Blackstone Mortgage Trust (BXMT) 10-Q 26 Jul 23 2023 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jun. 30, 2023	Jul. 19, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2023
Document Transition Report	false
Entity File Number	001-14788
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 Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		172,311,528
Entity Central Index Key	0001061630
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--12-31

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Assets
Cash and cash equivalents	$ 482,856	$ 291,340
Loans receivable	24,482,749	25,017,880
Current expected credit loss reserve	(363,875)	(326,137)
Loans receivable, net	24,118,874	24,691,743
Other assets	260,906	370,902
Total Assets	24,862,636	25,353,985
Liabilities and Equity
Secured debt, net	13,431,039	13,528,164
Securitized debt obligations, net	2,666,414	2,664,010
Asset-specific debt, net	870,147	942,503
Loan participations sold, net	235,857	224,232
Term loans, net	2,108,015	2,114,549
Senior secured notes, net	395,760	395,166
Convertible notes, net	295,208	514,257
Other liabilities	294,007	426,904
Total Liabilities	20,296,447	20,809,785
Commitments and contingencies	0	0
Equity
Class A common stock, $0.01 par value, 400,000,000 shares authorized, 172,310,062 and 171,695,985 shares issued and outstanding as of June 30, 2023 and December 31, 2022, respectively	1,723	1,717
Additional paid-in capital	5,491,640	5,475,804
Accumulated other comprehensive income	10,740	10,022
Accumulated deficit	(963,441)	(968,749)
Total Blackstone Mortgage Trust, Inc. stockholders’ equity	4,540,662	4,518,794
Non-controlling interests	25,527	25,406
Total Equity	4,566,189	4,544,200
Total Liabilities and Equity	$ 24,862,636	$ 25,353,985

Consolidated Balance Sheets (_2

Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
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)	172,310,062	171,695,985
Common stock, shares outstanding (in shares)	172,310,062	171,695,985
Total assets	$ 24,862,636	$ 25,353,985
Total liabilities	20,296,447	20,809,785
VIE
Total assets	3,218,056	3,239,915
Total liabilities	$ 2,673,728	$ 2,671,244

Consolidated Statements of Oper

Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income from loans and other investments
Interest and related income	$ 521,892	$ 283,687	$ 1,013,276	$ 518,119
Less: Interest and related expenses	344,549	136,619	661,746	237,333
Income from loans and other investments, net	177,343	147,068	351,530	280,786
Other expenses
Management and incentive fees	32,815	27,065	63,865	50,551
General and administrative expenses	13,022	12,409	25,887	24,769
Total other expenses	45,837	39,474	89,752	75,320
Increase in current expected credit loss reserve	(27,807)	(12,983)	(37,630)	(10,446)
Income before income taxes	103,699	94,611	224,148	195,020
Income tax provision	1,202	746	3,095	892
Net income	102,497	93,865	221,053	194,128
Net income attributable to non-controlling interests	(846)	(615)	(1,645)	(1,191)
Net income attributable to Blackstone Mortgage Trust, Inc.	$ 101,651	$ 93,250	$ 219,408	$ 192,937
Net income per share of common stock
Basic (in dollars per share)	$ 0.59	$ 0.55	$ 1.27	$ 1.14
Diluted (in dollars per share)	$ 0.58	$ 0.54	$ 1.25	$ 1.12
Weighted-average shares of common stock outstanding
Basic (in shares)	172,615,385	170,665,601	172,606,914	169,963,730
Diluted (in shares)	180,886,445	185,009,805	180,877,974	180,332,341

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Statement [Abstract]
Net income	$ 102,497	$ 93,865	$ 221,053	$ 194,128
Other comprehensive income
Unrealized gain (loss) on foreign currency translation	28,469	(130,207)	50,328	(175,429)
Realized and unrealized (loss) gain on derivative financial instruments	(25,557)	128,685	(49,609)	174,199
Other comprehensive income (loss)	2,912	(1,522)	719	(1,230)
Comprehensive income	105,409	92,343	221,772	192,898
Comprehensive income attributable to non-controlling interests	(846)	(615)	(1,645)	(1,191)
Comprehensive income attributable to Blackstone Mortgage Trust, Inc.	$ 104,563	$ 91,728	$ 220,127	$ 191,707

Consolidated Statements of Chan

Consolidated Statements of Changes in Equity (Unaudited) - 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 Income (Loss)	Accumulated Deficit	Accumulated Deficit Cumulative Effect, Period of Adoption, Adjustment	Non-Controlling Interests
Beginning 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]
Shares of class A common stock issued, net	52,154		52,154		16	52,138
Restricted class A common stock earned	8,477		8,477		5	8,472
Dividends reinvested	246		246			246
Deferred directors’ compensation	173		173			173
Net income	100,263		99,687						99,687		576
Other comprehensive income (loss)	292		292					292
Dividends declared on common stock and deferred stock units, $0.62 per share	(105,801)		(105,801)						(105,801)
Contributions from non-controlling interests	5,040										5,040
Distributions to non-controlling interests	(9,241)										(9,241)
Ending balance at Mar. 31, 2022	4,669,837		4,642,938		1,703	5,431,627		8,600	(798,992)		26,899
Beginning 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]
Net income	194,128
Other comprehensive income (loss)	(1,230)
Dividends declared on common stock and deferred stock units, $0.62 per share	(211,613)
Ending balance at Jun. 30, 2022	4,662,987		4,637,591		1,703	5,440,364		7,078	(811,554)		25,396
Beginning balance at Mar. 31, 2022	4,669,837		4,642,938		1,703	5,431,627		8,600	(798,992)		26,899
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Restricted class A common stock earned	8,245		8,245			8,245
Dividends reinvested	319		319			319
Deferred directors’ compensation	173		173			173
Net income	93,865		93,250						93,250		615
Other comprehensive income (loss)	(1,522)		(1,522)					(1,522)
Dividends declared on common stock and deferred stock units, $0.62 per share	(105,812)		(105,812)						(105,812)
Distributions to non-controlling interests	(2,118)										(2,118)
Ending balance at Jun. 30, 2022	4,662,987		4,637,591		1,703	5,440,364		7,078	(811,554)		25,396
Beginning balance at Dec. 31, 2022	4,544,200		4,518,794		1,717	5,475,804		10,022	(968,749)		25,406
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Restricted class A common stock earned	7,492		7,492		6	7,486
Dividends reinvested	287		287			287
Deferred directors’ compensation	163		163			163
Net income	118,556		117,757						117,757		799
Other comprehensive income (loss)	(2,194)		(2,194)					(2,194)
Dividends declared on common stock and deferred stock units, $0.62 per share	(107,072)		(107,072)						(107,072)
Distributions to non-controlling interests	(733)										(733)
Ending balance at Mar. 31, 2023	4,560,699		4,535,227		1,723	5,483,740		7,828	(958,064)		25,472
Beginning balance at Dec. 31, 2022	4,544,200		4,518,794		1,717	5,475,804		10,022	(968,749)		25,406
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	221,053
Other comprehensive income (loss)	719
Dividends declared on common stock and deferred stock units, $0.62 per share	(214,100)
Ending balance at Jun. 30, 2023	4,566,189		4,540,662		1,723	5,491,640		10,740	(963,441)		25,527
Beginning balance at Mar. 31, 2023	4,560,699		4,535,227		1,723	5,483,740		7,828	(958,064)		25,472
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Restricted class A common stock earned	7,492		7,492			7,492
Dividends reinvested	235		235			235
Deferred directors’ compensation	173		173			173
Net income	102,497		101,651						101,651		846
Other comprehensive income (loss)	2,912		2,912					2,912
Dividends declared on common stock and deferred stock units, $0.62 per share	(107,028)		(107,028)						(107,028)
Distributions to non-controlling interests	(791)										(791)
Ending balance at Jun. 30, 2023	$ 4,566,189		$ 4,540,662		$ 1,723	$ 5,491,640		$ 10,740	$ (963,441)		$ 25,527

Consolidated Statements of Ch_2

Consolidated Statements of Changes in Equity (Unaudited) (Parenthetical) - $ / shares	3 Months Ended				6 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022
Statement of Stockholders' Equity [Abstract]
Dividends declared on common stock and deferred stock units (in dollars per share)	$ 0.62	$ 0.62	$ 0.62	$ 0.62	$ 1.24	$ 1.24

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Cash flows from operating activities
Net income	$ 221,053	$ 194,128
Adjustments to reconcile net income to net cash provided by operating activities
Non-cash compensation expense	15,320	17,068
Amortization of deferred fees on loans and debt securities	(43,697)	(38,740)
Amortization of deferred financing costs and premiums/discounts on debt obligations	29,605	22,059
Increase in current expected credit loss reserve	37,630	10,446
Unrealized gain on assets denominated in foreign currencies, net	0	(31)
Unrealized loss (gain) on derivative financial instruments, net	1,366	(713)
Realized gain on derivative financial instruments, net	(16,926)	(4,326)
Changes in assets and liabilities, net
Other assets	5,628	(39,865)
Other liabilities	(11,912)	23,570
Net cash provided by operating activities	238,067	183,596
Cash flows from investing activities
Principal fundings of loans receivable	(715,507)	(5,589,977)
Principal collections and sales proceeds from loans receivable and debt securities	1,491,158	2,004,323
Origination and other fees received on loans receivable	8,088	58,716
Receipts under derivative financial instruments	25,176	129,010
Payments under derivative financial instruments	(164,342)	(6,528)
Collateral deposited under derivative agreements	(163,610)	0
Return of collateral deposited under derivative agreements	257,700	0
Net cash provided by (used in) investing activities	738,663	(3,404,456)
Cash flows from financing activities
Borrowings under secured debt	1,339,606	4,246,219
Repayments under secured debt	(1,590,332)	(2,183,131)
Repayment of securitized debt obligations	(1,807)	0
Borrowings under asset-specific debt	163,539	551,893
Repayments under asset-specific debt	(239,037)	(78,659)
Proceeds from sale of loan participations	0	245,278
Net proceeds from term loan borrowings	0	492,500
Repayments of term loans	(10,998)	(6,869)
Net proceeds from issuance of convertible notes	0	294,000
Repayment of convertible notes	(220,000)	(402,500)
Payment of deferred financing costs	(14,674)	(30,489)
Contributions from non-controlling interests	0	5,040
Distributions to non-controlling interests	(1,524)	(11,359)
Net proceeds from issuance of class A common stock	0	52,155
Dividends paid on class A common stock	(213,272)	(209,847)
Net cash (used in) provided by financing activities	(788,499)	2,964,231
Net increase (decrease) in cash and cash equivalents	188,231	(256,629)
Cash and cash equivalents at beginning of period	291,340	551,154
Effects of currency translation on cash and cash equivalents	3,285	(10,945)
Cash and cash equivalents at end of period	482,856	283,580
Supplemental disclosure of cash flows information
Payments of interest	(639,090)	(188,611)
Payments of income taxes	(4,290)	(407)
Supplemental disclosure of non-cash investing and financing activities
Dividends declared, not paid	(106,832)	(105,583)
Loan principal payments held by servicer, net	$ 12,272	$ 189,909

Organization

Organization	6 Months Ended
	Jun. 30, 2023
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. We conduct our operations as a REIT for U.S. federal income tax purposes. We generally will not be subject to U.S. federal income taxes on our taxable income to the extent that we annually distribute all of our net taxable income to stockholders and maintain our qualification as a REIT. We also operate our business in a manner that permits us to maintain an exclusion from registration under the Investment Company Act of 1940, as amended. We are organized as a holding company and conduct our business primarily through our various subsidiaries.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2023
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America, or GAAP, for interim financial information and the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. The consolidated financial statements, including the notes thereto, are unaudited and exclude some of the disclosures required in audited financial statements. We believe we have made all necessary adjustments, consisting of only normal recurring items, so that the consolidated financial statements are presented fairly and that estimates made in preparing our consolidated financial statements are reasonable and prudent. The operating results presented for interim periods are not necessarily indicative of the results that may be expected for any other interim period or for the entire year. The accompanying unaudited consolidated interim financial statements should be read in conjunction with the audited consolidated financial statements included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2022 filed with the Securities and Exchange Commission, or the SEC. Basis of Presentation The accompanying consolidated financial statements include, on a consolidated basis, our accounts, the accounts of our wholly-owned subsidiaries, majority-owned subsidiaries, and variable interest entities, or VIEs, of which we are the primary beneficiary. All intercompany balances and transactions have been eliminated in consolidation. Certain reclassifications have been made in the presentation of the prior period statements of changes in equity related to restricted class A common stock and in the loans receivable disclosures related to risk ratings, property type, and geography in Note 3 to conform to the current period presentation. Principles of Consolidation We consolidate all entities that we control through either majority ownership or voting rights. In addition, we consolidate all VIEs of which we are considered the primary beneficiary. VIEs are defined as entities in which equity investors (i) do not have an interest with 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 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 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 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 income or as a reduction in the outstanding principal balance, based on the specific facts and circumstances, 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 June 30, 2023 and December 31, 2022, 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 $505.9 million and $459.6 million as of June 30, 2023 and December 31, 2022, 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. Current Expected Credit Losses Reserve The current expected credit loss, or CECL, reserve required under the Financial Accounting Standards Board, or FASB, Accounting Standards Codification, or ASC, Topic 326 “Financial Instruments – Credit Losses,” or ASC 326, reflects our current estimate of potential credit losses related to our loans included in our consolidated balance sheets. Changes to the CECL reserve are recognized through net income on our consolidated statements of operations. While ASC 326 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, ASC 326 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 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 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 consists of loans that 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 May 31, 2023. 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. These 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 charge-off the impairment losses if and when such amounts are deemed nonrecoverable. This is generally at the time a loan is repaid or foreclosed. However, 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 repayments. 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 loans receivable. 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 June 30, 2023. 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. Proceeds or payments from periodic settlements of derivative instruments are classified on our consolidated statement of cash flows in the same section as the underlying hedged item. 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 have executed a syndication of a non-recourse 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 Convertible note proceeds, unless issued with a substantial premium or an embedded conversion feature, are classified as debt. Additionally, 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 June 30, 2023, we had an aggregate $214.4 million asset-specific CECL reserve related to seven of our loans receivable with an aggregate outstanding principal balance of $1.1 billion, net of cost-recovery proceeds. The CECL reserve was recorded based on our estimation of the fair value of the loans' aggregate underlying collateral as of June 30, 2023. 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 loans receivable 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 5.25% to 7.75%, and the unlevered discount rate, which ranged from 7.28% to 9.75%. 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. • 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 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 In March 2022, the FASB issued Accounting Standards Update, or 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

