(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 June 30, 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. Floating rate exposure includes an interest rate swap with a notional amount of $229.9 million that effectively converts our fixed rate loan exposure to floating rate exposure. 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 June 30, 2023, 28% of our loans by principal balance were subject to yield maintenance or other prepayment restrictions and 72% 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.


	Loans Receivable Principal Balance
Index Rate Floors	USD		Non-USD(1)		Total
Fixed Rate	$	40,390	$	—	$	40,390
0.00% or no floor(2)	4,519,901		7,137,346		11,657,247
0.01% to 1.00% floor	7,927,710		827,534		8,755,244
1.01% to 1.50% floor	1,755,631		159,826		1,915,457
1.51% to 2.00% floor	683,184		315,028		998,212
2.01% or more floor	1,224,355		—		1,224,355
Total(3)	$	16,151,171	$	8,439,734	$	24,590,905


	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 fundings	715,507		—		715,507
Loan repayments and sales	(1,471,756)		—		(1,471,756)


Unrealized gain (loss) on foreign currency translation	186,811		(1,302)		185,509
Deferred fees and other items	—		(8,088)		(8,088)
Amortization of fees and other items	—		43,697		43,697
Loans Receivable, as of June 30, 2023	$	24,590,905	$	(108,156)	$	24,482,749
CECL reserve					(363,875)
Loans Receivable, net, as of June 30, 2023					$	24,118,874


June 30, 2023
Property Type	Number of Loans	Net Book Value		Total Loan Exposure(1)		Net Loan Exposure(2)		Net Loan Exposure Percentage of Portfolio
Office	57	$	9,144,160	$	9,946,592	$	8,153,099	35%
Multifamily	78	6,074,837		6,215,656		6,031,007		26
Hospitality	27	4,710,058		4,733,603		4,411,701		19
Industrial	12	2,182,656		2,196,620		2,187,458		9
Retail	7	859,300		872,164		848,347		4
Life Sciences / Studio	4	394,179		671,360		394,696		2
Other	6	1,117,559		1,119,478		1,088,830		5
Total loans receivable	191	$	24,482,749	$	25,755,473	$	23,115,138	100%
CECL reserve		(363,875)
Loans receivable, net		$	24,118,874

Geographic Location	Number of Loans	Net Book Value		Total Loan Exposure(1)		Net Loan Exposure(2)		Net Loan Exposure Percentage of Portfolio
United States
Sunbelt	70	$	5,922,987	$	6,057,503	$	5,772,894	25%
Northeast	34	5,423,738		5,441,150		4,508,193		20
West	32	3,474,245		4,540,222		3,438,215		15
Midwest	9	935,771		936,400		928,950		4
Northwest	6	336,724		340,464		338,507		1
Subtotal	151	16,093,465		17,315,739		14,986,759		65
International
United Kingdom	23	3,578,515		3,605,195		3,349,450		14
Australia	5	1,386,528		1,396,424		1,390,044		6
Ireland	3	1,233,639		1,239,285		1,231,642		5
Spain	3	1,120,469		1,123,774		1,085,076		5
Sweden	1	456,280		459,022		458,668		2

Other Europe	5	613,853		616,034		613,499		3
Subtotal	40	8,389,284		8,439,734		8,128,379		35
Total loans receivable	191	$	24,482,749	$	25,755,473	$	23,115,138	100%
CECL reserve		(363,875)
Loans receivable, net		$	24,118,874


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
Office	60	$	9,082,946	$	10,023,495	$	8,099,334	34%
Multifamily	80	6,214,123		6,330,153		6,189,298		26
Hospitality	30	4,879,314		4,908,583		4,552,404		19
Industrial	12	2,140,636		2,236,716		2,150,501		9
Retail	9	1,098,315		1,141,932		1,090,238		5
Life Sciences/Studio	4	358,676		570,089		359,830		2
Other	8	1,243,870		1,599,313		1,217,578		5
Total loans receivable	203	$	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
Sunbelt	75	$	6,538,034	$	6,802,928	$	6,244,886	27%
Northeast	36	5,339,874		5,666,968		4,570,180		19
West	33	3,515,517		4,547,946		3,486,343		15
Midwest	10	987,718		1,091,882		984,151		4
Northwest	6	317,863		321,937		320,156		1
Subtotal	160	16,699,006		18,431,661		15,605,716		66
International
United Kingdom	23	3,362,629		3,393,126		3,123,925		13
Australia	5	1,405,601		1,417,318		1,408,565		6
Spain	4	1,237,446		1,241,808		1,204,218		5
Ireland	3	1,192,220		1,199,406		1,197,892		5
Sweden	1	473,374		476,673		476,367		2
Canada	1	49,409		49,432		49,398		—
Other Europe	6	598,195		600,857		593,102		3
Subtotal	43	8,318,874		8,378,620		8,053,467		34
Total loans receivable	203	$	25,017,880	$	26,810,281	$	23,659,183	100%
CECL reserve		(326,137)
Loans receivable, net		$	24,691,743

(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 (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.

