Blackstone Mortgage Trust (BXMT) 10-K 9 Feb 22 2021 FY Annual report Financial data

Cover Page

Cover Page - USD ($) $ in Billions	12 Months Ended
	Dec. 31, 2021	Feb. 02, 2022	Jun. 30, 2021
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2021
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	1-14788
Entity Registrant Name	Blackstone Mortgage Trust, Inc.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	94-6181186
Entity Address, Address Line One	345 Park Avenue
Entity Address, Address Line Two	24th Floor
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10154
City Area Code	212
Local Phone Number	655-0220
Title of 12(b) Security	Class A common stock,
Trading Symbol	BXMT
Security Exchange Name	NYSE
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Public Float			$ 4.5
Entity Common Stock, Shares Outstanding		168,608,071
Documents Incorporated by Reference	Part III of this annual report on Form 10-K incorporates information by reference from the registrant’s definitive proxy statement with respect to its 2021 annual meeting of stockholders to be filed with the Securities and Exchange Commission within 120 days after the close of the registrant’s fiscal year.
Amendment Flag	false
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	FY
Entity Central Index Key	0001061630

Audit Information

Audit Information	12 Months Ended
	Dec. 31, 2021
Audit Information Abstract [Abstract]
Auditor Firm ID	34
Auditor Name	Deloitte & Touche LLP
Auditor Location	New York, New York

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Assets
Cash and cash equivalents	$ 551,154	$ 289,970
Loans receivable	22,003,017	16,572,715
Current expected credit loss reserve	(124,679)	(173,549)
Loans receivable, net	21,878,338	16,399,166
Other assets	273,797	269,819
Total Assets	22,703,289	16,958,955
Liabilities and Equity
Secured debt, net	12,280,042	7,880,536
Securitized debt obligations, net	2,838,062	2,922,499
Asset-specific debt, net	393,824	391,269
Term loans, net	1,327,406	1,041,704
Senior secured notes, net	394,010	0
Convertible notes, net	619,876	616,389
Other liabilities	231,358	202,327
Total Liabilities	18,084,578	13,054,724
Commitments and contingencies	0	0
Equity
Class A common stock, $0.01 par value, 400,000,000 shares authorized, 168,179,798 and 146,780,031 shares issued and outstanding as of December 31, 2021 and December 31, 2020, respectively	1,682	1,468
Additional paid-in capital	5,373,029	4,702,713
Accumulated other comprehensive income	8,308	11,170
Accumulated deficit	(794,832)	(829,284)
Total Blackstone Mortgage Trust, Inc. stockholders’ equity	4,588,187	3,886,067
Non-controlling interests	30,524	18,164
Total Equity	4,618,711	3,904,231
Total Liabilities and Equity	$ 22,703,289	$ 16,958,955

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Common stock, par value in dollars per share (in USD per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	400,000,000
Common stock, shares issued (in shares)	168,179,798	146,780,031
Common stock, shares outstanding (in shares)	168,179,798	146,780,031
Assets	$ 22,703,289	$ 16,958,955
Liabilities	18,084,578	13,054,724
VIE
Assets	3,502,994	3,587,950
Liabilities	$ 2,839,862	$ 2,924,603

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income from loans and other investments
Interest and related income	$ 854,690	$ 779,648	$ 882,679
Less: Interest and related expenses	340,223	347,471	458,503
Income from loans and other investments, net	514,467	432,177	424,176
Other expenses
Management and incentive fees	88,467	77,916	78,435
General and administrative expenses	43,168	45,871	38,854
Total other expenses	131,635	123,787	117,289
Decrease (increase) in current expected credit loss reserve	39,864	(167,653)	0
Income before income taxes	422,696	140,737	306,887
Income tax provision (benefit)	423	323	(506)
Net income	422,273	140,414	307,393
Net income attributable to non-controlling interests	(3,080)	(2,744)	(1,826)
Net income attributable to Blackstone Mortgage Trust, Inc.	$ 419,193	$ 137,670	$ 305,567
Net income per share of common stock basic (in USD per share)	$ 2.77	$ 0.97	$ 2.35
Net income per share of common stock diluted (in USD per share)	$ 2.77	$ 0.97	$ 2.35
Weighted-average shares of common stock outstanding, basic (in shares)	151,521,941	141,795,977	130,085,398
Weighted-average shares of common stock outstanding, diluted (in shares)	151,521,941	141,795,977	130,085,398

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Statement [Abstract]
Net income	$ 422,273	$ 140,414	$ 307,393
Other comprehensive (loss) income
Unrealized (loss) gain on foreign currency translation	(84,470)	87,113	23,920
Realized and unrealized gain (loss) on derivative financial instruments	81,608	(59,710)	(5,931)
Other comprehensive (loss) income	(2,862)	27,403	17,989
Comprehensive income	419,411	167,817	325,382
Comprehensive income attributable to non-controlling interests	(3,080)	(2,744)	(1,826)
Comprehensive income attributable to Blackstone Mortgage Trust, Inc.	$ 416,331	$ 165,073	$ 323,556

Consolidated Statements of Chan

Consolidated Statements of Changes in Equity - USD ($) $ in Thousands	Total	Cumulative Effect, Period of Adoption, Adjustment	Class A Common Stock	Additional Paid-In Capital	Accumulated Other Comprehensive (Loss) Income	Accumulated Deficit	Accumulated DeficitCumulative Effect, Period of Adoption, Adjustment	Stockholders' Equity	Stockholders' EquityCumulative Effect, Period of Adoption, Adjustment	Non-Controlling Interests	Non-Controlling InterestsCumulative Effect, Period of Adoption, Adjustment
Beginning balance at Dec. 31, 2018	$ 3,374,607		$ 1,234	$ 3,966,540	$ (34,222)	$ (569,428)		$ 3,364,124		$ 10,483
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares of class A common stock issued, net	372,348		116	372,232				372,348
Restricted class A common stock earned	30,146			30,146				30,146
Dividends reinvested	638			596		42		638
Deferred directors’ compensation	500			500				500
Net income	307,393					305,567		305,567		1,826
Other comprehensive income (loss)	17,989				17,989			17,989
Dividends declared on common stock and deferred stock units	(328,729)					(328,729)		(328,729)
Contributions from non-controlling interests	51,418									51,418
Distributions to non-controlling interests	(41,629)									(41,629)
Ending balance at Dec. 31, 2019	3,784,681	$ (17,650)	1,350	4,370,014	(16,233)	(592,548)	$ (17,565)	3,762,583	$ (17,565)	22,098	$ (85)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares of class A common stock issued, net	297,609		118	297,491				297,609
Restricted class A common stock earned	34,023			34,023				34,023
Dividends reinvested	736			685		51		736
Deferred directors’ compensation	500			500				500
Net income	140,414					137,670		137,670		2,744
Other comprehensive income (loss)	27,403				27,403			27,403
Dividends declared on common stock and deferred stock units	(356,892)					(356,892)		(356,892)
Contributions from non-controlling interests	8,431									8,431
Distributions to non-controlling interests	(15,024)									(15,024)
Ending balance at Dec. 31, 2020	$ 3,904,231		1,468	4,702,713	11,170	(829,284)		3,886,067		18,164
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Accounting Standards Update [Extensible Enumeration]	Accounting Standards Update 2016-13 [Member]
Shares of class A common stock issued, net	$ 638,016		214	637,802				638,016
Restricted class A common stock earned	31,040			31,040				31,040
Dividends reinvested	879			879				879
Deferred directors’ compensation	595			595				595
Net income	422,273					419,193		419,193		3,080
Other comprehensive income (loss)	(2,862)				(2,862)			(2,862)
Dividends declared on common stock and deferred stock units	(384,741)					(384,741)		(384,741)
Contributions from non-controlling interests	55,912									55,912
Distributions to non-controlling interests	(46,632)									(46,632)
Ending balance at Dec. 31, 2021	$ 4,618,711		$ 1,682	$ 5,373,029	$ 8,308	$ (794,832)		$ 4,588,187		$ 30,524

Consolidated Statements of Ch_2

Consolidated Statements of Changes in Equity (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Statement of Stockholders' Equity [Abstract]
Dividends declared on common stock (in USD per share)	$ 2.48	$ 2.48	$ 2.48

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Cash flows from operating activities
Net income	$ 422,273	$ 140,414	$ 307,393
Adjustments to reconcile net income to net cash provided by operating activities
Satisfaction of management and incentive fees in stock	0	19,277	0
Non-cash compensation expense	31,647	34,532	30,656
Amortization of deferred fees on loans and debt securities	(68,905)	(56,844)	(57,926)
Amortization of deferred financing costs and premiums/ discount on debt obligations	41,002	37,403	32,195
(Decrease) increase in current expected credit loss reserve	(39,864)	167,653	0
Unrealized (gain) loss on assets denominated in foreign currencies, net	(6,866)	(3,366)	881
Unrealized (gain) loss on derivative financial instruments, net	(3,934)	(867)	(1,071)
Realized loss (gain) on derivative financial instruments, net	3,890	1,364	11
Changes in assets and liabilities, net
Other assets	(21,616)	3,352	(7,355)
Other liabilities	24,856	(6,311)	(747)
Net cash provided by operating activities	382,483	336,607	304,037
Cash flows from investing activities
Principal fundings of loans receivable	(12,550,463)	(1,896,276)	(6,890,249)
Principal collections and sales proceeds from loans receivable and debt securities	6,730,339	1,850,003	4,940,194
Origination and exit fees received on loans receivable	143,002	21,275	66,558
Receipts under derivative financial instruments	76,383	90,427	49,673
Payments under derivative financial instruments	(77,772)	(133,430)	(6,524)
Collateral deposited under derivative agreements	(109,670)	(346,640)	(59,720)
Return of collateral deposited under derivative agreements	160,720	326,390	28,920
Net cash used in investing activities	(5,627,461)	(88,251)	(1,871,148)
Cash flows from financing activities
Borrowings under secured debt	12,475,664	2,567,834	6,322,165
Repayments under secured debt	(7,801,330)	(4,690,607)	(5,526,989)
Proceeds from issuance of securitized debt obligations	803,750	2,051,875	0
Repayment of securitized debt obligations	(888,763)	(300,879)	(102,478)
Borrowings under asset-specific debt	272,065	161,960	247,295
Repayments under asset-specific debt	(271,065)	(82,754)	0
Proceeds from sale of loan participations	0	0	21,346
Repayment of loan participations	0	0	(115,874)
Net proceeds from issuance of term loans	298,500	315,438	748,414
Repayments of term loans	(13,495)	(9,113)	(3,122)
Proceeds from issuance of senior secured notes	400,000	0	0
Payment of deferred financing costs	(43,725)	(47,345)	(39,370)
Contributions from non-controlling interests	55,912	8,431	51,418
Distributions to non-controlling interests	(46,632)	(15,024)	(41,629)
Net proceeds from issuance of class A common stock	638,005	278,322	372,337
Dividends paid on class A common stock	(370,662)	(348,907)	(320,961)
Net cash provided by (used in) financing activities	5,508,224	(110,769)	1,612,552
Net increase in cash and cash equivalents	263,246	137,587	45,441
Cash and cash equivalents at beginning of year	289,970	150,090	105,662
Effects of currency translation on cash and cash equivalents	(2,062)	2,293	(1,013)
Cash and cash equivalents at end of year	551,154	289,970	150,090
Supplemental disclosure of cash flows information
Payments of interest	(287,715)	(312,093)	(425,801)
Receipts (payments) of income taxes	73	(232)	109
Supplemental disclosure of non-cash investing and financing activities
Dividends declared, not paid	(104,271)	(91,004)	(83,702)
Satisfaction of management and incentive fees in stock	0	19,277	0
Loan principal payments held by servicer, net	$ 17,528	$ 19,460	$ 49,584

Organization

Organization	12 Months Ended
	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	1. ORGANIZATION References herein to “Blackstone Mortgage Trust,” “Company,” “we,” “us” or “our” refer to Blackstone Mortgage Trust, Inc. and its subsidiaries unless the context specifically requires otherwise. Blackstone Mortgage Trust is a real estate finance company that originates senior loans collateralized by commercial real estate in North America, Europe, and Australia. Our portfolio is composed primarily of loans secured by high-quality, institutional assets in major markets, sponsored by experienced, well-capitalized real estate investment owners and operators. These senior loans are capitalized by accessing a variety of financing options, including borrowing under our credit facilities, issuing CLOs or single-asset securitizations, and syndicating senior loan participations, depending on our view of the most prudent financing option available for each of our investments. We are not in the business of buying or trading securities, and the only securities we own are the retained interests from our securitization financing transactions, which we have not financed. We are externally managed by BXMT Advisors L.L.C., or our Manager, a subsidiary of Blackstone Inc., or Blackstone, and are a real estate investment trust, or REIT, traded on the New York Stock Exchange, or NYSE, under the symbol “BXMT.” Our principal executive offices are located at 345 Park Avenue, 24th Floor, New York, New York 10154. We were incorporated in Maryland in 1998, when we reorganized from a California common law business trust into a Maryland corporation.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2021
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America, or GAAP, and include, on a consolidated basis, our accounts, the accounts of our wholly-owned subsidiaries, majority-owned subsidiaries, and variable interest entities, or VIEs, of which we are the primary beneficiary. All intercompany balances and transactions have been eliminated in consolidation. Certain reclassifications have been made in the presentation of the prior period statements of changes in equity, statements of cash flows, and loans receivable in Note 3 to conform to the current period presentation. Principles of Consolidation We consolidate all entities that we control through either majority ownership or voting rights. In addition, we consolidate all VIEs of which we are considered the primary beneficiary. VIEs are defined as entities in which equity investors (i) do not have the characteristics of a controlling financial interest and/or (ii) do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support from other parties. The entity that consolidates a VIE is known as its primary beneficiary and is generally the entity with (i) the power to direct the activities that most significantly affect the VIE’s economic performance and (ii) the right to receive benefits from the VIE or the obligation to absorb losses of the VIE that could be significant to the VIE. In the third quarter of 2018, we contributed a loan to a single asset securitization vehicle, or the 2018 Single Asset Securitization, which is a VIE, and invested in the related subordinate position. We are not the primary beneficiary of the VIE because we do not have the power to direct the activities that most significantly affect the VIE’s economic performance and, therefore, do not consolidate the 2018 Single Asset Securitization on our balance sheet. We have classified the subordinate position we own as a held-to-maturity debt security that is included in other assets on our consolidated balance sheets. Refer to Note 17 for additional discussion of our VIEs. In April 2017, we entered into a joint venture, or our Multifamily Joint Venture, with Walker & Dunlop Inc. to originate, hold, and finance multifamily bridge loans. Pursuant to the terms of the agreements governing the joint venture, Walker & Dunlop contributed 15% of the venture’s equity capital and we contributed 85%. We consolidate the Multifamily Joint Venture as we have a controlling financial interest. The non-controlling interests included on our consolidated balance sheets represent the equity interests in our Multifamily Joint Venture that are owned by Walker & Dunlop. A portion of our Multifamily Joint Venture’s consolidated equity and results of operations are allocated to these non-controlling interests based on Walker & Dunlop’s pro rata ownership of our Multifamily Joint Venture. Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. As the novel coronavirus, or COVID-19, pandemic has evolved from its emergence in early 2020, so has its global impact. During the year ended December 31, 2021, many countries have re-instituted, or strongly encouraged, varying levels of quarantines and restrictions on travel and in some cases have at times limited operations of certain businesses and taken other restrictive measures designed to help slow the spread of COVID-19 and its variants. Governments and businesses have also instituted vaccine mandates and testing requirements for employees. While vaccine availability and uptake has increased, the longer-term macro-economic effects on global supply chains, inflation, labor shortages and wage increases continue to impact many industries, including the collateral underlying certain of our loans. Moreover, with the potential for new strains of COVID-19 to emerge, governments and businesses may re-impose aggressive measures to help slow its spread in the future. For this reason, among others, as the COVID-19 pandemic continues, the potential global impacts are uncertain and difficult to assess. We believe the estimates and assumptions underlying our consolidated financial statements are reasonable and supportable based on the information available as of December 31, 2021, however uncertainty over the ultimate impact COVID-19 will have on the global economy generally, and our business in particular, makes any estimates and assumptions as of December 31, 2021 inherently less certain than they would be absent the current and potential impacts of COVID-19. Actual results may ultimately differ materially from those estimates. Revenue Recognition Interest income from our loans receivable portfolio and debt securities is recognized over the life of each investment using the effective interest method and is recorded on the accrual basis. Recognition of fees, premiums, and discounts associated with these investments is deferred and recorded over the term of the loan or debt security as an adjustment to yield. Income accrual is generally suspended for loans at the earlier of the date at which payments become 90 days past due or when, in the opinion of our Manager, recovery of income and principal becomes doubtful. Interest received is then recorded as a reduction in the outstanding principal balance until accrual is resumed when the loan becomes contractually current and performance is demonstrated to be resumed. In addition, for loans we originate, the related origination expenses are deferred and recognized as a component of interest income, however expenses related to loans we acquire are included in general and administrative expenses as incurred. Cash and Cash Equivalents Cash and cash equivalents represent cash held in banks and liquid investments with original maturities of three months or less. We may have bank balances in excess of federally insured amounts; however, we deposit our cash and cash equivalents with high credit-quality institutions to minimize credit risk exposure. We have not experienced, and do not expect, any losses on our cash or cash equivalents. As of both December 31, 2021 and December 31, 2020, we had no restricted cash on our consolidated balance sheets. Through our subsidiaries, we have oversight of certain servicing accounts held with third-party servicers, or Servicing Accounts, which relate to borrower escrows and other cash balances aggregating $531.2 million and $384.6 million as of December 31, 2021 and December 31, 2020, respectively. This cash is maintained in segregated bank accounts, and these amounts are not included in the assets and liabilities presented in our consolidated balance sheets. Cash in these Servicing Accounts will be transferred by the respective third-party servicer to the borrower or us under the terms of the applicable loan agreement upon occurrence of certain future events. We do not generate any revenue or incur any expenses as a result of these Servicing Accounts. Loans Receivable We originate and purchase commercial real estate debt and related instruments generally to be held as long-term investments at amortized cost. Debt Securities Held-to-Maturity We classify our debt securities as held-to-maturity, as we have the intent and ability to hold these securities until maturity. We include our debt securities in other assets on our consolidated balance sheets at amortized cost. Current Expected Credit Losses Reserve The current expected credit loss, or CECL, reserve required under Accounting Standard Update, or ASU, 2016-13 “Financial Instruments – Credit Losses – Measurement of Credit Losses on Financial Instruments (Topic 326),” or ASU 2016-13, reflects our current estimate of potential credit losses related to our loans and debt securities included in our consolidated balance sheets. The initial CECL reserve recorded on January 1, 2020 is reflected as a direct charge to retained earnings on our consolidated statements of changes in equity; however subsequent changes to the CECL reserve are recognized through net income on our consolidated statements of operations. While ASU 2016-13 does not require any particular method for determining the CECL reserve, it does specify the reserve should be based on relevant information about past events, including historical loss experience, current portfolio and market conditions, and reasonable and supportable forecasts for the duration of each respective loan. In addition, other than a few narrow exceptions, ASU 2016-13 requires that all financial instruments subject to the CECL model have some amount of loss reserve to reflect the GAAP principal underlying the CECL model that all loans, debt securities, and similar assets have some inherent risk of loss, regardless of credit quality, subordinate capital, or other mitigating factors. We estimate our CECL reserve primarily using the Weighted Average Remaining Maturity, or WARM method, which has been identified as an acceptable loss-rate method for estimating CECL reserves in the Financial Accounting Standards Board Staff Q&A Topic 326, No. 1. The WARM method requires us to reference historic loan loss data across a comparable data set and apply such loss rate to each of our loans over their expected remaining term, taking into consideration expected economic conditions over the relevant timeframe. We apply the WARM method for the majority of our loan portfolio, which loans share similar risk characteristics. In certain instances, for loans with unique risk characteristics, we may instead use a probability-weighted model that considers the likelihood of default and expected loss given default for each such individual loan. Application of the WARM method to estimate a CECL reserve requires judgment, including (i) the appropriate historical loan loss reference data, (ii) the expected timing and amount of future loan fundings and repayments, and (iii) the current credit quality of our portfolio and our expectations of performance and market conditions over the relevant time period. To estimate the historic loan losses relevant to our portfolio, we have augmented our historical loan performance, with market loan loss data licensed from Trepp LLC. This database includes commercial mortgage-backed securities, or CMBS, issued since January 1, 1999 through November 30, 2021. Within this database, we focused our historical loss reference calculations on the most relevant subset of available CMBS data, which we determined based on loan metrics that are most comparable to our loan portfolio including asset type, geography, and origination loan-to-value, or LTV. We believe this CMBS data, which includes month-over-month loan and property performance, is the most relevant, available, and comparable dataset to our portfolio. Our loans typically include commitments to fund incremental proceeds to our borrowers over the life of the loan, which future funding commitments are also subject to the CECL model. The CECL reserve related to future loan fundings is recorded as a component of Other Liabilities on our consolidated balance sheets. This CECL reserve is estimated using the same process outlined above for our outstanding loan balances, and changes in this component of the CECL reserve will similarly impact our consolidated net income. For both the funded and unfunded portions of our loans, we consider our internal risk rating of each loan as the primary credit quality indicator underlying our assessment. The CECL reserve is measured on a collective basis wherever similar risk characteristics exist within a pool of similar assets. We have identified the following pools and measure the reserve for credit losses using the following methods: • U.S. Loans : WARM method that incorporates a subset of historical loss data, expected weighted-average remaining maturity of our loan pool, and an economic view. • Non-U.S. Loans : WARM method that incorporates a subset of historical loss data, expected weighted average remaining maturity of our loan pool, and an economic view. • Unique Loans : a probability of default and loss given default model, assessed on an individual basis. • Impaired Loans : impairment is indicated when it is deemed probable that we will not be able to collect all amounts due to us pursuant to the contractual terms of the loan. Determining that a loan is impaired requires significant judgment from management and is based on several factors including (i) the underlying collateral performance, (ii) discussions with the borrower, (iii) borrower events of default, and (iv) other facts that impact the borrower’s ability to pay the contractual amounts due under the terms of the loan. If a loan is determined to be impaired, we record the impairment as a component of our CECL reserve by applying the practical expedient for collateral dependent loans. The CECL reserve is assessed on an individual basis for these loans by comparing the estimated fair value of the underlying collateral, less costs to sell, to the book value of the respective loan. These valuations require significant judgments, which include assumptions regarding capitalization rates, discount rates, leasing, creditworthiness of major tenants, occupancy rates, availability and cost of financing, exit plan, loan sponsorship, actions of other lenders, and other factors deemed relevant by our Manager. Actual losses, if any, could ultimately differ materially from these estimates. We only expect to realize the impairment losses if and when such amounts are deemed nonrecoverable upon a realization event. This is generally at the time a loan is repaid, or in the case of foreclosure, when the underlying asset is sold, but non-recoverability may also be concluded if, in our determination, it is nearly certain that all amounts due will not be collected. We adopted ASU 2016-13 using the modified-retrospective method for all financial assets measured at amortized cost. Prior to our adoption, we had no loan loss provisions on our consolidated balance sheets. We recorded a cumulative-effective adjustment to the opening retained earnings in our consolidated statement of equity as of January 1, 2020. The following table details the impact of this adoption ($ in thousands): Impact of ASU 2016-13 Adoption Assets: Loans U.S. Loans $ 8,955 Non-U.S. Loans 3,631 Unique Loans 1,356 CECL reserve on loans $ 13,942 CECL reserve on held-to-maturity debt securities 445 Liabilities: CECL reserve on unfunded loan commitments 3,263 Total impact of ASU 2016-13 adoption on retained earnings $ 17,650 Contractual Term and Unfunded Loan Commitments Expected credit losses are estimated over the contractual term of each loan, adjusted for expected prepayments. As part of our quarterly review of our loan portfolio, we assess the expected repayment date of each loan, which is used to determine the contractual term for purposes of computing our CECL reserve. Additionally, the expected credit losses over the contractual period of our loans are subject to the obligation to extend credit through our unfunded loan commitments. The CECL reserve for unfunded loan commitments is adjusted quarterly, as we consider the expected timing of future funding obligations over the estimated life of the loan. The considerations in estimating our CECL reserve for unfunded loan commitments are similar to those used for the related outstanding loan receivables. Credit Quality Indicator Our risk rating is our primary credit quality indicator in assessing our current expected credit loss reserve. Our Manager performs a quarterly risk review of our portfolio of loans, and assigns each loan a risk rating based on a variety of factors, including, without limitation, LTV, debt yield, property type, geographic and local market dynamics, physical condition, cash flow volatility, leasing and tenant profile, loan structure and exit plan, and project sponsorship. Based on a 5-point scale, our loans are rated “l” through “5,” from less risk to greater risk, relative to our loan portfolio in the aggregate, which ratings are defined as follows: 1 - Very Low Risk 2 - Low Risk 3 - Medium Risk 4 - High Risk/Potential for Loss: A loan that has a risk of realizing a principal loss. 5 - Impaired/Loss Likely: A loan that has a very high risk of realizing a principal loss or has otherwise incurred a principal loss. Estimation of Economic Conditions In addition to the WARM method computations and probability-weighted models described above, our CECL reserve is also adjusted to reflect our estimation of the current and future economic conditions that impact the performance of the commercial real estate assets securing our loans. These estimations include unemployment rates, interest rates, and other macroeconomic factors impacting the likelihood and magnitude of potential credit losses for our loans during their anticipated term. In addition to the CMBS data we have licensed from Trepp LLC, we have also licensed certain macroeconomic financial forecasts to inform our view of the potential future impact that broader economic conditions may have on our loan portfolio’s performance. These estimations require significant judgments about future events that, while based on the information available to us as of the balance sheet date, are ultimately indeterminate and the actual economic condition impacting our portfolio could vary significantly from the estimates we made as of December 31, 2021. Derivative Financial Instruments We classify all derivative financial instruments as either other assets or other liabilities on our consolidated balance sheets at fair value. On the date we enter into a derivative contract, we designate each contract as (i) a hedge of a net investment in a foreign operation, or net investment hedge, (ii) a hedge of a forecasted transaction or of the variability of cash flows to be received or paid related to a recognized asset or liability, or cash flow hedge, (iii) a hedge of a recognized asset or liability, or fair value hedge, or (iv) a derivative instrument not to be designated as a hedging derivative, or non-designated hedge. For all derivatives other than those designated as non-designated hedges, we formally document our hedge relationships and designation at the contract’s inception. This documentation includes the identification of the hedging instruments and the hedged items, its risk management objectives, strategy for undertaking the hedge transaction and our evaluation of the effectiveness of its hedged transaction. On a quarterly basis, we also formally assess whether the derivative we designated in each hedging relationship is expected to be, and has been, highly effective in offsetting changes in the value or cash flows of the hedged items. If it is determined that a derivative is not highly effective at hedging the designated exposure, hedge accounting is discontinued and the changes in fair value of the instrument are included in net income prospectively. Effective April 1, 2020, our net investment hedges are assessed using a method based on changes in spot exchange rates. Gains and losses, representing hedge components excluded from the assessment of effectiveness, are recognized in interest income on our consolidated statements of operations over the contractual term of our net investment hedges on a systematic and rational basis, as documented at hedge inception in accordance with our accounting policy election. All other changes in the fair value of our derivative instruments that qualify as hedges are reported as a component of accumulated other comprehensive income (loss) on our consolidated financial statements. Deferred gains and losses are reclassified out of accumulated other comprehensive income (loss) and into net income in the same period or periods during which the hedged transaction affects earnings, and are presented in the same line item as the earnings effect of the hedged item. For cash flow hedges, this is typically when the periodic swap settlements are made, while for net investment hedges, this occurs when the hedged item is sold or substantially liquidated. To the extent a derivative does not qualify for hedge accounting and is deemed a non-designated hedge, the changes in its fair value are included in net income concurrently. Secured Debt and Asset-Specific Debt We record investments financed with secured debt or asset-specific debt as separate assets and the related borrowings under any secured debt or asset-specific debt are recorded as separate liabilities on our consolidated balance sheets. Interest income earned on the investments and interest expense incurred on the secured debt or asset-specific debt are reported separately on our consolidated statements of operations. Senior Loan Participations In certain instances, we finance our loans through the non-recourse syndication of a senior loan interest to a third-party. Depending on the particular structure of the syndication, the senior loan interest may remain on our GAAP balance sheet or, in other cases, the sale will be recognized and the senior loan interest will no longer be included in our consolidated financial statements. When these sales are not recognized under GAAP we reflect the transaction by recording a loan participations sold liability on our consolidated balance sheet, however this gross presentation does not impact stockholders’ equity or net income. When the sales are recognized, our balance sheet only includes our remaining subordinate loan and not the non-consolidated senior interest we sold. Term Loans We record our term loans as liabilities on our consolidated balance sheets. Where applicable, any issue discount or transaction expenses are deferred and amortized through the maturity date of the term loans as additional non-cash interest expense. Senior Secured Notes We record our senior secured notes as liabilities on our consolidated balance sheets. Where applicable, any issue discount or transaction expenses are deferred and amortized through the maturity date of the senior secured notes as additional non-cash interest expense. Convertible Notes The “Debt with Conversion and Other Options” Topic of the Financial Accounting Standards Board, or FASB, Accounting Standards Codification, or ASC, requires the liability and equity components of convertible debt instruments that may be settled in cash upon conversion, including partial cash settlement, to be separately accounted for in a manner that reflects the issuer’s nonconvertible debt borrowing rate. The initial proceeds from the sale of convertible notes are allocated between a liability component and an equity component in a manner that reflects interest expense at the rate of similar nonconvertible debt that could have been issued at such time. The equity component represents the excess initial proceeds received over the fair value of the liability component of the notes as of the date of issuance. We measured the estimated fair value of the debt component of our convertible notes as of the respective issuance dates based on our nonconvertible debt borrowing rate. The equity component of each series of our convertible notes is reflected within additional paid-in capital on our consolidated balance sheet, and the resulting issue discount is amortized over the period during which such convertible notes are expected to be outstanding (through the maturity date) as additional non-cash interest expense. The additional non-cash interest expense attributable to such convertible notes will increase in subsequent periods through the maturity date as the notes accrete to their par value over the same period. Deferred Financing Costs The deferred financing costs that are included as a reduction in the net book value of the related liability on our consolidated balance sheets include issuance and other costs related to our debt obligations. These costs are amortized as interest expense using the effective interest method over the life of the related obligations. Fair Value of Financial Instruments The “Fair Value Measurements and Disclosures” Topic o f the FASB, or ASC 820, defines fair value, establishes a framework for measuring fair value, and requires certain disclosures about fair value measurements under GAAP. Specifically, this guidance defines fair value based on exit price, or the price that would be received upon the sale of an asset or the transfer of a liability in an orderly transaction between market participants at the measurement date. ASC 820 also establishes a fair value hierarchy that prioritizes and ranks the level of market price observability used in measuring financial instruments. Market price observability is affected by a number of factors, including the type of financial instrument, the characteristics specific to the financial instrument, and the state of the marketplace, including the existence and transparency of transactions between market participants. Financial instruments with readily available quoted prices in active markets generally will have a higher degree of market price observability and a lesser degree of judgment used in measuring fair value. Financial instruments measured and reported at fair value are classified and disclosed based on the observability of inputs used in the determination, as follows: • Level 1: Generally includes only unadjusted quoted prices that are available in active markets for identical financial instruments as of the reporting date. • Level 2: Pricing inputs include quoted prices in active markets for similar instruments, quoted prices in less active or inactive markets for identical or similar instruments where multiple price quotes can be obtained, and other observable inputs, such as interest rates, yield curves, credit risks, and default rates. • Level 3: Pricing inputs are unobservable for the financial instruments and include situations where there is little, if any, market activity for the financial instrument. These inputs require significant judgment or estimation by management of third-parties when determining fair value and generally represent anything that does not meet the criteria of Levels 1 and 2. The estimated value of each asset reported at fair value using Level 3 inputs is determined by an internal committee composed of members of senior management of our Manager, including our Chief Executive Officer, Chief Financial Officer, and other senior officers. Certain of our other assets are reported at fair value, as of quarter-end, either (i) on a recurring basis or (ii) on a nonrecurring basis, as a result of impairment or other events. Our assets that are recorded at fair value are discussed further in Note 16. We generally value our assets recorded at fair value by either (i) discounting expected cash flows based on assumptions regarding the collection of principal and interest and estimated market rates, or (ii) obtaining assessments from third-party dealers. For collateral-dependent loans that are identified as impaired, we measure impairment by comparing our Manager’s estimation of the fair value of the underlying collateral, less costs to sell, to the book value of the respective loan. These valuations require significant judgments, which include assumptions regarding capitalization rates, discount rates, leasing, creditworthiness of major tenants, occupancy rates, availability and cost of financing, exit plan, loan sponsorship, actions of other lenders, and other factors deemed relevant by our Manager. During the year ended December 31, 2020, we recorded an aggregate $69.7 million CECL reserve specifically related to two of our loans receivable. During the three months ended December 31, 2021, we charged off $14.4 million of the CECL reserve related to one of our loans receivable, bringing this asset-specific CECL reserve to $54.9 million as of December 31, 2021. The $54.9 million CECL reserve specifically related to one of our loans receivable with an outstanding principal balance of $286.3 million, net of cost-recovery proceeds, as of December 31, 2021. The CECL reserve was recorded based on our Manager’s estimation of the fair value of the loan’s underlying collateral as of December 31, 2021. This loan receivable is therefore measured at fair value on a nonrecurring basis using significant unobservable inputs, and is classified as a Level 3 asset in the fair value hierarchy. The significant unobservable inputs used to estimate the fair value of this loan receivable include the exit capitalization rate assumption of 4.80% used to forecast the future sale price of the underlying real estate collateral and the unlevered discount rate of 8.30%, in addition to reviewing comparable sales on a per-key basis. We are also required by GAAP to disclose fair value information about financial instruments, which are not otherwise reported at fair value in our consolidated balance sheet, to the extent it is practicable to estimate a fair value for those instruments. These disclosure requirements exclude certain financial instruments and all non-financial instruments. The following methods and assumptions are used to estimate the fair value of each class of financial instruments, for which it is practicable to estimate that value: • Cash and cash equivalents: The carrying amount of cash and cash equivalents approximates fair value. • Loans receivable, net: The fair values of these loans were estimated by our Manager based on a discounted cash flow methodology, taking into consideration various factors including capitalization rates, discount rates, leasing, credit worthiness of major tenants, occupancy rates, availability and cost of financing, exit plan, loan sponsorship, actions of other lenders, and other factors deemed relevant by our Manager. • Debt securities held-to-maturity: The fair value of these instruments was estimated by utilizing third-party pricing service providers assuming the securities are not sold prior to maturity. In determining the value of a particular investment, pricing service providers may use broker-dealer quotations, reported trades, or valuation estimates from their internal pricing models to determine the reported price. • Derivative financial instruments: The fair value of our foreign currency and interest rate contracts was estimated using advice from a third-party derivative specialist, based on contractual cash flows and observable inputs comprising foreign currency rates and credit spreads. • Secured debt, net: The fair value of these instruments was estimated based on the rate at which a similar credit facility would currently be priced. • Securitized debt obligations, net: The fair value of these instruments was estimated by utilizing third-party pricing service providers. In determining the value of a particular investment, pricing service providers may use broker-dealer quotations, reported trades, or valuation estimates from their internal pricing models to determine the reported price. • Asset-specific debt, net: The fair value of these instruments was estimated based on the rate at which a similar agreement would currently be priced. • Term loans, net: The fair value of these instruments was estimated by utilizing third-party pricing service providers. In determining the value of a particular investment, pricing service providers may use broker-dealer quotations, reported trades, or valuation estimates from their internal pricing models to determine the reported price. • Senior secured notes, net: The fair value of these instruments was estimated by utilizing third-party pricing service providers. In determining the value of a particular investment, pricing service providers may use broker-dealer quotations, reported trades, or valuation estimates from their internal pricing models to determine the reported price. • Convertible notes, net: Each series of the convertible notes is actively traded and their fair values were obtained using quoted market prices. Income Taxes Our financial results generally do not reflect provisions for current or deferred income taxes on our REIT taxable income. We believe that we operate in a manner that will continue to allow us to be taxed as a REIT and, as a result, we generally do not expect