Loans Receivable, Net

Loans Receivable, Net	6 Months Ended
	Jun. 30, 2023
Receivables [Abstract]
Loans Receivable, Net	LOANS RECEIVABLE, NET The following table details overall statistics for our loans receivable portfolio ($ in thousands): June 30, 2023 December 31, 2022 Number of loans 191 203 Principal balance $ 24,590,905 $ 25,160,343 Net book value $ 24,118,874 $ 24,691,743 Unfunded loan commitments (1) $ 3,009,727 $ 3,806,153 Weighted-average cash coupon (2) + 3.43 % + 3.44 % Weighted-average all-in yield (2) + 3.77 % + 3.84 % Weighted-average maximum maturity (years) (3) 2.7 3.1 (1) Unfunded commitments will primarily be funded to finance our borrowers’ construction or development of real estate-related assets, capital improvements of existing assets, or lease-related expenditures. These commitments will generally be funded over the term of each loan, subject in certain cases to an expiration date. (2) The weighted-average cash coupon and all-in yield are expressed as a spread over the relevant floating benchmark rates, which include SOFR, USD LIBOR, SONIA, EURIBOR, and other indices, as applicable to each loan. As of June 30, 2023 and December 31, 2022, substantially all of our loans by principal balance earned a floating rate of interest, primarily indexed to SOFR and USD LIBOR. Floating rate exposure includes an interest rate swap with a notional amount of $229.9 million that effectively converts our fixed rate loan exposure to floating rate exposure. In addition to cash coupon, all-in yield includes the amortization of deferred origination and extension fees, loan origination costs, and purchase discounts, as well as the accrual of exit fees. Excludes loans accounted for under the cost-recovery method. (3) Maximum maturity assumes all extension options are exercised by the borrower, however our loans may be repaid prior to such date. As of June 30, 2023, 28% of our loans by principal balance were subject to yield maintenance or other prepayment restrictions and 72% were open to repayment by the borrower without penalty. As of December 31, 2022, 50% of our loans by principal balance were subject to yield maintenance or other prepayment restrictions and 50% were open to repayment by the borrower without penalty. The following table details the index rate floors for our loans receivable portfolio as of June 30, 2023 ($ in thousands): Loans Receivable Principal Balance Index Rate Floors USD Non-USD (1) Total Fixed Rate $ 40,390 $ — $ 40,390 0.00% or no floor (2) 4,519,901 7,137,346 11,657,247 0.01% to 1.00% floor 7,927,710 827,534 8,755,244 1.01% to 1.50% floor 1,755,631 159,826 1,915,457 1.51% to 2.00% floor 683,184 315,028 998,212 2.01% or more floor 1,224,355 — 1,224,355 Total (3) $ 16,151,171 $ 8,439,734 $ 24,590,905 (1) Includes Euro, British Pound Sterling, Swedish Krona, Australian Dollar, Swiss Franc, and Danish Krone currencies. (2) Includes an interest rate swap with a notional amount of $229.9 million that effectively converts our fixed rate loan exposure to floating rate exposure. (3) As of June 30, 2023, the weighted-average index rate floor of our loan portfolio was 0.43%. Excluding 0.0% index rate floors and loans with no floor, the weighted-average index rate floor was 0.79%. Activity relating to our loans receivable portfolio was as follows ($ in thousands): Principal Balance Deferred Fees / Other Items (1) Net Book Value Loans Receivable, as of December 31, 2022 $ 25,160,343 $ (142,463) $ 25,017,880 Loan fundings 715,507 — 715,507 Loan repayments and sales (1,471,756) — (1,471,756) Unrealized gain (loss) on foreign currency translation 186,811 (1,302) 185,509 Deferred fees and other items — (8,088) (8,088) Amortization of fees and other items — 43,697 43,697 Loans Receivable, as of June 30, 2023 $ 24,590,905 $ (108,156) $ 24,482,749 CECL reserve (363,875) Loans Receivable, net, as of June 30, 2023 $ 24,118,874 (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): June 30, 2023 Property Type Number of Loans Net Book Value Total Loan Exposure (1) Net Loan Exposure (2) Net Loan Exposure Percentage of Office 57 $ 9,144,160 $ 9,946,592 $ 8,153,099 35% Multifamily 78 6,074,837 6,215,656 6,031,007 26 Hospitality 27 4,710,058 4,733,603 4,411,701 19 Industrial 12 2,182,656 2,196,620 2,187,458 9 Retail 7 859,300 872,164 848,347 4 Life Sciences / Studio 4 394,179 671,360 394,696 2 Other 6 1,117,559 1,119,478 1,088,830 5 Total loans receivable 191 $ 24,482,749 $ 25,755,473 $ 23,115,138 100% CECL reserve (363,875) Loans receivable, net $ 24,118,874 Geographic Location Number of Loans Net Book Value Total Loan Exposure (1) Net Loan Exposure (2) Net Loan Exposure Percentage of United States Sunbelt 70 $ 5,922,987 $ 6,057,503 $ 5,772,894 25% Northeast 34 5,423,738 5,441,150 4,508,193 20 West 32 3,474,245 4,540,222 3,438,215 15 Midwest 9 935,771 936,400 928,950 4 Northwest 6 336,724 340,464 338,507 1 Subtotal 151 16,093,465 17,315,739 14,986,759 65 International United Kingdom 23 3,578,515 3,605,195 3,349,450 14 Australia 5 1,386,528 1,396,424 1,390,044 6 Ireland 3 1,233,639 1,239,285 1,231,642 5 Spain 3 1,120,469 1,123,774 1,085,076 5 Sweden 1 456,280 459,022 458,668 2 Other Europe 5 613,853 616,034 613,499 3 Subtotal 40 8,389,284 8,439,734 8,128,379 35 Total loans receivable 191 $ 24,482,749 $ 25,755,473 $ 23,115,138 100% CECL reserve (363,875) Loans receivable, net $ 24,118,874 (1) In certain instances, we have executed a sale of a non-recourse senior loan interest that is not included in our consolidated financial statements. Total loan exposure encompasses the entire loan we originated and sold, including $1.2 billion of such non-consolidated senior interests as of June 30, 2023. See Note 2 for further discussion. (2) Net loan exposure reflects the amount of each loan that is subject to risk of credit loss to us as of June 30, 2023, which is our total loan exposure net of (i) $1.2 billion of non-consolidated senior interests, (ii) $875.6 million of asset-specific debt, (iii) $236.3 million of loan participations sold, and (iv) our aggregate CECL reserve of $363.9 million. Our non-consolidated senior interests, asset-specific debt, and loan participations sold are structurally non-recourse and term-matched to the corresponding collateral loans . December 31, 2022 Property Type Number of Loans Net Book Value Total Loan Exposure (1) Net Loan Exposure (2) Net Loan Exposure Percentage of Office 60 $ 9,082,946 $ 10,023,495 $ 8,099,334 34% Multifamily 80 6,214,123 6,330,153 6,189,298 26 Hospitality 30 4,879,314 4,908,583 4,552,404 19 Industrial 12 2,140,636 2,236,716 2,150,501 9 Retail 9 1,098,315 1,141,932 1,090,238 5 Life Sciences/Studio 4 358,676 570,089 359,830 2 Other 8 1,243,870 1,599,313 1,217,578 5 Total loans receivable 203 $ 25,017,880 $ 26,810,281 $ 23,659,183 100% CECL reserve (326,137) Loans receivable, net $ 24,691,743 Geographic Location Number of Loans Net Book Value Total Loan Exposure (1) Net Loan Exposure (2) Net Loan Exposure Percentage of United States Sunbelt 75 $ 6,538,034 $ 6,802,928 $ 6,244,886 27% Northeast 36 5,339,874 5,666,968 4,570,180 19 West 33 3,515,517 4,547,946 3,486,343 15 Midwest 10 987,718 1,091,882 984,151 4 Northwest 6 317,863 321,937 320,156 1 Subtotal 160 16,699,006 18,431,661 15,605,716 66 International United Kingdom 23 3,362,629 3,393,126 3,123,925 13 Australia 5 1,405,601 1,417,318 1,408,565 6 Spain 4 1,237,446 1,241,808 1,204,218 5 Ireland 3 1,192,220 1,199,406 1,197,892 5 Sweden 1 473,374 476,673 476,367 2 Canada 1 49,409 49,432 49,398 — Other Europe 6 598,195 600,857 593,102 3 Subtotal 43 8,318,874 8,378,620 8,053,467 34 Total loans receivable 203 $ 25,017,880 $ 26,810,281 $ 23,659,183 100% CECL reserve (326,137) Loans receivable, net $ 24,691,743 (1) In certain instances, we have executed a sale of a non-recourse senior loan interest that is not included in our consolidated financial statements. Total loan exposure encompasses the entire loan we originated and sold, including $1.6 billion of such non-consolidated senior interests as of December 31, 2022. See Note 2 for further discussion. (2) Net loan exposure reflects the amount of each loan that is subject to risk of credit loss to us as of December 31, 2022, which is our total loan exposure net of (i) $1.6 billion of non-consolidated senior interests, (ii) $950.3 million of asset-specific debt, (iii) $224.7 million of loan participations sold, and (iv) our aggregate CECL reserve of $326.1 million. Our non-consolidated senior interests, asset-specific debt, and loan participations sold are structurally non-recourse and term-matched to the corresponding collateral loans. Loan Risk Ratings As further described in Note 2, we evaluate our loan portfolio on a quarterly basis. In conjunction with our quarterly loan portfolio review, we assess the risk factors of each loan, and assign a risk rating based on several factors. Factors considered in the assessment include, but are not limited to, risk of loss, current LTV, debt yield, collateral performance, structure, exit plan, and sponsorship. Loans are rated “1” (less risk) through “5” (greater risk), which ratings are defined in Note 2. The following table allocates the net book value, total loan exposure, and net loan exposure of our loans receivable based on our internal risk ratings ($ in thousands): June 30, 2023 Risk Rating Number of Loans Net Book Value Total Loan Exposure (1) Net Loan Exposure (2) 1 14 $ 1,079,927 $ 1,129,034 $ 1,080,883 2 40 6,119,929 6,702,386 5,162,941 3 115 13,058,671 13,694,483 12,914,436 4 15 3,138,665 3,143,646 3,085,355 5 7 1,085,557 1,085,924 871,523 Total loans receivable 191 $ 24,482,749 $ 25,755,473 $ 23,115,138 CECL reserve (363,875) Loans receivable, net $ 24,118,874 December 31, 2022 Risk Rating Number of Loans Net Book Value Total Loan Exposure (1) Net Loan Exposure (2) 1 17 $ 1,403,185 $ 1,428,232 $ 1,170,725 2 36 5,880,424 6,562,852 5,292,933 3 134 14,128,133 15,209,018 13,826,730 4 11 2,677,027 2,680,145 2,628,539 5 5 929,111 930,034 740,256 Total loans receivable 203 $ 25,017,880 $ 26,810,281 $ 23,659,183 CECL reserve (326,137) Loans receivable, net $ 24,691,743 (1) In certain instances, we have executed a sale of a non-recourse senior loan interest that is not included in our consolidated financial statements. Total loan exposure encompasses the entire loan we originated and sold, including $1.2 billion and $1.6 billion of such non-consolidated senior interests as of June 30, 2023 and December 31, 2022, respectively. See Note 2 for further discussion. (2) Net loan exposure reflects the amount of each loan that is subject to risk of credit loss to us as of June 30, 2023, which is our total loan exposure net of (i) $1.2 billion of non-consolidated senior interests, (ii) $875.6 million of asset-specific debt, (iii) $236.3 million of loan participations sold, and (iv) our aggregate CECL reserve of $363.9 million. Our net loan exposure as of December 31, 2022 is our total loan exposure net of (i) $1.6 billion of non-consolidated senior interests, (ii) $950.3 million of asset-specific debt, (iii) $224.7 million of loan participations sold, and (iv) our aggregate CECL reserve of $326.1 million. Our non-consolidated senior interests, asset-specific debt, and loan participations sold are structurally non-recourse and term-matched to the corresponding collateral loans. Our loan portfolio had a weighted-average risk rating of 2.9 as of both June 30, 2023 and December 31, 2022. Current Expected Credit Loss Reserve The CECL reserve required under GAAP reflects our current estimate of potential credit losses related to the loans included in our consolidated balance sheets. Refer to Note 2 for further discussion of our CECL reserve. The following table presents the activity in our loans receivable CECL reserve by investment pool for the three and six months ended June 30, 2023 and 2022 ($ in thousands): U.S. Loans (1) Non-U.S. Loans Unique Loans Impaired Loans Total Loans Receivable, Net CECL reserve as of December 31, 2022 $ 67,880 $ 22,519 $ 45,960 $ 189,778 $ 326,137 Increase (decrease) in CECL reserve 5,314 (2,823) 483 7,480 10,454 CECL reserve as of March 31, 2023 $ 73,194 $ 19,696 $ 46,443 $ 197,258 $ 336,591 Increase (decrease) in CECL reserve 1,199 9,296 (354) 17,143 27,284 CECL reserve as of June 30, 2023 $ 74,393 $ 28,992 $ 46,089 $ 214,401 $ 363,875 CECL reserve as of December 31, 2021 $ 26,885 $ 10,263 $ 32,657 $ 54,874 $ 124,679 Decrease in CECL reserve (644) (54) (1,760) — (2,458) CECL reserve as of March 31, 2022 $ 26,241 $ 10,209 $ 30,897 $ 54,874 $ 122,221 Increase in CECL reserve 7,070 1,135 2,598 — 10,803 CECL reserve as of June 30, 2022 $ 33,311 $ 11,344 $ 33,495 $ 54,874 $ 133,024 (1) Includes Canadian loans, which have similar risk characteristics as U.S. loans. During the three months ended June 30, 2023, we recorded an increase of $27.3 million in the CECL reserve against our loans receivable portfolio, bringing our total loans receivable CECL reserve to $363.9 million as of June 30, 2023. This CECL reserve reflects certain loans assessed for impairment in our portfolio, as well as macroeconomic conditions. During the three months ended June 30, 2023, we recorded an aggregate net increase of $17.1 million in the asset-specific CECL reserve related to our impaired loans. The increase was primarily driven by one additional loan that was impaired during the three months ended June 30, 2023. As of June 30, 2023, the income accrual was suspended on this loan as recovery of income and principal was doubtful. During the three months ended June 30, 2023, we recorded $2.1 million of interest income on this loan. As of June 30, 2023, we had an aggregate $214.4 million asset-specific CECL reserve related to seven of our loans receivable, with an aggregate amortized cost basis of $1.1 billion. This CECL reserve was recorded based on our estimation of the fair value of each of the loan's underlying collateral as of June 30, 2023. No income was recorded on each of our impaired loans subsequent to determining that they were impaired. As of June 30, 2023, all borrowers were compliant with all contractual terms of each respective loan, including payment of interest. During the three months ended June 30, 2023, we received an aggregate $12.3 million of cash proceeds from such loans that were applied as a reduction to the principal balance of each respective loan. Refer to Note 2 for further discussion of our revenue recognition and CECL reserve policies. Our primary credit quality indicator is our risk ratings, which are further discussed above. The following tables present the net book value of our loan portfolio as of June 30, 2023 and December 31, 2022, respectively, by year of origination, investment pool, and risk rating ($ in thousands): Net Book Value of Loans Receivable by Year of Origination (1) As of June 30, 2023 Risk Rating 2023 2022 2021 2020 2019 Prior Total U.S. loans 1 $ — $ 151,081 $ 419,536 $ 39,902 $ 53,005 $ 416,403 $ 1,079,927 2 — 117,461 2,035,067 32,213 225,815 1,484,838 3,895,394 3 — 2,056,658 4,101,424 592,034 707,601 420,735 7,878,452 4 — 81,476 814,897 140,000 — 1,117,762 2,154,135 5 — — — — — — — Total U.S. loans $ — $ 2,406,676 $ 7,370,924 $ 804,149 $ 986,421 $ 3,439,738 $ 15,007,908 Non-U.S. loans 1 $ — $ — $ — $ — $ — $ — $ — 2 — 1,143,947 983,748 96,840 — — 2,224,535 3 — 567,330 1,203,907 — 2,002,986 85,118 3,859,341 4 — — — — 354,689 — 354,689 5 — — — — — — — Total Non-U.S. loans $ — $ 1,711,277 $ 2,187,655 $ 96,840 $ 2,357,675 $ 85,118 $ 6,438,565 Unique loans 1 $ — $ — $ — $ — $ — $ — $ — 2 — — — — — — — 3 — 874,358 — — 260,917 185,603 1,320,878 4 — — — — — 629,841 629,841 5 — — — — — — — Total unique loans $ — $ 874,358 $ — $ — $ 260,917 $ 815,444 $ 1,950,719 Impaired loans 1 $ — $ — $ — $ — $ — $ — $ — 2 — — — — — — — 3 — — — — — — — 4 — — — — — — — 5 — — 296,077 — — 789,480 1,085,557 Total impaired loans $ — $ — $ 296,077 $ — $ — $ 789,480 $ 1,085,557 Total loans receivable 1 $ — $ 151,081 $ 419,536 $ 39,902 $ 53,005 $ 416,403 $ 1,079,927 2 — 1,261,408 3,018,815 129,053 225,815 1,484,838 6,119,929 3 — 3,498,346 5,305,331 592,034 2,971,504 691,456 13,058,671 4 — 81,476 814,897 140,000 354,689 1,747,603 3,138,665 5 — — 296,077 — — 789,480 1,085,557 Total loans receivable $ — $ 4,992,311 $ 9,854,656 $ 900,989 $ 3,605,013 $ 5,129,780 $ 24,482,749 CECL reserve (363,875) Loans receivable, net $ 24,118,874 (1) Date loan was originated or acquired by us. Origination dates are subsequently updated to reflect material loan modifications. 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. Loan Modifications Pursuant to ASC 326 In the second quarter of 2023, we entered into three loan modifications, which require disclosure pursuant to ASC 326. All such loans were collateralized by office assets. Two of the loan modifications included other-than-insignificant payment delays, specifically the option to pay interest in-kind. For one of the loans the maximum maturity date was extended by six months, the borrower contributed $2.0 million of additional reserves, and the interest rate increased by 5.11%. The other modification included an additional 4.00% exit fee. As of June 30, 2023, the aggregate amortized cost basis of the loans was $286.7 million, or 1.2% of our aggregate loans receivable portfolio, and they had an aggregate $10.0 million of unfunded commitments. The loans paid all contractual interest due as of June 30, 2023, had risk ratings of 5 as of June 30, 2023, and have asset-specific CECL reserves. The third loan modification included a term extension of nineteen months, a rate reduction of 2.74% and conversion to fixed rate, with a portion of the interest paid in-kind. The borrower repaid $4.9 million of the loan at the time of modification, with an additional $2.5 million of repayment due during the initial maturity period. As of June 30, 2023, the amortized cost basis of the loan was $229.9 million, or 0.9% of our aggregate loans receivable portfolio, and it had no unfunded commitment. The loan has paid all contractual interest due as of June 30, 2023, had a risk rating of 4 as of June 30, 2023, and its modified terms were included in the determination of our general CECL reserve . Multifamily Joint Venture

