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Loans Receivable, Net (Tables) | 9 Months Ended
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Sep. 30, 2025
Receivables [Abstract] |
Overall Statistics for Loans Receivable Portfolio | The following table details overall statistics for our loans receivable portfolio ($ in thousands):
| September 30, 2025 |  | December 31, 2024
Number of loans | 137 |  | 130
Principal balance | $18,188,534 |  | $19,203,126
Net book value | $17,371,200 |  | $18,313,582
Unfunded loan commitments(1) | $1,532,429 |  | $1,263,068
Weighted-average cash coupon(2) | + 3.24% |  | + 3.46%
Weighted-average all-in yield(2) | + 3.46% |  | + 3.78%
Weighted-average maximum maturity (years)(3) | 2.4 |  | 2.1
(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. (2)The weighted-average cash coupon and all-in yield are expressed as a spread over the relevant floating benchmark rates, which include SOFR, SONIA, EURIBOR, CORRA, and other indices, as applicable to each loan. As of September 30, 2025, 98% of our loans by principal balance earned a floating rate of interest, primarily indexed to SOFR. The remaining 2% of our loans by principal balance earned a fixed rate of interest. As of December 31, 2024, substantially all of our loans by principal balance earned a floating rate of interest, primarily indexed to SOFR. 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 and nonaccrual methods, if any. (3)Maximum maturity assumes all extension options are exercised by the borrower, however our loans may be repaid prior to such date. Excludes loans accounted for under the cost-recovery and nonaccrual methods, if any. As of September 30, 2025, 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. As of December 31, 2024, 10% of our loans by principal balance were subject to yield maintenance or other prepayment restrictions and 90% were open to repayment by the borrower without penalty.
Disclosure Details Of Loan Receivable Portfolio Based On Index Floor Rates | The following table details the index rate floors for our loans receivable portfolio as of September 30, 2025 ($ in thousands):
|  | Loans Receivable Principal Balance
Index Rate Floors |  | USD |  | Non-USD(1) |  | Total
Fixed Rate |  | $180,857 |  | $137,149 |  | $318,006
0.00% or no floor(2) |  | 1,796,816 |  | 4,966,038 |  | 6,762,854
0.01% to 1.00% floor |  | 2,628,392 |  | 972,584 |  | 3,600,976
1.01% to 2.00% floor |  | 676,479 |  | 1,371,685 |  | 2,048,164
2.01% to 3.00% floor |  | 3,791,304 |  | 139,838 |  | 3,931,142
3.01% or more floor |  | 1,313,773 |  | 213,619 |  | 1,527,392
Total(3) |  | $10,387,621 |  | $7,800,913 |  | $18,188,534
(1)Includes Euro, British Pound Sterling, Swedish Krona, Australian Dollar, and Canadian Dollar currencies. (2)Includes all impaired loans. (3)As of September 30, 2025, the weighted-average index rate floor of our floating-rate loans receivable principal balance was 1.25%. Excluding 0.0% index rate floors and loans with no floor, the weighted-average index rate floor was 1.90%.
Activity Relating to Loans Receivable Portfolio | Activity relating to our loans receivable portfolio was as follows ($ in thousands):
| Principal Balance |  | Deferred Fees / Other Items(1) |  | Net Book Value
Loans Receivable, as of December 31, 2024 | $19,203,126 |  | $(155,608) |  | $19,047,518
Loan fundings | 3,931,823 |  | — |  | 3,931,823
Loan repayments, sales, and cost-recovery proceeds | (5,048,125) |  | (39,424) |  | (5,087,549)
Charge-offs | (208,010) |  | 79,018 |  | (128,992)
Transfer to real estate owned | (358,088) |  | — |  | (358,088)
Transfer to other assets, net(2) | (49,158) |  | — |  | (49,158)
Payment-in-kind interest | 13,448 |  | — |  | 13,448
Unrealized gain (loss) on foreign currency translation | 703,518 |  | (2,275) |  | 701,243
Deferred fees and other items | — |  | (48,716) |  | (48,716)
Amortization of fees and other items | — |  | 45,390 |  | 45,390
Loans Receivable, as of September 30, 2025 | $18,188,534 |  | $(121,615) |  | $18,066,919
CECL reserve |  |  |  |  | (695,719)
Loans Receivable, net, as of September 30, 2025 |  |  |  |  | $17,371,200
(1)Other items primarily consist of purchase and sale discounts or premiums, exit fees, deferred origination expenses, and cost-recovery proceeds. (2)This amount relates to intangible and other assets recorded in connection with loans that were transferred to REO, net of liabilities recorded upon acquisition, if any, and proceeds from loan repayments that are held in escrow, all of which are included within other assets in our consolidated balance sheets. See Note 6 for further information.
