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Schedule IV - Mortgage Loans on Real Estate | 12 Months Ended
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Dec. 31, 2024
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract] |
Schedule IV - Mortgage Loans on Real Estate | Schedule IV — Mortgage Loans on Real Estate(1) As of December 31, 2024 ($ in thousands)
Description |  | Number of Loans |  | Property Type/location |  | Contractual Interest Rate (2) |  | Maturity Date(3) |  | Periodic Payment(4) |  | Principal Balance |  |  | Carrying Value |  |  | Principal Amount of Mortgages Subject to Delinquent Principal or Interest |
Commercial mortgage loans individually >3% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loan A |  |  |  | Retail/United Kingdom |  | 8.0% |  | Apr-27 |  | I/O |  | $ | 480,865 |  |  | $ | 479,201 |  |  | $ | — |
Loan B |  |  |  | Office/United Kingdom |  | 9.2% |  | Dec-28 |  | I/O |  |  | 468,041 |  |  |  | 462,825 |  |  |  | — |
Loan C |  |  |  | Hotel/Various Europe |  | 7.4% |  | Dec-28 |  | I/O |  |  | 283,891 |  |  |  | 281,034 |  |  |  | — |
Loan D |  |  |  | Office/New York City |  | 5.0% |  | Apr-27 |  | I/O |  |  | 256,102 |  |  |  | 255,936 |  |  |  | — |
Loan E |  |  |  | Retail/New York City |  | 8.6% |  | Sep-25 |  | I/O |  |  | 250,398 |  |  |  | 249,980 |  |  |  | — |
Loan F |  |  |  | Hotel/Spain |  | 6.5% |  | Aug-27 |  | I/O |  |  | 248,775 |  |  |  | 247,990 |  |  |  | — |
Loan G |  |  |  | Office/New York City |  | 8.6% |  | Mar-28 |  | I/O |  |  | 227,200 |  |  |  | 226,313 |  |  |  | — |
Loan H |  |  |  | Residential/United Kingdom |  | 8.0% |  | Dec-26 |  | I/O |  |  | 226,975 |  |  |  | 226,022 |  |  |  | — |
Loan I |  |  |  | Industrial/Sweden |  | 5.9% |  | May-26 |  | I/O |  |  | 223,992 |  |  |  | 223,346 |  |  |  | — |
Commercial mortgage loans individually <3% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
First Mortgage |  | 9 |  | Hotel/Various |  | 8.0%-10.1% |  | 2025-2030 |  | I/O |  | $ | 1,047,736 |  |  | $ | 1,046,246 |  |  | $ | — |
First Mortgage |  | 8 |  | Residential/Various |  | 6.0%-10.5% |  | 2026-2029 |  | P&I |  |  | 945,478 |  |  |  | 941,317 |  |  |  | — |
First Mortgage |  | 5 |  | Office/Various |  | 5.8%-9.5% |  | 2025-2026 |  | I/O |  |  | 704,450 |  |  |  | 704,194 |  |  |  | — |
First Mortgage |  | 2 |  | Mixed Use/Various |  | 8.3%-9.5% |  | 2025-2027 |  | I/O |  |  | 359,971 |  |  |  | 363,210 |  |  |  | — |
First Mortgage |  | 3 |  | Retail/Various |  | 0.0%-9.0% |  | 2025-2030 |  | P&I |  |  | 259,187 |  |  |  | 182,365 |  |  |  | 173,924 |
First Mortgage |  | 1 |  | Industrial/United Kingdom |  | 8.20% |  | Aug-29 |  | I/O |  |  | 134,181 |  |  |  | 132,040 |  |  |  | — |
First Mortgage(5) |  | 5 |  | Other/Various |  | 6.2%-10.1% |  | 2026-2029 |  | I/O |  |  | 725,368 |  |  |  | 723,495 |  |  |  | — |
Total Commercial mortgage loans |  |  |  |  |  |  |  | $ | 6,842,610 |  |  | $ | 6,745,514 |  |  | $ | 173,924 |
Description |  | Number of Loans |  | Property Type/location |  | Contractual Interest Rate (2) |  | Maturity Date(3) |  | Periodic Payment(4) |  | Principal Balance |  |  | Carrying Value |  |  | Principal Amount of Mortgages Subject to Delinquent Principal or Interest |
Subordinate loans individually >3% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loan A |  | 1 |  | Residential/New York City |  | 0.0% |  | Nov-25 |  | I/O |  | $ | 287,940 |  |  | $ | 287,293 |  |  | $ | 287,940 |
Subordinate loans individually <3% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Subordinate Mortgage |  | 2 |  | Residential/New York City |  | 0.0% |  | Nov-25 |  | I/O |  | $ | 371,160 |  |  | $ | 102,185 |  |  | $ | 371,160 |
