Loans Receivable, Net (Tables)
|
3 Months Ended |
Mar. 31, 2021 |
Receivables [Abstract] |
|
Overall Statistics for Loans Receivable Portfolio |
The following table details overall statistics for our loans receivable portfolio ($ in thousands):
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
121 |
|
|
|
120 |
|
|
|
$ |
17,143,102 |
|
|
$ |
16,652,824 |
|
|
|
$ |
16,888,002 |
|
|
$ |
16,399,166 |
|
Unfunded loan commitments (1) |
|
$ |
3,457,326 |
|
|
$ |
3,160,084 |
|
Weighted-average cash coupon (2) |
|
|
L + 3.23 |
% |
|
|
L + 3.18 |
% |
Weighted-average all-in yield (2) |
|
|
L + 3.56 |
% |
|
|
L + 3.53 |
% |
Weighted-average maximum maturity (years) (3) |
|
|
3.1 |
|
|
|
3.1 |
|
|
|
|
|
|
| |
|
|
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. |
|
|
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 $13.7 billion of such loans earned interest based on floors that are above the applicable index. In addition to cash coupon, all-in yield includes the amortization of deferred origination and extension fees, loan origination costs, and purchase discounts, as well as the accrual of exit fees. Excludes loans accounted for under the cost-recovery method. |
|
|
Maximum maturity assumes all extension options are exercised by the borrower, however our loans may be repaid prior to such date. As of March 31, 2021, 35% of our loans by principal balance were subject to yield maintenance or other prepayment restrictions and 65% were open to repayment by the borrower without penalty. As of December 31, 2020, 31% of our loans by principal balance were subject to yield maintenance or other prepayment restrictions and 69% were open to repayment by the borrower without penalty. |
|
Activity Relating to Loans Receivable Portfolio |
Activity relating to our loans receivable portfolio was as follows ($ in thousands):
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
Deferred Fees / Other Items (1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Loans receivable, as of December 31, 2020 |
|
$ |
16,652,824 |
|
|
$ |
(80,109 |
) |
|
$ |
16,572,715 |
|
|
|
|
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 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(172,100 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans receivable, net, as of March 31, 2021 |
|
|
|
|
|
|
|
|
|
$ |
16,888,002 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
Other items primarily consist of purchase and sale 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):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
Total Loan Exposure (1)(2) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
59 |
|
|
$ |
9,701,241 |
|
|
$ |
10,228,801 |
|
|
|
57% |
|
|
|
|
14 |
|
|
|
2,327,639 |
|
|
|
2,411,594 |
|
|
|
13 |
|
|
|
|
33 |
|
|
|
2,161,102 |
|
|
|
2,240,222 |
|
|
|
12 |
|
|
|
|
4 |
|
|
|
668,848 |
|
|
|
673,558 |
|
|
|
4 |
|
|
|
|
4 |
|
|
|
535,666 |
|
|
|
548,128 |
|
|
|
3 |
|
|
|
|
2 |
|
|
|
454,860 |
|
|
|
460,516 |
|
|
|
3 |
|
|
|
|
1 |
|
|
|
285,537 |
|
|
|
285,555 |
|
|
|
2 |
|
|
|
|
2 |
|
|
|
223,095 |
|
|
|
251,943 |
|
|
|
1 |
|
|
|
|
2 |
|
|
|
702,114 |
|
|
|
932,704 |
|
|
|
5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
121 |
|
|
$ |
17,060,102 |
|
|
$ |
18,033,021 |
|
|
|
100% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(172,100 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
16,888,002 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Loan Exposure (1)(2) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
25 |
|
|
$ |
4,255,718 |
|
|
$ |
4,277,969 |
|
|
|
24% |
|
|
|
|
24 |
|
|
|
2,628,773 |
|
|
|
3,142,128 |
|
|
|
17 |
|
|
|
|
26 |
|
|
|
2,857,343 |
|
|
|
2,982,274 |
|
|
|
17 |
|
|
|
