XML 34 R12.htm IDEA: XBRL DOCUMENT v3.22.1
Other Assets and Liabilities
 3 Months Ended
Mar. 31, 2022
Deferred Costs, Capitalized, Prepaid, Other Assets and Other Liabilities Disclosure [Abstract]  
Other Assets and Liabilities OTHER ASSETS AND LIABILITIES
Other Assets
The following table details the components of our other assets ($ in thousands):
 March 31, 2022December 31, 2021
Accrued interest receivable$94,939 $86,101 
Derivative assets51,88430,531 
Loan portfolio payments held by servicer(1)
23,03477,624 
Accounts receivable and other assets2,153572 
Prepaid expenses637956 
Debt securities held-to-maturity(2)
—78,083 
CECL reserve—(70)
Debt securities held-to-maturity, net—78,013 
Total$172,647 $273,797 
(1)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.
(2)Represents the subordinate position we own in the 2018 Single Asset Securitization, which held aggregate loan assets of $379.3 million as of December 31, 2021, with a yield to full maturity of L+10.0% and a maximum maturity date of June 9, 2025, assuming all extension options are exercised by the borrower. During the three months ended March 31, 2022, the 2018 Single Asset Securitization was liquidated upon full repayment of its collateral and all senior securities outstanding. Refer to Note 18 for additional discussion.
Current Expected Credit Loss Reserve
The CECL reserve required under GAAP reflects our current estimate of potential credit losses related to the loans and debt securities included in our consolidated balance sheets. Refer to Note 2 for further discussion of our CECL reserve. The following table presents the activity in our debt securities CECL reserve for the three months ended March 31, 2022 and 2021 ($ in thousands):
 Debt Securities Held-To-Maturity Total
CECL reserve as of December 31, 2020
$1,723 
Decrease in CECL reserve(834)
CECL reserve as of March 31, 2021
$889 
CECL reserve as of December 31, 2021
$70 
Decrease in CECL reserve(70)
CECL reserve as of March 31, 2022
$— 
Changes to the CECL reserve are recognized through net income on our consolidated statements of operations. During the three months ended March 31, 2022, our debt securities held-to-maturity repaid and, therefore, we recorded a decrease of $70,000 in the CECL reserve against our debt securities held-to-maturity, bringing our total CECL reserve to zero as of March 31, 2022. During the three months ended March 31, 2021, we recorded a decrease of $834,000 in the CECL reserve against our debt securities held-to-maturity, bringing our total CECL reserve to $889,000 as of March 31, 2021.
Other Liabilities
The following table details the components of our other liabilities ($ in thousands):
 March 31, 2022December 31, 2021
Accrued dividends payable$105,576 $104,271 
Accrued interest payable37,479 29,851 
Accrued management and incentive fees payable23,486 28,373 
Accounts payable and other liabilities11,005 9,046 
Current expected credit loss reserve for unfunded loan commitments(1)
6,254 6,263 
Derivative liabilities6,241 5,890 
Secured debt repayments pending servicer remittance(2)
271 47,664 
Total$190,312 $231,358 
(1)Represents the CECL reserve related to our unfunded loan commitments. See Note 2 for further discussion of the CECL reserve.
(2)Represents pending transfers from our third-party loan servicer that were remitted to our banking counterparties during the subsequent remittance cycle.
Current Expected Credit Loss Reserve for Unfunded Loan Commitments
As of March 31, 2022, we had unfunded commitments of $4.5 billion related to 126 loans receivable. The expected credit losses over the contractual period of our loans are subject to the obligation to extend credit through our unfunded loan commitments. See Note 2 for further discussion of the CECL reserve related to our unfunded loan commitments, and Note 20 for further discussion of our unfunded loan commitments. The following table presents the activity in the CECL reserve related to our unfunded loan commitments by investment pool for the three months ended March 31, 2022 and March 31, 2021 ($ 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 
Increase (decrease) in CECL reserve216 778 (4)— 990 
CECL reserve as of March 31, 2021
$7,169 $3,772 $80 $— $11,021 
CECL reserve as of December 31, 2021
$4,072 $2,191 $— $— $6,263 
Increase (decrease) in CECL reserve209 (218)— — (9)
CECL reserve as of March 31, 2022
$4,281 $1,973 $— $— $6,254 
Changes to the CECL reserve are recognized through net income on our consolidated statements of operations. During the three months ended March 31, 2022, we recorded a decrease of $9,000 in the current expected credit loss reserve against our loans receivable portfolio, bringing our total CECL reserve to $6.3 million as of March 31, 2022. During the three months ended March 31, 2021, we recorded an increase of $990,000 in the current expected credit loss reserve against our loans receivable portfolio, bringing our total CECL reserve to $11.0 million as of March 31, 2021. The CECL reserve for unfunded loan commitments is updated quarterly to reflect the expected timing of future funding obligations over the estimated life of the loan.