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Loans Receivable, Net (Tables)

9 Months Ended

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)Net 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

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. 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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Tabular disclosure of allowance for credit loss on financing receivable.

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Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479319/326-20-50-13

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- Definition

Tabular disclosure of financing receivables by credit quality indicator. The credit quality indicator is a statistic about the credit quality of financing receivables. Examples include, but not limited to, consumer credit risk scores, credit-rating-agency ratings, an entity's internal credit risk grades, loan-to-value ratios, collateral, collection experience and other internal metrics.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479319/326-20-50-5

+ Details

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- References

No definition available.

+ Details

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