10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

(Mark One)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2024

OR

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

FOR THE TRANSITION PERIOD FROM ______ TO ______

Commission File Number: 001-14788

Blackstone Mortgage Trust, Inc.

(Exact name of Registrant as specified in its charter)

Maryland	94-6181186
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)

345 Park Avenue, 24th Floor

New York, New York 10154

(Address of principal executive offices)(Zip Code)

(212) 655-0220

(Registrant’s telephone number, including area code)

N/A

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading symbol(s)	Name of each exchange on which registered
Class A common stock, par value $0.01 per share	BXMT	New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	☒	Accelerated filer	☐
Non-accelerated filer	☐	Smaller reporting company	☐
		Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

The number of the registrant’s shares of class A common stock, par value $0.01 per share, outstanding as of July 17, 2024 was 173,620,980.

TABLE OF CONTENTS

		Page
PART I.	FINANCIAL INFORMATION
ITEM 1.	FINANCIAL STATEMENTS	3
	Consolidated Financial Statements (Unaudited):
	Consolidated Balance Sheets as of June 30, 2024 and December 31, 2023	3
	Consolidated Statements of Operations for the Three and Six Months Ended June 30, 2024 and 2023	4
	Consolidated Statements of Comprehensive Income for the Three and Six Months Ended June 30, 2024 and 2023	5
	Consolidated Statements of Changes in Equity for the Three Months Ended March 31, 2024 and 2023 and June 30, 2024 and 2023	6
	Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2024 and 2023	8
	Notes to Consolidated Financial Statements	10
ITEM 2.	MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS	49
ITEM 3.	QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK	81
ITEM 4.	CONTROLS AND PROCEDURES	83
PART II.	OTHER INFORMATION
ITEM 1.	LEGAL PROCEEDINGS	84
ITEM 1A.	RISK FACTORS	84
ITEM 2.	UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS	84
ITEM 3.	DEFAULTS UPON SENIOR SECURITIES	84
ITEM 4.	MINE SAFETY DISCLOSURES	84
ITEM 5.	OTHER INFORMATION	84
ITEM 6.	EXHIBITS	85
SIGNATURES		86

TABLE OF CONTENTS

Website Disclosure

We use our website (www.blackstonemortgagetrust.com) as a channel of distribution of company information. The information we post through this channel may be deemed material. Accordingly, investors should monitor this channel, in addition to following our press releases, Securities and Exchange Commission, or SEC, filings and public conference calls, and webcasts. In addition, you may automatically receive email alerts and other information about Blackstone Mortgage Trust when you enroll your email address by visiting the “Contact Us and Email Alerts” section of our website at http://ir.blackstonemortgagetrust.com. The contents of our website and any alerts are not, however, a part of this report.

PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

Blackstone Mortgage Trust, Inc.

Consolidated Balance Sheets (Unaudited)

(in thousands, except share data)

	June 30, 2024		December 31, 2023
Assets
Cash and cash equivalents	$	373,876	$	350,014
Loans receivable	22,870,848		23,787,012
Current expected credit loss reserve	(893,938)		(576,936)
Loans receivable, net	21,976,910		23,210,076
Real estate owned, net	60,018		—
Other assets	225,795		476,088
Total Assets	$	22,636,599	$	24,036,178
Liabilities and Equity
Secured debt, net	$	12,096,705	$	12,683,095
Securitized debt obligations, net	2,327,774		2,505,417
Asset-specific debt, net	1,120,760		1,000,210
Loan participations sold, net	100,442		337,179
Term loans, net	2,095,199		2,101,632
Senior secured notes, net	337,336		362,763
Convertible notes, net	296,486		295,847
Other liabilities	257,299		362,531
Total Liabilities	18,632,001		19,648,674
Commitments and contingencies	—		—
Equity
Class A common stock, $0.01 par value, 400,000,000 shares authorized, 173,619,498 and 173,209,933 shares issued and outstanding as of June 30, 2024 and December 31, 2023, respectively	1,736		1,732
Additional paid-in capital	5,524,043		5,507,459
Accumulated other comprehensive income	10,328		9,454
Accumulated deficit	(1,551,603)		(1,150,934)
Total Blackstone Mortgage Trust, Inc. stockholders’ equity	3,984,504		4,367,711
Non-controlling interests	20,094		19,793
Total Equity	4,004,598		4,387,504
Total Liabilities and Equity	$	22,636,599	$	24,036,178

Note: The consolidated balance sheets as of June 30, 2024 and December 31, 2023 include assets of consolidated variable interest entities, or VIEs, that can only be used to settle obligations of each respective VIE, and liabilities of consolidated VIEs for which creditors do not have recourse to Blackstone Mortgage Trust, Inc. As of June 30, 2024 and December 31, 2023, assets of the consolidated VIEs totaled $2.7 billion and $3.0 billion, respectively, and liabilities of the consolidated VIEs totaled $2.3 billion and $2.5 billion, respectively. Refer to Note 19 for additional discussion of the VIEs.

See accompanying notes to consolidated financial statements.

3

Blackstone Mortgage Trust, Inc.

Consolidated Statements of Operations (Unaudited)

(in thousands, except share and per share data)

	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Income from loans and other investments
Interest and related income	$	466,152	$	521,892	$	952,275	$	1,013,276
Less: Interest and related expenses	339,380		344,549		683,110		661,746
Income from loans and other investments, net	126,772		177,343		269,165		351,530
Other expenses
Management and incentive fees	18,726		32,815		37,653		63,865
General and administrative expenses	13,660		13,022		27,388		25,887
Total other expenses	32,386		45,837		65,041		89,752
Increase in current expected credit loss reserve	(152,408)		(27,807)		(387,277)		(37,630)
Gain on extinguishment of debt	—		—		2,963		—
Net expense from real estate owned	(963)		—		(963)		—
(Loss) income before income taxes	(58,985)		103,699		(181,153)		224,148
Income tax provision	1,217		1,202		2,219		3,095
Net (loss) income	(60,202)		102,497		(183,372)		221,053
Net income attributable to non-controlling interests	(855)		(846)		(1,523)		(1,645)
Net (loss) income attributable to Blackstone Mortgage Trust, Inc.	$	(61,057)	$	101,651	$	(184,895)	$	219,408
Net (loss) income per share of common stock
Basic	$	(0.35)	$	0.59	$	(1.06)	$	1.27
Diluted	$	(0.35)	$	0.58	$	(1.06)	$	1.25
Weighted-average shares of common stock outstanding
Basic	173,967,340		172,615,385		174,004,464		172,606,914
Diluted	173,967,340		180,886,445		174,004,464		180,877,974

See accompanying notes to consolidated financial statements.

4

Blackstone Mortgage Trust, Inc.

Consolidated Statements of Comprehensive Income (Unaudited)

(in thousands)

	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Net (loss) income	$	(60,202)	$	102,497	$	(183,372)	$	221,053
Other comprehensive income
Unrealized gain (loss) on foreign currency translation	3,668		28,469		(42,064)		50,328
Realized and unrealized (loss) gain on derivative financial instruments	(3,210)		(25,557)		42,938		(49,609)
Other comprehensive income	458		2,912		874		719
Comprehensive (loss) income	(59,744)		105,409		(182,498)		221,772
Comprehensive income attributable to non-controlling interests	(855)		(846)		(1,523)		(1,645)
Comprehensive (loss) income attributable to Blackstone Mortgage Trust, Inc.	$	(60,599)	$	104,563	$	(184,021)	$	220,127

See accompanying notes to consolidated financial statements.

5

Blackstone Mortgage Trust, Inc.

Consolidated Statements of Changes in Equity (Unaudited)

(in thousands)

	Blackstone Mortgage Trust, Inc.
	Class A Common  Stock		Additional Paid- In Capital		Accumulated Other  Comprehensive Income (Loss)		Accumulated  Deficit		Stockholders’  Equity		Non-Controlling  Interests		Total Equity
Balance at December 31, 2023	$	1,732	$	5,507,459	$	9,454	$	(1,150,934)	$	4,367,711	$	19,793	$	4,387,504
Restricted class A common stock earned	4		7,907		—		—		7,911		—		7,911
Dividends reinvested	—		253		—		—		253		—		253
Deferred directors’ compensation	—		201		—		—		201		—		201
Net (loss) income	—		—		—		(123,838)		(123,838)		668		(123,170)
Other comprehensive income	—		—		416		—		416		—		416
Dividends declared on common stock and deferred stock units, $0.62 per share	—		—		—		(107,901)		(107,901)		—		(107,901)
Distributions to non-controlling interests	—		—		—		—		—		(627)		(627)
Balance at March 31, 2024	$	1,736	$	5,515,820	$	9,870	$	(1,382,673)	$	4,144,753	$	19,834	$	4,164,587
Restricted class A common stock earned	—		7,761		—		—		7,761		—		7,761
Dividends reinvested	—		261		—		—		261		—		261
Deferred directors’ compensation	—		201		—		—		201		—		201
Net (loss) income	—		—		—		(61,057)		(61,057)		855		(60,202)
Other comprehensive income	—		—		458		—		458		—		458
Dividends declared on common stock and deferred stock units, $0.62 per share	—		—		—		(107,873)		(107,873)		—		(107,873)
Contributions from non-controlling interests	—		—		—		—		—		1,245		1,245
Distributions to non-controlling interests	—		—		—		—		—		(1,840)		(1,840)
Balance at June 30, 2024	$	1,736	$	5,524,043	$	10,328	$	(1,551,603)	$	3,984,504	$	20,094	$	4,004,598
See accompanying notes to consolidated financial statements.

6

Blackstone Mortgage Trust, Inc.

Consolidated Statements of Changes in Equity (Unaudited)

(in thousands)

	Blackstone Mortgage Trust, Inc.
	Class A Common  Stock		Additional Paid- In Capital		Accumulated Other  Comprehensive Income (Loss)		Accumulated  Deficit		Stockholders’  Equity		Non-Controlling  Interests		Total Equity
Balance at December 31, 2022	$	1,717	$	5,475,804	$	10,022	$	(968,749)	$	4,518,794	$	25,406	$	4,544,200
Restricted class A common stock earned	6		7,486		—		—		7,492		—		7,492
Dividends reinvested	—		287		—		—		287		—		287
Deferred directors’ compensation	—		163		—		—		163		—		163
Net income	—		—		—		117,757		117,757		799		118,556
Other comprehensive loss	—		—		(2,194)		—		(2,194)		—		(2,194)
Dividends declared on common stock and deferred stock units, $0.62 per share	—		—		—		(107,072)		(107,072)		—		(107,072)
Distributions to non-controlling interests	—		—		—		—		—		(733)		(733)
Balance at March 31, 2023	$	1,723	$	5,483,740	$	7,828	$	(958,064)	$	4,535,227	$	25,472	$	4,560,699
Restricted class A common stock earned	—		7,492		—		—		7,492		—		7,492
Dividends reinvested	—		235		—		—		235		—		235
Deferred directors’ compensation	—		173		—		—		173		—		173
Net income	—		—		—		101,651		101,651		846		102,497
Other comprehensive income	—		—		2,912		—		2,912		—		2,912
Dividends declared on common stock and deferred stock units, $0.62 per share	—		—		—		(107,028)		(107,028)		—		(107,028)
Distributions to non-controlling interests	—		—		—		—		—		(791)		(791)
Balance at June 30, 2023	$	1,723	$	5,491,640	$	10,740	$	(963,441)	$	4,540,662	$	25,527	$	4,566,189

See accompanying notes to consolidated financial statements.

7

Blackstone Mortgage Trust, Inc.

Consolidated Statements of Cash Flows (Unaudited)

(in thousands)

	Six Months Ended June 30,
	2024		2023
Cash flows from operating activities
Net (loss) income	$	(183,372)	$	221,053
Adjustments to reconcile net (loss) income to net cash provided by operating activities
Non-cash compensation expense	16,074		15,320
Amortization of deferred fees on loans	(33,700)		(43,697)
Amortization of deferred financing costs and premiums/discounts on debt obligations	21,494		29,605
Payment-in-kind interest, net of interest received	(6,164)		(2,432)
Increase in current expected credit loss reserve	387,277		37,630
Gain on extinguishment of debt	(2,963)		—
Depreciation of real estate owned	185		—
Unrealized loss on derivative financial instruments, net	291		1,366
Realized gain on derivative financial instruments, net	(9,155)		(16,926)
Changes in assets and liabilities, net
Other assets	20,257		5,628
Other liabilities	(15,431)		(11,912)
Net cash provided by operating activities	194,793		235,635
Cash flows from investing activities
Principal fundings of loans receivable	(626,746)		(713,075)
Principal collections, sales proceeds, and cost-recovery proceeds from loans receivable	1,413,348		1,491,158
Origination and other fees received on loans receivable	11,774		8,088
Payments under derivative financial instruments	(77,368)		(164,342)
Receipts under derivative financial instruments	55,760		25,176
Collateral deposited under derivative agreements	(63,110)		(163,610)
Return of collateral deposited under derivative agreements	150,710		257,700
Net cash provided by investing activities	864,368		741,095

continued…

See accompanying notes to consolidated financial statements.

8

Blackstone Mortgage Trust, Inc.

Consolidated Statements of Cash Flows (Unaudited)

(in thousands)

	Six Months Ended June 30,
	2024		2023
Cash flows from financing activities
Borrowings under secured debt	$	658,123	$	1,339,606
Repayments under secured debt	(1,133,669)		(1,590,332)
Repayments of securitized debt obligations	(179,023)		(1,807)
Borrowings under asset-specific debt	121,757		163,539
Repayments under asset-specific debt	—		(239,037)
Repayment of loan participations	(235,960)		—
Repayments of term loans	(10,998)		(10,998)
Repurchases of senior secured notes	(22,984)		—
Repayment of convertible notes	—		(220,000)
Payment of deferred financing costs	(13,734)		(14,674)
Contributions from non-controlling interests	1,245		—
Distributions to non-controlling interests	(2,467)		(1,524)
Dividends paid on class A common stock	(215,068)		(213,272)
Net cash used in financing activities	(1,032,778)		(788,499)
Net increase in cash and cash equivalents	26,383		188,231
Cash and cash equivalents at beginning of period	350,014		291,340
Effects of currency translation on cash and cash equivalents	(2,521)		3,285
Cash and cash equivalents at end of period	$	373,876	$	482,856
Supplemental disclosure of cash flows information
Payments of interest	$	(667,527)	$	(639,090)
Payments of income taxes	$	(2,020)	$	(4,290)
Supplemental disclosure of non-cash investing and financing activities
Dividends declared, not paid	$	(107,644)	$	(106,832)
Loan principal payments held by servicer, net	$	—	$	12,272
Transfer of senior loan to real estate owned	$	60,203	$	—

See accompanying notes to consolidated financial statements.

9

Blackstone Mortgage Trust, Inc.

Notes to Consolidated Financial Statements (Unaudited)

1. ORGANIZATION

References herein to “Blackstone Mortgage Trust,” “Company,” “we,” “us” or “our” refer to Blackstone Mortgage Trust, Inc., a Maryland corporation, and its subsidiaries unless the context specifically requires otherwise.

Blackstone Mortgage Trust is a real estate finance company that originates senior loans collateralized by commercial real estate in North America, Europe, and Australia. Our portfolio is composed primarily of loans secured by high-quality, institutional assets in major markets, sponsored by experienced, well-capitalized real estate investment owners and operators. These senior loans are capitalized by accessing a variety of financing options, including borrowing under our credit facilities, issuing collateralized loan obligations, or CLOs, or single-asset securitizations, and corporate financing, depending on our view of the most prudent financing option available for each of our investments. We are not in the business of buying or trading securities, and the only securities we own are the retained interests from our securitization financing transactions, which we have not financed. We are externally managed by BXMT Advisors L.L.C., or our Manager, a subsidiary of Blackstone Inc., or Blackstone, and are a real estate investment trust, or REIT, traded on the New York Stock Exchange, or NYSE, under the symbol “BXMT.” Our principal executive offices are located at 345 Park Avenue, 24th Floor, New York, New York 10154.

We conduct our operations as a REIT for U.S. federal income tax purposes. We generally will not be subject to U.S. federal income taxes on our taxable income to the extent that we annually distribute all of our net taxable income to stockholders and maintain our qualification as a REIT. We also operate our business in a manner that permits us to maintain an exclusion from registration under the Investment Company Act of 1940, as amended. We are organized as a holding company and conduct our business primarily through our various subsidiaries.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America, or GAAP, for interim financial information and the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. The consolidated financial statements, including the notes thereto, are unaudited and exclude some of the disclosures required in audited financial statements. We believe we have made all necessary adjustments, consisting of only normal recurring items, so that the consolidated financial statements are presented fairly and that estimates made in preparing our consolidated financial statements are reasonable and prudent. The operating results presented for interim periods are not necessarily indicative of the results that may be expected for any other interim period or for the entire year. The accompanying unaudited consolidated interim financial statements should be read in conjunction with the audited consolidated financial statements included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023 filed with the Securities and Exchange Commission, or the SEC.

Basis of Presentation

The accompanying consolidated financial statements include, on a consolidated basis, our accounts, the accounts of our wholly-owned subsidiaries, majority-owned subsidiaries, and variable interest entities, or VIEs, of which we are the primary beneficiary. All intercompany balances and transactions have been eliminated in consolidation.

Certain reclassifications have been made in the presentation of the prior period statement of cash flows related to payment-in-kind interest and principal fundings of loans receivable, and in new financings by spread in Note 6 to conform to the current period presentation.

Principles of Consolidation

We consolidate all entities that we control through either majority ownership or voting rights. In addition, we consolidate all VIEs of which we are considered the primary beneficiary. VIEs are defined as entities in which equity investors (i) do not have an interest with the characteristics of a controlling financial interest and/or (ii) do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support from other parties. The entity that consolidates a VIE is known as its primary beneficiary and is generally the entity with (i) the power to direct the activities that most significantly affect the VIE’s economic performance and (ii) the right to receive benefits from the VIE or the obligation to absorb losses of the VIE that could be significant to the VIE.

10

Blackstone Mortgage Trust, Inc.

Notes to Consolidated Financial Statements (continued) (Unaudited)

In 2017, we entered into a joint venture, or our Multifamily Joint Venture, with Walker & Dunlop Inc. to originate, hold, and finance multifamily bridge loans. Pursuant to the terms of the agreements governing the joint venture, Walker & Dunlop contributed 15% of the venture’s equity capital and we contributed 85%. We consolidate the Multifamily Joint Venture as we have a controlling financial interest. The non-controlling interests included on our consolidated balance sheets represent the equity interests in our Multifamily Joint Venture that are owned by Walker & Dunlop. A portion of our Multifamily Joint Venture’s consolidated equity and results of operations are allocated to these non-controlling interests based on Walker & Dunlop’s pro rata ownership of our Multifamily Joint Venture.

Use of Estimates

The preparation of consolidated financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results may ultimately differ materially from those estimates.

Revenue Recognition

Interest income from our loans receivable portfolio is recognized over the life of each loan using the effective interest method and is recorded on the accrual basis. Recognition of fees, premiums, and discounts associated with these investments is deferred and recorded over the term of the loan as an adjustment to yield. Income accrual is generally suspended for loans at the earlier of the date at which payments become 90 days past due or when, in our opinion, recovery of income and principal becomes doubtful. Interest received is then recorded as income or as a reduction in the amortized cost basis, based on the specific facts and circumstances, until accrual is resumed when the loan becomes contractually current and performance is demonstrated to be resumed. In addition, for loans we originate, the related origination expenses are deferred and recognized as a reduction to interest income, however expenses related to loans we acquire are included in general and administrative expenses as incurred.

Cash and Cash Equivalents

Cash and cash equivalents represent cash held in banks and liquid investments with original maturities of three months or less. We may have bank balances in excess of federally insured amounts; however, we deposit our cash and cash equivalents with high credit-quality institutions to minimize credit risk exposure. We have not experienced, and do not expect, any losses on our cash or cash equivalents. As of both June 30, 2024 and December 31, 2023, we had no restricted cash on our consolidated balance sheets.

Through our subsidiaries, we have oversight of certain servicing accounts held with third-party servicers, or Servicing Accounts, which relate to borrower escrows and other cash balances aggregating $471.3 million and $640.6 million as of June 30, 2024 and December 31, 2023, respectively. This cash is maintained in segregated bank accounts, and these amounts are not included in the assets and liabilities presented in our consolidated balance sheets. Cash in these Servicing Accounts will be transferred by the respective third-party servicer to the borrower or us under the terms of the applicable loan agreement upon occurrence of certain future events. We do not generate any revenue or incur any expenses as a result of these Servicing Accounts.

Loans Receivable

We originate and purchase commercial real estate debt and related instruments generally to be held as long-term investments at amortized cost.

Current Expected Credit Losses Reserve

The current expected credit loss, or CECL, reserve required under the Financial Accounting Standards Board, or FASB, Accounting Standards Codification, or ASC, Topic 326 “Financial Instruments – Credit Losses,” or ASC 326, reflects our current estimate of potential credit losses related to our loans and notes receivable included in our consolidated balance sheets. Changes to the CECL reserves are recognized through net income on our consolidated statements of operations. While ASC 326 does not require any particular method for determining the CECL reserves, it does specify the reserves should be based on relevant information about past events, including historical loss experience, current portfolio and market conditions, and reasonable and supportable forecasts for the duration of each respective loan. In addition, other than a few narrow exceptions, ASC 326 requires that all financial instruments subject to the CECL model have some amount of

11

Blackstone Mortgage Trust, Inc.

Notes to Consolidated Financial Statements (continued) (Unaudited)

loss reserve to reflect the principle underlying the CECL model that all loans and similar assets have some inherent risk of loss, regardless of credit quality, subordinate capital, or other mitigating factors.

We estimate our CECL reserves primarily using the Weighted-Average Remaining Maturity, or WARM method, which has been identified as an acceptable loss-rate method for estimating CECL reserves in FASB Staff Q&A Topic 326, No. 1. The WARM method requires us to reference historic loan loss data across a comparable data set and apply such loss rate to each of our loans over their expected remaining term, taking into consideration expected economic conditions over the relevant timeframe. We apply the WARM method for the majority of our loan portfolio, which consists of loans that share similar risk characteristics. In certain instances, for loans with unique risk characteristics, we may instead use a probability-weighted model that considers the likelihood of default and expected loss given default for each such individual loan.

Application of the WARM method to estimate CECL reserves requires judgment, including (i) the appropriate historical loan loss reference data, (ii) the expected timing and amount of future loan fundings and repayments, and (iii) the current credit quality of our portfolio and our expectations of performance and market conditions over the relevant time period. To estimate the historic loan losses relevant to our portfolio, we have augmented our historical loan performance, with market loan loss data licensed from Trepp LLC. This database includes commercial mortgage-backed securities, or CMBS, issued since January 1, 1999 through May 31, 2024. Within this database, we focused our historical loss reference calculations on the most relevant subset of available CMBS data, which we determined based on loan metrics that are most comparable to our loan portfolio including asset type, geography, and origination loan-to-value, or LTV. We believe this CMBS data, which includes month-over-month loan and property performance, is the most relevant, available, and comparable dataset to our portfolio.

Our loans typically include commitments to fund incremental proceeds to our borrowers over the life of the loan. These future funding commitments are also subject to the CECL model. The CECL reserve related to future loan fundings is recorded as a component of other liabilities on our consolidated balance sheets. This CECL reserve is estimated using the same process outlined above for our outstanding loan balances, and changes in this component of the CECL reserve will similarly impact our consolidated net income. For both the funded and unfunded portions of our loans, we consider our internal risk rating of each loan as the primary credit quality indicator underlying our assessment.

The CECL reserves are measured on a collective basis wherever similar risk characteristics exist within a pool of similar assets. We have identified the following pools and measure the reserve for credit losses using the following methods:

•U.S. Loans: WARM method that incorporates a subset of historical loss data, expected weighted-average remaining maturity of our loan pool, and an economic view.

•Non-U.S. Loans: WARM method that incorporates a subset of historical loss data, expected weighted-average remaining maturity of our loan pool, and an economic view.

•Unique Loans: a probability of default and loss given default model, assessed on an individual basis.

•Impaired Loans: impairment is indicated when it is deemed probable that we will not be able to collect all amounts due to us pursuant to the contractual terms of the loan. Determining that a loan is impaired requires significant judgment from management and is based on several factors including (i) the underlying collateral performance, (ii) discussions with the borrower, (iii) borrower events of default, and (iv) other facts that impact the borrower’s ability to pay the contractual amounts due under the terms of the loan. If a loan is determined to be impaired, we record the impairment as a component of our CECL reserves by applying the practical expedient for collateral dependent loans. The CECL reserves are assessed on an individual basis for these loans by comparing the estimated fair value of the underlying collateral, less costs to sell, to the book value of the respective loan. These valuations require significant judgments, which include assumptions regarding capitalization rates, discount rates, leasing, creditworthiness of major tenants, occupancy rates, availability and cost of financing, exit plan, loan sponsorship, actions of other lenders, and other factors deemed relevant by us. Actual losses, if any, could ultimately differ materially from these estimates. We only expect to charge-off the impairment losses in our consolidated financial statements prepared in accordance with GAAP if and when such amounts are deemed non-recoverable. This is generally at the time a loan is repaid or foreclosed. However, non-recoverability may also be concluded if, in our determination, it is nearly certain that all amounts due will not be collected.

Contractual Term and Unfunded Loan Commitments

Expected credit losses are estimated over the contractual term of each loan, adjusted for expected repayments. As part of our quarterly review of our loan portfolio, we assess the expected repayment date of each loan, which is used to determine the contractual term for purposes of computing our CECL reserves.

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Notes to Consolidated Financial Statements (continued) (Unaudited)

Additionally, the expected credit losses over the contractual period of our loans are subject to the obligation to extend credit through our unfunded loan commitments. The CECL reserve for unfunded loan commitments is adjusted quarterly, as we consider the expected timing of future funding obligations over the estimated life of the loan. The considerations in estimating our CECL reserve for unfunded loan commitments are similar to those used for the related outstanding loans receivable.

Credit Quality Indicator

Our risk rating is our primary credit quality indicator in assessing our current expected credit loss reserve. We perform a quarterly risk review of our portfolio of loans, and assign each loan a risk rating based on a variety of factors, including, without limitation, origination LTV, debt yield, property type, geographic and local market dynamics, physical condition, cash flow volatility, leasing and tenant profile, loan structure and exit plan, and project sponsorship. Based on a 5-point scale, our loans are rated “l” through “5,” from less risk to greater risk, relative to our loan portfolio in the aggregate, which ratings are defined as follows:

1 -Very Low Risk

2 -Low Risk

3 -Medium Risk

4 -High Risk/Potential for Loss: A loan that has a risk of realizing a principal loss.

5 -Impaired/Loss Likely: A loan that has a very high risk of realizing a principal loss or has otherwise incurred a principal loss.

Estimation of Economic Conditions

In addition to the WARM method computations and probability-weighted models described above, our CECL reserves are also adjusted to reflect our estimation of the current and future economic conditions that impact the performance of the commercial real estate assets securing our loans. These estimations include unemployment rates, interest rates, expectations of inflation and/or recession, and other macroeconomic factors impacting the likelihood and magnitude of potential credit losses for our loans during their anticipated term. In addition to the CMBS data we have licensed from Trepp LLC, we have also licensed certain macroeconomic financial forecasts to inform our view of the potential future impact that broader economic conditions may have on our loan portfolio’s performance. We generally also incorporate information from other sources, including information and opinions available to our Manager, to further inform these estimations. This process requires significant judgments about future events that, while based on the information available to us as of the balance sheet date, are ultimately indeterminate and the actual economic condition impacting our portfolio could vary significantly from the estimates we made as of June 30, 2024.

Real Estate Owned

We may assume legal title or physical possession of the collateral underlying a loan through a foreclosure or the execution of a deed-in-lieu of foreclosure. These real estate acquisitions are classified as real estate owned, or REO, on our consolidated balance sheet and are initially recognized at fair value on the acquisition date in accordance with the ASC Topic 805, “Business Combinations.”

Upon acquisition of REO, we assess the fair value of acquired tangible and intangible assets, which may include land, buildings, tenant improvements, “above-market” and “below-market” leases, acquired in-place leases, other identified intangible assets and assumed liabilities, as applicable, and allocate the fair value to the acquired assets and assumed liabilities. We assess and consider fair value based on estimated cash flow projections that utilize discount and/or capitalization rates that we deem appropriate, as well as other available market information. Estimates of future cash flows are based on a number of factors including the historical operating results, known and anticipated trends, and market and economic conditions. We capitalize acquisition-related costs associated with asset acquisitions.

Real estate assets held for investment, except for land, are depreciated using the straight-line method over the assets’ estimated useful lives of up to 40 years for buildings and 10 years for tenant improvements. Renovations and/or replacements that improve or extend the life of the asset are capitalized and depreciated over their estimated useful lives. The cost of ordinary repairs and maintenance are expensed as incurred.

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Notes to Consolidated Financial Statements (continued) (Unaudited)

Real estate assets held for investment are assessed for impairment on a quarterly basis. If the depreciated cost basis of the asset exceeds the undiscounted cash flows, the asset is considered impaired and the depreciated cost basis is reduced to the fair value. The impairment loss is recognized based on the excess of the carrying amount of the asset over its fair value. The evaluation of anticipated future cash flows is highly subjective and is based in part on assumptions regarding future occupancy, rental rates, capital requirements and anticipated holding periods that could differ materially from actual results.

Real estate assets are classified as held for sale in the period when they meet the criteria under ASC Topic 360 “Property, Plant, and Equipment.” Once a real estate asset is classified as held for sale, depreciation is suspended and the asset is reported at the lower of its carrying value or fair value less cost to sell.

As of June 30, 2024, we had one REO asset which was vacant and classified as held for investment.

Derivative Financial Instruments

We classify all derivative financial instruments as either other assets or other liabilities on our consolidated balance sheets at fair value.

On the date we enter into a derivative contract, we designate each contract as (i) a hedge of a net investment in a foreign operation, or net investment hedge, (ii) a hedge of a forecasted transaction or of the variability of cash flows to be received or paid related to a recognized asset or liability, or cash flow hedge, (iii) a hedge of a recognized asset or liability, or fair value hedge, or (iv) a derivative instrument not to be designated as a hedging derivative, or non-designated hedge. For all derivatives other than those designated as non-designated hedges, we formally document our hedge relationships and designation at the contract’s inception. This documentation includes the identification of the hedging instruments and the hedged items, its risk management objectives, strategy for undertaking the hedge transaction and our evaluation of the effectiveness of its hedged transaction.

On a quarterly basis, we also formally assess whether the derivative we designated in each hedging relationship is expected to be, and has been, highly effective in offsetting changes in the value or cash flows of the hedged items. If it is determined that a derivative is not highly effective at hedging the designated exposure, hedge accounting is discontinued and the changes in fair value of the instrument are included in net income prospectively. Our net investment hedges are assessed using a method based on changes in spot exchange rates. Gains and losses, representing hedge components excluded from the assessment of effectiveness, are recognized in interest income on our consolidated statements of operations over the contractual term of our net investment hedges on a systematic and rational basis, as documented at hedge inception in accordance with our accounting policy election. All other changes in the fair value of our derivative instruments that qualify as hedges are reported as a component of accumulated other comprehensive income (loss) on our consolidated financial statements. Deferred gains and losses are reclassified out of accumulated other comprehensive income (loss) and into net income in the same period or periods during which the hedged transaction affects earnings, and are presented in the same line item as the earnings effect of the hedged item. For cash flow hedges, this is typically when the periodic swap settlements are made, while for net investment hedges, this occurs when the hedged item is sold or substantially liquidated. To the extent a derivative does not qualify for hedge accounting and is deemed a non-designated hedge, the changes in its fair value are included in net income concurrently.

Proceeds or payments from periodic settlements of derivative instruments are classified on our consolidated statement of cash flows in the same section as the underlying hedged item.

Secured Debt and Asset-Specific Debt

We record investments financed with secured debt or asset-specific debt as separate assets and the related borrowings under any secured debt or asset-specific debt are recorded as separate liabilities on our consolidated balance sheets. Interest income earned on the investments and interest expense incurred on the secured debt or asset-specific debt are reported separately on our consolidated statements of operations.

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Notes to Consolidated Financial Statements (continued) (Unaudited)

Loan Participations Sold

In certain instances, we have executed a syndication of a non-recourse loan interest to a third-party. Depending on the particular structure of the syndication, the loan interest may remain on our GAAP balance sheet or, in other cases, the sale will be recognized and the loan interest will no longer be included in our consolidated financial statements. When these sales are not recognized under GAAP we reflect the transaction by recording a loan participation sold liability on our consolidated balance sheet, however this gross presentation does not impact stockholders’ equity or net income. When the sales are recognized, our balance sheet only includes our remaining loan interest, and excludes the interest in the loan that we sold.

Term Loans

We record our term loans as liabilities on our consolidated balance sheets. Where applicable, any issue discount or transaction expenses are deferred and amortized through the maturity date of the term loans as additional non-cash interest expense.

Senior Secured Notes

We record our senior secured notes as liabilities on our consolidated balance sheets. Where applicable, any issue discount or transaction expenses are deferred and amortized through the maturity date of the senior secured notes as additional non-cash interest expense.

Convertible Notes

Convertible note proceeds, unless issued with a substantial premium or an embedded conversion feature, are classified as debt. Additionally, shares issuable under our convertible notes are included in diluted earnings per share in our consolidated financial statements, if the effect is dilutive, using the if-converted method, regardless of settlement intent. Where applicable, any issue discount or transaction expenses are deferred and amortized through the maturity date of the convertible notes as additional non-cash interest expense.

Deferred Financing Costs

The deferred financing costs that are included as a reduction in the net book value of the related liability on our consolidated balance sheets include issuance and other costs related to our debt obligations. These costs are amortized as interest expense using the effective interest method over the life of the related obligations.

Underwriting Commissions and Offering Costs

Underwriting commissions and offering costs incurred in connection with common stock offerings are reflected as a reduction of additional paid-in capital. Costs incurred that are not directly associated with the completion of a common stock offering are expensed when incurred.

Fair Value of Financial Instruments

The “Fair Value Measurements and Disclosures” Topic of the FASB, or ASC 820, defines fair value, establishes a framework for measuring fair value, and requires certain disclosures about fair value measurements under GAAP. Specifically, this guidance defines fair value based on exit price, or the price that would be received upon the sale of an asset or the transfer of a liability in an orderly transaction between market participants at the measurement date.

ASC 820 also establishes a fair value hierarchy that prioritizes and ranks the level of market price observability used in measuring financial instruments. Market price observability is affected by a number of factors, including the type of financial instrument, the characteristics specific to the financial instrument, and the state of the marketplace, including the existence and transparency of transactions between market participants. Financial instruments with readily available quoted prices in active markets generally will have a higher degree of market price observability and a lesser degree of judgment used in measuring fair value.

Financial instruments measured and reported at fair value are classified and disclosed based on the observability of inputs used in the determination, as follows:

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Notes to Consolidated Financial Statements (continued) (Unaudited)

•Level 1: Generally includes only unadjusted quoted prices that are available in active markets for identical financial instruments as of the reporting date.

•Level 2: Pricing inputs include quoted prices in active markets for similar instruments, quoted prices in less active or inactive markets for identical or similar instruments where multiple price quotes can be obtained, and other observable inputs, such as interest rates, yield curves, credit risks, and default rates.

•Level 3: Pricing inputs are unobservable for the financial instruments and include situations where there is little, if any, market activity for the financial instrument. These inputs require significant judgment or estimation by management of third-parties when determining fair value and generally represent anything that does not meet the criteria of Levels 1 and 2.

Certain of our other assets are reported at fair value, as of quarter-end, either (i) on a recurring basis or (ii) on a nonrecurring basis, as a result of impairment or other events. Our assets that are recorded at fair value are discussed further in Note 18. We generally value our assets recorded at fair value by either (i) discounting expected cash flows based on assumptions regarding the collection of principal and interest and estimated market rates, or (ii) obtaining assessments from third-parties. For collateral-dependent loans that are identified as impaired, we measure impairment by comparing our estimation of the fair value of the underlying collateral, less costs to sell, to the book value of the respective loan. These valuations require significant judgments, which include assumptions regarding capitalization rates, discount rates, leasing, creditworthiness of major tenants, occupancy rates, availability and cost of financing, exit plan, loan sponsorship, actions of other lenders, and other factors.

As of June 30, 2024, we had an aggregate $759.4 million asset-specific CECL reserve related to 19 of our loans receivable with an aggregate amortized cost basis of $2.9 billion, net of cost-recovery proceeds. The CECL reserve was recorded based on our estimation of the fair value of the loans' aggregate underlying collateral as of June 30, 2024. These loans receivable are therefore measured at fair value on a nonrecurring basis using significant unobservable inputs, and are classified as Level 3 assets in the fair value hierarchy. We estimated the fair value of the collateral underlying the loans receivable by considering a variety of inputs including property performance, market data, and comparable sales, as applicable. The significant unobservable inputs used include the exit capitalization rate assumption used to forecast the future sale price of the underlying real estate collateral, which ranged from 6.00% to 8.55%, and the unlevered discount rate, which ranged from 7.28% to 11.00%.

On March 19, 2024, we acquired legal title to an office property located in Mountain View, CA through a deed-in-lieu of foreclosure. At the time of acquisition, we determined the fair value of the real estate assets to be $60.2 million based on a variety of inputs including, but not limited to, estimated cash flow projections, leasing assumptions, required capital expenditures, market data, and comparable sales. This REO asset was measured at fair value on a nonrecurring basis using significant unobservable inputs and is classified as a Level 3 asset in the fair value hierarchy. The significant unobservable inputs used include the exit capitalization rate assumption used to forecast the future sale price of the asset of 7.00% and a discount rate of 9.50%.

We are also required by GAAP to disclose fair value information about financial instruments, which are not otherwise reported at fair value in our consolidated balance sheet, to the extent it is practicable to estimate a fair value for those instruments. These disclosure requirements exclude certain financial instruments and all non-financial instruments.

The following methods and assumptions are used to estimate the fair value of each class of financial instruments, for which it is practicable to estimate that value:

•Cash and cash equivalents: The carrying amount of cash and cash equivalents approximates fair value.

•Loans receivable, net: The fair values of these loans were estimated using a discounted cash flow methodology, taking into consideration various factors including capitalization rates, discount rates, leasing, credit worthiness of major tenants, occupancy rates, availability and cost of financing, exit plan, loan sponsorship, actions of other lenders, and other factors.

•Derivative financial instruments: The fair value of our foreign currency and interest rate contracts was estimated using advice from a third-party derivative specialist, based on contractual cash flows and observable inputs comprising foreign currency rates and credit spreads.

•Secured debt, net: The fair value of these instruments was estimated based on the rate at which a similar credit facility would currently be priced.

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Notes to Consolidated Financial Statements (continued) (Unaudited)

•Securitized debt obligations, net: The fair value of these instruments was estimated by utilizing third-party pricing service providers. In determining the value of a particular investment, pricing service providers may use broker-dealer quotations, reported trades, or valuation estimates from their internal pricing models to determine the reported price.

•Asset-specific debt, net: The fair value of these instruments was estimated based on the rate at which a similar agreement would currently be priced.

•Loan participations sold, net: The fair value of these instruments was estimated based on the value of the related loan receivable asset.

•Term loans, net: The fair value of these instruments was estimated by utilizing third-party pricing service providers. In determining the value of a particular investment, pricing service providers may use broker-dealer quotations, reported trades, or valuation estimates from their internal pricing models to determine the reported price.

•Senior secured notes, net: The fair value of these instruments was estimated by utilizing third-party pricing service providers. In determining the value of a particular investment, pricing service providers may use broker-dealer quotations, reported trades, or valuation estimates from their internal pricing models to determine the reported price.

•Convertible notes, net: Each series of the convertible notes is actively traded and their fair values were obtained using quoted market prices.

Income Taxes

Our financial results generally do not reflect provisions for current or deferred income taxes on our REIT taxable income. We believe that we operate in a manner that will continue to allow us to be taxed as a REIT and, as a result, we generally do not expect to pay substantial corporate level taxes other than those payable by our taxable REIT subsidiaries. If we were to fail to meet these requirements, we may be subject to federal, state, and local income tax on current and past income, and penalties. Refer to Note 16 for additional information.

Stock-Based Compensation

Our stock-based compensation consists of awards issued to our Manager, certain individuals employed by an affiliate of our Manager, and certain members of our board of directors that vest over the life of the awards, as well as deferred stock units issued to certain members of our board of directors. Stock-based compensation expense is recognized for these awards in net income on a variable basis over the applicable vesting period of the awards, based on the value of our class A common stock. Refer to Note 17 for additional information.

Earnings per Share

Basic earnings per share, or Basic EPS, is computed in accordance with the two-class method and is based on (i) the net earnings allocable to our class A common stock, including restricted class A common stock and deferred stock units, divided by (ii) the weighted-average number of shares of our class A common stock, including restricted class A common stock and deferred stock units outstanding during the period. Our restricted class A common stock is considered a participating security, as defined by GAAP, and has been included in our Basic EPS under the two-class method as these restricted shares have the same rights as our other shares of class A common stock, including participating in any gains or losses.

Diluted earnings per share, or Diluted EPS, is determined using the if-converted method, and is based on (i) the net earnings, adjusted for interest expense incurred on our convertible notes during the relevant period, net of incentive fees, allocable to our class A common stock, including restricted class A common stock and deferred stock units, divided by (ii) the weighted-average number of shares of our class A common stock, including restricted class A common stock, deferred stock units, and shares of class A common stock issuable under our convertible notes. Refer to Note 14 for additional discussion of earnings per share.

Foreign Currency

In the normal course of business, we enter into transactions not denominated in United States, or U.S., dollars. Foreign exchange gains and losses arising on such transactions are recorded as a gain or loss in our consolidated statements of

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Notes to Consolidated Financial Statements (continued) (Unaudited)

operations. In addition, we consolidate entities that have a non-U.S. dollar functional currency. Non-U.S. dollar denominated assets and liabilities are translated to U.S. dollars at the exchange rate prevailing at the reporting date and income, expenses, gains, and losses are translated at the average exchange rate over the applicable period. Cumulative translation adjustments arising from the translation of non-U.S. dollar denominated subsidiaries are recorded in other comprehensive income (loss).

Recent Accounting Pronouncements

In December 2023, the FASB issued Accounting Standards Update, or ASU, 2023-09 “Income Taxes (Topic 740): Improvements to Income Tax Disclosures,” or ASU 2023-09. ASU 2023-09 requires additional disaggregated disclosures on an entity’s effective tax rate reconciliation and additional details on income taxes paid. ASU 2023-09 is effective on a prospective basis, with the option for retrospective application, for annual periods beginning after December 15, 2024 and early adoption is permitted. We have not early adopted ASU 2023-09 and do not expect the adoption of ASU 2023-09 to have a material impact on our consolidated financial statements.

In November 2023, the FASB issued ASU 2023-07 “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures,” or ASU 2023-07. ASU 2023-07 enhances the disclosures required for reportable segments on an annual and interim basis. ASU 2023-07 is effective on a retrospective basis for annual periods beginning after December 15, 2023, for interim periods within fiscal years beginning after December 15, 2024, and early adoption is permitted. We have not early adopted ASU 2023-07 and do not expect the adoption of ASU 2023-07 to have a material impact on our consolidated financial statements.

3. LOANS RECEIVABLE, NET

The following table details overall statistics for our loans receivable portfolio ($ in thousands):

	June 30, 2024			December 31, 2023
Number of loans	166			178
Principal balance	$	23,010,660		$	23,923,719
Net book value	$	21,976,910		$	23,210,076
Unfunded loan commitments(1)	$	1,826,350		$	2,430,664
Weighted-average cash coupon(2)	+ 3.35		%	+ 3.37		%
Weighted-average all-in yield(2)	+ 3.67		%	+ 3.71		%
Weighted-average maximum maturity (years)(3)	2.1			2.4

(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, SONIA, EURIBOR, and other indices, as applicable to each loan. As of June 30, 2024, all of our loans by principal balance earned a floating rate of interest, primarily indexed to SOFR. As of 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 June 30, 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 and nonaccrual methods, if any.

(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, 2024, 12% of our loans by principal balance were subject to yield maintenance or other prepayment restrictions and 88% 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.

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Notes to Consolidated Financial Statements (continued) (Unaudited)

The following table details the index rate floors for our loans receivable portfolio as of June 30, 2024 ($ in thousands):

	Loans Receivable Principal Balance
Index Rate Floors	USD		Non-USD(1)		Total
Fixed Rate	$	—	$	—	$	—
0.00% or no floor(2)(3)	5,330,317		6,135,349		11,465,666
0.01% to 1.00% floor	5,045,198		813,202		5,858,400
1.01% to 2.00% floor	2,102,954		306,758		2,409,712
2.01% to 3.00% floor	1,596,499		512,437		2,108,936
3.01% or more floor	985,652		182,294		1,167,946
Total(4)	$	15,060,620	$	7,950,040	$	23,010,660

(1)Includes Euro, British Pound Sterling, Swedish Krona, Australian Dollar, Swiss Franc, and Danish Krone currencies.

(2)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.

(3)Includes all impaired loans.

(4)As of June 30, 2024, the weighted-average index rate floor of our loans receivable principal balance was 0.79%. Excluding 0.0% index rate floors and loans with no floor, the weighted-average index rate floor was 1.36%.

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, 2023	$	23,923,719	$	(136,707)	$	23,787,012
Loan fundings	626,746		—		626,746
Loan repayments, sales, and cost-recovery proceeds	(1,225,525)		(35,361)		(1,260,886)
Charge-offs	(85,318)		11,768		(73,550)
Transfer to real estate owned	(60,203)		—		(60,203)
Transfer to other assets(2)	(10,795)		—		(10,795)
Payment-in-kind interest, net of interest received	6,164		—		6,164
Unrealized (loss) gain on foreign currency translation	(164,128)		755		(163,373)
Deferred fees and other items	—		(13,967)		(13,967)
Amortization of fees and other items	—		33,700		33,700
Loans Receivable, as of June 30, 2024	$	23,010,660	$	(139,812)	$	22,870,848
CECL reserve					(893,938)
Loans Receivable, net, as of June 30, 2024					$	21,976,910

(1)Other items primarily consist of purchase and sale discounts or premiums, exit fees, deferred origination expenses, and cost-recovery proceeds.

(2)This amount relates to: (i) a loan that was partially satisfied through the issuance of a note receivable; and (ii) proceeds from a loan repayment that are held in escrow, both of which are included within other assets in our consolidated balance sheets. See Note 5 for further information.

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Notes to Consolidated Financial Statements (continued) (Unaudited)

The tables below detail the property type and geographic distribution of the properties securing the loans in our portfolio ($ in thousands):

June 30, 2024
Property Type	Number of Loans	Net Book Value		Total Loan  Exposure(1)		Net Loan  Exposure(2)		Net Loan Exposure Percentage of  Portfolio
Office	51	$	9,047,507	$	9,374,141	$	7,348,500	36%
Multifamily	68	5,838,389		6,006,124		5,696,575		27
Hospitality	20	3,786,040		3,823,926		3,654,726		18
Industrial	12	2,183,312		2,193,009		2,159,637		10
Retail	6	713,181		738,450		684,155		3
Life Sciences / Studio	4	392,678		589,211		391,463		2
Other	5	909,741		910,648		878,974		4
Total loans receivable	166	$	22,870,848	$	23,635,509	$	20,814,030	100%
CECL reserve		(893,938)
Loans receivable, net		$	21,976,910
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	61	$	5,510,438	$	5,615,694	$	5,119,961	24%
Northeast	25	5,111,794		5,162,565		3,908,921		19
West	29	2,895,255		3,516,394		2,683,597		13
Midwest	9	943,073		947,317		783,171		4
Northwest	6	433,217		436,078		433,339		2
Subtotal	130	14,893,777		15,678,048		12,928,989		62
International
United Kingdom	18	3,163,864		3,128,584		3,109,414		15
Australia	5	1,414,495		1,421,417		1,417,265		7
Ireland	3	1,186,407		1,189,435		1,181,231		6
Spain	3	1,075,481		1,077,083		1,040,229		5
Sweden	1	448,421		450,288		449,900		2
Other Europe	5	631,014		632,654		629,396		3
Other International	1	57,389		58,000		57,606		—
Subtotal	36	7,977,071		7,957,461		7,885,041		38
Total loans receivable	166	$	22,870,848	$	23,635,509	$	20,814,030	100%
CECL reserve		(893,938)
Loans receivable, net		$	21,976,910

(1)Total loan exposure reflects our aggregate exposure to each loan investment. As of June 30, 2024, total loan exposure, includes (i) loans with an outstanding principal balance of $23.0 billion that are included in our consolidated financial statements, (ii) $725.4 million of non-consolidated senior interests in loans we have sold, which are not included in our consolidated financial statements, and excludes (iii) $100.6 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 June 30, 2024, which is our total loan exposure net of (i) $725.4 million of non-consolidated senior interests, (ii) $1.1 billion of asset-specific debt, (iii) $76.3 million of cost-recovery proceeds, and (iv) our total loans receivable CECL reserve of $893.9 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.

20

Blackstone Mortgage Trust, Inc.

Notes to Consolidated Financial Statements (continued) (Unaudited)

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.

21

Blackstone Mortgage Trust, Inc.

Notes to Consolidated Financial Statements (continued) (Unaudited)

Loan Risk Ratings         

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.

The following table allocates the net book value, total loan exposure, and net loan exposure balances based on our internal risk ratings ($ in thousands):

	June 30, 2024
Risk  Rating	Number  of Loans	Net Book Value		Total Loan  Exposure(1)		Net Loan  Exposure(2)
1	21	$	1,321,337	$	1,322,499	$	1,321,373
2	27	5,408,385		5,423,892		4,541,982
3	79	10,324,814		10,487,838		9,947,533
4	20	2,879,736		3,384,458		2,821,958
5	19	2,936,576		3,016,822		2,181,184
Total loans receivable	166	$	22,870,848	$	23,635,509	$	20,814,030
CECL reserve		(893,938)
Loans receivable, net		$	21,976,910
	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 June 30, 2024, total loan exposure, includes (i) loans with an outstanding principal balance of $23.0 billion that are included in our consolidated financial statements, (ii) $725.4 million of non-consolidated senior interests in loans we have sold, which are not included in our consolidated financial statements, and excludes (iii) $100.6 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 June 30, 2024, which is our total loan exposure net of (i) $725.4 million of non-consolidated senior interests, (ii) $1.1 billion of asset-specific debt, (iii) $76.3 million of cost-recovery proceeds, and (iv) our total loans receivable CECL reserve of $893.9 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.

Our loan portfolio had a weighted-average risk rating of 3.0 as of both June 30, 2024 and December 31, 2023, respectively.

22

Blackstone Mortgage Trust, Inc.

Notes to Consolidated Financial Statements (continued) (Unaudited)

Current Expected Credit Loss Reserve

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 and six months ended June 30, 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
(Decrease) increase in CECL reserves	(11,997)		(2,639)		423		169,318		155,105
Charge-offs of CECL reserves	—		—		—		(12,537)		(12,537)
CECL reserve as of June 30, 2024	$	62,531	$	28,151	$	43,876	$	759,380	$	893,938
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
Increase (decrease) in CECL reserves	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

(1)Includes one U.S. dollar-denominated loan that is located in Bermuda.

During the three months ended June 30, 2024, we recorded an increase of $142.6 million in the CECL reserves against our loans receivable portfolio, primarily related to three new impaired loans, offset by charge-offs of our CECL reserves of $12.5 million, bringing our total loans receivable CECL reserve to $893.9 million as of June 30, 2024. The charge-offs primarily related to one previously impaired loan that was resolved during the three months ended June 30, 2024. The resolution was the result of the repayment of a loan collateralized by an office asset in New York, NY. As of June 30, 2024, the income accrual was suspended on the three additional loans that were impaired as the recovery of income and principal was doubtful. During the three months ended June 30, 2024, we recorded $11.1 million of interest income on these three loans.

As of June 30, 2024, we had an aggregate $759.4 million asset-specific CECL reserve related to 19 of our loans receivable, with an aggregate amortized cost basis of $2.9 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 June 30, 2024. No income was recorded on our impaired loans subsequent to determining that they were impaired. During the three months ended June 30, 2024, we received an aggregate $18.5 million of cash proceeds from such loans that were applied as a reduction to the amortized cost basis of each respective loan.     

As of June 30, 2024, one of our performing loans with an amortized cost basis of $33.0 million was past its current maturity date, was less than 30 days past due on its interest payment, and had a risk rating of “4.” Subsequent to June 30, 2024, we foreclosed on the assets securing this loan and recognized them as REO. This loan was not impaired as of June 30, 2024 as the fair value of the underlying collateral exceeded our basis in the loan. As of June 30, 2024, all other borrowers under performing loans were in compliance 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.

23

Blackstone Mortgage Trust, Inc.

Notes to Consolidated Financial Statements (continued) (Unaudited)

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 June 30, 2024 and December 31, 2023, 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 June 30, 2024
Risk Rating	2024		2023		2022		2021		2020		Prior		Total
U.S. loans
1	$	—	$	—	$	151,476	$	482,099	$	60,322	$	106,909	$	800,806
2	—		—		196,840		1,711,176		—		1,584,215		3,492,231
3	57,389		—		1,614,960		2,977,239		578,195		531,329		5,759,112
4	—		—		152,758		1,004,299		—		805,381		1,962,438
5	—		—		—		—		—		—		—
Total U.S. loans	$	57,389	$	—	$	2,116,034	$	6,174,813	$	638,517	$	3,027,834	$	12,014,587
Non-U.S. loans
1	$	—	$	—	$	134,393	$	386,138	$	—	$	—	$	520,531
2	—		—		637,226		810,590		90,553		377,785		1,916,154
3	—		—		628,901		1,079,597		—		1,529,678		3,238,176
4	—		—		—		—		—		347,072		347,072
5	—		—		—		—		—		—		—
Total Non-U.S. loans	$	—	$	—	$	1,400,520	$	2,276,325	$	90,553	$	2,254,535	$	6,021,933
Unique loans
1	$	—	$	—	$	—	$	—	$	—	$	—	$	—
2	—		—		—		—		—		—		—
3	—		—		876,785		—		—		450,741		1,327,526
4	—		—		—		—		—		570,226		570,226
5	—		—		—		—		—		—		—
Total unique loans	$	—	$	—	$	876,785	$	—	$	—	$	1,020,967	$	1,897,752
Impaired loans
1	$	—	$	—	$	—	$	—	$	—	$	—	$	—
2	—		—		—		—		—		—		—
3	—		—		—		—		—		—		—
4	—		—		—		—		—		—		—
5	—		—		580,098		923,842		138,841		1,293,795		2,936,576
Total impaired loans	$	—	$	—	$	580,098	$	923,842	$	138,841	$	1,293,795	$	2,936,576
Total loans receivable
1	$	—	$	—	$	285,869	$	868,237	$	60,322	$	106,909	$	1,321,337
2	—		—		834,066		2,521,766		90,553		1,962,000		5,408,385
3	57,389		—		3,120,646		4,056,836		578,195		2,511,748		10,324,814
4	—		—		152,758		1,004,299		—		1,722,679		2,879,736
5	—		—		580,098		923,842		138,841		1,293,795		2,936,576
Total loans receivable	$	57,389	$	—	$	4,973,437	$	9,374,980	$	867,911	$	7,597,131	$	22,870,848
CECL reserve													(893,938)
Loans receivable, net													$	21,976,910
Gross charge-offs(2)	—		—		—		(54,048)		—		(19,502)		$	(73,550)

(1)Date loan was originated or acquired by us. Origination dates are subsequently updated to reflect material loan modifications.

(2)Represents charge-offs by year of origination during the six months ended June 30, 2024.

24

Blackstone Mortgage Trust, Inc.

Notes to Consolidated Financial Statements (continued) (Unaudited)

	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

(1)Date loan was originated or acquired by us. Origination dates are subsequently updated to reflect material loan modifications.

25

Blackstone Mortgage Trust, Inc.

Notes to Consolidated Financial Statements (continued) (Unaudited)

Loan Modifications Pursuant to ASU 2022-02

During the twelve months ended June 30, 2024, we entered into five loan modifications that require disclosure pursuant to ASU 2022-02. Three of these loans were collateralized by office assets and two were collateralized by hospitality assets.

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 modification included an additional 2.00% exit fee and the interest rate increased by 2.00%. The other modification included an additional 3.00% exit fee and the interest rate increased by 4.00%. As of June 30, 2024, the aggregate amortized cost basis of these loans was $347.5 million, or 1.5% of our aggregate loans receivable portfolio, and these loans had no unfunded commitments. These loans were performing pursuant to their modified contractual terms as of June 30, 2024, had risk ratings of “5” as of June 30, 2024, and have asset-specific CECL reserves.

The other three loan modifications included term extensions combined with other-than-insignificant payment delays. The first 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 second 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. The third modification included a term extension of 2 years, a $34.5 million increase in our total loan commitment, and was converted to a fixed coupon rate of 15.00% with interest paid in-kind, inclusive of a senior portion of our loan that accrues interest at a floating rate of SOFR + 2.50%. We are accruing interest on the senior portion of the loan, and deferring interest income recognition on the remaining portion. As of June 30, 2024, the aggregate amortized cost basis of these loans was $495.4 million, or 2.2% of our aggregate loans receivable portfolio, with an aggregate $65.5 million of unfunded commitments. The loans were performing pursuant to their contractual terms as of June 30, 2024. As of June 30, 2024, two of these loans had a risk rating of “5” and two loans had a risk rating of “4.”

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 June 30, 2024, no income was recorded on our loans subsequent to determining that they were impaired and risk rated “5.”

Multifamily Joint Venture

As discussed in Note 2, we entered into a Multifamily Joint Venture in April 2017. As of June 30, 2024 and December 31, 2023, our Multifamily Joint Venture held $473.2 million and $612.9 million of loans, respectively, which are included in the loan disclosures above. Refer to Note 2 for additional discussion of our Multifamily Joint Venture.

4. REAL ESTATE OWNED

On March 19, 2024, we acquired legal title to an office property located in Mountain View, CA through a deed-in-lieu of foreclosure transaction. The office property previously collateralized a senior mortgage loan with an amortized cost basis of $90.2 million that was risk rated a “5” with a CECL reserve of $29.1 million at the time of the transaction. The acquisition was accounted for as an asset acquisition under ASC Topic 805 “Business Combinations,” and upon acquisition we recognized the office property as an REO asset held for investment. The REO asset was recorded on our consolidated balance sheet at $60.2 million based on its estimated fair value at acquisition. This resulted in a CECL reserve charge-off of $29.1 million during the three months ended March 31, 2024. See Note 2 for additional information on REO.

The following table presents the REO asset included in our consolidated balance sheets ($ in thousands):

	June 30, 2024
Assets
Land and land improvements	$	40,824
Building	19,379
Total	$	60,203
Less: accumulated depreciation	(185)
Real estate owned, net	$	60,018

26

Blackstone Mortgage Trust, Inc.

Notes to Consolidated Financial Statements (continued) (Unaudited)

As of June 30, 2024, we had no REO liabilities and no impairment charges have been recognized for our REO asset.

No income was recognized and expenses were $963,000, consisting of $185,000 of depreciation expense and $778,000 of other operating expenses during the three and six months ended June 30, 2024. There was no income or expense recognized related to REO assets during the three and six months ended June 30, 2023.

As of December 31, 2023, we did not have any REO assets or liabilities.

5. OTHER ASSETS AND LIABILITIES

Other Assets

The following table details the components of our other assets ($ in thousands):

	June 30, 2024		December 31, 2023
Accrued interest receivable	$	196,814	$	214,835
Collateral deposited under derivative agreements	15,904		103,500
Accounts receivable and other assets	7,549		2,420
Derivative assets	4,878		1,890
Prepaid expenses	650		1,020
Loan portfolio payments held by servicer(1)	—		152,423
Total	$	225,795	$	476,088

(1)Primarily represents loan principal held by our third-party loan servicer as of the balance sheet date which were remitted to us during the subsequent remittance cycle.

Other Liabilities

The following table details the components of our other liabilities ($ in thousands):

	June 30, 2024		December 31, 2023
Accrued dividends payable	$	107,644	$	107,390
Accrued interest payable	90,223		97,820
Derivative liabilities	24,395		94,817
Accrued management and incentive fees payable	18,726		26,342
Current expected credit loss reserves for unfunded loan commitments(1)	9,946		15,371
Accounts payable and other liabilities	6,365		7,265
Secured debt repayments pending servicer remittance(2)	—		13,526
Total	$	257,299	$	362,531

(1)Represents the CECL reserve related to our unfunded loan commitments. See Note 2 for further discussion of the CECL reserves.

(2)Represents pending transfers from our third-party loan servicer that were remitted to our banking counterparties during the subsequent remittance cycle.

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Blackstone Mortgage Trust, Inc.

Notes to Consolidated Financial Statements (continued) (Unaudited)

Current Expected Credit Loss Reserves for Unfunded Loan Commitments

As of June 30, 2024, we had aggregate unfunded commitments of $1.8 billion related to 89 loans receivable. The expected credit losses over the contractual period of our loans is impacted by our obligation to extend further credit through our unfunded loan commitments. See Note 2 for further discussion of the CECL reserves related to our unfunded loan commitments, and Note 21 for further discussion of our unfunded loan commitments. During the three and six months ended June 30, 2024, we recorded decreases in the CECL reserves related to our unfunded loan commitments of $2.7 million and $5.4 million, respectively, bringing our total unfunded loan commitments CECL reserve to $9.9 million as of June 30, 2024. During the three months ended June 30, 2023, we recorded an increase in the CECL reserves related to our unfunded loan commitments of $523,000, and for the six months ended June 30, 2023, we recorded a decrease in the CECL reserves related to our unfunded loan commitments of $108,000, bringing our total unfunded loan commitments CECL reserve to $16.3 million as of June 30, 2023.

6. SECURED DEBT, NET

Our secured debt includes our secured credit facilities and our acquisition facility. During the six months ended June 30, 2024, we obtained approval for $457.4 million of new borrowings against $614.6 million of collateral assets.

The following table details our secured debt ($ in thousands):

	Secured Debt Borrowings Outstanding
	June 30, 2024		December 31, 2023
Secured credit facilities	$	12,110,576	$	12,697,058
Deferred financing costs(1)	(13,871)		(13,963)
Net book value of secured debt	$	12,096,705	$	12,683,095

(1)Costs incurred in connection with our secured debt are recorded on our consolidated balance sheets when incurred and recognized as a component of interest expense over the life of each related facility.

Secured Credit Facilities

Our secured credit facilities are bilateral agreements we use to finance diversified pools of senior loan collateral with sufficient flexibility to accommodate our investment and asset management strategy. The facilities are uniformly structured to provide currency, index, and term-matched financing without capital markets based mark-to-market provisions. Our credit facilities are diversified across 15 counterparties, primarily consisting of top global financial institutions to minimize our counterparty risk exposure.

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Blackstone Mortgage Trust, Inc.

Notes to Consolidated Financial Statements (continued) (Unaudited)

The following table details our secured credit facilities by spread over the applicable base rates as of June 30, 2024 ($ in thousands):

June 30, 2024
									Recourse Limitation
Currency	Lenders(1)	Borrowings		Wtd. Avg. Maturity(2)	Loan Count	Collateral(3)		Wtd. Avg. Maturity(4)	Wtd. Avg.	Range
USD	13	$	6,175,087	July 2026	117	$	10,084,270	August 2026	36%	25% - 100%
GBP	7	2,352,502		October 2026	18	3,128,584		October 2026	26%	25% - 50%
EUR	7	1,983,929		September 2025	11	2,726,991		September 2025	42%	25% - 100%
Others(5)	4	1,599,058		July 2027	7	2,018,500		July 2027	25%	25%
Total	15	$	12,110,576	August 2026	153	$	17,958,345	August 2026	34%	25% - 100%

(1)Represents the number of lenders with fundings advanced in each respective currency, as well as the total number of facility lenders.

(2)Our secured debt agreements are generally term-matched to their underlying collateral. Therefore, the weighted-average maturity is generally allocated based on the maximum maturity date of the collateral loans, assuming all extension options are exercised by the borrower. In limited instances, the maturity date of the respective secured credit facility is used.

(3)Represents the principal balance of the collateral assets and the book value of the REO asset.

(4)Maximum maturity assumes all extension options are exercised by the borrower, however our loans may be repaid prior to such date.

(5)Includes Australian Dollar, Danish Krone, Swedish Krona, and Swiss Franc currencies.

The availability of funding under our secured credit facilities is based on the amount of approved collateral, which collateral is proposed by us in our discretion and approved by the respective counterparty in its discretion, resulting in a mutually agreed collateral portfolio construction. Certain structural elements of our secured credit facilities, including the limitation on recourse to us and facility economics, are influenced by the specific collateral portfolio construction of each facility, and therefore vary within and among the facilities.

29

Blackstone Mortgage Trust, Inc.

Notes to Consolidated Financial Statements (continued) (Unaudited)

The following tables detail the spread of our secured debt as of June 30, 2024 and December 31, 2023 ($ in thousands):

	Six Months Ended June 30, 2024		June 30, 2024
Spread(1)	New Financings(2)		Total Borrowings		Wtd. Avg. All-in Cost(1)(3)(4)		Collateral(5)		Wtd. Avg. All-in Yield(1)(3)		Net Interest  Margin(6)
+ 1.50% or less	$	23,000	$	5,522,099	+1.52	%	$	8,265,569	+3.27	%	+1.75	%
+ 1.51% to + 1.75%	—		2,338,407		+1.81	%	3,226,135		+3.44	%	+1.63	%
+ 1.76% to + 2.00%	—		1,644,666		+2.10	%	2,696,203		+3.85	%	+1.75	%
+ 2.01% or more	434,412		2,605,404		+2.60	%	3,770,438		+4.30	%	+1.70	%
Total	$	457,412	$	12,110,576	+1.89	%	$	17,958,345	+3.60	%	+1.71	%

	Year Ended December 31, 2023		December 31, 2023
Spread(1)	New Financings(2)		Total Borrowings		Wtd. Avg. All-in Cost(1)(3)(4)		Collateral(5)		Wtd. Avg. All-in Yield(1)(3)		Net Interest Margin(7)
+ 1.50% or less	$	—	$	5,647,848	+1.53	%	$	8,341,383	+3.24	%	+1.71	%
+ 1.51% to + 1.75%	—		2,679,699		+1.82	%	3,723,365		+3.49	%	+1.67	%
+ 1.76% to + 2.00%	42,908		1,850,809		+2.11	%	2,913,067		+3.92	%	+1.81	%
+ 2.01% or more	69,170		2,518,702		+2.64	%	3,616,503		+4.30	%	+1.66	%
Total	$	112,078	$	12,697,058	+1.89	%	$	18,594,318	+3.58	%	+1.69	%

(1)The spread, all-in cost, and all-in yield are expressed over the relevant floating benchmark rates, which include SOFR, SONIA, EURIBOR, and other indices as applicable.

(2)Represents the amount of new borrowings we obtained approval for during the six months ended June 30, 2024 and year ended December 31, 2023, respectively.

(3)In addition to spread, the cost includes the associated deferred fees and expenses related to the respective borrowings. 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. All-in yield excludes loans accounted for under the cost-recovery and nonaccrual methods, if any, and the REO asset.

(4)Represents the weighted-average all-in cost as of June 30, 2024 and December 31, 2023, respectively, and is not necessarily indicative of the spread applicable to recent or future borrowings.

(5)Represents the principal balance of the collateral assets and the book value of the REO asset.

(6)Represents the difference between the weighted-average all-in yield and weighted-average all-in cost.

Our secured credit facilities generally permit us to increase or decrease the amount advanced against the pledged collateral in our discretion within certain maximum/minimum amounts and frequency limitations. As of June 30, 2024, there was an aggregate $1.2 billion available to be drawn at our discretion under our credit facilities.

Acquisition Facility

We previously had a $100.0 million full recourse secured credit facility that was designed to finance eligible first mortgage originations for up to nine months as a bridge to term financing without obtaining discretionary lender approval. The cost of borrowing under the facility was variable, dependent on the type of loan collateral. This facility matured on April 3, 2024.

During the six months ended June 30, 2024, we had no borrowings under the acquisition facility, and we recorded interest expense of $125,000, including $35,000 of amortization of deferred fees and expenses.

During the year ended December 31, 2023, we had no borrowings under the acquisition facility, and we recorded interest expense of $722,000 including $233,000 of amortization of deferred fees and expenses.

30

Blackstone Mortgage Trust, Inc.

Notes to Consolidated Financial Statements (continued) (Unaudited)

Financial Covenants

As of June 30, 2024, we are subject to the following financial covenants related to our secured debt: (i) our ratio of earnings before interest, taxes, depreciation, and amortization, or EBITDA, to fixed charges, as defined in the agreements, shall be not less than 1.4 to 1.0; (ii) our tangible net worth, as defined in the agreements, shall not be less than $3.6 billion as of each measurement date plus 75% to 85% of the net cash proceeds of future equity issuances subsequent to June 30, 2024; (iii) cash liquidity shall not be less than the greater of (x) $10.0 million or (y) no more than 5% of our recourse indebtedness; and (iv) our indebtedness shall not exceed 83.33% of our total assets. As of June 30, 2024 and December 31, 2023, we were in compliance with these covenants.

Subsequent to June 30, 2024, the financial covenant under each applicable secured debt agreement related to the ratio of our EBITDA to fixed charges was amended so that the ratio shall be not less than 1.25 to 1.0 through September 30, 2025, and shall be not less than 1.3 to 1.0 thereafter.

7. SECURITIZED DEBT OBLIGATIONS, NET

We have financed certain pools of our loans through collateralized loan obligations, or CLOs. The CLOs are consolidated in our financial statements and have issued securitized debt obligations that are non-recourse to us. Refer to Note 19 for further discussion of our CLOs. The following tables detail our securitized debt obligations and the underlying collateral assets that are financed by our CLOs ($ in thousands):

	June 30, 2024
Securitized Debt Obligations		Count	Principal  Balance		Book Value(1)		Wtd. Avg.  Yield/Cost(2)(3)		Term(4)
2021 FL4 Collateralized Loan Obligation
Senior CLO Securities Outstanding		1	$	785,452	$	784,778	+ 1.47	%	May 2038
Underlying Collateral Assets		26	981,703		981,703		+ 3.26	%	March 2026
2020 FL3 Collateralized Loan Obligation
Senior CLO Securities Outstanding		1	689,384		689,384		+ 1.84	%	November 2037
Underlying Collateral Assets		15	880,634		880,634		+ 2.93	%	January 2026
2020 FL2 Collateralized Loan Obligation
Senior CLO Securities Outstanding		1	853,656		853,612		+ 1.36	%	February 2038
Underlying Collateral Assets		15	1,110,530		1,110,530		+ 2.86	%	March 2026
Total
Senior CLO Securities Outstanding(5)		3	$	2,328,492	$	2,327,774	+1.54	%
Underlying Collateral Assets		56	$	2,972,867	$	2,972,867	+ 3.00	%

(1)The book value of underlying collateral assets excludes any applicable CECL reserves.

(2)In addition to cash coupon, all-in yield includes the amortization of deferred origination and extension fees, loan origination costs, purchase discounts, and accrual of exit fees.

(3)The weighted-average all-in yield and cost are expressed as a spread over SOFR. All-in yield excludes loans accounted for under the cost-recovery and nonaccrual methods, if any.

(4)Underlying Collateral Assets term represents the weighted-average final maturity of such loans, assuming all extension options are exercised by the borrower. Repayments of securitized debt obligations are tied to timing of the related collateral loan asset repayments. The term of these obligations represents the rated final distribution date of the securitizations.

(5)During the three and six months ended June 30, 2024, we recorded $40.2 million and $81.7 million, respectively, of interest expense related to our securitized debt obligations.

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Blackstone Mortgage Trust, Inc.

Notes to Consolidated Financial Statements (continued) (Unaudited)

	December 31, 2023
Securitized Debt Obligations		Count	Principal  Balance		Book Value(1)		Wtd. Avg.  Yield/Cost(2)(3)		Term(4)
2021 FL4 Collateralized Loan Obligation
Senior CLO Securities Outstanding		1	$	803,750	$	801,800	+ 1.70	%	May 2038
Underlying Collateral Assets		26	1,000,000		1,000,000		+ 3.28	%	December 2025
2020 FL3 Collateralized Loan Obligation
Senior CLO Securities Outstanding		1	714,352		714,352		+ 2.18	%	November 2037
Underlying Collateral Assets		15	905,602		905,602		+ 2.87	%	September 2025
2020 FL2 Collateralized Loan Obligation
Senior CLO Securities Outstanding		1	989,412		989,265		+ 1.57	%	February 2038
Underlying Collateral Assets		15	1,246,287		1,246,287		+ 2.85	%	October 2025
Total
Senior CLO Securities Outstanding(5)		3	$	2,507,514	$	2,505,417	+1.79	%
Underlying Collateral Assets		56	$	3,151,889	$	3,151,889	+2.99	%

(1)The book value of underlying collateral assets excludes any applicable CECL reserves.

(2)In addition to cash coupon, all-in yield includes the amortization of deferred origination and extension fees, loan origination costs, purchase discounts, and accrual of exit fees.

(3)The weighted-average all-in yield and cost are expressed as a spread over SOFR. All-in yield excludes loans accounted for under the cost-recovery and nonaccrual methods, if any.

(4)Underlying Collateral Assets term represents the weighted-average final maturity of such loans, assuming all extension options are exercised by the borrower. Repayments of securitized debt obligations are tied to timing of the related collateral loan asset repayments. The term of these obligations represents the rated final distribution date of the securitizations.

(5)During the three and six months ended June 30, 2023, we recorded $43.3 million and $83.1 million, respectively, of interest expense related to our securitized debt obligations.

8. ASSET-SPECIFIC DEBT, NET

The following table details our asset-specific debt ($ in thousands):

	June 30, 2024
Asset-Specific Debt		Count	Principal  Balance		Book Value(1)		Wtd. Avg. Yield/Cost(2)		Wtd. Avg.  Term(3)
Financing provided		2	$	1,125,854	$	1,120,760	+ 3.18	%	May 2026
Collateral assets		2	$	1,342,810	$	1,333,335	+ 4.04	%	May 2026
	December 31, 2023
Asset-Specific Debt		Count	Principal  Balance		Book Value(1)		Wtd. Avg.  Yield/Cost(2)		Wtd. Avg.  Term(3)
Financing provided		2	$	1,004,097	$	1,000,210	+ 3.14	%	March 2026
Collateral assets		2	$	1,194,408	$	1,186,559	+ 3.98	%	March 2026

(1)The book value of underlying collateral assets excludes any applicable CECL reserves.

(2)The weighted-average all-in yield and cost are expressed as a spread over SOFR. These floating rate loans and related liabilities are currency and index-matched to the applicable benchmark rate relevant in each arrangement. In addition to cash coupon, yield/cost includes the amortization of deferred origination fees and financing costs.

(3)The weighted-average term is determined based on the maximum maturity of the corresponding loans, assuming all extension options are exercised by the borrower. Our non-recourse, asset-specific debt is term-matched in each case to the corresponding collateral loans.

32

Blackstone Mortgage Trust, Inc.

Notes to Consolidated Financial Statements (continued) (Unaudited)

9. LOAN PARTICIPATIONS SOLD, NET

The sale of a non-recourse interest in a loan through a participation agreement generally does not qualify for sale accounting under GAAP. For such transactions, we therefore present the whole loan as an asset and the loan participation sold as a liability on our consolidated balance sheet until the loan is repaid. We generally have no obligation to pay principal and interest under these liabilities, and the gross presentation of loan participations sold does not impact our stockholders’ equity or net income.

The following table details our loan participations sold ($ in thousands):

	June 30, 2024
Loan Participations Sold		Count	Principal  Balance		Book Value(1)		Wtd. Avg.  Yield/Cost(2)		Term(3)
Junior Participations
Loan Participation		2	$	100,580	$	100,442	+ 7.39	%	February 2026
Total Loan		2	428,151		427,701		+ 4.07	%	February 2026
Total
Loan Participation(4)		2	$	100,580	$	100,442
Total Loan		2	$	428,151	$	427,701
	December 31, 2023
Loan Participations Sold		Count	Principal  Balance		Book Value(1)		Wtd. Avg.  Yield/Cost(2)		Term(3)
Senior Participations
Loan Participation		1	$	236,797	$	236,499	+ 3.22	%	March 2027
Total Loan		1	295,996		294,783		+ 4.86	%	March 2027
Junior Participations
Loan Participation		2	$	100,924	$	100,680	+ 7.50	%	February 2026
Total Loan		2	401,569		399,603		+ 4.75	%	February 2026
Total
Loan Participation(4)		3	$	337,721	$	337,179
Total Loan		3	$	697,565	$	694,386

(1)The book value of underlying collateral assets excludes any applicable CECL reserves.

(2)The weighted-average all-in yield and cost are expressed over the relevant floating benchmark rates, which include SOFR and SONIA, as applicable. This non-debt participation sold structure is inherently matched in terms of currency and interest rate. In addition to cash coupon, yield/cost includes the amortization of deferred fees and financing costs.

(3)The term is determined based on the maximum maturity of the loan, assuming all extension options are exercised by the borrower. Our loan participations sold are inherently non-recourse and term-matched to the corresponding loan.

(4)During the three and six months ended June 30, 2024, we recorded $7.7 million and $15.7 million, respectively, of interest expense related to our loan participations sold. During the year ended December 31, 2023, we recorded $20.6 million of interest expense related to our loan participations sold.

33

Blackstone Mortgage Trust, Inc.

Notes to Consolidated Financial Statements (continued) (Unaudited)

10. TERM LOANS, NET

As of June 30, 2024, the following senior term loan facilities, or Term Loans, were outstanding ($ in thousands):

Term Loans	Face Value		Interest Rate(1)		All-in Cost(1)(2)		Maturity
B-1 Term Loan	$	906,096	+ 2.36	%	+ 2.65	%	April 23, 2026
B-3 Term Loan	408,829		+ 2.86	%	+ 3.54	%	April 23, 2026
B-4 Term Loan	809,298		+ 3.50	%	+ 4.11	%	May 9, 2029
Total face value	$	2,124,223

(1)The B-3 Term Loan and the B-4 Term Loan borrowings are subject to a floor of 0.50%. The Term Loans are indexed to one-month SOFR.

(2)Includes issue discount and transaction expenses that are amortized through interest expense over the life of the Term Loans.

The Term Loans are partially amortizing, with an amount equal to 1.0% per annum of the aggregate initial principal balance due in quarterly installments. The issue discount and transaction expenses on the B-1 Term Loan were $3.1 million and $12.6 million, respectively. The issue discount and transaction expenses of the B-3 Term Loan were $9.6 million and $5.4 million, respectively. The issue discount and transaction expenses of the B-4 Term Loan were $17.3 million and $10.3 million, respectively. These discounts and expenses are amortized into interest expense over the life of each Term Loan. During the three and six months ended June 30, 2024, we recorded $46.5 million and $93.2 million, respectively, of interest expense related to our Term Loans, including $2.3 million and $4.6 million, respectively, of amortization of deferred fees and expenses.

The following table details the net book value of our Term Loans on our consolidated balance sheets ($ in thousands):

	June 30, 2024		December 31, 2023
Face value	$	2,124,223	$	2,135,221
Deferred financing costs and unamortized discount	(29,024)		(33,589)
Net book value	$	2,095,199	$	2,101,632

The Term Loans contain the financial covenant that our indebtedness shall not exceed 83.33% of our total assets. As of June 30, 2024 and December 31, 2023, we were in compliance with this covenant. Refer to Note 2 for additional discussion of our accounting policies for the Term Loans.

11. SENIOR SECURED NOTES, NET

As of June 30, 2024, the following senior secured notes, or Senior Secured Notes, were outstanding ($ in thousands):

Senior Secured Notes	Face Value		Interest Rate		All-in Cost(1)		Maturity
Senior Secured Notes	$	339,918	3.75	%	4.02	%	January 15, 2027

(1)Includes transaction expenses that are amortized through interest expense over the life of the Senior Secured Notes.

The transaction expenses on the Senior Secured Notes were $6.3 million, which are amortized into interest expense over the life of the Senior Secured Notes. During the three and six months ended June 30, 2024, we recorded $3.4 million and $7.1 million, respectively, of interest expense related to our Senior Secured Notes, including $254,000 and $521,000, respectively, of amortization of deferred fees and expenses.

During the six months ended June 30, 2024, we repurchased an aggregate principal amount of $26.2 million of the Senior Secured Notes at a weighted-average price of 88%. This resulted in a gain on extinguishment of debt of $3.0 million during the six months ended June 30, 2024. There was no repurchase activity during the three and six months ended June 30, 2023.

34

Blackstone Mortgage Trust, Inc.

Notes to Consolidated Financial Statements (continued) (Unaudited)

The following table details the net book value of our Senior Secured Notes on our consolidated balance sheets ($ in thousands):

	June 30, 2024		December 31, 2023
Face value	$	339,918	$	366,090
Deferred financing costs	(2,582)		(3,327)
Net book value	$	337,336	$	362,763

The Senior Secured Notes contain the financial covenant that our indebtedness shall not exceed 83.33% of our total assets. As of June 30, 2024 and December 31, 2023, we were in compliance with this covenant. Under certain circumstances, we may, at our option, release all of the collateral securing our Senior Secured Notes, in which case we would also be required to maintain a total unencumbered assets to total unsecured indebtedness ratio of 1.20 or greater. This covenant is not currently in effect as the collateral securing our Senior Secured Notes has not been released.

12. CONVERTIBLE NOTES, NET

As of June 30, 2024, the following convertible senior notes, or Convertible Notes, were outstanding ($ in thousands):

Convertible Notes Issuance	Face Value		Interest Rate	All-in Cost(1)	Conversion Price(2)	Maturity
March 2022 convertible notes	$	300,000	5.50%	5.94%	$36.27	March 15, 2027

(1)Includes issuance costs that are amortized through interest expense over the life of the Convertible Notes using the effective interest method.

(2)Represents the price of class A common stock per share based on a conversion rate of 27.5702 for the Convertible Notes. The conversion rate represents the number of shares of class A common stock issuable per $1,000 principal amount of Convertible Notes. The cumulative dividend threshold has not been exceeded as of June 30, 2024.

Other than as provided by the optional redemption provisions with respect to our Convertible Notes, we may not redeem the Convertible Notes prior to maturity. The Convertible Notes are convertible at the holders’ option into shares of our class A common stock, only under specific circumstances, prior to the close of business on December 14, 2026 at the applicable conversion rate in effect on the conversion date. Thereafter, the Convertible Notes are convertible at the option of the holder at any time until the second scheduled trading day immediately preceding the maturity date. The last reported sale price of our class A common stock of $17.42 on June 28, 2024, the last trading day in the three months ended June 30, 2024, was less than the per share conversion price of the Convertible Notes.

The following table details the net book value of our Convertible Notes on our consolidated balance sheets ($ in thousands):

	June 30, 2024		December 31, 2023
Face value	$	300,000	$	300,000
Deferred financing costs and unamortized discount	(3,514)		(4,153)
Net book value	$	296,486	$	295,847

The following table details our interest expense related to the Convertible Notes ($ in thousands):

	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Cash coupon	$	4,125	$	4,125	$	8,250	$	10,389
Discount and issuance cost amortization	319		319		639		950
Total interest expense	$	4,444	$	4,444	$	8,889	$	11,339

Accrued interest payable for the Convertible Notes was $4.9 million as of both June 30, 2024 and December 31, 2023. Refer to Note 2 for additional discussion of our accounting policies for the Convertible Notes.

35

Blackstone Mortgage Trust, Inc.

Notes to Consolidated Financial Statements (continued) (Unaudited)

13. DERIVATIVE FINANCIAL INSTRUMENTS

The objective of our use of derivative financial instruments is to minimize the risks and/or costs associated with our investments and/or financing transactions. These derivatives may or may not qualify as net investment, cash flow, or fair value hedges under the hedge accounting requirements of ASC 815 – “Derivatives and Hedging.” Derivatives not designated as hedges are not speculative and are used to manage our exposure to interest rate movements and other identified risks. Refer to Note 2 for additional discussion of the accounting for designated and non-designated hedges.

The use of derivative financial instruments involves certain risks, including the risk that the counterparties to these contractual arrangements do not perform as agreed. To mitigate this risk, we only enter into derivative financial instruments with counterparties that have appropriate credit ratings and are major financial institutions with which we and our affiliates also have other financial relationships.

Net Investment Hedges of Foreign Currency Risk

Certain of our international investments expose us to fluctuations in foreign interest rates and currency exchange rates. These fluctuations may impact the value of our cash receipts and payments in terms of our functional currency, the U.S. dollar. We use foreign currency forward contracts to protect the value or fix the amount of certain investments or cash flows in terms of the U.S. dollar.

Designated Hedges of Foreign Currency Risk

The following table details our outstanding foreign exchange derivatives that were designated as net investment hedges of foreign currency risk (notional amounts in thousands):

June 30, 2024				December 31, 2023
Foreign Currency Derivatives	Number of  Instruments	Notional  Amount		Foreign Currency Derivatives	Number of  Instruments	Notional  Amount
Buy USD / Sell SEK Forward	2	kr	973,598	Buy USD / Sell SEK Forward	2	kr	973,246
Buy USD / Sell EUR Forward	9	€	717,588	Buy USD / Sell GBP Forward	7	£	696,919
Buy USD / Sell GBP Forward	9	£	638,650	Buy USD / Sell EUR Forward	8	€	673,644
Buy USD / Sell AUD Forward	9	A$	494,881	Buy USD / Sell AUD Forward	10	A$	471,989
Buy USD / Sell DKK Forward	3	kr.	197,059	Buy USD / Sell DKK Forward	2	kr.	195,674
Buy USD / Sell CHF Forward	2	CHF	6,752	Buy USD / Sell CHF Forward	4	CHF	8,352

Non-designated Hedges of Foreign Currency Risk

The following table details our outstanding foreign exchange derivatives that were non-designated hedges of foreign currency risk (notional amounts in thousands):

June 30, 2024				December 31, 2023
Non-designated Hedges	Number of  Instruments	Notional  Amount		Non-designated Hedges	Number of  Instruments	Notional  Amount
Buy GBP / Sell USD Forward	2	£	65,000	Buy SEK / Sell USD Forward	1	kr	30,800
Buy USD / Sell GBP Forward	2	£	65,000	Buy USD / Sell SEK Forward	1	kr	30,800
Buy EUR / Sell USD Forward	1	€	2,500	Buy GBP / Sell USD Forward	2	£	26,900
Buy USD / Sell EUR Forward	1	€	2,500	Buy USD / Sell GBP Forward	2	£	26,900
Buy CHF / Sell USD Forward	1	CHF	2,000	Buy AUD / Sell USD Forward	1	A$	7,600
Buy USD / Sell CHF Forward	1	CHF	2,000	Buy USD / Sell AUD Forward	1	A$	7,600

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Blackstone Mortgage Trust, Inc.