Property Type and Geographic Distribution of Properties Securing Loans in Portfolio | The tables below detail the property type and geographic distribution of the properties securing the loans in our portfolio ($ in thousands):
September 30, 2025
Property Type |  | Number of Loans |  | Net Book Value |  | Net Loan Exposure(1) |  | Net Loan Exposure Percentage of Portfolio
Office |  | 42 |  | $5,489,331 |  | $4,845,825 |  | 29%
Multifamily |  | 47 |  | 4,432,183 |  | 4,289,958 |  | 25
Industrial |  | 18 |  | 3,561,323 |  | 3,524,478 |  | 21
Hospitality |  | 14 |  | 2,096,519 |  | 1,994,080 |  | 12
Retail |  | 8 |  | 769,377 |  | 676,140 |  | 4
Self-storage |  | 3 |  | 653,016 |  | 488,715 |  | 3
Life Sciences / Studio |  | 3 |  | 341,730 |  | 290,881 |  | 2
Other |  | 2 |  | 723,440 |  | 683,661 |  | 4
Total loans receivable |  | 137 |  | $18,066,919 |  | $16,793,738 |  | 100%
CECL reserve |  |  |  | (695,719) |  |  |  |
Loans receivable, net |  |  |  | $17,371,200 |  |  |  |
Geographic Location |  | Number of Loans |  | Net Book Value |  | Net Loan Exposure(1) |  | Net Loan Exposure Percentage of Portfolio
United States |  |  |  |  |  |  |  |
Sunbelt |  | 45 |  | $4,203,737 |  | $3,727,255 |  | 22%
Northeast |  | 23 |  | 2,768,431 |  | 2,431,400 |  | 14
West |  | 23 |  | 1,957,019 |  | 1,873,533 |  | 11
Midwest |  | 8 |  | 855,704 |  | 713,354 |  | 4
Northwest |  | 3 |  | 448,599 |  | 446,752 |  | 3
Subtotal |  | 102 |  | 10,233,490 |  | 9,192,294 |  | 54
International |  |  |  |  |  |  |  |
United Kingdom |  | 17 |  | 3,128,895 |  | 3,114,230 |  | 19
Ireland |  | 3 |  | 1,197,444 |  | 1,190,045 |  | 7
Australia |  | 5 |  | 1,107,136 |  | 1,114,282 |  | 7
Spain |  | 2 |  | 643,117 |  | 595,013 |  | 4
Sweden |  | 1 |  | 505,298 |  | 504,853 |  | 3
Canada |  | 1 |  | 448,994 |  | 284,952 |  | 2
Other Europe |  | 5 |  | 741,582 |  | 737,162 |  | 4
Other International |  | 1 |  | 60,963 |  | 60,907 |  | —
Subtotal |  | 35 |  | 7,833,429 |  | 7,601,444 |  | 46
Total loans receivable |  | 137 |  | $18,066,919 |  | $16,793,738 |  | 100%
CECL reserve |  |  |  | (695,719) |  |  |  |
Loans receivable, net |  |  |  | $17,371,200 |  |  |  |
(1)Net loan exposure reflects the amount of each loan that is subject to risk of credit loss to us as of September 30, 2025, which is our principal balance net of (i) $629.9 million of asset-specific debt, (ii) $69.2 million of cost- recovery proceeds, and (iii) our total loans receivable CECL reserve of $695.7 million. Our asset-specific debt is structurally non-recourse and term-matched to the corresponding collateral loans.
