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Loans Receivable, Net (Tables)
 12 Months Ended
Dec. 31, 2019
Receivables [Abstract]  
Overall Statistics for Loans Receivable Portfolio
The following table details overall statistics for our loans receivable portfolio ($ in thousands):
                 
 
December 31,
2019
 
  
December 31,
2018
 
Number of loans
   
128
     
125
 
Principal balance
  $
           16,277,343
    $
           14,293,970
 
Net book value
  $
16,164,801
    $
14,191,200
 
Unfunded loan commitments
(1)
   $
3,911,868
    $
3,405,945
 
Weighted-average cash coupon
(2)
    
L + 3.20
 %    
L + 3.40
 %
Weighted-average
all-in
yield
(2)
    
L + 3.55
 %    
L +
3.73
 %
Weighted-average maximum maturity (years)
(3)
    
3.8
     
3.9
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(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 USD LIBOR, GBP LIBOR, EURIBOR, BBSY, and CDOR, as applicable to each loan. As of December 31, 2019,
99
%
 
of our loans by principal balance earned a floating rate of interest, primarily indexed to USD LIBOR, and
$
6.1
 
billion of such loans earned interest based on floors that are above the applicable index. The other 1% of our loans earned a fixed rate of interest
.
 
W
e reflect  
our fixed rate loans 
as a spread over
the
relevant floating benchmark rates
,
 as of December 31, 2019
 and December 31, 2018
,
respectively,
for purposes of the weighted-averages. As of December 31, 2018,
 
98
%
of our loans by total loan exposure earned a floating rate of interest, primarily indexed to USD LIBOR, and
$
1.2
 billion of such loans earned interest based on floors that are above the applicable index. 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.
 
 
 (3) Maximum maturity assumes all extension options are exercised by the borrower, however our loans may be repaid prior to such date. As of December 31, 2019, 61% of our loans by principal balance were subject to yield maintenance or other prepayment restrictions and 39% were open to repayment by the borrower without penalty. As of December 31, 2018, 75% of our loans by principal balance were subject to yield maintenance or other prepayment restrictions and 25% were open to repayment by the borrower without penalty.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Activity Relating to Loans Receivable Portfolio
                         
 
Principal
Balance
 
  
Deferred Fees /
Other Items
(1)
 
  
Net Book
Value
 
December 31, 2017
  $      
10,108,226
     $
(51,494
 )   $      
10,056,732
  
Loan fundings
   
7,890,051
     
—  
      
7,890,051
 
Loan repayments
   
(3,035,383
 )    
—  
      
(3,035,383
 )
Loan contributed to securitization
   
(517,500
 )    
5,498
     
(512,002
 )
Unrealized (loss) gain on foreign currency translation
   
(151,424
 )    
770
     
(150,654
 )
Deferred fees and other items
   
—  
      
(104,408
 )    
(104,408
 )
Amortization of fees and other items
   
—  
      
46,864
     
46,864
 
                         
December 31, 2018
  $
14,293,970
    $
(102,770
 )   $
14,191,200
 
                         
Loan fundings
   
6,890,249
     
—  
      
6,890,249
 
Loan repayments and sales proceeds
   
(4,974,881
 )    
—  
      
(4,974,881
 )
Unrealized gain (loss) on foreign currency translation
    
68,005
      
(629
)     
67,376
  
Deferred fees and other items
   
—  
      
(66,558
 )    
(66,558
 )
Amortization of fees and other items
   
—  
      
57,415
     
57,415
 
                         
December 31, 2019
  $
16,277,343
    $
(112,542
 )   $
16,164,801
 
                         
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1) Other items primarily consist of purchase discounts or premiums, exit fees, and deferred origination expenses.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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):
                                 
December 31, 2019
 
Property Type
 
Number of
Loans
 
  
Net
Book Value
 
  
Total Loan
Exposure
(1)(2)
 
  
Percentage of
Portfolio
 
Office
   
63
    $
9,946,055
    $
10,266,567
     
61
 %
Hotel
   
14
     
2,199,220
     
2,281,718
     
13
 
Multifamily
   
36
     
1,596,333
     
1,642,664
     
              
10
 
Industrial
   
5
     
603,917
     
607,423
     
4
 
Retail
   
3
     
373,045
     
381,040
     
2
 
Self-Storage
   
2
     
291,994
     
292,496
     
2
 
Condominium
   
1
     
232,778
     
234,260
     
1
 
Other
   
4
     
921,459
     
1,259,696
     
7
 
                                 
   
