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Commercial Mortgage Loans, Subordinate Loans and Other Lending Assets, Net (Tables)
 12 Months Ended
Dec. 31, 2023
Receivables [Abstract]  
Schedule of Loan Portfolio
Our loan portfolio was comprised of the following at December 31, 2023 and December 31, 2022 ($ in thousands):
Loan TypeDecember 31, 2023December 31, 2022
Commercial mortgage loans, net(1)
$7,925,359 $8,121,109 
Subordinate loans and other lending assets, net432,734 560,881 
Carrying value, net$8,358,093 $8,681,990 
  ———————
(1)Includes $95.5 million and $138.3 million in 2023 and 2022, respectively, of contiguous financing structured as subordinate loans.
Schedule of Activity Related to Loan Investment Portfolio
Activity relating to our loan portfolio for the year ended December 31, 2023 was as follows ($ in thousands):
Principal
Balance		Deferred Fees/Other ItemsSpecific CECL AllowanceCarrying Value, Net
December 31, 2022$8,892,767 $(51,053)$(133,500)$8,708,214 
New funding of loans456,167 — — 456,167 
Add-on loan fundings(2)
472,939 — — 472,939 
Loan repayments and sales(1,225,930)— — (1,225,930)
Gain (loss) on foreign currency translation176,534 (827)— 175,707 
Increase in Specific CECL Allowance, net— — (59,500)(59,500)
Net realized loss on investment(87,367)763 — (86,604)
Transfer to real estate owned(75,000)— — (75,000)
Deferred fees and other items(1)
— (16,453)— (16,453)
Payment-in-kind interest and amortization of fees— 35,035 — 35,035 
December 31, 2023$8,610,110 $(32,535)$(193,000)$8,384,575 
General CECL Allowance(3)
(26,482)
Carrying value, net$8,358,093 
———————
(1)Other items primarily consist of purchase discounts or premiums, cost recovery interest, exit fees, deferred origination expenses, and the activity of unconsolidated joint ventures.
(2)Represents fundings committed prior to 2023.
(3)$4.0 million of the General CECL Allowance is excluded from this table because it relates to unfunded commitments and has been recorded as a liability under accounts payable, accrued expenses and other liabilities in our consolidated balance sheet.
Schedule of Overall Statistics for the Loan Portfolio
The following table details overall statistics for our loan portfolio at the dates indicated ($ in thousands):
December 31, 2023December 31, 2022
Number of loans 50 61 
Principal balance$8,610,110 $8,892,767 
Carrying value, net$8,358,093 $8,681,990 
Unfunded loan commitments(1)
$868,582 $1,041,654 
Weighted-average cash coupon(2)
8.3 %7.2 %
Weighted-average remaining fully-extended term(3)
2.3 years2.8 years
Weighted-average expected term(4)
1.8 years1.7 years
———————
(1)Unfunded loan commitments are funded to finance construction costs, tenant improvements, leasing commissions, or carrying costs. These future commitments are funded over the term of each loan, subject in certain cases to an expiration date.
(2)For floating rate loans, based on applicable benchmark rates as of the specified dates. For loans placed on non-accrual, the interest rate used in calculating weighted-average cash coupon is 0%.
(3)Assumes all extension options are exercised.
(4)Expected term represents our estimated timing of repayments as of the specified dates. Excludes risk-rated 5 loans.
Schedule of Mortgage Loans on Real Estate
The table below details the property type of the properties securing the loans in our portfolio at the dates indicated ($ in thousands):
December 31, 2023December 31, 2022
Property TypeCarrying
Value
% of
Portfolio(1)
Carrying
Value
% of
Portfolio(1)
Hotel$2,128,256 25.4 %$2,117,079 24.3 %
Office1,593,320 19.0 1,671,006 19.2 
Retail1,407,764 16.8 1,364,752 15.7 
Residential1,247,238 14.9 1,537,541 17.7 
Mixed Use679,303 8.1 559,809 6.4 
Healthcare511,803 6.1 575,144 6.6 
Industrial293,133 3.5 296,860 3.4 
Other(2)
523,758 6.2 586,023 6.7 
Total$8,384,575 100.0 %$8,708,214 100.0 %
General CECL Allowance(3)
(26,482)(26,224)
Carrying value, net$8,358,093 $8,681,990 
———————
(1)Percentage of portfolio calculations are made prior to consideration of General CECL Allowance.
