(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 December 31, 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 as of December 31, 2023 includes an interest rate swap we entered into with a notional amount of $229.9 million that effectively converts certain of 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 December 31, 2023, 14% of our loans by principal balance were subject to yield maintenance or other prepayment restrictions and 86% 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	$	327,643	$	—	$	327,643
0.00% or no floor(2)	4,292,620		7,066,714		11,359,334
0.01% to 1.00% floor	6,683,636		810,979		7,494,615
1.01% to 2.00% floor	2,437,844		295,384		2,733,228
2.01% to 3.00% floor	1,334,636		—		1,334,636
3.01% or more floor	478,007		196,256		674,263
Total(3)	$	15,554,386	$	8,369,333	$	23,923,719

(3)As of December 31, 2023, the weighted-average index rate floor of our loans receivable principal balance was 0.56%. Excluding 0.0% index rate floors and loans with no floor, the weighted-average index rate floor was 1.00%. As of December 31, 2022, the weighted-average index rate floor of our loans receivable principal balance was 0.36%. Excluding 0.0% index rate floors and loans with no floor, the weighted-average index rate floor was 0.64%.


	Principal Balance		Deferred Fees / Other Items(1)		Net Book Value
Loans Receivable, as of December 31, 2021	$	22,156,437	$	(153,420)	$	22,003,017
Loan fundings	6,810,218		—		6,810,218
Loan repayments and sales proceeds	(3,168,155)		—		(3,168,155)

Unrealized (loss) gain on foreign currency translation	(638,157)		5,255		(632,902)
Deferred fees and other items	—		(74,930)		(74,930)
Amortization of fees and other items	—		80,632		80,632
Loans Receivable, as of December 31, 2022	$	25,160,343	$	(142,463)	$	25,017,880
Loan fundings	1,344,130		—		1,344,130
Loan repayments, sales, and cost-recovery proceeds	(2,871,423)		(52,978)		(2,924,401)

Payment-in-kind interest, net of interest received	2,865		—		2,865
Unrealized gain (loss) on foreign currency translation	287,804		(1,702)		286,102
Deferred fees and other items	—		(17,992)		(17,992)
Amortization of fees and other items	—		78,428		78,428
Loans Receivable, as of December 31, 2023	$	23,923,719	$	(136,707)	$	23,787,012
CECL reserve					(576,936)
Loans Receivable, net, as of December 31, 2023					$	23,210,076


December 31, 2023
Property Type	Number of Loans	Net Book Value		Total Loan Exposure(1)		Net Loan Exposure(2)		Net Loan Exposure Percentage of Portfolio
Office	54	$	9,253,609	$	10,072,963	$	7,956,472	36%
Multifamily	73	5,876,128		5,997,886		5,756,192		26
Hospitality	23	4,161,525		4,194,588		3,804,091		17
Industrial	12	2,189,808		2,201,497		2,190,914		10
Retail	6	814,241		834,825		785,573		4
Life Sciences / Studio	4	385,098		561,517		384,219		2
Other	6	1,106,603		1,107,752		1,074,527		5
Total loans receivable	178	$	23,787,012	$	24,971,028	$	21,951,988	100%
CECL reserve		(576,936)
Loans receivable, net		$	23,210,076

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	65	$	5,658,172	$	5,786,395	$	5,402,732	25%
Northeast	30	5,386,940		5,426,951		4,340,660		20
West	31	3,088,644		4,108,074		2,910,559		13
Midwest	9	944,132		945,222		913,973		4
Northwest	6	382,591		385,978		383,382		2
Subtotal	141	15,460,479		16,652,620		13,951,306		64
International
United Kingdom	20	3,470,120		3,439,678		3,181,489		14
Australia	5	1,429,144		1,437,870		1,432,146		7
Ireland	3	1,191,068		1,197,337		1,188,554		5
Spain	3	1,117,790		1,120,375		1,078,811		5
Sweden	1	474,262		476,718		476,281		2

Other Europe	5	644,149		646,430		643,401		3
Subtotal	37	8,326,533		8,318,408		8,000,682		36
Total loans receivable	178	$	23,787,012	$	24,971,028	$	21,951,988	100%
CECL reserve		(576,936)
Loans receivable, net		$	23,210,076


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

(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.