December 31, 2024
Property Type |  | Number of Loans |  | Net Book Value |  | Net Loan Exposure(1) |  | Net Loan Exposure Percentage of Portfolio
Office |  | 41 |  | $7,386,333 |  | $5,729,418 |  | 33%
Multifamily |  | 50 |  | 5,091,767 |  | 4,934,364 |  | 29
Hospitality |  | 16 |  | 2,768,374 |  | 2,663,349 |  | 16
Industrial |  | 11 |  | 2,030,627 |  | 2,000,831 |  | 12
Retail |  | 5 |  | 555,553 |  | 532,069 |  | 3
Life Sciences/Studio |  | 3 |  | 342,817 |  | 337,687 |  | 2
Other |  | 4 |  | 872,047 |  | 836,585 |  | 5
Total loans receivable |  | 130 |  | $19,047,518 |  | $17,034,303 |  | 100%
CECL reserve |  |  |  | (733,936) |  |  |  |
Loans receivable, net |  |  |  | $18,313,582 |  |  |  |
Geographic Location |  | Number of Loans |  | Net Book Value |  | Net Loan Exposure(1) |  | Net Loan Exposure Percentage of Portfolio
United States |  |  |  |  |  |  |  |
Sunbelt |  | 44 |  | $4,520,632 |  | $4,084,242 |  | 24%
Northeast |  | 21 |  | 4,614,582 |  | 3,452,961 |  | 20
West |  | 21 |  | 1,865,382 |  | 1,746,309 |  | 10
Midwest |  | 10 |  | 997,156 |  | 820,858 |  | 5
Northwest |  | 4 |  | 432,644 |  | 432,794 |  | 3
Subtotal |  | 100 |  | 12,430,396 |  | 10,537,164 |  | 62
International |  |  |  |  |  |  |  |
United Kingdom |  | 16 |  | 2,916,145 |  | 2,839,096 |  | 17
Ireland |  | 3 |  | 1,050,276 |  | 1,048,329 |  | 6
Australia |  | 3 |  | 920,182 |  | 923,507 |  | 5
Spain |  | 3 |  | 785,368 |  | 744,287 |  | 4
Sweden |  | 1 |  | 429,084 |  | 429,724 |  | 2
Other Europe |  | 3 |  | 455,417 |  | 451,245 |  | 4
Other International |  | 1 |  | 60,650 |  | 60,951 |  | —
Subtotal |  | 30 |  | 6,617,122 |  | 6,497,139 |  | 38
Total loans receivable |  | 130 |  | $19,047,518 |  | $17,034,303 |  | 100%
CECL reserve |  |  |  | (733,936) |  |  |  |
Loans receivable, net |  |  |  | $18,313,582 |  |  |  |
(1)N et loan exposure reflects the amount of each loan that is subject to risk of credit loss to us as of December 31, 2024, which is our principal balance net of (i) $1.2 billion of asset-specific debt, (ii) $106.7 million of cost-recovery p roceeds, (iii) our total loans receivable CECL reserve of $733.9 million, and (iv) $100.1 million of junior loan interests that we have sold, but that remain included in our consolidated financial statements. See Note 2 for further discussion of loan participations sold. Our asset-specific debt and loan participations sold are structurally non- recourse and term-matched to the corresponding collateral loans.
Net Book Value, Total Loan Exposure and Net Loan Exposure of Loans Receivable Based on Internal Risk Ratings and Credit Quality Indicators | The following table allocates the net book value and net loan exposure balances based on our internal risk ratings ($ in thousands):
|  | September 30, 2025
Risk Rating |  | Number of Loans |  | Net Book Value |  | Net Loan Exposure(1)
1 |  | 6 |  | $409,199 |  | $408,355
2 |  | 22 |  | 3,173,245 |  | 3,007,691
3 |  | 80 |  | 10,578,120 |  | 10,087,715
4 |  | 17 |  | 2,732,203 |  | 2,619,771
5 |  | 12 |  | 1,174,152 |  | 670,206
Total loans receivable |  | 137 |  | $18,066,919 |  | $16,793,738
CECL reserve |  |  |  | (695,719) |  |
Loans receivable, net |  |  |  | $17,371,200 |  |
|  | December 31, 2024
Risk Rating |  | Number of Loans |  | Net Book Value |  | Net Loan Exposure(1)
1 |  | 11 |  | $1,919,280 |  | $994,056
2 |  | 21 |  | 3,346,881 |  | 3,349,347
3 |  | 65 |  | 9,246,692 |  | 8,818,346
4 |  | 20 |  | 2,707,104 |  | 2,622,877
5 |  | 13 |  | 1,827,561 |  | 1,249,677
Total loans receivable |  | 130 |  | $19,047,518 |  | $17,034,303
CECL reserve |  |  |  | (733,936) |  |
Loans receivable, net |  |  |  | $18,313,582 |  |
