Blackstone Mortgage Trust (BXMT) 10-K 8 Feb 23 2022 FY Annual report Financial data

Cover Page

Cover Page - USD ($) $ in Billions	12 Months Ended
	Dec. 31, 2022	Feb. 01, 2023	Jun. 30, 2022
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2022
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		172,284,118
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 2023 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.
Entity Central Index Key	0001061630
Amendment Flag	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	FY

Audit Information

Audit Information	12 Months Ended
	Dec. 31, 2022
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, 2022	Dec. 31, 2021
Assets
Cash and cash equivalents	$ 291,340	$ 551,154
Loans receivable	25,017,880	22,003,017
Current expected credit loss reserve	(326,137)	(124,679)
Loans receivable, net	24,691,743	21,878,338
Other assets	370,902	273,797
Total Assets	25,353,985	22,703,289
Liabilities and Equity
Secured debt, net	13,528,164	12,280,042
Securitized debt obligations, net	2,664,010	2,838,062
Asset-specific debt, net	942,503	393,824
Loan participations sold, net	224,232	0
Term loans, net	2,114,549	1,327,406
Senior secured notes, net	395,166	394,010
Convertible notes, net	514,257	619,876
Other liabilities	426,904	231,358
Total Liabilities	20,809,785	18,084,578
Commitments and contingencies	0	0
Equity
Class A common stock, $0.01 par value, 400,000,000 shares authorized, 171,695,985 and 168,179,798 shares issued and outstanding as of December 31, 2022 and December 31, 2021, respectively	1,717	1,682
Additional paid-in capital	5,475,804	5,373,029
Accumulated other comprehensive income	10,022	8,308
Accumulated deficit	(968,749)	(794,832)
Total Blackstone Mortgage Trust, Inc. stockholders’ equity	4,518,794	4,588,187
Non-controlling interests	25,406	30,524
Total Equity	4,544,200	4,618,711
Total Liabilities and Equity	$ 25,353,985	$ 22,703,289

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	400,000,000	400,000,000
Common stock, shares issued (in shares)	171,695,985	168,179,798
Common stock, shares outstanding (in shares)	171,695,985	168,179,798
Total assets	$ 25,353,985	$ 22,703,289
Total liabilities	20,809,785	18,084,578
VIE
Total assets	3,239,915	3,502,994
Total liabilities	$ 2,671,244	$ 2,839,862

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income from loans and other investments
Interest and related income	$ 1,338,954	$ 854,690	$ 779,648
Less: Interest and related expenses	710,904	340,223	347,471
Income from loans and other investments, net	628,050	514,467	432,177
Other expenses
Management and incentive fees	110,292	88,467	77,916
General and administrative expenses	52,193	43,168	45,871
Total other expenses	162,485	131,635	123,787
(Increase) decrease in current expected credit loss reserve	(211,505)	39,864	(167,653)
Income before income taxes	254,060	422,696	140,737
Income tax provision	3,003	423	323
Net income	251,057	422,273	140,414
Net income attributable to non-controlling interests	(2,415)	(3,080)	(2,744)
Net income attributable to Blackstone Mortgage Trust, Inc.	$ 248,642	$ 419,193	$ 137,670
Net income attributable to Blackstone Mortgage Trust, Inc., basic (in dollars per share)	$ 1.46	$ 2.77	$ 0.97
Net income attributable to Blackstone Mortgage Trust, Inc., diluted (in dollars per share)	$ 1.46	$ 2.77	$ 0.97
Weighted-average shares of common stock outstanding, basic (in shares)	170,631,410	151,521,941	141,795,977
Weighted-average shares of common stock outstanding, diluted (in shares)	170,631,410	151,521,941	141,795,977

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Statement [Abstract]
Net income	$ 251,057	$ 422,273	$ 140,414
Other comprehensive income (loss)
Unrealized (loss) gain on foreign currency translation	(171,652)	(84,470)	87,113
Realized and unrealized gain (loss) on derivative financial instruments	173,366	81,608	(59,710)
Other comprehensive income (loss)	1,714	(2,862)	27,403
Comprehensive income	252,771	419,411	167,817
Comprehensive income attributable to non-controlling interests	(2,415)	(3,080)	(2,744)
Comprehensive income attributable to Blackstone Mortgage Trust, Inc.	$ 250,356	$ 416,331	$ 165,073

Consolidated Statements of Chan

Consolidated Statements of Changes in Equity - USD ($) $ in Thousands	Total	Cumulative Effect, Period of Adoption, Adjustment	Stockholders' Equity	Stockholders' Equity Cumulative Effect, Period of Adoption, Adjustment	Class A Common Stock	Additional Paid-In Capital	Additional Paid-In Capital Cumulative Effect, Period of Adoption, Adjustment	Accumulated Other Comprehensive (Loss) Income	Accumulated Deficit	Accumulated Deficit Cumulative Effect, Period of Adoption, Adjustment	Non-Controlling Interests	Non-Controlling Interests Cumulative Effect, Period of Adoption, Adjustment
Beginning balance at Dec. 31, 2019	$ 3,784,681	$ (17,650)	$ 3,762,583	$ (17,565)	$ 1,350	$ 4,370,014		$ (16,233)	$ (592,548)	$ (17,565)	$ 22,098	$ (85)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares of class A common stock issued, net	297,609		297,609		118	297,491
Restricted class A common stock earned	34,023		34,023			34,023
Dividends reinvested	736		736			685			51
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, $2.48 per share	(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		3,886,067		1,468	4,702,713		11,170	(829,284)		18,164
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares of class A common stock issued, net	638,016		638,016		214	637,802
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, $2.48 per share	(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	$ (477)	4,588,187	$ (477)	1,682	5,373,029	$ (2,431)	8,308	(794,832)	$ 1,954	30,524
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Accounting Standards Update [Extensible Enumeration]	Accounting Standards Update 2020-06
Shares of class A common stock issued, net	$ 70,651		70,651		23	70,628
Restricted class A common stock earned	32,724		32,724		12	32,712
Dividends reinvested	1,176		1,176			1,176
Deferred directors’ compensation	690		690			690
Net income	251,057		248,642						248,642		2,415
Other comprehensive income (loss)	1,714		1,714					1,714
Dividends declared on common stock and deferred stock units, $2.48 per share	(424,513)		(424,513)						(424,513)
Contributions from non-controlling interests	5,040										5,040
Distributions to non-controlling interests	(12,573)										(12,573)
Ending balance at Dec. 31, 2022	$ 4,544,200		$ 4,518,794		$ 1,717	$ 5,475,804		$ 10,022	$ (968,749)		$ 25,406

Consolidated Statements of Ch_2

Consolidated Statements of Changes in Equity (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Statement of Stockholders' Equity [Abstract]
Dividends declared on common stock and deferred stock units (in dollars 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, 2022	Dec. 31, 2021	Dec. 31, 2020
Cash flows from operating activities
Net income	$ 251,057	$ 422,273	$ 140,414
Adjustments to reconcile net income to net cash provided by operating activities
Satisfaction of management and incentive fees in stock	0	0	19,277
Non-cash compensation expense	33,414	31,647	34,532
Amortization of deferred fees on loans and debt securities	(81,748)	(68,905)	(56,844)
Amortization of deferred financing costs and premiums/discounts on debt obligations	50,020	41,002	37,403
Increase (decrease) in current expected credit loss reserve	211,505	(39,864)	167,653
Unrealized gain on assets denominated in foreign currencies, net	(31)	(6,866)	(3,366)
Unrealized gain on derivative financial instruments, net	(4,339)	(3,934)	(867)
Realized (gain) loss on derivative financial instruments, net	(15,609)	3,890	1,364
Changes in assets and liabilities, net
Other assets	(106,372)	(21,616)	3,352
Other liabilities	58,928	24,856	(6,311)
Net cash provided by operating activities	396,825	382,483	336,607
Cash flows from investing activities
Principal fundings of loans receivable	(6,810,218)	(12,550,463)	(1,896,276)
Principal collections and sales proceeds from loans receivable and debt securities	3,254,595	6,730,339	1,850,003
Origination and exit fees received on loans receivable	74,930	143,002	21,275
Receipts under derivative financial instruments	353,325	76,383	90,427
Payments under derivative financial instruments	(23,057)	(77,772)	(133,430)
Collateral deposited under derivative agreements	(217,220)	(109,670)	(346,640)
Return of collateral deposited under derivative agreements	114,110	160,720	326,390
Net cash used in investing activities	(3,253,535)	(5,627,461)	(88,251)
Cash flows from financing activities
Borrowings under secured debt	5,282,882	12,475,664	2,567,834
Repayments under secured debt	(3,578,806)	(7,801,330)	(4,690,607)
Proceeds from issuance of securitized debt obligations	0	803,750	2,051,875
Repayment of securitized debt obligations	(182,084)	(888,763)	(300,879)
Borrowings under asset-specific debt	770,665	272,065	161,960
Repayments under asset-specific debt	(208,644)	(271,065)	(82,754)
Proceeds from sale of loan participations	245,278	0	0
Net proceeds from issuance of term loans	807,750	298,500	315,438
Repayments of term loans	(17,053)	(13,495)	(9,113)
Net proceeds from issuance of convertible notes	294,000	0	0
Repayment of convertible notes	(402,500)	0	0
Proceeds from issuance of senior secured notes	0	400,000	0
Payment of deferred financing costs	(45,996)	(43,725)	(47,345)
Contributions from non-controlling interests	5,040	55,912	8,431
Distributions to non-controlling interests	(12,573)	(46,632)	(15,024)
Net proceeds from issuance of class A common stock	70,651	638,005	278,322
Dividends paid on class A common stock	(421,386)	(370,662)	(348,907)
Net cash provided by (used in) financing activities	2,607,224	5,508,224	(110,769)
Net (decrease) increase in cash, cash equivalents, and restricted cash	(249,486)	263,246	137,587
Cash, cash equivalents, and restricted cash at beginning of year	551,154	289,970	150,090
Effects of currency translation on cash, cash equivalents, and restricted cash	(10,328)	(2,062)	2,293
Cash, cash equivalents, and restricted cash at end of year	291,340	551,154	289,970
Supplemental disclosure of cash flows information
Payments of interest	(608,259)	(287,715)	(312,093)
(Payments) refunds of income taxes	(676)	73	(232)
Supplemental disclosure of non-cash investing and financing activities
Dividends declared, not paid	(106,455)	(104,271)	(91,004)
Satisfaction of management and incentive fees in stock	0	0	19,277
Loan principal payments held by servicer, net	$ 7,425	$ 17,528	$ 19,460

Organization

Organization	12 Months Ended
	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	ORGANIZATION References herein to “Blackstone Mortgage Trust,” “Company,” “we,” “us” or “our” refer to Blackstone Mortgage Trust, Inc., a Maryland corporation, 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.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2022
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	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. 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 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 were not the primary beneficiary of the VIE because we did not have the power to direct the activities that most significantly affected the VIE’s economic performance and, therefore, did not consolidate the 2018 Single Asset Securitization on our balance sheet. We classified the subordinate position we owned as a held-to-maturity debt security that is included in other assets on our consolidated balance sheets. During the year ended December 31, 2022, the 2018 Single Asset Securitization was liquidated upon full repayment of its collateral and all senior securities outstanding. Refer to Note 18 for additional discussion of our VIEs. In 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. 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 our opinion, 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, 2022 and December 31, 2021, 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 $459.6 million and $531.2 million as of December 31, 2022 and December 31, 2021, 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. 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, or FASB, 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, 2022. 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. 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. 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. We perform a quarterly risk review of our portfolio of loans, and assign 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, expectations of inflation and/or recession, 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. We may also incorporate information from other sources, including information and opinions available to our Manager, to further inform these estimations. This process requires 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, 2022. 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. 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 excludes the non-consolidated senior interest in the loan that 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 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 simplified the accounting for convertible debt by eliminating the beneficial conversion and cash conversion accounting models. ASU 2020-06 also updated the earnings per share calculation and required entities to assume share settlement when the convertible debt can be settled in cash or shares. ASU 2020-06 was effective for fiscal years beginning after December 15, 2021, and we adopted ASU 2020-06 on January 1, 2022 using the modified retrospective method of transition. Subsequent to 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 reduces the issue discount and results in less non-cash interest expense in our consolidated financial statements. Additionally, subsequent to adoption of ASU 2020-06, shares issuable under our convertible notes are included in diluted earnings per share in our consolidated financial statements, if the effect is dilutive, using the if-converted method, regardless of settlement intent. Where applicable, any issue discount or transaction expenses are deferred and amortized through the maturity date of the convertible notes as additional non-cash interest expense. 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. 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. 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. 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 17. 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-parties. For collateral-dependent loans that are identified as impaired, we measure impairment by comparing our 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. As of December 31, 2022, we had an aggregate $189.8 million CECL reserve specifically related to five of our loans receivable with an aggregate outstanding principal balance of $930.0 million, net of cost-recovery proceeds. The CECL reserve was recorded based on our estimation of the fair value of the loan's underlying collateral as of December 31, 2022. These loans receivable are therefore measured at fair value on a nonrecurring basis using significant unobservable inputs, and are classified as Level 3 assets in the fair value hierarchy. We estimated the fair value of these loan receivables by considering a variety of inputs including property performance, market data, and comparable sales, as applicable. The significant unobservable inputs used include the exit capitalization rate assumption used to forecast the future sale price of the underlying real estate collateral, which ranged from 5.00% to 7.50%, and the unlevered discount rate, which ranged from 7.50% to 9.00%. 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 using 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. • 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. • Loan participations sold, net: The fair value of these instruments was estimated based on the value of the related loan receivable asset. • 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 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 15 for additional information. Stock-Based Compensation Our stock-based compensation consists of awards issued to our Manager, certain individuals employed by an affiliate of our Manager, and certain members of our board of directors 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 16 for additional information. Earnings per Share Basic earnings per share, or Basic EPS, is computed in accordance with the two-class method and is based on (i) the net earnings allocable to our class A common stock, including restricted class A common stock and deferred stock units, divided by (ii) 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. Diluted earnings per share, or Diluted EPS, is determined using the if-converted method, and is based on (i) the net earnings, adjusted for interest expense incurred on our convertible notes during the relevant period, net of incentive fees, allocable to our class A common stock, including restricted class A common stock and deferred stock units, divided by (ii) the weighted-average number of shares of our class A common stock, including restricted class A common stock, deferred stock units, and shares of class A common stock issuable under our convertible notes. Refer to Note 13 for additional discussion of earnings per share. 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 ha

Loans Receivable, Net

Loans Receivable, Net	12 Months Ended
	Dec. 31, 2022
Receivables [Abstract]
Loans Receivable, Net	LOANS RECEIVABLE, NET The following table details overall statistics for our loans receivable portfolio ($ in thousands): December 31, 2022 December 31, 2021 Number of loans 203 188 Principal balance $ 25,160,343 $ 22,156,437 Net book value $ 24,691,743 $ 21,878,338 Unfunded loan commitments (1) $ 3,806,153 $ 4,180,128 Weighted-average cash coupon (2) + 3.44 % + 3.19 % Weighted-average all-in yield (2) + 3.84 % + 3.52 % Weighted-average maximum maturity (years) (3) 3.1 3.4 (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, SONIA, GBP LIBOR, EURIBOR, and other indices, as applicable to each loan. As of December 31, 2022, substantially all of our loans by principal balance earned a floating rate of interest, primarily indexed to USD LIBOR and SOFR. 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. In addition to cash coupon, all-in yield includes the amortization of deferred origination and extension fees, loan origination costs, and purchase discounts, as well as the accrual of exit fees. Excludes loans accounted for under the cost-recovery 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, 2022, 50% of our loans by principal balance were subject to yield maintenance or other prepayment restrictions and 50% were open to repayment by the borrower without penalty. 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. The following table details the index rate floors for our loans receivable portfolio as of December 31, 2022 ($ in thousands): Loans Receivable Principal Balance Index Rate Floors USD Non-USD (1) Total Fixed Rate $ 38,160 $ — $ 38,160 0.00% or no floor 4,478,852 6,973,651 11,452,503 0.01% to 1.00% floor 9,106,174 858,247 9,964,421 1.01% to 1.50% floor 2,104,805 153,453 2,258,258 1.51% to 2.00% floor 697,125 343,841 1,040,966 2.01% or more floor 356,603 49,432 406,035 Total (2) $ 16,781,719 $ 8,378,624 $ 25,160,343 (1) Includes Euro, British Pound Sterling, Swedish Krona, Australian Dollar, Canadian Dollar, Swiss Franc, and Danish Krone currencies. (2) As of December 31, 2022, the weighted-average index rate floor of our loan portfolio was 0.36%. Excluding 0.0% index rate floors and loans with no floor, the weighted-average index rate floor was 0.64%. 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, 2020 $ 16,652,824 $ (80,109) $ 16,572,715 Loan fundings 12,550,463 — 12,550,463 Loan repayments and sales proceeds (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 Loan fundings 6,810,218 — 6,810,218 Loan repayments and sales (3,168,155) — (3,168,155) Unrealized (loss) gain on foreign currency translation (638,157) 5,255 (632,902) Deferred fees and other items — (74,930) (74,930) Amortization of fees and other items — 80,632 80,632 Loans Receivable, as of December 31, 2022 $ 25,160,343 $ (142,463) $ 25,017,880 CECL reserve (326,137) Loans Receivable, net, as of December 31, 2022 $ 24,691,743 (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, 2022 Property Type Number of Loans Net Book Value Total Loan Exposure (1) Percentage of Portfolio Office 64 $ 9,441,622 $ 10,593,584 40% Multifamily 80 6,214,123 6,330,153 24 Hospitality 30 4,879,314 4,908,583 18 Industrial 12 2,140,636 2,236,716 8 Retail 9 1,098,315 1,141,932 4 Other 8 1,243,870 1,599,313 6 Total loans receivable 203 $ 25,017,880 $ 26,810,281 100% CECL reserve (326,137) Loans receivable, net $ 24,691,743 Geographic Location Number of Loans Net Book Value Total Loan Exposure (1) Percentage of Portfolio United States Sunbelt 75 $ 6,538,034 $ 6,802,928 26% Northeast 36 5,339,874 5,666,968 21 West 33 3,515,517 4,547,946 17 Midwest 10 987,718 1,091,882 4 Northwest 6 317,863 321,937 1 Subtotal 160 16,699,006 18,431,661 69 International United Kingdom 23 3,362,629 3,393,126 13 Australia 5 1,405,601 1,417,318 5 Spain 4 1,237,446 1,241,808 5 Ireland 3 1,192,220 1,199,406 4 Sweden 1 473,374 476,673 2 Canada 1 49,409 49,432 — Other Europe 6 598,195 600,857 2 Subtotal 43 8,318,874 8,378,620 31 Total loans receivable 203 $ 25,017,880 $ 26,810,281 100% CECL reserve (326,137) Loans receivable, net $ 24,691,743 (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 $1.6 billion of such non-consolidated senior interests as of December 31, 2022. 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 $379.3 million 2018 Single Asset Securitization. See Note 4 for details of the subordinate position we own in the 2018 Single Asset Securitization . Loan Risk Ratings As further described in Note 2, we evaluate our loan portfolio on a quarterly basis. In conjunction with our quarterly loan portfolio review, we assess the risk factors of each loan, and assign a risk rating based on several factors. Factors considered in the assessment include, but are not limited to, risk of loss, current LTV, debt yield, collateral performance, structure, exit plan, and sponsorship. Loans are rated “1” (less risk) through “5” (greater risk), which ratings are defined in Note 2. The following table allocates the principal balance and net book value of our loans receivable based on our internal risk ratings ($ in thousands): December 31, 2022 December 31, 2021 Risk Rating Number of Loans Net Book Value Total Loan Exposure (1) Number of Loans Net Book Value Total Loan Exposure (1)(2) 1 17 $ 1,403,185 $ 1,428,232 8 $ 642,776 $ 645,854 2 36 5,880,424 6,562,852 28 5,200,533 5,515,250 3 134 14,128,133 15,209,018 141 13,604,027 14,944,045 4 11 2,677,027 2,680,145 10 2,270,872 2,277,653 5 5 929,111 930,034 1 284,809 286,309 Total loans receivable 203 $ 25,017,880 $ 26,810,281 188 $ 22,003,017 $ 23,669,111 CECL reserve (326,137) (124,679) Loans receivable, net $ 24,691,743 $ 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 $1.6 billion and $1.5 billion of such non-consolidated senior interests as of December 31, 2022 and December 31, 2021, respectively. (2) Excludes investment exposure to the 2018 Single Asset Securitization of $379.3 million as of December 31, 2021. See Note 4 for details of the subordinate position we own in the 2018 Single Asset Securitization. The weighted-average risk rating of our total loan exposure was 2.8 as of both December 31, 2022 and December 31, 2021. Current Expected Credit Loss Reserve The CECL reserve required under GAAP reflects our current estimate of potential credit losses related to the loans and debt securities included in our consolidated balance sheets. Refer to Note 2 for further discussion of our CECL reserve. The following table presents the activity in our loans receivable CECL reserve by investment pool for the year ended December 31, 2022 and 2021 ($ in thousands): U.S. Loans (1) Non-U.S. Loans Unique Loans Impaired Loans Total Loans Receivable, Net CECL reserve as of December 31, 2021 $ 26,885 $ 10,263 $ 32,657 $ 54,874 $ 124,679 Increase in CECL reserve 40,995 12,256 13,303 134,904 201,458 CECL reserve as of December 31, 2022 67,880 22,519 45,960 189,778 326,137 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 (1) Includes Canadian loans, which have similar risk characteristics as U.S. loans. During the year ended December 31, 2022, we recorded an increase of $201.5 million in the CECL reserve against our loans receivable portfolio, bringing our total loans receivable CECL reserve to $326.1 million as of December 31, 2022. This CECL reserve reflects certain loans assessed for impairment in our portfolio, as well as macroeconomic conditions, including inflationary pressures and market volatility. During the year ended December 31, 2022, we recorded an increase of $134.9 million in the CECL reserve specifically related to four of our loans receivable with an aggregate net book value of $644.3 million as of December 31, 2022. As of December 31, 2022, the income accrual was suspended on these four loans as recovery of income and principal was doubtful. During the three months ended December 31, 2022, we recorded $11.3 million of interest income on these loans. As of December 31, 2022, we had an aggregate $189.8 million CECL reserve specifically related to five of our loans receivable, with an aggregate net book value of $929.1 million. This CECL reserve was recorded based on our estimation of the fair value of each of the loan’s underlying collateral as of December 31, 2022. As of December 31, 2021, we had a $54.9 million CECL reserve specifically related to one of our loans receivable, with a net book value of $284.8 million. No income was recorded on this loan during the years ended December 31, 2022 and 2021. As of December 31, 2022, all borrowers were current with all contractual terms of each respective loan, including payments of interest. Refer to Note 2 for further discussion of our revenue recognition policy and CECL reserve. During the fourth quarter of 2022, we entered into a loan modification related to an office asset in New York City, which is classified as a troubled debt restructuring under GAAP. This modification included, among other changes, a reduction in the loan's contractual interest payments, an incremental exit fee, and an extension of the loan's maturity date. This loan has an outstanding principal balance of $193.6 million, with commitments to fund an additional $8.2 million, at our discretion, as of December 31, 2022. As of December 31, 2022, this loan was deemed impaired and we recorded an asset-specific CECL reserve against this loan. Previously, we entered into loan modifications related to a multifamily asset in New York City, which were classified as troubled debt restructurings under GAAP. 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, during the three months ended December 31, 2021, we charged-off $14.4 million of the $14.8 million asset-specific CECL reserve we recorded on this loan, and reversed the remaining $360,000 CECL reserve. As of December 31, 2022, this loan has an outstanding principal balance of $38.2 million, net of cost-recovery proceeds. As of December 31, 2022, this loan was deemed impaired and we recorded an asset-specific CECL reserve against this loan. Previously, 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. As of December 31, 2022, this loan has an outstanding principal balance of $286.3 million, net of cost-recovery proceeds. As of June 30, 2020 this loan was deemed impaired and we recorded an asset-specific CECL reserve against this loan. This asset-specific CECL reserve has not changed as of December 31, 2022. Our primary credit quality indicator is our risk ratings, which are further discussed above. The following tables present the net book value of our loan portfolio as of December 31, 2022 and December 31, 2021, respectively, by year of origination, investment pool, and risk rating ($ in thousands): Net Book Value of Loans Receivable by Year of Origination (1) As of December 31, 2022 Risk Rating 2022 2021 2020 2019 2018 Prior Total U.S. loans (2) 1 $ 145,152 $ 563,426 $ 5,075 $ 231,894 $ 415,471 $ — $ 1,361,018 2 117,314 1,742,289 362,062 156,478 1,178,721 — 3,556,864 3 2,035,111 5,776,346 411,880 735,772 472,134 80,323 9,511,566 4 — — — 96,542 1,160,627 132,687 1,389,856 5 — — — — — — — Total U.S. loans $ 2,297,577 $ 8,082,061 $ 779,017 $ 1,220,686 $ 3,226,953 $ 213,010 $ 15,819,304 Non-U.S. loans 1 $ — $ — $ — $ — $ — $ — $ — 2 590,580 609,270 94,995 1,028,715 — — 2,323,560 3 977,767 1,586,266 — 896,392 86,706 — 3,547,131 4 — — — 344,089 — — 344,089 5 — — — — — — — Total Non-U.S. loans $ 1,568,347 $ 2,195,536 $ 94,995 $ 2,269,196 $ 86,706 $ — $ 6,214,780 Unique loans 1 $ 42,167 $ — $ — $ — $ — $ — $ 42,167 2 — — — — — — — 3 893,114 — — — 176,322 — 1,069,436 4 — — — 289,141 653,941 — 943,082 5 — — — — — — — Total unique loans $ 935,281 $ — $ — $ 289,141 $ 830,263 $ — $ 2,054,685 Impaired loans 1 $ — $ — $ — $ — $ — $ — $ — 2 — — — — — — — 3 — — — — — — — 4 — — — — — — — 5 — 208,894 — — 284,809 435,408 929,111 Total impaired loans $ — $ 208,894 $ — $ — $ 284,809 $ 435,408 $ 929,111 Total loans receivable 1 $ 187,319 $ 563,426 $ 5,075 $ 231,894 $ 415,471 $ — $ 1,403,185 2 707,894 2,351,559 457,057 1,185,193 1,178,721 — 5,880,424 3 3,905,992 7,362,612 411,880 1,632,164 735,162 80,323 14,128,133 4 — — — 729,772 1,814,568 132,687 2,677,027 5 — 208,894 — — 284,809 435,408 929,111 Total loans receivable $ 4,801,205 $ 10,486,491 $ 874,012 $ 3,779,023 $ 4,428,731 $ 648,418 $ 25,017,880 CECL reserve (326,137) Loans receivable, net $ 24,691,743 (1) Date loan was originated or acquired by us. Origination dates are subsequently updated to reflect material loan modifications. (2) Includes Canadian loans, which have similar risk characteristics as U.S. loans. 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 (3) 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. (3) Includes Canadian loans, which have similar risk characteristics as U.S. loans.