Other Assets and Liabilities

Other Assets and Liabilities	6 Months Ended
	Jun. 30, 2023
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): June 30, 2023 December 31, 2022 Accrued interest receivable $ 188,844 $ 189,569 Loan portfolio payments held by servicer (1) 49,087 68,489 Derivative assets 12,689 7,349 Collateral deposited under derivative agreements 9,020 103,110 Accounts receivable and other assets 674 1,318 Prepaid expenses 592 1,067 Total $ 260,906 $ 370,902 (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. Other Liabilities The following table details the components of our other liabilities ($ in thousands): June 30, 2023 December 31, 2022 Accrued dividends payable $ 106,832 $ 106,455 Accrued interest payable 72,594 80,263 Secured debt repayments pending servicer remittance (1) 36,815 60,585 Accrued management and incentive fees payable 32,815 33,830 Derivative liabilities 19,962 119,665 Current expected credit loss reserve for unfunded loan commitments (2) 16,272 16,380 Accounts payable and other liabilities 8,717 9,726 Total $ 294,007 $ 426,904 (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 June 30, 2023, we had unfunded commitments of $3.0 billion related to 105 loans receivable. The expected credit losses over the contractual period of our loans is impacted by our obligation to extend further credit through our unfunded loan commitments. See Note 2 for further discussion of the CECL reserve related to our unfunded loan commitments, and Note 20 for further discussion of our unfunded loan commitments. The following table presents the activity in the CECL reserve related to our unfunded loan commitments by investment pool for the three and six months ended June 30, 2023 and 2022 ($ in thousands): U.S. Loans Non-U.S. Loans Unique Loans Impaired Loans Total CECL reserve as of December 31, 2022 $ 11,748 $ 4,632 $ — $ — $ 16,380 Decrease in CECL reserve (148) (483) — — (631) CECL reserve as of March 31, 2023 $ 11,600 $ 4,149 $ — $ — $ 15,749 (Decrease) increase in CECL reserve (404) 927 — — 523 CECL reserve as of June 30, 2023 $ 11,196 $ 5,076 $ — $ — $ 16,272 CECL reserve as of December 31, 2021 $ 4,072 $ 2,191 $ — $ — $ 6,263 Increase (decrease) in CECL reserve 209 (218) — — (9) CECL reserve as of March 31, 2022 $ 4,281 $ 1,973 $ — $ — $ 6,254 Increase in CECL reserve 2,042 138 — — 2,180 CECL reserve as of June 30, 2022 $ 6,323 $ 2,111 $ — $ — $ 8,434

Secured Debt, Net

Secured Debt, Net	6 Months Ended
	Jun. 30, 2023
Debt Disclosure [Abstract]
Secured Debt, Net	SECURED DEBT, NET Our secured debt includes our secured credit facilities and our acquisition facility. During the six months ended June 30, 2023, we obtained approval for $73.9 million of new borrowings against $92.4 million of collateral assets. The following table details our secured debt ($ in thousands): Secured Debt Borrowings Outstanding June 30, 2023 December 31, 2022 Secured credit facilities $ 13,451,427 $ 13,549,748 Acquisition facility — — Total secured debt $ 13,451,427 $ 13,549,748 Deferred financing costs (1) (20,388) (21,584) Net book value of secured debt $ 13,431,039 $ 13,528,164 (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. Our credit facilities are diversified across 15 counterparties, primarily consisting of top global financial institutions to minimize our counterparty risk exposure. The following table details our secured credit facilities by spread over the applicable base rates as of June 30, 2023 ($ in thousands): June 30, 2023 Recourse Limitation Currency Lenders (1) Borrowings Wtd. Avg. Maturity (2) Loan Count Collateral (3) Wtd. Avg. Maturity (4) Wtd. Avg. Range USD 14 $ 7,269,836 April 2026 138 $ 11,207,372 April 2026 36% 25% - 100% GBP 7 2,486,823 June 2026 22 3,306,552 July 2026 27% 25% - 50% EUR 7 2,092,802 August 2025 11 2,813,367 August 2025 41% 25% - 100% Others (5) 4 1,601,966 July 2027 7 2,022,823 July 2027 25% 25% Total 15 $ 13,451,427 May 2026 178 $ 19,350,114 May 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, 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 June 30, 2023 and December 31, 2022 ($ in thousands): Six Months Ended June 30, 2023 June 30, 2023 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 $ — $ 5,948,547 +1.54 % $ 8,579,535 +3.27 % +1.73 % + 1.51% to + 1.75% — 2,968,963 +1.83 % 4,194,995 +3.57 % +1.74 % + 1.76% to + 2.00% — 1,919,615 +2.13 % 2,977,246 +4.02 % +1.89 % + 2.01% or more 69,306 2,614,302 +2.61 % 3,598,338 +4.59 % +1.98 % Total $ 69,306 $ 13,451,427 +1.89 % $ 19,350,114 +3.68 % +1.79 % 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 % (1) The spread, all-in cost, and all-in yield are expressed over the relevant floating benchmark rates, which include SOFR, USD LIBOR, SONIA, EURIBOR, and other indices as applicable. (2) Represents borrowings outstanding as of June 30, 2023 and December 31, 2022 for new financings closed during the six months ended June 30, 2023 and year ended December 31, 2022, respectively. (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. Excludes loans accounted for under the cost recovery method. (4) Represents the weighted-average all-in cost as of June 30, 2023 and December 31, 2022, 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 June 30, 2023, there was an aggregate $1.3 billion available to be drawn at our discretion under our credit facilities. Acquisition Facility We have a $100.0 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 3, 2024. During the six months ended June 30, 2023, we had no borrowings under the acquisition facility and we recorded interest expense of $447,000, including $136,000 of amortization of deferred fees and expenses. 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. 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 June 30, 2023; (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 June 30, 2023 and December 31, 2022, we were in compliance with these covenants.

Securitized Debt Obligations, N

Securitized Debt Obligations, Net	6 Months Ended
	Jun. 30, 2023
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, or 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 by our CLOs ($ in thousands): June 30, 2023 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 $ 800,779 + 1.69 % May 2038 Underlying Collateral Assets 28 1,000,000 1,000,000 + 3.46 % August 2025 2020 FL3 Collateralized Loan Obligation Senior CLO Securities Outstanding 1 808,750 808,171 + 2.15 % November 2037 Underlying Collateral Assets 16 1,000,000 1,000,000 + 3.07 % January 2025 2020 FL2 Collateralized Loan Obligation Senior CLO Securities Outstanding 1 1,059,234 1,057,464 + 1.55 % February 2038 Underlying Collateral Assets 17 1,316,109 1,316,109 + 3.25 % November 2024 Total Senior CLO Securities Outstanding (4) 3 $ 2,671,734 $ 2,666,414 +1.77 % Underlying Collateral Assets 61 $ 3,316,109 $ 3,316,109 + 3.25 % (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 SOFR, which is the relevant floating benchmark rate for each securitized debt obligation. 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 three and six months ended June 30, 2023, we recorded $43.3 million and $83.1 million, respectively, of interest expense related to our securitized debt obligations. 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 SOFR and USD LIBOR, as applicable to each securitized debt obligation. 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 three and six months ended June 30, 2022, we recorded $15.5 million and $26.5 million, respectively, of interest expense related to our securitized debt obligations.

Asset-Specific Debt, Net

Asset-Specific Debt, Net	6 Months Ended
	Jun. 30, 2023
Debt Disclosure [Abstract]
Asset-Specific Debt, Net	ASSET-SPECIFIC DEBT, NET The following table details our asset-specific debt ($ in thousands): June 30, 2023 Asset-Specific Debt Count Principal Balance Book Value Wtd. Avg. Yield/Cost (1) Wtd. Avg. Term (2) Financing provided 2 $ 875,616 $ 870,147 + 3.25 % February 2026 Collateral assets 2 $ 1,040,020 $ 1,030,689 + 4.01 % February 2026 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 (1) These floating rate loans and related liabilities are currency and index-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 non-recourse, asset-specific debt is term-matched in each case to the corresponding collateral loans.

Loan Participations Sold, Net

Loan Participations Sold, Net	6 Months Ended
	Jun. 30, 2023
Debt Disclosure [Abstract]
Loans Participations Sold, Net	LOAN PARTICIPATIONS SOLD, NET The sale of a non-recourse senior interest in a loan through a participation agreement generally does not qualify for sale accounting under GAAP. For such transactions, we therefore 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): June 30, 2023 Loan Participations Sold Count Principal Balance Book Value Wtd. Avg. Yield/Cost (1) Term (2) Senior Participation (3) 1 $ 236,276 $ 235,857 + 3.22 % March 2027 Total Loan 1 $ 295,345 $ 293,639 + 4.86 % March 2027 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 inherently non-recourse and term-matched to the corresponding collateral loan. (3) During the three and six months ended June 30, 2023, we recorded $4.2 million and $8.0 million, respectively, of interest expense related to our loan participations sold. During the three and six months ended June 30, 2022 we recorded $2.2 million and $2.4 million, respectively, of interest expense related to our loan participations sold.

Term Loans, Net

Term Loans, Net	6 Months Ended
	Jun. 30, 2023
Debt Disclosure [Abstract]
Term Loans, Net	TERM LOANS, NET As of June 30, 2023, 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 $ 915,609 + 2.36 % + 2.65 % April 23, 2026 B-3 Term Loan 413,055 + 2.86 % + 3.54 % April 23, 2026 B-4 Term Loan 817,556 + 3.50 % + 4.11 % May 9, 2029 Total face value $ 2,146,220 (1) The B-3 Term Loan and the B-4 Term Loan borrowings are subject to a floor of 0.50%. The Term Loans are 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 $10.3 million, respectively. These discounts and expenses are amortized into interest expense over the life of each Term Loan. During the three and six months ended June 30, 2023, we recorded $44.9 million and $86.8 million, respectively, of interest expense related to our Term Loans, including $2.3 million and $4.6 million, respectively, of amortization of deferred fees and expenses. The following table details the net book value of our Term Loans on our consolidated balance sheets ($ in thousands): June 30, 2023 December 31, 2022 Face value $ 2,146,220 $ 2,157,218 Deferred financing costs and unamortized discount (38,205) (42,669) Net book value $ 2,108,015 $ 2,114,549

Senior Secured Notes, Net

Senior Secured Notes, Net	6 Months Ended
	Jun. 30, 2023
Debt Disclosure [Abstract]
Senior Secured Notes, Net	SENIOR SECURED NOTES, NET As of June 30, 2023, 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 are amortized into interest expense over the life of the Senior Secured Notes. During the three and six months ended June 30, 2023, we recorded $4.0 million and $8.1 million, respectively, of interest expense related to our Senior Secured Notes, including $299,000 and $594,000, respectively, of amortization of deferred fees and expenses. The following table details the net book value of our Senior Secured Notes on our consolidated balance sheets ($ in thousands): June 30, 2023 December 31, 2022 Face value $ 400,000 $ 400,000 Deferred financing costs (4,240) (4,834) Net book value $ 395,760 $ 395,166 The Senior Secured Notes contain the financial covenant that our indebtedness shall not exceed 83.33% of our total assets. As of June 30, 2023 and December 31, 2022, we were in compliance with this covenant. Under certain circumstances, we may, at our option, release all of the collateral securing our Senior Secured Notes, in which case we would also be required to maintain a total unencumbered assets to total unsecured indebtedness ratio of 1.20 or greater. This covenant is not currently in effect as the collateral securing our Senior Secured Notes has not been released.