Loans Receivable, Net

Loans Receivable, Net	12 Months Ended
	Dec. 31, 2021
Receivables [Abstract]
Loans Receivable, Net	3. LOANS RECEIVABLE, NET The following table details overall statistics for our loans receivable portfolio ($ in thousands): December 31, 2021 December 31, 2020 Number of loans 188 120 Principal balance $ 22,156,437 $ 16,652,824 Net book value $ 21,878,338 $ 16,399,166 Unfunded loan commitments (1) $ 4,180,128 $ 3,160,084 Weighted-average cash coupon (2) + 3.19 % + 3.18 % Weighted-average all-in yield (2) + 3.52 % + 3.53 % Weighted-average maximum maturity (years) (3) 3.4 3.1 (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 USD LIBOR, SOFR, GBP LIBOR, SONIA, EURIBOR, and other indices, as applicable to each loan. As of December 31, 2021, 99.5% of our loans by principal balance earned a floating rate of interest, primarily indexed to USD LIBOR. The other 0.5% of our loans earned a fixed rate of interest. As of December 31, 2020, 99.4% of our loans by total loan exposure earned a floating rate of interest, primarily indexed to USD LIBOR. The other 0.6% of our loans earned a fixed rate of interest. We reflect our fixed rate loans as a spread over the relevant floating benchmark rates, as of December 31, 2021 and December 31, 2020, respectively, for purposes of the weighted-averages. 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 a loan accounted for under the cost-recovery method. (3) Maximum maturity assumes all extension options are exercised by the borrower, however our loans may be repaid prior to such date. As of December 31, 2021, 56% of our loans by principal balance were subject to yield maintenance or other prepayment restrictions and 44% were open to repayment by the borrower without penalty. As of December 31, 2020, 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. The following table details the index rate floors for our loans receivable portfolio as of December 31, 2021 ($ in thousands): Loans Receivable Principal Balance Index Rate Floors USD Non-USD (1) Total Fixed Rate $ 37,500 $ 78,367 $ 115,867 0.00% or no floor (2) 3,835,467 5,444,841 9,280,308 0.01% to 0.25% floor 6,686,115 447,339 7,133,454 0.26% to 1.00% floor 1,259,076 501,764 1,760,840 1.01% or more floor 3,641,876 224,092 3,865,968 Total (3)(4) $ 15,460,034 $ 6,696,403 $ 22,156,437 (1) Includes Euro, British Pound Sterling, Swedish Krona, Australian Dollar, Canadian Dollar, and Swiss Franc currencies. (2) Includes a $286.3 million loan accounted for under the cost-recovery method. (3) Excludes investment exposure to $79.2 million subordinate position we own in the $379.3 million 2018 Single Asset Securitization. Refer to Notes 4 and 17 to our consolidated financial statements for further discussion of the 2018 Single Asset Securitization. (4) As of December 31, 2021, the weighted-average index rate floor of our loan portfolio was 0.39%. Excluding 0.0% index rate floors, the weighted-average index rate floor was 0.66%. Activity relating to our loans receivable portfolio was as follows ($ in thousands): Principal Balance Deferred Fees / Other Items (1) Net Book Value Loans Receivable, as of December 31, 2019 $ 16,277,343 $ (112,542) $ 16,164,801 Loan fundings 1,896,276 — 1,896,276 Loan repayments and sales proceeds (1,862,955) — (1,862,955) Unrealized gain (loss) on foreign currency translation 342,160 (1,900) 340,260 Deferred fees and other items — (21,946) (21,946) Amortization of fees and other items — 56,279 56,279 Loans Receivable, as of December 31, 2020 $ 16,652,824 $ (80,109) $ 16,572,715 Loan fundings 12,550,463 — 12,550,463 Loan repayments and sales (6,733,105) — (6,733,105) Principal charge-offs (14,427) — (14,427) Unrealized (loss) gain on foreign currency translation (299,318) 1,424 (297,894) Deferred fees and other items — (143,002) (143,002) Amortization of fees and other items — 68,267 68,267 Loans Receivable, as of December 31, 2021 $ 22,156,437 $ (153,420) $ 22,003,017 CECL reserve (124,679) Loans Receivable, net, as of December 31, 2021 $ 21,878,338 (1) Other items primarily consist of purchase and sale discounts or premiums, exit fees, and deferred origination expenses. The tables below detail the property type and geographic distribution of the properties securing the loans in our portfolio ($ in thousands): December 31, 2021 Property Type Number of Loans Net Book Value Total Loan Exposure (1)(2) Percentage of Portfolio Office 65 $ 9,473,039 $ 10,425,026 44% Multifamily 75 5,721,260 5,771,517 24 Hospitality 25 3,427,245 3,540,391 15 Industrial 6 1,102,452 1,185,606 5 Retail 8 871,241 909,970 4 Other 9 1,407,780 1,836,601 8 Total loans receivable 188 $ 22,003,017 $ 23,669,111 100% CECL reserve (124,679) Loans receivable, net $ 21,878,338 Geographic Location Number of Loans Net Book Value Total Loan Exposure (1)(2) Percentage of Portfolio United States Sunbelt 71 $ 5,907,230 $ 6,206,216 26% Northeast 37 4,615,076 4,934,295 21 West 33 3,520,942 4,199,208 18 Midwest 10 1,063,202 1,113,959 5 Northwest 5 251,121 252,700 1 Subtotal 156 15,357,571 16,706,378 71 International United Kingdom 17 2,342,146 2,598,033 11 Spain 4 1,374,364 1,380,763 6 Ireland 1 1,210,375 1,216,864 5 Sweden 1 546,319 551,149 2 Australia 4 504,668 509,885 2 Canada 2 68,558 68,478 — Other Europe 3 599,016 637,561 3 Subtotal 32 6,645,446 6,962,733 29 Total loans receivable 188 $ 22,003,017 $ 23,669,111 100% CECL reserve (124,679) Loans receivable, net $ 21,878,338 (1) In certain instances, we finance our loans through the non-recourse sale of a senior loan interest that is not included in our consolidated financial statements. See Note 2 for further discussion. Total loan exposure encompasses the entire loan we originated and financed, including $1.5 billion of such non-consolidated senior interests as of December 31, 2021. (2) Excludes investment exposure to the $379.3 million 2018 Single Asset Securitization. See Note 4 for details of the subordinate position we own in the 2018 Single Asset Securitization. December 31, 2020 Property Type Number of Loans Net Book Value Total Loan Exposure (1)(2) Percentage of Portfolio Office 59 $ 9,980,799 $ 10,451,658 59% Hospitality 14 2,295,255 2,369,454 14 Multifamily 31 1,788,149 1,862,667 11 Industrial 6 673,912 675,344 4 Retail 4 538,702 551,243 3 Other 6 1,295,898 1,544,255 9 Total loans receivable 120 $ 16,572,715 $ 17,454,621 100% CECL reserve (173,549) Loans receivable, net $ 16,399,166 Geographic Location Number of Loans Net Book Value Total Loan Exposure (1)(2) Percentage of Portfolio United States Northeast 25 $ 4,369,537 $ 4,389,384 25% West 27 2,942,126 3,413,089 20 Sunbelt 33 2,902,996 2,986,221 17 Midwest 8 973,702 976,693 6 Northwest 1 15,404 15,413 — Subtotal 94 11,203,765 11,780,800 68 International United Kingdom 13 1,816,901 2,066,390 12 Ireland 1 1,309,443 1,317,846 8 Spain 2 1,247,162 1,252,080 7 Australia 2 259,126 259,788 1 Canada 3 82,185 82,262 — Other Europe 5 654,133 695,455 4 Subtotal 26 5,368,950 5,673,821 32 Total loans receivable 120 $ 16,572,715 $ 17,454,621 100% CECL reserve (173,549) Loans receivable, net $ 16,399,166 (1) In certain instances, we finance our loans through the non-recourse sale of a senior loan interest that is not included in our consolidated financial statements. See Note 2 for further discussion. Total loan exposure encompasses the entire loan we originated and financed, including $801.8 million of such non-consolidated senior interests as of December 31, 2020. (2) Excludes investment exposure to the $735.5 million 2018 Single Asset Securitization. See Note 4 for details of the subordinate position we own in the 2018 Single Asset Securitization . Loan Risk Ratings As further described in Note 2, our Manager evaluates our loan portfolio on a quarterly basis. In conjunction with our quarterly loan portfolio review, our Manager assesses the risk factors of each loan, and assigns a risk rating based on several factors. Factors considered in the assessment include, but are not limited to, risk of loss, current LTV, debt yield, collateral performance, structure, exit plan, and sponsorship. Loans are rated “1” (less risk) through “5” (greater risk), which ratings are defined in Note 2. The following table allocates the principal balance and net book value of our loans receivable based on our internal risk ratings ($ in thousands): December 31, 2021 December 31, 2020 Risk Rating Number of Loans Net Book Value Total Loan Exposure (1)(2) Number of Loans Net Book Value Total Loan Exposure (1)(2) 1 8 $ 642,776 $ 645,854 8 $ 777,163 $ 778,283 2 28 5,200,533 5,515,250 17 2,513,848 2,528,835 3 141 13,604,027 14,944,045 79 9,911,914 10,763,496 4 10 2,270,872 2,277,653 14 3,032,593 3,045,309 5 1 284,809 286,309 2 337,197 338,698 Total loans receivable 188 $ 22,003,017 $ 23,669,111 120 $ 16,572,715 $ 17,454,621 CECL reserve (124,679) (173,549) Loans receivable, net $ 21,878,338 $ 16,399,166 (1) In certain instances, we finance our loans through the non-recourse sale of a senior loan interest that is not included in our consolidated financial statements. See Note 2 for further discussion. Total loan exposure encompasses the entire loan we originated and financed, including $1.5 billion and $801.8 million of such non-consolidated senior interests as of December 31, 2021 and December 31, 2020, respectively. (2) Excludes investment exposure to the 2018 Single Asset Securitization of $379.3 million and $735.5 million as of December 31, 2021 and December 31, 2020, respectively. See Note 4 for details of the subordinate position we own in the 2018 Single Asset Securitization. The weighted-average risk rating of our total loan exposure was 2.8 and 3.0 as of December 31, 2021 and 2020, respectively. The decrease in risk rating reflects the ongoing market recovery from COVID-19 and resulting improvement in the performance of the collateral assets underlying our portfolio, which resulted in several risk rating upgrades in our portfolio during the year ended December 31, 2021. Current Expected Credit Loss Reserve The CECL reserve required under GAAP reflects our current estimate of potential credit losses related to the loans and debt securities included in our consolidated balance sheets. Refer to Note 2 for further discussion of our CECL reserve. The following table presents the activity in our loans receivable CECL reserve by investment pool for the year ended December 31, 2021 and 2020 ($ in thousands): U.S. Loans Non-U.S. Loans Unique Loans Impaired Loans Total Loans Receivable, Net CECL reserve as of December 31, 2020 $ 42,995 $ 27,734 $ 33,159 $ 69,661 $ 173,549 Decrease in CECL reserve (16,110) (17,471) (502) (360) (34,443) Charge-offs of CECL reserve — — — (14,427) (14,427) CECL reserve as of December 31, 2021 $ 26,885 $ 10,263 $ 32,657 $ 54,874 $ 124,679 CECL reserve as of December 31, 2019 $ — $ — $ — $ — $ — Initial CECL reserve on January 1, 2020 8,955 3,631 1,356 — 13,942 Increase in CECL reserve 34,040 24,103 31,803 69,661 159,607 CECL reserve as of December 31, 2020 $ 42,995 $ 27,734 $ 33,159 $ 69,661 $ 173,549 Our initial CECL reserve of $13.9 million against our loans receivable portfolio, recorded on January 1, 2020, is reflected as a direct charge to retained earnings on our consolidated statements of changes in equity; however subsequent changes to the CECL reserve are recognized through net income on our consolidated statements of operations. During the year ended December 31, 2021, we recorded a decrease of $48.9 million in the current expected credit loss reserve against our loans receivable portfolio, bringing our total CECL reserve to $124.7 million as of December 31, 2021. This CECL reserve reflects the macroeconomic impact of the COVID-19 pandemic on commercial real estate markets generally, as well as certain loans assessed for impairment in our portfolio. See Note 2 for further discussion of COVID-19. During 2020 and 2021, we entered into loan modifications related to a multifamily asset in New York City, which are classified as troubled debt restructurings under GAAP. During the three months ended June 30, 2020, we recorded a $14.8 million CECL reserve on this loan. During the three months ended December 31, 2021, the borrower committed significant additional capital to the property and engaged new management to oversee property operations, and we reduced the loan's outstanding principal balance to $37.5 million. As a result of the modification, we charged-off $14.4 million of the $14.8 million asset-specific CECL reserve we recorded on this loan during the three months ended June 30, 2020, and reversed the remaining $360,000 CECL reserve. We have no remaining asset-specific CECL reserve against this loan as of December 31, 2021. The loan is paying interest income current and we resumed income accrual for this loan as of December 31, 2021. See Note 2 to our consolidated financial statements for further discussion on the CECL reserve. During the third quarter of 2020, we entered into a loan modification related to a hospitality asset in New York City, which is classified as a troubled debt restructuring under GAAP. During the three months ended June 30, 2020, we recorded $54.9 million CECL reserve on this loan, which was unchanged as of December 31, 2021. As of July 1, 2020, the income accrual on this loan was suspended and no income was recorded subsequent to July 1, 2020. This loan has an outstanding principal balance of $286.3 million, net of cost-recovery proceeds, as of December 31, 2021. The CECL reserve was recorded based on our estimation of the fair value of the loan’s underlying collateral as of December 31, 2021. Our primary credit quality indicator is our risk ratings, which are further discussed above. The following tables present the net book value of our loan portfolio as of December 31, 2021 and December 31, 2020, respectively, by year of origination, investment pool, and risk rating ($ in thousands): Net Book Value of Loans Receivable by Year of Origination (1)(2) As of December 31, 2021 Risk Rating 2021 2020 2019 2018 2017 Prior Total U.S. loans 1 $ 125,873 $ — $ 196,017 $ 72,752 $ 248,134 $ — $ 642,776 2 876,536 427,839 221,513 1,134,176 354,775 82,274 3,097,113 3 7,511,883 358,448 1,109,170 1,116,872 292,520 228,264 10,617,157 4 — — 96,539 534,938 63,358 89,439 784,274 5 — — — — — — — Total U.S. loans $ 8,514,292 $ 786,287 $ 1,623,239 $ 2,858,738 $ 958,787 $ 399,977 $ 15,141,320 Non-U.S. loans 1 $ — $ — $ — $ — $ — $ — $ — 2 698,130 98,412 1,306,878 — — — 2,103,420 3 1,403,110 — 932,939 394,949 — — 2,730,998 4 — — 343,030 — — — 343,030 5 — — — — — — — Total Non-U.S. loans $ 2,101,240 $ 98,412 $ 2,582,847 $ 394,949 $ — $ — $ 5,177,448 Unique loans 1 $ — $ — $ — $ — $ — $ — $ — 2 — — — — — — — 3 — — — 197,018 — 58,854 255,872 4 — — 322,787 820,781 — — 1,143,568 5 — — — — — — — Total unique loans $ — $ — $ 322,787 $ 1,017,799 $ — $ 58,854 $ 1,399,440 Impaired loans 1 $ — $ — $ — $ — $ — $ — $ — 2 — — — — — — — 3 — — — — — — — 4 — — — — — — — 5 — — — 284,809 — — 284,809 Total impaired loans $ — $ — $ — $ 284,809 $ — $ — $ 284,809 Total loans receivable 1 $ 125,873 $ — $ 196,017 $ 72,752 $ 248,134 $ — $ 642,776 2 1,574,666 526,251 1,528,391 1,134,176 354,775 82,274 5,200,533 3 8,914,993 358,448 2,042,109 1,708,839 292,520 287,118 13,604,027 4 — — 762,356 1,355,719 63,358 89,439 2,270,872 5 — — — 284,809 — — 284,809 Total loans receivable $ 10,615,532 $ 884,699 $ 4,528,873 $ 4,556,295 $ 958,787 $ 458,831 $ 22,003,017 CECL reserve (124,679) Loans receivable, net $ 21,878,338 (1) Date loan was originated or acquired by us. Origination dates are subsequently updated to reflect material loan modifications. (2) Excludes the $78.0 million net book value of our held-to-maturity debt securities which represents our subordinate position we own in the 2018 Single Asset Securitization, and is included in other assets on our consolidated balance sheets. See Note 4 for details of the subordinate position we own in the 2018 Single Asset Securitization. Net Book Value of Loans Receivable by Year of Origination (1)(2) As of December 31, 2020 Risk Rating 2020 2019 2018 2017 2016 Prior Total U.S. loans 1 $ — $ 231,796 $ 253,674 $ 43,906 $ 17,009 $ — $ 546,385 2 — 282,017 1,172,168 757,138 79,848 222,677 2,513,848 3 781,595 2,391,297 1,672,897 1,134,288 227,466 220,644 6,428,187 4 65,978 170,541 1,055,142 63,293 105,380 — 1,460,334 5 — — — — — — — Total U.S. loans $ 847,573 $ 3,075,651 $ 4,153,881 $ 1,998,625 $ 429,703 $ 443,321 $ 10,948,754 Non-U.S. loans 1 $ — $ — $ 136,021 $ 94,757 $ — $ — $ 230,778 2 — — — — — — — 3 105,300 2,526,225 479,512 — 113,653 — 3,224,690 4 — 256,494 — — — — 256,494 5 — — — — — — — Total Non-U.S. loans $ 105,300 $ 2,782,719 $ 615,533 $ 94,757 $ 113,653 $ — $ 3,711,962 Unique loans 1 $ — $ — $ — $ — $ — $ — $ — 2 — — — — — — — 3 — — 198,433 — — 60,604 259,037 4 — 325,097 990,668 — — — 1,315,765 5 — — — — — — — Total unique loans $ — $ 325,097 $ 1,189,101 $ — $ — $ 60,604 $ 1,574,802 Impaired loans 1 $ — $ — $ — $ — $ — $ — $ — 2 — — — — — — — 3 — — — — — — — 4 — — — — — — — 5 — — 284,809 — — 52,388 337,197 Total impaired loans $ — $ — $ 284,809 $ — $ — $ 52,388 $ 337,197 Total loans receivable 1 $ — $ 231,796 $ 389,695 $ 138,663 $ 17,009 $ — $ 777,163 2 — 282,017 1,172,168 757,138 79,848 222,677 2,513,848 3 886,895 4,917,522 2,350,842 1,134,288 341,119 281,248 9,911,914 4 65,978 752,132 2,045,810 63,293 105,380 — 3,032,593 5 — — 284,809 — — 52,388 337,197 Total loans receivable $ 952,873 $ 6,183,467 $ 6,243,324 $ 2,093,382 $ 543,356 $ 556,313 $ 16,572,715 CECL reserve (173,549) Loans receivable, net $ 16,399,166 (1) Date loan was originated or acquired by us. Origination dates are subsequently updated to reflect material loan modifications. (2) Excludes the $75.7 million net book value of our held-to-maturity debt securities which represents our subordinate position we own in the 2018 Single Asset Securitization, and is included in other assets on our consolidated balance sheets. See Note 4 for details of the subordinate position we own in the 2018 Single Asset Securitization.

Other Assets and Liabilities

Other Assets and Liabilities	12 Months Ended
	Dec. 31, 2021
Deferred Costs, Capitalized, Prepaid, Other Assets and Other Liabilities Disclosure [Abstract]
Other Assets and Liabilities	4. OTHER ASSETS AND LIABILITIES Other Assets The following table details the components of our other assets ($ in thousands): December 31, 2021 December 31, 2020 Accrued interest receivable $ 86,101 $ 66,757 Debt securities held-to-maturity (1) 78,083 77,445 CECL reserve (70) (1,723) Debt securities held-to-maturity, net 78,013 75,722 Loan portfolio payments held by servicer (2) 77,624 73,224 Derivative assets 30,531 522 Prepaid expenses 956 973 Collateral deposited under derivative agreements — 51,050 Prepaid taxes — 376 Other 572 1,195 Total $ 273,797 $ 269,819 (1) Represents the subordinate position we own in the 2018 Single Asset Securitization, which held aggregate loan assets of $379.3 million and $735.5 million as of December 31, 2021 and December 31, 2020, respectively, with a yield to full maturity of L+10.0% and a maximum maturity date of June 9, 2025, assuming all extension options are exercised by the borrower. Refer to Note 17 for additional discussion. (2) Represents loan principal, interest payments, and related loan fees held by our third-party loan servicer as of the balance sheet date which were remitted to us during the subsequent remittance cycle. Current Expected Credit Loss Reserve The CECL reserve required under GAAP reflects our current estimate of potential credit losses related to the loans and debt securities included in our consolidated balance sheets. Refer to Note 2 for further discussion of our CECL reserve. The following table presents the activity in our debt securities CECL reserve by investment pool for the year ended December 31, 2021 ($ in thousands): Debt Securities Held-To-Maturity Total CECL reserve as of December 31, 2020 $ 1,723 Decrease in CECL reserve (1,653) CECL reserve as of December 31, 2021 $ 70 CECL reserve as of December 31, 2019 $ — Initial CECL reserve on January 1, 2020 445 Increase in CECL reserve 1,278 CECL reserve as of December 31, 2020 $ 1,723 Our initial CECL reserve of $445,000 against our debt securities held-to-maturity, recorded on January 1, 2020, is reflected as a direct charge to retained earnings on our consolidated statements of changes in equity; however subsequent changes to the CECL reserve are recognized through net income on our consolidated statements of operations. During the year ended December 31, 2021, we recorded a decrease of $1.7 million in the CECL reserve against our debt securities held-to-maturity, bringing our total CECL reserve to $70,000 as of December 31, 2021. During the year ended December 31, 2020, we recorded an increase of $1.3 million in the CECL reserve against our debt securities held-to-maturity, bringing our total CECL reserve to $1.7 million as of December 31, 2020. See Note 2 for further discussion of COVID-19. Other Liabilities The following table details the components of our other liabilities ($ in thousands): December 31, 2021 December 31, 2020 Accrued dividends payable $ 104,271 $ 91,004 Secured debt repayments pending servicer remittance (1) 47,664 — Accrued interest payable 29,851 20,548 Accrued management and incentive fees payable 28,373 19,158 Accounts payable and other liabilities 9,046 2,671 Derivative liabilities 5,890 58,915 Current expected credit loss reserve for unfunded loan commitments (2) 6,263 10,031 Total $ 231,358 $ 202,327 (1) Represents pending transfers from our third-party loan servicer that were remitted to our banking counterparties during the subsequent remittance cycle. (2) Represents the CECL reserve related to our unfunded loan commitments. See Note 2 for further discussion of the CECL reserve. Current Expected Credit Loss Reserve for Unfunded Loan Commitments As of December 31, 2021, we had unfunded commitments of $4.2 billion related to 118 loans receivable. The expected credit losses over the contractual period of our loans are subject to the obligation to extend credit through our unfunded loan commitments. See Note 2 for further discussion of the CECL reserve related to our unfunded loan commitments, and Note 19 for further discussion of our unfunded loan commitments. The following table presents the activity in the CECL reserve related to our unfunded loan commitments by investment pool for the year ended December 31, 2021 ($ in thousands): U.S. Loans Non-U.S. Loans Unique Loans Impaired Loans Total Unfunded Loan Commitments CECL reserve as of December 31, 2020 $ 6,953 $ 2,994 $ 84 $ — $ 10,031 Decrease in CECL reserve (2,881) (803) (84) — (3,768) CECL reserve as of December 31, 2021 $ 4,072 $ 2,191 $ — $ — $ 6,263 CECL reserve as of December 31, 2019 $ — $ — $ — $ — $ — Initial CECL reserve on January 1, 2020 2,801 453 9 — 3,263 Increase in CECL reserve 4,152 2,541 75 — 6,768 CECL reserve as of December 31, 2020 $ 6,953 $ 2,994 $ 84 $ — $ 10,031 Our initial CECL reserve of $3.3 million against our unfunded loan commitments, recorded on January 1, 2020, is reflected as a direct charge to retained earnings on our consolidated statements of changes in equity; however subsequent changes to the CECL reserve are recognized through net income on our consolidated statements of operations. During the year ended December 31, 2021, we recorded a decrease of $3.8 million in the CECL reserve against our unfunded loan commitments, bringing our total CECL reserve to $6.3 million as of December 31, 2021. During the year ended December 31, 2020, we recorded an increase of $6.8 million in the CECL reserve against our unfunded loan commitments, bringing our total CECL reserve to $10.0 million as of December 31, 2020. The decrease in the CECL reserve during the year ended December 31, 2021 reflects the ongoing market recovery from COVID-19 and the resulting improvement in the performance of the collateral assets underlying our portfolio. See Note 2 for further discussion of COVID-19.

Secured Debt, Net

Secured Debt, Net	12 Months Ended
	Dec. 31, 2021
Debt Disclosure [Abstract]
Secured Debt, Net	5. SECURED DEBT, NET Our secured debt includes our secured credit facilities and acquisition facility. During the year ended December 31, 2021, we obtained approval for $10.5 billion of new borrowings against $13.2 billion of collateral assets. Additionally, during the year ended December 31, 2021, we (i) entered into two new secured credit facilities providing an aggregate $2.5 billion of credit capacity and (ii) increased the size of four existing secured credit facilities providing an aggregate $1.2 billion of additional credit capacity. The following table details our secured debt ($ in thousands): Secured Debt Borrowings Outstanding December 31, 2021 December 31, 2020 Secured credit facilities $ 12,299,580 $ 7,896,863 Acquisition facility — — Total secured debt $ 12,299,580 $ 7,896,863 Deferred financing costs (1) (19,538) (16,327) Net book value of secured debt $ 12,280,042 $ 7,880,536 (1) Costs incurred in connection with our secured debt are recorded on our consolidated balance sheet when incurred and recognized as a component of interest expense over the life of each related facility. Secured Credit Facilities Our secured credit facilities are bilateral agreements we use to finance diversified pools of senior loan collateral with sufficient flexibility to accommodate our investment and asset management strategy. The facilities are uniformly structured to provide currency, index, and term-matched financing without capital markets based mark-to-market provisions. The following table details our secured credit facilities as of December 31, 2021 ($ in thousands): December 31, 2021 Wtd Avg. Wtd Avg. Recourse Limitation Currency Lenders (1) Borrowings Maturity (2) Loan Count Collateral (3) Maturity (4) Wtd. Avg. Range USD 13 $ 7,334,420 10/17/2025 128 $ 10,420,015 11/27/2025 34% 25% - 100% EUR 6 2,333,523 10/18/2024 10 3,148,250 9/27/2024 47% 25% - 100% GBP 6 1,743,519 6/15/2025 15 2,323,140 6/27/2025 26% 25% - 50% Others (5) 4 888,118 5/10/2025 6 1,150,976 4/25/2025 26% 25% - 100% Total 12 $ 12,299,580 7/11/2025 159 $ 17,042,381 8/5/2025 35% 25% - 100% (1) Represents the number of lenders with fundings advanced in each respective currency, as well as the total number of facility lenders. (2) Based on the earlier of (i) the maximum maturity date of each secured credit facility, or (ii) the maximum maturity date of the collateral loans. (3) Represents the principal balance of the collateral assets. (4) Maximum maturity assumes all extension options are exercised by the borrower, however our loans may be repaid prior to such date. (5) Includes Swedish Krona, Australian Dollar, Canadian Dollar, and Swiss Franc currencies. The availability of funding under our secured credit facilities is based on the amount of approved collateral, which collateral is proposed by us in our discretion and approved by the respective counterparty in its discretion, resulting in a mutually agreed collateral portfolio construction. Certain structural elements of our secured credit facilities, including the limitation on recourse to us and facility economics are influenced by the specific collateral portfolio construction of each facility, and therefore vary within and among the facilities. The following tables detail the spread of our secured debt as of December 31, 2021 and December 31, 2020 ($ in thousands): Year Ended December 31, 2021 December 31, 2021 Spread (1) New Financings (2) Total Borrowings Wtd. Avg. All-in Cost (1)(3)(4) Collateral (5) Wtd. Avg. All-in Yield (1)(6) Net Interest Margin (7) + 1.50% or less $ 5,306,925 $ 7,746,026 +1.52 % $ 10,193,801 +3.18 % +1.66 % + 1.51% to + 1.75% 1,477,177 2,710,587 +1.88 % 3,977,492 +3.55 % +1.67 % + 1.76% to + 2.00% 668,470 998,781 +2.13 % 1,458,074 +4.28 % +2.15 % + 2.01% or more 310,991 844,186 +2.49 % 1,413,014 +4.75 % +2.26 % Total $ 7,763,563 $ 12,299,580 +1.72 % $ 17,042,381 +3.49 % +1.77 % Year Ended December 31, 2020 December 31, 2020 Spread (1) New Financings (2) Total Borrowings Wtd. Avg. All-in Cost (1)(3)(4) Collateral (5) Wtd. Avg. All-in Yield (1)(6) Net Interest Margin (7) + 1.50% or less $ 376,085 $ 4,192,280 +1.59 % $ 6,338,626 +3.09 % +1.50 % + 1.51% to + 1.75% 172,447 1,945,692 +1.95 % 2,975,581 +3.43 % +1.48 % + 1.76% to + 2.00% 215,056 926,666 +2.06 % 1,212,546 +3.83 % +1.77 % + 2.01% or more 134,928 832,225 +2.49 % 1,514,154 +4.34 % +1.85 % Total $ 898,516 $ 7,896,863 +1.83 % $ 12,040,907 +3.40 % +1.57 % (1) The spread, all-in cost, and all-in yield are expressed over the relevant floating benchmark rates, which include USD LIBOR, SOFR, GBP LIBOR, SONIA, EURIBOR, and other indices as applicable. (2) Represents borrowings outstanding as of December 31, 2021 and December 31, 2020, respectively, for new financings during the year ended December 31, 2021 and December 31, 2020, respectively, based on the date collateral was initially pledged to each credit facility. (3) In addition to spread, the cost includes the associated deferred fees and expenses related to the respective borrowings. (4) Represents the weighted-average all-in cost as of December 31, 2021 and December 31, 2020, respectively, and is not necessarily indicative of the spread applicable to recent or future borrowings. (5) Represents the principal balance of the collateral assets. (6) 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. (7) Represents the difference between the weighted-average all-in yield and weighted-average all-in cost. Our secured credit facilities generally permit us to increase or decrease the amount advanced against the pledged collateral in our discretion within certain maximum/minimum amount and frequency limitations. As of December 31, 2021, there was an aggregate $607.4 million available to be drawn at our discretion under our credit facilities. Acquisition Facility We have a $250.0 million full recourse secured credit facility that is designed to finance eligible first mortgage originations for up to nine months as a bridge to term financing without obtaining discretionary lender approval. The cost of borrowing under the facility is variable, dependent on the type of loan collateral, and its maturity date is April 4, 2023. During the year ended December 31, 2021, we had no borrowings under the acquisition facility and we recorded interest expense of $1.2 million, including $354,000 of amortization of deferred fees and expenses. As of December 31, 2021, we had one asset pledged to our acquisition facility and there was an aggregate $147.5 million available to be drawn at our discretion. During the year ended December 31, 2020, we had no borrowings under the acquisition facility and we recorded interest expense of 1.6 million, including $685,000 of amortization of deferred fees and expenses. Financial Covenants We are subject to the following financial covenants related to our secured debt: (i) our ratio of earnings before interest, taxes, depreciation, and amortization, or EBITDA, to fixed charges, as defined in the agreements, shall be not less than 1.4 to 1.0; (ii) our tangible net worth, as defined in the agreements, shall not be less than $3.5 billion as of each measurement date plus 75% to 85% of the net cash proceeds of future equity issuances subsequent to December 31, 2021; (iii) cash liquidity shall not be less than the greater of (x) $10.0 million or (y) no more than 5% of our recourse indebtedness; and (iv) our indebtedness shall not exceed 83.33% of our total assets. As of December 31, 2021 and December 31, 2020, we were in compliance with these covenants.

Securitized Debt Obligations, N

Securitized Debt Obligations, Net	12 Months Ended
	Dec. 31, 2021
Text Block [Abstract]
Securitized Debt Obligations, Net	SECURITIZED DEBT OBLIGATIONS, NET We have financed certain pools of our loans through collateralized loan obligations, which include the 2021 FL4 CLO, 2020 FL3 CLO, 2020 FL2 CLO, and 2017 FL1 CLO or collectively, the CLOs. We have also financed one of our loans through a single asset securitization vehicle, or the 2017 Single Asset Securitization. The CLOs and the 2017 Single Asset Securitization are consolidated in our financial statements and have issued securitized debt obligations that are non-recourse to us. Refer to Note 16 for further discussion of our CLOs and 2017 Single Asset Securitization. The following tables detail our securitized debt obligations ($ in thousands): December 31, 2021 Securitized Debt Obligations Count Principal Balance Book Value Wtd. Avg. Yield/Cost (1)(2) Term (3) 2021 FL4 Collateralized Loan Obligation Collateral assets 34 $ 1,000,000 $ 1,000,000 + 3.42 % October 2024 Financing provided 1 803,750 797,373 + 1.66 % May 2038 2020 FL3 Collateralized Loan Obligation Collateral assets 18 1,000,000 1,000,000 + 3.06 % May 2024 Financing provided 1 808,750 804,096 + 2.10 % November 2037 2020 FL2 Collateralized Loan Obligation Collateral assets 21 1,500,000 1,500,000 + 3.15 % March 2024 Financing provided 1 1,243,125 1,236,593 + 1.45 % February 2038 Total Collateral assets 73 $ 3,500,000 $ 3,500,000 + 3.20 % Financing provided (4) 3 $ 2,855,625 $ 2,838,062 + 1.69 % (1) In addition to cash coupon, all-in yield includes the amortization of deferred origination and extension fees, loan origination costs, purchase discounts, and accrual of exit fees. (2) The weighted-average all-in yield and cost are expressed as a spread over the relevant floating benchmark rates, which include USD LIBOR and one-month SOFR, as applicable to each securitized debt obligation. As of December 31, 2021, the floating benchmark rate for the financing provided on the 2020 FL3 and 2020 FL2 CLOs is one-month SOFR, plus a credit spread adjustment of 0.11%. As of December 31, 2021, one-month SOFR was 0.05% and one-month USD LIBOR was 0.10%. (3) Loan term represents weighted-average final maturity, assuming all extension options are exercised by the borrower. Repayments of securitized debt obligations are tied to timing of the related collateral loan asset repayments. The term of these obligations represents the rated final distribution date of the securitizations. (4) During the year ended December 31, 2021, we recorded $46.0 million of interest expense related to our securitized debt obligations. December 31, 2020 Securitized Debt Obligations Count Principal Balance Book Value Wtd. Avg. Yield/Cost (1)(2) Term (3) 2020 FL3 Collateralized Loan Obligation Collateral assets 25 $ 1,000,000 $ 1,000,000 + 3.09 % February 2024 Financing provided 1 808,750 800,993 + 2.08 % November 2037 2020 FL2 Collateralized Loan Obligation Collateral assets 31 1,500,000 1,500,000 + 3.17 % January 2024 Financing provided 1 1,243,125 1,233,464 + 1.44 % February 2038 2017 FL1 Collateralized Loan Obligation Collateral assets 15 666,334 666,334 + 3.39 % January 2023 Financing provided 1 483,834 483,113 + 1.83 % June 2035 2017 Single Asset Securitization Collateral assets (4) 1 619,194 618,766 + 3.57 % June 2023 Financing provided 1 404,929 404,929 + 1.63 % June 2033 Total Collateral assets 72 $ 3,785,528 $ 3,785,100 +3.25 % Financing provided (5) 4 $ 2,940,638 $ 2,922,499 +1.70 % (1) In addition to cash coupon, all-in yield includes the amortization of deferred origination and extension fees, loan origination costs, purchase discounts, and accrual of exit fees. (2) The weighted-average all-in yield and cost are expressed as a spread over USD LIBOR. (3) Loan term represents weighted-average final maturity, assuming all extension options are exercised by the borrower. Repayments of securitized debt obligations are tied to timing of the related collateral loan asset repayments. The term of these obligations represents the rated final distribution date of the securitizations. (4) The collateral assets for the 2017 Single Asset Securitization include the total loan amount, of which we securitized $500.0 million. (5) During the year ended December 31, 2020, we recorded $43.1 million of interest expense related to our securitized debt obligations.

Asset-Specific Debt

Asset-Specific Debt	12 Months Ended
	Dec. 31, 2021
Debt Disclosure [Abstract]
Asset-Specific Debt	ASSET-SPECIFIC DEBT, NET The following tables detail our asset-specific debt ($ in thousands): December 31, 2021 Asset-Specific Debt Count Principal Balance Book Value Wtd. Avg. Yield/Cost (1) Wtd. Avg. Term (2) Collateral assets 4 $ 446,276 $ 435,727 + 4.04 % March 2025 Financing provided 4 $ 400,699 $ 393,824 + 2.78 % March 2025 December 31, 2020 Asset-Specific Debt Count Principal Balance Book Value Wtd. Avg. Yield/Cost (1) Wtd. Avg. Term (2) Collateral assets 4 $ 512,794 $ 499,085 + 4.65 % October 2023 Financing provided 4 $ 399,699 $ 391,269 + 3.48 % October 2023 (1) These floating rate loans and related liabilities are indexed to the various benchmark rates relevant in each arrangement in terms of currency and payment frequency. Therefore the net exposure to each benchmark rate is in direct proportion to our net assets indexed to that rate. In addition to cash coupon, yield/cost includes the amortization of deferred origination fees / financing costs. (2) The weighted-average term is determined based on the maximum maturity of the corresponding loans, assuming all extension options are exercised by the borrower. Each of our asset-specific debt is term-matched to the corresponding collateral loans.