Other Assets and Liabilities

Other Assets and Liabilities	12 Months Ended
	Dec. 31, 2022
Deferred Costs, Capitalized, Prepaid, Other Assets and Other Liabilities Disclosure [Abstract]
Other Assets and Liabilities	OTHER ASSETS AND LIABILITIES Other Assets The following table details the components of our other assets ($ in thousands): December 31, 2022 December 31, 2021 Accrued interest receivable $ 189,569 $ 86,101 Collateral deposited under derivative agreements 103,110 — Loan portfolio payments held by servicer (1) 68,489 77,624 Derivative assets 7,349 30,531 Accounts receivable and other assets 1,318 572 Prepaid expenses 1,067 956 Debt securities held-to-maturity (2) — 78,083 CECL reserve — (70) Debt securities held-to-maturity, net — 78,013 Total $ 370,902 $ 273,797 (1) Primarily represents loan principal held by our third-party loan servicer as of the balance sheet date which were remitted to us during the subsequent remittance cycle. (2) Represents the subordinate position we own in the 2018 Single Asset Securitization, which held aggregate loan assets of $379.3 million as of December 31, 2021, with a yield to full maturity of L+10.0% and a maximum maturity date of June 9, 2025, assuming all extension options are exercised by the borrower. During the year ended December 31, 2022, the 2018 Single Asset Securitization was liquidated upon full repayment of its collateral and all senior securities outstanding. Refer to Note 18 for additional discussion. Current Expected Credit Loss Reserve The CECL reserve required under GAAP reflects our current estimate of potential credit losses related to the loans and debt securities included in our consolidated balance sheets. Refer to Note 2 for further discussion of our CECL reserve. The following table presents the activity in our debt securities CECL reserve for the year ended December 31, 2022 and 2021 ($ in thousands): Debt Securities Held-To-Maturity Total CECL reserve as of December 31, 2021 $ 70 Decrease in CECL reserve $ (70) CECL reserve as of December 31, 2022 $ — CECL reserve as of December 31, 2020 $ 1,723 Decrease in CECL reserve $ (1,653) CECL reserve as of December 31, 2021 $ 70 Other Liabilities The following table details the components of our other liabilities ($ in thousands): December 31, 2022 December 31, 2021 Derivative liabilities $ 119,665 $ 5,890 Accrued dividends payable 106,455 104,271 Accrued interest payable 80,263 29,851 Secured debt repayments pending servicer remittance (1) 60,585 47,664 Accrued management and incentive fees payable 33,830 28,373 Current expected credit loss reserve for unfunded loan commitments (2) 16,380 6,263 Accounts payable and other liabilities 9,726 9,046 Total $ 426,904 $ 231,358 (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, 2022, we had unfunded commitments of $3.8 billion related to 121 loans receivable. The expected credit losses over the contractual period of our loans is impacted by our obligation to extend further credit through our unfunded loan commitments. See Note 2 for further discussion of the CECL reserve related to our unfunded loan commitments, and Note 20 for further discussion of our unfunded loan commitments. The following table presents the activity in the CECL reserve related to our unfunded loan commitments by investment pool for the year ended December 31, 2022 and 2021 ($ in thousands): U.S. Loans Non-U.S. Loans Unique Loans Impaired Loans Total CECL reserve as of December 31, 2021 $ 4,072 $ 2,191 $ — $ — $ 6,263 Increase in CECL reserve 7,676 2,441 — — 10,117 CECL reserve as of December 31, 2022 $ 11,748 $ 4,632 $ — $ — $ 16,380 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

Secured Debt, Net

Secured Debt, Net	12 Months Ended
	Dec. 31, 2022
Debt Disclosure [Abstract]
Secured Debt, Net	SECURED DEBT, NET Our secured debt includes our secured credit facilities and our acquisition facility. During the year ended December 31, 2022, we obtained approval for $4.6 billion of new borrowings against $5.9 billion of collateral assets. Additionally, during the year ended December 31, 2022, we (i) entered into two new secured credit facilities providing an aggregate $2.2 billion of credit capacity and (ii) we increased the size of six existing secured credit facilities providing an aggregate $1.4 billion of additional credit capacity. The following table details our secured debt ($ in thousands): Secured Debt Borrowings Outstanding December 31, 2022 December 31, 2021 Secured credit facilities $ 13,549,748 $ 12,299,580 Acquisition facility — — Total secured debt $ 13,549,748 $ 12,299,580 Deferred financing costs (1) (21,584) (19,538) Net book value of secured debt $ 13,528,164 $ 12,280,042 (1) Costs incurred in connection with our secured debt are recorded on our consolidated balance sheets 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 by spread over the applicable base rates as of December 31, 2022 ($ in thousands): December 31, 2022 Recourse Limitation Currency Lenders (1) Borrowings Wtd Avg. Maturity (2) Loan Count Collateral (3) Wtd Avg. Maturity (4) Wtd. Avg. Range USD 14 $ 7,497,992 2/21/2026 145 $ 11,719,558 3/4/2026 36% 25% - 100% GBP 7 2,320,720 4/7/2026 23 3,081,729 4/30/2026 27% 25% - 50% EUR 7 2,128,248 8/12/2025 12 2,866,848 8/15/2025 42% 25% - 100% Others (5) 4 1,602,788 7/4/2027 7 2,026,655 6/23/2027 25% 25% Total 15 $ 13,549,748 3/29/2026 185 $ 19,694,790 4/2/2026 34% 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) Our secured debt agreements are generally term-matched to their underlying collateral. Therefore, the weighted average maturity is generally allocated based on the maximum maturity date of the collateral loans, assuming all extension options are exercised by the borrower. In limited instances, the maturity date of the respective secured credit facility is used. (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 Australian Dollar, Canadian Dollar, Danish Krone, Swedish Krona, 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, 2022 and December 31, 2021 ($ in thousands): Year Ended December 31, 2022 December 31, 2022 Spread (1) New Financings (2) Total Borrowings Wtd. Avg. All-in Cost (1)(3)(4) Collateral (5) Wtd. Avg. All-in Yield (1)(3) Net Interest Margin (6) + 1.50% or less $ 1,329,508 $ 7,433,204 +1.53 % $ 10,465,647 +3.24 % +1.71 % + 1.51% to + 1.75% 368,265 2,246,223 +1.88 % 3,538,815 +3.73 % +1.85 % + 1.76% to + 2.00% 405,723 1,514,541 +2.16 % 2,483,240 +4.14 % +1.98 % + 2.01% or more 1,246,650 2,355,780 +2.63 % 3,207,088 +4.78 % +2.15 % Total $ 3,350,146 $ 13,549,748 +1.85 % $ 19,694,790 +3.70 % +1.85 % 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)(3) Net Interest Margin (6) + 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 % (1) The spread, all-in cost, and all-in yield are expressed over the relevant floating benchmark rates, which include USD LIBOR, SOFR, SONIA, GBP LIBOR, EURIBOR, and other indices as applicable. (2) Represents borrowings outstanding as of December 31, 2022 and December 31, 2021, respectively, for new financings during the year ended December 31, 2022 and December 31, 2021, 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. 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. (4) Represents the weighted-average all-in cost as of December 31, 2022 and December 31, 2021, 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) 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 amounts and frequency limitations. As of December 31, 2022, there was an aggregate $1.5 billion 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, 2022, we had no borrowings under the acquisition facility and we recorded interest expense of $1.2 million, including $333,000 of amortization of deferred fees and expenses. 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. 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 $3.6 billion as of each measurement date plus 75% to 85% of the net cash proceeds of future equity issuances subsequent to December 31, 2022; (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, 2022 and December 31, 2021, we were in compliance with these covenants.

Securitized Debt Obligations, N

Securitized Debt Obligations, Net	12 Months Ended
	Dec. 31, 2022
Loans Managed, Securitized or Asset-Backed Financing Arrangement [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, and 2020 FL2 CLO or collectively, the CLOs. The CLOs are consolidated in our financial statements and have issued securitized debt obligations that are non-recourse to us. Refer to Note 18 for further discussion of our CLOs. The following tables detail our securitized debt obligations and the underlying collateral assets that are financed ($ in thousands): December 31, 2022 Securitized Debt Obligations Count Principal Balance Book Value Wtd. Avg. Yield/Cost (1)(2) Term (3) 2021 FL4 Collateralized Loan Obligation Senior CLO Securities Outstanding 1 $ 803,750 $ 799,626 + 1.57 % May 2038 Underlying Collateral Assets 30 1,000,000 1,000,000 + 3.47 % May 2025 2020 FL3 Collateralized Loan Obligation Senior CLO Securities Outstanding 1 808,750 806,757 + 2.14 % November 2037 Underlying Collateral Assets 16 1,000,000 1,000,000 + 3.25 % November 2024 2020 FL2 Collateralized Loan Obligation Senior CLO Securities Outstanding 1 1,061,041 1,057,627 + 1.55 % February 2038 Underlying Collateral Assets 17 1,317,916 1,317,916 + 3.42 % November 2024 Total Senior CLO Securities Outstanding (4) 3 $ 2,673,541 $ 2,664,010 +1.73 % Underlying Collateral Assets 63 $ 3,317,916 $ 3,317,916 + 3.38 % (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 SOFR, as applicable to each securitized debt obligation. As of December 31, 2022, the floating benchmark rate for the financing provided on the 2020 FL3 and 2020 FL2 CLOs is one-month SOFR. As of December 31, 2022, one-month SOFR was 4.36% and one-month USD LIBOR was 4.39%. Excludes loans accounted for under the cost recovery method. (3) Underlying Collateral Assets term represents the weighted-average final maturity of such loans, 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, 2022, we recorded $87.6 million of interest expense related to our securitized debt obligations. December 31, 2021 Securitized Debt Obligations Count Principal Balance Book Value Wtd. Avg. Yield/Cost (1)(2) Term (3) 2021 FL4 Collateralized Loan Obligation Senior CLO Securities Outstanding 1 $ 803,750 $ 797,373 + 1.66 % May 2038 Underlying Collateral Assets 34 1,000,000 1,000,000 + 3.42 % October 2024 2020 FL3 Collateralized Loan Obligation Senior CLO Securities Outstanding 1 808,750 804,096 + 2.10 % November 2037 Underlying Collateral Assets 18 1,000,000 1,000,000 + 3.06 % May 2024 2020 FL2 Collateralized Loan Obligation Senior CLO Securities Outstanding 1 1,243,125 1,236,593 + 1.45 % February 2038 Underlying Collateral Assets 21 1,500,000 1,500,000 + 3.15 % March 2024 Total Senior CLO Securities Outstanding (4) 3 $ 2,855,625 $ 2,838,062 +1.69 % Underlying Collateral Assets 73 $ 3,500,000 $ 3,500,000 +3.20 % (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 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. As of December 31, 2021, one-month SOFR was 0.05% and one-month USD LIBOR was 0.10%. (3) Underlying Collateral Assets term represents the weighted-average final maturity of such loans, 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.

Asset-Specific Debt, Net

Asset-Specific Debt, Net	12 Months Ended
	Dec. 31, 2022
Debt Disclosure [Abstract]
Asset-Specific Debt, Net	ASSET-SPECIFIC DEBT, NET The following tables detail our asset-specific debt ($ in thousands): December 31, 2022 Asset-Specific Debt Count Principal Balance Book Value Wtd. Avg. Yield/Cost (1) Wtd. Avg. Term (2) Financing provided 4 $ 950,278 $ 942,503 + 3.29 % January 2026 Collateral assets 4 $ 1,094,450 $ 1,081,035 + 4.73 % January 2026 December 31, 2021 Asset-Specific Debt Count Principal Balance Book Value Wtd. Avg. Yield/Cost (1) Wtd. Avg. Term (2) Financing provided 4 $ 400,699 $ 393,824 + 2.78 % March 2025 Collateral assets 4 $ 446,276 $ 435,727 + 4.04 % March 2025 (1) These floating rate loans and related liabilities are currency and indexed matched to the applicable benchmark rate relevant in each arrangement. In addition to cash coupon, yield/cost includes the amortization of deferred origination fees and 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. Our asset-specific debt is term-matched in each case to the corresponding collateral loans.

Loan Participations Sold, Net

Loan Participations Sold, Net	12 Months Ended
	Dec. 31, 2022
Debt Disclosure [Abstract]
Loans Participations Sold, Net	LOAN PARTICIPATIONS SOLD, NET The financing of a loan by the non-recourse sale of a senior interest in the loan through a participation agreement generally does not qualify as a sale under GAAP. Therefore, in the instance of such sales, we present the whole loan as an asset and the loan participation sold as a liability on our consolidated balance sheet until the loan is repaid. The obligation to pay principal and interest on these liabilities is generally based on the performance of the related loan obligation, and does not require an actual cash outlay from us. The gross presentation of loan participations sold does not impact stockholders’ equity or net income. The following table details our loan participations sold ($ in thousands): December 31, 2022 Loan Participations Sold Count Principal Balance Book Value Wtd. Avg. Yield/Cost (1) Term (2) Senior Participation (3) 1 $ 224,744 $ 224,232 + 3.22 % March 2027 Total Loan 1 $ 280,930 $ 278,843 + 4.86 % March 2027 (1) This non-debt participation sold structure is inherently matched in terms of currency and interest rate. In addition to cash coupon, yield/cost includes the amortization of deferred fees and financing costs. (2) The term is determined based on the maximum maturity of the loan, assuming all extension options are exercised by the borrower. Our loan participation sold is term-matched to the corresponding collateral loan. (3) During the year ended December 31, 2022, we recorded $7.9 million of interest expense related to our loan participations sold. We did not have any loan participations sold as of December 31, 2021.

Term Loans, Net

Term Loans, Net	12 Months Ended
	Dec. 31, 2022
Debt Disclosure [Abstract]
Term Loans, Net	TERM LOANS, NET During the year ended December 31, 2022, we borrowed an additional $825.0 million under our term loan facilities, or the B-4 Term Loan. The B-4 Term Loan bears interest at SOFR plus 3.50% and matures in May 2029. As of December 31, 2022, the following senior term loan facilities, or Term Loans, were outstanding ($ in thousands): Term Loans Face Value Interest Rate (1) All-in Cost (1)(2) Maturity B-1 Term Loan $ 920,365 + 2.25 % + 2.53 % April 23, 2026 B-3 Term Loan $ 415,168 + 2.75 % + 3.42 % April 23, 2026 B-4 Term Loan $ 821,685 + 3.50 % + 4.11 % May 9, 2029 (1) The B-3 Term Loan and the B-4 Term Loan borrowings are subject to a floor of 0.50%. The B-1 Term Loan and B-3 Term Loan are indexed to one-month USD LIBOR and the B-4 Term Loan is indexed to one-month SOFR. (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 initial 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. The issue discount and transaction expenses of the B-3 Term Loan were $9.6 million and $5.4 million, respectively. The issue discount and transaction expenses of the B-4 Term Loan were $17.3 million and $10.2 million, respectively. These discounts and expenses will be amortized into interest expense over the life of each Term Loan. During the year ended December 31, 2022, we recorded $86.6 million of interest expense related to our Term Loans, including $6.7 million of amortization of deferred fees and expenses. The following table details the net book value of our Term Loans on our consolidated balance sheets ($ in thousands): December 31, 2022 December 31, 2021 Face value $ 2,157,218 $ 1,349,271 Deferred financing costs and unamortized discount (42,669) (21,865) Net book value $ 2,114,549 $ 1,327,406

Senior Secured Notes, Net

Senior Secured Notes, Net	12 Months Ended
	Dec. 31, 2022
Debt Disclosure [Abstract]
Senior Secured Notes, Net	SENIOR SECURED NOTES, NET As of December 31, 2022, 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. During the year ended December 31, 2022, we recorded $16.2 million of interest expense related to our Senior Secured Notes, including $1.2 million of amortization of deferred fees and expenses. The following table details the net book value of our Senior Secured Notes on our consolidated balance sheets ($ in thousands): December 31, 2022 December 31, 2021 Face value $ 400,000 $ 400,000 Deferred financing costs (4,834) (5,990) Net book value $ 395,166 $ 394,010 The covenants under our Senior Secured Notes require us to maintain a total debt to total assets ratio, as defined in the agreements, of not greater than 83.33% and, in certain circumstances, a total unencumbered assets to total unsecured indebtedness ratio, as defined in the agreements, of 1.20 or greater. As of December 31, 2022 and December 31, 2021, we were in compliance with these covenants.

Convertible Notes, Net

Convertible Notes, Net	12 Months Ended
	Dec. 31, 2022
Debt Instruments [Abstract]
Convertible Notes, Net	CONVERTIBLE NOTES, NET During the year ended December 31, 2022, we issued $300.0 million aggregate principal amount of 5.50% convertible senior notes due 2027, or the March 2022 convertible notes. In connection with this offering, we repurchased $64.7 million aggregate principal amount of our May 2017 convertible senior notes at a price of 100.25% per $1,000 principal amount. We repaid the remaining $337.9 million aggregate principal amount of our May 2017 convertible senior notes at maturity on May 5, 2022. As of December 31, 2022, the following convertible senior notes, or Convertible Notes, were outstanding ($ in thousands): Convertible Notes Issuance Face Value Interest Rate All-in Cost (1) Conversion Price (2) Maturity March 2018 $ 220,000 4.75% 5.33% $36.23 March 15, 2023 March 2022 $ 300,000 5.50% 5.94% $36.27 March 15, 2027 (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 price of class A common stock per share based on a conversion rate of 27.6052 and 27.5702, respectively, for the March 2018 and March 2022 convertible notes. The conversion rate represents the number of shares of class A common stock issuable per $1,000 principal amount of Convertible Notes. The cumulative dividend threshold as defined in the respective March 2018 and March 2022 convertible notes supplemental indentures have not been exceeded as of December 31, 2022. Other than as provided by the optional redemption provisions with respect to our March 2022 convertible notes, we may not redeem the Convertible Notes prior to maturity. The March 2022 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 December 14, 2026 at the applicable conversion rate in effect on the conversion date. Thereafter, the March 2022 convertible notes are convertible at the option of the holder at any time until the second scheduled trading day immediately preceding the maturity date. The March 2018 convertible notes are currently convertible at the option of the holder at any time until the second scheduled trading day immediately preceding the maturity date. We have elected to settle the March 2018 convertible notes in cash for any conversions that occur during the final conversion period. The last reported sale price of our class A common stock of $21.17 on December 30, 2022, the last trading day in the year ended December 31, 2022, was less than the per share conversion price of the March 2018 and March 2022 convertible notes. We adopted ASU 2020-06 on January 1, 2022, using the modified retrospective method of transition, which resulted 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 $477,000, as of January 1, 2022. Subsequent to adoption of ASU 2020-06, convertible debt proceeds, unless issued with a substantial premium or an embedded conversion feature, will no longer be allocated between debt and equity components. This reduces the issue discount and results in less non-cash interest expense in our consolidated financial statements. Additionally, ASU 2020-06 results in the reporting of diluted earnings per share for shares issuable under our convertible notes in our consolidated financial statements, if the effect is dilutive, regardless of our settlement intent. Refer to Note 2 and Note 13 for additional discussion of ASU 2020-06 and our earnings per share calculation, respectively. The following table details the net book value of our Convertible Notes on our consolidated balance sheets ($ in thousands): December 31, 2022 December 31, 2021 Face value $ 520,000 $ 622,500 Deferred financing costs and unamortized discount (5,743) (2,624) Net book value $ 514,257 $ 619,876 The following table details our interest expense related to the Convertible Notes ($ in thousands): Year Ended December 31, 2022 2021 2020 Cash coupon $ 28,859 $ 28,059 $ 28,059 Discount and issuance cost amortization 2,853 3,486 3,319 Total interest expense $ 31,712 $ 31,545 $ 31,378

Derivative Financial Instrument

Derivative Financial Instruments	12 Months Ended
	Dec. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Financial Instruments	DERIVATIVE FINANCIAL INSTRUMENTS The 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. 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, 2022 December 31, 2021 Foreign Currency Derivatives Number of Instruments Notional Amount Foreign Currency Derivatives Number of Instruments Notional Amount Buy USD / Sell SEK Forward 2 kr 1,003,626 Buy USD / Sell SEK Forward 1 kr 999,500 Buy USD / Sell EUR Forward 8 € 722,311 Buy USD / Sell EUR Forward 7 € 731,182 Buy USD / Sell GBP Forward 6 £ 690,912 Buy USD / Sell GBP Forward 2 £ 489,204 Buy USD / Sell AUD Forward 8 A$ 541,813 Buy USD / Sell AUD Forward 3 A$ 188,600 Buy USD / Sell DKK Forward 3 kr. 195,019 Buy USD / Sell CAD Forward 2 C$ 22,100 Buy USD / Sell CAD Forward 2 C$ 22,187 Buy USD / Sell CHF Forward 1 CHF 5,200 Buy USD / Sell CHF Forward 2 CHF 5,263 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, 2022 December 31, 2021 Non-designated Hedges Number of Instruments Notional Amount Non-designated Hedges Number of Instruments Notional Amount Buy GBP / Sell USD Forward 2 £ 109,076 Buy GBP / Sell USD Forward 3 £ 170,600 Buy USD / Sell GBP Forward 2 £ 109,076 Buy USD / Sell GBP Forward 3 £ 170,600 Buy AUD / Sell USD Forward 1 A$ 23,600 Buy EUR / Sell USD Forward 2 € 165,560 Buy USD / Sell AUD Forward 1 A$ 23,600 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 Buy GBP / Sell EUR Forward 1 € 8,410 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 Exchange Contracts Year Ended December 31, Foreign Exchange Contracts in Hedging Relationships Location of Income (Expense) Recognized 2022 2021 2020 Designated Hedges Interest Income (1) $ 19,910 $ 7,296 $ 4,382 Non-Designated Hedges Interest Income (1) (62) (342) (522) Non-Designated Hedges Interest Expense (2) 100 (6,911) (4,357) Total $ 19,948 $ 43 $ (497) (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 prevailing US interest rates. These forward contracts effectively convert the foreign currency rate exposure for such investments to USD-equivalent interest rates. (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 Foreign Exchange Contracts December 31, 2022 December 31, 2021 December 31, 2022 December 31, 2021 Designated Hedges $ 501 $ 23,423 $ 111,573 $ 1,383 Non-Designated Hedges 6,848 7,108 8,092 4,507 Total Derivatives $ 7,349 $ 30,531 $ 119,665 $ 5,890 (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 Amount of Year Ended December 31, Year Ended December 31, 2022 2021 2020 2022 2021 2020 Net Investment Hedges Foreign exchange contracts (1) $ 173,362 $ 81,603 $ (59,609) Interest Expense $ — $ — $ — Cash Flow Hedges Interest rate derivatives — (5) (94) Interest Expense (2) (4) (10) 7 Total $ 173,362 $ 81,598 $ (59,703) $ (4) $ (10) $ 7 (1) During the year ended December 31, 2022, we received net cash settlements of $330.3 million on our foreign currency forward contracts. During the years ended December 31, 2021, and 2020, we paid net cash settlements of $1.4 million and $43.0 million on our foreign currency contracts. Those amounts are included as a component of accumulated other comprehensive income on our consolidated balance sheets. (2) During the year ended December 31, 2022, and 2021, we recorded total interest and related expenses of $710.9 million and $340.2 million, respectively, which included $4,000 and $10,000, respectively, related to our cash flow hedges. During the year ended December 31, 2020, we recorded total interest and related expenses of $347.5 million, which was reduced by $7,000 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, 2022, we were in a net liability position with one of our counterparties and in a net asset position with our other counterparty. As of December 31, 2022 we had collateral posted of $103.1 million. 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.