Notes to Consolidated Financial Statements (continued) (Unaudited)

Cash Flow Hedges of Interest Rate Risk

Certain of our financing transactions expose us to a fixed versus floating rate mismatch between our assets and liabilities. We use derivative financial instruments, which include interest rate swaps, and may also include interest rate caps, interest rate options, floors, and other interest rate derivative contracts, to hedge interest rate risk associated with our borrowings where there is potential for an index mismatch.

The following table details our outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk (notional amount in thousands):

June 30, 2024
Interest Rate Derivatives	Number of Instruments	Notional Amount		Fixed Rate	Index	Wtd. Avg. Maturity (Years)
Interest Rate Swaps	1	$	229,858	4.60%	SOFR	0.4
December 31, 2023
Interest Rate Derivatives	Number of Instruments	Notional Amount		Fixed Rate	Index	Wtd. Avg. Maturity (Years)
Interest Rate Swaps	1	$	229,858	4.60%	SOFR	0.9

Amounts reported in accumulated other comprehensive income (loss) related to derivatives will be reclassified to interest expense as interest payments are made on our floating rate debt. During the twelve months following June 30, 2024, we estimate that an additional $545,000 will be reclassified from accumulated other comprehensive income (loss) as a decrease to interest expense.

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Blackstone Mortgage Trust, Inc.

Notes to Consolidated Financial Statements (continued) (Unaudited)

Financial Statement Impact of Hedges of Foreign Currency and Interest Rate Risks

The following table presents the effect of our derivative financial instruments on our consolidated statements of operations ($ in thousands):

		Increase (Decrease) to Net Interest Income Recognized from Derivatives
		Three Months Ended June 30,				Six Months Ended June 30,
Derivatives in Hedging Relationships	Location of Income  (Expense) Recognized	2024		2023		2024		2023
Designated Hedges	Interest Income(1)	$	4,455	$	7,072	$	8,867	$	15,479
Designated Hedges	Interest Expense(2)	420		75		845		75
Non-Designated Hedges	Interest Income(1)	(4)		51		(10)		68
Non-Designated Hedges	Interest Expense(3)	—		(43)		7		(62)
Total		$	4,871	$	7,155	$	9,709	$	15,560

(1)Represents the forward points earned on our foreign currency forward contracts, which reflect the interest rate differentials between the applicable base rate for our foreign currency investments and prevailing US interest rates. These forward contracts effectively convert the foreign currency rate exposure for such investments to USD-equivalent interest rates.

(2)Represents the financial statement impact of proceeds (payments) from periodic settlements related to our interest rate swap, which is designated as a cash flow hedge.

(3)Represents the spot rate movement in our non-designated foreign currency hedges, which are marked-to-market and recognized in interest expense.

Valuation and Other Comprehensive Income

The following table summarizes the fair value of our derivative financial instruments ($ in thousands):

	Fair Value of Derivatives in an Asset  Position(1) as of				Fair Value of Derivatives in a Liability Position(2) as of
	June 30, 2024		December 31, 2023		June 30, 2024		December 31, 2023
Derivatives designated as hedging instruments:
Foreign exchange contracts	$	4,230	$	30	$	23,052	$	92,922
Interest rate derivatives	545		317		—		—
Total derivatives designated as hedging instruments	$	4,775	$	347	$	23,052	$	92,922
Derivatives not designated as hedging instruments:
Foreign exchange contracts	$	103	$	1,543	$	1,343	$	1,895
Interest rate derivatives	—		—		—		—
Total derivatives not designated as hedging instruments	$	103	$	1,543	$	1,343	$	1,895
Total Derivatives	$	4,878	$	1,890	$	24,395	$	94,817

(1)Included in other assets in our consolidated balance sheets.

(2)Included in other liabilities in our consolidated balance sheets.

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Blackstone Mortgage Trust, Inc.

Notes to Consolidated Financial Statements (continued) (Unaudited)

The following table presents the effect of our derivative financial instruments on our consolidated statements of comprehensive income and operations ($ in thousands):

Derivatives in Hedging Relationships	Amount of Gain (Loss) Recognized in OCI on Derivatives				Location of  Gain (Loss)  Reclassified from Accumulated OCI into Income	Amount of Gain Reclassified from  Accumulated OCI into Income
	Three Months Ended June 30, 2024		Six Months Ended June 30, 2024			Three Months Ended June 30, 2024		Six Months Ended June 30, 2024
Net Investment Hedges
Foreign exchange contracts(1)	$	(3,032)	$	42,709	Interest Expense	$	—	$	—
Cash Flow Hedges
Interest rate derivatives	242		1,074		Interest Expense(2)	420		845
Total	$	(2,790)	$	43,783		$	420	$	845

(1)During the three months ended June 30, 2024, we received net cash settlements of $45.7 million on our foreign currency forward contracts. During the six months ended June 30, 2024, we paid net cash settlements of $21.6 million on our foreign currency forward contracts. Those amounts are included as a component of accumulated other comprehensive income on our consolidated balance sheets.

(2)During the three and six months ended June 30, 2024, we recorded total interest and related expenses of $339.4 million and $683.1 million, respectively, which was reduced by $420,000 and $845,000, respectively, related to income generated by our cash flow hedges.

Credit-Risk Related Contingent Features

We have entered into agreements with certain of our derivative counterparties that contain provisions where if we were to default on any of our indebtedness, including default where repayment of the indebtedness has not been accelerated by the lender, we may also be declared in default on our derivative obligations. In addition, certain of our agreements with our derivative counterparties require that we post collateral to secure net liability positions. As of June 30, 2024, we were in a net liability position with our counterparties, and had $15.9 million of collateral posted with our counterparties. As of December 31, 2023, we were in a net liability position with our counterparties, and had $103.5 million of collateral posted with our counterparties.    

14. EQUITY

Stock and Stock Equivalents

Authorized Capital

As of June 30, 2024, we had the authority to issue up to 500,000,000 shares of stock, consisting of 400,000,000 shares of class A common stock and 100,000,000 shares of preferred stock. Subject to applicable NYSE listing requirements, our board of directors is authorized to cause us to issue additional shares of authorized stock without stockholder approval. In addition, to the extent not issued, currently authorized stock may be reclassified between class A common stock and preferred stock. We did not have any shares of preferred stock issued and outstanding as of June 30, 2024 and December 31, 2023.

Class A Common Stock and Deferred Stock Units

Holders of shares of our class A common stock are entitled to vote on all matters submitted to a vote of stockholders and are entitled to receive dividends authorized by our board of directors and declared by us, in all cases subject to the rights of the holders of shares of outstanding preferred stock, if any.

We also issue restricted class A common stock under our stock-based incentive plans. Refer to Note 17 for additional discussion of these long-term incentive plans. In addition to our class A common stock, we also issue deferred stock units to certain members of our board of directors for services rendered. These deferred stock units are non-voting, but carry the right to receive dividends in the form of additional deferred stock units in an amount equivalent to the cash dividends paid to holders of shares of class A common stock. Vested deferred stock units will be settled for shares of class A common

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Blackstone Mortgage Trust, Inc.

Notes to Consolidated Financial Statements (continued) (Unaudited)

stock when the recipient ceases to be a director.

The following table details the movement in our outstanding shares of class A common stock, including restricted class A common stock and deferred stock units:

	Six Months Ended June 30,
Common Stock Outstanding(1)	2024	2023
Beginning balance	173,569,397	172,106,593
Issuance of class A common stock(2)	3,165	3,613
Issuance of restricted class A common stock, net(3)(4)	406,400	505,432
Issuance of deferred stock units	29,649	34,126
Ending balance	174,008,611	172,649,764

(1)Includes 389,113 and 339,702 deferred stock units held by members of our board of directors as of June 30, 2024 and 2023, respectively.

(2)Represents shares issued under our dividend reinvestment program during the six months ended June 30, 2024 and 2023, respectively.

(3)Includes 41,282 and 25,482 shares of restricted class A common stock issued to our board of directors during the six months ended June 30, 2024 and 2023, respectively.

(4)Net of 97,985 shares of restricted class A common stock forfeited under our stock-based incentive plans during the six months June 30, 2024. No shares were forfeited during the six months ended June 30, 2023.

Dividend Reinvestment and Direct Stock Purchase Plan

We have adopted a dividend reinvestment and direct stock purchase plan under which we registered and reserved for issuance, in the aggregate, 10,000,000 shares of class A common stock. Under the dividend reinvestment component of this plan, our class A common stockholders can designate all or a portion of their cash dividends to be reinvested in additional shares of class A common stock. The direct stock purchase component allows stockholders and new investors, subject to our approval, to purchase shares of class A common stock directly from us. During the six months ended June 30, 2024 and 2023, we issued 3,165 shares and 3,613 shares, respectively, of class A common stock under the dividend reinvestment component of the plan. As of June 30, 2024, a total of 9,971,796 shares of class A common stock remained available for issuance under the dividend reinvestment and direct stock purchase plan.

At the Market Stock Offering Program

As of June 30, 2024, we are party to seven equity distribution agreements, or ATM Agreements, pursuant to which we may sell, from time to time, up to an aggregate sales price of $699.1 million of our class A common stock. Sales of class A common stock made pursuant to our ATM Agreements may be made in negotiated transactions or transactions that are deemed to be “at the market” offerings as defined in Rule 415 under the Securities Act of 1933, as amended. Actual sales depend on a variety of factors including market conditions, the trading price of our class A common stock, our capital needs, and our determination of the appropriate sources of funding to meet such needs. During the six months ended June 30, 2024 or 2023, we did not issue any shares of our class A common stock under ATM Agreements. As of June 30, 2024, sales of our class A common stock with an aggregate sales price of $480.9 million remained available for issuance under our ATM Agreements.

Dividends

We generally intend to distribute substantially all of our taxable income, which does not necessarily equal net income as calculated in accordance with GAAP, to our stockholders each year to comply with the REIT provisions of the Internal Revenue Code of 1986, as amended, or the Internal Revenue Code. Our dividend policy remains subject to revision at the discretion of our board of directors. All distributions will be made at the discretion of our board of directors and will depend upon our taxable income, our financial condition, our maintenance of REIT status, applicable law, and other factors as our board of directors deems relevant.

On June 14, 2024, we declared a dividend of $0.62 per share, or $107.6 million in aggregate, that was paid on July 15, 2024 to stockholders of record as of June 28, 2024. 

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Blackstone Mortgage Trust, Inc.

Notes to Consolidated Financial Statements (continued) (Unaudited)

The following table details our dividend activity ($ in thousands, except per share data):

	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Dividends declared per share of common stock	$	0.62	$	0.62	$	1.24	$	1.24
Class A common stock dividends declared	$	107,644	$	106,832	$	215,322	$	213,648
Deferred stock unit dividends declared	229		196		452		452
Total dividends declared	$	107,873	$	107,028	$	215,774	$	214,100

Earnings Per Share     

We calculate our basic and diluted earnings per share using the two-class method for all periods presented as the unvested shares of our restricted class A common stock qualify as participating securities, as defined by GAAP. These restricted shares have the same rights as our other shares of class A common stock, including participating in any dividends, and therefore have been included in our basic and diluted net income per share calculation. The shares issuable under our Convertible Notes are included in dilutive earnings per share using the if-converted method.

The following table sets forth the calculation of basic and diluted net income per share of class A common stock based on the weighted-average of both restricted and unrestricted class A common stock outstanding ($ in thousands, except per share data):

	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Basic Earnings
Net (loss) income(1)	$	(61,057)	$	101,651	$	(184,895)	$	219,408
Weighted-average shares outstanding, basic	173,967,340		172,615,385		174,004,464		172,606,914
Per share amount, basic	$	(0.35)	$	0.59	$	(1.06)	$	1.27
Diluted Earnings
Net (loss) income(1)	$	(61,057)	$	101,651	$	(184,895)	$	219,408
Add back: Interest expense on Convertible Notes, net(2)(3)	—		3,556		—		7,111
Diluted earnings	$	(61,057)	$	105,207	$	(184,895)	$	226,519
Weighted-average shares outstanding, basic	173,967,340		172,615,385		174,004,464		172,606,914
Effect of dilutive securities - Convertible Notes(3)	—		8,271,060		—		8,271,060
Weighted-average common shares outstanding, diluted	173,967,340		180,886,445		174,004,464		180,877,974
Per share amount, diluted	$	(0.35)	$	0.58	$	(1.06)	$	1.25

(1)Represents net (loss) income attributable to Blackstone Mortgage Trust.

(2)Represents the interest expense on our Convertible Notes, net of incentive fees.

(3)For the three and six months ended June 30, 2024, our Convertible Notes were not included in the calculation of diluted earnings per share, as the impact is antidilutive. For the three and six months ended June 30, 2023, represents 8.3 million of weighted average shares, using the if-converted method, related to our March 2022 Convertible Notes. Refer to Note 12 for further discussion of our convertible notes.

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Blackstone Mortgage Trust, Inc.

Notes to Consolidated Financial Statements (continued) (Unaudited)

Other Balance Sheet Items

Accumulated Other Comprehensive Income

As of June 30, 2024, total accumulated other comprehensive income was $10.3 million, primarily representing $226.8 million of net realized and unrealized gains related to changes in the fair value of derivative instruments offset by $216.5 million of cumulative unrealized currency translation adjustments on assets and liabilities denominated in foreign currencies. As of December 31, 2023, total accumulated other comprehensive income was $9.5 million, primarily representing $183.9 million of net realized and unrealized gains related to changes in the fair value of derivative instruments offset by $174.4 million of cumulative unrealized currency translation adjustments on assets and liabilities denominated in foreign currencies.

Non-Controlling Interests

The non-controlling interests included on our consolidated balance sheets represent the equity interests in our Multifamily Joint Venture that are not owned by us. A portion of our Multifamily Joint Venture’s consolidated equity and results of operations are allocated to these non-controlling interests based on their pro rata ownership of our Multifamily Joint Venture. As of June 30, 2024, our Multifamily Joint Venture’s total equity was $134.0 million, of which $113.9 million was owned by us, and $20.1 million was allocated to non-controlling interests. As of December 31, 2023, our Multifamily Joint Venture’s total equity was $132.0 million, of which $112.2 million was owned by us, and $19.8 million was allocated to non-controlling interests.

15. OTHER EXPENSES

Our other expenses consist of the management and incentive fees we pay to our Manager and our general and administrative expenses.

Management and Incentive Fees

Pursuant to a management agreement between our Manager and us, or our Management Agreement, our Manager earns a base management fee in an amount equal to 1.50% per annum multiplied by our Equity, as defined in the Management Agreement. In addition, our Manager is entitled to an incentive fee in an amount equal to the product of (i) 20% and (ii) the excess of (a) our Core Earnings (as defined in our Management Agreement) for the previous 12-month period over (b) an amount equal to 7.00% per annum multiplied by our Equity, provided that our Core Earnings over the prior three-year period is greater than zero. Core Earnings, as defined in our Management Agreement, is generally equal to our GAAP net income (loss), including realized gains and losses not otherwise recognized in current period GAAP net income (loss), and excluding (i) non-cash equity compensation expense, (ii) depreciation and amortization, (iii) unrealized gains (losses), (iv) net income (loss) attributable to our legacy portfolio, (v) certain non-cash items, and (vi) incentive management fees.

During the three and six months ended June 30, 2024, we incurred $18.7 million and $37.7 million, respectively, of management fees payable to our Manager compared with $18.6 million and $37.2 million, respectively, during the same periods in 2023. During the three and six months ended June 30, 2024, we did not incur any incentive fees payable to our Manager, compared to $14.2 million and $26.7 million, respectively, during the same periods in 2023.

As of June 30, 2024 we had accrued management fees payable to our Manager of $18.7 million. As of December 31, 2023 we had accrued management and incentive fees payable to our Manager of $26.3 million.

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Blackstone Mortgage Trust, Inc.

Notes to Consolidated Financial Statements (continued) (Unaudited)

General and Administrative Expenses

General and administrative expenses consisted of the following ($ in thousands):

	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Professional services	$	3,817	$	3,291	$	7,957	$	6,570
Operating and other costs	1,881		2,066		3,357		3,997
Subtotal(1)	5,698		5,357		11,314		10,567
Non-cash compensation expenses
Restricted class A common stock earned	7,761		7,492		15,672		14,984
Director stock-based compensation	201		173		402		336
Subtotal	7,962		7,665		16,074		15,320
Total general and administrative expenses	$	13,660	$	13,022	$	27,388	$	25,887

(1)During the three and six months ended June 30, 2024, we recognized an aggregate $320,000 and $543,000, respectively, of expenses related to our Multifamily Joint Venture. During the three and six months ended June 30, 2023, we recognized an aggregate $288,000 and $596,000, respectively, of expenses related to our Multifamily Joint Venture.

16. INCOME TAXES

We have elected to be taxed as a REIT under the Internal Revenue Code for U.S. federal income tax purposes. We generally must distribute annually at least 90% of our net taxable income, subject to certain adjustments and excluding any net capital gain, in order for U.S. federal income tax not to apply to our earnings. To the extent that we satisfy this distribution requirement, but distribute less than 100% of our net taxable income, we will be subject to U.S. federal income tax on our undistributed taxable income. In addition, we will be subject to a 4% nondeductible excise tax if the actual amount that we pay out to our stockholders in a calendar year is less than a minimum amount specified under U.S. federal tax laws.

Our qualification as a REIT also depends on our ability to meet various other requirements imposed by the Internal Revenue Code, which relate to organizational structure, diversity of stock ownership, and certain restrictions with regard to the nature of our assets and the sources of our income. Even if we qualify as a REIT, we may be subject to certain U.S. federal income and excise taxes and state and local taxes on our income and assets. If we fail to maintain our qualification as a REIT for any taxable year, we may be subject to material penalties as well as federal, state, and local income tax on our taxable income at regular corporate rates and we would not be able to qualify as a REIT for the subsequent four full taxable years. As of June 30, 2024 and December 31, 2023, we were in compliance with all REIT requirements.

Securitization transactions could result in the creation of taxable mortgage pools for federal income tax purposes. As a REIT, so long as we own 100% of the equity interests in a taxable mortgage pool, we generally would not be adversely affected by the characterization of the securitization as a taxable mortgage pool. Certain categories of stockholders, however, such as foreign stockholders eligible for treaty or other benefits, stockholders with net operating losses, and certain tax-exempt stockholders that are subject to unrelated business income tax, or UBTI, could be subject to increased taxes on a portion of their dividend income from us that is attributable to the taxable mortgage pool. We have not made UBTI distributions to our common stockholders and do not intend to make such UBTI distributions in the future.

During the three and six months ended June 30, 2024, we recorded a current income tax provision of $1.2 million, and $2.2 million, respectively, primarily related to activities of our U.S. and foreign taxable subsidiaries and various state and local taxes. During the three and six months ended June 30, 2023, we recorded a current income tax provision of $1.2 million and $3.1 million, respectively, primarily related to activities of our U.S. and foreign taxable subsidiaries and various state and local taxes. We did not have any deferred tax assets or liabilities as of June 30, 2024 or December 31, 2023.

We have net operating losses, or NOLs, generated by our predecessor business that may be carried forward and utilized in current or future periods. As a result of our issuance of 25,875,000 shares of class A common stock in May 2013, the availability of our NOLs is generally limited to $2.0 million per annum by change of control provisions promulgated by the Internal Revenue Service with respect to the ownership of Blackstone Mortgage Trust. As of June 30, 2024, we had

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Blackstone Mortgage Trust, Inc.

Notes to Consolidated Financial Statements (continued) (Unaudited)

estimated NOLs of $159.0 million that will expire in 2029, unless they are utilized by us prior to expiration. Previously, we recorded a full valuation allowance against such NOLs as we expected that they would expire unutilized. However, although uncertain, we may utilize a portion of NOLs prior to expiration. We do not expect the utilization of NOLs to have a material impact on our consolidated financial statements. We have recorded a full valuation allowance against such NOLs as it is probable that they will expire unutilized.

As of June 30, 2024, tax years 2020 through 2023 remain subject to examination by taxing authorities.

17. STOCK-BASED INCENTIVE PLANS

We are externally managed by our Manager and do not currently have any employees. However, as of June 30, 2024, our Manager, certain individuals employed by an affiliate of our Manager, and certain members of our board of directors were compensated, in part, through our issuance of stock-based instruments.

Under our two current stock incentive plans, a maximum of 10,400,000 shares of our class A common stock may be issued to our Manager, our directors and officers, and certain employees of affiliates of our Manager. As of June 30, 2024, there were 7,318,599 shares available under our current stock incentive plans. Prior to the adoption and shareholder approval of our new stock incentive plans in June 2022, we had stock-based incentive awards outstanding under nine stock incentive plans. In connection with the adoption of our new stock incentive plans, we consolidated all outstanding deferred stock units, or DSUs, under the new plans and retired the seven remaining historical plans. As such, no new awards may be issued under these expired plans, although our 2018 plans will continue to govern outstanding awards, other than DSUs, previously issued thereunder until such awards become vested or expire.

The following table details the movement in our outstanding shares of restricted class A common stock and the weighted-average grant date fair value per share:

	Restricted Class A  Common Stock	Weighted-Average  Grant Date Fair  Value Per Share
Balance as of December 31, 2023	2,180,181	$	24.41
Granted	504,385	21.13
Vested	(648,421)	25.14
Forfeited	(97,985)	24.23
Balance as of June 30, 2024	1,938,160	$	23.32

These shares generally vest in installments over a period of three years, pursuant to the terms of the respective award agreements and the terms of our current benefit plans. The 1,938,160 shares of restricted class A common stock outstanding as of June 30, 2024 will vest as follows: 612,846 shares will vest in 2024; 884,763 shares will vest in 2025; and 440,551 shares will vest in 2026. As of June 30, 2024, total unrecognized compensation cost relating to unvested share-based compensation arrangements was $43.5 million based on the grant date fair value of shares granted. This cost is expected to be recognized over a weighted-average period of 1.1 years from June 30, 2024.

18. FAIR VALUES

Assets and Liabilities Measured at Fair Value

The following table summarizes our assets and liabilities measured at fair value on a recurring basis ($ in thousands):

	June 30, 2024								December 31, 2023
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Assets
Derivatives	$	—	$	4,878	$	—	$	4,878	$	—	$	1,890	$	—	$	1,890
Liabilities
Derivatives	$	—	$	24,395	$	—	$	24,395	$	—	$	94,817	$	—	$	94,817

Refer to Note 2 for further discussion regarding fair value measurement.

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Blackstone Mortgage Trust, Inc.

Notes to Consolidated Financial Statements (continued) (Unaudited)

Fair Value of Financial Instruments

As discussed in Note 2, GAAP requires disclosure of fair value information about financial instruments, whether or not recognized at fair value in the statement of financial position, for which it is practicable to estimate that value.

The following table details the book value, face amount, and fair value of the financial instruments described in Note 2 ($ in thousands):

	June 30, 2024						December 31, 2023
	Book Value		Face  Amount		Fair Value		Book Value		Face  Amount		Fair Value
Financial assets
Cash and cash equivalents	$	373,876	$	373,876	$	373,876	$	350,014	$	350,014	$	350,014
Loans receivable, net	21,976,910		23,010,660		21,872,283		23,210,076		23,923,719		23,015,737
Financial liabilities
Secured debt, net	12,096,705		12,110,576		11,928,849		12,683,095		12,697,058		12,425,609
Securitized debt obligations, net	2,327,774		2,328,492		2,153,456		2,505,417		2,507,514		2,323,441
Asset-specific debt, net	1,120,760		1,125,854		1,112,516		1,000,210		1,004,097		992,357
Loan participations sold, net	100,442		100,580		100,098		337,179		337,721		333,745
Secured term loans, net	2,095,199		2,124,223		2,055,445		2,101,632		2,135,221		2,102,950
Senior secured notes, net	337,336		339,918		306,139		362,763		366,090		327,081
Convertible notes, net	296,486		300,000		272,061		295,847		300,000		272,076

Estimates of fair value for cash and cash equivalents and convertible notes are measured using observable, quoted market prices, or Level 1 inputs. Estimates of fair value for securitized debt obligations, the Term Loans, and the Senior Secured notes are measured using observable, quoted market prices, in inactive markets, or Level 2 inputs. All other fair value significant estimates are measured using unobservable inputs, or Level 3 inputs. See Note 2 for further discussion regarding fair value measurement of certain of our assets and liabilities.

19. VARIABLE INTEREST ENTITIES

We have financed a portion of our loans through the CLOs, all of which are VIEs. We are the primary beneficiary of, and therefore consolidate, the CLOs on our balance sheet as we (i) control the relevant interests of the CLOs that give us power to direct the activities that most significantly affect the CLOs, and (ii) have the right to receive benefits and obligation to absorb losses of the CLOs through the subordinate interests we own.

The following table details the assets and liabilities of our consolidated VIEs ($ in thousands):

	June 30, 2024		December 31, 2023
Assets
Loans receivable	$	2,972,867	$	3,061,278
Current expected credit loss reserve	(237,335)		(183,508)
Loans receivable, net	2,735,532		2,877,770
Other assets	12,048		103,692
Total assets	$	2,747,580	$	2,981,462
Liabilities
Securitized debt obligations, net	$	2,327,774	$	2,505,417
Other liabilities	6,192		8,101
Total liabilities	$	2,333,966	$	2,513,518

Assets held by these VIEs are restricted and can be used only to settle obligations of the VIEs, including the subordinate interests owned by us. The liabilities of these VIEs are non-recourse to us and can only be satisfied from the assets of the VIEs. The consolidation of these VIEs results in an increase in our gross assets, liabilities, interest income and interest

45

Blackstone Mortgage Trust, Inc.

Notes to Consolidated Financial Statements (continued) (Unaudited)

expense, however it does not affect our stockholders’ equity or net income. We are not obligated to provide, have not provided, and do not intend to provide material financial support to these consolidated VIEs.

20. TRANSACTIONS WITH RELATED PARTIES

We are managed by our Manager pursuant to the Management Agreement, the current term of which expires on December 19, 2024, and will be automatically renewed for a one-year term upon such date and each anniversary thereafter unless earlier terminated.

As of June 30, 2024, our consolidated balance sheet included $18.7 million of accrued management fees payable to our Manager and no accrued incentive fees. As of December 31, 2023, our consolidated balance sheet included $26.3 million of accrued management and incentive fees payable to our Manager. During the three and six months ended June 30, 2024, we paid aggregate management and incentive fees of $18.9 million and $45.3 million, respectively, to our Manager, compared to $31.1 million and $64.9 million, respectively, during the same periods in 2023. In addition, during the three and six months ended June 30, 2024, we incurred expenses of $829,000 and $1.1 million, respectively, that were paid by our Manager and will be reimbursed by us, compared to $1.5 million and $1.9 million, respectively, of such expenses during the same periods in 2023.

As of June 30, 2024, our Manager held 989,709 shares of unvested restricted class A common stock, which had an aggregate grant date fair value of $23.8 million, and vest in installments over three years from the date of issuance. During the three and six months ended June 30, 2024, we recorded non-cash expenses related to shares held by our Manager of $4.2 million and $8.5 million, respectively, compared to $3.9 million and $7.8 million, respectively, during the same periods in 2023. Refer to Note 17 for further details on our restricted class A common stock.

As of June 30, 2024, our Manager, its affiliates, Blackstone employees, and our directors held an aggregate 12,226,812 shares, or 7.0%, of our class A common stock, of which 7,582,044 shares, or 4.4%, were held by subsidiaries of Blackstone, including our Manager. Additionally, our directors held 389,113 of deferred stock units as of June 30, 2024. Certain of the parties listed above have in the past purchased or sold shares of our class A common stock in open market transactions, and such parties may in the future purchase or sell additional shares of our class A common stock. Any such transactions would be made in the sole discretion of the relevant party based on market conditions and other considerations relevant to such parties.

CT Investment Management Co., LLC, or CTIMCO, an affiliate of our Manager, is the special servicer of the CLOs. CTIMCO did not earn any special servicing fees related to the CLOs during the during the three months ended June 30, 2024 and 2023.

We have engaged EQ Management, LLC, a portfolio company owned by a Blackstone-advised investment vehicle, to provide management services and operational services, as well as a limited scope of corporate support services, to our REO asset. During the three and six months ended June 30, 2024, we incurred $44,000 of expenses for these services. We did not incur any expenses to this service provider in the three and six months ended June 30, 2023.

We have engaged Revantage Corporate Services, LLC and Revantage Global Services Europe S.à r.l., portfolio companies owned by Blackstone-advised investment vehicles, to provide, as applicable, corporate support services, operational services, and management services. These services are provided on an allocated cost basis. During the three and six months ended June 30, 2024, we incurred $309,000 and $560,000, respectively, compared to $219,000 and $433,000, respectively, of such expenses during the same periods in 2023.

In the first quarter of 2024, in order to provide insurance for our REO asset, we became a member of Gryphon Mutual Property Americas IC, or Gryphon, a captive insurance company owned by us and other Blackstone-advised investment vehicles. A Blackstone affiliate provides oversight and advisory services to Gryphon and receives fees based on a percentage of premiums paid for such policies. The fees and expenses of Gryphon, including insurance premiums and fees paid to its manager, are paid annually and borne by us and the other Blackstone-advised investment vehicles that are members of Gryphon pro rata based on insurance premiums paid for each party’s respective properties.

During the six months ended June 30, 2024, we paid $109,000 to Gryphon for insurance costs, inclusive of premiums, capital surplus contributions, taxes, and our pro rata share of other expenses. This amount covers the period starting on the date we became a member of Gryphon and ending in July, when the annual payment for the upcoming policy period will be due for us and the other Blackstone-advised investment vehicles that are members of Gryphon. Of this amount, $2,000 was attributable to the fee paid to a Blackstone affiliate to provide oversight and management services to Gryphon.

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Blackstone Mortgage Trust, Inc.

Notes to Consolidated Financial Statements (continued) (Unaudited)

Additionally, we have engaged an affiliate of our Manager to provide internal audit services. During the three and six months ended June 30, 2024 and 2023, we incurred $24,000 and $48,000, respectively, of expenses to this service provider.

Affiliates of our Manager own an interest in the controlling entity of BTIG, LLC, or BTIG. We utilized BTIG as a broker to engage third-parties to facilitate our repurchase of our Senior Secured Notes. During the six months ended June 30, 2024, we repurchased $26.2 million of our Senior Secured Notes utilizing BTIG as a broker. BTIG received aggregate fees of $40,000 in such capacity. The fees were on terms equivalent to those of other brokers under similar arrangements. BTIG did not act as a broker to engage third parties to repurchase our Senior Secured Notes during the three months ended June 30, 2024 or the six months ended June 30, 2023.

In the second quarter of 2024, a Blackstone-advised investment vehicle acquired a portfolio of assets from an unaffiliated third-party borrower. The proceeds of this transaction repaid a £46.5 million performing junior loan owned by us, and a £186.0 million performing senior loan owned by an unaffiliated third-party, both of which were included in our consolidated balance sheets, with the senior loan also recorded as a loan participation sold liability. The transaction was initiated by the third-party borrower with the sale pricing on market terms and the repayment completed in accordance with the loan agreements between the lenders and the unaffiliated third-party borrower.

In the first quarter of 2024, a Blackstone-advised investment vehicle originated a loan to one of our unaffiliated third-party borrowers, the proceeds of which repaid a $98.6 million performing senior loan owned by us. The transaction was initiated by the third-party borrower with the loan terms and pricing on market terms.

In the first quarter of 2019, we originated £240.1 million of a total £490.0 million senior loan to a borrower that is wholly owned by a Blackstone-advised investment vehicle. The loan terms were negotiated by our third-party co-lender, and we forgo all non-economic rights under the loan, including voting rights, so long as a Blackstone-advised investment vehicle controls the borrower. In the second quarter of 2023, the loan was modified to include, among other changes, an extension of the loan's maturity date, an additional borrower equity contribution and partial repayment, and an increase in the loan’s contractual interest rate (a portion of which is paid-in-kind). The terms of the modification were negotiated by our third-party co-lender, and we agreed to the modification on such terms.

21. COMMITMENTS AND CONTINGENCIES

Unfunded Commitments Under Loans Receivable

As of June 30, 2024, we had aggregate unfunded commitments of $1.8 billion across 89 loans receivable, and $867.5 million of committed or identified financings for those commitments, resulting in net unfunded commitments of $958.8 million. The unfunded loan commitments comprise funding for capital expenditures and construction, leasing costs, and interest and carry costs. Loan funding commitments are generally subject to certain conditions, including, without limitation, the progress of capital projects, leasing, and cash flows at the properties securing our loans. Therefore, the exact timing and amounts of such future loan fundings are uncertain and will depend on the current and future performance of the underlying collateral assets. We expect to fund our loan commitments over the remaining term of the related loans, which have a weighted-average future funding period of 2.3 years.

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Blackstone Mortgage Trust, Inc.

Notes to Consolidated Financial Statements (continued) (Unaudited)

Principal Debt Repayments

Our contractual principal debt repayments as of June 30, 2024 were as follows ($ in thousands):

Year	Secured Debt(1)		Asset-Specific Debt(1)		Term Loans(2)		Senior Secured Notes		Convertible Notes(3)		Total(4)
2024 (remaining)	$	1,990,555	$	—	$	10,998	$	—	$	—	$	2,001,553
2025	1,532,338		877,298		21,997		—		—		2,431,633
2026	4,098,513		—		1,302,575		—		—		5,401,088
2027	3,224,156		—		8,258		339,918		300,000		3,872,332
2028	517,010		—		8,258		—		—		525,268
Thereafter	748,004		248,556		772,137		—		—		1,768,697
Total obligation	$	12,110,576	$	1,125,854	$	2,124,223	$	339,918	$	300,000	$	16,000,571

(1)Our secured debt and asset-specific debt agreements are generally term-matched to their underlying collateral. Therefore, the allocation of payments under such agreements is generally allocated based on the maximum maturity date of the collateral loans, assuming all extension options are exercised by the borrower. In limited instances, the maturity date of the respective debt agreement is used.

(2)The Term Loans are partially amortizing, with an amount equal to 1.0% per annum of the initial principal balance due in quarterly installments. Refer to Note 10 for further details on our Term Loans.

(3)Reflects the outstanding principal balance of Convertible Notes, excluding any potential conversion premium. Refer to Note 12 for further details on our Convertible Notes.

(4)Total does not include $2.3 billion of consolidated securitized debt obligations, $725.4 million of non-consolidated senior interests, and $100.6 million of loan participations sold, as the satisfaction of these liabilities will not require cash outlays from us.

Board of Directors’ Compensation

As of June 30, 2024, of the nine members of our board of directors, our seven non-employee directors are entitled to annual compensation of $210,000 each, of which $95,000 is paid in cash and $115,000 is paid in the form of deferred stock units or, at their election, shares of restricted common stock. As of June 30, 2024, the other two board members, the chair of the board and our chief executive officer, are not compensated by us for their service as directors. In addition, (i) the chairs of our audit, compensation, and corporate governance committees receive additional annual cash compensation of $20,000, $15,000, and $10,000, respectively, and (ii) the members of our audit and investment risk management committees receive additional annual cash compensation of $10,000 and $7,500, respectively.

Litigation

From time to time, we may be involved in various claims and legal actions arising in the ordinary course of business. As of June 30, 2024, we were not involved in any material legal proceedings.

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ITEM 2.    MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

References herein to “Blackstone Mortgage Trust,” “Company,” “we,” “us,” or “our” refer to Blackstone Mortgage Trust, Inc. and its subsidiaries unless the context specifically requires otherwise.

The following discussion should be read in conjunction with the unaudited consolidated financial statements and notes thereto appearing elsewhere in this Quarterly Report on Form 10-Q. In addition to historical data, this discussion and analysis contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, or the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act, which reflect our current views with respect to, among other things, our business, operations and financial performance. You can identify these forward-looking statements by the use of words such as “intend,” “goal,” “estimate,” “expect,” “project,” “projections,” “plans,” “seeks,” “anticipates,” “should,” “could,” “may,” “designed to,” “foreseeable future,” “believe,” “scheduled,” and similar expressions. Such forward- looking statements are subject to various risks, uncertainties and assumptions. Our actual results or outcomes may differ materially from those in this discussion and analysis as a result of various factors, including but not limited to those discussed in Item 1A. Risk Factors in our Annual Report on Form 10-K for the year ended December 31, 2023 and elsewhere in this Quarterly Report on Form 10-Q.

Introduction

Blackstone Mortgage Trust is a real estate finance company that originates senior loans collateralized by commercial real estate in North America, Europe, and Australia. Our portfolio is composed primarily of loans secured by high-quality, institutional assets in major markets, sponsored by experienced, well-capitalized real estate investment owners and operators. These senior loans are capitalized by accessing a variety of financing options, including borrowing under our credit facilities, issuing CLOs or single-asset securitizations, and corporate financing, depending on our view of the most prudent financing option available for each of our investments. We are not in the business of buying or trading securities, and the only securities we own are the retained interests from our securitization financing transactions, which we have not financed. We are externally managed by BXMT Advisors L.L.C., or our Manager, a subsidiary of Blackstone Inc., or Blackstone, and are a real estate investment trust, or REIT, traded on the New York Stock Exchange, or NYSE, under the symbol “BXMT.”

We benefit from the deep knowledge, experience and information advantages of our Manager, which is a part of Blackstone’s real estate platform. Blackstone has built the world's preeminent global real estate business, with a proven track record of successfully navigating market cycles and emerging stronger through periods of volatility. The market-leading real estate expertise derived from the strength of the Blackstone platform deeply informs our credit and underwriting process, and we believe gives us the tools to expertly manage the assets in our portfolio and work with our borrowers throughout periods of economic stress and uncertainty.

We conduct our operations as a REIT for U.S. federal income tax purposes. We generally will not be subject to U.S. federal income taxes on our taxable income to the extent that we annually distribute all of our net taxable income to stockholders and maintain our qualification as a REIT. We also operate our business in a manner that permits us to maintain an exclusion from registration under the Investment Company Act of 1940, as amended. We are organized as a holding company and conduct our business primarily through our various subsidiaries.

Recent Developments

Agency Multifamily Lending Partnership

In the second quarter of 2024, we entered an agreement with M&T Realty Capital Corporation, or MTRCC, a subsidiary of M&T Bank, that will allow our borrowers to access multifamily agency financing through MTRCC’s Fannie Mae DUS and Freddie Mac Optigo lending platforms. We will receive a portion of origination, servicing, and other fees paid under the programs for loans that we refer to MTRCC for origination. Similarly, we will share in losses with MTRCC and Fannie Mae on loans that we refer to MTRCC for origination under the Fannie Mae program. There were no loans originated under the MTRCC agreement during the three months ended June 30, 2024.

Share Repurchase Program

In July 2024, our board of directors authorized the repurchase of up to $150.0 million of our class A common stock. Under the repurchase program, repurchases may be made from time to time in open market transactions, in privately negotiated transactions or otherwise. The timing and the actual amounts repurchased will depend on a variety of factors, including

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legal requirements, price and economic and market conditions. The repurchase program may be changed, suspended or discontinued at any time and does not have a specified expiration date.

Third Quarter Dividend

In July 2024, we declared a dividend of $0.47 per share of common stock for the third quarter of 2024, which is payable on October 15, 2024 to stockholders of record as of September 30, 2024.

I. Key Financial Measures and Indicators

As a real estate finance company, we believe the key financial measures and indicators for our business are earnings per share, dividends declared, Distributable Earnings, and book value per share. For the three months ended June 30, 2024, we recorded a basic net loss per share of $0.35, declared a dividend of $0.62 per share, and reported $0.49 per share of Distributable Earnings. In addition, our book value as of June 30, 2024 was $22.90 per share, which is net of cumulative CECL reserves of $5.21 per share.

As further described below, Distributable Earnings is a measure that is not prepared in accordance with accounting principles generally accepted in the United States of America, or GAAP. Distributable Earnings helps us to evaluate our performance excluding the effects of certain transactions and GAAP adjustments that we believe are not necessarily indicative of our current loan portfolio and operations. In addition, Distributable Earnings is a performance metric we consider when declaring our dividends.

Earnings Per Share and Dividends Declared

The following table sets forth the calculation of basic net loss per share and dividends declared per share ($ in thousands, except per share data):

	Three Months Ended
	June 30, 2024		March 31, 2024
Net loss(1)	$	(61,057)	$	(123,838)
Weighted-average shares outstanding, basic	173,967,340		174,041,630
Net loss per share, basic	$	(0.35)	$	(0.71)
Dividends declared per share	$	0.62	$	0.62

(1)Represents net loss attributable to Blackstone Mortgage Trust. Refer to Note 14 to our consolidated financial statements for the calculation of diluted net loss per share.

Distributable Earnings

Distributable Earnings is a non-GAAP measure, which we define as GAAP net income (loss), including realized gains and losses not otherwise recognized in current period GAAP net income (loss), and excluding (i) non-cash equity compensation expense, (ii) depreciation and amortization, (iii) unrealized gains (losses), and (iv) certain non-cash items. Distributable Earnings may also be adjusted from time to time to exclude one-time events pursuant to changes in GAAP and certain other non-cash charges as determined by our Manager, subject to approval by a majority of our independent directors. Distributable Earnings mirrors the terms of our management agreement between our Manager and us, or our Management Agreement, for purposes of calculating our incentive fee expense.

Our CECL reserves have been excluded from Distributable Earnings consistent with other unrealized gains (losses) pursuant to our existing policy for reporting Distributable Earnings. We expect to only recognize such potential credit losses in Distributable Earnings if and when such amounts are realized and deemed non-recoverable upon a realization event. This is generally at the time a loan is repaid, or in the case of foreclosure, when the underlying asset is sold, but realization and non-recoverability may also be concluded if, in our determination, it is nearly certain that all amounts due will not be collected. The timing of any such credit loss realization in our Distributable Earnings may differ materially from the timing of CECL reserves or charge-offs in our consolidated financial statements prepared in accordance with GAAP. The realized loss amount reflected in Distributable Earnings will equal the difference between the cash received, or expected to be received, and the book value of the asset, and is reflective of our economic experience as it relates to the ultimate realization of the loan.

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We believe that Distributable Earnings provides meaningful information to consider in addition to our net income (loss) and cash flow from operating activities determined in accordance with GAAP. We believe Distributable Earnings is a useful financial metric for existing and potential future holders of our class A common stock as historically, over time, Distributable Earnings has been a strong indicator of our dividends per share. As a REIT, we generally must distribute annually at least 90% of our net taxable income, subject to certain adjustments, and therefore we believe our dividends are one of the principal reasons stockholders may invest in our class A common stock. Refer to Note 16 to our consolidated financial statements for further discussion of our distribution requirements as a REIT. Further, Distributable Earnings helps us to evaluate our performance excluding the effects of certain transactions and GAAP adjustments that we believe are not necessarily indicative of our current loan portfolio and operations, and is a performance metric we consider when declaring our dividends.

Furthermore, we believe it is useful to present Distributable Earnings prior to charge-offs of CECL reserves to reflect our direct operating results and help existing and potential future holders of our class A common stock assess the performance of our business excluding such charge-offs. We utilize Distributable Earnings prior to charge-offs of CECL reserves as an additional performance metric to consider when declaring our dividends. Distributable Earnings mirrors the terms of our Management Agreement for purposes of calculating our incentive fee expense. Therefore, Distributable Earnings prior to charge-offs of CECL reserves is calculated net of the incentive fee expense that would have been recognized if such charge-offs had not occurred.

Distributable Earnings and Distributable Earnings prior to charge-offs of CECL reserves do not represent net income (loss) or cash generated from operating activities and should not be considered as alternatives to GAAP net income (loss), or indicators of our GAAP cash flows from operations, measures of our liquidity, or indicators of funds available for our cash needs. In addition, our methodology for calculating Distributable Earnings and Distributable Earnings prior to charge-offs of CECL reserves may differ from the methodologies employed by other companies to calculate the same or similar supplemental performance measures, and accordingly, our reported Distributable Earnings and Distributable Earnings prior to charge-offs of CECL reserves may not be comparable to similar metrics reported by other companies.

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The following table provides a reconciliation of Distributable Earnings and Distributable Earnings prior to charge-offs of CECL reserves to GAAP net loss ($ in thousands, except per share data):

	Three Months Ended
	June 30, 2024		March 31, 2024
Net loss(1)	$	(61,057)	$	(123,838)
Charge-offs of CECL reserves(2)	(12,537)		(61,013)
Increase in CECL reserves	152,408		234,868
Non-cash compensation expense	7,962		8,112
Realized hedging and foreign currency (loss) gain, net(3)	(1,352)		111
Adjustments attributable to non-controlling interests, net	134		(35)
Depreciation on real estate owned	185		—
Other items	—		(7)
Distributable Earnings	$	85,743	$	58,198
Charge-offs of CECL reserves(2)	12,537		61,013
Incentive fee related to charge-offs of CECL reserves(4)	—		(6,272)
Distributable Earnings prior to charge-offs of CECL reserves	$	98,280	$	112,939
Weighted-average shares outstanding, basic(5)	173,967,340		174,041,630
Distributable Earnings per share, basic	$	0.49	$	0.33
Distributable Earnings per share, basic, prior to charge-offs of CECL reserves	$	0.56	$	0.65

(1)Represents net loss attributable to Blackstone Mortgage Trust.

(2)Represents realized losses related to loan principal amounts deemed non-recoverable during the three months ended June 30, 2024 and March 31, 2024, respectively.

(3)Represents realized gains (losses) on the repatriation of unhedged foreign currency. These amounts were not included in GAAP net loss, but rather as a component of other comprehensive income in our consolidated financial statements.

(4)Reflects the $6.3 million of incentive fee expenses that would have been incurred if such charge-offs had not occurred during the three months ended March 31, 2024.

(5)The weighted-average shares outstanding, basic, exclude shares issuable from a potential conversion of our Convertible Notes then outstanding. Consistent with the treatment of other unrealized adjustments to Distributable Earnings, these potentially issuable shares are excluded until a conversion occurs. Refer to Note 14 to our consolidated financial statements for the calculation of diluted net income per share.

Book Value Per Share

The following table calculates our book value per share ($ in thousands, except per share data):

	June 30, 2024		March 31, 2024
Stockholders’ equity	$	3,984,504	$	4,144,753
Shares
Class A common stock	173,619,498		173,582,305
Deferred stock units	389,113		370,173
Total outstanding	174,008,611		173,952,478
Book value per share(1)	$	22.90	$	23.83

(1)The book value per share excludes shares issuable from a potential conversion of our Convertible Notes then outstanding. Refer to Note 14 to our consolidated financial statements for the calculation of diluted net income per share.

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II. Loan Portfolio

During the three months June 30, 2024, we originated $103.2 million of loans. Loan fundings during the quarter totaled $375.8 million and loan repayments and sales totaled $700.6 million. We generated interest income of $466.2 million and incurred interest expense of $339.4 million during the quarter, which resulted in $126.8 million of net interest income during the three months ended June 30, 2024.

Portfolio Overview

The following table details our loan origination activity ($ in thousands):

	Three Months Ended June 30, 2024		Six Months Ended June 30, 2024
Loan originations(1)	$	103,184	$	103,184
Loan fundings(2)	$	375,806	$	724,511
Loan repayments and sales(3)	(700,626)		(1,737,678)
Total net repayments	$	(324,820)	$	(1,013,167)

(1)Includes new loan originations and additional commitments made under existing loans.

(2)Loan fundings during the three and six months ended June 30, 2024, include $44.6 million and $89.3 million, respectively, of additional fundings under related non-consolidated senior interests.

(3)Loan repayments and sales during the three and six months ended June 30, 2024, include $57.3 million and $512.1 million, respectively, of additional repayments or reduction of loan exposure under related non-consolidated senior interests.

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The following table details overall statistics for our loan portfolio as of June 30, 2024 ($ in thousands):

Balance Sheet Portfolio			Loan Exposure(1)
Number of loans	166			166
Principal balance	$	23,010,660		$	23,635,509
Net book value	$	21,976,910		$	21,976,910
Unfunded loan commitments(2)	$	1,826,350		$	1,826,350
Weighted-average cash coupon(3)	+ 3.35		%	+ 3.31		%
Weighted-average all-in yield(3)	+ 3.67		%	+ 3.70		%
Weighted-average maximum maturity (years)(4)	2.1			2.1
Origination loan to value (LTV)(5)	62.7		%	62.9		%

(1)Total loan exposure reflects our aggregate exposure to each loan investment. As of June 30, 2024, total loan exposure, includes (i) loans with an outstanding principal balance of $23.0 billion that are included in our consolidated financial statements, (ii) $725.4 million of non-consolidated senior interests in loans we have sold, which are not included in our consolidated financial statements, and excludes (iii) $100.6 million of junior loan interests that we have sold, but that remain included in our consolidated financial statements. We have retained an aggregate $187.1 million of subordinate mezzanine loans, as of June 30, 2024, related to non-consolidated senior interests that are included in our balance sheet portfolio.

(2)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. Excludes $291.9 million of unfunded loan commitments related to our non-consolidated senior interests, as these commitments will not require cash outlays from us.

(3)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 investment. As of June 30, 2024, all of our loans by total loan exposure earned a floating rate of interest, primarily indexed to SOFR. Floating rate exposure 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 and nonaccrual methods, if any.

(4)Maximum maturity assumes all extension options are exercised by the borrower, however our loans and other investments may be repaid prior to such date. As of June 30, 2024, 12% of our loans by total loan exposure were subject to yield maintenance or other prepayment restrictions and 88% were open to repayment by the borrower without penalty.

(5)Based on LTV as of the dates loans were originated or acquired by us, excluding any loans that are impaired and any junior participations sold.

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The following table details the index rate floors for our loan portfolio based on total loan exposure as of June 30, 2024 ($ in thousands):

	Total Loan Exposure(1)
Index Rate Floors	USD		Non-USD(2)		Total
Fixed Rate	$	—	$	—	$	—
0.00% or no floor(3)(4)	5,525,229		6,084,770		11,609,999
0.01% to 1.00% floor	5,217,072		813,202		6,030,274
1.01% to 2.00% floor	2,411,596		306,758		2,718,354
2.01% to 3.00% floor	1,596,499		512,437		2,108,936
3.01% or more floor	985,652		182,294		1,167,946
Total(5)	$	15,736,048	$	7,899,461	$	23,635,509

(1)Total loan exposure reflects our aggregate exposure to each loan investment. As of June 30, 2024, total loan exposure, includes (i) loans with an outstanding principal balance of $23.0 billion that are included in our consolidated financial statements, (ii) $725.4 million of non-consolidated senior interests in loans we have sold, which are not included in our consolidated financial statements, and excludes (iii) $100.6 million of junior loan interests that we have sold, but that remain included in our consolidated financial statements. See Note 2 to our consolidated financial statements for further discussion of loan participations sold.

(2)Includes Euro, British Pound Sterling, Swedish Krona, Australian Dollar, Swiss Franc, and Danish Krone currencies.

(3)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.

(4)Includes all impaired loans.

(5)As of June 30, 2024, the weighted-average index rate floor of our total loan exposure was 0.80%. Excluding 0.0% index rate floors and loans with no floor, the weighted-average index rate floor was 1.35%. As of December 31, 2023, the weighted-average index rate floor of our total loan exposure was 0.56%. Excluding 0.0% index rate floors and loans with no floor, the weighted-average index rate floor was 1.02%.

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The following table details the floating benchmark rates for our loan portfolio based on total loan exposure as of June 30, 2024 (total loan exposure amounts in thousands):

Loan Count	Currency	Total Loan Exposure(1)		Floating Rate Index(2)	Cash Coupon(3)	All-in Yield(3)
131	$	$	15,736,048	SOFR(4)	+ 3.09%	+ 3.47%
18	£	£	2,474,167	SONIA	+ 3.80%	+ 4.23%
12	€	€	2,545,497	EURIBOR	+ 3.18%	+ 3.61%
5	Various	$	2,043,886	Other(5)	+ 4.13%	+ 4.41%
166		$	23,635,509		+ 3.31%	+ 3.70%

(1)Total loan exposure reflects our aggregate exposure to each loan investment. As of June 30, 2024, total loan exposure, includes (i) loans with an outstanding principal balance of $23.0 billion that are included in our consolidated financial statements, (ii) $725.4 million of non-consolidated senior interests in loans we have sold, which are not included in our consolidated financial statements, and excludes (iii) $100.6 million of junior loan interests that we have sold, but that remain included in our consolidated financial statements. See Note 2 to our consolidated financial statements for further discussion of loan participations sold.

(2)We use foreign currency forward contracts to protect the value or fix the amount of certain investments or cash flows in terms of the U.S. dollar. We earn forward points on our forward contracts that reflect the interest rate differentials between the applicable base rate for our foreign currency investments and prevailing U.S. interest rates. These forward contracts effectively convert the foreign currency rate exposure for such investments to USD-equivalent interest rates.

(3)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 and nonaccrual methods, if any.

(4)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.

(5)Includes floating rate loans indexed to STIBOR, BBSY, SARON, and CIBOR indices.

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The charts below detail the geographic distribution and types of properties securing our loan portfolio, as of June 30, 2024:

Geographic Diversification

(Net Loan Exposure)(1)

Collateral Diversification

(Net Loan Exposure)(1)(2)

______________

(1)Net loan exposure reflects the amount of each loan that is subject to risk of credit loss to us as of June 30, 2024, which is our total loan exposure net of (i) $725.4 million of non-consolidated senior interests, (ii) $1.1 billion of asset-specific debt, (iii) $76.3 million of cost-recovery proceeds, and (iv) our total loans receivable CECL reserve of $893.9 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. Geographic locations that represent less than 1% of net loan exposure are excluded from the chart above.

(2)Assets with multiple components are proportioned into the relevant collateral types based on the allocated value of each collateral type.

Refer to section VI of this Item 2 for details of our loan portfolio, on a loan-by-loan basis.

Portfolio Management

As of June 30, 2024, 90% of our loans were performing with risk ratings of “1” through “4,” and the remaining 10% were impaired with a risk rating of “5.” Of the performing loans, 99.8%, based on net loan exposure, were in compliance with the contractual terms of each respective loan. We believe this demonstrates the overall strength of our loan portfolio and the commitment and financial wherewithal of our borrowers generally, which are primarily affiliated with large real estate private equity funds and other strong, well-capitalized, and experienced sponsors.

We maintain a robust asset management relationship with our borrowers and utilize these relationships to maximize the performance of our portfolio, including during periods of volatility. We believe that we benefit from these relationships and from our long-standing core business model of originating senior loans collateralized by large assets in major markets with experienced, well-capitalized institutional sponsors. Our loan portfolio’s low weighted-average origination LTV is 62.9%, excluding any loans that are impaired and any junior participations sold, as of June 30, 2024. While we believe the principal amounts of our loans are generally adequately protected by underlying collateral value, there is a risk that we will not realize the entire principal value of certain investments. As of June 30, 2024, we had an aggregate $759.4 million asset-

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specific CECL reserve related to 19 of our loans receivable, with an aggregate amortized cost basis of $2.9 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 June 30, 2024.

Our portfolio monitoring and asset management operations benefit from the deep knowledge, experience, and information advantages derived from our position as part of Blackstone’s real estate platform. Blackstone has built the world's preeminent global real estate business, with a proven track record of successfully navigating market cycles and emerging stronger through periods of volatility. The market-leading real estate expertise derived from the strength of the Blackstone platform deeply informs our credit and underwriting process, and gives us the tools to expertly asset manage our portfolio and work with our borrowers throughout periods of economic stress and uncertainty.

As discussed in Note 2 to our consolidated financial statements, we perform a quarterly review of our loan portfolio, assesses the performance of each loan, and assigns it a risk rating between “1” and “5”, from less risk to greater risk. Our loan portfolio had a weighted-average risk rating of 3.0 as of both June 30, 2024 and December 31, 2023.

The following table allocates the net book value, total loan exposure, and net loan exposure balances based on our internal risk ratings ($ in thousands):

	June 30, 2024
Risk Rating	Number of Loans	Net Book Value		Total Loan Exposure(1)		Net Loan Exposure(2)
1	21	$	1,321,337	$	1,322,499	$	1,321,373
2	27	5,408,385		5,423,892		4,541,982
3	79	10,324,814		10,487,838		9,947,533
4	20	2,879,736		3,384,458		2,821,958
5	19	2,936,576		3,016,822		2,181,184
Loans receivable	166	$	22,870,848	$	23,635,509	$	20,814,030
CECL reserve		(893,938)
Loans receivable, net		$	21,976,910

(1)Total loan exposure reflects our aggregate exposure to each loan investment. As of June 30, 2024, total loan exposure, includes (i) loans with an outstanding principal balance of $23.0 billion that are included in our consolidated financial statements, (ii) $725.4 million of non-consolidated senior interests in loans we have sold, which are not included in our consolidated financial statements, and excludes (iii) $100.6 million of junior loan interests that we have sold, but that remain included in our consolidated financial statements. See Note 2 to our consolidated financial statements 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 June 30, 2024, which is our total loan exposure net of (i) $725.4 million of non-consolidated senior interests, (ii) $1.1 billion of asset-specific debt, (iii) $76.3 million of cost-recovery proceeds, and (iv) our total loans receivable CECL reserve of $893.9 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.

Current Expected Credit Loss Reserve

The CECL reserves required by GAAP reflect our current estimate of potential credit losses related to our loans and notes receivable included in our consolidated balance sheets. Other than a few narrow exceptions, GAAP requires that all financial instruments subject to the CECL model have some amount of loss reserve to reflect the principle underlying the CECL model that all loans and similar assets have some inherent risk of loss, regardless of credit quality, subordinate capital, or other mitigating factors.

During the three months ended June 30, 2024, we recorded an increase of $142.6 million in the CECL reserves against our loans receivable portfolio, primarily related to three new impaired loans, offset by charge-offs of our CECL reserves of $12.5 million, bringing our total loans receivable CECL reserve to $893.9 million as of June 30, 2024. These charge-offs primarily related to one previously impaired loan that was resolved during the three months ended June 30, 2024. The resolution was the result of the repayment of a loan collateralized by an office asset in New York, NY. As of June 30, 2024, the income accrual was suspended on the three additional loans that were impaired as the recovery of income and

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principal was doubtful. During the three months ended June 30, 2024, we recorded $11.1 million of interest income on these three loans.

As of June 30, 2024, we had an aggregate $759.4 million asset-specific CECL reserve related to 19 of our loans receivable, with an aggregate amortized cost basis of $2.9 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 June 30, 2024. No income was recorded on our impaired loans subsequent to determining that they were impaired. During the three and six months ended June 30, 2024, we received an aggregate $18.5 million and $35.3 million, respectively, of cash proceeds from such loans that were applied as a reduction to the amortized cost basis of each respective loan.

As of June 30, 2024, one of our performing loans with an amortized cost basis of $33.0 million was past its current maturity date, was less than 30 days past due on its interest payment, and had a risk rating of “4.” Subsequent to June 30, 2024, we foreclosed on the assets securing this loan and recognized them as REO. This loan was not impaired as of June 30, 2024 as the fair value of the underlying collateral exceeded our basis in the loan. As of June 30, 2024, all other borrowers under performing loans were in compliance 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.

Multifamily Joint Venture

As of June 30, 2024, our multifamily joint venture held $473.2 million of loans, which are included in the loan disclosures above. Refer to Note 2 to our consolidated financial statements for additional discussion of our multifamily joint venture.

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Portfolio Financing

Our portfolio financing consists of secured debt, securitizations, and asset-specific debt. The following table details our portfolio financing ($ in thousands):

	Portfolio Financing Outstanding Principal Balance
	June 30, 2024		December 31, 2023
Secured debt	$	12,110,576	$	12,697,058
Securitizations	2,328,492		2,507,514
Asset-specific debt	1,125,854		1,004,097
Total portfolio financing	$	15,564,922	$	16,208,669

Secured Debt

The following table details our outstanding secured debt ($ in thousands):

	Secured Debt Borrowings Outstanding
	June 30, 2024		December 31, 2023
Secured credit facilities	$	12,110,576	$	12,697,058
Total secured debt	$	12,110,576	$	12,697,058

Secured Credit Facilities

The following table details our secured credit facilities by spread over the applicable base rates as of June 30, 2024 ($ in thousands):

	Six Months Ended June 30, 2024		June 30, 2024
Spread(1)	New Financings(2)		Total Borrowings		Wtd. Avg. All-in Cost(1)(3)(4)		Collateral(5)		Wtd. Avg. All-in Yield(1)(3)		Net Interest  Margin(6)
+ 1.50% or less	$	23,000	$	5,522,099	+1.52	%	$	8,265,569	+3.27	%	+1.75	%
+ 1.51% to + 1.75%	—		2,338,407		+1.81	%	3,226,135		+3.44	%	+1.63	%
+ 1.76% to + 2.00%	—		1,644,666		+2.10	%	2,696,203		+3.85	%	+1.75	%
+ 2.01% or more	434,412		2,605,404		+2.60	%	3,770,438		+4.30	%	+1.70	%
Total	$	457,412	$	12,110,576	+1.89	%	$	17,958,345	+3.60	%	+1.71	%

(1)The spread, all-in cost, and all-in yield are expressed over the relevant floating benchmark rates, which include SOFR, SONIA, EURIBOR, and other indices as applicable.

(2)Represents the amount of new borrowings we obtained approval for during the six months ended June 30, 2024.

(3)In addition to spread, the cost includes the associated deferred fees and expenses related to the respective borrowings. 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. All-in yield excludes loans accounted for under the cost-recovery and nonaccrual methods, if any.

(4)Represents the weighted-average all-in cost as of June 30, 2024 and is not necessarily indicative of the spread applicable to recent or future borrowings.

(5)Represents the principal balance of the collateral assets and the book value of the REO asset.

(6)Represents the difference between the weighted-average all-in yield and weighted-average all-in cost.

Acquisition Facility

We previously had a $100.0 million full recourse secured credit facility that was designed to finance eligible first mortgage originations for up to nine months as a bridge to term financing without obtaining discretionary lender approval. The cost

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of borrowing under the facility was variable, dependent on the type of loan collateral. This facility matured on April 3, 2024.

Securitizations

Securitized Debt Obligations

We have financed certain pools of our loans through collateralized loan obligations, or CLOs. The following table details our securitized debt obligations and the underlying collateral assets that are financed by our CLOs ($ in thousands):

	June 30, 2024
Securitized Debt Obligations		Count	Principal  Balance		Book Value(1)		Wtd. Avg.  Yield/Cost(2)(3)		Term(4)
2021 FL4 Collateralized Loan Obligation
Senior CLO Securities Outstanding		1	$	785,452	$	784,778	+ 1.47	%	May 2038
Underlying Collateral Assets		26	981,703		981,703		+ 3.26	%	March 2026
2020 FL3 Collateralized Loan Obligation
Senior CLO Securities Outstanding		1	689,384		689,384		+ 1.84	%	November 2037
Underlying Collateral Assets		15	880,634		880,634		+ 2.93	%	January 2026
2020 FL2 Collateralized Loan Obligation
Senior CLO Securities Outstanding		1	853,656		853,612		+ 1.36	%	February 2038
Underlying Collateral Assets		15	1,110,530		1,110,530		+ 2.86	%	March 2026
Total
Senior CLO Securities Outstanding(5)		3	$	2,328,492	$	2,327,774	+ 1.54	%
Underlying Collateral Assets		56	$	2,972,867	$	2,972,867	+ 3.00	%

(1)The book value of underlying collateral assets excludes any applicable CECL reserves.

(2)In addition to cash coupon, all-in yield includes the amortization of deferred origination and extension fees, loan origination costs, purchase discounts, and accrual of exit fees.

(3)The weighted-average all-in yield and cost are expressed as a spread over SOFR. All-in yield excludes loans accounted for under the cost-recovery and nonaccrual methods, if any.

(4)Underlying Collateral Assets term represents the weighted-average final maturity of such loans, assuming all extension options are exercised by the borrower. Repayments of securitized debt obligations are tied to timing of the related collateral loan asset repayments. The term of these obligations represents the rated final distribution date of the securitizations.

(5)During the three and six months ended June 30, 2024, we recorded $40.2 million and $81.7 million, respectively, of interest expense related to our securitized debt obligations.

Refer to Note 7 and Note 19 to our consolidated financial statements for additional details of our securitized debt obligations.

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Asset-Specific Debt

The following table details our asset-specific debt ($ in thousands):

	June 30, 2024
Asset-Specific Debt		Count	Principal  Balance		Book Value(1)		Wtd. Avg. Yield/Cost(2)		Wtd. Avg.  Term(3)
Financing provided		2	$	1,125,854	$	1,120,760	+ 3.18	%	May 2026
Collateral assets		2	$	1,342,810	$	1,333,335	+ 4.04	%	May 2026

(1)The book value of underlying collateral assets excludes any applicable CECL reserves.

(2)The weighted-average all-in yield and cost are expressed as a spread over SOFR. These floating rate loans and related liabilities are currency and index-matched to the applicable benchmark rate relevant in each arrangement. In addition to cash coupon, yield/cost includes the amortization of deferred origination fees and financing costs.

(3)The weighted-average term is determined based on the maximum maturity of the corresponding loans, assuming all extension options are exercised by the borrower. Our non-recourse, asset-specific debt is term-matched in each case to the corresponding collateral loans.

Corporate Financing

The following table details our outstanding corporate financing ($ in thousands):

	Corporate Financing Outstanding Principal Balance
	June 30, 2024		December 31, 2023
Term loans	$	2,124,223	$	2,135,221
Senior secured notes	339,918		366,090
Convertible notes	300,000		300,000
Total corporate financing	$	2,764,141	$	2,801,311

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The following table details our outstanding senior term loan facilities, or Term Loans, Senior Secured Notes, and convertible senior notes, or Convertible Notes, as of June 30, 2024 ($ in thousands):

Corporate Financing	Face Value		Interest Rate(1)		All-in Cost(1)(2)		Maturity
Term Loans
B-1 Term Loan	$	906,096	+ 2.36	%	+ 2.65	%	April 23, 2026
B-3 Term Loan	408,829		+ 2.86	%	+ 3.54	%	April 23, 2026
B-4 Term Loan	809,298		+ 3.50	%	+ 4.11	%	May 9, 2029
Total term loans	$	2,124,223
Senior Secured Notes
Senior Secured Notes	$	339,918	3.75	%	4.02	%	January 15, 2027
Convertible Notes Issuance
Convertible Notes(3)	$	300,000	5.50	%	5.94	%	March 15, 2027
Total corporate financings	$	2,764,141

(1)The B-3 Term Loan and the B-4 Term Loan borrowings are subject to a floor of 0.50%. The Term Loans are indexed to one-month SOFR.

(2)Includes issue discounts, transaction expenses, and/or issuance costs, as applicable, that are amortized through interest expense over the life of each respective financing.

(3)The conversion price of the Convertible Notes is $36.27, which represents the price of class A common stock per share based on a conversion rate of 27.5702. The conversion rate represents the number of shares of class A common stock issuable per $1,000 principal amount of Convertible Notes. The cumulative dividend threshold has not been exceeded as of June 30, 2024.

During the six months ended June 30, 2024, we repurchased an aggregate principal amount of $26.2 million of the Senior Secured Notes at a weighted-average price of 88%. This resulted in a gain on extinguishment of debt of $3.0 million during the six months ended June 30, 2024.

Refer to Note 2, Note 10, Note 11, and Note 12 to our consolidated financial statements for additional discussion of our Term Loans, Senior Secured Notes, and Convertible Notes.

Floating Rate Portfolio

Generally, our business model is such that rising interest rates will increase our net income, while declining interest rates will decrease net income. As of June 30, 2024, all of our loans by total loan exposure earned a floating rate of interest and were financed with liabilities that pay interest at floating rates, which resulted in an amount of net equity that is positively correlated to rising interest rates, subject to the impact of interest rate floors on certain of our floating rate loans.

Our liabilities are generally currency and index-matched to each collateral asset, resulting in a net exposure to movements in benchmark rates that varies by currency silo based on the relative proportion of floating rate assets and liabilities.

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The following table details our investment portfolio’s exposure to interest rates by currency as of June 30, 2024 (amounts in thousands):

	USD		GBP		EUR		All Other(1)
Floating rate loans(2)(3)(4)(5)(6)	$	11,993,797	£	2,474,167	€	2,545,497	$	2,043,886
Floating rate portfolio financings(2)(5)(7)	(9,629,433)		(1,860,420)		(1,851,889)		(1,599,058)
Floating rate corporate financings(8)	(2,124,223)		—		—		—
Net floating rate exposure	$	240,141	£	613,747	€	693,608	$	444,828
Net floating rate exposure in USD(9)	$	240,141	$	776,082	$	743,062	$	444,828

(1)Includes Australian Dollar, Danish Krone, Swedish Krona, and Swiss Franc currencies.

(2)Our floating rate loans and related liabilities are currency and index-matched to the applicable benchmark rate relevant in each arrangement.

(3)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.

(4)Excludes $3.0 billion of floating rate impaired loans.

(5)Excludes $725.4 million of non-consolidated senior interests and $100.6 million of loan participations sold, as of June 30, 2024. Our non-consolidated senior interests and loan participations sold are structurally non-recourse and term-matched to the corresponding loans, and have no impact on our net floating rate exposure.

(6)Our loan agreements generally require our borrowers to purchase interest rate caps, which mitigates our borrowers’ exposure to an increase in interest rates.

(7)Includes amounts outstanding under secured debt, securitizations, and asset-specific debt.

(8)Includes amounts outstanding under Term Loans.

(9)Represents the U.S. dollar equivalent as of June 30, 2024.

In addition to the risks related to fluctuations in cash flows and asset values associated with movements in interest rates, there is also the risk of non-performance on floating rate assets. In the case of a significant increase in interest rates, the cash flows of the collateral real estate assets may not be sufficient to pay debt service due under our loans, which may contribute to non-performance or, in severe cases, default. This risk is partially mitigated by our consideration of rising rate stress-testing during our underwriting process, which generally includes a requirement for our borrower to purchase an interest rate cap contract with an unaffiliated third party, provide an interest reserve deposit, and/or provide interest guarantees or other structural protections. As of June 30, 2024, 95% of our performing loans have interest rate caps, with a weighted-average strike price of 3.3%, or interest guarantees. During the six months ended June 30, 2024, interest rate caps on $8.1 billion of performing loans, with a 3.4% weighted-average strike price, expired and 94% were replaced with new interest rate caps, with a weighted-average strike price of 3.5%, or interest guarantees.

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III. Our Results of Operations

Operating Results

The following table sets forth information regarding our consolidated results of operations for the three months ended June 30, 2024 and March 31, 2023 ($ in thousands, except per share data):

	Three Months Ended				Change
	June 30, 2024		March 31, 2024		$
Income from loans and other investments
Interest and related income	$	466,152	$	486,122	$	(19,970)
Less: Interest and related expenses	339,380		343,730		(4,350)
Income from loans and other investments, net	126,772		142,392		(15,620)
Other expenses
Management and incentive fees	18,726		18,927		(201)
General and administrative expenses	13,660		13,728		(68)
Total other expenses	32,386		32,655		(269)
Increase in current expected credit loss reserve	(152,408)		(234,868)		82,460
Gain on extinguishment of debt	—		2,963		(2,963)
Net expense from real estate owned	(963)		—		(963)
Loss before income taxes	(58,985)		(122,168)		63,183
Income tax provision	1,217		1,002		215
Net loss	(60,202)		(123,170)		62,968
Net income attributable to non-controlling interests	(855)		(668)		(187)
Net loss attributable to Blackstone Mortgage Trust, Inc.	$	(61,057)	$	(123,838)	$	62,781
Net loss per share of common stock, basic and diluted	$	(0.35)	$	(0.71)	$	0.36
Weighted-average shares of common stock outstanding, basic and diluted	173,967,340		174,041,630		(74,290)
Dividends declared per share	$	0.62	$	0.62	$	—

Income from loans and other investments, net

Income from loans and other investments, net decreased $15.6 million during the three months ended June 30, 2024 compared to the three months ended March 31, 2024. The decrease was primarily due to a decline in interest income related to additional loans accounted for under the cost-recovery method during the three months ended June 30, 2024. This was offset by a decrease in the weighted-average principal balance of our outstanding financing arrangements by $264.7 million for the three months ended June 30, 2024 compared to the three months ended March 31, 2024.

Other expenses

Other expenses include management and incentive fees payable to our Manager and general and administrative expenses. Other expenses decreased by $269,000 during the three months ended June 30, 2024 compared to the three months ended March 31, 2024 primarily due to a decrease in management fees payable to our Manager. Additionally, there was a decrease of $150,000 of non-cash restricted stock amortization related to shares awarded under our long-term incentive plans as a result of forfeitures.

Changes in current expected credit loss reserve

During the three months ended June 30, 2024, we recorded a $152.4 million increase in our CECL reserves, as compared to a $234.9 million increase during the three months ended March 31, 2024. These increases in CECL reserves primarily reflect certain impaired loans in our portfolio.

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Gain on extinguishment of debt

During the three months ended March 31, 2024 we recognized a gain on extinguishment of debt of $3.0 million related to the repurchase of an aggregate principal amount of $26.2 million of our Senior Secured Notes. During the three months ended June 30, 2024, there was no repurchase activity or gain on extinguishment of debt.

Net expense from real estate owned

During the three months ended June 30, 2024, we recognized net expense from REO of $963,000, which primarily relates to operating expenses and depreciation expense. We did not earn any income or incur any expense from REO during the three months ended March 31, 2024.

Income tax provision

The income tax provision increased by $215,000 during the three months ended June 30, 2024 compared to the three months ended March 31, 2024 primarily due to an increase in the income tax provisions related to our taxable REIT subsidiaries.

Dividends per share

During the three months ended June 30, 2024, we declared dividends of $0.62 per share, or $107.6 million in aggregate. During the three months ended March 31, 2024, we declared dividends of $0.62 per share, or $107.7 million in aggregate.

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The following table sets forth information regarding our consolidated results of operations for the six months ended June 30, 2024 and 2023 ($ in thousands, except per share data):

	Six Months Ended June 30,				Change
	2024		2023		$
Income from loans and other investments
Interest and related income	$	952,275	$	1,013,276	$	(61,001)
Less: Interest and related expenses	683,110		661,746		21,364
Income from loans and other investments, net	269,165		351,530		(82,365)
Other expenses
Management and incentive fees	37,653		63,865		(26,212)
General and administrative expenses	27,388		25,887		1,501
Total other expenses	65,041		89,752		(24,711)
Increase in current expected credit loss reserve	(387,277)		(37,630)		(349,647)
Gain on extinguishment of debt	2,963		—		2,963
Net expense from real estate owned	(963)		—		(963)
(Loss) income before income taxes	(181,153)		224,148		(405,301)
Income tax provision	2,219		3,095		(876)
Net (loss) income	(183,372)		221,053		(404,425)
Net income attributable to non-controlling interests	(1,523)		(1,645)		122
Net (loss) income attributable to Blackstone Mortgage Trust, Inc.	$	(184,895)	$	219,408	$	(404,303)
Net (loss) income per share of common stock
Basic	$	(1.06)	$	1.27	$	(2.33)
Diluted	$	(1.06)	$	1.25	$	(2.31)
Weighted-average shares of common stock outstanding
Basic	174,004,464		172,606,914		1,397,550
Diluted	174,004,464		180,877,974		(6,873,510)
Dividends declared per share	$	1.24	$	1.24	$	—

Income from loans and other investments, net

Income from loans and other investments, net decreased $82.4 million during the six months ended June 30, 2024 compared to the six months ended June 30, 2023. The decrease was primarily due to a decline in interest income related to additional loans accounted for under the cost-recovery method for the six months ended June 30, 2024. This was offset by an increase in floating rate indices during the six months ended June 30, 2024, as compared to the six months ended June 30, 2023.

Other expenses

Other expenses include management and incentive fees payable to our Manager and general and administrative expenses. Other expenses decreased by $24.7 million during the six months ended June 30, 2024 compared to the six months ended June 30, 2023 due to a decrease of $26.7 million of incentive fees payable to our Manager, driven primarily by charge-offs of CECL reserves. This was offset by (i) a $746,000 increase of operating expenses, (ii) an increase in non-cash restricted stock amortization of $687,000 related to shares awarded under our long-term incentive plans, and (iii) an increase of $444,000 of management fees payable to our Manager, primarily as a result of an increase in our Equity, as defined in our Management Agreement.

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Changes in current expected credit loss reserve

During the six months ended June 30, 2024, we recorded a $387.3 million increase in our CECL reserves, as compared to a $37.6 million increase during the six months ended June 30, 2023. These increases in CECL reserves primarily reflect certain impaired loans in our portfolio.

Gain on extinguishment of debt

During the six months ended June 30, 2024, we recognized a gain on extinguishment of debt of $3.0 million related to the repurchase of an aggregate principal amount of $26.2 million of our Senior Secured Notes. There was no repurchase activity or gain on extinguishment of debt in the six months ended June 30, 2023.

Net expense from real estate owned

During the six months ended June 30, 2024, we recognized net expense from REO of $963,000, which primarily relates to operating expenses and depreciation expense. We did not earn any income or incur any expense from REO during the six months ended June 30, 2023.

Income tax provision

The income tax provision decreased by $876,000 during the six months ended June 30, 2024 as compared to the six months ended June 30, 2023, due to a decrease in the income tax provisions related to our taxable REIT subsidiaries.

Dividends per share

During the six months ended June 30, 2024, we declared dividends of $1.24 per share, or $215.3 million in aggregate. During six months ended June 30, 2023, we declared dividends of $1.24 per share, or $213.6 million in aggregate.

IV. Liquidity and Capital Resources

Capitalization

We have capitalized our business to date primarily through the issuance and sale of shares of our class A common stock, corporate debt, and asset-level financings. As of June 30, 2024, our capitalization structure included $4.0 billion of common equity, $2.8 billion of corporate debt, and $15.6 billion of asset-level financings. Our $2.8 billion of corporate debt includes $2.1 billion of Term Loan borrowings, $339.9 million of Senior Secured Notes, and $300.0 million of Convertible Notes. Our $15.6 billion of asset-level financings includes $12.1 billion of secured debt, $2.3 billion of securitizations, and $1.1 billion of asset-specific debt, all of which are structured to produce term, currency, and index matched funding with no margin call provisions based upon capital markets events.

As of June 30, 2024, we have $1.6 billion of liquidity that can be used to satisfy our short-term cash requirements and as working capital for our business.

See Notes 6, 7, 8, 9, 10, 11, and 12 to our consolidated financial statements for additional details regarding our secured debt, securitized debt obligations, asset-specific debt, loan participations sold, Term Loans, Senior Secured Notes, and Convertible Notes, respectively.

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Debt-to-Equity Ratio and Total Leverage Ratio

The following table presents our debt-to-equity ratio and total leverage ratio:

	June 30, 2024	December 31, 2023
Debt-to-equity ratios(1)
Debt-to-equity ratio(2)	3.9x	3.7x
Adjusted debt-to-equity ratio(3)	3.2x	3.2x
Total leverage ratios(1)
Total leverage ratio(4)	4.5x	4.3x
Adjusted total leverage ratio(5)	3.7x	3.7x

(1)The debt and leverage amounts included in the calculations above use gross outstanding principal balances, excluding any unamortized deferred financing costs and discounts.

(2)Represents, in each case at period end, (i) total outstanding secured debt, asset-specific debt, Term Loans, Senior Secured Notes, and convertible notes, less cash, to (ii) total equity.

(3)Represents, in each case at period end, (i) total outstanding secured debt, asset-specific debt, Term Loans, Senior Secured Notes, and convertible notes, less cash, to (ii) Adjusted Equity. Adjusted Equity is a non-GAAP financial measure. Refer to “Adjusted Debt-to-Equity Ratio and Adjusted Total Leverage Ratio” below for the definition of Adjusted Equity and a reconciliation to total equity.

(4)Represents, in each case at period end, (i) total outstanding secured debt, securitizations, asset-specific debt, Term Loans, Senior Secured Notes, and convertible notes, less cash, to (ii) total equity.

(5)Represents, in each case at period end, (i) total outstanding secured debt, securitizations, asset-specific debt, Term Loans, Senior Secured Notes, and convertible notes, less cash, to (ii) Adjusted Equity. Adjusted Equity is a non-GAAP financial measure. Refer to “Adjusted Debt-to-Equity Ratio and Adjusted Total Leverage Ratio” below for the definition of Adjusted Equity and a reconciliation to total equity.

Adjusted Debt-to-Equity Ratio and Adjusted Total Leverage Ratio

Our adjusted debt-to-equity and total leverage ratios are measures that are not prepared in accordance with GAAP, as they are calculated using Adjusted Equity, which we define as our total equity, excluding the aggregate CECL reserves on our loans receivable and unfunded loan commitments.

We believe that Adjusted Equity provides meaningful information to consider in addition to our total equity determined in accordance with GAAP in the context of assessing our debt-to-equity and total leverage ratios. The adjusted debt-to-equity and total leverage ratios are metrics we use, in addition to our unadjusted debt-to-equity and total leverage ratios, when evaluating our capitalization structure, as Adjusted Equity excludes the unrealized impact of our CECL reserves, which may vary from quarter-to-quarter as our loan portfolio changes and market and economic conditions evolve. We believe these ratios, and therefore our Adjusted Equity, are useful financial metrics for existing and potential future holders of our class A common stock to consider when evaluating how our business is capitalized and the relative amount of leverage in our business.

Adjusted Equity does not represent our total equity and should not be considered as an alternate to GAAP total equity. In addition, our methodology for calculating Adjusted Equity may differ from methodologies employed by other companies to calculate the same or similar supplemental measures, and accordingly, our reported Adjusted Equity may not be comparable to the Adjusted Equity reported by other companies.

The following table provides a reconciliation of Adjusted Equity to our GAAP total equity ($ in thousands):

	June 30, 2024		December 31, 2023
Total equity	$	4,004,598	$	4,387,504
Add back: aggregate CECL reserves	906,032		592,307
Adjusted Equity	$	4,910,630	$	4,979,811

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Sources of Liquidity

Our primary sources of liquidity include cash and cash equivalents, available borrowings under our secured debt facilities, and net receivables from servicers related to loan repayments, which are set forth in the following table ($ in thousands):

	June 30, 2024		December 31, 2023
Cash and cash equivalents	$	373,876	$	350,014
Available borrowings under secured debt	1,210,324		1,269,111
Loan principal payments held by servicer, net(1)	—		48,287
	$	1,584,200	$	1,667,412

(1)Represents loan principal payments held by our third-party servicer as of the balance sheet date which were remitted to us during the subsequent remittance cycle, net of the related secured debt balance.

During the six months ended June 30, 2024, we generated cash flow from operating activities of $194.8 million and received $1.4 billion from loan principal collections, sales proceeds, and cost-recovery proceeds. Furthermore, we are able to generate incremental liquidity through the replenishment provisions of certain of our CLOs, which allow us to replace a repaid loan in the CLO by increasing the principal amount of existing CLO collateral assets to maintain the aggregate amount of collateral assets in the CLO, and the related financing outstanding.

We have access to further liquidity through public and private offerings of equity and debt securities, syndicated term loans, and similar transactions. To facilitate public offerings, in July 2022, we filed a shelf registration statement with the SEC that is effective for a term of three years and expires in July 2025. The amount of securities to be issued pursuant to this shelf registration statement was not specified when it was filed and there is no specific dollar limit on the amount of securities we may issue. The securities covered by this registration statement include: (i) class A common stock; (ii) preferred stock; (iii) depositary shares representing preferred stock; (iv) debt securities; (v) warrants; (vi) subscription rights; (vii) purchase contracts; and (viii) units consisting of one or more of such securities or any combination of these securities. The specifics of any future offerings, along with the use of proceeds of any securities offered, will be described in detail in a prospectus supplement, or other offering materials, at the time of any offering.

We may also access liquidity through our dividend reinvestment plan and direct stock purchase plan, under which 9,971,796 shares of class A common stock were available for issuance as of June 30, 2024, and our at the market stock offering program, pursuant to which we may sell, from time to time, up to $480.9 million of additional shares of our class A common stock as of June 30, 2024. Refer to Note 14 to our consolidated financial statements for additional details.

Uses of Liquidity

In addition to our loan origination and funding activity and general operating expenses, our primary uses of liquidity include interest and principal payments under our $12.1 billion of outstanding borrowings under secured debt, our asset-specific debt, our Term Loans, our Senior Secured Notes, and our Convertible Notes. From time to time we may also repurchase our outstanding debt or shares of our class A common stock. Such repurchases, if any, will depend on prevailing market conditions, our liquidity requirements, contractual restrictions, and other factors. The amounts involved in any such purchase transactions, individually or in the aggregate, may be material. During the six months ended June 30, 2024, we repurchased an aggregate principal amount of $26.2 million of the Senior Secured Notes at a weighted-average price of 88%. This resulted in a gain on extinguishment of debt of $3.0 million during the six months ended June 30, 2024.

In July 2024, our board of directors authorized the repurchase of up to $150.0 million of our class A common stock. Under the repurchase program, repurchases may be made from time to time in open market transactions, in privately negotiated transactions or otherwise. The timing and the actual amounts repurchased will depend on a variety of factors, including legal requirements, price and economic and market conditions. The repurchase program may be changed, suspended or discontinued at any time and does not have a specified expiration date.