Convertible Notes, Net

Convertible Notes, Net	6 Months Ended
	Jun. 30, 2023
Debt Instruments [Abstract]
Convertible Notes, Net	CONVERTIBLE NOTES, NET During the six months ended June 30, 2023, we repaid the aggregate $220.0 million principal amount of our March 2018 convertible senior notes at maturity on March 15, 2023. As of June 30, 2023, the following convertible senior notes, or Convertible Notes, were outstanding ($ in thousands): Convertible Notes Issuance Face Value Interest Rate All-in Cost (1) Conversion Price (2) Maturity March 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 27.5702 for the 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 March 2022 convertible notes supplemental indenture has not been exceeded as of June 30, 2023. 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 last reported sale price of our class A common stock of $20.81 on June 30, 2023 was less than the per share conversion price of the March 2022 convertible notes. The following table details the net book value of our Convertible Notes on our consolidated balance sheets ($ in thousands): June 30, 2023 December 31, 2022 Face value $ 300,000 $ 520,000 Deferred financing costs and unamortized discount (4,792) (5,743) Net book value $ 295,208 $ 514,257 The following table details our interest expense related to the Convertible Notes ($ in thousands): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Cash coupon $ 4,125 $ 8,132 $ 10,389 $ 15,384 Discount and issuance cost amortization 319 790 950 1,578 Total interest expense $ 4,444 $ 8,922 $ 11,339 $ 16,962

Derivative Financial Instrument

Derivative Financial Instruments	6 Months Ended
	Jun. 30, 2023
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 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 amounts in thousands): June 30, 2023 December 31, 2022 Foreign Currency Derivatives Number of Instruments Notional Amount Foreign Currency Derivatives Number of Instruments Notional Amount Buy USD / Sell SEK Forward 2 kr 1,004,507 Buy USD / Sell SEK Forward 2 kr 1,003,626 Buy USD / Sell GBP Forward 5 £ 706,195 Buy USD / Sell GBP Forward 6 £ 690,912 Buy USD / Sell EUR Forward 7 € 684,078 Buy USD / Sell EUR Forward 8 € 722,311 Buy USD / Sell AUD Forward 5 A$ 452,074 Buy USD / Sell AUD Forward 8 A$ 541,813 Buy USD / Sell DKK Forward 2 kr. 195,656 Buy USD / Sell DKK Forward 3 kr. 195,019 Buy USD / Sell CAD Forward 2 C$ 22,189 Buy USD / Sell CAD Forward 2 C$ 22,187 Buy USD / Sell CHF Forward 4 CHF 7,116 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 amounts in thousands): June 30, 2023 December 31, 2022 Non-designated Hedges Number of Instruments Notional Amount Non-designated Hedges Number of Instruments Notional Amount Buy GBP / Sell USD Forward 2 £ 24,400 Buy GBP / Sell USD Forward 2 £ 109,076 Buy USD / Sell GBP Forward 2 £ 24,400 Buy USD / Sell GBP Forward 2 £ 109,076 Buy EUR / Sell USD Forward 2 € 17,500 Buy AUD / Sell USD Forward 1 A$ 23,600 Buy USD / Sell EUR Forward 2 € 17,500 Buy USD / Sell AUD Forward 1 A$ 23,600 Cash Flow Hedges of Interest Rate Risk Certain of our financing transactions expose us to a fixed versus floating rate mismatch between our assets and liabilities. We use derivative financial instruments, which include interest rate swaps, and may also include interest rate caps, interest rate options, floors, and other interest rate derivative contracts, to hedge interest rate risk associated with our borrowings where there is potential for an index mismatch. The following table details our outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk (notional amount in thousands): June 30, 2023 Interest Rate Derivatives Number of Instruments Notional Amount Fixed Rate Index Wtd. Avg. Maturity (Years) Interest Rate Swaps 1 $ 229,858 4.60% SOFR 1.4 No cash flow hedges of interest rate risk were outstanding as of December 31, 2022. Amounts reported in accumulated other comprehensive income (loss) related to derivatives will be reclassified to interest expense as interest payments are made on our floating rate debt. During the twelve months following June 30, 2023, we estimate that an additional $1.4 million will be reclassified from accumulated other comprehensive income (loss) as a decrease to interest expense. Financial Statement Impact of Hedges of Foreign Currency and Interest Rate Risks The following table presents the effect of our derivative financial instruments on our consolidated statements of operations ($ in thousands): Increase (Decrease) to Net Interest Income Recognized from Derivatives Three Months Ended June 30, Six Months Ended June 30, Derivatives in Hedging Relationships Location of Income (Expense) Recognized 2023 2022 2023 2022 Designated Hedges Interest Income (1) $ 7,072 $ 3,238 $ 15,479 $ 4,982 Designated Hedges Interest Expense (2) 75 — 75 — Non-Designated Hedges Interest Income (1) 51 (7) 68 (8) Non-Designated Hedges Interest Expense (3) (43) 55 (62) 65 Total $ 7,155 $ 3,286 $ 15,560 $ 5,039 (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 financial statement impact of proceeds (payments) from periodic settlements related to our interest rate swap, which is designated as a cash flow hedge. (3) Represents the spot rate movement in our non-designated foreign currency 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 June 30, 2023 December 31, 2022 June 30, 2023 December 31, 2022 Derivatives designated as hedging instruments: Foreign exchange contracts $ 11,060 $ 501 $ 19,087 $ 111,573 Interest rate derivatives 1,388 — — — Total derivatives designated as hedging instruments $ 12,448 $ 501 $ 19,087 $ 111,573 Derivatives not designated as hedging instruments: Foreign exchange contracts $ 241 $ 6,848 $ 875 $ 8,092 Interest rate derivatives — — — — Total derivatives not designated as hedging instruments $ 241 $ 6,848 $ 875 $ 8,092 Total Derivatives $ 12,689 $ 7,349 $ 19,962 $ 119,665 (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 Three Months Ended June 30, 2023 Six Months Ended June 30, 2023 Three Months Ended June 30, 2023 Six Months Ended June 30, 2023 Net Investment Hedges Foreign exchange contracts (1) $ (26,945) $ (50,997) Interest Expense $ — $ — Cash Flow Hedges Interest rate derivatives 1,388 1,388 Interest Expense — — Total $ (25,557) $ (49,609) $ — $ — (1) During the three and six months ended June 30, 2023, we paid net cash settlements of $7.8 million and $139.2 million, respectively, on our foreign currency forward contracts, respectively. Those amounts are included as a component of accumulated other comprehensive income on our consolidated balance sheets. 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 June 30, 2023, we were in a net liability position with one of our counterparties and in a net asset position with our other counterparty. As of June 30, 2023, we had collateral posted with our counterparties of $9.0 million. 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 with our counterparties of $103.1 million.

Equity

Equity	6 Months Ended
	Jun. 30, 2023
Equity [Abstract]
Equity	EQUITY Stock and Stock Equivalents Authorized Capital As of June 30, 2023, 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 June 30, 2023 and December 31, 2022. 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. 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: Six Months Ended June 30, Common Stock Outstanding (1) 2023 2022 Beginning balance 172,106,593 168,543,370 Issuance of class A common stock (2) 3,613 1,678,420 Issuance of restricted class A common stock, net (3)(4) 505,432 436,831 Issuance of deferred stock units 34,126 27,455 Ending balance 172,649,764 170,686,076 (1) Includes 339,702 and 391,027 deferred stock units held by members of our board of directors as of June 30, 2023 and 2022, respectively. (2) Includes 3,613 and 3,420 shares issued under our dividend reinvestment program during the six months ended June 30, 2023 and 2022, respectively. (3) Includes 25,482 and 13,197 restricted shares issued to our board of directors during the six months ended June 30, 2023 and 2022, respectively. (4) Net of 4,000 shares of restricted class A common stock forfeited under our stock-based incentive plans during the six months ended June 30, 2022. No shares were forfeited during the six months ended June 30, 2023. 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 six months ended June 30, 2023 and 2022, we issued 3,613 shares and 3,420 shares, respectively, of class A common stock under the dividend reinvestment component of the plan. As of June 30, 2023, a total of 9,977,935 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 June 30, 2023, 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 six months ended June 30, 2023, we did not issue any shares of our class A common stock under ATM Agreements. During the six months ended June 30, 2022, we issued and sold 1,675,000 shares of class A common stock under ATM Agreements, generating net proceeds totaling $52.2 million. As of June 30, 2023, 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 June 15, 2023, we declared a dividend of $0.62 per share, or $106.8 million in aggregate, that was paid on July 14, 2023 to stockholders of record as of June 30, 2023. The following table details our dividend activity ($ in thousands, except per share data): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Dividends declared per share of common stock $ 0.62 $ 0.62 $ 1.24 $ 1.24 Class A common stock dividends declared $ 106,832 $ 105,583 $ 213,648 $ 211,158 Deferred stock unit dividends declared 196 229 452 455 Total dividends declared $ 107,028 $ 105,812 $ 214,100 $ 211,613 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): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Basic Earnings Net income (1) $ 101,651 $ 93,250 $ 219,408 $ 192,937 Weighted-average shares outstanding, basic 172,615,385 170,665,601 172,606,914 169,963,730 Per share amount, basic $ 0.59 $ 0.55 $ 1.27 $ 1.14 Diluted Earnings Net income (1) $ 101,651 $ 93,250 $ 219,408 $ 192,937 Add back: Interest expense on Convertible Notes, net (2)(3) 3,556 5,913 7,111 8,313 Diluted earnings $ 105,207 $ 99,163 $ 226,519 $ 201,250 Weighted-average shares outstanding, basic 172,615,385 170,665,601 172,606,914 169,963,730 Effect of dilutive securities - Convertible Notes (3) 8,271,060 14,344,204 8,271,060 10,368,611 Weighted-average common shares outstanding, diluted 180,886,445 185,009,805 180,877,974 180,332,341 Per share amount, diluted $ 0.58 $ 0.54 $ 1.25 $ 1.12 (1) Represents net income attributable to Blackstone Mortgage Trust. (2) Represents the interest expense on our Convertible Notes, net of incentive fees. (3) For the three and six months ended June 30, 2023, represents 8.3 million of weighted average shares, using the if-converted method, related to our March 2022 Convertible Notes. For the three and six months ended June 30, 2022, represents 8.3 million and 6.1 million of weighted-average shares, using the if-converted method, related to our March 2022 and March 2018 Convertible Notes, respectively. Our March 2018 Convertible Notes were repaid during the six months ended June 30, 2023. Refer to Note 11 for additional discussion on our Convertible Notes. Other Balance Sheet Items Accumulated Other Comprehensive Income As of June 30, 2023, total accumulated other comprehensive income was $10.7 million, primarily representing $210.1 million of net realized and unrealized gains related to changes in the fair value of derivative instruments offset by $199.4 million of cumulative unrealized currency translation adjustments on assets and liabilities denominated in foreign currencies. 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. Non-Controlling Interests

Other Expenses

Other Expenses	6 Months Ended
	Jun. 30, 2023
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 three and six months ended June 30, 2023, we incurred $18.6 million and $37.2 million, respectively, of management fees payable to our manager, compared with $18.2 million and $36.3 million, respectively, during the same period in 2022. In addition, during the three and six months ended June 30, 2023, we incurred $14.2 million and $26.7 million, respectively, of incentive fees payable to our Manager, compared with $8.8 million and $14.3 million, respectively, during the same period in 2022. As of June 30, 2023 and December 31, 2022 we had accrued management and incentive fees payable to our Manager of $32.8 million and $33.8 million, respectively. General and Administrative Expenses General and administrative expenses consisted of the following ($ in thousands): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Professional services $ 3,291 $ 2,693 $ 6,570 $ 5,390 Operating and other costs 2,066 1,298 3,997 2,311 Subtotal (1) 5,357 3,991 10,567 7,701 Non-cash compensation expenses Restricted class A common stock earned 7,492 8,245 14,984 16,723 Director stock-based compensation 173 173 336 345 Subtotal 7,665 8,418 15,320 17,068 Total general and administrative expenses $ 13,022 $ 12,409 $ 25,887 $ 24,769 (1) During the three and six months ended June 30, 2023, we recognized an aggregate $288,000 and $596,000, respectively, of expenses related to our Multifamily Joint Venture. During the three and six months ended June 30, 2022, we recognized an aggregate $227,000 and $544,000, respectively, of expenses related to our Multifamily Joint Venture.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2023
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 June 30, 2023 and December 31, 2022, 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 three and six months ended June 30, 2023, we recorded a current income tax provision of $1.2 million and $3.1 million, respectively, primarily related to activities of our taxable REIT subsidiaries and various state and local taxes. During the three and six months ended June 30, 2022, we recorded a current income tax provision of $746,000 and $892,000, respectively. We did not have any deferred tax assets or liabilities as of June 30, 2023 or December 31, 2022. 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 June 30, 2023, we had estimated NOLs of $159.0 million that will expire in 2029, unless they are utilized by us prior to expiration. Previously, we recorded a full valuation allowance against such NOLs as we expected that they would expire unutilized. However, although uncertain, we may utilize a portion of NOLs prior to expiration. We do not expect the utilization of NOLs to have a material impact on our consolidated financial statements. 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	6 Months Ended
	Jun. 30, 2023
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 June 30, 2023, 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 June 30, 2023, there were 8,671,307 shares available under our current stock incentive plans. Prior to the adoption and shareholder approval of our new stock incentive plans in June 2022, 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 deferred stock units, or 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, 2022 1,883,784 $ 27.90 Granted 505,432 21.37 Vested (562,645) 27.32 Balance as of June 30, 2023 1,826,571 $ 26.27

Fair Values

Fair Values	6 Months Ended
	Jun. 30, 2023
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): June 30, 2023 December 31, 2022 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets Derivatives $ — $ 12,689 $ — $ 12,689 $ — $ 7,349 $ — $ 7,349 Liabilities Derivatives $ — $ 19,962 $ — $ 19,962 $ — $ 119,665 $ — $ 119,665 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): June 30, 2023 December 31, 2022 Book Value Face Amount Fair Value Book Value Face Amount Fair Value Financial assets Cash and cash equivalents $ 482,856 $ 482,856 $ 482,856 $ 291,340 $ 291,340 $ 291,340 Loans receivable, net 24,118,874 24,590,905 23,849,357 24,691,743 25,160,343 24,445,042 Financial liabilities Secured debt, net 13,431,039 13,451,427 13,047,034 13,528,164 13,549,748 13,121,306 Securitized debt obligations, net 2,666,414 2,671,734 2,502,526 2,664,010 2,673,541 2,597,377 Asset-specific debt, net 870,147 875,616 864,934 942,503 950,278 934,815 Loan participations sold, net 235,857 236,276 229,694 224,232 224,744 217,717 Secured term loans, net 2,108,015 2,146,220 1,993,927 2,114,549 2,157,218 2,103,943 Senior secured notes, net 395,760 400,000 335,069 395,166 400,000 343,665 Convertible notes, net 295,208 300,000 257,823 514,257 520,000 478,232 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 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	6 Months Ended
	Jun. 30, 2023
Variable Interest Entity, Primary Beneficiary, Does Not Hold Majority Voting Interest, Disclosures [Abstract]
Variable Interest Entities	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): June 30, 2023 December 31, 2022 Assets Loans receivable $ 3,316,109 $ 3,317,316 Current expected credit loss reserve (112,999) (93,396) Loans receivable, net 3,203,110 3,223,920 Other assets 14,946 15,995 Total assets $ 3,218,056 $ 3,239,915 Liabilities Securitized debt obligations, net $ 2,666,414 $ 2,664,010 Other liabilities 7,314 7,234 Total liabilities $ 2,673,728 $ 2,671,244