Equity

Equity	12 Months Ended
	Dec. 31, 2022
Equity [Abstract]
Equity	EQUITY Stock and Stock Equivalents Authorized Capital As of December 31, 2022, 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, 2022 and December 31, 2021. 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 dividends 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, 2022, 2021 and 2020 ($ in thousands, except per share data): Class A Common Stock Offerings 2022 (1) 2021 (2) 2020 (3) Shares issued 2,303,469 20,361,408 10,840,696 Gross / net issue price per share (4) 31.23 / 30.92 31.64 / 31.37 27.79 / 27.52 Net proceeds (5) $70,651 $ 638,005 $ 297,599 (1) Represents shares issued under our at-the-market program. (2) Issuance includes 296,901 shares issued under our at-the-market program, with a weighted-average gross share issue price of $33.67. (3) 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. (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. For the year ended December 31, 2020, 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 16 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 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) 2022 2021 2020 Beginning balance 168,543,370 147,086,722 135,263,728 Issuance of class A common stock (2) 2,311,711 20,363,592 10,842,746 Issuance of restricted class A common stock, net (3)(4) 1,204,476 1,036,175 933,623 Issuance of deferred stock units 47,036 56,881 46,625 Ending balance 172,106,593 168,543,370 147,086,722 (1) Includes 410,608, 363,572 and 306,691 deferred stock units held by members of our board of directors as of December 31, 2022, 2021, and 2020, respectively. (2) Includes 8,242, 2,184, and 2,050 shares issued under our dividend reinvestment program during the years ended December 31, 2022, 2021, and 2020, respectively. (3) Includes 13,197 restricted shares issued to our board of directors during the year ended December 31, 2022. (4) Net of 39,655 shares, 29,580 shares, and 879 shares of restricted class A common stock forfeited under our stock-based incentive plans during the years ended December 31, 2022, 2021, and 2020, respectively. See Note 16 for further discussion of our stock-based incentive plans. Dividend Reinvestment and Direct Stock Purchase Plan We have 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, 2022, 2021, and 2020, we issued 8,242 shares, 2,184 shares, and 2,050 shares, respectively, of class A common stock under the dividend reinvestment component of the plan. As of December 31, 2022, a total of 9,981,548 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 As of December 31, 2022, we are party to seven equity distribution agreements, or ATM Agreements, pursuant to which we may sell, from time to time, up to an aggregate sales price of $699.1 million of our class A common stock. 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, 2022, we issued and sold 2,303,469 shares of class A common stock under ATM Agreements, generating net proceeds totaling $70.7 million. 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. As of December 31, 2022, sales of our class A common stock with an aggregate sales price of $480.9 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 of 1986, as amended, or 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, 2022, we declared a dividend of $0.62 per share, or $106.5 million in aggregate, that was paid on January 13, 2023 to stockholders of record as of December 30, 2022. The following table details our dividend activity ($ in thousands, except per share data): Year Ended December 31, 2022 2021 2020 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. The shares issuable under our Convertible Notes are included in dilutive earnings per share using the if-converted method. 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, 2022 2021 2020 Net income (1) $ 248,642 $ 419,193 $ 137,670 Weighted-average shares outstanding, basic and diluted (2) 170,631,410 151,521,941 141,795,977 Per share amount, basic and diluted (2) $ 1.46 $ 2.77 $ 0.97 (1) Represents net income attributable to Blackstone Mortgage Trust. (2) For the year ended December 31, 2022, our Convertible Notes were not included in the calculation of diluted earnings per share, as the impact is antidilutive. Our Convertible Notes could dilute earnings per share in future periods. For the years ended December 31, 2021 and 2020, prior to the adoption of ASU 2020-06, our convertible notes were not assessed for dilution as we had the intent and ability to settle the convertible notes in cash. Refer to Note 2 and Note 11 for further discussion of ASU 2020-06 and our convertible notes, respectively. Other Balance Sheet Items Accumulated Other Comprehensive Income As of December 31, 2022, total accumulated other comprehensive income was $10.0 million, primarily representing $259.8 million of net realized and unrealized gains related to changes in the fair value of derivative instruments offset by $249.8 million of cumulative unrealized currency translation adjustments on assets and liabilities denominated in foreign currencies. 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. Non-Controlling Interests

Other Expenses

Other Expenses	12 Months Ended
	Dec. 31, 2022
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, 2022, 2021, and 2020, we incurred $73.0 million, $64.2 million, and $60.4 million, respectively, of management fees payable to our manager. In addition, during the years ended December 31, 2022, 2021, and 2020, we incurred $37.3 million, $24.3 million, and $17.5 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, 2022 and 2021 we had accrued management and incentive fees payable to our Manager of $33.8 million and $28.4 million, respectively. General and Administrative Expenses General and administrative expenses consisted of the following ($ in thousands): Year Ended December 31, 2022 2021 2020 Professional services $ 10,924 $ 7,759 $ 7,324 Operating and other costs 7,855 3,762 4,015 Subtotal (1) 18,779 11,521 11,339 Non-cash compensation expenses Restricted class A common stock earned 32,724 31,052 34,032 Director stock-based compensation 690 595 500 Subtotal 33,414 31,647 34,532 Total general and administrative expenses $ 52,193 $ 43,168 $ 45,871 (1) During the years ended December 31, 2022, 2021, and 2020, we recognized an aggregate $1.1 million, $748,000, and $1.1 million, respectively, of expenses related to our Multifamily Joint Venture.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2022
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. 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, 2022 and 2021, 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, 2022, 2021 and 2020, we recorded a current income tax provision of $3.0 million, $423,000, and $323,000, respectively, primarily related to activities of our taxable REIT subsidiaries and various state and local taxes. We did not have any deferred tax assets or liabilities as of December 31, 2022 or December 31, 2021. 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, 2022, we had estimated NOLs of $159.0 million that will expire in 2029, unless they are utilized by us prior to expiration. We have recorded 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, 2022
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, 2022, 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. Under our two current stock incentive plans, a maximum of 10,400,000 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, 2022, there were 9,210,865 shares available under our current stock incentive plans. Prior to the adoption and shareholder approval of our new stock incentive plans, we had stock-based incentive awards outstanding under nine stock incentive plans. In connection with the adoption of our new stock incentive plans, we consolidated all outstanding DSUs under the new plans and retired the seven remaining historical plans. As such, no new awards may be issued under these expired plans, although our 2018 plans will continue to govern outstanding awards, other than DSUs, previously issued thereunder until such awards become vested or expire. 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, 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 Granted 1,244,131 26.92 Vested (1,026,813) 32.06 Forfeited (39,655) 30.76 Balance as of December 31, 2022 1,883,784 $ 27.90 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 1,883,784 shares of restricted class A common stock outstanding as of December 31, 2022 will vest as follows: 948,494 shares will vest in 2023; 667,525 shares will vest in 2024; and 267,765 will vest in 2025. As of December 31, 2022, total unrecognized compensation cost relating to unvested share-based compensation arrangements was $50.7 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, 2022.

Fair Values

Fair Values	12 Months Ended
	Dec. 31, 2022
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, 2022 December 31, 2021 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets Derivatives $ — $ 7,349 $ — $ 7,349 $ — $ 30,531 $ — $ 30,531 Liabilities Derivatives $ — $ 119,665 $ — $ 119,665 $ — $ 5,890 $ — $ 5,890 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, 2022 December 31, 2021 Book Value Face Amount Fair Value Book Value Face Amount Fair Value Financial assets Cash and cash equivalents $ 291,340 $ 291,340 $ 291,340 $ 551,154 $ 551,154 $ 551,154 Loans receivable, net 24,691,743 25,160,343 24,445,042 21,878,338 22,156,437 22,013,762 Debt securities held-to-maturity, net (1) — — — 78,013 79,200 77,229 Financial liabilities Secured debt, net 13,528,164 13,549,748 13,121,306 12,280,042 12,299,580 12,299,580 Securitized debt obligations, net 2,664,010 2,673,541 2,597,377 2,838,062 2,855,625 2,850,399 Asset-specific debt, net 942,503 950,278 934,815 393,824 400,699 400,699 Loan participations sold, net 224,232 224,744 217,717 — — — Secured term loans, net 2,114,549 2,157,218 2,103,943 1,327,406 1,349,271 1,335,844 Senior secured notes, net 395,166 400,000 343,665 394,010 400,000 399,012 Convertible notes, net 514,257 520,000 478,232 619,876 622,500 630,821 (1) Included in other assets on our consolidated balance sheets. Estimates of fair value for cash and cash equivalents and convertible notes are measured using observable, quoted market prices, or Level 1 inputs. Estimates of fair value for debt securities held-to-maturity, securitized debt obligations, the term loans, and the senior secured notes are measured using observable, quoted market prices, in inactive markets, or Level 2 inputs. All other fair value significant estimates are measured using unobservable inputs, or Level 3 inputs. See Note 2 for further discussion regarding fair value measurement of certain of our assets and liabilities.

Variable Interest Entities

Variable Interest Entities	12 Months Ended
	Dec. 31, 2022
Variable Interest Entity, Primary Beneficiary, Does Not Hold Majority Voting Interest, Disclosures [Abstract]
Variable Interest Entities	VARIABLE INTEREST ENTITIES Consolidated Variable Interest Entities We have financed a portion of our loans through the CLOs, all of which are VIEs. 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 VIEs ($ in thousands): December 31, 2022 December 31, 2021 Assets Loans receivable $ 3,317,316 $ 3,486,750 Current expected credit loss reserve (93,396) (4,502) Loans receivable, net 3,223,920 3,482,248 Other assets 15,995 20,746 Total assets $ 3,239,915 $ 3,502,994 Liabilities Securitized debt obligations, net $ 2,664,010 $ 2,838,062 Other liabilities 7,234 1,800 Total liabilities $ 2,671,244 $ 2,839,862 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 During the year ended December 31, 2022, the 2018 Single Asset Securitization was liquidated upon full repayment of its collateral and all senior securities outstanding. 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 were not the primary beneficiary of the VIE because we did not have the power to direct the activities that most significantly affected the VIE’s economic performance and, therefore, did not consolidate the 2018 Single Asset Securitization on our balance sheet. We classified the subordinate position we owned as a held-to-maturity debt security that was included in other assets on our consolidated balance sheets.

Transactions With Related Parti

Transactions With Related Parties	12 Months Ended
	Dec. 31, 2022
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, 2023, and will be automatically renewed for a one year term upon such date and each anniversary thereafter unless earlier terminated. As of December 31, 2022 and 2021, our consolidated balance sheets included $33.8 million and $28.4 million of accrued management and incentive fees payable to our Manager, respectively. During the years ended December 31, 2022, 2021, and 2020, we paid aggregate management and incentive fees of $104.8 million, $79.3 million, and $78.9 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 2020. 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 2020 earnings conference call. In addition, during the years ended December 31, 2022, 2021, and 2020, we incurred expenses of $896,000, $601,000, and $1.0 million, respectively, that were paid by our Manager and will be reimbursed by us. As of December 31, 2022, our Manager held 1,178,855 shares of unvested restricted class A common stock, which had an aggregate grant date fair value of $32.3 million, and vest in installments over three years from the date of issuance. During the years ended December 31, 2022, 2021, and 2020, we recorded non-cash expenses related to shares held by our Manager of $16.6 million, $15.3 million, and $17.0 million, respectively. Refer to Note 16 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, 2022, 2021 or 2020. During the years ended December 31, 2021 and 2020, we originated three loans and two 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. There were no similar transactions during the year ended December 31, 2022. During the years ended December 31, 2022, 2021, and 2020, we incurred $524,000, $385,000, and $487,000, respectively, of expenses for various administrative and operations services to third-party service providers that are affiliates of our Manager. Affiliates of our Manager own interests in the controlling entity of BTIG, LLC. We engaged BTIG, LLC as a sales agent to sell shares of our class A common stock under our ATM Agreements. During the year ended December 31, 2022, BTIG, LLC received aggregate fees of $191,000 in such capacity. The fees paid were on terms equivalent to those of other sales agents engaged to sell shares under our ATM Agreements. In the second quarter of 2022, we participated in AUD 1.3 billion, or 24.5%, of an aggregate AUD 5.4 billion senior loan that was originated by an unaffiliated third party to a borrower that is wholly-owned by Blackstone-advised investment vehicles. Another Blackstone-advised investment vehicle participated in an additional AUD 1.3 billion, or 24.5%, of the loan. 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 24.5% interest in the senior loan was made on such market terms. In the second quarter of 2022, we co-originated £250.0 million of an aggregate £500.0 million senior loan to an unaffiliated third-party. A Blackstone-advised investment vehicle co-originated the additional pari passu £250.0 million of the loan. In the second and fourth quarters of 2022, a Blackstone-advised investment vehicle acquired an aggregate $33.0 million participation, or 4%, of the initial aggregate B-4 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 $825,000 in such capacity. Both of these transactions were on terms equivalent to those of unaffiliated parties. 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 participated in $246.6 million, or 49.0%, of a total $503.3 million senior loan that was originated by 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 49.0% interest in the senior loan was made on such market terms. The borrower is an unaffiliated third party. In the third quarter of 2021, we acquired an aggregate £186.0 million, or 49.0%, 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 participated in $243.6 million, or 25.0%, of an aggregate $974.5 million senior loan that was originated by an unaffiliated third party as part of a broadly marketed process. A Blackstone-advised investment vehicle participated in an additional $243.6 million, or 25.0%, 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 an aggregate €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. In the second quarter of 2021 and 2020, certain Blackstone-advised investment vehicles acquired an aggregate $20.0 million participation, or 15%, of the initial aggregate B-3 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 2021, a Blackstone-advised investment vehicle acquired an aggregate $5.5 million participation, or 3%, of the $200 million increase to our 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 transaction and received aggregate fees of $200,000 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, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	COMMITMENTS AND CONTINGENCIES Unfunded Commitments Under Loans Receivable As of December 31, 2022, we had aggregate unfunded commitments of $3.8 billion across 121 loans receivable, and $2.4 billion of committed or identified financings for those commitments, resulting in net unfunded commitments of $1.4 billion. The unfunded loan commitments comprise funding for capital expenditures and construction, leasing costs, and interest and carry costs, and their fundability varies depending on the progress of capital projects, leasing, and cash flows at the properties securing our loans. Therefore, the exact timing and amounts of such future loan fundings are uncertain and will depend on the current and future performance of the underlying collateral assets. We expect to fund our loan commitments over the remaining term of the related loans, which have a weighted-average future funding period of 3.0 years. Principal Debt Repayments Our contractual principal debt repayments as of December 31, 2022 were as follows ($ in thousands): Year Secured Debt (1) Asset-Specific Debt (1) Term Loans (2) Senior Secured Notes Convertible Notes (3) Total (4) 2023 397,365 — 21,997 — 220,000 639,362 2024 3,263,819 — 21,997 — — 3,285,816 2025 1,170,360 816,434 21,997 — — 2,008,791 2026 4,783,810 — 1,302,574 — — 6,086,384 2027 3,155,937 31,900 8,258 400,000 300,000 3,896,095 Thereafter 778,457 101,944 780,395 — — 1,660,796 Total obligation $ 13,549,748 $ 950,278 $ 2,157,218 $ 400,000 $ 520,000 $ 17,577,244 (1) Our secured debt and asset-specific debt agreements are generally term-matched to their underlying collateral. Therefore, the allocation of payments under such agreements is generally allocated based on the maximum maturity date of the collateral loans, assuming all extension options are exercised by the borrower. In limited instances, the maturity date of the respective debt agreement is used. (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 9 for further details on our term loans. (3) Reflects the outstanding principal balance of Convertible Notes, excluding any potential conversion premium. Refer to Note 11 for further details on our Convertible Notes. (4) Total does not include $2.7 billion of consolidated securitized debt obligations, $1.6 billion of non-consolidated senior interests, and $224.7 million of loan participations sold, as the satisfaction of these liabilities will not require cash outlays from us. Board of Directors’ Compensation As of December 31, 2022, 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 is paid in cash and $115,000 is paid in the form of deferred stock units or, 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, 2022
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, 2022 (in thousands) Type of Loan/Borrower Description / Location Interest Payment Rates (2) Maximum Maturity Date (3) Periodic Payment Terms (4) Prior Liens (5) Face Amount of Loans Carrying Amount of Loans (6)(7) Senior Mortgage Loans (1) Senior loans in excess of 3% of the carrying amount of total loans Borrower A Mixed-Use / Ireland + 3.06% 2024 I/O $ — $ 1,033,286 $ 1,028,715 Borrower B Office / New York + 4.49% 2025 I/O — 905,355 898,541 Borrower C Hospitality / Australia + 4.75% 2029 I/O 901,360 893,114 Senior loans less than 3% of the carrying amount of total loans Senior Mortgage Loans Office / Diversified + 2.00% – 5.00% 2023 – 2028 I/O & P/I — 6,924,092 6,893,477 Senior Mortgage Loans Multifamily / Diversified + 1.60% – 5.45% Fixed 1.50% 2024 – 2028 I/O & P/I — 6,260,294 6,221,889 Senior Mortgage Loans Hospitality / Diversified + 2.20% – 4.75% 2023 – 2027 I/O & P/I — 3,958,016 3,938,183 Senior Mortgage Loans Industrial / Diversified + 2.60% – 4.60% 2024 – 2027 I/O & P/I — 1,587,788 1,573,804 Senior Mortgage Loans Mixed-Use / Diversified + 2.65% – 4.60% 2023 – 2029 I/O — 1,811,126 1,801,511 Senior Mortgage Loans Retail / Diversified + 2.25% – 3.18% 2023 – 2027 I/O & P/I — 725,563 721,805 Senior Mortgage Loans Other / Diversified + 3.25% – 4.70% 2024 – 2026 I/O — 660,473 657,894 — 21,927,352 21,808,563 Total senior mortgage loans $ — $ 24,767,353 $ 24,628,933 continued… Blackstone Mortgage Trust, Inc. Schedule IV – Mortgage Loans on Real Estate As of December 31, 2022 (in thousands) Type of Loan/Borrower Description / Location Interest Payment Rates (2) Maximum Maturity Date (3) Periodic Payment Terms (4) Prior Liens (5) Face Amount of Loans Carrying Amount of Loans (6)(7) Subordinate Loans (8) Subordinate loans less than 3% of the carrying amount of total loans Subordinate loans Various / Diversified + 2.65% – 4.50% 2025 – 2028 I/O $ 1,649,939 $ 392,990 $ 388,947 Total subordinate loans $ 1,649,939 $ 392,990 $ 388,947 Total loans $ 1,649,939 $ 25,160,343 $ 25,017,880 CECL reserve (9) (326,137) Total loans, net $ 24,691,743 (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, SONIA, EURIBOR, and other indices, 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) Represents only third party liens. (6) As of December 31, 2022, there were no loans with delinquent principal or interest. (7) The tax basis of the loans included above is $23.6 billion as of December 31, 2022. (8) Includes subordinate interests in mortgages and mezzanine loans. (9) As of December 31, 2022, we had a total CECL reserve of $326.1 million on our loans receivable, of which $189.8 million is specifically related to five of our loans receivable with an aggregate outstanding principal balance of $930.0 million as of December 31, 2022. This CECL reserve reflects certain loans assessed for impairment in our portfolio, as well as macroeconomic conditions, including inflationary pressures and market volatility. Refer to Note 3 for additional information on our CECL reserve. The following table reconciles mortgage loans on real estate for the years ended: 2022 2021 2020 Balance at January 1, $ 22,003,017 $ 16,572,715 $ 16,164,801 Additions during period: Loan fundings 6,810,218 12,550,463 1,896,276 Amortization of fees and other items 80,632 68,267 56,279 Deductions during period: Loan repayments and sales proceeds (3,168,155) (6,733,105) (1,862,955) Principal charge-offs — (14,427) — Unrealized (loss) gain on foreign currency translation (632,902) (297,894) 340,260 Deferred fees and other items (74,930) (143,002) (21,946) Balance at December 31, $ 25,017,880 $ 22,003,017 $ 16,572,715 CECL reserve (326,137) (124,679) (173,549) Net balance at December 31, $ 24,691,743 $ 21,878,338 $ 16,399,166