|
8 |
|
|
|
979,640 |
|
|
|
981,965 |
|
|
|
5 |
|
|
|
|
10 |
|
|
|
645,254 |
|
|
|
647,988 |
|
|
|
4 |
|
|
|
|
1 |
|
|
|
15,408 |
|
|
|
15,413 |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
94 |
|
|
|
11,382,136 |
|
|
|
12,047,737 |
|
|
|
67 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
14 |
|
|
|
1,945,475 |
|
|
|
2,196,903 |
|
|
|
12 |
|
|
|
|
1 |
|
|
|
1,259,112 |
|
|
|
1,265,417 |
|
|
|
7 |
|
|
|
|
2 |
|
|
|
1,167,734 |
|
|
|
1,171,926 |
|
|
|
7 |
|
|
|
|
2 |
|
|
|
246,348 |
|
|
|
247,429 |
|
|
|
1 |
|
|
|
|
2 |
|
|
|
66,954 |
|
|
|
67,079 |
|
|
|
— |
|
|
|
|
6 |
|
|
|
992,343 |
|
|
|
1,036,530 |
|
|
|
6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
27 |
|
|
|
5,677,966 |
|
|
|
5,985,284 |
|
|
|
33 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
121 |
|
|
$ |
17,060,102 |
|
|
$ |
18,033,021 |
|
|
|
100% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(172,100 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
16,888,002 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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. |
|
|
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. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
Total Loan Exposure (1)(2) |
|
|
|
|
|
|
|
58 |
|
|
$ |
9,834,509 |
|
|
$ |
10,303,895 |
|
|
|
58% |
|
|
|
|
14 |
|
|
|
2,295,255 |
|
|
|
2,369,454 |
|
|
|
14 |
|
|
|
|
31 |
|
|
|
1,788,149 |
|
|
|
1,862,667 |
|
|
|
11 |
|
|
|
|
6 |
|
|
|
673,912 |
|
|
|
675,344 |
|
|
|
4 |
|
|
|
|
4 |
|
|
|
538,702 |
|
|
|
551,243 |
|
|
|
3 |
|
|
|
|
2 |
|
|
|
301,566 |
|
|
|
301,491 |
|
|
|
2 |
|
|
|
|
2 |
|
|
|
245,492 |
|
|
|
264,162 |
|
|
|
2 |
|
|
|
|
1 |
|
|
|
146,290 |
|
|
|
147,763 |
|
|
|
1 |
|
|
|
|
2 |
|
|
|
748,840 |
|
|
|
978,602 |
|
|
|
5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
120 |
|
|
$ |
16,572,715 |
|
|
$ |
17,454,621 |
|
|
|
100% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(173,549 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
16,399,166 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
Total Loan Exposure (1)(2) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
24 |
|
|
$ |
4,050,732 |
|
|
$ |
4,069,712 |
|
|
|
23% |
|
|
|
|
27 |
|
|
|
2,942,126 |
|
|
|
3,413,089 |
|
|
|
20 |
|
|
|
|
25 |
|
|
|
2,624,701 |
|
|
|
2,707,080 |
|
|
|
16 |
|
|
|
|
8 |
|
|
|
973,702 |
|
|
|
976,693 |
|
|
|
6 |
|
|
|
|
9 |
|
|
|
597,100 |
|
|
|
598,813 |
|
|
|
3 |
|
|
|
|
1 |
|
|
|
15,404 |
|
|
|
15,413 |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
94 |
|
|
|
11,203,765 |
|
|
|
11,780,800 |
|
|
|
68 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
13 |
|
|
|
1,816,901 |
|
|
|
2,066,390 |
|
|
|
12 |
|
|
|
|
1 |
|
|
|
1,309,443 |
|
|
|
1,317,846 |
|
|
|
8 |
|
|
|
|
2 |
|
|
|
1,247,162 |
|
|
|
1,252,080 |
|
|
|
7 |
|
|
|
|
2 |
|
|
|
259,126 |
|
|
|
259,788 |
|
|
|
1 |
|
|
|
|
3 |
|
|
|
82,185 |
|
|
|
82,262 |
|
|
|
— |
|
|
|
|
5 |
|
|
|
654,133 |
|
|
|
695,455 |
|
|
|
4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
26 |
|
|
|
5,368,950 |
|
|
|
5,673,821 |
|
|
|
32 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
120 |
|
|
$ |
16,572,715 |
|
|
$ |
17,454,621 |
|
|
|
100 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(173,549 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
16,399,166 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
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. |
|
|
Excludes investment exposure to the $735.5 million 2018 Single Asset Securitization. See Note 4 for details of the subordinate position we own in the 2018 Single Asset Securitization. | |
Principal Balance and Net Book Value of Loans Receivable Based on Internal Risk Ratings |
