
(1)		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.

(2)

Represents the subordinate position we own in the 2018

Single Asset Securitization, which held aggregate loan assets of $857.3 million and $930.0 million as of June 30, 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.

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 and

six months ended June 30, 2020 ($ in thousands):


	U.S. Loans			Non-U.S. Loans		Unique Loans		Impaired 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		3,674			—		—		—		3,674

CECL reserve as of June 30, 2020	$	4,119		$	—	$	—	$	—	$	4,119

CECL reserve as of March 31, 2020	$	5,122		$	—	$	—	$	—	$	5,122
Decrease in CECL reserve		(1,003	)		—		—				(1,003	)

CECL reserve as of June 30, 2020	$	4,119		$	—	$	—	$	—	$	4,119

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

(loss)

on our consolidated statements of operations. During the three and six months ended June 30, 2020, we recorded a decrease of $1.0 million and an increase of $3.7 million, respectively, in the expected credit loss reserve against our debt securities

held-to-maturity,

bringing our total CECL reserve to $4.1 million as of June 30, 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):


	June 30, 2020		December 31, 2019
Accrued dividends payable	$	90,642	$	83,702
Derivative liabilities		26,164		42,263
Accrued interest payable		20,895		24,831
Accrued management and incentive fees payable		20,496		20,159
Current expected credit loss reserve for unfunded loan commitments (1)		15,002		—
Accounts payable and other liabilities		4,114		5,008

Total	$	177,313	$	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 June 30, 2020, we had unfunded commitments of $3.6 billion related to 91 loans receivable. The expected credit losses over the contractual period of our loans are subject to the obligation to extend credit through our unfunded loan commitments. See Note 2 for further discussion of the CECL reserve related to our unfunded loan commitments, and Note 17 for further discussion of our unfunded loan commitments. The following table presents the activity in the CECL reserve related to our unfunded loan commitments by investment pool for the three and six months ended June 30, 2020 ($ in thousands):


	U.S. Loans			Non-U.S. Loans			Unique Loans		Impaired 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		10,035			1,625			79		—		11,739

CECL reserve as of June 30, 2020	$	12,836		$	2,078		$	88	$	—	$	15,002

CECL reserve as of March 31, 2020	$	19,793		$	2,672		$	71	$	—	$	22,536
(Decrease) increase in CECL reserve		(6,957	)		(594	)		17		—		(7,534	)

CECL reserve as of June 30, 2020	$	12,836		$	2,078		$	88	$	—	$	15,002

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

(loss)

on our consolidated statements of operations. During the three and six months ended June 30, 2020, we recorded a decrease of $7.5 million and an increase of $11.7 million, respectively, in the expected credit loss reserve against our unfunded loan commitments, bringing our total CECL reserve to $15.0 million as of June 30, 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.