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2022
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 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 were not the primary beneficiary of the VIE because we did not have the power to direct the activities that most significantly affected the VIE’s economic performance and, therefore, did not consolidate the 2018 Single Asset Securitization on our balance sheet. We classified the subordinate position we owned as a held-to-maturity debt security that is included in other assets on our consolidated balance sheets. During the year ended December 31, 2022, the 2018 Single Asset Securitization was liquidated upon full repayment of its collateral and all senior securities outstanding. Refer to Note 18 for additional discussion of our VIEs.
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. 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 our opinion, 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 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, 2022 and December 31, 2021, 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. 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, or FASB, 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, 2022. 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. 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. 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. We perform a quarterly risk review of our portfolio of loans, and assign 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
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. 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
Secured Debt and Asset-Specific Debt	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 excludes the non-consolidated senior interest in the loan that 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 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	Convertible Notes 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 simplified the accounting for convertible debt by eliminating the beneficial conversion and cash conversion accounting models. ASU 2020-06 also updated the earnings per share calculation and required entities to assume share settlement when the convertible debt can be settled in cash or shares. ASU 2020-06 was effective for fiscal years beginning after December 15, 2021, and we adopted ASU 2020-06 on January 1, 2022 using the modified retrospective method of transition. Subsequent to 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 reduces the issue discount and results in less non-cash interest expense in our consolidated financial statements. Additionally, subsequent to adoption of ASU 2020-06, shares issuable under our convertible notes are included in diluted earnings per share in our consolidated financial statements, if the effect is dilutive, using the if-converted method, regardless of settlement intent. Where applicable, any issue discount or transaction expenses are deferred and amortized through the maturity date of the convertible notes as additional non-cash interest expense.
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.
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.
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. 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 17. 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-parties. For collateral-dependent loans that are identified as impaired, we measure impairment by comparing our 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. As of December 31, 2022, we had an aggregate $189.8 million CECL reserve specifically related to five of our loans receivable with an aggregate outstanding principal balance of $930.0 million, net of cost-recovery proceeds. The CECL reserve was recorded based on our estimation of the fair value of the loan's underlying collateral as of December 31, 2022. These loans receivable are therefore measured at fair value on a nonrecurring basis using significant unobservable inputs, and are classified as Level 3 assets in the fair value hierarchy. We estimated the fair value of these loan receivables by considering a variety of inputs including property performance, market data, and comparable sales, as applicable. The significant unobservable inputs used include the exit capitalization rate assumption used to forecast the future sale price of the underlying real estate collateral, which ranged from 5.00% to 7.50%, and the unlevered discount rate, which ranged from 7.50% to 9.00%. 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 using 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. • 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. • Loan participations sold, net: The fair value of these instruments was estimated based on the value of the related loan receivable asset. • 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 15 for additional information.
Stock-Based Compensation	Stock-Based Compensation Our stock-based compensation consists of awards issued to our Manager, certain individuals employed by an affiliate of our Manager, and certain members of our board of directors 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 16 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 (i) the net earnings allocable to our class A common stock, including restricted class A common stock and deferred stock units, divided by (ii) 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).
Recent Accounting Pronouncements	Recent Accounting Pronouncements In March 2022, the FASB issued ASU 2022-02 “Financial Instruments-Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures,” or ASU 2022-02. ASU 2022-02 eliminates the accounting guidance for troubled debt restructurings and requires disclosure of current-period gross write-offs by year of loan origination. Additionally, ASU 2022-02 updates the accounting for credit losses under ASC 326 and adds enhanced disclosures with respect to loan refinancings and restructurings in the form of principal forgiveness, interest rate concessions, other-than-insignificant payment delays, or term extensions when the borrower is experiencing financial difficulties. ASU 2022-02 is effective for fiscal years beginning after December 15, 2022 and early adoption is permitted. The amendments should be applied prospectively, however for the recognition and measurement of troubled debt restructurings, the entity has the option to apply a modified retrospective transition method, resulting in a cumulative-effect adjustment to retained earnings in the period of adoption. Upon adoption of ASU 2022-02 on January 1, 2023, we do not expect it will have a material impact on our consolidated financial statements. 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 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. In December 2022, the FASB issued ASU 2022-06 "Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848", or ASU 2022-06. ASU 2022-06 deferred the sunset date of ASU 2020-04 to December 31, 2024. The guidance in ASU 2020-04 is optional and may be elected over time, through December 31, 2024, 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 plan to apply the contract modification expedients for our applicable loan and debt modifications that relate to the market transition from IBORs. Therefore, our loan and debt modifications that are in accordance with ASU 2020-04 do not require a remeasurement at the modification date nor a reassessment of a previous accounting determination. The application of the ASU 2020-04 expedients have not had a material impact on our consolidated financial statements. In August 2020, the FASB issued ASU 2020-06, described above under “Convertible Notes.” We adopted ASU 2020-06 on January 1, 2022, using the modified retrospective method of transition, which resulted 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, of $477,000, as of January 1, 2022.

Loans Receivable, Net (Tables)

Loans Receivable, Net (Tables)	12 Months Ended
	Dec. 31, 2022
Receivables [Abstract]
Overall Statistics for Loans Receivable Portfolio	The following table details overall statistics for our loans receivable portfolio ($ in thousands): December 31, 2022 December 31, 2021 Number of loans 203 188 Principal balance $ 25,160,343 $ 22,156,437 Net book value $ 24,691,743 $ 21,878,338 Unfunded loan commitments (1) $ 3,806,153 $ 4,180,128 Weighted-average cash coupon (2) + 3.44 % + 3.19 % Weighted-average all-in yield (2) + 3.84 % + 3.52 % Weighted-average maximum maturity (years) (3) 3.1 3.4 (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, SONIA, GBP LIBOR, EURIBOR, and other indices, as applicable to each loan. As of December 31, 2022, substantially all of our loans by principal balance earned a floating rate of interest, primarily indexed to USD LIBOR and SOFR. 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. In addition to cash coupon, all-in yield includes the amortization of deferred origination and extension fees, loan origination costs, and purchase discounts, as well as the accrual of exit fees. Excludes loans accounted for under the cost-recovery method.
Disclosure Details Of Loan Receivable Portfolio Based On Index Floor Rates	The following table details the index rate floors for our loans receivable portfolio as of December 31, 2022 ($ in thousands): Loans Receivable Principal Balance Index Rate Floors USD Non-USD (1) Total Fixed Rate $ 38,160 $ — $ 38,160 0.00% or no floor 4,478,852 6,973,651 11,452,503 0.01% to 1.00% floor 9,106,174 858,247 9,964,421 1.01% to 1.50% floor 2,104,805 153,453 2,258,258 1.51% to 2.00% floor 697,125 343,841 1,040,966 2.01% or more floor 356,603 49,432 406,035 Total (2) $ 16,781,719 $ 8,378,624 $ 25,160,343 (1) Includes Euro, British Pound Sterling, Swedish Krona, Australian Dollar, Canadian Dollar, Swiss Franc, and Danish Krone currencies. (2) As of December 31, 2022, the weighted-average index rate floor of our loan portfolio was 0.36%. Excluding 0.0% index rate floors and loans with no floor, the weighted-average index rate floor was 0.64%.
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, 2020 $ 16,652,824 $ (80,109) $ 16,572,715 Loan fundings 12,550,463 — 12,550,463 Loan repayments and sales proceeds (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 Loan fundings 6,810,218 — 6,810,218 Loan repayments and sales (3,168,155) — (3,168,155) Unrealized (loss) gain on foreign currency translation (638,157) 5,255 (632,902) Deferred fees and other items — (74,930) (74,930) Amortization of fees and other items — 80,632 80,632 Loans Receivable, as of December 31, 2022 $ 25,160,343 $ (142,463) $ 25,017,880 CECL reserve (326,137) Loans Receivable, net, as of December 31, 2022 $ 24,691,743
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, 2022 Property Type Number of Loans Net Book Value Total Loan Exposure (1) Percentage of Portfolio Office 64 $ 9,441,622 $ 10,593,584 40% Multifamily 80 6,214,123 6,330,153 24 Hospitality 30 4,879,314 4,908,583 18 Industrial 12 2,140,636 2,236,716 8 Retail 9 1,098,315 1,141,932 4 Other 8 1,243,870 1,599,313 6 Total loans receivable 203 $ 25,017,880 $ 26,810,281 100% CECL reserve (326,137) Loans receivable, net $ 24,691,743 Geographic Location Number of Loans Net Book Value Total Loan Exposure (1) Percentage of Portfolio United States Sunbelt 75 $ 6,538,034 $ 6,802,928 26% Northeast 36 5,339,874 5,666,968 21 West 33 3,515,517 4,547,946 17 Midwest 10 987,718 1,091,882 4 Northwest 6 317,863 321,937 1 Subtotal 160 16,699,006 18,431,661 69 International United Kingdom 23 3,362,629 3,393,126 13 Australia 5 1,405,601 1,417,318 5 Spain 4 1,237,446 1,241,808 5 Ireland 3 1,192,220 1,199,406 4 Sweden 1 473,374 476,673 2 Canada 1 49,409 49,432 — Other Europe 6 598,195 600,857 2 Subtotal 43 8,318,874 8,378,620 31 Total loans receivable 203 $ 25,017,880 $ 26,810,281 100% CECL reserve (326,137) Loans receivable, net $ 24,691,743 (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 $1.6 billion of such non-consolidated senior interests as of December 31, 2022. 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 $379.3 million 2018 Single Asset Securitization. See Note 4 for details of the subordinate position we own in the 2018 Single Asset Securitization
Principal Balance and Net Book Value of Loans Receivable Based on Internal Risk Ratings	The following table allocates the principal balance and net book value of our loans receivable based on our internal risk ratings ($ in thousands): December 31, 2022 December 31, 2021 Risk Rating Number of Loans Net Book Value Total Loan Exposure (1) Number of Loans Net Book Value Total Loan Exposure (1)(2) 1 17 $ 1,403,185 $ 1,428,232 8 $ 642,776 $ 645,854 2 36 5,880,424 6,562,852 28 5,200,533 5,515,250 3 134 14,128,133 15,209,018 141 13,604,027 14,944,045 4 11 2,677,027 2,680,145 10 2,270,872 2,277,653 5 5 929,111 930,034 1 284,809 286,309 Total loans receivable 203 $ 25,017,880 $ 26,810,281 188 $ 22,003,017 $ 23,669,111 CECL reserve (326,137) (124,679) Loans receivable, net $ 24,691,743 $ 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 $1.6 billion and $1.5 billion of such non-consolidated senior interests as of December 31, 2022 and December 31, 2021, respectively.
Schedule Of Current Expected Credit Loss Reserve By Pool	The following table presents the activity in our loans receivable CECL reserve by investment pool for the year ended December 31, 2022 and 2021 ($ in thousands): U.S. Loans (1) Non-U.S. Loans Unique Loans Impaired Loans Total Loans Receivable, Net CECL reserve as of December 31, 2021 $ 26,885 $ 10,263 $ 32,657 $ 54,874 $ 124,679 Increase in CECL reserve 40,995 12,256 13,303 134,904 201,458 CECL reserve as of December 31, 2022 67,880 22,519 45,960 189,778 326,137 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 (1) Includes Canadian loans, which have similar risk characteristics as U.S. loans.
Schedule of Net Book Value of Loan Portfolio By Year of Origination, Investment Pool and Risk Rating	The following tables present the net book value of our loan portfolio as of December 31, 2022 and December 31, 2021, respectively, by year of origination, investment pool, and risk rating ($ in thousands): Net Book Value of Loans Receivable by Year of Origination (1) As of December 31, 2022 Risk Rating 2022 2021 2020 2019 2018 Prior Total U.S. loans (2) 1 $ 145,152 $ 563,426 $ 5,075 $ 231,894 $ 415,471 $ — $ 1,361,018 2 117,314 1,742,289 362,062 156,478 1,178,721 — 3,556,864 3 2,035,111 5,776,346 411,880 735,772 472,134 80,323 9,511,566 4 — — — 96,542 1,160,627 132,687 1,389,856 5 — — — — — — — Total U.S. loans $ 2,297,577 $ 8,082,061 $ 779,017 $ 1,220,686 $ 3,226,953 $ 213,010 $ 15,819,304 Non-U.S. loans 1 $ — $ — $ — $ — $ — $ — $ — 2 590,580 609,270 94,995 1,028,715 — — 2,323,560 3 977,767 1,586,266 — 896,392 86,706 — 3,547,131 4 — — — 344,089 — — 344,089 5 — — — — — — — Total Non-U.S. loans $ 1,568,347 $ 2,195,536 $ 94,995 $ 2,269,196 $ 86,706 $ — $ 6,214,780 Unique loans 1 $ 42,167 $ — $ — $ — $ — $ — $ 42,167 2 — — — — — — — 3 893,114 — — — 176,322 — 1,069,436 4 — — — 289,141 653,941 — 943,082 5 — — — — — — — Total unique loans $ 935,281 $ — $ — $ 289,141 $ 830,263 $ — $ 2,054,685 Impaired loans 1 $ — $ — $ — $ — $ — $ — $ — 2 — — — — — — — 3 — — — — — — — 4 — — — — — — — 5 — 208,894 — — 284,809 435,408 929,111 Total impaired loans $ — $ 208,894 $ — $ — $ 284,809 $ 435,408 $ 929,111 Total loans receivable 1 $ 187,319 $ 563,426 $ 5,075 $ 231,894 $ 415,471 $ — $ 1,403,185 2 707,894 2,351,559 457,057 1,185,193 1,178,721 — 5,880,424 3 3,905,992 7,362,612 411,880 1,632,164 735,162 80,323 14,128,133 4 — — — 729,772 1,814,568 132,687 2,677,027 5 — 208,894 — — 284,809 435,408 929,111 Total loans receivable $ 4,801,205 $ 10,486,491 $ 874,012 $ 3,779,023 $ 4,428,731 $ 648,418 $ 25,017,880 CECL reserve (326,137) Loans receivable, net $ 24,691,743 (1) Date loan was originated or acquired by us. Origination dates are subsequently updated to reflect material loan modifications. (2) Includes Canadian loans, which have similar risk characteristics as U.S. loans. 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 (3) 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. (3) Includes Canadian loans, which have similar risk characteristics as U.S. loans.

Other Assets and Liabilities (T

Other Assets and Liabilities (Tables)	12 Months Ended
	Dec. 31, 2022
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, 2022 December 31, 2021 Accrued interest receivable $ 189,569 $ 86,101 Collateral deposited under derivative agreements 103,110 — Loan portfolio payments held by servicer (1) 68,489 77,624 Derivative assets 7,349 30,531 Accounts receivable and other assets 1,318 572 Prepaid expenses 1,067 956 Debt securities held-to-maturity (2) — 78,083 CECL reserve — (70) Debt securities held-to-maturity, net — 78,013 Total $ 370,902 $ 273,797 (1) Primarily represents loan principal held by our third-party loan servicer as of the balance sheet date which were remitted to us during the subsequent remittance cycle.
Schedule of Debt Securities, Held-to-maturity, Allowance for Credit Loss	The following table presents the activity in our debt securities CECL reserve for the year ended December 31, 2022 and 2021 ($ in thousands): Debt Securities Held-To-Maturity Total CECL reserve as of December 31, 2021 $ 70 Decrease in CECL reserve $ (70) CECL reserve as of December 31, 2022 $ — CECL reserve as of December 31, 2020 $ 1,723 Decrease in CECL reserve $ (1,653) CECL reserve as of December 31, 2021 $ 70
Summary of Components of Other Liabilities	The following table details the components of our other liabilities ($ in thousands): December 31, 2022 December 31, 2021 Derivative liabilities $ 119,665 $ 5,890 Accrued dividends payable 106,455 104,271 Accrued interest payable 80,263 29,851 Secured debt repayments pending servicer remittance (1) 60,585 47,664 Accrued management and incentive fees payable 33,830 28,373 Current expected credit loss reserve for unfunded loan commitments (2) 16,380 6,263 Accounts payable and other liabilities 9,726 9,046 Total $ 426,904 $ 231,358 (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, 2022 and 2021 ($ in thousands): U.S. Loans Non-U.S. Loans Unique Loans Impaired Loans Total CECL reserve as of December 31, 2021 $ 4,072 $ 2,191 $ — $ — $ 6,263 Increase in CECL reserve 7,676 2,441 — — 10,117 CECL reserve as of December 31, 2022 $ 11,748 $ 4,632 $ — $ — $ 16,380 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

Secured Debt, Net (Tables)

Secured Debt, Net (Tables)	12 Months Ended
	Dec. 31, 2022
Debt Disclosure [Abstract]
Schedule of Secured Debt Agreements	The following table details our secured debt ($ in thousands): Secured Debt Borrowings Outstanding December 31, 2022 December 31, 2021 Secured credit facilities $ 13,549,748 $ 12,299,580 Acquisition facility — — Total secured debt $ 13,549,748 $ 12,299,580 Deferred financing costs (1) (21,584) (19,538) Net book value of secured debt $ 13,528,164 $ 12,280,042 As of December 31, 2022, 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 following table details the net book value of our Senior Secured Notes on our consolidated balance sheets ($ in thousands): December 31, 2022 December 31, 2021 Face value $ 400,000 $ 400,000 Deferred financing costs (4,834) (5,990) Net book value $ 395,166 $ 394,010
Credit Facilities	The following table details our secured credit facilities by spread over the applicable base rates as of December 31, 2022 ($ in thousands): December 31, 2022 Recourse Limitation Currency Lenders (1) Borrowings Wtd Avg. Maturity (2) Loan Count Collateral (3) Wtd Avg. Maturity (4) Wtd. Avg. Range USD 14 $ 7,497,992 2/21/2026 145 $ 11,719,558 3/4/2026 36% 25% - 100% GBP 7 2,320,720 4/7/2026 23 3,081,729 4/30/2026 27% 25% - 50% EUR 7 2,128,248 8/12/2025 12 2,866,848 8/15/2025 42% 25% - 100% Others (5) 4 1,602,788 7/4/2027 7 2,026,655 6/23/2027 25% 25% Total 15 $ 13,549,748 3/29/2026 185 $ 19,694,790 4/2/2026 34% 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) Our secured debt agreements are generally term-matched to their underlying collateral. Therefore, the weighted average maturity is generally allocated based on the maximum maturity date of the collateral loans, assuming all extension options are exercised by the borrower. In limited instances, the maturity date of the respective secured credit facility is used. (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 Australian Dollar, Canadian Dollar, Danish Krone, Swedish Krona, and Swiss Franc currencies. Term Loans Face Value Interest Rate (1) All-in Cost (1)(2) Maturity B-1 Term Loan $ 920,365 + 2.25 % + 2.53 % April 23, 2026 B-3 Term Loan $ 415,168 + 2.75 % + 3.42 % April 23, 2026 B-4 Term Loan $ 821,685 + 3.50 % + 4.11 % May 9, 2029 (1) The B-3 Term Loan and the B-4 Term Loan borrowings are subject to a floor of 0.50%. The B-1 Term Loan and B-3 Term Loan are indexed to one-month USD LIBOR and the B-4 Term Loan is indexed to one-month SOFR. (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, 2022 and December 31, 2021 ($ in thousands): Year Ended December 31, 2022 December 31, 2022 Spread (1) New Financings (2) Total Borrowings Wtd. Avg. All-in Cost (1)(3)(4) Collateral (5) Wtd. Avg. All-in Yield (1)(3) Net Interest Margin (6) + 1.50% or less $ 1,329,508 $ 7,433,204 +1.53 % $ 10,465,647 +3.24 % +1.71 % + 1.51% to + 1.75% 368,265 2,246,223 +1.88 % 3,538,815 +3.73 % +1.85 % + 1.76% to + 2.00% 405,723 1,514,541 +2.16 % 2,483,240 +4.14 % +1.98 % + 2.01% or more 1,246,650 2,355,780 +2.63 % 3,207,088 +4.78 % +2.15 % Total $ 3,350,146 $ 13,549,748 +1.85 % $ 19,694,790 +3.70 % +1.85 % 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)(3) Net Interest Margin (6) + 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 % (1) The spread, all-in cost, and all-in yield are expressed over the relevant floating benchmark rates, which include USD LIBOR, SOFR, SONIA, GBP LIBOR, EURIBOR, and other indices as applicable. (2) Represents borrowings outstanding as of December 31, 2022 and December 31, 2021, respectively, for new financings during the year ended December 31, 2022 and December 31, 2021, 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. 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. (4) Represents the weighted-average all-in cost as of December 31, 2022 and December 31, 2021, 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) 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, 2022
Loans Managed, Securitized or Asset-Backed Financing Arrangement [Abstract]
Schedule of Information on Securitized Debt Obligations	The following tables detail our securitized debt obligations and the underlying collateral assets that are financed ($ in thousands): December 31, 2022 Securitized Debt Obligations Count Principal Balance Book Value Wtd. Avg. Yield/Cost (1)(2) Term (3) 2021 FL4 Collateralized Loan Obligation Senior CLO Securities Outstanding 1 $ 803,750 $ 799,626 + 1.57 % May 2038 Underlying Collateral Assets 30 1,000,000 1,000,000 + 3.47 % May 2025 2020 FL3 Collateralized Loan Obligation Senior CLO Securities Outstanding 1 808,750 806,757 + 2.14 % November 2037 Underlying Collateral Assets 16 1,000,000 1,000,000 + 3.25 % November 2024 2020 FL2 Collateralized Loan Obligation Senior CLO Securities Outstanding 1 1,061,041 1,057,627 + 1.55 % February 2038 Underlying Collateral Assets 17 1,317,916 1,317,916 + 3.42 % November 2024 Total Senior CLO Securities Outstanding (4) 3 $ 2,673,541 $ 2,664,010 +1.73 % Underlying Collateral Assets 63 $ 3,317,916 $ 3,317,916 + 3.38 % (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 SOFR, as applicable to each securitized debt obligation. As of December 31, 2022, the floating benchmark rate for the financing provided on the 2020 FL3 and 2020 FL2 CLOs is one-month SOFR. As of December 31, 2022, one-month SOFR was 4.36% and one-month USD LIBOR was 4.39%. Excludes loans accounted for under the cost recovery method. (3) Underlying Collateral Assets term represents the weighted-average final maturity of such loans, 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, 2022, we recorded $87.6 million of interest expense related to our securitized debt obligations. December 31, 2021 Securitized Debt Obligations Count Principal Balance Book Value Wtd. Avg. Yield/Cost (1)(2) Term (3) 2021 FL4 Collateralized Loan Obligation Senior CLO Securities Outstanding 1 $ 803,750 $ 797,373 + 1.66 % May 2038 Underlying Collateral Assets 34 1,000,000 1,000,000 + 3.42 % October 2024 2020 FL3 Collateralized Loan Obligation Senior CLO Securities Outstanding 1 808,750 804,096 + 2.10 % November 2037 Underlying Collateral Assets 18 1,000,000 1,000,000 + 3.06 % May 2024 2020 FL2 Collateralized Loan Obligation Senior CLO Securities Outstanding 1 1,243,125 1,236,593 + 1.45 % February 2038 Underlying Collateral Assets 21 1,500,000 1,500,000 + 3.15 % March 2024 Total Senior CLO Securities Outstanding (4) 3 $ 2,855,625 $ 2,838,062 +1.69 % Underlying Collateral Assets 73 $ 3,500,000 $ 3,500,000 +3.20 % (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 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. As of December 31, 2021, one-month SOFR was 0.05% and one-month USD LIBOR was 0.10%. (3) Underlying Collateral Assets term represents the weighted-average final maturity of such loans, 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.

Asset-Specific Debt, Net (Table

Asset-Specific Debt, Net (Tables)	12 Months Ended
	Dec. 31, 2022
Debt Disclosure [Abstract]
Summary of Asset-Specific Financings	The following tables detail our asset-specific debt ($ in thousands): December 31, 2022 Asset-Specific Debt Count Principal Balance Book Value Wtd. Avg. Yield/Cost (1) Wtd. Avg. Term (2) Financing provided 4 $ 950,278 $ 942,503 + 3.29 % January 2026 Collateral assets 4 $ 1,094,450 $ 1,081,035 + 4.73 % January 2026 December 31, 2021 Asset-Specific Debt Count Principal Balance Book Value Wtd. Avg. Yield/Cost (1) Wtd. Avg. Term (2) Financing provided 4 $ 400,699 $ 393,824 + 2.78 % March 2025 Collateral assets 4 $ 446,276 $ 435,727 + 4.04 % March 2025 (1) These floating rate loans and related liabilities are currency and indexed matched to the applicable benchmark rate relevant in each arrangement. In addition to cash coupon, yield/cost includes the amortization of deferred origination fees and 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. Our asset-specific debt is term-matched in each case to the corresponding collateral loans.