As of June 30, 2024, we had unfunded commitments of $1.8 billion related to 89 loans receivable and $867.5 million of committed or identified financing for those commitments resulting in net unfunded commitments of $958.8 million. The unfunded loan commitments comprise funding for capital expenditures and construction, leasing costs, and interest and carry costs. Loan funding commitments are generally subject to certain conditions, including, without limitation, the progress of capital projects, leasing, and cash flows at the properties securing our loans. Therefore, the exact timing and amounts of such future loan fundings are uncertain and will depend on the current and future performance of the

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underlying collateral assets. We expect to fund our loan commitments over the remaining term of the related loans, which have a weighted-average future funding period of 2.3 years.

Contractual Obligations and Commitments

Our contractual obligations and commitments as of June 30, 2024 were as follows ($ in thousands):

			Payment Timing
	Total Obligation		Less Than 1 Year(1)		1 to 3 Years		3 to 5 Years		More Than 5 Years
Unfunded loan commitments(2)	$	1,826,350	$	677,868	$	641,786	$	142,391	$	364,305
Principal repayments under secured debt(3)	12,110,576		2,600,251		7,414,332		2,095,993		—
Principal repayments under asset-specific debt(3)	1,125,854		877,298		—		—		248,556
Principal repayments of term loans(4)	2,124,223		21,997		1,317,703		784,523		—
Principal repayments of senior secured notes	339,918		—		339,918		—		—
Principal repayments of convertible notes(5)	300,000		—		300,000		—		—
Interest payments(3)(6)	2,628,356		1,086,744		1,220,658		320,321		633
Total(7)	$	20,455,277	$	5,264,158	$	11,234,397	$	3,343,228	$	613,494

(1)Represents known and estimated short-term cash requirements related to our contractual obligations and commitments. Refer to the sources of liquidity section above for our sources of funds to satisfy our short-term cash requirements.

(2)The allocation of our unfunded loan commitments is based on the earlier of the commitment expiration date or the final loan maturity date, however we may be obligated to fund these commitments earlier than such date.

(3)Our secured debt and asset-specific debt agreements are generally term-matched to their underlying collateral. Therefore, the allocation of both principal and interest payments under such agreements is generally allocated based on the maximum maturity date of the collateral loans, assuming all extension options are exercised by the borrower. In limited instances, the maturity date of the respective debt agreement is used.

(4)The Term Loans are partially amortizing, with an amount equal to 1.0% per annum of the initial principal balance due in quarterly installments. Refer to Note 10 to our consolidated financial statements for further details on our Term Loans.

(5)Reflects the outstanding principal balance of convertible notes, excluding any potential conversion premium. Refer to Note 12 to our consolidated financial statements for further details on our convertible notes.

(6)Represents interest payments on our secured debt, asset-specific debt, Term Loans, Senior Secured Notes, and convertible notes. Future interest payment obligations are estimated assuming the interest rates in effect as of June 30, 2024 will remain constant into the future. This is only an estimate as actual amounts borrowed and interest rates will vary over time.

(7)Total does not include $2.3 billion of consolidated securitized debt obligations, $725.4 million of non-consolidated senior interests, and $100.6 million of loan participations sold, as the satisfaction of these liabilities will not require cash outlays from us.

We are also required to settle our foreign exchange and interest rate derivatives with our derivative counterparties upon maturity which, depending on foreign currency exchange and interest rate movements, may result in cash received from or due to such counterparties. The table above does not include these amounts as they are not fixed and determinable. Refer to Note 13 to our consolidated financial statements for details regarding our derivative contracts.

We are required to pay our Manager a base management fee, an incentive fee, and reimbursements for certain expenses pursuant to our Management Agreement. The table above does not include the amounts payable to our Manager under our Management Agreement as they are not fixed and determinable. Refer to Note 15 to our consolidated financial statements for additional terms and details of the fees payable under our Management Agreement.

As a REIT, we generally must distribute substantially all of our net taxable income to stockholders in the form of dividends to comply with the REIT provisions of the Internal Revenue Code. Our taxable income does not necessarily equal our net income as calculated in accordance with GAAP, or our Distributable Earnings as described above.

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Cash Flows

The following table provides a breakdown of the net change in our cash and cash equivalents ($ in thousands):

	Six Months Ended June 30,
	2024		2023
Cash flows provided by operating activities	$	194,793	$	235,635
Cash flows provided by used in investing activities	864,368		741,095
Cash flows used in by financing activities	(1,032,778)		(788,499)
Net increase in cash and cash equivalents	$	26,383	$	188,231

We experienced a net increase in cash and cash equivalents of $26.4 million for the six months ended June 30, 2024, compared to a net increase of $188.2 million for the six months ended June 30, 2023. During the six months ended June 30, 2024, we received $1.7 billion from loan principal collections and sales proceeds, of which $1.4 billion is reflected in our consolidated statement of cash flows prepared in accordance with GAAP, excluding $512.1 million of additional repayments or reduction of loan exposure under related non-consolidated senior interests. Also, during the six months ended June 30, 2024, we (i) funded $626.7 million of loans, (ii) repaid $179.0 million of securitized debt obligations, (iii) repaid a net $475.5 million of secured debt borrowings, and (iv) paid $215.1 million of dividends on our class A common stock.

Refer to Note 3 to our consolidated financial statements for further discussion of our loan activity. Refer to Notes 6, 7, and 14 to our consolidated financial statements for additional discussion of our secured debt, securitized debt obligations, and equity, respectively.

V. Other Items

Income Taxes

We have elected to be taxed as a REIT under the Internal Revenue Code for U.S. federal income tax purposes. We generally must distribute annually at least 90% of our net taxable income, subject to certain adjustments and excluding any net capital gain, in order for U.S. federal income tax not to apply to our earnings. To the extent that we satisfy this distribution requirement, but distribute less than 100% of our net taxable income, we will be subject to U.S. federal income tax on our undistributed taxable income. In addition, we will be subject to a 4% nondeductible excise tax if the actual amount that we pay out to our stockholders in a calendar year is less than a minimum amount specified under U.S. federal tax laws.

Our qualification as a REIT also depends on our ability to meet various other requirements imposed by the Internal Revenue Code, which relate to organizational structure, diversity of stock ownership, and certain restrictions with regard to the nature of our assets and the sources of our income. Even if we qualify as a REIT, we may be subject to certain U.S. federal income and excise taxes and state and local taxes on our income and assets. If we fail to maintain our qualification as a REIT for any taxable year, we may be subject to material penalties as well as federal, state, and local income tax on our taxable income at regular corporate rates and we would not be able to qualify as a REIT for the subsequent four full taxable years. As of June 30, 2024 and December 31, 2023, we were in compliance with all REIT requirements.

Furthermore, our taxable REIT subsidiaries are subject to federal, state, and local income tax on their net taxable income. Refer to Note 16 to our consolidated financial statements for additional discussion of our income taxes.

Critical Accounting Policies

Our discussion and analysis of our financial condition and results of operations is based upon our consolidated financial

statements, which have been prepared in accordance with GAAP. There have been no material changes to our Critical Accounting Policies described in our Annual Report on Form 10-K filed with the SEC on February 14, 2024, other than a supplement to the accounting policy for our real estate owned. Refer to Note 2 to our consolidated financial statements for additional discussion of the accounting policy for our real estate owned.

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Current Expected Credit Losses

The current expected credit loss, or CECL, reserve required under the FASB Accounting Standards Codification, or ASC, Topic 326 “Financial Instruments – Credit Losses,” or ASC 326, reflects our current estimate of potential credit losses related to our portfolio. We estimate our CECL reserves primarily using the Weighted-Average Remaining Maturity, or WARM method, which has been identified as an acceptable loss-rate method for estimating CECL reserves in the Financial Accounting Standards Board Staff Q&A Topic 326, No. 1. Estimating the CECL reserve requires judgment, including the following assumptions:

•Historical loan loss reference data: To estimate the historic loan losses relevant to our portfolio, we have augmented our historical loan performance with market loan loss data licensed from Trepp LLC. This database includes commercial mortgage-backed securities, or CMBS, issued since January 1, 1999 through May 31, 2024. Within this database, we focused our historical loss reference calculations on the most relevant subset of available CMBS data, which we determined based on loan metrics that are most comparable to our loan portfolio including asset type, geography, and origination loan-to-value, or LTV. We believe this CMBS data, which includes month-over-month loan and property performance, is the most relevant, available, and comparable dataset to our portfolio.

•Expected timing and amount of future loan fundings and repayments: Expected credit losses are estimated over the contractual term of each loan, adjusted for expected repayments. As part of our quarterly review of our loan portfolio, we assess the expected repayment date of each loan, which is used to determine the contractual term for purposes of computing our CECL reserves. Additionally, the expected credit losses over the contractual period of our loans are subject to the obligation to extend credit through our unfunded loan commitments. The CECL reserve for unfunded loan commitments is adjusted quarterly, as we consider the expected timing of future funding obligations over the estimated life of the loan. The considerations in estimating our CECL reserve for unfunded loan commitments are similar to those used for the related outstanding loans receivable.

•Current credit quality of our portfolio: Our risk rating is our primary credit quality indicator in assessing our CECL reserves. We perform a quarterly risk review of our portfolio of loans and assign each loan a risk rating based on a variety of factors, including, without limitation, origination LTV, debt yield, property type, geographic and local market dynamics, physical condition, cash flow volatility, leasing and tenant profile, loan structure and exit plan, and project sponsorship.

•Expectations of performance and market conditions: Our CECL reserves are adjusted to reflect our estimation of the current and future economic conditions that impact the performance of the commercial real estate assets securing our loans. These estimations include unemployment rates, interest rates, expectations of inflation and/or recession, and other macroeconomic factors impacting the likelihood and magnitude of potential credit losses for our loans during their anticipated term. In addition to the CMBS data we have licensed from Trepp LLC, we have also licensed certain macroeconomic financial forecasts to inform our view of the potential future impact that broader economic conditions may have on our loan portfolio’s performance. We generally also incorporate information from other sources, including information and opinions available to our Manager, to further inform these estimations. This process requires significant judgments about future events that, while based on the information available to us as of the balance sheet date, are ultimately indeterminate and the actual economic condition impacting our portfolio could vary significantly from the estimates we made as of June 30, 2024.

•Impairment: impairment is indicated when it is deemed probable that we will not be able to collect all amounts due to us pursuant to the contractual terms of the loan. Determining that a loan is impaired requires significant judgment from management and is based on several factors including (i) the underlying collateral performance, (ii) discussions with the borrower, (iii) borrower events of default, and (iv) other facts that impact the borrower’s ability to pay the contractual amounts due under the terms of the loan. If a loan is determined to be impaired, we record the impairment as a component of our CECL reserves by applying the practical expedient for collateral dependent loans. The CECL reserves are assessed on an individual basis for these loans by comparing the estimated fair value of the underlying collateral, less costs to sell, to the book value of the respective loan. These valuations require significant judgments, which include assumptions regarding capitalization rates, discount rates, leasing, creditworthiness of major tenants, occupancy rates, availability and cost of financing, exit plan, loan sponsorship, actions of other lenders, and other factors deemed relevant by us. Actual losses, if any, could ultimately differ materially from these estimates. We only expect to charge-off the impairment losses in our consolidated financial statements prepared in accordance with GAAP if and when such amounts are deemed non-recoverable. This is generally at the time a loan is repaid or foreclosed. However, non-recoverability may also be concluded if, in our determination, it is nearly certain that all amounts due will not be collected.

These assumptions vary from quarter-to-quarter as our loan portfolio changes and market and economic conditions evolve. The sensitivity of each assumption and its impact on the CECL reserves may change over time and from period to period.

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During the six months ended June 30, 2024, our CECL reserves increased by $317.0 million, bringing our total reserves to $906.0 million as of June 30, 2024. See Notes 2 and 3 to our consolidated financial statements for further discussion of our CECL reserves.

Revenue Recognition

Interest income from our loans receivable portfolio is recognized over the life of each investment using the effective interest method and is recorded on the accrual basis. Recognition of fees, premiums, and discounts associated with these investments is deferred and recorded over the term of the loan as an adjustment to yield. Income accrual is generally suspended for loans at the earlier of the date at which payments become 90 days past due or when, in our opinion, recovery of income and principal becomes doubtful. Interest received is then recorded as income or as a reduction in the amortized cost basis, based on the specific facts and circumstances, until accrual is resumed when the loan becomes contractually current and performance is demonstrated to be resumed. In addition, for loans we originate, the related origination expenses are deferred and recognized as a reduction to interest income, however expenses related to loans we acquire are included in general and administrative expenses as incurred.

Real Estate Owned

We may assume legal title or physical possession of the collateral underlying a loan through a foreclosure or the execution of a deed-in-lieu of foreclosure. These real estate acquisitions are classified as real estate owned, or REO, on our consolidated balance sheet and are initially recognized at fair value on the acquisition date in accordance with the ASC Topic 805, “Business Combinations.”

Upon acquisition of REO, we assess the fair value of acquired tangible and intangible assets, which may include land, buildings, tenant improvements, “above-market” and “below-market” leases, acquired in-place leases, other identified intangible assets and assumed liabilities, as applicable, and allocate the fair value to the acquired assets and assumed liabilities. We assess and consider fair value based on estimated cash flow projections that utilize discount and/or capitalization rates that we deem appropriate, as well as other available market information. Estimates of future cash flows are based on a number of factors including the historical operating results, known and anticipated trends, and market and economic conditions. We capitalize acquisition-related costs associated with asset acquisitions.

Real estate assets held for investment, except for land, are depreciated using the straight-line method over the assets’ estimated useful lives of up to 40 years for buildings and 10 years for tenant improvements. Renovations and/or replacements that improve or extend the life of the asset are capitalized and depreciated over their estimated useful lives. The cost of ordinary repairs and maintenance are expensed as incurred.

Real estate assets held for investment are assessed for impairment on a quarterly basis. If the depreciated cost basis of the asset exceeds the undiscounted cash flows, the asset is considered impaired and the depreciated cost basis is reduced to the fair value. The impairment loss is recognized based on the excess of the carrying amount of the asset over its fair value. The evaluation of anticipated future cash flows is highly subjective and is based in part on assumptions regarding future occupancy, rental rates, capital requirements and anticipated holding periods that could differ materially from actual results.

Real estate assets are classified as held for sale in the period when they meet the criteria under ASC Topic 360 “Property, Plant, and Equipment.” Once a real estate asset is classified as held for sale, depreciation is suspended and the asset is reported at the lower of its carrying value or fair value less cost to sell.

As of June 30, 2024, we had one REO asset which was vacant and classified as held for investment.

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VI. Loan Portfolio Details

The following table provides details of our loan portfolio, on a loan-by-loan basis, as of June 30, 2024 ($ in millions):

	Loan Type(1)	Origination Date(2)	Total Loan(3)(4)		Principal Balance(4)		Net Book Value		Cash Coupon(5)		All-in Yield(5)		Maximum Maturity(6)	Location	Property Type	Loan Per SQFT / Unit / Key	Origination LTV(2)		Risk Rating
1	Senior Loan	4/9/2018	$	1,487	$	1,217	$	1,213	+4.24	%	+4.57	%	6/9/2025	New York	Office	$429 / sqft	48	%	2
2	Senior Loan	8/14/2019	1,052		991		989		+3.08	%	+3.72	%	12/23/2024	Dublin - IE	Mixed-Use	$305 / sqft	74	%	3
3	Senior Loan	6/24/2022	882		882		877		+4.75	%	+5.07	%	6/21/2029	Diversified - AU	Hospitality	$402 / sqft	59	%	3
4	Senior Loan	3/22/2018	571		571		570		+3.25	%	+3.31	%	3/15/2026	Diversified - Spain	Mixed-Use	n / a	71	%	4
5	Senior Loan	7/23/2021	480		466		464		+3.60	%	+4.04	%	8/9/2027	New York	Multi	$626,064 / unit	58	%	2
6	Senior Loan	3/30/2021	450		450		448		+3.20	%	+3.41	%	5/15/2026	Diversified - SE	Industrial	$86 / sqft	76	%	2
7	Senior Loan(4)	11/22/2019	483		399		90		+4.31	%	+4.54	%	12/9/2027	Los Angeles	Office	$730 / sqft	69	%	4
8	Senior Loan	12/9/2021	385		374		373		+2.76	%	+3.00	%	12/9/2026	New York	Mixed-Use	$129 / sqft	50	%	2
9	Senior Loan	9/23/2019	372		349		349		+3.00	%	+3.27	%	8/16/2024	Diversified - Spain	Hospitality	$122,206 / key	62	%	2
10	Senior Loan	4/11/2018	345		341		341		+2.25	%	+2.25	%	5/1/2025	New York	Office	$433 / sqft	n/m		5
11	Senior Loan	6/28/2022	675		311		304		+4.60	%	+5.07	%	7/9/2029	Austin	Mixed-Use	$258 / sqft	53	%	3
12	Senior Loan	7/15/2021	310		308		306		+4.25	%	+4.76	%	7/16/2026	Diversified - EUR	Hospitality	$235,484 / key	53	%	3
13	Senior Loan	9/29/2021	312		303		302		+2.81	%	+3.03	%	10/9/2026	Washington, DC	Office	$395 / sqft	66	%	2
14	Senior Loan	10/25/2021	300		300		300		+4.00	%	+4.32	%	10/25/2024	Diversified - AU	Hospitality	$147,930 / key	56	%	1
15	Senior Loan	12/11/2018	356		298		300		+1.75	%	+1.76	%	12/9/2026	Chicago	Office	$252 / sqft	78	%	4
16	Senior Loan	5/6/2022	296		296		294		+3.50	%	+3.79	%	5/6/2027	Diversified - UK	Industrial	$94 / sqft	53	%	2
17	Senior Loan	11/30/2018	286		286		262		+2.43	%	+2.43	%	8/9/2025	New York	Hospitality	$306,870 / key	n/m		5
18	Senior Loan	10/23/2018	290		286		285		+2.86	%	+3.01	%	11/9/2024	Atlanta	Mixed-Use	$266 / sqft	64	%	2
19	Senior Loan	9/30/2021	280		277		277		+2.61	%	+2.88	%	9/30/2026	Dallas	Multi	$146,437 / unit	74	%	3
20	Senior Loan	2/27/2020	273		267		267		+2.70	%	+2.83	%	1/9/2027	New York	Multi	$702,969 / unit	59	%	3
21	Senior Loan	1/11/2019	266		266		266		+5.08	%	+5.06	%	6/14/2028	Diversified - UK	Other	$263 / sqft	74	%	3
22	Senior Loan	6/8/2022	272		266		265		+7.65	%	+7.65	%	6/9/2027	New York	Office	$1,487 / sqft	n/m		5
23	Senior Loan	11/30/2018	260		260		260		+4.80	%	+4.80	%	12/9/2024	San Francisco	Hospitality	$378,454 / key	n/m		5
24	Senior Loan	9/14/2021	259		255		255		+2.61	%	+2.87	%	9/14/2026	Dallas	Multi	$206,610 / unit	72	%	3
25	Senior Loan(4)	11/10/2021	362		244		49		+4.11	%	+4.90	%	12/9/2026	San Francisco	Life Sciences	$462 / sqft	66	%	4
26	Senior Loan	2/23/2022	245		234		233		+2.60	%	+2.84	%	3/9/2027	Reno	Multi	$216,978 / unit	74	%	3
27	Senior Loan	9/30/2021	256		233		233		+7.11	%	+7.11	%	10/9/2028	Chicago	Office	$258 / sqft	n/m		5
28	Senior Loan(7)	9/16/2021	227		227		227		+1.63	%	+1.63	%	11/9/2025	San Francisco	Office	$276 / sqft	53	%	4
29	Senior Loan	12/23/2021	326		225		220		+4.25	%	+4.99	%	6/24/2028	London - UK	Multi	$248,995 / unit	59	%	3
30	Senior Loan	12/22/2016	252		222		216		+10.50	%	+10.50	%	6/9/2028	New York	Mixed-Use	$313 / sqft	n/m		5

continued…

75

	Loan Type(1)	Origination Date(2)	Total Loan(3)(4)		Principal Balance(4)		Net Book Value		Cash Coupon(5)		All-in Yield(5)		Maximum Maturity(6)	Location	Property Type	Loan Per SQFT / Unit / Key	Origination LTV(2)		Risk Rating
31	Senior Loan	7/16/2021	$	231	$	220	$	219	+3.25	%	+3.51	%	2/15/2027	London - UK	Multi	$227,780 / unit	69	%	2
32	Senior Loan	4/23/2021	219		209		203		+3.65	%	+3.65	%	9/9/2024	Washington, DC	Office	$234 / sqft	n/m		5
33	Senior Loan	6/28/2019	207		207		206		+4.00	%	+4.74	%	6/26/2026	London - UK	Office	$499 / sqft	71	%	3
34	Senior Loan	6/27/2019	205		205		205		+2.80	%	+2.94	%	8/15/2026	Berlin - DEU	Office	$431 / sqft	62	%	4
35	Senior Loan	1/26/2022	338		187		184		+4.10	%	+4.74	%	2/9/2027	Seattle	Office	$392 / sqft	56	%	3
36	Senior Loan	9/25/2019	186		186		186		+4.47	%	+4.84	%	9/26/2024	London - UK	Office	$867 / sqft	72	%	3
37	Senior Loan	11/23/2018	185		185		185		+2.68	%	+3.30	%	8/15/2024	Diversified - UK	Office	$1,143 / sqft	50	%	3
38	Senior Loan(8)	7/23/2021	244		184		183		-1.30	%	-0.92	%	8/9/2028	New York	Office	$596 / sqft	53	%	4
39	Senior Loan(4)	3/17/2022	224		183		233		+2.72	%	+2.87	%	6/30/2025	London - UK	Office	$821 / sqft	50	%	3
40	Senior Loan	7/29/2022	201		182		180		+4.60	%	+5.60	%	7/27/2027	London - UK	Industrial	$240 / sqft	52	%	3
41	Senior Loan	2/15/2022	191		181		178		+2.90	%	+2.90	%	3/9/2027	Denver	Office	$361 / sqft	n/m		5
42	Senior Loan	5/13/2021	199		178		178		+3.66	%	+3.92	%	6/9/2026	Boston	Life Sciences	$904 / sqft	64	%	3
43	Senior Loan	1/27/2022	178		177		177		+3.10	%	+3.40	%	2/9/2027	Dallas	Multi	$115,681 / unit	71	%	3
44	Senior Loan	3/9/2022	171		171		170		+2.95	%	+3.17	%	8/15/2027	Diversified - UK	Retail	$145 / sqft	55	%	2
45	Senior Loan(4)	3/29/2022	224		169		33		+4.50	%	+5.60	%	4/9/2027	Miami	Multi	$286,976 / unit	72	%	3
46	Senior Loan	10/7/2021	165		161		158		+3.25	%	+3.25	%	10/9/2025	Los Angeles	Office	$328 / sqft	n/m		5
47	Senior Loan	5/27/2021	184		159		158		+2.31	%	+2.57	%	6/9/2026	Atlanta	Office	$133 / sqft	66	%	3
48	Senior Loan	9/30/2021	184		157		156		+4.00	%	+4.67	%	9/30/2026	Diversified - Spain	Hospitality	$135,858 / key	60	%	3
49	Senior Loan	12/21/2021	156		156		156		+2.83	%	+3.15	%	4/29/2027	London - UK	Industrial	$317 / sqft	67	%	3
50	Senior Loan	1/17/2020	203		156		156		+3.12	%	+3.39	%	2/9/2025	New York	Mixed-Use	$129 / sqft	43	%	3
51	Senior Loan	3/7/2022	156		156		156		+3.45	%	+3.63	%	6/9/2026	Los Angeles	Hospitality	$624,000 / key	64	%	3
52	Senior Loan	6/4/2018	153		153		152		+4.00	%	+4.24	%	6/9/2025	New York	Hospitality	$251,647 / key	52	%	3
53	Senior Loan	8/31/2017	152		152		152		+2.62	%	+2.62	%	9/9/2026	Orange County	Office	$176 / sqft	58	%	4
54	Senior Loan	1/7/2022	155		152		152		+3.70	%	+3.97	%	1/9/2027	Fort Lauderdale	Office	$392 / sqft	55	%	1
55	Senior Loan	2/20/2019	154		149		149		+4.62	%	+4.91	%	2/19/2025	London - UK	Office	$599 / sqft	61	%	3
56	Senior Loan(4)	9/30/2021	145		145		195		+2.96	%	+3.38	%	10/9/2026	Boca Raton	Multi	$396,175 / unit	58	%	3
57	Senior Loan	11/18/2021	143		143		143		+3.25	%	+3.51	%	11/18/2026	London - UK	Other	$180 / sqft	65	%	2
58	Senior Loan	12/20/2019	142		142		142		+3.22	%	+3.44	%	12/18/2026	London - UK	Office	$721 / sqft	75	%	4
59	Senior Loan	3/10/2020	140		140		139		+3.10	%	+3.10	%	10/11/2024	New York	Mixed-Use	$854 / sqft	n/m		5
60	Senior Loan	2/25/2022	135		135		134		+4.05	%	+4.43	%	2/25/2027	Copenhagen - DK	Industrial	$76 / sqft	69	%	1

continued…

76

	Loan Type(1)	Origination Date(2)	Total Loan(3)(4)		Principal Balance(4)		Net Book Value		Cash Coupon(5)		All-in Yield(5)		Maximum Maturity(6)	Location	Property Type	Loan Per SQFT / Unit / Key	Origination LTV(2)		Risk Rating
61	Senior Loan	8/24/2021	$	156	$	133	$	133	+2.71	%	+3.03	%	9/9/2026	San Jose	Office	$317 / sqft	65	%	4
62	Senior Loan	12/15/2021	146		131		130		+2.92	%	+4.23	%	12/9/2026	Dublin - IE	Multi	$327,452 / unit	79	%	3
63	Senior Loan	9/14/2021	132		129		129		+2.81	%	+3.07	%	10/9/2026	San Bernardino	Multi	$260,871 / unit	75	%	4
64	Senior Loan	6/30/2022	127		127		127		+3.75	%	+3.93	%	9/30/2025	Canberra - AU	Hospitality	$246,078 / key	60	%	2
65	Senior Loan	5/20/2021	150		126		117		+3.76	%	+3.76	%	6/9/2026	San Jose	Office	$322 / sqft	n/m		5
66	Senior Loan	3/28/2022	130		122		122		+2.55	%	+2.80	%	4/9/2027	Miami	Office	$331 / sqft	69	%	3
67	Senior Loan	4/6/2021	123		122		122		+7.31	%	+7.31	%	8/9/2024	Los Angeles	Office	$501 / sqft	n/m		5
68	Senior Loan	6/1/2021	120		120		120		+2.96	%	+3.11	%	6/9/2026	Miami	Multi	$298,507 / unit	61	%	2
69	Senior Loan	8/27/2021	122		120		120		+3.11	%	+3.41	%	9/9/2026	San Diego	Retail	$453 / sqft	58	%	3
70	Senior Loan	12/21/2021	120		118		118		+2.70	%	+3.00	%	1/9/2027	Washington, DC	Office	$405 / sqft	68	%	3
71	Senior Loan	4/29/2022	118		118		118		+3.50	%	+3.77	%	2/18/2027	Napa Valley	Hospitality	$1,240,799 / key	66	%	3
72	Senior Loan	7/15/2019	138		117		117		+3.01	%	+3.43	%	8/9/2024	Houston	Office	$211 / sqft	58	%	4
73	Senior Loan	10/21/2021	114		114		114		+3.01	%	+4.14	%	11/9/2025	Fort Lauderdale	Multi	$334,311 / unit	64	%	2
74	Senior Loan	12/10/2021	135		113		113		+3.11	%	+3.42	%	1/9/2027	Miami	Office	$377 / sqft	49	%	2
75	Senior Loan	3/29/2021	111		111		111		+4.02	%	+4.28	%	3/29/2026	Diversified - UK	Multi	$48,620 / unit	61	%	3
76	Senior Loan	6/28/2019	109		109		109		+3.75	%	+4.01	%	2/1/2026	Los Angeles	Studio	$551 / sqft	48	%	3
77	Senior Loan(4)	12/30/2021	228		109		21		+4.00	%	+4.97	%	1/9/2028	Los Angeles	Multi	$312,085 / unit	50	%	3
78	Senior Loan	12/29/2021	110		108		108		+2.85	%	+3.06	%	1/9/2027	Phoenix	Multi	$185,641 / unit	64	%	3
79	Senior Loan	3/13/2018	108		108		107		+3.11	%	+3.36	%	4/9/2027	Honolulu	Hospitality	$166,803 / key	50	%	3
80	Senior Loan	2/15/2022	106		105		105		+2.85	%	+3.19	%	3/9/2027	Tampa	Multi	$241,437 / unit	73	%	2
81	Senior Loan	3/29/2022	103		103		103		+2.70	%	+2.96	%	4/9/2027	Miami	Multi	$286,439 / unit	75	%	4
82	Senior Loan	11/27/2019	104		102		102		+2.86	%	+3.12	%	12/9/2024	Minneapolis	Office	$93 / sqft	64	%	4
83	Senior Loan	10/1/2021	101		100		100		+2.86	%	+3.13	%	10/1/2026	Phoenix	Multi	$231,021 / unit	77	%	4
84	Senior Loan	6/18/2021	99		99		98		+2.71	%	+2.95	%	7/9/2026	New York	Industrial	$51 / sqft	55	%	1
85	Senior Loan	1/30/2020	99		98		98		+3.50	%	+3.68	%	2/9/2027	Honolulu	Hospitality	$265,497 / key	63	%	3
86	Senior Loan	10/28/2021	96		96		95		+3.00	%	+3.35	%	11/9/2026	Philadelphia	Multi	$352,399 / unit	79	%	3
87	Senior Loan	12/21/2018	98		95		90		+2.71	%	+2.71	%	12/9/2024	Chicago	Office	$185 / sqft	n/m		5
88	Senior Loan	10/27/2021	93		93		93		+2.61	%	+2.81	%	11/9/2026	Orlando	Multi	$155,612 / unit	75	%	3
89	Senior Loan	3/3/2022	92		92		92		+3.45	%	+3.76	%	3/9/2027	Boston	Hospitality	$418,182 / key	64	%	2
90	Senior Loan	3/25/2020	91		91		91		+2.40	%	+2.66	%	3/31/2025	Diversified - NL	Multi	$109,436 / unit	65	%	2

continued…

77

	Loan Type(1)	Origination Date(2)	Total Loan(3)(4)		Principal Balance(4)		Net Book Value		Cash Coupon(5)		All-in Yield(5)		Maximum Maturity(6)	Location	Property Type	Loan Per SQFT / Unit / Key	Origination LTV(2)		Risk Rating
91	Senior Loan	12/22/2021	$	91	$	91	$	90	+3.18	%	+3.44	%	1/9/2027	Las Vegas	Multi	$205,682 / unit	65	%	3
92	Senior Loan	12/15/2021	91		90		90		+2.96	%	+3.22	%	1/9/2027	Charlotte	Multi	$256,393 / unit	76	%	4
93	Senior Loan	10/16/2018	88		88		88		+7.36	%	+7.36	%	11/9/2024	San Francisco	Hospitality	$191,807 / key	n/m		5
94	Senior Loan	6/14/2022	106		87		86		+2.95	%	+3.30	%	7/9/2027	San Francisco	Mixed-Use	$180 / sqft	76	%	3
95	Senior Loan	12/15/2021	87		87		86		+3.25	%	+3.54	%	12/15/2026	Melbourne - AU	Multi	$63,477 / bed	38	%	1
96	Senior Loan	6/27/2019	88		86		86		+2.75	%	+2.99	%	7/9/2024	West Palm Beach	Office	$296 / sqft	70	%	2
97	Senior Loan	6/25/2021	85		85		86		+2.86	%	+3.31	%	7/1/2026	St. Louis	Multi	$80,339 / unit	70	%	3
98	Senior Loan	3/9/2022	92		85		84		+2.90	%	+2.90	%	3/9/2025	Boston	Office	$223 / sqft	n/m		5
99	Senior Loan	7/29/2021	82		82		82		+2.76	%	+3.08	%	8/9/2026	Charlotte	Multi	$223,365 / unit	78	%	3
100	Senior Loan	8/27/2021	79		78		78		+4.10	%	+4.35	%	9/9/2026	Diversified - US	Hospitality	$116,065 / key	67	%	3
101	Senior Loan	11/23/2021	92		77		77		+2.85	%	+3.17	%	12/9/2026	Los Angeles	Industrial	$219 / sqft	66	%	3
102	Senior Loan	12/21/2021	74		72		72		+2.70	%	+3.06	%	1/9/2027	Tampa	Multi	$212,924 / unit	77	%	3
103	Senior Loan	8/14/2019	70		70		70		+2.56	%	+2.80	%	9/9/2024	Los Angeles	Office	$684 / sqft	57	%	3
104	Senior Loan	10/28/2021	69		69		69		+2.66	%	+2.86	%	11/9/2026	Tacoma	Multi	$209,864 / unit	70	%	3
105	Senior Loan	8/17/2022	76		68		68		+3.35	%	+3.83	%	8/17/2027	Dublin - IE	Industrial	$106 / sqft	72	%	3
106	Senior Loan	8/16/2022	67		66		66		+4.75	%	+5.19	%	8/16/2027	London - UK	Hospitality	$490,841 / key	64	%	3
107	Senior Loan	7/30/2021	67		66		66		+2.61	%	+2.87	%	8/9/2026	Los Angeles	Multi	$171,069 / unit	70	%	1
108	Senior Loan	3/24/2022	65		65		65		+3.50	%	+3.59	%	4/1/2027	Fairfield	Multi	$406,250 / unit	70	%	3
109	Senior Loan	3/31/2022	70		65		65		+2.80	%	+3.14	%	4/9/2027	Las Vegas	Multi	$142,379 / unit	71	%	3
110	Senior Loan	12/17/2021	65		65		64		+4.35	%	+4.59	%	1/9/2026	Diversified - US	Other	$4,886 / unit	37	%	1
111	Senior Loan	7/30/2021	62		62		62		+2.86	%	+3.06	%	8/9/2026	Salt Lake City	Multi	$224,185 / unit	73	%	3
112	Senior Loan	4/15/2021	66		61		60		+3.06	%	+3.06	%	5/9/2026	Austin	Office	$296 / sqft	n/m		5
113	Senior Loan	6/30/2021	65		61		61		+2.95	%	+3.23	%	7/9/2026	Nashville	Office	$250 / sqft	71	%	4
114	Senior Loan	12/10/2020	61		58		58		+3.30	%	+3.55	%	1/9/2026	Fort Lauderdale	Office	$202 / sqft	68	%	3
115	Senior Loan	4/26/2024	69		58		57		+4.95	%	+5.62	%	5/9/2029	Bermuda	Hospitality	$659,091 / key	39	%	3
116	Senior Loan	12/17/2021	58		58		58		+2.65	%	+2.85	%	1/9/2027	Phoenix	Multi	$209,601 / unit	69	%	3
117	Senior Loan	2/1/2022	79		58		57		+4.50	%	+6.68	%	2/1/2027	Diversified - UK	Life Sciences	$446 / sqft	45	%	3
118	Senior Loan	6/14/2021	58		58		58		+2.30	%	+2.30	%	3/9/2027	Miami	Office	$122 / sqft	65	%	3
119	Senior Loan	1/21/2022	68		55		54		+3.70	%	+3.70	%	2/9/2027	Denver	Office	$327 / sqft	n/m		5
120	Mezzanine Loan(9)	8/31/2017	64		55		38		+2.62	%	+2.62	%	9/9/2026	Orange County	Office	$239 / sqft	n/m		5

continued…

78

	Loan Type(1)	Origination Date(2)	Total Loan(3)(4)		Principal Balance(4)		Net Book Value		Cash Coupon(5)		All-in Yield(5)		Maximum Maturity(6)	Location	Property Type	Loan Per SQFT / Unit / Key	Origination LTV(2)		Risk Rating
121	Senior Loan	12/22/2021	$	55	$	55	$	55	+2.82	%	+2.96	%	1/1/2027	Los Angeles	Multi	$272,500 / unit	68	%	3
122	Senior Loan	8/22/2019	54		54		54		+2.66	%	+2.89	%	9/9/2024	Los Angeles	Office	$310 / sqft	63	%	3
123	Senior Loan	12/14/2018	54		54		54		+3.01	%	+3.28	%	1/9/2025	Diversified - US	Industrial	$40 / sqft	57	%	1
124	Senior Loan	8/5/2021	57		54		54		+2.96	%	+3.24	%	8/9/2026	Denver	Office	$203 / sqft	70	%	3
125	Senior Loan	12/9/2021	51		51		51		+2.75	%	+2.89	%	1/1/2027	Portland	Multi	$241,825 / unit	65	%	3
126	Senior Loan	2/17/2021	53		51		51		+3.66	%	+3.86	%	3/9/2026	Miami	Multi	$290,985 / unit	64	%	2
127	Senior Loan	7/28/2021	53		51		51		+2.75	%	+3.07	%	8/9/2026	Los Angeles	Multi	$289,325 / unit	71	%	3
128	Senior Loan	4/7/2022	57		50		50		+3.25	%	+3.54	%	4/9/2027	Denver	Office	$148 / sqft	59	%	4
129	Senior Loan	9/23/2021	49		49		49		+2.75	%	+2.86	%	10/1/2026	Portland	Multi	$232,938 / unit	65	%	3
130	Senior Loan	7/20/2021	48		48		48		+2.86	%	+3.21	%	8/9/2026	Los Angeles	Multi	$366,412 / unit	60	%	3
131	Senior Loan	10/21/2022	47		47		46		+4.14	%	+4.51	%	10/18/2027	Diversified - DEU	Industrial	$64 / sqft	74	%	2
132	Senior Loan	12/29/2021	47		47		47		+2.85	%	+2.96	%	1/1/2027	Dallas	Multi	$155,000 / unit	73	%	3
133	Senior Loan	11/30/2016	55		46		46		+3.33	%	+3.66	%	12/9/2025	Chicago	Retail	$804 / sqft	54	%	4
134	Senior Loan	7/30/2021	45		45		45		+2.75	%	+2.86	%	8/1/2026	Portland	Multi	$227,665 / unit	64	%	3
135	Senior Loan	12/8/2021	48		44		43		+2.75	%	+2.96	%	12/9/2026	Columbus	Multi	$142,806 / unit	69	%	3
136	Senior Loan	7/29/2021	42		42		42		+2.86	%	+3.06	%	8/9/2026	Las Vegas	Multi	$167,113 / unit	72	%	2
137	Senior Loan	11/3/2021	41		41		41		+2.71	%	+3.05	%	11/9/2026	Washington, DC	Multi	$137,788 / unit	68	%	1
138	Senior Loan	12/23/2021	42		41		41		+3.30	%	+3.45	%	1/1/2027	Dallas	Multi	$110,522 / unit	65	%	3
139	Senior Loan	10/1/2019	38		38		39		+3.80	%	+4.05	%	10/9/2025	Atlanta	Hospitality	$216,005 / key	74	%	3
140	Senior Loan	3/31/2022	42		38		38		+2.80	%	+3.15	%	4/9/2027	Las Vegas	Multi	$149,146 / unit	72	%	3
141	Senior Loan	2/26/2021	36		36		36		+3.50	%	+3.74	%	3/9/2026	Austin	Multi	$196,228 / unit	64	%	1
142	Senior Loan	5/12/2021	36		36		36		+2.96	%	+3.94	%	6/9/2026	San Bernardino	Multi	$167,704 / unit	66	%	1
143	Senior Loan	12/23/2021	36		36		35		+1.71	%	+2.61	%	11/15/2025	New York	Multi	$174,795 / unit	68	%	2
144	Senior Loan	6/29/2021	40		36		36		+3.70	%	+3.70	%	7/1/2025	Memphis	Multi	$96,431 / unit	54	%	3
145	Senior Loan	12/23/2021	35		35		35		+2.90	%	+3.19	%	1/1/2025	Jersey City	Multi	$111,645 / unit	46	%	2
146	Senior Loan	9/1/2021	36		35		35		+2.86	%	+3.14	%	9/9/2026	Phoenix	Multi	$127,416 / unit	70	%	2
147	Senior Loan	11/3/2021	35		35		36		+2.71	%	+3.05	%	11/9/2026	Dallas	Multi	$175,495 / unit	54	%	1
148	Senior Loan	3/1/2022	35		35		34		+3.00	%	+3.34	%	3/9/2027	Los Angeles	Multi	$372,340 / unit	72	%	3
149	Senior Loan	12/23/2021	35		35		35		+2.76	%	+2.88	%	4/26/2025	Corvallis	Multi	$97,152 / Unit	71	%	1
150	Senior Loan	12/23/2021	35		35		35		+3.11	%	+3.33	%	2/1/2026	New York	Office	$247 / sqft	30	%	3

continued…

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	Loan Type(1)	Origination Date(2)	Total Loan(3)(4)		Principal Balance(4)		Net Book Value		Cash Coupon(5)		All-in Yield(5)		Maximum Maturity(6)	Location	Property Type	Loan Per SQFT / Unit / Key	Origination LTV(2)		Risk Rating
151 - 166	Senior Loan	Various	$	414	$	406	$	405	+3.71	%	+3.97	%	1.6 yrs	Various	Various	Various	56	%	2.2
	CECL reserve						(894)
	Loans receivable, net		$	25,754	$	23,636	$	21,977	+3.31	%	+3.70	%	2.1 yrs				63	%	3.0

(1)Senior loans include senior mortgages and similar credit quality loans, including related contiguous subordinate loans and pari passu participations in senior mortgage loans.

(2)Date loan was originated or acquired by us, and the LTV as of such date, excluding any loans that are impaired and any junior participations sold. Origination dates are subsequently updated to reflect material loan modifications.

(3)Total loan amount reflects outstanding principal balance as well as any related unfunded loan commitment.

(4)Total loan exposure reflects our aggregate exposure to each loan investment. As of June 30, 2024, total loan exposure, includes (i) loans with an outstanding principal balance of $23.0 billion that are included in our consolidated financial statements, (ii) $725.4 million of non-consolidated senior interests in loans we have sold, which are not included in our consolidated financial statements, and excludes (iii) $100.6 million of junior loan interests that we have sold, but that remain included in our consolidated financial statements.

(5)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 June 30, 2024, all of our loans by total loan exposure earned a floating rate of interest, primarily indexed to SOFR. 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 and nonaccrual methods, if any.

(6)Maximum maturity assumes all extension options are exercised, however our loans may be repaid prior to such date.

(7)This loan earns interest at a fixed rate. Cash coupon and all-in yield are expressed as a floating rate to include an interest rate swap we entered into that effectively converts the loan to a floating rate exposure.

(8)This loan has an interest rate of SOFR minus 1.30% with a SOFR floor of 3.50%, for an all-in rate of 4.04% as of June 30, 2024.

(9)Loan consists of one or more floating and fixed rate tranches. The fixed rate tranche is reflected as a spread over the relevant floating benchmark rate for both coupon and all-in yield.

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ITEM 3.    QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Interest Rate Risk

For information on financial reference rate reforms, refer to “Part I. Item 1A. Risk Factors—Risks Related to Our Lending and Investment Activities—The transition away from reference rates and the use of alternative replacement reference rates may adversely affect net interest income related to our loans and investments or otherwise adversely affect our results of operations, cash flows and the market value of our investments.” of our Annual Report on Form 10-K filed with the SEC on February 14, 2024.

Investment Portfolio Net Interest Income

Generally, our business model is such that rising interest rates will increase our net income, while declining interest rates will decrease net income. As of June 30, 2024, all of our loans by total loan exposure earned a floating rate of interest and were financed with liabilities that pay interest at floating rates, which resulted in an amount of net equity that is positively correlated to rising interest rates, subject to the impact of interest rate floors on certain of our floating rate loans.

The following table projects the earnings impact on our interest income and expense, presented net of implied changes in incentive fees, for the twelve-month period following June 30, 2024, of an increase in the various floating-rate indices referenced by our portfolio, assuming no change in credit spreads, portfolio composition, or asset performance, relative to the average indices during the three months ended June 30, 2024 ($ in thousands):

	Assets (Liabilities) Sensitive to Changes in Interest Rates(1)		Interest Rate Sensitivity as of June 30, 2024(2)(3)
			Increase in Rates				Decrease in Rates
			50 Basis Points		100 Basis Points		50 Basis Points		100 Basis Points
Floating rate assets(4)(5)(6)(7)	$	19,893,258	$	79,573	$	159,146	$	(79,573)	$	(159,146)
Floating rate liabilities(6)(8)	(17,689,145)		(70,957)		(141,913)		70,957		141,913
Net exposure	$	2,204,113	$	8,616	$	17,233	$	(8,616)	$	(17,233)

(1)Reflects the USD equivalent value of floating rate assets and liabilities denominated in foreign currencies.

(2)Increases (decreases) in interest income and expense are presented net of incentive fees. Refer to Note 15 to our consolidated financial statements for additional details of our incentive fee calculation.

(3)Excludes income from loans accounted for under the cost-recovery method.

(4)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.

(5)Excludes $3.0 billion of floating rate impaired loans.

(6)Excludes $725.4 million of non-consolidated senior interests and $100.6 million of loan participations sold, as of June 30, 2024. Our non-consolidated senior interests and loan participations sold are structurally non-recourse and term-matched to the corresponding loans, and have no impact on our net floating rate exposure.

(7)Our loan agreements generally require our borrowers to purchase interest rate caps, which mitigates our borrowers’ exposure to an increase in interest rates.

(8)Includes amounts outstanding under secured debt, securitizations, asset-specific debt, and Term Loans.

Investment Portfolio Value

As of June 30, 2024, all of our portfolio earned a floating rate of interest, so the value of such investments is generally not impacted by changes in market interest rates. Additionally, we generally hold all of our loans to maturity and so do not expect to realize gains or losses resulting from any mark to market valuation adjustments on our loan portfolio.

Risk of Non-Performance

In addition to the risks related to fluctuations in cash flows and asset values associated with movements in interest rates, there is also the risk of non-performance on floating rate assets. In the case of a significant increase in interest rates, the cash flows of the collateral real estate assets may not be sufficient to pay debt service due under our loans, which may contribute to non-performance or, in severe cases, default. This risk is partially mitigated by our consideration of rising rate stress-testing during our underwriting process, which generally includes a requirement for our borrower to purchase an interest rate cap contract with an unaffiliated third party, provide an interest reserve deposit, and/or provide interest guarantees or other structural protections. As of June 30, 2024, 95% of our performing loans have interest rate caps, with a

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weighted-average strike price of 3.3%, or interest guarantees. During the six months ended June 30, 2024, interest rate caps on $8.1 billion of performing loans, with a 3.4% weighted-average strike price, expired and 94% were replaced with new interest rate caps, with a weighted-average strike price of 3.5%, or interest guarantees.

Credit Risks

Our loans are subject to credit risk, including the risk of default. The performance and value of our loans depend upon the borrowers’ ability to operate the properties that serve as our collateral so that they produce cash flows adequate to pay interest and principal due to us. To monitor this risk, our asset management team reviews our loan portfolios and, in certain instances, is in regular contact with our borrowers, monitoring performance of the collateral and enforcing our rights as necessary.

In addition, we are exposed to the risks generally associated with the commercial real estate market, including changes in occupancy rates, capitalization rates, absorption rates, and other macroeconomic factors beyond our control. We seek to manage these risks through our underwriting and asset management processes.

We maintain a robust asset management relationship with our borrowers and utilize these relationships to maximize the performance of our portfolio, including during periods of volatility. We believe that we benefit from these relationships and from our long-standing core business model of originating senior loans collateralized by large assets in major markets with experienced, well-capitalized institutional sponsors. Our loan portfolio’s low weighted-average origination LTV was 62.9%, excluding any loans that are impaired and any junior participations sold, as of June 30, 2024. While we believe the principal amounts of our loans are generally adequately protected by underlying collateral value, there is a risk that we will not realize the entire principal value of certain loans. As of June 30, 2024, we had an aggregate $759.4 million asset-specific CECL reserve related to 19 of our loans receivable, with an aggregate amortized cost basis of $2.9 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 June 30, 2024.

Our portfolio monitoring and asset management operations benefit from the deep knowledge, experience, and information advantages derived from our position as part of Blackstone’s real estate platform. Blackstone has built the world's preeminent global real estate business, with a proven track record of successfully navigating market cycles and emerging stronger through periods of volatility. The market-leading real estate expertise derived from the strength of the Blackstone platform deeply informs our credit and underwriting process, and we believe gives us the tools to expertly asset manage our portfolio and work with our borrowers throughout periods of economic stress and uncertainty.

Capital Market Risks

We are exposed to risks related to the equity capital markets, and our related ability to raise capital through the issuance of our class A common stock or other equity instruments. We are also exposed to risks related to the debt capital markets, and our related ability to finance our business through borrowings under credit facilities or other debt instruments. As a REIT, we are required to distribute a significant portion of our taxable income annually, which constrains our ability to accumulate operating cash flow and therefore requires us to utilize debt or equity capital to finance our business. We seek to mitigate these risks by monitoring the debt and equity capital markets to inform our decisions on the amount, timing, and terms of capital we raise.

Margin call provisions under our credit facilities do not permit valuation adjustments based on capital markets events, and are limited to collateral-specific credit marks generally determined on a commercially reasonable basis.

Counterparty Risk

The nature of our business requires us to hold our cash and cash equivalents and obtain financing from various financial institutions. This exposes us to the risk that these financial institutions may not fulfill their obligations to us under these various contractual arrangements. We mitigate this exposure by depositing our cash and cash equivalents and entering into financing agreements with high credit-quality institutions.

The nature of our loans also exposes us to the risk that our counterparties do not make required interest and principal payments on scheduled due dates. We seek to manage this risk through a comprehensive credit analysis prior to making a loan and active monitoring of the asset portfolios that serve as our collateral, as further discussed above.

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Currency Risk

Our loans that are denominated in a foreign currency are also subject to risks related to fluctuations in currency rates. We generally mitigate this exposure by matching the currency of our assets to the currency of the financing for our assets. As a result, we substantially reduce our exposure to changes in portfolio value related to changes in foreign currency rates. In addition, substantially all of our net asset exposure to foreign currencies has been hedged with foreign currency forward contracts as of June 30, 2024.

The following table outlines our assets and liabilities that are denominated in a foreign currency (amounts in thousands):

	June 30, 2024
	GBP		EUR		All Other(1)
Foreign currency assets	£	2,567,965	€	2,589,989	$	2,075,485
Foreign currency liabilities	(1,919,995)		(1,863,580)		(1,610,680)
Foreign currency contracts – notional	(638,650)		(717,588)		(457,780)
Net exposure to exchange rate fluctuations	£	9,320	€	8,821	$	7,025
Net exposure to exchange rate fluctuations in USD(2)	$	11,765	$	9,450	$	7,025

(1)Includes Swedish Krona, Australian Dollar, Canadian Dollar, Swiss Franc, and Danish Krone currencies.

(2)Represents the U.S. Dollar equivalent as of June 30, 2024.

ITEM 4.    CONTROLS AND PROCEDURES

Evaluation of Disclosure Controls and Procedures

The company maintains disclosure controls and procedures (as that term is defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) that are designed to ensure that information required to be disclosed in the company’s reports under the Exchange Act is recorded, processed, and summarized and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to the company’s management, including its Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosures. Any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives. An evaluation of the effectiveness of the design and operation of our disclosure controls and procedures as of the end of the period covered by this Quarterly Report on Form 10-Q was made under the supervision and with the participation of our management, including our Chief Executive Officer and Chief Financial Officer. Based upon this evaluation, our Chief Executive Officer and Chief Financial Officer have concluded that our disclosure controls and procedures (a) are effective to ensure that information required to be disclosed by us in reports filed or submitted under the Exchange Act is recorded, processed, summarized and reported within the time periods specified by SEC rules and forms and (b) include, without limitation, controls and procedures designed to ensure that information required to be disclosed by us in reports filed or submitted under the Exchange Act is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosure.

Changes in Internal Control over Financial Reporting

There have been no changes in our “internal control over financial reporting” (as defined in Rule 13a–15(f) of the Exchange Act) that occurred during our most recent quarter that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

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PART II. OTHER INFORMATION

ITEM 1.     LEGAL PROCEEDINGS

From time to time, we may be involved in various claims and legal actions arising in the ordinary course of business. As of June 30, 2024, we were not involved in any material legal proceedings.

ITEM 1A.     RISK FACTORS

There have been no material changes to the risk factors previously disclosed under ''Part I, Item 1A. Risk Factors" of our Annual Report on Form 10-K for the year ended December 31, 2023.

ITEM 2.     UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

None.

ITEM 3.     DEFAULTS UPON SENIOR SECURITIES

None.

ITEM 4.     MINE SAFETY DISCLOSURES

Not applicable.

ITEM 5.     OTHER INFORMATION

Section 13(r) Disclosure

Pursuant to Section 219 of the Iran Threat Reduction and Syria Human Rights Act of 2012, which added Section 13(r) of the Exchange Act, we hereby incorporate by reference herein Exhibit 99.1 of this report, which includes disclosures regarding activities at Mundys S.p.A., which may be, or may have been at the time considered to be, an affiliate of Blackstone and, therefore, our affiliate.

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ITEM 6. EXHIBITS

10.1	Fifth Amendment to Fifth Amended and Restated Master Repurchase Agreement, dated as of June 6, 2024, among Parlex 2 Finance, LLC, Parlex 2A Finco, LLC, Parlex 2 UK Finco, LLC, Parlex 2 EUR Finco, LLC, Parlex 2 AU Finco, LLC, Parlex 2 CAD Finco, LLC, Wispar 5 Finco, LLC, Silver Fin II Sub TC Pty Ltd, Blackstone Mortgage Trust, Inc. and Citibank, N.A.
10.2	Fifth Amendment to Master Repurchase Agreement, dated as of April 10, 2024, by and among Parlex 3A USD IE Issuer Designated Activity Company, Parlex 3A GBP IE Issuer Designated Activity Company, Parlex 3A EUR IE Issuer Designated Activity Company, Parlex 3A SEK IE Issuer Designated Activity Company, Perpetual Corporate Trust Limited as Trustee of the Parlex 2022-1 Issuer Trust, Parlex 3A Finco, LLC, Barclays Bank PLC, Parlex 3A Finco, LLC, Parlex 3A UK Finco, LLC, Parlex 3A EUR Finco, LLC, Parlex 3A SEK Finco, LLC, Silver Fin Sub TC PTY LTD, and Gloss Finco 1, LLC
31.1	Certification of Chief Executive Officer, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
31.2	Certification of Chief Financial Officer, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
32.1 +	Certification of Chief Executive Officer, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
32.2 +	Certification of Chief Financial Officer, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
99.1	Section 13(r) Disclosure
101.INS	XBRL Instance Document – the instance document does not appear in the interactive data file because its XBRL tags are embedded within the inline XBRL document
101.SCH	Inline XBRL Taxonomy Extension Schema Document With Embedded Linkbase Documents
101.CAL	Inline XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF	Inline XBRL Taxonomy Extension Definition Linkbase Document
101.LAB	Inline XBRL Taxonomy Extension Label Linkbase Document
101.PRE	Inline XBRL Taxonomy Extension Presentation Linkbase Document
104	Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)

___________

+ This exhibit shall not be deemed “filed” for purposes of Section 18 of the Exchange Act or otherwise subject to the liability of that Section. Such exhibit shall not be deemed incorporated into any filing under the Securities Act or the Exchange Act.

The agreements and other documents filed as exhibits to this report are not intended to provide factual information or other disclosure other than with respect to the terms of the agreements or other documents themselves, and you should not rely on them for that purpose. In particular, any representations and warranties made by us in these agreements or other documents were made solely within the specific context of the relevant agreement or document and may not describe the actual state of affairs as of the date they were made or at any other time.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	BLACKSTONE MORTGAGE TRUST, INC.
July 24, 2024	/s/ Katharine A. Keenan
Date	Katharine A. Keenan
	Chief Executive Officer
	(Principal Executive Officer)
July 24, 2024	/s/ Anthony F. Marone, Jr.
Date	Anthony F. Marone, Jr.
	Chief Financial Officer
	(Principal Financial Officer and
	Principal Accounting Officer)

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EX-10.1

Exhibit 10.1

FIFTH AMENDMENT TO

FIFTH AMENDED AND RESTATED MASTER REPURCHASE AGREEMENT

THIS FIFTH AMENDMENT TO FIFTH AMENDED AND RESTATED MASTER REPURCHASE AGREEMENT (this “Amendment”), dated as of June 6, 2024 (the “Effective Date”), is made by and among PARLEX 2 FINANCE, LLC, a Delaware limited liability company (“Parlex 2”), PARLEX 2A FINCO, LLC, a Delaware limited liability company (“Parlex 2A”), PARLEX 2 UK FINCO, LLC, a Delaware limited liability company (“Parlex 2 UK”), PARLEX 2 EUR FINCO, LLC, a Delaware limited liability company (“Parlex 2 EUR”), PARLEX 2 AU FINCO, LLC, a Delaware limited liability company (“Parlex 2 AU”), PARLEX 2 CAD FINCO, LLC, a Delaware limited liability company (“Parlex 2 CAD”), WISPAR 5 FINCO, LLC, a Delaware limited liability company (“Wispar 5”) and SILVER FIN II SUB TC PTY LTD, a proprietary company incorporated under the laws of Australia (ACN 657 021 577), acting in its personal capacity and as trustee of the Silver Fin II Sub Trust (ABN 36 362 640 907) (“Silver Fin”, and, together with Parlex 2, Parlex 2A, Parlex 2 UK, Parlex 2 EUR, Parlex 2 AU, Parlex 2 CAD and Wispar 5, individually and/or collectively as the context may require, “Seller”), BLACKSTONE MORTGAGE TRUST, INC., a Maryland corporation (“Guarantor”) (for the purpose of acknowledging and agreeing to the provision set forth in Section 3 hereof), and CITIBANK, N.A., a national banking association (“Buyer”).

WITNESSETH:

WHEREAS, Seller and Buyer have entered into that certain Fifth Amended and Restated Master Repurchase Agreement, dated as of April 16, 2021, as amended by that certain First Amendment to Fifth Amended and Restated Master Repurchase Agreement, dated as of August 26, 2021, that certain Second Amendment to Fifth Amended and Restated Master Repurchase Agreement, dated as of December 24, 2021, that certain Third Amendment to Fifth Amended and Restated Master Repurchase Agreement, dated as of May 25, 2022, and that certain Fourth Amendment to Fifth Amended and Restated Master Repurchase Agreement, dated as of January 24, 2023 and effective as of January 17, 2024 (as the same may be amended, supplemented, extended, restated, replaced or otherwise modified from time to time, the “Repurchase Agreement”);

WHEREAS, all capitalized terms used herein and not otherwise defined shall have the respective meanings set forth in the Repurchase Agreement;

WHEREAS, Seller and Buyer desire to modify certain terms and provisions of the Repurchase Agreement as set forth herein.

NOW, THEREFORE, in consideration of ten dollars ($10) and for other good and valuable consideration, the receipt and legal sufficiency of which are hereby acknowledged, Seller and Buyer covenant and agree as follows as of the date hereof:

1.Modification of Repurchase Agreement. The Repurchase Agreement is hereby modified as of the Effective Date as follows:

(a)The following defined terms set forth in Section 2 of the Repurchase Agreement and any references thereto in the Repurchase Agreement are hereby deleted in their entirety: “CAD Reference Banks”, “CDOR Rate”, “CDOR Rate Based Transaction” and “CDOR Screen Rate”.

(b)The following defined terms are hereby added to Section 2 of the Repurchase Agreement in their appropriate alphabetical location:

“CORRA” shall meantheCanadianOvernightRepoRateAverageadministeredandpublished by the Bank of Canada (or any successor administrator).

“CORRA Based Transaction” shall meanany Transaction for which the Benchmark is designated as Term CORRA in the related Confirmation.

“Daily Compounded CORRA” shall mean, for any day, CORRA with interest accruing on a compounded daily basis, with the methodology and conventions for this rate (which will include compounding in arrears with a lookback period of five (5) Business Days) being established by Buyer in accordance with the methodology and conventions for this rate selected or recommended by the Relevant Governmental Body for determining compounded CORRA for business loans; provided that if Buyer decides that any such convention is not administratively feasibleforBuyer,thenBuyermayestablishanotherconventionin itsreasonablediscretion;andprovidedthatiftheadministratorhasnotprovidedorpublishedCORRAand a Benchmark ReplacementDate with respect to CORRA has not occurred, then, in respect of any day for which CORRA is required, references to CORRA will be deemed to be references to the last provided or publishedCORRA. Notwithstanding the foregoing, if any setting of Daily Compounded CORRA as provided above would result in such setting being less than the applicable Benchmark Floor, such setting of Daily Compounded CORRA shall instead be deemed to be such Benchmark Floor.

“Term CORRA” shall mean the forward-lookingtermratebasedonCORRA withatenorof one month (the “Term CORRAReferenceRate”) which, with respect to the setting of such rate with respect to each Pricing Rate Period, shall be the Term CORRA Reference Rate (expressed as a percentage per annum and rounded upward, if necessary, to the next nearest 1/1000 of 1%)publishedbytheTermCORRAAdministrator as of the related Reference Time;provided,however,thatif,as of such Reference Time, theTerm CORRA Reference RatehasnotbeenpublishedbytheTermCORRAAdministratorandaBenchmark Replacement Date with respect to the Term CORRA Reference Rate has not occurred, then Term CORRA willbetheTermCORRAReferenceRateforsuchtenoraspublishedbytheTermCORRAAdministratoron thefirstprecedingBusinessDayforwhichsuchTermCORRAReferenceRateforsuchtenorwaspublished by the Term CORRA Administrator so long as such first preceding Business Day is not more than three (3)BusinessDayspriortothe related Term CORRA Pricing Rate Determination Date. Notwithstanding the foregoing, if any setting of Term CORRA as provided above would result in such setting being less than the applicable Benchmark Floor, such setting of Term CORRA shall instead be deemed to be such Benchmark Floor.

2

“Term CORRA Administrator” shall mean Candeal Benchmark Administration Services Inc., TSX Inc. or any successor administrator.

“Term CORRA Pricing Rate Determination Date” shall mean, (a) in the case of the first Pricing Rate Period for any Purchased Asset, two (2) Business Days prior to the related Purchase Date for such Purchased Asset, and (b) in the case of each subsequent Pricing Period, two (2) Business Days preceding the first day of such Pricing Rate Period.

(c)The following definitions in Section 2 of the Repurchase Agreement are hereby deleted in their entirety and the following corresponding definitions are substituted therefor:

“Benchmark” shall mean, (a) for any EURIBOR Based Transaction, initially, EURIBOR, (b) for any BBSY Rate Based Transaction, initially, the BBSY Rate, (c) for any CORRA Based Transaction, initially, Term CORRA, (d) for any SOFR Based Transaction for which the Applicable SOFR designated on the related Confirmation is the SOFR Average, initially, the SOFR Average and (e) for any SOFR Based Transaction for which the Applicable SOFR designated on the related Confirmation is Term SOFR, initially, Term SOFR; provided that if a Benchmark Transition Event and its related Benchmark Replacement Date have occurred with respect to the then-current Benchmark or with respect to any Transaction, as applicable, then “Benchmark” shall mean, with respect to such then-current Benchmark or with respect to any applicable Transaction, as applicable, the related Benchmark Replacement. Notwithstanding the foregoing, if any setting of any Benchmark as provided above would result in such Benchmark setting being less than the applicable Benchmark Floor, such setting of such Benchmark shall instead be deemed to be such Benchmark Floor.

“Benchmark Replacement” shall mean, with respect to any replacement of any then-current Benchmark under the terms of this Agreement, the sum of (a) the alternate benchmark rate that has been selected by Buyer giving due consideration to (i) any selection or recommendation of a replacement benchmark rate or the mechanism for determining such a rate by the Relevant Governmental Body or (ii) any evolving or then-prevailing market convention for determining a benchmark rate as a replacement for such Benchmark for U.S. dollar-denominated commercial mortgage loan repurchase facilities or other similar agreements at such time and (b) the Benchmark Replacement Adjustment; provided, that such Unadjusted Benchmark Replacement is consistent with the benchmark rate selected by Buyer in its other commercial mortgage loan repurchase facilities with similarly situated counterparties and wherein Buyer has a similar contractual right; provided, further, that in connection with the replacement of a Benchmark pursuant to Section 3(g)(1)(i), (1) with respect to any CORRA Based Transaction, such Unadjusted Benchmark Replacement shall be Daily Compounded CORRA (so long as no Benchmark Transition Event and Benchmark Replacement Date has occurred with respect to such rate), and (2) with respect to any other Transaction, such Unadjusted Benchmark Replacement shall be Term SOFR (so long as no Benchmark Transition Event and Benchmark Replacement Date has occurred with respect to such rate), as determined by Buyer in its sole discretion. Notwithstanding the

3

foregoing, if any setting of the Benchmark Replacement as provided above would result in such Benchmark Replacement setting being less than the applicable Benchmark Floor, such setting of the Benchmark Replacement shall instead be deemed to be such Benchmark Floor.

“Benchmark Replacement Conforming Changes” shall mean, with respect to any Benchmark or Benchmark Replacement, any technical, administrative or operational changes (including, without limitation, changes to the definitions of “EURIBOR”, “EURIBOR Based Transaction”, “BBSY Rate”, BBSY Rate Transaction”, “CORRA”, “CORRA Based Transaction”, “Daily Compounded CORRA”, “Pricing Rate Period”, “Pricing Rate Determination Date”, “Reference Time”, “SOFR Average”, “SOFR Based Transaction”, “Term CORRA”, “Term SOFR” and any similar defined term in this Agreement, provisions with respect to timing and frequency of determining rates and making payments of interest or price differential, timing of transaction requests, future advance requests, conversion or continuation notices, length of lookback periods, the applicability of breakage provisions, the formula for calculating any benchmark rate (including, without limitation, EURIBOR, BBSY Rate, CORRA, Daily Compounded CORRA, Term CORRA, SOFR, the SOFR Average and Term SOFR), the formula, methodology or convention for applying the successor Benchmark Floor to any benchmark rate (including, without limitation, EURIBOR, BBSY Rate, CORRA, Daily Compounded CORRA, Term CORRA, SOFR, the SOFR Average and Term SOFR) and other technical, administrative or operational matters) that Buyer decides may be appropriate to reflect the adoption and implementation of such Benchmark or Benchmark Replacement, as applicable, and to permit the administration thereof by Buyer in a manner substantially consistent with market practice (or, if Buyer decides that adoption of any portion of such market practice is not administratively feasible or if Buyer determines that no market practice for the administration of such Benchmark or Benchmark Replacement, as applicable, exists, in such other manner of administration as Buyer decides is reasonably necessary in connection with the administration of this Agreement and the other Transaction Documents).

“Reference Time” shall mean, with respect to any setting of the then-current Benchmark for each Pricing Rate Period, (1) if such Benchmark is EURIBOR, 11:00 a.m. (London time) on the Pricing Rate Determination Date, (2) if such Benchmark is the BBSY Rate, 10:30 a.m. (Sydney time) on the Pricing Rate Determination Date, (3) if such Benchmark is Term CORRA, 1:00 p.m. (Toronto time) on the Pricing Rate Determination Date, (4) if such Benchmark is the SOFR Average or Term SOFR, 5:00 p.m. (New York city time) on the Pricing Rate Determination Date, and (5) if the Benchmark is not EURIBOR, the BBSY Rate, Term CORRA, the SOFR Average or Term SOFR, the time on the Pricing Rate Determination Date determined by Buyer in its reasonable discretion.

“Relevant Governmental Body” shall mean (a) the Board of Governors of the Federal Reserve System or the Federal Reserve Bank of New York, or a committee officially endorsed or convened by the Board of Governors of the Federal Reserve

4

System or the Federal Reserve Bank of New York, or any successor thereto, or (b) with respect to any determination in respect of CORRA, the Bank of Canada, or a committee officially endorsed or convened by the Bank of Canada, or any successor thereto.

(d)Section 3(g)(1) of the Repurchase Agreement is hereby deleted in its entirety and replaced with the following:

(g) Effect of a Benchmark Transition Event.

(1)    (i)    Benchmark Replacement. Notwithstanding anything to the contrary in this Agreement or in any other Transaction Document, if a Benchmark Transition Event, and its related Benchmark Replacement Date have occurred with respect to any Benchmark prior to the Reference Time for any Pricing Rate Determination Date for such Benchmark, the applicable Benchmark Replacement will replace such Benchmark for all purposes under this Agreement or under any other Transaction Document in respect of such setting and all settings on all subsequent dates (without any amendment to, or further action or consent of any other party to, this Agreement or any other Transaction Document). Notwithstanding the foregoing, Buyer and Seller may at any time agree to amend and restate any Confirmation with respect to any Transaction to replace the related Benchmark with respect to such Transaction with the applicable Benchmark Replacement.

(ii)    Benchmark Replacement Conforming Changes. In connection with the implementation or administration of any Benchmark or Benchmark Replacement, in connection with any Benchmark Replacement Date or as a result of a Benchmark Unavailability Period, Buyer will have the right to make Benchmark Replacement Conforming Changes from time to time and, notwithstanding anything to the contrary herein or in any other Transaction Document, any amendments implementing such Benchmark Replacement Conforming Changes will become effective without any further action or consent of Seller or any other party to this Agreement or any other Transaction Document.

(iii)        Market Disruption. During a Benchmark Unavailability Period, the component of the Pricing Rate based on the applicable Benchmark shall, during the continuance of such Benchmark Unavailability Period, be replaced with a Benchmark Replacement reasonably determined by Buyer.

(iv)        Notices; Standards for Decisions and Determinations. Buyer will promptly notify Seller of (a) any Benchmark Replacement Date, (b) the effectiveness of any Benchmark Replacement Conforming Changes and (c) the effectiveness of any changes to the calculation of the Pricing Rate described in Section 3(g)(1)(iii). For the avoidance of doubt, any notice required to be delivered by Buyer as set forth in this Section 3(g) may be provided, at the option of Buyer (in its sole discretion), in one or more notices and may be delivered together with, or as a part of any amendment which implements any Benchmark Replacement or Benchmark Replacement Conforming Changes. Any determination, decision or election that may be made by Buyer pursuant to

5

this Section 3(g), including any determination with respect to a tenor, rate or adjustment or of the occurrence or non-occurrence of an event, circumstance or date and any decision to take or refrain from taking any action or any selection, will be conclusive and binding absent manifest error and may be made in Buyer’s sole discretion and without consent from Seller or any other party to this Agreement or any other Transaction Document.

(v)    [Intentionally Omitted].

(vi)    Disclaimer. Buyer does not warrant or accept any responsibility for, and shall not have any liability with respect to (a) the administration, submission or any other matter related to EURIBOR, BBSY Rate, CORRA, Daily Compounded CORRA, Term CORRA, SOFR, the SOFR Average or Term SOFR or with respect to any alternative or successor rate thereto, or replacement rate thereof (including, without limitation any Benchmark Replacement implemented hereunder), (b) the composition or characteristics of any such Benchmark Replacement, including whether it is similar to, or produces the same value or economic equivalence to EURIBOR, BBSY Rate, CORRA, Daily Compounded CORRA, Term CORRA, SOFR, the SOFR Average or Term SOFR (or any other Benchmark) or have the same volume or liquidity as EURIBOR, BBSY Rate, CORRA, Daily Compounded CORRA, Term CORRA, SOFR, the SOFR Average or Term SOFR (or any other Benchmark), (c) any actions or use of its discretion or other decisions or determinations made with respect to any matters covered by Section 3(g) or Section 3(i) including, without limitation, whether or not a Benchmark Transition Event has occurred, whether to declare a Benchmark Transition Event, the removal or lack thereof of unavailable or non-representative tenors of EURIBOR, BBSY Rate, CORRA, Daily Compounded CORRA, Term CORRA, SOFR, the SOFR Average or Term SOFR (or any other Benchmark), the implementation or lack thereof of any Benchmark Replacement Conforming Changes, the delivery or non-delivery of any notices required by Section 3(g)(1)(iv) or otherwise in accordance herewith, and (d) the effect of any of the foregoing provisions of Section 3(g) or Section 3(i).

2.Seller’s Representations. Seller has taken all necessary action to authorize the execution, delivery and performance of this Amendment. This Amendment has been duly executed and delivered by or on behalf of Seller and constitutes the legal, valid and binding obligation of Seller enforceable against Seller in accordance with its terms subject to bankruptcy, insolvency, and other limitations on creditors’ rights generally and to equitable principles. No Event of Default has occurred and is continuing, and no Event of Default will occur as a result of the execution, delivery and performance by Seller of this Amendment. Any consent, approval, authorization, order, registration or qualification of or with any Governmental Authority required for the execution, delivery and performance by Seller of this Amendment has been obtained and is in full force and effect (other than consents, approvals, authorizations, orders, registrations or qualifications that if not obtained, are not reasonably likely to have a Material Adverse Effect).

3.Reaffirmation of Guaranty. Guarantor has executed this Amendment for the purpose of acknowledging and agreeing that, notwithstanding the execution and delivery of this Amendment and the amendment of the Repurchase Agreement hereunder, all of Guarantor’s

6

obligations under the Guaranty remain in full force and effect and the same are hereby irrevocably and unconditionally ratified and confirmed by Guarantor in all respects.

4.Full Force and Effect. Except as expressly modified hereby, all of the terms, covenants and conditions of the Repurchase Agreement and the other Transaction Documents remain unmodified and in full force and effect and are hereby ratified and confirmed by Seller. Any inconsistency between this Amendment and the Repurchase Agreement (as it existed before this Amendment) shall be resolved in favor of this Amendment, whether or not this Amendment specifically modifies the particular provision(s) in the Repurchase Agreement inconsistent with this Amendment. All references to the “Agreement” in the Repurchase Agreement or to the “Repurchase Agreement” in any of the other Transaction Documents shall mean and refer to the Repurchase Agreement as modified and amended hereby.

5.No Waiver. The execution, delivery and effectiveness of this Amendment shall not operate as a waiver of any right, power or remedy of Buyer under the Repurchase Agreement, any of the other Transaction Documents or any other document, instrument or agreement executed and/or delivered in connection therewith.

6.Headings. Each of the captions contained in this Amendment are for the convenience of reference only and shall not define or limit the provisions hereof.

7.Counterparts. This Amendment may be executed in any number of counterparts, and all such counterparts shall together constitute the same agreement. Signatures delivered by email (in PDF format) shall be considered binding with the same force and effect as original signatures.

8.Governing Law. This Amendment shall be governed in accordance with the terms and provisions of Section 20 of the Repurchase Agreement.

[No Further Text on this Page; Signature Pages Follow]

7

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed by their duly authorized representatives as of the day and year first above written and effective as of the Effective Date.

BUYER:

CITIBANK, N.A.

By:        _/s/ Lindsay DeChiaro______________

Name:    Lindsay DeChiaro

Title:    Authorized Signatory

[SIGNATURES CONTINUE ON NEXT PAGE]

[Signature Page to Fifth Amendment to Fifth Amended and Restated Master Repurchase Agreement]

SELLER:

PARLEX 2 FINANCE, LLC,

a Delaware limited liability company

By:        _/s/ Ana Gonzalez-Iglesias__________

Name:    Ana Gonzalez-Iglesias

Title:    Authorized Signatory

PARLEX 2A FINCO, LLC,

a Delaware limited liability company

By:        _/s/ Ana Gonzalez-Iglesias__________

Name:    Ana Gonzalez-Iglesias

Title:    Authorized Signatory

PARLEX 2 UK FINCO, LLC,

a Delaware limited liability company

By:        _/s/ Ana Gonzalez-Iglesias__________

Name:    Ana Gonzalez-Iglesias

Title:    Authorized Signatory

PARLEX 2 EUR FINCO, LLC,

a Delaware limited liability company

By:        _/s/ Ana Gonzalez-Iglesias__________

Name:    Ana Gonzalez-Iglesias

Title:    Authorized Signatory

[SIGNATURES CONTINUE ON NEXT PAGE]

[Signature Page to Fifth Amendment to Fifth Amended and Restated Master Repurchase Agreement]

PARLEX 2 AU FINCO, LLC,

a Delaware limited liability company

By:        _/s/ Ana Gonzalez-Iglesias__________

Name:    Ana Gonzalez-Iglesias

Title:    Authorized Signatory

PARLEX 2 CAD FINCO, LLC,

a Delaware limited liability company

By:        _/s/ Ana Gonzalez-Iglesias__________

Name:    Ana Gonzalez-Iglesias

Title:    Authorized Signatory

WISPAR 5 FINCO, LLC,

a Delaware limited liability company

By:        _/s/ Ana Gonzalez-Iglesias__________

Name:    Ana Gonzalez-Iglesias

Title:    Authorized Signatory

Executed by SILVER FIN II SUB TC PTY

LTD in its personal capacity and as trustee

for Silver Fin II Sub Trust:

_____________________________________

Signature of director

_____________________________________

Full name of director who states that they are

a director of Silver Fin II Sub TC Pty Ltd

[Signature Page to Fifth Amendment to Fifth Amended and Restated Master Repurchase Agreement]

Executed by SILVER FIN II SUB TC PTY LTD in its personal capacity and as trustee for Silver Fin II Sub Trust in accordance with section 127 of the Corporations Act 2001 (Cth):
/s/ Issa Chehab	/s/ Craig Newman
Signature of director	Signature of director
Issa Chehab	Craig Newman
Full name of director who states that they are a director of Silver Fin II Sub TC Pty Ltd	Full name of director who states that they are a director of Silver Fin II Sub TC Pty Ltd

[SIGNATURES CONTINUE ON NEXT PAGE]

[Signature Page to Fifth Amendment to Fifth Amended and Restated Master Repurchase Agreement]

GUARANTOR:

BLACKSTONE MORTGAGE TRUST, INC.

By:        _/s/ Ana Gonzalez-Iglesias__________

Name:    Ana Gonzalez-Iglesias

Title:    Authorized Signatory

[Signature Page to Fifth Amendment to Fifth Amended and Restated Master Repurchase Agreement]

EX-10.2

Exhibit 10.2

FIFTH AMENDMENT TO
MASTER REPURCHASE AGREEMENT

THIS FIFTH AMENDMENT TO MASTER REPURCHASE AGREEMENT, dated as of April 10, 2024 (this “Amendment”), is entered into by and among (i) PARLEX 3A USD IE ISSUER DESIGNATED ACTIVITY COMPANY (including any successor thereto, “US Purchaser”), PARLEX 3A GBP IE ISSUER DESIGNATED ACTIVITY COMPANY (including any successor thereto, “UK Purchaser”), PARLEX 3A EUR IE ISSUER DESIGNATED ACTIVITY COMPANY (including any successor thereto, “EUR Purchaser”), PARLEX 3A SEK IE ISSUER DESIGNATED ACTIVITY COMPANY (including any successor thereto, “SEK Purchaser”), PERPETUAL CORPORATE TRUST LIMITED AS TRUSTEE OF THE PARLEX 2022-1 ISSUER TRUST (including any successor thereto, “AUS Purchaser” and together with US Purchaser, UK Purchaser, EUR Purchaser and SEK Purchaser, each a “Purchaser” and collectively, “Purchasers”), (ii) PARLEX 3A FINCO, LLC, a limited liability company organized under the laws of the State of Delaware (including any successor thereto in accordance with the Repurchase Agent Agreement, “Repurchase Agent”), (iii) BARCLAYS BANK PLC, a public limited company organized under the laws of England and Wales (including any successor thereto in accordance with the Realisation Agent Agreement, “Realisation Agent”) and (iv) PARLEX 3A FINCO, LLC, a limited liability company organized under the laws of the State of Delaware (“US Seller”), PARLEX 3A UK FINCO, LLC, a limited liability company organized under the laws of the State of Delaware (“UK Seller”), PARLEX 3A EUR FINCO, LLC, a limited liability company organized under the laws of the State of Delaware (“EUR Seller”), PARLEX 3A SEK FINCO, LLC, a limited liability company organized under the laws of the State of Delaware (“SEK Seller”), SILVER FIN SUB TC PTY LTD, acting in its personal capacity and as trustee for the Silver Fin Sub Trust, an Australian proprietary company (“AUS Seller”) and GLOSS FINCO 1, LLC, a limited liability company organized under the laws of Delaware (“Gloss Seller” and, together with US Seller, UK Seller, EUR Seller, SEK Seller and AUS Seller, each a “Seller” and collectively, “Sellers”). Capitalized terms used and not otherwise defined herein shall have the meanings given in the Repurchase Agreement (as defined below).

RECITALS

WHEREAS, Purchasers, Repurchase Agent, Realisation Agent and Sellers are parties to that certain Master Repurchase Agreement, dated as of May 31, 2022, as amended by that certain First Amendment to Master Repurchase Agreement, dated as of August 22, 2022, as further amended by that certain Second Amendment to Master Repurchase Agreement, dated as of December 23, 2022, as further amended by that certain Third Amendment to Master Repurchase Agreement, dated as of May 31, 2023, and as further amended by that certain Fourth Amendment to Master Repurchase Agreement, dated as of November 22, 2023 (the “Existing Repurchase Agreement” and, as amended by this Amendment, and as hereafter further amended, modified, restated, replaced, waived, substituted, supplemented or extended from time to time, the “Repurchase Agreement”); and

WHEREAS, the parties hereto desire to make certain amendments and modifications to the Existing Repurchase Agreement.

NOW THEREFORE, in consideration of the foregoing recitals, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound, agree as follows:

ARTICLE 1

AMENDMENTS TO THE REPURCHASE AGREEMENT

Article 2 of the Existing Repurchase Agreement is hereby amended by deleting the definition of “Availability Period” in its entirety and replacing it with the following:

“Availability Period” shall mean the period (i) beginning on the Closing Date and (ii) ending May 31, 2025, as such date may be extended pursuant to Article 3(f).

ARTICLE 2

REPRESENTATIONS

Each Seller represents and warrants to Purchasers, Repurchase Agent and Realisation Agent, as of the date of this Amendment, as follows

(a)      No Material Adverse Effect, Margin Deficit Event, Default or Event of Default has occurred and is continuing;

(b)      excluding any Due Diligence Representations and as disclosed in a Requested Exceptions Report approved in accordance with the terms of the Repurchase Agreement, all representations and warranties made by it in the Transaction Documents are true, correct and complete on and as of the date of this Amendment;

(c)      it is duly authorized to execute and deliver this Amendment and has taken all necessary action to authorize such execution and delivery;

(d)      the person signing this Amendment on its behalf is duly authorized to do so on its behalf;

(e)      the execution, delivery and performance of this Amendment will not violate any Requirement of Law applicable to it or its organizational documents or any agreement by which it is bound or by which any of its assets are affected;

(f)      this Amendment has been duly executed and delivered by it; and

(g)      this Amendment constitutes its legal, valid and binding obligation, enforceable against it in accordance with its terms, except as enforceability may be limited by bankruptcy, insolvency, other limitations on creditors’ rights generally and general principles of equity.

2

ARTICLE 3

EXPENSES

Sellers shall pay on demand all of Purchaser’s, Repurchase Agent’s and Realisation Agent’s out-of-pocket costs and expenses, including reasonable fees and expenses of attorneys, incurred in connection with the preparation, negotiation, execution and consummation of this Amendment.

ARTICLE 4

GOVERNING LAW

THIS AMENDMENT (AND ANY CLAIM OR CONTROVERSY HEREUNDER) SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, AND THE OBLIGATIONS, RIGHTS, AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS WITHOUT REGARD TO THE CONFLICT OF LAWS DOCTRINE APPLIED IN SUCH STATE (OTHER THAN SECTION 5-1401 AND 5-1402 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK).

ARTICLE 5

MISCELLANEOUS

(a)    Except as expressly amended or modified hereby, the Repurchase Agreement shall remain in full force and effect in accordance with its terms and is hereby ratified and confirmed. All references to the Repurchase Agreement shall be deemed to mean the Repurchase Agreement as modified by this Amendment.

(b)    This Amendment may be executed in counterparts, each of which so executed shall be deemed to be an original, but all of such counterparts shall together constitute but one and the same instrument. Delivery of an executed counterpart of a signature page of this Amendment in electronic format shall be as effective as delivery of a manually executed original counterpart of this Amendment.

(c)    The headings in this Amendment are for convenience of reference only and shall not affect the interpretation or construction of this Amendment.

(d)    This Amendment may not be amended or otherwise modified, waived or supplemented except as provided in the Repurchase Agreement.

(e)    Article 40 (Perpetual Creditor Limitation of Liability) of the Existing Repurchase Agreement applies to this Amendment as if set out in full in this Amendment and as if references in that Article to “this Agreement” were to “this Amendment”.

3

(f)    This Amendment contains a final and complete integration of all prior expressions by the parties with respect to the subject matter hereof and shall constitute the entire agreement among the parties with respect to such subject matter, superseding all prior oral or written understandings.

(g)    This Amendment and the Repurchase Agreement, as amended and modified hereby, is a single Transaction Document and shall be construed in accordance with the terms and provisions of the Repurchase Agreement.

[SIGNATURES FOLLOW]

4

IN WITNESS WHEREOF, the parties have executed this Amendment as a deed as of the day first written above.