128
    $        
16,164,801
     $        
16,965,864
      
                
100
 %
                                 
                         
Geographic Location
 
Number of
Loans
 
  
Net
Book Value
 
  
Total Loan
Exposure
(1)(2)
 
  
Percentage of
Portfolio
 
United States
    
     
     
     
 
Northeast
   
25
    $
3,789,477
    $
3,815,580
     
22
 %
West
   
30
     
3,143,323
     
3,451,914
     
20
 
Southeast
   
23
     
2,321,444
     
2,334,852
     
14
 
Midwest
   
10
     
1,174,581
     
1,180,240
     
7
 
Southwest
   
11
     
464,989
     
467,532
     
3
 
Northwest
   
3
     
52,891
     
52,989
     
—
 
   
 
 
                          
Subtotal
   
102
     
10,946,705
     
11,303,107
     
66
  
International
    
     
     
     
 
United Kingdom
   
13
     
1,738,536
     
2,102,501
     
12
 
Ireland
   
1
     
1,318,196
     
1,330,647
     
8
 
Spain
   
2
     
1,231,061
     
1,237,809
     
7
 
Australia
   
3
     
360,047
     
361,763
     
2
 
Germany
   
1
     
195,081
     
251,020
     
1
 
Italy
    
1
     
178,740
     
180,897
     
1
 
Belgium
   
1
      
86,807
      
87,201
     
1
 
Canada
 
 
 
3
 
 
 
77,656
 
 
 
77,953
 
 
 
1
 
France
   
1
      
31,972
     
32,966
     
1
 
   
 
 
                          
Subtotal
   
26
     
5,218,096
     
5,662,757
     
34
 
   
 
 
                          
Total
   
128
    $
16,164,801
    $
16,965,864
     
100
 %
                                 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  (1) In certain instances, we finance our loans through the
non-recourse
sale of a senior loan interest that is not included in our consolidated financial statements. See Note 2 for further discussion. Total loan exposure encompasses the entire loan we originated and financed, including $
688.5
 million of such
non-consolidated
senior interests as of December 31, 2019.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  (2) Excludes investment exposure to the $
930.0
 million 2018 Single Asset Securitization. See Note 4 for details of the subordinated risk retention interest we own in the 2018 Single Asset Securitization.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
                                 
December 31, 2018
 
Property Type
 
Number of
Loans
 
  
Net
Book Value
 
  
Total Loan
Exposure
(1)(2)
 
  
Percentage of
Portfolio
 
Office
   
55
    $
7,104,842
    $
7,164,466
     
49
 %
Hotel
   
18
     
2,591,565
     
2,673,763
     
              
18
 
Multifamily
   
34
     
2,193,699
     
2,206,740
     
              15
 
Industrial
   
5
     
680,808
     
685,776
     
5
 
Retail
   
4
     
451,099
     
452,900
     
3
 
Condominium
   
4
     
304,545
     
368,104
     
2
 
Self-Storage
   
2
     
278,473
     
280,043
     
2
 
Other
   
3
     
586,169
     
909,052
     
6
 
                                 
   
125
    $
        
14,191,200
    $
         
14,740,844
      
                
100
 %
                                 
                         
Geographic Location
 
Number of
Loans
 
  
Net
Book Value
 
  
Total Loan
Exposure
(1)(2)
 
  
Percentage of
Portfolio
 
United States
    
     
     
     
 
Northeast
   
32
    $
4,322,114
    $
4,359,938
     
31
 %
West
   
29
     
3,137,072
     
3,222,706
     
22
 
Southeast
   
19
     
2,258,033
     
2,271,664
     
15
 
Midwest
   
9
     
1,161,637
     
1,170,619
     
8
 
Southwest
   
13
     
478,665
     
481,745
     
3
 
Northwest
   
4
     
238,844
     
239,872
     
2
 
                                 
Subtotal
   
106
     
11,596,365
     
11,746,544
     
81
 
International
  
 
 
  
 
 
  
 
 
  
 
