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Loans Receivable, Net (Tables)
 3 Months Ended 12 Months Ended
Mar. 31, 2020
Dec. 31, 2019
Receivables [Abstract]    
Overall Statistics for Loans Receivable Portfolio
The following table details overall statistics for our loans receivable portfolio ($ in thousands):
  
March 31, 2020
 
  
December 31, 2019
 
Number of loans
   
132
     
128
 
Principal balance
  $
  
 16,468,767		     $
16,277,343
  
Net book value
  $
16,250,914
    $
16,164,801
 
Unfunded loan commitments
(1)
   $
3,905,323
    $
3,911,868
  
Weighted-average cash coupon
(2)
    
L + 3.16
 %    
L + 3.20
 %
Weighted-average
all-in
yield
(2)
    
L + 3.51
 %    
L + 3.55
 %
Weighted-average maximum maturity (years)
(3)
    
3.7
     
3.8
 
                        
    
     
 
(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 March 31, 2020, 99% of our loans by principal balance earned a floating rate of interest, primarily indexed to USD LIBOR, and $11.1 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. We reflect our fixed rate loans as a spread over the relevant floating benchmark rates, as of March 31, 2020 and December 31, 2019, respectively, for purposes of the weighted-averages. As of December 31, 2019, 99% of our loans by total loan exposure 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. 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 March 31, 2020, 57% of our loans by principal balance were subject to yield maintenance or other prepayment restrictions and 43% were open to repayment by the borrower without penalty. 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.
 
  
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, 2019
   $
16,277,343
    $
(112,542
 )   $
16,164,801
 
Loan fundings
   
971,322
     
—
     
971,322
 
Loan repayments
   
(567,352
 )    
—
     
(567,352
 )
Unrealized (loss) gain on foreign currency translation
   
(212,546
 )    
1,728
     
(210,818
 )
Deferred fees and other items
   
—
     
(8,610
 )    
(8,610
 )
Amortization of fees and other items
   
—
     
14,265
     
14,265
 
                         
Loans Receivable, as of March 31, 2020
  $
16,468,767
    $
(105,159
 )   $
16,363,608
 
 
 
                        
                        
CECL reserve
   
     
     
(112,694
 )
                         
Loans Receivable, net, as of March 31, 2020
   
     
    $
16,250,914
  
                         
                          
 
 
 
 
 
 
 
 
 
 
 
 
(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):
March 31, 2020
 
Property Type
  
Number of
Loans
 
  
Net Book
Value
 
  
Total Loan
Exposure
(1)(2)
 
  
Percentage of
Portfolio
 
Office
   
   60
    $
   9,481,796
    $
    9,814,730
     
   57%
 
Hospitality
    
   14
     
2,194,116
     
2,271,536
     
   13    
  
Multifamily
   
   39
     
1,957,101
     
2,010,565
     
   12    
  
Industrial
   
     7
     
826,694
     
832,082
     
     5    
  
Retail
   
     4
     
520,279
     
529,997
     
     3    
  
Self-Storage
   
     2
     
285,471
     
285,788
     
     2    
  
Condominium
   
     2
     
228,912
     
230,466
     
     1    
  
Other
   
     4
     
869,239
     
1,185,871
     
     7    
  
                                 
Total loans receivable
   
132
    $
16,363,608
    $
17,161,035
     
100%
 
                                 
CECL reserve
   
     
(112,694
 )    
     
 
                                 
Loans receivable, net
   
    $
16,250,914
      
     
 
                                 
Geographic Location
  
Number of
Loans
 
  
Net Book
Value
 
  
Total Loan
Exposure
(1)(2)
 
  
Percentage of
Portfolio
 
United States
    
     
     
     
 
Northeast
   
   27
    $
4,222,778
    $
4,249,684
     
   25%
 
West
   
   28
     
2,853,616
     
3,188,319
     
   19    
  
Southeast
   
   26
     
2,481,003
     
2,493,980
     
   15    
  
Midwest
   
   9
     
1,014,714
     
1,019,402
     
     6    
  
Southwest
   
   12
     
648,949
     
651,714
     
     4    
  
Northwest
   
     3
     
53,124
     
53,187
     
—
 
 
  