The following table allocates the principal balance and net book value of our loans receivable based on our internal risk ratings ($ in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Loan Exposure (1)(2) |
|
|
|
|
|
|
|
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 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
121 |
|
$17,060,102 |
|
$18,033,021 |
|
|
|
120 |
|
$16,572,715 |
|
$17,454,621 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(172,100 |
) |
|
|
|
|
|
|
(173,549 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans receivable, net |
|
|
|
$16,888,002 |
|
|
|
|
|
|
|
$16,399,166 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
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. |
|
|
Excludes investment exposure to the 2018 Single Asset Securitization of $695.7 million and $735.5 million as of March 31, 2021 and December 31, 2020, respectively. See Note 4 for details of the subordinate position we own in the 2018 Single Asset Securitization. |
|
Schedule Of Current Expected Credit Loss Reserve By Pool |
The following table presents the activity in our loans receivable CECL reserve by investment pool for the three months ended March 31, 2021 and 2020 ($ in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CECL reserve as of December 31, 2019 |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
Initial CECL reserve on January 1, 2020 |
|
|
8,955 |
|
|
|
3,631 |
|
|
|
1,356 |
|
|
|
— |
|
|
|
13,942 |
|
|
|
|
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 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Schedule of Loans Receivable Based On Our Internal Risk Ratings, Separated By Year Of Origination |
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) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
406,527 |
|
|
$ |
— |
|
|
$ |
44,147 |
|
|
$ |
— |
|
|
$ |
450,674 |
|
|
|
|
— |
|
|
|
— |
|
|
|
334,343 |
|
|
|
1,012,589 |
|
|
|
702,562 |
|
|
|
302,656 |
|
|
|
2,352,150 |
|
|
|
|
745,274 |
|
|
|
779,045 |
|
|
|
2,270,297 |
|
|
|
1,512,230 |
|
|
|
1,089,777 |
|
|
|
447,881 |
|
|
|
6,844,504 |
|
|
|
|
— |
|
|
|
66,042 |
|
|
|
171,009 |
|
|
|
1,058,798 |
|
|
|
63,332 |
|
|
|
105,345 |
|
|
|
1,464,526 |
|
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
745,274 |
|
|
$ |
845,087 |
|
|
$ |
3,182,176 |
|
|
$ |
3,583,617 |
|
|
$ |
1,899,818 |
|
|
$ |
855,882 |
|
|
$ |
11,111,854 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
137,941 |
|
|
$ |
91,055 |
|
|
$ |
— |
|
|
$ |
228,996 |
|
|
|
|
— |
|
|
|
101,214 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
114,163 |
|
|
|
215,377 |
|
|
|
|
464,195 |
|
|
|
— |
|
|
|
2,477,344 |
|
|
|
468,699 |
|
|
|
— |
|
|
|
— |
|
|
|
3,410,238 |
|
|
|
|
— |
|
|
|
— |
|
|
|
247,589 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
247,589 |
|
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
464,195 |
|
|
$ |
101,214 |
|
|
$ |
2,724,933 |
|
|
$ |
606,640 |
|
|
$ |
91,055 |
|
|
$ |
114,163 |
|
|
$ |
4,102,200 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
200,163 |
|
|
|
— |
|
|
|
60,478 |
|
|
|
260,641 |
|
|
|
|
— |
|
|
|
— |
|
|
|
328,027 |
|
|
|
920,145 |
|
|
|
— |
|
|
|
— |
|
|
|
1,248,172 |
|
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
328,027 |
|
|
$ |
1,120,308 |
|
|
$ |
— |
|
|
$ |
60,478 |
|
|
$ |
1,508,813 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
284,808 |
|
|
|
— |
|
|
|
52,427 |
|
|
|
337,235 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
284,808 |
|
|
$ |
— |
|
|
$ |
52,427 |
|
|
$ |
337,235 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
406,527 |
|
|
$ |
137,941 |
|
|
$ |
135,202 |
|
|
$ |
— |
|
|
$ |
679,670 |
|
|
|
|
— |
|
|
|
101,214 |
|
|
|
334,343 |
|
|
|
1,012,589 |
