XML 47 R30.htm IDEA: XBRL DOCUMENT v3.23.1
Loans Receivable, Net (Tables)
 3 Months Ended
Mar. 31, 2023
Receivables [Abstract]  
Overall Statistics for Loans Receivable Portfolio
The following table details overall statistics for our loans receivable portfolio ($ in thousands):
 March 31, 2023December 31, 2022
Number of loans199 203 
Principal balance$25,020,489 $25,160,343 
Net book value$24,559,773 $24,691,743 
Unfunded loan commitments(1)
$3,382,489 $3,806,153 
Weighted-average cash coupon(2)
+ 3.46 %+ 3.44 %
Weighted-average all-in yield(2)
+ 3.85 %+ 3.84 %
Weighted-average maximum maturity (years)(3)
2.93.1
(1)Unfunded commitments will primarily be funded to finance our borrowers’ construction or development of real estate-related assets, capital improvements of existing assets, or lease-related expenditures. These commitments will generally be funded over the term of each loan, subject in certain cases to an expiration date.
(2)The weighted-average cash coupon and all-in yield are expressed as a spread over the relevant floating benchmark rates, which include SOFR, USD LIBOR, SONIA, EURIBOR, and other indices, as applicable to each loan. As of March 31, 2023 and December 31, 2022, substantially all of our loans by principal balance earned a floating rate of interest, primarily indexed to SOFR and USD LIBOR. In addition to cash coupon, all-in yield includes the amortization of deferred origination and extension fees, loan origination costs, and purchase discounts, as well as the accrual of exit fees. Excludes loans accounted for under the cost-recovery method.
(3)Maximum maturity assumes all extension options are exercised by the borrower, however our loans may be repaid prior to such date. As of March 31, 2023, 36% of our loans by principal balance were subject to yield maintenance or other prepayment restrictions and 64% were open to repayment by the borrower without penalty. As of December 31, 2022, 50% of our loans by principal balance were subject to yield maintenance or other prepayment restrictions and 50% were open to repayment by the borrower without penalty.
Disclosure Details Of Loan Receivable Portfolio Based On Index Floor Rates
The following table details the index rate floors for our loans receivable portfolio as of March 31, 2023 ($ in thousands):

 Loans Receivable Principal Balance
Index Rate FloorsUSD
Non-USD(1)
Total
Fixed Rate$39,588 $— $39,588 
0.00% or no floor4,592,7577,031,51211,624,269
0.01% to 1.00% floor8,987,071868,0329,855,103
1.01% to 1.50% floor2,044,620156,2832,200,903
1.51% to 2.00% floor499,515313,008812,523
2.01% or more floor438,53249,571488,103
Total(2)
$16,602,083 $8,418,406 $25,020,489 
(1)Includes Euro, British Pound Sterling, Swedish Krona, Australian Dollar, Canadian Dollar, Swiss Franc, and Danish Krone currencies.
(2)As of March 31, 2023, the weighted-average index rate floor of our loan portfolio was 0.34%. Excluding 0.0% index rate floors and loans with no floor, the weighted-average index rate floor was 0.61%.
Activity Relating to Loans Receivable Portfolio
Activity relating to our loans receivable portfolio was as follows ($ in thousands):
 
Principal
Balance
Deferred Fees /
Other Items(1)
Net Book
Value
Loans Receivable, as of December 31, 2022
$25,160,343 $(142,463)$25,017,880 
Loan fundings369,812—369,812
Loan repayments and sales(592,361)—(592,361)
Unrealized gain (loss) on foreign currency translation82,695(567)82,128
Deferred fees and other items—(2,850)(2,850)
Amortization of fees and other items—21,75521,755
Loans Receivable, as of March 31, 2023
$25,020,489 $(124,125)$24,896,364 
CECL reserve(336,591)
Loans Receivable, net, as of March 31, 2023
$24,559,773 
(1)Other items primarily consist of purchase and sale discounts or premiums, exit fees, and deferred origination expenses.
