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, 2020	$	16,652,824		$	(80,109	)	$	16,572,715
Loan fundings		1,405,119			—			1,405,119
Loan repayments and sales		(798,155	)		—			(798,155	)
Unrealized (loss) gain on foreign currency translation		(116,686	)		524			(116,162	)
Deferred fees and other items		—			(17,475	)		(17,475	)
Amortization of fees and other items		—			14,060			14,060

Loans receivable, as of March 31, 2021	$	17,143,102		$	(83,000	)	$	17,060,102

CECL reserve								(172,100	)

Loans receivable, net, as of March 31, 2021							$	16,888,002

____________


(1)		Other items primarily consist of purchase and sale discounts or premiums, exit fees, and deferred origination expenses.

The tables below detail the property type and geographic distribution of the properties securing the loans in our portfolio ($ in thousands):


March 31, 2021
Property Type	Number of Loans		Net Book Value			Total Loan Exposure (1)(2)		Percentage of Portfolio

Office		59	$	9,701,241		$	10,228,801		57%
Hospitality		14		2,327,639			2,411,594		13
Multifamily		33		2,161,102			2,240,222		12
Industrial		4		668,848			673,558		4
Retail		4		535,666			548,128		3
Life Sciences		2		454,860			460,516		3
Self-Storage		1		285,537			285,555		2
Condominium		2		223,095			251,943		1
Other		2		702,114			932,704		5

Total loans receivable		121	$	17,060,102		$	18,033,021		100%

CECL reserve				(172,100	)

Loans receivable, net			$	16,888,002



Geographic Location	Number of Loans		Net Book Value			Total Loan Exposure (1)(2)		Percentage of Portfolio
United States
Northeast		25	$	4,255,718		$	4,277,969		24%
West		24		2,628,773			3,142,128		17
Southeast		26		2,857,343			2,982,274		17
Midwest		8		979,640			981,965		5
Southwest		10		645,254			647,988		4
Northwest		1		15,408			15,413		—

Subtotal		94		11,382,136			12,047,737		67
International
United Kingdom		14		1,945,475			2,196,903		12
Ireland		1		1,259,112			1,265,417		7
Spain		2		1,167,734			1,171,926		7
Australia		2		246,348			247,429		1
Canada		2		66,954			67,079		—
Other Europe		6		992,343			1,036,530		6

Subtotal		27		5,677,966			5,985,284		33

Total loans receivable		121	$	17,060,102		$	18,033,021		100%

CECL reserve				(172,100	)

Loans receivable, net			$	16,888,002

____________

(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 $889.9 million of such non-consolidated senior interests as of March 31, 2021.
(2)		Excludes investment exposure to the $695.7 million 2018 Single Asset Securitization. See Note 4 for details of the subordinate position we own in the 2018 Single Asset Securitization.


December 31, 2020
Property Type	Number of Loans		Net Book Value			Total Loan Exposure (1)(2)		Percentage of Portfolio
Office		58	$	9,834,509		$	10,303,895		58%
Hospitality		14		2,295,255			2,369,454		14
Multifamily		31		1,788,149			1,862,667		11
Industrial		6		673,912			675,344		4
Retail		4		538,702			551,243		3
Self-Storage		2		301,566			301,491		2
Condominium		2		245,492			264,162		2
Life Sciences		1		146,290			147,763		1
Other		2		748,840			978,602		5

Total loans receivable		120	$	16,572,715		$	17,454,621		100%

CECL reserve				(173,549	)

Loans receivable, net			$	16,399,166


Geographic Location	Number of Loans		Net Book Value			Total Loan Exposure (1)(2)		Percentage of Portfolio
United States
Northeast		24	$	4,050,732		$	4,069,712		23%
West		27		2,942,126			3,413,089		20
Southeast		25		2,624,701			2,707,080		16
Midwest		8		973,702			976,693		6
Southwest		9		597,100			598,813		3
Northwest		1		15,404			15,413		—