(1)Net loan exposure reflects the amount of each loan that is subject to risk of credit loss to us as of September 30, 2025, which is our principal balance net of (i) $629.9 million of asset-specific debt, (ii) $69.2 million of cost- recovery proceeds, and (iii) our total loans receivable CECL reserve of $695.7 million. Our net loan exposure as of December 31, 2024 is our principal balance net of (i) $1.2 billion of asset-specific debt, (ii) $106.7 million of cost- recovery proceeds, (iii) our total loans receivable CECL reserve of $733.9 million, and (iv) $100.1 million of junior loan interests that we have sold, but that remain included in our consolidated financial statements. Our asset-specific debt and loan participations sold are structurally non-recourse and term-matched to the corresponding collateral loans. Our primary credit quality indicator is our risk ratings, which are further discussed above. The following tables present the net book value of our loan portfolio as of September 30, 2025 and December 31, 2024, respectively, by year of origination, investment pool, and risk rating ($ in thousands):
|  | Net Book Value of Loans Receivable by Year of Origination(1)
|  | As of September 30, 2025
Risk Rating |  | 2025 |  | 2024 |  | 2023 |  | 2022 |  | 2021 |  | Prior |  | Total
U.S. loans |  |  |  |  |  |  |  |  |  |  |  |  |  |
1 |  | $— |  | $— |  | $— |  | $151,577 |  | $203,721 |  | $53,901 |  | $409,199
2 |  | 33,314 |  | 60,963 |  | — |  | 197,274 |  | 724,262 |  | 262,235 |  | 1,278,048
3 |  | 1,147,203 |  | 273,014 |  | — |  | 1,630,283 |  | 1,883,767 |  | 691,837 |  | 5,626,104
4 |  | — |  | — |  | — |  | 367,098 |  | 338,104 |  | 1,115,549 |  | 1,820,751
5 |  | — |  | — |  | — |  | — |  | — |  | — |  | —
Total U.S. loans |  | $1,180,517 |  | $333,977 |  | $— |  | $2,346,232 |  | $3,149,854 |  | $2,123,522 |  | $9,134,102
Non-U.S. loans |  |  |  |  |  |  |  |  |  |  |  |  |  |
1 |  | $— |  | $— |  | $— |  | $— |  | $— |  | $— |  | $—
2 |  | 645,481 |  | — |  | — |  | 592,528 |  | 657,188 |  | — |  | 1,895,197
3 |  | 1,752,443 |  | — |  | — |  | — |  | 936,536 |  | 1,102,590 |  | 3,791,569
4 |  | — |  | — |  | — |  | — |  | — |  | 363,689 |  | 363,689
5 |  | — |  | — |  | — |  | — |  | — |  | — |  | —
Total Non-U.S. loans |  | $2,397,924 |  | $— |  | $— |  | $592,528 |  | $1,593,724 |  | $1,466,279 |  | $6,050,455
Unique loans |  |  |  |  |  |  |  |  |  |  |  |  |  |
1 |  | $— |  | $— |  | $— |  | $— |  | $— |  | $— |  | $—
2 |  | — |  | — |  | — |  | — |  | — |  | — |  | —
3 |  | — |  | — |  | — |  | 869,443 |  | — |  | 291,004 |  | 1,160,447
4 |  | — |  | — |  | — |  | — |  | — |  | 547,763 |  | 547,763
5 |  | — |  | — |  | — |  | — |  | — |  | — |  | —
Total unique loans |  | $— |  | $— |  | $— |  | $869,443 |  | $— |  | $838,767 |  | $1,708,210
Impaired loans |  |  |  |  |  |  |  |  |  |  |  |  |  |
1 |  | $— |  | $— |  | $— |  | $— |  | $— |  | $— |  | $—
2 |  | — |  | — |  | — |  | — |  | — |  | — |  | —
3 |  | — |  | — |  | — |  | — |  | — |  | — |  | —
4 |  | — |  | — |  | — |  | — |  | — |  | — |  | —
5 |  | — |  | — |  | — |  | 168,985 |  | 433,385 |  | 571,782 |  | 1,174,152
Total impaired loans |  | $— |  | $— |  | $— |  | $168,985 |  | $433,385 |  | $571,782 |  | $1,174,152
Total loans receivable |  |  |  |  |  |  |  |  |  |  |  |  |  |
1 |  | $— |  | $— |  | $— |  | $151,577 |  | $203,721 |  | $53,901 |  | $409,199
2 |  | 678,795 |  | 60,963 |  | — |  | 789,802 |  | 1,381,450 |  | 262,235 |  | 3,173,245
3 |  | 2,899,646 |  | 273,014 |  | — |  | 2,499,726 |  | 2,820,303 |  | 2,085,431 |  | 10,578,120
4 |  | — |  | — |  | — |  | 367,098 |  | 338,104 |  | 2,027,001 |  | 2,732,203
5 |  | — |  | — |  | — |  | 168,985 |  | 433,385 |  | 571,782 |  | 1,174,152
Total loans receivable |  | $3,578,441 |  | $333,977 |  | $— |  | $3,977,188 |  | $5,176,963 |  | $5,000,350 |  | $18,066,919
CECL reserve |  |  |  |  |  |  |  |  |  |  |  |  |  | (695,719)
Loans receivable, net |  |  |  |  |  |  |  |  |  |  |  |  |  | $17,371,200
Gross charge-offs(2) |  | — |  | — |  | — |  | (168) |  | (71,853) |  | (56,971) |  | $(128,992)
(1)Date loan was originated or acquired by us. Origination dates are subsequently updated to reflect material loan modifications. (2)Represents charge-offs by year of origination during the nine months ended September 30, 2025.