Loan Participations Sold, Net (

Loan Participations Sold, Net (Tables)	12 Months Ended
	Dec. 31, 2022
Debt Disclosure [Abstract]
Schedule of Loan Participations Sold	The following table details our loan participations sold ($ in thousands): December 31, 2022 Loan Participations Sold Count Principal Balance Book Value Wtd. Avg. Yield/Cost (1) Term (2) Senior Participation (3) 1 $ 224,744 $ 224,232 + 3.22 % March 2027 Total Loan 1 $ 280,930 $ 278,843 + 4.86 % March 2027 (1) This non-debt participation sold structure is inherently matched in terms of currency and interest rate. In addition to cash coupon, yield/cost includes the amortization of deferred fees and financing costs. (2) The term is determined based on the maximum maturity of the loan, assuming all extension options are exercised by the borrower. Our loan participation sold is term-matched to the corresponding collateral loan. (3) During the year ended December 31, 2022, we recorded $7.9 million of interest expense related to our loan participations sold.

Term Loans, Net (Tables)

Term Loans, Net (Tables)	12 Months Ended
	Dec. 31, 2022
Debt Disclosure [Abstract]
Schedule of Debt	The following table details our secured credit facilities by spread over the applicable base rates as of December 31, 2022 ($ in thousands): December 31, 2022 Recourse Limitation Currency Lenders (1) Borrowings Wtd Avg. Maturity (2) Loan Count Collateral (3) Wtd Avg. Maturity (4) Wtd. Avg. Range USD 14 $ 7,497,992 2/21/2026 145 $ 11,719,558 3/4/2026 36% 25% - 100% GBP 7 2,320,720 4/7/2026 23 3,081,729 4/30/2026 27% 25% - 50% EUR 7 2,128,248 8/12/2025 12 2,866,848 8/15/2025 42% 25% - 100% Others (5) 4 1,602,788 7/4/2027 7 2,026,655 6/23/2027 25% 25% Total 15 $ 13,549,748 3/29/2026 185 $ 19,694,790 4/2/2026 34% 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) Our secured debt agreements are generally term-matched to their underlying collateral. Therefore, the weighted average maturity is generally allocated based on the maximum maturity date of the collateral loans, assuming all extension options are exercised by the borrower. In limited instances, the maturity date of the respective secured credit facility is used. (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 Australian Dollar, Canadian Dollar, Danish Krone, Swedish Krona, and Swiss Franc currencies. Term Loans Face Value Interest Rate (1) All-in Cost (1)(2) Maturity B-1 Term Loan $ 920,365 + 2.25 % + 2.53 % April 23, 2026 B-3 Term Loan $ 415,168 + 2.75 % + 3.42 % April 23, 2026 B-4 Term Loan $ 821,685 + 3.50 % + 4.11 % May 9, 2029 (1) The B-3 Term Loan and the B-4 Term Loan borrowings are subject to a floor of 0.50%. The B-1 Term Loan and B-3 Term Loan are indexed to one-month USD LIBOR and the B-4 Term Loan is indexed to one-month SOFR. (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 Term Loans on Consolidated Balance Sheets	The following table details the net book value of our Term Loans on our consolidated balance sheets ($ in thousands): December 31, 2022 December 31, 2021 Face value $ 2,157,218 $ 1,349,271 Deferred financing costs and unamortized discount (42,669) (21,865) Net book value $ 2,114,549 $ 1,327,406 The following table details the net book value of our Convertible Notes on our consolidated balance sheets ($ in thousands): December 31, 2022 December 31, 2021 Face value $ 520,000 $ 622,500 Deferred financing costs and unamortized discount (5,743) (2,624) Net book value $ 514,257 $ 619,876

Senior Secured Notes, Net (Tabl

Senior Secured Notes, Net (Tables)	12 Months Ended
	Dec. 31, 2022
Debt Disclosure [Abstract]
Schedule of Senior Secured Notes, Net	The following table details our secured debt ($ in thousands): Secured Debt Borrowings Outstanding December 31, 2022 December 31, 2021 Secured credit facilities $ 13,549,748 $ 12,299,580 Acquisition facility — — Total secured debt $ 13,549,748 $ 12,299,580 Deferred financing costs (1) (21,584) (19,538) Net book value of secured debt $ 13,528,164 $ 12,280,042 As of December 31, 2022, 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 following table details the net book value of our Senior Secured Notes on our consolidated balance sheets ($ in thousands): December 31, 2022 December 31, 2021 Face value $ 400,000 $ 400,000 Deferred financing costs (4,834) (5,990) Net book value $ 395,166 $ 394,010

Convertible Notes, Net (Tables)

Convertible Notes, Net (Tables)	12 Months Ended
	Dec. 31, 2022
Debt Instruments [Abstract]
Summary of Outstanding Convertible Senior Notes	As of December 31, 2022, the following convertible senior notes, or Convertible Notes, were outstanding ($ in thousands): Convertible Notes Issuance Face Value Interest Rate All-in Cost (1) Conversion Price (2) Maturity March 2018 $ 220,000 4.75% 5.33% $36.23 March 15, 2023 March 2022 $ 300,000 5.50% 5.94% $36.27 March 15, 2027 (1) Includes issuance costs that are amortized through interest expense over the life of the Convertible Notes using the effective interest method.
Summary of Details of Net Book Value of Convertible Note	The following table details the net book value of our Term Loans on our consolidated balance sheets ($ in thousands): December 31, 2022 December 31, 2021 Face value $ 2,157,218 $ 1,349,271 Deferred financing costs and unamortized discount (42,669) (21,865) Net book value $ 2,114,549 $ 1,327,406 The following table details the net book value of our Convertible Notes on our consolidated balance sheets ($ in thousands): December 31, 2022 December 31, 2021 Face value $ 520,000 $ 622,500 Deferred financing costs and unamortized discount (5,743) (2,624) Net book value $ 514,257 $ 619,876
Summary of Details about Interest Expense	The following table details our interest expense related to the Convertible Notes ($ in thousands): Year Ended December 31, 2022 2021 2020 Cash coupon $ 28,859 $ 28,059 $ 28,059 Discount and issuance cost amortization 2,853 3,486 3,319 Total interest expense $ 31,712 $ 31,545 $ 31,378

Derivative Financial Instrume_2

Derivative Financial Instruments (Tables)	12 Months Ended
	Dec. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
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, 2022 December 31, 2021 Foreign Currency Derivatives Number of Instruments Notional Amount Foreign Currency Derivatives Number of Instruments Notional Amount Buy USD / Sell SEK Forward 2 kr 1,003,626 Buy USD / Sell SEK Forward 1 kr 999,500 Buy USD / Sell EUR Forward 8 € 722,311 Buy USD / Sell EUR Forward 7 € 731,182 Buy USD / Sell GBP Forward 6 £ 690,912 Buy USD / Sell GBP Forward 2 £ 489,204 Buy USD / Sell AUD Forward 8 A$ 541,813 Buy USD / Sell AUD Forward 3 A$ 188,600 Buy USD / Sell DKK Forward 3 kr. 195,019 Buy USD / Sell CAD Forward 2 C$ 22,100 Buy USD / Sell CAD Forward 2 C$ 22,187 Buy USD / Sell CHF Forward 1 CHF 5,200 Buy USD / Sell CHF Forward 2 CHF 5,263
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, 2022 December 31, 2021 Non-designated Hedges Number of Instruments Notional Amount Non-designated Hedges Number of Instruments Notional Amount Buy GBP / Sell USD Forward 2 £ 109,076 Buy GBP / Sell USD Forward 3 £ 170,600 Buy USD / Sell GBP Forward 2 £ 109,076 Buy USD / Sell GBP Forward 3 £ 170,600 Buy AUD / Sell USD Forward 1 A$ 23,600 Buy EUR / Sell USD Forward 2 € 165,560 Buy USD / Sell AUD Forward 1 A$ 23,600 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 Buy GBP / Sell EUR Forward 1 € 8,410
Schedule of Derivative Instruments 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 Exchange Contracts Year Ended December 31, Foreign Exchange Contracts in Hedging Relationships Location of Income (Expense) Recognized 2022 2021 2020 Designated Hedges Interest Income (1) $ 19,910 $ 7,296 $ 4,382 Non-Designated Hedges Interest Income (1) (62) (342) (522) Non-Designated Hedges Interest Expense (2) 100 (6,911) (4,357) Total $ 19,948 $ 43 $ (497) (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 prevailing US interest rates. These forward contracts effectively convert the foreign currency rate exposure for such investments to USD-equivalent interest rates.
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 Foreign Exchange Contracts December 31, 2022 December 31, 2021 December 31, 2022 December 31, 2021 Designated Hedges $ 501 $ 23,423 $ 111,573 $ 1,383 Non-Designated Hedges 6,848 7,108 8,092 4,507 Total Derivatives $ 7,349 $ 30,531 $ 119,665 $ 5,890 (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 Amount of Year Ended December 31, Year Ended December 31, 2022 2021 2020 2022 2021 2020 Net Investment Hedges Foreign exchange contracts (1) $ 173,362 $ 81,603 $ (59,609) Interest Expense $ — $ — $ — Cash Flow Hedges Interest rate derivatives — (5) (94) Interest Expense (2) (4) (10) 7 Total $ 173,362 $ 81,598 $ (59,703) $ (4) $ (10) $ 7 (1) During the year ended December 31, 2022, we received net cash settlements of $330.3 million on our foreign currency forward contracts. During the years ended December 31, 2021, and 2020, we paid net cash settlements of $1.4 million and $43.0 million on our foreign currency contracts. Those amounts are included as a component of accumulated other comprehensive income on our consolidated balance sheets. (2) During the year ended December 31, 2022, and 2021, we recorded total interest and related expenses of $710.9 million and $340.2 million, respectively, which included $4,000 and $10,000, respectively, related to our cash flow hedges. During the year ended December 31, 2020, we recorded total interest and related expenses of $347.5 million, which was reduced by $7,000 related to income generated by our cash flow hedges.

Equity (Tables)

Equity (Tables)	12 Months Ended
	Dec. 31, 2022
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, 2022, 2021 and 2020 ($ in thousands, except per share data): Class A Common Stock Offerings 2022 (1) 2021 (2) 2020 (3) Shares issued 2,303,469 20,361,408 10,840,696 Gross / net issue price per share (4) 31.23 / 30.92 31.64 / 31.37 27.79 / 27.52 Net proceeds (5) $70,651 $ 638,005 $ 297,599 (1) Represents shares issued under our at-the-market program. (2) Issuance includes 296,901 shares issued under our at-the-market program, with a weighted-average gross share issue price of $33.67. (3) 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. (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. For the year ended December 31, 2020, includes $19.3 million of net proceeds related to 840,696 shares issued to our Manager in satisfaction of the management and incentives fees accrued in the first quarter of 2020.
Schedule of Movement in Outstanding Shares of Class A Common Stock, Restricted Class A Common Stock and Deferred Stock Units	The following table details the movement in our outstanding shares of class A common stock, including restricted class A common stock and deferred stock units: Year Ended December 31, Common Stock Outstanding (1) 2022 2021 2020 Beginning balance 168,543,370 147,086,722 135,263,728 Issuance of class A common stock (2) 2,311,711 20,363,592 10,842,746 Issuance of restricted class A common stock, net (3)(4) 1,204,476 1,036,175 933,623 Issuance of deferred stock units 47,036 56,881 46,625 Ending balance 172,106,593 168,543,370 147,086,722 (1) Includes 410,608, 363,572 and 306,691 deferred stock units held by members of our board of directors as of December 31, 2022, 2021, and 2020, respectively. (2) Includes 8,242, 2,184, and 2,050 shares issued under our dividend reinvestment program during the years ended December 31, 2022, 2021, and 2020, respectively. (3) Includes 13,197 restricted shares issued to our board of directors during the year ended December 31, 2022.
Schedule of Dividend Activity	The following table details our dividend activity ($ in thousands, except per share data): Year Ended December 31, 2022 2021 2020 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, 2022 2021 2020 Net income (1) $ 248,642 $ 419,193 $ 137,670 Weighted-average shares outstanding, basic and diluted (2) 170,631,410 151,521,941 141,795,977 Per share amount, basic and diluted (2) $ 1.46 $ 2.77 $ 0.97 (1) Represents net income attributable to Blackstone Mortgage Trust. (2) For the year ended December 31, 2022, our Convertible Notes were not included in the calculation of diluted earnings per share, as the impact is antidilutive. Our Convertible Notes could dilute earnings per share in future periods. For the years ended December 31, 2021 and 2020, prior to the adoption of ASU 2020-06, our convertible notes were not assessed for dilution as we had the intent and ability to settle the convertible notes in cash. Refer to Note 2 and Note 11 for further discussion of ASU 2020-06 and our convertible notes, respectively.

Other Expenses (Tables)

Other Expenses (Tables)	12 Months Ended
	Dec. 31, 2022
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, 2022 2021 2020 Professional services $ 10,924 $ 7,759 $ 7,324 Operating and other costs 7,855 3,762 4,015 Subtotal (1) 18,779 11,521 11,339 Non-cash compensation expenses Restricted class A common stock earned 32,724 31,052 34,032 Director stock-based compensation 690 595 500 Subtotal 33,414 31,647 34,532 Total general and administrative expenses $ 52,193 $ 43,168 $ 45,871 (1) During the years ended December 31, 2022, 2021, and 2020, we recognized an aggregate $1.1 million, $748,000, and $1.1 million, respectively, of expenses related to our Multifamily Joint Venture.

Stock-Based Incentive Plans (Ta

Stock-Based Incentive Plans (Tables)	12 Months Ended
	Dec. 31, 2022
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, 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 Granted 1,244,131 26.92 Vested (1,026,813) 32.06 Forfeited (39,655) 30.76 Balance as of December 31, 2022 1,883,784 $ 27.90

Fair Values (Tables)

Fair Values (Tables)	12 Months Ended
	Dec. 31, 2022
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, 2022 December 31, 2021 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets Derivatives $ — $ 7,349 $ — $ 7,349 $ — $ 30,531 $ — $ 30,531 Liabilities Derivatives $ — $ 119,665 $ — $ 119,665 $ — $ 5,890 $ — $ 5,890
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, 2022 December 31, 2021 Book Value Face Amount Fair Value Book Value Face Amount Fair Value Financial assets Cash and cash equivalents $ 291,340 $ 291,340 $ 291,340 $ 551,154 $ 551,154 $ 551,154 Loans receivable, net 24,691,743 25,160,343 24,445,042 21,878,338 22,156,437 22,013,762 Debt securities held-to-maturity, net (1) — — — 78,013 79,200 77,229 Financial liabilities Secured debt, net 13,528,164 13,549,748 13,121,306 12,280,042 12,299,580 12,299,580 Securitized debt obligations, net 2,664,010 2,673,541 2,597,377 2,838,062 2,855,625 2,850,399 Asset-specific debt, net 942,503 950,278 934,815 393,824 400,699 400,699 Loan participations sold, net 224,232 224,744 217,717 — — — Secured term loans, net 2,114,549 2,157,218 2,103,943 1,327,406 1,349,271 1,335,844 Senior secured notes, net 395,166 400,000 343,665 394,010 400,000 399,012 Convertible notes, net 514,257 520,000 478,232 619,876 622,500 630,821

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	12 Months Ended
	Dec. 31, 2022
Variable Interest Entity, Primary Beneficiary, Does Not Hold Majority Voting Interest, Disclosures [Abstract]
Summary of Assets and Liabilities of Consolidated VIE	The following table details the assets and liabilities of our consolidated VIEs ($ in thousands): December 31, 2022 December 31, 2021 Assets Loans receivable $ 3,317,316 $ 3,486,750 Current expected credit loss reserve (93,396) (4,502) Loans receivable, net 3,223,920 3,482,248 Other assets 15,995 20,746 Total assets $ 3,239,915 $ 3,502,994 Liabilities Securitized debt obligations, net $ 2,664,010 $ 2,838,062 Other liabilities 7,234 1,800 Total liabilities $ 2,671,244 $ 2,839,862

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Schedule of Principal Contractual Obligations	Our contractual principal debt repayments as of December 31, 2022 were as follows ($ in thousands): Year Secured Debt (1) Asset-Specific Debt (1) Term Loans (2) Senior Secured Notes Convertible Notes (3) Total (4) 2023 397,365 — 21,997 — 220,000 639,362 2024 3,263,819 — 21,997 — — 3,285,816 2025 1,170,360 816,434 21,997 — — 2,008,791 2026 4,783,810 — 1,302,574 — — 6,086,384 2027 3,155,937 31,900 8,258 400,000 300,000 3,896,095 Thereafter 778,457 101,944 780,395 — — 1,660,796 Total obligation $ 13,549,748 $ 950,278 $ 2,157,218 $ 400,000 $ 520,000 $ 17,577,244 (1) Our secured debt and asset-specific debt agreements are generally term-matched to their underlying collateral. Therefore, the allocation of payments under such agreements is generally allocated based on the maximum maturity date of the collateral loans, assuming all extension options are exercised by the borrower. In limited instances, the maturity date of the respective debt agreement is used. (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 9 for further details on our term loans. (3) Reflects the outstanding principal balance of Convertible Notes, excluding any potential conversion premium. Refer to Note 11 for further details on our Convertible Notes.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Additional Information (Detail) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022 USD ($) credit_facility loan	Jan. 01, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2017
Accounts, Notes, Loans and Financing Receivable [Line Items]
Joint venture capital contribution percentage						85%
Restricted cash		$ 0		$ 0
Borrower escrows		459,600		531,200
CECL reserve		$ 326,137		124,679	$ 173,549
Number of loans accounted for under cost-recovery method, floating rate | loan		5
Principal balance		$ 25,017,880		22,003,017	$ 16,572,715
Decrease to additional paid-in capital		(5,475,804)		(5,373,029)
Decrease to accumulated deficit		$ (968,749)		$ (794,832)
Credit Spread Option | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans | loan		76
Number of credit facilities | credit_facility		12
Average compounded SOFR (percentage)		4.36%
Credit Spread Option | United State Dollar LIBOR Rate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Average compounded SOFR (percentage)		4.39%
Credit Spread Option | Sterling Overnight Index Average ("SONIA")
Accounts, Notes, Loans and Financing Receivable [Line Items]
Aggregate Loan Principal Balance, Transitioned To Applicable Replacement Benchmark		63.50%
Credit Spread Option | Sterling Overnight Index Average ("SONIA") | Forecast
Accounts, Notes, Loans and Financing Receivable [Line Items]
Aggregate Loan Principal Balance, Transitioned To Applicable Replacement Benchmark	36.50%
Level 3 | Measurement Input, Cap Rate | Minimum
Accounts, Notes, Loans and Financing Receivable [Line Items]
Measurement input (percentage)		0.0500
Level 3 | Measurement Input, Cap Rate | Maximum
Accounts, Notes, Loans and Financing Receivable [Line Items]
Measurement input (percentage)		0.0750
Level 3 | Measurement Input, Discount Rate | Minimum
Accounts, Notes, Loans and Financing Receivable [Line Items]
Measurement input (percentage)		0.0750
Level 3 | Measurement Input, Discount Rate | Maximum
Accounts, Notes, Loans and Financing Receivable [Line Items]
Measurement input (percentage)		0.0900
Level 3 | Fair Value, Nonrecurring
Accounts, Notes, Loans and Financing Receivable [Line Items]
CECL reserve		$ 189,800
Number of loans accounted for under cost-recovery method, floating rate | loan		5
Principal balance		$ 930,000
Accounting Standards Update 2020-06 | Cumulative Effect, Period of Adoption, Adjustment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Decrease to additional paid-in capital			$ 2,400
Decrease to accumulated deficit			2,000
Increase to convertible notes, net			$ 477
Walker and Dunlop
Accounts, Notes, Loans and Financing Receivable [Line Items]
Joint venture capital contribution percentage						15%

Loans Receivable, Net - Overall

Loans Receivable, Net - Overall Statistics for Loans Receivable Portfolio (Detail) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) SecurityLoan	Dec. 31, 2021 USD ($) SecurityLoan	Dec. 31, 2020 USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans | SecurityLoan	203	188
Principal balance	$ 25,160,343	$ 22,156,437	$ 16,652,824
Net book value	$ 24,691,743	$ 21,878,338
Weighted-average maximum maturity (years)	3 years 1 month 6 days	3 years 4 months 24 days
Percentage of Portfolio	100%	100%
Unfunded Loan Commitment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unfunded loan commitments	$ 3,806,153	$ 4,180,128
Floating Rate Mortgage
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Portfolio		99.50%
Fixed Rate Mortgage
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Portfolio		0.50%
Prepayment Restrictions Including Yield Maintenance Lock Out Provisions
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Portfolio	50%	56%
Without Prepayment Restrictions
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Portfolio	50%	44%
LIBOR
Accounts, Notes, Loans and Financing Receivable [Line Items]
Weighted-average cash coupon (percentage)	3.44%	3.19%
Weighted-average all-in yield (percentage)	3.84%	3.52%

Loans Receivable, Net - Schedul

Loans Receivable, Net - Schedule Of Loan Receivable Portfolio Based On Floor Rate (Detail) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disclosure Details Of Loan Receivable Portfolio Based On Floor Rate [Line Items]
Loans receivable	$ 25,160,343	$ 22,156,437	$ 16,652,824
Weighted Average
Disclosure Details Of Loan Receivable Portfolio Based On Floor Rate [Line Items]
Weighted-average index rate floor	0.36%
Excluding 0.0% index rate floors, weighted-average index rate floor	0.64%
Non-USD
Disclosure Details Of Loan Receivable Portfolio Based On Floor Rate [Line Items]
Loans receivable	$ 8,378,624
USD
Disclosure Details Of Loan Receivable Portfolio Based On Floor Rate [Line Items]
Loans receivable	16,781,719
Fixed Rate
Disclosure Details Of Loan Receivable Portfolio Based On Floor Rate [Line Items]
Loans receivable	38,160
Fixed Rate | Non-USD
Disclosure Details Of Loan Receivable Portfolio Based On Floor Rate [Line Items]
Loans receivable	0
Fixed Rate | USD
Disclosure Details Of Loan Receivable Portfolio Based On Floor Rate [Line Items]
Loans receivable	38,160
0.00% or no floor
Disclosure Details Of Loan Receivable Portfolio Based On Floor Rate [Line Items]
Loans receivable	11,452,503
0.00% or no floor | Non-USD
Disclosure Details Of Loan Receivable Portfolio Based On Floor Rate [Line Items]
Loans receivable	6,973,651
0.00% or no floor | USD
Disclosure Details Of Loan Receivable Portfolio Based On Floor Rate [Line Items]
Loans receivable	4,478,852
0.01% to 1.00% floor
Disclosure Details Of Loan Receivable Portfolio Based On Floor Rate [Line Items]
Loans receivable	9,964,421
0.01% to 1.00% floor | Non-USD
Disclosure Details Of Loan Receivable Portfolio Based On Floor Rate [Line Items]
Loans receivable	858,247
0.01% to 1.00% floor | USD
Disclosure Details Of Loan Receivable Portfolio Based On Floor Rate [Line Items]
Loans receivable	9,106,174
1.01% to 1.50% floor
Disclosure Details Of Loan Receivable Portfolio Based On Floor Rate [Line Items]
Loans receivable	2,258,258
1.01% to 1.50% floor | Non-USD
Disclosure Details Of Loan Receivable Portfolio Based On Floor Rate [Line Items]
Loans receivable	153,453
1.01% to 1.50% floor | USD
Disclosure Details Of Loan Receivable Portfolio Based On Floor Rate [Line Items]
Loans receivable	2,104,805
1.51% to 2.00% floor
Disclosure Details Of Loan Receivable Portfolio Based On Floor Rate [Line Items]
Loans receivable	1,040,966
1.51% to 2.00% floor | Non-USD
Disclosure Details Of Loan Receivable Portfolio Based On Floor Rate [Line Items]
Loans receivable	343,841
1.51% to 2.00% floor | USD
Disclosure Details Of Loan Receivable Portfolio Based On Floor Rate [Line Items]
Loans receivable	697,125
2.01% or more floor
Disclosure Details Of Loan Receivable Portfolio Based On Floor Rate [Line Items]
Loans receivable	406,035
2.01% or more floor | Non-USD
Disclosure Details Of Loan Receivable Portfolio Based On Floor Rate [Line Items]
Loans receivable	49,432
2.01% or more floor | USD
Disclosure Details Of Loan Receivable Portfolio Based On Floor Rate [Line Items]
Loans receivable	$ 356,603

