Schedule IV - Mortgage Loans on Real Estate

12 Months Ended

Dec. 31, 2020

Mortgage Loans On Real Estate [Abstract]

Schedule IV - Mortgage Loans on Real Estate

As of December 31, 2020

(Dollars in Thousands)

Type of Loan/Borrower Senior Mortgage Loans ⁽¹⁾	Description / Location	Interest Payment Rates	Extended Maturity Date ⁽²⁾	Periodic Payment Terms ⁽³⁾	Prior Liens ⁽⁴⁾		Unpaid Principal Balance		Carrying Amount of Loans ⁽⁵⁾
Senior Loans in excess of 3% of the carrying amount of total loans
Borrower A	Senior Loan / New York	L+1.6%	2024	I/O	$	—	$	283,574	$	282,238
Borrower B	Senior Loan / Various	L+2.9%	2024	I/O		—		204,085		203,126
Borrower C	Senior Loan / Philadelphia	L+2.7%	2023	I/O		—		185,330		184,596
Borrower D	Senior Loan / Detroit	L+3.6%	2024	I/O		—		184,045		183,906
Borrower E	Senior Loan / New York	L+2.9%	2024	I/O		—		181,489		180,435
Borrower F	Senior Loan / San Diego	L+3.0%	2024	I/O		—		173,764		172,609
Borrower G	Senior Loan / Brookhaven (Atlanta)	L+3.4%	2024	I/O		—		171,276		170,266
Borrower H	Senior Loan / Philadelphia	L+4.3%	2022	I/O		—		167,205		165,675
Borrower I	Senior Loan / Charlotte	L+3.8%	2022	I/O		—		165,000		161,485
Borrower J	Senior Loan / Various	L+3.8%	2023	I/O		—		161,545		161,180
Borrower K	Senior Loan / Houston	L+2.8%	2023	I/O		—		155,965		149,932
Senior Loans less than 3% of the carrying amount of total loans
Senior Loan	Office / Diversified	Floating L+2.5% - 3.9%	2022 - 2025	IO		—	$	1,053,620	$	1,045,614
Senior Loan	Multifamily / Diversified	Floating L+2.7% - 3.5%	2020 - 2025	IO		—		415,507		409,084
Senior Loan	Mixed-Use / Diversified	Floating L+2.6% - 3.9%	2021 - 2024	IO		—		399,630		397,009
Senior Loan	Hotel / Diversified	Floating L+3.0% - 10.3%	2022 - 2024	IO		—		533,972		511,865
Senior Loan	Condominium / Diversified	Floating L+5.1% - 5.1%	2020 - 2021	IO		—		25,049		25,048
Senior Loan	Retail / CA	Floating L+3.7% - 3.7%	2023	IO		—		31,153		21,770
Total senior loans					$	—	$	4,492,209	$	4,425,838
Subordinate loans⁽⁶⁾
Subordinate loans less than 3% of the carrying amount of total loans
Senior Loan	Hotel / CA	Floating L+10.3%	2025	IO		—		32,516		30,622
Total subordinate loans					$	—	$	32,516	$	30,622
Total Loans					$	—	$	4,524,725	$	4,456,460

(1)	Includes senior mortgage loans, related contiguous subordinate loans, and pari passu participations in senior mortgage loans.

(2)	Extended maturity date assumes all extension options are exercised.

(3)	I/O = interest only, P/I = principal and interest.

(4)	Represents only third-party liens.

(5)	The aggregate tax basis of the loans is $4.5 billion as of December 31, 2020.

(6)	Includes subordinate interests in mortgages and mezzanine loans.

1. Reconciliation of Mortgage Loans on Real Estate:

The following table reconciles activity regarding mortgage loans on real estate for the years ended:

	2020			2019			2018
Balance at January 1,	$	4,980,389		$	4,293,787		$	3,175,672
Additions during period:
Loans originated		430,050			2,341,692			2,071,391
Additional fundings		237,856			268,356			258,308
Amortization of deferred fees and expenses		11,345			16,345			16,907
Deductions during period:
Collection of principal		(885,565	)		(1,880,222	)		(1,150,241	)
Loan sales		(145,675	)		(59,569	)		(78,250	)
Loan extinguishment on conversion to REO		(112,000	)		—			—
Allowance for credit losses		(59,940	)		—			—
Balance at December 31,	$	4,456,460		$	4,980,389		$	4,293,787