(2)The weighted-average cash coupon and all-in yield are expressed as a spread over the relevant floating benchmark rates, which include SOFR, SONIA, EURIBOR, and other indices, as applicable to each loan. As of both March 31, 2024 and December 31, 2023, substantially all of our loans by principal balance earned a floating rate of interest, primarily indexed to SOFR. Floating rate exposure as of March 31, 2024 and 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 March 31, 2024, 13% of our loans by principal balance were subject to yield maintenance or other prepayment restrictions and 87% were open to repayment by the borrower without penalty. 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.


	Loans Receivable Principal Balance
Index Rate Floors	USD		Non-USD(1)		Total
Fixed Rate	$	3,056	$	—	$	3,056
0.00% or no floor(2)(3)	4,696,417		6,576,621		11,273,038
0.01% to 1.00% floor	5,462,854		796,480		6,259,334
1.01% to 2.00% floor	2,140,690		297,798		2,438,488
2.01% to 3.00% floor	2,021,299		302,252		2,323,551
3.01% or more floor	811,712		208,703		1,020,415
Total(4)	$	15,136,028	$	8,181,854	$	23,317,882


	Principal Balance		Deferred Fees / Other Items(1)		Net Book Value







Loans Receivable, as of December 31, 2023	$	23,923,719	$	(136,707)	$	23,787,012
Loan fundings	301,678		—		301,678
Loan repayments, sales, and cost-recovery proceeds	(582,248)		(16,818)		(599,066)
Charge-offs	(73,176)		12,163		(61,013)
Transfer to real estate owned	(60,203)		—		(60,203)
Transfer to other assets(2)	(8,800)		—		(8,800)
Payment-in-kind interest	2,329		—		2,329
Unrealized (loss) gain on foreign currency translation	(185,417)		909		(184,508)
Deferred fees and other items	—		(4,550)		(4,550)
Amortization of fees and other items	—		16,433		16,433
Loans Receivable, as of March 31, 2024	$	23,317,882	$	(128,570)	$	23,189,312
CECL reserve					(751,370)
Loans Receivable, net, as of March 31, 2024					$	22,437,942


March 31, 2024
Property Type	Number of Loans	Net Book Value		Total Loan Exposure(1)		Net Loan Exposure(2)		Net Loan Exposure Percentage of Portfolio
Office	52	$	9,015,982	$	9,386,225	$	7,506,985	36%
Multifamily	72	5,914,046		6,056,082		5,786,137		27
Hospitality	22	4,039,811		4,074,078		3,679,394		18
Industrial	12	2,206,047		2,218,051		2,183,685		10
Retail	6	710,899		734,077		682,268		3
Life Sciences / Studio	4	384,230		572,064		383,073		2
Other	5	918,297		919,390		887,326		4
Total loans receivable	173	$	23,189,312	$	23,959,967	$	21,108,868	100%
CECL reserve		(751,370)
Loans receivable, net		$	22,437,942

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	64	$	5,538,223	$	5,673,573	$	5,193,296	24%
Northeast	29	5,281,002		5,323,035		4,202,278		20
West	29	2,886,106		3,487,130		2,703,588		13
Midwest	9	932,127		934,675		780,034		4
Northwest	6	407,043		410,193		407,341		2
Subtotal	137	15,044,501		15,828,606		13,286,537		63
International
United Kingdom	19	3,432,167		3,400,320		3,145,930		15
Australia	5	1,375,690		1,383,254		1,380,532		6
Ireland	3	1,178,065		1,182,682		1,174,101		6
Spain	3	1,081,016		1,083,096		1,043,111		5
Sweden	1	445,621		447,711		447,305		2

Other Europe	5	632,252		634,298		631,352		3
Subtotal	36	8,144,811		8,131,361		7,822,331		37
Total loans receivable	173	$	23,189,312	$	23,959,967	$	21,108,868	100%
CECL reserve		(751,370)
Loans receivable, net		$	22,437,942


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

(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. 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 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.