 
Spain
   
1
     
1,124,174
     
1,131,334
     
8
 
United Kingdom
   
7
     
754,299
     
1,094,663
     
7
 
Canada
   
5
     
316,268
     
313,229
     
2
 
Australia
   
3
     
310,372
     
312,893
     
2
 
Belgium
   
1
     
70,621
     
71,007
     
—  
  
Germany
   
1
     
11,585
     
63,637
     
—  
  
Netherlands
   
1
     
7,516
     
7,537
     
—  
  
                                 
Subtotal
   
19
     
2,594,835
     
2,994,300
     
19
 
                                 
Total
   
125
    $
        
14,191,200
     $
         
14,740,844
      
                100
 %
                                 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 (1)
In certain instances, we finance our loans through the
non-recourse
sale of a senior loan interest that is not included in our consolidated financial statements. See Note 2 for further discussion. Total loan exposure encompasses the entire loan we originated and financed, including $
446.9
 million of such
non-consolidated
senior interests as of December 31, 2018.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 (2)
Excludes investment exposure to the $
1.0
 billion 2018 Single Asset Securitization. See Note 4 for details of the subordinated risk retention interest we own in the 2018 Single Asset Securitization.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Principal Balance and Net Book Value of Loans Receivable Based on Internal Risk Ratings
The following table allocates the principal balance and net book value of our loans receivable based on our internal risk ratings ($ in thousands):
 
 
 
 
December 31, 2019
 
 
December 31, 2018
 
Risk
Rating
 
  
Number
of Loans
 
  
Net
Book Value
 
  
Total Loan
Exposure
(1)(2)
 
  
Number
of Loans
 
  
Net
Book Value
 
  
Total Loan
Exposure
(1)(2)
 
1
 
 
 
    
6
    $
 
376,379
    $
 
378,427
     
2
 
 
   $
 
181,366
    $
 
182,740
 
2
     
30
     
3,481,123
     
3,504,972
     
38
     
3,860,432
     
3,950,025
 
3
     
89
     
12,137,963
     
12,912,722
     
85
     
10,149,402
     
10,608,079
 
4
     
3
      
169,336
     
169,743
     
—  
      
—  
      
—  
  
5
     
—
     
—  
     
—  
     
—  
      
—  
      
—  
  
                                                     
 
     
 
 
 
 
128
    $
16,164,801
    $
16,965,864
     
125
    $
14,191,200
    $
14,740,844
 
                                                     
 
(1)
In certain instances, we finance our loans through the
non-recourse
sale of a senior loan interest that is not included in our consolidated financial statements. See Note 2 for further discussion. Total loan exposure encompasses the entire loan we originated and financed, including $
688.5
 million and $
446.9
 million of such
non-consolidated
senior interests as of December 31, 2019 and December 31, 2018, respectively.
(2)
Excludes investment exposure to the $
930.0
 million and $1.0 billion 2018 Single Asset Securitization as of December 31, 2019 and December 31, 2018, respectively. See Note 4 for details of the subordinated risk retention interest we own in the 2018 Single Asset Securitization.
Schedule of Loans Receivable Based On Our Internal Risk Ratings, Separated By Year Of Origination
The following table allocates the net book value of our loans receivable based on our internal risk ratings, separated by year of origination ($ in thousands):
                                                             
 
 
  
Net Book Value of Loans Receivable by Year of Origination
(1)
  
 
 
  
December 31, 2019
  
Risk
Rating
 
  
2019
 
  
2018
 
  
2017
 
  
2016
 
  
2015
 
  
Prior
 
  
Total
 
 
1
 
 
 $
188,881
    $
94,863
     $
66,448
 
 
 $
26,187
 
 
$
 
—  
  
 
 $
—   
     $
376,379
  
 
2
 
 
  
111,464
      
2,068,804
      
937,272
 
 
  
79,100
  
 
  
210,739
  
 
  
73,744
 
 
    
3,481,123
  
 
3
 
 
  
5,444,546
      
4,681,832
      
1,299,525
 
 
  
395,482
  
 
  
216,645
  
 
  
99,933
      
 
 
 
 
 
12,137,963
  
 
4
 
 
  
—   
      
—   
      
63,133
 
 
  
53,452
  
 
  
—
  
 
  
52,751
      
169,336
  
 
5
 
 
  
—   
      
—   
      
—   
 
 
  
—   
  
 
  
—
  
 
  
—   
      
—   
  
 
 
 $
 5,744,891
     $
 6,845,499
     $
 2,366,378
 
 
 $
 554,221
  
 
$
 
 
 
 
427,384
  
 
 $
 
 
 
 226,428
     $
16,164,801
  
 
(1)
Date loan was originated or acquired by us. Origination dates
are
subsequently updated to reflect material loan modifications.