Term Loans, Net

Term Loans, Net	12 Months Ended
	Dec. 31, 2021
Debt Disclosure [Abstract]
Secured Term Loans, Net	TERM LOANS, NET During the year ended December 31, 2021, we (i) increased our borrowings under our B-1 senior term loan facility, or B-1 Term Loan, by $200.0 million and (ii) increased our borrowings under our B-2 senior term loan facility, or B-2 Term Loan, by $100.0 million and decreased the interest rate by 2.50% to USD LIBOR plus 2.75%. As of December 31, 2021, the following senior term loan facilities, or Term Loans, were outstanding ($ in thousands): Term Loans Face Value Interest Rate (1) All-in Cost (1)(2) Maturity B-1 Term Loan $ 929,878 + 2.25 % + 2.53 % April 23, 2026 B-2 Term Loan $ 419,393 + 2.75 % + 3.42 % April 23, 2026 (1) The B-2 Term Loan borrowing is subject to a LIBOR floor of 0.50%. (2) Includes issue discount and transaction expenses that are amortized through interest expense over the life of the Term Loans. The Term Loans are partially amortizing, with an amount equal to 1.0% per annum of the aggregate principal balance due in quarterly installments. The issue discount and transaction expenses on the B-1 Term Loan were $3.1 million and $12.6 million, respectively, which will be amortized into interest expense over the life of the B-1 Term Loan. The issue discount and transaction expenses of the B-2 Term Loan were $9.6 million and $5.4 million, respectively, which will be amortized into interest expense over the life of the B-2 Term Loan. The following table details the net book value of our Term Loans on our consolidated balance sheets ($ in thousands): December 31, 2021 December 31, 2020 Face value $ 1,349,271 $ 1,062,766 Unamortized discount (9,209) (9,807) Deferred financing costs (12,656) (11,255) Net book value $ 1,327,406 $ 1,041,704

Senior Secured Notes, Net

Senior Secured Notes, Net	12 Months Ended
	Dec. 31, 2021
Debt Disclosure [Abstract]
Senior Secured Notes, Net	SENIOR SECURED NOTES, NET During the year ended December 31, 2021, we issued $400.0 million aggregate principal amount of 3.75% senior secured notes due 2027, or the Senior Secured Notes. As of December 31, 2021, the following Senior Secured Notes, were outstanding ($ in thousands): Senior Secured Notes Face Value Interest Rate All-in Cost (1) Maturity Senior Secured Notes $ 400,000 3.75 % 4.04 % January 15, 2027 (1) Includes transaction expenses that are amortized through interest expense over the life of the Senior Secured Notes. The transaction expenses on the Senior Secured Notes were $6.3 million, which will be amortized into interest expense over the life of the Senior Secured Notes. The following table details the net book value of our Senior Secured Notes on our consolidated balance sheets ($ in thousands): December 31, 2021 December 31, 2020 Face value $ 400,000 $ — Deferred financing costs (5,990) — Net book value $ 394,010 $ —

Convertible Notes, Net

Convertible Notes, Net	12 Months Ended
	Dec. 31, 2021
Text Block [Abstract]
Convertible Notes, Net	CONVERTIBLE NOTES, NET As of December 31, 2021, the following convertible senior notes, or Convertible Notes, were outstanding ($ in thousands): Convertible Notes Issuance Face Value Interest Rate All-in Cost (1) Conversion Rate (2) Maturity May 2017 $ 402,500 4.38 % 4.85 % 28.0324 May 5, 2022 March 2018 $ 220,000 4.75 % 5.33 % 27.6052 March 15, 2023 (1) Includes issuance costs that are amortized through interest expense over the life of the Convertible Notes using the effective interest method. (2) Represents the shares of class A common stock per $1,000 principal amount of Convertible Notes, which is equivalent to a conversion price of $35.67 and $36.23 per share of class A common stock, respectively, for the May 2017 and March 2018 convertible notes. The cumulative dividend threshold as defined in the respective May 2017 and March 2018 convertible notes supplemental indentures have not been exceeded as of December 31, 2021. The Convertible Notes are convertible at the holders’ option into shares of our class A common stock, only under specific circumstances, prior to the close of business on January 31, 2022 and December 14, 2022 for the May 2017 and March 2018 convertible notes, respectively, at the applicable conversion rate in effect on the conversion date. Thereafter, the Convertible Notes are convertible at the option of the holder at any time until the second scheduled trading day immediately preceding the maturity date. We may not redeem the Convertible Notes prior to maturity. The last reported sale price of our class A common stock of $30.62 on December 31, 2021 was less than the per share conversion price of the May 2017 and March 2018 convertible notes. We have the intent and ability to settle each series of the Convertible Notes in cash and, as a result, the potential conversion of the Convertible Notes did not have any impact on our diluted earnings per share. Upon our issuance of the May 2017 convertible notes, we recorded a $979,000 discount based on the implied value of the conversion option and an assumed effective interest rate of 4.57%, as well as $8.4 million of issue discount and issuance costs. Including the amortization of the discount and issuance costs, our total cost of the May 2017 convertible notes issuance is 4.91% per annum. Upon our issuance of the March 2018 convertible notes, we recorded a $1.5 million discount based on the implied value of the conversion option and an assumed effective interest rate of 5.25%, as well as $5.2 million of issue discount and issuance costs. Including the amortization of the discount and issuance costs, our total cost of the March 2018 convertible notes issuance is 5.49% per annum. The following table details the net book value of our Convertible Notes on our consolidated balance sheets ($ in thousands): December 31, 2021 December 31, 2020 Face value $ 622,500 $ 622,500 Unamortized discount (2,472) (5,715) Deferred financing costs (152) (396) Net book value $ 619,876 $ 616,389 The following table details our interest expense related to the Convertible Notes ($ in thousands): Year Ended December 31, 2021 2020 2019 Cash coupon $ 28,059 $ 28,059 $ 28,059 Discount and issuance cost amortization 3,486 3,319 3,159 Total interest expense $ 31,545 $ 31,378 $ 31,218

Derivative Financial Instrument

Derivative Financial Instruments	12 Months Ended
	Dec. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Financial Instruments	DERIVATIVE FINANCIAL INSTRUMENTS The sole objective of our use of derivative financial instruments is to minimize the risks and/or costs associated with our investments and/or financing transactions. These derivatives may or may not qualify as net investment, cash flow, or fair value hedges under the hedge accounting requirements of ASC 815 – “Derivatives and Hedging.” Derivatives not designated as hedges are not speculative and are used to manage our exposure to interest rate movements and other identified risks. Refer to Note 2 for additional discussion of the accounting for designated and non-designated hedges. The use of derivative financial instruments involves certain risks, including the risk that the counterparties to these contractual arrangements do not perform as agreed. To mitigate this risk, we only enter into derivative financial instruments with counterparties that have appropriate credit ratings and are major financial institutions with which we and our affiliates may also have other financial relationships. Cash Flow Hedges of Interest Rate Risk Certain of our transactions expose us to interest rate risks, which include a fixed versus floating rate mismatch between our assets and liabilities. We use derivative financial instruments, which includes interest rate caps, and may also include interest rate swaps, options, floors, and other interest rate derivative contracts, to hedge interest rate risk. The following tables detail our outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk (notional amount in thousands): December 31, 2021 Interest Rate Derivatives Number of Instruments Notional Amount Strike Index Wtd.-Avg. Maturity (Years) Interest Rate Caps 1 $ 20,670 1.0 % CDOR 0.2 December 31, 2020 Interest Rate Derivatives Number of Instruments Notional Amount Strike Index Wtd.-Avg. Maturity (Years) Interest Rate Caps 2 $ 38,293 1.0 % CDOR 0.8 Amounts reported in accumulated other comprehensive income (loss) related to derivatives will be reclassified to interest expense as interest payments are made on our floating rate debt. During the twelve months following December 31, 2021, we estimate that an additional $4,000 will be reclassified from accumulated other comprehensive income (loss) as an increase to interest expense. Net Investment Hedges of Foreign Currency Risk Certain of our international investments expose us to fluctuations in foreign interest rates and currency exchange rates. These fluctuations may impact the value of our cash receipts and payments in terms of our functional currency, the U.S. dollar. We use foreign currency forward contracts to protect the value or fix the amount of certain investments or cash flows in terms of the U.S. dollar. Designated Hedges of Foreign Currency Risk The following table details our outstanding foreign exchange derivatives that were designated as net investment hedges of foreign currency risk (notional amount in thousands): December 31, 2021 December 31, 2020 Foreign Currency Derivatives Number of Instruments Notional Amount Foreign Currency Derivatives Number of Instruments Notional Amount Buy USD / Sell SEK Forward 1 kr 999,500 Buy USD / Sell EUR Forward 8 € 754,722 Buy USD / Sell EUR Forward 7 € 731,182 Buy USD / Sell GBP Forward 4 £ 372,487 Buy USD / Sell GBP Forward 2 £ 489,204 Buy USD / Sell AUD Forward 1 A$ 92,800 Buy USD / Sell AUD Forward 3 A$ 188,600 Buy USD / Sell CAD Forward 1 C$ 26,200 Buy USD / Sell CAD Forward 2 C$ 22,100 Buy USD / Sell CHF Forward 1 CHF 5,200 Non-designated Hedges of Foreign Currency Risk The following table details our outstanding foreign exchange derivatives that were non-designated hedges of foreign currency risk (notional amount in thousands): December 31, 2021 December 31, 2020 Non-designated Hedges Number of Instruments Notional Amount Non-designated Hedges Number of Instruments Notional Amount Buy GBP / Sell EUR Forward 1 € 8,410 Buy EUR / Sell GBP Forward 2 £ 146,207 Buy GBP / Sell USD Forward 3 £ 170,600 Buy USD / Sell EUR Forward 1 € 8,410 Buy USD / Sell GBP Forward 3 £ 170,600 Buy EUR / Sell USD Forward 2 € 165,560 Buy USD / Sell EUR Forward 3 € 165,560 Buy CHF / Sell USD Forward 1 CHF 20,300 Buy USD / Sell CHF Forward 1 CHF 20,300 Financial Statement Impact of Hedges of Foreign Currency Risk The following table presents the effect of our derivative financial instruments on our consolidated statements of operations ($ in thousands): Increase (Decrease) to Net Interest Income Recognized from Foreign Foreign Exchange Contracts in Hedging Relationships Location of Income (Expense) Recognized Year Ended December 31, 2021 Year Ended December 31, 2020 Year Ended December 31, 2019 Designated Hedges Interest Income (1) $ 7,296 $ 4,382 $ — Non-Designated Hedges Interest Income (1) (342) (522) — Non-Designated Hedges Interest Expense (2) (6,911) (4,357) 1,060 Total $ 43 $ (497) $ 1,060 (1) Represents the forward points earned on our foreign currency forward contracts, which reflect the interest rate differentials between the applicable base rate for our foreign currency investments and USD LIBOR. These forward contracts effectively convert the rate exposure to USD LIBOR, resulting in additional interest income earned in U.S. dollar terms. (2) Represents the spot rate movement in our non-designated hedges, which are marked-to-market and recognized in interest expense. Valuation and Other Comprehensive Income The following table summarizes the fair value of our derivative financial instruments ($ in thousands): Fair Value of Derivatives in an Asset Position (1) as of Fair Value of Derivatives in a Liability Position (2) as of December 31, 2021 December 31, 2020 December 31, 2021 December 31, 2020 Derivatives designated as hedging instruments: Foreign exchange contracts $ 23,423 $ 521 $ 1,383 $ 55,758 Interest rate derivatives — 1 — — Total $ 23,423 $ 522 $ 1,383 $ 55,758 Derivatives not designated as hedging instruments: Foreign exchange contracts $ 7,108 $ — $ 4,507 $ 3,157 Interest rate derivatives — — — — Total $ 7,108 $ — $ 4,507 $ 3,157 Total Derivatives $ 30,531 $ 522 $ 5,890 $ 58,915 (1) Included in other assets in our consolidated balance sheets. (2) Included in other liabilities in our consolidated balance sheets. The following table presents the effect of our derivative financial instruments on our consolidated statements of operations ($ in thousands): Derivatives in Hedging Relationships Amount of Gain (Loss) Recognized in OCI on Derivatives Location of Gain (Loss) Reclassified from Amount of Loss Reclassified from Accumulated OCI into Income Year Ended December 31, Accumulated Year Ended December 31, 2021 2020 2019 OCI into Income 2021 2020 2019 Net Investment Hedges Foreign exchange contracts (1) $ 81,603 $ (59,609) $ (5,592) Interest Expense $ — $ — $ — Cash Flow Hedges Interest rate derivatives (5) (94) (144) Interest Expense (2) (10) 7 195 Total $ 81,598 $ (59,703) $ (5,736) $ (10) $ 7 $ 195 (1) During the years ended December 31, 2021, and December 31, 2020, we paid net cash settlements of $1.4 million and $43.0 million on our foreign currency contracts. During the year ended December 31, 2019, we received net cash settlements of $43.1 million on our foreign currency forward contracts. Those amounts are included as a component of accumulated other comprehensive loss on our consolidated balance sheets. (2) During the year ended December 31, 2021, we recorded total interest and related expenses of $340.2 million, which included interest expense of $10,000 related to our cash flow hedges. During the years ended December 31, 2020 and December 31, 2019, we recorded total interest and related expenses of $347.5 million and $458.5 million, respectively, which were reduced by $7,000 and $195,000, respectively, related to income generated by our cash flow hedges. Credit-Risk Related Contingent Features We have entered into agreements with certain of our derivative counterparties that contain provisions where if we were to default on any of our indebtedness, including default where repayment of the indebtedness has not been accelerated by the lender, we may also be declared in default on our derivative obligations. In addition, certain of our agreements with our derivative counterparties require that we post collateral to secure net liability positions. As of December 31, 2021, we were in a net asset position with both of our derivative counterparties and did not have any collateral posted under these derivative contracts, which amount is included in other assets on our consolidated balance sheet. As of December 31, 2020,

Equity

Equity	12 Months Ended
	Dec. 31, 2021
Equity [Abstract]
Equity	EQUITY Stock and Stock Equivalents Authorized Capital As of December 31, 2021, we had the authority to issue up to 500,000,000 shares of stock, consisting of 400,000,000 shares of class A common stock and 100,000,000 shares of preferred stock. Subject to applicable NYSE listing requirements, our board of directors is authorized to cause us to issue additional shares of authorized stock without stockholder approval. In addition, to the extent not issued, currently authorized stock may be reclassified between class A common stock and preferred stock. We did not have any shares of preferred stock issued and outstanding as of December 31, 2021 and December 31, 2020. Class A Common Stock and Deferred Stock Units Holders of shares of our class A common stock are entitled to vote on all matters submitted to a vote of stockholders and are entitled to receive such dividends as may be authorized by our board of directors and declared by us, in all cases subject to the rights of the holders of shares of outstanding preferred stock, if any. The following table details our issuance of class A common stock during the years ended December 31, 2021, 2020, and 2019 ($ in thousands, except share and per share data): Class A Common Stock Offerings 2021 (1) 2020 (2) 2019 (3) Shares issued 20,361,408 10,840,696 10,534,628 Gross / net issue price per share (4) 31.64 / 31.37 27.79 / 27.52 35.75 / 35.38 Net proceeds (5) $ 638,005 $ 297,599 $ 372,341 (1) Issuance includes 296,901 shares issued under our at-the-market program, with a weighted-average gross share issue price of $33.67. (2) Includes 840,696 shares issued to our Manager in satisfaction of the management and incentive fees accrued in the first quarter of 2020, with a share issue price of $22.93. The per share price was calculated based on the volume-weighted average price on the NYSE of our class A common stock over the five trading days following our April 29, 2020 first quarter 2020 earnings conference call. (3) Issuance includes 1.9 million shares issued under our at-the-market program, with a weighted-average gross share issue price of $34.63. (4) Represents the gross price per share issued, as well as the net proceeds per share after underwriting or sales discounts and commissions. (5) Net proceeds represent proceeds received from the underwriters less applicable transaction costs. Includes 19.3 million of net proceeds related to 840,696 shares issued to our Manager in satisfaction of the management and incentives fees accrued in the first quarter of 2020. We also issue restricted class A common stock under our stock-based incentive plans. Refer to Note 15 for additional discussion of these long-term incentive plans. In addition to our class A common stock, we also issue deferred stock units to certain members of our board of directors in lieu of cash compensation for services rendered. These deferred stock units are non-voting, but carry the right to receive dividends in the form of additional deferred stock units in an amount equivalent to the cash dividends paid to holders of shares of class A common stock. The following table details the movement in our outstanding shares of class A common stock, including restricted class A common stock and deferred stock units: Year Ended December 31, Common Stock Outstanding (1) 2021 2020 2019 Beginning balance 147,086,722 135,263,728 123,664,577 Issuance of class A common stock (2) 20,363,592 10,842,746 10,535,842 Issuance of restricted class A common stock, net (3) 1,036,175 933,623 1,032,082 Issuance of deferred stock units 56,881 46,625 31,227 Ending balance 168,543,370 147,086,722 135,263,728 (1) Includes 363,572, 306,691, and 260,066 deferred stock units held by members of our board of directors as of December 31, 2021, 2020, and 2019, respectively. (2) Includes 2,184, 2,050, and 1,214 shares issued under our dividend reinvestment program during the years ended December 31, 2021, 2020, and 2019, respectively. (3) Net of 29,580, 879, and 17,565 shares of restricted class A common stock forfeited under our stock-based incentive plans during the years ended December 31, 2021, 2020, and 2019, respectively. See Note 15 for further discussion of our stock-based incentive plans. Dividend Reinvestment and Direct Stock Purchase Plan On March 25, 2014, we adopted a dividend reinvestment and direct stock purchase plan, under which we registered and reserved for issuance, in the aggregate, 10,000,000 shares of class A common stock. Under the dividend reinvestment component of this plan, our class A common stockholders can designate all or a portion of their cash dividends to be reinvested in additional shares of class A common stock. The direct stock purchase component allows stockholders and new investors, subject to our approval, to purchase shares of class A common stock directly from us. During the years ended December 31, 2021, 2020, and 2019 we issued 2,184 shares, 2,050 shares, and 1,214 shares, respectively, of class A common stock under the dividend reinvestment component of the plan. As of December 31, 2021, a total of 9,989,790 shares of class A common stock remained available for issuance under the dividend reinvestment and direct stock purchase plan. At the Market Stock Offering Program On November 14, 2018, we entered into six equity distribution agreements, or ATM Agreements, pursuant to which we may sell, from time to time, up to an aggregate sales price of $500.0 million of our class A common stock. On July 26, 2019, we amended our existing ATM Agreements and entered into one additional ATM Agreement. Sales of class A common stock made pursuant to our ATM Agreements may be made in negotiated transactions or transactions that are deemed to be “at the market” offerings as defined in Rule 415 under the Securities Act of 1933, as amended. Actual sales depend on a variety of factors including market conditions, the trading price of our class A common stock, our capital needs, and our determination of the appropriate sources of funding to meet such needs. During the year ended December 31, 2021, we issued and sold 296,901 shares of class A common stock under ATM Agreements, generating net proceeds totaling $9.9 million. During the year ended December 31, 2020, we did not issue any shares of our class A common stock under ATM Agreements. During the year ended December 31, 2019, we issued and sold 1,909,628 shares of class A common stock under ATM Agreements, generating net proceeds totaling $65.4 million. As of December 31, 2021, sales of our class A common stock with an aggregate sales price of $353.8 million remained available for issuance under our ATM Agreements. Dividends We generally intend to distribute substantially all of our taxable income, which does not necessarily equal net income as calculated in accordance with GAAP, to our stockholders each year to comply with the REIT provisions of the Internal Revenue Code. Our dividend policy remains subject to revision at the discretion of our board of directors. All distributions will be made at the discretion of our board of directors and will depend upon our taxable income, our financial condition, our maintenance of REIT status, applicable law, and other factors as our board of directors deems relevant. On December 15, 2021, we declared a dividend of $0.62 per share, or $104.3 million in aggregate, that was paid on January 14, 2022 to stockholders of record as of December 31, 2021. The following table details our dividend activity ($ in thousands, except per share data): Year Ended December 31, 2021 2020 2019 Dividends declared per share of common stock $ 2.48 $ 2.48 $ 2.48 Percent taxable as ordinary dividends 100.00 % 100.00 % 100.00 % Percent taxable as capital gain dividends — % — % — % 100.00 % 100.00 % 100.00 % Earnings Per Share We calculate our basic and diluted earnings per share using the two-class method for all periods presented as the unvested shares of our restricted class A common stock qualify as participating securities, as defined by GAAP. These restricted shares have the same rights as our other shares of class A common stock, including participating in any dividends, and therefore have been included in our basic and diluted net income per share calculation. Our Convertible Notes are excluded from dilutive earnings per share as we have the intent and ability to settle these instruments in cash. The following table sets forth the calculation of basic and diluted net income per share of class A common stock based on the weighted-average of both restricted and unrestricted class A common stock outstanding ($ in thousands, except per share data): Year Ended December 31, 2021 2020 2019 Net income (1) $ 419,193 $ 137,670 $ 305,567 Weighted-average shares outstanding, basic and diluted 151,521,941 141,795,977 130,085,398 Per share amount, basic and diluted $ 2.77 $ 0.97 $ 2.35 (1) Represents net income attributable to Blackstone Mortgage Trust. Other Balance Sheet Items Accumulated Other Comprehensive Income As of December 31, 2021, total accumulated other comprehensive income was $8.3 million, primarily representing $86.4 million of net realized and unrealized gains related to changes in the fair value of derivative instruments offset by $78.1 million of cumulative unrealized currency translation adjustments on assets and liabilities denominated in foreign currencies. As of December 31, 2020, total accumulated other comprehensive income was $11.2 million, primarily representing (i) $6.4 million of cumulative unrealized currency translation adjustments on assets and liabilities denominated in foreign currencies, and (ii) $4.8 million of net realized and unrealized gains related to changes in the fair value of derivative instruments. Non-Controlling Interests

Other Expenses

Other Expenses	12 Months Ended
	Dec. 31, 2021
Other Income and Expenses [Abstract]
Other Expenses	OTHER EXPENSES Our other expenses consist of the management and incentive fees we pay to our Manager and our general and administrative expenses. Management and Incentive Fees Pursuant to a management agreement between our Manager and us, or our Management Agreement, our Manager earns a base management fee in an amount equal to 1.50% per annum multiplied by our outstanding equity balance, as defined in the Management Agreement. In addition, our Manager is entitled to an incentive fee in an amount equal to the product of (i) 20% and (ii) the excess of (a) our Core Earnings (as defined in our Management Agreement) for the previous 12-month period over (b) an amount equal to 7.00% per annum multiplied by our outstanding Equity, provided that our Core Earnings over the prior three-year period is greater than zero. Core Earnings, as defined in our Management Agreement, is generally equal to our GAAP net income (loss), including realized gains and losses not otherwise recognized in current period GAAP net income (loss), and excluding (i) non-cash equity compensation expense, (ii) depreciation and amortization, (iii) unrealized gains (losses), (iv) net income (loss) attributable to our legacy portfolio, (v) certain non-cash items, and (vi) incentive management fees. During the years ended December 31, 2021, 2020, and 2019, we incurred $64.2 million, $60.4 million, and $55.3 million, respectively, of management fees payable to our Manager. In addition, during the years ended December 31, 2021, 2020, and 2019, we incurred $24.3 million, $17.5 million, and $23.2 million, respectively, of incentive fees payable to our Manager. During the year ended December 31, 2020, we issued 840,696 shares of class A common stock to our Manager in satisfaction of our aggregate $19.3 million of management and incentive fees accrued in the first quarter of 2020. As of December 31, 2021 and 2020 we had accrued management and incentive fees payable to our Manager of $28.4 million and $19.2 million, respectively. General and Administrative Expenses General and administrative expenses consisted of the following ($ in thousands): Year Ended December 31, 2021 2020 2019 Professional services (1) $ 7,759 $ 7,324 $ 5,163 Operating and other costs (1) 3,762 4,015 3,035 Subtotal 11,521 11,339 8,198 Non-cash compensation expenses Restricted class A common stock earned 31,052 34,032 30,156 Director stock-based compensation 595 500 500 Subtotal 31,647 34,532 30,656 Total general and administrative expenses $ 43,168 $ 45,871 $ 38,854

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Income Taxes	INCOME TAXES We have elected to be taxed as a REIT under the Internal Revenue Code for U.S. federal income tax purposes. We generally must distribute annually at least 90% of our net taxable income, subject to certain adjustments and excluding any net capital gain, in order for U.S. federal income tax not to apply to our earnings that we distribute. To the extent that we satisfy this distribution requirement, but distribute less than 100% of our net taxable income, we will be subject to U.S. federal income tax on our undistributed taxable income. In addition, we will be subject to a 4% nondeductible excise tax if the actual amount that we pay out to our stockholders in a calendar year is less than a minimum amount specified under U.S. federal tax laws. Our qualification as a REIT also depends on our ability to meet various other requirements imposed by the Internal Revenue Code, which relate to organizational structure, diversity of stock ownership, and certain restrictions with regard to the nature of our assets and the sources of our income. Even if we qualify as a REIT, we may be subject to certain U.S. federal income and excise taxes and state and local taxes on our income and assets. If we fail to maintain our qualification as a REIT for any taxable year, we may be subject to material penalties as well as federal, state, and local income tax on our taxable income at regular corporate rates and we would not be able to qualify as a REIT for the subsequent four full taxable years. As of December 31, 2021 and 2020, we were in compliance with all REIT requirements. Securitization transactions could result in the creation of taxable mortgage pools for federal income tax purposes. As a REIT, so long as we own 100% of the equity interests in a taxable mortgage pool, we generally would not be adversely affected by the characterization of the securitization as a taxable mortgage pool. Certain categories of stockholders, however, such as foreign stockholders eligible for treaty or other benefits, stockholders with net operating losses, and certain tax-exempt stockholders that are subject to unrelated business income tax, or UBTI, could be subject to increased taxes on a portion of their dividend income from us that is attributable to the taxable mortgage pool. We have not made UBTI distributions to our common stockholders and do not intend to make such UBTI distributions in the future. During the years ended December 31, 2021 and December 31, 2020, we recorded a current income tax provision of $423,000 and $323,000, respectively, primarily related to activities of our taxable REIT subsidiaries and various state and local taxes. During the year ended December 31, 2019, we recorded a current income tax benefit of $506,000, primarily due to a tax credit refund. We did not have any deferred tax assets or liabilities as of December 31, 2021 or 2020. We have net operating losses, or NOLs, generated by our predecessor business that may be carried forward and utilized in current or future periods. As a result of our issuance of 25,875,000 shares of class A common stock in May 2013, the availability of our NOLs is generally limited to $2.0 million per annum by change of control provisions promulgated by the Internal Revenue Service with respect to the ownership of Blackstone Mortgage Trust. As of December 31, 2021, we had estimated NOLs of $159.0 million that will expire in 2029, unless they are utilized by us prior to expiration. We have a full valuation allowance against such NOLs as it is probable that they will expire unutilized.

Stock-Based Incentive Plans

Stock-Based Incentive Plans	12 Months Ended
	Dec. 31, 2021
Share-based Payment Arrangement [Abstract]
Stock-Based Incentive Plans	STOCK-BASED INCENTIVE PLANS We are externally managed by our Manager and do not currently have any employees. However, as of December 31, 2021, our Manager, certain individuals employed by an affiliate of our Manager, and certain members of our board of directors were compensated, in part, through our issuance of stock-based instruments. We had stock-based incentive awards outstanding under nine benefit plans as of December 31, 2021. Seven of such benefit plans have expired and no new awards may be issued under them. Under our two current benefit plans, a maximum of 5,000,000 shares of our class A common stock may be issued to our Manager, our directors and officers, and certain employees of affiliates of our Manager. As of December 31, 2021, there were 1,170,042 shares available under our current benefit plans. The following table details the movement in our outstanding shares of restricted class A common stock and the weighted-average grant date fair value per share: Restricted Class A Common Stock Weighted-Average Grant Date Fair Value Per Share Balance as of December 31, 2019 1,698,582 $ 34.52 Granted 934,502 31.83 Vested (1,004,315) 34.26 Forfeited (879) 34.57 Balance as of December 31, 2020 1,627,890 $ 33.14 Granted 1,065,755 29.93 Vested (957,944) 33.08 Forfeited (29,580) 31.52 Balance as of December 31, 2021 1,706,121 $ 31.19 These shares generally vest in installments over a period of three years, pursuant to the terms of the respective award agreements and the terms of our current benefit plans. The 1,706,121 shares of restricted class A common stock outstanding as of December 31, 2021 will vest as follows: 893,701 shares will vest in 2022; 545,100 shares will vest in 2023; and 267,320 shares will vest in 2024. As of December 31, 2021, total unrecognized compensation cost relating to unvested share-based compensation arrangements was $51.3 million based on the grant date fair value of shares granted. This cost is expected to be recognized over a weighted-average period of 1.2 years from December 31, 2021.

Fair Values

Fair Values	12 Months Ended
	Dec. 31, 2021
Fair Value Disclosures [Abstract]
Fair Values	FAIR VALUES Assets and Liabilities Measured at Fair Value The following table summarizes our assets and liabilities measured at fair value on a recurring basis ($ in thousands): December 31, 2021 December 31, 2020 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets Derivatives $ — $ 30,531 $ — $ 30,531 $ — $ 522 $ — $ 522 Liabilities Derivatives $ — $ 5,890 $ — $ 5,890 $ — $ 58,915 $ — $ 58,915 Refer to Note 2 for further discussion regarding fair value measurement. Fair Value of Financial Instruments As discussed in Note 2, GAAP requires disclosure of fair value information about financial instruments, whether or not recognized at fair value in the statement of financial position, for which it is practicable to estimate that value. The following table details the book value, face amount, and fair value of the financial instruments described in Note 2 ($ in thousands): December 31, 2021 December 31, 2020 Book Value Face Amount Fair Value Book Value Face Amount Fair Value Financial assets Cash and cash equivalents $ 551,154 $ 551,154 $ 551,154 $ 289,970 $ 289,970 $ 289,970 Loans receivable, net 21,878,338 22,156,437 22,013,762 16,399,166 16,652,824 16,447,192 Debt securities held-to-maturity, net (1) 78,013 79,200 77,229 75,722 79,200 70,127 Financial liabilities Secured debt, net 12,280,042 12,299,580 12,299,580 7,880,536 7,896,863 7,896,863 Securitized debt obligations, net 2,838,062 2,855,625 2,850,399 2,922,499 2,940,638 2,923,489 Asset-specific debt, net 393,824 400,699 400,699 391,269 399,699 399,699 Secured term loans, net 1,327,406 1,349,271 1,335,844 1,041,704 1,062,766 1,053,060 Senior secured notes, net 394,010 400,000 399,012 — — — Convertible notes, net 619,876 622,500 630,821 616,389 622,500 621,568 (1) Included in other assets on our consolidated balance sheets.

Variable Interest Entities

Variable Interest Entities	12 Months Ended
	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Variable Interest Entities	17. VARIABLE INTEREST ENTITIES Consolidated Variable Interest Entities We have financed a portion of our loans through the CLOs and the 2017 Single Asset Securitization, all of which are VIEs. During the year ended December 31, 2021, the 2017 Single Asset Securitization was liquidated upon full repayment of its collateral and all senior securities outstanding. We are the primary beneficiary of, and therefore consolidate, the CLOs on our balance sheet as we (i) control the relevant interests of the CLOs that give us power to direct the activities that most significantly affect the CLOs, and (ii) have the right to receive benefits and obligation to absorb losses of the CLOs through the subordinate interests we own. The following table details the assets and liabilities of our consolidated CLOs and 2017 Single Asset Securitization VIEs ($ in thousands): December 31, 2021 December 31, 2020 Assets: Loans receivable $ 3,486,750 $ 3,520,130 Current expected credit loss reserve (4,502) (13,454) Loans receivable, net 3,482,248 3,506,676 Other assets 20,746 81,274 Total assets $ 3,502,994 $ 3,587,950 Liabilities: Securitized debt obligations, net $ 2,838,062 $ 2,922,499 Other liabilities 1,800 2,104 Total liabilities $ 2,839,862 $ 2,924,603 Assets held by these VIEs are restricted and can be used only to settle obligations of the VIEs, including the subordinate interests owned by us. The liabilities of these VIEs are non-recourse to us and can only be satisfied from the assets of the VIEs. The consolidation of these VIEs results in an increase in our gross assets, liabilities, interest income and interest expense, however it does not affect our stockholders’ equity or net income. Non-Consolidated Variable Interest Entities In the third quarter of 2018, we contributed a $517.5 million loan to the $1.0 billion 2018 Single Asset Securitization, which is a VIE, and invested in the related $99.0 million subordinate position. We are not the primary beneficiary of the VIE because we do not have the power to direct the activities that most significantly affect the VIE’s economic performance and, therefore, do not consolidate the 2018 Single Asset Securitization on our balance sheet. We have classified the subordinate position we own as a held-to-maturity debt security that is included in other assets on our consolidated balance sheets. Our maximum exposure to loss from the 2018 Single Asset Securitization is limited to our book value of $78.0 million as of December 31, 2021.

