
(1)		Represents the subordinate risk retention interest in the 2018 Single Asset Securitization, which held aggregate loan assets of $880.7 million and $930.0 million as of March 31, 2020 and December 31, 2019, respectively, with a yield to full maturity of L+10.0% and a maximum maturity date of June 9, 2025, assuming all extension options are exercised by the borrower. Refer to Note 15 for additional discussion.
( 2 )		Represents loan principal and interest payments held by our third-party loan servicer as of the balance sheet date which were remitted to us during the subsequent remittance cycle.

Current Expected Credit Loss Reserve

The CECL reserve required under GAAP reflects our current estimate of potential credit losses related to the loans and debt securities included in our consolidated balance sheets. Refer to Note 2 for further discussion of our CECL reserve. The following table presents the activity in our debt securities CECL reserve by investment pool for the three months ended March 31, 2020 ($ in thousands):


	U.S. Loans		Non-U.S. Loans		Unique Loans		Total
Debt Securities Held-To-Maturity
CECL reserve as of December 31, 2019	$	—	$	—	$	—	$	—
Initial CECL reserve on January 1, 2020		445		—		—		445
Increase in CECL reserve		4,677		—		—		4,677

CECL reserve as of March 31, 2020	$	5,122	$	—	$	—	$	5,122

Our initial CECL reserve against our debt securities

held-to-maturity

of $445,000 recorded on January 1, 2020 is reflected as a direct charge to retained earnings on our consolidated statements of changes in equity; however subsequent changes to the CECL reserve are recognized through net income on our consolidated statements of operations. During the three months ended March 31, 2020, we recorded a $4.7 million increase in expected credit loss reserve against our debt securities

held-to-maturity,

bringing our total CECL reserve to $5.1 million as of March 31, 2020. This CECL reserve reflects the macroeconomic impact of the

COVID-19

pandemic on commercial real estate markets generally and is not specific to any loan losses or impairments in our portfolio. See Note 2 for further discussion of

COVID-19.

Other Liabilities

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


	March 31, 2020		December 31, 2019
Accrued dividends payable	$	83,920	$	83,702
Accrued interest payable		27,549		24,831
Current expected credit loss reserve for unfunded loan commitments (1)		22,536		—
Accrued management and incentive fees payable		19,277		20,159
Accounts payable and other liabilities		6,453		5,008
Derivative liabilities		1		42,263

Total	$	159,736	$	175,963


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

Current Expected Credit Loss Reserve for Unfunded Loan Commitments

As of March 31, 2020, we had unfunded commitments of $3.9 billion related to 94 loans receivable. The expected credit losses over the contractual period of our loans are subject to the obligation to extend credit through our unfunded loan commitments. See Note 2 for further discussion of the CECL reserve related to our unfunded loan commitments, and Note 17 for further discussion of our unfunded loan commitments. The following table presents the activity in the CECL reserve related to our unfunded loan commitments by investment pool for the three months ended March 31, 2020 ($ in thousands):


	U.S. Loans		Non-U.S. Loans		Unique Loans		Total
Unfunded Loan Commitments
CECL reserve as of December 31, 2019	$	—	$	—	$	—	$	—
Initial CECL reserve on January 1, 2020		2,801		453		9		3,263
Increase in CECL reserve		16,992		2,219		62		19,273

CECL reserve as of March 31, 2020	$	19,793	$	2,672	$	71	$	22,536

Our initial CECL reserve against our unfunded loan commitments of $3.3 million recorded on January 1, 2020 is reflected as a direct charge to retained earnings on our consolidated statements of changes in equity; however subsequent changes to the CECL reserve are recognized through net income on our consolidated statements of operations. During the three months ended March 31, 2020, we recorded a $19.3 million increase in expected credit loss reserve against our unfunded loan commitments, bringing our total CECL reserve to $22.5 million as of March 31, 2020. This CECL reserve reflects the macroeconomic impact of the COVID-19

pandemic on commercial real estate markets generally and is not specific to any loan losses or impairments in our portfolio. See Note 2 for further discussion of COVID-19.