	March 31, 2024
Risk Rating	Number of Loans	Net Book Value		Total Loan Exposure(1)		Net Loan Exposure(2)
1	18	$	791,251	$	839,963	$	791,925
2	34	5,889,271		5,904,694		4,816,066
3	88	11,425,297		11,750,476		11,075,625
4	16	2,692,813		3,013,626		2,634,523
5	17	2,390,680		2,451,208		1,790,729
Total loans receivable	173	$	23,189,312	$	23,959,967	$	21,108,868
CECL reserve		(751,370)
Loans receivable, net		$	22,437,942

	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

(1)Total loan exposure reflects our aggregate exposure to each loan investment. As of March 31, 2024, total loan exposure, includes (i) loans with an outstanding principal balance of $23.3 billion that are included in our consolidated financial statements, (ii) $742.6 million of non-consolidated senior interests in loans we have sold, which are not included in our consolidated financial statements, and excludes (iii) $100.5 million of junior loan interests that we have sold, but that remain included in our consolidated financial statements. 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. 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 March 31, 2024, which is our total loan exposure net of (i) $742.6 million of non-consolidated senior interests, (ii) $1.1 billion of asset-specific debt, (iii) $234.8 million of senior loan participations sold, (iv) $57.9 million of cost-recovery proceeds, and (v) our total loans receivable CECL reserve of $751.4 million. Our net loan exposure as of December 31, 2023 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, and (iv) $53.0 million of cost-recovery proceeds, and (v) our total loans receivable CECL reserve of $576.9 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 three months ended March 31, 2024 and 2023 ($ in thousands):


	U.S. Loans(1)		Non-U.S. Loans		Unique Loans		Impaired Loans		Total
Loans Receivable, Net
CECL reserves as of December 31, 2023	$	78,335	$	31,560	$	49,371	$	417,670	$	576,936
(Decrease) increase in CECL reserves	(3,807)		(770)		(5,918)		245,942		235,447
Charge-offs of CECL reserves	—		—		—		(61,013)		(61,013)
CECL reserves as of March 31, 2024	$	74,528	$	30,790	$	43,453	$	602,599	$	751,370








CECL reserves as of December 31, 2022	$	67,880	$	22,519	$	45,960	$	189,778	$	326,137
Increase (decrease) in CECL reserves	5,314		(2,823)		483		7,480		10,454
CECL reserves as of March 31, 2023	$	73,194	$	19,696	$	46,443	$	197,258	$	336,591

During the three months ended March 31, 2024, we recorded an increase of $235.4 million in the CECL reserves against our loans receivable portfolio, primarily related to seven new impaired loans, offset by charge-offs of our CECL reserves of $61.0 million, bringing our total loans receivable CECL reserve to $751.4 million as of March 31, 2024. These charge-offs related to three previously impaired loans that were resolved during the three months ended March 31, 2024. The resolutions were the result of (i) a deed-in-lieu of foreclosure related to an office asset in Mountain View, CA, which is now included on our consolidated balance sheet as an REO asset, (ii) the sale of an office asset in Miami, FL to a new borrower, resulting in a repayment of $9.5 million and a reduction to the outstanding principal balance of the loan, and (iii) a repayment of a multifamily asset in New York, NY. As of March 31, 2024, the income accrual was suspended on the seven additional loans that were impaired as the recovery of income and principal was doubtful. During the three months ended March 31, 2024, we recorded $16.8 million of interest income on these seven loans.

As of March 31, 2024, we had an aggregate $602.6 million asset-specific CECL reserve related to 17 of our loans receivable, with an aggregate amortized cost basis of $2.4 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 March 31, 2024. No income was recorded on our impaired loans subsequent to determining that they were impaired. During the three months ended March 31, 2024, we received an aggregate $16.8 million of cash proceeds from such loans that were applied as a reduction to the amortized cost basis of each respective loan.