Transactions With Related Parti

Transactions With Related Parties	6 Months Ended
	Jun. 30, 2023
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 June 30, 2023 and December 31, 2022, our consolidated balance sheets included $32.8 million and $33.8 million of accrued management and incentive fees payable to our Manager, respectively. During the three and six months ended June 30, 2023, we paid aggregate management and incentive fees of $31.1 million and $64.9 million, respectively, to our Manager, compared to $23.5 million and $51.9 million, respectively, during the same period of 2022. In addition, during the three and six months ended June 30, 2023, we incurred expenses of $1.5 million and $1.9 million, respectively, that were paid by our Manager and will be reimbursed by us, compared to $367,000 and $560,000 of such expenses during the same period of 2022. As of June 30, 2023, our Manager held 901,515 shares of unvested restricted class A common stock, which had an aggregate grant date fair value of $24.5 million, and vest in installments over three years from the date of issuance. During the three and six months ended June 30, 2023 and 2022, we recorded non-cash expenses related to shares held by our Manager of $3.9 million and $7.8 million, respectively, compared to $4.2 million and $8.4 million during the same period in 2022. 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 June 30, 2023 and 2022. During the three and six months ended June 30, 2023, we incurred $242,000 and $480,000, respectively, of expenses for various administrative and operations services to third-party service providers that are affiliates of our Manager, compared to $95,000 and $192,000, respectively, during the same period of 2022.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	COMMITMENTS AND CONTINGENCIES Unfunded Commitments Under Loans Receivable As of June 30, 2023, we had aggregate unfunded commitments of $3.0 billion across 105 loans receivable, and $1.8 billion of committed or identified financings for those commitments, resulting in net unfunded commitments of $1.2 billion. The unfunded loan commitments comprise funding for capital expenditures and construction, leasing costs, and interest and carry costs, and their fundability varies depending on the progress of capital projects, leasing, and cash flows at the properties securing our loans. Therefore, the exact timing and amounts of such future loan fundings are uncertain and will depend on the current and future performance of the underlying collateral assets. We expect to fund our loan commitments over the remaining term of the related loans, which have a weighted-average future funding period of 2.8 years. Principal Debt Repayments Our contractual principal debt repayments as of June 30, 2023 were as follows ($ in thousands): Year Secured Debt (1) Asset-Specific Debt (1) Term Loans (2) Senior Secured Notes Convertible Notes (3) Total (4) 2023 (remaining) $ 218,767 $ — $ 10,998 $ — $ — $ 229,765 2024 2,999,518 — 21,997 — — 3,021,515 2025 1,433,177 741,207 21,997 — — 2,196,381 2026 4,404,473 — 1,302,575 — — 5,707,048 2027 3,304,294 — 8,258 400,000 300,000 4,012,552 Thereafter 1,091,198 134,409 780,395 — — 2,006,002 Total obligation $ 13,451,427 $ 875,616 $ 2,146,220 $ 400,000 $ 300,000 $ 17,173,263 (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, $1.2 billion of non-consolidated senior interests, and $236.3 million of loan participations sold, as the satisfaction of these liabilities will not require cash outlays from us. Board of Directors’ Compensation As of June 30, 2023, of the ten 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 four 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.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Pay vs Performance Disclosure
Net income	$ 101,651	$ 93,250	$ 219,408	$ 192,937

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Jun. 30, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2023
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying consolidated financial statements include, on a consolidated basis, our accounts, the accounts of our wholly-owned subsidiaries, majority-owned subsidiaries, and variable interest entities, or VIEs, of which we are the primary beneficiary. All intercompany balances and transactions have been eliminated in consolidation. Certain reclassifications have been made in the presentation of the prior period statements of changes in equity related to restricted class A common stock and in the loans receivable disclosures related to risk ratings, property type, and geography in Note 3 to conform to the current period presentation.
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 an interest with 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 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 &
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 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 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 income or as a reduction in the outstanding principal balance, based on the specific facts and circumstances, 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 June 30, 2023 and December 31, 2022, 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 $505.9 million and $459.6 million as of June 30, 2023 and December 31, 2022, 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	Loans ReceivableWe originate and purchase commercial real estate debt and related instruments generally to be held as long-term investments at amortized cost.
Current Expected Credit Losses Reserve	Current Expected Credit Losses Reserve The current expected credit loss, or CECL, reserve required under the Financial Accounting Standards Board, or FASB, Accounting Standards Codification, or ASC, Topic 326 “Financial Instruments – Credit Losses,” or ASC 326, reflects our current estimate of potential credit losses related to our loans included in our consolidated balance sheets. Changes to the CECL reserve are recognized through net income on our consolidated statements of operations. While ASC 326 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, ASC 326 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 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 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 consists of loans that 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 May 31, 2023. 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. These 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 charge-off the impairment losses if and when such amounts are deemed nonrecoverable. This is generally at the time a loan is repaid or foreclosed. However, 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 repayments. 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 loans receivable. 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 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
Secured Debt and Asset-Specific Debt	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	Senior Loan Participations In certain instances, we have executed a syndication of a non-recourse 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 Convertible note proceeds, unless issued with a substantial premium or an embedded conversion feature, are classified as debt. Additionally, 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 June 30, 2023, we had an aggregate $214.4 million asset-specific CECL reserve related to seven of our loans receivable with an aggregate outstanding principal balance of $1.1 billion, net of cost-recovery proceeds. The CECL reserve was recorded based on our estimation of the fair value of the loans' aggregate underlying collateral as of June 30, 2023. 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 loans receivable 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 5.25% to 7.75%, and the unlevered discount rate, which ranged from 7.28% to 9.75%. 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. • 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 Accounting Standards Update, or 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. The adoption of ASU 2022-02 on January 1, 2023 did not have a material impact on our consolidated financial statements.

Loans Receivable, Net (Tables)

Loans Receivable, Net (Tables)	6 Months Ended
	Jun. 30, 2023
Receivables [Abstract]
Overall Statistics for Loans Receivable Portfolio	The following table details overall statistics for our loans receivable portfolio ($ in thousands): June 30, 2023 December 31, 2022 Number of loans 191 203 Principal balance $ 24,590,905 $ 25,160,343 Net book value $ 24,118,874 $ 24,691,743 Unfunded loan commitments (1) $ 3,009,727 $ 3,806,153 Weighted-average cash coupon (2) + 3.43 % + 3.44 % Weighted-average all-in yield (2) + 3.77 % + 3.84 % Weighted-average maximum maturity (years) (3) 2.7 3.1 (1) Unfunded commitments will primarily be funded to finance our borrowers’ construction or development of real estate-related assets, capital improvements of existing assets, or lease-related expenditures. These commitments will generally be funded over the term of each loan, subject in certain cases to an expiration date. (2) The weighted-average cash coupon and all-in yield are expressed as a spread over the relevant floating benchmark rates, which include SOFR, USD LIBOR, SONIA, EURIBOR, and other indices, as applicable to each loan. As of June 30, 2023 and December 31, 2022, substantially all of our loans by principal balance earned a floating rate of interest, primarily indexed to SOFR and USD LIBOR. Floating rate exposure includes an interest rate swap with a notional amount of $229.9 million that effectively converts our fixed rate loan exposure to floating rate exposure. In addition to cash coupon, all-in yield includes the amortization of deferred origination and extension fees, loan origination costs, and purchase discounts, as well as the accrual of exit fees. Excludes loans accounted for under the cost-recovery method.
Disclosure Details Of Loan Receivable Portfolio Based On Index Floor Rates	The following table details the index rate floors for our loans receivable portfolio as of June 30, 2023 ($ in thousands): Loans Receivable Principal Balance Index Rate Floors USD Non-USD (1) Total Fixed Rate $ 40,390 $ — $ 40,390 0.00% or no floor (2) 4,519,901 7,137,346 11,657,247 0.01% to 1.00% floor 7,927,710 827,534 8,755,244 1.01% to 1.50% floor 1,755,631 159,826 1,915,457 1.51% to 2.00% floor 683,184 315,028 998,212 2.01% or more floor 1,224,355 — 1,224,355 Total (3) $ 16,151,171 $ 8,439,734 $ 24,590,905 (1) Includes Euro, British Pound Sterling, Swedish Krona, Australian Dollar, Swiss Franc, and Danish Krone currencies. (2) Includes an interest rate swap with a notional amount of $229.9 million that effectively converts our fixed rate loan exposure to floating rate exposure. (3) As of June 30, 2023, the weighted-average index rate floor of our loan portfolio was 0.43%. Excluding 0.0% index rate floors and loans with no floor, the weighted-average index rate floor was 0.79%.
Activity Relating to Loans Receivable Portfolio	Activity relating to our loans receivable portfolio was as follows ($ in thousands): Principal Balance Deferred Fees / Other Items (1) Net Book Value Loans Receivable, as of December 31, 2022 $ 25,160,343 $ (142,463) $ 25,017,880 Loan fundings 715,507 — 715,507 Loan repayments and sales (1,471,756) — (1,471,756) Unrealized gain (loss) on foreign currency translation 186,811 (1,302) 185,509 Deferred fees and other items — (8,088) (8,088) Amortization of fees and other items — 43,697 43,697 Loans Receivable, as of June 30, 2023 $ 24,590,905 $ (108,156) $ 24,482,749 CECL reserve (363,875) Loans Receivable, net, as of June 30, 2023 $ 24,118,874
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): June 30, 2023 Property Type Number of Loans Net Book Value Total Loan Exposure (1) Net Loan Exposure (2) Net Loan Exposure Percentage of Office 57 $ 9,144,160 $ 9,946,592 $ 8,153,099 35% Multifamily 78 6,074,837 6,215,656 6,031,007 26 Hospitality 27 4,710,058 4,733,603 4,411,701 19 Industrial 12 2,182,656 2,196,620 2,187,458 9 Retail 7 859,300 872,164 848,347 4 Life Sciences / Studio 4 394,179 671,360 394,696 2 Other 6 1,117,559 1,119,478 1,088,830 5 Total loans receivable 191 $ 24,482,749 $ 25,755,473 $ 23,115,138 100% CECL reserve (363,875) Loans receivable, net $ 24,118,874 Geographic Location Number of Loans Net Book Value Total Loan Exposure (1) Net Loan Exposure (2) Net Loan Exposure Percentage of United States Sunbelt 70 $ 5,922,987 $ 6,057,503 $ 5,772,894 25% Northeast 34 5,423,738 5,441,150 4,508,193 20 West 32 3,474,245 4,540,222 3,438,215 15 Midwest 9 935,771 936,400 928,950 4 Northwest 6 336,724 340,464 338,507 1 Subtotal 151 16,093,465 17,315,739 14,986,759 65 International United Kingdom 23 3,578,515 3,605,195 3,349,450 14 Australia 5 1,386,528 1,396,424 1,390,044 6 Ireland 3 1,233,639 1,239,285 1,231,642 5 Spain 3 1,120,469 1,123,774 1,085,076 5 Sweden 1 456,280 459,022 458,668 2 Other Europe 5 613,853 616,034 613,499 3 Subtotal 40 8,389,284 8,439,734 8,128,379 35 Total loans receivable 191 $ 24,482,749 $ 25,755,473 $ 23,115,138 100% CECL reserve (363,875) Loans receivable, net $ 24,118,874 (1) In certain instances, we have executed a sale of a non-recourse senior loan interest that is not included in our consolidated financial statements. Total loan exposure encompasses the entire loan we originated and sold, including $1.2 billion of such non-consolidated senior interests as of June 30, 2023. See Note 2 for further discussion. (2) Net loan exposure reflects the amount of each loan that is subject to risk of credit loss to us as of June 30, 2023, which is our total loan exposure net of (i) $1.2 billion of non-consolidated senior interests, (ii) $875.6 million of asset-specific debt, (iii) $236.3 million of loan participations sold, and (iv) our aggregate CECL reserve of $363.9 million. Our non-consolidated senior interests, asset-specific debt, and loan participations sold are structurally non-recourse and term-matched to the corresponding collateral loans . December 31, 2022 Property Type Number of Loans Net Book Value Total Loan Exposure (1) Net Loan Exposure (2) Net Loan Exposure Percentage of Office 60 $ 9,082,946 $ 10,023,495 $ 8,099,334 34% Multifamily 80 6,214,123 6,330,153 6,189,298 26 Hospitality 30 4,879,314 4,908,583 4,552,404 19 Industrial 12 2,140,636 2,236,716 2,150,501 9 Retail 9 1,098,315 1,141,932 1,090,238 5 Life Sciences/Studio 4 358,676 570,089 359,830 2 Other 8 1,243,870 1,599,313 1,217,578 5 Total loans receivable 203 $ 25,017,880 $ 26,810,281 $ 23,659,183 100% CECL reserve (326,137) Loans receivable, net $ 24,691,743 Geographic Location Number of Loans Net Book Value Total Loan Exposure (1) Net Loan Exposure (2) Net Loan Exposure Percentage of United States Sunbelt 75 $ 6,538,034 $ 6,802,928 $ 6,244,886 27% Northeast 36 5,339,874 5,666,968 4,570,180 19 West 33 3,515,517 4,547,946 3,486,343 15 Midwest 10 987,718 1,091,882 984,151 4 Northwest 6 317,863 321,937 320,156 1 Subtotal 160 16,699,006 18,431,661 15,605,716 66 International United Kingdom 23 3,362,629 3,393,126 3,123,925 13 Australia 5 1,405,601 1,417,318 1,408,565 6 Spain 4 1,237,446 1,241,808 1,204,218 5 Ireland 3 1,192,220 1,199,406 1,197,892 5 Sweden 1 473,374 476,673 476,367 2 Canada 1 49,409 49,432 49,398 — Other Europe 6 598,195 600,857 593,102 3 Subtotal 43 8,318,874 8,378,620 8,053,467 34 Total loans receivable 203 $ 25,017,880 $ 26,810,281 $ 23,659,183 100% CECL reserve (326,137) Loans receivable, net $ 24,691,743 (1) In certain instances, we have executed a sale of a non-recourse senior loan interest that is not included in our consolidated financial statements. Total loan exposure encompasses the entire loan we originated and sold, including $1.6 billion of such non-consolidated senior interests as of December 31, 2022. See Note 2 for further discussion. (2) Net loan exposure reflects the amount of each loan that is subject to risk of credit loss to us as of December 31, 2022, which is our total loan exposure net of (i) $1.6 billion of non-consolidated senior interests, (ii) $950.3 million of asset-specific debt, (iii) $224.7 million of loan participations sold, and (iv) our aggregate CECL reserve of $326.1 million. Our non-consolidated senior interests, asset-specific debt, and loan participations sold are structurally non-recourse and term-matched to the corresponding collateral loans.
Net Book Value, Total Loan Exposure and Net Loan Exposure of Loans Receivable Based on Internal Risk Ratings	The following table allocates the net book value, total loan exposure, and net loan exposure of our loans receivable based on our internal risk ratings ($ in thousands): June 30, 2023 Risk Rating Number of Loans Net Book Value Total Loan Exposure (1) Net Loan Exposure (2) 1 14 $ 1,079,927 $ 1,129,034 $ 1,080,883 2 40 6,119,929 6,702,386 5,162,941 3 115 13,058,671 13,694,483 12,914,436 4 15 3,138,665 3,143,646 3,085,355 5 7 1,085,557 1,085,924 871,523 Total loans receivable 191 $ 24,482,749 $ 25,755,473 $ 23,115,138 CECL reserve (363,875) Loans receivable, net $ 24,118,874 December 31, 2022 Risk Rating Number of Loans Net Book Value Total Loan Exposure (1) Net Loan Exposure (2) 1 17 $ 1,403,185 $ 1,428,232 $ 1,170,725 2 36 5,880,424 6,562,852 5,292,933 3 134 14,128,133 15,209,018 13,826,730 4 11 2,677,027 2,680,145 2,628,539 5 5 929,111 930,034 740,256 Total loans receivable 203 $ 25,017,880 $ 26,810,281 $ 23,659,183 CECL reserve (326,137) Loans receivable, net $ 24,691,743 (1) In certain instances, we have executed a sale of a non-recourse senior loan interest that is not included in our consolidated financial statements. Total loan exposure encompasses the entire loan we originated and sold, including $1.2 billion and $1.6 billion of such non-consolidated senior interests as of June 30, 2023 and December 31, 2022, respectively. See Note 2 for further discussion. (2) Net loan exposure reflects the amount of each loan that is subject to risk of credit loss to us as of June 30, 2023, which is our total loan exposure net of (i) $1.2 billion of non-consolidated senior interests, (ii) $875.6 million of asset-specific debt, (iii) $236.3 million of loan participations sold, and (iv) our aggregate CECL reserve of $363.9 million. Our net loan exposure as of December 31, 2022 is our total loan exposure net of (i) $1.6 billion of non-consolidated senior interests, (ii) $950.3 million of asset-specific debt, (iii) $224.7 million of loan participations sold, and (iv) our aggregate CECL reserve of $326.1 million. Our non-consolidated senior interests, asset-specific debt, and loan participations sold are structurally non-recourse and term-matched to the corresponding collateral loans.
Schedule Of Current Expected Credit Loss Reserve By Pool	The following table presents the activity in our loans receivable CECL reserve by investment pool for the three and six months ended June 30, 2023 and 2022 ($ in thousands): U.S. Loans (1) Non-U.S. Loans Unique Loans Impaired Loans Total Loans Receivable, Net CECL reserve as of December 31, 2022 $ 67,880 $ 22,519 $ 45,960 $ 189,778 $ 326,137 Increase (decrease) in CECL reserve 5,314 (2,823) 483 7,480 10,454 CECL reserve as of March 31, 2023 $ 73,194 $ 19,696 $ 46,443 $ 197,258 $ 336,591 Increase (decrease) in CECL reserve 1,199 9,296 (354) 17,143 27,284 CECL reserve as of June 30, 2023 $ 74,393 $ 28,992 $ 46,089 $ 214,401 $ 363,875 CECL reserve as of December 31, 2021 $ 26,885 $ 10,263 $ 32,657 $ 54,874 $ 124,679 Decrease in CECL reserve (644) (54) (1,760) — (2,458) CECL reserve as of March 31, 2022 $ 26,241 $ 10,209 $ 30,897 $ 54,874 $ 122,221 Increase in CECL reserve 7,070 1,135 2,598 — 10,803 CECL reserve as of June 30, 2022 $ 33,311 $ 11,344 $ 33,495 $ 54,874 $ 133,024 (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	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 June 30, 2023 and December 31, 2022, 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 June 30, 2023 Risk Rating 2023 2022 2021 2020 2019 Prior Total U.S. loans 1 $ — $ 151,081 $ 419,536 $ 39,902 $ 53,005 $ 416,403 $ 1,079,927 2 — 117,461 2,035,067 32,213 225,815 1,484,838 3,895,394 3 — 2,056,658 4,101,424 592,034 707,601 420,735 7,878,452 4 — 81,476 814,897 140,000 — 1,117,762 2,154,135 5 — — — — — — — Total U.S. loans $ — $ 2,406,676 $ 7,370,924 $ 804,149 $ 986,421 $ 3,439,738 $ 15,007,908 Non-U.S. loans 1 $ — $ — $ — $ — $ — $ — $ — 2 — 1,143,947 983,748 96,840 — — 2,224,535 3 — 567,330 1,203,907 — 2,002,986 85,118 3,859,341 4 — — — — 354,689 — 354,689 5 — — — — — — — Total Non-U.S. loans $ — $ 1,711,277 $ 2,187,655 $ 96,840 $ 2,357,675 $ 85,118 $ 6,438,565 Unique loans 1 $ — $ — $ — $ — $ — $ — $ — 2 — — — — — — — 3 — 874,358 — — 260,917 185,603 1,320,878 4 — — — — — 629,841 629,841 5 — — — — — — — Total unique loans $ — $ 874,358 $ — $ — $ 260,917 $ 815,444 $ 1,950,719 Impaired loans 1 $ — $ — $ — $ — $ — $ — $ — 2 — — — — — — — 3 — — — — — — — 4 — — — — — — — 5 — — 296,077 — — 789,480 1,085,557 Total impaired loans $ — $ — $ 296,077 $ — $ — $ 789,480 $ 1,085,557 Total loans receivable 1 $ — $ 151,081 $ 419,536 $ 39,902 $ 53,005 $ 416,403 $ 1,079,927 2 — 1,261,408 3,018,815 129,053 225,815 1,484,838 6,119,929 3 — 3,498,346 5,305,331 592,034 2,971,504 691,456 13,058,671 4 — 81,476 814,897 140,000 354,689 1,747,603 3,138,665 5 — — 296,077 — — 789,480 1,085,557 Total loans receivable $ — $ 4,992,311 $ 9,854,656 $ 900,989 $ 3,605,013 $ 5,129,780 $ 24,482,749 CECL reserve (363,875) Loans receivable, net $ 24,118,874 (1) Date loan was originated or acquired by us. Origination dates are subsequently updated to reflect material loan modifications. 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.