As further described in Note 2, we evaluate our loan portfolio on a quarterly basis. In conjunction with our quarterly loan portfolio review, we assess the risk factors of each loan, and assign a risk rating based on several factors. Factors considered in the assessment include, but are not limited to, risk of loss, current LTV, debt yield, collateral performance, structure, exit plan, and sponsorship. Loans are rated “1” (less risk) through “5” (greater risk), which ratings are defined in Note 2.


	June 30, 2023
Risk Rating	Number of Loans	Net Book Value		Total Loan Exposure(1)		Net Loan Exposure(2)
1	14	$	1,079,927	$	1,129,034	$	1,080,883
2	40	6,119,929		6,702,386		5,162,941
3	115	13,058,671		13,694,483		12,914,436
4	15	3,138,665		3,143,646		3,085,355
5	7	1,085,557		1,085,924		871,523
Total loans receivable	191	$	24,482,749	$	25,755,473	$	23,115,138
CECL reserve		(363,875)
Loans receivable, net		$	24,118,874

	December 31, 2022
Risk Rating	Number of Loans	Net Book Value		Total Loan Exposure(1)		Net Loan Exposure(2)
1	17	$	1,403,185	$	1,428,232	$	1,170,725
2	36	5,880,424		6,562,852		5,292,933
3	134	14,128,133		15,209,018		13,826,730
4	11	2,677,027		2,680,145		2,628,539
5	5	929,111		930,034		740,256
Total loans receivable	203	$	25,017,880	$	26,810,281	$	23,659,183
CECL reserve		(326,137)
Loans receivable, net		$	24,691,743

(1)In certain instances, we have executed a sale of a non-recourse senior loan interest that is not included in our consolidated financial statements. Total loan exposure encompasses the entire loan we originated and sold, including $1.2 billion and $1.6 billion of such non-consolidated senior interests as of June 30, 2023 and December 31, 2022, respectively. See Note 2 for further discussion.

(2)Net loan exposure reflects the amount of each loan that is subject to risk of credit loss to us as of June 30, 2023, which is our total loan exposure net of (i) $1.2 billion of non-consolidated senior interests, (ii) $875.6 million of asset-specific debt, (iii) $236.3 million of loan participations sold, and (iv) our aggregate CECL reserve of $363.9 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 (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.

The CECL reserve required under GAAP reflects our current estimate of potential credit losses related to the loans 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 loans receivable CECL reserve by investment pool for the three and six months ended June 30, 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 reserve	5,314		(2,823)		483		7,480		10,454
CECL reserve as of March 31, 2023	$	73,194	$	19,696	$	46,443	$	197,258	$	336,591
Increase (decrease) in CECL reserve	1,199		9,296		(354)		17,143		27,284
CECL reserve as of June 30, 2023	$	74,393	$	28,992	$	46,089	$	214,401	$	363,875






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
Increase in CECL reserve	7,070		1,135		2,598		—		10,803
CECL reserve as of June 30, 2022	$	33,311	$	11,344	$	33,495	$	54,874	$	133,024

During the three months ended June 30, 2023, we recorded an aggregate net increase of $17.1 million in the asset-specific CECL reserve related to our impaired loans. The increase was primarily driven by one additional loan that was impaired during the three months ended June 30, 2023. As of June 30, 2023, the income accrual was suspended on this loan as recovery of income and principal was doubtful. During the three months ended June 30, 2023, we recorded $2.1 million of interest income on this loan.

As of June 30, 2023, we had an aggregate $214.4 million asset-specific CECL reserve related to seven of our loans receivable, with an aggregate amortized cost basis of $1.1 billion. This CECL reserve was recorded based on our estimation of the fair value of each of the loan's underlying collateral as of June 30, 2023. No income was recorded on each of our impaired loans subsequent to determining that they were impaired. As of June 30, 2023, all borrowers were compliant with all contractual terms of each respective loan, including payment of interest. During the three months ended June 30, 2023, we received an aggregate $12.3 million of cash proceeds from such loans that were applied as a reduction to the principal balance of each respective loan. Refer to Note 2 for further discussion of our revenue recognition and CECL reserve policies.