|
|
|
702,562 |
|
|
|
416,819 |
|
|
|
2,567,527 |
|
|
|
|
1,209,469 |
|
|
|
779,045 |
|
|
|
4,747,641 |
|
|
|
2,181,092 |
|
|
|
1,089,777 |
|
|
|
508,359 |
|
|
|
10,515,383 |
|
|
|
|
— |
|
|
|
66,042 |
|
|
|
746,625 |
|
|
|
1,978,943 |
|
|
|
63,332 |
|
|
|
105,345 |
|
|
|
2,960,287 |
|
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
284,808 |
|
|
|
— |
|
|
|
52,427 |
|
|
|
337,235 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
1,209,469 |
|
|
$ |
946,301 |
|
|
$ |
6,235,136 |
|
|
$ |
5,595,373 |
|
|
$ |
1,990,873 |
|
|
$ |
1,082,950 |
|
|
$ |
17,060,102 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(172,100 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
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 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) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
— |
|
|
$ |
231,796 |
|
|
$ |
253,674 |
|
|
$ |
43,906 |
|
|
$ |
17,009 |
|
|
$ |
— |
|
|
$ |
546,385 |
|
|
|
|
— |
|
|
|
282,017 |
|
|
|
1,172,168 |
|
|
|
757,138 |
|
|
|
79,848 |
|
|
|
222,677 |
|
|
|
2,513,848 |
|
|
|
|
781,595 |
|
|
|
2,391,297 |
|
|
|
1,672,897 |
|
|
|
1,134,288 |
|
|
|
227,466 |
|
|
|
220,644 |
|
|
|
6,428,187 |
|
|
|
|
65,978 |
|
|
|
170,541 |
|
|
|
1,055,142 |
|
|
|
63,293 |
|
|
|
105,380 |
|
|
|
— |
|
|
|
1,460,334 |
|
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
847,573 |
|
|
$ |
3,075,651 |
|
|
$ |
4,153,881 |
|
|
$ |
1,998,625 |
|
|
$ |
429,703 |
|
|
$ |
443,321 |
|
|
$ |
10,948,754 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
136,021 |
|
|
$ |
94,757 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
230,778 |
|
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
105,300 |
|
|
|
2,526,225 |
|
|
|
479,512 |
|
|
|
— |
|
|
|
113,653 |
|
|
|
— |
|
|
|
3,224,690 |
|
|
|
|
— |
|
|
|
256,494 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
256,494 |
|
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
105,300 |
|
|
$ |
2,782,719 |
|
|
$ |
615,533 |
|
|
$ |
94,757 |
|
|
$ |
113,653 |
|
|
$ |
— |
|
|
$ |
3,711,962 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
— |
|
|
|
— |
|
|
|
198,433 |
|
|
|
— |
|
|
|
— |
|
|
|
60,604 |
|
|
|
259,037 |
|
|
|
|
— |
|
|
|
325,097 |
|
|
|
990,668 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,315,765 |
|
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
— |
|
|
$ |
325,097 |
|
|
$ |
1,189,101 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
60,604 |
|
|
$ |
1,574,802 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
— |
|
|
|
— |
|
|
|
284,809 |
|
|
|
— |
|
|
|
— |
|
|
|
52,388 |
|
|
|
337,197 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
284,809 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
52,388 |
|
|
$ |
337,197 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
— |
|
|
$ |
231,796 |
|
|
$ |
389,695 |
|
|
$ |
138,663 |
|
|
$ |
17,009 |
|
|
$ |
— |
|
|
$ |
777,163 |
|
|
|
|
— |
|
|
|
282,017 |
|
|
|
1,172,168 |
|
|
|
757,138 |
|
|
|
79,848 |
|
|
|
222,677 |
|
|
|
2,513,848 |
|
|
|
|
886,895 |
|
|
|
4,917,522 |
|
|
|
2,350,842 |
|
|
|
1,134,288 |
|
|
|
341,119 |
|
|
|
281,248 |
|
|
|
9,911,914 |
|
|
|
|
65,978 |
|
|
|
752,132 |
|
|
|
2,045,810 |
|
|
|
63,293 |
|
|
|
105,380 |
|
|
|
— |
|
|
|
3,032,593 |
|
|
|
|
— |
|
|
|
— |
|
|
|
284,809 |
|
|
|
— |
|
|
|
— |
|
|
|
52,388 |
|
|
|
337,197 |
|
|
|
$ |
952,873 |
|
|
$ |
6,183,467 |
|
|
$ |
6,243,324 |
|
|
$ |
2,093,382 |
|
|
$ |
543,356 |
|
|
$ |
556,313 |
|
|
$ |
16,572,715 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(173,549 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
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 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. |
|