 $6,206,216 26%
Northeast374,615,0764,934,29521
West333,520,9424,199,20818
Midwest101,063,2021,113,9595
Northwest5251,121252,7001
Subtotal15615,357,57116,706,37871
International
United Kingdom172,342,1462,598,03311
Spain41,374,3641,380,7636
Ireland11,210,3751,216,8645
Sweden1546,319551,1492
Australia4504,668509,8852
Canada268,55868,478—
Other Europe3599,016637,5613
Subtotal326,645,4466,962,73329
Total loans receivable188$22,003,017 $23,669,111 100%
CECL reserve(124,679)
Loans receivable, net$21,878,338 
(1)In certain instances, we finance our loans through the non-recourse sale of a senior loan interest that is not included in our consolidated financial statements. See Note 2 for further discussion. Total loan exposure encompasses the entire loan we originated and financed, including $1.5 billion of such non-consolidated senior interests as of December 31, 2021.
(2)Excludes investment exposure to the $379.3 million 2018 Single Asset Securitization. See Note 4 for details of the subordinate position we own in the 2018 Single Asset Securitization.
December 31, 2020
Property Type
Number of
 Loans
Net
Book Value
Total Loan
 Exposure(1)(2)
Percentage of
 Portfolio
Office59$9,980,799 $10,451,658 59%
Hospitality142,295,2552,369,45414
Multifamily311,788,1491,862,66711
Industrial6673,912675,3444
Retail4538,702551,2433
Other61,295,8981,544,2559
Total loans receivable120$16,572,715 $17,454,621 100%
CECL reserve(173,549)
Loans receivable, net$16,399,166 
Geographic Location
Number of
 Loans
Net
Book Value
Total Loan
 Exposure(1)(2)
Percentage of
 Portfolio
United States    
Northeast25$4,369,537 $4,389,384 25%
West272,942,1263,413,08920
Sunbelt332,902,9962,986,22117
Midwest8973,702976,6936
Northwest115,40415,413—
Subtotal9411,203,76511,780,80068
International
United Kingdom131,816,9012,066,39012
Ireland11,309,4431,317,8468
Spain21,247,1621,252,0807
Australia2259,126259,7881
Canada382,18582,262—
Other Europe5654,133695,4554
Subtotal265,368,9505,673,82132
Total loans receivable120$16,572,715 $17,454,621 100%
CECL reserve(173,549)
Loans receivable, net$16,399,166 
(1)In certain instances, we finance our loans through the non-recourse sale of a senior loan interest that is not included in our consolidated financial statements. See Note 2 for further discussion. Total loan exposure encompasses the entire loan we originated and financed, including $801.8 million of such non-consolidated senior interests as of December 31, 2020.
(2)Excludes investment exposure to the $735.5 million 2018 Single Asset Securitization. See Note 4 for details of the subordinate position we own in the 2018 Single Asset Securitization.
Principal Balance and Net Book Value of Loans Receivable Based on Internal Risk Ratings
The following table allocates the principal balance and net book value of our loans receivable based on our internal risk ratings ($ in thousands):
December 31, 2021December 31, 2020
Risk
 Rating
Number
 of Loans
Net
Book Value
Total Loan
 Exposure(1)(2)
Number
 of Loans
Net
Book Value
Total Loan
 Exposure(1)(2)
18$642,776 $645,854 8$777,163 $778,283 
2285,200,5335,515,250172,513,8482,528,835
314113,604,02714,944,045799,911,91410,763,496
4102,270,8722,277,653143,032,5933,045,309
51284,809286,3092337,197338,698
Total loans receivable188$22,003,017 $23,669,111 120$16,572,715 $17,454,621 
CECL reserve(124,679)(173,549)
Loans receivable, net$21,878,338 $16,399,166 
(1)In certain instances, we finance our loans through the non-recourse sale of a senior loan interest that is not included in our consolidated financial statements. See Note 2 for further discussion. Total loan exposure encompasses the entire loan we originated and financed, including $1.5 billion and $801.8 million of such non-consolidated senior interests as of December 31, 2021 and December 31, 2020, respectively.
(2)Excludes investment exposure to the 2018 Single Asset Securitization of $379.3 million and $735.5 million as of December 31, 2021 and December 31, 2020, respectively. See Note 4 for details of the subordinate position we own in the 2018 Single Asset Securitization.
Schedule Of Current Expected Credit Loss Reserve By Pool The following table presents the activity in our loans receivable CECL reserve by investment pool for the year ended December 31, 2021 and 2020 ($ in thousands):
 U.S. Loans
Non-U.S.