Loans Receivable, Net - Activit

Loans Receivable, Net - Activity Relating to Loans Receivable Portfolio (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Principal Balance
Beginning balance	$ 22,156,437	$ 16,652,824
Loan fundings	6,810,218	12,550,463
Loan repayments and sales proceeds	(3,168,155)	(6,733,105)
Principal charge-offs		(14,427)
Unrealized (loss) gain on foreign currency translation	(638,157)	(299,318)
Ending balance	25,160,343	22,156,437	$ 16,652,824
Deferred Fees / Other Items
Beginning balance	(153,420)	(80,109)
Unrealized (loss) gain on foreign currency translation	5,255	1,424
Deferred fees and other items	(74,930)	(143,002)
Amortization of fees and other items	80,632	68,267
Ending balance	(142,463)	(153,420)	(80,109)
Net Book Value
Beginning balance	22,003,017	16,572,715
Loan fundings	6,810,218	12,550,463
Loan repayments and sales proceeds	(3,168,155)	(6,733,105)
Principal charge-offs	0	(14,427)	0
Unrealized (loss) gain on foreign currency translation	(632,902)	(297,894)
Deferred fees and other items	(74,930)	(143,002)
Amortization of fees and other items	80,632	68,267
Ending balance	25,017,880	22,003,017	16,572,715
CECL reserve	(326,137)	(124,679)	(173,549)
Loans receivable, net	24,691,743	21,878,338
Impaired loans
Principal Balance
Principal charge-offs		(14,427)
Net Book Value
Beginning balance	284,809
Ending balance	929,111	284,809
CECL reserve	$ (189,778)	$ (54,874)	$ (69,661)

Loans Receivable, Net - Propert

Loans Receivable, Net - Property Type and Geographic Distribution of Properties Securing Loans in Portfolio (Detail) $ in Thousands	Dec. 31, 2022 USD ($) SecurityLoan	Dec. 31, 2021 USD ($) SecurityLoan	Dec. 31, 2020 USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans | SecurityLoan	203	188
Net Book Value	$ 25,017,880	$ 22,003,017	$ 16,572,715
CECL reserve	(326,137)	(124,679)	$ (173,549)
Loans receivable, net	24,691,743	21,878,338
Total Loan Exposure	$ 26,810,281	$ 23,669,111
Percentage of Portfolio	100%	100%
Total loan exposure including senior interests	$ 1,600,000	$ 1,500,000
2018 Single Asset Securitization
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loan amount, securitized		$ 379,300
Subtotal
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans | SecurityLoan	160	156
Net Book Value	$ 16,699,006	$ 15,357,571
Total Loan Exposure	$ 18,431,661	$ 16,706,378
Percentage of Portfolio	69%	71%
Sunbelt
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans | SecurityLoan	75	71
Net Book Value	$ 6,538,034	$ 5,907,230
Total Loan Exposure	$ 6,802,928	$ 6,206,216
Percentage of Portfolio	26%	26%
Northeast
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans | SecurityLoan	36	37
Net Book Value	$ 5,339,874	$ 4,615,076
Total Loan Exposure	$ 5,666,968	$ 4,934,295
Percentage of Portfolio	21%	21%
West
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans | SecurityLoan	33	33
Net Book Value	$ 3,515,517	$ 3,520,942
Total Loan Exposure	$ 4,547,946	$ 4,199,208
Percentage of Portfolio	17%	18%
Midwest
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans | SecurityLoan	10	10
Net Book Value	$ 987,718	$ 1,063,202
Total Loan Exposure	$ 1,091,882	$ 1,113,959
Percentage of Portfolio	4%	5%
Northwest
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans | SecurityLoan	6	5
Net Book Value	$ 317,863	$ 251,121
Total Loan Exposure	$ 321,937	$ 252,700
Percentage of Portfolio	1%	1%
Subtotal
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans | SecurityLoan	43	32
Net Book Value	$ 8,318,874	$ 6,645,446
Total Loan Exposure	$ 8,378,620	$ 6,962,733
Percentage of Portfolio	31%	29%
United Kingdom
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans | SecurityLoan	23	17
Net Book Value	$ 3,362,629	$ 2,342,146
Total Loan Exposure	$ 3,393,126	$ 2,598,033
Percentage of Portfolio	13%	11%
Australia
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans | SecurityLoan	5	4
Net Book Value	$ 1,405,601	$ 504,668
Total Loan Exposure	$ 1,417,318	$ 509,885
Percentage of Portfolio	5%	2%
Spain
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans | SecurityLoan	4	4
Net Book Value	$ 1,237,446	$ 1,374,364
Total Loan Exposure	$ 1,241,808	$ 1,380,763
Percentage of Portfolio	5%	6%
Ireland
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans | SecurityLoan	3	1
Net Book Value	$ 1,192,220	$ 1,210,375
Total Loan Exposure	$ 1,199,406	$ 1,216,864
Percentage of Portfolio	4%	5%
Sweden
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans | SecurityLoan	1	1
Net Book Value	$ 473,374	$ 546,319
Total Loan Exposure	$ 476,673	$ 551,149
Percentage of Portfolio	2%	2%
Canada
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans | SecurityLoan	1	2
Net Book Value	$ 49,409	$ 68,558
Total Loan Exposure	$ 49,432	$ 68,478
Percentage of Portfolio	0%	0%
Other Europe
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans | SecurityLoan	6	3
Net Book Value	$ 598,195	$ 599,016
Total Loan Exposure	$ 600,857	$ 637,561
Percentage of Portfolio	2%	3%
Office
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans | SecurityLoan	64	65
Net Book Value	$ 9,441,622	$ 9,473,039
Total Loan Exposure	$ 10,593,584	$ 10,425,026
Percentage of Portfolio	40%	44%
Multifamily
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans | SecurityLoan	80	75
Net Book Value	$ 6,214,123	$ 5,721,260
Total Loan Exposure	$ 6,330,153	$ 5,771,517
Percentage of Portfolio	24%	24%
Hospitality
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans | SecurityLoan	30	25
Net Book Value	$ 4,879,314	$ 3,427,245
Total Loan Exposure	$ 4,908,583	$ 3,540,391
Percentage of Portfolio	18%	15%
Industrial
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans | SecurityLoan	12	6
Net Book Value	$ 2,140,636	$ 1,102,452
Total Loan Exposure	$ 2,236,716	$ 1,185,606
Percentage of Portfolio	8%	5%
Retail
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans | SecurityLoan	9	8
Net Book Value	$ 1,098,315	$ 871,241
Total Loan Exposure	$ 1,141,932	$ 909,970
Percentage of Portfolio	4%	4%
Other
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans | SecurityLoan	8	9
Net Book Value	$ 1,243,870	$ 1,407,780
Total Loan Exposure	$ 1,599,313	$ 1,836,601
Percentage of Portfolio	6%	8%

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, 2022 USD ($) SecurityLoan	Dec. 31, 2021 USD ($) SecurityLoan	Dec. 31, 2020 USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans | SecurityLoan	203	188
Net Book Value	$ 25,017,880	$ 22,003,017	$ 16,572,715
CECL reserve	(326,137)	(124,679)	$ (173,549)
Loans receivable, net	24,691,743	21,878,338
Total Loan Exposure	26,810,281	23,669,111
Total loan exposure including senior interests	$ 1,600,000	1,500,000
2018 Single Asset Securitization
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loan amount, securitized		$ 379,300
1
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans | SecurityLoan	17	8
Net Book Value	$ 1,403,185	$ 642,776
Total Loan Exposure	$ 1,428,232	$ 645,854
2
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans | SecurityLoan	36	28
Net Book Value	$ 5,880,424	$ 5,200,533
Total Loan Exposure	$ 6,562,852	$ 5,515,250
3
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans | SecurityLoan	134	141
Net Book Value	$ 14,128,133	$ 13,604,027
Total Loan Exposure	$ 15,209,018	$ 14,944,045
4
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans | SecurityLoan	11	10
Net Book Value	$ 2,677,027	$ 2,270,872
Total Loan Exposure	$ 2,680,145	$ 2,277,653
5
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans | SecurityLoan	5	1
Net Book Value	$ 929,111	$ 284,809
Total Loan Exposure	$ 930,034	$ 286,309

Loans Receivable, Net - Additio

Loans Receivable, Net - Additional Information (Detail) $ in Thousands	3 Months Ended		12 Months Ended
	Dec. 31, 2022 USD ($) loan SecurityLoan	Dec. 31, 2021 USD ($) loan SecurityLoan	Dec. 31, 2022 USD ($) loan SecurityLoan	Dec. 31, 2021 USD ($) loan SecurityLoan	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Weighted-average risk rating on loan exposure	2.8	2.8	2.8	2.8
Increase in CECL reserve			$ 201,458	$ (34,443)
CECL reserve	$ 326,137	$ 124,679	$ 326,137	$ 124,679	$ 173,549
Number of loans | SecurityLoan	203	188	203	188
Net book value	$ 24,691,743	$ 21,878,338	$ 24,691,743	$ 21,878,338
Outstanding principal balance	25,017,880	22,003,017	25,017,880	22,003,017	16,572,715	$ 16,164,801
Principal charge-offs			0	14,427	0
Reversal of remaining CECL reserve			(211,505)	39,864	(167,653)
Loans held	$ 26,810,281	$ 23,669,111	$ 26,810,281	$ 23,669,111
Multifamily
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans | SecurityLoan	80	75	80	75
Loans held	$ 6,330,153	$ 5,771,517	$ 6,330,153	$ 5,771,517
Impaired loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Increase in CECL reserve			134,904	(360)
CECL reserve	$ 189,778	54,874	189,778	54,874	$ 69,661
Impaired loans | Four Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Increase in CECL reserve			$ 134,900
Number of loans | loan	4		4
Net book value	$ 644,300		$ 644,300
Interest income	11,300
Impaired loans | Five Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
CECL reserve	$ 189,800		$ 189,800
Number of loans | loan	5		5
Net book value	$ 929,100		$ 929,100
Impaired loans | One Loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
CECL reserve		$ 54,900		$ 54,900
Number of loans | loan		1		1
Net book value		$ 284,800		$ 284,800
Income recorded on loan			0	0
Joint Venture | Multifamily
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held	795,600	746,900	795,600	746,900
Office Asset In New York City
Accounts, Notes, Loans and Financing Receivable [Line Items]
Outstanding principal balance	193,600		193,600
Additional commitments			8,200
Multifamily Properties
Accounts, Notes, Loans and Financing Receivable [Line Items]
Outstanding principal balance		37,500		$ 37,500
Multifamily Asset in New York City
Accounts, Notes, Loans and Financing Receivable [Line Items]
Increase in CECL reserve		14,800
Principal charge-offs		14,400
Reversal of remaining CECL reserve		$ 360
Loans accounted under cost-recovery method	38,200		38,200
Hospitality Asset in New York City
Accounts, Notes, Loans and Financing Receivable [Line Items]
Outstanding principal balance	$ 286,300		$ 286,300

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, 2022	Dec. 31, 2021
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 124,679	$ 173,549
Increase (decrease) in CECL reserve	201,458	(34,443)
Charge-offs of CECL reserve		(14,427)
Ending balance	326,137	124,679
US Loans
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Beginning balance	26,885	42,995
Increase (decrease) in CECL reserve	40,995	(16,110)
Charge-offs of CECL reserve		0
Ending balance	67,880	26,885
Non-U.S. Loans
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Beginning balance	10,263	27,734
Increase (decrease) in CECL reserve	12,256	(17,471)
Charge-offs of CECL reserve		0
Ending balance	22,519	10,263
Unique Loans
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Beginning balance	32,657	33,159
Increase (decrease) in CECL reserve	13,303	(502)
Charge-offs of CECL reserve		0
Ending balance	45,960	32,657
Impaired loans
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Beginning balance	54,874	69,661
Increase (decrease) in CECL reserve	134,904	(360)
Charge-offs of CECL reserve		(14,427)
Ending balance	$ 189,778	$ 54,874

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, 2022	Dec. 31, 2021	Dec. 31, 2020
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable	$ 25,017,880	$ 22,003,017	$ 16,572,715
CECL reserve	(326,137)	(124,679)	(173,549)
Loans receivable, net	24,691,743	21,878,338
Held-to-maturity debt securities	0	78,013
US Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year One	2,297,577	8,514,292
Year Two	8,082,061	786,287
Year Three	779,017	1,623,239
Year Four	1,220,686	2,858,738
Year Five	3,226,953	958,787
Prior	213,010	399,977
Loans receivable	15,819,304	15,141,320
Non-U.S. Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year One	1,568,347	2,101,240
Year Two	2,195,536	98,412
Year Three	94,995	2,582,847
Year Four	2,269,196	394,949
Year Five	86,706	0
Prior	0	0
Loans receivable	6,214,780	5,177,448
Unique Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year One	935,281	0
Year Two	0	0
Year Three	0	322,787
Year Four	289,141	1,017,799
Year Five	830,263	0
Prior	0	58,854
Loans receivable	2,054,685	1,399,440
CECL reserve	(45,960)	(32,657)	(33,159)
Impaired loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year One	0	0
Year Two	208,894	0
Year Three	0	0
Year Four	0	284,809
Year Five	284,809	0
Prior	435,408	0
Loans receivable	929,111	284,809
CECL reserve	(189,778)	(54,874)	$ (69,661)
Total loans receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year One	4,801,205	10,615,532
Year Two	10,486,491	884,699
Year Three	874,012	4,528,873
Year Four	3,779,023	4,556,295
Year Five	4,428,731	958,787
Prior	648,418	458,831
Loans receivable	25,017,880	22,003,017
1
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable	1,403,185	642,776
1 | US Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year One	145,152	125,873
Year Two	563,426	0
Year Three	5,075	196,017
Year Four	231,894	72,752
Year Five	415,471	248,134
Prior	0	0
Loans receivable	1,361,018	642,776
1 | 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
1 | Unique Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year One	42,167	0
Year Two	0	0
Year Three	0	0
Year Four	0	0
Year Five	0	0
Prior	0	0
Loans receivable	42,167	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	187,319	125,873
Year Two	563,426	0
Year Three	5,075	196,017
Year Four	231,894	72,752
Year Five	415,471	248,134
Prior	0	0
Loans receivable	1,403,185	642,776
2
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable	5,880,424	5,200,533
2 | US Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year One	117,314	876,536
Year Two	1,742,289	427,839
Year Three	362,062	221,513
Year Four	156,478	1,134,176
Year Five	1,178,721	354,775
Prior	0	82,274
Loans receivable	3,556,864	3,097,113
2 | Non-U.S. Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year One	590,580	698,130
Year Two	609,270	98,412
Year Three	94,995	1,306,878
Year Four	1,028,715	0
Year Five	0	0
Prior	0	0
Loans receivable	2,323,560	2,103,420
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	707,894	1,574,666
Year Two	2,351,559	526,251
Year Three	457,057	1,528,391
Year Four	1,185,193	1,134,176
Year Five	1,178,721	354,775
Prior	0	82,274
Loans receivable	5,880,424	5,200,533
3
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable	14,128,133	13,604,027
3 | US Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year One	2,035,111	7,511,883
Year Two	5,776,346	358,448
Year Three	411,880	1,109,170
Year Four	735,772	1,116,872
Year Five	472,134	292,520
Prior	80,323	228,264
Loans receivable	9,511,566	10,617,157
3 | Non-U.S. Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year One	977,767	1,403,110
Year Two	1,586,266	0
Year Three	0	932,939
Year Four	896,392	394,949
Year Five	86,706	0
Prior	0	0
Loans receivable	3,547,131	2,730,998
3 | Unique Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year One	893,114	0
Year Two	0	0
Year Three	0	0
Year Four	0	197,018
Year Five	176,322	0
Prior	0	58,854
Loans receivable	1,069,436	255,872
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	3,905,992	8,914,993
Year Two	7,362,612	358,448
Year Three	411,880	2,042,109
Year Four	1,632,164	1,708,839
Year Five	735,162	292,520
Prior	80,323	287,118
Loans receivable	14,128,133	13,604,027
4
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable	2,677,027	2,270,872
4 | US Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year One	0	0
Year Two	0	0
Year Three	0	96,539
Year Four	96,542	534,938
Year Five	1,160,627	63,358
Prior	132,687	89,439
Loans receivable	1,389,856	784,274
4 | Non-U.S. Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year One	0	0
Year Two	0	0
Year Three	0	343,030
Year Four	344,089	0
Year Five	0	0
Prior	0	0
Loans receivable	344,089	343,030
4 | Unique Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year One	0	0
Year Two	0	0
Year Three	0	322,787
Year Four	289,141	820,781
Year Five	653,941	0
Prior	0	0
Loans receivable	943,082	1,143,568
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	0
Year Two	0	0
Year Three	0	762,356
Year Four	729,772	1,355,719
Year Five	1,814,568	63,358
Prior	132,687	89,439
Loans receivable	2,677,027	2,270,872
5 | US 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 | 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	208,894	0
Year Three	0	0
Year Four	0	284,809
Year Five	284,809	0
Prior	435,408	0
Loans receivable	929,111	284,809
5 | Total loans receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year One	0	0
Year Two	208,894	0
Year Three	0	0
Year Four	0	284,809
Year Five	284,809	0
Prior	435,408	0
Loans receivable	$ 929,111	$ 284,809

Other Assets and Liabilities -

Other Assets and Liabilities - Summary of Components of Other Assets (Detail) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Schedule Of Other Assets [Line Items]
Accrued interest receivable	$ 189,569	$ 86,101
Collateral deposited under derivative agreements	103,110	0
Loan portfolio payments held by servicer	68,489	77,624
Derivative assets	7,349	30,531
Accounts receivable and other assets	1,318	572
Prepaid expenses	1,067	956
Debt securities held-to-maturity	0	78,083
CECL reserve	0	(70)	$ (1,723)
Debt securities held-to-maturity, net	0	78,013
Total	$ 370,902	273,797
2018 Single Asset Securitization
Schedule Of Other Assets [Line Items]
Total loan amount, securitized		$ 379,300

Other Assets and Liabilities _2

Other Assets and Liabilities - Summary Of Current Expected Credit Loss Reserve By Pool (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Debt Securities, Held-to-Maturity, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 70	$ 1,723
Decrease in CECL reserve	(70)	(1,653)
Ending balance	$ 0	$ 70

Other Assets and Liabilities _3

Other Assets and Liabilities - Additional Information (Detail) - Unfunded Loan Commitments $ in Thousands	Dec. 31, 2022 USD ($) loan	Dec. 31, 2021 USD ($)
Financing Receivable, Allowance for Credit Loss [Line Items]
Unfunded loan commitments | $	$ 3,806,153	$ 4,180,128
Number of loans receivable | loan	121

Other Assets and Liabilities _4

Other Assets and Liabilities - Summary of Components of Other Liabilities (Detail) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Deferred Costs, Capitalized, Prepaid, Other Assets and Other Liabilities Disclosure [Abstract]
Derivative liabilities	$ 119,665	$ 5,890
Accrued dividends payable	106,455	104,271
Accrued interest payable	80,263	29,851
Secured debt repayments pending servicer remittance	60,585	47,664
Accrued management and incentive fees payable	33,830	28,373
Current expected credit loss reserve for unfunded loan commitments	16,380	6,263
Accounts payable and other liabilities	9,726	9,046
Total	$ 426,904	$ 231,358

Other Assets and Liabilities _5

Other Assets and Liabilities - Summary of Unfunded Loan Commitment (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 124,679	$ 173,549
Increase (decrease) in CECL reserve	201,458	(34,443)
Ending balance	326,137	124,679
US Loans
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Beginning balance	26,885	42,995
Increase (decrease) in CECL reserve	40,995	(16,110)
Ending balance	67,880	26,885
Non-U.S. Loans
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Beginning balance	10,263	27,734
Increase (decrease) in CECL reserve	12,256	(17,471)
Ending balance	22,519	10,263
Unfunded Loan Commitment
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Beginning balance	6,263	10,031
Increase (decrease) in CECL reserve	10,117	(3,768)
Ending balance	16,380	6,263
Unfunded Loan Commitment | US Loans
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Beginning balance	4,072	6,953
Increase (decrease) in CECL reserve	7,676	(2,881)
Ending balance	11,748	4,072
Unfunded Loan Commitment | Non-U.S. Loans
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Beginning balance	2,191	2,994
Increase (decrease) in CECL reserve	2,441	(803)
Ending balance	4,632	2,191
Unique Loans
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Beginning balance	32,657	33,159
Increase (decrease) in CECL reserve	13,303	(502)
Ending balance	45,960	32,657
Unique Loans | Unfunded Loan Commitment
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Beginning balance	0	84
Increase (decrease) in CECL reserve	0	(84)
Ending balance	0	0
Impaired loans
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Beginning balance	54,874	69,661
Increase (decrease) in CECL reserve	134,904	(360)
Ending balance	189,778	54,874
Impaired loans | Unfunded Loan Commitment
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Beginning balance	0	0
Increase (decrease) in CECL reserve	0	0
Ending balance	$ 0	$ 0

Secured Debt, Net - Additional

Secured Debt, Net - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2022 USD ($) credit_facility	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Debt Instrument [Line Items]
Interest expense	$ 710,904,000	$ 340,223,000	$ 347,471,000
Covenants, minimum tangible net worth	$ 3,600,000,000
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	$ 3,350,146,000	7,763,563,000
Collateral	$ 19,694,790,000	17,042,381,000
Number of new secured credit facilities | credit_facility	2
Maximum borrowing capacity	$ 2,200,000,000
Number of existing secured credit facilities with increased size | credit_facility	6
Additional credit capacity	$ 1,400,000,000
Remaining borrowing capacity	1,500,000,000
Borrowings	13,549,748,000	12,299,580,000
Secured credit facilities | Line of Credit | New Borrowings
Debt Instrument [Line Items]
New borrowings	4,600,000,000
Collateral	5,900,000,000
Acquisition facility | Line of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity	250,000,000
Remaining borrowing capacity		147,500,000
Borrowings	0	0
Interest expense	1,200,000	1,200,000
Amortization of deferred fees and expenses	$ 333,000	$ 354,000