Other Assets and Liabilities (T

Other Assets and Liabilities (Tables)	6 Months Ended
	Jun. 30, 2023
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): June 30, 2023 December 31, 2022 Accrued interest receivable $ 188,844 $ 189,569 Loan portfolio payments held by servicer (1) 49,087 68,489 Derivative assets 12,689 7,349 Collateral deposited under derivative agreements 9,020 103,110 Accounts receivable and other assets 674 1,318 Prepaid expenses 592 1,067 Total $ 260,906 $ 370,902
Summary of Components of Other Liabilities	The following table details the components of our other liabilities ($ in thousands): June 30, 2023 December 31, 2022 Accrued dividends payable $ 106,832 $ 106,455 Accrued interest payable 72,594 80,263 Secured debt repayments pending servicer remittance (1) 36,815 60,585 Accrued management and incentive fees payable 32,815 33,830 Derivative liabilities 19,962 119,665 Current expected credit loss reserve for unfunded loan commitments (2) 16,272 16,380 Accounts payable and other liabilities 8,717 9,726 Total $ 294,007 $ 426,904 (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 three and six months ended June 30, 2023 and 2022 ($ in thousands): U.S. Loans Non-U.S. Loans Unique Loans Impaired Loans Total CECL reserve as of December 31, 2022 $ 11,748 $ 4,632 $ — $ — $ 16,380 Decrease in CECL reserve (148) (483) — — (631) CECL reserve as of March 31, 2023 $ 11,600 $ 4,149 $ — $ — $ 15,749 (Decrease) increase in CECL reserve (404) 927 — — 523 CECL reserve as of June 30, 2023 $ 11,196 $ 5,076 $ — $ — $ 16,272 CECL reserve as of December 31, 2021 $ 4,072 $ 2,191 $ — $ — $ 6,263 Increase (decrease) in CECL reserve 209 (218) — — (9) CECL reserve as of March 31, 2022 $ 4,281 $ 1,973 $ — $ — $ 6,254 Increase in CECL reserve 2,042 138 — — 2,180 CECL reserve as of June 30, 2022 $ 6,323 $ 2,111 $ — $ — $ 8,434

Secured Debt, Net (Tables)

Secured Debt, Net (Tables)	6 Months Ended
	Jun. 30, 2023
Debt Disclosure [Abstract]
Schedule of Secured Debt Agreements	The following table details our secured debt ($ in thousands): Secured Debt Borrowings Outstanding June 30, 2023 December 31, 2022 Secured credit facilities $ 13,451,427 $ 13,549,748 Acquisition facility — — Total secured debt $ 13,451,427 $ 13,549,748 Deferred financing costs (1) (20,388) (21,584) Net book value of secured debt $ 13,431,039 $ 13,528,164 As of June 30, 2023, 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): June 30, 2023 December 31, 2022 Face value $ 400,000 $ 400,000 Deferred financing costs (4,240) (4,834) Net book value $ 395,760 $ 395,166
Credit Facilities	The following table details our secured credit facilities by spread over the applicable base rates as of June 30, 2023 ($ in thousands): June 30, 2023 Recourse Limitation Currency Lenders (1) Borrowings Wtd. Avg. Maturity (2) Loan Count Collateral (3) Wtd. Avg. Maturity (4) Wtd. Avg. Range USD 14 $ 7,269,836 April 2026 138 $ 11,207,372 April 2026 36% 25% - 100% GBP 7 2,486,823 June 2026 22 3,306,552 July 2026 27% 25% - 50% EUR 7 2,092,802 August 2025 11 2,813,367 August 2025 41% 25% - 100% Others (5) 4 1,601,966 July 2027 7 2,022,823 July 2027 25% 25% Total 15 $ 13,451,427 May 2026 178 $ 19,350,114 May 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, Danish Krone, Swedish Krona, and Swiss Franc currencies. As of June 30, 2023, 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 $ 915,609 + 2.36 % + 2.65 % April 23, 2026 B-3 Term Loan 413,055 + 2.86 % + 3.54 % April 23, 2026 B-4 Term Loan 817,556 + 3.50 % + 4.11 % May 9, 2029 Total face value $ 2,146,220 (1) The B-3 Term Loan and the B-4 Term Loan borrowings are subject to a floor of 0.50%. The Term Loans are 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 June 30, 2023 and December 31, 2022 ($ in thousands): Six Months Ended June 30, 2023 June 30, 2023 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 $ — $ 5,948,547 +1.54 % $ 8,579,535 +3.27 % +1.73 % + 1.51% to + 1.75% — 2,968,963 +1.83 % 4,194,995 +3.57 % +1.74 % + 1.76% to + 2.00% — 1,919,615 +2.13 % 2,977,246 +4.02 % +1.89 % + 2.01% or more 69,306 2,614,302 +2.61 % 3,598,338 +4.59 % +1.98 % Total $ 69,306 $ 13,451,427 +1.89 % $ 19,350,114 +3.68 % +1.79 % 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 % (1) The spread, all-in cost, and all-in yield are expressed over the relevant floating benchmark rates, which include SOFR, USD LIBOR, SONIA, EURIBOR, and other indices as applicable. (2) Represents borrowings outstanding as of June 30, 2023 and December 31, 2022 for new financings closed during the six months ended June 30, 2023 and year ended December 31, 2022, respectively. (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. Excludes loans accounted for under the cost recovery method. (4) Represents the weighted-average all-in cost as of June 30, 2023 and December 31, 2022, 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)	6 Months Ended
	Jun. 30, 2023
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 by our CLOs ($ in thousands): June 30, 2023 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 $ 800,779 + 1.69 % May 2038 Underlying Collateral Assets 28 1,000,000 1,000,000 + 3.46 % August 2025 2020 FL3 Collateralized Loan Obligation Senior CLO Securities Outstanding 1 808,750 808,171 + 2.15 % November 2037 Underlying Collateral Assets 16 1,000,000 1,000,000 + 3.07 % January 2025 2020 FL2 Collateralized Loan Obligation Senior CLO Securities Outstanding 1 1,059,234 1,057,464 + 1.55 % February 2038 Underlying Collateral Assets 17 1,316,109 1,316,109 + 3.25 % November 2024 Total Senior CLO Securities Outstanding (4) 3 $ 2,671,734 $ 2,666,414 +1.77 % Underlying Collateral Assets 61 $ 3,316,109 $ 3,316,109 + 3.25 % (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 SOFR, which is the relevant floating benchmark rate for each securitized debt obligation. 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 three and six months ended June 30, 2023, we recorded $43.3 million and $83.1 million, respectively, of interest expense related to our securitized debt obligations. 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 SOFR and USD LIBOR, as applicable to each securitized debt obligation. 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 three and six months ended June 30, 2022, we recorded $15.5 million and $26.5 million, respectively, of interest expense related to our securitized debt obligations.

Asset-Specific Debt, Net (Table

Asset-Specific Debt, Net (Tables)	6 Months Ended
	Jun. 30, 2023
Debt Disclosure [Abstract]
Summary of Asset-Specific Financings	The following table details our asset-specific debt ($ in thousands): June 30, 2023 Asset-Specific Debt Count Principal Balance Book Value Wtd. Avg. Yield/Cost (1) Wtd. Avg. Term (2) Financing provided 2 $ 875,616 $ 870,147 + 3.25 % February 2026 Collateral assets 2 $ 1,040,020 $ 1,030,689 + 4.01 % February 2026 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 (1) These floating rate loans and related liabilities are currency and index-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 non-recourse, asset-specific debt is term-matched in each case to the corresponding collateral loans.

Loan Participations Sold, Net (

Loan Participations Sold, Net (Tables)	6 Months Ended
	Jun. 30, 2023
Debt Disclosure [Abstract]
Schedule of Loan Participations Sold	The following table details our loan participations sold ($ in thousands): June 30, 2023 Loan Participations Sold Count Principal Balance Book Value Wtd. Avg. Yield/Cost (1) Term (2) Senior Participation (3) 1 $ 236,276 $ 235,857 + 3.22 % March 2027 Total Loan 1 $ 295,345 $ 293,639 + 4.86 % March 2027 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 inherently non-recourse and term-matched to the corresponding collateral loan. (3) During the three and six months ended June 30, 2023, we recorded $4.2 million and $8.0 million, respectively, of interest expense related to our loan participations sold. During the three and six months ended June 30, 2022 we recorded $2.2 million and $2.4 million, respectively, of interest expense related to our loan participations sold.

Term Loans, Net (Tables)

Term Loans, Net (Tables)	6 Months Ended
	Jun. 30, 2023
Debt Disclosure [Abstract]
Schedule of Debt	The following table details our secured credit facilities by spread over the applicable base rates as of June 30, 2023 ($ in thousands): June 30, 2023 Recourse Limitation Currency Lenders (1) Borrowings Wtd. Avg. Maturity (2) Loan Count Collateral (3) Wtd. Avg. Maturity (4) Wtd. Avg. Range USD 14 $ 7,269,836 April 2026 138 $ 11,207,372 April 2026 36% 25% - 100% GBP 7 2,486,823 June 2026 22 3,306,552 July 2026 27% 25% - 50% EUR 7 2,092,802 August 2025 11 2,813,367 August 2025 41% 25% - 100% Others (5) 4 1,601,966 July 2027 7 2,022,823 July 2027 25% 25% Total 15 $ 13,451,427 May 2026 178 $ 19,350,114 May 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, Danish Krone, Swedish Krona, and Swiss Franc currencies. As of June 30, 2023, 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 $ 915,609 + 2.36 % + 2.65 % April 23, 2026 B-3 Term Loan 413,055 + 2.86 % + 3.54 % April 23, 2026 B-4 Term Loan 817,556 + 3.50 % + 4.11 % May 9, 2029 Total face value $ 2,146,220 (1) The B-3 Term Loan and the B-4 Term Loan borrowings are subject to a floor of 0.50%. The Term Loans are 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): June 30, 2023 December 31, 2022 Face value $ 2,146,220 $ 2,157,218 Deferred financing costs and unamortized discount (38,205) (42,669) Net book value $ 2,108,015 $ 2,114,549 The following table details the net book value of our Convertible Notes on our consolidated balance sheets ($ in thousands): June 30, 2023 December 31, 2022 Face value $ 300,000 $ 520,000 Deferred financing costs and unamortized discount (4,792) (5,743) Net book value $ 295,208 $ 514,257

Senior Secured Notes, Net (Tabl

Senior Secured Notes, Net (Tables)	6 Months Ended
	Jun. 30, 2023
Debt Disclosure [Abstract]
Schedule of Senior Secured Notes, Net	The following table details our secured debt ($ in thousands): Secured Debt Borrowings Outstanding June 30, 2023 December 31, 2022 Secured credit facilities $ 13,451,427 $ 13,549,748 Acquisition facility — — Total secured debt $ 13,451,427 $ 13,549,748 Deferred financing costs (1) (20,388) (21,584) Net book value of secured debt $ 13,431,039 $ 13,528,164 As of June 30, 2023, 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): June 30, 2023 December 31, 2022 Face value $ 400,000 $ 400,000 Deferred financing costs (4,240) (4,834) Net book value $ 395,760 $ 395,166

