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Other Assets and Liabilities (Tables)

3 Months Ended

Mar. 31, 2021

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


	March 31, 2021			December 31, 2020
Debt securities held-to-maturity (1)	$	77,597		$	77,445
CECL reserve		(889	)		(1,723	)

Debt securities held-to-maturity, net		76,708			75,722
Accrued interest receivable		67,472			66,757
Derivative assets		31,789			522
Loan portfolio payments held by servicer (2)		8,916			73,224
Prepaid expenses		778			973
Collateral deposited under derivative agreements		—			51,050
Prepaid taxes		—			376
Other		919			1,195

Total	$	186,582		$	269,819


(1)		Represents the subordinate position we own in the 2018 Single Asset Securitization, which held aggregate loan assets of $695.7 million and $735.5 million as of March 31, 2021 and December 31, 2020, 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 16 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, 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

Summary of Components of Other Liabilities

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


	March 31, 2021		December 31, 2020
Accrued dividends payable	$	91,159	$	91,004
Accrued interest payable		22,116		20,548
Accrued management and incentive fees payable		19,207		19,158
Derivative liabilities		13,466		58,915
Current expected credit loss reserve for unfunded loan commitments (1)		11,021		10,031
Secured debt repayments pending servicer remittance (2)		6,338		—
Accounts payable and other liabilities		3,784		2,671

Total	$	167,091	$	202,327

____________


(1)		Represents the CECL reserve related to our unfunded loan commitments. See Note 2 for further discussion of the CECL reserve.
(2)		Represents pending transfers from our third-party loan servicer that were remitted to our banking counterparties during the subsequent remittance cycle.

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, 2021 and 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		16,992		2,219		62			—		19,273

CECL reserve as of March 31, 2020	$	19,793	$	2,672	$	71		$	—	$	22,536

CECL reserve as of December 31, 2020	$	6,953	$	2,994	$	84		$	—	$	10,031
Increase (decrease) in CECL reserve		216		778		(4	)		—		990

CECL reserve as of March 31, 2021	$	7,169	$	3,772	$	80		$	—	$	11,021

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, 2021 and 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		4,677			—		—		—		4,677

CECL reserve as of March 31, 2020	$	5,122		$	—	$	—	$	—	$	5,122

CECL reserve as of December 31, 2020	$	1,723		$	—	$	—	$	—	$	1,723
Decrease in CECL reserve		(834	)		—		—		—		(834	)

CECL reserve as of March 31, 2021	$	889		$	—	$	—	$	—	$	889