As of March 31, 2024, one of our impaired loans with an amortized cost basis of $138.8 million was past its current maturity date. This loan was also more than 90 days past due on its interest payment and had a risk rating of “5.” Additionally, as of March 31, 2024, one other impaired loan with an amortized cost basis of $223.4 million was less than 30 days past due on its interest payment and had a risk rating of “5.” As of March 31, 2024, all other borrowers were compliant with the contractual terms of each respective loan, including any required payment of interest. 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 March 31, 2024
Risk Rating	2024		2023		2022		2021		2020		Prior		Total
U.S. loans
1	$	—	$	—	$	172,638	$	355,295	$	72,105	$	106,843	$	706,881
2	—		—		196,555		1,899,702		—		1,552,428		3,648,685
3	—		—		1,539,991		3,434,609		580,897		633,740		6,189,237
4	—		—		413,313		664,662		—		1,031,042		2,109,017
5	—		—		—		—		—		—		—
Total U.S. loans	$	—	$	—	$	2,322,497	$	6,354,268	$	653,002	$	3,324,053	$	12,653,820
Non-U.S. loans
1	$	—	$	—	$	—	$	84,370	$	—	$	—	$	84,370
2	—		—		1,017,187		1,098,418		91,147		33,834		2,240,586
3	—		—		676,148		1,035,810		—		2,219,300		3,931,258
4	—		—		—		—		—		—		—
5	—		—		—		—		—		—		—
Total Non-U.S. loans	$	—	$	—	$	1,693,335	$	2,218,598	$	91,147	$	2,253,134	$	6,256,214
Unique loans
1	$	—	$	—	$	—	$	—	$	—	$	—	$	—
2	—		—		—		—		—		—		—
3	—		—		856,787		—		—		448,015		1,304,802
4	—		—		—		—		—		583,796		583,796
5	—		—		—		—		—		—		—
Total unique loans	$	—	$	—	$	856,787	$	—	$	—	$	1,031,811	$	1,888,598
Impaired loans
1	$	—	$	—	$	—	$	—	$	—	$	—	$	—
2	—		—		—		—		—		—		—
3	—		—		—		—		—		—		—
4	—		—		—		—		—		—		—
5	—		—		319,969		889,086		138,840		1,042,785		2,390,680
Total impaired loans	$	—	$	—	$	319,969	$	889,086	$	138,840	$	1,042,785	$	2,390,680
Total loans receivable
1	$	—	$	—	$	172,638	$	439,665	$	72,105	$	106,843	$	791,251
2	—		—		1,213,742		2,998,120		91,147		1,586,262		5,889,271
3	—		—		3,072,926		4,470,419		580,897		3,301,055		11,425,297
4	—		—		413,313		664,662		—		1,614,838		2,692,813
5	—		—		319,969		889,086		138,840		1,042,785		2,390,680
Total loans receivable	$	—	$	—	$	5,192,588	$	9,461,952	$	882,989	$	7,651,783	$	23,189,312
CECL reserve													(751,370)
Loans receivable, net													$	22,437,942

Gross charge-offs(2)	—		—		—		(54,313)		—		(6,700)		$	(61,013)


	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

Four 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%. The fourth modification included an additional 3.00% exit fee and the interest rate increased by 4.00%. As of March 31, 2024, the aggregate amortized cost basis of these loans was $634.2 million, or 2.7% 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 March 31, 2024, had risk ratings of “5” as of March 31, 2024, and have asset-specific CECL reserves.

The other three 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. The third modification included a term extension of 2.5 years, and the loan was bifurcated into a separate senior loan and mezzanine loan. The senior loan is paying interest current while the mezzanine loan is paying interest in-kind. As of March 31, 2024, the aggregate amortized cost basis of these loans was $632.8 million, or 2.7% of our aggregate loans receivable portfolio, with an aggregate $39.3 million of unfunded commitments. The loans were performing pursuant to their contractual terms as of March 31, 2024. As of March 31, 2024, two of these loans had a risk rating of “4” and two loans had a risk rating of “5.”

Loans with a risk rating of “4” are included in the determination of our general CECL reserve and loans with a risk rating of “5” have 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 March 31, 2024, no income was recorded on our loans subsequent to determining that they were impaired and risk rated “5.”