Convertible Notes, Net (Tables)

Convertible Notes, Net (Tables)	6 Months Ended
	Jun. 30, 2023
Debt Instruments [Abstract]
Summary of Outstanding Convertible Senior Notes	As of June 30, 2023, 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 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): June 30, 2023 December 31, 2022 Face value $ 2,146,220 $ 2,157,218 Deferred financing costs and unamortized discount (38,205) (42,669) Net book value $ 2,108,015 $ 2,114,549 The following table details the net book value of our Convertible Notes on our consolidated balance sheets ($ in thousands): June 30, 2023 December 31, 2022 Face value $ 300,000 $ 520,000 Deferred financing costs and unamortized discount (4,792) (5,743) Net book value $ 295,208 $ 514,257
Summary of Details about Interest Expense	The following table details our interest expense related to the Convertible Notes ($ in thousands): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Cash coupon $ 4,125 $ 8,132 $ 10,389 $ 15,384 Discount and issuance cost amortization 319 790 950 1,578 Total interest expense $ 4,444 $ 8,922 $ 11,339 $ 16,962

Derivative Financial Instrume_2

Derivative Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2023
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 amounts in thousands): June 30, 2023 December 31, 2022 Foreign Currency Derivatives Number of Instruments Notional Amount Foreign Currency Derivatives Number of Instruments Notional Amount Buy USD / Sell SEK Forward 2 kr 1,004,507 Buy USD / Sell SEK Forward 2 kr 1,003,626 Buy USD / Sell GBP Forward 5 £ 706,195 Buy USD / Sell GBP Forward 6 £ 690,912 Buy USD / Sell EUR Forward 7 € 684,078 Buy USD / Sell EUR Forward 8 € 722,311 Buy USD / Sell AUD Forward 5 A$ 452,074 Buy USD / Sell AUD Forward 8 A$ 541,813 Buy USD / Sell DKK Forward 2 kr. 195,656 Buy USD / Sell DKK Forward 3 kr. 195,019 Buy USD / Sell CAD Forward 2 C$ 22,189 Buy USD / Sell CAD Forward 2 C$ 22,187 Buy USD / Sell CHF Forward 4 CHF 7,116 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 amounts in thousands): June 30, 2023 December 31, 2022 Non-designated Hedges Number of Instruments Notional Amount Non-designated Hedges Number of Instruments Notional Amount Buy GBP / Sell USD Forward 2 £ 24,400 Buy GBP / Sell USD Forward 2 £ 109,076 Buy USD / Sell GBP Forward 2 £ 24,400 Buy USD / Sell GBP Forward 2 £ 109,076 Buy EUR / Sell USD Forward 2 € 17,500 Buy AUD / Sell USD Forward 1 A$ 23,600 Buy USD / Sell EUR Forward 2 € 17,500 Buy USD / Sell AUD Forward 1 A$ 23,600
Summary of Outstanding Interest Rate Derivatives Designated as Cash Flow Hedges of Interest Rate Risk	The following table details our outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk (notional amount in thousands): June 30, 2023 Interest Rate Derivatives Number of Instruments Notional Amount Fixed Rate Index Wtd. Avg. Maturity (Years) Interest Rate Swaps 1 $ 229,858 4.60% SOFR 1.4
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 Derivatives Three Months Ended June 30, Six Months Ended June 30, Derivatives in Hedging Relationships Location of Income (Expense) Recognized 2023 2022 2023 2022 Designated Hedges Interest Income (1) $ 7,072 $ 3,238 $ 15,479 $ 4,982 Designated Hedges Interest Expense (2) 75 — 75 — Non-Designated Hedges Interest Income (1) 51 (7) 68 (8) Non-Designated Hedges Interest Expense (3) (43) 55 (62) 65 Total $ 7,155 $ 3,286 $ 15,560 $ 5,039 (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 financial statement impact of proceeds (payments) from periodic settlements related to our interest rate swap, which is designated as a cash flow hedge.
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 June 30, 2023 December 31, 2022 June 30, 2023 December 31, 2022 Derivatives designated as hedging instruments: Foreign exchange contracts $ 11,060 $ 501 $ 19,087 $ 111,573 Interest rate derivatives 1,388 — — — Total derivatives designated as hedging instruments $ 12,448 $ 501 $ 19,087 $ 111,573 Derivatives not designated as hedging instruments: Foreign exchange contracts $ 241 $ 6,848 $ 875 $ 8,092 Interest rate derivatives — — — — Total derivatives not designated as hedging instruments $ 241 $ 6,848 $ 875 $ 8,092 Total Derivatives $ 12,689 $ 7,349 $ 19,962 $ 119,665 (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 Three Months Ended June 30, 2023 Six Months Ended June 30, 2023 Three Months Ended June 30, 2023 Six Months Ended June 30, 2023 Net Investment Hedges Foreign exchange contracts (1) $ (26,945) $ (50,997) Interest Expense $ — $ — Cash Flow Hedges Interest rate derivatives 1,388 1,388 Interest Expense — — Total $ (25,557) $ (49,609) $ — $ — (1) During the three and six months ended June 30, 2023, we paid net cash settlements of $7.8 million and $139.2 million, respectively, on our foreign currency forward contracts, respectively. Those amounts are included as a component of accumulated other comprehensive income on our consolidated balance sheets.

Equity (Tables)

Equity (Tables)	6 Months Ended
	Jun. 30, 2023
Equity [Abstract]
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: Six Months Ended June 30, Common Stock Outstanding (1) 2023 2022 Beginning balance 172,106,593 168,543,370 Issuance of class A common stock (2) 3,613 1,678,420 Issuance of restricted class A common stock, net (3)(4) 505,432 436,831 Issuance of deferred stock units 34,126 27,455 Ending balance 172,649,764 170,686,076 (1) Includes 339,702 and 391,027 deferred stock units held by members of our board of directors as of June 30, 2023 and 2022, respectively. (2) Includes 3,613 and 3,420 shares issued under our dividend reinvestment program during the six months ended June 30, 2023 and 2022, respectively. (3) Includes 25,482 and 13,197 restricted shares issued to our board of directors during the six months ended June 30, 2023 and 2022, respectively. (4) Net of 4,000 shares of restricted class A common stock forfeited under our stock-based incentive plans during the six months ended June 30, 2022. No shares were forfeited during the six months ended June 30, 2023.
Schedule of Dividend Activity	The following table details our dividend activity ($ in thousands, except per share data): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Dividends declared per share of common stock $ 0.62 $ 0.62 $ 1.24 $ 1.24 Class A common stock dividends declared $ 106,832 $ 105,583 $ 213,648 $ 211,158 Deferred stock unit dividends declared 196 229 452 455 Total dividends declared $ 107,028 $ 105,812 $ 214,100 $ 211,613
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): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Basic Earnings Net income (1) $ 101,651 $ 93,250 $ 219,408 $ 192,937 Weighted-average shares outstanding, basic 172,615,385 170,665,601 172,606,914 169,963,730 Per share amount, basic $ 0.59 $ 0.55 $ 1.27 $ 1.14 Diluted Earnings Net income (1) $ 101,651 $ 93,250 $ 219,408 $ 192,937 Add back: Interest expense on Convertible Notes, net (2)(3) 3,556 5,913 7,111 8,313 Diluted earnings $ 105,207 $ 99,163 $ 226,519 $ 201,250 Weighted-average shares outstanding, basic 172,615,385 170,665,601 172,606,914 169,963,730 Effect of dilutive securities - Convertible Notes (3) 8,271,060 14,344,204 8,271,060 10,368,611 Weighted-average common shares outstanding, diluted 180,886,445 185,009,805 180,877,974 180,332,341 Per share amount, diluted $ 0.58 $ 0.54 $ 1.25 $ 1.12 (1) Represents net income attributable to Blackstone Mortgage Trust. (2) Represents the interest expense on our Convertible Notes, net of incentive fees. (3) For the three and six months ended June 30, 2023, represents 8.3 million of weighted average shares, using the if-converted method, related to our March 2022 Convertible Notes. For the three and six months ended June 30, 2022, represents 8.3 million and 6.1 million of weighted-average shares, using the if-converted method, related to our March 2022 and March 2018 Convertible Notes, respectively. Our March 2018 Convertible Notes were repaid during the six months ended June 30, 2023. Refer to Note 11 for additional discussion on our Convertible Notes.

Other Expenses (Tables)

Other Expenses (Tables)	6 Months Ended
	Jun. 30, 2023
Other Income and Expenses [Abstract]
Schedule of General and Administrative Expenses	General and administrative expenses consisted of the following ($ in thousands): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Professional services $ 3,291 $ 2,693 $ 6,570 $ 5,390 Operating and other costs 2,066 1,298 3,997 2,311 Subtotal (1) 5,357 3,991 10,567 7,701 Non-cash compensation expenses Restricted class A common stock earned 7,492 8,245 14,984 16,723 Director stock-based compensation 173 173 336 345 Subtotal 7,665 8,418 15,320 17,068 Total general and administrative expenses $ 13,022 $ 12,409 $ 25,887 $ 24,769 (1) During the three and six months ended June 30, 2023, we recognized an aggregate $288,000 and $596,000, respectively, of expenses related to our Multifamily Joint Venture. During the three and six months ended June 30, 2022, we recognized an aggregate $227,000 and $544,000, respectively, of expenses related to our Multifamily Joint Venture.

Stock-Based Incentive Plans (Ta

Stock-Based Incentive Plans (Tables)	6 Months Ended
	Jun. 30, 2023
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, 2022 1,883,784 $ 27.90 Granted 505,432 21.37 Vested (562,645) 27.32 Balance as of June 30, 2023 1,826,571 $ 26.27

Fair Values (Tables)

Fair Values (Tables)	6 Months Ended
	Jun. 30, 2023
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): June 30, 2023 December 31, 2022 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets Derivatives $ — $ 12,689 $ — $ 12,689 $ — $ 7,349 $ — $ 7,349 Liabilities Derivatives $ — $ 19,962 $ — $ 19,962 $ — $ 119,665 $ — $ 119,665
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): June 30, 2023 December 31, 2022 Book Value Face Amount Fair Value Book Value Face Amount Fair Value Financial assets Cash and cash equivalents $ 482,856 $ 482,856 $ 482,856 $ 291,340 $ 291,340 $ 291,340 Loans receivable, net 24,118,874 24,590,905 23,849,357 24,691,743 25,160,343 24,445,042 Financial liabilities Secured debt, net 13,431,039 13,451,427 13,047,034 13,528,164 13,549,748 13,121,306 Securitized debt obligations, net 2,666,414 2,671,734 2,502,526 2,664,010 2,673,541 2,597,377 Asset-specific debt, net 870,147 875,616 864,934 942,503 950,278 934,815 Loan participations sold, net 235,857 236,276 229,694 224,232 224,744 217,717 Secured term loans, net 2,108,015 2,146,220 1,993,927 2,114,549 2,157,218 2,103,943 Senior secured notes, net 395,760 400,000 335,069 395,166 400,000 343,665 Convertible notes, net 295,208 300,000 257,823 514,257 520,000 478,232

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	6 Months Ended
	Jun. 30, 2023
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): June 30, 2023 December 31, 2022 Assets Loans receivable $ 3,316,109 $ 3,317,316 Current expected credit loss reserve (112,999) (93,396) Loans receivable, net 3,203,110 3,223,920 Other assets 14,946 15,995 Total assets $ 3,218,056 $ 3,239,915 Liabilities Securitized debt obligations, net $ 2,666,414 $ 2,664,010 Other liabilities 7,314 7,234 Total liabilities $ 2,673,728 $ 2,671,244

Commitments and Contingencies (

Commitments and Contingencies (Tables)	6 Months Ended
	Jun. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Schedule of Principal Contractual Obligations	Our contractual principal debt repayments as of June 30, 2023 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 (remaining) $ 218,767 $ — $ 10,998 $ — $ — $ 229,765 2024 2,999,518 — 21,997 — — 3,021,515 2025 1,433,177 741,207 21,997 — — 2,196,381 2026 4,404,473 — 1,302,575 — — 5,707,048 2027 3,304,294 — 8,258 400,000 300,000 4,012,552 Thereafter 1,091,198 134,409 780,395 — — 2,006,002 Total obligation $ 13,451,427 $ 875,616 $ 2,146,220 $ 400,000 $ 300,000 $ 17,173,263 (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	Jun. 30, 2023 USD ($) loan	Mar. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Jun. 30, 2022 USD ($)	Mar. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2017
Accounts, Notes, Loans and Financing Receivable [Line Items]
Joint venture capital contribution percentage							85%
Restricted cash	$ 0		$ 0
Borrower escrows	505,900		459,600
CECL reserve	363,875	$ 336,591	326,137	$ 133,024	$ 122,221	$ 124,679
Principal balance	$ 24,482,749		$ 25,017,880
Level 3 | Measurement Input, Cap Rate | Minimum
Accounts, Notes, Loans and Financing Receivable [Line Items]
Measurement input (percentage)	0.0525
Level 3 | Measurement Input, Cap Rate | Maximum
Accounts, Notes, Loans and Financing Receivable [Line Items]
Measurement input (percentage)	0.0775
Level 3 | Measurement Input, Discount Rate | Minimum
Accounts, Notes, Loans and Financing Receivable [Line Items]
Measurement input (percentage)	0.0728
Level 3 | Measurement Input, Discount Rate | Maximum
Accounts, Notes, Loans and Financing Receivable [Line Items]
Measurement input (percentage)	0.0975
Level 3 | Fair Value, Nonrecurring
Accounts, Notes, Loans and Financing Receivable [Line Items]
CECL reserve	$ 214,400
Number of loans accounted for under cost-recovery method, floating rate | loan	7
Principal balance	$ 1,100,000
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	6 Months Ended	12 Months Ended
	Jun. 30, 2023 USD ($) security_loan	Dec. 31, 2022 USD ($) security_loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans | security_loan	191	203
Principal balance	$ 24,590,905	$ 25,160,343
Net book value	$ 24,118,874	$ 24,691,743
Weighted-average maximum maturity (years)	2 years 8 months 12 days	3 years 1 month 6 days
Percentage of portfolio	100%	100%
Interest Rate Swaps
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notional amount	$ 229,900
Unfunded Loan Commitment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unfunded loan commitments	$ 3,009,727	$ 3,806,153
Prepayment Restrictions Including Yield Maintenance Lock Out Provisions
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of portfolio	28%	50%
Without Prepayment Restrictions
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of portfolio	72%	50%
LIBOR and SOFR
Accounts, Notes, Loans and Financing Receivable [Line Items]
Weighted-average cash coupon (percentage)	3.43%	3.44%
Weighted-average all-in yield (percentage)	3.77%	3.84%