Transactions With Related Parti

Transactions With Related Parties	12 Months Ended
	Dec. 31, 2021
Related Party Transactions [Abstract]
Transactions With Related Parties	TRANSACTIONS WITH RELATED PARTIES We are managed by our Manager pursuant to the Management Agreement, the current term of which expires on December 19, 2022, and will be automatically renewed for a one-year term upon such date and each anniversary thereafter unless earlier terminated. As of December 31, 2021 and 2020, our consolidated balance sheets included $28.4 million and $19.2 million of accrued management and incentive fees payable to our Manager, respectively. During the years ended December 31, 2021, 2020, and 2019, we paid aggregate management and incentive fees of $79.3 million, $78.9 million and $76.9 million, respectively, to our Manager. During the year ended December 31, 2020, we issued 840,696 shares of class A common stock to our Manager in satisfaction of our aggregate $19.3 million of management and incentive fees accrued in the first quarter of 2021. The per share price with respect to such issuance was calculated based on the volume-weighted average price on the NYSE of our class A common stock over the five trading days following our April 29, 2020 first quarter 2021 earnings conference call. In addition, during the years ended December 31, 2021, 2020, and 2019, we reimbursed our Manager for expenses incurred on our behalf of $601,000, $1.0 million, and $1.1 million, respectively. As of December 31, 2021, our Manager held 1.1 million shares of unvested restricted class A common stock, which had an aggregate grant date fair value of $33.4 million, and vest in installments over three years from the date of issuance. During the years ended December 31, 2021, 2020, and 2019, we recorded non-cash expenses related to shares held by our Manager of $15.3 million, $17.0 million, and $15.1 million, respectively. Refer to Note 15 for further details on our restricted class A common stock. An affiliate of our Manager is the special servicer of the CLOs. This affiliate did not earn any special servicing fees related to the CLOs during the years ended December 31, 2021, 2020 or 2019. During the years ended December 31, 2021, 2020, and 2019, we originated three loans, two loans, and nine loans respectively, whereby the respective borrowers engaged an affiliate of our Manager to act as title insurance agent in connection with these transactions. We did not incur any expenses or receive any revenues as a result of these transactions. During the years ended December 31, 2021, 2020, and 2019, we incurred $385,000, $487,000, and $440,000, respectively, of expenses for various administrative, compliance, and capital markets data services to third-party service providers that are affiliates of our Manager. In the fourth quarter of 2021, we co-originated A$450.0 million of an aggregate A$900.0 million senior loan to an unaffiliated third-party. A Blackstone-advised investment vehicle co-originated the additional pari passu A$450.0 million of the loan. In the fourth quarter of 2021, we issued $400.0 million aggregate principal amount of 3.75% Senior Secured Notes. The Senior Secured Notes were issued at par and have a maturity date of January 15, 2027. Blackstone Securities Partners L.P., an affiliate of our Manager, participated in the offering of the Senior Secured Notes and received compensation of $400,000 in connection therewith. This transaction was on terms equivalent to those of unaffiliated parties. In the third quarter of 2021, we originated $246.6 million of a total $503.0 million senior loan to an unaffiliated third-party, which was part of a total financing that included a mezzanine loan originated by a Blackstone-advised investment vehicle. We will forgo all non-economic rights under our loan, including voting rights, so long as any Blackstone-advised investment vehicle controls the mezzanine loan. The senior loan terms, with respect to the mezzanine lender, were negotiated by a third party without our involvement and our 49% interest in the senior loan was made on such market terms. In the third quarter of 2021, we acquired £186.0 million of a total £379.6 million senior loan to a borrower that is majority owned by a Blackstone-advised investment vehicle. We will forgo all non-economic rights under the loan, including voting rights, so long as the Blackstone-advised investment vehicle controls the borrower. The senior loan terms were negotiated by the original lender prior to our acquisition of the loan without our involvement, and we acquired the loan on such market terms. In the third quarter of 2021, we co-originated $243.6 million of a total $974.5 million senior loan to an unaffiliated third-party. A Blackstone-advised investment vehicle co-originated an additional pari passu $243.6 million of the loan and unaffiliated third-parties co-originated the remaining $487.3 million of the loan. The loan proceeds were used by the borrower to repay an existing loan previously owned by us. In the third and fourth quarter of 2019, we acquired €250.0 million of a total €1.6 billion senior loan to a borrower that is partially owned by a Blackstone-advised investment vehicle. We will forgo all non-economic rights under the loan, including voting rights, so long as the Blackstone-advised investment vehicle controls the borrower. The senior loan terms were negotiated by third parties without our involvement and our 16% interest in the senior loan was made on such market terms. In the second quarter of 2021, we acquired an additional €100.0 million interest in the senior loan from an unaffiliated lender, bringing our total interest to 22% of the aggregate senior loan. In the second quarter of 2021, we acquired €50.0 million of a total €491.0 million senior loan to a borrower that is majority owned by a Blackstone-advised investment vehicle. We will forgo all non-economic rights under the loan, including voting rights, so long as the Blackstone-advised investment vehicle controls the borrower. The senior loan terms were negotiated by the original lenders prior to our acquisition of the loan without our involvement and our 10% interest in the senior loan was made on such market terms. In the second quarter of 2021 and 2020, certain Blackstone-advised investment vehicles acquired an aggregate $20.0 million participation, or 5%, of the initial aggregate B-2 Term Loan as a part of a broad syndication lead-arranged by JP Morgan. Blackstone Securities Partners L.P., an affiliate of our Manager, was engaged as a book-runner for the transaction and received aggregate fees of $350,000 in such capacity. Both of these transactions were on terms equivalent to those of unaffiliated parties. In the first quarter of 2021, we acquired an SEK 5.0 billion interest in a total SEK 10.2 billion senior loan to a borrower that is wholly owned by a Blackstone-advised investment vehicle. We will forgo all non-economic rights under the loan, including voting rights, so long as we are an affiliate of the borrower. The senior loan terms were negotiated by a third party without our involvement and our 49% interest in the senior loan was made on such market terms. In the first quarter of 2020, we acquired a $140.0 million interest in a total $421.5 million senior loan to a borrower that is partially owned by a Blackstone-advised investment vehicle. We will forgo all non-economic rights under the loan, including voting rights, so long as we are an affiliate of the borrower. The senior loan terms were negotiated by third parties without our involvement and our 33% interest in the senior loan was made on such market terms. In the third quarter of 2019, we originated $214.3 million of a total $437.4 million senior loan to an unaffiliated third party, which was part of a total financing that included a mezzanine loan originated by a Blackstone advised investment vehicle. We will forgo all non-economic rights under our loan, including voting rights, so long as any Blackstone advised investment vehicle controls the mezzanine loan. The senior loan terms, with respect to the mezzanine lender, were negotiated by a third party without our involvement and our 49% interest in the senior loan was made on such market terms. In the third quarter of 2020, we entered into a loan modification with the borrower, which was negotiated by the Blackstone advised investment vehicle that owns the mezzanine loan, and was approved by the third party, majority senior lender, on behalf of the entire senior loan. In the second and fourth quarter of 2019, certain Blackstone-advised investment vehicles acquired an aggregate $60.0 million participation, or 8%, of the total B-1 Term Loan as a part of a broad syndication lead-arranged by JP Morgan. Blackstone Securities Partners L.P., an affiliate of our Manager, was engaged as a book-runner for the transactions and received aggregate fees of $750,000 in such capacity. Both of these transactions were on terms equivalent to those of unaffiliated parties.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	19. COMMITMENTS AND CONTINGENCIES Impact of COVID-19 As further discussed in Note 2, the full extent of the impact of COVID-19 on the global economy generally, and our business in particular, is uncertain. As of December 31, 2021, no contingencies have been recorded on our consolidated balance sheet as a result of COVID-19, however as the global pandemic continues and the economic implications worsen, it may have long-term impacts on our financial condition, results of operations, and cash flows. Refer to Note 2 for further discussion of COVID-19. Unfunded Commitments Under Loans Receivable As of December 31, 2021, we had aggregate unfunded commitments of $4.2 billion across 118 loans receivable and $2.5 billion of committed or identified financing for those commitments resulting in net unfunded commitments of $1.7 billion. The unfunded loan commitments comprise funding for capital expenditures and construction, leasing costs, and interest and carry costs, and their fundability will vary depending on the progress of capital projects, leasing, and cash flows at the properties securing our loans. Therefore, the exact timing and amounts of such future loan fundings are uncertain and will depend on the current and future performance of the underlying collateral assets. We expect to fund our loan commitments over the remaining term of the related loans, which have a weighted-average future funding period of 3.6 years. Principal Debt Repayments Our contractual principal debt repayments as of December 31, 2021 were as follows ($ in thousands): Year Secured Debt (1) Asset-Specific Debt (1) Term Loans (2) Senior Secured Notes Convertible Notes (3) Total (4) 2022 $ 64,564 $ — $ 13,738 $ — $ 402,500 $ 480,802 2023 1,519,427 78,659 13,738 — 220,000 1,831,824 2024 3,859,424 — 13,738 — — 3,873,162 2025 1,226,604 322,040 13,738 — — 1,562,382 2026 4,759,861 — 1,294,319 — — 6,054,180 Thereafter 869,700 — — 400,000 — 1,269,700 Total obligation $ 12,299,580 $ 400,699 $ 1,349,271 $ 400,000 $ 622,500 $ 15,072,050 (1) The allocation of repayments under our secured debt and asset-specific debt is based on the earlier of (i) the maturity date of each agreement, or (ii) the maximum maturity date of the collateral loans, assuming all extension options are exercised by the borrower. (2) The Term Loans are partially amortizing, with an amount equal to 1.0% per annum of the initial principal balance due in quarterly installments. Refer to Note 8 for further details on our term loans. (3) Reflects the outstanding principal balance of Convertible Notes, excluding any potential conversion premium. Refer to Note 10 for further details on our Convertible Notes. (4) Total does not include $2.9 billion of consolidated securitized debt obligations, $1.5 billion of non-consolidated senior interests, and $300.1 million of non-consolidated securitized debt obligations, as the satisfaction of these liabilities will not require cash outlays from us. Board of Directors’ Compensation As of December 31, 2021, of the nine members of our board of directors, our six independent directors are entitled to annual compensation of $210,000 each, of which $95,000 will be paid in the form of cash and $115,000 will be paid in the form of deferred stock units or, beginning in 2022, at their election, shares of restricted common stock. The other three board members, including our chairman and our chief executive officer, are not compensated by us for their service as directors. In addition, (i) the chairs of our audit, compensation, and corporate governance committees receive additional annual cash compensation of $20,000, $15,000, and $10,000, respectively and (ii) the members of our audit and investment risk management committees receive additional annual cash compensation of $10,000 and $7,500, respectively. Litigation

Schedule IV - Mortgage Loans on

Schedule IV - Mortgage Loans on Real Estate	12 Months Ended
	Dec. 31, 2021
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract]
Schedule IV - Mortgage Loans on Real Estate	Blackstone Mortgage Trust, Inc. Schedule IV – Mortgage Loans on Real Estate As of December 31, 2021 (in thousands) Type of Loan/Borrower Description / Location Interest Payment Rates (2) Maximum Maturity Date (3) Periodic Payment Terms (4)(5) Prior Liens (6) Face Amount of Loans Carrying Amount of Loans (5)(7)(8) Senior Mortgage Loans (1) Senior loans in excess of 3% of the carrying amount of total loans Borrower A Office / Ireland + 2.54 % 2024 I/O $ — $ 1,160,153 $ 1,155,748 Borrower B Mixed-Use / Spain + 3.25 % 2023 I/O — 821,873 820,781 Senior loans less than 3% of the carrying amount of total loans Senior Mortgage Loans Office / Diversified + 2.18 – 6.13% Fixed 4.46% 2022 – 2028 I/O & P/I — 7,922,784 7,873,811 Senior Mortgage Loans Multifamily / Diversified + 1.60% – 5.25% Fixed 1.50% 2023 – 2028 I/O — 5,162,805 5,115,567 Senior Mortgage Loans Hospitality / Diversified + 2.20% – 4.30% 2023 – 2027 I/O — 3,311,723 3,288,135 Senior Mortgage Loans Industrial / Diversified + 2.60% – 3.25% 2024 – 2026 I/O — 1,076,179 1,067,608 Senior Mortgage Loans Mixed-Use / Diversified + 2.50% – 5.00% 2023 – 2027 I/O — 1,045,590 1,041,047 Senior Mortgage Loans Retail / Diversified + 2.25% – 3.10% 2023 – 2026 I/O — 409,917 406,311 Senior Mortgage Loans Other / Diversified + 3.00% – 4.60% 2022 – 2026 I/O — 824,329 818,410 — 19,753,327 19,610,889 Total senior mortgage loans $ — $ 21,735,353 $ 21,587,418 continued… Blackstone Mortgage Trust, Inc. Schedule IV – Mortgage Loans on Real Estate As of December 31, 2021 (in thousands) Type of Loan/Borrower Description / Location Interest Payment Rates (2) Maximum Maturity Date (3) Periodic Payment Terms (4)(5) Prior Liens (6) Face Amount of Loans Carrying Amount of Loans (5)(7)(8) Subordinate Loans (9) Subordinate loans less than 3% of the carrying amount of total loans Subordinate loans Various / Diversified + 2.65% – 4.00% Fixed 5.74% 2022 – 2026 I/O & P/I $ 1,512,675 $ 421,084 $ 415,599 Total subordinate loans $ 1,512,675 $ 421,084 $ 415,599 Total loans $ 1,512,675 $ 22,156,437 $ 22,003,017 CECL reserve (10) (124,679) Total loans, net $ 21,878,338 (1) Includes senior mortgages and similar credit quality loans, including related contiguous subordinate loans, and pari passu participations in senior mortgage loans. (2) The interest payment rates are expressed as a spread over the relevant floating benchmark rates, which include USD LIBOR, SOFR, GBP LIBOR, SONIA, EURIBOR, BBSY, CDOR, and SARON, as applicable to each loan. (3) Maximum maturity date assumes all extension options are exercised. (4) I/O = interest only, P/I = principal and interest. (5) As of December 31, 2021, there were no loans with delinquent principal or interest. (6) Represents only third party liens. (7) The tax basis of the loans included above is $21.3 billion as of December 31, 2021. (8) For one of our multifamily loans, during the three months ended December 31, 2021, we charged off $14.4 million of the CECL reserve and reduced the loan's outstanding principal balance to $37.5 million. (9) Includes subordinate interests in mortgages and mezzanine loans. (10) As of December 31, 2021, we had a total CECL reserve of $124.7 million on our loans receivable, of which $54.9 million is specifically related to one of our loans receivable with an outstanding principal balance of $286.3 million, as of December 31, 2021. This CECL reserve reflects the macroeconomic impact of the COVID-19 pandemic on commercial real estate markets generally, as well as certain loans assessed for impairment in our portfolio. The following table reconciles mortgage loans on real estate for the years ended: 2021 2020 2019 Balance at January 1, $ 16,572,715 $ 16,164,801 $ 14,191,200 Additions during period: Loan fundings 12,550,463 1,896,276 6,890,249 Amortization of fees and other items 68,267 56,279 57,415 Deductions during period: Loan repayments and sales proceeds (6,733,105) (1,862,955) (4,974,881) Principal charge-offs (14,427) — — Unrealized (loss) gain on foreign currency translation (297,894) 340,260 67,376 Deferred fees and other items (143,002) (21,946) (66,558) Balance at December 31, $ 22,003,017 $ 16,572,715 $ 16,164,801 CECL reserve (124,679) (173,549) — Net balance at December 31, $ 21,878,338 $ 16,399,166 $ 16,164,801

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2021
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America, or GAAP, and include, on a consolidated basis, our accounts, the accounts of our wholly-owned subsidiaries, majority-owned subsidiaries, and variable interest entities, or VIEs, of which we are the primary beneficiary. All intercompany balances and transactions have been eliminated in consolidation.
Principles of Consolidation	Principles of Consolidation We consolidate all entities that we control through either majority ownership or voting rights. In addition, we consolidate all VIEs of which we are considered the primary beneficiary. VIEs are defined as entities in which equity investors (i) do not have the characteristics of a controlling financial interest and/or (ii) do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support from other parties. The entity that consolidates a VIE is known as its primary beneficiary and is generally the entity with (i) the power to direct the activities that most significantly affect the VIE’s economic performance and (ii) the right to receive benefits from the VIE or the obligation to absorb losses of the VIE that could be significant to the VIE. In the third quarter of 2018, we contributed a loan to a single asset securitization vehicle, or the 2018 Single Asset Securitization, which is a VIE, and invested in the related subordinate position. We are not the primary beneficiary of the VIE because we do not have the power to direct the activities that most significantly affect the VIE’s economic performance and, therefore, do not consolidate the 2018 Single Asset Securitization on our balance sheet. We have classified the subordinate position we own as a held-to-maturity debt security that is included in other assets on our consolidated balance sheets. Refer to Note 17 for additional discussion of our VIEs. In April 2017, we entered into a joint venture, or our Multifamily Joint Venture, with Walker & Dunlop Inc. to originate, hold, and finance multifamily bridge loans. Pursuant to the terms of the agreements governing the joint venture, Walker & Dunlop contributed 15% of the venture’s equity capital and we contributed 85%. We consolidate the Multifamily Joint Venture as we have a controlling financial interest. The non-controlling interests included on our consolidated balance sheets represent the equity interests in our Multifamily Joint Venture that are owned by Walker & Dunlop. A portion of our
Use of Estimates	Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. As the novel coronavirus, or COVID-19, pandemic has evolved from its emergence in early 2020, so has its global impact. During the year ended December 31, 2021, many countries have re-instituted, or strongly encouraged, varying levels of quarantines and restrictions on travel and in some cases have at times limited operations of certain businesses and taken other restrictive measures designed to help slow the spread of COVID-19 and its variants. Governments and businesses have also instituted vaccine mandates and testing requirements for employees. While vaccine availability and uptake has increased, the longer-term macro-economic effects on global supply chains, inflation, labor shortages and wage increases continue to impact many industries, including the collateral underlying certain of our loans. Moreover, with the potential for new strains of COVID-19 to emerge, governments and businesses may re-impose aggressive measures to help slow its spread in the future. For this reason, among others, as the COVID-19 pandemic continues, the potential global impacts are uncertain and difficult to assess. We believe the estimates and assumptions underlying our consolidated financial statements are reasonable and supportable based on the information available as of December 31, 2021, however uncertainty over the ultimate impact COVID-19 will have on the global economy generally, and our business in particular, makes any estimates and assumptions as of December 31, 2021 inherently less certain than they would be absent the current and potential impacts of COVID-19. Actual results may ultimately differ materially from those estimates.
Revenue Recognition	Revenue Recognition Interest income from our loans receivable portfolio and debt securities is recognized over the life of each investment using the effective interest method and is recorded on the accrual basis. Recognition of fees, premiums, and discounts associated with these investments is deferred and recorded over the term of the loan or debt security as an adjustment to yield. Income accrual is generally suspended for loans at the earlier of the date at which payments become 90 days past due or when, in the opinion of our Manager, recovery of income and principal becomes doubtful. Interest received is then recorded as a reduction in the outstanding principal balance until accrual is resumed when the loan becomes contractually current and performance is demonstrated to be resumed. In addition, for loans we originate, the related origination expenses are deferred and recognized as a component of interest income, however expenses related to loans we acquire are included in general and administrative expenses as incurred.
Cash, Cash Equivalents, and Restricted Cash	Cash and Cash Equivalents Cash and cash equivalents represent cash held in banks and liquid investments with original maturities of three months or less. We may have bank balances in excess of federally insured amounts; however, we deposit our cash and cash equivalents with high credit-quality institutions to minimize credit risk exposure. We have not experienced, and do not expect, any losses on our cash or cash equivalents. As of both December 31, 2021 and December 31, 2020, we had no restricted cash on our consolidated balance sheets.
Loans Receivable	Loans Receivable We originate and purchase commercial real estate debt and related instruments generally to be held as long-term investments at amortized cost.
Debt Securities Held-to-Maturity	Debt Securities Held-to-MaturityWe classify our debt securities as held-to-maturity, as we have the intent and ability to hold these securities until maturity. We include our debt securities in other assets on our consolidated balance sheets at amortized cost.
Current Expected Credit Losses Reserve	Current Expected Credit Losses Reserve The current expected credit loss, or CECL, reserve required under Accounting Standard Update, or ASU, 2016-13 “Financial Instruments – Credit Losses – Measurement of Credit Losses on Financial Instruments (Topic 326),” or ASU 2016-13, reflects our current estimate of potential credit losses related to our loans and debt securities included in our consolidated balance sheets. The initial CECL reserve recorded on January 1, 2020 is reflected as a direct charge to retained earnings on our consolidated statements of changes in equity; however subsequent changes to the CECL reserve are recognized through net income on our consolidated statements of operations. While ASU 2016-13 does not require any particular method for determining the CECL reserve, it does specify the reserve should be based on relevant information about past events, including historical loss experience, current portfolio and market conditions, and reasonable and supportable forecasts for the duration of each respective loan. In addition, other than a few narrow exceptions, ASU 2016-13 requires that all financial instruments subject to the CECL model have some amount of loss reserve to reflect the GAAP principal underlying the CECL model that all loans, debt securities, and similar assets have some inherent risk of loss, regardless of credit quality, subordinate capital, or other mitigating factors. We estimate our CECL reserve primarily using the Weighted Average Remaining Maturity, or WARM method, which has been identified as an acceptable loss-rate method for estimating CECL reserves in the Financial Accounting Standards Board Staff Q&A Topic 326, No. 1. The WARM method requires us to reference historic loan loss data across a comparable data set and apply such loss rate to each of our loans over their expected remaining term, taking into consideration expected economic conditions over the relevant timeframe. We apply the WARM method for the majority of our loan portfolio, which loans share similar risk characteristics. In certain instances, for loans with unique risk characteristics, we may instead use a probability-weighted model that considers the likelihood of default and expected loss given default for each such individual loan. Application of the WARM method to estimate a CECL reserve requires judgment, including (i) the appropriate historical loan loss reference data, (ii) the expected timing and amount of future loan fundings and repayments, and (iii) the current credit quality of our portfolio and our expectations of performance and market conditions over the relevant time period. To estimate the historic loan losses relevant to our portfolio, we have augmented our historical loan performance, with market loan loss data licensed from Trepp LLC. This database includes commercial mortgage-backed securities, or CMBS, issued since January 1, 1999 through November 30, 2021. Within this database, we focused our historical loss reference calculations on the most relevant subset of available CMBS data, which we determined based on loan metrics that are most comparable to our loan portfolio including asset type, geography, and origination loan-to-value, or LTV. We believe this CMBS data, which includes month-over-month loan and property performance, is the most relevant, available, and comparable dataset to our portfolio. Our loans typically include commitments to fund incremental proceeds to our borrowers over the life of the loan, which future funding commitments are also subject to the CECL model. The CECL reserve related to future loan fundings is recorded as a component of Other Liabilities on our consolidated balance sheets. This CECL reserve is estimated using the same process outlined above for our outstanding loan balances, and changes in this component of the CECL reserve will similarly impact our consolidated net income. For both the funded and unfunded portions of our loans, we consider our internal risk rating of each loan as the primary credit quality indicator underlying our assessment. The CECL reserve is measured on a collective basis wherever similar risk characteristics exist within a pool of similar assets. We have identified the following pools and measure the reserve for credit losses using the following methods: • U.S. Loans : WARM method that incorporates a subset of historical loss data, expected weighted-average remaining maturity of our loan pool, and an economic view. • Non-U.S. Loans : WARM method that incorporates a subset of historical loss data, expected weighted average remaining maturity of our loan pool, and an economic view. • Unique Loans : a probability of default and loss given default model, assessed on an individual basis. • Impaired Loans : impairment is indicated when it is deemed probable that we will not be able to collect all amounts due to us pursuant to the contractual terms of the loan. Determining that a loan is impaired requires significant judgment from management and is based on several factors including (i) the underlying collateral performance, (ii) discussions with the borrower, (iii) borrower events of default, and (iv) other facts that impact the borrower’s ability to pay the contractual amounts due under the terms of the loan. If a loan is determined to be impaired, we record the impairment as a component of our CECL reserve by applying the practical expedient for collateral dependent loans. The CECL reserve is assessed on an individual basis for these loans by comparing the estimated fair value of the underlying collateral, less costs to sell, to the book value of the respective loan. These valuations require significant judgments, which include assumptions regarding capitalization rates, discount rates, leasing, creditworthiness of major tenants, occupancy rates, availability and cost of financing, exit plan, loan sponsorship, actions of other lenders, and other factors deemed relevant by our Manager. Actual losses, if any, could ultimately differ materially from these estimates. We only expect to realize the impairment losses if and when such amounts are deemed nonrecoverable upon a realization event. This is generally at the time a loan is repaid, or in the case of foreclosure, when the underlying asset is sold, but non-recoverability may also be concluded if, in our determination, it is nearly certain that all amounts due will not be collected. We adopted ASU 2016-13 using the modified-retrospective method for all financial assets measured at amortized cost. Prior to our adoption, we had no loan loss provisions on our consolidated balance sheets. We recorded a cumulative-effective adjustment to the opening retained earnings in our consolidated statement of equity as of January 1, 2020. The following table details the impact of this adoption ($ in thousands): Impact of ASU 2016-13 Adoption Assets: Loans U.S. Loans $ 8,955 Non-U.S. Loans 3,631 Unique Loans 1,356 CECL reserve on loans $ 13,942 CECL reserve on held-to-maturity debt securities 445 Liabilities: CECL reserve on unfunded loan commitments 3,263 Total impact of ASU 2016-13 adoption on retained earnings $ 17,650 Contractual Term and Unfunded Loan Commitments Expected credit losses are estimated over the contractual term of each loan, adjusted for expected prepayments. As part of our quarterly review of our loan portfolio, we assess the expected repayment date of each loan, which is used to determine the contractual term for purposes of computing our CECL reserve. Additionally, the expected credit losses over the contractual period of our loans are subject to the obligation to extend credit through our unfunded loan commitments. The CECL reserve for unfunded loan commitments is adjusted quarterly, as we consider the expected timing of future funding obligations over the estimated life of the loan. The considerations in estimating our CECL reserve for unfunded loan commitments are similar to those used for the related outstanding loan receivables. Credit Quality Indicator Our risk rating is our primary credit quality indicator in assessing our current expected credit loss reserve. Our Manager performs a quarterly risk review of our portfolio of loans, and assigns each loan a risk rating based on a variety of factors, including, without limitation, LTV, debt yield, property type, geographic and local market dynamics, physical condition, cash flow volatility, leasing and tenant profile, loan structure and exit plan, and project sponsorship. Based on a 5-point scale, our loans are rated “l” through “5,” from less risk to greater risk, relative to our loan portfolio in the aggregate, which ratings are defined as follows: 1 - Very Low Risk 2 - Low Risk 3 - Medium Risk 4 - High Risk/Potential for Loss: A loan that has a risk of realizing a principal loss. 5 - Impaired/Loss Likely: A loan that has a very high risk of realizing a principal loss or has otherwise incurred a principal loss.
Derivative Financial Instruments	Derivative Financial Instruments We classify all derivative financial instruments as either other assets or other liabilities on our consolidated balance sheets at fair value. On the date we enter into a derivative contract, we designate each contract as (i) a hedge of a net investment in a foreign operation, or net investment hedge, (ii) a hedge of a forecasted transaction or of the variability of cash flows to be received or paid related to a recognized asset or liability, or cash flow hedge, (iii) a hedge of a recognized asset or liability, or fair value hedge, or (iv) a derivative instrument not to be designated as a hedging derivative, or non-designated hedge. For all derivatives other than those designated as non-designated hedges, we formally document our hedge relationships and designation at the contract’s inception. This documentation includes the identification of the hedging instruments and the hedged items, its risk management objectives, strategy for undertaking the hedge transaction and our evaluation of the effectiveness of its hedged transaction. On a quarterly basis, we also formally assess whether the derivative we designated in each hedging relationship is expected to be, and has been, highly effective in offsetting changes in the value or cash flows of the hedged items. If it is determined that a derivative is not highly effective at hedging the designated exposure, hedge accounting is discontinued and the changes in fair value of the instrument are included in net income prospectively. Effective April 1, 2020, our net investment hedges are assessed using a method based on changes in spot exchange rates. Gains and losses, representing hedge components excluded from the assessment of effectiveness, are recognized in interest income on our consolidated statements of operations over the contractual term of our net investment hedges on a systematic and rational basis, as documented at hedge inception in accordance with our accounting policy election. All other changes in the fair value of our derivative instruments that qualify as hedges are reported as a component of accumulated other comprehensive income (loss) on our consolidated financial statements. Deferred gains and losses are reclassified out of accumulated other comprehensive income (loss) and into net income in the same period or periods during which the hedged transaction affects earnings, and are presented in the same line item as the earnings effect of the hedged item. For cash flow hedges, this is typically when the periodic swap settlements are made, while for net investment hedges, this occurs when the hedged item is sold or substantially liquidated. To the extent a derivative does not qualify for hedge accounting and is deemed a non-designated hedge, the changes in its fair value are included in net income concurrently.
Secured Debt Agreements and Asset-Specific Debt Agreements	Secured Debt and Asset-Specific DebtWe record investments financed with secured debt or asset-specific debt as separate assets and the related borrowings under any secured debt or asset-specific debt are recorded as separate liabilities on our consolidated balance sheets. Interest income earned on the investments and interest expense incurred on the secured debt or asset-specific debt are reported separately on our consolidated statements of operations.
Senior Loan Participations	Senior Loan Participations In certain instances, we finance our loans through the non-recourse syndication of a senior loan interest to a third-party. Depending on the particular structure of the syndication, the senior loan interest may remain on our GAAP balance sheet or, in other cases, the sale will be recognized and the senior loan interest will no longer be included in our consolidated financial statements. When these sales are not recognized under GAAP we reflect the transaction by recording a loan participations sold liability on our consolidated balance sheet, however this gross presentation does not impact stockholders’ equity or net income. When the sales are recognized, our balance sheet only includes our remaining subordinate loan and not the non-consolidated senior interest we sold.
Term Loans and Senior Secured Notes	Term Loans We record our term loans as liabilities on our consolidated balance sheets. Where applicable, any issue discount or transaction expenses are deferred and amortized through the maturity date of the term loans as additional non-cash interest expense. Senior Secured Notes
Convertible Notes	Convertible Notes The “Debt with Conversion and Other Options” Topic of the Financial Accounting Standards Board, or FASB, Accounting Standards Codification, or ASC, requires the liability and equity components of convertible debt instruments that may be settled in cash upon conversion, including partial cash settlement, to be separately accounted for in a manner that reflects the issuer’s nonconvertible debt borrowing rate. The initial proceeds from the sale of convertible notes are allocated between a liability component and an equity component in a manner that reflects interest expense at the rate of similar nonconvertible debt that could have been issued at such time. The equity component represents the excess initial proceeds received over the fair value of the liability component of the notes as of the date of issuance. We measured the estimated fair value of the debt component of our convertible notes as of the respective issuance dates based on our nonconvertible debt borrowing rate. The equity component of each series of our convertible notes is reflected within additional paid-in capital on our consolidated balance sheet, and the resulting issue discount is amortized over the period during which such convertible notes are expected to be outstanding (through the maturity date) as additional non-cash interest expense. The additional non-cash interest expense attributable to such convertible notes will increase in subsequent periods through the maturity date as the notes accrete to their par value over the same period.
Deferred Financing Costs	Deferred Financing Costs The deferred financing costs that are included as a reduction in the net book value of the related liability on our consolidated balance sheets include issuance and other costs related to our debt obligations. These costs are amortized as interest expense using the effective interest method over the life of the related obligations.
Fair Value of Financial Instruments	Fair Value of Financial Instruments The “Fair Value Measurements and Disclosures” Topic o f the FASB, or ASC 820, defines fair value, establishes a framework for measuring fair value, and requires certain disclosures about fair value measurements under GAAP. Specifically, this guidance defines fair value based on exit price, or the price that would be received upon the sale of an asset or the transfer of a liability in an orderly transaction between market participants at the measurement date. ASC 820 also establishes a fair value hierarchy that prioritizes and ranks the level of market price observability used in measuring financial instruments. Market price observability is affected by a number of factors, including the type of financial instrument, the characteristics specific to the financial instrument, and the state of the marketplace, including the existence and transparency of transactions between market participants. Financial instruments with readily available quoted prices in active markets generally will have a higher degree of market price observability and a lesser degree of judgment used in measuring fair value. Financial instruments measured and reported at fair value are classified and disclosed based on the observability of inputs used in the determination, as follows: • Level 1: Generally includes only unadjusted quoted prices that are available in active markets for identical financial instruments as of the reporting date. • Level 2: Pricing inputs include quoted prices in active markets for similar instruments, quoted prices in less active or inactive markets for identical or similar instruments where multiple price quotes can be obtained, and other observable inputs, such as interest rates, yield curves, credit risks, and default rates. • Level 3: Pricing inputs are unobservable for the financial instruments and include situations where there is little, if any, market activity for the financial instrument. These inputs require significant judgment or estimation by management of third-parties when determining fair value and generally represent anything that does not meet the criteria of Levels 1 and 2. The estimated value of each asset reported at fair value using Level 3 inputs is determined by an internal committee composed of members of senior management of our Manager, including our Chief Executive Officer, Chief Financial Officer, and other senior officers. Certain of our other assets are reported at fair value, as of quarter-end, either (i) on a recurring basis or (ii) on a nonrecurring basis, as a result of impairment or other events. Our assets that are recorded at fair value are discussed further in Note 16. We generally value our assets recorded at fair value by either (i) discounting expected cash flows based on assumptions regarding the collection of principal and interest and estimated market rates, or (ii) obtaining assessments from third-party dealers. For collateral-dependent loans that are identified as impaired, we measure impairment by comparing our Manager’s estimation of the fair value of the underlying collateral, less costs to sell, to the book value of the respective loan. These valuations require significant judgments, which include assumptions regarding capitalization rates, discount rates, leasing, creditworthiness of major tenants, occupancy rates, availability and cost of financing, exit plan, loan sponsorship, actions of other lenders, and other factors deemed relevant by our Manager. During the year ended December 31, 2020, we recorded an aggregate $69.7 million CECL reserve specifically related to two of our loans receivable. During the three months ended December 31, 2021, we charged off $14.4 million of the CECL reserve related to one of our loans receivable, bringing this asset-specific CECL reserve to $54.9 million as of December 31, 2021. The $54.9 million CECL reserve specifically related to one of our loans receivable with an outstanding principal balance of $286.3 million, net of cost-recovery proceeds, as of December 31, 2021. The CECL reserve was recorded based on our Manager’s estimation of the fair value of the loan’s underlying collateral as of December 31, 2021. This loan receivable is therefore measured at fair value on a nonrecurring basis using significant unobservable inputs, and is classified as a Level 3 asset in the fair value hierarchy. The significant unobservable inputs used to estimate the fair value of this loan receivable include the exit capitalization rate assumption of 4.80% used to forecast the future sale price of the underlying real estate collateral and the unlevered discount rate of 8.30%, in addition to reviewing comparable sales on a per-key basis. We are also required by GAAP to disclose fair value information about financial instruments, which are not otherwise reported at fair value in our consolidated balance sheet, to the extent it is practicable to estimate a fair value for those instruments. These disclosure requirements exclude certain financial instruments and all non-financial instruments. The following methods and assumptions are used to estimate the fair value of each class of financial instruments, for which it is practicable to estimate that value: • Cash and cash equivalents: The carrying amount of cash and cash equivalents approximates fair value. • Loans receivable, net: The fair values of these loans were estimated by our Manager based on a discounted cash flow methodology, taking into consideration various factors including capitalization rates, discount rates, leasing, credit worthiness of major tenants, occupancy rates, availability and cost of financing, exit plan, loan sponsorship, actions of other lenders, and other factors deemed relevant by our Manager. • Debt securities held-to-maturity: The fair value of these instruments was estimated by utilizing third-party pricing service providers assuming the securities are not sold prior to maturity. In determining the value of a particular investment, pricing service providers may use broker-dealer quotations, reported trades, or valuation estimates from their internal pricing models to determine the reported price. • Derivative financial instruments: The fair value of our foreign currency and interest rate contracts was estimated using advice from a third-party derivative specialist, based on contractual cash flows and observable inputs comprising foreign currency rates and credit spreads. • Secured debt, net: The fair value of these instruments was estimated based on the rate at which a similar credit facility would currently be priced. • Securitized debt obligations, net: The fair value of these instruments was estimated by utilizing third-party pricing service providers. In determining the value of a particular investment, pricing service providers may use broker-dealer quotations, reported trades, or valuation estimates from their internal pricing models to determine the reported price. • Asset-specific debt, net: The fair value of these instruments was estimated based on the rate at which a similar agreement would currently be priced. • Term loans, net: The fair value of these instruments was estimated by utilizing third-party pricing service providers. In determining the value of a particular investment, pricing service providers may use broker-dealer quotations, reported trades, or valuation estimates from their internal pricing models to determine the reported price. • Senior secured notes, net: The fair value of these instruments was estimated by utilizing third-party pricing service providers. In determining the value of a particular investment, pricing service providers may use broker-dealer quotations, reported trades, or valuation estimates from their internal pricing models to determine the reported price.
Income Taxes	Income Taxes Our financial results generally do not reflect provisions for current or deferred income taxes on our REIT taxable income. We believe that we operate in a manner that will continue to allow us to be taxed as a REIT and, as a result, we generally do not expect to pay substantial corporate level taxes other than those payable by our taxable REIT subsidiaries. If we were to fail to meet these requirements, we may be subject to federal, state, and local income tax on current and past income, and penalties. Refer to Note 14 for additional information.
Stock-Based Compensation	Stock-Based Compensation Our stock-based compensation consists of awards issued to our Manager and certain individuals employed by an affiliate of our Manager that vest over the life of the awards, as well as deferred stock units issued to certain members of our board of directors. Stock-based compensation expense is recognized for these awards in net income on a variable basis over the applicable vesting period of the awards, based on the value of our class A common stock. Refer to Note 15 for additional information.
Earnings per Share	Earnings per Share Basic earnings per share, or Basic EPS, is computed in accordance with the two-class method and is based on the net earnings allocable to our class A common stock, including restricted class A common stock and deferred stock units, divided by the weighted-average number of shares of our class A common stock, including restricted class A common stock and deferred stock units outstanding during the period. Our restricted class A common stock is considered a participating security, as defined by GAAP, and has been included in our Basic EPS under the two-class method as these restricted shares have the same rights as our other shares of class A common stock, including participating in any gains or losses.
Foreign Currency	Foreign Currency In the normal course of business, we enter into transactions not denominated in United States, or U.S., dollars. Foreign exchange gains and losses arising on such transactions are recorded as a gain or loss in our consolidated statements of operations. In addition, we consolidate entities that have a non-U.S. dollar functional currency. Non-U.S. dollar denominated assets and liabilities are translated to U.S. dollars at the exchange rate prevailing at the reporting date and income, expenses, gains, and losses are translated at the average exchange rate over the applicable period. Cumulative translation adjustments arising from the translation of non-U.S. dollar denominated subsidiaries are recorded in other comprehensive income (loss).
Underwriting Commissions and Offering Costs	Underwriting Commissions and Offering Costs Underwriting commissions and offering costs incurred in connection with common stock offerings are reflected as a reduction of additional paid-in capital. Costs incurred that are not directly associated with the completion of a common stock offering are expensed when incurred.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In March 2020, the FASB issued ASU 2020-04 “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting,” or ASU 2020-04. ASU 2020-04 provides optional expedients and exceptions to GAAP requirements for modifications on debt instruments, leases, derivatives, and other contracts, related to the expected market transition from LIBOR, and certain other floating rate benchmark indices, or collectively, IBORs, to alternative reference rates. ASU 2020-04 generally considers contract modifications related to reference rate reform to be an event that does not require contract remeasurement at the modification date nor a reassessment of a previous accounting determination. In January 2021, the FASB issued ASU 2021-01 “Reference Rate Reform (Topic 848): Scope,” or ASU 2021-01. ASU 2021-01 clarifies that the practical expedients in ASU 2020-04 apply to derivatives impacted by changes in the interest rate used for margining, discounting, or contract price alignment. The guidance in ASU 2020-04 is optional and may be elected over time, through December 31, 2022, as reference rate reform activities occur. Once ASU 2020-04 is elected, the guidance must be applied prospectively for all eligible contract modifications. In the first quarter of 2020, we have elected to apply the hedge accounting expedients, related to probability and the assessments of effectiveness, for future IBOR-indexed cash flows, to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. Application of these expedients preserves the presentation of derivatives consistent with our past presentation. We continue to evaluate the impact of ASU 2020-04 and may apply other elections, as applicable, as the expected market transition from IBORs to alternative reference rates continues to develop. In August 2020, the FASB issued ASU 2020-06 “Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity,” or ASU 2020-06. ASU 2020-06 simplifies the accounting for convertible debt by eliminating the beneficial conversion and cash conversion accounting models. ASU 2020-06 also updates the earnings per share calculation and requires entities to assume share settlement when the convertible debt can be settled in cash or shares. ASU 2020-06 is effective for fiscal years beginning after December 15, 2021 and is to be adopted through a cumulative-effect adjustment to the opening balance of retained earnings either at the date of adoption or in the first comparative period presented. Upon adoption of ASU 2020-06, convertible debt proceeds, unless issued with a substantial premium or an embedded conversion feature, will no longer be allocated between debt and equity components. This will reduce the issue discount and result in less non-cash interest expense in our consolidated financial statements. Additionally, ASU 2020-06 will result in the reporting of a diluted earnings per share, if the effect is dilutive, in our consolidated financial statements, regardless of our settlement intent. We expect to adopt ASU 2020-06 using the modified retrospective method of transition, which we expect will result in an aggregate decrease to our additional paid-in capital of $2.4 million, an aggregate decrease to our accumulated deficit of $2.0 million, and an aggregate increase to our convertible notes, net, balance of $476,000, as of January 1, 2022. Reference Rate Reform LIBOR and certain other floating rate benchmark indices to which our floating rate loans and other loan agreements are tied, including, without limitation, the Euro Interbank Offered Rate, or EURIBOR, the Stockholm Interbank Offered Rate, or STIBOR, the Australian Bank Bill Swap Reference Rate, or BBSY, the Canadian Dollar Offered Rate, or CDOR, and the Swiss Average Rate Overnight, or SARON, or collectively, IBORs, are the subject of recent national, international and regulatory guidance and proposals for reform. As of December 31, 2021, the ICE Benchmark Association, or IBA, ceased publication of all non-USD LIBOR and previously announced its intention to cease publication of remaining U.S. dollar LIBOR settings immediately after June 30, 2023. The U.S. Federal Reserve, in conjunction with the Alternative Reference Rates Committee, a steering committee comprised of large U.S. financial institutions, has identified the Secured Overnight Financing Rate, or SOFR, a new index calculated using short-term repurchase agreements backed by Treasury securities, as its preferred alternative rate for USD LIBOR. Market participants have started to transition to the Sterling Overnight Index Average, or SONIA, in line with guidance from the U.K. regulators. As of December 31, 2021, one-month SOFR is utilized as the floating benchmark rate on 16 of our loans, the financing provided on the 2020 FL3 and 2020 FL2 CLOs, plus a credit spread adjustment of 0.11%, and one of our credit facilities. As of December 31, 2021, the one-month SOFR was 0.05% and one-month USD LIBOR was 0.10%. Additionally, as of December 31, 2021, daily compounded SONIA is utilized as the floating benchmark rate on nine of our loans and five of our credit facilities. As of December 31, 2021, SONIA was 0.19% and three-month GBP LIBOR was 0.26%. At this time, it is not possible to predict how markets will respond to SOFR, SONIA, or other alternative reference rates as the transition away from USD LIBOR and GBP LIBOR proceeds. Despite the LIBOR transition in other markets, benchmark rate methodologies in Europe, Australia, Canada, and Switzerland have been reformed and rates such as EURIBOR, STIBOR, BBSY, CDOR, and SARON may persist as International Organization of Securities Commissions, or