Secured Debt, Net - Schedule of

Secured Debt, Net - Schedule of Secured Debt Agreements (Detail) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Net book value	$ 17,577,244
Line of Credit
Debt Instrument [Line Items]
Total secured debt	13,549,748	$ 12,299,580
Debt Issuance Costs, Net	(21,584)	(19,538)
Net book value	13,528,164	12,280,042
Secured credit facilities | Line of Credit
Debt Instrument [Line Items]
Total secured debt	13,549,748	12,299,580
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, 2022 USD ($) lender	Dec. 31, 2021 USD ($)
Schedule Of Secured Credit Facilities [Line Items]
Lenders | lender	15
Borrowings | $	$ 13,549,748	$ 12,299,580
Loan Count | lender	185
Collateral | $	$ 19,694,790	$ 17,042,381
Recourse Limitation Wtd. Avg. (percentage)	34%
Others
Schedule Of Secured Credit Facilities [Line Items]
Lenders | lender	4
Borrowings | $	$ 1,602,788
Loan Count | lender	7
Collateral | $	$ 2,026,655
Recourse Limitation Wtd. Avg. (percentage)	25%
Recourse Limitation Range (percentage)	25%
Minimum
Schedule Of Secured Credit Facilities [Line Items]
Recourse Limitation Range (percentage)	25%
Maximum
Schedule Of Secured Credit Facilities [Line Items]
Recourse Limitation Range (percentage)	100%
USD
Schedule Of Secured Credit Facilities [Line Items]
Lenders | lender	14
Borrowings | $	$ 7,497,992
Loan Count | lender	145
Collateral | $	$ 11,719,558
Recourse Limitation Wtd. Avg. (percentage)	36%
USD | Minimum
Schedule Of Secured Credit Facilities [Line Items]
Recourse Limitation Range (percentage)	25%
USD | Maximum
Schedule Of Secured Credit Facilities [Line Items]
Recourse Limitation Range (percentage)	100%
GBP
Schedule Of Secured Credit Facilities [Line Items]
Lenders | lender	7
Borrowings | $	$ 2,320,720
Loan Count | lender	23
Collateral | $	$ 3,081,729
Recourse Limitation Wtd. Avg. (percentage)	27%
GBP | Minimum
Schedule Of Secured Credit Facilities [Line Items]
Recourse Limitation Range (percentage)	25%
GBP | Maximum
Schedule Of Secured Credit Facilities [Line Items]
Recourse Limitation Range (percentage)	50%
EUR
Schedule Of Secured Credit Facilities [Line Items]
Lenders | lender	7
Borrowings | $	$ 2,128,248
Loan Count | lender	12
Collateral | $	$ 2,866,848
Recourse Limitation Wtd. Avg. (percentage)	42%
EUR | Minimum
Schedule Of Secured Credit Facilities [Line Items]
Recourse Limitation Range (percentage)	25%
EUR | Maximum
Schedule Of Secured Credit Facilities [Line Items]
Recourse Limitation Range (percentage)	100%

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, 2022	Dec. 31, 2021
Schedule Of All In Cost Of Secured Credit Facilities [Line Items]
New Financings	$ 3,350,146	$ 7,763,563
Total Borrowings	$ 13,549,748	$ 12,299,580
Wtd. Avg. All-in Cost (percentage)	1.85%	1.72%
Collateral	$ 19,694,790	$ 17,042,381
Wtd. Avg. All-in Yield (percentage)	3.70%	3.49%
Net Interest Margin (percentage)	1.85%	1.77%
+ 1.50% or less
Schedule Of All In Cost Of Secured Credit Facilities [Line Items]
New Financings	$ 1,329,508	$ 5,306,925
Total Borrowings	$ 7,433,204	$ 7,746,026
Wtd. Avg. All-in Cost (percentage)	1.53%	1.52%
Collateral	$ 10,465,647	$ 10,193,801
Wtd. Avg. All-in Yield (percentage)	3.24%	3.18%
Net Interest Margin (percentage)	1.71%	1.66%
+ 1.51% to + 1.75%
Schedule Of All In Cost Of Secured Credit Facilities [Line Items]
New Financings	$ 368,265	$ 1,477,177
Total Borrowings	$ 2,246,223	$ 2,710,587
Wtd. Avg. All-in Cost (percentage)	1.88%	1.88%
Collateral	$ 3,538,815	$ 3,977,492
Wtd. Avg. All-in Yield (percentage)	3.73%	3.55%
Net Interest Margin (percentage)	1.85%	1.67%
+ 1.76% to + 2.00%
Schedule Of All In Cost Of Secured Credit Facilities [Line Items]
New Financings	$ 405,723	$ 668,470
Total Borrowings	$ 1,514,541	$ 998,781
Wtd. Avg. All-in Cost (percentage)	2.16%	2.13%
Collateral	$ 2,483,240	$ 1,458,074
Wtd. Avg. All-in Yield (percentage)	4.14%	4.28%
Net Interest Margin (percentage)	1.98%	2.15%
+ 2.01% or more
Schedule Of All In Cost Of Secured Credit Facilities [Line Items]
New Financings	$ 1,246,650	$ 310,991
Total Borrowings	$ 2,355,780	$ 844,186
Wtd. Avg. All-in Cost (percentage)	2.63%	2.49%
Collateral	$ 3,207,088	$ 1,413,014
Wtd. Avg. All-in Yield (percentage)	4.78%	4.75%
Net Interest Margin (percentage)	2.15%	2.26%

Securitized Debt Obligations,_3

Securitized Debt Obligations, Net - Schedule of Information on Securitized Debt Obligations (Detail) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) loan	Dec. 31, 2021 USD ($) loan
Debt Instrument [Line Items]
Interest expense on securitized debt obligations	$ 87,600	$ 46,000
Senior CLO Securities Outstanding
Debt Instrument [Line Items]
Count | loan	3	3
Principal Balance	$ 2,673,541	$ 2,855,625
Book Value	$ 2,664,010	$ 2,838,062
Senior CLO Securities Outstanding | 2021 FL4 Collateralized Loan Obligation
Debt Instrument [Line Items]
Count | loan	1	1
Principal Balance	$ 803,750	$ 803,750
Book Value	$ 799,626	$ 797,373
Senior CLO Securities Outstanding | 2020 FL3 Collateralized Loan Obligation
Debt Instrument [Line Items]
Count | loan	1	1
Principal Balance	$ 808,750	$ 808,750
Book Value	$ 806,757	$ 804,096
Senior CLO Securities Outstanding | 2020 FL2 Collateralized Loan Obligation
Debt Instrument [Line Items]
Count | loan	1	1
Principal Balance	$ 1,061,041	$ 1,243,125
Book Value	$ 1,057,627	$ 1,236,593
Underlying Collateral Assets
Debt Instrument [Line Items]
Count | loan	63	73
Principal Balance	$ 3,317,916	$ 3,500,000
Book Value	$ 3,317,916	$ 3,500,000
Underlying Collateral Assets | 2021 FL4 Collateralized Loan Obligation
Debt Instrument [Line Items]
Count | loan	30	34
Principal Balance	$ 1,000,000	$ 1,000,000
Book Value	$ 1,000,000	$ 1,000,000
Underlying Collateral Assets | 2020 FL3 Collateralized Loan Obligation
Debt Instrument [Line Items]
Count | loan	16	18
Principal Balance	$ 1,000,000	$ 1,000,000
Book Value	$ 1,000,000	$ 1,000,000
Underlying Collateral Assets | 2020 FL2 Collateralized Loan Obligation
Debt Instrument [Line Items]
Count | loan	17	21
Principal Balance	$ 1,317,916	$ 1,500,000
Book Value	$ 1,317,916	$ 1,500,000
LIBOR
Debt Instrument [Line Items]
One-month USD LIBOR	4.39%	0.10%
LIBOR | Senior CLO Securities Outstanding
Debt Instrument [Line Items]
Wtd. Avg. Yield/Cost	1.73%	1.69%
LIBOR | Senior CLO Securities Outstanding | 2021 FL4 Collateralized Loan Obligation
Debt Instrument [Line Items]
Wtd. Avg. Yield/Cost	1.57%	1.66%
LIBOR | Senior CLO Securities Outstanding | 2020 FL3 Collateralized Loan Obligation
Debt Instrument [Line Items]
Wtd. Avg. Yield/Cost	2.14%	2.10%
LIBOR | Senior CLO Securities Outstanding | 2020 FL2 Collateralized Loan Obligation
Debt Instrument [Line Items]
Wtd. Avg. Yield/Cost	1.55%	1.45%
LIBOR | Underlying Collateral Assets
Debt Instrument [Line Items]
Wtd. Avg. Yield/Cost	3.38%	3.20%
LIBOR | Underlying Collateral Assets | 2021 FL4 Collateralized Loan Obligation
Debt Instrument [Line Items]
Wtd. Avg. Yield/Cost	3.47%	3.42%
LIBOR | Underlying Collateral Assets | 2020 FL3 Collateralized Loan Obligation
Debt Instrument [Line Items]
Wtd. Avg. Yield/Cost	3.25%	3.06%
LIBOR | Underlying Collateral Assets | 2020 FL2 Collateralized Loan Obligation
Debt Instrument [Line Items]
Wtd. Avg. Yield/Cost	3.42%	3.15%
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Debt Instrument [Line Items]
30 day average compounded SOFR reference rate	4.36%	0.05%

Asset-Specific Debt, Net (Detai

Asset-Specific Debt, Net (Detail) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) SecurityLoan	Dec. 31, 2021 USD ($) SecurityLoan
Financing provided
Participating Mortgage Loans [Line Items]
Count | SecurityLoan	4	4
Financing provided, Principal Balance	$ 950,278	$ 400,699
Financing provided, Book Value	$ 942,503	$ 393,824
Financing provided | LIBOR
Participating Mortgage Loans [Line Items]
Wtd. Avg. Yield/Cost	3.29%	2.78%
Collateral assets
Participating Mortgage Loans [Line Items]
Count | SecurityLoan	4	4
Collateral assets, Principal Balance	$ 1,094,450	$ 446,276
Collateral assets, Book Value	$ 1,081,035	$ 435,727
Collateral assets | LIBOR
Participating Mortgage Loans [Line Items]
Wtd. Avg. Yield/Cost	4.73%	4.04%

Loan Participations Sold, Net_2

Loan Participations Sold, Net (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) SecurityLoan	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Participating Mortgage Loans [Line Items]
Principal Balance	$ 224,744	$ 0
Book Value	224,232	0
Interest expense	$ 710,904	$ 340,223	$ 347,471
Senior Participation
Participating Mortgage Loans [Line Items]
Count | SecurityLoan	1
Principal Balance	$ 224,744
Book Value	224,232
Interest expense	$ 7,900
Senior Participation | LIBOR
Participating Mortgage Loans [Line Items]
Weighted Average Yield/Cost Rate	3.22%
Total Loan
Participating Mortgage Loans [Line Items]
Count | SecurityLoan	1
Principal Balance	$ 280,930
Book Value	$ 278,843
Total Loan | LIBOR
Participating Mortgage Loans [Line Items]
Weighted Average Yield/Cost Rate	4.86%

Term Loans, Net - Additional In

Term Loans, Net - Additional Information (Detail) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Debt Instrument [Line Items]
Secured term loan percentage of partially amortizing	1%
Term Loans
Debt Instrument [Line Items]
Face Value	$ 2,157,218	$ 1,349,271
Secured term loan percentage of partially amortizing	1%
Interest expense on debt	$ 86,600
Amortization of deferred fees and expenses	$ 6,700
Total debt to total assets ratio	0.8333
B-4 Term Loan
Debt Instrument [Line Items]
Face Value	$ 825,000
Interest Rate	0.50%
Discount upon issuance of secured term loan	$ 17,300
Secured term loan transaction expenses	$ 10,200
B-4 Term Loan | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Debt Instrument [Line Items]
Interest Rate	3.50%
B-3 Term Loan
Debt Instrument [Line Items]
Interest Rate	0.50%
Discount upon issuance of secured term loan	$ 9,600
Secured term loan transaction expenses	5,400
B-1 Term Loan
Debt Instrument [Line Items]
Discount upon issuance of secured term loan	3,100
Secured term loan transaction expenses	$ 12,600

Term Loans, Net - Schedule of D

Term Loans, Net - Schedule of Debt (Detail) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($)
B-1 Term Loan
Debt Instrument [Line Items]
Face value	$ 920,365
All-in Cost	2.53%
B-1 Term Loan | LIBOR
Debt Instrument [Line Items]
Interest Rate	2.25%
B-3 Term Loan
Debt Instrument [Line Items]
Face value	$ 415,168
Interest Rate	0.50%
All-in Cost	3.42%
B-3 Term Loan | LIBOR
Debt Instrument [Line Items]
Interest Rate	2.75%
B-4 Term Loan
Debt Instrument [Line Items]
Face value	$ 821,685
Interest Rate	0.50%
All-in Cost	4.11%
B-4 Term Loan | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Debt Instrument [Line Items]
Interest Rate	3.50%

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) - Secured term loans, net - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Face Value	$ 2,157,218	$ 1,349,271
Deferred financing costs and unamortized discount	(42,669)	(21,865)
Net book value	$ 2,114,549	$ 1,327,406

Senior Secured Notes, Net - Sch

Senior Secured Notes, Net - Schedule of Senior Secured Notes (Details) - Senior Secured Notes - USD ($)	Dec. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Face Value	$ 400,000,000	$ 400,000,000
Senior Secured Notes Due 2027
Debt Instrument [Line Items]
Face Value	$ 400,000,000
Interest Rate	3.75%
All-in Cost	4.04%

Senior Secured Notes, Net - Add

Senior Secured Notes, Net - Additional Information (Details) - Senior Secured Notes - Senior Secured Notes Due 2027 $ in Millions	12 Months Ended
	Dec. 31, 2022 USD ($)
Debt Instrument [Line Items]
Transaction expenses	$ 6.3
Interest expense on debt	16.2
Amortization of deferred fees and expenses	$ 1.2
Total debt to total assets ratio	0.8333
Total unencumbered assets to total unsecured debt ratio	1.20

Senior Secured Notes, Net - S_2

Senior Secured Notes, Net - Schedule of Net Book Value (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Net book value	$ 17,577,244
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	$ 400,000
Deferred financing costs	(4,834)	(5,990)
Net book value	$ 395,166	$ 394,010

Convertible Notes, Net - Additi

Convertible Notes, Net - Additional Information (Detail) - USD ($)		1 Months Ended	12 Months Ended
	May 05, 2022	Mar. 31, 2022	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 30, 2022	Jan. 01, 2022
Debt Instrument [Line Items]
Repayments of convertible notes			$ 402,500,000	$ 0	$ 0
Share price (in dollars per share)						$ 21.17
Decrease to additional paid-in capital			(5,475,804,000)	(5,373,029,000)
Accumulated deficit			(968,749,000)	(794,832,000)
Accrued interest payable			80,263,000	29,851,000
Cumulative Effect, Period of Adoption, Adjustment | Accounting Standards Update 2020-06
Debt Instrument [Line Items]
Decrease to additional paid-in capital							$ 2,400,000
Accumulated deficit							2,000,000
Increase to convertible notes, net							$ 477,000
5.50% Convertible Senior Notes
Debt Instrument [Line Items]
Face Value			$ 300,000,000
Interest Rate			5.50%
4.38% Convertible Senior Notes
Debt Instrument [Line Items]
Repayments of convertible notes	$ 337,900,000	$ 64,700,000
Redemption price percentage			100.25%
Convertible Senior Notes
Debt Instrument [Line Items]
Accrued interest payable			$ 7,900,000	$ 6,000,000

Convertible Notes, Net - Summar

Convertible Notes, Net - Summary of Outstanding Convertible Senior Notes (Detail)	12 Months Ended
	Dec. 31, 2022 USD ($) $ / shares
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
4.75% Convertible Senior Notes | Class A Common Stock
Debt Instrument [Line Items]
Debt instrument conversion price (in dollars per share) | $ / shares	$ 36.23
Debt conversion, principal amount	$ 1,000
5.50% Convertible Senior Notes
Debt Instrument [Line Items]
Face Value	$ 300,000,000
Interest Rate	5.50%
All-in Cost	5.94%
Conversion Rate	27.5702
5.50% Convertible Senior Notes | Class A Common Stock
Debt Instrument [Line Items]
Debt instrument conversion price (in dollars per share) | $ / shares	$ 36.27
Debt conversion, principal amount	$ 1,000
4.38% Convertible Senior Notes | Class A Common Stock
Debt Instrument [Line Items]
Debt conversion, principal amount	$ 1,000

Convertible Notes, Net - Summ_2

Convertible Notes, Net - Summary of Details of Net Book Value of Convertible Note (Detail) - Convertible notes, net - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Face Value	$ 520,000	$ 622,500
Deferred financing costs and unamortized discount	(5,743)	(2,624)
Net book value	$ 514,257	$ 619,876

Convertible Notes, Net - Summ_3

Convertible Notes, Net - Summary of Details about Interest Expense (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Discount and issuance cost amortization	$ 50,020	$ 41,002	$ 37,403
Convertible notes, net
Debt Instrument [Line Items]
Cash coupon	28,859	28,059	28,059
Discount and issuance cost amortization	2,853	3,486	3,319
Total interest expense	$ 31,712	$ 31,545	$ 31,378

Derivative Financial Instrume_3

Derivative Financial Instruments - Summary of Outstanding Foreign Exchange Derivatives Designated as Net Investment Hedges of Foreign Currency Risk (Detail) - Designated Hedges - Net Investment Hedges € in Thousands, £ in Thousands, kr in Thousands, kr in Thousands, SFr in Thousands, $ in Thousands, $ in Thousands	Dec. 31, 2022 SEK (kr) DerivativeInstrument	Dec. 31, 2022 EUR (€) DerivativeInstrument	Dec. 31, 2022 GBP (£) DerivativeInstrument	Dec. 31, 2022 AUD ($) DerivativeInstrument	Dec. 31, 2022 DKK (kr) DerivativeInstrument	Dec. 31, 2022 CAD ($) DerivativeInstrument	Dec. 31, 2022 CHF (SFr) DerivativeInstrument	Dec. 31, 2021 SEK (kr) DerivativeInstrument	Dec. 31, 2021 EUR (€) DerivativeInstrument	Dec. 31, 2021 GBP (£) DerivativeInstrument	Dec. 31, 2021 AUD ($) DerivativeInstrument	Dec. 31, 2021 CAD ($) DerivativeInstrument	Dec. 31, 2021 CHF (SFr) DerivativeInstrument
Buy USD / Sell SEK Forward
Derivative [Line Items]
Number of Instruments	2	2	2	2	2	2	2	1	1	1	1	1	1
Notional Amount | kr	kr 1,003,626							kr 999,500
Buy USD / Sell EUR Forward
Derivative [Line Items]
Number of Instruments	8	8	8	8	8	8	8	7	7	7	7	7	7
Notional Amount | €		€ 722,311							€ 731,182
Buy USD / Sell GBP Forward
Derivative [Line Items]
Number of Instruments	6	6	6	6	6	6	6	2	2	2	2	2	2
Notional Amount | £			£ 690,912							£ 489,204
Buy USD / Sell AUD Forward
Derivative [Line Items]
Number of Instruments	8	8	8	8	8	8	8	3	3	3	3	3	3
Notional Amount | $				$ 541,813							$ 188,600
Buy USD / Sell DKK Forward
Derivative [Line Items]
Number of Instruments	3	3	3	3	3	3	3
Notional Amount | kr					kr 195,019
Buy USD / Sell CAD Forward
Derivative [Line Items]
Number of Instruments	2	2	2	2	2	2	2	2	2	2	2	2	2
Notional Amount | $						$ 22,187						$ 22,100
Buy USD / Sell CHF Forward
Derivative [Line Items]
Number of Instruments	2	2	2	2	2	2	2	1	1	1	1	1	1
Notional Amount | SFr							SFr 5,263						SFr 5,200

Derivative Financial Instrume_4

Derivative Financial Instruments - Summary of Non-designated Hedges (Detail) - Non-designated Hedges € in Thousands, £ in Thousands, SFr in Thousands, $ in Thousands	Dec. 31, 2022 GBP (£) DerivativeInstrument	Dec. 31, 2022 AUD ($) DerivativeInstrument	Dec. 31, 2021 EUR (€) DerivativeInstrument	Dec. 31, 2021 GBP (£) DerivativeInstrument	Dec. 31, 2021 CHF (SFr) DerivativeInstrument
Buy GBP / Sell USD Forward
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Number of Instruments	2	2	3	3	3
Notional Amount | £	£ 109,076			£ 170,600
Buy USD / Sell GBP Forward
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Number of Instruments	2	2	3	3	3
Notional Amount | £	£ 109,076			£ 170,600
Buy AUD / Sell USD Forward
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Number of Instruments	1	1
Notional Amount | $		$ 23,600
Buy USD / Sell AUD Forward
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Number of Instruments	1	1
Notional Amount | $		$ 23,600
Buy EUR / 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
Notional Amount | €			€ 165,560
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 GBP / Sell EUR Forward
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Number of Instruments			1	1	1
Notional Amount | €			€ 8,410

Derivative Financial Instrume_5

Derivative Financial Instruments - Schedule of Derivative Instruments in Statement of Operations (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Derivative Instruments, Gain (Loss) [Line Items]
Increase (Decrease) to Net Interest Income Recognized from Foreign Exchange Contracts	$ 4,339	$ 3,934	$ 867
Foreign Exchange Forward
Derivative Instruments, Gain (Loss) [Line Items]
Increase (Decrease) to Net Interest Income Recognized from Foreign Exchange Contracts	19,948	43	(497)
Designated Hedges | Foreign Exchange Forward
Derivative Instruments, Gain (Loss) [Line Items]
Increase (Decrease) to Net Interest Income Recognized from Foreign Exchange Contracts	19,910	7,296	4,382
Non-Designated Hedges | Foreign Exchange Forward | Interest Income
Derivative Instruments, Gain (Loss) [Line Items]
Increase (Decrease) to Net Interest Income Recognized from Foreign Exchange Contracts	(62)	(342)	(522)
Non-Designated Hedges | Foreign Exchange Forward | Interest Expense
Derivative Instruments, Gain (Loss) [Line Items]
Increase (Decrease) to Net Interest Income Recognized from Foreign Exchange Contracts	$ 100	$ (6,911)	$ (4,357)

Derivative Financial Instrume_6

Derivative Financial Instruments - Summary of Fair Value of Derivative Financial Instruments (Detail) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative assets	$ 7,349	$ 30,531
Derivative liabilities	119,665	5,890
Designated Hedges | Foreign Exchange Contracts
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative assets	501	23,423
Derivative liabilities	111,573	1,383
Non-designated Hedges | Foreign Exchange Contracts
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative assets	6,848	7,108
Derivative liabilities	$ 8,092	$ 4,507

Derivative Financial Instrume_7

Derivative Financial Instruments - Summary of Effect of Derivative Financial Instruments on Consolidated Statements of Operations (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Amount of Gain (Loss) Recognized in OCI on Derivatives	$ 173,362	$ 81,598	$ (59,703)
Amount of Loss Reclassified from Accumulated OCI into Income	(4)	(10)	7
Interest expense	710,904	340,223	347,471
Net Investment Hedges | Foreign Exchange Contracts
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Amount of Gain (Loss) Recognized in OCI on Derivatives	173,362	81,603	(59,609)
Amount of Loss Reclassified from Accumulated OCI into Income	0	0	0
Net cash settlements received	330,300	1,400	43,000
Cash Flow Hedges | Interest rate derivatives
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Amount of Gain (Loss) Recognized in OCI on Derivatives	0	(5)	(94)
Amount of Loss Reclassified from Accumulated OCI into Income	(4)	(10)	7
Cash Flow Hedges | Interest rate derivatives | Interest Expense
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Interest expense	$ 4	$ 10	$ 7

Derivative Financial Instrume_8

Derivative Financial Instruments - Additional Information (Detail) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Collateral deposited under derivative agreements	$ 103,110	$ 0