                                 
Subtotal
   
105
     
11,274,184
     
11,656,286
     
   69    
  
International
    
     
     
     
 
United Kingdom
    
   13
     
1,631,711
     
1,971,765
     
   11    
  
Ireland
    
     1
     
1,298,062
     
1,309,049
     
     8    
  
Spain
    
     2
     
1,182,830
     
1,188,897
     
     7    
  
Australia
    
     3
     
319,160
     
320,514
     
     2    
  
Germany
    
     1
     
195,109
     
247,447
     
     1    
  
Italy
    
     1
     
178,606
     
180,582
     
     1    
  
Netherlands
    
     1
     
94,791
     
95,965
     
     1    
  
Belgium
    
     1
     
85,551
     
85,786
     
     —      
  
Canada
    
     3
     
72,103
     
72,313
     
     —      
  
France
    
     1
     
31,501
     
32,431
     
     —   
 
  
  
                                 
Subtotal
   
   27
     
5,089,424
     
5,504,749
     
   31    
  
                                 
Total loans receivable
   
132
     $
16,363,608
    $
17,161,035
     
100%
 
                                 
CECL reserve
   
     
(112,694
 )    
     
 
                                 
Loans receivable, net
   
    $
16,250,914
      
     
 
                                 
                        
  
(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 $692.3 million of such
non-consolidated
senior interests as of March 31, 2020.
  
(2)
 
Excludes investment exposure to the $880.7 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, 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%
 
Hospitality
    
  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.
 
  
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):
 
  
March 31, 2020
   
 
  
December 31, 2019
 
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  
      
     5
    $
353,112
    $
354,879
     
     
    6
    $
376,379
    $
378,427
 
      2  
      
   26
     
3,095,443
     
3,115,300
     
     
  30
     
3,481,123
     
3,504,972
 
      3  
      
   85
     
9,659,154
     
10,416,291
     
     
  89
     
12,137,963
     
12,912,722
 
      4  
      
   16
     
3,255,899
     
3,274,565
     
     
    3
     
169,336
     
169,743
 
      5  
      
   —
      
—
 
 
      
—
 
 
      
        
      
—  
      
—  
      
—  
  
                                                           
Total loans receivable
     
132
    $
16,363,608
    $
17,161,035
     
     
128
     $
16,164,801
    $
16,965,864
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
CECL reserve
 
 
 
 
 
 
  
(112,694
)
 
 
 
 
 
 
 
 
 
 
 
 
  
—  
 
 
 
 
 
 
            
 
 
                            
 
 
          
Loans receivable, net
            $
16,250,914
                             $
16,164,801
          
                                                       
                        
 
(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 $692.3 million and $688.5 million of such
non-consolidated
senior interests as of March 31, 2020 and December 31, 2019, respectively.
 
(2)
   
Excludes investment exposure to the 2018 Single Asset Securitization of
$880.7 million and $930.0 
million as of March 31, 2020 and December 31, 2019, respectively. See Note 4 for details of the subordinated risk retention interest we own in the 2018 Single Asset Securitization.
  
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 months ended March 31, 2020 ($ in thousands):
   
U.S. Loans
 
  
Non-U.S. Loans
 
  
Unique Loans
 
  
Total
 
Loans Receivable, Net
 
 
 
  
 
 
  
 
 
  
 
 
CECL reserve as of December 31, 2019
  $
—   
     $
—   
     $
—   
     $
—   
  
Initial CECL reserve on January 1, 2020
   
8,955
     
3,631
     
1,356
     
13,942
 
Increase in CECL reserve
   
55,906
     
18,194
     
24,652
     
98,752
 
                                 
CECL reserve as of March 31, 2020
  $
64,861
    $
21,825
    $
26,008
    $
112,694
 
                                 
Schedule of Loans Receivable Based On Our Internal Risk Ratings, Separated By Year Of Origination
The following table presents the net book value of our loan portfolio as of March 31, 2020 by year of origination, investment pool, and risk rating ($ in thousands):
  
Net Book Value of Loans Receivable by Year of Origination
(1)(2)
  