BARCLAYS BANK PLC, as Realisation Agent, for and on behalf of:

PARLEX 3A USD IE ISSUER DESIGNATED ACTIVITY COMPANY,

PARLEX 3A GBP IE ISSUER DESIGNATED ACTIVITY COMPANY,

PARLEX 3A EUR IE ISSUER DESIGNATED ACTIVITY COMPANY,

PARLEX 3A SEK IE ISSUER DESIGNATED ACTIVITY COMPANY,

SILVER FIN SUB TC PTY LTD in its personal capacity and as trustee for SILVER FIN SUB TRUST

By:    _/s/ Francis X. Gilhool_________________    
Name: Francis X. Gilhool
Title: Authorized Signatory

[SIGNATURES CONTINUE ON FOLLOWING PAGE]

Barclays-BXMT – Fifth Amendment to Master Repurchase Agreement

BARCLAYS BANK PLC, as Realisation Agent, for and on behalf of:

PERPETUAL CORPORATE TRUST LIMITED (ABN 99 000 341 533) in its capacity as trustee of the PARLEX 2022-1 ISSUER TRUST

By:    _/s/ Francis X. Gilhool_________________    
Name: Francis X. Gilhool
Title: Authorized Signatory

[SIGNATURES CONTINUE ON FOLLOWING PAGE]

Barclays-BXMT – Fifth Amendment to Master Repurchase Agreement

PARLEX 3A FINCO, LLC, as Repurchase Agent

By:    _/s/ Ana Gonzalez-Iglesias______________        
Name: Ana Gonzalez-Iglesias
Title: Authorized Signatory

[SIGNATURES CONTINUE ON FOLLOWING PAGE]

Barclays-BXMT – Fifth Amendment to Master Repurchase Agreement

BARCLAYS BANK PLC, as Realisation Agent

By:    _/s/ Francis X. Gilhool_________________    
Name: Francis X. Gilhool
Title: Authorized Signatory

[SIGNATURES CONTINUE ON FOLLOWING PAGE]

Barclays-BXMT – Fifth Amendment to Master Repurchase Agreement

PARLEX 3A FINCO, LLC, as US Seller

By:_/s/ Ana Gonzalez-Iglesias______________         
Name: Ana Gonzalez-Iglesias
Title: Authorized Signatory

PARLEX 3A UK FINCO, LLC, as UK Seller

By:    _/s/ Ana Gonzalez-Iglesias______________    
Name: Ana Gonzalez-Iglesias
Title: Authorized Signatory

PARLEX 3A EUR FINCO, LLC, as EUR Seller

By:    _/s/ Ana Gonzalez-Iglesias______________    
Name: Ana Gonzalez-Iglesias
Title: Authorized Signatory

PARLEX 3A SEK FINCO, LLC, as SEK Seller

By:    _/s/ Ana Gonzalez-Iglesias______________    
Name: Ana Gonzalez-Iglesias
Title: Authorized Signatory

GLOSS FINCO 1, LLC, as Gloss Seller

By:    _/s/ Ana Gonzalez-Iglesias______________    
Name: Ana Gonzalez-Iglesias
Title: Authorized Signatory

[SIGNATURES CONTINUE ON FOLLOWING PAGE]

Barclays-BXMT – Fifth Amendment to Master Repurchase Agreement

BARCLAYS BANK PLC, as Realisation Agent, for and on behalf of:

SILVER FIN SUB TC PTY LTD in its personal capacity and as trustee for SILVER FIN SUB TRUST

By:    _/s/ Francis X. Gilhool_________________        
Name: Francis X. Gilhool
Title: Authorized Signatory

[SIGNATURES CONTINUE ON FOLLOWING PAGE]

Barclays-BXMT – Fifth Amendment to Master Repurchase Agreement

Signed, sealed and delivered by Silver Fin Sub TC Pty Ltd in its personal capacity and as trustee for Silver Fin Sub Trust in accordance with section 127 of the Corporations Act 2001 (Cth):
/s/ Craig Newman	/s/ Issa Chehab
Signature of director	Signature of director
Craig Newman	Issa Chehab
Full name of director who states that they are a director of Silver Fin Sub TC Pty Ltd	Full name of director who states that they are a director of Silver Fin Sub TC Pty Ltd

Barclays-BXMT – Fifth Amendment to Master Repurchase Agreement

EX-31.1

Exhibit 31.1

CERTIFICATION
PURSUANT TO 17 CFR 240.13a-14
PROMULGATED UNDER
SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Katharine A. Keenan, certify that:

1.I have reviewed this quarterly report on Form 10-Q of Blackstone Mortgage Trust, Inc.;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)    Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)    Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)    Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)    Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.     The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)    All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b)    Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: July 24, 2024

/s/ Katharine A. Keenan   
Katharine A. Keenan
Chief Executive Officer

EX-31.2

Exhibit 31.2

CERTIFICATION
PURSUANT TO 17 CFR 240.13a-14
PROMULGATED UNDER
SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Anthony F. Marone, Jr., certify that:

1.I have reviewed this quarterly report on Form 10-Q of Blackstone Mortgage Trust, Inc.;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)    Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)    Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)    Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)    Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.     The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)    All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b)    Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: July 24, 2024

/s/ Anthony F. Marone     
Anthony F. Marone, Jr.
Chief Financial Officer

EX-32.1

Exhibit 32.1

CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Blackstone Mortgage Trust, Inc. (the “Company”) on Form 10-Q for the period ended June 30, 2024 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Katharine A. Keenan, Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

1.    The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2.    The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

/s/ Katharine A. Keenan   
Katharine A. Keenan
Chief Executive Officer
July 24, 2024

This certification accompanies each Report pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not, except to the extent required by the Sarbanes-Oxley Act of 2002, be deemed filed by the Company for purposes of Section 18 of the Securities Exchange Act of 1934, as amended.

A signed original of this written statement required by Section 906 has been provided by the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

EX-32.2

Exhibit 32.2

CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Blackstone Mortgage Trust, Inc. (the “Company”) on Form 10-Q for the period ended June 30, 2024 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Anthony F. Marone, Jr., Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

1.    The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2.    The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

/s/ Anthony F. Marone     

Anthony F. Marone, Jr.
Chief Financial Officer
July 24, 2024

This certification accompanies each Report pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not, except to the extent required by the Sarbanes-Oxley Act of 2002, be deemed filed by the Company for purposes of Section 18 of the Securities Exchange Act of 1934, as amended.

A signed original of this written statement required by Section 906 has been provided by the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

EX-99.1

Exhibit 99.1

Section 13(r) Disclosure

After Blackstone Mortgage Trust, Inc. (“BXMT”) filed its Form 10-Q for the quarter ended March 31, 2024 with the Securities and Exchange Commission (the “SEC”), Blackstone Inc. (“Blackstone”) filed the disclosure reproduced below with respect to such period, in accordance with Section 13(r) of the Securities Exchange Act of 1934, as amended, in regard to Mundys S.p.A. (formerly, “Atlantia S.pA.”). Mundys S.p.A. may be, or may have been at the time considered to be, an affiliate of Blackstone, and therefore an affiliate of BXMT. As of the date BXMT filed its Form 10-Q for the quarter ended June 30, 2024 with the SEC, Blackstone had not yet filed its Form 10-Q for such period. Therefore, the disclosure reproduced below does not include any information for the quarter ended June 30, 2024. BXMT did not independently verify or participate in the preparation of the disclosure reproduced below.

Blackstone included the following disclosure in its Quarterly Report on Form 10-Q for the quarter ended March 31, 2024:

Mundys S.p.A. (formerly “Atlantia S.p.A.”) provided the disclosure reproduced below in connection with activities during the quarter ended March 31, 2024. We have not independently verified or participated in the preparation of this disclosure.

“Disclosure pursuant to Section 13(r) of the Securities Exchange Act of 1934. Funds affiliated with Blackstone first invested in Mundys S.p.A. on November 18, 2022 in connection with the voluntary public tender offer by Schema Alfa S.p.A. for all of the shares of Mundys S.p.A., pursuant to which such funds obtained a minority non-controlling interest in Mundys S.p.A. Mundys S.p.A. owns and controls Aeroporti di Roma S.p.A. (“ADR”), an operator of airports in Italy including Leonardo da Vinci-Fiumicino Airport. Iran Air has historically operated periodic flights to and from Leonardo da Vinci-Fiumicino Airport as authorized, from time to time, by an aviation-related bilateral agreement between Italy and Iran, scheduled in compliance with European Regulation 95/93, and approved by the Italian Civil Aviation Authority. ADR, as airport operator, is under a mandatory obligation to provide airport services to all air carriers (including Iran Air) authorized by the applicable Italian authority. The relevant turnover attributable to these activities (whose consideration is calculated on the basis of general tariffs determined by such independent Italian authority) in the quarter ended March 31, 2024 was less than €70,000. Mundys S.p.A. does not track profits specifically attributable to these activities.”

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Cover Page - shares	6 Months Ended
	Jun. 30, 2024	Jul. 17, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
Document Transition Report	false
Entity File Number	001-14788
Entity Registrant Name	Blackstone Mortgage Trust, Inc.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	94-6181186
Entity Address, Address Line One	345 Park Avenue
Entity Address, Address Line Two	24th Floor
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10154
City Area Code	212
Local Phone Number	655-0220
Title of 12(b) Security	Class A common stock, par value $0.01 per share
Trading Symbol	BXMT
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		173,620,980
Entity Central Index Key	0001061630
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--12-31

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Consolidated Balance Sheets (Unaudited) - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Assets
Cash and cash equivalents	$ 373,876,000	$ 350,014,000
Loans receivable	22,870,848,000	23,787,012,000
Current expected credit loss reserve	(893,938,000)	(576,936,000)
Loans receivable, net	21,976,910,000	23,210,076,000
Real estate owned, net	60,018,000	0
Other assets	225,795,000	476,088,000
Total Assets	22,636,599,000	24,036,178,000
Liabilities and Equity
Loan participations sold, net	100,442,000	337,179,000
Term loans, net	2,095,199,000	2,101,632,000
Senior secured notes, net	337,336,000	362,763,000
Convertible notes, net	296,486,000	295,847,000
Other liabilities	257,299,000	362,531,000
Total Liabilities	18,632,001,000	19,648,674,000
Commitments and contingencies	0	0
Equity
Class A common stock, $0.01 par value, 400,000,000 shares authorized, 173,619,498 and 173,209,933 shares issued and outstanding as of June 30, 2024 and December 31, 2023, respectively	1,736,000	1,732,000
Additional paid-in capital	5,524,043,000	5,507,459,000
Accumulated other comprehensive income	10,328,000	9,454,000
Accumulated deficit	(1,551,603,000)	(1,150,934,000)
Total Blackstone Mortgage Trust, Inc. stockholders’ equity	3,984,504,000	4,367,711,000
Non-controlling interests	20,094,000	19,793,000
Total Equity	4,004,598,000	4,387,504,000
Total Liabilities and Equity	22,636,599,000	24,036,178,000
Secured debt, net
Liabilities and Equity
Long-term debt	12,096,705,000	12,683,095,000
Securitized debt obligations, net
Liabilities and Equity
Long-term debt	2,327,774,000	2,505,417,000
Asset-specific debt, net
Liabilities and Equity
Long-term debt	$ 1,120,760,000	$ 1,000,210,000

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Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	400,000,000	400,000,000
Common stock, shares issued (in shares)	173,619,498	173,209,933
Common stock, shares outstanding (in shares)	173,619,498	173,209,933
Total assets	$ 22,636,599	$ 24,036,178
Total liabilities	18,632,001	19,648,674
VIE
Total assets	2,747,580	2,981,462
Total liabilities	$ 2,333,966	$ 2,513,518

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Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income from loans and other investments
Interest and related income	$ 466,152	$ 521,892	$ 952,275	$ 1,013,276
Less: Interest and related expenses	339,380	344,549	683,110	661,746
Income from loans and other investments, net	126,772	177,343	269,165	351,530
Other expenses
Management and incentive fees	18,726	32,815	37,653	63,865
General and administrative expenses	13,660	13,022	27,388	25,887
Total other expenses	32,386	45,837	65,041	89,752
Increase in current expected credit loss reserve	(152,408)	(27,807)	(387,277)	(37,630)
Gain on extinguishment of debt	0	0	2,963	0
Net expense from real estate owned	(963)	0	(963)	0
(Loss) income before income taxes	(58,985)	103,699	(181,153)	224,148
Income tax provision	1,217	1,202	2,219	3,095
Net (loss) income	(60,202)	102,497	(183,372)	221,053
Net income attributable to non-controlling interests	(855)	(846)	(1,523)	(1,645)
Net (loss) income attributable to Blackstone Mortgage Trust, Inc.	$ (61,057)	$ 101,651	$ (184,895)	$ 219,408
Net (loss) income per share of common stock
Basic (in dollars per share)	$ (0.35)	$ 0.59	$ (1.06)	$ 1.27
Diluted (in dollars per share)	$ (0.35)	$ 0.58	$ (1.06)	$ 1.25
Weighted-average shares of common stock outstanding, basic and diluted
Basic (in shares)	173,967,340	172,615,385	174,004,464	172,606,914
Diluted (in shares)	173,967,340	180,886,445	174,004,464	180,877,974

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Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Comprehensive Income [Abstract]
Net (loss) income	$ (60,202)	$ 102,497	$ (183,372)	$ 221,053
Other comprehensive income
Unrealized gain (loss) on foreign currency translation	3,668	28,469	(42,064)	50,328
Realized and unrealized (loss) gain on derivative financial instruments	(3,210)	(25,557)	42,938	(49,609)
Other comprehensive income	458	2,912	874	719
Comprehensive (loss) income	(59,744)	105,409	(182,498)	221,772
Comprehensive income attributable to non-controlling interests	(855)	(846)	(1,523)	(1,645)
Comprehensive (loss) income attributable to Blackstone Mortgage Trust, Inc.	$ (60,599)	$ 104,563	$ (184,021)	$ 220,127

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Consolidated Statements of Changes in Equity (Unaudited) - USD ($) $ in Thousands	Total	Stockholders' Equity	Class A Common Stock	Additional Paid-In Capital	Accumulated Other Comprehensive Income (Loss)	Accumulated Deficit	Non-Controlling Interests
Beginning balance at Dec. 31, 2022	$ 4,544,200	$ 4,518,794	$ 1,717	$ 5,475,804	$ 10,022	$ (968,749)	$ 25,406
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Restricted class A common stock earned	7,492	7,492	6	7,486
Dividends reinvested	287	287		287
Deferred directors’ compensation	163	163		163
Net (loss) income	118,556	117,757				117,757	799
Other comprehensive income (loss)	(2,194)	(2,194)			(2,194)
Dividends declared on common stock and deferred stock units, $0.62 per share	(107,072)	(107,072)				(107,072)
Distributions to non-controlling interests	(733)						(733)
Ending balance at Mar. 31, 2023	4,560,699	4,535,227	1,723	5,483,740	7,828	(958,064)	25,472
Beginning balance at Dec. 31, 2022	4,544,200	4,518,794	1,717	5,475,804	10,022	(968,749)	25,406
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	221,053
Other comprehensive income (loss)	719
Dividends declared on common stock and deferred stock units, $0.62 per share	(214,100)
Ending balance at Jun. 30, 2023	4,566,189	4,540,662	1,723	5,491,640	10,740	(963,441)	25,527
Beginning balance at Mar. 31, 2023	4,560,699	4,535,227	1,723	5,483,740	7,828	(958,064)	25,472
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Restricted class A common stock earned	7,492	7,492		7,492
Dividends reinvested	235	235		235
Deferred directors’ compensation	173	173		173
Net (loss) income	102,497	101,651				101,651	846
Other comprehensive income (loss)	2,912	2,912			2,912
Dividends declared on common stock and deferred stock units, $0.62 per share	(107,028)	(107,028)				(107,028)
Distributions to non-controlling interests	(791)						(791)
Ending balance at Jun. 30, 2023	4,566,189	4,540,662	1,723	5,491,640	10,740	(963,441)	25,527
Beginning balance at Dec. 31, 2023	4,387,504	4,367,711	1,732	5,507,459	9,454	(1,150,934)	19,793
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Restricted class A common stock earned	7,911	7,911	4	7,907
Dividends reinvested	253	253		253
Deferred directors’ compensation	201	201		201
Net (loss) income	(123,170)	(123,838)				(123,838)	668
Other comprehensive income (loss)	416	416			416
Dividends declared on common stock and deferred stock units, $0.62 per share	(107,901)	(107,901)				(107,901)
Distributions to non-controlling interests	(627)						(627)
Ending balance at Mar. 31, 2024	4,164,587	4,144,753	1,736	5,515,820	9,870	(1,382,673)	19,834
Beginning balance at Dec. 31, 2023	4,387,504	4,367,711	1,732	5,507,459	9,454	(1,150,934)	19,793
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	(183,372)
Other comprehensive income (loss)	874
Dividends declared on common stock and deferred stock units, $0.62 per share	(215,774)
Ending balance at Jun. 30, 2024	4,004,598	3,984,504	1,736	5,524,043	10,328	(1,551,603)	20,094
Beginning balance at Mar. 31, 2024	4,164,587	4,144,753	1,736	5,515,820	9,870	(1,382,673)	19,834
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Restricted class A common stock earned	7,761	7,761		7,761
Dividends reinvested	261	261		261
Deferred directors’ compensation	201	201		201
Net (loss) income	(60,202)	(61,057)				(61,057)	855
Other comprehensive income (loss)	458	458			458
Dividends declared on common stock and deferred stock units, $0.62 per share	(107,873)	(107,873)				(107,873)
Contributions from non-controlling interests	1,245						1,245
Distributions to non-controlling interests	(1,840)						(1,840)
Ending balance at Jun. 30, 2024	$ 4,004,598	$ 3,984,504	$ 1,736	$ 5,524,043	$ 10,328	$ (1,551,603)	$ 20,094

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Consolidated Statements of Changes in Equity (Unaudited) (Parenthetical) - $ / shares		3 Months Ended				6 Months Ended
	Jun. 14, 2024	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Stockholders' Equity [Abstract]
Dividends declared on common stock and deferred stock units (in dollars per share)	$ 0.62	$ 0.62	$ 0.62	$ 0.62	$ 0.62	$ 1.24	$ 1.24

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Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash flows from operating activities
Net (loss) income	$ (183,372)	$ 221,053
Adjustments to reconcile net (loss) income to net cash provided by operating activities
Non-cash compensation expense	16,074	15,320
Amortization of deferred fees on loans	(33,700)	(43,697)
Amortization of deferred financing costs and premiums/discounts on debt obligations	21,494	29,605
Payment-in-kind interest, net of interest received	(6,164)	(2,432)
Increase in current expected credit loss reserve	387,277	37,630
Gain on extinguishment of debt	(2,963)	0
Depreciation of real estate owned	185	0
Unrealized loss on derivative financial instruments, net	291	1,366
Realized gain on derivative financial instruments, net	(9,155)	(16,926)
Changes in assets and liabilities, net
Other assets	20,257	5,628
Other liabilities	(15,431)	(11,912)
Net cash provided by operating activities	194,793	235,635
Cash flows from investing activities
Principal fundings of loans receivable	(626,746)	(713,075)
Principal collections, sales proceeds, and cost-recovery proceeds from loans receivable	1,413,348	1,491,158
Origination and other fees received on loans receivable	11,774	8,088
Payments under derivative financial instruments	(77,368)	(164,342)
Receipts under derivative financial instruments	55,760	25,176
Collateral deposited under derivative agreements	(63,110)	(163,610)
Return of collateral deposited under derivative agreements	150,710	257,700
Net cash provided by investing activities	864,368	741,095
Cash flows from financing activities
Repayment of loan participations	(235,960)	0
Payment of deferred financing costs	(13,734)	(14,674)
Contributions from non-controlling interests	1,245	0
Distributions to non-controlling interests	(2,467)	(1,524)
Dividends paid on class A common stock	(215,068)	(213,272)
Net cash used in financing activities	(1,032,778)	(788,499)
Net increase in cash and cash equivalents	26,383	188,231
Cash and cash equivalents at beginning of period	350,014	291,340
Effects of currency translation on cash and cash equivalents	(2,521)	3,285
Cash and cash equivalents at end of period	373,876	482,856
Supplemental disclosure of cash flows information
Payments of interest	(667,527)	(639,090)
Payments of income taxes	(2,020)	(4,290)
Supplemental disclosure of non-cash investing and financing activities
Dividends declared, not paid	(107,644)	(106,832)
Loan principal payments held by servicer, net	0	12,272
Transfer of senior loan to real estate owned	60,203	0
Secured debt, net
Cash flows from financing activities
Borrowings under long-term debt	658,123	1,339,606
Repayments of long-term debt	(1,133,669)	(1,590,332)
Securitized debt obligations, net
Cash flows from financing activities
Repayments of long-term debt	(179,023)	(1,807)
Asset-specific debt, net
Cash flows from financing activities
Borrowings under long-term debt	121,757	163,539
Repayments of long-term debt	0	(239,037)
Secured term loans, net
Cash flows from financing activities
Repayments of long-term debt	(10,998)	(10,998)
Senior Secured Notes
Adjustments to reconcile net (loss) income to net cash provided by operating activities
Gain on extinguishment of debt	(3,000)
Cash flows from financing activities
Repayments of long-term debt	(22,984)	0
Convertible notes, net
Adjustments to reconcile net (loss) income to net cash provided by operating activities
Amortization of deferred financing costs and premiums/discounts on debt obligations	639	950
Cash flows from financing activities
Repayments of long-term debt	$ 0	$ (220,000)

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Organization

6 Months Ended

Jun. 30, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization

ORGANIZATION

References herein to “Blackstone Mortgage Trust,” “Company,” “we,” “us” or “our” refer to Blackstone Mortgage Trust, Inc., a Maryland corporation, and its subsidiaries unless the context specifically requires otherwise.

Blackstone Mortgage Trust is a real estate finance company that originates senior loans collateralized by commercial real estate in North America, Europe, and Australia. Our portfolio is composed primarily of loans secured by high-quality, institutional assets in major markets, sponsored by experienced, well-capitalized real estate investment owners and operators. These senior loans are capitalized by accessing a variety of financing options, including borrowing under our credit facilities, issuing collateralized loan obligations, or CLOs, or single-asset securitizations, and corporate financing, depending on our view of the most prudent financing option available for each of our investments. We are not in the business of buying or trading securities, and the only securities we own are the retained interests from our securitization financing transactions, which we have not financed. We are externally managed by BXMT Advisors L.L.C., or our Manager, a subsidiary of Blackstone Inc., or Blackstone, and are a real estate investment trust, or REIT, traded on the New York Stock Exchange, or NYSE, under the symbol “BXMT.” Our principal executive offices are located at 345 Park Avenue, 24th Floor, New York, New York 10154.

We conduct our operations as a REIT for U.S. federal income tax purposes. We generally will not be subject to U.S. federal income taxes on our taxable income to the extent that we annually distribute all of our net taxable income to stockholders and maintain our qualification as a REIT. We also operate our business in a manner that permits us to maintain an exclusion from registration under the Investment Company Act of 1940, as amended. We are organized as a holding company and conduct our business primarily through our various subsidiaries.

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Summary of Significant Accounting Policies

6 Months Ended

Jun. 30, 2024

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America, or GAAP, for interim financial information and the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. The consolidated financial statements, including the notes thereto, are unaudited and exclude some of the disclosures required in audited financial statements. We believe we have made all necessary adjustments, consisting of only normal recurring items, so that the consolidated financial statements are presented fairly and that estimates made in preparing our consolidated financial statements are reasonable and prudent. The operating results presented for interim periods are not necessarily indicative of the results that may be expected for any other interim period or for the entire year. The accompanying unaudited consolidated interim financial statements should be read in conjunction with the audited consolidated financial statements included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023 filed with the Securities and Exchange Commission, or the SEC.

Basis of Presentation

The accompanying consolidated financial statements include, on a consolidated basis, our accounts, the accounts of our wholly-owned subsidiaries, majority-owned subsidiaries, and variable interest entities, or VIEs, of which we are the primary beneficiary. All intercompany balances and transactions have been eliminated in consolidation.

Certain reclassifications have been made in the presentation of the prior period statement of cash flows related to payment-in-kind interest and principal fundings of loans receivable, and in new financings by spread in Note 6 to conform to the current period presentation.

Principles of Consolidation

We consolidate all entities that we control through either majority ownership or voting rights. In addition, we consolidate all VIEs of which we are considered the primary beneficiary. VIEs are defined as entities in which equity investors (i) do not have an interest with the characteristics of a controlling financial interest and/or (ii) do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support from other parties. The entity that consolidates a VIE is known as its primary beneficiary and is generally the entity with (i) the power to direct the activities that most significantly affect the VIE’s economic performance and (ii) the right to receive benefits from the VIE or the obligation to absorb losses of the VIE that could be significant to the VIE.

In 2017, we entered into a joint venture, or our Multifamily Joint Venture, with Walker & Dunlop Inc. to originate, hold, and finance multifamily bridge loans. Pursuant to the terms of the agreements governing the joint venture, Walker & Dunlop contributed 15% of the venture’s equity capital and we contributed 85%. We consolidate the Multifamily Joint Venture as we have a controlling financial interest. The non-controlling interests included on our consolidated balance sheets represent the equity interests in our Multifamily Joint Venture that are owned by Walker & Dunlop. A portion of our Multifamily Joint Venture’s consolidated equity and results of operations are allocated to these non-controlling interests based on Walker & Dunlop’s pro rata ownership of our Multifamily Joint Venture.

Use of Estimates

The preparation of consolidated financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results may ultimately differ materially from those estimates.

Revenue Recognition

Interest income from our loans receivable portfolio is recognized over the life of each loan using the effective interest method and is recorded on the accrual basis. Recognition of fees, premiums, and discounts associated with these investments is deferred and recorded over the term of the loan as an adjustment to yield. Income accrual is generally suspended for loans at the earlier of the date at which payments become 90 days past due or when, in our opinion, recovery of income and principal becomes doubtful. Interest received is then recorded as income or as a reduction in the amortized cost basis, based on the specific facts and circumstances, until accrual is resumed when the loan becomes contractually current and performance is demonstrated to be resumed. In addition, for loans we originate, the related origination expenses are deferred and recognized as a reduction to interest income, however expenses related to loans we acquire are included in general and administrative expenses as incurred.

Cash and Cash Equivalents

Cash and cash equivalents represent cash held in banks and liquid investments with original maturities of three months or less. We may have bank balances in excess of federally insured amounts; however, we deposit our cash and cash equivalents with high credit-quality institutions to minimize credit risk exposure. We have not experienced, and do not expect, any losses on our cash or cash equivalents. As of both June 30, 2024 and December 31, 2023, we had no restricted cash on our consolidated balance sheets.

Through our subsidiaries, we have oversight of certain servicing accounts held with third-party servicers, or Servicing Accounts, which relate to borrower escrows and other cash balances aggregating $471.3 million and $640.6 million as of June 30, 2024 and December 31, 2023, respectively. This cash is maintained in segregated bank accounts, and these amounts are not included in the assets and liabilities presented in our consolidated balance sheets. Cash in these Servicing Accounts will be transferred by the respective third-party servicer to the borrower or us under the terms of the applicable loan agreement upon occurrence of certain future events. We do not generate any revenue or incur any expenses as a result of these Servicing Accounts.

Loans Receivable

We originate and purchase commercial real estate debt and related instruments generally to be held as long-term investments at amortized cost.

Current Expected Credit Losses Reserve

The current expected credit loss, or CECL, reserve required under the Financial Accounting Standards Board, or FASB, Accounting Standards Codification, or ASC, Topic 326 “Financial Instruments – Credit Losses,” or ASC 326, reflects our current estimate of potential credit losses related to our loans and notes receivable included in our consolidated balance sheets. Changes to the CECL reserves are recognized through net income on our consolidated statements of operations. While ASC 326 does not require any particular method for determining the CECL reserves, it does specify the reserves should be based on relevant information about past events, including historical loss experience, current portfolio and market conditions, and reasonable and supportable forecasts for the duration of each respective loan. In addition, other than a few narrow exceptions, ASC 326 requires that all financial instruments subject to the CECL model have some amount of

loss reserve to reflect the principle underlying the CECL model that all loans and similar assets have some inherent risk of loss, regardless of credit quality, subordinate capital, or other mitigating factors.

We estimate our CECL reserves primarily using the Weighted-Average Remaining Maturity, or WARM method, which has been identified as an acceptable loss-rate method for estimating CECL reserves in FASB Staff Q&A Topic 326, No. 1. The WARM method requires us to reference historic loan loss data across a comparable data set and apply such loss rate to each of our loans over their expected remaining term, taking into consideration expected economic conditions over the relevant timeframe. We apply the WARM method for the majority of our loan portfolio, which consists of loans that share similar risk characteristics. In certain instances, for loans with unique risk characteristics, we may instead use a probability-weighted model that considers the likelihood of default and expected loss given default for each such individual loan.

Application of the WARM method to estimate CECL reserves requires judgment, including (i) the appropriate historical loan loss reference data, (ii) the expected timing and amount of future loan fundings and repayments, and (iii) the current credit quality of our portfolio and our expectations of performance and market conditions over the relevant time period. To estimate the historic loan losses relevant to our portfolio, we have augmented our historical loan performance, with market loan loss data licensed from Trepp LLC. This database includes commercial mortgage-backed securities, or CMBS, issued since January 1, 1999 through May 31, 2024. Within this database, we focused our historical loss reference calculations on the most relevant subset of available CMBS data, which we determined based on loan metrics that are most comparable to our loan portfolio including asset type, geography, and origination loan-to-value, or LTV. We believe this CMBS data, which includes month-over-month loan and property performance, is the most relevant, available, and comparable dataset to our portfolio.

Our loans typically include commitments to fund incremental proceeds to our borrowers over the life of the loan. These future funding commitments are also subject to the CECL model. The CECL reserve related to future loan fundings is recorded as a component of other liabilities on our consolidated balance sheets. This CECL reserve is estimated using the same process outlined above for our outstanding loan balances, and changes in this component of the CECL reserve will similarly impact our consolidated net income. For both the funded and unfunded portions of our loans, we consider our internal risk rating of each loan as the primary credit quality indicator underlying our assessment.

The CECL reserves are measured on a collective basis wherever similar risk characteristics exist within a pool of similar assets. We have identified the following pools and measure the reserve for credit losses using the following methods:

•U.S. Loans: WARM method that incorporates a subset of historical loss data, expected weighted-average remaining maturity of our loan pool, and an economic view.

•Non-U.S. Loans: WARM method that incorporates a subset of historical loss data, expected weighted-average remaining maturity of our loan pool, and an economic view.

•Unique Loans: a probability of default and loss given default model, assessed on an individual basis.

•Impaired Loans: impairment is indicated when it is deemed probable that we will not be able to collect all amounts due to us pursuant to the contractual terms of the loan. Determining that a loan is impaired requires significant judgment from management and is based on several factors including (i) the underlying collateral performance, (ii) discussions with the borrower, (iii) borrower events of default, and (iv) other facts that impact the borrower’s ability to pay the contractual amounts due under the terms of the loan. If a loan is determined to be impaired, we record the impairment as a component of our CECL reserves by applying the practical expedient for collateral dependent loans. The CECL reserves are assessed on an individual basis for these loans by comparing the estimated fair value of the underlying collateral, less costs to sell, to the book value of the respective loan. These valuations require significant judgments, which include assumptions regarding capitalization rates, discount rates, leasing, creditworthiness of major tenants, occupancy rates, availability and cost of financing, exit plan, loan sponsorship, actions of other lenders, and other factors deemed relevant by us. Actual losses, if any, could ultimately differ materially from these estimates. We only expect to charge-off the impairment losses in our consolidated financial statements prepared in accordance with GAAP if and when such amounts are deemed non-recoverable. This is generally at the time a loan is repaid or foreclosed. However, non-recoverability may also be concluded if, in our determination, it is nearly certain that all amounts due will not be collected.

Contractual Term and Unfunded Loan Commitments

Expected credit losses are estimated over the contractual term of each loan, adjusted for expected repayments. As part of our quarterly review of our loan portfolio, we assess the expected repayment date of each loan, which is used to determine the contractual term for purposes of computing our CECL reserves.

Additionally, the expected credit losses over the contractual period of our loans are subject to the obligation to extend credit through our unfunded loan commitments. The CECL reserve for unfunded loan commitments is adjusted quarterly, as we consider the expected timing of future funding obligations over the estimated life of the loan. The considerations in estimating our CECL reserve for unfunded loan commitments are similar to those used for the related outstanding loans receivable.

Credit Quality Indicator

Our risk rating is our primary credit quality indicator in assessing our current expected credit loss reserve. We perform a quarterly risk review of our portfolio of loans, and assign each loan a risk rating based on a variety of factors, including, without limitation, origination LTV, debt yield, property type, geographic and local market dynamics, physical condition, cash flow volatility, leasing and tenant profile, loan structure and exit plan, and project sponsorship. Based on a 5-point scale, our loans are rated “l” through “5,” from less risk to greater risk, relative to our loan portfolio in the aggregate, which ratings are defined as follows:

1 -Very Low Risk

2 -Low Risk

3 -Medium Risk

4 -High Risk/Potential for Loss: A loan that has a risk of realizing a principal loss.

5 -Impaired/Loss Likely: A loan that has a very high risk of realizing a principal loss or has otherwise incurred a principal loss.

Estimation of Economic Conditions

In addition to the WARM method computations and probability-weighted models described above, our CECL reserves are also adjusted to reflect our estimation of the current and future economic conditions that impact the performance of the commercial real estate assets securing our loans. These estimations include unemployment rates, interest rates, expectations of inflation and/or recession, and other macroeconomic factors impacting the likelihood and magnitude of potential credit losses for our loans during their anticipated term. In addition to the CMBS data we have licensed from Trepp LLC, we have also licensed certain macroeconomic financial forecasts to inform our view of the potential future impact that broader economic conditions may have on our loan portfolio’s performance. We generally also incorporate information from other sources, including information and opinions available to our Manager, to further inform these estimations. This process requires significant judgments about future events that, while based on the information available to us as of the balance sheet date, are ultimately indeterminate and the actual economic condition impacting our portfolio could vary significantly from the estimates we made as of June 30, 2024.

Real Estate Owned

We may assume legal title or physical possession of the collateral underlying a loan through a foreclosure or the execution of a deed-in-lieu of foreclosure. These real estate acquisitions are classified as real estate owned, or REO, on our consolidated balance sheet and are initially recognized at fair value on the acquisition date in accordance with the ASC Topic 805, “Business Combinations.”

Upon acquisition of REO, we assess the fair value of acquired tangible and intangible assets, which may include land, buildings, tenant improvements, “above-market” and “below-market” leases, acquired in-place leases, other identified intangible assets and assumed liabilities, as applicable, and allocate the fair value to the acquired assets and assumed liabilities. We assess and consider fair value based on estimated cash flow projections that utilize discount and/or capitalization rates that we deem appropriate, as well as other available market information. Estimates of future cash flows are based on a number of factors including the historical operating results, known and anticipated trends, and market and economic conditions. We capitalize acquisition-related costs associated with asset acquisitions.

Real estate assets held for investment, except for land, are depreciated using the straight-line method over the assets’ estimated useful lives of up to 40 years for buildings and 10 years for tenant improvements. Renovations and/or replacements that improve or extend the life of the asset are capitalized and depreciated over their estimated useful lives. The cost of ordinary repairs and maintenance are expensed as incurred.

Real estate assets held for investment are assessed for impairment on a quarterly basis. If the depreciated cost basis of the asset exceeds the undiscounted cash flows, the asset is considered impaired and the depreciated cost basis is reduced to the fair value. The impairment loss is recognized based on the excess of the carrying amount of the asset over its fair value. The evaluation of anticipated future cash flows is highly subjective and is based in part on assumptions regarding future occupancy, rental rates, capital requirements and anticipated holding periods that could differ materially from actual results.

Real estate assets are classified as held for sale in the period when they meet the criteria under ASC Topic 360 “Property, Plant, and Equipment.” Once a real estate asset is classified as held for sale, depreciation is suspended and the asset is reported at the lower of its carrying value or fair value less cost to sell.

As of June 30, 2024, we had one REO asset which was vacant and classified as held for investment.

Derivative Financial Instruments

We classify all derivative financial instruments as either other assets or other liabilities on our consolidated balance sheets at fair value.

On the date we enter into a derivative contract, we designate each contract as (i) a hedge of a net investment in a foreign operation, or net investment hedge, (ii) a hedge of a forecasted transaction or of the variability of cash flows to be received or paid related to a recognized asset or liability, or cash flow hedge, (iii) a hedge of a recognized asset or liability, or fair value hedge, or (iv) a derivative instrument not to be designated as a hedging derivative, or non-designated hedge. For all derivatives other than those designated as non-designated hedges, we formally document our hedge relationships and designation at the contract’s inception. This documentation includes the identification of the hedging instruments and the hedged items, its risk management objectives, strategy for undertaking the hedge transaction and our evaluation of the effectiveness of its hedged transaction.

On a quarterly basis, we also formally assess whether the derivative we designated in each hedging relationship is expected to be, and has been, highly effective in offsetting changes in the value or cash flows of the hedged items. If it is determined that a derivative is not highly effective at hedging the designated exposure, hedge accounting is discontinued and the changes in fair value of the instrument are included in net income prospectively. Our net investment hedges are assessed using a method based on changes in spot exchange rates. Gains and losses, representing hedge components excluded from the assessment of effectiveness, are recognized in interest income on our consolidated statements of operations over the contractual term of our net investment hedges on a systematic and rational basis, as documented at hedge inception in accordance with our accounting policy election. All other changes in the fair value of our derivative instruments that qualify as hedges are reported as a component of accumulated other comprehensive income (loss) on our consolidated financial statements. Deferred gains and losses are reclassified out of accumulated other comprehensive income (loss) and into net income in the same period or periods during which the hedged transaction affects earnings, and are presented in the same line item as the earnings effect of the hedged item. For cash flow hedges, this is typically when the periodic swap settlements are made, while for net investment hedges, this occurs when the hedged item is sold or substantially liquidated. To the extent a derivative does not qualify for hedge accounting and is deemed a non-designated hedge, the changes in its fair value are included in net income concurrently.

Proceeds or payments from periodic settlements of derivative instruments are classified on our consolidated statement of cash flows in the same section as the underlying hedged item.

Secured Debt and Asset-Specific Debt

We record investments financed with secured debt or asset-specific debt as separate assets and the related borrowings under any secured debt or asset-specific debt are recorded as separate liabilities on our consolidated balance sheets. Interest income earned on the investments and interest expense incurred on the secured debt or asset-specific debt are reported separately on our consolidated statements of operations.

Loan Participations Sold

In certain instances, we have executed a syndication of a non-recourse loan interest to a third-party. Depending on the particular structure of the syndication, the loan interest may remain on our GAAP balance sheet or, in other cases, the sale will be recognized and the loan interest will no longer be included in our consolidated financial statements. When these sales are not recognized under GAAP we reflect the transaction by recording a loan participation sold liability on our consolidated balance sheet, however this gross presentation does not impact stockholders’ equity or net income. When the sales are recognized, our balance sheet only includes our remaining loan interest, and excludes the interest in the loan that we sold.

Term Loans

We record our term loans as liabilities on our consolidated balance sheets. Where applicable, any issue discount or transaction expenses are deferred and amortized through the maturity date of the term loans as additional non-cash interest expense.

Senior Secured Notes

We record our senior secured notes as liabilities on our consolidated balance sheets. Where applicable, any issue discount or transaction expenses are deferred and amortized through the maturity date of the senior secured notes as additional non-cash interest expense.

Convertible Notes

Convertible note proceeds, unless issued with a substantial premium or an embedded conversion feature, are classified as debt. Additionally, shares issuable under our convertible notes are included in diluted earnings per share in our consolidated financial statements, if the effect is dilutive, using the if-converted method, regardless of settlement intent. Where applicable, any issue discount or transaction expenses are deferred and amortized through the maturity date of the convertible notes as additional non-cash interest expense.

Deferred Financing Costs

The deferred financing costs that are included as a reduction in the net book value of the related liability on our consolidated balance sheets include issuance and other costs related to our debt obligations. These costs are amortized as interest expense using the effective interest method over the life of the related obligations.

Underwriting Commissions and Offering Costs

Underwriting commissions and offering costs incurred in connection with common stock offerings are reflected as a reduction of additional paid-in capital. Costs incurred that are not directly associated with the completion of a common stock offering are expensed when incurred.

Fair Value of Financial Instruments

The “Fair Value Measurements and Disclosures” Topic of the FASB, or ASC 820, defines fair value, establishes a framework for measuring fair value, and requires certain disclosures about fair value measurements under GAAP. Specifically, this guidance defines fair value based on exit price, or the price that would be received upon the sale of an asset or the transfer of a liability in an orderly transaction between market participants at the measurement date.

ASC 820 also establishes a fair value hierarchy that prioritizes and ranks the level of market price observability used in measuring financial instruments. Market price observability is affected by a number of factors, including the type of financial instrument, the characteristics specific to the financial instrument, and the state of the marketplace, including the existence and transparency of transactions between market participants. Financial instruments with readily available quoted prices in active markets generally will have a higher degree of market price observability and a lesser degree of judgment used in measuring fair value.

Financial instruments measured and reported at fair value are classified and disclosed based on the observability of inputs used in the determination, as follows:

•Level 1: Generally includes only unadjusted quoted prices that are available in active markets for identical financial instruments as of the reporting date.

•Level 2: Pricing inputs include quoted prices in active markets for similar instruments, quoted prices in less active or inactive markets for identical or similar instruments where multiple price quotes can be obtained, and other observable inputs, such as interest rates, yield curves, credit risks, and default rates.

•Level 3: Pricing inputs are unobservable for the financial instruments and include situations where there is little, if any, market activity for the financial instrument. These inputs require significant judgment or estimation by management of third-parties when determining fair value and generally represent anything that does not meet the criteria of Levels 1 and 2.

Certain of our other assets are reported at fair value, as of quarter-end, either (i) on a recurring basis or (ii) on a nonrecurring basis, as a result of impairment or other events. Our assets that are recorded at fair value are discussed further in Note 18. We generally value our assets recorded at fair value by either (i) discounting expected cash flows based on assumptions regarding the collection of principal and interest and estimated market rates, or (ii) obtaining assessments from third-parties. For collateral-dependent loans that are identified as impaired, we measure impairment by comparing our estimation of the fair value of the underlying collateral, less costs to sell, to the book value of the respective loan. These valuations require significant judgments, which include assumptions regarding capitalization rates, discount rates, leasing, creditworthiness of major tenants, occupancy rates, availability and cost of financing, exit plan, loan sponsorship, actions of other lenders, and other factors.

As of June 30, 2024, we had an aggregate $759.4 million asset-specific CECL reserve related to 19 of our loans receivable with an aggregate amortized cost basis of $2.9 billion, net of cost-recovery proceeds. The CECL reserve was recorded based on our estimation of the fair value of the loans' aggregate underlying collateral as of June 30, 2024. These loans receivable are therefore measured at fair value on a nonrecurring basis using significant unobservable inputs, and are classified as Level 3 assets in the fair value hierarchy. We estimated the fair value of the collateral underlying the loans receivable by considering a variety of inputs including property performance, market data, and comparable sales, as applicable. The significant unobservable inputs used include the exit capitalization rate assumption used to forecast the future sale price of the underlying real estate collateral, which ranged from 6.00% to 8.55%, and the unlevered discount rate, which ranged from 7.28% to 11.00%.

On March 19, 2024, we acquired legal title to an office property located in Mountain View, CA through a deed-in-lieu of foreclosure. At the time of acquisition, we determined the fair value of the real estate assets to be $60.2 million based on a variety of inputs including, but not limited to, estimated cash flow projections, leasing assumptions, required capital expenditures, market data, and comparable sales. This REO asset was measured at fair value on a nonrecurring basis using significant unobservable inputs and is classified as a Level 3 asset in the fair value hierarchy. The significant unobservable inputs used include the exit capitalization rate assumption used to forecast the future sale price of the asset of 7.00% and a discount rate of 9.50%.

We are also required by GAAP to disclose fair value information about financial instruments, which are not otherwise reported at fair value in our consolidated balance sheet, to the extent it is practicable to estimate a fair value for those instruments. These disclosure requirements exclude certain financial instruments and all non-financial instruments.

The following methods and assumptions are used to estimate the fair value of each class of financial instruments, for which it is practicable to estimate that value:

•Cash and cash equivalents: The carrying amount of cash and cash equivalents approximates fair value.

•Loans receivable, net: The fair values of these loans were estimated using a discounted cash flow methodology, taking into consideration various factors including capitalization rates, discount rates, leasing, credit worthiness of major tenants, occupancy rates, availability and cost of financing, exit plan, loan sponsorship, actions of other lenders, and other factors.

•Derivative financial instruments: The fair value of our foreign currency and interest rate contracts was estimated using advice from a third-party derivative specialist, based on contractual cash flows and observable inputs comprising foreign currency rates and credit spreads.

•Secured debt, net: The fair value of these instruments was estimated based on the rate at which a similar credit facility would currently be priced.

•Securitized debt obligations, net: The fair value of these instruments was estimated by utilizing third-party pricing service providers. In determining the value of a particular investment, pricing service providers may use broker-dealer quotations, reported trades, or valuation estimates from their internal pricing models to determine the reported price.

•Asset-specific debt, net: The fair value of these instruments was estimated based on the rate at which a similar agreement would currently be priced.

•Loan participations sold, net: The fair value of these instruments was estimated based on the value of the related loan receivable asset.

•Term loans, net: The fair value of these instruments was estimated by utilizing third-party pricing service providers. In determining the value of a particular investment, pricing service providers may use broker-dealer quotations, reported trades, or valuation estimates from their internal pricing models to determine the reported price.

•Senior secured notes, net: The fair value of these instruments was estimated by utilizing third-party pricing service providers. In determining the value of a particular investment, pricing service providers may use broker-dealer quotations, reported trades, or valuation estimates from their internal pricing models to determine the reported price.

•Convertible notes, net: Each series of the convertible notes is actively traded and their fair values were obtained using quoted market prices.

Income Taxes

Our financial results generally do not reflect provisions for current or deferred income taxes on our REIT taxable income. We believe that we operate in a manner that will continue to allow us to be taxed as a REIT and, as a result, we generally do not expect to pay substantial corporate level taxes other than those payable by our taxable REIT subsidiaries. If we were to fail to meet these requirements, we may be subject to federal, state, and local income tax on current and past income, and penalties. Refer to Note 16 for additional information.

Stock-Based Compensation

Our stock-based compensation consists of awards issued to our Manager, certain individuals employed by an affiliate of our Manager, and certain members of our board of directors that vest over the life of the awards, as well as deferred stock units issued to certain members of our board of directors. Stock-based compensation expense is recognized for these awards in net income on a variable basis over the applicable vesting period of the awards, based on the value of our class A common stock. Refer to Note 17 for additional information.

Earnings per Share

Basic earnings per share, or Basic EPS, is computed in accordance with the two-class method and is based on (i) the net earnings allocable to our class A common stock, including restricted class A common stock and deferred stock units, divided by (ii) the weighted-average number of shares of our class A common stock, including restricted class A common stock and deferred stock units outstanding during the period. Our restricted class A common stock is considered a participating security, as defined by GAAP, and has been included in our Basic EPS under the two-class method as these restricted shares have the same rights as our other shares of class A common stock, including participating in any gains or losses.

Diluted earnings per share, or Diluted EPS, is determined using the if-converted method, and is based on (i) the net earnings, adjusted for interest expense incurred on our convertible notes during the relevant period, net of incentive fees, allocable to our class A common stock, including restricted class A common stock and deferred stock units, divided by (ii) the weighted-average number of shares of our class A common stock, including restricted class A common stock, deferred stock units, and shares of class A common stock issuable under our convertible notes. Refer to Note 14 for additional discussion of earnings per share.

Foreign Currency

In the normal course of business, we enter into transactions not denominated in United States, or U.S., dollars. Foreign exchange gains and losses arising on such transactions are recorded as a gain or loss in our consolidated statements of

operations. In addition, we consolidate entities that have a non-U.S. dollar functional currency. Non-U.S. dollar denominated assets and liabilities are translated to U.S. dollars at the exchange rate prevailing at the reporting date and income, expenses, gains, and losses are translated at the average exchange rate over the applicable period. Cumulative translation adjustments arising from the translation of non-U.S. dollar denominated subsidiaries are recorded in other comprehensive income (loss).

Recent Accounting Pronouncements

In December 2023, the FASB issued Accounting Standards Update, or ASU, 2023-09 “Income Taxes (Topic 740): Improvements to Income Tax Disclosures,” or ASU 2023-09. ASU 2023-09 requires additional disaggregated disclosures on an entity’s effective tax rate reconciliation and additional details on income taxes paid. ASU 2023-09 is effective on a prospective basis, with the option for retrospective application, for annual periods beginning after December 15, 2024 and early adoption is permitted. We have not early adopted ASU 2023-09 and do not expect the adoption of ASU 2023-09 to have a material impact on our consolidated financial statements.

In November 2023, the FASB issued ASU 2023-07 “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures,” or ASU 2023-07. ASU 2023-07 enhances the disclosures required for reportable segments on an annual and interim basis. ASU 2023-07 is effective on a retrospective basis for annual periods beginning after December 15, 2023, for interim periods within fiscal years beginning after December 15, 2024, and early adoption is permitted. We have not early adopted ASU 2023-07 and do not expect the adoption of ASU 2023-07 to have a material impact on our consolidated financial statements.

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Loans Receivable, Net

6 Months Ended

Jun. 30, 2024

Receivables [Abstract]

Loans Receivable, Net

LOANS RECEIVABLE, NET

The following table details overall statistics for our loans receivable portfolio ($ in thousands):

	June 30, 2024			December 31, 2023
Number of loans	166			178
Principal balance	$	23,010,660		$	23,923,719
Net book value	$	21,976,910		$	23,210,076
Unfunded loan commitments(1)	$	1,826,350		$	2,430,664
Weighted-average cash coupon(2)	+ 3.35		%	+ 3.37		%
Weighted-average all-in yield(2)	+ 3.67		%	+ 3.71		%
Weighted-average maximum maturity (years)(3)	2.1			2.4

(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, SONIA, EURIBOR, and other indices, as applicable to each loan. As of June 30, 2024, all of our loans by principal balance earned a floating rate of interest, primarily indexed to SOFR. As of 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 June 30, 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 and nonaccrual methods, if any.

(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, 2024, 12% of our loans by principal balance were subject to yield maintenance or other prepayment restrictions and 88% 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.

The following table details the index rate floors for our loans receivable portfolio as of June 30, 2024 ($ in thousands):

	Loans Receivable Principal Balance
Index Rate Floors	USD		Non-USD(1)		Total
Fixed Rate	$	—	$	—	$	—
0.00% or no floor(2)(3)	5,330,317		6,135,349		11,465,666
0.01% to 1.00% floor	5,045,198		813,202		5,858,400
1.01% to 2.00% floor	2,102,954		306,758		2,409,712
2.01% to 3.00% floor	1,596,499		512,437		2,108,936
3.01% or more floor	985,652		182,294		1,167,946
Total(4)	$	15,060,620	$	7,950,040	$	23,010,660

(1)Includes Euro, British Pound Sterling, Swedish Krona, Australian Dollar, Swiss Franc, and Danish Krone currencies.

(2)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.

(3)Includes all impaired loans.

(4)As of June 30, 2024, the weighted-average index rate floor of our loans receivable principal balance was 0.79%. Excluding 0.0% index rate floors and loans with no floor, the weighted-average index rate floor was 1.36%.

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, 2023	$	23,923,719	$	(136,707)	$	23,787,012
Loan fundings	626,746		—		626,746
Loan repayments, sales, and cost-recovery proceeds	(1,225,525)		(35,361)		(1,260,886)
Charge-offs	(85,318)		11,768		(73,550)
Transfer to real estate owned	(60,203)		—		(60,203)
Transfer to other assets(2)	(10,795)		—		(10,795)
Payment-in-kind interest, net of interest received	6,164		—		6,164
Unrealized (loss) gain on foreign currency translation	(164,128)		755		(163,373)
Deferred fees and other items	—		(13,967)		(13,967)
Amortization of fees and other items	—		33,700		33,700
Loans Receivable, as of June 30, 2024	$	23,010,660	$	(139,812)	$	22,870,848
CECL reserve					(893,938)
Loans Receivable, net, as of June 30, 2024					$	21,976,910

(1)Other items primarily consist of purchase and sale discounts or premiums, exit fees, deferred origination expenses, and cost-recovery proceeds.

(2)This amount relates to: (i) a loan that was partially satisfied through the issuance of a note receivable; and (ii) proceeds from a loan repayment that are held in escrow, both of which are included within other assets in our consolidated balance sheets. See Note 5 for further information.

The tables below detail the property type and geographic distribution of the properties securing the loans in our portfolio ($ in thousands):

June 30, 2024
Property Type	Number of Loans	Net Book Value		Total Loan  Exposure(1)		Net Loan  Exposure(2)		Net Loan Exposure Percentage of  Portfolio
Office	51	$	9,047,507	$	9,374,141	$	7,348,500	36%
Multifamily	68	5,838,389		6,006,124		5,696,575		27
Hospitality	20	3,786,040		3,823,926		3,654,726		18
Industrial	12	2,183,312		2,193,009		2,159,637		10
Retail	6	713,181		738,450		684,155		3
Life Sciences / Studio	4	392,678		589,211		391,463		2
Other	5	909,741		910,648		878,974		4
Total loans receivable	166	$	22,870,848	$	23,635,509	$	20,814,030	100%
CECL reserve		(893,938)
Loans receivable, net		$	21,976,910
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	61	$	5,510,438	$	5,615,694	$	5,119,961	24%
Northeast	25	5,111,794		5,162,565		3,908,921		19
West	29	2,895,255		3,516,394		2,683,597		13
Midwest	9	943,073		947,317		783,171		4
Northwest	6	433,217		436,078		433,339		2
Subtotal	130	14,893,777		15,678,048		12,928,989		62
International
United Kingdom	18	3,163,864		3,128,584		3,109,414		15
Australia	5	1,414,495		1,421,417		1,417,265		7
Ireland	3	1,186,407		1,189,435		1,181,231		6
Spain	3	1,075,481		1,077,083		1,040,229		5
Sweden	1	448,421		450,288		449,900		2
Other Europe	5	631,014		632,654		629,396		3
Other International	1	57,389		58,000		57,606		—
Subtotal	36	7,977,071		7,957,461		7,885,041		38
Total loans receivable	166	$	22,870,848	$	23,635,509	$	20,814,030	100%
CECL reserve		(893,938)
Loans receivable, net		$	21,976,910

(1)Total loan exposure reflects our aggregate exposure to each loan investment. As of June 30, 2024, total loan exposure, includes (i) loans with an outstanding principal balance of $23.0 billion that are included in our consolidated financial statements, (ii) $725.4 million of non-consolidated senior interests in loans we have sold, which are not included in our consolidated financial statements, and excludes (iii) $100.6 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 June 30, 2024, which is our total loan exposure net of (i) $725.4 million of non-consolidated senior interests, (ii) $1.1 billion of asset-specific debt, (iii) $76.3 million of cost-recovery proceeds, and (iv) our total loans receivable CECL reserve of $893.9 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.

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.

Loan Risk Ratings         

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.

The following table allocates the net book value, total loan exposure, and net loan exposure balances based on our internal risk ratings ($ in thousands):

	June 30, 2024
Risk  Rating	Number  of Loans	Net Book Value		Total Loan  Exposure(1)		Net Loan  Exposure(2)
1	21	$	1,321,337	$	1,322,499	$	1,321,373
2	27	5,408,385		5,423,892		4,541,982
3	79	10,324,814		10,487,838		9,947,533
4	20	2,879,736		3,384,458		2,821,958
5	19	2,936,576		3,016,822		2,181,184
Total loans receivable	166	$	22,870,848	$	23,635,509	$	20,814,030
CECL reserve		(893,938)
Loans receivable, net		$	21,976,910
	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 June 30, 2024, total loan exposure, includes (i) loans with an outstanding principal balance of $23.0 billion that are included in our consolidated financial statements, (ii) $725.4 million of non-consolidated senior interests in loans we have sold, which are not included in our consolidated financial statements, and excludes (iii) $100.6 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 June 30, 2024, which is our total loan exposure net of (i) $725.4 million of non-consolidated senior interests, (ii) $1.1 billion of asset-specific debt, (iii) $76.3 million of cost-recovery proceeds, and (iv) our total loans receivable CECL reserve of $893.9 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.

Our loan portfolio had a weighted-average risk rating of 3.0 as of both June 30, 2024 and December 31, 2023, respectively.

Current Expected Credit Loss Reserve

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 and six months ended June 30, 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
(Decrease) increase in CECL reserves	(11,997)		(2,639)		423		169,318		155,105
Charge-offs of CECL reserves	—		—		—		(12,537)		(12,537)
CECL reserve as of June 30, 2024	$	62,531	$	28,151	$	43,876	$	759,380	$	893,938
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
Increase (decrease) in CECL reserves	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

(1)Includes one U.S. dollar-denominated loan that is located in Bermuda.

During the three months ended June 30, 2024, we recorded an increase of $142.6 million in the CECL reserves against our loans receivable portfolio, primarily related to three new impaired loans, offset by charge-offs of our CECL reserves of $12.5 million, bringing our total loans receivable CECL reserve to $893.9 million as of June 30, 2024. The charge-offs primarily related to one previously impaired loan that was resolved during the three months ended June 30, 2024. The resolution was the result of the repayment of a loan collateralized by an office asset in New York, NY. As of June 30, 2024, the income accrual was suspended on the three additional loans that were impaired as the recovery of income and principal was doubtful. During the three months ended June 30, 2024, we recorded $11.1 million of interest income on these three loans.

As of June 30, 2024, we had an aggregate $759.4 million asset-specific CECL reserve related to 19 of our loans receivable, with an aggregate amortized cost basis of $2.9 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 June 30, 2024. No income was recorded on our impaired loans subsequent to determining that they were impaired. During the three months ended June 30, 2024, we received an aggregate $18.5 million of cash proceeds from such loans that were applied as a reduction to the amortized cost basis of each respective loan.     

As of June 30, 2024, one of our performing loans with an amortized cost basis of $33.0 million was past its current maturity date, was less than 30 days past due on its interest payment, and had a risk rating of “4.” Subsequent to June 30, 2024, we foreclosed on the assets securing this loan and recognized them as REO. This loan was not impaired as of June 30, 2024 as the fair value of the underlying collateral exceeded our basis in the loan. As of June 30, 2024, all other borrowers under performing loans were in compliance 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.

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 June 30, 2024 and December 31, 2023, 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 June 30, 2024
Risk Rating	2024		2023		2022		2021		2020		Prior		Total
U.S. loans
1	$	—	$	—	$	151,476	$	482,099	$	60,322	$	106,909	$	800,806
2	—		—		196,840		1,711,176		—		1,584,215		3,492,231
3	57,389		—		1,614,960		2,977,239		578,195		531,329		5,759,112
4	—		—		152,758		1,004,299		—		805,381		1,962,438
5	—		—		—		—		—		—		—
Total U.S. loans	$	57,389	$	—	$	2,116,034	$	6,174,813	$	638,517	$	3,027,834	$	12,014,587
Non-U.S. loans
1	$	—	$	—	$	134,393	$	386,138	$	—	$	—	$	520,531
2	—		—		637,226		810,590		90,553		377,785		1,916,154
3	—		—		628,901		1,079,597		—		1,529,678		3,238,176
4	—		—		—		—		—		347,072		347,072
5	—		—		—		—		—		—		—
Total Non-U.S. loans	$	—	$	—	$	1,400,520	$	2,276,325	$	90,553	$	2,254,535	$	6,021,933
Unique loans
1	$	—	$	—	$	—	$	—	$	—	$	—	$	—
2	—		—		—		—		—		—		—
3	—		—		876,785		—		—		450,741		1,327,526
4	—		—		—		—		—		570,226		570,226
5	—		—		—		—		—		—		—
Total unique loans	$	—	$	—	$	876,785	$	—	$	—	$	1,020,967	$	1,897,752
Impaired loans
1	$	—	$	—	$	—	$	—	$	—	$	—	$	—
2	—		—		—		—		—		—		—
3	—		—		—		—		—		—		—
4	—		—		—		—		—		—		—
5	—		—		580,098		923,842		138,841		1,293,795		2,936,576
Total impaired loans	$	—	$	—	$	580,098	$	923,842	$	138,841	$	1,293,795	$	2,936,576
Total loans receivable
1	$	—	$	—	$	285,869	$	868,237	$	60,322	$	106,909	$	1,321,337
2	—		—		834,066		2,521,766		90,553		1,962,000		5,408,385
3	57,389		—		3,120,646		4,056,836		578,195		2,511,748		10,324,814
4	—		—		152,758		1,004,299		—		1,722,679		2,879,736
5	—		—		580,098		923,842		138,841		1,293,795		2,936,576
Total loans receivable	$	57,389	$	—	$	4,973,437	$	9,374,980	$	867,911	$	7,597,131	$	22,870,848
CECL reserve													(893,938)
Loans receivable, net													$	21,976,910
Gross charge-offs(2)	—		—		—		(54,048)		—		(19,502)		$	(73,550)

(1)Date loan was originated or acquired by us. Origination dates are subsequently updated to reflect material loan modifications.

(2)Represents charge-offs by year of origination during the six months ended June 30, 2024.

	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

(1)Date loan was originated or acquired by us. Origination dates are subsequently updated to reflect material loan modifications.

Loan Modifications Pursuant to ASU 2022-02

During the twelve months ended June 30, 2024, we entered into five loan modifications that require disclosure pursuant to ASU 2022-02. Three of these loans were collateralized by office assets and two were collateralized by hospitality assets.

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 modification included an additional 2.00% exit fee and the interest rate increased by 2.00%. The other modification included an additional 3.00% exit fee and the interest rate increased by 4.00%. As of June 30, 2024, the aggregate amortized cost basis of these loans was $347.5 million, or 1.5% of our aggregate loans receivable portfolio, and these loans had no unfunded commitments. These loans were performing pursuant to their modified contractual terms as of June 30, 2024, had risk ratings of “5” as of June 30, 2024, and have asset-specific CECL reserves.

The other three loan modifications included term extensions combined with other-than-insignificant payment delays. The first 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 second 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. The third modification included a term extension of 2 years, a $34.5 million increase in our total loan commitment, and was converted to a fixed coupon rate of 15.00% with interest paid in-kind, inclusive of a senior portion of our loan that accrues interest at a floating rate of SOFR + 2.50%. We are accruing interest on the senior portion of the loan, and deferring interest income recognition on the remaining portion. As of June 30, 2024, the aggregate amortized cost basis of these loans was $495.4 million, or 2.2% of our aggregate loans receivable portfolio, with an aggregate $65.5 million of unfunded commitments. The loans were performing pursuant to their contractual terms as of June 30, 2024. As of June 30, 2024, two of these loans had a risk rating of “5” and two loans had a risk rating of “4.”

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 June 30, 2024, no income was recorded on our loans subsequent to determining that they were impaired and risk rated “5.”

Multifamily Joint Venture

As discussed in Note 2, we entered into a Multifamily Joint Venture in April 2017. As of June 30, 2024 and December 31, 2023, our Multifamily Joint Venture held $473.2 million and $612.9 million of loans, respectively, which are included in the loan disclosures above. Refer to Note 2 for additional discussion of our Multifamily Joint Venture.

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Real Estate Owned

6 Months Ended

Jun. 30, 2024

Real Estate [Abstract]

Real Estate Owned

REAL ESTATE OWNED

On March 19, 2024, we acquired legal title to an office property located in Mountain View, CA through a deed-in-lieu of foreclosure transaction. The office property previously collateralized a senior mortgage loan with an amortized cost basis of $90.2 million that was risk rated a “5” with a CECL reserve of $29.1 million at the time of the transaction. The acquisition was accounted for as an asset acquisition under ASC Topic 805 “Business Combinations,” and upon acquisition we recognized the office property as an REO asset held for investment. The REO asset was recorded on our consolidated balance sheet at $60.2 million based on its estimated fair value at acquisition. This resulted in a CECL reserve charge-off of $29.1 million during the three months ended March 31, 2024. See Note 2 for additional information on REO.

The following table presents the REO asset included in our consolidated balance sheets ($ in thousands):

	June 30, 2024
Assets
Land and land improvements	$	40,824
Building	19,379
Total	$	60,203
Less: accumulated depreciation	(185)
Real estate owned, net	$	60,018

As of June 30, 2024, we had no REO liabilities and no impairment charges have been recognized for our REO asset.

No income was recognized and expenses were $963,000, consisting of $185,000 of depreciation expense and $778,000 of other operating expenses during the three and six months ended June 30, 2024. There was no income or expense recognized related to REO assets during the three and six months ended June 30, 2023.

As of December 31, 2023, we did not have any REO assets or liabilities.

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Other Assets and Liabilities

6 Months Ended

Jun. 30, 2024

Other Assets And Liabilities Disclosure [Abstract]

Other Assets and Liabilities

OTHER ASSETS AND LIABILITIES

Other Assets

The following table details the components of our other assets ($ in thousands):

	June 30, 2024		December 31, 2023
Accrued interest receivable	$	196,814	$	214,835
Collateral deposited under derivative agreements	15,904		103,500
Accounts receivable and other assets	7,549		2,420
Derivative assets	4,878		1,890
Prepaid expenses	650		1,020
Loan portfolio payments held by servicer(1)	—		152,423
Total	$	225,795	$	476,088

(1)Primarily represents loan principal held by our third-party loan servicer as of the balance sheet date which were remitted to us during the subsequent remittance cycle.

Other Liabilities

The following table details the components of our other liabilities ($ in thousands):

	June 30, 2024		December 31, 2023
Accrued dividends payable	$	107,644	$	107,390
Accrued interest payable	90,223		97,820
Derivative liabilities	24,395		94,817
Accrued management and incentive fees payable	18,726		26,342
Current expected credit loss reserves for unfunded loan commitments(1)	9,946		15,371
Accounts payable and other liabilities	6,365		7,265
Secured debt repayments pending servicer remittance(2)	—		13,526
Total	$	257,299	$	362,531

(1)Represents the CECL reserve related to our unfunded loan commitments. See Note 2 for further discussion of the CECL reserves.

(2)Represents pending transfers from our third-party loan servicer that were remitted to our banking counterparties during the subsequent remittance cycle.

Current Expected Credit Loss Reserves for Unfunded Loan Commitments

As of June 30, 2024, we had aggregate unfunded commitments of $1.8 billion related to 89 loans receivable. The expected credit losses over the contractual period of our loans is impacted by our obligation to extend further credit through our unfunded loan commitments. See Note 2 for further discussion of the CECL reserves related to our unfunded loan commitments, and Note 21 for further discussion of our unfunded loan commitments. During the three and six months ended June 30, 2024, we recorded decreases in the CECL reserves related to our unfunded loan commitments of $2.7 million and $5.4 million, respectively, bringing our total unfunded loan commitments CECL reserve to $9.9 million as of June 30, 2024. During the three months ended June 30, 2023, we recorded an increase in the CECL reserves related to our unfunded loan commitments of $523,000, and for the six months ended June 30, 2023, we recorded a decrease in the CECL reserves related to our unfunded loan commitments of $108,000, bringing our total unfunded loan commitments CECL reserve to $16.3 million as of June 30, 2023.

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Secured Debt, Net

6 Months Ended

Jun. 30, 2024

Debt Disclosure [Abstract]

Long-Term Debt

SECURED DEBT, NET

Our secured debt includes our secured credit facilities and our acquisition facility. During the six months ended June 30, 2024, we obtained approval for $457.4 million of new borrowings against $614.6 million of collateral assets.

The following table details our secured debt ($ in thousands):

	Secured Debt Borrowings Outstanding
	June 30, 2024		December 31, 2023
Secured credit facilities	$	12,110,576	$	12,697,058
Deferred financing costs(1)	(13,871)		(13,963)
Net book value of secured debt	$	12,096,705	$	12,683,095

(1)Costs incurred in connection with our secured debt are recorded on our consolidated balance sheets when incurred and recognized as a component of interest expense over the life of each related facility.

Secured Credit Facilities

Our secured credit facilities are bilateral agreements we use to finance diversified pools of senior loan collateral with sufficient flexibility to accommodate our investment and asset management strategy. The facilities are uniformly structured to provide currency, index, and term-matched financing without capital markets based mark-to-market provisions. Our credit facilities are diversified across 15 counterparties, primarily consisting of top global financial institutions to minimize our counterparty risk exposure.

The following table details our secured credit facilities by spread over the applicable base rates as of June 30, 2024 ($ in thousands):

June 30, 2024
									Recourse Limitation
Currency	Lenders(1)	Borrowings		Wtd. Avg. Maturity(2)	Loan Count	Collateral(3)		Wtd. Avg. Maturity(4)	Wtd. Avg.	Range
USD	13	$	6,175,087	July 2026	117	$	10,084,270	August 2026	36%	25% - 100%
GBP	7	2,352,502		October 2026	18	3,128,584		October 2026	26%	25% - 50%
EUR	7	1,983,929		September 2025	11	2,726,991		September 2025	42%	25% - 100%
Others(5)	4	1,599,058		July 2027	7	2,018,500		July 2027	25%	25%
Total	15	$	12,110,576	August 2026	153	$	17,958,345	August 2026	34%	25% - 100%

(1)Represents the number of lenders with fundings advanced in each respective currency, as well as the total number of facility lenders.

(2)Our secured debt agreements are generally term-matched to their underlying collateral. Therefore, the weighted-average maturity is generally allocated based on the maximum maturity date of the collateral loans, assuming all extension options are exercised by the borrower. In limited instances, the maturity date of the respective secured credit facility is used.

(3)Represents the principal balance of the collateral assets and the book value of the REO asset.

(4)Maximum maturity assumes all extension options are exercised by the borrower, however our loans may be repaid prior to such date.

(5)Includes Australian Dollar, Danish Krone, Swedish Krona, and Swiss Franc currencies.

The availability of funding under our secured credit facilities is based on the amount of approved collateral, which collateral is proposed by us in our discretion and approved by the respective counterparty in its discretion, resulting in a mutually agreed collateral portfolio construction. Certain structural elements of our secured credit facilities, including the limitation on recourse to us and facility economics, are influenced by the specific collateral portfolio construction of each facility, and therefore vary within and among the facilities.

The following tables detail the spread of our secured debt as of June 30, 2024 and December 31, 2023 ($ in thousands):

	Six Months Ended June 30, 2024		June 30, 2024
Spread(1)	New Financings(2)		Total Borrowings		Wtd. Avg. All-in Cost(1)(3)(4)		Collateral(5)		Wtd. Avg. All-in Yield(1)(3)		Net Interest  Margin(6)
+ 1.50% or less	$	23,000	$	5,522,099	+1.52	%	$	8,265,569	+3.27	%	+1.75	%
+ 1.51% to + 1.75%	—		2,338,407		+1.81	%	3,226,135		+3.44	%	+1.63	%
+ 1.76% to + 2.00%	—		1,644,666		+2.10	%	2,696,203		+3.85	%	+1.75	%
+ 2.01% or more	434,412		2,605,404		+2.60	%	3,770,438		+4.30	%	+1.70	%
Total	$	457,412	$	12,110,576	+1.89	%	$	17,958,345	+3.60	%	+1.71	%

	Year Ended December 31, 2023		December 31, 2023
Spread(1)	New Financings(2)		Total Borrowings		Wtd. Avg. All-in Cost(1)(3)(4)		Collateral(5)		Wtd. Avg. All-in Yield(1)(3)		Net Interest Margin(7)
+ 1.50% or less	$	—	$	5,647,848	+1.53	%	$	8,341,383	+3.24	%	+1.71	%
+ 1.51% to + 1.75%	—		2,679,699		+1.82	%	3,723,365		+3.49	%	+1.67	%
+ 1.76% to + 2.00%	42,908		1,850,809		+2.11	%	2,913,067		+3.92	%	+1.81	%
+ 2.01% or more	69,170		2,518,702		+2.64	%	3,616,503		+4.30	%	+1.66	%
Total	$	112,078	$	12,697,058	+1.89	%	$	18,594,318	+3.58	%	+1.69	%

(1)The spread, all-in cost, and all-in yield are expressed over the relevant floating benchmark rates, which include SOFR, SONIA, EURIBOR, and other indices as applicable.

(2)Represents the amount of new borrowings we obtained approval for during the six months ended June 30, 2024 and year ended December 31, 2023, respectively.

(3)In addition to spread, the cost includes the associated deferred fees and expenses related to the respective borrowings. 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. All-in yield excludes loans accounted for under the cost-recovery and nonaccrual methods, if any, and the REO asset.

(4)Represents the weighted-average all-in cost as of June 30, 2024 and December 31, 2023, respectively, and is not necessarily indicative of the spread applicable to recent or future borrowings.

(5)Represents the principal balance of the collateral assets and the book value of the REO asset.

(6)Represents the difference between the weighted-average all-in yield and weighted-average all-in cost.

Our secured credit facilities generally permit us to increase or decrease the amount advanced against the pledged collateral in our discretion within certain maximum/minimum amounts and frequency limitations. As of June 30, 2024, there was an aggregate $1.2 billion available to be drawn at our discretion under our credit facilities.

Acquisition Facility

We previously had a $100.0 million full recourse secured credit facility that was designed to finance eligible first mortgage originations for up to nine months as a bridge to term financing without obtaining discretionary lender approval. The cost of borrowing under the facility was variable, dependent on the type of loan collateral. This facility matured on April 3, 2024.

During the six months ended June 30, 2024, we had no borrowings under the acquisition facility, and we recorded interest expense of $125,000, including $35,000 of amortization of deferred fees and expenses.

During the year ended December 31, 2023, we had no borrowings under the acquisition facility, and we recorded interest expense of $722,000 including $233,000 of amortization of deferred fees and expenses.

Financial Covenants

As of June 30, 2024, we are subject to the following financial covenants related to our secured debt: (i) our ratio of earnings before interest, taxes, depreciation, and amortization, or EBITDA, to fixed charges, as defined in the agreements, shall be not less than 1.4 to 1.0; (ii) our tangible net worth, as defined in the agreements, shall not be less than $3.6 billion as of each measurement date plus 75% to 85% of the net cash proceeds of future equity issuances subsequent to June 30, 2024; (iii) cash liquidity shall not be less than the greater of (x) $10.0 million or (y) no more than 5% of our recourse indebtedness; and (iv) our indebtedness shall not exceed 83.33% of our total assets. As of June 30, 2024 and December 31, 2023, we were in compliance with these covenants.

Subsequent to June 30, 2024, the financial covenant under each applicable secured debt agreement related to the ratio of our EBITDA to fixed charges was amended so that the ratio shall be not less than 1.25 to 1.0 through September 30, 2025, and shall be not less than 1.3 to 1.0 thereafter.

SECURITIZED DEBT OBLIGATIONS, NET

We have financed certain pools of our loans through collateralized loan obligations, or CLOs. The CLOs are consolidated in our financial statements and have issued securitized debt obligations that are non-recourse to us. Refer to Note 19 for further discussion of our CLOs. The following tables detail our securitized debt obligations and the underlying collateral assets that are financed by our CLOs ($ in thousands):

	June 30, 2024
Securitized Debt Obligations		Count	Principal  Balance		Book Value(1)		Wtd. Avg.  Yield/Cost(2)(3)		Term(4)
2021 FL4 Collateralized Loan Obligation
Senior CLO Securities Outstanding		1	$	785,452	$	784,778	+ 1.47	%	May 2038
Underlying Collateral Assets		26	981,703		981,703		+ 3.26	%	March 2026
2020 FL3 Collateralized Loan Obligation
Senior CLO Securities Outstanding		1	689,384		689,384		+ 1.84	%	November 2037
Underlying Collateral Assets		15	880,634		880,634		+ 2.93	%	January 2026
2020 FL2 Collateralized Loan Obligation
Senior CLO Securities Outstanding		1	853,656		853,612		+ 1.36	%	February 2038
Underlying Collateral Assets		15	1,110,530		1,110,530		+ 2.86	%	March 2026
Total
Senior CLO Securities Outstanding(5)		3	$	2,328,492	$	2,327,774	+1.54	%
Underlying Collateral Assets		56	$	2,972,867	$	2,972,867	+ 3.00	%

(1)The book value of underlying collateral assets excludes any applicable CECL reserves.

(2)In addition to cash coupon, all-in yield includes the amortization of deferred origination and extension fees, loan origination costs, purchase discounts, and accrual of exit fees.

(3)The weighted-average all-in yield and cost are expressed as a spread over SOFR. All-in yield excludes loans accounted for under the cost-recovery and nonaccrual methods, if any.

(4)Underlying Collateral Assets term represents the weighted-average final maturity of such loans, assuming all extension options are exercised by the borrower. Repayments of securitized debt obligations are tied to timing of the related collateral loan asset repayments. The term of these obligations represents the rated final distribution date of the securitizations.

(5)During the three and six months ended June 30, 2024, we recorded $40.2 million and $81.7 million, respectively, of interest expense related to our securitized debt obligations.

	December 31, 2023
Securitized Debt Obligations		Count	Principal  Balance		Book Value(1)		Wtd. Avg.  Yield/Cost(2)(3)		Term(4)
2021 FL4 Collateralized Loan Obligation
Senior CLO Securities Outstanding		1	$	803,750	$	801,800	+ 1.70	%	May 2038
Underlying Collateral Assets		26	1,000,000		1,000,000		+ 3.28	%	December 2025
2020 FL3 Collateralized Loan Obligation
Senior CLO Securities Outstanding		1	714,352		714,352		+ 2.18	%	November 2037
Underlying Collateral Assets		15	905,602		905,602		+ 2.87	%	September 2025
2020 FL2 Collateralized Loan Obligation
Senior CLO Securities Outstanding		1	989,412		989,265		+ 1.57	%	February 2038
Underlying Collateral Assets		15	1,246,287		1,246,287		+ 2.85	%	October 2025
Total
Senior CLO Securities Outstanding(5)		3	$	2,507,514	$	2,505,417	+1.79	%
Underlying Collateral Assets		56	$	3,151,889	$	3,151,889	+2.99	%

(1)The book value of underlying collateral assets excludes any applicable CECL reserves.

(2)In addition to cash coupon, all-in yield includes the amortization of deferred origination and extension fees, loan origination costs, purchase discounts, and accrual of exit fees.

(3)The weighted-average all-in yield and cost are expressed as a spread over SOFR. All-in yield excludes loans accounted for under the cost-recovery and nonaccrual methods, if any.

(4)Underlying Collateral Assets term represents the weighted-average final maturity of such loans, assuming all extension options are exercised by the borrower. Repayments of securitized debt obligations are tied to timing of the related collateral loan asset repayments. The term of these obligations represents the rated final distribution date of the securitizations.

(5)During the three and six months ended June 30, 2023, we recorded $43.3 million and $83.1 million, respectively, of interest expense related to our securitized debt obligations.

ASSET-SPECIFIC DEBT, NET

The following table details our asset-specific debt ($ in thousands):

	June 30, 2024
Asset-Specific Debt		Count	Principal  Balance		Book Value(1)		Wtd. Avg. Yield/Cost(2)		Wtd. Avg.  Term(3)
Financing provided		2	$	1,125,854	$	1,120,760	+ 3.18	%	May 2026
Collateral assets		2	$	1,342,810	$	1,333,335	+ 4.04	%	May 2026
	December 31, 2023
Asset-Specific Debt		Count	Principal  Balance		Book Value(1)		Wtd. Avg.  Yield/Cost(2)		Wtd. Avg.  Term(3)
Financing provided		2	$	1,004,097	$	1,000,210	+ 3.14	%	March 2026
Collateral assets		2	$	1,194,408	$	1,186,559	+ 3.98	%	March 2026

(1)The book value of underlying collateral assets excludes any applicable CECL reserves.

(2)The weighted-average all-in yield and cost are expressed as a spread over SOFR. These floating rate loans and related liabilities are currency and index-matched to the applicable benchmark rate relevant in each arrangement. In addition to cash coupon, yield/cost includes the amortization of deferred origination fees and financing costs.

(3)The weighted-average term is determined based on the maximum maturity of the corresponding loans, assuming all extension options are exercised by the borrower. Our non-recourse, asset-specific debt is term-matched in each case to the corresponding collateral loans.

TERM LOANS, NET

As of June 30, 2024, the following senior term loan facilities, or Term Loans, were outstanding ($ in thousands):

Term Loans	Face Value		Interest Rate(1)		All-in Cost(1)(2)		Maturity
B-1 Term Loan	$	906,096	+ 2.36	%	+ 2.65	%	April 23, 2026
B-3 Term Loan	408,829		+ 2.86	%	+ 3.54	%	April 23, 2026
B-4 Term Loan	809,298		+ 3.50	%	+ 4.11	%	May 9, 2029
Total face value	$	2,124,223

(1)The B-3 Term Loan and the B-4 Term Loan borrowings are subject to a floor of 0.50%. The Term Loans are indexed to one-month SOFR.

(2)Includes issue discount and transaction expenses that are amortized through interest expense over the life of the Term Loans.

The Term Loans are partially amortizing, with an amount equal to 1.0% per annum of the aggregate initial principal balance due in quarterly installments. The issue discount and transaction expenses on the B-1 Term Loan were $3.1 million and $12.6 million, respectively. The issue discount and transaction expenses of the B-3 Term Loan were $9.6 million and $5.4 million, respectively. The issue discount and transaction expenses of the B-4 Term Loan were $17.3 million and $10.3 million, respectively. These discounts and expenses are amortized into interest expense over the life of each Term Loan. During the three and six months ended June 30, 2024, we recorded $46.5 million and $93.2 million, respectively, of interest expense related to our Term Loans, including $2.3 million and $4.6 million, respectively, of amortization of deferred fees and expenses.

The following table details the net book value of our Term Loans on our consolidated balance sheets ($ in thousands):

	June 30, 2024		December 31, 2023
Face value	$	2,124,223	$	2,135,221
Deferred financing costs and unamortized discount	(29,024)		(33,589)
Net book value	$	2,095,199	$	2,101,632

The Term Loans contain the financial covenant that our indebtedness shall not exceed 83.33% of our total assets. As of June 30, 2024 and December 31, 2023, we were in compliance with this covenant. Refer to Note 2 for additional discussion of our accounting policies for the Term Loans.

SENIOR SECURED NOTES, NET

As of June 30, 2024, the following senior secured notes, or Senior Secured Notes, were outstanding ($ in thousands):

Senior Secured Notes	Face Value		Interest Rate		All-in Cost(1)		Maturity
Senior Secured Notes	$	339,918	3.75	%	4.02	%	January 15, 2027

(1)Includes transaction expenses that are amortized through interest expense over the life of the Senior Secured Notes.

The transaction expenses on the Senior Secured Notes were $6.3 million, which are amortized into interest expense over the life of the Senior Secured Notes. During the three and six months ended June 30, 2024, we recorded $3.4 million and $7.1 million, respectively, of interest expense related to our Senior Secured Notes, including $254,000 and $521,000, respectively, of amortization of deferred fees and expenses.

During the six months ended June 30, 2024, we repurchased an aggregate principal amount of $26.2 million of the Senior Secured Notes at a weighted-average price of 88%. This resulted in a gain on extinguishment of debt of $3.0 million during the six months ended June 30, 2024. There was no repurchase activity during the three and six months ended June 30, 2023.

The following table details the net book value of our Senior Secured Notes on our consolidated balance sheets ($ in thousands):

	June 30, 2024		December 31, 2023
Face value	$	339,918	$	366,090
Deferred financing costs	(2,582)		(3,327)
Net book value	$	337,336	$	362,763

The Senior Secured Notes contain the financial covenant that our indebtedness shall not exceed 83.33% of our total assets. As of June 30, 2024 and December 31, 2023, we were in compliance with this covenant. Under certain circumstances, we may, at our option, release all of the collateral securing our Senior Secured Notes, in which case we would also be required to maintain a total unencumbered assets to total unsecured indebtedness ratio of 1.20 or greater. This covenant is not currently in effect as the collateral securing our Senior Secured Notes has not been released.

CONVERTIBLE NOTES, NET

As of June 30, 2024, the following convertible senior notes, or Convertible Notes, were outstanding ($ in thousands):

Convertible Notes Issuance	Face Value		Interest Rate	All-in Cost(1)	Conversion Price(2)	Maturity
March 2022 convertible notes	$	300,000	5.50%	5.94%	$36.27	March 15, 2027

(1)Includes issuance costs that are amortized through interest expense over the life of the Convertible Notes using the effective interest method.

(2)Represents the price of class A common stock per share based on a conversion rate of 27.5702 for the Convertible Notes. The conversion rate represents the number of shares of class A common stock issuable per $1,000 principal amount of Convertible Notes. The cumulative dividend threshold has not been exceeded as of June 30, 2024.

Other than as provided by the optional redemption provisions with respect to our Convertible Notes, we may not redeem the Convertible Notes prior to maturity. The Convertible Notes are convertible at the holders’ option into shares of our class A common stock, only under specific circumstances, prior to the close of business on December 14, 2026 at the applicable conversion rate in effect on the conversion date. Thereafter, the Convertible Notes are convertible at the option of the holder at any time until the second scheduled trading day immediately preceding the maturity date. The last reported sale price of our class A common stock of $17.42 on June 28, 2024, the last trading day in the three months ended June 30, 2024, was less than the per share conversion price of the Convertible Notes.

The following table details the net book value of our Convertible Notes on our consolidated balance sheets ($ in thousands):

	June 30, 2024		December 31, 2023
Face value	$	300,000	$	300,000
Deferred financing costs and unamortized discount	(3,514)		(4,153)
Net book value	$	296,486	$	295,847

The following table details our interest expense related to the Convertible Notes ($ in thousands):

	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Cash coupon	$	4,125	$	4,125	$	8,250	$	10,389
Discount and issuance cost amortization	319		319		639		950
Total interest expense	$	4,444	$	4,444	$	8,889	$	11,339

Accrued interest payable for the Convertible Notes was $4.9 million as of both June 30, 2024 and December 31, 2023. Refer to Note 2 for additional discussion of our accounting policies for the Convertible Notes.

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Securitized Debt Obligations, Net

6 Months Ended

Jun. 30, 2024

Debt Disclosure [Abstract]

Long-Term Debt

SECURED DEBT, NET

Our secured debt includes our secured credit facilities and our acquisition facility. During the six months ended June 30, 2024, we obtained approval for $457.4 million of new borrowings against $614.6 million of collateral assets.

The following table details our secured debt ($ in thousands):

	Secured Debt Borrowings Outstanding
	June 30, 2024		December 31, 2023
Secured credit facilities	$	12,110,576	$	12,697,058
Deferred financing costs(1)	(13,871)		(13,963)
Net book value of secured debt	$	12,096,705	$	12,683,095

(1)Costs incurred in connection with our secured debt are recorded on our consolidated balance sheets when incurred and recognized as a component of interest expense over the life of each related facility.

Secured Credit Facilities

Our secured credit facilities are bilateral agreements we use to finance diversified pools of senior loan collateral with sufficient flexibility to accommodate our investment and asset management strategy. The facilities are uniformly structured to provide currency, index, and term-matched financing without capital markets based mark-to-market provisions. Our credit facilities are diversified across 15 counterparties, primarily consisting of top global financial institutions to minimize our counterparty risk exposure.