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2021
Accounting Policies [Abstract]
Schedule Of Cumulative Effective Adjustment To The Opening Retained Earnings	The following table details the impact of this adoption ($ in thousands): Impact of ASU 2016-13 Adoption Assets: Loans U.S. Loans $ 8,955 Non-U.S. Loans 3,631 Unique Loans 1,356 CECL reserve on loans $ 13,942 CECL reserve on held-to-maturity debt securities 445 Liabilities: CECL reserve on unfunded loan commitments 3,263 Total impact of ASU 2016-13 adoption on retained earnings $ 17,650

Loans Receivable, Net (Tables)

Loans Receivable, Net (Tables)	12 Months Ended
	Dec. 31, 2021
Receivables [Abstract]
Overall Statistics for Loans Receivable Portfolio	The following table details overall statistics for our loans receivable portfolio ($ in thousands): December 31, 2021 December 31, 2020 Number of loans 188 120 Principal balance $ 22,156,437 $ 16,652,824 Net book value $ 21,878,338 $ 16,399,166 Unfunded loan commitments (1) $ 4,180,128 $ 3,160,084 Weighted-average cash coupon (2) + 3.19 % + 3.18 % Weighted-average all-in yield (2) + 3.52 % + 3.53 % Weighted-average maximum maturity (years) (3) 3.4 3.1 (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 USD LIBOR, SOFR, GBP LIBOR, SONIA, EURIBOR, and other indices, as applicable to each loan. As of December 31, 2021, 99.5% of our loans by principal balance earned a floating rate of interest, primarily indexed to USD LIBOR. The other 0.5% of our loans earned a fixed rate of interest. As of December 31, 2020, 99.4% of our loans by total loan exposure earned a floating rate of interest, primarily indexed to USD LIBOR. The other 0.6% of our loans earned a fixed rate of interest. We reflect our fixed rate loans as a spread over the relevant floating benchmark rates, as of December 31, 2021 and December 31, 2020, respectively, for purposes of the weighted-averages. 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 a loan accounted for under the cost-recovery method.
Disclosure Details Of Loan Receivable Portfolio Based On Floor Rate	The following table details the index rate floors for our loans receivable portfolio as of December 31, 2021 ($ in thousands): Loans Receivable Principal Balance Index Rate Floors USD Non-USD (1) Total Fixed Rate $ 37,500 $ 78,367 $ 115,867 0.00% or no floor (2) 3,835,467 5,444,841 9,280,308 0.01% to 0.25% floor 6,686,115 447,339 7,133,454 0.26% to 1.00% floor 1,259,076 501,764 1,760,840 1.01% or more floor 3,641,876 224,092 3,865,968 Total (3)(4) $ 15,460,034 $ 6,696,403 $ 22,156,437 (1) Includes Euro, British Pound Sterling, Swedish Krona, Australian Dollar, Canadian Dollar, and Swiss Franc currencies. (2) Includes a $286.3 million loan accounted for under the cost-recovery method. (3) Excludes investment exposure to $79.2 million subordinate position we own in the $379.3 million 2018 Single Asset Securitization. Refer to Notes 4 and 17 to our consolidated financial statements for further discussion of the 2018 Single Asset Securitization. (4) As of December 31, 2021, the weighted-average index rate floor of our loan portfolio was 0.39%. Excluding 0.0% index rate floors, the weighted-average index rate floor was 0.66%.
Activity Relating to Loans Receivable Portfolio	Activity relating to our loans receivable portfolio was as follows ($ in thousands): Principal Balance Deferred Fees / Other Items (1) Net Book Value Loans Receivable, as of December 31, 2019 $ 16,277,343 $ (112,542) $ 16,164,801 Loan fundings 1,896,276 — 1,896,276 Loan repayments and sales proceeds (1,862,955) — (1,862,955) Unrealized gain (loss) on foreign currency translation 342,160 (1,900) 340,260 Deferred fees and other items — (21,946) (21,946) Amortization of fees and other items — 56,279 56,279 Loans Receivable, as of December 31, 2020 $ 16,652,824 $ (80,109) $ 16,572,715 Loan fundings 12,550,463 — 12,550,463 Loan repayments and sales (6,733,105) — (6,733,105) Principal charge-offs (14,427) — (14,427) Unrealized (loss) gain on foreign currency translation (299,318) 1,424 (297,894) Deferred fees and other items — (143,002) (143,002) Amortization of fees and other items — 68,267 68,267 Loans Receivable, as of December 31, 2021 $ 22,156,437 $ (153,420) $ 22,003,017 CECL reserve (124,679) Loans Receivable, net, as of December 31, 2021 $ 21,878,338
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): December 31, 2021 Property Type Number of Loans Net Book Value Total Loan Exposure (1)(2) Percentage of Portfolio Office 65 $ 9,473,039 $ 10,425,026 44% Multifamily 75 5,721,260 5,771,517 24 Hospitality 25 3,427,245 3,540,391 15 Industrial 6 1,102,452 1,185,606 5 Retail 8 871,241 909,970 4 Other 9 1,407,780 1,836,601 8 Total loans receivable 188 $ 22,003,017 $ 23,669,111 100% CECL reserve (124,679) Loans receivable, net $ 21,878,338 Geographic Location Number of Loans Net Book Value Total Loan Exposure (1)(2) Percentage of Portfolio United States Sunbelt 71 $ 5,907,230 $ 6,206,216 26% Northeast 37 4,615,076 4,934,295 21 West 33 3,520,942 4,199,208 18 Midwest 10 1,063,202 1,113,959 5 Northwest 5 251,121 252,700 1 Subtotal 156 15,357,571 16,706,378 71 International United Kingdom 17 2,342,146 2,598,033 11 Spain 4 1,374,364 1,380,763 6 Ireland 1 1,210,375 1,216,864 5 Sweden 1 546,319 551,149 2 Australia 4 504,668 509,885 2 Canada 2 68,558 68,478 — Other Europe 3 599,016 637,561 3 Subtotal 32 6,645,446 6,962,733 29 Total loans receivable 188 $ 22,003,017 $ 23,669,111 100% CECL reserve (124,679) Loans receivable, net $ 21,878,338 (1) In certain instances, we finance our loans through the non-recourse sale of a senior loan interest that is not included in our consolidated financial statements. See Note 2 for further discussion. Total loan exposure encompasses the entire loan we originated and financed, including $1.5 billion of such non-consolidated senior interests as of December 31, 2021. (2) Excludes investment exposure to the $379.3 million 2018 Single Asset Securitization. See Note 4 for details of the subordinate position we own in the 2018 Single Asset Securitization. December 31, 2020 Property Type Number of Loans Net Book Value Total Loan Exposure (1)(2) Percentage of Portfolio Office 59 $ 9,980,799 $ 10,451,658 59% Hospitality 14 2,295,255 2,369,454 14 Multifamily 31 1,788,149 1,862,667 11 Industrial 6 673,912 675,344 4 Retail 4 538,702 551,243 3 Other 6 1,295,898 1,544,255 9 Total loans receivable 120 $ 16,572,715 $ 17,454,621 100% CECL reserve (173,549) Loans receivable, net $ 16,399,166 Geographic Location Number of Loans Net Book Value Total Loan Exposure (1)(2) Percentage of Portfolio United States Northeast 25 $ 4,369,537 $ 4,389,384 25% West 27 2,942,126 3,413,089 20 Sunbelt 33 2,902,996 2,986,221 17 Midwest 8 973,702 976,693 6 Northwest 1 15,404 15,413 — Subtotal 94 11,203,765 11,780,800 68 International United Kingdom 13 1,816,901 2,066,390 12 Ireland 1 1,309,443 1,317,846 8 Spain 2 1,247,162 1,252,080 7 Australia 2 259,126 259,788 1 Canada 3 82,185 82,262 — Other Europe 5 654,133 695,455 4 Subtotal 26 5,368,950 5,673,821 32 Total loans receivable 120 $ 16,572,715 $ 17,454,621 100% CECL reserve (173,549) Loans receivable, net $ 16,399,166 (1) In certain instances, we finance our loans through the non-recourse sale of a senior loan interest that is not included in our consolidated financial statements. See Note 2 for further discussion. Total loan exposure encompasses the entire loan we originated and financed, including $801.8 million of such non-consolidated senior interests as of December 31, 2020. (2) Excludes investment exposure to the $735.5 million 2018 Single Asset Securitization. See Note 4 for details of the subordinate position we own in the 2018 Single Asset Securitization
Principal Balance and Net Book Value of Loans Receivable Based on Internal Risk Ratings	The following table allocates the principal balance and net book value of our loans receivable based on our internal risk ratings ($ in thousands): December 31, 2021 December 31, 2020 Risk Rating Number of Loans Net Book Value Total Loan Exposure (1)(2) Number of Loans Net Book Value Total Loan Exposure (1)(2) 1 8 $ 642,776 $ 645,854 8 $ 777,163 $ 778,283 2 28 5,200,533 5,515,250 17 2,513,848 2,528,835 3 141 13,604,027 14,944,045 79 9,911,914 10,763,496 4 10 2,270,872 2,277,653 14 3,032,593 3,045,309 5 1 284,809 286,309 2 337,197 338,698 Total loans receivable 188 $ 22,003,017 $ 23,669,111 120 $ 16,572,715 $ 17,454,621 CECL reserve (124,679) (173,549) Loans receivable, net $ 21,878,338 $ 16,399,166 (1) In certain instances, we finance our loans through the non-recourse sale of a senior loan interest that is not included in our consolidated financial statements. See Note 2 for further discussion. Total loan exposure encompasses the entire loan we originated and financed, including $1.5 billion and $801.8 million of such non-consolidated senior interests as of December 31, 2021 and December 31, 2020, respectively.
Schedule Of Current Expected Credit Loss Reserve By Pool	The following table presents the activity in our loans receivable CECL reserve by investment pool for the year ended December 31, 2021 and 2020 ($ in thousands): U.S. Loans Non-U.S. Loans Unique Loans Impaired Loans Total Loans Receivable, Net CECL reserve as of December 31, 2020 $ 42,995 $ 27,734 $ 33,159 $ 69,661 $ 173,549 Decrease in CECL reserve (16,110) (17,471) (502) (360) (34,443) Charge-offs of CECL reserve — — — (14,427) (14,427) CECL reserve as of December 31, 2021 $ 26,885 $ 10,263 $ 32,657 $ 54,874 $ 124,679 CECL reserve as of December 31, 2019 $ — $ — $ — $ — $ — Initial CECL reserve on January 1, 2020 8,955 3,631 1,356 — 13,942 Increase in CECL reserve 34,040 24,103 31,803 69,661 159,607 CECL reserve as of December 31, 2020 $ 42,995 $ 27,734 $ 33,159 $ 69,661 $ 173,549
Schedule of Loans Receivable Based On Our Internal Risk Ratings, Separated By Year Of Origination	The following tables present the net book value of our loan portfolio as of December 31, 2021 and December 31, 2020, respectively, by year of origination, investment pool, and risk rating ($ in thousands): Net Book Value of Loans Receivable by Year of Origination (1)(2) As of December 31, 2021 Risk Rating 2021 2020 2019 2018 2017 Prior Total U.S. loans 1 $ 125,873 $ — $ 196,017 $ 72,752 $ 248,134 $ — $ 642,776 2 876,536 427,839 221,513 1,134,176 354,775 82,274 3,097,113 3 7,511,883 358,448 1,109,170 1,116,872 292,520 228,264 10,617,157 4 — — 96,539 534,938 63,358 89,439 784,274 5 — — — — — — — Total U.S. loans $ 8,514,292 $ 786,287 $ 1,623,239 $ 2,858,738 $ 958,787 $ 399,977 $ 15,141,320 Non-U.S. loans 1 $ — $ — $ — $ — $ — $ — $ — 2 698,130 98,412 1,306,878 — — — 2,103,420 3 1,403,110 — 932,939 394,949 — — 2,730,998 4 — — 343,030 — — — 343,030 5 — — — — — — — Total Non-U.S. loans $ 2,101,240 $ 98,412 $ 2,582,847 $ 394,949 $ — $ — $ 5,177,448 Unique loans 1 $ — $ — $ — $ — $ — $ — $ — 2 — — — — — — — 3 — — — 197,018 — 58,854 255,872 4 — — 322,787 820,781 — — 1,143,568 5 — — — — — — — Total unique loans $ — $ — $ 322,787 $ 1,017,799 $ — $ 58,854 $ 1,399,440 Impaired loans 1 $ — $ — $ — $ — $ — $ — $ — 2 — — — — — — — 3 — — — — — — — 4 — — — — — — — 5 — — — 284,809 — — 284,809 Total impaired loans $ — $ — $ — $ 284,809 $ — $ — $ 284,809 Total loans receivable 1 $ 125,873 $ — $ 196,017 $ 72,752 $ 248,134 $ — $ 642,776 2 1,574,666 526,251 1,528,391 1,134,176 354,775 82,274 5,200,533 3 8,914,993 358,448 2,042,109 1,708,839 292,520 287,118 13,604,027 4 — — 762,356 1,355,719 63,358 89,439 2,270,872 5 — — — 284,809 — — 284,809 Total loans receivable $ 10,615,532 $ 884,699 $ 4,528,873 $ 4,556,295 $ 958,787 $ 458,831 $ 22,003,017 CECL reserve (124,679) Loans receivable, net $ 21,878,338 (1) Date loan was originated or acquired by us. Origination dates are subsequently updated to reflect material loan modifications. (2) Excludes the $78.0 million net book value of our held-to-maturity debt securities which represents our subordinate position we own in the 2018 Single Asset Securitization, and is included in other assets on our consolidated balance sheets. See Note 4 for details of the subordinate position we own in the 2018 Single Asset Securitization. Net Book Value of Loans Receivable by Year of Origination (1)(2) As of December 31, 2020 Risk Rating 2020 2019 2018 2017 2016 Prior Total U.S. loans 1 $ — $ 231,796 $ 253,674 $ 43,906 $ 17,009 $ — $ 546,385 2 — 282,017 1,172,168 757,138 79,848 222,677 2,513,848 3 781,595 2,391,297 1,672,897 1,134,288 227,466 220,644 6,428,187 4 65,978 170,541 1,055,142 63,293 105,380 — 1,460,334 5 — — — — — — — Total U.S. loans $ 847,573 $ 3,075,651 $ 4,153,881 $ 1,998,625 $ 429,703 $ 443,321 $ 10,948,754 Non-U.S. loans 1 $ — $ — $ 136,021 $ 94,757 $ — $ — $ 230,778 2 — — — — — — — 3 105,300 2,526,225 479,512 — 113,653 — 3,224,690 4 — 256,494 — — — — 256,494 5 — — — — — — — Total Non-U.S. loans $ 105,300 $ 2,782,719 $ 615,533 $ 94,757 $ 113,653 $ — $ 3,711,962 Unique loans 1 $ — $ — $ — $ — $ — $ — $ — 2 — — — — — — — 3 — — 198,433 — — 60,604 259,037 4 — 325,097 990,668 — — — 1,315,765 5 — — — — — — — Total unique loans $ — $ 325,097 $ 1,189,101 $ — $ — $ 60,604 $ 1,574,802 Impaired loans 1 $ — $ — $ — $ — $ — $ — $ — 2 — — — — — — — 3 — — — — — — — 4 — — — — — — — 5 — — 284,809 — — 52,388 337,197 Total impaired loans $ — $ — $ 284,809 $ — $ — $ 52,388 $ 337,197 Total loans receivable 1 $ — $ 231,796 $ 389,695 $ 138,663 $ 17,009 $ — $ 777,163 2 — 282,017 1,172,168 757,138 79,848 222,677 2,513,848 3 886,895 4,917,522 2,350,842 1,134,288 341,119 281,248 9,911,914 4 65,978 752,132 2,045,810 63,293 105,380 — 3,032,593 5 — — 284,809 — — 52,388 337,197 Total loans receivable $ 952,873 $ 6,183,467 $ 6,243,324 $ 2,093,382 $ 543,356 $ 556,313 $ 16,572,715 CECL reserve (173,549) Loans receivable, net $ 16,399,166 (1) Date loan was originated or acquired by us. Origination dates are subsequently updated to reflect material loan modifications.

Other Assets and Liabilities (T

Other Assets and Liabilities (Tables)	12 Months Ended
	Dec. 31, 2021
Deferred Costs, Capitalized, Prepaid, Other Assets and Other Liabilities Disclosure [Abstract]
Summary of Components of Other Assets	The following table details the components of our other assets ($ in thousands): December 31, 2021 December 31, 2020 Accrued interest receivable $ 86,101 $ 66,757 Debt securities held-to-maturity (1) 78,083 77,445 CECL reserve (70) (1,723) Debt securities held-to-maturity, net 78,013 75,722 Loan portfolio payments held by servicer (2) 77,624 73,224 Derivative assets 30,531 522 Prepaid expenses 956 973 Collateral deposited under derivative agreements — 51,050 Prepaid taxes — 376 Other 572 1,195 Total $ 273,797 $ 269,819 (1) Represents the subordinate position we own in the 2018 Single Asset Securitization, which held aggregate loan assets of $379.3 million and $735.5 million as of December 31, 2021 and December 31, 2020, respectively, with a yield to full maturity of L+10.0% and a maximum maturity date of June 9, 2025, assuming all extension options are exercised by the borrower. Refer to Note 17 for additional discussion.
Schedule of Debt Securities, Held-to-maturity, Allowance for Credit Loss	The following table presents the activity in our debt securities CECL reserve by investment pool for the year ended December 31, 2021 ($ in thousands): Debt Securities Held-To-Maturity Total CECL reserve as of December 31, 2020 $ 1,723 Decrease in CECL reserve (1,653) CECL reserve as of December 31, 2021 $ 70 CECL reserve as of December 31, 2019 $ — Initial CECL reserve on January 1, 2020 445 Increase in CECL reserve 1,278 CECL reserve as of December 31, 2020 $ 1,723
Summary of Components of Other Liabilities	The following table details the components of our other liabilities ($ in thousands): December 31, 2021 December 31, 2020 Accrued dividends payable $ 104,271 $ 91,004 Secured debt repayments pending servicer remittance (1) 47,664 — Accrued interest payable 29,851 20,548 Accrued management and incentive fees payable 28,373 19,158 Accounts payable and other liabilities 9,046 2,671 Derivative liabilities 5,890 58,915 Current expected credit loss reserve for unfunded loan commitments (2) 6,263 10,031 Total $ 231,358 $ 202,327 (1) Represents pending transfers from our third-party loan servicer that were remitted to our banking counterparties during the subsequent remittance cycle.
Schedule of Unfunded Loan Commitments Reserve	The following table presents the activity in the CECL reserve related to our unfunded loan commitments by investment pool for the year ended December 31, 2021 ($ in thousands): U.S. Loans Non-U.S. Loans Unique Loans Impaired Loans Total Unfunded Loan Commitments CECL reserve as of December 31, 2020 $ 6,953 $ 2,994 $ 84 $ — $ 10,031 Decrease in CECL reserve (2,881) (803) (84) — (3,768) CECL reserve as of December 31, 2021 $ 4,072 $ 2,191 $ — $ — $ 6,263 CECL reserve as of December 31, 2019 $ — $ — $ — $ — $ — Initial CECL reserve on January 1, 2020 2,801 453 9 — 3,263 Increase in CECL reserve 4,152 2,541 75 — 6,768 CECL reserve as of December 31, 2020 $ 6,953 $ 2,994 $ 84 $ — $ 10,031

Secured Debt, Net (Tables)

Secured Debt, Net (Tables)	12 Months Ended
	Dec. 31, 2021
Debt Disclosure [Abstract]
Schedule of Secured Debt Agreements	The following table details our secured debt ($ in thousands): Secured Debt Borrowings Outstanding December 31, 2021 December 31, 2020 Secured credit facilities $ 12,299,580 $ 7,896,863 Acquisition facility — — Total secured debt $ 12,299,580 $ 7,896,863 Deferred financing costs (1) (19,538) (16,327) Net book value of secured debt $ 12,280,042 $ 7,880,536 (1) Costs incurred in connection with our secured debt are recorded on our consolidated balance sheet when incurred and recognized as a component of interest expense over the life of each related facility. Senior Secured Notes Face Value Interest Rate All-in Cost (1) Maturity Senior Secured Notes $ 400,000 3.75 % 4.04 % January 15, 2027 (1) Includes transaction expenses that are amortized through interest expense over the life of the Senior Secured Notes. The following table details the net book value of our Senior Secured Notes on our consolidated balance sheets ($ in thousands): December 31, 2021 December 31, 2020 Face value $ 400,000 $ — Deferred financing costs (5,990) — Net book value $ 394,010 $ —
Credit Facilities	The following table details our secured credit facilities as of December 31, 2021 ($ in thousands): December 31, 2021 Wtd Avg. Wtd Avg. Recourse Limitation Currency Lenders (1) Borrowings Maturity (2) Loan Count Collateral (3) Maturity (4) Wtd. Avg. Range USD 13 $ 7,334,420 10/17/2025 128 $ 10,420,015 11/27/2025 34% 25% - 100% EUR 6 2,333,523 10/18/2024 10 3,148,250 9/27/2024 47% 25% - 100% GBP 6 1,743,519 6/15/2025 15 2,323,140 6/27/2025 26% 25% - 50% Others (5) 4 888,118 5/10/2025 6 1,150,976 4/25/2025 26% 25% - 100% Total 12 $ 12,299,580 7/11/2025 159 $ 17,042,381 8/5/2025 35% 25% - 100% (1) Represents the number of lenders with fundings advanced in each respective currency, as well as the total number of facility lenders. (2) Based on the earlier of (i) the maximum maturity date of each secured credit facility, or (ii) the maximum maturity date of the collateral loans. (3) Represents the principal balance of the collateral assets. (4) Maximum maturity assumes all extension options are exercised by the borrower, however our loans may be repaid prior to such date. (5) Includes Swedish Krona, Australian Dollar, Canadian Dollar, and Swiss Franc currencies. As of December 31, 2021, the following senior term loan facilities, or Term Loans, were outstanding ($ in thousands): Term Loans Face Value Interest Rate (1) All-in Cost (1)(2) Maturity B-1 Term Loan $ 929,878 + 2.25 % + 2.53 % April 23, 2026 B-2 Term Loan $ 419,393 + 2.75 % + 3.42 % April 23, 2026 (1) The B-2 Term Loan borrowing is subject to a LIBOR floor of 0.50%. (2) Includes issue discount and transaction expenses that are amortized through interest expense over the life of the Term Loans.
Schedule Of All In Cost Of Secured Credit Facilities	The following tables detail the spread of our secured debt as of December 31, 2021 and December 31, 2020 ($ in thousands): Year Ended December 31, 2021 December 31, 2021 Spread (1) New Financings (2) Total Borrowings Wtd. Avg. All-in Cost (1)(3)(4) Collateral (5) Wtd. Avg. All-in Yield (1)(6) Net Interest Margin (7) + 1.50% or less $ 5,306,925 $ 7,746,026 +1.52 % $ 10,193,801 +3.18 % +1.66 % + 1.51% to + 1.75% 1,477,177 2,710,587 +1.88 % 3,977,492 +3.55 % +1.67 % + 1.76% to + 2.00% 668,470 998,781 +2.13 % 1,458,074 +4.28 % +2.15 % + 2.01% or more 310,991 844,186 +2.49 % 1,413,014 +4.75 % +2.26 % Total $ 7,763,563 $ 12,299,580 +1.72 % $ 17,042,381 +3.49 % +1.77 % Year Ended December 31, 2020 December 31, 2020 Spread (1) New Financings (2) Total Borrowings Wtd. Avg. All-in Cost (1)(3)(4) Collateral (5) Wtd. Avg. All-in Yield (1)(6) Net Interest Margin (7) + 1.50% or less $ 376,085 $ 4,192,280 +1.59 % $ 6,338,626 +3.09 % +1.50 % + 1.51% to + 1.75% 172,447 1,945,692 +1.95 % 2,975,581 +3.43 % +1.48 % + 1.76% to + 2.00% 215,056 926,666 +2.06 % 1,212,546 +3.83 % +1.77 % + 2.01% or more 134,928 832,225 +2.49 % 1,514,154 +4.34 % +1.85 % Total $ 898,516 $ 7,896,863 +1.83 % $ 12,040,907 +3.40 % +1.57 % (1) The spread, all-in cost, and all-in yield are expressed over the relevant floating benchmark rates, which include USD LIBOR, SOFR, GBP LIBOR, SONIA, EURIBOR, and other indices as applicable. (2) Represents borrowings outstanding as of December 31, 2021 and December 31, 2020, respectively, for new financings during the year ended December 31, 2021 and December 31, 2020, respectively, based on the date collateral was initially pledged to each credit facility. (3) In addition to spread, the cost includes the associated deferred fees and expenses related to the respective borrowings. (4) Represents the weighted-average all-in cost as of December 31, 2021 and December 31, 2020, respectively, and is not necessarily indicative of the spread applicable to recent or future borrowings. (5) Represents the principal balance of the collateral assets. (6) 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. (7) Represents the difference between the weighted-average all-in yield and weighted-average all-in cost.

Securitized Debt Obligations,_2

Securitized Debt Obligations, Net (Tables)	12 Months Ended
	Dec. 31, 2021
Text Block [Abstract]
Schedule of Information on Securitized Debt Obligations	The following tables detail our securitized debt obligations ($ in thousands): December 31, 2021 Securitized Debt Obligations Count Principal Balance Book Value Wtd. Avg. Yield/Cost (1)(2) Term (3) 2021 FL4 Collateralized Loan Obligation Collateral assets 34 $ 1,000,000 $ 1,000,000 + 3.42 % October 2024 Financing provided 1 803,750 797,373 + 1.66 % May 2038 2020 FL3 Collateralized Loan Obligation Collateral assets 18 1,000,000 1,000,000 + 3.06 % May 2024 Financing provided 1 808,750 804,096 + 2.10 % November 2037 2020 FL2 Collateralized Loan Obligation Collateral assets 21 1,500,000 1,500,000 + 3.15 % March 2024 Financing provided 1 1,243,125 1,236,593 + 1.45 % February 2038 Total Collateral assets 73 $ 3,500,000 $ 3,500,000 + 3.20 % Financing provided (4) 3 $ 2,855,625 $ 2,838,062 + 1.69 % (1) In addition to cash coupon, all-in yield includes the amortization of deferred origination and extension fees, loan origination costs, purchase discounts, and accrual of exit fees. (2) The weighted-average all-in yield and cost are expressed as a spread over the relevant floating benchmark rates, which include USD LIBOR and one-month SOFR, as applicable to each securitized debt obligation. As of December 31, 2021, the floating benchmark rate for the financing provided on the 2020 FL3 and 2020 FL2 CLOs is one-month SOFR, plus a credit spread adjustment of 0.11%. As of December 31, 2021, one-month SOFR was 0.05% and one-month USD LIBOR was 0.10%. (3) Loan term represents weighted-average final maturity, assuming all extension options are exercised by the borrower. Repayments of securitized debt obligations are tied to timing of the related collateral loan asset repayments. The term of these obligations represents the rated final distribution date of the securitizations. (4) During the year ended December 31, 2021, we recorded $46.0 million of interest expense related to our securitized debt obligations. December 31, 2020 Securitized Debt Obligations Count Principal Balance Book Value Wtd. Avg. Yield/Cost (1)(2) Term (3) 2020 FL3 Collateralized Loan Obligation Collateral assets 25 $ 1,000,000 $ 1,000,000 + 3.09 % February 2024 Financing provided 1 808,750 800,993 + 2.08 % November 2037 2020 FL2 Collateralized Loan Obligation Collateral assets 31 1,500,000 1,500,000 + 3.17 % January 2024 Financing provided 1 1,243,125 1,233,464 + 1.44 % February 2038 2017 FL1 Collateralized Loan Obligation Collateral assets 15 666,334 666,334 + 3.39 % January 2023 Financing provided 1 483,834 483,113 + 1.83 % June 2035 2017 Single Asset Securitization Collateral assets (4) 1 619,194 618,766 + 3.57 % June 2023 Financing provided 1 404,929 404,929 + 1.63 % June 2033 Total Collateral assets 72 $ 3,785,528 $ 3,785,100 +3.25 % Financing provided (5) 4 $ 2,940,638 $ 2,922,499 +1.70 % (1) In addition to cash coupon, all-in yield includes the amortization of deferred origination and extension fees, loan origination costs, purchase discounts, and accrual of exit fees. (2) The weighted-average all-in yield and cost are expressed as a spread over USD LIBOR. (3) Loan term represents weighted-average final maturity, assuming all extension options are exercised by the borrower. Repayments of securitized debt obligations are tied to timing of the related collateral loan asset repayments. The term of these obligations represents the rated final distribution date of the securitizations. (4) The collateral assets for the 2017 Single Asset Securitization include the total loan amount, of which we securitized $500.0 million. (5) During the year ended December 31, 2020, we recorded $43.1 million of interest expense related to our securitized debt obligations.

Asset-Specific Debt (Tables)

Asset-Specific Debt (Tables)	12 Months Ended
	Dec. 31, 2021
Debt Disclosure [Abstract]
Summary of Asset-Specific Financings	The following tables detail our asset-specific debt ($ in thousands): December 31, 2021 Asset-Specific Debt Count Principal Balance Book Value Wtd. Avg. Yield/Cost (1) Wtd. Avg. Term (2) Collateral assets 4 $ 446,276 $ 435,727 + 4.04 % March 2025 Financing provided 4 $ 400,699 $ 393,824 + 2.78 % March 2025 December 31, 2020 Asset-Specific Debt Count Principal Balance Book Value Wtd. Avg. Yield/Cost (1) Wtd. Avg. Term (2) Collateral assets 4 $ 512,794 $ 499,085 + 4.65 % October 2023 Financing provided 4 $ 399,699 $ 391,269 + 3.48 % October 2023 (1) These floating rate loans and related liabilities are indexed to the various benchmark rates relevant in each arrangement in terms of currency and payment frequency. Therefore the net exposure to each benchmark rate is in direct proportion to our net assets indexed to that rate. In addition to cash coupon, yield/cost includes the amortization of deferred origination fees / financing costs. (2) The weighted-average term is determined based on the maximum maturity of the corresponding loans, assuming all extension options are exercised by the borrower. Each of our asset-specific debt is term-matched to the corresponding collateral loans.

