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Commercial Mortgage Loans, Subordinate Loans and Other Lending Assets, Net (Tables)
 3 Months Ended
Mar. 31, 2024
Receivables [Abstract]  
Schedule of Loan Portfolio
Our loan portfolio was comprised of the following at March 31, 2024 and December 31, 2023 ($ in thousands):
Loan TypeMarch 31, 2024December 31, 2023
Commercial mortgage loans, net(1)
$7,846,460 $7,925,359 
Commercial mortgage loan, held for sale135,465 — 
Subordinate loans, net303,965 432,734 
Carrying value, net$8,285,890 $8,358,093 
  ———————
(1)Includes $83.5 million and $95.5 million in 2024 and 2023, respectively, of contiguous financing structured as subordinate loans.
Schedule of Activity Related to Loan Investment Portfolio
Activity relating to our loan portfolio for the three months ended March 31, 2024 was as follows ($ in thousands):
Principal
Balance		Deferred Fees/Other ItemsSpecific CECL AllowanceCarrying Value, Net
December 31, 2023$8,610,110 $(32,535)$(193,000)$8,384,575 
Add-on loan fundings(1)
321,766 — — 321,766 
Loan repayments(175,731)— — (175,731)
Gain (loss) on foreign currency translation(72,337)289 — (72,048)
Increase in Specific CECL Allowance, net— — (142,000)(142,000)
Valuation allowance, loan held for sale(679)— — (679)
Deferred fees and other items(2)
— (4,936)— (4,936)
Amortization of fees— 7,501 — 7,501 
March 31, 2024$8,683,129 $(29,681)$(335,000)$8,318,448 
General CECL Allowance(3)
(32,558)
Carrying value, net$8,285,890 
———————
(1)Represents fundings committed prior to 2024.
(2)Other items primarily consist of purchase discounts or premiums, cost recovery interest, exit fees, deferred origination expenses, and the activity of unconsolidated joint ventures.
(3)$3.6 million of the General CECL Allowance is excluded from this table because it relates to unfunded commitments and has been recorded as a liability under accounts payable, accrued expenses and other liabilities in our condensed consolidated balance sheet.
Schedule of Overall Statistics for the Loan Portfolio
The following table details overall statistics for our loan portfolio at the dates indicated ($ in thousands):
March 31, 2024December 31, 2023
Number of loans 49 50 
Principal balance$8,683,129 $8,610,110 
Carrying value, net$8,285,890 $8,358,093 
Unfunded loan commitments(1)
$555,596 $868,582 
Weighted-average cash coupon(2)
8.4 %8.3 %
Weighted-average remaining fully-extended term(3)
2.3 years2.3 years
Weighted-average expected term(4)
2.0 years1.8 years
———————
(1)Unfunded loan commitments are funded to finance construction costs, tenant improvements, leasing commissions, or carrying costs. These future commitments are funded over the term of each loan, subject in certain cases to an expiration date.
(2)For floating rate loans, based on applicable benchmark rates as of the specified dates. For loans placed on non-accrual, the interest rate used in calculating weighted-average cash coupon is 0%.
(3)Assumes all extension options are exercised.
(4)Expected term represents our estimated timing of repayments as of the specified dates. Excludes risk-rated 5 loans.
Schedule of Mortgage Loans on Real Estate
The table below details the property type of the properties securing the loans in our portfolio at the dates indicated ($ in thousands):
March 31, 2024December 31, 2023
Property TypeCarrying
Value
% of
Portfolio(1)
Carrying
Value
% of
Portfolio(1)
Hotel$1,978,794 23.7 %$2,128,256 25.4 %
Office1,635,450 19.7 1,593,320 19.0 
Retail1,394,228 16.8 1,407,764 16.8 
Residential1,099,134 13.2 1,247,238 14.9 
Mixed Use696,048 8.4 679,303 8.1 
Healthcare504,075 6.1 511,803 6.1 
Industrial276,350 3.3 293,133 3.5 
Other(2)
734,369 8.8 523,758 6.2 
Total$8,318,448 100.0 %$8,384,575 100.0 %
General CECL Allowance(3)
(32,558)(26,482)
Carrying value, net$8,285,890 $8,358,093 
———————
(1)Percentage of portfolio calculations are made prior to consideration of General CECL Allowance.
(2)Other property types include pubs (2.5%), parking garages (2.3%), caravan parks (2.4%) and urban predevelopment (1.6%) in 2024, and parking garages (2.3%), caravan parks (2.4%) and urban predevelopment (1.5%) in 2023.
(3)$3.6 million and $4.0 million of the General CECL Allowance for 2024 and 2023, 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 condensed 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):
March 31, 2024December 31, 2023
Geographic LocationCarrying
Value
% of
Portfolio(1)
Carrying
Value
% of
Portfolio(1)
United Kingdom$2,937,602 35.3 %$2,675,097 31.9 %
New York City1,597,081 19.2 1,736,856 20.7 
Other Europe(2)
1,509,453 18.2 1,686,425 20.1 
Southeast537,333 6.5 535,054 6.4 
Midwest519,395 6.2 522,137 6.2 
West484,581 5.8 484,842 5.8 
Other(3)
733,003 8.8 744,164 8.9 
Total$8,318,448 100.0 %$8,384,575 100.0 %
General CECL Allowance(4)
(32,558)(26,482)
Carrying value, net$8,285,890 $8,358,093 
———————
(1)Percentage of portfolio calculations are made prior to consideration of General CECL Allowance.
(2)Other Europe includes Germany (7.3%), Italy (3.3%), Spain (4.1%), Sweden (2.8%), Ireland (0.5%) and the Netherlands (0.2%) in 2024 and Germany (7.4%), Italy (4.9%), Spain (4.2%), Sweden (2.9%), Ireland (0.5%) and the Netherlands (0.2%) in 2023.
(3)Other includes Northeast (4.9%), Southwest (1.7%), Mid-Atlantic (1.1%) and Other (1.1%) in 2024 and Northeast (5.0%), Southwest (1.7%), Mid-Atlantic (1.1%) and Other (1.1%) in 2023.
(4)$3.6 million and $4.0 million of the General CECL Allowance for 2024 and 2023, respectively, is excluded from this table because it relates to unfunded commitments and has been recorded as a liability under accounts payable, accrued expenses and other liabilities in our condensed consolidated balance sheets.
Schedule of Carrying Value of Loan Portfolio Based on Internal Risk Ratings
The following tables present the carrying value of our loan portfolio by year of origination and internal risk rating and gross write-offs by year of origination as of March 31, 2024 and December 31, 2023, respectively ($ in thousands):