Property Type and Geographic Distribution of Properties Securing Loans in Portfolio
The tables below detail the property type and geographic distribution of the properties securing the loans in our portfolio ($ in thousands):
March 31, 2023
Property Type
Number of
 Loans
Net
Book Value
Total Loan
 Exposure(1)
Net Loan
 Exposure(2)
Net Loan Exposure Percentage of
 Portfolio
Office58$9,044,537 $9,993,785 $8,160,735 34%
Multifamily806,309,8986,437,2766,276,45827
Hospitality294,781,0634,807,0074,462,40619
Industrial122,182,2812,277,6672,190,9009
Retail8958,1581,003,736948,2434
Life Sciences / Studio4373,001620,980374,1992
Other81,247,4261,602,2181,218,6165
Total loans receivable199$24,896,364 $26,742,669 $23,631,557 100%
CECL reserve(336,591)
Loans receivable, net$24,559,773 
Geographic Location
Number of
 Loans
Net
Book Value
Total Loan
 Exposure(1)
Net Loan
 Exposure(2)
Net Loan Exposure Percentage of
 Portfolio
United States    
Sunbelt75$6,292,774 $6,570,466 $6,184,786 26%
Northeast355,437,9955,760,8054,588,70320
West323,483,5594,566,9033,451,54315
Midwest10987,8851,091,506983,4304
Northwest6330,761334,584332,6321
Subtotal15816,532,97418,324,26415,541,09466
International
United Kingdom233,506,5653,535,3063,261,32914
Australia51,388,4841,399,1711,392,8516
Ireland31,205,7171,212,1821,210,6385
Spain31,129,5741,133,1201,095,2005
Sweden1474,690477,768477,4652
Canada149,57149,57149,535—
Other Europe5608,789611,287603,4452
Subtotal418,363,3908,418,4058,090,46334
Total loans receivable199$24,896,364 $26,742,669 $23,631,557 100%
CECL reserve(336,591)
Loans receivable, net$24,559,773 
(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 $1.7 billion of such non-consolidated senior interests as of March 31, 2023.
(2)Net loan exposure reflects the amount of each loan that is subject to risk of credit loss to us as of March 31, 2023, which is our total loan exposure net of (i) $1.7 billion of non-consolidated senior interests, (ii) $822.9 million of asset-specific debt, (iii) $229.5 million of loan participations sold, and (iv) our aggregate CECL reserve of $336.6 million. Our non-consolidated senior interests, asset-specific debt, and loan participations sold are structurally non-recourse and term-matched to the corresponding collateral loans.
December 31, 2022
Property Type
Number of
 Loans
Net
Book Value
Total Loan
 Exposure(1)
Net Loan
 Exposure(2)
Net Loan Exposure Percentage of
 Portfolio
Office60$9,082,946 $10,023,495 $8,099,334 34%
Multifamily806,214,1236,330,1536,189,29826
Hospitality304,879,3144,908,5834,552,40419
Industrial122,140,6362,236,7162,150,5019
Retail91,098,3151,141,9321,090,2385
Life Sciences/Studio4358,676570,089359,8302
Other81,243,8701,599,3131,217,5785
Total loans receivable203$25,017,880 $26,810,281 $23,659,183 100%
CECL reserve(326,137)
Loans receivable, net$24,691,743 
Geographic Location
Number of
 Loans
Net
Book Value
Total Loan
 Exposure(1)
Net Loan
 Exposure(2)
Net Loan Exposure Percentage of
 Portfolio
United States    
Sunbelt75$6,538,034 $6,802,928 $6,244,886 27%
Northeast365,339,8745,666,9684,570,18019
West333,515,5174,547,9463,486,34315
Midwest10987,7181,091,882984,1514
Northwest6317,863321,937320,1561
Subtotal16016,699,00618,431,66115,605,71666
International
United Kingdom233,362,6293,393,1263,123,92513
Australia51,405,6011,417,3181,408,5656
Spain41,237,4461,241,8081,204,2185
Ireland31,192,2201,199,4061,197,8925
Sweden1473,374476,673476,3672
Canada149,40949,43249,398—
Other Europe6598,195600,857593,1023
Subtotal438,318,8748,378,6208,053,46734
Total loans receivable203$25,017,880 $26,810,281 $23,659,183 100%
CECL reserve(326,137)
Loans receivable, net$24,691,743 
(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 $1.6 billion of such non-consolidated senior interests as of December 31, 2022.
