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Other Assets and Liabilities (Tables)

6 Months Ended

Jun. 30, 2021

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


	June 30, 2021			December 31, 2020
Debt securities held-to-maturity (1)	$	77,754		$	77,445
CECL reserve		(122	)		(1,723	)

Debt securities held-to-maturity, net		77,632			75,722
Loan portfolio payments held by servicer (2)		80,540			73,224
Accrued interest receivable		72,485			66,757
2021 FL4 CLO restricted cash (3)		50,000			—
Derivative assets		19,860			522
Collateral deposited under derivative agreements		2,710			51,050
Prepaid expenses		411			973
Prepaid taxes		—			376
Other		659			1,195

Total	$	304,297		$	269,819

(1)

Represents the subordinate position we own in the 2018 Single Asset Securitization, which held aggregate loan assets of $623.1 million and $735.5 million as of June 30, 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.

(3)

Represents $50.0 million of restricted cash held by our 2021 FL4 collateralized loan obligation that can be used to acquire and finance additional assets for up to six months from the date of closing.

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 and six months ended June 30, 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, 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

Decrease in CECL reserve		(26,861	)		(15,771	)		(523	)		—		(43,155	)

CECL reserve as of June 30, 2021	$	17,673		$	8,829		$	32,782		$	69,661	$	128,945

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

(Decrease) increase in CECL reserve		(3,457	)		(2,080	)		1,232			69,661		65,356

CECL reserve as of June 30, 2020	$	61,404		$	19,745		$	27,240		$	69,661	$	178,050

Summary of Components of Other Liabilities

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


	June 30, 2021		December 31, 2020
Accrued dividends payable	$	91,150	$	91,004
Accrued management and incentive fees payable		21,545		19,158
Accrued interest payable		20,627		20,548
Derivative liabilities		13,749		58,915
Accounts payable and other liabilities		7,725		2,671
Current expected credit loss reserve for unfunded loan commitments (1)		4,037		10,031

Total	$	158,833	$	202,327

(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 and six months ended June 30, 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, 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

Decrease in CECL reserve		(4,315	)		(2,632	)		(37	)		—		(6,984	)

CECL reserve as of June 30, 2021	$	2,854		$	1,140		$	43		$	—	$	4,037

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

(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

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 and six months ended June 30, 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, 2020	$	1,723		$	—	$	—	$	—	$	1,723
Decrease in CECL reserve		(834	)		—		—		—		(834	)

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

Decrease in CECL reserve		(767	)		—		—		—		(767	)

CECL reserve as of June 30, 2021	$	122		$	—	$	—	$	—	$	122

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

Decrease in CECL reserve		(1,003	)		—		—		—		(1,003	)

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