March 31, 2024
Amortized Cost by Year Originated
Risk RatingNumber of LoansTotal% of Portfolio20242023202220212020Prior
1—$— — %$— $— $— $— $— $— 
24447,202 5.4 %— — 332,059 49,729 — 65,414 
3417,658,452 92.1 %— 642,657 2,412,096 2,206,805 389,815 2,007,079 
4285,612 1.0 %— — — — — 85,612 
52127,182 1.5 %— — — — 27,881 99,301 
Total49$8,318,448 100.0 %$— $642,657 $2,744,155 $2,256,534 $417,696 $2,257,406 
General CECL Allowance(1)
(32,558)
Total carrying value, net$8,285,890 
Weighted-Average Risk Rating3.0
Gross write-offs$— $— $— $— $— $— $— 


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 
———————
(1)$3.6 million and $4.0 million of the General CECL Allowance for 2024 and 2023, respectively, is excluded from this table because it relates to unfunded commitments and has been recorded as a liability under accounts payable, accrued expenses and other liabilities in our condensed consolidated balance sheets.
Schedule of CECL Reserves
The following schedule illustrates changes in CECL Allowances for the three months ended March 31, 2024 ($ in thousands):
Specific CECL Allowance(1)
General CECL AllowanceTotal CECL AllowanceCECL Allowance as % of Amortized Cost
FundedUnfundedTotal
General(1)
Total
December 31, 2023$193,000 $26,482 $4,017 $30,499 $223,499 0.38 %2.61 %
Changes:
Allowances (Reversals), net142,000 6,076 (392)5,684 147,684 
March 31, 2024$335,000 $32,558 $3,625 $36,183 $371,183 0.44 %4.29 %
(1)Loans evaluated for Specific CECL Allowance are excluded from General CECL Allowance pool.

The following schedule illustrates changes in CECL Allowances for the three months ended March 31, 2023 ($ in thousands):
Specific CECL Allowance(1)
General CECL AllowanceTotal CECL AllowanceCECL Allowance as % of Amortized Cost
FundedUnfundedTotal
General(1)
Total
December 31, 2022$133,500 $26,224 $4,347 $30,571 $164,071 0.36 %1.86 %
Changes:
Allowances— 4,043 348 4,391 4,391 
March 31, 2023$133,500 $30,267 $4,695 $34,962 $168,462 0.42 %1.95 %
(1)Loans evaluated for Specific CECL Allowance are excluded from General CECL Allowance pool.
The following schedule sets forth our General CECL Allowance as of March 31, 2024 and December 31, 2023 ($ in thousands):
March 31, 2024December 31, 2023
Commercial mortgage loans, net$31,397 $25,723 
Subordinate loans, net1,161 759 
Unfunded commitments(1)
3,625 4,017 
Total General CECL Allowance$36,183 $30,499 
 ———————
(1)The General CECL Allowance on unfunded commitments is recorded as a liability on our condensed consolidated balance sheets within accounts payable, accrued expenses and other liabilities.
Financing Receivable Cost Recovery
The following table summarizes our risk rated 5 loans as of March 31, 2024, which were analyzed for Specific CECL Allowances ($ 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$166,301$67,000$99,301 Non-Accrual/ 10/1/20195
Mortgage total:$166,301$67,000$99,301
Mezzanine
Residential(3)
Manhattan, NY$295,881$268,000$27,881Non-Accrual/ 7/1/20215
Mezzanine total:$295,881$268,000$27,881
Total:$462,182$335,000$127,182
———————
(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 variable interest entity ("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 three months ended March 31, 2024 and 2023, $0.6 million and $0.7 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%.