  
As of March 31, 2020
 
  
2020
 
  
2019
 
  
2018
 
  
2017
 
  
2016
 
  
Prior
 
  
Total
 
U.S. loans
   
     
     
     
     
     
     
 
1
  $
—
    $
195,684
    $
—  
     $
43,964
    $
24,001
    $
—  
     $
263,649
 
2
   
—
     
93,895
     
1,879,598
      
732,338
     
79,668
     
224,393
     
3,009,892
 
3
   
591,842
     
2,352,919
     
1,668,359
      
1,224,994
     
227,892
     
228,405
     
6,294,411
 
4
   
65,806
     
174,541
      
1,311,942
     
63,173
     
110,089
     
52,784
     
1,778,335
 
5
   
—
     
—  
      
—  
      
—  
      
—  
      
—  
      
—  
  
                                                         
Total U.S. loans
  $
657,648
    $
2,817,039
    $
4,859,899
    $
2,064,469
    $
441,650
    $
505,582
    $
11,346,287
 
                                                         
Non-U.S. loans
   
     
     
     
     
     
     
 
1
  $
—
    $
—  
     $
89,463
    $
—  
     $
—  
     $
—  
     $
89,463
 
2
   
—
     
—
 
 
      
—  
      
85,551
     
—  
      
—  
      
85,551
 
3
   
94,791
     
2,386,534
      
403,821
     
—  
      
104,431
     
—  
      
2,989,577
 
4
   
—
     
224,225
      
—  
      
—  
      
—  
      
—  
      
224,225
  
5
   
—
     
—  
      
—  
      
—  
      
—  
      
—  
      
—  
  
                                                         
Total Non-U.S. loans
  $
94,791
    $
2,610,759
     $
493,284
    $
85,551
    $
104,431
    $
—  
     $
3,388,816
 
                                                         
Unique loans
   
     
     
     
     
     
     
 
1
  $
—
     $
—  
     $
—  
     $
—  
     $
—  
     $
—  
     $
—  
  
2
   
—
      
—  
      
—  
      
—  
      
—  
      
—  
      
—  
  
3
   
—
      
—
      
291,681
      
—  
      
—  
      
83,485
     
375,166
 
4
   
—
      
294,734
      
958,605
      
—  
      
—  
      
—  
      
1,253,339
  
5
   
—
      
—  
      
—  
      
—  
      
—  
      
—  
      
—  
  
                                                         
Total unique loans
  $
—
     $
294,734
     $
1,250,286
     $
—  
     $
—  
     $
83,485
    $
1,628,505
  
                                                         
Total loans receivable
   
     
     
     
     
     
     
 
1
  $
—
    $
195,684
    $
89,463
    $
43,964
    $
24,001
    $
—  
     $
353,112
 
2
   
—
     
93,895
     
1,879,598
     
817,889
     
79,668
     
224,393
     
3,095,443
 
3
   
686,633
     
4,739,453
     
2,363,861
     
1,224,994
     
332,323
     
311,890
     
9,659,154
 
4
   
65,806
     
693,500
     
2,270,547
      
63,173
     
110,089
     
52,784
     
3,255,899
 
5
   
—
     
—  
      
—  
      
—  
      
—  
      
—  
      
—  
  
                                                         
Total loans receivable
  $
 
 
 
 
 
752,439
    $
5,722,532
    $
6,603,469
    $
2,150,020
    $
546,081
    $
589,067
    $
16,363,608
 
                                                         
CECL reserve
    
 
      
 
      
 
      
 
      
 
      
 
      
(112,694
 )
                                                         
Loans receivable, net
    
 
      
 
      
 
      
 
      
 
      
 
     $
16,250,914
  
                                                         
 
(1)
Date loan was originated or acquired by us. Origination dates are subsequently updated to reflect material loan modifications.
(2)
Excludes the $76.9 million net book value of our
held-to-maturity
debt securities which represents our subordinated risk retention position related to the 2018 Single Asset Securitization, and is included in other assets on our consolidated balance sheets. See Note 4 for details of the subordinated risk retention interest we own in the 2018 Single Asset Securitization.