Other Assets and Liabilities (Tables)

3 Months Ended

12 Months Ended

Mar. 31, 2020

Dec. 31, 2019

Summary of Components of Other Assets

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

	March 31, 2020			December 31, 2019
Debt securities held-to-maturity(1)	$	82,058		$	86,638
CECL reserve		(5,122	)		—
Debt securities held-to-maturity, net		76,936			86,638
Accrued interest receivable		72,578			66,649
Loan portfolio payments held by servicer(2)		656			49,584
Prepaid expenses		616			739
Prepaid taxes		376			376
Derivative assets		1			1,079
Collateral deposited under derivative agreements		—			30,800
Other		994			1,115
Total	$	152,157		$	236,980

(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.

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

Summary of Components of 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.

Schedule of Unfunded Loan Commitments Reserve

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

Held To Maturity Debt Securities [Member]

Schedule Of Current Expected Credit Loss Reserve By Pool

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