The following table details our secured credit facilities by spread over the applicable base rates as of June 30, 2024 ($ in thousands):

June 30, 2024
									Recourse Limitation
Currency	Lenders(1)	Borrowings		Wtd. Avg. Maturity(2)	Loan Count	Collateral(3)		Wtd. Avg. Maturity(4)	Wtd. Avg.	Range
USD	13	$	6,175,087	July 2026	117	$	10,084,270	August 2026	36%	25% - 100%
GBP	7	2,352,502		October 2026	18	3,128,584		October 2026	26%	25% - 50%
EUR	7	1,983,929		September 2025	11	2,726,991		September 2025	42%	25% - 100%
Others(5)	4	1,599,058		July 2027	7	2,018,500		July 2027	25%	25%
Total	15	$	12,110,576	August 2026	153	$	17,958,345	August 2026	34%	25% - 100%

(1)Represents the number of lenders with fundings advanced in each respective currency, as well as the total number of facility lenders.

(2)Our secured debt agreements are generally term-matched to their underlying collateral. Therefore, the weighted-average maturity is generally allocated based on the maximum maturity date of the collateral loans, assuming all extension options are exercised by the borrower. In limited instances, the maturity date of the respective secured credit facility is used.

(3)Represents the principal balance of the collateral assets and the book value of the REO asset.

(4)Maximum maturity assumes all extension options are exercised by the borrower, however our loans may be repaid prior to such date.

(5)Includes Australian Dollar, Danish Krone, Swedish Krona, and Swiss Franc currencies.

The availability of funding under our secured credit facilities is based on the amount of approved collateral, which collateral is proposed by us in our discretion and approved by the respective counterparty in its discretion, resulting in a mutually agreed collateral portfolio construction. Certain structural elements of our secured credit facilities, including the limitation on recourse to us and facility economics, are influenced by the specific collateral portfolio construction of each facility, and therefore vary within and among the facilities.

The following tables detail the spread of our secured debt as of June 30, 2024 and December 31, 2023 ($ in thousands):

	Six Months Ended June 30, 2024		June 30, 2024
Spread(1)	New Financings(2)		Total Borrowings		Wtd. Avg. All-in Cost(1)(3)(4)		Collateral(5)		Wtd. Avg. All-in Yield(1)(3)		Net Interest  Margin(6)
+ 1.50% or less	$	23,000	$	5,522,099	+1.52	%	$	8,265,569	+3.27	%	+1.75	%
+ 1.51% to + 1.75%	—		2,338,407		+1.81	%	3,226,135		+3.44	%	+1.63	%
+ 1.76% to + 2.00%	—		1,644,666		+2.10	%	2,696,203		+3.85	%	+1.75	%
+ 2.01% or more	434,412		2,605,404		+2.60	%	3,770,438		+4.30	%	+1.70	%
Total	$	457,412	$	12,110,576	+1.89	%	$	17,958,345	+3.60	%	+1.71	%

	Year Ended December 31, 2023		December 31, 2023
Spread(1)	New Financings(2)		Total Borrowings		Wtd. Avg. All-in Cost(1)(3)(4)		Collateral(5)		Wtd. Avg. All-in Yield(1)(3)		Net Interest Margin(7)
+ 1.50% or less	$	—	$	5,647,848	+1.53	%	$	8,341,383	+3.24	%	+1.71	%
+ 1.51% to + 1.75%	—		2,679,699		+1.82	%	3,723,365		+3.49	%	+1.67	%
+ 1.76% to + 2.00%	42,908		1,850,809		+2.11	%	2,913,067		+3.92	%	+1.81	%
+ 2.01% or more	69,170		2,518,702		+2.64	%	3,616,503		+4.30	%	+1.66	%
Total	$	112,078	$	12,697,058	+1.89	%	$	18,594,318	+3.58	%	+1.69	%

(1)The spread, all-in cost, and all-in yield are expressed over the relevant floating benchmark rates, which include SOFR, SONIA, EURIBOR, and other indices as applicable.

(2)Represents the amount of new borrowings we obtained approval for during the six months ended June 30, 2024 and year ended December 31, 2023, respectively.

(3)In addition to spread, the cost includes the associated deferred fees and expenses related to the respective borrowings. 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. All-in yield excludes loans accounted for under the cost-recovery and nonaccrual methods, if any, and the REO asset.

(4)Represents the weighted-average all-in cost as of June 30, 2024 and December 31, 2023, respectively, and is not necessarily indicative of the spread applicable to recent or future borrowings.

(5)Represents the principal balance of the collateral assets and the book value of the REO asset.

(6)Represents the difference between the weighted-average all-in yield and weighted-average all-in cost.

Our secured credit facilities generally permit us to increase or decrease the amount advanced against the pledged collateral in our discretion within certain maximum/minimum amounts and frequency limitations. As of June 30, 2024, there was an aggregate $1.2 billion available to be drawn at our discretion under our credit facilities.

Acquisition Facility

We previously had a $100.0 million full recourse secured credit facility that was designed to finance eligible first mortgage originations for up to nine months as a bridge to term financing without obtaining discretionary lender approval. The cost of borrowing under the facility was variable, dependent on the type of loan collateral. This facility matured on April 3, 2024.

During the six months ended June 30, 2024, we had no borrowings under the acquisition facility, and we recorded interest expense of $125,000, including $35,000 of amortization of deferred fees and expenses.

During the year ended December 31, 2023, we had no borrowings under the acquisition facility, and we recorded interest expense of $722,000 including $233,000 of amortization of deferred fees and expenses.

Financial Covenants

As of June 30, 2024, we are subject to the following financial covenants related to our secured debt: (i) our ratio of earnings before interest, taxes, depreciation, and amortization, or EBITDA, to fixed charges, as defined in the agreements, shall be not less than 1.4 to 1.0; (ii) our tangible net worth, as defined in the agreements, shall not be less than $3.6 billion as of each measurement date plus 75% to 85% of the net cash proceeds of future equity issuances subsequent to June 30, 2024; (iii) cash liquidity shall not be less than the greater of (x) $10.0 million or (y) no more than 5% of our recourse indebtedness; and (iv) our indebtedness shall not exceed 83.33% of our total assets. As of June 30, 2024 and December 31, 2023, we were in compliance with these covenants.

Subsequent to June 30, 2024, the financial covenant under each applicable secured debt agreement related to the ratio of our EBITDA to fixed charges was amended so that the ratio shall be not less than 1.25 to 1.0 through September 30, 2025, and shall be not less than 1.3 to 1.0 thereafter.

SECURITIZED DEBT OBLIGATIONS, NET

We have financed certain pools of our loans through collateralized loan obligations, or CLOs. The CLOs are consolidated in our financial statements and have issued securitized debt obligations that are non-recourse to us. Refer to Note 19 for further discussion of our CLOs. The following tables detail our securitized debt obligations and the underlying collateral assets that are financed by our CLOs ($ in thousands):

	June 30, 2024
Securitized Debt Obligations		Count	Principal  Balance		Book Value(1)		Wtd. Avg.  Yield/Cost(2)(3)		Term(4)
2021 FL4 Collateralized Loan Obligation
Senior CLO Securities Outstanding		1	$	785,452	$	784,778	+ 1.47	%	May 2038
Underlying Collateral Assets		26	981,703		981,703		+ 3.26	%	March 2026
2020 FL3 Collateralized Loan Obligation
Senior CLO Securities Outstanding		1	689,384		689,384		+ 1.84	%	November 2037
Underlying Collateral Assets		15	880,634		880,634		+ 2.93	%	January 2026
2020 FL2 Collateralized Loan Obligation
Senior CLO Securities Outstanding		1	853,656		853,612		+ 1.36	%	February 2038
Underlying Collateral Assets		15	1,110,530		1,110,530		+ 2.86	%	March 2026
Total
Senior CLO Securities Outstanding(5)		3	$	2,328,492	$	2,327,774	+1.54	%
Underlying Collateral Assets		56	$	2,972,867	$	2,972,867	+ 3.00	%

(1)The book value of underlying collateral assets excludes any applicable CECL reserves.

(2)In addition to cash coupon, all-in yield includes the amortization of deferred origination and extension fees, loan origination costs, purchase discounts, and accrual of exit fees.

(3)The weighted-average all-in yield and cost are expressed as a spread over SOFR. All-in yield excludes loans accounted for under the cost-recovery and nonaccrual methods, if any.

(4)Underlying Collateral Assets term represents the weighted-average final maturity of such loans, assuming all extension options are exercised by the borrower. Repayments of securitized debt obligations are tied to timing of the related collateral loan asset repayments. The term of these obligations represents the rated final distribution date of the securitizations.

(5)During the three and six months ended June 30, 2024, we recorded $40.2 million and $81.7 million, respectively, of interest expense related to our securitized debt obligations.

	December 31, 2023
Securitized Debt Obligations		Count	Principal  Balance		Book Value(1)		Wtd. Avg.  Yield/Cost(2)(3)		Term(4)
2021 FL4 Collateralized Loan Obligation
Senior CLO Securities Outstanding		1	$	803,750	$	801,800	+ 1.70	%	May 2038
Underlying Collateral Assets		26	1,000,000		1,000,000		+ 3.28	%	December 2025
2020 FL3 Collateralized Loan Obligation
Senior CLO Securities Outstanding		1	714,352		714,352		+ 2.18	%	November 2037
Underlying Collateral Assets		15	905,602		905,602		+ 2.87	%	September 2025
2020 FL2 Collateralized Loan Obligation
Senior CLO Securities Outstanding		1	989,412		989,265		+ 1.57	%	February 2038
Underlying Collateral Assets		15	1,246,287		1,246,287		+ 2.85	%	October 2025
Total
Senior CLO Securities Outstanding(5)		3	$	2,507,514	$	2,505,417	+1.79	%
Underlying Collateral Assets		56	$	3,151,889	$	3,151,889	+2.99	%

(1)The book value of underlying collateral assets excludes any applicable CECL reserves.

(2)In addition to cash coupon, all-in yield includes the amortization of deferred origination and extension fees, loan origination costs, purchase discounts, and accrual of exit fees.

(3)The weighted-average all-in yield and cost are expressed as a spread over SOFR. All-in yield excludes loans accounted for under the cost-recovery and nonaccrual methods, if any.

(4)Underlying Collateral Assets term represents the weighted-average final maturity of such loans, assuming all extension options are exercised by the borrower. Repayments of securitized debt obligations are tied to timing of the related collateral loan asset repayments. The term of these obligations represents the rated final distribution date of the securitizations.

(5)During the three and six months ended June 30, 2023, we recorded $43.3 million and $83.1 million, respectively, of interest expense related to our securitized debt obligations.

ASSET-SPECIFIC DEBT, NET

The following table details our asset-specific debt ($ in thousands):

	June 30, 2024
Asset-Specific Debt		Count	Principal  Balance		Book Value(1)		Wtd. Avg. Yield/Cost(2)		Wtd. Avg.  Term(3)
Financing provided		2	$	1,125,854	$	1,120,760	+ 3.18	%	May 2026
Collateral assets		2	$	1,342,810	$	1,333,335	+ 4.04	%	May 2026
	December 31, 2023
Asset-Specific Debt		Count	Principal  Balance		Book Value(1)		Wtd. Avg.  Yield/Cost(2)		Wtd. Avg.  Term(3)
Financing provided		2	$	1,004,097	$	1,000,210	+ 3.14	%	March 2026
Collateral assets		2	$	1,194,408	$	1,186,559	+ 3.98	%	March 2026

(1)The book value of underlying collateral assets excludes any applicable CECL reserves.

(2)The weighted-average all-in yield and cost are expressed as a spread over SOFR. These floating rate loans and related liabilities are currency and index-matched to the applicable benchmark rate relevant in each arrangement. In addition to cash coupon, yield/cost includes the amortization of deferred origination fees and financing costs.

(3)The weighted-average term is determined based on the maximum maturity of the corresponding loans, assuming all extension options are exercised by the borrower. Our non-recourse, asset-specific debt is term-matched in each case to the corresponding collateral loans.

TERM LOANS, NET

As of June 30, 2024, the following senior term loan facilities, or Term Loans, were outstanding ($ in thousands):

Term Loans	Face Value		Interest Rate(1)		All-in Cost(1)(2)		Maturity
B-1 Term Loan	$	906,096	+ 2.36	%	+ 2.65	%	April 23, 2026
B-3 Term Loan	408,829		+ 2.86	%	+ 3.54	%	April 23, 2026
B-4 Term Loan	809,298		+ 3.50	%	+ 4.11	%	May 9, 2029
Total face value	$	2,124,223

(1)The B-3 Term Loan and the B-4 Term Loan borrowings are subject to a floor of 0.50%. The Term Loans are indexed to one-month SOFR.

(2)Includes issue discount and transaction expenses that are amortized through interest expense over the life of the Term Loans.

The Term Loans are partially amortizing, with an amount equal to 1.0% per annum of the aggregate initial principal balance due in quarterly installments. The issue discount and transaction expenses on the B-1 Term Loan were $3.1 million and $12.6 million, respectively. The issue discount and transaction expenses of the B-3 Term Loan were $9.6 million and $5.4 million, respectively. The issue discount and transaction expenses of the B-4 Term Loan were $17.3 million and $10.3 million, respectively. These discounts and expenses are amortized into interest expense over the life of each Term Loan. During the three and six months ended June 30, 2024, we recorded $46.5 million and $93.2 million, respectively, of interest expense related to our Term Loans, including $2.3 million and $4.6 million, respectively, of amortization of deferred fees and expenses.

The following table details the net book value of our Term Loans on our consolidated balance sheets ($ in thousands):

	June 30, 2024		December 31, 2023
Face value	$	2,124,223	$	2,135,221
Deferred financing costs and unamortized discount	(29,024)		(33,589)
Net book value	$	2,095,199	$	2,101,632

The Term Loans contain the financial covenant that our indebtedness shall not exceed 83.33% of our total assets. As of June 30, 2024 and December 31, 2023, we were in compliance with this covenant. Refer to Note 2 for additional discussion of our accounting policies for the Term Loans.

SENIOR SECURED NOTES, NET

As of June 30, 2024, the following senior secured notes, or Senior Secured Notes, were outstanding ($ in thousands):

Senior Secured Notes	Face Value		Interest Rate		All-in Cost(1)		Maturity
Senior Secured Notes	$	339,918	3.75	%	4.02	%	January 15, 2027

(1)Includes transaction expenses that are amortized through interest expense over the life of the Senior Secured Notes.

The transaction expenses on the Senior Secured Notes were $6.3 million, which are amortized into interest expense over the life of the Senior Secured Notes. During the three and six months ended June 30, 2024, we recorded $3.4 million and $7.1 million, respectively, of interest expense related to our Senior Secured Notes, including $254,000 and $521,000, respectively, of amortization of deferred fees and expenses.

During the six months ended June 30, 2024, we repurchased an aggregate principal amount of $26.2 million of the Senior Secured Notes at a weighted-average price of 88%. This resulted in a gain on extinguishment of debt of $3.0 million during the six months ended June 30, 2024. There was no repurchase activity during the three and six months ended June 30, 2023.

The following table details the net book value of our Senior Secured Notes on our consolidated balance sheets ($ in thousands):

	June 30, 2024		December 31, 2023
Face value	$	339,918	$	366,090
Deferred financing costs	(2,582)		(3,327)
Net book value	$	337,336	$	362,763

The Senior Secured Notes contain the financial covenant that our indebtedness shall not exceed 83.33% of our total assets. As of June 30, 2024 and December 31, 2023, we were in compliance with this covenant. Under certain circumstances, we may, at our option, release all of the collateral securing our Senior Secured Notes, in which case we would also be required to maintain a total unencumbered assets to total unsecured indebtedness ratio of 1.20 or greater. This covenant is not currently in effect as the collateral securing our Senior Secured Notes has not been released.

CONVERTIBLE NOTES, NET

As of June 30, 2024, the following convertible senior notes, or Convertible Notes, were outstanding ($ in thousands):

Convertible Notes Issuance	Face Value		Interest Rate	All-in Cost(1)	Conversion Price(2)	Maturity
March 2022 convertible notes	$	300,000	5.50%	5.94%	$36.27	March 15, 2027

(1)Includes issuance costs that are amortized through interest expense over the life of the Convertible Notes using the effective interest method.

(2)Represents the price of class A common stock per share based on a conversion rate of 27.5702 for the Convertible Notes. The conversion rate represents the number of shares of class A common stock issuable per $1,000 principal amount of Convertible Notes. The cumulative dividend threshold has not been exceeded as of June 30, 2024.

Other than as provided by the optional redemption provisions with respect to our Convertible Notes, we may not redeem the Convertible Notes prior to maturity. The Convertible Notes are convertible at the holders’ option into shares of our class A common stock, only under specific circumstances, prior to the close of business on December 14, 2026 at the applicable conversion rate in effect on the conversion date. Thereafter, the Convertible Notes are convertible at the option of the holder at any time until the second scheduled trading day immediately preceding the maturity date. The last reported sale price of our class A common stock of $17.42 on June 28, 2024, the last trading day in the three months ended June 30, 2024, was less than the per share conversion price of the Convertible Notes.

The following table details the net book value of our Convertible Notes on our consolidated balance sheets ($ in thousands):

	June 30, 2024		December 31, 2023
Face value	$	300,000	$	300,000
Deferred financing costs and unamortized discount	(3,514)		(4,153)
Net book value	$	296,486	$	295,847

The following table details our interest expense related to the Convertible Notes ($ in thousands):

	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Cash coupon	$	4,125	$	4,125	$	8,250	$	10,389
Discount and issuance cost amortization	319		319		639		950
Total interest expense	$	4,444	$	4,444	$	8,889	$	11,339

Accrued interest payable for the Convertible Notes was $4.9 million as of both June 30, 2024 and December 31, 2023. Refer to Note 2 for additional discussion of our accounting policies for the Convertible Notes.

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Asset-Specific Debt, Net

6 Months Ended

Jun. 30, 2024

Debt Disclosure [Abstract]

Long-Term Debt

SECURED DEBT, NET

Our secured debt includes our secured credit facilities and our acquisition facility. During the six months ended June 30, 2024, we obtained approval for $457.4 million of new borrowings against $614.6 million of collateral assets.

The following table details our secured debt ($ in thousands):

	Secured Debt Borrowings Outstanding
	June 30, 2024		December 31, 2023
Secured credit facilities	$	12,110,576	$	12,697,058
Deferred financing costs(1)	(13,871)		(13,963)
Net book value of secured debt	$	12,096,705	$	12,683,095

(1)Costs incurred in connection with our secured debt are recorded on our consolidated balance sheets when incurred and recognized as a component of interest expense over the life of each related facility.

Secured Credit Facilities

Our secured credit facilities are bilateral agreements we use to finance diversified pools of senior loan collateral with sufficient flexibility to accommodate our investment and asset management strategy. The facilities are uniformly structured to provide currency, index, and term-matched financing without capital markets based mark-to-market provisions. Our credit facilities are diversified across 15 counterparties, primarily consisting of top global financial institutions to minimize our counterparty risk exposure.

The following table details our secured credit facilities by spread over the applicable base rates as of June 30, 2024 ($ in thousands):

June 30, 2024
									Recourse Limitation
Currency	Lenders(1)	Borrowings		Wtd. Avg. Maturity(2)	Loan Count	Collateral(3)		Wtd. Avg. Maturity(4)	Wtd. Avg.	Range
USD	13	$	6,175,087	July 2026	117	$	10,084,270	August 2026	36%	25% - 100%
GBP	7	2,352,502		October 2026	18	3,128,584		October 2026	26%	25% - 50%
EUR	7	1,983,929		September 2025	11	2,726,991		September 2025	42%	25% - 100%
Others(5)	4	1,599,058		July 2027	7	2,018,500		July 2027	25%	25%
Total	15	$	12,110,576	August 2026	153	$	17,958,345	August 2026	34%	25% - 100%

(1)Represents the number of lenders with fundings advanced in each respective currency, as well as the total number of facility lenders.

(2)Our secured debt agreements are generally term-matched to their underlying collateral. Therefore, the weighted-average maturity is generally allocated based on the maximum maturity date of the collateral loans, assuming all extension options are exercised by the borrower. In limited instances, the maturity date of the respective secured credit facility is used.

(3)Represents the principal balance of the collateral assets and the book value of the REO asset.

(4)Maximum maturity assumes all extension options are exercised by the borrower, however our loans may be repaid prior to such date.

(5)Includes Australian Dollar, Danish Krone, Swedish Krona, and Swiss Franc currencies.

The availability of funding under our secured credit facilities is based on the amount of approved collateral, which collateral is proposed by us in our discretion and approved by the respective counterparty in its discretion, resulting in a mutually agreed collateral portfolio construction. Certain structural elements of our secured credit facilities, including the limitation on recourse to us and facility economics, are influenced by the specific collateral portfolio construction of each facility, and therefore vary within and among the facilities.

The following tables detail the spread of our secured debt as of June 30, 2024 and December 31, 2023 ($ in thousands):

	Six Months Ended June 30, 2024		June 30, 2024
Spread(1)	New Financings(2)		Total Borrowings		Wtd. Avg. All-in Cost(1)(3)(4)		Collateral(5)		Wtd. Avg. All-in Yield(1)(3)		Net Interest  Margin(6)
+ 1.50% or less	$	23,000	$	5,522,099	+1.52	%	$	8,265,569	+3.27	%	+1.75	%
+ 1.51% to + 1.75%	—		2,338,407		+1.81	%	3,226,135		+3.44	%	+1.63	%
+ 1.76% to + 2.00%	—		1,644,666		+2.10	%	2,696,203		+3.85	%	+1.75	%
+ 2.01% or more	434,412		2,605,404		+2.60	%	3,770,438		+4.30	%	+1.70	%
Total	$	457,412	$	12,110,576	+1.89	%	$	17,958,345	+3.60	%	+1.71	%

	Year Ended December 31, 2023		December 31, 2023
Spread(1)	New Financings(2)		Total Borrowings		Wtd. Avg. All-in Cost(1)(3)(4)		Collateral(5)		Wtd. Avg. All-in Yield(1)(3)		Net Interest Margin(7)
+ 1.50% or less	$	—	$	5,647,848	+1.53	%	$	8,341,383	+3.24	%	+1.71	%
+ 1.51% to + 1.75%	—		2,679,699		+1.82	%	3,723,365		+3.49	%	+1.67	%
+ 1.76% to + 2.00%	42,908		1,850,809		+2.11	%	2,913,067		+3.92	%	+1.81	%
+ 2.01% or more	69,170		2,518,702		+2.64	%	3,616,503		+4.30	%	+1.66	%
Total	$	112,078	$	12,697,058	+1.89	%	$	18,594,318	+3.58	%	+1.69	%

(1)The spread, all-in cost, and all-in yield are expressed over the relevant floating benchmark rates, which include SOFR, SONIA, EURIBOR, and other indices as applicable.

(2)Represents the amount of new borrowings we obtained approval for during the six months ended June 30, 2024 and year ended December 31, 2023, respectively.

(3)In addition to spread, the cost includes the associated deferred fees and expenses related to the respective borrowings. 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. All-in yield excludes loans accounted for under the cost-recovery and nonaccrual methods, if any, and the REO asset.

(4)Represents the weighted-average all-in cost as of June 30, 2024 and December 31, 2023, respectively, and is not necessarily indicative of the spread applicable to recent or future borrowings.

(5)Represents the principal balance of the collateral assets and the book value of the REO asset.

(6)Represents the difference between the weighted-average all-in yield and weighted-average all-in cost.

Our secured credit facilities generally permit us to increase or decrease the amount advanced against the pledged collateral in our discretion within certain maximum/minimum amounts and frequency limitations. As of June 30, 2024, there was an aggregate $1.2 billion available to be drawn at our discretion under our credit facilities.

Acquisition Facility

We previously had a $100.0 million full recourse secured credit facility that was designed to finance eligible first mortgage originations for up to nine months as a bridge to term financing without obtaining discretionary lender approval. The cost of borrowing under the facility was variable, dependent on the type of loan collateral. This facility matured on April 3, 2024.

During the six months ended June 30, 2024, we had no borrowings under the acquisition facility, and we recorded interest expense of $125,000, including $35,000 of amortization of deferred fees and expenses.

During the year ended December 31, 2023, we had no borrowings under the acquisition facility, and we recorded interest expense of $722,000 including $233,000 of amortization of deferred fees and expenses.

Financial Covenants

As of June 30, 2024, we are subject to the following financial covenants related to our secured debt: (i) our ratio of earnings before interest, taxes, depreciation, and amortization, or EBITDA, to fixed charges, as defined in the agreements, shall be not less than 1.4 to 1.0; (ii) our tangible net worth, as defined in the agreements, shall not be less than $3.6 billion as of each measurement date plus 75% to 85% of the net cash proceeds of future equity issuances subsequent to June 30, 2024; (iii) cash liquidity shall not be less than the greater of (x) $10.0 million or (y) no more than 5% of our recourse indebtedness; and (iv) our indebtedness shall not exceed 83.33% of our total assets. As of June 30, 2024 and December 31, 2023, we were in compliance with these covenants.

Subsequent to June 30, 2024, the financial covenant under each applicable secured debt agreement related to the ratio of our EBITDA to fixed charges was amended so that the ratio shall be not less than 1.25 to 1.0 through September 30, 2025, and shall be not less than 1.3 to 1.0 thereafter.

SECURITIZED DEBT OBLIGATIONS, NET

We have financed certain pools of our loans through collateralized loan obligations, or CLOs. The CLOs are consolidated in our financial statements and have issued securitized debt obligations that are non-recourse to us. Refer to Note 19 for further discussion of our CLOs. The following tables detail our securitized debt obligations and the underlying collateral assets that are financed by our CLOs ($ in thousands):

	June 30, 2024
Securitized Debt Obligations		Count	Principal  Balance		Book Value(1)		Wtd. Avg.  Yield/Cost(2)(3)		Term(4)
2021 FL4 Collateralized Loan Obligation
Senior CLO Securities Outstanding		1	$	785,452	$	784,778	+ 1.47	%	May 2038
Underlying Collateral Assets		26	981,703		981,703		+ 3.26	%	March 2026
2020 FL3 Collateralized Loan Obligation
Senior CLO Securities Outstanding		1	689,384		689,384		+ 1.84	%	November 2037
Underlying Collateral Assets		15	880,634		880,634		+ 2.93	%	January 2026
2020 FL2 Collateralized Loan Obligation
Senior CLO Securities Outstanding		1	853,656		853,612		+ 1.36	%	February 2038
Underlying Collateral Assets		15	1,110,530		1,110,530		+ 2.86	%	March 2026
Total
Senior CLO Securities Outstanding(5)		3	$	2,328,492	$	2,327,774	+1.54	%
Underlying Collateral Assets		56	$	2,972,867	$	2,972,867	+ 3.00	%

(1)The book value of underlying collateral assets excludes any applicable CECL reserves.

(2)In addition to cash coupon, all-in yield includes the amortization of deferred origination and extension fees, loan origination costs, purchase discounts, and accrual of exit fees.

(3)The weighted-average all-in yield and cost are expressed as a spread over SOFR. All-in yield excludes loans accounted for under the cost-recovery and nonaccrual methods, if any.

(4)Underlying Collateral Assets term represents the weighted-average final maturity of such loans, assuming all extension options are exercised by the borrower. Repayments of securitized debt obligations are tied to timing of the related collateral loan asset repayments. The term of these obligations represents the rated final distribution date of the securitizations.

(5)During the three and six months ended June 30, 2024, we recorded $40.2 million and $81.7 million, respectively, of interest expense related to our securitized debt obligations.

	December 31, 2023
Securitized Debt Obligations		Count	Principal  Balance		Book Value(1)		Wtd. Avg.  Yield/Cost(2)(3)		Term(4)
2021 FL4 Collateralized Loan Obligation
Senior CLO Securities Outstanding		1	$	803,750	$	801,800	+ 1.70	%	May 2038
Underlying Collateral Assets		26	1,000,000		1,000,000		+ 3.28	%	December 2025
2020 FL3 Collateralized Loan Obligation
Senior CLO Securities Outstanding		1	714,352		714,352		+ 2.18	%	November 2037
Underlying Collateral Assets		15	905,602		905,602		+ 2.87	%	September 2025
2020 FL2 Collateralized Loan Obligation
Senior CLO Securities Outstanding		1	989,412		989,265		+ 1.57	%	February 2038
Underlying Collateral Assets		15	1,246,287		1,246,287		+ 2.85	%	October 2025
Total
Senior CLO Securities Outstanding(5)		3	$	2,507,514	$	2,505,417	+1.79	%
Underlying Collateral Assets		56	$	3,151,889	$	3,151,889	+2.99	%

(1)The book value of underlying collateral assets excludes any applicable CECL reserves.

(2)In addition to cash coupon, all-in yield includes the amortization of deferred origination and extension fees, loan origination costs, purchase discounts, and accrual of exit fees.

(3)The weighted-average all-in yield and cost are expressed as a spread over SOFR. All-in yield excludes loans accounted for under the cost-recovery and nonaccrual methods, if any.

(4)Underlying Collateral Assets term represents the weighted-average final maturity of such loans, assuming all extension options are exercised by the borrower. Repayments of securitized debt obligations are tied to timing of the related collateral loan asset repayments. The term of these obligations represents the rated final distribution date of the securitizations.

(5)During the three and six months ended June 30, 2023, we recorded $43.3 million and $83.1 million, respectively, of interest expense related to our securitized debt obligations.

ASSET-SPECIFIC DEBT, NET

The following table details our asset-specific debt ($ in thousands):

	June 30, 2024
Asset-Specific Debt		Count	Principal  Balance		Book Value(1)		Wtd. Avg. Yield/Cost(2)		Wtd. Avg.  Term(3)
Financing provided		2	$	1,125,854	$	1,120,760	+ 3.18	%	May 2026
Collateral assets		2	$	1,342,810	$	1,333,335	+ 4.04	%	May 2026
	December 31, 2023
Asset-Specific Debt		Count	Principal  Balance		Book Value(1)		Wtd. Avg.  Yield/Cost(2)		Wtd. Avg.  Term(3)
Financing provided		2	$	1,004,097	$	1,000,210	+ 3.14	%	March 2026
Collateral assets		2	$	1,194,408	$	1,186,559	+ 3.98	%	March 2026

(1)The book value of underlying collateral assets excludes any applicable CECL reserves.

(2)The weighted-average all-in yield and cost are expressed as a spread over SOFR. These floating rate loans and related liabilities are currency and index-matched to the applicable benchmark rate relevant in each arrangement. In addition to cash coupon, yield/cost includes the amortization of deferred origination fees and financing costs.

(3)The weighted-average term is determined based on the maximum maturity of the corresponding loans, assuming all extension options are exercised by the borrower. Our non-recourse, asset-specific debt is term-matched in each case to the corresponding collateral loans.

TERM LOANS, NET

As of June 30, 2024, the following senior term loan facilities, or Term Loans, were outstanding ($ in thousands):

Term Loans	Face Value		Interest Rate(1)		All-in Cost(1)(2)		Maturity
B-1 Term Loan	$	906,096	+ 2.36	%	+ 2.65	%	April 23, 2026
B-3 Term Loan	408,829		+ 2.86	%	+ 3.54	%	April 23, 2026
B-4 Term Loan	809,298		+ 3.50	%	+ 4.11	%	May 9, 2029
Total face value	$	2,124,223

(1)The B-3 Term Loan and the B-4 Term Loan borrowings are subject to a floor of 0.50%. The Term Loans are indexed to one-month SOFR.

(2)Includes issue discount and transaction expenses that are amortized through interest expense over the life of the Term Loans.

The Term Loans are partially amortizing, with an amount equal to 1.0% per annum of the aggregate initial principal balance due in quarterly installments. The issue discount and transaction expenses on the B-1 Term Loan were $3.1 million and $12.6 million, respectively. The issue discount and transaction expenses of the B-3 Term Loan were $9.6 million and $5.4 million, respectively. The issue discount and transaction expenses of the B-4 Term Loan were $17.3 million and $10.3 million, respectively. These discounts and expenses are amortized into interest expense over the life of each Term Loan. During the three and six months ended June 30, 2024, we recorded $46.5 million and $93.2 million, respectively, of interest expense related to our Term Loans, including $2.3 million and $4.6 million, respectively, of amortization of deferred fees and expenses.

The following table details the net book value of our Term Loans on our consolidated balance sheets ($ in thousands):

	June 30, 2024		December 31, 2023
Face value	$	2,124,223	$	2,135,221
Deferred financing costs and unamortized discount	(29,024)		(33,589)
Net book value	$	2,095,199	$	2,101,632

The Term Loans contain the financial covenant that our indebtedness shall not exceed 83.33% of our total assets. As of June 30, 2024 and December 31, 2023, we were in compliance with this covenant. Refer to Note 2 for additional discussion of our accounting policies for the Term Loans.

SENIOR SECURED NOTES, NET

As of June 30, 2024, the following senior secured notes, or Senior Secured Notes, were outstanding ($ in thousands):

Senior Secured Notes	Face Value		Interest Rate		All-in Cost(1)		Maturity
Senior Secured Notes	$	339,918	3.75	%	4.02	%	January 15, 2027

(1)Includes transaction expenses that are amortized through interest expense over the life of the Senior Secured Notes.

The transaction expenses on the Senior Secured Notes were $6.3 million, which are amortized into interest expense over the life of the Senior Secured Notes. During the three and six months ended June 30, 2024, we recorded $3.4 million and $7.1 million, respectively, of interest expense related to our Senior Secured Notes, including $254,000 and $521,000, respectively, of amortization of deferred fees and expenses.

During the six months ended June 30, 2024, we repurchased an aggregate principal amount of $26.2 million of the Senior Secured Notes at a weighted-average price of 88%. This resulted in a gain on extinguishment of debt of $3.0 million during the six months ended June 30, 2024. There was no repurchase activity during the three and six months ended June 30, 2023.

The following table details the net book value of our Senior Secured Notes on our consolidated balance sheets ($ in thousands):

	June 30, 2024		December 31, 2023
Face value	$	339,918	$	366,090
Deferred financing costs	(2,582)		(3,327)
Net book value	$	337,336	$	362,763

The Senior Secured Notes contain the financial covenant that our indebtedness shall not exceed 83.33% of our total assets. As of June 30, 2024 and December 31, 2023, we were in compliance with this covenant. Under certain circumstances, we may, at our option, release all of the collateral securing our Senior Secured Notes, in which case we would also be required to maintain a total unencumbered assets to total unsecured indebtedness ratio of 1.20 or greater. This covenant is not currently in effect as the collateral securing our Senior Secured Notes has not been released.

CONVERTIBLE NOTES, NET

As of June 30, 2024, the following convertible senior notes, or Convertible Notes, were outstanding ($ in thousands):

Convertible Notes Issuance	Face Value		Interest Rate	All-in Cost(1)	Conversion Price(2)	Maturity
March 2022 convertible notes	$	300,000	5.50%	5.94%	$36.27	March 15, 2027

(1)Includes issuance costs that are amortized through interest expense over the life of the Convertible Notes using the effective interest method.

(2)Represents the price of class A common stock per share based on a conversion rate of 27.5702 for the Convertible Notes. The conversion rate represents the number of shares of class A common stock issuable per $1,000 principal amount of Convertible Notes. The cumulative dividend threshold has not been exceeded as of June 30, 2024.

Other than as provided by the optional redemption provisions with respect to our Convertible Notes, we may not redeem the Convertible Notes prior to maturity. The Convertible Notes are convertible at the holders’ option into shares of our class A common stock, only under specific circumstances, prior to the close of business on December 14, 2026 at the applicable conversion rate in effect on the conversion date. Thereafter, the Convertible Notes are convertible at the option of the holder at any time until the second scheduled trading day immediately preceding the maturity date. The last reported sale price of our class A common stock of $17.42 on June 28, 2024, the last trading day in the three months ended June 30, 2024, was less than the per share conversion price of the Convertible Notes.

The following table details the net book value of our Convertible Notes on our consolidated balance sheets ($ in thousands):

	June 30, 2024		December 31, 2023
Face value	$	300,000	$	300,000
Deferred financing costs and unamortized discount	(3,514)		(4,153)
Net book value	$	296,486	$	295,847

The following table details our interest expense related to the Convertible Notes ($ in thousands):

	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Cash coupon	$	4,125	$	4,125	$	8,250	$	10,389
Discount and issuance cost amortization	319		319		639		950
Total interest expense	$	4,444	$	4,444	$	8,889	$	11,339

Accrued interest payable for the Convertible Notes was $4.9 million as of both June 30, 2024 and December 31, 2023. Refer to Note 2 for additional discussion of our accounting policies for the Convertible Notes.

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Loan Participations Sold, Net

6 Months Ended

Jun. 30, 2024

Loan Participations Sold [Abstract]

Loans Participations Sold, Net

LOAN PARTICIPATIONS SOLD, NET

The sale of a non-recourse interest in a loan through a participation agreement generally does not qualify for sale accounting under GAAP. For such transactions, we therefore present the whole loan as an asset and the loan participation sold as a liability on our consolidated balance sheet until the loan is repaid. We generally have no obligation to pay principal and interest under these liabilities, and the gross presentation of loan participations sold does not impact our stockholders’ equity or net income.

The following table details our loan participations sold ($ in thousands):

	June 30, 2024
Loan Participations Sold		Count	Principal  Balance		Book Value(1)		Wtd. Avg.  Yield/Cost(2)		Term(3)
Junior Participations
Loan Participation		2	$	100,580	$	100,442	+ 7.39	%	February 2026
Total Loan		2	428,151		427,701		+ 4.07	%	February 2026
Total
Loan Participation(4)		2	$	100,580	$	100,442
Total Loan		2	$	428,151	$	427,701
	December 31, 2023
Loan Participations Sold		Count	Principal  Balance		Book Value(1)		Wtd. Avg.  Yield/Cost(2)		Term(3)
Senior Participations
Loan Participation		1	$	236,797	$	236,499	+ 3.22	%	March 2027
Total Loan		1	295,996		294,783		+ 4.86	%	March 2027
Junior Participations
Loan Participation		2	$	100,924	$	100,680	+ 7.50	%	February 2026
Total Loan		2	401,569		399,603		+ 4.75	%	February 2026
Total
Loan Participation(4)		3	$	337,721	$	337,179
Total Loan		3	$	697,565	$	694,386

(1)The book value of underlying collateral assets excludes any applicable CECL reserves.

(2)The weighted-average all-in yield and cost are expressed over the relevant floating benchmark rates, which include SOFR and SONIA, as applicable. This non-debt participation sold structure is inherently matched in terms of currency and interest rate. In addition to cash coupon, yield/cost includes the amortization of deferred fees and financing costs.

(3)The term is determined based on the maximum maturity of the loan, assuming all extension options are exercised by the borrower. Our loan participations sold are inherently non-recourse and term-matched to the corresponding loan.

(4)During the three and six months ended June 30, 2024, we recorded $7.7 million and $15.7 million, respectively, of interest expense related to our loan participations sold. During the year ended December 31, 2023, we recorded $20.6 million of interest expense related to our loan participations sold.

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Term Loans, Net

6 Months Ended

Jun. 30, 2024

Debt Disclosure [Abstract]

Long-Term Debt

SECURED DEBT, NET

Our secured debt includes our secured credit facilities and our acquisition facility. During the six months ended June 30, 2024, we obtained approval for $457.4 million of new borrowings against $614.6 million of collateral assets.

The following table details our secured debt ($ in thousands):

	Secured Debt Borrowings Outstanding
	June 30, 2024		December 31, 2023
Secured credit facilities	$	12,110,576	$	12,697,058
Deferred financing costs(1)	(13,871)		(13,963)
Net book value of secured debt	$	12,096,705	$	12,683,095

(1)Costs incurred in connection with our secured debt are recorded on our consolidated balance sheets when incurred and recognized as a component of interest expense over the life of each related facility.

Secured Credit Facilities

Our secured credit facilities are bilateral agreements we use to finance diversified pools of senior loan collateral with sufficient flexibility to accommodate our investment and asset management strategy. The facilities are uniformly structured to provide currency, index, and term-matched financing without capital markets based mark-to-market provisions. Our credit facilities are diversified across 15 counterparties, primarily consisting of top global financial institutions to minimize our counterparty risk exposure.

The following table details our secured credit facilities by spread over the applicable base rates as of June 30, 2024 ($ in thousands):

June 30, 2024
									Recourse Limitation
Currency	Lenders(1)	Borrowings		Wtd. Avg. Maturity(2)	Loan Count	Collateral(3)		Wtd. Avg. Maturity(4)	Wtd. Avg.	Range
USD	13	$	6,175,087	July 2026	117	$	10,084,270	August 2026	36%	25% - 100%
GBP	7	2,352,502		October 2026	18	3,128,584		October 2026	26%	25% - 50%
EUR	7	1,983,929		September 2025	11	2,726,991		September 2025	42%	25% - 100%
Others(5)	4	1,599,058		July 2027	7	2,018,500		July 2027	25%	25%
Total	15	$	12,110,576	August 2026	153	$	17,958,345	August 2026	34%	25% - 100%

(1)Represents the number of lenders with fundings advanced in each respective currency, as well as the total number of facility lenders.

(2)Our secured debt agreements are generally term-matched to their underlying collateral. Therefore, the weighted-average maturity is generally allocated based on the maximum maturity date of the collateral loans, assuming all extension options are exercised by the borrower. In limited instances, the maturity date of the respective secured credit facility is used.

(3)Represents the principal balance of the collateral assets and the book value of the REO asset.

(4)Maximum maturity assumes all extension options are exercised by the borrower, however our loans may be repaid prior to such date.

(5)Includes Australian Dollar, Danish Krone, Swedish Krona, and Swiss Franc currencies.

The availability of funding under our secured credit facilities is based on the amount of approved collateral, which collateral is proposed by us in our discretion and approved by the respective counterparty in its discretion, resulting in a mutually agreed collateral portfolio construction. Certain structural elements of our secured credit facilities, including the limitation on recourse to us and facility economics, are influenced by the specific collateral portfolio construction of each facility, and therefore vary within and among the facilities.

The following tables detail the spread of our secured debt as of June 30, 2024 and December 31, 2023 ($ in thousands):

	Six Months Ended June 30, 2024		June 30, 2024
Spread(1)	New Financings(2)		Total Borrowings		Wtd. Avg. All-in Cost(1)(3)(4)		Collateral(5)		Wtd. Avg. All-in Yield(1)(3)		Net Interest  Margin(6)
+ 1.50% or less	$	23,000	$	5,522,099	+1.52	%	$	8,265,569	+3.27	%	+1.75	%
+ 1.51% to + 1.75%	—		2,338,407		+1.81	%	3,226,135		+3.44	%	+1.63	%
+ 1.76% to + 2.00%	—		1,644,666		+2.10	%	2,696,203		+3.85	%	+1.75	%
+ 2.01% or more	434,412		2,605,404		+2.60	%	3,770,438		+4.30	%	+1.70	%
Total	$	457,412	$	12,110,576	+1.89	%	$	17,958,345	+3.60	%	+1.71	%

	Year Ended December 31, 2023		December 31, 2023
Spread(1)	New Financings(2)		Total Borrowings		Wtd. Avg. All-in Cost(1)(3)(4)		Collateral(5)		Wtd. Avg. All-in Yield(1)(3)		Net Interest Margin(7)
+ 1.50% or less	$	—	$	5,647,848	+1.53	%	$	8,341,383	+3.24	%	+1.71	%
+ 1.51% to + 1.75%	—		2,679,699		+1.82	%	3,723,365		+3.49	%	+1.67	%
+ 1.76% to + 2.00%	42,908		1,850,809		+2.11	%	2,913,067		+3.92	%	+1.81	%
+ 2.01% or more	69,170		2,518,702		+2.64	%	3,616,503		+4.30	%	+1.66	%
Total	$	112,078	$	12,697,058	+1.89	%	$	18,594,318	+3.58	%	+1.69	%

(1)The spread, all-in cost, and all-in yield are expressed over the relevant floating benchmark rates, which include SOFR, SONIA, EURIBOR, and other indices as applicable.

(2)Represents the amount of new borrowings we obtained approval for during the six months ended June 30, 2024 and year ended December 31, 2023, respectively.

(3)In addition to spread, the cost includes the associated deferred fees and expenses related to the respective borrowings. 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. All-in yield excludes loans accounted for under the cost-recovery and nonaccrual methods, if any, and the REO asset.

(4)Represents the weighted-average all-in cost as of June 30, 2024 and December 31, 2023, respectively, and is not necessarily indicative of the spread applicable to recent or future borrowings.

(5)Represents the principal balance of the collateral assets and the book value of the REO asset.

(6)Represents the difference between the weighted-average all-in yield and weighted-average all-in cost.

Our secured credit facilities generally permit us to increase or decrease the amount advanced against the pledged collateral in our discretion within certain maximum/minimum amounts and frequency limitations. As of June 30, 2024, there was an aggregate $1.2 billion available to be drawn at our discretion under our credit facilities.

Acquisition Facility

We previously had a $100.0 million full recourse secured credit facility that was designed to finance eligible first mortgage originations for up to nine months as a bridge to term financing without obtaining discretionary lender approval. The cost of borrowing under the facility was variable, dependent on the type of loan collateral. This facility matured on April 3, 2024.

During the six months ended June 30, 2024, we had no borrowings under the acquisition facility, and we recorded interest expense of $125,000, including $35,000 of amortization of deferred fees and expenses.

During the year ended December 31, 2023, we had no borrowings under the acquisition facility, and we recorded interest expense of $722,000 including $233,000 of amortization of deferred fees and expenses.

Financial Covenants

As of June 30, 2024, we are subject to the following financial covenants related to our secured debt: (i) our ratio of earnings before interest, taxes, depreciation, and amortization, or EBITDA, to fixed charges, as defined in the agreements, shall be not less than 1.4 to 1.0; (ii) our tangible net worth, as defined in the agreements, shall not be less than $3.6 billion as of each measurement date plus 75% to 85% of the net cash proceeds of future equity issuances subsequent to June 30, 2024; (iii) cash liquidity shall not be less than the greater of (x) $10.0 million or (y) no more than 5% of our recourse indebtedness; and (iv) our indebtedness shall not exceed 83.33% of our total assets. As of June 30, 2024 and December 31, 2023, we were in compliance with these covenants.

Subsequent to June 30, 2024, the financial covenant under each applicable secured debt agreement related to the ratio of our EBITDA to fixed charges was amended so that the ratio shall be not less than 1.25 to 1.0 through September 30, 2025, and shall be not less than 1.3 to 1.0 thereafter.

SECURITIZED DEBT OBLIGATIONS, NET

We have financed certain pools of our loans through collateralized loan obligations, or CLOs. The CLOs are consolidated in our financial statements and have issued securitized debt obligations that are non-recourse to us. Refer to Note 19 for further discussion of our CLOs. The following tables detail our securitized debt obligations and the underlying collateral assets that are financed by our CLOs ($ in thousands):

	June 30, 2024
Securitized Debt Obligations		Count	Principal  Balance		Book Value(1)		Wtd. Avg.  Yield/Cost(2)(3)		Term(4)
2021 FL4 Collateralized Loan Obligation
Senior CLO Securities Outstanding		1	$	785,452	$	784,778	+ 1.47	%	May 2038
Underlying Collateral Assets		26	981,703		981,703		+ 3.26	%	March 2026
2020 FL3 Collateralized Loan Obligation
Senior CLO Securities Outstanding		1	689,384		689,384		+ 1.84	%	November 2037
Underlying Collateral Assets		15	880,634		880,634		+ 2.93	%	January 2026
2020 FL2 Collateralized Loan Obligation
Senior CLO Securities Outstanding		1	853,656		853,612		+ 1.36	%	February 2038
Underlying Collateral Assets		15	1,110,530		1,110,530		+ 2.86	%	March 2026
Total
Senior CLO Securities Outstanding(5)		3	$	2,328,492	$	2,327,774	+1.54	%
Underlying Collateral Assets		56	$	2,972,867	$	2,972,867	+ 3.00	%

(1)The book value of underlying collateral assets excludes any applicable CECL reserves.

(2)In addition to cash coupon, all-in yield includes the amortization of deferred origination and extension fees, loan origination costs, purchase discounts, and accrual of exit fees.

(3)The weighted-average all-in yield and cost are expressed as a spread over SOFR. All-in yield excludes loans accounted for under the cost-recovery and nonaccrual methods, if any.

(4)Underlying Collateral Assets term represents the weighted-average final maturity of such loans, assuming all extension options are exercised by the borrower. Repayments of securitized debt obligations are tied to timing of the related collateral loan asset repayments. The term of these obligations represents the rated final distribution date of the securitizations.

(5)During the three and six months ended June 30, 2024, we recorded $40.2 million and $81.7 million, respectively, of interest expense related to our securitized debt obligations.

	December 31, 2023
Securitized Debt Obligations		Count	Principal  Balance		Book Value(1)		Wtd. Avg.  Yield/Cost(2)(3)		Term(4)
2021 FL4 Collateralized Loan Obligation
Senior CLO Securities Outstanding		1	$	803,750	$	801,800	+ 1.70	%	May 2038
Underlying Collateral Assets		26	1,000,000		1,000,000		+ 3.28	%	December 2025
2020 FL3 Collateralized Loan Obligation
Senior CLO Securities Outstanding		1	714,352		714,352		+ 2.18	%	November 2037
Underlying Collateral Assets		15	905,602		905,602		+ 2.87	%	September 2025
2020 FL2 Collateralized Loan Obligation
Senior CLO Securities Outstanding		1	989,412		989,265		+ 1.57	%	February 2038
Underlying Collateral Assets		15	1,246,287		1,246,287		+ 2.85	%	October 2025
Total
Senior CLO Securities Outstanding(5)		3	$	2,507,514	$	2,505,417	+1.79	%
Underlying Collateral Assets		56	$	3,151,889	$	3,151,889	+2.99	%

(1)The book value of underlying collateral assets excludes any applicable CECL reserves.

(2)In addition to cash coupon, all-in yield includes the amortization of deferred origination and extension fees, loan origination costs, purchase discounts, and accrual of exit fees.

(3)The weighted-average all-in yield and cost are expressed as a spread over SOFR. All-in yield excludes loans accounted for under the cost-recovery and nonaccrual methods, if any.

(4)Underlying Collateral Assets term represents the weighted-average final maturity of such loans, assuming all extension options are exercised by the borrower. Repayments of securitized debt obligations are tied to timing of the related collateral loan asset repayments. The term of these obligations represents the rated final distribution date of the securitizations.

(5)During the three and six months ended June 30, 2023, we recorded $43.3 million and $83.1 million, respectively, of interest expense related to our securitized debt obligations.

ASSET-SPECIFIC DEBT, NET

The following table details our asset-specific debt ($ in thousands):

	June 30, 2024
Asset-Specific Debt		Count	Principal  Balance		Book Value(1)		Wtd. Avg. Yield/Cost(2)		Wtd. Avg.  Term(3)
Financing provided		2	$	1,125,854	$	1,120,760	+ 3.18	%	May 2026
Collateral assets		2	$	1,342,810	$	1,333,335	+ 4.04	%	May 2026
	December 31, 2023
Asset-Specific Debt		Count	Principal  Balance		Book Value(1)		Wtd. Avg.  Yield/Cost(2)		Wtd. Avg.  Term(3)
Financing provided		2	$	1,004,097	$	1,000,210	+ 3.14	%	March 2026
Collateral assets		2	$	1,194,408	$	1,186,559	+ 3.98	%	March 2026

(1)The book value of underlying collateral assets excludes any applicable CECL reserves.

(2)The weighted-average all-in yield and cost are expressed as a spread over SOFR. These floating rate loans and related liabilities are currency and index-matched to the applicable benchmark rate relevant in each arrangement. In addition to cash coupon, yield/cost includes the amortization of deferred origination fees and financing costs.

(3)The weighted-average term is determined based on the maximum maturity of the corresponding loans, assuming all extension options are exercised by the borrower. Our non-recourse, asset-specific debt is term-matched in each case to the corresponding collateral loans.

TERM LOANS, NET

As of June 30, 2024, the following senior term loan facilities, or Term Loans, were outstanding ($ in thousands):

Term Loans	Face Value		Interest Rate(1)		All-in Cost(1)(2)		Maturity
B-1 Term Loan	$	906,096	+ 2.36	%	+ 2.65	%	April 23, 2026
B-3 Term Loan	408,829		+ 2.86	%	+ 3.54	%	April 23, 2026
B-4 Term Loan	809,298		+ 3.50	%	+ 4.11	%	May 9, 2029
Total face value	$	2,124,223

(1)The B-3 Term Loan and the B-4 Term Loan borrowings are subject to a floor of 0.50%. The Term Loans are indexed to one-month SOFR.

(2)Includes issue discount and transaction expenses that are amortized through interest expense over the life of the Term Loans.

The Term Loans are partially amortizing, with an amount equal to 1.0% per annum of the aggregate initial principal balance due in quarterly installments. The issue discount and transaction expenses on the B-1 Term Loan were $3.1 million and $12.6 million, respectively. The issue discount and transaction expenses of the B-3 Term Loan were $9.6 million and $5.4 million, respectively. The issue discount and transaction expenses of the B-4 Term Loan were $17.3 million and $10.3 million, respectively. These discounts and expenses are amortized into interest expense over the life of each Term Loan. During the three and six months ended June 30, 2024, we recorded $46.5 million and $93.2 million, respectively, of interest expense related to our Term Loans, including $2.3 million and $4.6 million, respectively, of amortization of deferred fees and expenses.

The following table details the net book value of our Term Loans on our consolidated balance sheets ($ in thousands):

	June 30, 2024		December 31, 2023
Face value	$	2,124,223	$	2,135,221
Deferred financing costs and unamortized discount	(29,024)		(33,589)
Net book value	$	2,095,199	$	2,101,632

The Term Loans contain the financial covenant that our indebtedness shall not exceed 83.33% of our total assets. As of June 30, 2024 and December 31, 2023, we were in compliance with this covenant. Refer to Note 2 for additional discussion of our accounting policies for the Term Loans.

SENIOR SECURED NOTES, NET

As of June 30, 2024, the following senior secured notes, or Senior Secured Notes, were outstanding ($ in thousands):

Senior Secured Notes	Face Value		Interest Rate		All-in Cost(1)		Maturity
Senior Secured Notes	$	339,918	3.75	%	4.02	%	January 15, 2027

(1)Includes transaction expenses that are amortized through interest expense over the life of the Senior Secured Notes.

The transaction expenses on the Senior Secured Notes were $6.3 million, which are amortized into interest expense over the life of the Senior Secured Notes. During the three and six months ended June 30, 2024, we recorded $3.4 million and $7.1 million, respectively, of interest expense related to our Senior Secured Notes, including $254,000 and $521,000, respectively, of amortization of deferred fees and expenses.

During the six months ended June 30, 2024, we repurchased an aggregate principal amount of $26.2 million of the Senior Secured Notes at a weighted-average price of 88%. This resulted in a gain on extinguishment of debt of $3.0 million during the six months ended June 30, 2024. There was no repurchase activity during the three and six months ended June 30, 2023.

The following table details the net book value of our Senior Secured Notes on our consolidated balance sheets ($ in thousands):

	June 30, 2024		December 31, 2023
Face value	$	339,918	$	366,090
Deferred financing costs	(2,582)		(3,327)
Net book value	$	337,336	$	362,763

The Senior Secured Notes contain the financial covenant that our indebtedness shall not exceed 83.33% of our total assets. As of June 30, 2024 and December 31, 2023, we were in compliance with this covenant. Under certain circumstances, we may, at our option, release all of the collateral securing our Senior Secured Notes, in which case we would also be required to maintain a total unencumbered assets to total unsecured indebtedness ratio of 1.20 or greater. This covenant is not currently in effect as the collateral securing our Senior Secured Notes has not been released.

CONVERTIBLE NOTES, NET

As of June 30, 2024, the following convertible senior notes, or Convertible Notes, were outstanding ($ in thousands):

Convertible Notes Issuance	Face Value		Interest Rate	All-in Cost(1)	Conversion Price(2)	Maturity
March 2022 convertible notes	$	300,000	5.50%	5.94%	$36.27	March 15, 2027

(1)Includes issuance costs that are amortized through interest expense over the life of the Convertible Notes using the effective interest method.

(2)Represents the price of class A common stock per share based on a conversion rate of 27.5702 for the Convertible Notes. The conversion rate represents the number of shares of class A common stock issuable per $1,000 principal amount of Convertible Notes. The cumulative dividend threshold has not been exceeded as of June 30, 2024.

Other than as provided by the optional redemption provisions with respect to our Convertible Notes, we may not redeem the Convertible Notes prior to maturity. The Convertible Notes are convertible at the holders’ option into shares of our class A common stock, only under specific circumstances, prior to the close of business on December 14, 2026 at the applicable conversion rate in effect on the conversion date. Thereafter, the Convertible Notes are convertible at the option of the holder at any time until the second scheduled trading day immediately preceding the maturity date. The last reported sale price of our class A common stock of $17.42 on June 28, 2024, the last trading day in the three months ended June 30, 2024, was less than the per share conversion price of the Convertible Notes.

The following table details the net book value of our Convertible Notes on our consolidated balance sheets ($ in thousands):

	June 30, 2024		December 31, 2023
Face value	$	300,000	$	300,000
Deferred financing costs and unamortized discount	(3,514)		(4,153)
Net book value	$	296,486	$	295,847

The following table details our interest expense related to the Convertible Notes ($ in thousands):

	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Cash coupon	$	4,125	$	4,125	$	8,250	$	10,389
Discount and issuance cost amortization	319		319		639		950
Total interest expense	$	4,444	$	4,444	$	8,889	$	11,339

Accrued interest payable for the Convertible Notes was $4.9 million as of both June 30, 2024 and December 31, 2023. Refer to Note 2 for additional discussion of our accounting policies for the Convertible Notes.

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Senior Secured Notes, Net

6 Months Ended

Jun. 30, 2024

Debt Disclosure [Abstract]

Long-Term Debt

SECURED DEBT, NET

Our secured debt includes our secured credit facilities and our acquisition facility. During the six months ended June 30, 2024, we obtained approval for $457.4 million of new borrowings against $614.6 million of collateral assets.

The following table details our secured debt ($ in thousands):

	Secured Debt Borrowings Outstanding
	June 30, 2024		December 31, 2023
Secured credit facilities	$	12,110,576	$	12,697,058
Deferred financing costs(1)	(13,871)		(13,963)
Net book value of secured debt	$	12,096,705	$	12,683,095

(1)Costs incurred in connection with our secured debt are recorded on our consolidated balance sheets when incurred and recognized as a component of interest expense over the life of each related facility.

Secured Credit Facilities

Our secured credit facilities are bilateral agreements we use to finance diversified pools of senior loan collateral with sufficient flexibility to accommodate our investment and asset management strategy. The facilities are uniformly structured to provide currency, index, and term-matched financing without capital markets based mark-to-market provisions. Our credit facilities are diversified across 15 counterparties, primarily consisting of top global financial institutions to minimize our counterparty risk exposure.

The following table details our secured credit facilities by spread over the applicable base rates as of June 30, 2024 ($ in thousands):

June 30, 2024
									Recourse Limitation
Currency	Lenders(1)	Borrowings		Wtd. Avg. Maturity(2)	Loan Count	Collateral(3)		Wtd. Avg. Maturity(4)	Wtd. Avg.	Range
USD	13	$	6,175,087	July 2026	117	$	10,084,270	August 2026	36%	25% - 100%
GBP	7	2,352,502		October 2026	18	3,128,584		October 2026	26%	25% - 50%
EUR	7	1,983,929		September 2025	11	2,726,991		September 2025	42%	25% - 100%
Others(5)	4	1,599,058		July 2027	7	2,018,500		July 2027	25%	25%
Total	15	$	12,110,576	August 2026	153	$	17,958,345	August 2026	34%	25% - 100%

(1)Represents the number of lenders with fundings advanced in each respective currency, as well as the total number of facility lenders.

(2)Our secured debt agreements are generally term-matched to their underlying collateral. Therefore, the weighted-average maturity is generally allocated based on the maximum maturity date of the collateral loans, assuming all extension options are exercised by the borrower. In limited instances, the maturity date of the respective secured credit facility is used.

(3)Represents the principal balance of the collateral assets and the book value of the REO asset.

(4)Maximum maturity assumes all extension options are exercised by the borrower, however our loans may be repaid prior to such date.

(5)Includes Australian Dollar, Danish Krone, Swedish Krona, and Swiss Franc currencies.

The availability of funding under our secured credit facilities is based on the amount of approved collateral, which collateral is proposed by us in our discretion and approved by the respective counterparty in its discretion, resulting in a mutually agreed collateral portfolio construction. Certain structural elements of our secured credit facilities, including the limitation on recourse to us and facility economics, are influenced by the specific collateral portfolio construction of each facility, and therefore vary within and among the facilities.

The following tables detail the spread of our secured debt as of June 30, 2024 and December 31, 2023 ($ in thousands):

	Six Months Ended June 30, 2024		June 30, 2024
Spread(1)	New Financings(2)		Total Borrowings		Wtd. Avg. All-in Cost(1)(3)(4)		Collateral(5)		Wtd. Avg. All-in Yield(1)(3)		Net Interest  Margin(6)
+ 1.50% or less	$	23,000	$	5,522,099	+1.52	%	$	8,265,569	+3.27	%	+1.75	%
+ 1.51% to + 1.75%	—		2,338,407		+1.81	%	3,226,135		+3.44	%	+1.63	%
+ 1.76% to + 2.00%	—		1,644,666		+2.10	%	2,696,203		+3.85	%	+1.75	%
+ 2.01% or more	434,412		2,605,404		+2.60	%	3,770,438		+4.30	%	+1.70	%
Total	$	457,412	$	12,110,576	+1.89	%	$	17,958,345	+3.60	%	+1.71	%

	Year Ended December 31, 2023		December 31, 2023
Spread(1)	New Financings(2)		Total Borrowings		Wtd. Avg. All-in Cost(1)(3)(4)		Collateral(5)		Wtd. Avg. All-in Yield(1)(3)		Net Interest Margin(7)
+ 1.50% or less	$	—	$	5,647,848	+1.53	%	$	8,341,383	+3.24	%	+1.71	%
+ 1.51% to + 1.75%	—		2,679,699		+1.82	%	3,723,365		+3.49	%	+1.67	%
+ 1.76% to + 2.00%	42,908		1,850,809		+2.11	%	2,913,067		+3.92	%	+1.81	%
+ 2.01% or more	69,170		2,518,702		+2.64	%	3,616,503		+4.30	%	+1.66	%
Total	$	112,078	$	12,697,058	+1.89	%	$	18,594,318	+3.58	%	+1.69	%

(1)The spread, all-in cost, and all-in yield are expressed over the relevant floating benchmark rates, which include SOFR, SONIA, EURIBOR, and other indices as applicable.

(2)Represents the amount of new borrowings we obtained approval for during the six months ended June 30, 2024 and year ended December 31, 2023, respectively.

(3)In addition to spread, the cost includes the associated deferred fees and expenses related to the respective borrowings. 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. All-in yield excludes loans accounted for under the cost-recovery and nonaccrual methods, if any, and the REO asset.

(4)Represents the weighted-average all-in cost as of June 30, 2024 and December 31, 2023, respectively, and is not necessarily indicative of the spread applicable to recent or future borrowings.

(5)Represents the principal balance of the collateral assets and the book value of the REO asset.

(6)Represents the difference between the weighted-average all-in yield and weighted-average all-in cost.

Our secured credit facilities generally permit us to increase or decrease the amount advanced against the pledged collateral in our discretion within certain maximum/minimum amounts and frequency limitations. As of June 30, 2024, there was an aggregate $1.2 billion available to be drawn at our discretion under our credit facilities.

Acquisition Facility

We previously had a $100.0 million full recourse secured credit facility that was designed to finance eligible first mortgage originations for up to nine months as a bridge to term financing without obtaining discretionary lender approval. The cost of borrowing under the facility was variable, dependent on the type of loan collateral. This facility matured on April 3, 2024.

During the six months ended June 30, 2024, we had no borrowings under the acquisition facility, and we recorded interest expense of $125,000, including $35,000 of amortization of deferred fees and expenses.

During the year ended December 31, 2023, we had no borrowings under the acquisition facility, and we recorded interest expense of $722,000 including $233,000 of amortization of deferred fees and expenses.

Financial Covenants

As of June 30, 2024, we are subject to the following financial covenants related to our secured debt: (i) our ratio of earnings before interest, taxes, depreciation, and amortization, or EBITDA, to fixed charges, as defined in the agreements, shall be not less than 1.4 to 1.0; (ii) our tangible net worth, as defined in the agreements, shall not be less than $3.6 billion as of each measurement date plus 75% to 85% of the net cash proceeds of future equity issuances subsequent to June 30, 2024; (iii) cash liquidity shall not be less than the greater of (x) $10.0 million or (y) no more than 5% of our recourse indebtedness; and (iv) our indebtedness shall not exceed 83.33% of our total assets. As of June 30, 2024 and December 31, 2023, we were in compliance with these covenants.

Subsequent to June 30, 2024, the financial covenant under each applicable secured debt agreement related to the ratio of our EBITDA to fixed charges was amended so that the ratio shall be not less than 1.25 to 1.0 through September 30, 2025, and shall be not less than 1.3 to 1.0 thereafter.

SECURITIZED DEBT OBLIGATIONS, NET

We have financed certain pools of our loans through collateralized loan obligations, or CLOs. The CLOs are consolidated in our financial statements and have issued securitized debt obligations that are non-recourse to us. Refer to Note 19 for further discussion of our CLOs. The following tables detail our securitized debt obligations and the underlying collateral assets that are financed by our CLOs ($ in thousands):

	June 30, 2024
Securitized Debt Obligations		Count	Principal  Balance		Book Value(1)		Wtd. Avg.  Yield/Cost(2)(3)		Term(4)
2021 FL4 Collateralized Loan Obligation
Senior CLO Securities Outstanding		1	$	785,452	$	784,778	+ 1.47	%	May 2038
Underlying Collateral Assets		26	981,703		981,703		+ 3.26	%	March 2026
2020 FL3 Collateralized Loan Obligation
Senior CLO Securities Outstanding		1	689,384		689,384		+ 1.84	%	November 2037
Underlying Collateral Assets		15	880,634		880,634		+ 2.93	%	January 2026
2020 FL2 Collateralized Loan Obligation
Senior CLO Securities Outstanding		1	853,656		853,612		+ 1.36	%	February 2038
Underlying Collateral Assets		15	1,110,530		1,110,530		+ 2.86	%	March 2026
Total
Senior CLO Securities Outstanding(5)		3	$	2,328,492	$	2,327,774	+1.54	%
Underlying Collateral Assets		56	$	2,972,867	$	2,972,867	+ 3.00	%

(1)The book value of underlying collateral assets excludes any applicable CECL reserves.

(2)In addition to cash coupon, all-in yield includes the amortization of deferred origination and extension fees, loan origination costs, purchase discounts, and accrual of exit fees.

(3)The weighted-average all-in yield and cost are expressed as a spread over SOFR. All-in yield excludes loans accounted for under the cost-recovery and nonaccrual methods, if any.

(4)Underlying Collateral Assets term represents the weighted-average final maturity of such loans, assuming all extension options are exercised by the borrower. Repayments of securitized debt obligations are tied to timing of the related collateral loan asset repayments. The term of these obligations represents the rated final distribution date of the securitizations.

(5)During the three and six months ended June 30, 2024, we recorded $40.2 million and $81.7 million, respectively, of interest expense related to our securitized debt obligations.

	December 31, 2023
Securitized Debt Obligations		Count	Principal  Balance		Book Value(1)		Wtd. Avg.  Yield/Cost(2)(3)		Term(4)
2021 FL4 Collateralized Loan Obligation
Senior CLO Securities Outstanding		1	$	803,750	$	801,800	+ 1.70	%	May 2038
Underlying Collateral Assets		26	1,000,000		1,000,000		+ 3.28	%	December 2025
2020 FL3 Collateralized Loan Obligation
Senior CLO Securities Outstanding		1	714,352		714,352		+ 2.18	%	November 2037
Underlying Collateral Assets		15	905,602		905,602		+ 2.87	%	September 2025
2020 FL2 Collateralized Loan Obligation
Senior CLO Securities Outstanding		1	989,412		989,265		+ 1.57	%	February 2038
Underlying Collateral Assets		15	1,246,287		1,246,287		+ 2.85	%	October 2025
Total
Senior CLO Securities Outstanding(5)		3	$	2,507,514	$	2,505,417	+1.79	%
Underlying Collateral Assets		56	$	3,151,889	$	3,151,889	+2.99	%

(1)The book value of underlying collateral assets excludes any applicable CECL reserves.

(2)In addition to cash coupon, all-in yield includes the amortization of deferred origination and extension fees, loan origination costs, purchase discounts, and accrual of exit fees.

(3)The weighted-average all-in yield and cost are expressed as a spread over SOFR. All-in yield excludes loans accounted for under the cost-recovery and nonaccrual methods, if any.

(4)Underlying Collateral Assets term represents the weighted-average final maturity of such loans, assuming all extension options are exercised by the borrower. Repayments of securitized debt obligations are tied to timing of the related collateral loan asset repayments. The term of these obligations represents the rated final distribution date of the securitizations.

(5)During the three and six months ended June 30, 2023, we recorded $43.3 million and $83.1 million, respectively, of interest expense related to our securitized debt obligations.

ASSET-SPECIFIC DEBT, NET

The following table details our asset-specific debt ($ in thousands):

	June 30, 2024
Asset-Specific Debt		Count	Principal  Balance		Book Value(1)		Wtd. Avg. Yield/Cost(2)		Wtd. Avg.  Term(3)
Financing provided		2	$	1,125,854	$	1,120,760	+ 3.18	%	May 2026
Collateral assets		2	$	1,342,810	$	1,333,335	+ 4.04	%	May 2026
	December 31, 2023
Asset-Specific Debt		Count	Principal  Balance		Book Value(1)		Wtd. Avg.  Yield/Cost(2)		Wtd. Avg.  Term(3)
Financing provided		2	$	1,004,097	$	1,000,210	+ 3.14	%	March 2026
Collateral assets		2	$	1,194,408	$	1,186,559	+ 3.98	%	March 2026

(1)The book value of underlying collateral assets excludes any applicable CECL reserves.

(2)The weighted-average all-in yield and cost are expressed as a spread over SOFR. These floating rate loans and related liabilities are currency and index-matched to the applicable benchmark rate relevant in each arrangement. In addition to cash coupon, yield/cost includes the amortization of deferred origination fees and financing costs.

(3)The weighted-average term is determined based on the maximum maturity of the corresponding loans, assuming all extension options are exercised by the borrower. Our non-recourse, asset-specific debt is term-matched in each case to the corresponding collateral loans.

TERM LOANS, NET

As of June 30, 2024, the following senior term loan facilities, or Term Loans, were outstanding ($ in thousands):

Term Loans	Face Value		Interest Rate(1)		All-in Cost(1)(2)		Maturity
B-1 Term Loan	$	906,096	+ 2.36	%	+ 2.65	%	April 23, 2026
B-3 Term Loan	408,829		+ 2.86	%	+ 3.54	%	April 23, 2026
B-4 Term Loan	809,298		+ 3.50	%	+ 4.11	%	May 9, 2029
Total face value	$	2,124,223

(1)The B-3 Term Loan and the B-4 Term Loan borrowings are subject to a floor of 0.50%. The Term Loans are indexed to one-month SOFR.

(2)Includes issue discount and transaction expenses that are amortized through interest expense over the life of the Term Loans.

The Term Loans are partially amortizing, with an amount equal to 1.0% per annum of the aggregate initial principal balance due in quarterly installments. The issue discount and transaction expenses on the B-1 Term Loan were $3.1 million and $12.6 million, respectively. The issue discount and transaction expenses of the B-3 Term Loan were $9.6 million and $5.4 million, respectively. The issue discount and transaction expenses of the B-4 Term Loan were $17.3 million and $10.3 million, respectively. These discounts and expenses are amortized into interest expense over the life of each Term Loan. During the three and six months ended June 30, 2024, we recorded $46.5 million and $93.2 million, respectively, of interest expense related to our Term Loans, including $2.3 million and $4.6 million, respectively, of amortization of deferred fees and expenses.

The following table details the net book value of our Term Loans on our consolidated balance sheets ($ in thousands):

	June 30, 2024		December 31, 2023
Face value	$	2,124,223	$	2,135,221
Deferred financing costs and unamortized discount	(29,024)		(33,589)
Net book value	$	2,095,199	$	2,101,632

The Term Loans contain the financial covenant that our indebtedness shall not exceed 83.33% of our total assets. As of June 30, 2024 and December 31, 2023, we were in compliance with this covenant. Refer to Note 2 for additional discussion of our accounting policies for the Term Loans.

SENIOR SECURED NOTES, NET

As of June 30, 2024, the following senior secured notes, or Senior Secured Notes, were outstanding ($ in thousands):

Senior Secured Notes	Face Value		Interest Rate		All-in Cost(1)		Maturity
Senior Secured Notes	$	339,918	3.75	%	4.02	%	January 15, 2027

(1)Includes transaction expenses that are amortized through interest expense over the life of the Senior Secured Notes.

The transaction expenses on the Senior Secured Notes were $6.3 million, which are amortized into interest expense over the life of the Senior Secured Notes. During the three and six months ended June 30, 2024, we recorded $3.4 million and $7.1 million, respectively, of interest expense related to our Senior Secured Notes, including $254,000 and $521,000, respectively, of amortization of deferred fees and expenses.

During the six months ended June 30, 2024, we repurchased an aggregate principal amount of $26.2 million of the Senior Secured Notes at a weighted-average price of 88%. This resulted in a gain on extinguishment of debt of $3.0 million during the six months ended June 30, 2024. There was no repurchase activity during the three and six months ended June 30, 2023.

The following table details the net book value of our Senior Secured Notes on our consolidated balance sheets ($ in thousands):

	June 30, 2024		December 31, 2023
Face value	$	339,918	$	366,090
Deferred financing costs	(2,582)		(3,327)
Net book value	$	337,336	$	362,763

The Senior Secured Notes contain the financial covenant that our indebtedness shall not exceed 83.33% of our total assets. As of June 30, 2024 and December 31, 2023, we were in compliance with this covenant. Under certain circumstances, we may, at our option, release all of the collateral securing our Senior Secured Notes, in which case we would also be required to maintain a total unencumbered assets to total unsecured indebtedness ratio of 1.20 or greater. This covenant is not currently in effect as the collateral securing our Senior Secured Notes has not been released.

CONVERTIBLE NOTES, NET

As of June 30, 2024, the following convertible senior notes, or Convertible Notes, were outstanding ($ in thousands):

Convertible Notes Issuance	Face Value		Interest Rate	All-in Cost(1)	Conversion Price(2)	Maturity
March 2022 convertible notes	$	300,000	5.50%	5.94%	$36.27	March 15, 2027

(1)Includes issuance costs that are amortized through interest expense over the life of the Convertible Notes using the effective interest method.

(2)Represents the price of class A common stock per share based on a conversion rate of 27.5702 for the Convertible Notes. The conversion rate represents the number of shares of class A common stock issuable per $1,000 principal amount of Convertible Notes. The cumulative dividend threshold has not been exceeded as of June 30, 2024.

Other than as provided by the optional redemption provisions with respect to our Convertible Notes, we may not redeem the Convertible Notes prior to maturity. The Convertible Notes are convertible at the holders’ option into shares of our class A common stock, only under specific circumstances, prior to the close of business on December 14, 2026 at the applicable conversion rate in effect on the conversion date. Thereafter, the Convertible Notes are convertible at the option of the holder at any time until the second scheduled trading day immediately preceding the maturity date. The last reported sale price of our class A common stock of $17.42 on June 28, 2024, the last trading day in the three months ended June 30, 2024, was less than the per share conversion price of the Convertible Notes.

The following table details the net book value of our Convertible Notes on our consolidated balance sheets ($ in thousands):

	June 30, 2024		December 31, 2023
Face value	$	300,000	$	300,000
Deferred financing costs and unamortized discount	(3,514)		(4,153)
Net book value	$	296,486	$	295,847

The following table details our interest expense related to the Convertible Notes ($ in thousands):

	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Cash coupon	$	4,125	$	4,125	$	8,250	$	10,389
Discount and issuance cost amortization	319		319		639		950
Total interest expense	$	4,444	$	4,444	$	8,889	$	11,339

Accrued interest payable for the Convertible Notes was $4.9 million as of both June 30, 2024 and December 31, 2023. Refer to Note 2 for additional discussion of our accounting policies for the Convertible Notes.

XML

Convertible Notes, Net

6 Months Ended

Jun. 30, 2024

Debt Instruments [Abstract]

Long-Term Debt

SECURED DEBT, NET

Our secured debt includes our secured credit facilities and our acquisition facility. During the six months ended June 30, 2024, we obtained approval for $457.4 million of new borrowings against $614.6 million of collateral assets.

The following table details our secured debt ($ in thousands):

	Secured Debt Borrowings Outstanding
	June 30, 2024		December 31, 2023
Secured credit facilities	$	12,110,576	$	12,697,058
Deferred financing costs(1)	(13,871)		(13,963)
Net book value of secured debt	$	12,096,705	$	12,683,095

(1)Costs incurred in connection with our secured debt are recorded on our consolidated balance sheets when incurred and recognized as a component of interest expense over the life of each related facility.

Secured Credit Facilities

Our secured credit facilities are bilateral agreements we use to finance diversified pools of senior loan collateral with sufficient flexibility to accommodate our investment and asset management strategy. The facilities are uniformly structured to provide currency, index, and term-matched financing without capital markets based mark-to-market provisions. Our credit facilities are diversified across 15 counterparties, primarily consisting of top global financial institutions to minimize our counterparty risk exposure.

The following table details our secured credit facilities by spread over the applicable base rates as of June 30, 2024 ($ in thousands):

June 30, 2024
									Recourse Limitation
Currency	Lenders(1)	Borrowings		Wtd. Avg. Maturity(2)	Loan Count	Collateral(3)		Wtd. Avg. Maturity(4)	Wtd. Avg.	Range
USD	13	$	6,175,087	July 2026	117	$	10,084,270	August 2026	36%	25% - 100%
GBP	7	2,352,502		October 2026	18	3,128,584		October 2026	26%	25% - 50%
EUR	7	1,983,929		September 2025	11	2,726,991		September 2025	42%	25% - 100%
Others(5)	4	1,599,058		July 2027	7	2,018,500		July 2027	25%	25%
Total	15	$	12,110,576	August 2026	153	$	17,958,345	August 2026	34%	25% - 100%

(1)Represents the number of lenders with fundings advanced in each respective currency, as well as the total number of facility lenders.

(2)Our secured debt agreements are generally term-matched to their underlying collateral. Therefore, the weighted-average maturity is generally allocated based on the maximum maturity date of the collateral loans, assuming all extension options are exercised by the borrower. In limited instances, the maturity date of the respective secured credit facility is used.

(3)Represents the principal balance of the collateral assets and the book value of the REO asset.

(4)Maximum maturity assumes all extension options are exercised by the borrower, however our loans may be repaid prior to such date.

(5)Includes Australian Dollar, Danish Krone, Swedish Krona, and Swiss Franc currencies.

The availability of funding under our secured credit facilities is based on the amount of approved collateral, which collateral is proposed by us in our discretion and approved by the respective counterparty in its discretion, resulting in a mutually agreed collateral portfolio construction. Certain structural elements of our secured credit facilities, including the limitation on recourse to us and facility economics, are influenced by the specific collateral portfolio construction of each facility, and therefore vary within and among the facilities.

The following tables detail the spread of our secured debt as of June 30, 2024 and December 31, 2023 ($ in thousands):

	Six Months Ended June 30, 2024		June 30, 2024
Spread(1)	New Financings(2)		Total Borrowings		Wtd. Avg. All-in Cost(1)(3)(4)		Collateral(5)		Wtd. Avg. All-in Yield(1)(3)		Net Interest  Margin(6)
+ 1.50% or less	$	23,000	$	5,522,099	+1.52	%	$	8,265,569	+3.27	%	+1.75	%
+ 1.51% to + 1.75%	—		2,338,407		+1.81	%	3,226,135		+3.44	%	+1.63	%
+ 1.76% to + 2.00%	—		1,644,666		+2.10	%	2,696,203		+3.85	%	+1.75	%
+ 2.01% or more	434,412		2,605,404		+2.60	%	3,770,438		+4.30	%	+1.70	%
Total	$	457,412	$	12,110,576	+1.89	%	$	17,958,345	+3.60	%	+1.71	%

	Year Ended December 31, 2023		December 31, 2023
Spread(1)	New Financings(2)		Total Borrowings		Wtd. Avg. All-in Cost(1)(3)(4)		Collateral(5)		Wtd. Avg. All-in Yield(1)(3)		Net Interest Margin(7)
+ 1.50% or less	$	—	$	5,647,848	+1.53	%	$	8,341,383	+3.24	%	+1.71	%
+ 1.51% to + 1.75%	—		2,679,699		+1.82	%	3,723,365		+3.49	%	+1.67	%
+ 1.76% to + 2.00%	42,908		1,850,809		+2.11	%	2,913,067		+3.92	%	+1.81	%
+ 2.01% or more	69,170		2,518,702		+2.64	%	3,616,503		+4.30	%	+1.66	%
Total	$	112,078	$	12,697,058	+1.89	%	$	18,594,318	+3.58	%	+1.69	%

(1)The spread, all-in cost, and all-in yield are expressed over the relevant floating benchmark rates, which include SOFR, SONIA, EURIBOR, and other indices as applicable.

(2)Represents the amount of new borrowings we obtained approval for during the six months ended June 30, 2024 and year ended December 31, 2023, respectively.

(3)In addition to spread, the cost includes the associated deferred fees and expenses related to the respective borrowings. 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. All-in yield excludes loans accounted for under the cost-recovery and nonaccrual methods, if any, and the REO asset.

(4)Represents the weighted-average all-in cost as of June 30, 2024 and December 31, 2023, respectively, and is not necessarily indicative of the spread applicable to recent or future borrowings.

(5)Represents the principal balance of the collateral assets and the book value of the REO asset.

(6)Represents the difference between the weighted-average all-in yield and weighted-average all-in cost.

Our secured credit facilities generally permit us to increase or decrease the amount advanced against the pledged collateral in our discretion within certain maximum/minimum amounts and frequency limitations. As of June 30, 2024, there was an aggregate $1.2 billion available to be drawn at our discretion under our credit facilities.

Acquisition Facility

We previously had a $100.0 million full recourse secured credit facility that was designed to finance eligible first mortgage originations for up to nine months as a bridge to term financing without obtaining discretionary lender approval. The cost of borrowing under the facility was variable, dependent on the type of loan collateral. This facility matured on April 3, 2024.

During the six months ended June 30, 2024, we had no borrowings under the acquisition facility, and we recorded interest expense of $125,000, including $35,000 of amortization of deferred fees and expenses.

During the year ended December 31, 2023, we had no borrowings under the acquisition facility, and we recorded interest expense of $722,000 including $233,000 of amortization of deferred fees and expenses.

Financial Covenants

As of June 30, 2024, we are subject to the following financial covenants related to our secured debt: (i) our ratio of earnings before interest, taxes, depreciation, and amortization, or EBITDA, to fixed charges, as defined in the agreements, shall be not less than 1.4 to 1.0; (ii) our tangible net worth, as defined in the agreements, shall not be less than $3.6 billion as of each measurement date plus 75% to 85% of the net cash proceeds of future equity issuances subsequent to June 30, 2024; (iii) cash liquidity shall not be less than the greater of (x) $10.0 million or (y) no more than 5% of our recourse indebtedness; and (iv) our indebtedness shall not exceed 83.33% of our total assets. As of June 30, 2024 and December 31, 2023, we were in compliance with these covenants.

Subsequent to June 30, 2024, the financial covenant under each applicable secured debt agreement related to the ratio of our EBITDA to fixed charges was amended so that the ratio shall be not less than 1.25 to 1.0 through September 30, 2025, and shall be not less than 1.3 to 1.0 thereafter.

SECURITIZED DEBT OBLIGATIONS, NET

We have financed certain pools of our loans through collateralized loan obligations, or CLOs. The CLOs are consolidated in our financial statements and have issued securitized debt obligations that are non-recourse to us. Refer to Note 19 for further discussion of our CLOs. The following tables detail our securitized debt obligations and the underlying collateral assets that are financed by our CLOs ($ in thousands):

	June 30, 2024
Securitized Debt Obligations		Count	Principal  Balance		Book Value(1)		Wtd. Avg.  Yield/Cost(2)(3)		Term(4)
2021 FL4 Collateralized Loan Obligation
Senior CLO Securities Outstanding		1	$	785,452	$	784,778	+ 1.47	%	May 2038
Underlying Collateral Assets		26	981,703		981,703		+ 3.26	%	March 2026
2020 FL3 Collateralized Loan Obligation
Senior CLO Securities Outstanding		1	689,384		689,384		+ 1.84	%	November 2037
Underlying Collateral Assets		15	880,634		880,634		+ 2.93	%	January 2026
2020 FL2 Collateralized Loan Obligation
Senior CLO Securities Outstanding		1	853,656		853,612		+ 1.36	%	February 2038
Underlying Collateral Assets		15	1,110,530		1,110,530		+ 2.86	%	March 2026
Total
Senior CLO Securities Outstanding(5)		3	$	2,328,492	$	2,327,774	+1.54	%
Underlying Collateral Assets		56	$	2,972,867	$	2,972,867	+ 3.00	%

(1)The book value of underlying collateral assets excludes any applicable CECL reserves.

(2)In addition to cash coupon, all-in yield includes the amortization of deferred origination and extension fees, loan origination costs, purchase discounts, and accrual of exit fees.

(3)The weighted-average all-in yield and cost are expressed as a spread over SOFR. All-in yield excludes loans accounted for under the cost-recovery and nonaccrual methods, if any.

(4)Underlying Collateral Assets term represents the weighted-average final maturity of such loans, assuming all extension options are exercised by the borrower. Repayments of securitized debt obligations are tied to timing of the related collateral loan asset repayments. The term of these obligations represents the rated final distribution date of the securitizations.