Subordinate Mortgage(6) |  | 1 |  | Office/Midwest |  | 0.0% |  | Sep-24 |  | I/O |  |  | 7,500 |  |  |  | — |  |  |  | 7,500 |
Total Subordinate loans(7) |  |  |  |  |  |  |  | $ | 666,600 |  |  | $ | 389,478 |  |  | $ | 666,601 |
Total loans(8) |  |  |  |  |  |  |  |  |  |  |  | $ | 7,509,210 |  |  | $ | 7,134,992 |  |  | $ | 840,525 |
General CECL Allowance(9) |  |  |  |  |  |  |  |  |  |  |  | (30,836 | ) |  |  |
Carrying value, net |  |  |  |  |  |  |  |  |  |  | $ | 7,104,156 |  |  |  |
——————— 1. Excludes Note receivable, held for sale with an outstanding principal and carrying value of $41.2 million. 2. Assumes applicable benchmark rate as of December 31, 2024 for all floating rate loans. For loans placed on nonaccrual the interest rate noted above is 0%. 3. Assumes all extension options are exercised. 4. Payment terms: P&I = Periodic payment of principal and interest; I/O = Periodic payment of interest only with principal at maturity. 5. Includes loans collateralized by caravan parks, pubs, urban predevelopment, and a portfolio of office, industrial, and retail property types. 6. Loan matured in September 2024. Negotiations with sponsor currently in process. 7. Subject to prior liens of approxima tely $115.5 million. Represents only third-party liens. 8. The aggregate cost for U.S. federal income tax purpos es is $7.4 billion. 9. Exclude s $5.9 million of General CECL Allowance related to unfunded commitments on commercial mortgage loans, subordinate loans and other lending assets, net in 2024. The following table summarizes the changes in the carrying amounts of our loan portfolio during 2024 , 2023 and 2022, respectively ($ in thousands):
Reconciliation of Carrying Amount of Loans |  | December 31, 2024 |  |  | December 31, 2023 |  |  | December 31, 2022 |
Balance at beginning of year |  | $ | 8,358,093 |  |  | $ | 8,681,990 |  |  | $ | 7,857,260 |
Loan fundings |  |  | 1,871,792 |  |  |  | 929,106 |  |  |  | 3,624,661 |
Loan repayments and sales |  |  | (2,541,740 | ) |  |  | (1,225,930 | ) |  |  | (2,214,621 | )
Gain (loss) on foreign currency translation |  |  | (133,477 | ) |  |  | 175,707 |  |  |  | (356,436 | )
Realized loss on investments(1) |  |  | (128,191 | ) |  |  | (86,604 | ) |  |  | (24,894 | )
Transfer to Other Assets |  |  | (159,667 | ) |  |  | (75,000 | ) |  |  | (226,459 | )
Decrease (increase) in Specific CECL Allowance(2) |  |  | (149,500 | ) |  |  | (59,500 | ) |  |  | 11,500 |
Decrease (increase) in General CECL Allowance(3) |  |  | (4,354 | ) |  |  | (258 | ) |  |  | 7,364 |
Deferred Fees and other items(4) |  |  | (39,554 | ) |  |  | (16,453 | ) |  |  | (46,874 | )
Payment-in-kind interest and amortization of fees |  |  | 30,754 |  |  |  | 35,035 |  |  |  | 50,489 |
Balance at the close of year |  | $ | 7,104,156 |  |  | $ | 8,358,093 |  |  | $ | 8,681,990 |
——————— 1. During the year ended December 31, 2024, we recorded a $128.2 million net realized loss on investments, consisting of (i) a $127.5 million realized loss related to the extinguishment of the Massachusetts Healthcare Loan and (ii) a $0.7 million realized loss related to the sale of a commercial mortgage loan collateralized by a hotel property located in Honolulu, HI, which was sold at a price of 99.5%. During the year ended December 31, 2023, we recorded a $86.6 million realized loss on investments comprised of (i) a $4.8 million realized loss related to the acquisition of the Atlanta Hotel through a deed-in-lieu of foreclosure and (ii) a $82.0 million realized loss representing a write-off of previously recorded Specific CECL Allowance on one of our subordinate loans secured by an ultra-luxury