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Loans Receivable, Net (Tables)
 9 Months Ended
Sep. 30, 2023
Receivables [Abstract]  
Overall Statistics for Loans Receivable Portfolio
The following table details overall statistics for our loans receivable portfolio ($ in thousands):
 September 30, 2023December 31, 2022
Number of loans185 203 
Principal balance$23,849,497 $25,160,343 
Net book value$23,252,478 $24,691,743 
Unfunded loan commitments(1)
$2,671,851 $3,806,153 
Weighted-average cash coupon(2)
+ 3.43 %+ 3.44 %
Weighted-average all-in yield(2)
+ 3.77 %+ 3.84 %
Weighted-average maximum maturity (years)(3)
2.63.1
(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 September 30, 2023 99% of our loans by principal balance earned a floating rate of interest, primarily indexed to SOFR, and the remaining 1% of our loans earned a fixed rate of interest. As of 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 $229.9 million that effectively converts our fixed rate loan exposure to floating rate exposure. In addition to cash coupon, all-in yield includes the amortization of deferred origination and extension fees, loan origination costs, and purchase discounts, as well as the accrual of exit fees. Excludes loans accounted for under the cost-recovery method.
(3)Maximum maturity assumes all extension options are exercised by the borrower, however our loans may be repaid prior to such date. As of September 30, 2023, 18% of our loans by principal balance were subject to yield maintenance or other prepayment restrictions and 82% were open to repayment by the borrower without penalty. As of December 31, 2022, 50% of our loans by principal balance were subject to yield maintenance or other prepayment restrictions and 50% were open to repayment by the borrower without penalty.
Disclosure Details Of Loan Receivable Portfolio Based On Index Floor Rates
The following table details the index rate floors for our loans receivable portfolio as of September 30, 2023 ($ in thousands):

 Loans Receivable Principal Balance
Index Rate FloorsUSD
Non-USD(1)
Total
Fixed Rate$326,972 $— $326,972 
0.00% or no floor(2)
4,452,9866,968,77011,421,756
0.01% to 1.00% floor7,651,125803,2998,454,424
1.01% to 1.50% floor1,305,951153,9061,459,857
1.51% to 2.00% floor694,857234,344929,201
2.01% or more floor1,257,287—1,257,287
Total(3)
$15,689,178 $8,160,319 $23,849,497 
(1)Includes Euro, British Pound Sterling, Swedish Krona, Australian Dollar, Swiss Franc, and Danish Krone currencies.
(2)Includes an interest rate swap with a notional amount of $229.9 million that effectively converts our fixed rate loan exposure to floating rate exposure.
(3)As of September 30, 2023, the weighted-average index rate floor of our loans receivable principal balance was 0.42%. Excluding 0.0% index rate floors and loans with no floor, the weighted-average index rate floor was 0.78%.
Activity Relating to Loans Receivable Portfolio
Activity relating to our loans receivable portfolio was as follows ($ 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 fundings1,068,853—1,068,853
Loan repayments, sales, and cost-recovery proceeds(2,280,034)(40,733)(2,320,767)
Unrealized (loss) gain on foreign currency translation
(99,665)313(99,352)
Deferred fees and other items—(11,046)(11,046)
Amortization of fees and other items—60,33360,333
Loans Receivable, as of September 30, 2023
$23,849,497 $(133,596)$23,715,901 
CECL reserve(463,423)
Loans Receivable, net, as of September 30, 2023
$23,252,478 
(1)Other items primarily consist of purchase and sale discounts or premiums, exit fees, deferred origination expenses, and cost-recovery proceeds.