|  | Net Book Value of Loans Receivable by Year of Origination(1)
|  | As of December 31, 2024
Risk Rating |  | 2024 |  | 2023 |  | 2022 |  | 2021 |  | 2020 |  | Prior |  | Total
U.S. loans |  |  |  |  |  |  |  |  |  |  |  |  |  |
1 |  | $— |  | $— |  | $151,674 |  | $245,289 |  | $60,240 |  | $1,381,858 |  | $1,839,061
2 |  | 60,651 |  | — |  | 197,153 |  | 1,611,856 |  | — |  | — |  | 1,869,660
3 |  | 268,408 |  | — |  | 1,599,604 |  | 2,160,837 |  | 691,097 |  | 392,470 |  | 5,112,416
4 |  | — |  | — |  | 236,780 |  | 1,019,672 |  | — |  | 726,513 |  | 1,982,965
5 |  | — |  | — |  | — |  | — |  | — |  | — |  | —
Total U.S. loans |  | $329,059 |  | $— |  | $2,185,211 |  | $5,037,654 |  | $751,337 |  | $2,500,841 |  | $10,804,102
Non-U.S. loans |  |  |  |  |  |  |  |  |  |  |  |  |  |
1 |  | $— |  | $— |  | $— |  | $80,219 |  | $— |  | $— |  | $80,219
2 |  | — |  | — |  | 500,104 |  | 787,660 |  | 87,629 |  | 101,828 |  | 1,477,221
3 |  | — |  | — |  | 594,740 |  | 1,126,698 |  | — |  | 1,332,805 |  | 3,054,243
4 |  | — |  | — |  | — |  | — |  | — |  | 198,389 |  | 198,389
5 |  | — |  | — |  | — |  | — |  | — |  | — |  | —
Total Non-U.S. loans |  | $— |  | $— |  | $1,094,844 |  | $1,994,577 |  | $87,629 |  | $1,633,022 |  | $4,810,072
Unique loans |  |  |  |  |  |  |  |  |  |  |  |  |  |
1 |  | $— |  | $— |  | $— |  | $— |  | $— |  | $— |  | $—
2 |  | — |  | — |  | — |  | — |  | — |  | — |  | —
3 |  | — |  | — |  | 814,225 |  | — |  | — |  | 265,808 |  | 1,080,033
4 |  | — |  | — |  | — |  | — |  | — |  | 525,750 |  | 525,750
5 |  | — |  | — |  | — |  | — |  | — |  | — |  | —
Total unique loans |  | $— |  | $— |  | $814,225 |  | $— |  | $— |  | $791,558 |  | $1,605,783
Impaired loans |  |  |  |  |  |  |  |  |  |  |  |  |  |
1 |  | $— |  | $— |  | $— |  | $— |  | $— |  | $— |  | $—
2 |  | — |  | — |  | — |  | — |  | — |  | — |  | —
3 |  | — |  | — |  | — |  | — |  | — |  | — |  | —
4 |  | — |  | — |  | — |  | — |  | — |  | — |  | —
5 |  | — |  | — |  | 170,388 |  | 367,030 |  | 34,214 |  | 1,255,929 |  | 1,827,561
Total impaired loans |  | $— |  | $— |  | $170,388 |  | $367,030 |  | $34,214 |  | $1,255,929 |  | $1,827,561
Total loans receivable |  |  |  |  |  |  |  |  |  |  |  |  |  |
1 |  | $— |  | $— |  | $151,674 |  | $325,508 |  | $60,240 |  | $1,381,858 |  | $1,919,280
2 |  | 60,651 |  | — |  | 697,257 |  | 2,399,516 |  | 87,629 |  | 101,828 |  | 3,346,881
3 |  | 268,408 |  | $— |  | 3,008,569 |  | 3,287,535 |  | 691,097 |  | 1,991,083 |  | 9,246,692
4 |  | — |  | — |  | 236,780 |  | 1,019,672 |  | — |  | 1,450,652 |  | 2,707,104
5 |  | — |  | — |  | 170,388 |  | 367,030 |  | 34,214 |  | 1,255,929 |  | 1,827,561
Total loans receivable |  | $329,059 |  | $— |  | $4,264,668 |  | $7,399,261 |  | $873,180 |  | $6,181,350 |  | $19,047,518