	Net Book Value of Loans Receivable by Year of Origination(1)
	As of June 30, 2023
Risk Rating	2023		2022		2021		2020		2019		Prior		Total
U.S. loans
1	$	—	$	151,081	$	419,536	$	39,902	$	53,005	$	416,403	$	1,079,927
2	—		117,461		2,035,067		32,213		225,815		1,484,838		3,895,394
3	—		2,056,658		4,101,424		592,034		707,601		420,735		7,878,452
4	—		81,476		814,897		140,000		—		1,117,762		2,154,135
5	—		—		—		—		—		—		—
Total U.S. loans	$	—	$	2,406,676	$	7,370,924	$	804,149	$	986,421	$	3,439,738	$	15,007,908
Non-U.S. loans
1	$	—	$	—	$	—	$	—	$	—	$	—	$	—
2	—		1,143,947		983,748		96,840		—		—		2,224,535
3	—		567,330		1,203,907		—		2,002,986		85,118		3,859,341
4	—		—		—		—		354,689		—		354,689
5	—		—		—		—		—		—		—
Total Non-U.S. loans	$	—	$	1,711,277	$	2,187,655	$	96,840	$	2,357,675	$	85,118	$	6,438,565
Unique loans
1	$	—	$	—	$	—	$	—	$	—	$	—	$	—
2	—		—		—		—		—		—		—
3	—		874,358		—		—		260,917		185,603		1,320,878
4	—		—		—		—		—		629,841		629,841
5	—		—		—		—		—		—		—
Total unique loans	$	—	$	874,358	$	—	$	—	$	260,917	$	815,444	$	1,950,719
Impaired loans
1	$	—	$	—	$	—	$	—	$	—	$	—	$	—
2	—		—		—		—		—		—		—
3	—		—		—		—		—		—		—
4	—		—		—		—		—		—		—
5	—		—		296,077		—		—		789,480		1,085,557
Total impaired loans	$	—	$	—	$	296,077	$	—	$	—	$	789,480	$	1,085,557
Total loans receivable
1	$	—	$	151,081	$	419,536	$	39,902	$	53,005	$	416,403	$	1,079,927
2	—		1,261,408		3,018,815		129,053		225,815		1,484,838		6,119,929
3	—		3,498,346		5,305,331		592,034		2,971,504		691,456		13,058,671
4	—		81,476		814,897		140,000		354,689		1,747,603		3,138,665
5	—		—		296,077		—		—		789,480		1,085,557
Total loans receivable	$	—	$	4,992,311	$	9,854,656	$	900,989	$	3,605,013	$	5,129,780	$	24,482,749
CECL reserve													(363,875)
Loans receivable, net													$	24,118,874


	Net Book Value of Loans Receivable by Year of Origination(1)
	As of December 31, 2022
Risk Rating	2022		2021		2020		2019		2018		Prior		Total
U.S. loans(2)
1	$	145,152	$	563,426	$	5,075	$	231,894	$	415,471	$	—	$	1,361,018
2	117,314		1,742,289		362,062		156,478		1,178,721		—		3,556,864
3	2,035,111		5,776,346		411,880		735,772		472,134		80,323		9,511,566
4	—		—		—		96,542		1,160,627		132,687		1,389,856
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	$	—	$	—	$	—	$	—	$	—	$	—	$	—
2	590,580		609,270		94,995		1,028,715		—		—		2,323,560
3	977,767		1,586,266		—		896,392		86,706		—		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	—		—		—		—		—		—		—
3	893,114		—		—		—		176,322		—		1,069,436
4	—		—		—		289,141		653,941		—		943,082
5	—		—		—		—		—		—		—
Total unique loans	$	935,281	$	—	$	—	$	289,141	$	830,263	$	—	$	2,054,685
Impaired loans
1	$	—	$	—	$	—	$	—	$	—	$	—	$	—
2	—		—		—		—		—		—		—
3	—		—		—		—		—		—		—
4	—		—		—		—		—		—		—
5	—		208,894		—		—		284,809		435,408		929,111
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
2	707,894		2,351,559		457,057		1,185,193		1,178,721		—		5,880,424
3	3,905,992		7,362,612		411,880		1,632,164		735,162		80,323		14,128,133
4	—		—		—		729,772		1,814,568		132,687		2,677,027
5	—		208,894		—		—		284,809		435,408		929,111
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

Two of the loan modifications included other-than-insignificant payment delays, specifically the option to pay interest in-kind. For one of the loans the maximum maturity date was extended by six months, the borrower contributed $2.0 million of additional reserves, and the interest rate increased by 5.11%. The other modification included an additional 4.00% exit fee. As of June 30, 2023, the aggregate amortized cost basis of the loans was $286.7 million, or 1.2% of our aggregate loans receivable portfolio, and they had an aggregate $10.0 million of unfunded commitments. The loans paid all contractual interest due as of June 30, 2023, had risk ratings of 5 as of June 30, 2023, and have asset-specific CECL reserves.

The third loan modification included a term extension of nineteen months, a rate reduction of 2.74% and conversion to fixed rate, with a portion of the interest paid in-kind. The borrower repaid $4.9 million of the loan at the time of modification, with an additional $2.5 million of repayment due during the initial maturity period. As of June 30, 2023, the amortized cost basis of the loan was $229.9 million, or 0.9% of our aggregate loans receivable portfolio, and it had no unfunded commitment. The loan has paid all contractual interest due as of June 30, 2023, had a risk rating of 4 as of June 30, 2023, and its modified terms were included in the determination of our general CECL reserve.