(2)Other property types include parking garages (2.3%), caravan parks (2.4%) and urban predevelopment (1.5%) in 2023, and parking garages (3.1%), caravan parks (2.3%) and urban predevelopment (1.3%) in 2022.
(3)$4.0 million and $4.3 million of the General CECL Allowance for 2023 and 2022, respectively, is excluded from this table because it relates to unfunded commitments and has been recorded as a liability under accounts payable, accrued expenses and other liabilities in our consolidated balance sheets.


Geography
The table below details the geographic distribution of the properties securing the loans in our portfolio at the dates indicated ($ in thousands):
December 31, 2023December 31, 2022
Geographic LocationCarrying
Value
% of
Portfolio(1)
Carrying
Value
% of
Portfolio(1)
United Kingdom$2,675,097 31.9 %$2,470,532 28.4 %
New York City1,736,856 20.7 2,049,493 23.5 
Other Europe(2)
1,686,425 20.1 1,542,462 17.7 
Southeast535,054 6.4 642,542 7.4 
Midwest522,137 6.2 592,756 6.8 
West484,842 5.8 584,247 6.7 
Other(3)
744,164 8.9 826,182 9.5 
Total$8,384,575 100.0 %$8,708,214 100.0 %
General CECL Allowance(4)
(26,482)(26,224)
Carrying value, net$8,358,093 $8,681,990 
———————
(1)Percentage of portfolio calculations are made prior to consideration of General CECL Allowance.
(2)Other Europe includes Germany (7.4%), Italy (4.9%), Spain (4.2%), Sweden (2.9%), Ireland (0.5%) and the Netherlands (0.2%) in 2023 and Italy (5.4%), Germany (4.9%), Spain (3.8%), Sweden (2.8%) and Ireland (0.7%) in 2022.
(3)Other includes Northeast (5.0%), Southwest (1.7%), Mid-Atlantic (1.1%) and Other (1.1%) in 2023 and Northeast (5.5%), Southwest (2.3%), Mid-Atlantic (1.4%) and Other (0.3%) in 2022.
(4)$4.0 million and $4.3 million of the General CECL Allowance for 2023 and 2022, respectively, is excluded from this table because it relates to unfunded commitments and has been recorded as a liability under accounts payable, accrued expenses and other liabilities in our consolidated balance sheets.
Schedule of Carrying Value of Loan Portfolio Based on Internal Risk Ratings
The following tables present the carrying value of our loan portfolio by year of origination and internal risk rating and gross write-offs by year of origination as of December 31, 2023 and December 31, 2022, respectively ($ in thousands):

December 31, 2023
Amortized Cost by Year Originated
Risk RatingNumber of LoansTotal% of Portfolio20232022202120202019Prior
1—$— — %$— $— $— $— $— $— 
24478,440 5.7 %— 280,572 — — 132,309 65,560 
3427,548,252 90.0 %440,720 2,426,511 2,285,902 387,323 1,465,618 542,177 
4288,112 1.1 %— — — — — 88,112 
52269,771 3.2 %— — — 169,881 — 99,890 
Total50$8,384,575 100.0 %$440,720 $2,707,083 $2,285,902 $557,204 $1,597,927 $795,739 
General CECL Allowance(1)
(26,482)
Total carrying value, net$8,358,093 
Weighted Average Risk Rating3.0
Gross write-offs$81,890 $— $— $— $— $— $81,890 


December 31, 2022
Amortized Cost by Year Originated
Risk RatingNumber of LoansTotal% of Portfolio20222021202020192018Prior
1—$— — %$— $— $— $— $— $— 
2265,943 0.8 %— — — — — 65,943 
3548,401,925 96.5 %2,575,455 2,462,499 687,329 1,637,050 479,769 559,823 
4227,451 0.3 %— — — — 19,951 7,500 
53212,895 2.4 %— — — — — 212,895 
Total61$8,708,214 100.0 %$2,575,455 $2,462,499 $687,329 $1,637,050 $499,720 $846,161 
General CECL Allowance(1)
(26,224)
Total carrying value, net$8,681,990 
Weighted Average Risk Rating3.0
Gross write-offs$7,000 $— $— $— $— $— $7,000 
———————
(1)$4.0 million and $4.3 million of the General CECL Allowance for 2023 and 2022, respectively, is excluded from this table because it relates to unfunded commitments and has been recorded as a liability under accounts payable, accrued expenses and other liabilities in our consolidated balance sheets.