Subtotal		94		11,203,765			11,780,800		68
International
United Kingdom		13		1,816,901			2,066,390		12
Ireland		1		1,309,443			1,317,846		8
Spain		2		1,247,162			1,252,080		7
Australia		2		259,126			259,788		1
Canada		3		82,185			82,262		—
Other Europe		5		654,133			695,455		4

Subtotal		26		5,368,950			5,673,821		32

Total loans receivable		120	$	16,572,715		$	17,454,621		100	%

CECL reserve				(173,549	)

Loans receivable, net			$	16,399,166

____________


(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 $801.8 million of such non-consolidated senior interests as of December 31, 2020.
(2)		Excludes investment exposure to the $735.5 million 2018 Single Asset Securitization. See Note 4 for details of the subordinate position we own in the 2018 Single Asset Securitization.

Loan Risk Ratings

As further described in Note 2, our Manager evaluates our loan portfolio on a quarterly basis. In conjunction with our quarterly loan portfolio review, our Manager assesses the risk factors of each loan, and assigns a risk rating based on several factors. Factors considered in the assessment include, but are not limited to, risk of loss, current LTV, debt yield, collateral performance, structure, exit plan, and sponsorship. Loans are rated “1” (less risk) through “5” (greater risk), which ratings are defined in Note 2.

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, 2021				December 31, 2020
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	7	$679,670		$681,516	8	$777,163		$778,283
2	19	2,567,527		2,581,715	17	2,513,848		2,528,835
3	79	10,515,383		11,460,179	79	9,911,914		10,763,496
4	14	2,960,287		2,970,875	14	3,032,593		3,045,309
5	2	337,235		338,736	2	337,197		338,698

Total loans receivable	121	$17,060,102		$18,033,021	120	$16,572,715		$17,454,621

CECL reserve		(172,100	)			(173,549	)

Loans receivable, net		$16,888,002				$16,399,166


(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 $889.9 million and $801.8 million of such non-consolidated senior interests as of March 31, 2021 and December 31, 2020, respectively.
(2)		Excludes investment exposure to the 2018 Single Asset Securitization of $695.7 million and $735.5 million as of March 31, 2021 and December 31, 2020, respectively. See Note 4 for details of the subordinate position we own in the 2018 Single Asset Securitization.

The weighted-average risk rating of our total loan exposure was 3.0 as of both March 31, 2021 and December 31, 2020.

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 loans receivable CECL reserve by investment pool for the three months ended March 31, 2021 and 2020 ($ in thousands):


	U.S. Loans		Non-U.S. Loans			Unique Loans		Impaired 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

CECL reserve as of December 31, 2020	$	42,995	$	27,734		$	33,159	$	69,661	$	173,549
Increase (decrease) in CECL reserve		1,539		(3,134	)		146		—		(1,449	)

CECL reserve as of March 31, 2021	$	44,534	$	24,600		$	33,305	$	69,661	$	172,100

Our initial CECL reserve of $13.9 million against our loans receivable portfolio, 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, 2021 and 2020, we recorded a decrease of $1.4 million and an increase of $98.8 million, respectively, in the current expected credit loss reserve against our loans receivable portfolio, bringing our total CECL reserve to $172.1 million and $112.7 million as of March 31, 2021 and 2020, respectively. This CECL reserve reflects the macroeconomic impact of the

COVID-19

pandemic on commercial real estate markets generally, as well as certain loans assessed for impairment in our portfolio. See Note 2 for further discussion of

COVID-19.

During 2020, we entered into loan modifications related to a multifamily asset in New York City, which are classified as troubled debt restructurings under GAAP. These modifications included, among other changes, a reduction in the loan’s contractual interest payments and an extension of the loan’s maturity date. During the three months ended June 30, 2020, we recorded a $14.8 million

CECL reserve on this loan, which was unchanged as of March 31, 2021. This loan has an outstanding principal balance of $52.4 million, net of cost-recovery proceeds, as of March 31, 2021. The CECL reserve was recorded based on our Manager’s estimation of the fair value of the loan’s underlying collateral as of March 31, 2021.