Term Loans, Net (Tables)

Term Loans, Net (Tables)	12 Months Ended
	Dec. 31, 2021
Debt Disclosure [Abstract]
Schedule of Debt	The following table details our secured credit facilities as of December 31, 2021 ($ in thousands): December 31, 2021 Wtd Avg. Wtd Avg. Recourse Limitation Currency Lenders (1) Borrowings Maturity (2) Loan Count Collateral (3) Maturity (4) Wtd. Avg. Range USD 13 $ 7,334,420 10/17/2025 128 $ 10,420,015 11/27/2025 34% 25% - 100% EUR 6 2,333,523 10/18/2024 10 3,148,250 9/27/2024 47% 25% - 100% GBP 6 1,743,519 6/15/2025 15 2,323,140 6/27/2025 26% 25% - 50% Others (5) 4 888,118 5/10/2025 6 1,150,976 4/25/2025 26% 25% - 100% Total 12 $ 12,299,580 7/11/2025 159 $ 17,042,381 8/5/2025 35% 25% - 100% (1) Represents the number of lenders with fundings advanced in each respective currency, as well as the total number of facility lenders. (2) Based on the earlier of (i) the maximum maturity date of each secured credit facility, or (ii) the maximum maturity date of the collateral loans. (3) Represents the principal balance of the collateral assets. (4) Maximum maturity assumes all extension options are exercised by the borrower, however our loans may be repaid prior to such date. (5) Includes Swedish Krona, Australian Dollar, Canadian Dollar, and Swiss Franc currencies. As of December 31, 2021, the following senior term loan facilities, or Term Loans, were outstanding ($ in thousands): Term Loans Face Value Interest Rate (1) All-in Cost (1)(2) Maturity B-1 Term Loan $ 929,878 + 2.25 % + 2.53 % April 23, 2026 B-2 Term Loan $ 419,393 + 2.75 % + 3.42 % April 23, 2026 (1) The B-2 Term Loan borrowing is subject to a LIBOR floor of 0.50%. (2) Includes issue discount and transaction expenses that are amortized through interest expense over the life of the Term Loans.
Schedule of Net Book Value of Our Secured Term Loans on Our Consolidated Balance Sheets	The following table details the net book value of our Term Loans on our consolidated balance sheets ($ in thousands): December 31, 2021 December 31, 2020 Face value $ 1,349,271 $ 1,062,766 Unamortized discount (9,209) (9,807) Deferred financing costs (12,656) (11,255) Net book value $ 1,327,406 $ 1,041,704 The following table details the net book value of our Convertible Notes on our consolidated balance sheets ($ in thousands): December 31, 2021 December 31, 2020 Face value $ 622,500 $ 622,500 Unamortized discount (2,472) (5,715) Deferred financing costs (152) (396) Net book value $ 619,876 $ 616,389

Senior Secured Notes, Net (Tabl

Senior Secured Notes, Net (Tables)	12 Months Ended
	Dec. 31, 2021
Debt Disclosure [Abstract]
Schedule of Senior Secured Notes, Net	The following table details our secured debt ($ in thousands): Secured Debt Borrowings Outstanding December 31, 2021 December 31, 2020 Secured credit facilities $ 12,299,580 $ 7,896,863 Acquisition facility — — Total secured debt $ 12,299,580 $ 7,896,863 Deferred financing costs (1) (19,538) (16,327) Net book value of secured debt $ 12,280,042 $ 7,880,536 (1) Costs incurred in connection with our secured debt are recorded on our consolidated balance sheet when incurred and recognized as a component of interest expense over the life of each related facility. Senior Secured Notes Face Value Interest Rate All-in Cost (1) Maturity Senior Secured Notes $ 400,000 3.75 % 4.04 % January 15, 2027 (1) Includes transaction expenses that are amortized through interest expense over the life of the Senior Secured Notes. The following table details the net book value of our Senior Secured Notes on our consolidated balance sheets ($ in thousands): December 31, 2021 December 31, 2020 Face value $ 400,000 $ — Deferred financing costs (5,990) — Net book value $ 394,010 $ —

Convertible Notes, Net (Tables)

Convertible Notes, Net (Tables)	12 Months Ended
	Dec. 31, 2021
Text Block [Abstract]
Summary of Outstanding Convertible Senior Notes	As of December 31, 2021, the following convertible senior notes, or Convertible Notes, were outstanding ($ in thousands): Convertible Notes Issuance Face Value Interest Rate All-in Cost (1) Conversion Rate (2) Maturity May 2017 $ 402,500 4.38 % 4.85 % 28.0324 May 5, 2022 March 2018 $ 220,000 4.75 % 5.33 % 27.6052 March 15, 2023 (1) Includes issuance costs that are amortized through interest expense over the life of the Convertible Notes using the effective interest method.
Summary of Details of Net Book Value of Convertible Note	The following table details the net book value of our Term Loans on our consolidated balance sheets ($ in thousands): December 31, 2021 December 31, 2020 Face value $ 1,349,271 $ 1,062,766 Unamortized discount (9,209) (9,807) Deferred financing costs (12,656) (11,255) Net book value $ 1,327,406 $ 1,041,704 The following table details the net book value of our Convertible Notes on our consolidated balance sheets ($ in thousands): December 31, 2021 December 31, 2020 Face value $ 622,500 $ 622,500 Unamortized discount (2,472) (5,715) Deferred financing costs (152) (396) Net book value $ 619,876 $ 616,389
Summary of Details about Interest Expense	The following table details our interest expense related to the Convertible Notes ($ in thousands): Year Ended December 31, 2021 2020 2019 Cash coupon $ 28,059 $ 28,059 $ 28,059 Discount and issuance cost amortization 3,486 3,319 3,159 Total interest expense $ 31,545 $ 31,378 $ 31,218

Derivative Financial Instrume_2

Derivative Financial Instruments (Tables)	12 Months Ended
	Dec. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Summary of Outstanding Interest Rate Derivatives Designated as Cash Flow Hedges of Interest Rate Risk	The following tables detail our outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk (notional amount in thousands): December 31, 2021 Interest Rate Derivatives Number of Instruments Notional Amount Strike Index Wtd.-Avg. Maturity (Years) Interest Rate Caps 1 $ 20,670 1.0 % CDOR 0.2 December 31, 2020 Interest Rate Derivatives Number of Instruments Notional Amount Strike Index Wtd.-Avg. Maturity (Years) Interest Rate Caps 2 $ 38,293 1.0 % CDOR 0.8
Summary of Outstanding Foreign Exchange Derivatives Designated as Net Investment Hedges of Foreign Currency Risk	The following table details our outstanding foreign exchange derivatives that were designated as net investment hedges of foreign currency risk (notional amount in thousands): December 31, 2021 December 31, 2020 Foreign Currency Derivatives Number of Instruments Notional Amount Foreign Currency Derivatives Number of Instruments Notional Amount Buy USD / Sell SEK Forward 1 kr 999,500 Buy USD / Sell EUR Forward 8 € 754,722 Buy USD / Sell EUR Forward 7 € 731,182 Buy USD / Sell GBP Forward 4 £ 372,487 Buy USD / Sell GBP Forward 2 £ 489,204 Buy USD / Sell AUD Forward 1 A$ 92,800 Buy USD / Sell AUD Forward 3 A$ 188,600 Buy USD / Sell CAD Forward 1 C$ 26,200 Buy USD / Sell CAD Forward 2 C$ 22,100 Buy USD / Sell CHF Forward 1 CHF 5,200
Summary of Non-designated Hedges	The following table details our outstanding foreign exchange derivatives that were non-designated hedges of foreign currency risk (notional amount in thousands): December 31, 2021 December 31, 2020 Non-designated Hedges Number of Instruments Notional Amount Non-designated Hedges Number of Instruments Notional Amount Buy GBP / Sell EUR Forward 1 € 8,410 Buy EUR / Sell GBP Forward 2 £ 146,207 Buy GBP / Sell USD Forward 3 £ 170,600 Buy USD / Sell EUR Forward 1 € 8,410 Buy USD / Sell GBP Forward 3 £ 170,600 Buy EUR / Sell USD Forward 2 € 165,560 Buy USD / Sell EUR Forward 3 € 165,560 Buy CHF / Sell USD Forward 1 CHF 20,300 Buy USD / Sell CHF Forward 1 CHF 20,300
Schedule of Derivative Instruments Gain Loss in Statement of Operations	The following table presents the effect of our derivative financial instruments on our consolidated statements of operations ($ in thousands): Increase (Decrease) to Net Interest Income Recognized from Foreign Foreign Exchange Contracts in Hedging Relationships Location of Income (Expense) Recognized Year Ended December 31, 2021 Year Ended December 31, 2020 Year Ended December 31, 2019 Designated Hedges Interest Income (1) $ 7,296 $ 4,382 $ — Non-Designated Hedges Interest Income (1) (342) (522) — Non-Designated Hedges Interest Expense (2) (6,911) (4,357) 1,060 Total $ 43 $ (497) $ 1,060 (1) Represents the forward points earned on our foreign currency forward contracts, which reflect the interest rate differentials between the applicable base rate for our foreign currency investments and USD LIBOR. These forward contracts effectively convert the rate exposure to USD LIBOR, resulting in additional interest income earned in U.S. dollar terms.
Summary of Fair Value of Derivative Financial Instruments	The following table summarizes the fair value of our derivative financial instruments ($ in thousands): Fair Value of Derivatives in an Asset Position (1) as of Fair Value of Derivatives in a Liability Position (2) as of December 31, 2021 December 31, 2020 December 31, 2021 December 31, 2020 Derivatives designated as hedging instruments: Foreign exchange contracts $ 23,423 $ 521 $ 1,383 $ 55,758 Interest rate derivatives — 1 — — Total $ 23,423 $ 522 $ 1,383 $ 55,758 Derivatives not designated as hedging instruments: Foreign exchange contracts $ 7,108 $ — $ 4,507 $ 3,157 Interest rate derivatives — — — — Total $ 7,108 $ — $ 4,507 $ 3,157 Total Derivatives $ 30,531 $ 522 $ 5,890 $ 58,915 (1) Included in other assets in our consolidated balance sheets.
Summary of Effect of Derivative Financial Instruments on Consolidated Statements of Operations	The following table presents the effect of our derivative financial instruments on our consolidated statements of operations ($ in thousands): Derivatives in Hedging Relationships Amount of Gain (Loss) Recognized in OCI on Derivatives Location of Gain (Loss) Reclassified from Amount of Loss Reclassified from Accumulated OCI into Income Year Ended December 31, Accumulated Year Ended December 31, 2021 2020 2019 OCI into Income 2021 2020 2019 Net Investment Hedges Foreign exchange contracts (1) $ 81,603 $ (59,609) $ (5,592) Interest Expense $ — $ — $ — Cash Flow Hedges Interest rate derivatives (5) (94) (144) Interest Expense (2) (10) 7 195 Total $ 81,598 $ (59,703) $ (5,736) $ (10) $ 7 $ 195 (1) During the years ended December 31, 2021, and December 31, 2020, we paid net cash settlements of $1.4 million and $43.0 million on our foreign currency contracts. During the year ended December 31, 2019, we received net cash settlements of $43.1 million on our foreign currency forward contracts. Those amounts are included as a component of accumulated other comprehensive loss on our consolidated balance sheets.

Equity (Tables)

Equity (Tables)	12 Months Ended
	Dec. 31, 2021
Equity [Abstract]
Summary of Class A Common Stock Issuances	The following table details our issuance of class A common stock during the years ended December 31, 2021, 2020, and 2019 ($ in thousands, except share and per share data): Class A Common Stock Offerings 2021 (1) 2020 (2) 2019 (3) Shares issued 20,361,408 10,840,696 10,534,628 Gross / net issue price per share (4) 31.64 / 31.37 27.79 / 27.52 35.75 / 35.38 Net proceeds (5) $ 638,005 $ 297,599 $ 372,341 (1) Issuance includes 296,901 shares issued under our at-the-market program, with a weighted-average gross share issue price of $33.67. (2) Includes 840,696 shares issued to our Manager in satisfaction of the management and incentive fees accrued in the first quarter of 2020, with a share issue price of $22.93. The per share price was calculated based on the volume-weighted average price on the NYSE of our class A common stock over the five trading days following our April 29, 2020 first quarter 2020 earnings conference call. (3) Issuance includes 1.9 million shares issued under our at-the-market program, with a weighted-average gross share issue price of $34.63. (4) Represents the gross price per share issued, as well as the net proceeds per share after underwriting or sales discounts and commissions.
Schedule of Movement in Outstanding Shares of Class A Common Stock, Restricted Class A Common Stock and Deferred Stock Units	The following table details the movement in our outstanding shares of class A common stock, including restricted class A common stock and deferred stock units: Year Ended December 31, Common Stock Outstanding (1) 2021 2020 2019 Beginning balance 147,086,722 135,263,728 123,664,577 Issuance of class A common stock (2) 20,363,592 10,842,746 10,535,842 Issuance of restricted class A common stock, net (3) 1,036,175 933,623 1,032,082 Issuance of deferred stock units 56,881 46,625 31,227 Ending balance 168,543,370 147,086,722 135,263,728 (1) Includes 363,572, 306,691, and 260,066 deferred stock units held by members of our board of directors as of December 31, 2021, 2020, and 2019, respectively. (2) Includes 2,184, 2,050, and 1,214 shares issued under our dividend reinvestment program during the years ended December 31, 2021, 2020, and 2019, respectively.
Schedule of Dividend Activity	The following table details our dividend activity ($ in thousands, except per share data): Year Ended December 31, 2021 2020 2019 Dividends declared per share of common stock $ 2.48 $ 2.48 $ 2.48 Percent taxable as ordinary dividends 100.00 % 100.00 % 100.00 % Percent taxable as capital gain dividends — % — % — % 100.00 % 100.00 % 100.00 %
Schedule of Basic and Diluted Earnings Per Share, or EPS, Based on Weighted-Average of Both Restricted and Unrestricted Class A Common Stock Outstanding	The following table sets forth the calculation of basic and diluted net income per share of class A common stock based on the weighted-average of both restricted and unrestricted class A common stock outstanding ($ in thousands, except per share data): Year Ended December 31, 2021 2020 2019 Net income (1) $ 419,193 $ 137,670 $ 305,567 Weighted-average shares outstanding, basic and diluted 151,521,941 141,795,977 130,085,398 Per share amount, basic and diluted $ 2.77 $ 0.97 $ 2.35

Other Expenses (Tables)

Other Expenses (Tables)	12 Months Ended
	Dec. 31, 2021
Other Income and Expenses [Abstract]
Schedule of General and Administrative Expenses	General and administrative expenses consisted of the following ($ in thousands): Year Ended December 31, 2021 2020 2019 Professional services (1) $ 7,759 $ 7,324 $ 5,163 Operating and other costs (1) 3,762 4,015 3,035 Subtotal 11,521 11,339 8,198 Non-cash compensation expenses Restricted class A common stock earned 31,052 34,032 30,156 Director stock-based compensation 595 500 500 Subtotal 31,647 34,532 30,656 Total general and administrative expenses $ 43,168 $ 45,871 $ 38,854

Stock-Based Incentive Plans (Ta

Stock-Based Incentive Plans (Tables)	12 Months Ended
	Dec. 31, 2021
Share-based Payment Arrangement [Abstract]
Movement in Outstanding Shares of Restricted Class A Common Stock and Weighted-Average Grant Date Fair Value Per Share	The following table details the movement in our outstanding shares of restricted class A common stock and the weighted-average grant date fair value per share: Restricted Class A Common Stock Weighted-Average Grant Date Fair Value Per Share Balance as of December 31, 2019 1,698,582 $ 34.52 Granted 934,502 31.83 Vested (1,004,315) 34.26 Forfeited (879) 34.57 Balance as of December 31, 2020 1,627,890 $ 33.14 Granted 1,065,755 29.93 Vested (957,944) 33.08 Forfeited (29,580) 31.52 Balance as of December 31, 2021 1,706,121 $ 31.19

Fair Values (Tables)

Fair Values (Tables)	12 Months Ended
	Dec. 31, 2021
Fair Value Disclosures [Abstract]
Assets and Liabilities Measured at Fair Value on Recurring Basis	The following table summarizes our assets and liabilities measured at fair value on a recurring basis ($ in thousands): December 31, 2021 December 31, 2020 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets Derivatives $ — $ 30,531 $ — $ 30,531 $ — $ 522 $ — $ 522 Liabilities Derivatives $ — $ 5,890 $ — $ 5,890 $ — $ 58,915 $ — $ 58,915
Schedule of Details of Carrying Amount, Face Amount, and Fair Value of Financial Instruments	The following table details the book value, face amount, and fair value of the financial instruments described in Note 2 ($ in thousands): December 31, 2021 December 31, 2020 Book Value Face Amount Fair Value Book Value Face Amount Fair Value Financial assets Cash and cash equivalents $ 551,154 $ 551,154 $ 551,154 $ 289,970 $ 289,970 $ 289,970 Loans receivable, net 21,878,338 22,156,437 22,013,762 16,399,166 16,652,824 16,447,192 Debt securities held-to-maturity, net (1) 78,013 79,200 77,229 75,722 79,200 70,127 Financial liabilities Secured debt, net 12,280,042 12,299,580 12,299,580 7,880,536 7,896,863 7,896,863 Securitized debt obligations, net 2,838,062 2,855,625 2,850,399 2,922,499 2,940,638 2,923,489 Asset-specific debt, net 393,824 400,699 400,699 391,269 399,699 399,699 Secured term loans, net 1,327,406 1,349,271 1,335,844 1,041,704 1,062,766 1,053,060 Senior secured notes, net 394,010 400,000 399,012 — — — Convertible notes, net 619,876 622,500 630,821 616,389 622,500 621,568

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	12 Months Ended
	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Summary of Assets and Liabilities of Consolidated CLO and Single Asset Securitization VIE	The following table details the assets and liabilities of our consolidated CLOs and 2017 Single Asset Securitization VIEs ($ in thousands): December 31, 2021 December 31, 2020 Assets: Loans receivable $ 3,486,750 $ 3,520,130 Current expected credit loss reserve (4,502) (13,454) Loans receivable, net 3,482,248 3,506,676 Other assets 20,746 81,274 Total assets $ 3,502,994 $ 3,587,950 Liabilities: Securitized debt obligations, net $ 2,838,062 $ 2,922,499 Other liabilities 1,800 2,104 Total liabilities $ 2,839,862 $ 2,924,603

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Schedule of Principal Contractual Obligations	Our contractual principal debt repayments as of December 31, 2021 were as follows ($ in thousands): Year Secured Debt (1) Asset-Specific Debt (1) Term Loans (2) Senior Secured Notes Convertible Notes (3) Total (4) 2022 $ 64,564 $ — $ 13,738 $ — $ 402,500 $ 480,802 2023 1,519,427 78,659 13,738 — 220,000 1,831,824 2024 3,859,424 — 13,738 — — 3,873,162 2025 1,226,604 322,040 13,738 — — 1,562,382 2026 4,759,861 — 1,294,319 — — 6,054,180 Thereafter 869,700 — — 400,000 — 1,269,700 Total obligation $ 12,299,580 $ 400,699 $ 1,349,271 $ 400,000 $ 622,500 $ 15,072,050 (1) The allocation of repayments under our secured debt and asset-specific debt is based on the earlier of (i) the maturity date of each agreement, or (ii) the maximum maturity date of the collateral loans, assuming all extension options are exercised by the borrower. (2) The Term Loans are partially amortizing, with an amount equal to 1.0% per annum of the initial principal balance due in quarterly installments. Refer to Note 8 for further details on our term loans. (3) Reflects the outstanding principal balance of Convertible Notes, excluding any potential conversion premium. Refer to Note 10 for further details on our Convertible Notes.

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2021USD ($)credit_facilityloan	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Jan. 01, 2022USD ($)	Apr. 30, 2017
Accounts, Notes, Loans and Financing Receivable [Line Items]
Joint venture capital contribution percentage					85.00%
Restricted cash	$ 0	$ 0
Borrower escrows	531,200,000	384,600,000
CECL reserve recorded	(39,864,000)	167,653,000	$ 0
Amount charged off	14,427,000
CECL reserve	124,679,000	173,549,000	0
Principal balance	22,003,017,000	16,572,715,000	16,164,801,000
Decrease to additional paid-in capital	(5,373,029,000)	(4,702,713,000)
Decrease to accumulated deficit	$ (794,832,000)	(829,284,000)
Credit Spread Option | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans | loan	16
Number of credit facilities | credit_facility	1
Credit spread adjustment rate	0.0011
Average compounded SOFR	0.05%
Credit Spread Option | United State Dollar LIBOR Rate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Average compounded SOFR	0.10%
Credit Spread Option | Sterling Overnight Interbank Average Rate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans | loan	9
Number of credit facilities | credit_facility	5
Daily compounded SONIA	0.19%
Credit Spread Option | Great Britain Pound LIBOR Rate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Daily compounded SONIA	0.26%
Impaired loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Amount charged off	$ 14,427,000
CECL reserve	54,874,000	69,661,000	0
Principal balance	$ 284,809,000	$ 337,197,000
Level 3 | Measurement Input, Cap Rate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Measurement input	0.0480
Level 3 | Measurement Input, Discount Rate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Measurement input	0.0830
Level 3 | Fair Value, Nonrecurring
Accounts, Notes, Loans and Financing Receivable [Line Items]
CECL reserve recorded	$ 69,700,000
Amount charged off	14,400,000
CECL reserve	54,900,000
Principal balance	$ 286,300,000
Cumulative Effect, Period of Adoption, Adjustment
Accounts, Notes, Loans and Financing Receivable [Line Items]
CECL reserve			$ 17,650,000
Accounting Standards Update 2020-06 | Cumulative Effect, Period of Adoption, Adjustment | Forecast | Subsequent Event
Accounts, Notes, Loans and Financing Receivable [Line Items]
Decrease to additional paid-in capital				$ 2,400,000
Decrease to accumulated deficit				2,000,000
Convertible Notes Payable				$ 476,000
Walker and Dunlop
Accounts, Notes, Loans and Financing Receivable [Line Items]
Joint venture capital contribution percentage					15.00%

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Schedule of Impact of this Adoption (Detail) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Financing Receivable, Allowance for Credit Loss [Line Items]
CECL reserve	$ 124,679	$ 173,549	$ 0
Current expected credit loss reserve	70	1,723	0
Cumulative Effect, Period of Adoption, Adjustment
Financing Receivable, Allowance for Credit Loss [Line Items]
CECL reserve			17,650
Current expected credit loss reserve			445
CECL reserve on unfunded loan commitments
Financing Receivable, Allowance for Credit Loss [Line Items]
CECL reserve	6,263	10,031	0
CECL reserve on unfunded loan commitments | Cumulative Effect, Period of Adoption, Adjustment
Financing Receivable, Allowance for Credit Loss [Line Items]
CECL reserve			3,263
U.S. Loans
Financing Receivable, Allowance for Credit Loss [Line Items]
CECL reserve	26,885	42,995
U.S. Loans | Cumulative Effect, Period of Adoption, Adjustment
Financing Receivable, Allowance for Credit Loss [Line Items]
CECL reserve			8,955
U.S. Loans | CECL reserve on unfunded loan commitments
Financing Receivable, Allowance for Credit Loss [Line Items]
CECL reserve	4,072	6,953	0
U.S. Loans | CECL reserve on unfunded loan commitments | Cumulative Effect, Period of Adoption, Adjustment
Financing Receivable, Allowance for Credit Loss [Line Items]
CECL reserve			2,801
Non-U.S. Loans
Financing Receivable, Allowance for Credit Loss [Line Items]
CECL reserve	10,263	27,734
Non-U.S. Loans | Cumulative Effect, Period of Adoption, Adjustment
Financing Receivable, Allowance for Credit Loss [Line Items]
CECL reserve			3,631
Non-U.S. Loans | CECL reserve on unfunded loan commitments
Financing Receivable, Allowance for Credit Loss [Line Items]
CECL reserve	2,191	2,994	0
Non-U.S. Loans | CECL reserve on unfunded loan commitments | Cumulative Effect, Period of Adoption, Adjustment
Financing Receivable, Allowance for Credit Loss [Line Items]
CECL reserve			453
Unique Loans
Financing Receivable, Allowance for Credit Loss [Line Items]
CECL reserve	32,657	33,159	0
Unique Loans | Cumulative Effect, Period of Adoption, Adjustment
Financing Receivable, Allowance for Credit Loss [Line Items]
CECL reserve			1,356
Unique Loans | CECL reserve on unfunded loan commitments
Financing Receivable, Allowance for Credit Loss [Line Items]
CECL reserve	$ 0	$ 84	0
Unique Loans | CECL reserve on unfunded loan commitments | Cumulative Effect, Period of Adoption, Adjustment
Financing Receivable, Allowance for Credit Loss [Line Items]
CECL reserve			9
CECL reserve on loans | Cumulative Effect, Period of Adoption, Adjustment
Financing Receivable, Allowance for Credit Loss [Line Items]
CECL reserve			$ 13,942

Loans Receivable, Net - Overall

Loans Receivable, Net - Overall Statistics for Loans Receivable Portfolio (Detail) $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)SecurityLoan	Dec. 31, 2020USD ($)SecurityLoan	Dec. 31, 2019USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans | SecurityLoan	188	120
Principal balance	$ 22,156,437	$ 16,652,824	$ 16,277,343
Net book value	$ 21,878,338	$ 16,399,166
Weighted-average maximum maturity (years)	3 years 4 months 24 days	3 years 1 month 6 days
Percentage of portfolio	100.00%	100.00%
CECL reserve on unfunded loan commitments
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unfunded loan commitments	$ 4,180,128	$ 3,160,084
LIBOR
Accounts, Notes, Loans and Financing Receivable [Line Items]
Weighted-average cash coupon	3.19%	3.18%
Weighted-average all-in yield	3.52%	3.53%

Loans Receivable, Net - Overa_2

Loans Receivable, Net - Overall Statistics for Loans Receivable Portfolio Footnotes (Detail)	Dec. 31, 2021	Dec. 31, 2020
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of portfolio	100.00%	100.00%
Floating Rate Mortgage
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of portfolio	99.50%	99.40%
Fixed Rate Mortgage
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of portfolio	0.50%	0.60%
Prepayment Restrictions Including Yield Maintenance Lock Out Provisions
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of portfolio	56.00%	31.00%
Without Prepayment Restrictions
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of portfolio	44.00%	69.00%

Loans Receivable, Net - Schedul

Loans Receivable, Net - Schedule Of Loan Receivable Portfolio Based On Floor Rate (Detail) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disclosure Details Of Loan Receivable Portfolio Based On Floor Rate [Line Items]
Loans receivable	$ 22,156,437	$ 16,652,824	$ 16,277,343
Loans accounted under cost-recovery method	286,300
2018 Single Asset Securitization
Disclosure Details Of Loan Receivable Portfolio Based On Floor Rate [Line Items]
Subordinate position	79,200
Total loan amount, securitized	379,300	$ 735,500
Non-USD
Disclosure Details Of Loan Receivable Portfolio Based On Floor Rate [Line Items]
Loans receivable	6,696,403
USD
Disclosure Details Of Loan Receivable Portfolio Based On Floor Rate [Line Items]
Loans receivable	15,460,034
Fixed Rate
Disclosure Details Of Loan Receivable Portfolio Based On Floor Rate [Line Items]
Loans receivable	115,867
Fixed Rate | Non-USD
Disclosure Details Of Loan Receivable Portfolio Based On Floor Rate [Line Items]
Loans receivable	78,367
Fixed Rate | USD
Disclosure Details Of Loan Receivable Portfolio Based On Floor Rate [Line Items]
Loans receivable	37,500
0.00% or no floor
Disclosure Details Of Loan Receivable Portfolio Based On Floor Rate [Line Items]
Loans receivable	9,280,308
0.00% or no floor | Non-USD
Disclosure Details Of Loan Receivable Portfolio Based On Floor Rate [Line Items]
Loans receivable	5,444,841
0.00% or no floor | USD
Disclosure Details Of Loan Receivable Portfolio Based On Floor Rate [Line Items]
Loans receivable	3,835,467
0.01% to 0.25% floor
Disclosure Details Of Loan Receivable Portfolio Based On Floor Rate [Line Items]
Loans receivable	7,133,454
0.01% to 0.25% floor | Non-USD
Disclosure Details Of Loan Receivable Portfolio Based On Floor Rate [Line Items]
Loans receivable	447,339
0.01% to 0.25% floor | USD
Disclosure Details Of Loan Receivable Portfolio Based On Floor Rate [Line Items]
Loans receivable	6,686,115
0.26% to 1.00% floor
Disclosure Details Of Loan Receivable Portfolio Based On Floor Rate [Line Items]
Loans receivable	$ 1,760,840
0.26% to 1.00% floor | Weighted Average
Disclosure Details Of Loan Receivable Portfolio Based On Floor Rate [Line Items]
Weighted-average index rate floor	0.39%
Excluding 0.0% index rate floors, weighted-average index rate floor	0.66%
0.26% to 1.00% floor | Non-USD
Disclosure Details Of Loan Receivable Portfolio Based On Floor Rate [Line Items]
Loans receivable	$ 501,764
0.26% to 1.00% floor | USD
Disclosure Details Of Loan Receivable Portfolio Based On Floor Rate [Line Items]
Loans receivable	1,259,076
1.01% or more floor
Disclosure Details Of Loan Receivable Portfolio Based On Floor Rate [Line Items]
Loans receivable	3,865,968
1.01% or more floor | Non-USD
Disclosure Details Of Loan Receivable Portfolio Based On Floor Rate [Line Items]
Loans receivable	224,092
1.01% or more floor | USD
Disclosure Details Of Loan Receivable Portfolio Based On Floor Rate [Line Items]
Loans receivable	$ 3,641,876

Loans Receivable, Net - Activit

Loans Receivable, Net - Activity Relating to Loans Receivable Portfolio (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Principal Balance
Beginning balance	$ 16,652,824	$ 16,277,343
Loan fundings	12,550,463	1,896,276
Loan repayments and sales proceeds	(6,733,105)	(1,862,955)
Charge-offs of CECL reserve	(14,427)
Unrealized gain (loss) on foreign currency translation	(299,318)	342,160
Ending balance	22,156,437	16,652,824	$ 16,277,343
Deferred Fees/Other Items
Beginning balance	(80,109)	(112,542)
Unrealized gain (loss) on foreign currency translation	1,424	(1,900)
Deferred fees and other items	(143,002)	(21,946)
Amortization of fees and other items	68,267	56,279
Ending balance	(153,420)	(80,109)	(112,542)
Net Book Value
Beginning balance	16,572,715	16,164,801
Loan fundings	12,550,463	1,896,276
Loan repayments and sales proceeds	(6,733,105)	(1,862,955)
Principal charge-offs	(14,427)	0	0
Unrealized gain (loss) on foreign currency translation	(297,894)	340,260
Deferred fees and other items	(143,002)	(21,946)
Amortization of fees and other items	68,267	56,279
Ending balance	22,003,017	16,572,715	16,164,801
CECL reserve	(124,679)	(173,549)	$ 0
Loans receivable, net	21,878,338	16,399,166
Impaired loans
Principal Balance
Charge-offs of CECL reserve	(14,427)
Net Book Value
Beginning balance	337,197
Ending balance	$ 284,809	$ 337,197

Loans Receivable, Net - Propert

Loans Receivable, Net - Property Type and Geographic Distribution of Properties Securing Loans in Portfolio (Detail) $ in Thousands	Dec. 31, 2021USD ($)SecurityLoan	Dec. 31, 2020USD ($)SecurityLoan	Dec. 31, 2019USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans | SecurityLoan	188	120
Principal balance	$ 22,003,017	$ 16,572,715	$ 16,164,801
Financing Receivable, Allowance for Credit Loss, Excluding Accrued Interest	(124,679)	(173,549)	$ 0
Loans receivable, net	21,878,338	16,399,166
Total Loan Exposure	$ 23,669,111	$ 17,454,621
Percentage of portfolio	100.00%	100.00%
Office
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans | SecurityLoan	65	59
Principal balance	$ 9,473,039	$ 9,980,799
Total Loan Exposure	$ 10,425,026	$ 10,451,658
Percentage of portfolio	44.00%	59.00%
Multifamily
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans | SecurityLoan	75	31
Principal balance	$ 5,721,260	$ 1,788,149
Total Loan Exposure	$ 5,771,517	$ 1,862,667
Percentage of portfolio	24.00%	11.00%
Hospitality
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans | SecurityLoan	25	14
Principal balance	$ 3,427,245	$ 2,295,255
Total Loan Exposure	$ 3,540,391	$ 2,369,454
Percentage of portfolio	15.00%	14.00%
Industrial
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans | SecurityLoan	6	6
Principal balance	$ 1,102,452	$ 673,912
Total Loan Exposure	$ 1,185,606	$ 675,344
Percentage of portfolio	5.00%	4.00%
Retail
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans | SecurityLoan	8	4
Principal balance	$ 871,241	$ 538,702
Total Loan Exposure	$ 909,970	$ 551,243
Percentage of portfolio	4.00%	3.00%
Other
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans | SecurityLoan	9	6
Principal balance	$ 1,407,780	$ 1,295,898
Total Loan Exposure	$ 1,836,601	$ 1,544,255
Percentage of portfolio	8.00%	9.00%
Subtotal
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans | SecurityLoan	156	94
Principal balance	$ 15,357,571	$ 11,203,765
Total Loan Exposure	$ 16,706,378	$ 11,780,800
Percentage of portfolio	71.00%	68.00%
Sunbelt
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans | SecurityLoan	71	33
Principal balance	$ 5,907,230	$ 2,902,996
Total Loan Exposure	$ 6,206,216	$ 2,986,221
Percentage of portfolio	26.00%	17.00%
Northeast
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans | SecurityLoan	37	25
Principal balance	$ 4,615,076	$ 4,369,537
Total Loan Exposure	$ 4,934,295	$ 4,389,384
Percentage of portfolio	21.00%	25.00%
West
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans | SecurityLoan	33	27
Principal balance	$ 3,520,942	$ 2,942,126
Total Loan Exposure	$ 4,199,208	$ 3,413,089
Percentage of portfolio	18.00%	20.00%
Midwest
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans | SecurityLoan	10	8
Principal balance	$ 1,063,202	$ 973,702
Total Loan Exposure	$ 1,113,959	$ 976,693
Percentage of portfolio	5.00%	6.00%
Northwest
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans | SecurityLoan	5	1
Principal balance	$ 251,121	$ 15,404
Total Loan Exposure	$ 252,700	$ 15,413
Percentage of portfolio	1.00%	0.00%
Subtotal
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans | SecurityLoan	32	26
Principal balance	$ 6,645,446	$ 5,368,950
Total Loan Exposure	$ 6,962,733	$ 5,673,821
Percentage of portfolio	29.00%	32.00%
United Kingdom
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans | SecurityLoan	17	13
Principal balance	$ 2,342,146	$ 1,816,901
Total Loan Exposure	$ 2,598,033	$ 2,066,390
Percentage of portfolio	11.00%	12.00%
Spain
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans | SecurityLoan	4	2
Principal balance	$ 1,374,364	$ 1,247,162
Total Loan Exposure	$ 1,380,763	$ 1,252,080
Percentage of portfolio	6.00%	7.00%
Ireland
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans | SecurityLoan	1	1
Principal balance	$ 1,210,375	$ 1,309,443
Total Loan Exposure	$ 1,216,864	$ 1,317,846
Percentage of portfolio	5.00%	8.00%
Sweden
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans | SecurityLoan	1
Principal balance	$ 546,319
Total Loan Exposure	$ 551,149
Percentage of portfolio	2.00%
Australia
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans | SecurityLoan	4	2
Principal balance	$ 504,668	$ 259,126
Total Loan Exposure	$ 509,885	$ 259,788
Percentage of portfolio	2.00%	1.00%
Canada
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans | SecurityLoan	2	3
Principal balance	$ 68,558	$ 82,185
Total Loan Exposure	$ 68,478	$ 82,262
Percentage of portfolio	0.00%	0.00%
Other Europe
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans | SecurityLoan	3	5
Principal balance	$ 599,016	$ 654,133
Total Loan Exposure	$ 637,561	$ 695,455
Percentage of portfolio	3.00%	4.00%

Loans Receivable, Net - Princip

Loans Receivable, Net - Principal Balance and Net Book Value of Loans Receivable Based on Internal Risk Ratings (Detail) $ in Thousands	Dec. 31, 2021USD ($)SecurityLoan	Dec. 31, 2020USD ($)SecurityLoan	Dec. 31, 2019USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans | SecurityLoan	188	120
Principal balance	$ 22,003,017	$ 16,572,715	$ 16,164,801
Financing Receivable, Allowance for Credit Loss, Excluding Accrued Interest	(124,679)	(173,549)	$ 0
Loans receivable, net	21,878,338	16,399,166
Total Loan Exposure	$ 23,669,111	$ 17,454,621
1
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans | SecurityLoan	8	8
Principal balance	$ 642,776	$ 777,163
Total Loan Exposure	$ 645,854	$ 778,283
2
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans | SecurityLoan	28	17
Principal balance	$ 5,200,533	$ 2,513,848
Total Loan Exposure	$ 5,515,250	$ 2,528,835
3
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans | SecurityLoan	141	79
Principal balance	$ 13,604,027	$ 9,911,914
Total Loan Exposure	$ 14,944,045	$ 10,763,496
4
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans | SecurityLoan	10	14
Principal balance	$ 2,270,872	$ 3,032,593
Total Loan Exposure	$ 2,277,653	$ 3,045,309
Risk Rating 5
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans | SecurityLoan	1	2
Principal balance	$ 284,809	$ 337,197
Total Loan Exposure	$ 286,309	$ 338,698

Loans Receivable, Net - Princ_2

Loans Receivable, Net - Principal Balance and Net Book Value of Loans Receivable Based on Internal Risk Ratings Footnotes (Detail) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loan exposure including senior interests	$ 1,500	$ 801.8
2018 Single Asset Securitization
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loan amount, securitized	$ 379.3	$ 735.5

Loans Receivable, Net - Additio

Loans Receivable, Net - Additional Information (Detail)	Jul. 01, 2020USD ($)	Jun. 30, 2020USD ($)	Dec. 31, 2021USD ($)	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Jan. 01, 2020USD ($)	Dec. 31, 2018USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Weighted-average risk rating on loan exposure			2.8	3
CECL reserve			$ 124,679,000	$ 173,549,000	$ 0
Increase (decrease) in CECL reserve			(48,900,000)
Carrying Amount of Loans			22,003,017,000	16,572,715,000	16,164,801,000		$ 14,191,200,000
Principal charge-offs			14,427,000	0	0
CECL reserve			124,679,000	173,549,000	$ 0
Loans held			23,669,111,000	17,454,621,000
Reduction In Loan Spread And Extension In Maturity Date
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing receivable troubled debt restructuring premodification recorded investment income	$ 0
COVID-19 pandemic
Accounts, Notes, Loans and Financing Receivable [Line Items]
CECL reserve						$ 13,900,000
Multifamily
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held			5,771,517,000	1,862,667,000
Multifamily | Joint Venture
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held			746,900,000	$ 484,800,000
Multifamily Asset in New York City
Accounts, Notes, Loans and Financing Receivable [Line Items]
CECL reserve			0
Increase (decrease) in CECL reserve		$ 14,800,000	(360,000)
Hospitality Asset in New York City
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Amount of Loans			286,300,000
CECL reserve			54,900,000
Multifamily Properties
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Amount of Loans			37,500,000
Principal charge-offs			$ 14,400,000