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, origination 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.


	December 31, 2023
Risk Rating	Number of Loans	Net Book Value		Total Loan Exposure(1)		Net Loan Exposure(2)
1	15	$	763,101	$	811,217	$	763,223
2	36	6,143,184		6,618,319		5,095,395
3	99	12,277,518		12,573,282		11,964,620
4	15	2,725,930		3,036,837		2,668,025
5	13	1,877,279		1,931,373		1,460,725
Total loans receivable	178	$	23,787,012	$	24,971,028	$	21,951,988
CECL reserve		(576,936)
Loans receivable, net		$	23,210,076

	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)Total loan exposure reflects our aggregate exposure to each loan investment. As of December 31, 2023, total loan exposure, includes (i) loans with an outstanding principal balance of $23.9 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) $100.9 million of junior loan interests that we have sold, but that remain included in our consolidated financial statements. 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, 2023, which is our total loan exposure net of (i) $1.1 billion of non-consolidated senior interests, (ii) $1.0 billion of asset-specific debt, (iii) $236.8 million of senior loan participations sold, (iv) $53.0 million of cost-recovery proceeds, and (v) our total loans receivable CECL reserve of $576.9 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 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.

The CECL reserves required under GAAP reflect 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 reserves. The following table presents the activity in our loans receivable CECL reserve by investment pool for the year ended December 31, 2023 and 2022 ($ in thousands):


	U.S. Loans(1)		Non-U.S. Loans		Unique Loans		Impaired Loans		Total
Loans Receivable, Net
CECL reserves as of December 31, 2022	$	67,880	$	22,519	$	45,960	$	189,778	$	326,137







Increase in CECL reserves	10,455		9,041		3,411		227,892		250,799
CECL reserves as of December 31, 2023	78,335		31,560		49,371		417,670		576,936

CECL reserves as of December 31, 2021	$	26,885	$	10,263	$	32,657	$	54,874	$	124,679







Increase in CECL reserves	40,995		12,256		13,303		134,904		201,458
CECL reserves as of December 31, 2022	$	67,880	$	22,519	$	45,960	$	189,778	$	326,137

During the year ended December 31, 2023, we recorded an aggregate increase of $250.8 million in the CECL reserves against our loans receivable portfolio, bringing our total loans receivable CECL reserve to $576.9 million as of December 31, 2023. These CECL reserves reflect certain impaired loans in our portfolio, as well as an additional increase in our CECL reserves due to macroeconomic conditions.

During the three months ended December 31, 2023, we recorded an aggregate net increase of $95.1 million in the asset-specific CECL reserve related to our impaired loans. The increase was primarily driven by three additional loans that were impaired during the three months ended December 31, 2023. As of December 31, 2023, the income accrual was suspended on these loans as recovery of income and principal was doubtful. During the three months ended December 31, 2023, we recorded $5.9 million of interest income on these three loans.

As of December 31, 2023, we had an aggregate $417.7 million asset-specific CECL reserve related to 13 of our loans receivable, with an aggregate amortized cost basis of $1.9 billion, net of cost-recovery proceeds. This CECL reserve was recorded based on our estimation of the fair value of each of the loan's underlying collateral as of December 31, 2023. No income was recorded on our impaired loans subsequent to determining that they were impaired. As of December 31, 2023, one of these loans with an amortized cost basis of $140.0 million, was past its current maturity date. This loan was less than 30 days past due on its interest payment and had a risk rating of “5”. As of December 31, 2023, all other borrowers were compliant with the contractual terms of each respective loan, including any required payment of interest. During the year ended December 31, 2023, we received an aggregate $53.0 million of cash proceeds from such loans that were applied as a reduction to the amortized cost basis of each respective loan. Refer to Note 2 for further discussion of our policies on revenue recognition and our CECL reserves.