(5)During the three and six months ended June 30, 2024, we recorded $40.2 million and $81.7 million, respectively, of interest expense related to our securitized debt obligations.

	December 31, 2023
Securitized Debt Obligations		Count	Principal  Balance		Book Value(1)		Wtd. Avg.  Yield/Cost(2)(3)		Term(4)
2021 FL4 Collateralized Loan Obligation
Senior CLO Securities Outstanding		1	$	803,750	$	801,800	+ 1.70	%	May 2038
Underlying Collateral Assets		26	1,000,000		1,000,000		+ 3.28	%	December 2025
2020 FL3 Collateralized Loan Obligation
Senior CLO Securities Outstanding		1	714,352		714,352		+ 2.18	%	November 2037
Underlying Collateral Assets		15	905,602		905,602		+ 2.87	%	September 2025
2020 FL2 Collateralized Loan Obligation
Senior CLO Securities Outstanding		1	989,412		989,265		+ 1.57	%	February 2038
Underlying Collateral Assets		15	1,246,287		1,246,287		+ 2.85	%	October 2025
Total
Senior CLO Securities Outstanding(5)		3	$	2,507,514	$	2,505,417	+1.79	%
Underlying Collateral Assets		56	$	3,151,889	$	3,151,889	+2.99	%

(1)The book value of underlying collateral assets excludes any applicable CECL reserves.

(2)In addition to cash coupon, all-in yield includes the amortization of deferred origination and extension fees, loan origination costs, purchase discounts, and accrual of exit fees.

(3)The weighted-average all-in yield and cost are expressed as a spread over SOFR. All-in yield excludes loans accounted for under the cost-recovery and nonaccrual methods, if any.

(4)Underlying Collateral Assets term represents the weighted-average final maturity of such loans, assuming all extension options are exercised by the borrower. Repayments of securitized debt obligations are tied to timing of the related collateral loan asset repayments. The term of these obligations represents the rated final distribution date of the securitizations.

(5)During the three and six months ended June 30, 2023, we recorded $43.3 million and $83.1 million, respectively, of interest expense related to our securitized debt obligations.

ASSET-SPECIFIC DEBT, NET

The following table details our asset-specific debt ($ in thousands):

	June 30, 2024
Asset-Specific Debt		Count	Principal  Balance		Book Value(1)		Wtd. Avg. Yield/Cost(2)		Wtd. Avg.  Term(3)
Financing provided		2	$	1,125,854	$	1,120,760	+ 3.18	%	May 2026
Collateral assets		2	$	1,342,810	$	1,333,335	+ 4.04	%	May 2026
	December 31, 2023
Asset-Specific Debt		Count	Principal  Balance		Book Value(1)		Wtd. Avg.  Yield/Cost(2)		Wtd. Avg.  Term(3)
Financing provided		2	$	1,004,097	$	1,000,210	+ 3.14	%	March 2026
Collateral assets		2	$	1,194,408	$	1,186,559	+ 3.98	%	March 2026

(1)The book value of underlying collateral assets excludes any applicable CECL reserves.

(2)The weighted-average all-in yield and cost are expressed as a spread over SOFR. These floating rate loans and related liabilities are currency and index-matched to the applicable benchmark rate relevant in each arrangement. In addition to cash coupon, yield/cost includes the amortization of deferred origination fees and financing costs.

(3)The weighted-average term is determined based on the maximum maturity of the corresponding loans, assuming all extension options are exercised by the borrower. Our non-recourse, asset-specific debt is term-matched in each case to the corresponding collateral loans.

TERM LOANS, NET

As of June 30, 2024, the following senior term loan facilities, or Term Loans, were outstanding ($ in thousands):

Term Loans	Face Value		Interest Rate(1)		All-in Cost(1)(2)		Maturity
B-1 Term Loan	$	906,096	+ 2.36	%	+ 2.65	%	April 23, 2026
B-3 Term Loan	408,829		+ 2.86	%	+ 3.54	%	April 23, 2026
B-4 Term Loan	809,298		+ 3.50	%	+ 4.11	%	May 9, 2029
Total face value	$	2,124,223

(1)The B-3 Term Loan and the B-4 Term Loan borrowings are subject to a floor of 0.50%. The Term Loans are indexed to one-month SOFR.

(2)Includes issue discount and transaction expenses that are amortized through interest expense over the life of the Term Loans.

The Term Loans are partially amortizing, with an amount equal to 1.0% per annum of the aggregate initial principal balance due in quarterly installments. The issue discount and transaction expenses on the B-1 Term Loan were $3.1 million and $12.6 million, respectively. The issue discount and transaction expenses of the B-3 Term Loan were $9.6 million and $5.4 million, respectively. The issue discount and transaction expenses of the B-4 Term Loan were $17.3 million and $10.3 million, respectively. These discounts and expenses are amortized into interest expense over the life of each Term Loan. During the three and six months ended June 30, 2024, we recorded $46.5 million and $93.2 million, respectively, of interest expense related to our Term Loans, including $2.3 million and $4.6 million, respectively, of amortization of deferred fees and expenses.

The following table details the net book value of our Term Loans on our consolidated balance sheets ($ in thousands):

	June 30, 2024		December 31, 2023
Face value	$	2,124,223	$	2,135,221
Deferred financing costs and unamortized discount	(29,024)		(33,589)
Net book value	$	2,095,199	$	2,101,632

The Term Loans contain the financial covenant that our indebtedness shall not exceed 83.33% of our total assets. As of June 30, 2024 and December 31, 2023, we were in compliance with this covenant. Refer to Note 2 for additional discussion of our accounting policies for the Term Loans.

SENIOR SECURED NOTES, NET

As of June 30, 2024, the following senior secured notes, or Senior Secured Notes, were outstanding ($ in thousands):

Senior Secured Notes	Face Value		Interest Rate		All-in Cost(1)		Maturity
Senior Secured Notes	$	339,918	3.75	%	4.02	%	January 15, 2027

(1)Includes transaction expenses that are amortized through interest expense over the life of the Senior Secured Notes.

The transaction expenses on the Senior Secured Notes were $6.3 million, which are amortized into interest expense over the life of the Senior Secured Notes. During the three and six months ended June 30, 2024, we recorded $3.4 million and $7.1 million, respectively, of interest expense related to our Senior Secured Notes, including $254,000 and $521,000, respectively, of amortization of deferred fees and expenses.

During the six months ended June 30, 2024, we repurchased an aggregate principal amount of $26.2 million of the Senior Secured Notes at a weighted-average price of 88%. This resulted in a gain on extinguishment of debt of $3.0 million during the six months ended June 30, 2024. There was no repurchase activity during the three and six months ended June 30, 2023.

The following table details the net book value of our Senior Secured Notes on our consolidated balance sheets ($ in thousands):

	June 30, 2024		December 31, 2023
Face value	$	339,918	$	366,090
Deferred financing costs	(2,582)		(3,327)
Net book value	$	337,336	$	362,763

The Senior Secured Notes contain the financial covenant that our indebtedness shall not exceed 83.33% of our total assets. As of June 30, 2024 and December 31, 2023, we were in compliance with this covenant. Under certain circumstances, we may, at our option, release all of the collateral securing our Senior Secured Notes, in which case we would also be required to maintain a total unencumbered assets to total unsecured indebtedness ratio of 1.20 or greater. This covenant is not currently in effect as the collateral securing our Senior Secured Notes has not been released.

CONVERTIBLE NOTES, NET

As of June 30, 2024, the following convertible senior notes, or Convertible Notes, were outstanding ($ in thousands):

Convertible Notes Issuance	Face Value		Interest Rate	All-in Cost(1)	Conversion Price(2)	Maturity
March 2022 convertible notes	$	300,000	5.50%	5.94%	$36.27	March 15, 2027

(1)Includes issuance costs that are amortized through interest expense over the life of the Convertible Notes using the effective interest method.

(2)Represents the price of class A common stock per share based on a conversion rate of 27.5702 for the Convertible Notes. The conversion rate represents the number of shares of class A common stock issuable per $1,000 principal amount of Convertible Notes. The cumulative dividend threshold has not been exceeded as of June 30, 2024.

Other than as provided by the optional redemption provisions with respect to our Convertible Notes, we may not redeem the Convertible Notes prior to maturity. The Convertible Notes are convertible at the holders’ option into shares of our class A common stock, only under specific circumstances, prior to the close of business on December 14, 2026 at the applicable conversion rate in effect on the conversion date. Thereafter, the Convertible Notes are convertible at the option of the holder at any time until the second scheduled trading day immediately preceding the maturity date. The last reported sale price of our class A common stock of $17.42 on June 28, 2024, the last trading day in the three months ended June 30, 2024, was less than the per share conversion price of the Convertible Notes.

The following table details the net book value of our Convertible Notes on our consolidated balance sheets ($ in thousands):

	June 30, 2024		December 31, 2023
Face value	$	300,000	$	300,000
Deferred financing costs and unamortized discount	(3,514)		(4,153)
Net book value	$	296,486	$	295,847

The following table details our interest expense related to the Convertible Notes ($ in thousands):

	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Cash coupon	$	4,125	$	4,125	$	8,250	$	10,389
Discount and issuance cost amortization	319		319		639		950
Total interest expense	$	4,444	$	4,444	$	8,889	$	11,339

Accrued interest payable for the Convertible Notes was $4.9 million as of both June 30, 2024 and December 31, 2023. Refer to Note 2 for additional discussion of our accounting policies for the Convertible Notes.

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Derivative Financial Instruments

6 Months Ended

Jun. 30, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Financial Instruments

DERIVATIVE FINANCIAL INSTRUMENTS

The objective of our use of derivative financial instruments is to minimize the risks and/or costs associated with our investments and/or financing transactions. These derivatives may or may not qualify as net investment, cash flow, or fair value hedges under the hedge accounting requirements of ASC 815 – “Derivatives and Hedging.” Derivatives not designated as hedges are not speculative and are used to manage our exposure to interest rate movements and other identified risks. Refer to Note 2 for additional discussion of the accounting for designated and non-designated hedges.

The use of derivative financial instruments involves certain risks, including the risk that the counterparties to these contractual arrangements do not perform as agreed. To mitigate this risk, we only enter into derivative financial instruments with counterparties that have appropriate credit ratings and are major financial institutions with which we and our affiliates also have other financial relationships.

Net Investment Hedges of Foreign Currency Risk

Certain of our international investments expose us to fluctuations in foreign interest rates and currency exchange rates. These fluctuations may impact the value of our cash receipts and payments in terms of our functional currency, the U.S. dollar. We use foreign currency forward contracts to protect the value or fix the amount of certain investments or cash flows in terms of the U.S. dollar.

Designated Hedges of Foreign Currency Risk

The following table details our outstanding foreign exchange derivatives that were designated as net investment hedges of foreign currency risk (notional amounts in thousands):

June 30, 2024				December 31, 2023
Foreign Currency Derivatives	Number of  Instruments	Notional  Amount		Foreign Currency Derivatives	Number of  Instruments	Notional  Amount
Buy USD / Sell SEK Forward	2	kr	973,598	Buy USD / Sell SEK Forward	2	kr	973,246
Buy USD / Sell EUR Forward	9	€	717,588	Buy USD / Sell GBP Forward	7	£	696,919
Buy USD / Sell GBP Forward	9	£	638,650	Buy USD / Sell EUR Forward	8	€	673,644
Buy USD / Sell AUD Forward	9	A$	494,881	Buy USD / Sell AUD Forward	10	A$	471,989
Buy USD / Sell DKK Forward	3	kr.	197,059	Buy USD / Sell DKK Forward	2	kr.	195,674
Buy USD / Sell CHF Forward	2	CHF	6,752	Buy USD / Sell CHF Forward	4	CHF	8,352

Non-designated Hedges of Foreign Currency Risk

The following table details our outstanding foreign exchange derivatives that were non-designated hedges of foreign currency risk (notional amounts in thousands):

June 30, 2024				December 31, 2023
Non-designated Hedges	Number of  Instruments	Notional  Amount		Non-designated Hedges	Number of  Instruments	Notional  Amount
Buy GBP / Sell USD Forward	2	£	65,000	Buy SEK / Sell USD Forward	1	kr	30,800
Buy USD / Sell GBP Forward	2	£	65,000	Buy USD / Sell SEK Forward	1	kr	30,800
Buy EUR / Sell USD Forward	1	€	2,500	Buy GBP / Sell USD Forward	2	£	26,900
Buy USD / Sell EUR Forward	1	€	2,500	Buy USD / Sell GBP Forward	2	£	26,900
Buy CHF / Sell USD Forward	1	CHF	2,000	Buy AUD / Sell USD Forward	1	A$	7,600
Buy USD / Sell CHF Forward	1	CHF	2,000	Buy USD / Sell AUD Forward	1	A$	7,600

Cash Flow Hedges of Interest Rate Risk

Certain of our financing transactions expose us to a fixed versus floating rate mismatch between our assets and liabilities. We use derivative financial instruments, which include interest rate swaps, and may also include interest rate caps, interest rate options, floors, and other interest rate derivative contracts, to hedge interest rate risk associated with our borrowings where there is potential for an index mismatch.

The following table details our outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk (notional amount in thousands):

June 30, 2024
Interest Rate Derivatives	Number of Instruments	Notional Amount		Fixed Rate	Index	Wtd. Avg. Maturity (Years)
Interest Rate Swaps	1	$	229,858	4.60%	SOFR	0.4
December 31, 2023
Interest Rate Derivatives	Number of Instruments	Notional Amount		Fixed Rate	Index	Wtd. Avg. Maturity (Years)
Interest Rate Swaps	1	$	229,858	4.60%	SOFR	0.9

Amounts reported in accumulated other comprehensive income (loss) related to derivatives will be reclassified to interest expense as interest payments are made on our floating rate debt. During the twelve months following June 30, 2024, we estimate that an additional $545,000 will be reclassified from accumulated other comprehensive income (loss) as a decrease to interest expense.

Financial Statement Impact of Hedges of Foreign Currency and Interest Rate Risks

The following table presents the effect of our derivative financial instruments on our consolidated statements of operations ($ in thousands):

		Increase (Decrease) to Net Interest Income Recognized from Derivatives
		Three Months Ended June 30,				Six Months Ended June 30,
Derivatives in Hedging Relationships	Location of Income  (Expense) Recognized	2024		2023		2024		2023
Designated Hedges	Interest Income(1)	$	4,455	$	7,072	$	8,867	$	15,479
Designated Hedges	Interest Expense(2)	420		75		845		75
Non-Designated Hedges	Interest Income(1)	(4)		51		(10)		68
Non-Designated Hedges	Interest Expense(3)	—		(43)		7		(62)
Total		$	4,871	$	7,155	$	9,709	$	15,560

(1)Represents the forward points earned on our foreign currency forward contracts, which reflect the interest rate differentials between the applicable base rate for our foreign currency investments and prevailing US interest rates. These forward contracts effectively convert the foreign currency rate exposure for such investments to USD-equivalent interest rates.

(2)Represents the financial statement impact of proceeds (payments) from periodic settlements related to our interest rate swap, which is designated as a cash flow hedge.

(3)Represents the spot rate movement in our non-designated foreign currency hedges, which are marked-to-market and recognized in interest expense.

Valuation and Other Comprehensive Income

The following table summarizes the fair value of our derivative financial instruments ($ in thousands):

	Fair Value of Derivatives in an Asset  Position(1) as of				Fair Value of Derivatives in a Liability Position(2) as of
	June 30, 2024		December 31, 2023		June 30, 2024		December 31, 2023
Derivatives designated as hedging instruments:
Foreign exchange contracts	$	4,230	$	30	$	23,052	$	92,922
Interest rate derivatives	545		317		—		—
Total derivatives designated as hedging instruments	$	4,775	$	347	$	23,052	$	92,922
Derivatives not designated as hedging instruments:
Foreign exchange contracts	$	103	$	1,543	$	1,343	$	1,895
Interest rate derivatives	—		—		—		—
Total derivatives not designated as hedging instruments	$	103	$	1,543	$	1,343	$	1,895
Total Derivatives	$	4,878	$	1,890	$	24,395	$	94,817

(1)Included in other assets in our consolidated balance sheets.

(2)Included in other liabilities in our consolidated balance sheets.

The following table presents the effect of our derivative financial instruments on our consolidated statements of comprehensive income and operations ($ in thousands):

Derivatives in Hedging Relationships	Amount of Gain (Loss) Recognized in OCI on Derivatives				Location of  Gain (Loss)  Reclassified from Accumulated OCI into Income	Amount of Gain Reclassified from  Accumulated OCI into Income
	Three Months Ended June 30, 2024		Six Months Ended June 30, 2024			Three Months Ended June 30, 2024		Six Months Ended June 30, 2024
Net Investment Hedges
Foreign exchange contracts(1)	$	(3,032)	$	42,709	Interest Expense	$	—	$	—
Cash Flow Hedges
Interest rate derivatives	242		1,074		Interest Expense(2)	420		845
Total	$	(2,790)	$	43,783		$	420	$	845

(1)During the three months ended June 30, 2024, we received net cash settlements of $45.7 million on our foreign currency forward contracts. During the six months ended June 30, 2024, we paid net cash settlements of $21.6 million on our foreign currency forward contracts. Those amounts are included as a component of accumulated other comprehensive income on our consolidated balance sheets.

(2)During the three and six months ended June 30, 2024, we recorded total interest and related expenses of $339.4 million and $683.1 million, respectively, which was reduced by $420,000 and $845,000, respectively, related to income generated by our cash flow hedges.

Credit-Risk Related Contingent Features

We have entered into agreements with certain of our derivative counterparties that contain provisions where if we were to default on any of our indebtedness, including default where repayment of the indebtedness has not been accelerated by the lender, we may also be declared in default on our derivative obligations. In addition, certain of our agreements with our derivative counterparties require that we post collateral to secure net liability positions. As of June 30, 2024, we were in a net liability position with our counterparties, and had $15.9 million of collateral posted with our counterparties. As of December 31, 2023, we were in a net liability position with our counterparties, and had $103.5 million of collateral posted with our counterparties.

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Equity

6 Months Ended

Jun. 30, 2024

Equity [Abstract]

Equity

EQUITY

Stock and Stock Equivalents

Authorized Capital

As of June 30, 2024, we had the authority to issue up to 500,000,000 shares of stock, consisting of 400,000,000 shares of class A common stock and 100,000,000 shares of preferred stock. Subject to applicable NYSE listing requirements, our board of directors is authorized to cause us to issue additional shares of authorized stock without stockholder approval. In addition, to the extent not issued, currently authorized stock may be reclassified between class A common stock and preferred stock. We did not have any shares of preferred stock issued and outstanding as of June 30, 2024 and December 31, 2023.

Class A Common Stock and Deferred Stock Units

Holders of shares of our class A common stock are entitled to vote on all matters submitted to a vote of stockholders and are entitled to receive dividends authorized by our board of directors and declared by us, in all cases subject to the rights of the holders of shares of outstanding preferred stock, if any.

We also issue restricted class A common stock under our stock-based incentive plans. Refer to Note 17 for additional discussion of these long-term incentive plans. In addition to our class A common stock, we also issue deferred stock units to certain members of our board of directors for services rendered. These deferred stock units are non-voting, but carry the right to receive dividends in the form of additional deferred stock units in an amount equivalent to the cash dividends paid to holders of shares of class A common stock. Vested deferred stock units will be settled for shares of class A common

stock when the recipient ceases to be a director.

The following table details the movement in our outstanding shares of class A common stock, including restricted class A common stock and deferred stock units:

	Six Months Ended June 30,
Common Stock Outstanding(1)	2024	2023
Beginning balance	173,569,397	172,106,593
Issuance of class A common stock(2)	3,165	3,613
Issuance of restricted class A common stock, net(3)(4)	406,400	505,432
Issuance of deferred stock units	29,649	34,126
Ending balance	174,008,611	172,649,764

(1)Includes 389,113 and 339,702 deferred stock units held by members of our board of directors as of June 30, 2024 and 2023, respectively.

(2)Represents shares issued under our dividend reinvestment program during the six months ended June 30, 2024 and 2023, respectively.

(3)Includes 41,282 and 25,482 shares of restricted class A common stock issued to our board of directors during the six months ended June 30, 2024 and 2023, respectively.

(4)Net of 97,985 shares of restricted class A common stock forfeited under our stock-based incentive plans during the six months June 30, 2024. No shares were forfeited during the six months ended June 30, 2023.

Dividend Reinvestment and Direct Stock Purchase Plan

We have adopted a dividend reinvestment and direct stock purchase plan under which we registered and reserved for issuance, in the aggregate, 10,000,000 shares of class A common stock. Under the dividend reinvestment component of this plan, our class A common stockholders can designate all or a portion of their cash dividends to be reinvested in additional shares of class A common stock. The direct stock purchase component allows stockholders and new investors, subject to our approval, to purchase shares of class A common stock directly from us. During the six months ended June 30, 2024 and 2023, we issued 3,165 shares and 3,613 shares, respectively, of class A common stock under the dividend reinvestment component of the plan. As of June 30, 2024, a total of 9,971,796 shares of class A common stock remained available for issuance under the dividend reinvestment and direct stock purchase plan.

At the Market Stock Offering Program

As of June 30, 2024, we are party to seven equity distribution agreements, or ATM Agreements, pursuant to which we may sell, from time to time, up to an aggregate sales price of $699.1 million of our class A common stock. Sales of class A common stock made pursuant to our ATM Agreements may be made in negotiated transactions or transactions that are deemed to be “at the market” offerings as defined in Rule 415 under the Securities Act of 1933, as amended. Actual sales depend on a variety of factors including market conditions, the trading price of our class A common stock, our capital needs, and our determination of the appropriate sources of funding to meet such needs. During the six months ended June 30, 2024 or 2023, we did not issue any shares of our class A common stock under ATM Agreements. As of June 30, 2024, sales of our class A common stock with an aggregate sales price of $480.9 million remained available for issuance under our ATM Agreements.

Dividends

We generally intend to distribute substantially all of our taxable income, which does not necessarily equal net income as calculated in accordance with GAAP, to our stockholders each year to comply with the REIT provisions of the Internal Revenue Code of 1986, as amended, or the Internal Revenue Code. Our dividend policy remains subject to revision at the discretion of our board of directors. All distributions will be made at the discretion of our board of directors and will depend upon our taxable income, our financial condition, our maintenance of REIT status, applicable law, and other factors as our board of directors deems relevant.

On June 14, 2024, we declared a dividend of $0.62 per share, or $107.6 million in aggregate, that was paid on July 15, 2024 to stockholders of record as of June 28, 2024. 

The following table details our dividend activity ($ in thousands, except per share data):

	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Dividends declared per share of common stock	$	0.62	$	0.62	$	1.24	$	1.24
Class A common stock dividends declared	$	107,644	$	106,832	$	215,322	$	213,648
Deferred stock unit dividends declared	229		196		452		452
Total dividends declared	$	107,873	$	107,028	$	215,774	$	214,100

Earnings Per Share     

We calculate our basic and diluted earnings per share using the two-class method for all periods presented as the unvested shares of our restricted class A common stock qualify as participating securities, as defined by GAAP. These restricted shares have the same rights as our other shares of class A common stock, including participating in any dividends, and therefore have been included in our basic and diluted net income per share calculation. The shares issuable under our Convertible Notes are included in dilutive earnings per share using the if-converted method.

The following table sets forth the calculation of basic and diluted net income per share of class A common stock based on the weighted-average of both restricted and unrestricted class A common stock outstanding ($ in thousands, except per share data):

	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Basic Earnings
Net (loss) income(1)	$	(61,057)	$	101,651	$	(184,895)	$	219,408
Weighted-average shares outstanding, basic	173,967,340		172,615,385		174,004,464		172,606,914
Per share amount, basic	$	(0.35)	$	0.59	$	(1.06)	$	1.27
Diluted Earnings
Net (loss) income(1)	$	(61,057)	$	101,651	$	(184,895)	$	219,408
Add back: Interest expense on Convertible Notes, net(2)(3)	—		3,556		—		7,111
Diluted earnings	$	(61,057)	$	105,207	$	(184,895)	$	226,519
Weighted-average shares outstanding, basic	173,967,340		172,615,385		174,004,464		172,606,914
Effect of dilutive securities - Convertible Notes(3)	—		8,271,060		—		8,271,060
Weighted-average common shares outstanding, diluted	173,967,340		180,886,445		174,004,464		180,877,974
Per share amount, diluted	$	(0.35)	$	0.58	$	(1.06)	$	1.25

(1)Represents net (loss) income attributable to Blackstone Mortgage Trust.

(2)Represents the interest expense on our Convertible Notes, net of incentive fees.

(3)For the three and six months ended June 30, 2024, our Convertible Notes were not included in the calculation of diluted earnings per share, as the impact is antidilutive. For the three and six months ended June 30, 2023, represents 8.3 million of weighted average shares, using the if-converted method, related to our March 2022 Convertible Notes. Refer to Note 12 for further discussion of our convertible notes.

Other Balance Sheet Items

Accumulated Other Comprehensive Income

As of June 30, 2024, total accumulated other comprehensive income was $10.3 million, primarily representing $226.8 million of net realized and unrealized gains related to changes in the fair value of derivative instruments offset by $216.5 million of cumulative unrealized currency translation adjustments on assets and liabilities denominated in foreign currencies. As of December 31, 2023, total accumulated other comprehensive income was $9.5 million, primarily representing $183.9 million of net realized and unrealized gains related to changes in the fair value of derivative instruments offset by $174.4 million of cumulative unrealized currency translation adjustments on assets and liabilities denominated in foreign currencies.

Non-Controlling Interests

The non-controlling interests included on our consolidated balance sheets represent the equity interests in our Multifamily Joint Venture that are not owned by us. A portion of our Multifamily Joint Venture’s consolidated equity and results of operations are allocated to these non-controlling interests based on their pro rata ownership of our Multifamily Joint Venture. As of June 30, 2024, our Multifamily Joint Venture’s total equity was $134.0 million, of which $113.9 million was owned by us, and $20.1 million was allocated to non-controlling interests. As of December 31, 2023, our Multifamily Joint Venture’s total equity was $132.0 million, of which $112.2 million was owned by us, and $19.8 million was allocated to non-controlling interests.

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Other Expenses

6 Months Ended

Jun. 30, 2024

Other Income and Expenses [Abstract]

Other Expenses

OTHER EXPENSES

Our other expenses consist of the management and incentive fees we pay to our Manager and our general and administrative expenses.

Management and Incentive Fees

Pursuant to a management agreement between our Manager and us, or our Management Agreement, our Manager earns a base management fee in an amount equal to 1.50% per annum multiplied by our Equity, as defined in the Management Agreement. In addition, our Manager is entitled to an incentive fee in an amount equal to the product of (i) 20% and (ii) the excess of (a) our Core Earnings (as defined in our Management Agreement) for the previous 12-month period over (b) an amount equal to 7.00% per annum multiplied by our Equity, provided that our Core Earnings over the prior three-year period is greater than zero. Core Earnings, as defined in our Management Agreement, is generally equal to our GAAP net income (loss), including realized gains and losses not otherwise recognized in current period GAAP net income (loss), and excluding (i) non-cash equity compensation expense, (ii) depreciation and amortization, (iii) unrealized gains (losses), (iv) net income (loss) attributable to our legacy portfolio, (v) certain non-cash items, and (vi) incentive management fees.

During the three and six months ended June 30, 2024, we incurred $18.7 million and $37.7 million, respectively, of management fees payable to our Manager compared with $18.6 million and $37.2 million, respectively, during the same periods in 2023. During the three and six months ended June 30, 2024, we did not incur any incentive fees payable to our Manager, compared to $14.2 million and $26.7 million, respectively, during the same periods in 2023.

As of June 30, 2024 we had accrued management fees payable to our Manager of $18.7 million. As of December 31, 2023 we had accrued management and incentive fees payable to our Manager of $26.3 million.

General and Administrative Expenses

General and administrative expenses consisted of the following ($ in thousands):

	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Professional services	$	3,817	$	3,291	$	7,957	$	6,570
Operating and other costs	1,881		2,066		3,357		3,997
Subtotal(1)	5,698		5,357		11,314		10,567
Non-cash compensation expenses
Restricted class A common stock earned	7,761		7,492		15,672		14,984
Director stock-based compensation	201		173		402		336
Subtotal	7,962		7,665		16,074		15,320
Total general and administrative expenses	$	13,660	$	13,022	$	27,388	$	25,887

(1)During the three and six months ended June 30, 2024, we recognized an aggregate $320,000 and $543,000, respectively, of expenses related to our Multifamily Joint Venture. During the three and six months ended June 30, 2023, we recognized an aggregate $288,000 and $596,000, respectively, of expenses related to our Multifamily Joint Venture.

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Income Taxes

6 Months Ended

Jun. 30, 2024

Income Tax Disclosure [Abstract]

Income Taxes

INCOME TAXES

We have elected to be taxed as a REIT under the Internal Revenue Code for U.S. federal income tax purposes. We generally must distribute annually at least 90% of our net taxable income, subject to certain adjustments and excluding any net capital gain, in order for U.S. federal income tax not to apply to our earnings. To the extent that we satisfy this distribution requirement, but distribute less than 100% of our net taxable income, we will be subject to U.S. federal income tax on our undistributed taxable income. In addition, we will be subject to a 4% nondeductible excise tax if the actual amount that we pay out to our stockholders in a calendar year is less than a minimum amount specified under U.S. federal tax laws.

Our qualification as a REIT also depends on our ability to meet various other requirements imposed by the Internal Revenue Code, which relate to organizational structure, diversity of stock ownership, and certain restrictions with regard to the nature of our assets and the sources of our income. Even if we qualify as a REIT, we may be subject to certain U.S. federal income and excise taxes and state and local taxes on our income and assets. If we fail to maintain our qualification as a REIT for any taxable year, we may be subject to material penalties as well as federal, state, and local income tax on our taxable income at regular corporate rates and we would not be able to qualify as a REIT for the subsequent four full taxable years. As of June 30, 2024 and December 31, 2023, we were in compliance with all REIT requirements.

Securitization transactions could result in the creation of taxable mortgage pools for federal income tax purposes. As a REIT, so long as we own 100% of the equity interests in a taxable mortgage pool, we generally would not be adversely affected by the characterization of the securitization as a taxable mortgage pool. Certain categories of stockholders, however, such as foreign stockholders eligible for treaty or other benefits, stockholders with net operating losses, and certain tax-exempt stockholders that are subject to unrelated business income tax, or UBTI, could be subject to increased taxes on a portion of their dividend income from us that is attributable to the taxable mortgage pool. We have not made UBTI distributions to our common stockholders and do not intend to make such UBTI distributions in the future.

During the three and six months ended June 30, 2024, we recorded a current income tax provision of $1.2 million, and $2.2 million, respectively, primarily related to activities of our U.S. and foreign taxable subsidiaries and various state and local taxes. During the three and six months ended June 30, 2023, we recorded a current income tax provision of $1.2 million and $3.1 million, respectively, primarily related to activities of our U.S. and foreign taxable subsidiaries and various state and local taxes. We did not have any deferred tax assets or liabilities as of June 30, 2024 or December 31, 2023.

We have net operating losses, or NOLs, generated by our predecessor business that may be carried forward and utilized in current or future periods. As a result of our issuance of 25,875,000 shares of class A common stock in May 2013, the availability of our NOLs is generally limited to $2.0 million per annum by change of control provisions promulgated by the Internal Revenue Service with respect to the ownership of Blackstone Mortgage Trust. As of June 30, 2024, we had

estimated NOLs of $159.0 million that will expire in 2029, unless they are utilized by us prior to expiration. Previously, we recorded a full valuation allowance against such NOLs as we expected that they would expire unutilized. However, although uncertain, we may utilize a portion of NOLs prior to expiration. We do not expect the utilization of NOLs to have a material impact on our consolidated financial statements. We have recorded a full valuation allowance against such NOLs as it is probable that they will expire unutilized.

As of June 30, 2024, tax years 2020 through 2023 remain subject to examination by taxing authorities.

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Stock-Based Incentive Plans

6 Months Ended

Jun. 30, 2024

Share-Based Payment Arrangement [Abstract]

Stock-Based Incentive Plans

STOCK-BASED INCENTIVE PLANS

We are externally managed by our Manager and do not currently have any employees. However, as of June 30, 2024, our Manager, certain individuals employed by an affiliate of our Manager, and certain members of our board of directors were compensated, in part, through our issuance of stock-based instruments.

Under our two current stock incentive plans, a maximum of 10,400,000 shares of our class A common stock may be issued to our Manager, our directors and officers, and certain employees of affiliates of our Manager. As of June 30, 2024, there were 7,318,599 shares available under our current stock incentive plans. Prior to the adoption and shareholder approval of our new stock incentive plans in June 2022, we had stock-based incentive awards outstanding under nine stock incentive plans. In connection with the adoption of our new stock incentive plans, we consolidated all outstanding deferred stock units, or DSUs, under the new plans and retired the seven remaining historical plans. As such, no new awards may be issued under these expired plans, although our 2018 plans will continue to govern outstanding awards, other than DSUs, previously issued thereunder until such awards become vested or expire.

The following table details the movement in our outstanding shares of restricted class A common stock and the weighted-average grant date fair value per share:

	Restricted Class A  Common Stock	Weighted-Average  Grant Date Fair  Value Per Share
Balance as of December 31, 2023	2,180,181	$	24.41
Granted	504,385	21.13
Vested	(648,421)	25.14
Forfeited	(97,985)	24.23
Balance as of June 30, 2024	1,938,160	$	23.32

These shares generally vest in installments over a period of three years, pursuant to the terms of the respective award agreements and the terms of our current benefit plans. The 1,938,160 shares of restricted class A common stock outstanding as of June 30, 2024 will vest as follows: 612,846 shares will vest in 2024; 884,763 shares will vest in 2025; and 440,551 shares will vest in 2026. As of June 30, 2024, total unrecognized compensation cost relating to unvested share-based compensation arrangements was $43.5 million based on the grant date fair value of shares granted. This cost is expected to be recognized over a weighted-average period of 1.1 years from June 30, 2024.

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Fair Values

6 Months Ended

Jun. 30, 2024

Fair Value Disclosures [Abstract]

Fair Values

FAIR VALUES

Assets and Liabilities Measured at Fair Value

The following table summarizes our assets and liabilities measured at fair value on a recurring basis ($ in thousands):

	June 30, 2024								December 31, 2023
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Assets
Derivatives	$	—	$	4,878	$	—	$	4,878	$	—	$	1,890	$	—	$	1,890
Liabilities
Derivatives	$	—	$	24,395	$	—	$	24,395	$	—	$	94,817	$	—	$	94,817

Refer to Note 2 for further discussion regarding fair value measurement.

Fair Value of Financial Instruments

As discussed in Note 2, GAAP requires disclosure of fair value information about financial instruments, whether or not recognized at fair value in the statement of financial position, for which it is practicable to estimate that value.

The following table details the book value, face amount, and fair value of the financial instruments described in Note 2 ($ in thousands):

	June 30, 2024						December 31, 2023
	Book Value		Face  Amount		Fair Value		Book Value		Face  Amount		Fair Value
Financial assets
Cash and cash equivalents	$	373,876	$	373,876	$	373,876	$	350,014	$	350,014	$	350,014
Loans receivable, net	21,976,910		23,010,660		21,872,283		23,210,076		23,923,719		23,015,737
Financial liabilities
Secured debt, net	12,096,705		12,110,576		11,928,849		12,683,095		12,697,058		12,425,609
Securitized debt obligations, net	2,327,774		2,328,492		2,153,456		2,505,417		2,507,514		2,323,441
Asset-specific debt, net	1,120,760		1,125,854		1,112,516		1,000,210		1,004,097		992,357
Loan participations sold, net	100,442		100,580		100,098		337,179		337,721		333,745
Secured term loans, net	2,095,199		2,124,223		2,055,445		2,101,632		2,135,221		2,102,950
Senior secured notes, net	337,336		339,918		306,139		362,763		366,090		327,081
Convertible notes, net	296,486		300,000		272,061		295,847		300,000		272,076

Estimates of fair value for cash and cash equivalents and convertible notes are measured using observable, quoted market prices, or Level 1 inputs. Estimates of fair value for securitized debt obligations, the Term Loans, and the Senior Secured notes are measured using observable, quoted market prices, in inactive markets, or Level 2 inputs. All other fair value significant estimates are measured using unobservable inputs, or Level 3 inputs. See Note 2 for further discussion regarding fair value measurement of certain of our assets and liabilities.

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Variable Interest Entities

6 Months Ended

Jun. 30, 2024

Variable Interest Entity, Primary Beneficiary, Does Not Hold Majority Voting Interest, Disclosures [Abstract]

Variable Interest Entities

VARIABLE INTEREST ENTITIES

We have financed a portion of our loans through the CLOs, all of which are VIEs. We are the primary beneficiary of, and therefore consolidate, the CLOs on our balance sheet as we (i) control the relevant interests of the CLOs that give us power to direct the activities that most significantly affect the CLOs, and (ii) have the right to receive benefits and obligation to absorb losses of the CLOs through the subordinate interests we own.

The following table details the assets and liabilities of our consolidated VIEs ($ in thousands):

	June 30, 2024		December 31, 2023
Assets
Loans receivable	$	2,972,867	$	3,061,278
Current expected credit loss reserve	(237,335)		(183,508)
Loans receivable, net	2,735,532		2,877,770
Other assets	12,048		103,692
Total assets	$	2,747,580	$	2,981,462
Liabilities
Securitized debt obligations, net	$	2,327,774	$	2,505,417
Other liabilities	6,192		8,101
Total liabilities	$	2,333,966	$	2,513,518

Assets held by these VIEs are restricted and can be used only to settle obligations of the VIEs, including the subordinate interests owned by us. The liabilities of these VIEs are non-recourse to us and can only be satisfied from the assets of the VIEs. The consolidation of these VIEs results in an increase in our gross assets, liabilities, interest income and interest

expense, however it does not affect our stockholders’ equity or net income. We are not obligated to provide, have not provided, and do not intend to provide material financial support to these consolidated VIEs.

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Transactions With Related Parties

6 Months Ended

Jun. 30, 2024

Related Party Transactions [Abstract]

Transactions With Related Parties

TRANSACTIONS WITH RELATED PARTIES

We are managed by our Manager pursuant to the Management Agreement, the current term of which expires on December 19, 2024, and will be automatically renewed for a one-year term upon such date and each anniversary thereafter unless earlier terminated.

As of June 30, 2024, our consolidated balance sheet included $18.7 million of accrued management fees payable to our Manager and no accrued incentive fees. As of December 31, 2023, our consolidated balance sheet included $26.3 million of accrued management and incentive fees payable to our Manager. During the three and six months ended June 30, 2024, we paid aggregate management and incentive fees of $18.9 million and $45.3 million, respectively, to our Manager, compared to $31.1 million and $64.9 million, respectively, during the same periods in 2023. In addition, during the three and six months ended June 30, 2024, we incurred expenses of $829,000 and $1.1 million, respectively, that were paid by our Manager and will be reimbursed by us, compared to $1.5 million and $1.9 million, respectively, of such expenses during the same periods in 2023.

As of June 30, 2024, our Manager held 989,709 shares of unvested restricted class A common stock, which had an aggregate grant date fair value of $23.8 million, and vest in installments over three years from the date of issuance. During the three and six months ended June 30, 2024, we recorded non-cash expenses related to shares held by our Manager of $4.2 million and $8.5 million, respectively, compared to $3.9 million and $7.8 million, respectively, during the same periods in 2023. Refer to Note 17 for further details on our restricted class A common stock.

As of June 30, 2024, our Manager, its affiliates, Blackstone employees, and our directors held an aggregate 12,226,812 shares, or 7.0%, of our class A common stock, of which 7,582,044 shares, or 4.4%, were held by subsidiaries of Blackstone, including our Manager. Additionally, our directors held 389,113 of deferred stock units as of June 30, 2024. Certain of the parties listed above have in the past purchased or sold shares of our class A common stock in open market transactions, and such parties may in the future purchase or sell additional shares of our class A common stock. Any such transactions would be made in the sole discretion of the relevant party based on market conditions and other considerations relevant to such parties.

CT Investment Management Co., LLC, or CTIMCO, an affiliate of our Manager, is the special servicer of the CLOs. CTIMCO did not earn any special servicing fees related to the CLOs during the during the three months ended June 30, 2024 and 2023.

We have engaged EQ Management, LLC, a portfolio company owned by a Blackstone-advised investment vehicle, to provide management services and operational services, as well as a limited scope of corporate support services, to our REO asset. During the three and six months ended June 30, 2024, we incurred $44,000 of expenses for these services. We did not incur any expenses to this service provider in the three and six months ended June 30, 2023.

We have engaged Revantage Corporate Services, LLC and Revantage Global Services Europe S.à r.l., portfolio companies owned by Blackstone-advised investment vehicles, to provide, as applicable, corporate support services, operational services, and management services. These services are provided on an allocated cost basis. During the three and six months ended June 30, 2024, we incurred $309,000 and $560,000, respectively, compared to $219,000 and $433,000, respectively, of such expenses during the same periods in 2023.

In the first quarter of 2024, in order to provide insurance for our REO asset, we became a member of Gryphon Mutual Property Americas IC, or Gryphon, a captive insurance company owned by us and other Blackstone-advised investment vehicles. A Blackstone affiliate provides oversight and advisory services to Gryphon and receives fees based on a percentage of premiums paid for such policies. The fees and expenses of Gryphon, including insurance premiums and fees paid to its manager, are paid annually and borne by us and the other Blackstone-advised investment vehicles that are members of Gryphon pro rata based on insurance premiums paid for each party’s respective properties.

During the six months ended June 30, 2024, we paid $109,000 to Gryphon for insurance costs, inclusive of premiums, capital surplus contributions, taxes, and our pro rata share of other expenses. This amount covers the period starting on the date we became a member of Gryphon and ending in July, when the annual payment for the upcoming policy period will be due for us and the other Blackstone-advised investment vehicles that are members of Gryphon. Of this amount, $2,000 was attributable to the fee paid to a Blackstone affiliate to provide oversight and management services to Gryphon.

Additionally, we have engaged an affiliate of our Manager to provide internal audit services. During the three and six months ended June 30, 2024 and 2023, we incurred $24,000 and $48,000, respectively, of expenses to this service provider.

Affiliates of our Manager own an interest in the controlling entity of BTIG, LLC, or BTIG. We utilized BTIG as a broker to engage third-parties to facilitate our repurchase of our Senior Secured Notes. During the six months ended June 30, 2024, we repurchased $26.2 million of our Senior Secured Notes utilizing BTIG as a broker. BTIG received aggregate fees of $40,000 in such capacity. The fees were on terms equivalent to those of other brokers under similar arrangements. BTIG did not act as a broker to engage third parties to repurchase our Senior Secured Notes during the three months ended June 30, 2024 or the six months ended June 30, 2023.

In the second quarter of 2024, a Blackstone-advised investment vehicle acquired a portfolio of assets from an unaffiliated third-party borrower. The proceeds of this transaction repaid a £46.5 million performing junior loan owned by us, and a £186.0 million performing senior loan owned by an unaffiliated third-party, both of which were included in our consolidated balance sheets, with the senior loan also recorded as a loan participation sold liability. The transaction was initiated by the third-party borrower with the sale pricing on market terms and the repayment completed in accordance with the loan agreements between the lenders and the unaffiliated third-party borrower.

In the first quarter of 2024, a Blackstone-advised investment vehicle originated a loan to one of our unaffiliated third-party borrowers, the proceeds of which repaid a $98.6 million performing senior loan owned by us. The transaction was initiated by the third-party borrower with the loan terms and pricing on market terms.

In the first quarter of 2019, we originated £240.1 million of a total £490.0 million senior loan to a borrower that is wholly owned by a Blackstone-advised investment vehicle. The loan terms were negotiated by our third-party co-lender, and we forgo all non-economic rights under the loan, including voting rights, so long as a Blackstone-advised investment vehicle controls the borrower. In the second quarter of 2023, the loan was modified to include, among other changes, an extension of the loan's maturity date, an additional borrower equity contribution and partial repayment, and an increase in the loan’s contractual interest rate (a portion of which is paid-in-kind). The terms of the modification were negotiated by our third-party co-lender, and we agreed to the modification on such terms.

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Commitments and Contingencies

6 Months Ended

Jun. 30, 2024

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

COMMITMENTS AND CONTINGENCIES

Unfunded Commitments Under Loans Receivable

As of June 30, 2024, we had aggregate unfunded commitments of $1.8 billion across 89 loans receivable, and $867.5 million of committed or identified financings for those commitments, resulting in net unfunded commitments of $958.8 million. The unfunded loan commitments comprise funding for capital expenditures and construction, leasing costs, and interest and carry costs. Loan funding commitments are generally subject to certain conditions, including, without limitation, the progress of capital projects, leasing, and cash flows at the properties securing our loans. Therefore, the exact timing and amounts of such future loan fundings are uncertain and will depend on the current and future performance of the underlying collateral assets. We expect to fund our loan commitments over the remaining term of the related loans, which have a weighted-average future funding period of 2.3 years.

Principal Debt Repayments

Our contractual principal debt repayments as of June 30, 2024 were as follows ($ in thousands):

Year	Secured Debt(1)		Asset-Specific Debt(1)		Term Loans(2)		Senior Secured Notes		Convertible Notes(3)		Total(4)
2024 (remaining)	$	1,990,555	$	—	$	10,998	$	—	$	—	$	2,001,553
2025	1,532,338		877,298		21,997		—		—		2,431,633
2026	4,098,513		—		1,302,575		—		—		5,401,088
2027	3,224,156		—		8,258		339,918		300,000		3,872,332
2028	517,010		—		8,258		—		—		525,268
Thereafter	748,004		248,556		772,137		—		—		1,768,697
Total obligation	$	12,110,576	$	1,125,854	$	2,124,223	$	339,918	$	300,000	$	16,000,571

(1)Our secured debt and asset-specific debt agreements are generally term-matched to their underlying collateral. Therefore, the allocation of payments under such agreements is generally allocated based on the maximum maturity date of the collateral loans, assuming all extension options are exercised by the borrower. In limited instances, the maturity date of the respective debt agreement is used.

(2)The Term Loans are partially amortizing, with an amount equal to 1.0% per annum of the initial principal balance due in quarterly installments. Refer to Note 10 for further details on our Term Loans.

(3)Reflects the outstanding principal balance of Convertible Notes, excluding any potential conversion premium. Refer to Note 12 for further details on our Convertible Notes.

(4)Total does not include $2.3 billion of consolidated securitized debt obligations, $725.4 million of non-consolidated senior interests, and $100.6 million of loan participations sold, as the satisfaction of these liabilities will not require cash outlays from us.

Board of Directors’ Compensation

As of June 30, 2024, of the nine members of our board of directors, our seven non-employee directors are entitled to annual compensation of $210,000 each, of which $95,000 is paid in cash and $115,000 is paid in the form of deferred stock units or, at their election, shares of restricted common stock. As of June 30, 2024, the other two board members, the chair of the board and our chief executive officer, are not compensated by us for their service as directors. In addition, (i) the chairs of our audit, compensation, and corporate governance committees receive additional annual cash compensation of $20,000, $15,000, and $10,000, respectively, and (ii) the members of our audit and investment risk management committees receive additional annual cash compensation of $10,000 and $7,500, respectively.

Litigation

From time to time, we may be involved in various claims and legal actions arising in the ordinary course of business. As of June 30, 2024, we were not involved in any material legal proceedings.

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Summary of Significant Accounting Policies (Policies)

6 Months Ended

Jun. 30, 2024

Accounting Policies [Abstract]

Basis of Presentation

Basis of Presentation

The accompanying consolidated financial statements include, on a consolidated basis, our accounts, the accounts of our wholly-owned subsidiaries, majority-owned subsidiaries, and variable interest entities, or VIEs, of which we are the primary beneficiary. All intercompany balances and transactions have been eliminated in consolidation.

Reclassifications

Certain reclassifications have been made in the presentation of the prior period statement of cash flows related to payment-in-kind interest and principal fundings of loans receivable, and in new financings by spread in Note 6 to conform to the current period presentation.

Principles of Consolidation

Principles of Consolidation

We consolidate all entities that we control through either majority ownership or voting rights. In addition, we consolidate all VIEs of which we are considered the primary beneficiary. VIEs are defined as entities in which equity investors (i) do not have an interest with the characteristics of a controlling financial interest and/or (ii) do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support from other parties. The entity that consolidates a VIE is known as its primary beneficiary and is generally the entity with (i) the power to direct the activities that most significantly affect the VIE’s economic performance and (ii) the right to receive benefits from the VIE or the obligation to absorb losses of the VIE that could be significant to the VIE.

Use of Estimates

Use of Estimates

The preparation of consolidated financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results may ultimately differ materially from those estimates.

Revenue Recognition

Revenue Recognition

Interest income from our loans receivable portfolio is recognized over the life of each loan using the effective interest method and is recorded on the accrual basis. Recognition of fees, premiums, and discounts associated with these investments is deferred and recorded over the term of the loan as an adjustment to yield. Income accrual is generally suspended for loans at the earlier of the date at which payments become 90 days past due or when, in our opinion, recovery of income and principal becomes doubtful. Interest received is then recorded as income or as a reduction in the amortized cost basis, based on the specific facts and circumstances, until accrual is resumed when the loan becomes contractually current and performance is demonstrated to be resumed. In addition, for loans we originate, the related origination expenses are deferred and recognized as a reduction to interest income, however expenses related to loans we acquire are included in general and administrative expenses as incurred.

Cash and Cash Equivalents

Cash and Cash Equivalents

Cash and cash equivalents represent cash held in banks and liquid investments with original maturities of three months or less. We may have bank balances in excess of federally insured amounts; however, we deposit our cash and cash equivalents with high credit-quality institutions to minimize credit risk exposure. We have not experienced, and do not expect, any losses on our cash or cash equivalents. As of both June 30, 2024 and December 31, 2023, we had no restricted cash on our consolidated balance sheets.

Through our subsidiaries, we have oversight of certain servicing accounts held with third-party servicers, or Servicing Accounts, which relate to borrower escrows and other cash balances aggregating $471.3 million and $640.6 million as of June 30, 2024 and December 31, 2023, respectively. This cash is maintained in segregated bank accounts, and these amounts are not included in the assets and liabilities presented in our consolidated balance sheets. Cash in these Servicing Accounts will be transferred by the respective third-party servicer to the borrower or us under the terms of the applicable loan agreement upon occurrence of certain future events. We do not generate any revenue or incur any expenses as a result of these Servicing Accounts.

Loans Receivable

Loans Receivable

We originate and purchase commercial real estate debt and related instruments generally to be held as long-term investments at amortized cost.

Current Expected Credit Losses Reserve

Current Expected Credit Losses Reserve

The current expected credit loss, or CECL, reserve required under the Financial Accounting Standards Board, or FASB, Accounting Standards Codification, or ASC, Topic 326 “Financial Instruments – Credit Losses,” or ASC 326, reflects our current estimate of potential credit losses related to our loans and notes receivable included in our consolidated balance sheets. Changes to the CECL reserves are recognized through net income on our consolidated statements of operations. While ASC 326 does not require any particular method for determining the CECL reserves, it does specify the reserves should be based on relevant information about past events, including historical loss experience, current portfolio and market conditions, and reasonable and supportable forecasts for the duration of each respective loan. In addition, other than a few narrow exceptions, ASC 326 requires that all financial instruments subject to the CECL model have some amount of

loss reserve to reflect the principle underlying the CECL model that all loans and similar assets have some inherent risk of loss, regardless of credit quality, subordinate capital, or other mitigating factors.

We estimate our CECL reserves primarily using the Weighted-Average Remaining Maturity, or WARM method, which has been identified as an acceptable loss-rate method for estimating CECL reserves in FASB Staff Q&A Topic 326, No. 1. The WARM method requires us to reference historic loan loss data across a comparable data set and apply such loss rate to each of our loans over their expected remaining term, taking into consideration expected economic conditions over the relevant timeframe. We apply the WARM method for the majority of our loan portfolio, which consists of loans that share similar risk characteristics. In certain instances, for loans with unique risk characteristics, we may instead use a probability-weighted model that considers the likelihood of default and expected loss given default for each such individual loan.

Application of the WARM method to estimate CECL reserves requires judgment, including (i) the appropriate historical loan loss reference data, (ii) the expected timing and amount of future loan fundings and repayments, and (iii) the current credit quality of our portfolio and our expectations of performance and market conditions over the relevant time period. To estimate the historic loan losses relevant to our portfolio, we have augmented our historical loan performance, with market loan loss data licensed from Trepp LLC. This database includes commercial mortgage-backed securities, or CMBS, issued since January 1, 1999 through May 31, 2024. Within this database, we focused our historical loss reference calculations on the most relevant subset of available CMBS data, which we determined based on loan metrics that are most comparable to our loan portfolio including asset type, geography, and origination loan-to-value, or LTV. We believe this CMBS data, which includes month-over-month loan and property performance, is the most relevant, available, and comparable dataset to our portfolio.

Our loans typically include commitments to fund incremental proceeds to our borrowers over the life of the loan. These future funding commitments are also subject to the CECL model. The CECL reserve related to future loan fundings is recorded as a component of other liabilities on our consolidated balance sheets. This CECL reserve is estimated using the same process outlined above for our outstanding loan balances, and changes in this component of the CECL reserve will similarly impact our consolidated net income. For both the funded and unfunded portions of our loans, we consider our internal risk rating of each loan as the primary credit quality indicator underlying our assessment.

The CECL reserves are measured on a collective basis wherever similar risk characteristics exist within a pool of similar assets. We have identified the following pools and measure the reserve for credit losses using the following methods:

•U.S. Loans: WARM method that incorporates a subset of historical loss data, expected weighted-average remaining maturity of our loan pool, and an economic view.

•Non-U.S. Loans: WARM method that incorporates a subset of historical loss data, expected weighted-average remaining maturity of our loan pool, and an economic view.

•Unique Loans: a probability of default and loss given default model, assessed on an individual basis.

•Impaired Loans: impairment is indicated when it is deemed probable that we will not be able to collect all amounts due to us pursuant to the contractual terms of the loan. Determining that a loan is impaired requires significant judgment from management and is based on several factors including (i) the underlying collateral performance, (ii) discussions with the borrower, (iii) borrower events of default, and (iv) other facts that impact the borrower’s ability to pay the contractual amounts due under the terms of the loan. If a loan is determined to be impaired, we record the impairment as a component of our CECL reserves by applying the practical expedient for collateral dependent loans. The CECL reserves are assessed on an individual basis for these loans by comparing the estimated fair value of the underlying collateral, less costs to sell, to the book value of the respective loan. These valuations require significant judgments, which include assumptions regarding capitalization rates, discount rates, leasing, creditworthiness of major tenants, occupancy rates, availability and cost of financing, exit plan, loan sponsorship, actions of other lenders, and other factors deemed relevant by us. Actual losses, if any, could ultimately differ materially from these estimates. We only expect to charge-off the impairment losses in our consolidated financial statements prepared in accordance with GAAP if and when such amounts are deemed non-recoverable. This is generally at the time a loan is repaid or foreclosed. However, non-recoverability may also be concluded if, in our determination, it is nearly certain that all amounts due will not be collected.

Contractual Term and Unfunded Loan Commitments

Expected credit losses are estimated over the contractual term of each loan, adjusted for expected repayments. As part of our quarterly review of our loan portfolio, we assess the expected repayment date of each loan, which is used to determine the contractual term for purposes of computing our CECL reserves.

Additionally, the expected credit losses over the contractual period of our loans are subject to the obligation to extend credit through our unfunded loan commitments. The CECL reserve for unfunded loan commitments is adjusted quarterly, as we consider the expected timing of future funding obligations over the estimated life of the loan. The considerations in estimating our CECL reserve for unfunded loan commitments are similar to those used for the related outstanding loans receivable.

Credit Quality Indicator

Our risk rating is our primary credit quality indicator in assessing our current expected credit loss reserve. We perform a quarterly risk review of our portfolio of loans, and assign each loan a risk rating based on a variety of factors, including, without limitation, origination LTV, debt yield, property type, geographic and local market dynamics, physical condition, cash flow volatility, leasing and tenant profile, loan structure and exit plan, and project sponsorship. Based on a 5-point scale, our loans are rated “l” through “5,” from less risk to greater risk, relative to our loan portfolio in the aggregate, which ratings are defined as follows:

1 -Very Low Risk

2 -Low Risk

3 -Medium Risk

4 -High Risk/Potential for Loss: A loan that has a risk of realizing a principal loss.

5 -Impaired/Loss Likely: A loan that has a very high risk of realizing a principal loss or has otherwise incurred a principal loss.

Estimation of Economic Conditions

In addition to the WARM method computations and probability-weighted models described above, our CECL reserves are also adjusted to reflect our estimation of the current and future economic conditions that impact the performance of the commercial real estate assets securing our loans. These estimations include unemployment rates, interest rates, expectations of inflation and/or recession, and other macroeconomic factors impacting the likelihood and magnitude of potential credit losses for our loans during their anticipated term. In addition to the CMBS data we have licensed from Trepp LLC, we have also licensed certain macroeconomic financial forecasts to inform our view of the potential future impact that broader economic conditions may have on our loan portfolio’s performance. We generally also incorporate information from other sources, including information and opinions available to our Manager, to further inform these estimations. This process requires significant judgments about future events that, while based on the information available to us as of the balance sheet date, are ultimately indeterminate and the actual economic condition impacting our portfolio could vary significantly from the estimates we made as of June 30, 2024.

Real Estate Owned

Real Estate Owned

We may assume legal title or physical possession of the collateral underlying a loan through a foreclosure or the execution of a deed-in-lieu of foreclosure. These real estate acquisitions are classified as real estate owned, or REO, on our consolidated balance sheet and are initially recognized at fair value on the acquisition date in accordance with the ASC Topic 805, “Business Combinations.”

Upon acquisition of REO, we assess the fair value of acquired tangible and intangible assets, which may include land, buildings, tenant improvements, “above-market” and “below-market” leases, acquired in-place leases, other identified intangible assets and assumed liabilities, as applicable, and allocate the fair value to the acquired assets and assumed liabilities. We assess and consider fair value based on estimated cash flow projections that utilize discount and/or capitalization rates that we deem appropriate, as well as other available market information. Estimates of future cash flows are based on a number of factors including the historical operating results, known and anticipated trends, and market and economic conditions. We capitalize acquisition-related costs associated with asset acquisitions.

Real estate assets held for investment, except for land, are depreciated using the straight-line method over the assets’ estimated useful lives of up to 40 years for buildings and 10 years for tenant improvements. Renovations and/or replacements that improve or extend the life of the asset are capitalized and depreciated over their estimated useful lives. The cost of ordinary repairs and maintenance are expensed as incurred.

Real estate assets held for investment are assessed for impairment on a quarterly basis. If the depreciated cost basis of the asset exceeds the undiscounted cash flows, the asset is considered impaired and the depreciated cost basis is reduced to the fair value. The impairment loss is recognized based on the excess of the carrying amount of the asset over its fair value. The evaluation of anticipated future cash flows is highly subjective and is based in part on assumptions regarding future occupancy, rental rates, capital requirements and anticipated holding periods that could differ materially from actual results.

Real estate assets are classified as held for sale in the period when they meet the criteria under ASC Topic 360 “Property, Plant, and Equipment.” Once a real estate asset is classified as held for sale, depreciation is suspended and the asset is reported at the lower of its carrying value or fair value less cost to sell.

Derivative Financial Instruments

Derivative Financial Instruments

We classify all derivative financial instruments as either other assets or other liabilities on our consolidated balance sheets at fair value.

On the date we enter into a derivative contract, we designate each contract as (i) a hedge of a net investment in a foreign operation, or net investment hedge, (ii) a hedge of a forecasted transaction or of the variability of cash flows to be received or paid related to a recognized asset or liability, or cash flow hedge, (iii) a hedge of a recognized asset or liability, or fair value hedge, or (iv) a derivative instrument not to be designated as a hedging derivative, or non-designated hedge. For all derivatives other than those designated as non-designated hedges, we formally document our hedge relationships and designation at the contract’s inception. This documentation includes the identification of the hedging instruments and the hedged items, its risk management objectives, strategy for undertaking the hedge transaction and our evaluation of the effectiveness of its hedged transaction.

On a quarterly basis, we also formally assess whether the derivative we designated in each hedging relationship is expected to be, and has been, highly effective in offsetting changes in the value or cash flows of the hedged items. If it is determined that a derivative is not highly effective at hedging the designated exposure, hedge accounting is discontinued and the changes in fair value of the instrument are included in net income prospectively. Our net investment hedges are assessed using a method based on changes in spot exchange rates. Gains and losses, representing hedge components excluded from the assessment of effectiveness, are recognized in interest income on our consolidated statements of operations over the contractual term of our net investment hedges on a systematic and rational basis, as documented at hedge inception in accordance with our accounting policy election. All other changes in the fair value of our derivative instruments that qualify as hedges are reported as a component of accumulated other comprehensive income (loss) on our consolidated financial statements. Deferred gains and losses are reclassified out of accumulated other comprehensive income (loss) and into net income in the same period or periods during which the hedged transaction affects earnings, and are presented in the same line item as the earnings effect of the hedged item. For cash flow hedges, this is typically when the periodic swap settlements are made, while for net investment hedges, this occurs when the hedged item is sold or substantially liquidated. To the extent a derivative does not qualify for hedge accounting and is deemed a non-designated hedge, the changes in its fair value are included in net income concurrently.

Proceeds or payments from periodic settlements of derivative instruments are classified on our consolidated statement of cash flows in the same section as the underlying hedged item.

Secured Debt, Asset-Specific Debt, Term Loans, Senior Secured Notes, Convertible Notes and Deferred Financing Costs

Secured Debt and Asset-Specific Debt

We record investments financed with secured debt or asset-specific debt as separate assets and the related borrowings under any secured debt or asset-specific debt are recorded as separate liabilities on our consolidated balance sheets. Interest income earned on the investments and interest expense incurred on the secured debt or asset-specific debt are reported separately on our consolidated statements of operations.

Term Loans

We record our term loans as liabilities on our consolidated balance sheets. Where applicable, any issue discount or transaction expenses are deferred and amortized through the maturity date of the term loans as additional non-cash interest expense.

Senior Secured Notes

We record our senior secured notes as liabilities on our consolidated balance sheets. Where applicable, any issue discount or transaction expenses are deferred and amortized through the maturity date of the senior secured notes as additional non-cash interest expense.

Convertible Notes

Convertible note proceeds, unless issued with a substantial premium or an embedded conversion feature, are classified as debt. Additionally, shares issuable under our convertible notes are included in diluted earnings per share in our consolidated financial statements, if the effect is dilutive, using the if-converted method, regardless of settlement intent. Where applicable, any issue discount or transaction expenses are deferred and amortized through the maturity date of the convertible notes as additional non-cash interest expense.

Deferred Financing Costs

The deferred financing costs that are included as a reduction in the net book value of the related liability on our consolidated balance sheets include issuance and other costs related to our debt obligations. These costs are amortized as interest expense using the effective interest method over the life of the related obligations.

Loan Participations Sold

Loan Participations Sold

In certain instances, we have executed a syndication of a non-recourse loan interest to a third-party. Depending on the particular structure of the syndication, the loan interest may remain on our GAAP balance sheet or, in other cases, the sale will be recognized and the loan interest will no longer be included in our consolidated financial statements. When these sales are not recognized under GAAP we reflect the transaction by recording a loan participation sold liability on our consolidated balance sheet, however this gross presentation does not impact stockholders’ equity or net income. When the sales are recognized, our balance sheet only includes our remaining loan interest, and excludes the interest in the loan that we sold.

Underwriting Commissions and Offering Costs

Underwriting Commissions and Offering Costs

Underwriting commissions and offering costs incurred in connection with common stock offerings are reflected as a reduction of additional paid-in capital. Costs incurred that are not directly associated with the completion of a common stock offering are expensed when incurred.

Fair Value of Financial Instruments

Fair Value of Financial Instruments

The “Fair Value Measurements and Disclosures” Topic of the FASB, or ASC 820, defines fair value, establishes a framework for measuring fair value, and requires certain disclosures about fair value measurements under GAAP. Specifically, this guidance defines fair value based on exit price, or the price that would be received upon the sale of an asset or the transfer of a liability in an orderly transaction between market participants at the measurement date.

ASC 820 also establishes a fair value hierarchy that prioritizes and ranks the level of market price observability used in measuring financial instruments. Market price observability is affected by a number of factors, including the type of financial instrument, the characteristics specific to the financial instrument, and the state of the marketplace, including the existence and transparency of transactions between market participants. Financial instruments with readily available quoted prices in active markets generally will have a higher degree of market price observability and a lesser degree of judgment used in measuring fair value.

Financial instruments measured and reported at fair value are classified and disclosed based on the observability of inputs used in the determination, as follows:

•Level 1: Generally includes only unadjusted quoted prices that are available in active markets for identical financial instruments as of the reporting date.

•Level 2: Pricing inputs include quoted prices in active markets for similar instruments, quoted prices in less active or inactive markets for identical or similar instruments where multiple price quotes can be obtained, and other observable inputs, such as interest rates, yield curves, credit risks, and default rates.

•Level 3: Pricing inputs are unobservable for the financial instruments and include situations where there is little, if any, market activity for the financial instrument. These inputs require significant judgment or estimation by management of third-parties when determining fair value and generally represent anything that does not meet the criteria of Levels 1 and 2.

Certain of our other assets are reported at fair value, as of quarter-end, either (i) on a recurring basis or (ii) on a nonrecurring basis, as a result of impairment or other events. Our assets that are recorded at fair value are discussed further in Note 18. We generally value our assets recorded at fair value by either (i) discounting expected cash flows based on assumptions regarding the collection of principal and interest and estimated market rates, or (ii) obtaining assessments from third-parties. For collateral-dependent loans that are identified as impaired, we measure impairment by comparing our estimation of the fair value of the underlying collateral, less costs to sell, to the book value of the respective loan. These valuations require significant judgments, which include assumptions regarding capitalization rates, discount rates, leasing, creditworthiness of major tenants, occupancy rates, availability and cost of financing, exit plan, loan sponsorship, actions of other lenders, and other factors.

As of June 30, 2024, we had an aggregate $759.4 million asset-specific CECL reserve related to 19 of our loans receivable with an aggregate amortized cost basis of $2.9 billion, net of cost-recovery proceeds. The CECL reserve was recorded based on our estimation of the fair value of the loans' aggregate underlying collateral as of June 30, 2024. These loans receivable are therefore measured at fair value on a nonrecurring basis using significant unobservable inputs, and are classified as Level 3 assets in the fair value hierarchy. We estimated the fair value of the collateral underlying the loans receivable by considering a variety of inputs including property performance, market data, and comparable sales, as applicable. The significant unobservable inputs used include the exit capitalization rate assumption used to forecast the future sale price of the underlying real estate collateral, which ranged from 6.00% to 8.55%, and the unlevered discount rate, which ranged from 7.28% to 11.00%.

On March 19, 2024, we acquired legal title to an office property located in Mountain View, CA through a deed-in-lieu of foreclosure. At the time of acquisition, we determined the fair value of the real estate assets to be $60.2 million based on a variety of inputs including, but not limited to, estimated cash flow projections, leasing assumptions, required capital expenditures, market data, and comparable sales. This REO asset was measured at fair value on a nonrecurring basis using significant unobservable inputs and is classified as a Level 3 asset in the fair value hierarchy. The significant unobservable inputs used include the exit capitalization rate assumption used to forecast the future sale price of the asset of 7.00% and a discount rate of 9.50%.

We are also required by GAAP to disclose fair value information about financial instruments, which are not otherwise reported at fair value in our consolidated balance sheet, to the extent it is practicable to estimate a fair value for those instruments. These disclosure requirements exclude certain financial instruments and all non-financial instruments.

The following methods and assumptions are used to estimate the fair value of each class of financial instruments, for which it is practicable to estimate that value:

•Cash and cash equivalents: The carrying amount of cash and cash equivalents approximates fair value.

•Loans receivable, net: The fair values of these loans were estimated using a discounted cash flow methodology, taking into consideration various factors including capitalization rates, discount rates, leasing, credit worthiness of major tenants, occupancy rates, availability and cost of financing, exit plan, loan sponsorship, actions of other lenders, and other factors.

•Derivative financial instruments: The fair value of our foreign currency and interest rate contracts was estimated using advice from a third-party derivative specialist, based on contractual cash flows and observable inputs comprising foreign currency rates and credit spreads.

•Secured debt, net: The fair value of these instruments was estimated based on the rate at which a similar credit facility would currently be priced.

•Securitized debt obligations, net: The fair value of these instruments was estimated by utilizing third-party pricing service providers. In determining the value of a particular investment, pricing service providers may use broker-dealer quotations, reported trades, or valuation estimates from their internal pricing models to determine the reported price.

•Asset-specific debt, net: The fair value of these instruments was estimated based on the rate at which a similar agreement would currently be priced.

•Loan participations sold, net: The fair value of these instruments was estimated based on the value of the related loan receivable asset.

•Term loans, net: The fair value of these instruments was estimated by utilizing third-party pricing service providers. In determining the value of a particular investment, pricing service providers may use broker-dealer quotations, reported trades, or valuation estimates from their internal pricing models to determine the reported price.

•Senior secured notes, net: The fair value of these instruments was estimated by utilizing third-party pricing service providers. In determining the value of a particular investment, pricing service providers may use broker-dealer quotations, reported trades, or valuation estimates from their internal pricing models to determine the reported price.

•Convertible notes, net: Each series of the convertible notes is actively traded and their fair values were obtained using quoted market prices.

Income Taxes

Income Taxes

Our financial results generally do not reflect provisions for current or deferred income taxes on our REIT taxable income. We believe that we operate in a manner that will continue to allow us to be taxed as a REIT and, as a result, we generally do not expect to pay substantial corporate level taxes other than those payable by our taxable REIT subsidiaries. If we were to fail to meet these requirements, we may be subject to federal, state, and local income tax on current and past income, and penalties. Refer to Note 16 for additional information.

Stock-Based Compensation

Stock-Based Compensation

Our stock-based compensation consists of awards issued to our Manager, certain individuals employed by an affiliate of our Manager, and certain members of our board of directors that vest over the life of the awards, as well as deferred stock units issued to certain members of our board of directors. Stock-based compensation expense is recognized for these awards in net income on a variable basis over the applicable vesting period of the awards, based on the value of our class A common stock. Refer to Note 17 for additional information.

Earnings per Share

Earnings per Share

Basic earnings per share, or Basic EPS, is computed in accordance with the two-class method and is based on (i) the net earnings allocable to our class A common stock, including restricted class A common stock and deferred stock units, divided by (ii) the weighted-average number of shares of our class A common stock, including restricted class A common stock and deferred stock units outstanding during the period. Our restricted class A common stock is considered a participating security, as defined by GAAP, and has been included in our Basic EPS under the two-class method as these restricted shares have the same rights as our other shares of class A common stock, including participating in any gains or losses.

Diluted earnings per share, or Diluted EPS, is determined using the if-converted method, and is based on (i) the net earnings, adjusted for interest expense incurred on our convertible notes during the relevant period, net of incentive fees, allocable to our class A common stock, including restricted class A common stock and deferred stock units, divided by (ii) the weighted-average number of shares of our class A common stock, including restricted class A common stock, deferred stock units, and shares of class A common stock issuable under our convertible notes. Refer to Note 14 for additional discussion of earnings per share.

Foreign Currency

Foreign Currency

In the normal course of business, we enter into transactions not denominated in United States, or U.S., dollars. Foreign exchange gains and losses arising on such transactions are recorded as a gain or loss in our consolidated statements of

operations. In addition, we consolidate entities that have a non-U.S. dollar functional currency. Non-U.S. dollar denominated assets and liabilities are translated to U.S. dollars at the exchange rate prevailing at the reporting date and income, expenses, gains, and losses are translated at the average exchange rate over the applicable period. Cumulative translation adjustments arising from the translation of non-U.S. dollar denominated subsidiaries are recorded in other comprehensive income (loss).

Recent Accounting Pronouncements

Recent Accounting Pronouncements

In December 2023, the FASB issued Accounting Standards Update, or ASU, 2023-09 “Income Taxes (Topic 740): Improvements to Income Tax Disclosures,” or ASU 2023-09. ASU 2023-09 requires additional disaggregated disclosures on an entity’s effective tax rate reconciliation and additional details on income taxes paid. ASU 2023-09 is effective on a prospective basis, with the option for retrospective application, for annual periods beginning after December 15, 2024 and early adoption is permitted. We have not early adopted ASU 2023-09 and do not expect the adoption of ASU 2023-09 to have a material impact on our consolidated financial statements.

In November 2023, the FASB issued ASU 2023-07 “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures,” or ASU 2023-07. ASU 2023-07 enhances the disclosures required for reportable segments on an annual and interim basis. ASU 2023-07 is effective on a retrospective basis for annual periods beginning after December 15, 2023, for interim periods within fiscal years beginning after December 15, 2024, and early adoption is permitted. We have not early adopted ASU 2023-07 and do not expect the adoption of ASU 2023-07 to have a material impact on our consolidated financial statements.

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Loans Receivable, Net (Tables)

6 Months Ended

Jun. 30, 2024

Receivables [Abstract]

Overall Statistics for Loans Receivable Portfolio

The following table details overall statistics for our loans receivable portfolio ($ in thousands):

	June 30, 2024			December 31, 2023
Number of loans	166			178
Principal balance	$	23,010,660		$	23,923,719
Net book value	$	21,976,910		$	23,210,076
Unfunded loan commitments(1)	$	1,826,350		$	2,430,664
Weighted-average cash coupon(2)	+ 3.35		%	+ 3.37		%
Weighted-average all-in yield(2)	+ 3.67		%	+ 3.71		%
Weighted-average maximum maturity (years)(3)	2.1			2.4

(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, SONIA, EURIBOR, and other indices, as applicable to each loan. As of June 30, 2024, all of our loans by principal balance earned a floating rate of interest, primarily indexed to SOFR. As of 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 June 30, 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 and nonaccrual methods, if any.

(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, 2024, 12% of our loans by principal balance were subject to yield maintenance or other prepayment restrictions and 88% 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.

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 June 30, 2024 ($ in thousands):

	Loans Receivable Principal Balance
Index Rate Floors	USD		Non-USD(1)		Total
Fixed Rate	$	—	$	—	$	—
0.00% or no floor(2)(3)	5,330,317		6,135,349		11,465,666
0.01% to 1.00% floor	5,045,198		813,202		5,858,400
1.01% to 2.00% floor	2,102,954		306,758		2,409,712
2.01% to 3.00% floor	1,596,499		512,437		2,108,936
3.01% or more floor	985,652		182,294		1,167,946
Total(4)	$	15,060,620	$	7,950,040	$	23,010,660

(1)Includes Euro, British Pound Sterling, Swedish Krona, Australian Dollar, Swiss Franc, and Danish Krone currencies.

(2)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.

(3)Includes all impaired loans.

(4)As of June 30, 2024, the weighted-average index rate floor of our loans receivable principal balance was 0.79%. Excluding 0.0% index rate floors and loans with no floor, the weighted-average index rate floor was 1.36%.

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, 2023	$	23,923,719	$	(136,707)	$	23,787,012
Loan fundings	626,746		—		626,746
Loan repayments, sales, and cost-recovery proceeds	(1,225,525)		(35,361)		(1,260,886)
Charge-offs	(85,318)		11,768		(73,550)
Transfer to real estate owned	(60,203)		—		(60,203)
Transfer to other assets(2)	(10,795)		—		(10,795)
Payment-in-kind interest, net of interest received	6,164		—		6,164
Unrealized (loss) gain on foreign currency translation	(164,128)		755		(163,373)
Deferred fees and other items	—		(13,967)		(13,967)
Amortization of fees and other items	—		33,700		33,700
Loans Receivable, as of June 30, 2024	$	23,010,660	$	(139,812)	$	22,870,848
CECL reserve					(893,938)
Loans Receivable, net, as of June 30, 2024					$	21,976,910

(1)Other items primarily consist of purchase and sale discounts or premiums, exit fees, deferred origination expenses, and cost-recovery proceeds.

(2)This amount relates to: (i) a loan that was partially satisfied through the issuance of a note receivable; and (ii) proceeds from a loan repayment that are held in escrow, both of which are included within other assets in our consolidated balance sheets. See Note 5 for further information.

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):

June 30, 2024
Property Type	Number of Loans	Net Book Value		Total Loan  Exposure(1)		Net Loan  Exposure(2)		Net Loan Exposure Percentage of  Portfolio
Office	51	$	9,047,507	$	9,374,141	$	7,348,500	36%
Multifamily	68	5,838,389		6,006,124		5,696,575		27
Hospitality	20	3,786,040		3,823,926		3,654,726		18
Industrial	12	2,183,312		2,193,009		2,159,637		10
Retail	6	713,181		738,450		684,155		3
Life Sciences / Studio	4	392,678		589,211		391,463		2
Other	5	909,741		910,648		878,974		4
Total loans receivable	166	$	22,870,848	$	23,635,509	$	20,814,030	100%
CECL reserve		(893,938)
Loans receivable, net		$	21,976,910
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	61	$	5,510,438	$	5,615,694	$	5,119,961	24%
Northeast	25	5,111,794		5,162,565		3,908,921		19
West	29	2,895,255		3,516,394		2,683,597		13
Midwest	9	943,073		947,317		783,171		4
Northwest	6	433,217		436,078		433,339		2
Subtotal	130	14,893,777		15,678,048		12,928,989		62
International
United Kingdom	18	3,163,864		3,128,584		3,109,414		15
Australia	5	1,414,495		1,421,417		1,417,265		7
Ireland	3	1,186,407		1,189,435		1,181,231		6
Spain	3	1,075,481		1,077,083		1,040,229		5
Sweden	1	448,421		450,288		449,900		2
Other Europe	5	631,014		632,654		629,396		3
Other International	1	57,389		58,000		57,606		—
Subtotal	36	7,977,071		7,957,461		7,885,041		38
Total loans receivable	166	$	22,870,848	$	23,635,509	$	20,814,030	100%
CECL reserve		(893,938)
Loans receivable, net		$	21,976,910

(1)Total loan exposure reflects our aggregate exposure to each loan investment. As of June 30, 2024, total loan exposure, includes (i) loans with an outstanding principal balance of $23.0 billion that are included in our consolidated financial statements, (ii) $725.4 million of non-consolidated senior interests in loans we have sold, which are not included in our consolidated financial statements, and excludes (iii) $100.6 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 June 30, 2024, which is our total loan exposure net of (i) $725.4 million of non-consolidated senior interests, (ii) $1.1 billion of asset-specific debt, (iii) $76.3 million of cost-recovery proceeds, and (iv) our total loans receivable CECL reserve of $893.9 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.

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.

Net Book Value, Total Loan Exposure and Net Loan Exposure of Loans Receivable Based on Internal Risk Ratings and Credit Quality Indicators

The following table allocates the net book value, total loan exposure, and net loan exposure balances based on our internal risk ratings ($ in thousands):

	June 30, 2024
Risk  Rating	Number  of Loans	Net Book Value		Total Loan  Exposure(1)		Net Loan  Exposure(2)
1	21	$	1,321,337	$	1,322,499	$	1,321,373
2	27	5,408,385		5,423,892		4,541,982
3	79	10,324,814		10,487,838		9,947,533
4	20	2,879,736		3,384,458		2,821,958
5	19	2,936,576		3,016,822		2,181,184
Total loans receivable	166	$	22,870,848	$	23,635,509	$	20,814,030
CECL reserve		(893,938)
Loans receivable, net		$	21,976,910
	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 June 30, 2024, total loan exposure, includes (i) loans with an outstanding principal balance of $23.0 billion that are included in our consolidated financial statements, (ii) $725.4 million of non-consolidated senior interests in loans we have sold, which are not included in our consolidated financial statements, and excludes (iii) $100.6 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 June 30, 2024, which is our total loan exposure net of (i) $725.4 million of non-consolidated senior interests, (ii) $1.1 billion of asset-specific debt, (iii) $76.3 million of cost-recovery proceeds, and (iv) our total loans receivable CECL reserve of $893.9 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.

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 June 30, 2024 and December 31, 2023, 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 June 30, 2024
Risk Rating	2024		2023		2022		2021		2020		Prior		Total
U.S. loans
1	$	—	$	—	$	151,476	$	482,099	$	60,322	$	106,909	$	800,806
2	—		—		196,840		1,711,176		—		1,584,215		3,492,231
3	57,389		—		1,614,960		2,977,239		578,195		531,329		5,759,112
4	—		—		152,758		1,004,299		—		805,381		1,962,438
5	—		—		—		—		—		—		—
Total U.S. loans	$	57,389	$	—	$	2,116,034	$	6,174,813	$	638,517	$	3,027,834	$	12,014,587
Non-U.S. loans
1	$	—	$	—	$	134,393	$	386,138	$	—	$	—	$	520,531
2	—		—		637,226		810,590		90,553		377,785		1,916,154
3	—		—		628,901		1,079,597		—		1,529,678		3,238,176
4	—		—		—		—		—		347,072		347,072
5	—		—		—		—		—		—		—
Total Non-U.S. loans	$	—	$	—	$	1,400,520	$	2,276,325	$	90,553	$	2,254,535	$	6,021,933
Unique loans
1	$	—	$	—	$	—	$	—	$	—	$	—	$	—
2	—		—		—		—		—		—		—
3	—		—		876,785		—		—		450,741		1,327,526
4	—		—		—		—		—		570,226		570,226
5	—		—		—		—		—		—		—
Total unique loans	$	—	$	—	$	876,785	$	—	$	—	$	1,020,967	$	1,897,752
Impaired loans
1	$	—	$	—	$	—	$	—	$	—	$	—	$	—
2	—		—		—		—		—		—		—
3	—		—		—		—		—		—		—
4	—		—		—		—		—		—		—
5	—		—		580,098		923,842		138,841		1,293,795		2,936,576
Total impaired loans	$	—	$	—	$	580,098	$	923,842	$	138,841	$	1,293,795	$	2,936,576
Total loans receivable
1	$	—	$	—	$	285,869	$	868,237	$	60,322	$	106,909	$	1,321,337
2	—		—		834,066		2,521,766		90,553		1,962,000		5,408,385
3	57,389		—		3,120,646		4,056,836		578,195		2,511,748		10,324,814
4	—		—		152,758		1,004,299		—		1,722,679		2,879,736
5	—		—		580,098		923,842		138,841		1,293,795		2,936,576
Total loans receivable	$	57,389	$	—	$	4,973,437	$	9,374,980	$	867,911	$	7,597,131	$	22,870,848
CECL reserve													(893,938)
Loans receivable, net													$	21,976,910
Gross charge-offs(2)	—		—		—		(54,048)		—		(19,502)		$	(73,550)

(1)Date loan was originated or acquired by us. Origination dates are subsequently updated to reflect material loan modifications.

(2)Represents charge-offs by year of origination during the six months ended June 30, 2024.

	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

(1)Date loan was originated or acquired by us. Origination dates are subsequently updated to reflect material loan modifications.

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 six months ended June 30, 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
(Decrease) increase in CECL reserves	(11,997)		(2,639)		423		169,318		155,105
Charge-offs of CECL reserves	—		—		—		(12,537)		(12,537)
CECL reserve as of June 30, 2024	$	62,531	$	28,151	$	43,876	$	759,380	$	893,938
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
Increase (decrease) in CECL reserves	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

(1)Includes one U.S. dollar-denominated loan that is located in Bermuda.

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Real Estate Owned (Tables)

6 Months Ended

Jun. 30, 2024

Real Estate [Abstract]

Real Estate Owned Assets

The following table presents the REO asset included in our consolidated balance sheets ($ in thousands):

	June 30, 2024
Assets
Land and land improvements	$	40,824
Building	19,379
Total	$	60,203
Less: accumulated depreciation	(185)
Real estate owned, net	$	60,018

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Other Assets and Liabilities (Tables)

6 Months Ended

Jun. 30, 2024

Other Assets And Liabilities Disclosure [Abstract]

Summary of Components of Other Assets

The following table details the components of our other assets ($ in thousands):

	June 30, 2024		December 31, 2023
Accrued interest receivable	$	196,814	$	214,835
Collateral deposited under derivative agreements	15,904		103,500
Accounts receivable and other assets	7,549		2,420
Derivative assets	4,878		1,890
Prepaid expenses	650		1,020
Loan portfolio payments held by servicer(1)	—		152,423
Total	$	225,795	$	476,088

(1)Primarily represents loan principal held by our third-party loan servicer as of the balance sheet date which were remitted to us during the subsequent remittance cycle.

Summary of Components of Other Liabilities

The following table details the components of our other liabilities ($ in thousands):

	June 30, 2024		December 31, 2023
Accrued dividends payable	$	107,644	$	107,390
Accrued interest payable	90,223		97,820
Derivative liabilities	24,395		94,817
Accrued management and incentive fees payable	18,726		26,342
Current expected credit loss reserves for unfunded loan commitments(1)	9,946		15,371
Accounts payable and other liabilities	6,365		7,265
Secured debt repayments pending servicer remittance(2)	—		13,526
Total	$	257,299	$	362,531

(1)Represents the CECL reserve related to our unfunded loan commitments. See Note 2 for further discussion of the CECL reserves.

(2)Represents pending transfers from our third-party loan servicer that were remitted to our banking counterparties during the subsequent remittance cycle.

XML

Secured Debt, Net (Tables)

6 Months Ended

Jun. 30, 2024

Debt Disclosure [Abstract]

Schedule of Long-Term Debt

The following table details our secured debt ($ in thousands):

	Secured Debt Borrowings Outstanding
	June 30, 2024		December 31, 2023
Secured credit facilities	$	12,110,576	$	12,697,058
Deferred financing costs(1)	(13,871)		(13,963)
Net book value of secured debt	$	12,096,705	$	12,683,095

(1)Costs incurred in connection with our secured debt are recorded on our consolidated balance sheets when incurred and recognized as a component of interest expense over the life of each related facility.