Equity - Additional Information

Equity - Additional Information (Detail) $ / shares in Units, $ in Thousands		3 Months Ended	12 Months Ended
	Jan. 13, 2023 USD ($) $ / shares	Mar. 31, 2020 shares	Dec. 31, 2022 USD ($) agreement shares	Dec. 31, 2021 USD ($) shares	Dec. 31, 2020 USD ($) shares	Mar. 25, 2014 shares
Class of Stock [Line Items]
Shares authorized (in shares) | shares			500,000,000
Common stock, shares authorized (in shares) | shares			400,000,000	400,000,000
Preferred stock, shares authorized (in shares) | shares			100,000,000
Preferred stock, shares issued (in shares) | shares			0	0
Preferred stock, shares outstanding (in shares) | shares			0	0
Common stock, shares issued under dividend reinvestment program (in shares) | shares			8,242	2,184	2,050
Total dividends declared			$ 424,513	$ 384,741	$ 356,892
Accumulated other comprehensive income			10,022	8,308
Net realized and unrealized gains related to changes in fair value of derivative instruments			259,800	86,400
Cumulative unrealized currency translation adjustment on assets and liabilities denominated in foreign currencies			249,800	78,100
Subsequent Event
Class of Stock [Line Items]
Dividends paid per common stock (in dollars per share) | $ / shares	$ 0.62
Total dividends declared	$ 106,500
Joint Venture | Multifamily
Class of Stock [Line Items]
Total equity			169,400	203,500
Equity interests owned			144,000	173,000
Non-controlling interests			$ 25,400	$ 30,500
Dividend Reinvestment and Direct Stock Purchase Plan
Class of Stock [Line Items]
Common shares reserved for issuance (in shares) | shares			9,981,548			10,000,000
ATM Agreement
Class of Stock [Line Items]
Number of equity distribution agreements | agreement			7
Aggregate sales price			$ 699,100
Number of shares sold (in shares) | shares		840,696	2,303,469	296,901
Shares sold			$ 70,700	$ 9,900
Aggregate sales price remaining available			$ 480,900
Class A Common Stock
Class of Stock [Line Items]
Common stock, shares authorized (in shares) | shares			400,000,000

Equity - Summary of Class A Com

Equity - Summary of Class A Common Stock Issuances (Detail) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	3 Months Ended	12 Months Ended
	May 31, 2013	Mar. 31, 2020	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Class of Stock [Line Items]
Shares issued (in shares)	25,875,000		2,311,711	20,363,592	10,842,746
Net proceeds			$ 70,651	$ 638,005	$ 278,322
Shares issued for management and incentive fees					19,300
Manager
Class of Stock [Line Items]
Shares issued for management and incentive fees					$ 19,300
Shares issued for management and incentive fees (in shares)					840,696
ATM Agreement
Class of Stock [Line Items]
Number of shares sold (in shares)		840,696	2,303,469	296,901
Price per share sold (in dollars per share)		$ 22.93		$ 33.67
Class A Common Stock
Class of Stock [Line Items]
Shares issued (in shares)			2,303,469	20,361,408	10,840,696
Gross issue price per share (in dollars per share)			$ 31.23	$ 31.64	$ 27.79
Net issue price per share (in dollars per share)			$ 30.92	$ 31.37	$ 27.52
Net proceeds			$ 70,651	$ 638,005	$ 297,599
Class A Common Stock | Manager
Class of Stock [Line Items]
Shares issued for management and incentive fees (in shares)					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, 2022	Dec. 31, 2021	Dec. 31, 2020
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)		168,543,370	147,086,722	135,263,728
Issuance of class A common stock (in shares)	25,875,000	2,311,711	20,363,592	10,842,746
Issuance of restricted class A common stock, net (in shares)		1,204,476	1,036,175	933,623
Issuance of deferred stock units (in shares)		47,036	56,881	46,625
Ending balance (in shares)		172,106,593	168,543,370	147,086,722
Deferred stock units held by directors (in shares)		410,608	363,572	306,691
Common stock, shares issued under dividend reinvestment program (in shares)		8,242	2,184	2,050
Restricted Class A Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares forfeited (in shares)		39,655	29,580	879
Restricted Class A Common Stock | Director
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of class A common stock (in shares)		13,197

Equity - Schedule of Dividend A

Equity - Schedule of Dividend Activity (Detail) - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Class of Stock [Line Items]
Dividends declared per share of common stock (in dollars per share)	$ 2.48	$ 2.48	$ 2.48
Percent taxable as ordinary dividends	100%	100%	100%
Percent taxable as capital gain dividends	0%	0%	0%
Percent taxable as dividends	100%	100%	100%

Equity - Schedule of Basic and

Equity - Schedule of Basic and Diluted Earnings Per Share 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, 2022	Dec. 31, 2021	Dec. 31, 2020
Equity [Abstract]
Net income	$ 248,642	$ 419,193	$ 137,670
Weighted-average shares outstanding, basic (in shares)	170,631,410	151,521,941	141,795,977
Weighted-average shares outstanding, diluted (in shares)	170,631,410	151,521,941	141,795,977
Per share amount, basic (in dollars per share)	$ 1.46	$ 2.77	$ 0.97
Per share amount, diluted (in dollars per share)	$ 1.46	$ 2.77	$ 0.97

Other Expenses - Additional Inf

Other Expenses - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Management fees	$ 110,292	$ 88,467	$ 77,916
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 percentage	1.50%
Management incentive fee percentage	20%
Management core earnings fee percentage	7%
Management core earnings fee measurement period (in years)	3 years
Management core earnings fee minimum threshold	0%
Management fees	$ 73,000	64,200	60,400
Total incentive compensation payments	37,300	24,300	$ 17,500
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	$ 33,800	$ 28,400

Other Expenses - Schedule of Ge

Other Expenses - Schedule of General and Administrative Expenses (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Professional services	$ 10,924	$ 7,759	$ 7,324
Operating and other costs	7,855	3,762	4,015
Subtotal	18,779	11,521	11,339
Non-cash compensation expenses
Restricted class A common stock earned	32,724	31,052	34,032
Director stock-based compensation	690	595	500
Subtotal	33,414	31,647	34,532
Total general and administrative expenses	52,193	43,168	45,871
Multifamily | Joint Venture
Non-cash compensation expenses
Expenses related to multifamily joint venture	$ 1,100	$ 748	$ 1,100

Income Taxes (Detail)

Income Taxes (Detail) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	May 31, 2013	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Income tax provision		$ 3,003	$ 423	$ 323
Shares issued (in shares)	25,875,000	2,311,711	20,363,592	10,842,746
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, 2022 USD ($) plan shares	Dec. 31, 2021 shares	Dec. 31, 2020 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of current benefit plans | plan	2
Number of benefit plans | plan	9
Number of expired benefit plans | plan	7
Restricted Class A Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted shares, vesting period (in years)	3 years
Number of shares of restricted class A common stock outstanding (in shares)	1,883,784	1,706,121	1,627,890
Unrecognized compensation cost relating to nonvested share-based compensation | $	$ 50.7
Unrecognized compensation cost expected to be recognized over weighted average period (in years)	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 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)	948,494
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)	667,525
Vest in 2025 | 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)	267,765
Class A Common Stock | Stock Incentive Current Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum number of shares available under plan (in shares)	10,400,000
Number of shares available under plan (in shares)	9,210,865

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, 2022	Dec. 31, 2021	Dec. 31, 2020
Restricted Class A Common Stock
Beginning balance (in shares)	1,706,121	1,627,890
Granted (in shares)	1,244,131	1,065,755
Vested (in shares)	(1,026,813)	(957,944)
Forfeited (in shares)	(39,655)	(29,580)	(879)
Ending balance (in shares)	1,883,784	1,706,121	1,627,890
Weighted-Average Grant Date Fair Value Per Share
Beginning balance (in dollars per share)	$ 31.19	$ 33.14
Granted (in dollars per share)	26.92	29.93
Vested (in dollars per share)	32.06	33.08
Forfeited (in dollars per share)	30.76	31.52
Ending balance (in dollars per share)	$ 27.90	$ 31.19	$ 33.14

Fair Values - Assets and Liabil

Fair Values - Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Assets
Derivatives	$ 7,349	$ 30,531
Liabilities
Derivatives	119,665	5,890
Recurring
Assets
Derivatives	7,349	30,531
Liabilities
Derivatives	119,665	5,890
Level 1 | Recurring
Assets
Derivatives	0	0
Liabilities
Derivatives	0	0
Level 2 | Recurring
Assets
Derivatives	7,349	30,531
Liabilities
Derivatives	119,665	5,890
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, 2022	Dec. 31, 2021
Financial assets
Cash and cash equivalents	$ 291,340	$ 551,154
Loans receivable, net	25,160,343	22,156,437
Debt securities held-to-maturity, net	0	79,200
Financial liabilities
Securitized debt obligations, net	2,664,010	2,838,062
Securitized debt obligations, net, Face Amount	2,673,541	2,855,625
Asset-specific debt net, Face Amount	950,278	400,699
Loan participations sold, net	224,232	0
Loan participations sold, net, Face Amount	224,744	0
Secured debt, net
Financial liabilities
Face Value	13,549,748	12,299,580
Secured term loans, net
Financial liabilities
Face Value	2,157,218	1,349,271
Senior secured notes, net
Financial liabilities
Face Value	400,000	400,000
Convertible notes, net
Financial liabilities
Face Value	520,000	622,500
Book Value
Financial assets
Cash and cash equivalents	291,340	551,154
Loans receivable, net	24,691,743	21,878,338
Debt securities held-to-maturity, net	0	78,013
Financial liabilities
Securitized debt obligations, net	2,664,010	2,838,062
Asset-specific debt, net	942,503	393,824
Loan participations sold, net	224,232	0
Book Value | Secured debt, net
Financial liabilities
Debt	13,528,164	12,280,042
Book Value | Secured term loans, net
Financial liabilities
Debt	2,114,549	1,327,406
Book Value | Senior secured notes, net
Financial liabilities
Debt	395,166	394,010
Book Value | Convertible notes, net
Financial liabilities
Debt	514,257	619,876
Fair Value
Financial assets
Cash and cash equivalents	291,340	551,154
Loans receivable, net	24,445,042	22,013,762
Debt securities held-to-maturity, net	0	77,229
Financial liabilities
Securitized debt obligations, net	2,597,377	2,850,399
Asset-specific debt, net	934,815	400,699
Loan participations sold, net	217,717	0
Fair Value | Secured debt, net
Financial liabilities
Debt	13,121,306	12,299,580
Fair Value | Secured term loans, net
Financial liabilities
Debt	2,103,943	1,335,844
Fair Value | Senior secured notes, net
Financial liabilities
Debt	343,665	399,012
Fair Value | Convertible notes, net
Financial liabilities
Debt	$ 478,232	$ 630,821

Variable Interest Entities - Su

Variable Interest Entities - Summary of Assets and Liabilities of Consolidated VIE (Detail) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Assets
Loans receivable	$ 25,017,880	$ 22,003,017	$ 16,572,715
Current expected credit loss reserve	(326,137)	(124,679)	$ (173,549)
Loans receivable, net	24,691,743	21,878,338
Other assets	370,902	273,797
Total assets	25,353,985	22,703,289
Liabilities
Securitized debt obligations, net	2,664,010	2,838,062
Other liabilities	426,904	231,358
Total liabilities	20,809,785	18,084,578
VIE
Assets
Loans receivable	3,317,316	3,486,750
Current expected credit loss reserve	(93,396)	(4,502)
Loans receivable, net	3,223,920	3,482,248
Other assets	15,995	20,746
Total assets	3,239,915	3,502,994
Liabilities
Securitized debt obligations, net	2,664,010	2,838,062
Other liabilities	7,234	1,800
Total liabilities	$ 2,671,244	$ 2,839,862

Variable Interest Entities - Ad

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

Transactions with Related Par_2

Transactions with Related Parties (Detail) $ in Thousands, € in Millions, £ in Millions, $ in Millions, kr in Billions	3 Months Ended					9 Months Ended	12 Months Ended
	Jun. 30, 2021 USD ($)	Jun. 30, 2021 EUR (€)	Mar. 31, 2021 USD ($)	Jun. 30, 2020 USD ($)	Mar. 31, 2020 USD ($)	Dec. 31, 2022 USD ($) shares	Dec. 31, 2022 USD ($) shares	Dec. 31, 2021 USD ($) loan shares	Dec. 31, 2020 USD ($) loan shares	Jun. 30, 2022 AUD ($)	Jun. 30, 2022 GBP (£)	Dec. 31, 2021 AUD ($) shares	Sep. 30, 2021 USD ($)	Sep. 30, 2021 GBP (£)	Jun. 30, 2021 EUR (€)	Mar. 31, 2021 SEK (kr)	Dec. 31, 2019 EUR (€)	Sep. 30, 2019 EUR (€)
Related Party Transaction [Line Items]
Non-cash expenses							$ 33,414	$ 31,647	$ 34,532
Net book value						$ 24,691,743	24,691,743	$ 21,878,338
Face amount of loans						$ 25,160,343	$ 25,160,343
Senior Term Facility
Related Party Transaction [Line Items]
Participation in facility																	16%	16%
Additional interest in loans | €		€ 100
Percentage ownership on loan	22%														22%
Senior Loan Origination Under Marketed Process | Senior Term Facility
Related Party Transaction [Line Items]
Face amount of loans										$ 5,400	£ 500
Senior Loan Origination Under Marketed Process | Senior Term Facility
Related Party Transaction [Line Items]
Net book value										$ 1,300	£ 250
Percentage of financing receivable										0.245	0.245
Total amount of loans acquired													$ 974,500
Senior Loan Origination Under Marketed Process | Senior Term Facility | Blackstone-Advised Investment Vehicle
Related Party Transaction [Line Items]
Net book value										$ 1,300	£ 250
Percentage of financing receivable										0.245	0.245
Restricted Class A Common Stock
Related Party Transaction [Line Items]
Shares held (in shares) | shares						1,883,784	1,883,784	1,706,121	1,627,890			1,706,121
Restricted shares, vesting period (in years)							3 years
Manager
Related Party Transaction [Line Items]
Renewal term (in years)							1 year
Accrued management and incentive fees payable						$ 33,800	$ 33,800	$ 28,400
Management fees paid to Manager							104,800	79,300	$ 78,900
Shares issued for management and incentive fees (in shares) | shares									840,696
Expenses reimbursed to Manager							$ 896	601	$ 1,000
Manager | Class A Common Stock
Related Party Transaction [Line Items]
Management fees paid to Manager					$ 19,300
Shares issued for management and incentive fees (in shares) | shares									840,696
Manager | Restricted Class A Common Stock | Class A Common Stock
Related Party Transaction [Line Items]
Shares held (in shares) | shares						1,178,855	1,178,855
Non-cash expenses							$ 16,600	15,300	$ 17,000
Manager | Restricted Class A Common Stock | Class A Common Stock | Manager
Related Party Transaction [Line Items]
Non-cash expenses							$ 32,300
Restricted shares, vesting period (in years)							3 years
BXMT Advisors Limited Liability Company and Affiliates
Related Party Transaction [Line Items]
Accrued management and incentive fees payable						$ 33,800	$ 33,800	$ 28,400
Affiliates of Manager
Related Party Transaction [Line Items]
Number of loans originated | loan								3	2
Affiliates of Manager | Third-Party Service Provider
Related Party Transaction [Line Items]
Administrative services expenses incurred							524	$ 385	$ 487
BTIG, LLC | Class A Common Stock | Class A Common Stock
Related Party Transaction [Line Items]
Total incentive compensation payments							191
Blackstone-Advised Investment Vehicles, or the Funds | B-4 Term Loan
Related Party Transaction [Line Items]
Total incentive compensation payments						825
Debt securities						$ 33,000	$ 33,000
Percentage of total secured term loans						4%	4%
Blackstone-Advised Investment Vehicles, or the Funds | B-3 Term Loan
Related Party Transaction [Line Items]
Total incentive compensation payments	$ 350			$ 350
Debt securities	$ 20,000			$ 20,000
Percentage of total secured term loans	15%			15%											15%
Blackstone-Advised Investment Vehicles, or the Funds | B-1 Term Loan
Related Party Transaction [Line Items]
Total incentive compensation payments			$ 200
Debt securities			$ 5,500
Percentage of total secured term loans			3%													3%
Increase in loan			$ 200,000
Blackstone-Advised Investment Vehicles, or the Funds | Senior Term Facility
Related Party Transaction [Line Items]
Face amount of loans | €															€ 491
Senior term facility | €															€ 50
Blackstone-Advised Investment Vehicles, or the Funds | Senior Term Facility
Related Party Transaction [Line Items]
Net book value												$ 450	246,600	£ 186		kr 5	€ 250	€ 250
Total amount of loans acquired												$ 900	$ 503,300	£ 379.6		kr 10.2	€ 1,600	€ 1,600
Participation in facility			49%										49%	49%		49%
Blackstone-Advised Investment Vehicles, or the Funds | Senior Secured Notes
Related Party Transaction [Line Items]
Net book value								$ 400,000
Interest rate								3.75%				3.75%
Blackstone-Advised Investment Vehicles, or the Funds | Senior Loan Origination Under Marketed Process | Senior Term Facility
Related Party Transaction [Line Items]
Net book value													$ 243,600
Participation in facility													25%	25%
Blackstone-Advised Investment Vehicles, or the Funds | Additional Senior Loan Origination Under Marketed Process | Senior Term Facility
Related Party Transaction [Line Items]
Net book value												$ 450	$ 243,600
Participation in facility													25%	25%
Blackstone-Advised Investment Vehicles, or the Funds | Additional Senior Loan Origination Under Marketed Process | Senior Secured Notes
Related Party Transaction [Line Items]
Net book value								$ 400

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2022 USD ($) director loan
Commitments And Contingencies [Line Items]
Number of members of board of directors | director	9
Number of directors eligible for annual compensation | director	6
Number of directors not eligible for compensation | director	3
Six 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
Total loans receivable
Commitments And Contingencies [Line Items]
Unfunded loan commitments	$ 3,800,000,000
Number of loans receivable | loan	121
Aggregate unfunded loan commitments	$ 2,400,000,000
Net unfunded commitments	$ 1,400,000,000
Weighted-average future funding period (in years)	3 years

Commitments and Contingencies_2

Commitments and Contingencies - Schedule of Principal Debt Repayments (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
2023	$ 639,362
2024	3,285,816
2025	2,008,791
2026	6,086,384
2027	3,896,095
Thereafter	1,660,796
Net book value	$ 17,577,244
Amortization percentage	1%
Securitized debt obligations excluded from contractual obligations	$ 2,700,000
Nonconsolidated securitized debt excluded from contractual obligations	1,600,000
Loan participations sold, net, Face Amount	224,744	$ 0
Secured Debt
Debt Instrument [Line Items]
2023	397,365
2024	3,263,819
2025	1,170,360
2026	4,783,810
2027	3,155,937
Thereafter	778,457
Net book value	13,549,748
Asset-Specific Debt
Debt Instrument [Line Items]
2023	0
2024	0
2025	816,434
2026	0
2027	31,900
Thereafter	101,944
Net book value	950,278
Term Loans
Debt Instrument [Line Items]
2023	21,997
2024	21,997
2025	21,997
2026	1,302,574
2027	8,258
Thereafter	780,395
Net book value	2,157,218
Senior Secured Notes
Debt Instrument [Line Items]
2023	0
2024	0
2025	0
2026	0
2027	400,000
Thereafter	0
Net book value	400,000
Convertible Notes
Debt Instrument [Line Items]
2023	220,000
2024	0
2025	0
2026	0
2027	300,000
Thereafter	0
Net book value	$ 520,000

Schedule IV - Mortgage Loans _2

Schedule IV - Mortgage Loans on Real Estate (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Prior Liens	$ 1,649,939,000
Face amount of loans	25,160,343,000
Carrying amount of loans	25,017,880,000	$ 22,003,017,000	$ 16,572,715,000	$ 16,164,801,000
CECL reserve	(326,137,000)	(124,679,000)	(173,549,000)
Total Loans, Net	24,691,743,000	21,878,338,000	16,399,166,000
Loan fundings	6,810,218,000	12,550,463,000	1,896,276,000
Amortization of fees and other items	80,632,000	68,267,000	56,279,000
Loan repayments and sales proceeds	(3,168,155,000)	(6,733,105,000)	(1,862,955,000)
Unrealized (loss) gain on foreign currency translation	(632,902,000)	(297,894,000)	340,260,000
Deferred fees and other items	(74,930,000)	$ (143,002,000)	$ (21,946,000)
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	21,927,352,000
Carrying amount of loans	21,808,563,000
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	24,767,353,000
Carrying amount of loans	24,628,933,000
Subordinate Loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Prior Liens	1,649,939,000
Face amount of loans	392,990,000
Carrying amount of loans	388,947,000
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	1,811,126,000
Carrying amount of loans	1,801,511,000
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]
Prior Liens	0
Face amount of loans	6,924,092,000
Carrying amount of loans	6,893,477,000
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	3,958,016,000
Carrying amount of loans	$ 3,938,183,000
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	6,260,294,000
Carrying amount of loans	6,221,889,000
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	1,587,788,000
Carrying amount of loans	1,573,804,000
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	725,563,000
Carrying amount of loans	721,805,000
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	660,473,000
Carrying amount of loans	657,894,000
Various | Subordinate Loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Prior Liens	1,649,939,000
Face amount of loans	392,990,000
Carrying amount of loans	$ 388,947,000
Ireland | Mixed Use | 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	3.06%
Prior Liens	$ 0
Face amount of loans	1,033,286,000
Carrying amount of loans	$ 1,028,715,000
New York | Office | 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	4.49%
Prior Liens	$ 0
Face amount of loans	905,355,000
Carrying amount of loans	$ 898,541,000
Australia | Hospitality | Borrower C | 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	4.75%
Prior Liens
Face amount of loans	901,360,000
Carrying amount of loans	$ 893,114,000
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	2.65%
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%
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 | 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 | 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	3.25%
Minimum | Various | Subordinate Loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Payment Rates	2.65%
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	4.60%
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	5%
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	4.75%
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	5.45%
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	4.60%
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	3.18%
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	4.70%
Maximum | Various | Subordinate Loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Payment Rates	4.50%

Schedule IV - Mortgage Loans _3

Schedule IV - Mortgage Loans on Real Estate Footnotes (Detail) $ in Thousands	Dec. 31, 2022 USD ($) loan	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Tax basis of loans	$ 23,600,000
CECL reserve	$ 326,137	$ 124,679	$ 173,549
Number of loans accounted for under cost-recovery method, floating rate | loan	5
Principal balance	$ 25,017,880	$ 22,003,017	$ 16,572,715
Level 3 | Fair Value, Nonrecurring
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of loans accounted for under cost-recovery method, floating rate | loan	5
Principal balance	$ 930,000
Hospitality Asset in New York City
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
CECL reserve	$ 189,800

Schedule IV - Reconciliation of

Schedule IV - Reconciliation of Mortgage Loans on Real Estate (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
SEC Schedule, 12-29, Real Estate Companies, Investment in Movement in Mortgage Loans on Real Estate [Roll Forward]
Balance at January 1,	$ 22,003,017	$ 16,572,715	$ 16,164,801
Additions during period:
Loan fundings	6,810,218	12,550,463	1,896,276
Amortization of fees and other items	80,632	68,267	56,279
Deductions during period:
Loan repayments and sales proceeds	(3,168,155)	(6,733,105)	(1,862,955)
Principal charge-offs	0	(14,427)	0
Unrealized (loss) gain on foreign currency translation	(632,902)	(297,894)	340,260
Deferred fees and other items	(74,930)	(143,002)	(21,946)
Net balance at December 31,	25,017,880	22,003,017	16,572,715
CECL reserve	(326,137)	(124,679)	(173,549)
Total Loans, Net	$ 24,691,743	$ 21,878,338	$ 16,399,166

Uncategorized Items - bxmt-2022

Label	Element	Value
Accounting Standards Update [Extensible Enumeration]	us-gaap_AccountingStandardsUpdateExtensibleList	Accounting Standards Update 2016-13 [Member]