	Net Book Value of Loans Receivable by Year of Origination(1)
	As of December 31, 2023
Risk Rating	2023		2022		2021		2020		2019		Prior		Total
U.S. loans
1	$	—	$	172,575	$	443,739	$	39,877	$	52,939	$	53,971	$	763,101
2	—		195,755		1,883,162		32,179		200,917		1,438,175		3,750,188
3	—		1,870,610		3,730,842		613,688		380,726		359,257		6,955,123
4	—		317,665		924,070		—		193,168		679,885		2,114,788
5	—		—		—		—		—		—		—
Total U.S. loans	$	—	$	2,556,605	$	6,981,813	$	685,744	$	827,750	$	2,531,288	$	13,583,200
Non-U.S. loans
1	$	—	$	—	$	—	$	—	$	—	$	—	$	—
2	—		1,034,196		1,230,762		93,423		34,615		—		2,392,996
3	—		643,018		1,084,137		—		2,249,931		—		3,977,086
4	—		—		—		—		—		—		—
5	—		—		—		—		—		—		—
Total Non-U.S. loans	$	—	$	1,677,214	$	2,314,899	$	93,423	$	2,284,546	$	—	$	6,370,082
Unique loans
1	$	—	$	—	$	—	$	—	$	—	$	—	$	—
2	—		—		—		—		—		—		—
3	—		894,599		—		—		264,457		186,253		1,345,309
4	—		—		—		—		—		611,142		611,142
5	—		—		—		—		—		—		—
Total unique loans	$	—	$	894,599	$	—	$	—	$	264,457	$	797,395	$	1,956,451
Impaired loans
1	$	—	$	—	$	—	$	—	$	—	$	—	$	—
2	—		—		—		—		—		—		—
3	—		—		—		—		—		—		—
4	—		—		—		—		—		—		—
5	—		—		508,264		140,000		—		1,229,015		1,877,279
Total impaired loans	$	—	$	—	$	508,264	$	140,000	$	—	$	1,229,015	$	1,877,279
Total loans receivable
1	$	—	$	172,575	$	443,739	$	39,877	$	52,939	$	53,971	$	763,101
2	—		1,229,951		3,113,924		125,602		235,532		1,438,175		6,143,184
3	—		3,408,227		4,814,979		613,688		2,895,114		545,510		12,277,518
4	—		317,665		924,070		—		193,168		1,291,027		2,725,930
5	—		—		508,264		140,000		—		1,229,015		1,877,279
Total loans receivable	$	—	$	5,128,418	$	9,804,976	$	919,167	$	3,376,753	$	4,557,698	$	23,787,012
CECL reserve													(576,936)
Loans receivable, net													$	23,210,076


	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

Three 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 one year, the borrower contributed $2.0 million of additional reserves, and the interest rate increased by 5.11%. The second modification included an additional 4.00% exit fee. The third modification included an additional 2.00% exit fee and the interest rate increased by 2.00%. As of December 31, 2023, the aggregate amortized cost basis of these loans was $546.3 million, or 2.3% of our aggregate loans receivable portfolio, with an aggregate $10.0 million of unfunded commitments. The loans were performing pursuant to their contractual terms as of December 31, 2023, had risk ratings of “5” as of December 31, 2023, and have asset-specific CECL reserves.

The other two loan modifications included a combination of changes to the contractual terms of the loans, including term extensions, other-than-insignificant payment delays, and/or interest rate reductions. The first loan modification included a term extension of 19 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. The second loan modification included a term extension of 4.5 years, a rate increase of 8.50% with interest paid in-kind, a borrower contribution of $2.0 million of additional reserves, and a $50.0 million increase in our total loan commitment. As of December 31, 2023, the aggregate amortized cost basis of these loans was $434.5 million, or 1.8% of our aggregate loans receivable portfolio, with an aggregate $40.0 million of unfunded commitments. The loans were performing pursuant to their contractual terms as of December 31, 2023. As of December 31, 2023, one of these loans had a risk rating of “4”, and its modified terms were included in the determination of our general CECL reserve, and the other loan had a risk rating of “5” and has an asset-specific CECL reserve.

Loan modifications that allow the option to pay interest in-kind increase our potential economics and the size of our secured claim, as interest is capitalized and added to the outstanding principal balance for applicable loans. As of December 31, 2023, all of our loans with a risk rating of “5” are accounted for using the cost-recovery method and no income has been recorded on such loans subsequent to determining that they were impaired.