During 2020, we entered into a loan modification related to a hospitality asset in New York City, which is classified as a troubled debt restructuring under GAAP. This modification included, among other changes, a reduction in the loan’s contractual interest payments and an extension of the loan’s maturity date. During the three months ended June 30, 2020, we recorded a $54.9 million CECL reserve on this loan, which was unchanged as of March 31, 2021. This loan has an outstanding principal balance of $286.3 million, net of cost-recovery proceeds, as of March 31, 2021. The CECL reserve was recorded based on our Manager’s estimation of the fair value of the loan’s underlying collateral as of March 31, 2021.

As of July 1, 2020, the income accrual was suspended on the two loans detailed above, which had an aggregate outstanding principal balance of $338.7 million, as of March 31, 2021. No income was recorded on these loans subsequent to July 1, 2020.

Our primary credit quality indicator is our risk ratings, which are further discussed above. The following tables present the net book value of our loan portfolio as of March 31, 2021 and December 31, 2020, respectively, 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, 2021
Risk Rating	2021		2020		2019		2018		2017		Prior		Total
U.S. loans
1	$	—	$	—	$	406,527	$	—	$	44,147	$	—	$	450,674
2		—		—		334,343		1,012,589		702,562		302,656		2,352,150
3		745,274		779,045		2,270,297		1,512,230		1,089,777		447,881		6,844,504
4		—		66,042		171,009		1,058,798		63,332		105,345		1,464,526
5		—		—		—		—		—		—		—

Total U.S. loans	$	745,274	$	845,087	$	3,182,176	$	3,583,617	$	1,899,818	$	855,882	$	11,111,854

Non-U.S. loans
1	$	—	$	—	$	—	$	137,941	$	91,055	$	—	$	228,996
2		—		101,214		—		—		—		114,163		215,377
3		464,195		—		2,477,344		468,699		—		—		3,410,238
4		—		—		247,589		—		—		—		247,589
5		—		—		—		—		—		—		—

Total Non-U.S. loans	$	464,195	$	101,214	$	2,724,933	$	606,640	$	91,055	$	114,163	$	4,102,200

Unique loans
1	$	—	$	—	$	—	$	—	$	—	$	—	$	—
2		—		—		—		—		—		—		—
3		—		—		—		200,163		—		60,478		260,641
4		—		—		328,027		920,145		—		—		1,248,172
5		—		—		—		—		—		—		—

Total unique loans	$	—	$	—	$	328,027	$	1,120,308	$	—	$	60,478	$	1,508,813

Impaired loans
1	$	—	$	—	$	—	$	—	$	—	$	—	$	—
2		—		—		—		—		—		—		—
3		—		—		—		—		—		—		—
4		—		—		—		—		—		—		—
5		—		—		—		284,808		—		52,427		337,235

Total impaired loans	$	—	$	—	$	—	$	284,808	$	—	$	52,427	$	337,235

Total loans receivable
1	$	—	$	—	$	406,527	$	137,941	$	135,202	$	—	$	679,670
2		—		101,214		334,343		1,012,589		702,562		416,819		2,567,527
3		1,209,469		779,045		4,747,641		2,181,092		1,089,777		508,359		10,515,383
4		—		66,042		746,625		1,978,943		63,332		105,345		2,960,287
5		—		—		—		284,808		—		52,427		337,235

Total loans receivable	$	1,209,469	$	946,301	$	6,235,136	$	5,595,373	$	1,990,873	$	1,082,950	$	17,060,102

CECL reserve														(172,100	)

Loans receivable, net													$	16,888,002

(1)	Date loan was originated or acquired by us. Origination dates are subsequently updated to reflect material loan modifications.

(2)

Excludes the $76.7 million net book value of our

held-to-maturity

debt securities which represents our subordinate position we own in the 2018 Single Asset Securitization, and is included in other assets on our consolidated balance sheets. See Note 4 for details of the subordinate position we own in the 2018 Single Asset Securitization.