residential property in Manhattan, NY. These losses were partially offset by a $0.2 million gain on investments recorded in connection with the sale of our entire interest in three commercial loans secured by properties in Europe and a partial interest in one commercial loan secured by property located in London, United Kingdom. During the year ended December 31, 2022, we recorded a $24.9 million realized loss on investments represented with a write-off of a previously recorded Specific CECL Allowance comprised of (i) a $17.9 million loss on a first mortgage loan secured by an urban predevelopment property following the sale of the underlying property, and (ii) a $7.0 million loss, related to a first mortgage secured by the Atlanta hotel in anticipation of consensual foreclosure in the first quarter of 2023. 2. During the year ended December 31, 2024, we recorded a net increase in our Specific CECL Allowance of $149.5 million. This net increase was comprised of Specific CECL Allowances on two of our mezzanine loans and a Specific CECL Allowance on our Massachusetts Healthcare Loan, which was subsequently fully written off. During the year ended Decembe r 31, 2023, the Specific CECL Allowance increased $59.5 million. We recorded a $141.5 million increase to our Specific CECL Allowance, related to two mezzanine loans secured by the same ultra-luxury residential property in Manhattan, NY. As of June 30, 2023, $82.0 million related to the most junior mezzanine loan was deemed unrecoverable. Accordingly, $82.0 million of previously recorded Specific CECL was written-off and recorded as a realized loss within net realized loss on investments during the second quarter of 2023. The $11.5 million decrease during the year ended December 31, 2022 was comprised of (i) a reversal and write-off of a previously recorded Specific CECL Allowance of $53.0 million and $15.0 million, respectively, on an urban predevelopment first mortgage loan in Miami, FL and (ii) a $10.0 million reversal of a previously recorded Specific CECL Allowance on a loan related to a multifamily development in Brooklyn, NY. These write-offs and reversals recorded during the year ended December 31, 2022 were offset by the Specific CECL Allowance of $66.5 million recorded in relation to a mezzanine loan secured by our interest in an ultra-luxury residential property in Manhattan, NY. 3. $5.9 million, $4.0 million, and $4.3 million as of December 31, 2024, 2023, and 2022, respectively, of the General CECL Allowance is excluded from this table because it relates to unfunded commitments and has been recorded as a liability on our consolidated balance sheets. 4. Other items primarily consist of purchase discounts or premiums, exit fees and deferred origination expenses, as well as $9.1 million, $2.5 million, and $3.2 million in cost recovery proceeds in 2024, 2023, and 2022, respectively.

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- Definition The entire disclosure for investment in mortgage loan on real estate by entity with substantial portion of business acquiring and holding investment real estate or interest in real estate. Includes, but is not limited to, information for each mortgage loan receivable equaling or exceeding 3 percent of carrying amount of mortgage. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Name Regulation S-X (SX) -Number 210 -Section 12 -Subsection 29 -Publisher SEC Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 948 -SubTopic 310 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.12-29) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479628/948-310-S99-1 + Details
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