Property Type and Geographic Distribution of Properties Securing Loans in Portfolio
The tables below detail the property type and geographic distribution of the properties securing the loans in our portfolio ($ in thousands):
September 30, 2023
Property Type
Number of
 Loans
Net
Book Value
Total Loan
 Exposure(1)
Net Loan
 Exposure(2)
Net Loan Exposure Percentage of
 Portfolio
Office57$9,206,553 $10,016,113 $8,006,364 36%
Multifamily745,908,5596,068,1165,855,89626
Hospitality254,184,4224,219,7623,891,56917
Industrial122,121,0852,133,2092,124,68610
Retail7842,100859,681830,6974
Life Sciences / Studio4373,818535,148373,8532
Other61,079,3641,080,8471,051,1445
Total loans receivable185$23,715,901 $24,912,876 $22,134,209 100%
CECL reserve(463,423)
Loans receivable, net$23,252,478 
Geographic Location
Number of
 Loans
Net
Book Value
Total Loan
 Exposure(1)
Net Loan
 Exposure(2)
Net Loan Exposure Percentage of
 Portfolio
United States    
Sunbelt67$5,811,609 $5,971,930 $5,644,980 25%
Northeast325,404,0085,446,3684,421,37920
West313,080,2574,074,9532,977,92613
Midwest9944,028943,954915,3304
Northwest6360,566364,148362,0892
Subtotal14515,600,46816,801,35314,321,70464
International
United Kingdom233,511,9923,486,5673,240,73115
Australia51,343,5801,352,7001,346,1966
Ireland31,132,9121,137,5261,130,8785
Spain31,079,2721,082,1481,044,8085
Sweden1451,731454,222453,8912
Other Europe5595,946598,360596,0013
Subtotal408,115,4338,111,5237,812,50536
Total loans receivable185$23,715,901 $24,912,876 $22,134,209 100%
CECL reserve(463,423)
Loans receivable, net$23,252,478 
(1)Total loan exposure reflects our aggregate exposure to each loan investment. As of September 30, 2023, total loan exposure, includes (i) loans with an outstanding principal balance of $23.8 billion that are included in our consolidated financial statements, (ii) $1.1 billion of non-consolidated senior interests in loans we have sold, which are not included in our consolidated financial statements, and excludes (iii) $48.8 million of junior loan interests that we have sold, but that remain included in our consolidated financial statements. See Note 2 for further discussion of loan participations sold.
(2)Net loan exposure reflects the amount of each loan that is subject to risk of credit loss to us as of September 30, 2023, which is our total loan exposure net of (i) $1.1 billion of non-consolidated senior interests, (ii) $935.4 million of asset-specific debt, (iii) $226.9 million of senior loan participations sold, (iv) $40.7 million of cost-recovery proceeds, and (v) our total loans receivable CECL reserve of $463.4 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)Total loan exposure reflects our aggregate exposure to each loan investment. As of December 31, 2022, total loan exposure, includes (i) loans with an outstanding principal balance of $25.2 billion that are included in our consolidated financial statements and (ii) $1.6 billion of non-consolidated senior interests in loans we have sold, which are not included in our consolidated financial statements. See Note 2 for further discussion of loan participations sold.
(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 senior loan participations sold, and (iv) our total loans receivable CECL reserve of $326.1 million. Our non-consolidated senior interests, asset-specific debt, and loan participations sold are structurally non-recourse and term-matched to the corresponding collateral loans.
Net Book Value, Total Loan Exposure and Net Loan Exposure of Loans Receivable Based on Internal Risk Ratings
The following table allocates the net book value, total loan exposure, and net loan exposure balances based on our internal risk ratings ($ in thousands):
September 30, 2023
Risk
 Rating
Number
 of Loans
Net
Book Value
Total Loan
 Exposure(1)
Net Loan
 Exposure(2)
115$763,494 $812,060 $764,174 
2406,102,2906,578,6395,105,664
310712,493,47413,120,94212,281,191
4132,965,1212,967,8652,913,093
5101,391,5221,433,3701,070,087
Total loans receivable185$23,715,901 $24,912,876 $22,134,209 
CECL reserve(463,423)
Loans receivable, net$23,252,478 
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)Total loan exposure reflects our aggregate exposure to each loan investment. As of September 30, 2023, total loan exposure, includes (i) loans with an outstanding principal balance of $23.8 billion that are included in our consolidated financial statements, (ii) $1.1 billion of non-consolidated senior interests in loans we have sold, which are not included in our consolidated financial statements, and excludes (iii) $48.8 million of junior loan interests that we have sold, but that remain included in our consolidated financial statements. See Note 2 for further discussion of loan participations sold. As of December 31, 2022, total loan exposure, includes (i) loans with an outstanding principal balance of $25.2 billion that are included in our consolidated financial statements and (ii) $1.6 billion of non-consolidated senior interests in loans we have sold, which are not included in our consolidated financial statements. See Note 2 for further discussion of loan participations sold.