The following table details our secured credit facilities by spread over the applicable base rates as of June 30, 2024 ($ in thousands):

June 30, 2024
									Recourse Limitation
Currency	Lenders(1)	Borrowings		Wtd. Avg. Maturity(2)	Loan Count	Collateral(3)		Wtd. Avg. Maturity(4)	Wtd. Avg.	Range
USD	13	$	6,175,087	July 2026	117	$	10,084,270	August 2026	36%	25% - 100%
GBP	7	2,352,502		October 2026	18	3,128,584		October 2026	26%	25% - 50%
EUR	7	1,983,929		September 2025	11	2,726,991		September 2025	42%	25% - 100%
Others(5)	4	1,599,058		July 2027	7	2,018,500		July 2027	25%	25%
Total	15	$	12,110,576	August 2026	153	$	17,958,345	August 2026	34%	25% - 100%

(1)Represents the number of lenders with fundings advanced in each respective currency, as well as the total number of facility lenders.

(2)Our secured debt agreements are generally term-matched to their underlying collateral. Therefore, the weighted-average maturity is generally allocated based on the maximum maturity date of the collateral loans, assuming all extension options are exercised by the borrower. In limited instances, the maturity date of the respective secured credit facility is used.

(3)Represents the principal balance of the collateral assets and the book value of the REO asset.

(4)Maximum maturity assumes all extension options are exercised by the borrower, however our loans may be repaid prior to such date.

(5)Includes Australian Dollar, Danish Krone, Swedish Krona, and Swiss Franc currencies.

The following tables detail the spread of our secured debt as of June 30, 2024 and December 31, 2023 ($ in thousands):

	Six Months Ended June 30, 2024		June 30, 2024
Spread(1)	New Financings(2)		Total Borrowings		Wtd. Avg. All-in Cost(1)(3)(4)		Collateral(5)		Wtd. Avg. All-in Yield(1)(3)		Net Interest  Margin(6)
+ 1.50% or less	$	23,000	$	5,522,099	+1.52	%	$	8,265,569	+3.27	%	+1.75	%
+ 1.51% to + 1.75%	—		2,338,407		+1.81	%	3,226,135		+3.44	%	+1.63	%
+ 1.76% to + 2.00%	—		1,644,666		+2.10	%	2,696,203		+3.85	%	+1.75	%
+ 2.01% or more	434,412		2,605,404		+2.60	%	3,770,438		+4.30	%	+1.70	%
Total	$	457,412	$	12,110,576	+1.89	%	$	17,958,345	+3.60	%	+1.71	%

	Year Ended December 31, 2023		December 31, 2023
Spread(1)	New Financings(2)		Total Borrowings		Wtd. Avg. All-in Cost(1)(3)(4)		Collateral(5)		Wtd. Avg. All-in Yield(1)(3)		Net Interest Margin(7)
+ 1.50% or less	$	—	$	5,647,848	+1.53	%	$	8,341,383	+3.24	%	+1.71	%
+ 1.51% to + 1.75%	—		2,679,699		+1.82	%	3,723,365		+3.49	%	+1.67	%
+ 1.76% to + 2.00%	42,908		1,850,809		+2.11	%	2,913,067		+3.92	%	+1.81	%
+ 2.01% or more	69,170		2,518,702		+2.64	%	3,616,503		+4.30	%	+1.66	%
Total	$	112,078	$	12,697,058	+1.89	%	$	18,594,318	+3.58	%	+1.69	%

(1)The spread, all-in cost, and all-in yield are expressed over the relevant floating benchmark rates, which include SOFR, SONIA, EURIBOR, and other indices as applicable.

(2)Represents the amount of new borrowings we obtained approval for during the six months ended June 30, 2024 and year ended December 31, 2023, respectively.

(3)In addition to spread, the cost includes the associated deferred fees and expenses related to the respective borrowings. 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. All-in yield excludes loans accounted for under the cost-recovery and nonaccrual methods, if any, and the REO asset.

(4)Represents the weighted-average all-in cost as of June 30, 2024 and December 31, 2023, respectively, and is not necessarily indicative of the spread applicable to recent or future borrowings.

(5)Represents the principal balance of the collateral assets and the book value of the REO asset.

(6)Represents the difference between the weighted-average all-in yield and weighted-average all-in cost.

The following tables detail our securitized debt obligations and the underlying collateral assets that are financed by our CLOs ($ in thousands):

	June 30, 2024
Securitized Debt Obligations		Count	Principal  Balance		Book Value(1)		Wtd. Avg.  Yield/Cost(2)(3)		Term(4)
2021 FL4 Collateralized Loan Obligation
Senior CLO Securities Outstanding		1	$	785,452	$	784,778	+ 1.47	%	May 2038
Underlying Collateral Assets		26	981,703		981,703		+ 3.26	%	March 2026
2020 FL3 Collateralized Loan Obligation
Senior CLO Securities Outstanding		1	689,384		689,384		+ 1.84	%	November 2037
Underlying Collateral Assets		15	880,634		880,634		+ 2.93	%	January 2026
2020 FL2 Collateralized Loan Obligation
Senior CLO Securities Outstanding		1	853,656		853,612		+ 1.36	%	February 2038
Underlying Collateral Assets		15	1,110,530		1,110,530		+ 2.86	%	March 2026
Total
Senior CLO Securities Outstanding(5)		3	$	2,328,492	$	2,327,774	+1.54	%
Underlying Collateral Assets		56	$	2,972,867	$	2,972,867	+ 3.00	%

(1)The book value of underlying collateral assets excludes any applicable CECL reserves.

(2)In addition to cash coupon, all-in yield includes the amortization of deferred origination and extension fees, loan origination costs, purchase discounts, and accrual of exit fees.

(3)The weighted-average all-in yield and cost are expressed as a spread over SOFR. All-in yield excludes loans accounted for under the cost-recovery and nonaccrual methods, if any.

(4)Underlying Collateral Assets term represents the weighted-average final maturity of such loans, assuming all extension options are exercised by the borrower. Repayments of securitized debt obligations are tied to timing of the related collateral loan asset repayments. The term of these obligations represents the rated final distribution date of the securitizations.

(5)During the three and six months ended June 30, 2024, we recorded $40.2 million and $81.7 million, respectively, of interest expense related to our securitized debt obligations.

	December 31, 2023
Securitized Debt Obligations		Count	Principal  Balance		Book Value(1)		Wtd. Avg.  Yield/Cost(2)(3)		Term(4)
2021 FL4 Collateralized Loan Obligation
Senior CLO Securities Outstanding		1	$	803,750	$	801,800	+ 1.70	%	May 2038
Underlying Collateral Assets		26	1,000,000		1,000,000		+ 3.28	%	December 2025
2020 FL3 Collateralized Loan Obligation
Senior CLO Securities Outstanding		1	714,352		714,352		+ 2.18	%	November 2037
Underlying Collateral Assets		15	905,602		905,602		+ 2.87	%	September 2025
2020 FL2 Collateralized Loan Obligation
Senior CLO Securities Outstanding		1	989,412		989,265		+ 1.57	%	February 2038
Underlying Collateral Assets		15	1,246,287		1,246,287		+ 2.85	%	October 2025
Total
Senior CLO Securities Outstanding(5)		3	$	2,507,514	$	2,505,417	+1.79	%
Underlying Collateral Assets		56	$	3,151,889	$	3,151,889	+2.99	%

(1)The book value of underlying collateral assets excludes any applicable CECL reserves.

(2)In addition to cash coupon, all-in yield includes the amortization of deferred origination and extension fees, loan origination costs, purchase discounts, and accrual of exit fees.

(3)The weighted-average all-in yield and cost are expressed as a spread over SOFR. All-in yield excludes loans accounted for under the cost-recovery and nonaccrual methods, if any.

(4)Underlying Collateral Assets term represents the weighted-average final maturity of such loans, assuming all extension options are exercised by the borrower. Repayments of securitized debt obligations are tied to timing of the related collateral loan asset repayments. The term of these obligations represents the rated final distribution date of the securitizations.

(5)During the three and six months ended June 30, 2023, we recorded $43.3 million and $83.1 million, respectively, of interest expense related to our securitized debt obligations.

The following table details our asset-specific debt ($ in thousands):

	June 30, 2024
Asset-Specific Debt		Count	Principal  Balance		Book Value(1)		Wtd. Avg. Yield/Cost(2)		Wtd. Avg.  Term(3)
Financing provided		2	$	1,125,854	$	1,120,760	+ 3.18	%	May 2026
Collateral assets		2	$	1,342,810	$	1,333,335	+ 4.04	%	May 2026
	December 31, 2023
Asset-Specific Debt		Count	Principal  Balance		Book Value(1)		Wtd. Avg.  Yield/Cost(2)		Wtd. Avg.  Term(3)
Financing provided		2	$	1,004,097	$	1,000,210	+ 3.14	%	March 2026
Collateral assets		2	$	1,194,408	$	1,186,559	+ 3.98	%	March 2026

(1)The book value of underlying collateral assets excludes any applicable CECL reserves.

(2)The weighted-average all-in yield and cost are expressed as a spread over SOFR. These floating rate loans and related liabilities are currency and index-matched to the applicable benchmark rate relevant in each arrangement. In addition to cash coupon, yield/cost includes the amortization of deferred origination fees and financing costs.

(3)The weighted-average term is determined based on the maximum maturity of the corresponding loans, assuming all extension options are exercised by the borrower. Our non-recourse, asset-specific debt is term-matched in each case to the corresponding collateral loans.

As of June 30, 2024, the following senior term loan facilities, or Term Loans, were outstanding ($ in thousands):

Term Loans	Face Value		Interest Rate(1)		All-in Cost(1)(2)		Maturity
B-1 Term Loan	$	906,096	+ 2.36	%	+ 2.65	%	April 23, 2026
B-3 Term Loan	408,829		+ 2.86	%	+ 3.54	%	April 23, 2026
B-4 Term Loan	809,298		+ 3.50	%	+ 4.11	%	May 9, 2029
Total face value	$	2,124,223

(1)The B-3 Term Loan and the B-4 Term Loan borrowings are subject to a floor of 0.50%. The Term Loans are indexed to one-month SOFR.

(2)Includes issue discount and transaction expenses that are amortized through interest expense over the life of the Term Loans.

The following table details the net book value of our Term Loans on our consolidated balance sheets ($ in thousands):

	June 30, 2024		December 31, 2023
Face value	$	2,124,223	$	2,135,221
Deferred financing costs and unamortized discount	(29,024)		(33,589)
Net book value	$	2,095,199	$	2,101,632

As of June 30, 2024, the following senior secured notes, or Senior Secured Notes, were outstanding ($ in thousands):

Senior Secured Notes	Face Value		Interest Rate		All-in Cost(1)		Maturity
Senior Secured Notes	$	339,918	3.75	%	4.02	%	January 15, 2027

(1)Includes transaction expenses that are amortized through interest expense over the life of the Senior Secured Notes.

The following table details the net book value of our Senior Secured Notes on our consolidated balance sheets ($ in thousands):

	June 30, 2024		December 31, 2023
Face value	$	339,918	$	366,090
Deferred financing costs	(2,582)		(3,327)
Net book value	$	337,336	$	362,763

XML

Securitized Debt Obligations, Net (Tables)

6 Months Ended

Jun. 30, 2024

Debt Disclosure [Abstract]

Schedule of Long-Term Debt

The following table details our secured debt ($ in thousands):

	Secured Debt Borrowings Outstanding
	June 30, 2024		December 31, 2023
Secured credit facilities	$	12,110,576	$	12,697,058
Deferred financing costs(1)	(13,871)		(13,963)
Net book value of secured debt	$	12,096,705	$	12,683,095

(1)Costs incurred in connection with our secured debt are recorded on our consolidated balance sheets when incurred and recognized as a component of interest expense over the life of each related facility.

The following table details our secured credit facilities by spread over the applicable base rates as of June 30, 2024 ($ in thousands):

June 30, 2024
									Recourse Limitation
Currency	Lenders(1)	Borrowings		Wtd. Avg. Maturity(2)	Loan Count	Collateral(3)		Wtd. Avg. Maturity(4)	Wtd. Avg.	Range
USD	13	$	6,175,087	July 2026	117	$	10,084,270	August 2026	36%	25% - 100%
GBP	7	2,352,502		October 2026	18	3,128,584		October 2026	26%	25% - 50%
EUR	7	1,983,929		September 2025	11	2,726,991		September 2025	42%	25% - 100%
Others(5)	4	1,599,058		July 2027	7	2,018,500		July 2027	25%	25%
Total	15	$	12,110,576	August 2026	153	$	17,958,345	August 2026	34%	25% - 100%

(1)Represents the number of lenders with fundings advanced in each respective currency, as well as the total number of facility lenders.

(2)Our secured debt agreements are generally term-matched to their underlying collateral. Therefore, the weighted-average maturity is generally allocated based on the maximum maturity date of the collateral loans, assuming all extension options are exercised by the borrower. In limited instances, the maturity date of the respective secured credit facility is used.

(3)Represents the principal balance of the collateral assets and the book value of the REO asset.

(4)Maximum maturity assumes all extension options are exercised by the borrower, however our loans may be repaid prior to such date.

(5)Includes Australian Dollar, Danish Krone, Swedish Krona, and Swiss Franc currencies.

The following tables detail the spread of our secured debt as of June 30, 2024 and December 31, 2023 ($ in thousands):

	Six Months Ended June 30, 2024		June 30, 2024
Spread(1)	New Financings(2)		Total Borrowings		Wtd. Avg. All-in Cost(1)(3)(4)		Collateral(5)		Wtd. Avg. All-in Yield(1)(3)		Net Interest  Margin(6)
+ 1.50% or less	$	23,000	$	5,522,099	+1.52	%	$	8,265,569	+3.27	%	+1.75	%
+ 1.51% to + 1.75%	—		2,338,407		+1.81	%	3,226,135		+3.44	%	+1.63	%
+ 1.76% to + 2.00%	—		1,644,666		+2.10	%	2,696,203		+3.85	%	+1.75	%
+ 2.01% or more	434,412		2,605,404		+2.60	%	3,770,438		+4.30	%	+1.70	%
Total	$	457,412	$	12,110,576	+1.89	%	$	17,958,345	+3.60	%	+1.71	%

	Year Ended December 31, 2023		December 31, 2023
Spread(1)	New Financings(2)		Total Borrowings		Wtd. Avg. All-in Cost(1)(3)(4)		Collateral(5)		Wtd. Avg. All-in Yield(1)(3)		Net Interest Margin(7)
+ 1.50% or less	$	—	$	5,647,848	+1.53	%	$	8,341,383	+3.24	%	+1.71	%
+ 1.51% to + 1.75%	—		2,679,699		+1.82	%	3,723,365		+3.49	%	+1.67	%
+ 1.76% to + 2.00%	42,908		1,850,809		+2.11	%	2,913,067		+3.92	%	+1.81	%
+ 2.01% or more	69,170		2,518,702		+2.64	%	3,616,503		+4.30	%	+1.66	%
Total	$	112,078	$	12,697,058	+1.89	%	$	18,594,318	+3.58	%	+1.69	%

(1)The spread, all-in cost, and all-in yield are expressed over the relevant floating benchmark rates, which include SOFR, SONIA, EURIBOR, and other indices as applicable.

(2)Represents the amount of new borrowings we obtained approval for during the six months ended June 30, 2024 and year ended December 31, 2023, respectively.

(3)In addition to spread, the cost includes the associated deferred fees and expenses related to the respective borrowings. 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. All-in yield excludes loans accounted for under the cost-recovery and nonaccrual methods, if any, and the REO asset.

(4)Represents the weighted-average all-in cost as of June 30, 2024 and December 31, 2023, respectively, and is not necessarily indicative of the spread applicable to recent or future borrowings.

(5)Represents the principal balance of the collateral assets and the book value of the REO asset.

(6)Represents the difference between the weighted-average all-in yield and weighted-average all-in cost.

The following tables detail our securitized debt obligations and the underlying collateral assets that are financed by our CLOs ($ in thousands):

	June 30, 2024
Securitized Debt Obligations		Count	Principal  Balance		Book Value(1)		Wtd. Avg.  Yield/Cost(2)(3)		Term(4)
2021 FL4 Collateralized Loan Obligation
Senior CLO Securities Outstanding		1	$	785,452	$	784,778	+ 1.47	%	May 2038
Underlying Collateral Assets		26	981,703		981,703		+ 3.26	%	March 2026
2020 FL3 Collateralized Loan Obligation
Senior CLO Securities Outstanding		1	689,384		689,384		+ 1.84	%	November 2037
Underlying Collateral Assets		15	880,634		880,634		+ 2.93	%	January 2026
2020 FL2 Collateralized Loan Obligation
Senior CLO Securities Outstanding		1	853,656		853,612		+ 1.36	%	February 2038
Underlying Collateral Assets		15	1,110,530		1,110,530		+ 2.86	%	March 2026
Total
Senior CLO Securities Outstanding(5)		3	$	2,328,492	$	2,327,774	+1.54	%
Underlying Collateral Assets		56	$	2,972,867	$	2,972,867	+ 3.00	%

(1)The book value of underlying collateral assets excludes any applicable CECL reserves.

(2)In addition to cash coupon, all-in yield includes the amortization of deferred origination and extension fees, loan origination costs, purchase discounts, and accrual of exit fees.

(3)The weighted-average all-in yield and cost are expressed as a spread over SOFR. All-in yield excludes loans accounted for under the cost-recovery and nonaccrual methods, if any.

(4)Underlying Collateral Assets term represents the weighted-average final maturity of such loans, assuming all extension options are exercised by the borrower. Repayments of securitized debt obligations are tied to timing of the related collateral loan asset repayments. The term of these obligations represents the rated final distribution date of the securitizations.

(5)During the three and six months ended June 30, 2024, we recorded $40.2 million and $81.7 million, respectively, of interest expense related to our securitized debt obligations.

	December 31, 2023
Securitized Debt Obligations		Count	Principal  Balance		Book Value(1)		Wtd. Avg.  Yield/Cost(2)(3)		Term(4)
2021 FL4 Collateralized Loan Obligation
Senior CLO Securities Outstanding		1	$	803,750	$	801,800	+ 1.70	%	May 2038
Underlying Collateral Assets		26	1,000,000		1,000,000		+ 3.28	%	December 2025
2020 FL3 Collateralized Loan Obligation
Senior CLO Securities Outstanding		1	714,352		714,352		+ 2.18	%	November 2037
Underlying Collateral Assets		15	905,602		905,602		+ 2.87	%	September 2025
2020 FL2 Collateralized Loan Obligation
Senior CLO Securities Outstanding		1	989,412		989,265		+ 1.57	%	February 2038
Underlying Collateral Assets		15	1,246,287		1,246,287		+ 2.85	%	October 2025
Total
Senior CLO Securities Outstanding(5)		3	$	2,507,514	$	2,505,417	+1.79	%
Underlying Collateral Assets		56	$	3,151,889	$	3,151,889	+2.99	%

(1)The book value of underlying collateral assets excludes any applicable CECL reserves.

(2)In addition to cash coupon, all-in yield includes the amortization of deferred origination and extension fees, loan origination costs, purchase discounts, and accrual of exit fees.

(3)The weighted-average all-in yield and cost are expressed as a spread over SOFR. All-in yield excludes loans accounted for under the cost-recovery and nonaccrual methods, if any.

(4)Underlying Collateral Assets term represents the weighted-average final maturity of such loans, assuming all extension options are exercised by the borrower. Repayments of securitized debt obligations are tied to timing of the related collateral loan asset repayments. The term of these obligations represents the rated final distribution date of the securitizations.

(5)During the three and six months ended June 30, 2023, we recorded $43.3 million and $83.1 million, respectively, of interest expense related to our securitized debt obligations.

The following table details our asset-specific debt ($ in thousands):

	June 30, 2024
Asset-Specific Debt		Count	Principal  Balance		Book Value(1)		Wtd. Avg. Yield/Cost(2)		Wtd. Avg.  Term(3)
Financing provided		2	$	1,125,854	$	1,120,760	+ 3.18	%	May 2026
Collateral assets		2	$	1,342,810	$	1,333,335	+ 4.04	%	May 2026
	December 31, 2023
Asset-Specific Debt		Count	Principal  Balance		Book Value(1)		Wtd. Avg.  Yield/Cost(2)		Wtd. Avg.  Term(3)
Financing provided		2	$	1,004,097	$	1,000,210	+ 3.14	%	March 2026
Collateral assets		2	$	1,194,408	$	1,186,559	+ 3.98	%	March 2026

(1)The book value of underlying collateral assets excludes any applicable CECL reserves.

(2)The weighted-average all-in yield and cost are expressed as a spread over SOFR. These floating rate loans and related liabilities are currency and index-matched to the applicable benchmark rate relevant in each arrangement. In addition to cash coupon, yield/cost includes the amortization of deferred origination fees and financing costs.

(3)The weighted-average term is determined based on the maximum maturity of the corresponding loans, assuming all extension options are exercised by the borrower. Our non-recourse, asset-specific debt is term-matched in each case to the corresponding collateral loans.

As of June 30, 2024, the following senior term loan facilities, or Term Loans, were outstanding ($ in thousands):

Term Loans	Face Value		Interest Rate(1)		All-in Cost(1)(2)		Maturity
B-1 Term Loan	$	906,096	+ 2.36	%	+ 2.65	%	April 23, 2026
B-3 Term Loan	408,829		+ 2.86	%	+ 3.54	%	April 23, 2026
B-4 Term Loan	809,298		+ 3.50	%	+ 4.11	%	May 9, 2029
Total face value	$	2,124,223

(1)The B-3 Term Loan and the B-4 Term Loan borrowings are subject to a floor of 0.50%. The Term Loans are indexed to one-month SOFR.

(2)Includes issue discount and transaction expenses that are amortized through interest expense over the life of the Term Loans.

The following table details the net book value of our Term Loans on our consolidated balance sheets ($ in thousands):

	June 30, 2024		December 31, 2023
Face value	$	2,124,223	$	2,135,221
Deferred financing costs and unamortized discount	(29,024)		(33,589)
Net book value	$	2,095,199	$	2,101,632

As of June 30, 2024, the following senior secured notes, or Senior Secured Notes, were outstanding ($ in thousands):

Senior Secured Notes	Face Value		Interest Rate		All-in Cost(1)		Maturity
Senior Secured Notes	$	339,918	3.75	%	4.02	%	January 15, 2027

(1)Includes transaction expenses that are amortized through interest expense over the life of the Senior Secured Notes.

The following table details the net book value of our Senior Secured Notes on our consolidated balance sheets ($ in thousands):

	June 30, 2024		December 31, 2023
Face value	$	339,918	$	366,090
Deferred financing costs	(2,582)		(3,327)
Net book value	$	337,336	$	362,763

XML

Asset-Specific Debt, Net (Tables)

6 Months Ended

Jun. 30, 2024

Debt Disclosure [Abstract]

Schedule of Long-Term Debt

The following table details our secured debt ($ in thousands):

	Secured Debt Borrowings Outstanding
	June 30, 2024		December 31, 2023
Secured credit facilities	$	12,110,576	$	12,697,058
Deferred financing costs(1)	(13,871)		(13,963)
Net book value of secured debt	$	12,096,705	$	12,683,095

(1)Costs incurred in connection with our secured debt are recorded on our consolidated balance sheets when incurred and recognized as a component of interest expense over the life of each related facility.

The following table details our secured credit facilities by spread over the applicable base rates as of June 30, 2024 ($ in thousands):

June 30, 2024
									Recourse Limitation
Currency	Lenders(1)	Borrowings		Wtd. Avg. Maturity(2)	Loan Count	Collateral(3)		Wtd. Avg. Maturity(4)	Wtd. Avg.	Range
USD	13	$	6,175,087	July 2026	117	$	10,084,270	August 2026	36%	25% - 100%
GBP	7	2,352,502		October 2026	18	3,128,584		October 2026	26%	25% - 50%
EUR	7	1,983,929		September 2025	11	2,726,991		September 2025	42%	25% - 100%
Others(5)	4	1,599,058		July 2027	7	2,018,500		July 2027	25%	25%
Total	15	$	12,110,576	August 2026	153	$	17,958,345	August 2026	34%	25% - 100%

(1)Represents the number of lenders with fundings advanced in each respective currency, as well as the total number of facility lenders.

(2)Our secured debt agreements are generally term-matched to their underlying collateral. Therefore, the weighted-average maturity is generally allocated based on the maximum maturity date of the collateral loans, assuming all extension options are exercised by the borrower. In limited instances, the maturity date of the respective secured credit facility is used.

(3)Represents the principal balance of the collateral assets and the book value of the REO asset.

(4)Maximum maturity assumes all extension options are exercised by the borrower, however our loans may be repaid prior to such date.

(5)Includes Australian Dollar, Danish Krone, Swedish Krona, and Swiss Franc currencies.

The following tables detail the spread of our secured debt as of June 30, 2024 and December 31, 2023 ($ in thousands):

	Six Months Ended June 30, 2024		June 30, 2024
Spread(1)	New Financings(2)		Total Borrowings		Wtd. Avg. All-in Cost(1)(3)(4)		Collateral(5)		Wtd. Avg. All-in Yield(1)(3)		Net Interest  Margin(6)
+ 1.50% or less	$	23,000	$	5,522,099	+1.52	%	$	8,265,569	+3.27	%	+1.75	%
+ 1.51% to + 1.75%	—		2,338,407		+1.81	%	3,226,135		+3.44	%	+1.63	%
+ 1.76% to + 2.00%	—		1,644,666		+2.10	%	2,696,203		+3.85	%	+1.75	%
+ 2.01% or more	434,412		2,605,404		+2.60	%	3,770,438		+4.30	%	+1.70	%
Total	$	457,412	$	12,110,576	+1.89	%	$	17,958,345	+3.60	%	+1.71	%

	Year Ended December 31, 2023		December 31, 2023
Spread(1)	New Financings(2)		Total Borrowings		Wtd. Avg. All-in Cost(1)(3)(4)		Collateral(5)		Wtd. Avg. All-in Yield(1)(3)		Net Interest Margin(7)
+ 1.50% or less	$	—	$	5,647,848	+1.53	%	$	8,341,383	+3.24	%	+1.71	%
+ 1.51% to + 1.75%	—		2,679,699		+1.82	%	3,723,365		+3.49	%	+1.67	%
+ 1.76% to + 2.00%	42,908		1,850,809		+2.11	%	2,913,067		+3.92	%	+1.81	%
+ 2.01% or more	69,170		2,518,702		+2.64	%	3,616,503		+4.30	%	+1.66	%
Total	$	112,078	$	12,697,058	+1.89	%	$	18,594,318	+3.58	%	+1.69	%

(1)The spread, all-in cost, and all-in yield are expressed over the relevant floating benchmark rates, which include SOFR, SONIA, EURIBOR, and other indices as applicable.

(2)Represents the amount of new borrowings we obtained approval for during the six months ended June 30, 2024 and year ended December 31, 2023, respectively.

(3)In addition to spread, the cost includes the associated deferred fees and expenses related to the respective borrowings. 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. All-in yield excludes loans accounted for under the cost-recovery and nonaccrual methods, if any, and the REO asset.

(4)Represents the weighted-average all-in cost as of June 30, 2024 and December 31, 2023, respectively, and is not necessarily indicative of the spread applicable to recent or future borrowings.

(5)Represents the principal balance of the collateral assets and the book value of the REO asset.

(6)Represents the difference between the weighted-average all-in yield and weighted-average all-in cost.

The following tables detail our securitized debt obligations and the underlying collateral assets that are financed by our CLOs ($ in thousands):

	June 30, 2024
Securitized Debt Obligations		Count	Principal  Balance		Book Value(1)		Wtd. Avg.  Yield/Cost(2)(3)		Term(4)
2021 FL4 Collateralized Loan Obligation
Senior CLO Securities Outstanding		1	$	785,452	$	784,778	+ 1.47	%	May 2038
Underlying Collateral Assets		26	981,703		981,703		+ 3.26	%	March 2026
2020 FL3 Collateralized Loan Obligation
Senior CLO Securities Outstanding		1	689,384		689,384		+ 1.84	%	November 2037
Underlying Collateral Assets		15	880,634		880,634		+ 2.93	%	January 2026
2020 FL2 Collateralized Loan Obligation
Senior CLO Securities Outstanding		1	853,656		853,612		+ 1.36	%	February 2038
Underlying Collateral Assets		15	1,110,530		1,110,530		+ 2.86	%	March 2026
Total
Senior CLO Securities Outstanding(5)		3	$	2,328,492	$	2,327,774	+1.54	%
Underlying Collateral Assets		56	$	2,972,867	$	2,972,867	+ 3.00	%

(1)The book value of underlying collateral assets excludes any applicable CECL reserves.

(2)In addition to cash coupon, all-in yield includes the amortization of deferred origination and extension fees, loan origination costs, purchase discounts, and accrual of exit fees.

(3)The weighted-average all-in yield and cost are expressed as a spread over SOFR. All-in yield excludes loans accounted for under the cost-recovery and nonaccrual methods, if any.

(4)Underlying Collateral Assets term represents the weighted-average final maturity of such loans, assuming all extension options are exercised by the borrower. Repayments of securitized debt obligations are tied to timing of the related collateral loan asset repayments. The term of these obligations represents the rated final distribution date of the securitizations.

(5)During the three and six months ended June 30, 2024, we recorded $40.2 million and $81.7 million, respectively, of interest expense related to our securitized debt obligations.

	December 31, 2023
Securitized Debt Obligations		Count	Principal  Balance		Book Value(1)		Wtd. Avg.  Yield/Cost(2)(3)		Term(4)
2021 FL4 Collateralized Loan Obligation
Senior CLO Securities Outstanding		1	$	803,750	$	801,800	+ 1.70	%	May 2038
Underlying Collateral Assets		26	1,000,000		1,000,000		+ 3.28	%	December 2025
2020 FL3 Collateralized Loan Obligation
Senior CLO Securities Outstanding		1	714,352		714,352		+ 2.18	%	November 2037
Underlying Collateral Assets		15	905,602		905,602		+ 2.87	%	September 2025
2020 FL2 Collateralized Loan Obligation
Senior CLO Securities Outstanding		1	989,412		989,265		+ 1.57	%	February 2038
Underlying Collateral Assets		15	1,246,287		1,246,287		+ 2.85	%	October 2025
Total
Senior CLO Securities Outstanding(5)		3	$	2,507,514	$	2,505,417	+1.79	%
Underlying Collateral Assets		56	$	3,151,889	$	3,151,889	+2.99	%

(1)The book value of underlying collateral assets excludes any applicable CECL reserves.

(2)In addition to cash coupon, all-in yield includes the amortization of deferred origination and extension fees, loan origination costs, purchase discounts, and accrual of exit fees.

(3)The weighted-average all-in yield and cost are expressed as a spread over SOFR. All-in yield excludes loans accounted for under the cost-recovery and nonaccrual methods, if any.

(4)Underlying Collateral Assets term represents the weighted-average final maturity of such loans, assuming all extension options are exercised by the borrower. Repayments of securitized debt obligations are tied to timing of the related collateral loan asset repayments. The term of these obligations represents the rated final distribution date of the securitizations.

(5)During the three and six months ended June 30, 2023, we recorded $43.3 million and $83.1 million, respectively, of interest expense related to our securitized debt obligations.

The following table details our asset-specific debt ($ in thousands):

	June 30, 2024
Asset-Specific Debt		Count	Principal  Balance		Book Value(1)		Wtd. Avg. Yield/Cost(2)		Wtd. Avg.  Term(3)
Financing provided		2	$	1,125,854	$	1,120,760	+ 3.18	%	May 2026
Collateral assets		2	$	1,342,810	$	1,333,335	+ 4.04	%	May 2026
	December 31, 2023
Asset-Specific Debt		Count	Principal  Balance		Book Value(1)		Wtd. Avg.  Yield/Cost(2)		Wtd. Avg.  Term(3)
Financing provided		2	$	1,004,097	$	1,000,210	+ 3.14	%	March 2026
Collateral assets		2	$	1,194,408	$	1,186,559	+ 3.98	%	March 2026

(1)The book value of underlying collateral assets excludes any applicable CECL reserves.

(2)The weighted-average all-in yield and cost are expressed as a spread over SOFR. These floating rate loans and related liabilities are currency and index-matched to the applicable benchmark rate relevant in each arrangement. In addition to cash coupon, yield/cost includes the amortization of deferred origination fees and financing costs.

(3)The weighted-average term is determined based on the maximum maturity of the corresponding loans, assuming all extension options are exercised by the borrower. Our non-recourse, asset-specific debt is term-matched in each case to the corresponding collateral loans.

As of June 30, 2024, the following senior term loan facilities, or Term Loans, were outstanding ($ in thousands):

Term Loans	Face Value		Interest Rate(1)		All-in Cost(1)(2)		Maturity
B-1 Term Loan	$	906,096	+ 2.36	%	+ 2.65	%	April 23, 2026
B-3 Term Loan	408,829		+ 2.86	%	+ 3.54	%	April 23, 2026
B-4 Term Loan	809,298		+ 3.50	%	+ 4.11	%	May 9, 2029
Total face value	$	2,124,223

(1)The B-3 Term Loan and the B-4 Term Loan borrowings are subject to a floor of 0.50%. The Term Loans are indexed to one-month SOFR.

(2)Includes issue discount and transaction expenses that are amortized through interest expense over the life of the Term Loans.

The following table details the net book value of our Term Loans on our consolidated balance sheets ($ in thousands):

	June 30, 2024		December 31, 2023
Face value	$	2,124,223	$	2,135,221
Deferred financing costs and unamortized discount	(29,024)		(33,589)
Net book value	$	2,095,199	$	2,101,632

As of June 30, 2024, the following senior secured notes, or Senior Secured Notes, were outstanding ($ in thousands):

Senior Secured Notes	Face Value		Interest Rate		All-in Cost(1)		Maturity
Senior Secured Notes	$	339,918	3.75	%	4.02	%	January 15, 2027

(1)Includes transaction expenses that are amortized through interest expense over the life of the Senior Secured Notes.

The following table details the net book value of our Senior Secured Notes on our consolidated balance sheets ($ in thousands):

	June 30, 2024		December 31, 2023
Face value	$	339,918	$	366,090
Deferred financing costs	(2,582)		(3,327)
Net book value	$	337,336	$	362,763

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Loan Participations Sold, Net (Tables)

6 Months Ended

Jun. 30, 2024

Loan Participations Sold [Abstract]

Schedule Of Loan Participations Sold

The following table details our loan participations sold ($ in thousands):

	June 30, 2024
Loan Participations Sold		Count	Principal  Balance		Book Value(1)		Wtd. Avg.  Yield/Cost(2)		Term(3)
Junior Participations
Loan Participation		2	$	100,580	$	100,442	+ 7.39	%	February 2026
Total Loan		2	428,151		427,701		+ 4.07	%	February 2026
Total
Loan Participation(4)		2	$	100,580	$	100,442
Total Loan		2	$	428,151	$	427,701
	December 31, 2023
Loan Participations Sold		Count	Principal  Balance		Book Value(1)		Wtd. Avg.  Yield/Cost(2)		Term(3)
Senior Participations
Loan Participation		1	$	236,797	$	236,499	+ 3.22	%	March 2027
Total Loan		1	295,996		294,783		+ 4.86	%	March 2027
Junior Participations
Loan Participation		2	$	100,924	$	100,680	+ 7.50	%	February 2026
Total Loan		2	401,569		399,603		+ 4.75	%	February 2026
Total
Loan Participation(4)		3	$	337,721	$	337,179
Total Loan		3	$	697,565	$	694,386

(1)The book value of underlying collateral assets excludes any applicable CECL reserves.

(2)The weighted-average all-in yield and cost are expressed over the relevant floating benchmark rates, which include SOFR and SONIA, as applicable. This non-debt participation sold structure is inherently matched in terms of currency and interest rate. In addition to cash coupon, yield/cost includes the amortization of deferred fees and financing costs.

(3)The term is determined based on the maximum maturity of the loan, assuming all extension options are exercised by the borrower. Our loan participations sold are inherently non-recourse and term-matched to the corresponding loan.

(4)During the three and six months ended June 30, 2024, we recorded $7.7 million and $15.7 million, respectively, of interest expense related to our loan participations sold. During the year ended December 31, 2023, we recorded $20.6 million of interest expense related to our loan participations sold.

XML

Term Loans, Net (Tables)

6 Months Ended

Jun. 30, 2024

Debt Disclosure [Abstract]

Schedule of Long-Term Debt

The following table details our secured debt ($ in thousands):

	Secured Debt Borrowings Outstanding
	June 30, 2024		December 31, 2023
Secured credit facilities	$	12,110,576	$	12,697,058
Deferred financing costs(1)	(13,871)		(13,963)
Net book value of secured debt	$	12,096,705	$	12,683,095

(1)Costs incurred in connection with our secured debt are recorded on our consolidated balance sheets when incurred and recognized as a component of interest expense over the life of each related facility.

The following table details our secured credit facilities by spread over the applicable base rates as of June 30, 2024 ($ in thousands):

June 30, 2024
									Recourse Limitation
Currency	Lenders(1)	Borrowings		Wtd. Avg. Maturity(2)	Loan Count	Collateral(3)		Wtd. Avg. Maturity(4)	Wtd. Avg.	Range
USD	13	$	6,175,087	July 2026	117	$	10,084,270	August 2026	36%	25% - 100%
GBP	7	2,352,502		October 2026	18	3,128,584		October 2026	26%	25% - 50%
EUR	7	1,983,929		September 2025	11	2,726,991		September 2025	42%	25% - 100%
Others(5)	4	1,599,058		July 2027	7	2,018,500		July 2027	25%	25%
Total	15	$	12,110,576	August 2026	153	$	17,958,345	August 2026	34%	25% - 100%

(1)Represents the number of lenders with fundings advanced in each respective currency, as well as the total number of facility lenders.

(2)Our secured debt agreements are generally term-matched to their underlying collateral. Therefore, the weighted-average maturity is generally allocated based on the maximum maturity date of the collateral loans, assuming all extension options are exercised by the borrower. In limited instances, the maturity date of the respective secured credit facility is used.

(3)Represents the principal balance of the collateral assets and the book value of the REO asset.

(4)Maximum maturity assumes all extension options are exercised by the borrower, however our loans may be repaid prior to such date.

(5)Includes Australian Dollar, Danish Krone, Swedish Krona, and Swiss Franc currencies.

The following tables detail the spread of our secured debt as of June 30, 2024 and December 31, 2023 ($ in thousands):

	Six Months Ended June 30, 2024		June 30, 2024
Spread(1)	New Financings(2)		Total Borrowings		Wtd. Avg. All-in Cost(1)(3)(4)		Collateral(5)		Wtd. Avg. All-in Yield(1)(3)		Net Interest  Margin(6)
+ 1.50% or less	$	23,000	$	5,522,099	+1.52	%	$	8,265,569	+3.27	%	+1.75	%
+ 1.51% to + 1.75%	—		2,338,407		+1.81	%	3,226,135		+3.44	%	+1.63	%
+ 1.76% to + 2.00%	—		1,644,666		+2.10	%	2,696,203		+3.85	%	+1.75	%
+ 2.01% or more	434,412		2,605,404		+2.60	%	3,770,438		+4.30	%	+1.70	%
Total	$	457,412	$	12,110,576	+1.89	%	$	17,958,345	+3.60	%	+1.71	%

	Year Ended December 31, 2023		December 31, 2023
Spread(1)	New Financings(2)		Total Borrowings		Wtd. Avg. All-in Cost(1)(3)(4)		Collateral(5)		Wtd. Avg. All-in Yield(1)(3)		Net Interest Margin(7)
+ 1.50% or less	$	—	$	5,647,848	+1.53	%	$	8,341,383	+3.24	%	+1.71	%
+ 1.51% to + 1.75%	—		2,679,699		+1.82	%	3,723,365		+3.49	%	+1.67	%
+ 1.76% to + 2.00%	42,908		1,850,809		+2.11	%	2,913,067		+3.92	%	+1.81	%
+ 2.01% or more	69,170		2,518,702		+2.64	%	3,616,503		+4.30	%	+1.66	%
Total	$	112,078	$	12,697,058	+1.89	%	$	18,594,318	+3.58	%	+1.69	%

(1)The spread, all-in cost, and all-in yield are expressed over the relevant floating benchmark rates, which include SOFR, SONIA, EURIBOR, and other indices as applicable.

(2)Represents the amount of new borrowings we obtained approval for during the six months ended June 30, 2024 and year ended December 31, 2023, respectively.

(3)In addition to spread, the cost includes the associated deferred fees and expenses related to the respective borrowings. 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. All-in yield excludes loans accounted for under the cost-recovery and nonaccrual methods, if any, and the REO asset.

(4)Represents the weighted-average all-in cost as of June 30, 2024 and December 31, 2023, respectively, and is not necessarily indicative of the spread applicable to recent or future borrowings.

(5)Represents the principal balance of the collateral assets and the book value of the REO asset.

(6)Represents the difference between the weighted-average all-in yield and weighted-average all-in cost.

The following tables detail our securitized debt obligations and the underlying collateral assets that are financed by our CLOs ($ in thousands):

	June 30, 2024
Securitized Debt Obligations		Count	Principal  Balance		Book Value(1)		Wtd. Avg.  Yield/Cost(2)(3)		Term(4)
2021 FL4 Collateralized Loan Obligation
Senior CLO Securities Outstanding		1	$	785,452	$	784,778	+ 1.47	%	May 2038
Underlying Collateral Assets		26	981,703		981,703		+ 3.26	%	March 2026
2020 FL3 Collateralized Loan Obligation
Senior CLO Securities Outstanding		1	689,384		689,384		+ 1.84	%	November 2037
Underlying Collateral Assets		15	880,634		880,634		+ 2.93	%	January 2026
2020 FL2 Collateralized Loan Obligation
Senior CLO Securities Outstanding		1	853,656		853,612		+ 1.36	%	February 2038
Underlying Collateral Assets		15	1,110,530		1,110,530		+ 2.86	%	March 2026
Total
Senior CLO Securities Outstanding(5)		3	$	2,328,492	$	2,327,774	+1.54	%
Underlying Collateral Assets		56	$	2,972,867	$	2,972,867	+ 3.00	%

(1)The book value of underlying collateral assets excludes any applicable CECL reserves.

(2)In addition to cash coupon, all-in yield includes the amortization of deferred origination and extension fees, loan origination costs, purchase discounts, and accrual of exit fees.

(3)The weighted-average all-in yield and cost are expressed as a spread over SOFR. All-in yield excludes loans accounted for under the cost-recovery and nonaccrual methods, if any.

(4)Underlying Collateral Assets term represents the weighted-average final maturity of such loans, assuming all extension options are exercised by the borrower. Repayments of securitized debt obligations are tied to timing of the related collateral loan asset repayments. The term of these obligations represents the rated final distribution date of the securitizations.

(5)During the three and six months ended June 30, 2024, we recorded $40.2 million and $81.7 million, respectively, of interest expense related to our securitized debt obligations.

	December 31, 2023
Securitized Debt Obligations		Count	Principal  Balance		Book Value(1)		Wtd. Avg.  Yield/Cost(2)(3)		Term(4)
2021 FL4 Collateralized Loan Obligation
Senior CLO Securities Outstanding		1	$	803,750	$	801,800	+ 1.70	%	May 2038
Underlying Collateral Assets		26	1,000,000		1,000,000		+ 3.28	%	December 2025
2020 FL3 Collateralized Loan Obligation
Senior CLO Securities Outstanding		1	714,352		714,352		+ 2.18	%	November 2037
Underlying Collateral Assets		15	905,602		905,602		+ 2.87	%	September 2025
2020 FL2 Collateralized Loan Obligation
Senior CLO Securities Outstanding		1	989,412		989,265		+ 1.57	%	February 2038
Underlying Collateral Assets		15	1,246,287		1,246,287		+ 2.85	%	October 2025
Total
Senior CLO Securities Outstanding(5)		3	$	2,507,514	$	2,505,417	+1.79	%
Underlying Collateral Assets		56	$	3,151,889	$	3,151,889	+2.99	%

(1)The book value of underlying collateral assets excludes any applicable CECL reserves.

(2)In addition to cash coupon, all-in yield includes the amortization of deferred origination and extension fees, loan origination costs, purchase discounts, and accrual of exit fees.

(3)The weighted-average all-in yield and cost are expressed as a spread over SOFR. All-in yield excludes loans accounted for under the cost-recovery and nonaccrual methods, if any.

(4)Underlying Collateral Assets term represents the weighted-average final maturity of such loans, assuming all extension options are exercised by the borrower. Repayments of securitized debt obligations are tied to timing of the related collateral loan asset repayments. The term of these obligations represents the rated final distribution date of the securitizations.

(5)During the three and six months ended June 30, 2023, we recorded $43.3 million and $83.1 million, respectively, of interest expense related to our securitized debt obligations.

The following table details our asset-specific debt ($ in thousands):

	June 30, 2024
Asset-Specific Debt		Count	Principal  Balance		Book Value(1)		Wtd. Avg. Yield/Cost(2)		Wtd. Avg.  Term(3)
Financing provided		2	$	1,125,854	$	1,120,760	+ 3.18	%	May 2026
Collateral assets		2	$	1,342,810	$	1,333,335	+ 4.04	%	May 2026
	December 31, 2023
Asset-Specific Debt		Count	Principal  Balance		Book Value(1)		Wtd. Avg.  Yield/Cost(2)		Wtd. Avg.  Term(3)
Financing provided		2	$	1,004,097	$	1,000,210	+ 3.14	%	March 2026
Collateral assets		2	$	1,194,408	$	1,186,559	+ 3.98	%	March 2026

(1)The book value of underlying collateral assets excludes any applicable CECL reserves.

(2)The weighted-average all-in yield and cost are expressed as a spread over SOFR. These floating rate loans and related liabilities are currency and index-matched to the applicable benchmark rate relevant in each arrangement. In addition to cash coupon, yield/cost includes the amortization of deferred origination fees and financing costs.

(3)The weighted-average term is determined based on the maximum maturity of the corresponding loans, assuming all extension options are exercised by the borrower. Our non-recourse, asset-specific debt is term-matched in each case to the corresponding collateral loans.

As of June 30, 2024, the following senior term loan facilities, or Term Loans, were outstanding ($ in thousands):

Term Loans	Face Value		Interest Rate(1)		All-in Cost(1)(2)		Maturity
B-1 Term Loan	$	906,096	+ 2.36	%	+ 2.65	%	April 23, 2026
B-3 Term Loan	408,829		+ 2.86	%	+ 3.54	%	April 23, 2026
B-4 Term Loan	809,298		+ 3.50	%	+ 4.11	%	May 9, 2029
Total face value	$	2,124,223

(1)The B-3 Term Loan and the B-4 Term Loan borrowings are subject to a floor of 0.50%. The Term Loans are indexed to one-month SOFR.

(2)Includes issue discount and transaction expenses that are amortized through interest expense over the life of the Term Loans.

The following table details the net book value of our Term Loans on our consolidated balance sheets ($ in thousands):

	June 30, 2024		December 31, 2023
Face value	$	2,124,223	$	2,135,221
Deferred financing costs and unamortized discount	(29,024)		(33,589)
Net book value	$	2,095,199	$	2,101,632

As of June 30, 2024, the following senior secured notes, or Senior Secured Notes, were outstanding ($ in thousands):

Senior Secured Notes	Face Value		Interest Rate		All-in Cost(1)		Maturity
Senior Secured Notes	$	339,918	3.75	%	4.02	%	January 15, 2027

(1)Includes transaction expenses that are amortized through interest expense over the life of the Senior Secured Notes.

The following table details the net book value of our Senior Secured Notes on our consolidated balance sheets ($ in thousands):

	June 30, 2024		December 31, 2023
Face value	$	339,918	$	366,090
Deferred financing costs	(2,582)		(3,327)
Net book value	$	337,336	$	362,763

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Senior Secured Notes, Net (Tables)

6 Months Ended

Jun. 30, 2024

Debt Disclosure [Abstract]

Schedule of Long-Term Debt

The following table details our secured debt ($ in thousands):

	Secured Debt Borrowings Outstanding
	June 30, 2024		December 31, 2023
Secured credit facilities	$	12,110,576	$	12,697,058
Deferred financing costs(1)	(13,871)		(13,963)
Net book value of secured debt	$	12,096,705	$	12,683,095

(1)Costs incurred in connection with our secured debt are recorded on our consolidated balance sheets when incurred and recognized as a component of interest expense over the life of each related facility.

The following table details our secured credit facilities by spread over the applicable base rates as of June 30, 2024 ($ in thousands):

June 30, 2024
									Recourse Limitation
Currency	Lenders(1)	Borrowings		Wtd. Avg. Maturity(2)	Loan Count	Collateral(3)		Wtd. Avg. Maturity(4)	Wtd. Avg.	Range
USD	13	$	6,175,087	July 2026	117	$	10,084,270	August 2026	36%	25% - 100%
GBP	7	2,352,502		October 2026	18	3,128,584		October 2026	26%	25% - 50%
EUR	7	1,983,929		September 2025	11	2,726,991		September 2025	42%	25% - 100%
Others(5)	4	1,599,058		July 2027	7	2,018,500		July 2027	25%	25%
Total	15	$	12,110,576	August 2026	153	$	17,958,345	August 2026	34%	25% - 100%

(1)Represents the number of lenders with fundings advanced in each respective currency, as well as the total number of facility lenders.

(2)Our secured debt agreements are generally term-matched to their underlying collateral. Therefore, the weighted-average maturity is generally allocated based on the maximum maturity date of the collateral loans, assuming all extension options are exercised by the borrower. In limited instances, the maturity date of the respective secured credit facility is used.

(3)Represents the principal balance of the collateral assets and the book value of the REO asset.

(4)Maximum maturity assumes all extension options are exercised by the borrower, however our loans may be repaid prior to such date.

(5)Includes Australian Dollar, Danish Krone, Swedish Krona, and Swiss Franc currencies.

The following tables detail the spread of our secured debt as of June 30, 2024 and December 31, 2023 ($ in thousands):

	Six Months Ended June 30, 2024		June 30, 2024
Spread(1)	New Financings(2)		Total Borrowings		Wtd. Avg. All-in Cost(1)(3)(4)		Collateral(5)		Wtd. Avg. All-in Yield(1)(3)		Net Interest  Margin(6)
+ 1.50% or less	$	23,000	$	5,522,099	+1.52	%	$	8,265,569	+3.27	%	+1.75	%
+ 1.51% to + 1.75%	—		2,338,407		+1.81	%	3,226,135		+3.44	%	+1.63	%
+ 1.76% to + 2.00%	—		1,644,666		+2.10	%	2,696,203		+3.85	%	+1.75	%
+ 2.01% or more	434,412		2,605,404		+2.60	%	3,770,438		+4.30	%	+1.70	%
Total	$	457,412	$	12,110,576	+1.89	%	$	17,958,345	+3.60	%	+1.71	%

	Year Ended December 31, 2023		December 31, 2023
Spread(1)	New Financings(2)		Total Borrowings		Wtd. Avg. All-in Cost(1)(3)(4)		Collateral(5)		Wtd. Avg. All-in Yield(1)(3)		Net Interest Margin(7)
+ 1.50% or less	$	—	$	5,647,848	+1.53	%	$	8,341,383	+3.24	%	+1.71	%
+ 1.51% to + 1.75%	—		2,679,699		+1.82	%	3,723,365		+3.49	%	+1.67	%
+ 1.76% to + 2.00%	42,908		1,850,809		+2.11	%	2,913,067		+3.92	%	+1.81	%
+ 2.01% or more	69,170		2,518,702		+2.64	%	3,616,503		+4.30	%	+1.66	%
Total	$	112,078	$	12,697,058	+1.89	%	$	18,594,318	+3.58	%	+1.69	%

(1)The spread, all-in cost, and all-in yield are expressed over the relevant floating benchmark rates, which include SOFR, SONIA, EURIBOR, and other indices as applicable.

(2)Represents the amount of new borrowings we obtained approval for during the six months ended June 30, 2024 and year ended December 31, 2023, respectively.

(3)In addition to spread, the cost includes the associated deferred fees and expenses related to the respective borrowings. 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. All-in yield excludes loans accounted for under the cost-recovery and nonaccrual methods, if any, and the REO asset.

(4)Represents the weighted-average all-in cost as of June 30, 2024 and December 31, 2023, respectively, and is not necessarily indicative of the spread applicable to recent or future borrowings.

(5)Represents the principal balance of the collateral assets and the book value of the REO asset.

(6)Represents the difference between the weighted-average all-in yield and weighted-average all-in cost.

The following tables detail our securitized debt obligations and the underlying collateral assets that are financed by our CLOs ($ in thousands):

	June 30, 2024
Securitized Debt Obligations		Count	Principal  Balance		Book Value(1)		Wtd. Avg.  Yield/Cost(2)(3)		Term(4)
2021 FL4 Collateralized Loan Obligation
Senior CLO Securities Outstanding		1	$	785,452	$	784,778	+ 1.47	%	May 2038
Underlying Collateral Assets		26	981,703		981,703		+ 3.26	%	March 2026
2020 FL3 Collateralized Loan Obligation
Senior CLO Securities Outstanding		1	689,384		689,384		+ 1.84	%	November 2037
Underlying Collateral Assets		15	880,634		880,634		+ 2.93	%	January 2026
2020 FL2 Collateralized Loan Obligation
Senior CLO Securities Outstanding		1	853,656		853,612		+ 1.36	%	February 2038
Underlying Collateral Assets		15	1,110,530		1,110,530		+ 2.86	%	March 2026
Total
Senior CLO Securities Outstanding(5)		3	$	2,328,492	$	2,327,774	+1.54	%
Underlying Collateral Assets		56	$	2,972,867	$	2,972,867	+ 3.00	%

(1)The book value of underlying collateral assets excludes any applicable CECL reserves.

(2)In addition to cash coupon, all-in yield includes the amortization of deferred origination and extension fees, loan origination costs, purchase discounts, and accrual of exit fees.

(3)The weighted-average all-in yield and cost are expressed as a spread over SOFR. All-in yield excludes loans accounted for under the cost-recovery and nonaccrual methods, if any.

(4)Underlying Collateral Assets term represents the weighted-average final maturity of such loans, assuming all extension options are exercised by the borrower. Repayments of securitized debt obligations are tied to timing of the related collateral loan asset repayments. The term of these obligations represents the rated final distribution date of the securitizations.

(5)During the three and six months ended June 30, 2024, we recorded $40.2 million and $81.7 million, respectively, of interest expense related to our securitized debt obligations.

	December 31, 2023
Securitized Debt Obligations		Count	Principal  Balance		Book Value(1)		Wtd. Avg.  Yield/Cost(2)(3)		Term(4)
2021 FL4 Collateralized Loan Obligation
Senior CLO Securities Outstanding		1	$	803,750	$	801,800	+ 1.70	%	May 2038
Underlying Collateral Assets		26	1,000,000		1,000,000		+ 3.28	%	December 2025
2020 FL3 Collateralized Loan Obligation
Senior CLO Securities Outstanding		1	714,352		714,352		+ 2.18	%	November 2037
Underlying Collateral Assets		15	905,602		905,602		+ 2.87	%	September 2025
2020 FL2 Collateralized Loan Obligation
Senior CLO Securities Outstanding		1	989,412		989,265		+ 1.57	%	February 2038
Underlying Collateral Assets		15	1,246,287		1,246,287		+ 2.85	%	October 2025
Total
Senior CLO Securities Outstanding(5)		3	$	2,507,514	$	2,505,417	+1.79	%
Underlying Collateral Assets		56	$	3,151,889	$	3,151,889	+2.99	%

(1)The book value of underlying collateral assets excludes any applicable CECL reserves.

(2)In addition to cash coupon, all-in yield includes the amortization of deferred origination and extension fees, loan origination costs, purchase discounts, and accrual of exit fees.

(3)The weighted-average all-in yield and cost are expressed as a spread over SOFR. All-in yield excludes loans accounted for under the cost-recovery and nonaccrual methods, if any.

(4)Underlying Collateral Assets term represents the weighted-average final maturity of such loans, assuming all extension options are exercised by the borrower. Repayments of securitized debt obligations are tied to timing of the related collateral loan asset repayments. The term of these obligations represents the rated final distribution date of the securitizations.

(5)During the three and six months ended June 30, 2023, we recorded $43.3 million and $83.1 million, respectively, of interest expense related to our securitized debt obligations.

The following table details our asset-specific debt ($ in thousands):

	June 30, 2024
Asset-Specific Debt		Count	Principal  Balance		Book Value(1)		Wtd. Avg. Yield/Cost(2)		Wtd. Avg.  Term(3)
Financing provided		2	$	1,125,854	$	1,120,760	+ 3.18	%	May 2026
Collateral assets		2	$	1,342,810	$	1,333,335	+ 4.04	%	May 2026
	December 31, 2023
Asset-Specific Debt		Count	Principal  Balance		Book Value(1)		Wtd. Avg.  Yield/Cost(2)		Wtd. Avg.  Term(3)
Financing provided		2	$	1,004,097	$	1,000,210	+ 3.14	%	March 2026
Collateral assets		2	$	1,194,408	$	1,186,559	+ 3.98	%	March 2026

(1)The book value of underlying collateral assets excludes any applicable CECL reserves.

(2)The weighted-average all-in yield and cost are expressed as a spread over SOFR. These floating rate loans and related liabilities are currency and index-matched to the applicable benchmark rate relevant in each arrangement. In addition to cash coupon, yield/cost includes the amortization of deferred origination fees and financing costs.

(3)The weighted-average term is determined based on the maximum maturity of the corresponding loans, assuming all extension options are exercised by the borrower. Our non-recourse, asset-specific debt is term-matched in each case to the corresponding collateral loans.

As of June 30, 2024, the following senior term loan facilities, or Term Loans, were outstanding ($ in thousands):

Term Loans	Face Value		Interest Rate(1)		All-in Cost(1)(2)		Maturity
B-1 Term Loan	$	906,096	+ 2.36	%	+ 2.65	%	April 23, 2026
B-3 Term Loan	408,829		+ 2.86	%	+ 3.54	%	April 23, 2026
B-4 Term Loan	809,298		+ 3.50	%	+ 4.11	%	May 9, 2029
Total face value	$	2,124,223

(1)The B-3 Term Loan and the B-4 Term Loan borrowings are subject to a floor of 0.50%. The Term Loans are indexed to one-month SOFR.

(2)Includes issue discount and transaction expenses that are amortized through interest expense over the life of the Term Loans.

The following table details the net book value of our Term Loans on our consolidated balance sheets ($ in thousands):

	June 30, 2024		December 31, 2023
Face value	$	2,124,223	$	2,135,221
Deferred financing costs and unamortized discount	(29,024)		(33,589)
Net book value	$	2,095,199	$	2,101,632

As of June 30, 2024, the following senior secured notes, or Senior Secured Notes, were outstanding ($ in thousands):

Senior Secured Notes	Face Value		Interest Rate		All-in Cost(1)		Maturity
Senior Secured Notes	$	339,918	3.75	%	4.02	%	January 15, 2027

(1)Includes transaction expenses that are amortized through interest expense over the life of the Senior Secured Notes.

The following table details the net book value of our Senior Secured Notes on our consolidated balance sheets ($ in thousands):

	June 30, 2024		December 31, 2023
Face value	$	339,918	$	366,090
Deferred financing costs	(2,582)		(3,327)
Net book value	$	337,336	$	362,763

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Convertible Notes, Net (Tables)

6 Months Ended

Jun. 30, 2024

Debt Instruments [Abstract]

Summary of Convertible Debt

As of June 30, 2024, the following convertible senior notes, or Convertible Notes, were outstanding ($ in thousands):

Convertible Notes Issuance	Face Value		Interest Rate	All-in Cost(1)	Conversion Price(2)	Maturity
March 2022 convertible notes	$	300,000	5.50%	5.94%	$36.27	March 15, 2027

(1)Includes issuance costs that are amortized through interest expense over the life of the Convertible Notes using the effective interest method.

(2)Represents the price of class A common stock per share based on a conversion rate of 27.5702 for the Convertible Notes. The conversion rate represents the number of shares of class A common stock issuable per $1,000 principal amount of Convertible Notes. The cumulative dividend threshold has not been exceeded as of June 30, 2024.

The following table details the net book value of our Convertible Notes on our consolidated balance sheets ($ in thousands):

	June 30, 2024		December 31, 2023
Face value	$	300,000	$	300,000
Deferred financing costs and unamortized discount	(3,514)		(4,153)
Net book value	$	296,486	$	295,847

The following table details our interest expense related to the Convertible Notes ($ in thousands):

	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Cash coupon	$	4,125	$	4,125	$	8,250	$	10,389
Discount and issuance cost amortization	319		319		639		950
Total interest expense	$	4,444	$	4,444	$	8,889	$	11,339

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Derivative Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Summary of Outstanding Foreign Exchange Derivatives

The following table details our outstanding foreign exchange derivatives that were designated as net investment hedges of foreign currency risk (notional amounts in thousands):

June 30, 2024				December 31, 2023
Foreign Currency Derivatives	Number of  Instruments	Notional  Amount		Foreign Currency Derivatives	Number of  Instruments	Notional  Amount
Buy USD / Sell SEK Forward	2	kr	973,598	Buy USD / Sell SEK Forward	2	kr	973,246
Buy USD / Sell EUR Forward	9	€	717,588	Buy USD / Sell GBP Forward	7	£	696,919
Buy USD / Sell GBP Forward	9	£	638,650	Buy USD / Sell EUR Forward	8	€	673,644
Buy USD / Sell AUD Forward	9	A$	494,881	Buy USD / Sell AUD Forward	10	A$	471,989
Buy USD / Sell DKK Forward	3	kr.	197,059	Buy USD / Sell DKK Forward	2	kr.	195,674
Buy USD / Sell CHF Forward	2	CHF	6,752	Buy USD / Sell CHF Forward	4	CHF	8,352

The following table details our outstanding foreign exchange derivatives that were non-designated hedges of foreign currency risk (notional amounts in thousands):

June 30, 2024				December 31, 2023
Non-designated Hedges	Number of  Instruments	Notional  Amount		Non-designated Hedges	Number of  Instruments	Notional  Amount
Buy GBP / Sell USD Forward	2	£	65,000	Buy SEK / Sell USD Forward	1	kr	30,800
Buy USD / Sell GBP Forward	2	£	65,000	Buy USD / Sell SEK Forward	1	kr	30,800
Buy EUR / Sell USD Forward	1	€	2,500	Buy GBP / Sell USD Forward	2	£	26,900
Buy USD / Sell EUR Forward	1	€	2,500	Buy USD / Sell GBP Forward	2	£	26,900
Buy CHF / Sell USD Forward	1	CHF	2,000	Buy AUD / Sell USD Forward	1	A$	7,600
Buy USD / Sell CHF Forward	1	CHF	2,000	Buy USD / Sell AUD Forward	1	A$	7,600

Summary of Outstanding Interest Rate Derivatives Designated as Cash Flow Hedges of Interest Rate Risk

The following table details our outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk (notional amount in thousands):

June 30, 2024
Interest Rate Derivatives	Number of Instruments	Notional Amount		Fixed Rate	Index	Wtd. Avg. Maturity (Years)
Interest Rate Swaps	1	$	229,858	4.60%	SOFR	0.4
December 31, 2023
Interest Rate Derivatives	Number of Instruments	Notional Amount		Fixed Rate	Index	Wtd. Avg. Maturity (Years)
Interest Rate Swaps	1	$	229,858	4.60%	SOFR	0.9

Schedule of Derivative Instruments in Statement of Operations

The following table presents the effect of our derivative financial instruments on our consolidated statements of operations ($ in thousands):

		Increase (Decrease) to Net Interest Income Recognized from Derivatives
		Three Months Ended June 30,				Six Months Ended June 30,
Derivatives in Hedging Relationships	Location of Income  (Expense) Recognized	2024		2023		2024		2023
Designated Hedges	Interest Income(1)	$	4,455	$	7,072	$	8,867	$	15,479
Designated Hedges	Interest Expense(2)	420		75		845		75
Non-Designated Hedges	Interest Income(1)	(4)		51		(10)		68
Non-Designated Hedges	Interest Expense(3)	—		(43)		7		(62)
Total		$	4,871	$	7,155	$	9,709	$	15,560

(1)Represents the forward points earned on our foreign currency forward contracts, which reflect the interest rate differentials between the applicable base rate for our foreign currency investments and prevailing US interest rates. These forward contracts effectively convert the foreign currency rate exposure for such investments to USD-equivalent interest rates.

(2)Represents the financial statement impact of proceeds (payments) from periodic settlements related to our interest rate swap, which is designated as a cash flow hedge.

(3)Represents the spot rate movement in our non-designated foreign currency hedges, which are marked-to-market and recognized in interest expense.

Summary of Fair Value of Derivative Financial Instruments

The following table summarizes the fair value of our derivative financial instruments ($ in thousands):

	Fair Value of Derivatives in an Asset  Position(1) as of				Fair Value of Derivatives in a Liability Position(2) as of
	June 30, 2024		December 31, 2023		June 30, 2024		December 31, 2023
Derivatives designated as hedging instruments:
Foreign exchange contracts	$	4,230	$	30	$	23,052	$	92,922
Interest rate derivatives	545		317		—		—
Total derivatives designated as hedging instruments	$	4,775	$	347	$	23,052	$	92,922
Derivatives not designated as hedging instruments:
Foreign exchange contracts	$	103	$	1,543	$	1,343	$	1,895
Interest rate derivatives	—		—		—		—
Total derivatives not designated as hedging instruments	$	103	$	1,543	$	1,343	$	1,895
Total Derivatives	$	4,878	$	1,890	$	24,395	$	94,817

(1)Included in other assets in our consolidated balance sheets.

(2)Included in other liabilities in our consolidated balance sheets.

Summary of Effect of Derivative Financial Instruments on Consolidated Statements of Comprehensive Income And Operations

The following table presents the effect of our derivative financial instruments on our consolidated statements of comprehensive income and operations ($ in thousands):

Derivatives in Hedging Relationships	Amount of Gain (Loss) Recognized in OCI on Derivatives				Location of  Gain (Loss)  Reclassified from Accumulated OCI into Income	Amount of Gain Reclassified from  Accumulated OCI into Income
	Three Months Ended June 30, 2024		Six Months Ended June 30, 2024			Three Months Ended June 30, 2024		Six Months Ended June 30, 2024
Net Investment Hedges
Foreign exchange contracts(1)	$	(3,032)	$	42,709	Interest Expense	$	—	$	—
Cash Flow Hedges
Interest rate derivatives	242		1,074		Interest Expense(2)	420		845
Total	$	(2,790)	$	43,783		$	420	$	845

(1)During the three months ended June 30, 2024, we received net cash settlements of $45.7 million on our foreign currency forward contracts. During the six months ended June 30, 2024, we paid net cash settlements of $21.6 million on our foreign currency forward contracts. Those amounts are included as a component of accumulated other comprehensive income on our consolidated balance sheets.

(2)During the three and six months ended June 30, 2024, we recorded total interest and related expenses of $339.4 million and $683.1 million, respectively, which was reduced by $420,000 and $845,000, respectively, related to income generated by our cash flow hedges.

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Equity (Tables)

6 Months Ended

Jun. 30, 2024

Equity [Abstract]

Schedule of Movement in Outstanding Shares of Class A Common Stock, Restricted Class A Common Stock and Deferred Stock Units

The following table details the movement in our outstanding shares of class A common stock, including restricted class A common stock and deferred stock units:

	Six Months Ended June 30,
Common Stock Outstanding(1)	2024	2023
Beginning balance	173,569,397	172,106,593
Issuance of class A common stock(2)	3,165	3,613
Issuance of restricted class A common stock, net(3)(4)	406,400	505,432
Issuance of deferred stock units	29,649	34,126
Ending balance	174,008,611	172,649,764

(1)Includes 389,113 and 339,702 deferred stock units held by members of our board of directors as of June 30, 2024 and 2023, respectively.

(2)Represents shares issued under our dividend reinvestment program during the six months ended June 30, 2024 and 2023, respectively.

(3)Includes 41,282 and 25,482 shares of restricted class A common stock issued to our board of directors during the six months ended June 30, 2024 and 2023, respectively.

(4)Net of 97,985 shares of restricted class A common stock forfeited under our stock-based incentive plans during the six months June 30, 2024. No shares were forfeited during the six months ended June 30, 2023.

Schedule of Dividend Activity

The following table details our dividend activity ($ in thousands, except per share data):

	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Dividends declared per share of common stock	$	0.62	$	0.62	$	1.24	$	1.24
Class A common stock dividends declared	$	107,644	$	106,832	$	215,322	$	213,648
Deferred stock unit dividends declared	229		196		452		452
Total dividends declared	$	107,873	$	107,028	$	215,774	$	214,100

Schedule of Basic and Diluted Earnings Per Share, or EPS, Based on Weighted-Average of Both Restricted and Unrestricted Class A Common Stock Outstanding

The following table sets forth the calculation of basic and diluted net income per share of class A common stock based on the weighted-average of both restricted and unrestricted class A common stock outstanding ($ in thousands, except per share data):

	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Basic Earnings
Net (loss) income(1)	$	(61,057)	$	101,651	$	(184,895)	$	219,408
Weighted-average shares outstanding, basic	173,967,340		172,615,385		174,004,464		172,606,914
Per share amount, basic	$	(0.35)	$	0.59	$	(1.06)	$	1.27
Diluted Earnings
Net (loss) income(1)	$	(61,057)	$	101,651	$	(184,895)	$	219,408
Add back: Interest expense on Convertible Notes, net(2)(3)	—		3,556		—		7,111
Diluted earnings	$	(61,057)	$	105,207	$	(184,895)	$	226,519
Weighted-average shares outstanding, basic	173,967,340		172,615,385		174,004,464		172,606,914
Effect of dilutive securities - Convertible Notes(3)	—		8,271,060		—		8,271,060
Weighted-average common shares outstanding, diluted	173,967,340		180,886,445		174,004,464		180,877,974
Per share amount, diluted	$	(0.35)	$	0.58	$	(1.06)	$	1.25

(1)Represents net (loss) income attributable to Blackstone Mortgage Trust.

(2)Represents the interest expense on our Convertible Notes, net of incentive fees.

(3)For the three and six months ended June 30, 2024, our Convertible Notes were not included in the calculation of diluted earnings per share, as the impact is antidilutive. For the three and six months ended June 30, 2023, represents 8.3 million of weighted average shares, using the if-converted method, related to our March 2022 Convertible Notes. Refer to Note 12 for further discussion of our convertible notes.

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Other Expenses (Tables)

6 Months Ended

Jun. 30, 2024

Other Income and Expenses [Abstract]

Schedule of General and Administrative Expenses

General and administrative expenses consisted of the following ($ in thousands):

	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Professional services	$	3,817	$	3,291	$	7,957	$	6,570
Operating and other costs	1,881		2,066		3,357		3,997
Subtotal(1)	5,698		5,357		11,314		10,567
Non-cash compensation expenses
Restricted class A common stock earned	7,761		7,492		15,672		14,984
Director stock-based compensation	201		173		402		336
Subtotal	7,962		7,665		16,074		15,320
Total general and administrative expenses	$	13,660	$	13,022	$	27,388	$	25,887

(1)During the three and six months ended June 30, 2024, we recognized an aggregate $320,000 and $543,000, respectively, of expenses related to our Multifamily Joint Venture. During the three and six months ended June 30, 2023, we recognized an aggregate $288,000 and $596,000, respectively, of expenses related to our Multifamily Joint Venture.

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Stock-Based Incentive Plans (Tables)

6 Months Ended

Jun. 30, 2024

Share-Based Payment Arrangement [Abstract]

Movement in Outstanding Shares of Restricted Class A Common Stock and Weighted-Average Grant Date Fair Value Per Share

The following table details the movement in our outstanding shares of restricted class A common stock and the weighted-average grant date fair value per share:

	Restricted Class A  Common Stock	Weighted-Average  Grant Date Fair  Value Per Share
Balance as of December 31, 2023	2,180,181	$	24.41
Granted	504,385	21.13
Vested	(648,421)	25.14
Forfeited	(97,985)	24.23
Balance as of June 30, 2024	1,938,160	$	23.32

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Fair Values (Tables)

6 Months Ended

Jun. 30, 2024

Fair Value Disclosures [Abstract]

Assets and Liabilities Measured at Fair Value on Recurring Basis

The following table summarizes our assets and liabilities measured at fair value on a recurring basis ($ in thousands):

	June 30, 2024								December 31, 2023
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Assets
Derivatives	$	—	$	4,878	$	—	$	4,878	$	—	$	1,890	$	—	$	1,890
Liabilities
Derivatives	$	—	$	24,395	$	—	$	24,395	$	—	$	94,817	$	—	$	94,817

Schedule of Details of Carrying Amount, Face Amount, and Fair Value of Financial Instruments

The following table details the book value, face amount, and fair value of the financial instruments described in Note 2 ($ in thousands):

	June 30, 2024						December 31, 2023
	Book Value		Face  Amount		Fair Value		Book Value		Face  Amount		Fair Value
Financial assets
Cash and cash equivalents	$	373,876	$	373,876	$	373,876	$	350,014	$	350,014	$	350,014
Loans receivable, net	21,976,910		23,010,660		21,872,283		23,210,076		23,923,719		23,015,737
Financial liabilities
Secured debt, net	12,096,705		12,110,576		11,928,849		12,683,095		12,697,058		12,425,609
Securitized debt obligations, net	2,327,774		2,328,492		2,153,456		2,505,417		2,507,514		2,323,441
Asset-specific debt, net	1,120,760		1,125,854		1,112,516		1,000,210		1,004,097		992,357
Loan participations sold, net	100,442		100,580		100,098		337,179		337,721		333,745
Secured term loans, net	2,095,199		2,124,223		2,055,445		2,101,632		2,135,221		2,102,950
Senior secured notes, net	337,336		339,918		306,139		362,763		366,090		327,081
Convertible notes, net	296,486		300,000		272,061		295,847		300,000		272,076

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Variable Interest Entities (Tables)

6 Months Ended

Jun. 30, 2024

Variable Interest Entity, Primary Beneficiary, Does Not Hold Majority Voting Interest, Disclosures [Abstract]

Summary of Assets and Liabilities of Consolidated VIE

The following table details the assets and liabilities of our consolidated VIEs ($ in thousands):

	June 30, 2024		December 31, 2023
Assets
Loans receivable	$	2,972,867	$	3,061,278
Current expected credit loss reserve	(237,335)		(183,508)
Loans receivable, net	2,735,532		2,877,770
Other assets	12,048		103,692
Total assets	$	2,747,580	$	2,981,462
Liabilities
Securitized debt obligations, net	$	2,327,774	$	2,505,417
Other liabilities	6,192		8,101
Total liabilities	$	2,333,966	$	2,513,518

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Commitments and Contingencies (Tables)

6 Months Ended

Jun. 30, 2024

Commitments and Contingencies Disclosure [Abstract]

Schedule of Principal Contractual Obligations

Our contractual principal debt repayments as of June 30, 2024 were as follows ($ in thousands):

Year	Secured Debt(1)		Asset-Specific Debt(1)		Term Loans(2)		Senior Secured Notes		Convertible Notes(3)		Total(4)
2024 (remaining)	$	1,990,555	$	—	$	10,998	$	—	$	—	$	2,001,553
2025	1,532,338		877,298		21,997		—		—		2,431,633
2026	4,098,513		—		1,302,575		—		—		5,401,088
2027	3,224,156		—		8,258		339,918		300,000		3,872,332
2028	517,010		—		8,258		—		—		525,268
Thereafter	748,004		248,556		772,137		—		—		1,768,697
Total obligation	$	12,110,576	$	1,125,854	$	2,124,223	$	339,918	$	300,000	$	16,000,571

(1)Our secured debt and asset-specific debt agreements are generally term-matched to their underlying collateral. Therefore, the allocation of payments under such agreements is generally allocated based on the maximum maturity date of the collateral loans, assuming all extension options are exercised by the borrower. In limited instances, the maturity date of the respective debt agreement is used.

(2)The Term Loans are partially amortizing, with an amount equal to 1.0% per annum of the initial principal balance due in quarterly installments. Refer to Note 10 for further details on our Term Loans.

(3)Reflects the outstanding principal balance of Convertible Notes, excluding any potential conversion premium. Refer to Note 12 for further details on our Convertible Notes.

(4)Total does not include $2.3 billion of consolidated securitized debt obligations, $725.4 million of non-consolidated senior interests, and $100.6 million of loan participations sold, as the satisfaction of these liabilities will not require cash outlays from us.