Loans Receivable, Net - Sched_2

Loans Receivable, Net - Schedule Of Current Expected Credit Loss Reserve By Pool (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Loans Receivable, Net
Beginning balance	$ 173,549	$ 0
Increase (decrease) in CECL reserve	(34,443)	159,607
Charge-offs of CECL reserve	(14,427)
Ending balance	124,679	173,549
Cumulative Effect, Period of Adoption, Adjusted Balance
Loans Receivable, Net
Beginning balance		13,942
U.S. Loans
Loans Receivable, Net
Beginning balance	42,995
Increase (decrease) in CECL reserve	(16,110)	34,040
Charge-offs of CECL reserve	0
Ending balance	26,885	42,995
U.S. Loans | Cumulative Effect, Period of Adoption, Adjusted Balance
Loans Receivable, Net
Beginning balance		8,955
Non-U.S. Loans
Loans Receivable, Net
Beginning balance	27,734
Increase (decrease) in CECL reserve	(17,471)	24,103
Charge-offs of CECL reserve	0
Ending balance	10,263	27,734
Non-U.S. Loans | Cumulative Effect, Period of Adoption, Adjusted Balance
Loans Receivable, Net
Beginning balance		3,631
Unique Loans
Loans Receivable, Net
Beginning balance	33,159	0
Increase (decrease) in CECL reserve	(502)	31,803
Charge-offs of CECL reserve	0
Ending balance	32,657	33,159
Unique Loans | Cumulative Effect, Period of Adoption, Adjusted Balance
Loans Receivable, Net
Beginning balance		1,356
Impaired loans
Loans Receivable, Net
Beginning balance	69,661	0
Increase (decrease) in CECL reserve	(360)	69,661
Charge-offs of CECL reserve	(14,427)
Ending balance	$ 54,874	69,661
Impaired loans | Cumulative Effect, Period of Adoption, Adjusted Balance
Loans Receivable, Net
Beginning balance		$ 0

Loans Receivable, Net - Loans R

Loans Receivable, Net - Loans Receivable Based On Our Internal Risk Ratings, Separated By Year Of Origination (Detail) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable	$ 22,003,017	$ 16,572,715	$ 16,164,801
Financing Receivable, Allowance for Credit Loss, Excluding Accrued Interest	(124,679)	(173,549)	0
Loans receivable, net	21,878,338	16,399,166
U.S. Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year One	8,514,292	847,573
Year Two	786,287	3,075,651
Year Three	1,623,239	4,153,881
Year Four	2,858,738	1,998,625
Year Five	958,787	429,703
Prior	399,977	443,321
Loans receivable	15,141,320	10,948,754
Financing Receivable, Allowance for Credit Loss, Excluding Accrued Interest			0
Non-U.S. Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year One	2,101,240	105,300
Year Two	98,412	2,782,719
Year Three	2,582,847	615,533
Year Four	394,949	94,757
Year Five	0	113,653
Prior	0	0
Loans receivable	5,177,448	3,711,962
Financing Receivable, Allowance for Credit Loss, Excluding Accrued Interest			0
Unique Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year One	0	0
Year Two	0	325,097
Year Three	322,787	1,189,101
Year Four	1,017,799	0
Year Five	0	0
Prior	58,854	60,604
Loans receivable	1,399,440	1,574,802
Financing Receivable, Allowance for Credit Loss, Excluding Accrued Interest	(32,657)	(33,159)	0
Impaired loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year One	0	0
Year Two	0	0
Year Three	0	284,809
Year Four	284,809	0
Year Five	0	0
Prior	0	52,388
Loans receivable	284,809	337,197
Financing Receivable, Allowance for Credit Loss, Excluding Accrued Interest	(54,874)	(69,661)	$ 0
Total loans receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year One	10,615,532	952,873
Year Two	884,699	6,183,467
Year Three	4,528,873	6,243,324
Year Four	4,556,295	2,093,382
Year Five	958,787	543,356
Prior	458,831	556,313
Loans receivable	22,003,017
1
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable	642,776	777,163
1 | U.S. Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year One	125,873	0
Year Two	0	0
Year Three	354,775	79,848
Year Four	1,116,872	1,134,288
Year Five	96,539	1,055,142
Prior	0	0
Loans receivable	642,776	546,385
1 | Non-U.S. Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year One	0	0
Year Two	0	0
Year Three	0	136,021
Year Four	0	94,757
Year Five	0	0
Prior	0	0
Loans receivable	0	230,778
1 | Unique Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year One	0	0
Year Two	0	0
Year Three	0	0
Year Four	0	0
Year Five	0	0
Prior	0	0
Loans receivable	0	0
1 | Impaired loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year One	0	0
Year Two	0	0
Year Three	0	0
Year Four	0	0
Year Five	0	0
Prior	0	0
Loans receivable	0	0
1 | Total loans receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year One	125,873	0
Year Two	0	231,796
Year Three	196,017	389,695
Year Four	72,752	138,663
Year Five	248,134	17,009
Prior	0	0
Loans receivable	642,776	777,163
2
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable	5,200,533	2,513,848
2 | U.S. Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year One		231,796
Year Two	876,536	0
Year Three	82,274	222,677
Year Four	292,520	227,466
Year Five	534,938	63,293
Prior	0	0
Loans receivable	3,097,113	2,513,848
2 | Non-U.S. Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year One	698,130	0
Year Two	98,412	0
Year Three	1,306,878	0
Year Four	0	0
Year Five	0	0
Prior	0	0
Loans receivable	2,103,420	0
2 | Unique Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year One	0	0
Year Two	0	0
Year Three	0	0
Year Four	0	0
Year Five	0	0
Prior	0	0
Loans receivable	0	0
2 | Impaired loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year One	0	0
Year Two	0	0
Year Three	0	0
Year Four	0	0
Year Five	0	0
Prior	0	0
Loans receivable	0	0
2 | Total loans receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year One	1,574,666	0
Year Two	526,251	282,017
Year Three	1,528,391	1,172,168
Year Four	1,134,176	757,138
Year Five	354,775	79,848
Prior	82,274	222,677
Loans receivable	5,200,533	2,513,848
3
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable	13,604,027	9,911,914
3 | U.S. Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year One	196,017	253,674
Year Two	427,839	282,017
Year Three	7,511,883	781,595
Year Four	228,264	220,644
Year Five	63,358	105,380
Prior	0	0
Loans receivable	10,617,157	6,428,187
3 | Non-U.S. Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year One	1,403,110	105,300
Year Two	0	2,526,225
Year Three	932,939	479,512
Year Four	394,949	0
Year Five	0	113,653
Prior	0	0
Loans receivable	2,730,998	3,224,690
3 | Unique Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year One	0	0
Year Two	0	0
Year Three	0	198,433
Year Four	197,018	0
Year Five	0	0
Prior	58,854	60,604
Loans receivable	255,872	259,037
3 | Impaired loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year One	0	0
Year Two	0	0
Year Three	0	0
Year Four	0	0
Year Five	0	0
Prior	0	0
Loans receivable	0	0
3 | Total loans receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year One	8,914,993	886,895
Year Two	358,448	4,917,522
Year Three	2,042,109	2,350,842
Year Four	1,708,839	1,134,288
Year Five	292,520	341,119
Prior	287,118	281,248
Loans receivable	13,604,027	9,911,914
4
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable	2,270,872	3,032,593
4 | U.S. Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year One	72,752	43,906
Year Two	221,513	1,172,168
Year Three	358,448	2,391,297
Year Four	0	65,978
Year Five	89,439	0
Prior	0	0
Loans receivable	784,274	1,460,334
4 | Non-U.S. Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year One	0	0
Year Two	0	256,494
Year Three	343,030	0
Year Four	0	0
Year Five	0	0
Prior	0	0
Loans receivable	343,030	256,494
4 | Unique Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year One	0	0
Year Two	0	325,097
Year Three	322,787	990,668
Year Four	820,781	0
Year Five	0	0
Prior	0	0
Loans receivable	1,143,568	1,315,765
4 | Impaired loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year One	0	0
Year Two	0	0
Year Three	0	0
Year Four	0	0
Year Five	0	0
Prior	0	0
Loans receivable	0	0
4 | Total loans receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year One	0	65,978
Year Two	0	752,132
Year Three	762,356	2,045,810
Year Four	1,355,719	63,293
Year Five	63,358	105,380
Prior	89,439	0
Loans receivable	2,270,872	3,032,593
5 | U.S. Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year One	248,134	17,009
Year Two	1,134,176	757,138
Year Three	1,109,170	1,672,897
Year Four	0	170,541
Year Five	0	0
Prior	0	0
Loans receivable	0	0
5 | Non-U.S. Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year One	0	0
Year Two	0	0
Year Three	0	0
Year Four	0	0
Year Five	0	0
Prior	0	0
Loans receivable	0	0
5 | Unique Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year One	0	0
Year Two	0	0
Year Three	0	0
Year Four	0	0
Year Five	0	0
Prior	0	0
Loans receivable	0	0
5 | Impaired loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year One	0	0
Year Two	0	0
Year Three	0	284,809
Year Four	284,809	0
Year Five	0	0
Prior	0	52,388
Loans receivable	284,809	337,197
5 | Total loans receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year One	0	0
Year Two	0	0
Year Three	0	284,809
Year Four	284,809	0
Year Five	0	0
Prior	0	52,388
Loans receivable	$ 284,809	$ 337,197

Loans Receivable, Net - Loans_2

Loans Receivable, Net - Loans Receivable Based On Our Internal Risk Ratings, Separated By Year Of Origination Footnotes (Detail) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Receivables [Abstract]
Held-to-maturity debt securities	$ 78,013	$ 75,722

Other Assets and Liabilities -

Other Assets and Liabilities - Summary of Components of Other Assets (Detail) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Accrued interest receivable	$ 86,101	$ 66,757
Debt securities held-to-maturity	78,083	77,445
CECL reserve	(70)	(1,723)	$ 0
Debt securities held-to-maturity, net	78,013	75,722
Loan portfolio payments held by servicer	77,624	73,224
Derivative assets	30,531	522
Prepaid expenses	956	973
Collateral deposited under derivative agreements	0	51,050
Prepaid taxes	0	376
Other	572	1,195
Total	$ 273,797	$ 269,819

Other Assets and Liabilities _2

Other Assets and Liabilities - Summary of Components of Other Assets Footnotes (Detail) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
2018 Single Asset Securitization
Schedule Of Other Assets [Line Items]
Total loan amount, securitized	$ 379.3	$ 735.5

Other Assets and Liabilities _3

Other Assets and Liabilities - Summary Of Current Expected Credit Loss Reserve By Pool (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 1,723	$ 0
Increase (decrease) in CECL reserve	(1,653)	1,278
Ending balance	$ 70	1,723
Cumulative Effect, Period of Adoption, Adjustment
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Roll Forward]
Beginning balance		$ 445

Other Assets and Liabilities _4

Other Assets and Liabilities - Additional Information (Detail) $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)loan	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)
Financing Receivable, Allowance for Credit Loss [Line Items]
Current expected credit loss reserve	$ 70	$ 1,723	$ 0
Increase (decrease) in CECL reserve	$ (1,653)	1,278
Number of loans receivable | loan	118
CECL reserve	$ 124,679	173,549	0
Increase (decrease) in CECL reserve	(48,900)
Cumulative Effect, Period of Adoption, Adjustment
Financing Receivable, Allowance for Credit Loss [Line Items]
Current expected credit loss reserve			445
Unfunded Loan Commitments
Financing Receivable, Allowance for Credit Loss [Line Items]
Unfunded loan commitments	$ 4,200,000
Number of loans receivable | loan	118
CECL reserve	$ 6,263	10,031	0
Increase (decrease) in CECL reserve	$ (3,768)	$ 6,768
Unfunded Loan Commitments | Cumulative Effect, Period of Adoption, Adjustment
Financing Receivable, Allowance for Credit Loss [Line Items]
CECL reserve			$ 3,300

Other Assets and Liabilities _5

Other Assets and Liabilities - Summary of Components of Other Liabilities (Detail) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Deferred Costs, Capitalized, Prepaid, Other Assets and Other Liabilities Disclosure [Abstract]
Accrued dividends payable	$ 104,271	$ 91,004
Secured debt repayments pending servicer remittance	47,664	0
Accrued interest payable	29,851	20,548
Accrued management and incentive fees payable	28,373	19,158
Accounts payable and other liabilities	9,046	2,671
Derivative liabilities	5,890	58,915
CECL reserve	6,263	10,031
Total	$ 231,358	$ 202,327

Other Assets and Liabilities _6

Other Assets and Liabilities - Summary of Unfunded Loan Commitment (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Financing Receivable, Allowance for Credit Loss [Line Items]
Beginning balance	$ 173,549	$ 0
Increase (decrease) in CECL reserve	(48,900)
Ending balance	124,679	173,549
Cumulative Effect, Period of Adoption, Adjustment
Financing Receivable, Allowance for Credit Loss [Line Items]
Beginning balance		17,650
U.S. Loans
Financing Receivable, Allowance for Credit Loss [Line Items]
Beginning balance	42,995
Ending balance	26,885	42,995
U.S. Loans | Cumulative Effect, Period of Adoption, Adjustment
Financing Receivable, Allowance for Credit Loss [Line Items]
Beginning balance		8,955
Non-U.S. Loans
Financing Receivable, Allowance for Credit Loss [Line Items]
Beginning balance	27,734
Ending balance	10,263	27,734
Non-U.S. Loans | Cumulative Effect, Period of Adoption, Adjustment
Financing Receivable, Allowance for Credit Loss [Line Items]
Beginning balance		3,631
CECL reserve on unfunded loan commitments
Financing Receivable, Allowance for Credit Loss [Line Items]
Beginning balance	10,031	0
Increase (decrease) in CECL reserve	(3,768)	6,768
Ending balance	6,263	10,031
CECL reserve on unfunded loan commitments | Cumulative Effect, Period of Adoption, Adjustment
Financing Receivable, Allowance for Credit Loss [Line Items]
Beginning balance		3,263
CECL reserve on unfunded loan commitments | U.S. Loans
Financing Receivable, Allowance for Credit Loss [Line Items]
Beginning balance	6,953	0
Increase (decrease) in CECL reserve	(2,881)	4,152
Ending balance	4,072	6,953
CECL reserve on unfunded loan commitments | U.S. Loans | Cumulative Effect, Period of Adoption, Adjustment
Financing Receivable, Allowance for Credit Loss [Line Items]
Beginning balance		2,801
CECL reserve on unfunded loan commitments | Non-U.S. Loans
Financing Receivable, Allowance for Credit Loss [Line Items]
Beginning balance	2,994	0
Increase (decrease) in CECL reserve	(803)	2,541
Ending balance	2,191	2,994
CECL reserve on unfunded loan commitments | Non-U.S. Loans | Cumulative Effect, Period of Adoption, Adjustment
Financing Receivable, Allowance for Credit Loss [Line Items]
Beginning balance		453
Unique Loans
Financing Receivable, Allowance for Credit Loss [Line Items]
Beginning balance	33,159	0
Ending balance	32,657	33,159
Unique Loans | Cumulative Effect, Period of Adoption, Adjustment
Financing Receivable, Allowance for Credit Loss [Line Items]
Beginning balance		1,356
Unique Loans | CECL reserve on unfunded loan commitments
Financing Receivable, Allowance for Credit Loss [Line Items]
Beginning balance	84	0
Increase (decrease) in CECL reserve	(84)	75
Ending balance	0	84
Unique Loans | CECL reserve on unfunded loan commitments | Cumulative Effect, Period of Adoption, Adjustment
Financing Receivable, Allowance for Credit Loss [Line Items]
Beginning balance		9
Impaired loans
Financing Receivable, Allowance for Credit Loss [Line Items]
Beginning balance	69,661	0
Ending balance	54,874	69,661
Impaired loans | CECL reserve on unfunded loan commitments
Financing Receivable, Allowance for Credit Loss [Line Items]
Beginning balance	0	0
Increase (decrease) in CECL reserve	0	0
Ending balance	$ 0	0
Impaired loans | CECL reserve on unfunded loan commitments | Cumulative Effect, Period of Adoption, Adjustment
Financing Receivable, Allowance for Credit Loss [Line Items]
Beginning balance		$ 0

Secured Debt, Net - Additional

Secured Debt, Net - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2021USD ($)credit_facility	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)
Debt Instrument [Line Items]
Interest expense	$ 340,223,000	$ 347,471,000	$ 458,503,000
Covenants, minimum tangible net worth	$ 3,500,000,000
Covenants, percentage of recourse indebtedness	0.05
Minimum
Debt Instrument [Line Items]
Covenants, EBITDA to fixed charges, in percent	1.4
Covenants, percentage of tangible assets on cash proceeds from equity issuances	0.75
Covenants, minimum cash liquidity amount	$ 10,000,000
Maximum
Debt Instrument [Line Items]
Covenants, percentage of tangible assets on cash proceeds from equity issuances	0.85
Covenants, indebtedness to total assets, in percent	0.8333
Secured credit facilities | Line of Credit
Debt Instrument [Line Items]
New borrowings	$ 7,763,563,000	898,516,000
Collateral	$ 17,042,381,000	12,040,907,000
Number of new credit facilities | credit_facility	2
Number of existing credit facilities with increased size | credit_facility	4
Maximum borrowing capacity	$ 2,500,000,000
Additional credit capacity	1,200,000,000
Remaining borrowing capacity	607,400,000
Borrowings	12,299,580,000	7,896,863,000
Secured credit facilities | Line of Credit | New Borrowings
Debt Instrument [Line Items]
New borrowings	10,500,000,000
Collateral	13,200,000,000
Acquisition facility | Line of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity	250,000,000
Remaining borrowing capacity	147,500,000
Interest expense	1,200,000	1,600,000
Amortization of deferred fees and expenses	$ 354,000	$ 685,000

Secured Debt, Net - Schedule of

Secured Debt, Net - Schedule of Secured Debt Agreements (Detail) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Deferred financing costs	$ (6,300)
Net book value	15,072,050
Line of Credit
Debt Instrument [Line Items]
Total secured debt	12,299,580	$ 7,896,863
Deferred financing costs	(19,538)	(16,327)
Net book value	12,280,042	7,880,536
Secured credit facilities | Line of Credit
Debt Instrument [Line Items]
Total secured debt	12,299,580	7,896,863
Acquisition facility | Line of Credit
Debt Instrument [Line Items]
Total secured debt	$ 0	$ 0

Secured Debt, Net - Schedule _2

Secured Debt, Net - Schedule of Secured Credit Facilities (Detail) - Secured credit facilities - Line of Credit $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)lender	Dec. 31, 2020USD ($)
Schedule Of Secured Credit Facilities [Line Items]
Lenders | lender	12
Borrowings | $	$ 12,299,580	$ 7,896,863
Loan Count | lender	159
Collateral | $	$ 17,042,381	$ 12,040,907
Recourse Limitation Wtd. Avg.	35.00%
Others
Schedule Of Secured Credit Facilities [Line Items]
Lenders | lender	4
Borrowings | $	$ 888,118
Loan Count | lender	6
Collateral | $	$ 1,150,976
Recourse Limitation Wtd. Avg.	26.00%
Minimum
Schedule Of Secured Credit Facilities [Line Items]
Recourse Limitation Range	25.00%
Minimum | Others
Schedule Of Secured Credit Facilities [Line Items]
Recourse Limitation Range	25.00%
Maximum
Schedule Of Secured Credit Facilities [Line Items]
Recourse Limitation Range	100.00%
Maximum | Others
Schedule Of Secured Credit Facilities [Line Items]
Recourse Limitation Range	100.00%
USD
Schedule Of Secured Credit Facilities [Line Items]
Lenders | lender	13
Borrowings | $	$ 7,334,420
Loan Count | lender	128
Collateral | $	$ 10,420,015
Recourse Limitation Wtd. Avg.	34.00%
USD | Minimum
Schedule Of Secured Credit Facilities [Line Items]
Recourse Limitation Range	25.00%
USD | Maximum
Schedule Of Secured Credit Facilities [Line Items]
Recourse Limitation Range	100.00%
EUR
Schedule Of Secured Credit Facilities [Line Items]
Lenders | lender	6
Borrowings | $	$ 2,333,523
Loan Count | lender	10
Collateral | $	$ 3,148,250
Recourse Limitation Wtd. Avg.	47.00%
EUR | Minimum
Schedule Of Secured Credit Facilities [Line Items]
Recourse Limitation Range	25.00%
EUR | Maximum
Schedule Of Secured Credit Facilities [Line Items]
Recourse Limitation Range	100.00%
GBP
Schedule Of Secured Credit Facilities [Line Items]
Lenders | lender	6
Borrowings | $	$ 1,743,519
Loan Count | lender	15
Collateral | $	$ 2,323,140
Recourse Limitation Wtd. Avg.	26.00%
GBP | Minimum
Schedule Of Secured Credit Facilities [Line Items]
Recourse Limitation Range	25.00%
GBP | Maximum
Schedule Of Secured Credit Facilities [Line Items]
Recourse Limitation Range	50.00%

Secured Debt, Net - Schedule _3

Secured Debt, Net - Schedule of All in Cost of Secured Credit Facilities (Details) - Secured credit facilities - Line of Credit - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Schedule Of All In Cost Of Secured Credit Facilities [Line Items]
New borrowings	$ 7,763,563	$ 898,516
Borrowings	$ 12,299,580	$ 7,896,863
Debt Instrument Weighted Average All In Cost	1.72%	1.83%
Collateral	$ 17,042,381	$ 12,040,907
Debt Instrument Weighted Average All In Yield	3.49%	3.40%
Net Interest Margin	1.77%	1.57%
+ 1.50% or less
Schedule Of All In Cost Of Secured Credit Facilities [Line Items]
New borrowings	$ 5,306,925	$ 376,085
Borrowings	$ 7,746,026	$ 4,192,280
Debt Instrument Weighted Average All In Cost	1.52%	1.59%
Collateral	$ 10,193,801	$ 6,338,626
Debt Instrument Weighted Average All In Yield	3.18%	3.09%
Net Interest Margin	1.66%	1.50%
+ 1.50% or less | United State Dollar LIBOR Rate
Schedule Of All In Cost Of Secured Credit Facilities [Line Items]
Basis spread on debt obligation	1.50%	1.50%
+ 1.51% to + 1.75%
Schedule Of All In Cost Of Secured Credit Facilities [Line Items]
New borrowings	$ 1,477,177	$ 172,447
Borrowings	$ 2,710,587	$ 1,945,692
Debt Instrument Weighted Average All In Cost	1.88%	1.95%
Collateral	$ 3,977,492	$ 2,975,581
Debt Instrument Weighted Average All In Yield	3.55%	3.43%
Net Interest Margin	1.67%	1.48%
+ 1.51% to + 1.75% | GBP LIBOR | Minimum
Schedule Of All In Cost Of Secured Credit Facilities [Line Items]
Basis spread on debt obligation	1.51%	1.51%
+ 1.51% to + 1.75% | GBP LIBOR | Maximum
Schedule Of All In Cost Of Secured Credit Facilities [Line Items]
Basis spread on debt obligation	1.75%	1.75%
+ 1.76% to + 2.00%
Schedule Of All In Cost Of Secured Credit Facilities [Line Items]
New borrowings	$ 668,470	$ 215,056
Borrowings	$ 998,781	$ 926,666
Debt Instrument Weighted Average All In Cost	2.13%	2.06%
Collateral	$ 1,458,074	$ 1,212,546
Debt Instrument Weighted Average All In Yield	4.28%	3.83%
Net Interest Margin	2.15%	1.77%
+ 1.76% to + 2.00% | Sterling Overnight Interbank Average Rate | Minimum
Schedule Of All In Cost Of Secured Credit Facilities [Line Items]
Basis spread on debt obligation	1.76%	1.76%
+ 1.76% to + 2.00% | Sterling Overnight Interbank Average Rate | Maximum
Schedule Of All In Cost Of Secured Credit Facilities [Line Items]
Basis spread on debt obligation	2.00%	2.00%
+ 2.01% or more
Schedule Of All In Cost Of Secured Credit Facilities [Line Items]
New borrowings	$ 310,991	$ 134,928
Borrowings	$ 844,186	$ 832,225
Debt Instrument Weighted Average All In Cost	2.49%	2.49%
Collateral	$ 1,413,014	$ 1,514,154
Debt Instrument Weighted Average All In Yield	4.75%	4.34%
Net Interest Margin	2.26%	1.85%
+ 2.01% or more | EURIBOR
Schedule Of All In Cost Of Secured Credit Facilities [Line Items]
Basis spread on debt obligation	2.01%	2.01%

Securitized Debt Obligations,_3

Securitized Debt Obligations, Net - Schedule of Information on Securitized Debt Obligations (Detail) $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)loan	Dec. 31, 2020USD ($)loan
Financing provided
Debt Instrument [Line Items]
Count | loan	3	4
Principal Balance	$ 2,855,625	$ 2,940,638
Book Value	$ 2,838,062	$ 2,922,499
Financing provided | 2021 FL4 Collateralized Loan Obligation
Debt Instrument [Line Items]
Count | loan	1
Principal Balance	$ 803,750
Book Value	$ 797,373
Financing provided | 2020 FL3 Collateralized Loan Obligation
Debt Instrument [Line Items]
Count | loan	1	1
Principal Balance	$ 808,750	$ 808,750
Book Value	$ 804,096	$ 800,993
Financing provided | 2020 FL2 Collateralized Loan Obligation
Debt Instrument [Line Items]
Count | loan	1	1
Principal Balance	$ 1,243,125	$ 1,243,125
Book Value	$ 1,236,593	$ 1,233,464
Financing provided | 2017 FL1 Collateralized Loan Obligation
Debt Instrument [Line Items]
Count | loan		1
Principal Balance		$ 404,929
Book Value		$ 483,113
Financing provided | 2017 Single Asset Securitization
Debt Instrument [Line Items]
Count | loan		1
Principal Balance		$ 483,834
Book Value		$ 404,929
Collateral assets
Debt Instrument [Line Items]
Count | loan	73	72
Principal Balance	$ 3,500,000	$ 3,785,528
Book Value	$ 3,500,000	$ 3,785,100
Collateral assets | 2021 FL4 Collateralized Loan Obligation
Debt Instrument [Line Items]
Count | loan	34
Principal Balance	$ 1,000,000
Book Value	$ 1,000,000
Collateral assets | 2020 FL3 Collateralized Loan Obligation
Debt Instrument [Line Items]
Count | loan	18	25
Principal Balance	$ 1,000,000	$ 1,000,000
Book Value	$ 1,000,000	$ 1,000,000
Collateral assets | 2020 FL2 Collateralized Loan Obligation
Debt Instrument [Line Items]
Count | loan	21	31
Principal Balance	$ 1,500,000	$ 1,500,000
Book Value	$ 1,500,000	$ 1,500,000
Collateral assets | 2017 FL1 Collateralized Loan Obligation
Debt Instrument [Line Items]
Count | loan		15
Principal Balance		$ 666,334
Book Value		$ 666,334
Collateral assets | 2017 Single Asset Securitization
Debt Instrument [Line Items]
Count | loan		1
Principal Balance		$ 619,194
Book Value		$ 618,766
LIBOR | Financing provided
Debt Instrument [Line Items]
Wtd. Avg. Yield/Cost	1.69%	1.70%
LIBOR | Financing provided | 2021 FL4 Collateralized Loan Obligation
Debt Instrument [Line Items]
Wtd. Avg. Yield/Cost	1.66%
LIBOR | Financing provided | 2020 FL3 Collateralized Loan Obligation
Debt Instrument [Line Items]
Wtd. Avg. Yield/Cost	2.10%	2.08%
LIBOR | Financing provided | 2020 FL2 Collateralized Loan Obligation
Debt Instrument [Line Items]
Wtd. Avg. Yield/Cost	1.45%	1.44%
LIBOR | Financing provided | 2017 FL1 Collateralized Loan Obligation
Debt Instrument [Line Items]
Wtd. Avg. Yield/Cost		1.83%
LIBOR | Financing provided | 2017 Single Asset Securitization
Debt Instrument [Line Items]
Wtd. Avg. Yield/Cost		1.63%
LIBOR | Collateral assets
Debt Instrument [Line Items]
Wtd. Avg. Yield/Cost	3.20%	3.25%
LIBOR | Collateral assets | 2021 FL4 Collateralized Loan Obligation
Debt Instrument [Line Items]
Wtd. Avg. Yield/Cost	3.42%
LIBOR | Collateral assets | 2020 FL3 Collateralized Loan Obligation
Debt Instrument [Line Items]
Wtd. Avg. Yield/Cost	3.06%	3.09%
LIBOR | Collateral assets | 2020 FL2 Collateralized Loan Obligation
Debt Instrument [Line Items]
Wtd. Avg. Yield/Cost	3.15%	3.17%
LIBOR | Collateral assets | 2017 FL1 Collateralized Loan Obligation
Debt Instrument [Line Items]
Wtd. Avg. Yield/Cost		3.39%
LIBOR | Collateral assets | 2017 Single Asset Securitization
Debt Instrument [Line Items]
Wtd. Avg. Yield/Cost		3.57%

Securitized Debt Obligations,_4

Securitized Debt Obligations, Net - Schedule of Information on Securitized Debt Obligations Footnotes (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Credit spread adjustment	0.11%
Interest expense on securitized debt obligations	$ 46	$ 43.1
Collateral assets | 2017 Single Asset Securitization
Debt Instrument [Line Items]
Total loan amount, securitized		$ 500
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Debt Instrument [Line Items]
30 day average compounded SOFR reference rate	0.05%
LIBOR
Debt Instrument [Line Items]
One-month USD LIBOR	0.10%

Asset-Specific Debt (Detail)

Asset-Specific Debt (Detail) $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)SecurityLoan	Dec. 31, 2020USD ($)SecurityLoan
Financing provided
Participating Mortgage Loans [Line Items]
Count | SecurityLoan	4	4
Financing provided, Principal Balance	$ 400,699	$ 399,699
Financing provided, Book Value	$ 393,824	$ 391,269
Financing provided | LIBOR
Participating Mortgage Loans [Line Items]
Weighted Average Yield/Cost Rate	2.78%	3.48%
Collateral assets
Participating Mortgage Loans [Line Items]
Count | SecurityLoan	4	4
Collateral assets, Principal Balance	$ 446,276	$ 512,794
Collateral assets, Book Value	$ 435,727	$ 499,085
Collateral assets | LIBOR
Participating Mortgage Loans [Line Items]
Weighted Average Yield/Cost Rate	4.04%	4.65%

Term Loans, Net - Additional In

Term Loans, Net - Additional Information (Detail) $ in Millions	12 Months Ended
	Dec. 31, 2021USD ($)
Debt Instrument [Line Items]
Secured term loan percentage of partially amortizing	1.00%
B-1 Term Loan
Debt Instrument [Line Items]
Increase in borrowings	$ 200
Secured term loan percentage of partially amortizing	1.00%
Discount upon issuance of secured term loan	$ 3.1
Secured term loan transaction expenses	$ 12.6
Total debt to total assets ratio	0.8333
B-1 Term Loan | LIBOR
Debt Instrument [Line Items]
Basis spread on debt obligation	2.25%
B-2 Term Loan
Debt Instrument [Line Items]
Increase in borrowings	$ 100
Basis spread on debt obligation	0.50%
Secured term loan percentage of partially amortizing	1.00%
Discount upon issuance of secured term loan	$ 9.6
Secured term loan transaction expenses	$ 5.4
Total debt to total assets ratio	0.8333
B-2 Term Loan | LIBOR
Debt Instrument [Line Items]
Decrease in basis spread on debt obligation	2.50%
Basis spread on debt obligation	2.75%

Term Loans, Net - Schedule of D

Term Loans, Net - Schedule of Debt (Detail)	12 Months Ended
	Dec. 31, 2021USD ($)
B-1 Term Loan
Debt Instrument [Line Items]
Face Value	$ 929,878,000
All-in Cost	2.53%
B-1 Term Loan | LIBOR
Debt Instrument [Line Items]
Basis spread on debt obligation	2.25%
B-2 Term Loan
Debt Instrument [Line Items]
Face Value	$ 419,393,000
Basis spread on debt obligation	0.50%
All-in Cost	3.42%
B-2 Term Loan | LIBOR
Debt Instrument [Line Items]
Basis spread on debt obligation	2.75%

Term Loans, Net - Schedule of_2

Term Loans, Net - Schedule of Debt Footnotes (Detail)	12 Months Ended
	Dec. 31, 2021
B-2 Term Loan
Debt Instrument [Line Items]
Basis spread on debt obligation	0.50%

Term Loans, Net - Schedule of N

Term Loans, Net - Schedule of Net Book Value of Our Secured Term Loans on Our Consolidated Balance Sheets (Detail) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Deferred financing costs	$ (6,300)
Secured term loans, net
Debt Instrument [Line Items]
Face Value	1,349,271	$ 1,062,766
Unamortized discount	(9,209)	(9,807)
Deferred financing costs	(12,656)	(11,255)
Net book value	$ 1,327,406	$ 1,041,704

Senior Secured Notes, Net - Add

Senior Secured Notes, Net - Additional Information (Details)	Dec. 31, 2021USD ($)	Dec. 31, 2020USD ($)
Debt Instrument [Line Items]
Transaction expenses	$ 6,300,000
Senior Secured Notes
Debt Instrument [Line Items]
Face amount	400,000,000	$ 0
Senior Secured Notes | Senior Secured Notes Due 2027
Debt Instrument [Line Items]
Face amount	400,000,000
Transaction expenses	$ 5,990,000	$ 0
Total debt to total assets ratio	0.83333
Total unencumbered assets to total unsecured debt ratio	1.20

Senior Secured Notes, Net - Sch

Senior Secured Notes, Net - Schedule of Senior Secured Notes (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Interest Rate	3.75%
Senior Secured Notes
Debt Instrument [Line Items]
Face amount	$ 400,000,000	$ 0
Senior Secured Notes | Senior Secured Notes Due 2027
Debt Instrument [Line Items]
Face amount	$ 400,000,000
All-in Cost	4.04%

Senior Secured Notes, Net - S_2

Senior Secured Notes, Net - Schedule of Net Book Value (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Deferred financing costs	$ (6,300)
Net book value	15,072,050
Senior Secured Notes
Debt Instrument [Line Items]
Net book value	400,000
Senior Secured Notes | Senior Secured Notes Due 2027
Debt Instrument [Line Items]
Face value	400,000	$ 0
Deferred financing costs	(5,990)	0
Net book value	$ 394,010	$ 0

Convertible Notes, Net - Summar

Convertible Notes, Net - Summary of Outstanding Convertible Senior Notes (Detail)	12 Months Ended
	Dec. 31, 2021USD ($)
Debt Instrument [Line Items]
Interest Rate	3.75%
4.38% Convertible Senior Notes
Debt Instrument [Line Items]
Face Value	$ 402,500,000
Interest Rate	4.38%
All-in Cost	4.85%
Conversion Rate	28.0324
4.75% Convertible Senior Notes
Debt Instrument [Line Items]
Face Value	$ 220,000,000
Interest Rate	4.75%
All-in Cost	5.33%
Conversion Rate	27.6052

Convertible Notes, Net - Summ_2

Convertible Notes, Net - Summary of Outstanding Convertible Senior Notes Footnotes (Detail) - Class A Common Stock	12 Months Ended
	Dec. 31, 2021USD ($)$ / shares
5.25% Convertible Senior Notes
Debt Instrument [Line Items]
Debt conversion, principal amount | $	$ 1,000
4.38% Convertible Senior Notes
Debt Instrument [Line Items]
Debt conversion, principal amount | $	$ 1,000
4.75% Convertible Senior Notes Issued In March 2018
Debt Instrument [Line Items]
Debt instrument, conversion price (in USD per share) | $ / shares	$ 35.67
4.38% Convertible Senior Notes Issued in May 2017
Debt Instrument [Line Items]
Debt instrument, conversion price (in USD per share) | $ / shares	$ 36.23

Convertible Notes, Net - Additi

Convertible Notes, Net - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Mar. 31, 2020	Mar. 31, 2018	May 31, 2017
Debt Instrument [Line Items]
Share price (in USD per share)	$ 30.62		$ 22.93
Accrued interest payable	$ 29,851	$ 20,548
4.38% Convertible Senior Notes
Debt Instrument [Line Items]
Discount upon issuance of secured term loan					$ 979
All-in Cost					4.57%
Debt issuance costs					$ 8,400
Interest rate including amortization of discount upon issuance					4.91%
5.25% Convertible Senior Notes
Debt Instrument [Line Items]
Discount upon issuance of secured term loan				$ 1,500
All-in Cost				5.25%
Debt issuance costs				$ 5,200
Interest rate including amortization of discount upon issuance				5.49%
Convertible Senior Notes
Debt Instrument [Line Items]
Accrued interest payable	$ 6,000	$ 6,000

Convertible Notes, Net - Summ_3

Convertible Notes, Net - Summary of Details of Net Book Value of Convertible Note (Detail) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Deferred financing costs	$ (6,300)
Convertible notes, net
Debt Instrument [Line Items]
Face Value	622,500	$ 622,500
Unamortized discount	(2,472)	(5,715)
Deferred financing costs	(152)	(396)
Net book value	$ 619,876	$ 616,389