	Net Book Value of Loans Receivable by Year of Origination (1)(2)
	As of December 31, 2020
Risk Rating	2020		2019		2018		2017		2016		Prior		Total
U.S. loans
1	$	—	$	231,796	$	253,674	$	43,906	$	17,009	$	—	$	546,385
2		—		282,017		1,172,168		757,138		79,848		222,677		2,513,848
3		781,595		2,391,297		1,672,897		1,134,288		227,466		220,644		6,428,187
4		65,978		170,541		1,055,142		63,293		105,380		—		1,460,334
5		—		—		—		—		—		—		—

Total U.S. loans	$	847,573	$	3,075,651	$	4,153,881	$	1,998,625	$	429,703	$	443,321	$	10,948,754

Non-U.S. loans
1	$	—	$	—	$	136,021	$	94,757	$	—	$	—	$	230,778
2		—		—		—		—		—		—		—
3		105,300		2,526,225		479,512		—		113,653		—		3,224,690
4		—		256,494		—		—		—		—		256,494
5		—		—		—		—		—		—		—

Total Non-U.S. loans	$	105,300	$	2,782,719	$	615,533	$	94,757	$	113,653	$	—	$	3,711,962

Unique loans
1	$	—	$	—	$	—	$	—	$	—	$	—	$	—
2		—		—		—		—		—		—		—
3		—		—		198,433		—		—		60,604		259,037
4		—		325,097		990,668		—		—		—		1,315,765
5		—		—		—		—		—		—		—

Total unique loans	$	—	$	325,097	$	1,189,101	$	—	$	—	$	60,604	$	1,574,802

Impaired loans
1	$	—	$	—	$	—	$	—	$	—	$	—	$	—
2		—		—		—		—		—		—		—
3		—		—		—		—		—		—		—
4		—		—		—		—		—		—		—
5		—		—		284,809		—		—		52,388		337,197

Total impaired loans	$	—	$	—	$	284,809	$	—	$	—	$	52,388	$	337,197

Total loans receivable
1	$	—	$	231,796	$	389,695	$	138,663	$	17,009	$	—	$	777,163
2		—		282,017		1,172,168		757,138		79,848		222,677		2,513,848
3		886,895		4,917,522		2,350,842		1,134,288		341,119		281,248		9,911,914
4		65,978		752,132		2,045,810		63,293		105,380		—		3,032,593
5		—		—		284,809		—		—		52,388		337,197
Total loans receivable	$	952,873	$	6,183,467	$	6,243,324	$	2,093,382	$	543,356	$	556,313	$	16,572,715

CECL reserve														(173,549	)

Loans receivable, net													$	16,399,166

(1)	Date loan was originated or acquired by us. Origination dates are subsequently updated to reflect material loan modifications.

(2)

Excludes the $75.7 million net book value of our

held-to-maturity

Multifamily Joint Venture

As discussed in Note 2, we entered into a Multifamily Joint Venture in April 2017. As of March 31, 2021 and December 31, 2020, our Multifamily Joint Venture held $587.7 million and $484.8 million of loans, respectively, which are included in the loan disclosures above. Refer to Note 2 for additional discussion of our Multifamily Joint Venture.

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.

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, STIBOR, BBSY, and CDOR, as applicable to each loan. As of March 31, 2021, 99.5% of our loans by principal balance earned a floating rate of interest, primarily indexed to USD LIBOR, and $14.0 billion of such loans earned interest based on floors that are above the applicable index. The other 0.5% 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, 2021 and December 31, 2020, respectively, for purposes of the weighted-averages. As of December 31, 2020, 99.4% of our loans by total loan exposure earned a floating rate of interest, primarily indexed to USD LIBOR, and $13.7 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. Excludes loans accounted for under the cost-recovery method.

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, 2021, 35% of our loans by principal balance were subject to yield maintenance or other prepayment restrictions and 65% were open to repayment by the borrower without penalty. As of December 31, 2020, 31% of our loans by principal balance were subject to yield maintenance or other prepayment restrictions and 69% were open to repayment by the borrower without penalty.