 Loans
Unique
 Loans
Impaired
 Loans
Total
Loans Receivable, Net     
CECL reserve as of December 31, 2020
$42,995 $27,734 $33,159 $69,661 $173,549 
Decrease in CECL reserve(16,110)(17,471)(502)(360)(34,443)
Charge-offs of CECL reserve— — — (14,427)(14,427)
CECL reserve as of December 31, 2021
$26,885 $10,263 $32,657 $54,874 $124,679 
CECL reserve as of December 31, 2019
$— $— $— $— $— 
Initial CECL reserve on January 1, 20208,955 3,631 1,356 — 13,942 
Increase in CECL reserve34,040 24,103 31,803 69,661 159,607 
CECL reserve as of December 31, 2020
$42,995 $27,734 $33,159 $69,661 $173,549 
Schedule of Loans Receivable Based On Our Internal Risk Ratings, Separated By Year Of Origination The following tables present the net book value of our loan portfolio as of December 31, 2021 and December 31, 2020, respectively, by year of origination, investment pool, and risk rating ($ in thousands):
 
Net Book Value of Loans Receivable by Year of Origination(1)(2)
 As of December 31, 2021
Risk Rating
20212020201920182017PriorTotal
U.S. loans
1$125,873 $— $196,017 $72,752 $248,134 $— $642,776 
2876,536427,839221,5131,134,176354,77582,2743,097,113
37,511,883358,4481,109,1701,116,872292,520228,26410,617,157
4——96,539534,93863,35889,439784,274
5———————
Total U.S. loans$8,514,292 $786,287 $1,623,239 $2,858,738 $958,787 $399,977 $15,141,320 
Non-U.S. loans
1$— $— $— $— $— $— $— 
2698,13098,4121,306,878———2,103,420
31,403,110—932,939394,949——2,730,998
4——343,030———343,030
5———————
Total Non-U.S. loans$2,101,240 $98,412 $2,582,847 $394,949 $— $— $5,177,448 
Unique loans
1$— $— $— $— $— $— $— 
2———————
3———197,018—58,854255,872
4——322,787820,781——1,143,568
5———————
Total unique loans$— $— $322,787 $1,017,799 $— $58,854 $1,399,440 
Impaired loans
1$— $— $— $— $— $— $— 
2———————
3———————
4———————
5———284,809——284,809
Total impaired loans$— $— $— $284,809 $— $— $284,809 
Total loans receivable
1$125,873 $— $196,017 $72,752 $248,134 $— $642,776 
21,574,666526,2511,528,3911,134,176354,77582,2745,200,533
38,914,993358,4482,042,1091,708,839292,520287,11813,604,027
4——762,3561,355,71963,35889,4392,270,872
5———284,809——284,809
Total loans receivable$10,615,532 $884,699 $4,528,873 $4,556,295 $958,787 $458,831 $22,003,017 
CECL reserve(124,679)
Loans receivable, net$21,878,338 
(1)Date loan was originated or acquired by us. Origination dates are subsequently updated to reflect material loan modifications.
(2)Excludes the $78.0 million net book value of our held-to-maturity debt securities which represents our subordinate position we own in the 2018 Single Asset Securitization, and is included in other assets on our consolidated balance sheets. See Note 4 for details of the subordinate position we own in the 2018 Single Asset Securitization.
 
Net Book Value of Loans Receivable by Year of Origination(1)(2)
 As of December 31, 2020
Risk Rating
20202019201820172016PriorTotal
U.S. loans
1$— $231,796 $253,674 $43,906 $17,009 $— $546,385 
2—282,0171,172,168757,13879,848222,6772,513,848
3781,5952,391,2971,672,8971,134,288227,466220,6446,428,187
465,978170,5411,055,14263,293105,380—1,460,334
5———————
Total U.S. loans$847,573 $3,075,651 $4,153,881 $1,998,625 $429,703 $443,321 $10,948,754 
Non-U.S. loans
1$— $— $136,021 $94,757 $— $— $230,778 
2———————
3105,3002,526,225479,512—113,653—3,224,690
4—256,494————256,494
5———————
Total Non-U.S. loans$105,300 $2,782,719 $615,533 $94,757 $113,653 $— $3,711,962 
Unique loans
1$— $— $— $— $— $— $— 
2———————
3——198,433——60,604259,037
4—325,097990,668———1,315,765
5———————
Total unique loans$— $325,097 $1,189,101 $— $— $60,604 $1,574,802 
Impaired loans
1$— $— $— $— $— $— $— 
2———————
3———————
4———————
5——284,809——52,388337,197
Total impaired loans$— $— $284,809 $— $— $52,388 $337,197 
Total loans receivable
1$— $231,796 $389,695 $138,663 $17,009 $— $777,163 
2—282,0171,172,168757,13879,848222,6772,513,848
3886,8954,917,5222,350,8421,134,288341,119281,2489,911,914
465,978752,1322,045,81063,293105,380—3,032,593
5——284,809——52,388337,197
Total loans receivable$952,873 $6,183,467 $6,243,324 $2,093,382 $543,356 $556,313 $16,572,715 
CECL reserve(173,549)
Loans receivable, net$16,399,166 
(1)Date loan was originated or acquired by us. Origination dates are subsequently updated to reflect material loan modifications.
(2)Excludes the $75.7 million net book value of our held-to-maturity debt securities which represents our subordinate position we own in the 2018 Single Asset Securitization, and is included in other assets on our consolidated balance sheets. See Note 4 for details of the subordinate position we own in the 2018 Single Asset Securitization.