(2)Net loan exposure reflects the amount of each loan that is subject to risk of credit loss to us as of September 30, 2023, which is our total loan exposure net of (i) $1.1 billion of non-consolidated senior interests, (ii) $935.4 million of asset-specific debt, (iii) $226.9 million of senior loan participations sold, (iv) $40.7 million of cost-recovery proceeds, and (v) our total loans receivable CECL reserve of $463.4 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 senior loan participations sold, and (iv) our total loans receivable CECL reserve of $326.1 million. Our non-consolidated senior interests, asset-specific debt, and loan participations sold are structurally non-recourse and term-matched to the corresponding collateral loans.
Schedule Of Current Expected Credit Loss Reserve By Pool The following table presents the activity in our loans receivable CECL reserve by investment pool for the three and nine months ended September 30, 2023 and 2022 ($ 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 reserve5,314(2,823)4837,48010,454 
CECL reserve as of March 31, 2023
$73,194 $19,696 $46,443 $197,258 $336,591 
Increase (decrease) in CECL reserve1,1999,296(354)17,14327,284 
CECL reserve as of June 30, 2023
$74,393 $28,992 $46,089 $214,401 $363,875 
(Decrease) increase in CECL reserve(5,639)(2,336)(627)108,15099,548
CECL reserve as of September 30, 2023
$68,754 $26,656 $45,462 $322,551 $463,423 
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 reserve7,070 1,135 2,598 — 10,803 
CECL reserve as of June 30, 2022
$33,311 $11,344 $33,495 $54,874 $133,024 
Increase in CECL reserve
8,280 45 3,082 — 11,407 
CECL reserve as of September 30, 2022
$41,591 $11,389 $36,577 $54,874 $144,431 
(1) Includes Canadian loans, which have similar risk characteristics as U.S. loans.
Schedule of Net Book Value of Loan Portfolio By Year of Origination, Investment Pool and Risk Rating
Our primary credit quality indicator is our risk ratings, which are further discussed above. The following tables present the net book value of our loan portfolio as of September 30, 2023 and December 31, 2022, respectively, by year of origination, investment pool, and risk rating ($ in thousands):
 
Net Book Value of Loans Receivable by Year of Origination(1)
 As of September 30, 2023
Risk Rating
20232022202120202019PriorTotal
U.S. loans
1$— $151,179 $465,406 $39,933 $53,039 $53,937 $763,494 
2—216,8891,936,74432,244227,6801,540,2633,953,820
3—2,027,5263,866,825605,278585,997385,1507,470,776
4—81,591774,607140,000—1,024,6602,020,858
5———————
Total U.S. loans$— $2,477,185 $7,043,582 $817,455 $866,716 $3,004,010 $14,208,948 
Non-U.S. loans
1$— $— $— $— $— $— $— 
2—1,098,319960,73189,420——2,148,470
3—590,1621,199,465—1,876,16881,8963,747,691
4————344,383—344,383
5——— ————
Total Non-U.S. loans$— $1,688,481 $2,160,196 $89,420 $2,220,551 $81,896 $6,240,544 
Unique loans
1$— $— $— $— $— $— $— 
2———————
3—844,697——251,956178,354 1,275,007
4—————599,880599,880
5———————
Total unique loans$— $844,697 $— $— $251,956 $778,234 $1,874,887 
Impaired loans
1$— $— $— $— $— $— $— 
2———————
3———————
4———————
5——507,371——884,1511,391,522
Total impaired loans$— $— $507,371 $— $— $884,151 $1,391,522 
Total loans receivable
1$— $151,179 $465,406 $39,933 $53,039 $53,937 $763,494 
2—1,315,2082,897,475121,664227,6801,540,2636,102,290
3—3,462,3855,066,290605,2782,714,121645,40012,493,474
4—81,591774,607140,000344,3831,624,5402,965,121
5——507,371——884,1511,391,522
Total loans receivable$— $5,010,363 $9,711,149 $906,875 $3,339,223 $4,748,291 $23,715,901 
CECL reserve(463,423)
Loans receivable, net$23,252,478 
(1)Date loan was originated or acquired by us. Origination dates are subsequently updated to reflect material loan modifications.
 
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———96,5421,160,627132,6871,389,856
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
3977,7671,586,266—896,39286,706—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.