CECL reserve |  |  |  |  |  |  |  |  |  |  |  |  |  | (733,936)
Loans receivable, net |  |  |  |  |  |  |  |  |  |  |  |  |  | $18,313,582
Gross charge-offs(2) |  | — |  | — |  | (52,045) |  | (255,005) |  | — |  | (77,553) |  | $(384,603)
(1)Date loan was originated or acquired by us. Origination dates are subsequently updated to reflect material loan modifications. (2)Represents charge-offs by year of origination during the year ended December 31, 2024.
Schedule Of Current Expected Credit Loss Reserve By Pool | The following table presents the activity in our loans receivable CECL reserve by investment pool for the three and nine months ended September 30, 2025 and 2024 ($ in thousands):
| U.S. Loans(1) |  | Non-U.S. Loans |  | Unique Loans |  | Impaired Loans |  | Total
Loans Receivable, Net |  |  |  |  |  |  |  |  |
CECL reserves as of December 31, 2024 | $80,057 |  | $26,141 |  | $47,087 |  | $580,651 |  | $733,936
Increase in CECL reserves | 17,604 |  | 13,796 |  | 1,477 |  | 16,552 |  | 49,429
Charge-offs of CECL reserves | — |  | — |  | — |  | (41,824) |  | (41,824)
CECL reserves as of March 31, 2025 | $97,661 |  | $39,937 |  | $48,564 |  | $555,379 |  | $741,541
(Decrease) increase in CECL reserves | (6,759) |  | (1,568) |  | 4,249 |  | 48,445 |  | 44,367
Charge-offs of CECL reserves | — |  | — |  | — |  | (45,057) |  | (45,057)
CECL reserves as of June 30, 2025 | $90,902 |  | $38,369 |  | $52,813 |  | $558,767 |  | $740,851
Increase (decrease) in CECL reserves | 5,134 |  | 3,302 |  | (207) |  | (11,250) |  | (3,021)
Charge-offs of CECL reserves | — |  | — |  | — |  | (42,111) |  | (42,111)
CECL reserve as of September 30, 2025 | $96,036 |  | $41,671 |  | $52,606 |  | $505,406 |  | $695,719
CECL reserves as of December 31, 2023 | $78,335 |  | $31,560 |  | $49,371 |  | $417,670 |  | $576,936
(Decrease) increase in CECL reserves | (3,807) |  | (770) |  | (5,918) |  | 245,942 |  | 235,447
Charge-offs of CECL reserves | — |  | — |  | — |  | (61,013) |  | (61,013)
CECL reserves as of March 31, 2024 | $74,528 |  | $30,790 |  | $43,453 |  | $602,599 |  | $751,370
(Decrease) increase in CECL reserves | (11,997) |  | (2,639) |  | 423 |  | 169,318 |  | 155,105
Charge-offs of CECL reserves | — |  | — |  | — |  | (12,537) |  | (12,537)
CECL reserves as of June 30, 2024 | $62,531 |  | $28,151 |  | $43,876 |  | $759,380 |  | $893,938
(Decrease) increase in CECL reserves | (9,584) |  | (1,916) |  | 4,424 |  | 141,186 |  | 134,110
Charge-offs of CECL reserves | — |  | — |  | — |  | (16,989) |  | (16,989)
CECL reserve as of September 30, 2024 | $52,947 |  | $26,235 |  | $48,300 |  | $883,577 |  | $1,011,059
(1)Includes one U.S. dollar-denominated loan that is located in Bermuda.

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