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Summary of Significant Accounting Policies (Detail)	6 Months Ended			12 Months Ended
	Jun. 30, 2024 USD ($) real_estate_owned_asset	Jun. 30, 2024 USD ($) loan real_estate_owned_asset	Jun. 30, 2024 USD ($) security_loan real_estate_owned_asset	Dec. 31, 2023 USD ($) loan	Dec. 31, 2023 USD ($) security_loan	Mar. 31, 2024 USD ($)	Mar. 19, 2024 USD ($)	Jun. 30, 2023 USD ($)	Mar. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2017
Accounts, Notes, Loans and Financing Receivable [Line Items]
Restricted cash	$ 0	$ 0	$ 0	$ 0	$ 0
Number of REO assets classified as held for sale investment | real_estate_owned_asset	1	1	1
Borrower escrows	$ 471,300,000	$ 471,300,000	$ 471,300,000	640,600,000	640,600,000
CECL reserve	893,938,000	$ 893,938,000	$ 893,938,000	$ 576,936,000	$ 576,936,000	$ 751,370,000		$ 363,875,000	$ 336,591,000	$ 326,137,000
Number of loans		166	166	178	178
Principal balance	22,870,848,000	$ 22,870,848,000	$ 22,870,848,000	$ 23,787,012,000	$ 23,787,012,000
Real estate owned, net	$ 60,018,000	$ 60,018,000	$ 60,018,000	$ 0	$ 0
Multifamily Joint Venture
Accounts, Notes, Loans and Financing Receivable [Line Items]
Ownership percentage											85.00%
Multifamily Joint Venture | Walker & Dunlop
Accounts, Notes, Loans and Financing Receivable [Line Items]
Minority participation in senior term facility											15.00%
Building
Accounts, Notes, Loans and Financing Receivable [Line Items]
Estimated useful lives (in years)	40 years
Leasehold Improvements
Accounts, Notes, Loans and Financing Receivable [Line Items]
Estimated useful lives (in years)	10 years
Level 3 | Measurement Input, Cap Rate | Minimum
Accounts, Notes, Loans and Financing Receivable [Line Items]
Measurement input	0.0600	0.0600	0.0600
Level 3 | Measurement Input, Cap Rate | Maximum
Accounts, Notes, Loans and Financing Receivable [Line Items]
Measurement input	0.0855	0.0855	0.0855
Level 3 | Measurement Input, Discount Rate | Minimum
Accounts, Notes, Loans and Financing Receivable [Line Items]
Measurement input	0.0728	0.0728	0.0728
Level 3 | Measurement Input, Discount Rate | Maximum
Accounts, Notes, Loans and Financing Receivable [Line Items]
Measurement input	0.1100	0.1100	0.1100
Level 3 | Fair Value, Nonrecurring
Accounts, Notes, Loans and Financing Receivable [Line Items]
CECL reserve	$ 759,400,000	$ 759,400,000	$ 759,400,000
Number of loans | loan		19
Principal balance	$ 2,900,000,000	$ 2,900,000,000	$ 2,900,000,000
Level 3 | Fair Value, Nonrecurring | Mountain View, California Office Property
Accounts, Notes, Loans and Financing Receivable [Line Items]
Real estate owned, net							$ 60,200,000
Level 3 | Fair Value, Nonrecurring | Measurement Input, Cap Rate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Real estate acquired through foreclosure, measurement input							0.0700
Level 3 | Fair Value, Nonrecurring | Measurement Input, Discount Rate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Real estate acquired through foreclosure, measurement input							0.0950

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Loans Receivable, Net - Overall Statistics for Loans Receivable Portfolio (Detail) $ in Thousands	6 Months Ended				12 Months Ended
	Jun. 30, 2024 USD ($)	Jun. 30, 2024 USD ($) loan	Jun. 30, 2024 USD ($) security_loan	Jun. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2023 USD ($) loan	Dec. 31, 2023 USD ($) security_loan	Dec. 31, 2023 USD ($)	Jun. 30, 2023 USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans		166	166			178	178
Principal balance	$ 23,010,660	$ 23,010,660	$ 23,010,660	$ 23,010,660	$ 23,923,719	$ 23,923,719	$ 23,923,719	$ 23,923,719
Net book value	21,976,910	21,976,910	21,976,910	21,976,910	23,210,076	23,210,076	23,210,076	23,210,076
Current expected credit loss reserves for unfunded loan commitments	$ 9,946	$ 9,946	$ 9,946	$ 9,946	$ 15,371	$ 15,371	$ 15,371	$ 15,371	$ 16,300
Weighted-average cash coupon (percentage)	3.35%	3.35%	3.35%	3.35%	3.37%	3.37%	3.37%	3.37%
Weighted-average all-in yield (percentage)				3.67%				3.71%
Weighted-average maximum maturity (years)	2 years 1 month 6 days				2 years 4 months 24 days
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]	Secured Overnight Financing Rate (SOFR)				Secured Overnight Financing Rate (SOFR)
Percent of loans subject to prepayment restrictions	12.00%	12.00%	12.00%	12.00%	14.00%	14.00%	14.00%	14.00%
Percent of loans not subject to prepayment restrictions	88.00%	88.00%	88.00%	88.00%	86.00%	86.00%	86.00%	86.00%
Interest Rate Swaps
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notional amount	$ 229,900	$ 229,900	$ 229,900	$ 229,900	$ 229,900	$ 229,900	$ 229,900	$ 229,900
Unfunded Loan Commitment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans | loan		89
Current expected credit loss reserves for unfunded loan commitments	$ 1,826,350	$ 1,826,350	$ 1,826,350	$ 1,826,350	$ 2,430,664	$ 2,430,664	$ 2,430,664	$ 2,430,664

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Loans Receivable, Net - Schedule Of Loan Receivable Portfolio Based On Floor Rate (Detail) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable	$ 23,010,660	$ 23,923,719
Fixed Rate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable	0
0.00% or no floor
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable	11,465,666
0.01% to 1.00% floor
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable	5,858,400
1.01% to 2.00% floor
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable	2,409,712
2.01% to 3.00% floor
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable	2,108,936
3.01% or more floor
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable	1,167,946
Interest Rate Swaps
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notional amount	$ 229,900	$ 229,900
Weighted Average
Accounts, Notes, Loans and Financing Receivable [Line Items]
Weighted-average index rate floor	0.79%
Excluding 0.0% index rate floors, weighted-average index rate floor	1.36%
USD
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable	$ 15,060,620
USD | Fixed Rate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable	0
USD | 0.00% or no floor
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable	5,330,317
USD | 0.01% to 1.00% floor
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable	5,045,198
USD | 1.01% to 2.00% floor
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable	2,102,954
USD | 2.01% to 3.00% floor
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable	1,596,499
USD | 3.01% or more floor
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable	985,652
Non-USD
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable	7,950,040
Non-USD | Fixed Rate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable	0
Non-USD | 0.00% or no floor
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable	6,135,349
Non-USD | 0.01% to 1.00% floor
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable	813,202
Non-USD | 1.01% to 2.00% floor
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable	306,758
Non-USD | 2.01% to 3.00% floor
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable	512,437
Non-USD | 3.01% or more floor
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable	$ 182,294

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Loans Receivable, Net - Activity Relating to Loans Receivable Portfolio (Detail) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Principal Balance
Beginning balance	$ 23,923,719
Loan fundings	626,746
Loan repayments, sales, and cost-recovery proceeds	(1,225,525)
Charge-offs	(85,318)
Transfer to real estate owned	(60,203)	$ 0
Transfer to other assets	(10,795)
Payment-in-kind interest, net of interest received	6,164
Unrealized (loss) gain on foreign currency translation	(164,128)
Ending balance	23,010,660
Deferred Fees / Other Items
Beginning balance	(136,707)
Loan repayments, sales, and cost-recovery proceeds	(35,361)
Charge-offs	11,768
Unrealized (loss) gain on foreign currency translation	755
Deferred fees and other items	(13,967)
Amortization of fees and other items	33,700	43,697
Ending balance	(139,812)
Net Book Value
Beginning balance	23,787,012
Loan fundings	626,746
Loan repayments, sales, and cost-recovery proceeds	(1,260,886)
Charge-offs	(73,550)
Transfer to real estate owned	(60,203)	0
Transfer to other assets	(10,795)
Payment-in-kind interest, net of interest received	6,164
Unrealized (loss) gain on foreign currency translation	(163,373)
Deferred fees and other items	(13,967)
Amortization of fees and other items	33,700	43,697
Ending balance	22,870,848
CECL reserve	(893,938)	$ (363,875)	$ (751,370)	$ (576,936)	$ (336,591)	$ (326,137)
Loans receivable, net	$ 21,976,910			$ 23,210,076

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Loans Receivable, Net - Property Type and Geographic Distribution of Properties Securing Loans in Portfolio (Detail) $ in Thousands	6 Months Ended			12 Months Ended
	Jun. 30, 2024 USD ($) loan	Jun. 30, 2024 USD ($) security_loan	Jun. 30, 2024 USD ($)	Dec. 31, 2023 USD ($) loan	Dec. 31, 2023 USD ($) security_loan	Dec. 31, 2023 USD ($)	Mar. 31, 2024 USD ($)	Jun. 30, 2023 USD ($)	Mar. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans	166	166		178	178
Net Book Value	$ 22,870,848	$ 22,870,848	$ 22,870,848	$ 23,787,012	$ 23,787,012	$ 23,787,012
CECL reserve	(893,938)	(893,938)	(893,938)	(576,936)	(576,936)	(576,936)	$ (751,370)	$ (363,875)	$ (336,591)	$ (326,137)
Loans receivable, net	21,976,910	21,976,910	21,976,910	23,210,076	23,210,076	23,210,076
Total Loan Exposure	23,635,509	23,635,509	23,635,509	24,971,028	24,971,028	24,971,028
Net Loan Exposure	20,814,030	20,814,030	20,814,030	21,951,988	21,951,988	21,951,988
Principal balance	23,010,660	23,010,660	23,010,660	23,923,719	23,923,719	23,923,719
Total loan exposure including non-consolidated senior interests	725,400	725,400	725,400	1,100,000	1,100,000	1,100,000
Loan participations sold	100,580	100,580	100,580	337,721	337,721	337,721
Cost-recovery proceeds	76,300	76,300	76,300	53,000	53,000	53,000
Asset-specific debt, net
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total obligation	1,120,760	1,120,760	1,120,760	1,000,210	1,000,210	1,000,210
Junior Loan Participation
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loan participations sold	$ 100,580	100,580	$ 100,580	100,924	100,924	100,924
Senior Participations
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loan participations sold				$ 236,797	236,797	$ 236,797
Loan Exposure Risk | Financing Receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Net Loan Exposure Percentage of Portfolio			100.00%			100.00%
Subtotal
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans | loan	130			141
Net Book Value	$ 14,893,777	14,893,777	$ 14,893,777	$ 15,460,479	15,460,479	$ 15,460,479
Total Loan Exposure	15,678,048	15,678,048	15,678,048	16,652,620	16,652,620	16,652,620
Net Loan Exposure	$ 12,928,989	12,928,989	$ 12,928,989	$ 13,951,306	13,951,306	$ 13,951,306
Subtotal | Loan Exposure Risk | Financing Receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Net Loan Exposure Percentage of Portfolio			62.00%			64.00%
Sunbelt
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans | loan	61			65
Net Book Value	$ 5,510,438	5,510,438	$ 5,510,438	$ 5,658,172	5,658,172	$ 5,658,172
Total Loan Exposure	5,615,694	5,615,694	5,615,694	5,786,395	5,786,395	5,786,395
Net Loan Exposure	$ 5,119,961	5,119,961	$ 5,119,961	$ 5,402,732	5,402,732	$ 5,402,732
Sunbelt | Loan Exposure Risk | Financing Receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Net Loan Exposure Percentage of Portfolio			24.00%			25.00%
Northeast
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans | loan	25			30
Net Book Value	$ 5,111,794	5,111,794	$ 5,111,794	$ 5,386,940	5,386,940	$ 5,386,940
Total Loan Exposure	5,162,565	5,162,565	5,162,565	5,426,951	5,426,951	5,426,951
Net Loan Exposure	$ 3,908,921	3,908,921	$ 3,908,921	$ 4,340,660	4,340,660	$ 4,340,660
Northeast | Loan Exposure Risk | Financing Receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Net Loan Exposure Percentage of Portfolio			19.00%			20.00%
West
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans | loan	29			31
Net Book Value	$ 2,895,255	2,895,255	$ 2,895,255	$ 3,088,644	3,088,644	$ 3,088,644
Total Loan Exposure	3,516,394	3,516,394	3,516,394	4,108,074	4,108,074	4,108,074
Net Loan Exposure	$ 2,683,597	2,683,597	$ 2,683,597	$ 2,910,559	2,910,559	$ 2,910,559
West | Loan Exposure Risk | Financing Receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Net Loan Exposure Percentage of Portfolio			13.00%			13.00%
Midwest
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans | loan	9			9
Net Book Value	$ 943,073	943,073	$ 943,073	$ 944,132	944,132	$ 944,132
Total Loan Exposure	947,317	947,317	947,317	945,222	945,222	945,222
Net Loan Exposure	$ 783,171	783,171	$ 783,171	$ 913,973	913,973	$ 913,973
Midwest | Loan Exposure Risk | Financing Receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Net Loan Exposure Percentage of Portfolio			4.00%			4.00%
Northwest
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans | loan	6			6
Net Book Value	$ 433,217	433,217	$ 433,217	$ 382,591	382,591	$ 382,591
Total Loan Exposure	436,078	436,078	436,078	385,978	385,978	385,978
Net Loan Exposure	$ 433,339	433,339	$ 433,339	$ 383,382	383,382	$ 383,382
Northwest | Loan Exposure Risk | Financing Receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Net Loan Exposure Percentage of Portfolio			2.00%			2.00%
Subtotal
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans | loan	36			37
Net Book Value	$ 7,977,071	7,977,071	$ 7,977,071	$ 8,326,533	8,326,533	$ 8,326,533
Total Loan Exposure	7,957,461	7,957,461	7,957,461	8,318,408	8,318,408	8,318,408
Net Loan Exposure	$ 7,885,041	7,885,041	$ 7,885,041	$ 8,000,682	8,000,682	$ 8,000,682
Subtotal | Loan Exposure Risk | Financing Receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Net Loan Exposure Percentage of Portfolio			38.00%			36.00%
United Kingdom
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans | loan	18			20
Net Book Value	$ 3,163,864	3,163,864	$ 3,163,864	$ 3,470,120	3,470,120	$ 3,470,120
Total Loan Exposure	3,128,584	3,128,584	3,128,584	3,439,678	3,439,678	3,439,678
Net Loan Exposure	$ 3,109,414	3,109,414	$ 3,109,414	$ 3,181,489	3,181,489	$ 3,181,489
United Kingdom | Loan Exposure Risk | Financing Receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Net Loan Exposure Percentage of Portfolio			15.00%			14.00%
Australia
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans | loan	5			5
Net Book Value	$ 1,414,495	1,414,495	$ 1,414,495	$ 1,429,144	1,429,144	$ 1,429,144
Total Loan Exposure	1,421,417	1,421,417	1,421,417	1,437,870	1,437,870	1,437,870
Net Loan Exposure	$ 1,417,265	1,417,265	$ 1,417,265	$ 1,432,146	1,432,146	$ 1,432,146
Australia | Loan Exposure Risk | Financing Receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Net Loan Exposure Percentage of Portfolio			7.00%			7.00%
Ireland
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans | loan	3			3
Net Book Value	$ 1,186,407	1,186,407	$ 1,186,407	$ 1,191,068	1,191,068	$ 1,191,068
Total Loan Exposure	1,189,435	1,189,435	1,189,435	1,197,337	1,197,337	1,197,337
Net Loan Exposure	$ 1,181,231	1,181,231	$ 1,181,231	$ 1,188,554	1,188,554	$ 1,188,554
Ireland | Loan Exposure Risk | Financing Receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Net Loan Exposure Percentage of Portfolio			6.00%			5.00%
Spain
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans | loan	3			3
Net Book Value	$ 1,075,481	1,075,481	$ 1,075,481	$ 1,117,790	1,117,790	$ 1,117,790
Total Loan Exposure	1,077,083	1,077,083	1,077,083	1,120,375	1,120,375	1,120,375
Net Loan Exposure	$ 1,040,229	1,040,229	$ 1,040,229	$ 1,078,811	1,078,811	$ 1,078,811
Spain | Loan Exposure Risk | Financing Receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Net Loan Exposure Percentage of Portfolio			5.00%			5.00%
Sweden
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans | loan	1			1
Net Book Value	$ 448,421	448,421	$ 448,421	$ 474,262	474,262	$ 474,262
Total Loan Exposure	450,288	450,288	450,288	476,718	476,718	476,718
Net Loan Exposure	$ 449,900	449,900	$ 449,900	$ 476,281	476,281	$ 476,281
Sweden | Loan Exposure Risk | Financing Receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Net Loan Exposure Percentage of Portfolio			2.00%			2.00%
Other Europe
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans | loan	5			5
Net Book Value	$ 631,014	631,014	$ 631,014	$ 644,149	644,149	$ 644,149
Total Loan Exposure	632,654	632,654	632,654	646,430	646,430	646,430
Net Loan Exposure	$ 629,396	629,396	$ 629,396	$ 643,401	643,401	$ 643,401
Other Europe | Loan Exposure Risk | Financing Receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Net Loan Exposure Percentage of Portfolio			3.00%			3.00%
Other International
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans | loan	1
Net Book Value	$ 57,389	57,389	$ 57,389
Total Loan Exposure	58,000	58,000	58,000
Net Loan Exposure	$ 57,606	57,606	$ 57,606
Other International | Loan Exposure Risk | Financing Receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Net Loan Exposure Percentage of Portfolio			0.00%
Office
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans | loan	51			54
Net Book Value	$ 9,047,507	9,047,507	$ 9,047,507	$ 9,253,609	9,253,609	$ 9,253,609
Total Loan Exposure	9,374,141	9,374,141	9,374,141	10,072,963	10,072,963	10,072,963
Net Loan Exposure	$ 7,348,500	7,348,500	$ 7,348,500	$ 7,956,472	7,956,472	$ 7,956,472
Office | Loan Exposure Risk | Financing Receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Net Loan Exposure Percentage of Portfolio			36.00%			36.00%
Multifamily
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans | loan	68			73
Net Book Value	$ 5,838,389	5,838,389	$ 5,838,389	$ 5,876,128	5,876,128	$ 5,876,128
Total Loan Exposure	6,006,124	6,006,124	6,006,124	5,997,886	5,997,886	5,997,886
Net Loan Exposure	$ 5,696,575	5,696,575	$ 5,696,575	$ 5,756,192	5,756,192	$ 5,756,192
Multifamily | Loan Exposure Risk | Financing Receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Net Loan Exposure Percentage of Portfolio			27.00%			26.00%
Hospitality
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans | loan	20			23
Net Book Value	$ 3,786,040	3,786,040	$ 3,786,040	$ 4,161,525	4,161,525	$ 4,161,525
Total Loan Exposure	3,823,926	3,823,926	3,823,926	4,194,588	4,194,588	4,194,588
Net Loan Exposure	$ 3,654,726	3,654,726	$ 3,654,726	$ 3,804,091	3,804,091	$ 3,804,091
Hospitality | Loan Exposure Risk | Financing Receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Net Loan Exposure Percentage of Portfolio			18.00%			17.00%
Industrial
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans | loan	12			12
Net Book Value	$ 2,183,312	2,183,312	$ 2,183,312	$ 2,189,808	2,189,808	$ 2,189,808
Total Loan Exposure	2,193,009	2,193,009	2,193,009	2,201,497	2,201,497	2,201,497
Net Loan Exposure	$ 2,159,637	2,159,637	$ 2,159,637	$ 2,190,914	2,190,914	$ 2,190,914
Industrial | Loan Exposure Risk | Financing Receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Net Loan Exposure Percentage of Portfolio			10.00%			10.00%
Retail
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans | loan	6			6
Net Book Value	$ 713,181	713,181	$ 713,181	$ 814,241	814,241	$ 814,241
Total Loan Exposure	738,450	738,450	738,450	834,825	834,825	834,825
Net Loan Exposure	$ 684,155	684,155	$ 684,155	$ 785,573	785,573	$ 785,573
Retail | Loan Exposure Risk | Financing Receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Net Loan Exposure Percentage of Portfolio			3.00%			4.00%
Life Sciences / Studio
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans | loan	4			4
Net Book Value	$ 392,678	392,678	$ 392,678	$ 385,098	385,098	$ 385,098
Total Loan Exposure	589,211	589,211	589,211	561,517	561,517	561,517
Net Loan Exposure	$ 391,463	391,463	$ 391,463	$ 384,219	384,219	$ 384,219
Life Sciences / Studio | Loan Exposure Risk | Financing Receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Net Loan Exposure Percentage of Portfolio			2.00%			2.00%
Other
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans | loan	5			6
Net Book Value	$ 909,741	909,741	$ 909,741	$ 1,106,603	1,106,603	$ 1,106,603
Total Loan Exposure	910,648	910,648	910,648	1,107,752	1,107,752	1,107,752
Net Loan Exposure	$ 878,974	$ 878,974	$ 878,974	$ 1,074,527	$ 1,074,527	$ 1,074,527
Other | Loan Exposure Risk | Financing Receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Net Loan Exposure Percentage of Portfolio			4.00%			5.00%

XML

Loans Receivable, Net - Net Book Value, Total Loan Exposure and Net Loan Exposure of Loans Receivable Based on Internal Risk Ratings (Detail) $ in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2024 USD ($) loan	Jun. 30, 2024 USD ($) security_loan	Dec. 31, 2023 USD ($) loan	Dec. 31, 2023 USD ($) security_loan	Mar. 31, 2024 USD ($)	Jun. 30, 2023 USD ($)	Mar. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Financing Receivable, Credit Quality Indicator [Line Items]
Number of loans	166	166	178	178
Net Book Value	$ 22,870,848	$ 22,870,848	$ 23,787,012	$ 23,787,012
CECL reserve	(893,938)	(893,938)	(576,936)	(576,936)	$ (751,370)	$ (363,875)	$ (336,591)	$ (326,137)
Loans receivable, net	21,976,910	21,976,910	23,210,076	23,210,076
Total Loan Exposure	23,635,509	23,635,509	24,971,028	24,971,028
Net Loan Exposure	20,814,030	20,814,030	21,951,988	21,951,988
Principal balance	23,010,660	23,010,660	23,923,719	23,923,719
Total loan exposure including non-consolidated senior interests	725,400	725,400	1,100,000	1,100,000
Loan participations sold	100,580	100,580	337,721	337,721
Cost-recovery proceeds	76,300	76,300	53,000	53,000
Junior Loan Participation
Financing Receivable, Credit Quality Indicator [Line Items]
Loan participations sold	100,580	100,580	100,924	100,924
Senior Participations
Financing Receivable, Credit Quality Indicator [Line Items]
Loan participations sold			236,797	236,797
Asset-specific debt, net
Financing Receivable, Credit Quality Indicator [Line Items]
Total obligation	$ 1,120,760	1,120,760	$ 1,000,210	1,000,210
1
Financing Receivable, Credit Quality Indicator [Line Items]
Number of loans | loan	21		15
Net Book Value	$ 1,321,337	1,321,337	$ 763,101	763,101
Total Loan Exposure	1,322,499	1,322,499	811,217	811,217
Net Loan Exposure	$ 1,321,373	1,321,373	$ 763,223	763,223
2
Financing Receivable, Credit Quality Indicator [Line Items]
Number of loans | loan	27		36
Net Book Value	$ 5,408,385	5,408,385	$ 6,143,184	6,143,184
Total Loan Exposure	5,423,892	5,423,892	6,618,319	6,618,319
Net Loan Exposure	$ 4,541,982	4,541,982	$ 5,095,395	5,095,395
3
Financing Receivable, Credit Quality Indicator [Line Items]
Number of loans | loan	79		99
Net Book Value	$ 10,324,814	10,324,814	$ 12,277,518	12,277,518
Total Loan Exposure	10,487,838	10,487,838	12,573,282	12,573,282
Net Loan Exposure	$ 9,947,533	9,947,533	$ 11,964,620	11,964,620
4
Financing Receivable, Credit Quality Indicator [Line Items]
Number of loans | loan	20		15
Net Book Value	$ 2,879,736	2,879,736	$ 2,725,930	2,725,930
Total Loan Exposure	3,384,458	3,384,458	3,036,837	3,036,837
Net Loan Exposure	$ 2,821,958	2,821,958	$ 2,668,025	2,668,025
5
Financing Receivable, Credit Quality Indicator [Line Items]
Number of loans | loan	19		13
Net Book Value	$ 2,936,576	2,936,576	$ 1,877,279	1,877,279
Total Loan Exposure	3,016,822	3,016,822	1,931,373	1,931,373
Net Loan Exposure	$ 2,181,184	$ 2,181,184	$ 1,460,725	$ 1,460,725

XML

Loans Receivable, Net - Additional Information (Detail) $ in Thousands	3 Months Ended			6 Months Ended				12 Months Ended
	Jun. 30, 2024 USD ($) loan	Mar. 31, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($)	Jun. 30, 2024 USD ($) loan	Jun. 30, 2024 USD ($) security_loan	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($) loan	Dec. 31, 2023 USD ($) loan	Dec. 31, 2023 USD ($) security_loan	Mar. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Weighted-average risk rating	3.0			3.0	3.0	3.0		3.0	3.0	3.0
Increase in net CECL reserve	$ 142,600
Amount charged off	12,537	$ 61,013		$ 73,550
CECL reserve	$ 893,938	751,370	$ 363,875	893,938	$ 893,938	$ 893,938	$ 363,875	$ 893,938	$ 576,936	$ 576,936	$ 336,591	$ 326,137
Number of previously impaired loans resolved | loan	1
Interest and related income	$ 466,152		521,892	952,275			1,013,276
Number of loans					166	166			178	178
Loans receivable	22,870,848			22,870,848	$ 22,870,848	$ 22,870,848		$ 22,870,848	$ 23,787,012	$ 23,787,012
Number of loan modifications | loan								5
Financial Asset, 1 to 29 Days Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable	33,000			33,000	$ 33,000	33,000		$ 33,000
Number of loans in maturity default | loan					1
5
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans | loan					19				13
Loans receivable	2,936,576			2,936,576	$ 2,936,576	2,936,576		2,936,576	$ 1,877,279	1,877,279
4
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans | loan					20				15
Loans receivable	$ 2,879,736			2,879,736	$ 2,879,736	2,879,736		$ 2,879,736	$ 2,725,930	2,725,930
Payment Deferral
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loan modifications | loan								2
Aggregate amortized cost basis of loans								$ 347,500
Percentage to aggregate loans receivable portfolio								1.50%
Payment Deferral, Loan One
Accounts, Notes, Loans and Financing Receivable [Line Items]
Exit fee percentage								2.00%
Interest rate increase								2.00%
Payment Deferral, Loan Two
Accounts, Notes, Loans and Financing Receivable [Line Items]
Exit fee percentage								3.00%
Interest rate increase								4.00%
Extended Maturity
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loan modifications | loan								3
Aggregate amortized cost basis of loans								$ 495,400
Percentage to aggregate loans receivable portfolio								2.20%
Extended Maturity | 5
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loan modifications | loan								2
Extended Maturity | 4
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loan modifications | loan								2
Extended Maturity, Loan One
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest rate increase								8.50%
Extension term								4 years 6 months
Contributions to reserve account								$ 2,000
Increase to loan commitment								$ 50,000
Extended Maturity, Loan Two
Accounts, Notes, Loans and Financing Receivable [Line Items]
Extension term								2 years 6 months
Extended Maturity, Loan Three
Accounts, Notes, Loans and Financing Receivable [Line Items]
Extension term								2 years
Increase to loan commitment								$ 34,500
Fixed coupon rate								15.00%
Floating rate								2.50%
Impaired loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of new loans impaired | loan	3
Amount charged off	$ 12,537	61,013
CECL reserve	759,380	$ 602,599	$ 214,401	759,380	$ 759,380	759,380	$ 214,401	$ 759,380	417,670	417,670	$ 197,258	$ 189,778
Interest and related income	11,100
Number of loans | loan					19
Loans receivable	2,936,576			2,936,576	$ 2,936,576	2,936,576		2,936,576	1,877,279	1,877,279
Cash proceeds	18,500
Impaired loans | 5
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable	2,936,576			2,936,576	2,936,576	2,936,576		2,936,576	1,877,279	1,877,279
Impaired loans | 4
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable	0			0	$ 0	0		0	$ 0	0
Unfunded Loan Commitment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans | loan					89
Unfunded Loan Commitment | Payment Deferral
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unfunded loan commitments	0			0	$ 0	0		0
Unfunded Loan Commitment | Extended Maturity
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unfunded loan commitments	65,500			65,500	$ 65,500	65,500		65,500
Office
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans | loan					51				54
Loans receivable	9,047,507			9,047,507	$ 9,047,507	9,047,507		$ 9,047,507	$ 9,253,609	9,253,609
Number of loan modifications | loan								3
Hospitality
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans | loan					20				23
Loans receivable	3,786,040			3,786,040	$ 3,786,040	3,786,040		$ 3,786,040	$ 4,161,525	4,161,525
Number of loan modifications | loan								2
Joint Venture
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loan exposure	$ 473,200			$ 473,200	$ 473,200	$ 473,200		$ 473,200	$ 612,900	$ 612,900

XML

Loans Receivable, Net - Schedule Of Current Expected Credit Loss Reserve By Pool (Detail) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 751,370	$ 576,936	$ 336,591	$ 326,137	$ 576,936
Increase (decrease) in CECL reserves	155,105	235,447	27,284	10,454
Charge-offs of CECL reserves	(12,537)	(61,013)			(73,550)
Ending balance	893,938	751,370	363,875	336,591	893,938
US Loans
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Beginning balance	74,528	78,335	73,194	67,880	78,335
Increase (decrease) in CECL reserves	(11,997)	(3,807)	1,199	5,314
Charge-offs of CECL reserves	0	0
Ending balance	62,531	74,528	74,393	73,194	62,531
Non-U.S. Loans
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Beginning balance	30,790	31,560	19,696	22,519	31,560
Increase (decrease) in CECL reserves	(2,639)	(770)	9,296	(2,823)
Charge-offs of CECL reserves	0	0
Ending balance	28,151	30,790	28,992	19,696	28,151
Unique Loans
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Beginning balance	43,453	49,371	46,443	45,960	49,371
Increase (decrease) in CECL reserves	423	(5,918)	(354)	483
Charge-offs of CECL reserves	0	0
Ending balance	43,876	43,453	46,089	46,443	43,876
Impaired loans
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Beginning balance	602,599	417,670	197,258	189,778	417,670
Increase (decrease) in CECL reserves	169,318	245,942	17,143	7,480
Charge-offs of CECL reserves	(12,537)	(61,013)
Ending balance	$ 759,380	$ 602,599	$ 214,401	$ 197,258	$ 759,380

XML

Loans Receivable, Net - Loans Receivable Based On Our Internal Risk Ratings, Separated By Year Of Origination (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2024	Dec. 31, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022
Total loans receivable
Loans receivable	$ 22,870,848		$ 22,870,848	$ 23,787,012
CECL reserve	(893,938)	$ (751,370)	(893,938)	(576,936)	$ (363,875)	$ (336,591)	$ (326,137)
Loans receivable, net	21,976,910		21,976,910	23,210,076
Gross charge-offs
Year One			0
Year Two			0
Year Three			0
Year Four			(54,048)
Year Five			0
Prior			(19,502)
Charge-offs	(12,537)	(61,013)	(73,550)
U.S. loans
Total loans receivable
Year One	57,389		57,389	0
Year Two	0		0	2,556,605
Year Three	2,116,034		2,116,034	6,981,813
Year Four	6,174,813		6,174,813	685,744
Year Five	638,517		638,517	827,750
Prior	3,027,834		3,027,834	2,531,288
Loans receivable	12,014,587		12,014,587	13,583,200
Non-U.S. loans
Total loans receivable
Year One	0		0	0
Year Two	0		0	1,677,214
Year Three	1,400,520		1,400,520	2,314,899
Year Four	2,276,325		2,276,325	93,423
Year Five	90,553		90,553	2,284,546
Prior	2,254,535		2,254,535	0
Loans receivable	6,021,933		6,021,933	6,370,082
Total loans receivable
Total loans receivable
Year One	57,389		57,389	0
Year Two	0		0	5,128,418
Year Three	4,973,437		4,973,437	9,804,976
Year Four	9,374,980		9,374,980	919,167
Year Five	867,911		867,911	3,376,753
Prior	7,597,131		7,597,131	4,557,698
Loans receivable	22,870,848		22,870,848	23,787,012
Unique Loans
Total loans receivable
Year One	0		0	0
Year Two	0		0	894,599
Year Three	876,785		876,785	0
Year Four	0		0	0
Year Five	0		0	264,457
Prior	1,020,967		1,020,967	797,395
Loans receivable	1,897,752		1,897,752	1,956,451
CECL reserve	(43,876)	(43,453)	(43,876)	(49,371)	(46,089)	(46,443)	(45,960)
Gross charge-offs
Charge-offs	0	0
Impaired loans
Total loans receivable
Year One	0		0	0
Year Two	0		0	0
Year Three	580,098		580,098	508,264
Year Four	923,842		923,842	140,000
Year Five	138,841		138,841	0
Prior	1,293,795		1,293,795	1,229,015
Loans receivable	2,936,576		2,936,576	1,877,279
CECL reserve	(759,380)	(602,599)	(759,380)	(417,670)	$ (214,401)	$ (197,258)	$ (189,778)
Gross charge-offs
Charge-offs	(12,537)	$ (61,013)
1
Total loans receivable
Loans receivable	1,321,337		1,321,337	763,101
1 | U.S. loans
Total loans receivable
Year One	0		0	0
Year Two	0		0	172,575
Year Three	151,476		151,476	443,739
Year Four	482,099		482,099	39,877
Year Five	60,322		60,322	52,939
Prior	106,909		106,909	53,971
Loans receivable	800,806		800,806	763,101
1 | Non-U.S. loans
Total loans receivable
Year One	0		0	0
Year Two	0		0	0
Year Three	134,393		134,393	0
Year Four	386,138		386,138	0
Year Five	0		0	0
Prior	0		0	0
Loans receivable	520,531		520,531	0
1 | Total loans receivable
Total loans receivable
Year One	0		0	0
Year Two	0		0	172,575
Year Three	285,869		285,869	443,739
Year Four	868,237		868,237	39,877
Year Five	60,322		60,322	52,939
Prior	106,909		106,909	53,971
Loans receivable	1,321,337		1,321,337	763,101
1 | Unique Loans
Total loans receivable
Year One	0		0	0
Year Two	0		0	0
Year Three	0		0	0
Year Four	0		0	0
Year Five	0		0	0
Prior	0		0	0
Loans receivable	0		0	0
1 | Impaired loans
Total loans receivable
Year One	0		0	0
Year Two	0		0	0
Year Three	0		0	0
Year Four	0		0	0
Year Five	0		0	0
Prior	0		0	0
Loans receivable	0		0	0
2
Total loans receivable
Loans receivable	5,408,385		5,408,385	6,143,184
2 | U.S. loans
Total loans receivable
Year One	0		0	0
Year Two	0		0	195,755
Year Three	196,840		196,840	1,883,162
Year Four	1,711,176		1,711,176	32,179
Year Five	0		0	200,917
Prior	1,584,215		1,584,215	1,438,175
Loans receivable	3,492,231		3,492,231	3,750,188
2 | Non-U.S. loans
Total loans receivable
Year One	0		0	0
Year Two	0		0	1,034,196
Year Three	637,226		637,226	1,230,762
Year Four	810,590		810,590	93,423
Year Five	90,553		90,553	34,615
Prior	377,785		377,785	0
Loans receivable	1,916,154		1,916,154	2,392,996
2 | Total loans receivable
Total loans receivable
Year One	0		0	0
Year Two	0		0	1,229,951
Year Three	834,066		834,066	3,113,924
Year Four	2,521,766		2,521,766	125,602
Year Five	90,553		90,553	235,532
Prior	1,962,000		1,962,000	1,438,175
Loans receivable	5,408,385		5,408,385	6,143,184
2 | Unique Loans
Total loans receivable
Year One	0		0	0
Year Two	0		0	0
Year Three	0		0	0
Year Four	0		0	0
Year Five	0		0	0
Prior	0		0	0
Loans receivable	0		0	0
2 | Impaired loans
Total loans receivable
Year One	0		0	0
Year Two	0		0	0
Year Three	0		0	0
Year Four	0		0	0
Year Five	0		0	0
Prior	0		0	0
Loans receivable	0		0	0
3
Total loans receivable
Loans receivable	10,324,814		10,324,814	12,277,518
3 | U.S. loans
Total loans receivable
Year One	57,389		57,389	0
Year Two	0		0	1,870,610
Year Three	1,614,960		1,614,960	3,730,842
Year Four	2,977,239		2,977,239	613,688
Year Five	578,195		578,195	380,726
Prior	531,329		531,329	359,257
Loans receivable	5,759,112		5,759,112	6,955,123
3 | Non-U.S. loans
Total loans receivable
Year One	0		0	0
Year Two	0		0	643,018
Year Three	628,901		628,901	1,084,137
Year Four	1,079,597		1,079,597	0
Year Five	0		0	2,249,931
Prior	1,529,678		1,529,678	0
Loans receivable	3,238,176		3,238,176	3,977,086
3 | Total loans receivable
Total loans receivable
Year One	57,389		57,389	0
Year Two	0		0	3,408,227
Year Three	3,120,646		3,120,646	4,814,979
Year Four	4,056,836		4,056,836	613,688
Year Five	578,195		578,195	2,895,114
Prior	2,511,748		2,511,748	545,510
Loans receivable	10,324,814		10,324,814	12,277,518
3 | Unique Loans
Total loans receivable
Year One	0		0	0
Year Two	0		0	894,599
Year Three	876,785		876,785	0
Year Four	0		0	0
Year Five	0		0	264,457
Prior	450,741		450,741	186,253
Loans receivable	1,327,526		1,327,526	1,345,309
3 | Impaired loans
Total loans receivable
Year One	0		0	0
Year Two	0		0	0
Year Three	0		0	0
Year Four	0		0	0
Year Five	0		0	0
Prior	0		0	0
Loans receivable	0		0	0
4
Total loans receivable
Loans receivable	2,879,736		2,879,736	2,725,930
4 | U.S. loans
Total loans receivable
Year One	0		0	0
Year Two	0		0	317,665
Year Three	152,758		152,758	924,070
Year Four	1,004,299		1,004,299	0
Year Five	0		0	193,168
Prior	805,381		805,381	679,885
Loans receivable	1,962,438		1,962,438	2,114,788
4 | Non-U.S. loans
Total loans receivable
Year One	0		0	0
Year Two	0		0	0
Year Three	0		0	0
Year Four	0		0	0
Year Five	0		0	0
Prior	347,072		347,072	0
Loans receivable	347,072		347,072	0
4 | Total loans receivable
Total loans receivable
Year One	0		0	0
Year Two	0		0	317,665
Year Three	152,758		152,758	924,070
Year Four	1,004,299		1,004,299	0
Year Five	0		0	193,168
Prior	1,722,679		1,722,679	1,291,027
Loans receivable	2,879,736		2,879,736	2,725,930
4 | Unique Loans
Total loans receivable
Year One	0		0	0
Year Two	0		0	0
Year Three	0		0	0
Year Four	0		0	0
Year Five	0		0	0
Prior	570,226		570,226	611,142
Loans receivable	570,226		570,226	611,142
4 | Impaired loans
Total loans receivable
Year One	0		0	0
Year Two	0		0	0
Year Three	0		0	0
Year Four	0		0	0
Year Five	0		0	0
Prior	0		0	0
Loans receivable	0		0	0
5
Total loans receivable
Loans receivable	2,936,576		2,936,576	1,877,279
5 | U.S. loans
Total loans receivable
Year One	0		0	0
Year Two	0		0	0
Year Three	0		0	0
Year Four	0		0	0
Year Five	0		0	0
Prior	0		0	0
Loans receivable	0		0	0
5 | Non-U.S. loans
Total loans receivable
Year One	0		0	0
Year Two	0		0	0
Year Three	0		0	0
Year Four	0		0	0
Year Five	0		0	0
Prior	0		0	0
Loans receivable	0		0	0
5 | Total loans receivable
Total loans receivable
Year One	0		0	0
Year Two	0		0	0
Year Three	580,098		580,098	508,264
Year Four	923,842		923,842	140,000
Year Five	138,841		138,841	0
Prior	1,293,795		1,293,795	1,229,015
Loans receivable	2,936,576		2,936,576	1,877,279
5 | Unique Loans
Total loans receivable
Year One	0		0	0
Year Two	0		0	0
Year Three	0		0	0
Year Four	0		0	0
Year Five	0		0	0
Prior	0		0	0
Loans receivable	0		0	0
5 | Impaired loans
Total loans receivable
Year One	0		0	0
Year Two	0		0	0
Year Three	580,098		580,098	508,264
Year Four	923,842		923,842	140,000
Year Five	138,841		138,841	0
Prior	1,293,795		1,293,795	1,229,015
Loans receivable	$ 2,936,576		$ 2,936,576	$ 1,877,279

XML

Real Estate Owned - Additional Information (Details) - USD ($)	3 Months Ended			6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Mar. 19, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Real Estate [Line Items]
Principal balance	$ 22,870,848,000			$ 22,870,848,000			$ 23,787,012,000
CECL reserve	893,938,000	$ 751,370,000	$ 363,875,000	893,938,000	$ 363,875,000		576,936,000	$ 336,591,000	$ 326,137,000
Real estate owned, gross	60,203,000			60,203,000		$ 60,200,000
Amount charged off	12,537,000	$ 61,013,000		73,550,000
Impairment charges recognized for REO assets				0
Income on real estate owned	0		0	0	0
Expenses incurred	963,000		$ 0		$ 0
Depreciation expense	185,000			185,000
Other operating expense	778,000			778,000
Real estate owned, net	60,018,000			$ 60,018,000			$ 0
Commercial Real Estate
Real Estate [Line Items]
Principal balance						90,200,000
CECL reserve						$ 29,100,000
Amount charged off	$ 29,100,000

XML

Real Estate Owned - Real Estate Owned Assets (Details) - USD ($)	Jun. 30, 2024	Mar. 19, 2024	Dec. 31, 2023
Assets
Land and land improvements	$ 40,824,000
Building	19,379,000
Total	60,203,000	$ 60,200,000
Less: accumulated depreciation	(185,000)
Real estate owned, net	$ 60,018,000		$ 0

XML

Other Assets and Liabilities - Summary of Components of Other Assets (Detail) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Other Assets And Liabilities Disclosure [Abstract]
Accrued interest receivable	$ 196,814	$ 214,835
Collateral deposited under derivative agreements	15,904	103,500
Accounts receivable and other assets	7,549	2,420
Derivative assets	4,878	1,890
Prepaid expenses	650	1,020
Loan portfolio payments held by servicer	0	152,423
Total	$ 225,795	$ 476,088

XML

Other Assets and Liabilities - Summary of Components of Other Liabilities (Detail) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023	Jun. 30, 2023
Other Assets And Liabilities Disclosure [Abstract]
Accrued dividends payable	$ 107,644	$ 107,390	$ 106,832
Accrued interest payable	90,223	97,820
Derivative liabilities	24,395	94,817
Accrued management and incentive fees payable	18,726	26,342
Current expected credit loss reserves for unfunded loan commitments	9,946	15,371	$ 16,300
Accounts payable and other liabilities	6,365	7,265
Secured debt repayments pending servicer remittance	0	13,526
Other liabilities	$ 257,299	$ 362,531

XML

Other Assets and Liabilities - Additional Information (Detail) $ in Thousands	3 Months Ended		6 Months Ended				12 Months Ended
	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($) loan	Jun. 30, 2024 USD ($) security_loan	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Dec. 31, 2023 USD ($) loan	Dec. 31, 2023 USD ($) security_loan
Financing Receivable, Allowance for Credit Loss [Line Items]
Current expected credit loss reserves for unfunded loan commitments	$ 9,946	$ 16,300	$ 9,946	$ 9,946	$ 9,946	$ 16,300	$ 15,371	$ 15,371
Number of loans			166	166			178	178
(Increase) decrease in reserve	2,700	$ (523)			5,400	$ 108
Unfunded Loan Commitments
Financing Receivable, Allowance for Credit Loss [Line Items]
Current expected credit loss reserves for unfunded loan commitments	$ 1,826,350		$ 1,826,350	$ 1,826,350	$ 1,826,350		$ 2,430,664	$ 2,430,664
Number of loans | loan			89

XML

Secured Debt, Net - Additional Information (Detail)	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($) lender	Jun. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)	Oct. 01, 2025	Sep. 30, 2025	Apr. 03, 2024 USD ($)
Debt Instrument [Line Items]
Total secured debt	$ 16,000,571,000		$ 16,000,571,000
Interest expense	$ 339,380,000	$ 344,549,000	$ 683,110,000	$ 661,746,000
Line of Credit
Debt Instrument [Line Items]
Covenants, EBITDA to fixed charges, in percent	1.4		1.4
Covenants, minimum tangible net worth	$ 3,600,000,000		$ 3,600,000,000
Covenants, minimum cash liquidity amount	$ 10,000,000.0		$ 10,000,000.0
Covenants, percentage of recourse indebtedness	0.05		0.05
Covenants, indebtedness to total assets, in percent	0.8333		0.8333
Line of Credit | Forecast
Debt Instrument [Line Items]
Covenants, EBITDA to fixed charges, in percent						1.3	1.25
Line of Credit | Minimum
Debt Instrument [Line Items]
Covenants, percentage of tangible assets on cash proceeds from equity issuances			0.75
Line of Credit | Maximum
Debt Instrument [Line Items]
Covenants, percentage of tangible assets on cash proceeds from equity issuances			0.85
Secured debt, net | Line of Credit
Debt Instrument [Line Items]
New borrowings			$ 457,400,000
Collateral	$ 614,600,000		614,600,000
Secured debt, net | Line of Credit | Secured credit facilities
Debt Instrument [Line Items]
New borrowings			457,412,000		$ 112,078,000
Collateral	17,958,345,000		$ 17,958,345,000		18,594,318,000
Number of lenders | lender			15
Remaining borrowing capacity	1,200,000,000		$ 1,200,000,000
Maximum borrowing capacity								$ 100,000,000.0
Total secured debt	12,110,576,000		12,110,576,000		12,697,058,000
Secured debt, net | Line of Credit | Acquisition facility
Debt Instrument [Line Items]
Total secured debt	$ 0		0		0
Interest expense			125,000		722,000
Amortization of deferred fees and expenses			$ 35,000		$ 233,000

XML

Secured Debt, Net - Schedule of Secured Debt Agreements (Detail) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Total secured debt	$ 16,000,571
Secured debt, net | Line of Credit
Debt Instrument [Line Items]
Deferred financing costs	(13,871)	$ (13,963)
Net book value	12,096,705	12,683,095
Secured debt, net | Line of Credit | Secured credit facilities
Debt Instrument [Line Items]
Total secured debt	$ 12,110,576	$ 12,697,058

XML

Secured Debt, Net - Schedule of Secured Credit Facilities (Detail) $ in Thousands	6 Months Ended
	Jun. 30, 2024 USD ($) lender loan	Dec. 31, 2023 USD ($)
Schedule Of Secured Credit Facilities [Line Items]
Total secured debt	$ 16,000,571
Secured debt, net | Line of Credit
Schedule Of Secured Credit Facilities [Line Items]
Collateral	$ 614,600
Secured debt, net | Line of Credit | Secured credit facilities
Schedule Of Secured Credit Facilities [Line Items]
Lenders | lender	15
Total secured debt	$ 12,110,576	$ 12,697,058
Loan Count | loan	153
Collateral	$ 17,958,345	$ 18,594,318
Secured debt, net | Weighted Average | Line of Credit | Secured credit facilities
Schedule Of Secured Credit Facilities [Line Items]
Recourse Limitation	34.00%
Secured debt, net | Minimum | Line of Credit | Secured credit facilities
Schedule Of Secured Credit Facilities [Line Items]
Recourse Limitation	25.00%
Secured debt, net | Maximum | Line of Credit | Secured credit facilities
Schedule Of Secured Credit Facilities [Line Items]
Recourse Limitation	100.00%
Secured debt, net | USD | Line of Credit | Secured credit facilities
Schedule Of Secured Credit Facilities [Line Items]
Lenders | lender	13
Total secured debt	$ 6,175,087
Loan Count | loan	117
Collateral	$ 10,084,270
Secured debt, net | USD | Weighted Average | Line of Credit | Secured credit facilities
Schedule Of Secured Credit Facilities [Line Items]
Recourse Limitation	36.00%
Secured debt, net | USD | Minimum | Line of Credit | Secured credit facilities
Schedule Of Secured Credit Facilities [Line Items]
Recourse Limitation	25.00%
Secured debt, net | USD | Maximum | Line of Credit | Secured credit facilities
Schedule Of Secured Credit Facilities [Line Items]
Recourse Limitation	100.00%
Secured debt, net | GBP | Line of Credit | Secured credit facilities
Schedule Of Secured Credit Facilities [Line Items]
Lenders | lender	7
Total secured debt	$ 2,352,502
Loan Count | loan	18
Collateral	$ 3,128,584
Secured debt, net | GBP | Weighted Average | Line of Credit | Secured credit facilities
Schedule Of Secured Credit Facilities [Line Items]
Recourse Limitation	26.00%
Secured debt, net | GBP | Minimum | Line of Credit | Secured credit facilities
Schedule Of Secured Credit Facilities [Line Items]
Recourse Limitation	25.00%
Secured debt, net | GBP | Maximum | Line of Credit | Secured credit facilities
Schedule Of Secured Credit Facilities [Line Items]
Recourse Limitation	50.00%
Secured debt, net | EUR | Line of Credit | Secured credit facilities
Schedule Of Secured Credit Facilities [Line Items]
Lenders | lender	7
Total secured debt	$ 1,983,929
Loan Count | loan	11
Collateral	$ 2,726,991
Secured debt, net | EUR | Weighted Average | Line of Credit | Secured credit facilities
Schedule Of Secured Credit Facilities [Line Items]
Recourse Limitation	42.00%
Secured debt, net | EUR | Minimum | Line of Credit | Secured credit facilities
Schedule Of Secured Credit Facilities [Line Items]
Recourse Limitation	25.00%
Secured debt, net | EUR | Maximum | Line of Credit | Secured credit facilities
Schedule Of Secured Credit Facilities [Line Items]
Recourse Limitation	100.00%
Secured debt, net | Others | Line of Credit | Secured credit facilities
Schedule Of Secured Credit Facilities [Line Items]
Lenders | lender	4
Total secured debt	$ 1,599,058
Loan Count | loan	7
Collateral	$ 2,018,500
Recourse Limitation	25.00%
Secured debt, net | Others | Weighted Average | Line of Credit | Secured credit facilities
Schedule Of Secured Credit Facilities [Line Items]
Recourse Limitation	25.00%

XML

Secured Debt, Net - Schedule of All in Cost of Secured Credit Facilities (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Schedule Of All In Cost Of Secured Credit Facilities [Line Items]
Total secured debt	$ 16,000,571
Secured debt, net | Line of Credit
Schedule Of All In Cost Of Secured Credit Facilities [Line Items]
New Financings	457,400
Collateral	614,600
Secured debt, net | Line of Credit | Secured credit facilities
Schedule Of All In Cost Of Secured Credit Facilities [Line Items]
New Financings	457,412	$ 112,078
Total secured debt	$ 12,110,576	$ 12,697,058
Wtd. Avg. All-in Cost (percentage)	1.89%	1.89%
Collateral	$ 17,958,345	$ 18,594,318
Wtd. Avg. All-in Yield (percentage)	3.60%	3.58%
Net Interest Margin (percentage)	1.71%	1.69%
Secured debt, net | Line of Credit | Secured credit facilities | + 1.50% or less
Schedule Of All In Cost Of Secured Credit Facilities [Line Items]
New Financings	$ 23,000	$ 0
Total secured debt	$ 5,522,099	$ 5,647,848
Wtd. Avg. All-in Cost (percentage)	1.52%	1.53%
Collateral	$ 8,265,569	$ 8,341,383
Wtd. Avg. All-in Yield (percentage)	3.27%	3.24%
Net Interest Margin (percentage)	1.75%	1.71%
Secured debt, net | Line of Credit | Secured credit facilities | + 1.51% to + 1.75%
Schedule Of All In Cost Of Secured Credit Facilities [Line Items]
New Financings	$ 0	$ 0
Total secured debt	$ 2,338,407	$ 2,679,699
Wtd. Avg. All-in Cost (percentage)	1.81%	1.82%
Collateral	$ 3,226,135	$ 3,723,365
Wtd. Avg. All-in Yield (percentage)	3.44%	3.49%
Net Interest Margin (percentage)	1.63%	1.67%
Secured debt, net | Line of Credit | Secured credit facilities | + 1.76% to + 2.00%
Schedule Of All In Cost Of Secured Credit Facilities [Line Items]
New Financings	$ 0	$ 42,908
Total secured debt	$ 1,644,666	$ 1,850,809
Wtd. Avg. All-in Cost (percentage)	2.10%	2.11%
Collateral	$ 2,696,203	$ 2,913,067
Wtd. Avg. All-in Yield (percentage)	3.85%	3.92%
Net Interest Margin (percentage)	1.75%	1.81%
Secured debt, net | Line of Credit | Secured credit facilities | + 2.01% or more
Schedule Of All In Cost Of Secured Credit Facilities [Line Items]
New Financings	$ 434,412	$ 69,170
Total secured debt	$ 2,605,404	$ 2,518,702
Wtd. Avg. All-in Cost (percentage)	2.60%	2.64%
Collateral	$ 3,770,438	$ 3,616,503
Wtd. Avg. All-in Yield (percentage)	4.30%	4.30%
Net Interest Margin (percentage)	1.70%	1.66%

XML

Securitized Debt Obligations, Net (Detail) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($) loan	Jun. 30, 2023 USD ($)	Dec. 31, 2023 USD ($) loan
Debt Instrument [Line Items]
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]			Secured Overnight Financing Rate (SOFR)		Secured Overnight Financing Rate (SOFR)
Securitized debt obligations, net
Debt Instrument [Line Items]
Count | loan			3		3
Count | loan			56		56
Principal Balance	$ 2,328,492		$ 2,328,492		$ 2,507,514
Principal Balance, Collateral assets	2,972,867		2,972,867		3,151,889
Book Value	2,327,774		2,327,774		2,505,417
Book Value, Collateral assets	2,972,867		$ 2,972,867		$ 3,151,889
Wtd. Avg. Yield/Cost, Loan Obligation			1.54%		1.79%
Wtd. Avg. Yield/Cost, Collateral Assets			3.00%		2.99%
Interest expense on debt	40,200	$ 43,300	$ 81,700	$ 83,100
2021 FL4 Senior Collateralized Loan Obligation | Securitized debt obligations, net
Debt Instrument [Line Items]
Count | loan			1		1
Principal Balance	785,452		$ 785,452		$ 803,750
Book Value	784,778		$ 784,778		$ 801,800
Wtd. Avg. Yield/Cost, Loan Obligation			1.47%		1.70%
2021 FL4 Underlying Collateral Assets | Securitized debt obligations, net
Debt Instrument [Line Items]
Count | loan			26		26
Principal Balance, Collateral assets	981,703		$ 981,703		$ 1,000,000
Book Value, Collateral assets	981,703		$ 981,703		$ 1,000,000
Wtd. Avg. Yield/Cost, Collateral Assets			3.26%		3.28%
2020 FL3 Senior Collateralized Loan Obligation | Securitized debt obligations, net
Debt Instrument [Line Items]
Count | loan			1		1
Principal Balance	689,384		$ 689,384		$ 714,352
Book Value	689,384		$ 689,384		$ 714,352
Wtd. Avg. Yield/Cost, Loan Obligation			1.84%		2.18%
2020 FL3 Underlying Collateral Assets | Securitized debt obligations, net
Debt Instrument [Line Items]
Count | loan			15		15
Principal Balance, Collateral assets	880,634		$ 880,634		$ 905,602
Book Value, Collateral assets	880,634		$ 880,634		$ 905,602
Wtd. Avg. Yield/Cost, Collateral Assets			2.93%		2.87%
2020 FL2 Senior Collateralized Loan Obligation | Securitized debt obligations, net
Debt Instrument [Line Items]
Count | loan			1		1
Principal Balance	853,656		$ 853,656		$ 989,412
Book Value	853,612		$ 853,612		$ 989,265
Wtd. Avg. Yield/Cost, Loan Obligation			1.36%		1.57%
2020 FL2 Underlying Collateral Assets | Securitized debt obligations, net
Debt Instrument [Line Items]
Count | loan			15		15
Principal Balance, Collateral assets	1,110,530		$ 1,110,530		$ 1,246,287
Book Value, Collateral assets	$ 1,110,530		$ 1,110,530		$ 1,246,287
Wtd. Avg. Yield/Cost, Collateral Assets			2.86%		2.85%

XML

Asset-Specific Debt, Net (Detail) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2024 USD ($) loan	Dec. 31, 2023 USD ($) loan
Debt Instrument [Line Items]
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]	Secured Overnight Financing Rate (SOFR)	Secured Overnight Financing Rate (SOFR)
Asset-specific debt, net
Debt Instrument [Line Items]
Count, Financing provided | loan	2	2
Count, collateral assets | loan	2	2
Principal Balance	$ 1,125,854	$ 1,004,097
Principal Balance, Collateral assets	1,342,810	1,194,408
Book Value	1,120,760	1,000,210
Book Value, Collateral assets	$ 1,333,335	$ 1,186,559
Wtd. Avg. Yield/Cost, Financing provided	3.18%	3.14%
Wtd. Avg. Yield/Cost, Collateral assets	4.04%	3.98%

XML

Loan Participations Sold, Net (Details) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($) loan	Jun. 30, 2023 USD ($)	Dec. 31, 2023 USD ($) loan
Loan Participations Sold [Line Items]
Principal Balance, Loan Participation	$ 100,580		$ 100,580		$ 337,721
Principal Balance, Total Loan	428,151		428,151		697,565
Book Value, Loan Participation	100,442		100,442		337,179
Book Value, Total Loan	427,701		427,701		$ 694,386
Interest expense	339,380	$ 344,549	$ 683,110	$ 661,746
Loan Participation
Loan Participations Sold [Line Items]
Count | loan			2		3
Senior Participations
Loan Participations Sold [Line Items]
Count | loan					1
Principal Balance, Loan Participation					$ 236,797
Book Value, Loan Participation					$ 236,499
Junior Loan Participation
Loan Participations Sold [Line Items]
Count | loan			2		2
Principal Balance, Loan Participation	100,580		$ 100,580		$ 100,924
Book Value, Loan Participation	100,442		$ 100,442		$ 100,680
Total Loan
Loan Participations Sold [Line Items]
Count | loan			2		3
Total Senior Loan Participation
Loan Participations Sold [Line Items]
Count | loan					1
Principal Balance, Total Loan					$ 295,996
Book Value, Total Loan					$ 294,783
Total Junior Loan Participation
Loan Participations Sold [Line Items]
Count | loan			2		2
Principal Balance, Total Loan	428,151		$ 428,151		$ 401,569
Book Value, Total Loan	427,701		427,701		399,603
Loan Participations Sold
Loan Participations Sold [Line Items]
Interest expense	$ 7,700		$ 15,700		$ 20,600
SOFR And SONIA | Junior Loan Participation
Loan Participations Sold [Line Items]
Weighted Average Yield/Cost Rate	7.39%		7.39%		7.50%
SOFR And SONIA | Total Junior Loan Participation
Loan Participations Sold [Line Items]
Weighted Average Yield/Cost Rate	4.07%		4.07%		4.75%
SONIA | Senior Participations
Loan Participations Sold [Line Items]
Weighted Average Yield/Cost Rate					3.22%
SONIA | Total Senior Loan Participation
Loan Participations Sold [Line Items]
Weighted Average Yield/Cost Rate					4.86%

XML

Term Loans, Net - Schedule of Debt (Detail) - Secured term loans, net $ in Thousands	6 Months Ended
	Jun. 30, 2024 USD ($)
Debt Instrument [Line Items]
Principal Balance	$ 2,124,223
B-1 Term Loan
Debt Instrument [Line Items]
Principal Balance	906,096
B-3 Term Loan
Debt Instrument [Line Items]
Principal Balance	408,829
B-4 Term Loan
Debt Instrument [Line Items]
Principal Balance	$ 809,298
Secured Overnight Financing Rate (SOFR) | B-1 Term Loan
Debt Instrument [Line Items]
Interest Rate and All-in Cost	2.36%
Secured Overnight Financing Rate (SOFR) | B-3 Term Loan
Debt Instrument [Line Items]
Interest Rate and All-in Cost	2.86%
Variable rate floor	0.50%
Secured Overnight Financing Rate (SOFR) | B-4 Term Loan
Debt Instrument [Line Items]
Interest Rate and All-in Cost	3.50%
Variable rate floor	0.50%
Secured Overnight Financing Rate (SOFR), All-In Cost | B-1 Term Loan
Debt Instrument [Line Items]
Interest Rate and All-in Cost	2.65%
Secured Overnight Financing Rate (SOFR), All-In Cost | B-3 Term Loan
Debt Instrument [Line Items]
Interest Rate and All-in Cost	3.54%
Secured Overnight Financing Rate (SOFR), All-In Cost | B-4 Term Loan
Debt Instrument [Line Items]
Interest Rate and All-in Cost	4.11%

XML

Term Loans, Net - Additional Information (Detail) - Term loans, net $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2024 USD ($)	Jun. 30, 2024 USD ($)
Debt Instrument [Line Items]
Secured term loan percentage of partially amortizing		1.00%
Interest expense on debt	$ 46.5	$ 93.2
Amortization of deferred fees and expenses	$ 2.3	$ 4.6
Total debt to total assets ratio	0.8333	0.8333
B-1 Term Loan
Debt Instrument [Line Items]
Discount upon issuance of secured term loan	$ 3.1	$ 3.1
Secured term loan transaction expenses	12.6	12.6
B-3 Term Loan
Debt Instrument [Line Items]
Discount upon issuance of secured term loan	9.6	9.6
Secured term loan transaction expenses	5.4	5.4
B-4 Term Loan
Debt Instrument [Line Items]
Discount upon issuance of secured term loan	17.3	17.3
Secured term loan transaction expenses	$ 10.3	$ 10.3

XML

Term Loans, Net - Schedule of Net Book Value of Our Secured Term Loans on Our Consolidated Balance Sheets (Detail) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Face value	$ 16,000,571
Net book value	2,095,199	$ 2,101,632
Secured term loans, net
Debt Instrument [Line Items]
Face value	2,124,223	2,135,221
Deferred financing costs and unamortized discount	(29,024)	(33,589)
Net book value	$ 2,095,199	$ 2,101,632

XML

Senior Secured Notes, Net - Schedule of Senior Secured Notes (Details) - Senior Secured Notes	Jun. 30, 2024 USD ($)
Debt Instrument [Line Items]
Face Value	$ 339,918,000
Interest Rate	3.75%
All-in Cost	4.02%

XML

Senior Secured Notes, Net - Additional Information (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)
Debt Instrument [Line Items]
Gain on extinguishment of debt	$ 0	$ 0	$ 2,963	$ 0
Senior Secured Notes
Debt Instrument [Line Items]
Transaction expenses	6,300		6,300
Interest expense on debt	3,400		7,100
Amortization of deferred fees and expenses	$ 254		521
Repurchase of aggregate principal amount		$ 0	$ 26,200	$ 0
Weighted-average price of repurchase			88.00%
Gain on extinguishment of debt			$ 3,000
Total debt to total assets ratio	0.8333		0.8333
Total unencumbered assets to total unsecured debt ratio	1.20		1.20

XML

Senior Secured Notes, Net - Schedule of Net Book Value (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Face value	$ 16,000,571
Senior Secured Notes
Debt Instrument [Line Items]
Face value	339,918	$ 366,090
Deferred financing costs	(2,582)	(3,327)
Net book value	$ 337,336	$ 362,763

XML

Convertible Notes, Net - Summary of Outstanding Convertible Senior Notes (Detail) - Convertible notes, net - Convertible Senior Notes Due 2027	6 Months Ended
	Jun. 30, 2024 USD ($) $ / shares
Debt Instrument [Line Items]
Principal Balance | $	$ 300,000,000
Interest Rate	5.50%
All-in Cost	5.94%
Debt instrument conversion price (in dollars per share) | $ / shares	$ 36.27
Conversion rate	0.0275702

XML

Convertible Notes, Net - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands	Jun. 30, 2024	Mar. 28, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Share price (in dollars per share)		$ 17.42
Accrued interest payable	$ 90,223		$ 97,820
Convertible notes, net
Debt Instrument [Line Items]
Accrued interest payable	$ 4,900		$ 4,900

XML

Convertible Notes, Net - Summary of Details of Net Book Value of Convertible Note (Detail) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Face value	$ 16,000,571
Convertible notes, net
Debt Instrument [Line Items]
Face value	300,000	$ 300,000
Deferred financing costs and unamortized discount	(3,514)	(4,153)
Net book value	$ 296,486	$ 295,847

XML

Convertible Notes, Net - Summary of Details about Interest Expense (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Debt Instrument [Line Items]
Discount and issuance cost amortization			$ 21,494	$ 29,605
Convertible notes, net
Debt Instrument [Line Items]
Cash coupon	$ 4,125	$ 4,125	8,250	10,389
Discount and issuance cost amortization	319	319	639	950
Total interest expense	$ 4,444	$ 4,444	$ 8,889	$ 11,339

XML

Derivative Financial Instruments - Summary of Outstanding Foreign Exchange Derivatives Designated as Net Investment Hedges of Foreign Currency Risk (Detail) - Designated Hedges - Net Investment Hedges € in Thousands, £ in Thousands, kr in Thousands, kr in Thousands, SFr in Thousands, $ in Thousands	Jun. 30, 2024 SEK (kr) derivative_instrument	Jun. 30, 2024 EUR (€) derivative_instrument	Jun. 30, 2024 GBP (£) derivative_instrument	Jun. 30, 2024 AUD ($) derivative_instrument	Jun. 30, 2024 DKK (kr) derivative_instrument	Jun. 30, 2024 CHF (SFr) derivative_instrument	Dec. 31, 2023 SEK (kr) derivative_instrument	Dec. 31, 2023 EUR (€) derivative_instrument	Dec. 31, 2023 GBP (£) derivative_instrument	Dec. 31, 2023 AUD ($) derivative_instrument	Dec. 31, 2023 DKK (kr) derivative_instrument	Dec. 31, 2023 CHF (SFr) derivative_instrument
Buy USD / Sell SEK Forward
Derivative [Line Items]
Number of Instruments	2	2	2	2	2	2	2	2	2	2	2	2
Notional Amount | kr	kr 973,598						kr 973,246
Buy USD / Sell EUR Forward
Derivative [Line Items]
Number of Instruments	9	9	9	9	9	9	8	8	8	8	8	8
Notional Amount | €		€ 717,588						€ 673,644
Buy USD / Sell GBP Forward
Derivative [Line Items]
Number of Instruments	9	9	9	9	9	9	7	7	7	7	7	7
Notional Amount | £			£ 638,650						£ 696,919
Buy USD / Sell AUD Forward
Derivative [Line Items]
Number of Instruments	9	9	9	9	9	9	10	10	10	10	10	10
Notional Amount | $				$ 494,881						$ 471,989
Buy USD / Sell DKK Forward
Derivative [Line Items]
Number of Instruments	3	3	3	3	3	3	2	2	2	2	2	2
Notional Amount | kr					kr 197,059						kr 195,674
Buy USD / Sell CHF Forward
Derivative [Line Items]
Number of Instruments	2	2	2	2	2	2	4	4	4	4	4	4
Notional Amount | SFr						SFr 6,752						SFr 8,352

XML

Derivative Financial Instruments - Summary of Non-designated Hedges (Detail) € in Thousands, £ in Thousands, kr in Thousands, SFr in Thousands, $ in Thousands	Jun. 30, 2024 SEK (kr) derivative_instrument	Jun. 30, 2024 EUR (€) derivative_instrument	Jun. 30, 2024 GBP (£) derivative_instrument	Jun. 30, 2024 AUD ($) derivative_instrument	Jun. 30, 2024 CHF (SFr) derivative_instrument	Dec. 31, 2023 SEK (kr) derivative_instrument	Dec. 31, 2023 EUR (€) derivative_instrument	Dec. 31, 2023 GBP (£) derivative_instrument	Dec. 31, 2023 AUD ($) derivative_instrument	Dec. 31, 2023 CHF (SFr) derivative_instrument
Derivatives not designated as hedging instruments | Buy GBP / Sell USD Forward
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Number of Instruments	2	2	2	2	2	2	2	2	2	2
Notional Amount | £			£ 65,000					£ 26,900
Derivatives not designated as hedging instruments | Buy USD / Sell GBP Forward
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Number of Instruments	2	2	2	2	2	2	2	2	2	2
Notional Amount | £			£ 65,000					£ 26,900
Derivatives not designated as hedging instruments | Buy EUR / Sell USD Forward
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Number of Instruments	1	1	1	1	1
Notional Amount | €		€ 2,500
Derivatives not designated as hedging instruments | Buy USD / Sell EUR Forward
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Number of Instruments	1	1	1	1	1
Notional Amount | €		€ 2,500
Derivatives not designated as hedging instruments | Buy CHF / Sell USD Forward
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Number of Instruments	1	1	1	1	1
Notional Amount | SFr					SFr 2,000
Derivatives not designated as hedging instruments | Buy USD / Sell CHF Forward
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Number of Instruments	1	1	1	1	1
Notional Amount | SFr					SFr 2,000
Derivatives not designated as hedging instruments | Buy SEK / Sell USD Forward
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Number of Instruments						1	1	1	1	1
Notional Amount | kr						kr 30,800
Derivatives not designated as hedging instruments | Buy USD / Sell SEK Forward
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Number of Instruments						1	1	1	1	1
Notional Amount | kr						kr 30,800
Derivatives not designated as hedging instruments | Buy AUD / Sell USD Forward
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Number of Instruments						1	1	1	1	1
Notional Amount | $									$ 7,600
Derivatives not designated as hedging instruments | Buy USD / Sell AUD Forward
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Number of Instruments						1	1	1	1	1
Notional Amount | $									$ 7,600
Designated Hedges | Buy USD / Sell GBP Forward | Net Investment Hedges
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Number of Instruments	9	9	9	9	9	7	7	7	7	7
Notional Amount | £			£ 638,650					£ 696,919
Designated Hedges | Buy USD / Sell EUR Forward | Net Investment Hedges
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Number of Instruments	9	9	9	9	9	8	8	8	8	8
Notional Amount | €		€ 717,588					€ 673,644
Designated Hedges | Buy USD / Sell CHF Forward | Net Investment Hedges
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Number of Instruments	2	2	2	2	2	4	4	4	4	4
Notional Amount | SFr					SFr 6,752					SFr 8,352
Designated Hedges | Buy USD / Sell SEK Forward | Net Investment Hedges
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Number of Instruments	2	2	2	2	2	2	2	2	2	2
Notional Amount | kr	kr 973,598					kr 973,246
Designated Hedges | Buy USD / Sell AUD Forward | Net Investment Hedges
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Number of Instruments	9	9	9	9	9	10	10	10	10	10
Notional Amount | $				$ 494,881					$ 471,989

XML

Derivative Financial Instruments - Summary of Outstanding Interest Rate Derivatives Designated as Cash Flow Hedges of Interest Rate Risk (Detail) - Interest Rate Swaps $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2024 USD ($) derivative_instrument	Dec. 31, 2023 USD ($) derivative_instrument
Derivative [Line Items]
Notional Amount	$ 229,900	$ 229,900
Cash Flow Hedges | Designated Hedges
Derivative [Line Items]
Number of Instruments | derivative_instrument	1	1
Notional Amount	$ 229,858	$ 229,858
Fixed Rate	4.60%	4.60%
Wtd. Avg. Maturity (Years)	4 months 24 days	10 months 24 days

XML

Derivative Financial Instruments - Additional Information (Detail) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Amount reclassified from accumulated other comprehensive income (loss) as a decrease to interest expense	$ 545
Collateral deposited under derivative agreements	$ 15,904	$ 103,500

XML

Derivative Financial Instruments - Schedule of Derivative Instruments in Statement of Operations (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Derivative Instruments, Gain (Loss) [Line Items]
Increase (Decrease) to Net Interest Income Recognized from Derivatives			$ (291)	$ (1,366)
Foreign Exchange Forward
Derivative Instruments, Gain (Loss) [Line Items]
Increase (Decrease) to Net Interest Income Recognized from Derivatives	$ 4,871	$ 7,155	9,709	15,560
Designated Hedges | Foreign Exchange Forward | Interest Income
Derivative Instruments, Gain (Loss) [Line Items]
Increase (Decrease) to Net Interest Income Recognized from Derivatives	4,455	7,072	8,867	15,479
Designated Hedges | Foreign Exchange Forward | Interest Expense
Derivative Instruments, Gain (Loss) [Line Items]
Increase (Decrease) to Net Interest Income Recognized from Derivatives	420	75	845	75
Non-Designated Hedges | Foreign Exchange Forward | Interest Income
Derivative Instruments, Gain (Loss) [Line Items]
Increase (Decrease) to Net Interest Income Recognized from Derivatives	(4)	51	(10)	68
Non-Designated Hedges | Foreign Exchange Forward | Interest Expense
Derivative Instruments, Gain (Loss) [Line Items]
Increase (Decrease) to Net Interest Income Recognized from Derivatives	$ 0	$ (43)	$ 7	$ (62)

XML

Derivative Financial Instruments - Summary of Fair Value of Derivative Financial Instruments (Detail) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative assets	$ 4,878	$ 1,890
Derivative liabilities	24,395	94,817
Derivatives designated as hedging instruments
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative assets	4,775	347
Derivative liabilities	23,052	92,922
Derivatives designated as hedging instruments | Foreign exchange contracts
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative assets	4,230	30
Derivative liabilities	23,052	92,922
Derivatives designated as hedging instruments | Interest rate derivatives
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative assets	545	317
Derivative liabilities	0	0
Derivatives not designated as hedging instruments
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative assets	103	1,543
Derivative liabilities	1,343	1,895
Derivatives not designated as hedging instruments | Foreign exchange contracts
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative assets	103	1,543
Derivative liabilities	1,343	1,895
Derivatives not designated as hedging instruments | Interest rate derivatives
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative assets	0	0
Derivative liabilities	$ 0	$ 0

XML

Derivative Financial Instruments - Summary of Effect of Derivative Financial Instruments on Consolidated Statements of Comprehensive Income And Operations (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Foreign exchange contracts	$ (3,032)		$ 42,709
Interest rate derivatives	242		1,074
Total	(2,790)		43,783
Foreign exchange contracts	0		0
Interest rate derivatives	420		845
Total	420		845
Receipts under derivative financial instruments			55,760	$ 25,176
Payments under derivative financial instruments			77,368	164,342
Interest expense	339,380	$ 344,549	683,110	$ 661,746
Net Investment Hedges | Foreign exchange contracts
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Receipts under derivative financial instruments	45,700
Payments under derivative financial instruments			21,600
Cash Flow Hedges | Interest rate derivatives
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Interest expense	$ 420		$ 845

XML

Equity - Additional Information (Detail) $ / shares in Units, $ in Thousands		3 Months Ended				6 Months Ended
	Jun. 14, 2024 USD ($) $ / shares	Jun. 30, 2024 USD ($) $ / shares shares	Mar. 31, 2024 USD ($) $ / shares	Jun. 30, 2023 USD ($) $ / shares	Mar. 31, 2023 USD ($) $ / shares	Jun. 30, 2024 USD ($) agreement $ / shares shares	Jun. 30, 2023 USD ($) $ / shares shares	Dec. 31, 2023 USD ($) shares	Dec. 31, 2022 USD ($)
Class of Stock [Line Items]
Shares authorized (in shares) | shares		500,000,000				500,000,000
Common stock, shares authorized (in shares) | shares		400,000,000				400,000,000		400,000,000
Preferred stock, shares authorized (in shares) | shares		100,000,000				100,000,000
Preferred stock, shares issued (in shares) | shares		0				0		0
Preferred stock, shares outstanding (in shares) | shares		0				0		0
Common shares reserved for issuance (in shares) | shares		10,000,000				10,000,000
Common stock, shares issued under dividend reinvestment program (in shares) | shares						3,165	3,613
Number of shares available for future issuance (in shares) | shares		9,971,796				9,971,796
Number of equity distribution agreements | agreement						7
Aggregate sales price						$ 699,100
Number of shares sold (in shares) | shares						0	0
Aggregate sales price remaining available		$ 480,900				$ 480,900
Dividends declared per share of common stock (in dollars per share) | $ / shares	$ 0.62	$ 0.62	$ 0.62	$ 0.62	$ 0.62	$ 1.24	$ 1.24
Dividends declared	$ 107,600	$ 107,644		$ 106,832		$ 215,322	$ 213,648
Accumulated other comprehensive income		10,328				10,328		$ 9,454
Net realized and unrealized gains related to changes in fair value of derivative instruments		226,800				226,800		183,900
Cumulative unrealized currency translation adjustment on assets and liabilities denominated in foreign currencies		216,500				216,500		174,400
Total equity		4,004,598	$ 4,164,587	4,566,189	$ 4,560,699	4,004,598	4,566,189	4,387,504	$ 4,544,200
Multifamily Joint Venture
Class of Stock [Line Items]
Total equity		134,000				134,000		132,000
Stockholders' Equity
Class of Stock [Line Items]
Total equity		3,984,504	4,144,753	4,540,662	4,535,227	3,984,504	4,540,662	4,367,711	4,518,794
Stockholders' Equity | Multifamily Joint Venture
Class of Stock [Line Items]
Total equity		113,900				113,900		112,200
Non-Controlling Interests
Class of Stock [Line Items]
Total equity		20,094	$ 19,834	$ 25,527	$ 25,472	20,094	$ 25,527	19,793	$ 25,406
Non-Controlling Interests | Multifamily Joint Venture
Class of Stock [Line Items]
Total equity		$ 20,100				$ 20,100		$ 19,800

XML

Equity - Schedule of Movement in Outstanding Shares of Class A Common Stock, Restricted Class A Common Stock and Deferred Stock Units (Detail) - shares	1 Months Ended	6 Months Ended
	May 31, 2013	Jun. 30, 2024	Jun. 30, 2023
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)		173,569,397	172,106,593
Issuance of class A common stock (in shares)	25,875,000	3,165	3,613
Issuance of restricted class A common stock, net (in shares)		406,400	505,432
Issuance of deferred stock units (in shares)		29,649	34,126
Ending balance (in shares)		174,008,611	172,649,764
Shares forfeited (in shares)		97,985	0
Deferred Stock Units
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Number of shares of restricted class A common stock outstanding (in shares)		389,113	339,702
Director
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of restricted class A common stock, net (in shares)		41,282	25,482

XML

Equity - Schedule of Dividend Activity (Detail) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended				6 Months Ended
	Jun. 14, 2024	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Equity [Abstract]
Dividends declared per share of common stock (in dollars per share)	$ 0.62	$ 0.62	$ 0.62	$ 0.62	$ 0.62	$ 1.24	$ 1.24
Class A common stock dividends declared	$ 107,600	$ 107,644		$ 106,832		$ 215,322	$ 213,648
Deferred stock unit dividends declared		229		196		452	452
Total dividends declared		$ 107,873	$ 107,901	$ 107,028	$ 107,072	$ 215,774	$ 214,100

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Equity - Schedule of Basic and Diluted Earnings Per Share on Weighted-Average of Both Restricted and Unrestricted Class A Common Stock Outstanding (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Basic Earnings
Net (loss) income	$ (61,057)	$ 101,651	$ (184,895)	$ 219,408
Weighted-average shares outstanding, basic (in shares)	173,967,340	172,615,385	174,004,464	172,606,914
Per share amount, basic (in dollars per share)	$ (0.35)	$ 0.59	$ (1.06)	$ 1.27
Diluted Earnings
Net (loss) income	$ (61,057)	$ 101,651	$ (184,895)	$ 219,408
Add back: Interest expense on Convertible Notes, net	0	3,556	0	7,111
Diluted earnings	$ (61,057)	$ 105,207	$ (184,895)	$ 226,519
Weighted-average shares outstanding, basic (in shares)	173,967,340	172,615,385	174,004,464	172,606,914
Effect of dilutive securities - Convertible Notes (in shares)	0	8,271,060	0	8,271,060
Weighted-average common shares outstanding, diluted (in shares)	173,967,340	180,886,445	174,004,464	180,877,974
Per share amount, diluted (in dollars per share)	$ (0.35)	$ 0.58	$ (1.06)	$ 1.25

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Other Expenses - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Related Party Transaction [Line Items]
Management base fee percentage			1.50%
Management incentive fee percentage			20.00%
Management core earnings fee percentage	7.00%		7.00%
Management core earnings fee measurement period (in years)			3 years
Management core earnings fee minimum threshold			0.00%
Management fees	$ 18,726	$ 32,815	$ 37,653	$ 63,865
Accrued management and incentive fees payable	18,700		18,700		$ 26,300
Related Party
Related Party Transaction [Line Items]
Management fees	18,700	18,600	37,700	37,200
Total incentive compensation payments	$ 0	$ 14,200	$ 0	$ 26,700

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Other Expenses - Schedule of General and Administrative Expenses (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Schedule of Equity Method Investments [Line Items]
Professional services	$ 3,817	$ 3,291	$ 7,957	$ 6,570
Operating and other costs	1,881	2,066	3,357	3,997
Subtotal	5,698	5,357	11,314	10,567
Non-cash compensation expense
Restricted class A common stock earned	7,761	7,492	15,672	14,984
Director stock-based compensation	201	173	402	336
Subtotal	7,962	7,665	16,074	15,320
Total general and administrative expenses	13,660	13,022	27,388	25,887
Multifamily Joint Venture
Schedule of Equity Method Investments [Line Items]
Subtotal	$ 320	$ 288	$ 543	$ 596

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Income Taxes (Detail) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		6 Months Ended
	May 31, 2013	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Income tax provision		$ 1,217	$ 1,202	$ 2,219	$ 3,095
Shares issued (in shares)	25,875,000			3,165	3,613
NOL limitation per annum	$ 2,000
Net operating losses carried forward		$ 159,000		$ 159,000

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Stock-Based Incentive Plans - Additional Information (Detail) $ in Millions	6 Months Ended
	Jun. 30, 2024 USD ($) plan shares	Dec. 31, 2023 shares	Jun. 30, 2022 plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of benefit plans | plan	2		9
Number of expired benefit plans | plan			7
Restricted Class A Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted shares, vesting period (in years)	3 years
Number of shares of restricted class A common stock outstanding (in shares)	1,938,160	2,180,181
Unrecognized compensation cost relating to nonvested share-based compensation | $	$ 43.5
Unrecognized compensation cost expected to be recognized over weighted average period (in years)	1 year 1 month 6 days
Vest in 2024 | Restricted Class A Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares of restricted class A common stock outstanding (in shares)	612,846
Vest in 2025 | Restricted Class A Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares of restricted class A common stock outstanding (in shares)	884,763
Vest in 2026 | Restricted Class A Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares of restricted class A common stock outstanding (in shares)	440,551
Class A Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum number of shares available under plan (in shares)	10,400,000
Number of shares available under plan (in shares)	7,318,599

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Stock-Based Incentive Plans - Movement in Outstanding Shares of Restricted Class A Common Stock and Weighted-Average Grant Date Fair Value Per Share (Detail) - Restricted Class A Common Stock	6 Months Ended
	Jun. 30, 2024 $ / shares shares
Restricted Class A Common Stock
Beginning balance (in shares) | shares	2,180,181
Granted (in shares) | shares	504,385
Vested (in shares) | shares	(648,421)
Forfeited (in shares) | shares	(97,985)
Ending balance (in shares) | shares	1,938,160
Weighted-Average Grant Date Fair Value Per Share
Beginning balance (in dollars per share) | $ / shares	$ 24.41
Granted (in dollars per share) | $ / shares	21.13
Vested (in dollars per share) | $ / shares	25.14
Forfeited (in dollars per share) | $ / shares	24.23
Ending balance (in dollars per share) | $ / shares	$ 23.32

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Fair Values - Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Assets
Derivatives	$ 4,878	$ 1,890
Liabilities
Derivatives	24,395	94,817
Level 1
Assets
Derivatives	0	0
Liabilities
Derivatives	0	0
Level 2
Assets
Derivatives	4,878	1,890
Liabilities
Derivatives	24,395	94,817
Level 3
Assets
Derivatives	0	0
Liabilities
Derivatives	$ 0	$ 0

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Fair Values - Schedule of Details of Book Value, Face Amount, and Fair Value of Financial Instruments (Detail) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Financial assets
Cash and cash equivalents	$ 373,876	$ 350,014
Cash and cash equivalents, fair value	373,876	350,014
Loans receivable, net, book value	21,976,910	23,210,076
Loan receivable, net, face amount	23,010,660	23,923,719
Loan receivable, net, fair value	21,872,283	23,015,737
Financial liabilities
Long-term debt, face amount	16,000,571
Loan participations sold, net, book value	100,442	337,179
Loan participations sold, net, Face Amount	100,580	337,721
Loan participations sold, net, fair value	100,098	333,745
Secured debt, net
Financial liabilities
Long-term debt	12,096,705	12,683,095
Long-term debt, face amount	12,110,576	12,697,058
Long-term debt, fair value	11,928,849	12,425,609
Securitized debt obligations, net
Financial liabilities
Long-term debt	2,327,774	2,505,417
Long-term debt, face amount	2,328,492	2,507,514
Long-term debt, fair value	2,153,456	2,323,441
Asset-specific debt, net
Financial liabilities
Long-term debt	1,120,760	1,000,210
Long-term debt, face amount	1,125,854	1,004,097
Long-term debt, fair value	1,112,516	992,357
Secured term loans, net
Financial liabilities
Long-term debt	2,095,199	2,101,632
Long-term debt, face amount	2,124,223	2,135,221
Long-term debt, fair value	2,055,445	2,102,950
Senior secured notes, net
Financial liabilities
Long-term debt	337,336	362,763
Long-term debt, face amount	339,918	366,090
Long-term debt, fair value	306,139	327,081
Convertible notes, net
Financial liabilities
Long-term debt	296,486	295,847
Long-term debt, face amount	300,000	300,000
Long-term debt, fair value	$ 272,061	$ 272,076

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Variable Interest Entities (Detail) - USD ($) $ in Thousands	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022
Assets
Loans receivable	$ 22,870,848		$ 23,787,012
Current expected credit loss reserve	(893,938)	$ (751,370)	(576,936)	$ (363,875)	$ (336,591)	$ (326,137)
Loans receivable, net	21,976,910		23,210,076
Other assets	225,795		476,088
Total Assets	22,636,599		24,036,178
Liabilities
Other liabilities	257,299		362,531
Total Liabilities	18,632,001		19,648,674
Securitized debt obligations, net
Liabilities
Total obligation	2,327,774		2,505,417
VIE
Assets
Loans receivable	2,972,867		3,061,278
Current expected credit loss reserve	(237,335)		(183,508)
Loans receivable, net	2,735,532		2,877,770
Other assets	12,048		103,692
Total Assets	2,747,580		2,981,462
Liabilities
Other liabilities	6,192		8,101
Total Liabilities	2,333,966		2,513,518
VIE | Securitized debt obligations, net
Liabilities
Total obligation	$ 2,327,774		$ 2,505,417

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Transactions with Related Parties (Detail) $ in Thousands, £ in Millions	3 Months Ended				6 Months Ended
	Jun. 30, 2024 USD ($) shares	Jun. 30, 2024 GBP (£)	Mar. 31, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($) shares	Jun. 30, 2023 USD ($)	Jun. 30, 2024 GBP (£) shares	Dec. 31, 2023 USD ($) shares	Mar. 31, 2019 GBP (£)
Related Party Transaction [Line Items]
Accrued management and incentive fees payable	$ 18,700				$ 18,700			$ 26,300
Non-cash expenses	$ 7,962			$ 7,665	$ 16,074	$ 15,320
Common stock, shares outstanding (in shares) | shares	173,619,498				173,619,498		173,619,498	173,209,933
Expenses	$ 18,726			32,815	$ 37,653	63,865
Professional services	$ 3,817			3,291	7,957	6,570
Repayment of loan participations					235,960	0
Principal collections, sales proceeds, and cost-recovery proceeds from loans receivable					1,413,348	1,491,158
Senior Secured Notes
Related Party Transaction [Line Items]
Repurchase of aggregate principal amount				0	$ 26,200	0
Restricted Class A Common Stock
Related Party Transaction [Line Items]
Shares held (in shares) | shares	1,938,160				1,938,160		1,938,160	2,180,181
Restricted shares, vesting period (in years)					3 years
Related Party
Related Party Transaction [Line Items]
Common stock, shares outstanding (in shares) | shares	12,226,812				12,226,812		12,226,812
Percentage of stock (in shares)	7.00%				7.00%		7.00%
Expenses	$ 18,700			18,600	$ 37,700	37,200
Principal collections, sales proceeds, and cost-recovery proceeds from loans receivable			$ 98,600
Face amount of loans | £							£ 490.0		£ 240.1
Related Party | Junior Loan Participation
Related Party Transaction [Line Items]
Repayment of loan participations | £		£ 46.5
Related Party | Senior Participations
Related Party Transaction [Line Items]
Repayment of loan participations | £		£ 186.0
Related Party | Manager
Related Party Transaction [Line Items]
Renewal term (in years)					1 year
Management fees paid to Manager	18,900			31,100	$ 45,300	64,900
Expenses	829			1,500	1,100	1,900
Related Party | BXMT Advisors Limited Liability Company and Affiliates
Related Party Transaction [Line Items]
Management fee payable	18,700				18,700
Incentive fee payable	0				0
Accrued management and incentive fees payable								$ 26,300
Related Party | EQ Management, LLC
Related Party Transaction [Line Items]
Expenses	44			0	44	0
Related Party | Revantage Corporate Services, LLC And Revantage Global Services Europe S.à r.l.
Related Party Transaction [Line Items]
Professional services	$ 309			219	560	433
Related Party | Gryphon Mutual Property America IC ("Gryphon")
Related Party Transaction [Line Items]
Insurance costs, inclusive of premiums, capital surplus contributions, taxes and pro-rata share of other expenses					109
Related Party | BTIG, LLC
Related Party Transaction [Line Items]
Fees on broker					40
Related Party | BTIG, LLC | Senior Secured Notes | Senior Secured Notes Due 2027
Related Party Transaction [Line Items]
Repurchase of aggregate principal amount					$ 26,200
Related Party | Restricted Class A Common Stock | Manager
Related Party Transaction [Line Items]
Shares held (in shares) | shares	989,709				989,709		989,709
Aggregate grant fair value					$ 23,800
Restricted shares, vesting period (in years)					3 years
Non-cash expenses	$ 4,200			3,900	$ 8,500	7,800
Subsidiary of Common Parent
Related Party Transaction [Line Items]
Common stock, shares outstanding (in shares) | shares	7,582,044				7,582,044		7,582,044
Percentage of stock (in shares)	4.40%				4.40%		4.40%
Director | Deferred Stock Units
Related Party Transaction [Line Items]
Shares held (in shares) | shares	389,113				389,113		389,113
Affiliates of Manager
Related Party Transaction [Line Items]
Professional services	$ 24			$ 24	$ 48	$ 48
Affiliates of Manager | Gryphon Mutual Property America IC ("Gryphon")
Related Party Transaction [Line Items]
Management fees paid to Manager					$ 2

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Commitments and Contingencies - Additional Information (Detail)	6 Months Ended					12 Months Ended
	Jun. 30, 2024 USD ($)	Jun. 30, 2024 USD ($) loan	Jun. 30, 2024 USD ($) security_loan	Jun. 30, 2024 USD ($)	Jun. 30, 2024 USD ($) director	Dec. 31, 2023 USD ($) loan	Dec. 31, 2023 USD ($) security_loan	Jun. 30, 2023 USD ($)
Financing Receivable, Allowance for Credit Loss [Line Items]
Current expected credit loss reserves for unfunded loan commitments	$ 9,946,000	$ 9,946,000	$ 9,946,000	$ 9,946,000	$ 9,946,000	$ 15,371,000	$ 15,371,000	$ 16,300,000
Number of loans		166	166			178	178
Number of members of board of directors | director					9
Number of non-employee directors eligible for annual compensation | director					7
Number of directors not eligible for compensation | director					2
Unfunded Loan Commitment
Financing Receivable, Allowance for Credit Loss [Line Items]
Current expected credit loss reserves for unfunded loan commitments	1,826,350,000	$ 1,826,350,000	$ 1,826,350,000	1,826,350,000	$ 1,826,350,000	$ 2,430,664,000	$ 2,430,664,000
Number of loans | loan		89
Aggregate unfunded loan commitments	867,500,000	$ 867,500,000	867,500,000	867,500,000	867,500,000
Net unfunded commitments	$ 958,800,000	$ 958,800,000	$ 958,800,000	958,800,000	$ 958,800,000
Weighted-average future funding period (in years)	2 years 3 months 18 days
Board of Directors
Financing Receivable, Allowance for Credit Loss [Line Items]
Annual cash compensation				210,000
Annual cash compensation paid in cash				95,000
Annual cash compensation paid in the form of deferred stock units				115,000
Audit Committee
Financing Receivable, Allowance for Credit Loss [Line Items]
Annual cash compensation				20,000
Compensation Committee
Financing Receivable, Allowance for Credit Loss [Line Items]
Annual cash compensation				15,000
Corporate Governance Committee
Financing Receivable, Allowance for Credit Loss [Line Items]
Annual cash compensation				10,000
Audit Committee Members
Financing Receivable, Allowance for Credit Loss [Line Items]
Annual cash compensation				10,000
Investment risk management committee
Financing Receivable, Allowance for Credit Loss [Line Items]
Annual cash compensation				$ 7,500

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Commitments and Contingencies - Schedule of Principal Debt Repayments (Detail) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
2024 (remaining)	$ 2,001,553
2025	2,431,633
2026	5,401,088
2027	3,872,332
2028	525,268
Thereafter	1,768,697
Net book value	16,000,571
Total loan exposure including non-consolidated senior interests	725,400	$ 1,100,000
Loan participations sold, net, Face Amount	100,580	337,721
Secured debt, net
Debt Instrument [Line Items]
2024 (remaining)	1,990,555
2025	1,532,338
2026	4,098,513
2027	3,224,156
2028	517,010
Thereafter	748,004
Net book value	12,110,576	12,697,058
Asset-specific debt, net
Debt Instrument [Line Items]
2024 (remaining)	0
2025	877,298
2026	0
2027	0
2028	0
Thereafter	248,556
Net book value	1,125,854	1,004,097
Term Loans
Debt Instrument [Line Items]
2024 (remaining)	10,998
2025	21,997
2026	1,302,575
2027	8,258
2028	8,258
Thereafter	772,137
Net book value	$ 2,124,223	2,135,221
Amortization percentage	1.00%
Senior Secured Notes
Debt Instrument [Line Items]
2024 (remaining)	$ 0
2025	0
2026	0
2027	339,918
2028	0
Thereafter	0
Net book value	339,918	366,090
Convertible Notes
Debt Instrument [Line Items]
2024 (remaining)	0
2025	0
2026	0
2027	300,000
2028	0
Thereafter	0
Net book value	300,000	300,000
Securitized debt obligations, net
Debt Instrument [Line Items]
Net book value	$ 2,328,492	$ 2,507,514