(2)Net loan exposure reflects the amount of each loan that is subject to risk of credit loss to us as of December 31, 2022, which is our total loan exposure net of (i) $1.6 billion of non-consolidated senior interests, (ii) $950.3 million of asset-specific debt, (iii) $224.7 million of loan participations sold, and and (iv) our aggregate CECL reserve of $326.1 million. Our non-consolidated senior interests, asset-specific debt, and loan participations sold are structurally non-recourse and term-matched to the corresponding collateral loans.
Net Book Value, Total Loan Exposure and Net Loan Exposure of Loans Receivable Based on Internal Risk Ratings
The following table allocates the net book value, total loan exposure, and net loan exposure of our loans receivable based on our internal risk ratings ($ in thousands):
March 31, 2023
Risk
 Rating
Number
 of Loans
Net
Book Value
Total Loan
 Exposure(1)
Net Loan
 Exposure(2)
117$1,158,445 $1,182,278 $1,128,313 
2406,462,4587,689,8685,808,391
312313,105,73513,695,32612,775,551
4133,172,0293,177,1403,118,503
56997,697998,057800,799
Total loans receivable199$24,896,364 $26,742,669 $23,631,557 
CECL reserve(336,591)
Loans receivable, net$24,559,773 
December 31, 2022
Risk
 Rating
Number
 of Loans
Net
Book Value
Total Loan
 Exposure(1)
Net Loan
 Exposure(2)
117$1,403,185 $1,428,232 $1,170,725 
2365,880,4246,562,8525,292,933
313414,128,13315,209,01813,826,730
4112,677,0272,680,1452,628,539
55929,111930,034740,256
Total loans receivable203$25,017,880 $26,810,281 $23,659,183 
CECL reserve(326,137)
Loans receivable, net$24,691,743 
(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 $1.7 billion and $1.6 billion of such non-consolidated senior interests as of March 31, 2023 and December 31, 2022, respectively.
(2)Net loan exposure reflects the amount of each loan that is subject to risk of credit loss to us as of March 31, 2023, which is our total loan exposure net of (i) $1.7 billion of non-consolidated senior interests, (ii) $822.9 million of asset-specific debt, (iii) $229.5 million of loan participations sold, and (iv) our aggregate CECL reserve of $336.6 million. Our net loan exposure as of December 31, 2022 is our total loan exposure net of (i) $1.6 billion of non-consolidated senior interests, (ii) $950.3 million of asset-specific debt, (iii) $224.7 million of loan participations sold, and and (iv) our aggregate CECL reserve of $326.1 million. Our non-consolidated senior interests, asset-specific debt, and loan participations sold are structurally non-recourse and term-matched to the corresponding collateral loans.
Schedule Of Current Expected Credit Loss Reserve By Pool The following table presents the activity in our loans receivable CECL reserve by investment pool for the year ended March 31, 2023 and 2022 ($ in thousands):
 
U.S. Loans(1)
Non-U.S.
 Loans
Unique
 Loans
Impaired
 Loans
Total
Loans Receivable, Net     
CECL reserve as of December 31, 2022
$67,880 $22,519 $45,960 $189,778 $326,137 
Increase (decrease) in CECL reserve5,314(2,823)4837,48010,454 
CECL reserve as of March 31, 2023
$73,194 $19,696 $46,443 $197,258 $336,591 
CECL reserve as of December 31, 2021
$26,885 $10,263 $32,657 $54,874 $124,679 
Decrease in CECL reserve(644)(54)(1,760)— (2,458)
CECL reserve as of March 31, 2022
$26,241 $10,209 $30,897 $54,874 $122,221 
(1) Includes Canadian loans, which have similar risk characteristics as U.S. loans.