Schedule of CECL Reserves
The following schedule illustrates changes in CECL Allowances for the year ended December 31, 2023 ($ in thousands):
Specific CECL Allowance(1)
General CECL AllowanceTotal CECL Allowance
CECL Allowance as % of Amortized Cost(1)
FundedUnfundedTotalGeneral Total
December 31, 2022$133,500 $26,224 $4,347 $30,571 $164,071 0.36 %1.86 %
Changes:
Allowances (Reversals), net141,480 258 (330)(72)141,408 
Write Offs(81,980)— — — (81,980)
December 31, 2023$193,000 $26,482 $4,017 $30,499 $223,499 0.38 %2.61 %
(1)Loans evaluated for Specific CECL Allowance are excluded from General CECL Allowance pool.

The following schedule illustrates changes in CECL Allowances for the year ended December 31, 2022 ($ in thousands):
Specific CECL Allowance(1)
General CECL AllowanceTotal CECL Allowance
CECL Allowance as % of Amortized Cost(1)
FundedUnfundedTotalGeneral Total
December 31, 2021$145,000 $33,588 $3,106 $36,694 $181,694 0.49 %2.26 %
Changes:
Allowances (Reversals), net13,396 (7,364)1,241 (6,123)7,273 
Write Offs(24,896)— — — (24,896)
December 31, 2022$133,500 $26,224 $4,347 $30,571 $164,071 0.36 %1.86 %
———————
(1)Loans evaluated for Specific CECL Allowance are excluded from General CECL Allowance pool.
The following schedule sets forth our General CECL Allowance as of December 31, 2023 and December 31, 2022 ($ in thousands):
December 31, 2023December 31, 2022
Commercial mortgage loans, net$25,723 $22,848 
Subordinate loans and other lending assets, net759 3,376 
Unfunded commitments(1)
4,017 4,347 
Total General CECL Allowance$30,499 $30,571 
 ———————
(1)The General CECL Allowance on unfunded commitments is recorded as a liability on our consolidated balance sheets within accounts payable, accrued expenses and other liabilities.
Financing Receivable Cost Recovery
The following table summarizes our risk rated 5 loans as of December 31, 2023, which were analyzed for Specific CECL Allowances ($ in thousands):
TypeProperty typeLocationAmortized cost prior to Specific CECL AllowanceSpecific CECL AllowanceAmortized costInterest recognition status/ as of dateRisk rating
Mortgage
Retail(1)(2)
Cincinnati, OH$166,890$67,000$99,890 Non-Accrual/ 10/1/20195
Mortgage total:$166,890$67,000$99,890
Mezzanine
Residential(3)
Manhattan, NY$295,881$126,000$169,881Non-Accrual/ 7/1/20215
Mezzanine total:$295,881$126,000$169,881
Total:$462,771$193,000$269,771
———————
(1)The fair value of retail collateral was determined by applying a capitalization rate of 9.0%.
(2)In September 2018, we entered a joint venture with Turner Consulting II, LLC ("Turner Consulting"), through an entity which owns the underlying property that secures our loan. Turner Consulting contributed 10% of the venture’s equity and we contributed 90%. The entity was deemed to be a VIE and we determined that we are not the primary beneficiary of that VIE as we do not have the power to direct the entity's activities. During the years ended December 31, 2023 and 2022, $2.5 million and $1.8 million, respectively, of interest paid was applied towards reducing the carrying value of the loan. During the second quarter of 2023, the loan's maturity was extended from September 2023 to September 2024.
(3)The fair value of the residential collateral was determined by making certain projections and assumptions with respect to future performance and a discount rate of 10%.