Convertible Notes, Net - Summ_4

Convertible Notes, Net - Summary of Details about Interest Expense (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Discount and issuance cost amortization	$ 41,002	$ 37,403	$ 32,195
Convertible notes, net
Debt Instrument [Line Items]
Cash coupon	28,059	28,059	28,059
Discount and issuance cost amortization	3,486	3,319	3,159
Total interest expense	$ 31,545	$ 31,378	$ 31,218

Derivative Financial Instrume_3

Derivative Financial Instruments - Summary of Outstanding Interest Rate Derivatives Designated as Cash Flow Hedges of Interest Rate Risk (Detail) - Cash Flow Hedges - Designated as Hedging Instrument - Interest Rate Caps - CAD - CDOR $ in Thousands	12 Months Ended
	Dec. 31, 2021CAD ($)DerivativeInstrument	Dec. 31, 2020CAD ($)DerivativeInstrument
Derivative [Line Items]
Number of Instruments | DerivativeInstrument	1	2
Notional Amount | $	$ 20,670	$ 38,293
Strike	1.00%	1.00%
Wtd. Avg. Maturity (Years)	2 months 12 days	9 months 18 days

Derivative Financial Instrume_4

Derivative Financial Instruments - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Amount of collateral posted for the net assets/liability positions	$ 0	$ 51,050,000
Interest rate derivatives
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Reclassification from accumulated other comprehensive income (loss) as increase to interest income	$ 4,000

Derivative Financial Instrume_5

Derivative Financial Instruments - Summary of Outstanding Foreign Exchange Derivatives Designated as Net Investment Hedges of Foreign Currency Risk (Detail) - Designated as Hedging Instrument - Net Investment Hedge € in Thousands, £ in Thousands, kr in Thousands, SFr in Thousands, $ in Thousands, $ in Thousands	Dec. 31, 2021CAD ($)DerivativeInstrument	Dec. 31, 2021SEK (kr)DerivativeInstrument	Dec. 31, 2021EUR (€)DerivativeInstrument	Dec. 31, 2021GBP (£)DerivativeInstrument	Dec. 31, 2021AUD ($)DerivativeInstrument	Dec. 31, 2021CHF (SFr)DerivativeInstrument	Dec. 31, 2020CAD ($)DerivativeInstrument	Dec. 31, 2020EUR (€)DerivativeInstrument	Dec. 31, 2020GBP (£)DerivativeInstrument	Dec. 31, 2020AUD ($)DerivativeInstrument
Buy USD / Sell SEK Forward
Derivative [Line Items]
Number of Instruments	1	1	1	1	1	1
Notional Amount | kr		kr 999,500
Buy USD / Sell EUR Forward
Derivative [Line Items]
Number of Instruments	7	7	7	7	7	7	8	8	8	8
Notional Amount | €			€ 731,182					€ 754,722
Buy USD / Sell GBP Forward
Derivative [Line Items]
Number of Instruments	2	2	2	2	2	2	4	4	4	4
Notional Amount | £				£ 489,204					£ 372,487
Buy USD / Sell AUD Forward
Derivative [Line Items]
Number of Instruments	3	3	3	3	3	3	1	1	1	1
Notional Amount | $					$ 188,600					$ 92,800
Buy USD / Sell CAD Forward
Derivative [Line Items]
Number of Instruments	2	2	2	2	2	2	1	1	1	1
Notional Amount | $	$ 22,100						$ 26,200
Buy USD / Sell CHF Forward
Derivative [Line Items]
Number of Instruments	1	1	1	1	1	1
Notional Amount | SFr						SFr 5,200

Derivative Financial Instrume_6

Derivative Financial Instruments - Summary of Non-designated Hedges (Detail) - Derivatives not designated as hedging instruments: € in Thousands, £ in Thousands, SFr in Thousands	Dec. 31, 2021EUR (€)DerivativeInstrument	Dec. 31, 2021GBP (£)DerivativeInstrument	Dec. 31, 2021CHF (SFr)DerivativeInstrument	Dec. 31, 2020EUR (€)DerivativeInstrument	Dec. 31, 2020GBP (£)DerivativeInstrument
Buy GBP / Sell EUR Forward
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Number of Instruments	1	1	1
Notional Amount | €	€ 8,410
Buy GBP / Sell USD Forward
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Number of Instruments	3	3	3
Notional Amount | £		£ 170,600
Buy USD / Sell GBP Forward
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Number of Instruments	3	3	3
Notional Amount | £		£ 170,600
Buy GBP / Sell USD Forward
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Number of Instruments	2	2	2
Notional Amount | €	€ 165,560
Buy USD / Sell EUR Forward
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Number of Instruments	3	3	3	1	1
Notional Amount | €	€ 165,560			€ 8,410
Buy CHF / Sell USD Forward
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Number of Instruments	1	1	1
Notional Amount | SFr			SFr 20,300
Buy USD / Sell CHF Forward
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Number of Instruments	1	1	1
Notional Amount | SFr			SFr 20,300
Buy EUR / Sell GBP Forward
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Number of Instruments				2	2
Notional Amount | £					£ 146,207

Derivative Financial Instrume_7

Derivative Financial Instruments - Schedule of Derivative Instruments Gain Loss in Statement of Operations (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Derivative Instruments, Gain (Loss) [Line Items]
Increase (Decrease) to Net Interest Income Recognized from Foreign Exchange Contracts	$ 3,934	$ 867	$ 1,071
Foreign Exchange Forward
Derivative Instruments, Gain (Loss) [Line Items]
Increase (Decrease) to Net Interest Income Recognized from Foreign Exchange Contracts	43	(497)	1,060
Designated as Hedging Instrument | Interest Income | Foreign Exchange Forward
Derivative Instruments, Gain (Loss) [Line Items]
Increase (Decrease) to Net Interest Income Recognized from Foreign Exchange Contracts	7,296	4,382	0
Derivatives not designated as hedging instruments: | Interest Income | Foreign Exchange Forward
Derivative Instruments, Gain (Loss) [Line Items]
Increase (Decrease) to Net Interest Income Recognized from Foreign Exchange Contracts	(342)	(522)	0
Derivatives not designated as hedging instruments: | Interest Expense | Foreign Exchange Forward
Derivative Instruments, Gain (Loss) [Line Items]
Increase (Decrease) to Net Interest Income Recognized from Foreign Exchange Contracts	$ (6,911)	$ (4,357)	$ 1,060

Derivative Financial Instrume_8

Derivative Financial Instruments - Summary of Fair Value of Derivative Financial Instruments (Detail) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative assets	$ 30,531	$ 522
Derivative liabilities	5,890	58,915
Recurring
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative assets	30,531	522
Derivative liabilities	5,890	58,915
Level 2 | Recurring
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative assets	30,531	522
Derivative liabilities	5,890	58,915
Designated as Hedging Instrument
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative assets	23,423	522
Derivative liabilities	1,383	55,758
Designated as Hedging Instrument | Foreign exchange contracts
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative assets	23,423	521
Derivative liabilities	1,383	55,758
Designated as Hedging Instrument | Interest rate derivatives
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative assets	0	1
Derivative liabilities	0	0
Derivatives not designated as hedging instruments:
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative assets	7,108	0
Derivative liabilities	4,507	3,157
Derivatives not designated as hedging instruments: | Foreign exchange contracts
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative assets	7,108	0
Derivative liabilities	4,507	3,157
Derivatives not designated as hedging instruments: | Interest rate derivatives
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative assets	0	0
Derivative liabilities	$ 0	$ 0

Derivative Financial Instrume_9

Derivative Financial Instruments - Summary of Effect of Derivative Financial Instruments on Consolidated Statements of Operations (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Amount of Gain (Loss) Recognized in OCI on Derivatives	$ 81,598	$ (59,703)	$ (5,736)
Amount of Loss Reclassified from Accumulated OCI into Income	(10)	7	195
Net Investment Hedges | Foreign exchange contracts | Interest Expense
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Amount of Gain (Loss) Recognized in OCI on Derivatives	81,603	(59,609)	(5,592)
Amount of Loss Reclassified from Accumulated OCI into Income	0	0	0
Cash Flow Hedges | Interest rate derivatives | Interest Expense
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Amount of Gain (Loss) Recognized in OCI on Derivatives	(5)	(94)	(144)
Amount of Loss Reclassified from Accumulated OCI into Income	$ (10)	$ 7	$ 195

Derivative Financial Instrum_10

Derivative Financial Instruments - Summary of Effect of Derivative Financial Instruments on Consolidated Statements of Operations Footnotes (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Interest expense	$ 340,223,000	$ 347,471,000	$ 458,503,000
Foreign exchange contracts | Net Investment Hedge
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Net cash settlements on our foreign currency forward contracts	1,400,000	43,000,000	43,100,000
Interest rate derivatives | Cash Flow Hedges | Interest Expense
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Interest expense	$ 10,000	$ 7,000	$ 195,000

Equity - Additional Information

Equity - Additional Information (Detail) $ / shares in Units, $ in Thousands	Dec. 15, 2021USD ($)$ / shares	Nov. 14, 2018USD ($)agreement	Dec. 31, 2021USD ($)shares	Dec. 31, 2020USD ($)shares	Dec. 31, 2019USD ($)shares	Mar. 25, 2014shares
Class of Stock [Line Items]
Shares authorized (in shares) | shares			500,000,000
Common stock, shares authorized (in shares) | shares			400,000,000
Preferred stock, shares authorized (in shares) | shares			100,000,000
Common stock, shares issued under dividend reinvestment program (in shares) | shares			2,184	2,050	1,214
Dividends paid per common stock (in USD per share) | $ / shares	$ 0.62
Dividends paid	$ 104,300
Accumulated other comprehensive income			$ 8,308	$ 11,170
Net realized and unrealized gains related to changes in fair value of derivative instruments			86,400	4,800
Cumulative unrealized currency translation adjustment on assets and liabilities denominated in foreign currencies			78,100	6,400
Joint Venture | Multifamily
Class of Stock [Line Items]
Total equity			203,500	121,100
Equity interests owned by Blackstone Mortgage Trust, Inc.			173,000	102,900
Non-controlling interests			$ 30,500	$ 18,200
Dividend Reinvestment and Direct Stock Purchase Plan
Class of Stock [Line Items]
Common shares reserved for issuance (in shares) | shares			9,989,790			10,000,000
ATM Agreement
Class of Stock [Line Items]
Number of equity distribution agreements | agreement		6
Aggregate sales price		$ 500,000
Number of additional ATM Agreements | agreement		1
Number of shares sold (in shares) | shares			296,901		1,909,628
Shares sold			$ 9,900		$ 65,400
Aggregate sales price remaining available			$ 353,800

Equity - Summary of Class A Com

Equity - Summary of Class A Common Stock Issuances (Detail) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	12 Months Ended
	May 31, 2013	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Class of Stock [Line Items]
Shares issued (in shares)	25,875,000	20,363,592	10,842,746	10,535,842
Net proceeds		$ 638,005	$ 278,322	$ 372,337
Class A Common Stock
Class of Stock [Line Items]
Shares issued (in shares)		20,361,408	10,840,696	10,534,628
Gross share issue price per share		$ 31.64	$ 27.79	$ 35.75
Net share issue price per share		$ 31.37	$ 27.52	$ 35.38
Net proceeds		$ 638,005	$ 297,599	$ 372,341

Equity - Summary of Class A C_2

Equity - Summary of Class A Common Stock Issuances Footnotes (Detail) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Shares issued for management and incentive fees (in shares)	840,696
Share price (in USD per share)	$ 22.93	$ 30.62
Shares issued for management and incentive fees	$ 19.3
ATM Agreement
Number of shares sold (in shares)		296,901		1,909,628
Price per share sold (in USD per share)		$ 33.67		$ 34.63
Manager
Shares issued for management and incentive fees (in shares)			840,696
Shares issued for management and incentive fees			$ 19.3
Manager | Class A Common Stock
Shares issued for management and incentive fees (in shares)	840,696	840,696

Equity - Schedule of Movement i

Equity - Schedule of Movement in Outstanding Shares of Class A Common Stock, Restricted Class A Common Stock and Deferred Stock Units (Detail) - shares	1 Months Ended	12 Months Ended
	May 31, 2013	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)		147,086,722	135,263,728	123,664,577
Issuance of class A common stock (in shares)	25,875,000	20,363,592	10,842,746	10,535,842
Issuance of restricted class A common stock, net (in shares)		1,036,175	933,623	1,032,082
Issuance of deferred stock units (in shares)		56,881	46,625	31,227
Ending balance (in shares)		168,543,370	147,086,722	135,263,728

Equity - Schedule of Movement_2

Equity - Schedule of Movement in Outstanding Shares of Class A Common Stock, Restricted Class A Common Stock and Deferred Stock Units Footnotes (Detail) - shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Class of Stock [Line Items]
Common stock, shares issued under dividend reinvestment program (in shares)	2,184	2,050	1,214
Restricted Class A Common Stock
Class of Stock [Line Items]
Deferred stock units held by directors (in shares)	363,572	306,691	260,066
Shares forfeited (in shares)	29,580	879	17,565

Equity - Schedule of Dividend A

Equity - Schedule of Dividend Activity (Detail) - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Equity [Abstract]
Dividends declared per share of common stock (in USD per share)	$ 2.48	$ 2.48	$ 2.48
Percent taxable as ordinary dividends	100.00%	100.00%	100.00%
Percent taxable as capital gain dividends	0.00%	0.00%	0.00%
Percent taxable as dividends	100.00%	100.00%	100.00%

Equity - Schedule of Basic and

Equity - Schedule of Basic and Diluted Earnings Per Share, or EPS, Based on Weighted-Average of Both Restricted and Unrestricted Class A Common Stock Outstanding (Detail) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Earnings Per Share [Abstract]
Net income	$ 419,193	$ 137,670	$ 305,567
Weighted-average shares of common stock outstanding, basic (in shares)	151,521,941	141,795,977	130,085,398
Weighted-average shares of common stock outstanding, diluted (in shares)	151,521,941	141,795,977	130,085,398
Net income per share of common stock basic (in USD per share)	$ 2.77	$ 0.97	$ 2.35
Net income per share of common stock diluted (in USD per share)	$ 2.77	$ 0.97	$ 2.35

Other Expenses - Additional Inf

Other Expenses - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Management fees		$ 88,467	$ 77,916	$ 78,435
Shares issued for management and incentive fees (in shares)	840,696
Shares issued for management and incentive fees	$ 19,300
Manager
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Management base fee		1.50%
Management incentive fee		20.00%
Management core earnings fee		7.00%
Management core earnings fee measurement period		3 years
Management core earnings fee minimum threshold		0.00%
Management fees		$ 64,200	60,400	55,300
Total incentive compensation payments		24,300	$ 17,500	$ 23,200
Shares issued for management and incentive fees (in shares)			840,696
Shares issued for management and incentive fees			$ 19,300
Accrued management and incentive fees payable		$ 28,400	$ 19,200

Other Expenses - Schedule of Ge

Other Expenses - Schedule of General and Administrative Expenses (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Other Income and Expenses [Abstract]
Professional services	$ 7,759	$ 7,324	$ 5,163
Operating and other costs	3,762	4,015	3,035
Subtotal	11,521	11,339	8,198
Non-cash compensation expenses
Restricted class A common stock earned	31,052	34,032	30,156
Director stock-based compensation	595	500	500
Subtotal	31,647	34,532	30,656
Total general and administrative expenses	$ 43,168	$ 45,871	$ 38,854

Other Expenses - Schedule of _2

Other Expenses - Schedule of General and Administrative Expenses Footnotes (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Multifamily | Joint Venture
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Expenses related to multifamily joint venture	$ 748	$ 1,100	$ 865

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	May 31, 2013	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Income tax provision (benefit)		$ 423	$ 323	$ (506)
Shares issued (in shares)	25,875,000	20,363,592	10,842,746	10,535,842
NOL limitation per annum		$ 2,000
Net operating losses carried forward		$ 159,000

Stock-Based Incentive Plans - A

Stock-Based Incentive Plans - Additional Information (Detail) $ in Millions	12 Months Ended
	Dec. 31, 2021USD ($)loanplanshares	Dec. 31, 2020shares	Dec. 31, 2019shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of benefit plans | plan	9
Number of expired benefit plans | loan	7
Number of current benefit plans | loan	2
Restricted Class A Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted shares, vesting period	3 years
Number of shares of restricted class A common stock outstanding (in shares)	1,706,121	1,627,890	1,698,582
Unrecognized compensation cost relating to nonvested share-based compensation | $	$ 51.3
Unrecognized compensation cost expected to be recognized over weighted average period	1 year 2 months 12 days
Expired Plans
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares available under plan (in shares)	0
Vest in 2022 | Restricted Class A Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares of restricted class A common stock outstanding (in shares)	893,701
Vest in 2023 | Restricted Class A Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares of restricted class A common stock outstanding (in shares)	545,100
Vest in 2024 | Restricted Class A Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares of restricted class A common stock outstanding (in shares)	267,320
Class A Common Stock | Stock Incentive Current Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares available under plan (in shares)	1,170,042
Maximum number of shares available under plan (in shares)	5,000,000

Stock-Based Incentive Plans - M

Stock-Based Incentive Plans - Movement in Outstanding Shares of Restricted Class A Common Stock and Weighted-Average Grant Date Fair Value Per Share (Detail) - Restricted Class A Common Stock - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Restricted Class A Common Stock
Beginning balance (in shares)	1,627,890	1,698,582
Granted (in shares)	1,065,755	934,502
Vested (in shares)	(957,944)	(1,004,315)
Forfeited (in shares)	(29,580)	(879)	(17,565)
Ending balance (in shares)	1,706,121	1,627,890	1,698,582
Weighted-Average Grant Date Fair Value Per Share
Beginning balance (in USD per share)	$ 33.14	$ 34.52
Granted (in USD per share)	29.93	31.83
Vested (in USD per share)	33.08	34.26
Forfeited (in USD per share)	31.52	34.57
Ending balance (in USD per share)	$ 31.19	$ 33.14	$ 34.52

Fair Values - Assets and Liabil

Fair Values - Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Assets
Derivatives	$ 30,531	$ 522
Liabilities
Derivatives	5,890	58,915
Recurring
Assets
Derivatives	30,531	522
Liabilities
Derivatives	5,890	58,915
Level 1 | Recurring
Assets
Derivatives	0	0
Liabilities
Derivatives	0	0
Level 2 | Recurring
Assets
Derivatives	30,531	522
Liabilities
Derivatives	5,890	58,915
Level 3 | Recurring
Assets
Derivatives	0	0
Liabilities
Derivatives	$ 0	$ 0

Fair Values - Schedule of Detai

Fair Values - Schedule of Details of Book Value, Face Amount, and Fair Value of Financial Instruments (Detail) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Financial assets
Cash and cash equivalents	$ 551,154	$ 289,970
Loans receivable, net	22,156,437	16,652,824
Debt securities held-to-maturity, net	79,200	79,200
Financial liabilities
Securitized debt obligations, net	2,838,062	2,922,499
Securitized debt obligations, net, Face Amount	2,855,625	2,940,638
Asset-specific debt net, Face Amount	400,699	399,699
Secured debt, net
Financial liabilities
Face amount	12,299,580	7,896,863
Secured term loans, net
Financial liabilities
Face amount	1,349,271	1,062,766
Senior secured notes, net
Financial liabilities
Face amount	400,000	0
Convertible notes, net
Financial liabilities
Face amount	622,500	622,500
Book Value
Financial assets
Cash and cash equivalents	551,154	289,970
Loans receivable, net	21,878,338	16,399,166
Debt securities held-to-maturity, net	78,013	75,722
Financial liabilities
Securitized debt obligations, net	2,838,062	2,922,499
Asset-specific debt, net	393,824	391,269
Book Value | Secured debt, net
Financial liabilities
Debt	12,280,042	7,880,536
Book Value | Secured term loans, net
Financial liabilities
Debt	1,327,406	1,041,704
Book Value | Senior secured notes, net
Financial liabilities
Debt	394,010	0
Book Value | Convertible notes, net
Financial liabilities
Debt	619,876	616,389
Estimate of Fair Value Measurement
Financial assets
Cash and cash equivalents	551,154	289,970
Loans receivable, net	22,013,762	16,447,192
Debt securities held-to-maturity, net	77,229	70,127
Financial liabilities
Securitized debt obligations, net	2,850,399	2,923,489
Asset-specific debt, net	400,699	399,699
Estimate of Fair Value Measurement | Secured debt, net
Financial liabilities
Debt	12,299,580	7,896,863
Estimate of Fair Value Measurement | Secured term loans, net
Financial liabilities
Debt	1,335,844	1,053,060
Estimate of Fair Value Measurement | Senior secured notes, net
Financial liabilities
Debt	399,012	0
Estimate of Fair Value Measurement | Convertible notes, net
Financial liabilities
Debt	$ 630,821	$ 621,568

Variable Interest Entities - Su

Variable Interest Entities - Summary of Assets and Liabilities of Consolidated CLO and Single Asset Securitization VIE (Detail) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Assets:
Loans receivable	$ 22,003,017	$ 16,572,715	$ 16,164,801
Current expected credit loss reserve	(124,679)	(173,549)	$ 0
Loans receivable, net	21,878,338	16,399,166
Other assets	273,797	269,819
Total Assets	22,703,289	16,958,955
Liabilities:
Securitized debt obligations, net	2,838,062	2,922,499
Other liabilities	231,358	202,327
Total Liabilities	18,084,578	13,054,724
VIE
Assets:
Loans receivable	3,486,750	3,520,130
Current expected credit loss reserve	(4,502)	(13,454)
Loans receivable, net	3,482,248	3,506,676
Other assets	20,746	81,274
Total Assets	3,502,994	3,587,950
Liabilities:
Securitized debt obligations, net	2,838,062	2,922,499
Other liabilities	1,800	2,104
Total Liabilities	$ 2,839,862	$ 2,924,603

Variable Interest Entities - Ad

Variable Interest Entities - Additional Information (Detail) - 2018 Single Asset Securitization - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2018	Dec. 31, 2021
Variable Interest Entity [Line Items]
Loan contributed to securitization	$ 517.5
Subordinate risk retention interest notional amount	1,000
Subordinate position	$ 99
Maximum exposure to loss		$ 78

Transactions with Related Par_2

Transactions with Related Parties - Additional Information (Detail) € in Millions, £ in Millions, $ in Millions, kr in Billions	3 Months Ended							12 Months Ended
	Jun. 30, 2021USD ($)	Jun. 30, 2021EUR (€)	Mar. 31, 2021USD ($)	Jun. 30, 2020USD ($)	Mar. 31, 2020USD ($)shares	Dec. 31, 2019USD ($)shares	Jun. 30, 2019USD ($)	Dec. 31, 2021USD ($)loanshares	Dec. 31, 2020USD ($)loanshares	Dec. 31, 2019USD ($)loanshares	Dec. 31, 2021AUD ($)shares	Sep. 30, 2021USD ($)	Sep. 30, 2021GBP (£)	Jun. 30, 2021EUR (€)	Mar. 31, 2021SEK (kr)	Dec. 31, 2019EUR (€)shares	Sep. 30, 2019USD ($)	Sep. 30, 2019EUR (€)
Related Party Transaction [Line Items]
Shares issued for management and incentive fees (in shares) | shares					840,696
Non-cash expenses								$ 31,647,000	$ 34,532,000	$ 30,656,000
Loans acquired								21,878,338,000	16,399,166,000
Unrealized gain (loss) on foreign currency translation								$ (299,318,000)	$ 342,160,000
Senior Term Facility
Related Party Transaction [Line Items]
Loans acquired | £													£ 186
Participation in facility						16.00%				16.00%						16.00%	16.00%	16.00%
Total amount of loans acquired | £													£ 379.6
Additional interest in loans | €		€ 100
Percentage ownership on loan	22.00%													22.00%
B One Term Loan
Related Party Transaction [Line Items]
Debt securities						$ 60,000,000	$ 60,000,000			$ 60,000,000
Percentage of total secured term loans						8.00%	8.00%			8.00%						8.00%
Senior Loan Origination Under Marketed Process | Senior Term Facility
Related Party Transaction [Line Items]
Total amount of loans acquired												$ 974,500,000
BXMT Advisors Limited Liability Company and Affiliates | B One Term Loan
Related Party Transaction [Line Items]
Total incentive compensation payments						$ 750,000	$ 750,000
Restricted Class A Common Stock
Related Party Transaction [Line Items]
Shares held (in shares) | shares						1,698,582		1,706,121	1,627,890	1,698,582	1,706,121					1,698,582
Restricted shares, vesting period								3 years
BXMT Advisors Limited Liability Company and Affiliates
Related Party Transaction [Line Items]
Accrued management and incentive fees payable								$ 28,400,000	$ 19,200,000
BXMT Advisors Limited Liability Company and Affiliates | B Two Term Loan
Related Party Transaction [Line Items]
Total incentive compensation payments	$ 350,000			$ 350,000
Manager
Related Party Transaction [Line Items]
Accrued management and incentive fees payable								28,400,000	19,200,000
Management fees paid to Manager								79,300,000	$ 78,900,000	$ 76,900,000
Shares issued for management and incentive fees (in shares) | shares									840,696
Expenses reimbursed to Manager								$ 601,000	$ 1,000,000	1,100,000
Manager | Class A Common Stock
Related Party Transaction [Line Items]
Management fees paid to Manager			$ 19,300,000
Shares issued for management and incentive fees (in shares) | shares					840,696			840,696
Manager | Class A Common Stock | Restricted Class A Common Stock
Related Party Transaction [Line Items]
Shares held (in shares) | shares								1,100,000			1,100,000
Non-cash expenses								$ 15,300,000	$ 17,000,000	$ 15,100,000
Manager | Class A Common Stock | Restricted Class A Common Stock | Manager
Related Party Transaction [Line Items]
Non-cash expenses								$ 33,400,000
Restricted shares, vesting period								3 years
Affiliates of Manager
Related Party Transaction [Line Items]
Number of loans originated | loan								3	2	9
Affiliates of Manager | Third-Party Service Provider
Related Party Transaction [Line Items]
Administrative services expenses incurred								$ 385,000	$ 487,000	$ 440,000
Blackstone-Advised Investment Vehicles, or the Funds | Senior Term Facility
Related Party Transaction [Line Items]
Loans acquired					$ 140,000,000						$ 450	$ 246,600,000		€ 50	kr 5	€ 250	$ 214,300,000	€ 250
Participation in facility	10.00%				33.00%							49.00%	49.00%	10.00%	49.00%		49.00%	49.00%
Total amount of loans acquired					$ 421,500,000						$ 900	$ 503,000,000		€ 491	kr 10.2	€ 1,600	$ 437,400,000	€ 1,600
Blackstone-Advised Investment Vehicles, or the Funds | Senior Secured Notes
Related Party Transaction [Line Items]
Loans acquired								$ 400,000,000
Stated interest rate								3.75%			3.75%
Blackstone-Advised Investment Vehicles, or the Funds | B Two Term Loan
Related Party Transaction [Line Items]
Debt securities	$ 20,000,000			$ 20,000,000
Percentage of total secured term loans	5.00%			5.00%										5.00%
Blackstone-Advised Investment Vehicles, or the Funds | Senior Loan Origination Under Marketed Process | Senior Term Facility
Related Party Transaction [Line Items]
Loans acquired												243,600,000
Blackstone-Advised Investment Vehicles, or the Funds | Additional Senior Loan Origination Under Marketed Process | Senior Term Facility
Related Party Transaction [Line Items]
Loans acquired											$ 450	243,600,000
Blackstone-Advised Investment Vehicles, or the Funds | Additional Senior Loan Origination Under Marketed Process | Senior Secured Notes
Related Party Transaction [Line Items]
Loans acquired								$ 400,000
Unaffiliated Third Parties | Senior Loan Origination Under Marketed Process | Senior Term Facility
Related Party Transaction [Line Items]
Loans acquired												$ 487,300,000

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2021USD ($)loandirector
Commitments And Contingencies [Line Items]
Number of loans receivable | loan	118
Number Of directors eligible for annual compensation | director	6
Total loans receivable
Commitments And Contingencies [Line Items]
Unfunded loan commitments	$ 4,200,000,000
Aggregate unfunded loan commitments	2,500,000,000
Unfunded Commitments Related To Loans Receivable Excluding Identified Financing	$ 1,700,000,000
Weighted-average future funding period	3 years 7 months 6 days
Five Independent Board of Directors
Commitments And Contingencies [Line Items]
Annual cash compensation	$ 210,000
Annual cash compensation paid in cash	95,000
Annual cash compensation paid in the form of deferred stock units	115,000
Chairperson of Audit Committee
Commitments And Contingencies [Line Items]
Annual cash compensation	20,000
Compensation and Corporate Governance Committees
Commitments And Contingencies [Line Items]
Annual cash compensation	10,000
Compensation and Corporate Governance Committees | Amendment One
Commitments And Contingencies [Line Items]
Annual cash compensation	15,000
Audit Committee Members
Commitments And Contingencies [Line Items]
Annual cash compensation	10,000
Investment risk management committee
Commitments And Contingencies [Line Items]
Annual cash compensation	$ 7,500

Commitments and Contingencies_2

Commitments and Contingencies - Schedule of Principal Debt Repayments (Detail) $ in Thousands	Dec. 31, 2021USD ($)
Debt Instrument [Line Items]
2022	$ 480,802
2023	1,831,824
2024	3,873,162
2025	1,562,382
2026	6,054,180
Thereafter	1,269,700
Net book value	15,072,050
Secured credit facilities
Debt Instrument [Line Items]
2022	64,564
2023	1,519,427
2024	3,859,424
2025	1,226,604
2026	4,759,861
Thereafter	869,700
Net book value	12,299,580
Asset-specific debt agreements
Debt Instrument [Line Items]
2022	0
2023	78,659
2024	0
2025	322,040
2026	0
Thereafter	0
Net book value	400,699
Term Loans
Debt Instrument [Line Items]
2022	13,738
2023	13,738
2024	13,738
2025	13,738
2026	1,294,319
Thereafter	0
Net book value	1,349,271
Senior Secured Notes
Debt Instrument [Line Items]
2022	0
2023	0
2024	0
2025	0
2026	0
Thereafter	400,000
Net book value	400,000
Convertible Senior Notes
Debt Instrument [Line Items]
2022	402,500
2023	220,000
2024	0
2025	0
2026	0
Thereafter	0
Net book value	$ 622,500

Commitments and Contingencies_3

Commitments and Contingencies - Schedule of Principal Debt Repayments Footnotes (Detail) $ in Millions	12 Months Ended
	Dec. 31, 2021USD ($)
Commitments and Contingencies Disclosure [Abstract]
Amortization percentage	1.00%
Securitized debt obligations excluded from contractual obligations	$ 2,900
Nonconsolidated securitized debt excluded from contractual obligations	1,500
Non-consolidated senior interests excluded from contractual obligations	$ 300.1

Schedule IV - Mortgage Loans _2

Schedule IV - Mortgage Loans on Real Estate (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Prior Liens	$ 1,512,675,000
Face Amount of Loans	22,156,437,000
Carrying Amount of Loans	22,003,017,000	$ 16,572,715,000	$ 16,164,801,000	$ 14,191,200,000
CECL reserve	(124,679,000)	(173,549,000)	0
Total Loans, Net	21,878,338,000	$ 16,399,166,000	$ 16,164,801,000
Senior loans less than 3% of the carrying amount of total loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Prior Liens	0
Face Amount of Loans	19,753,327,000
Carrying Amount of Loans	19,610,889,000
Senior Mortgage Loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Prior Liens	0
Face Amount of Loans	21,735,353,000
Carrying Amount of Loans	21,587,418,000
Subordinate Loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Prior Liens	1,512,675,000
Face Amount of Loans	421,084,000
Carrying Amount of Loans	$ 415,599,000
Office | Senior loans less than 3% of the carrying amount of total loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Payment Rates, Fixed	4.46%
Prior Liens	$ 0
Face Amount of Loans	7,922,784,000
Carrying Amount of Loans	7,873,811,000
Mixed Use | Senior loans less than 3% of the carrying amount of total loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Prior Liens	0
Face Amount of Loans	1,045,590,000
Carrying Amount of Loans	$ 1,041,047,000
Multifamily | Senior loans less than 3% of the carrying amount of total loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Payment Rates, Fixed	1.50%
Prior Liens	$ 0
Face Amount of Loans	5,162,805,000
Carrying Amount of Loans	5,115,567,000
Hospitality | Senior loans less than 3% of the carrying amount of total loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Prior Liens	0
Face Amount of Loans	3,311,723,000
Carrying Amount of Loans	3,288,135,000
Industrial | Senior loans less than 3% of the carrying amount of total loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Prior Liens	0
Face Amount of Loans	1,076,179,000
Carrying Amount of Loans	1,067,608,000
Retail | Senior loans less than 3% of the carrying amount of total loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Prior Liens	0
Face Amount of Loans	409,917,000
Carrying Amount of Loans	406,311,000
Other | Senior loans less than 3% of the carrying amount of total loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Prior Liens	0
Face Amount of Loans	824,329,000
Carrying Amount of Loans	$ 818,410,000
Various | Subordinate Loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Payment Rates, Fixed	5.74%
Prior Liens	$ 1,512,675,000
Face Amount of Loans	421,084,000
Carrying Amount of Loans	$ 415,599,000
Ireland | Office | Borrower A | Senior loans in excess of 3% of the carrying amount of total loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Payment Rates	2.54%
Prior Liens	$ 0
Face Amount of Loans	1,160,153,000
Carrying Amount of Loans	$ 1,155,748,000
Spain | Mixed Use | Borrower B | Senior loans in excess of 3% of the carrying amount of total loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Payment Rates	3.25%
Prior Liens	$ 0
Face Amount of Loans	821,873,000
Carrying Amount of Loans	$ 820,781,000
Minimum | Office | Senior loans less than 3% of the carrying amount of total loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Payment Rates	2.18%
Minimum | Mixed Use | Senior loans less than 3% of the carrying amount of total loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Payment Rates	2.50%
Minimum | Multifamily | Senior loans less than 3% of the carrying amount of total loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Payment Rates	1.60%
Minimum | Hospitality | Senior loans less than 3% of the carrying amount of total loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Payment Rates	2.20%
Minimum | Industrial | Senior loans less than 3% of the carrying amount of total loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Payment Rates	2.60%
Minimum | Retail | Senior loans less than 3% of the carrying amount of total loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Payment Rates	2.25%
Minimum | Other | Senior loans less than 3% of the carrying amount of total loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Payment Rates	3.00%
Minimum | Spain | Office | Borrower A | Senior loans in excess of 3% of the carrying amount of total loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Payment Rates	2.65%
Maximum | Office | Senior loans less than 3% of the carrying amount of total loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Payment Rates	6.13%
Maximum | Mixed Use | Senior loans less than 3% of the carrying amount of total loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Payment Rates	5.00%
Maximum | Multifamily | Senior loans less than 3% of the carrying amount of total loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Payment Rates	5.25%
Maximum | Hospitality | Senior loans less than 3% of the carrying amount of total loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Payment Rates	4.30%
Maximum | Industrial | Senior loans less than 3% of the carrying amount of total loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Payment Rates	3.25%
Maximum | Retail | Senior loans less than 3% of the carrying amount of total loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Payment Rates	3.10%
Maximum | Other | Senior loans less than 3% of the carrying amount of total loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Payment Rates	4.60%
Maximum | Spain | Office | Borrower A | Senior loans in excess of 3% of the carrying amount of total loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Payment Rates	4.00%

Schedule IV - Mortgage Loans _3

Schedule IV - Mortgage Loans on Real Estate Footnotes (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Tax basis of loans	$ 21,300,000
Principal charge-offs	14,427	$ 0	$ 0
Outstanding principal amount	22,003,017	16,572,715	16,164,801	$ 14,191,200
CECL reserve	124,679	$ 173,549	$ 0
Multifamily Properties
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Principal charge-offs	14,400
Outstanding principal amount	37,500
Hospitality Asset in New York City
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Outstanding principal amount	286,300
CECL reserve	$ 54,900

Schedule IV - Reconciliation of

Schedule IV - Reconciliation of Mortgage Loans on Real Estate (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
SEC Schedule, 12-29, Real Estate Companies, Investment in Movement in Mortgage Loans on Real Estate [Roll Forward]
Balance at January 1,	$ 16,572,715	$ 16,164,801	$ 14,191,200
Additions during period:
Loan fundings	12,550,463	1,896,276	6,890,249
Amortization of fees and other items	68,267	56,279	57,415
Deductions during period:
Loan repayments and sales proceeds	(6,733,105)	(1,862,955)	(4,974,881)
Principal charge-offs	(14,427)	0	0
Unrealized (loss) gain on foreign currency translation	(297,894)	340,260	67,376
Deferred fees and other items	(143,002)	(21,946)	(66,558)
Net balance at December 31,	22,003,017	16,572,715	16,164,801
CECL reserve	(124,679)	(173,549)	0
Total Loans, Net	$ 21,878,338	$ 16,399,166	$ 16,164,801