Schedule of Net Book Value of Loan Portfolio By Year of Origination, Investment Pool and Risk Rating
Our primary credit quality indicator is our risk ratings, which are further discussed above. The following tables present the net book value of our loan portfolio as of March 31, 2023 and December 31, 2022, respectively, by year of origination, investment pool, and risk rating ($ in thousands):
 
Net Book Value of Loans Receivable by Year of Origination(1)
 As of March 31, 2023
Risk Rating
20232022202120202019PriorTotal
U.S. loans(2)
1$— $149,285 $489,225 $33,251 $27,597 $416,370 $1,115,728 
2—117,3871,793,59932,182298,4641,258,1623,499,794
3—2,095,6445,199,940586,456697,216508,6159,087,871
4——528,048140,000—1,213,4041,881,452
5———————
Total U.S. loans$— $2,362,316 $8,010,812 $791,889 $1,023,277 $3,396,551 $15,584,845 
Non-U.S. loans
1$— $— $— $— $— $— $— 
2—834,709998,82396,1591,032,973—2,962,664
3—801,8861,147,901—922,53588,6802,961,002
4————349,991—349,991
5——— ————
Total Non-U.S. loans$— $1,636,595 $2,146,724 $96,159 $2,305,499 $88,680 $6,273,657 
Unique loans
1$— $42,717 $— $— $— $— $42,717 
2———————
3—876,721———180,141 1,056,862
4————295,462645,124940,586
5———————
Total unique loans$— $919,438 $— $— $295,462 $825,265 $2,040,165 
Impaired loans
1$— $— $— $— $— $— $— 
2———————
3———————
4———————
5——205,595——792,102997,697
Total impaired loans$— $— $205,595 $— $— $792,102 $997,697 
Total loans receivable
1$— $192,002 $489,225 $33,251 $27,597 $416,370 $1,158,445 
2—952,0962,792,422128,3411,331,4371,258,1626,462,458
3—3,774,2516,347,841586,4561,619,751777,43613,105,735
4——528,048140,000645,4531,858,5283,172,029
5——205,595——792,102997,697
Total loans receivable$— $4,918,349 $10,363,131 $888,048 $3,624,238 $5,102,598 $24,896,364 
CECL reserve(336,591)
Loans receivable, net$24,559,773 
(1)Date loan was originated or acquired by us. Origination dates are subsequently updated to reflect material loan modifications.
(2)Includes Canadian loans, which have similar risk characteristics as U.S. loans.
 
Net Book Value of Loans Receivable by Year of Origination(1)
 As of December 31, 2022
Risk Rating
20222021202020192018PriorTotal
U.S. loans(2)
1$145,152 $563,426 $5,075 $231,894 $415,471 $— $1,361,018 
2117,3141,742,289362,062156,4781,178,721—3,556,864
32,035,1115,776,346411,880735,772472,13480,3239,511,566
4——096,5421,160,627132,6871,389,856
5———————
Total U.S. loans$2,297,577 $8,082,061 $779,017 $1,220,686 $3,226,953 $213,010 $15,819,304 
Non-U.S. loans
1$— $— $— $— $— $— $— 
2590,580609,27094,9951,028,715——2,323,560
3977,7671,586,2660896,39286,706—3,547,131
4———344,089——344,089
5———————
Total Non-U.S. loans$1,568,347 $2,195,536 $94,995 $2,269,196 $86,706 $— $6,214,780 
Unique loans
1$42,167 $— $— $— $— $— $42,167 
2———————
3893,114———176,322—1,069,436
4———289,141653,941—943,082
5———————
Total unique loans$935,281 $— $— $289,141 $830,263 $— $2,054,685 
Impaired loans
1$— $— $— $— $— $— $— 
2———————
3———————
4———————
5—208,894——284,809435,408929,111
Total impaired loans$— $208,894 $— $— $284,809 $435,408 $929,111 
Total loans receivable
1$187,319 $563,426 $5,075 $231,894 $415,471 $— $1,403,185 
2707,8942,351,559457,0571,185,1931,178,721—5,880,424
33,905,9927,362,612411,8801,632,164735,16280,32314,128,133
4———729,7721,814,568132,6872,677,027
5—208,894——284,809435,408929,111
Total loans receivable$4,801,205 $10,486,491 $874,012 $3,779,023 $4,428,731 $648,418 $25,017,880 
CECL reserve(326,137)
Loans receivable, net$24,691,743 
(1)Date loan was originated or acquired by us. Origination dates are subsequently updated to reflect material loan modifications.
(2)Includes Canadian loans, which have similar risk characteristics as U.S. loans.