(1)

Represents the subordinate position we own in the 2018 Single Asset Securitization, which held aggregate loan assets of $493.3 million and $735.5 million as of September 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 $25.0 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.

(3)

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.

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 nine months ended September 30, 2021 and 2020 ($ in thousands):


	Debt Securities Held-To-Maturity
CECL reserve as of December 31, 2020	$	1,723
Decrease in CECL reserve		(834	)

CECL reserve as of March 31, 2021	$	889

Decrease in CECL reserve		(767	)

CECL reserve as of June 30, 2021	$	122

Increase in CECL reserve		158

CECL reserve as of September 30, 2021	$	280

CECL reserve as of December 31, 2019	$	—
Initial CECL reserve on January 1, 2020		445
Increase in CECL reserve		4,677

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

Decrease in CECL reserve		(1,003	)

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

Decrease in CECL reserve		(2,086	)

CECL reserve as of September 30, 2020	$	2,033

Our initial CECL reserve of $445,000 against our debt securities

held-to-maturity,

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 and nine months ended September 30, 2021, we recorded an increase of $158,000 and a decrease of $1.4 million, respectively, in the CECL reserve against our debt securities

held-to-maturity,

bringing our total reserve to $280,000 as of September 30, 2021. During the three and nine months ended September 30, 2020, we recorded a decrease of $2.1 million and an increase of $1.6 million, respectively, in the CECL reserve against our debt securities

held-to-maturity,

bringing our total reserve to $2.0 million as of September 30, 2020. See Note 2 for further discussion of

COVID-19.

Other Liabilities

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


	September 30, 2021		December 31, 2020
Accrued dividends payable	$	97,350	$	91,004
Accrued interest payable		25,772		20,548
Accrued management and incentive fees payable		19,342		19,158
Accounts payable and other liabilities		11,080		2,671
Current expected credit loss reserve for unfunded loan commitments (1)		5,203		10,031
Derivative liabilities		355		58,915
Secured debt repayments pending servicer remittance (2)		322		—

Total	$	159,424	$	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.

Current Expected Credit Loss Reserve for Unfunded Loan Commitments

As of September 30, 2021, we had aggregate unfunded loan commitments of $4.2 billion across 108 loans receivable. The expected credit losses over the contractual period of our loans are subject to the obligation to extend credit through our unfunded loan commitments. See Note 2 for further discussion of the CECL reserve related to our unfunded loan commitments, and Note 18 for further discussion of our unfunded loan commitments. The following table presents the activity in the CECL reserve related to our unfunded loan commitments by investment pool for the three and nine months ended September 30, 2021 and 2020 ($ 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

Increase (decrease) in CECL reserve		566			643			(43	)		—		1,166

CECL reserve as of September 30, 2021	$	3,420		$	1,783		$	—		$	—	$	5,203

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

(Decrease) increase in CECL reserve		(3,657	)		732			(20	)		—		(2,945	)

CECL reserve as of September 30, 2020	$	9,179		$	2,810		$	68		$	—	$	12,057

Our initial CECL reserve of $3.3 million against our unfunded loan commitments, 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 and nine months ended September 30, 2021, we recorded an increase of $1.2 million and a decrease of $4.8 million, respectively, in the CECL reserve against our unfunded loan commitments, bringing our total reserve to $5.2 million as of September 30, 2021. The increase in the CECL reserve against our unfunded loan commitments during the three months ended September 30, 2021 is primarily due to an increase in the size of our loans receivable portfolio during the three months ended September 30, 2021. The decrease in the CECL reserve during the nine months ended September 30, 2021 reflects the ongoing market recovery from

COVID-19

and the resulting improvement in the performance of the collateral assets underlying our portfolio. During the three and nine months ended September 30, 2020, we recorded a decrease of $2.9 million and an increase of $8.8 million, respectively, in the CECL reserve against our unfunded loan commitments, bringing our total reserve to $12.1 million as of September 30, 2020. See Note 2 for further discussion of

COVID-19.