Loans Receivable, Net - Schedul

Loans Receivable, Net - Schedule Of Loan Receivable Portfolio Based On Floor Rate (Detail) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Disclosure Details Of Loan Receivable Portfolio Based On Floor Rate [Line Items]
Loans receivable	$ 24,590,905	$ 25,160,343
Interest Rate Swaps
Disclosure Details Of Loan Receivable Portfolio Based On Floor Rate [Line Items]
Notional amount	$ 229,900
Weighted Average
Disclosure Details Of Loan Receivable Portfolio Based On Floor Rate [Line Items]
Weighted-average index rate floor	0.43%
Excluding 0.0% index rate floors, weighted-average index rate floor	0.79%
Non-USD
Disclosure Details Of Loan Receivable Portfolio Based On Floor Rate [Line Items]
Loans receivable	$ 8,439,734
USD
Disclosure Details Of Loan Receivable Portfolio Based On Floor Rate [Line Items]
Loans receivable	16,151,171
Fixed Rate
Disclosure Details Of Loan Receivable Portfolio Based On Floor Rate [Line Items]
Loans receivable	40,390
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	40,390
0.00% or no floor
Disclosure Details Of Loan Receivable Portfolio Based On Floor Rate [Line Items]
Loans receivable	11,657,247
0.00% or no floor | Non-USD
Disclosure Details Of Loan Receivable Portfolio Based On Floor Rate [Line Items]
Loans receivable	7,137,346
0.00% or no floor | USD
Disclosure Details Of Loan Receivable Portfolio Based On Floor Rate [Line Items]
Loans receivable	4,519,901
0.01% to 1.00% floor
Disclosure Details Of Loan Receivable Portfolio Based On Floor Rate [Line Items]
Loans receivable	8,755,244
0.01% to 1.00% floor | Non-USD
Disclosure Details Of Loan Receivable Portfolio Based On Floor Rate [Line Items]
Loans receivable	827,534
0.01% to 1.00% floor | USD
Disclosure Details Of Loan Receivable Portfolio Based On Floor Rate [Line Items]
Loans receivable	7,927,710
1.01% to 1.50% floor
Disclosure Details Of Loan Receivable Portfolio Based On Floor Rate [Line Items]
Loans receivable	1,915,457
1.01% to 1.50% floor | Non-USD
Disclosure Details Of Loan Receivable Portfolio Based On Floor Rate [Line Items]
Loans receivable	159,826
1.01% to 1.50% floor | USD
Disclosure Details Of Loan Receivable Portfolio Based On Floor Rate [Line Items]
Loans receivable	1,755,631
1.51% to 2.00% floor
Disclosure Details Of Loan Receivable Portfolio Based On Floor Rate [Line Items]
Loans receivable	998,212
1.51% to 2.00% floor | Non-USD
Disclosure Details Of Loan Receivable Portfolio Based On Floor Rate [Line Items]
Loans receivable	315,028
1.51% to 2.00% floor | USD
Disclosure Details Of Loan Receivable Portfolio Based On Floor Rate [Line Items]
Loans receivable	683,184
2.01% or more floor
Disclosure Details Of Loan Receivable Portfolio Based On Floor Rate [Line Items]
Loans receivable	1,224,355
2.01% or more floor | Non-USD
Disclosure Details Of Loan Receivable Portfolio Based On Floor Rate [Line Items]
Loans receivable	0
2.01% or more floor | USD
Disclosure Details Of Loan Receivable Portfolio Based On Floor Rate [Line Items]
Loans receivable	$ 1,224,355

Loans Receivable, Net - Activit

Loans Receivable, Net - Activity Relating to Loans Receivable Portfolio (Detail) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021
Principal Balance
Beginning balance	$ 25,160,343
Loan fundings	715,507
Loan repayments and sales proceeds	(1,471,756)
Unrealized gain (loss) on foreign currency translation	186,811
Ending balance	24,590,905
Deferred Fees / Other Items
Beginning balance	(142,463)
Unrealized gain (loss) on foreign currency translation	(1,302)
Deferred fees and other items	(8,088)
Amortization of fees and other items	43,697
Ending balance	(108,156)
Net Book Value
Beginning balance	25,017,880
Loan fundings	715,507
Loan repayments and sales proceeds	(1,471,756)
Unrealized gain (loss) on foreign currency translation	185,509
Deferred fees and other items	(8,088)
Amortization of fees and other items	43,697
Ending balance	24,482,749
CECL reserve	(363,875)	$ (336,591)	$ (326,137)	$ (133,024)	$ (122,221)	$ (124,679)
Loans receivable, net	$ 24,118,874		$ 24,691,743

Loans Receivable, Net - Propert

Loans Receivable, Net - Property Type and Geographic Distribution of Properties Securing Loans in Portfolio (Detail) $ in Thousands	Jun. 30, 2023 USD ($) security_loan	Mar. 31, 2023 USD ($)	Dec. 31, 2022 USD ($) security_loan	Jun. 30, 2022 USD ($)	Mar. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans | security_loan	191		203
Net Book Value	$ 24,482,749		$ 25,017,880
CECL reserve	(363,875)	$ (336,591)	(326,137)	$ (133,024)	$ (122,221)	$ (124,679)
Loans receivable, net	24,118,874		24,691,743
Total Loan Exposure	25,755,473		26,810,281
Net Loan Exposure	$ 23,115,138		$ 23,659,183
Percentage of portfolio	100%		100%
Total loan exposure including non-consolidated senior interests	$ 1,200,000		$ 1,600,000
Net loan exposure, asset-specific debt	875,600		950,300
Net loan exposure, loan participations sold	$ 236,300		$ 224,700
Subtotal
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans | security_loan	151		160
Net Book Value	$ 16,093,465		$ 16,699,006
Total Loan Exposure	17,315,739		18,431,661
Net Loan Exposure	$ 14,986,759		$ 15,605,716
Percentage of portfolio	65%		66%
Sunbelt
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans | security_loan	70		75
Net Book Value	$ 5,922,987		$ 6,538,034
Total Loan Exposure	6,057,503		6,802,928
Net Loan Exposure	$ 5,772,894		$ 6,244,886
Percentage of portfolio	25%		27%
Northeast
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans | security_loan	34		36
Net Book Value	$ 5,423,738		$ 5,339,874
Total Loan Exposure	5,441,150		5,666,968
Net Loan Exposure	$ 4,508,193		$ 4,570,180
Percentage of portfolio	20%		19%
West
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans | security_loan	32		33
Net Book Value	$ 3,474,245		$ 3,515,517
Total Loan Exposure	4,540,222		4,547,946
Net Loan Exposure	$ 3,438,215		$ 3,486,343
Percentage of portfolio	15%		15%
Midwest
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans | security_loan	9		10
Net Book Value	$ 935,771		$ 987,718
Total Loan Exposure	936,400		1,091,882
Net Loan Exposure	$ 928,950		$ 984,151
Percentage of portfolio	4%		4%
Northwest
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans | security_loan	6		6
Net Book Value	$ 336,724		$ 317,863
Total Loan Exposure	340,464		321,937
Net Loan Exposure	$ 338,507		$ 320,156
Percentage of portfolio	1%		1%
Subtotal
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans | security_loan	40		43
Net Book Value	$ 8,389,284		$ 8,318,874
Total Loan Exposure	8,439,734		8,378,620
Net Loan Exposure	$ 8,128,379		$ 8,053,467
Percentage of portfolio	35%		34%
United Kingdom
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans | security_loan	23		23
Net Book Value	$ 3,578,515		$ 3,362,629
Total Loan Exposure	3,605,195		3,393,126
Net Loan Exposure	$ 3,349,450		$ 3,123,925
Percentage of portfolio	14%		13%
Australia
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans | security_loan	5		5
Net Book Value	$ 1,386,528		$ 1,405,601
Total Loan Exposure	1,396,424		1,417,318
Net Loan Exposure	$ 1,390,044		$ 1,408,565
Percentage of portfolio	6%		6%
Ireland
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans | security_loan	3		3
Net Book Value	$ 1,233,639		$ 1,192,220
Total Loan Exposure	1,239,285		1,199,406
Net Loan Exposure	$ 1,231,642		$ 1,197,892
Percentage of portfolio	5%		5%
Spain
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans | security_loan	3		4
Net Book Value	$ 1,120,469		$ 1,237,446
Total Loan Exposure	1,123,774		1,241,808
Net Loan Exposure	$ 1,085,076		$ 1,204,218
Percentage of portfolio	5%		5%
Sweden
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans | security_loan	1		1
Net Book Value	$ 456,280		$ 473,374
Total Loan Exposure	459,022		476,673
Net Loan Exposure	$ 458,668		$ 476,367
Percentage of portfolio	2%		2%
Canada
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans | security_loan			1
Net Book Value			$ 49,409
Total Loan Exposure			49,432
Net Loan Exposure			$ 49,398
Percentage of portfolio			0%
Other Europe
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans | security_loan	5		6
Net Book Value	$ 613,853		$ 598,195
Total Loan Exposure	616,034		600,857
Net Loan Exposure	$ 613,499		$ 593,102
Percentage of portfolio	3%		3%
Office
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans | security_loan	57		60
Net Book Value	$ 9,144,160		$ 9,082,946
Total Loan Exposure	9,946,592		10,023,495
Net Loan Exposure	$ 8,153,099		$ 8,099,334
Percentage of portfolio	35%		34%
Multifamily
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans | security_loan	78		80
Net Book Value	$ 6,074,837		$ 6,214,123
Total Loan Exposure	6,215,656		6,330,153
Net Loan Exposure	$ 6,031,007		$ 6,189,298
Percentage of portfolio	26%		26%
Hospitality
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans | security_loan	27		30
Net Book Value	$ 4,710,058		$ 4,879,314
Total Loan Exposure	4,733,603		4,908,583
Net Loan Exposure	$ 4,411,701		$ 4,552,404
Percentage of portfolio	19%		19%
Industrial
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans | security_loan	12		12
Net Book Value	$ 2,182,656		$ 2,140,636
Total Loan Exposure	2,196,620		2,236,716
Net Loan Exposure	$ 2,187,458		$ 2,150,501
Percentage of portfolio	9%		9%
Retail
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans | security_loan	7		9
Net Book Value	$ 859,300		$ 1,098,315
Total Loan Exposure	872,164		1,141,932
Net Loan Exposure	$ 848,347		$ 1,090,238
Percentage of portfolio	4%		5%
Life Sciences/Studio [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans | security_loan	4		4
Net Book Value	$ 394,179		$ 358,676
Total Loan Exposure	671,360		570,089
Net Loan Exposure	$ 394,696		$ 359,830
Percentage of portfolio	2%		2%
Other
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans | security_loan	6		8
Net Book Value	$ 1,117,559		$ 1,243,870
Total Loan Exposure	1,119,478		1,599,313
Net Loan Exposure	$ 1,088,830		$ 1,217,578
Percentage of portfolio	5%		5%

Loans Receivable, Net - Net Boo

Loans Receivable, Net - Net Book Value, Total Loan Exposure and Net Loan Exposure of Loans Receivable Based on Internal Risk Ratings (Detail) $ in Thousands	Jun. 30, 2023 USD ($) security_loan	Mar. 31, 2023 USD ($)	Dec. 31, 2022 USD ($) security_loan	Jun. 30, 2022 USD ($)	Mar. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans | security_loan	191		203
Net Book Value	$ 24,482,749		$ 25,017,880
CECL reserve	(363,875)	$ (336,591)	(326,137)	$ (133,024)	$ (122,221)	$ (124,679)
Loans receivable, net	24,118,874		24,691,743
Total Loan Exposure	25,755,473		26,810,281
Net Loan Exposure	23,115,138		23,659,183
Total loan exposure including non-consolidated senior interests	1,200,000		1,600,000
Net loan exposure, asset-specific debt	875,600		950,300
Net loan exposure, loan participations sold	$ 236,300		$ 224,700
1
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans | security_loan	14		17
Net Book Value	$ 1,079,927		$ 1,403,185
Total Loan Exposure	1,129,034		1,428,232
Net Loan Exposure	$ 1,080,883		$ 1,170,725
2
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans | security_loan	40		36
Net Book Value	$ 6,119,929		$ 5,880,424
Total Loan Exposure	6,702,386		6,562,852
Net Loan Exposure	$ 5,162,941		$ 5,292,933
3
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans | security_loan	115		134
Net Book Value	$ 13,058,671		$ 14,128,133
Total Loan Exposure	13,694,483		15,209,018
Net Loan Exposure	$ 12,914,436		$ 13,826,730
4
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans | security_loan	15		11
Net Book Value	$ 3,138,665		$ 2,677,027
Total Loan Exposure	3,143,646		2,680,145
Net Loan Exposure	$ 3,085,355		$ 2,628,539
5
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans | security_loan	7		5
Net Book Value	$ 1,085,557		$ 929,111
Total Loan Exposure	1,085,924		930,034
Net Loan Exposure	$ 871,523		$ 740,256

Loans Receivable, Net - Additio

Loans Receivable, Net - Additional Information (Detail) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2023 USD ($) loan security_loan	Mar. 31, 2023 USD ($)	Jun. 30, 2022 USD ($)	Mar. 31, 2022 USD ($)	Jun. 30, 2023 USD ($) loan security_loan	Dec. 31, 2022 USD ($) security_loan	Dec. 31, 2021 USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Weighted-average risk rating	2.9				2.9	2.9
Increase in CECL reserve	$ 27,284	$ 10,454	$ 10,803	$ (2,458)
CECL reserve	$ 363,875	336,591	133,024	122,221	$ 363,875	$ 326,137	$ 124,679
Number of loans | security_loan	191				191	203
Net book value	$ 24,118,874				$ 24,118,874	$ 24,691,743
Cash proceeds	$ 12,300
Number of loan modifications | loan	3
Loans held	$ 25,755,473				25,755,473	26,810,281
Payment Deferral
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loan modifications | loan	2
Extension term	6 months
Contributions to reserve account	$ 2,000
Interest rate increase	5.11%
Exit fee percentage	4%
Aggregate amortized cost basis of loans	$ 286,700
Percentage to aggregate loans receivable portfolio	1.20%
Extended Maturity and Interest Rate Reduction
Accounts, Notes, Loans and Financing Receivable [Line Items]
Contributions to reserve account	$ 4,900
Aggregate amortized cost basis of loans	$ 229,900
Percentage to aggregate loans receivable portfolio	0.90%
Repayment due by borrower at maturity period	$ 2,500
Extended Maturity
Accounts, Notes, Loans and Financing Receivable [Line Items]
Extension term	19 months
Contractual Interest Rate Reduction
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest rate reduction	2.74%
Unfunded Loan Commitment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Increase in CECL reserve	$ 523	(631)	2,180	(9)
CECL reserve	16,272	15,749	8,434	6,254	16,272	16,380	6,263
Unfunded loan commitments	3,009,727				3,009,727	$ 3,806,153
Unfunded Loan Commitment | Payment Deferral
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unfunded loan commitments	10,000				10,000
Unfunded Loan Commitment | Extended Maturity and Interest Rate Reduction
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unfunded loan commitments	$ 0				$ 0
Multifamily
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans | security_loan	78				78	80
Loans held	$ 6,215,656				$ 6,215,656	$ 6,330,153
Impaired loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Increase in CECL reserve	17,143	7,480	0	0
CECL reserve	214,401	197,258	54,874	54,874	214,401	189,778	54,874
Interest income					0
Impaired loans | Unfunded Loan Commitment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Increase in CECL reserve	0	0	0	0
CECL reserve	$ 0	$ 0	$ 0	$ 0	$ 0	0	$ 0
Impaired loans | One Loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans | loan	1				1
Interest income	$ 2,100
Impaired loans | Seven Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
CECL reserve	$ 214,400				$ 214,400
Number of loans | loan	7				7
Net book value	$ 1,100,000				$ 1,100,000
Joint Venture | Multifamily
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held	$ 798,600				$ 798,600	$ 795,600

Loans Receivable, Net - Sched_2

Loans Receivable, Net - Schedule Of Current Expected Credit Loss Reserve By Pool (Detail) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 336,591	$ 326,137	$ 122,221	$ 124,679
Increase (decrease) in CECL reserve	27,284	10,454	10,803	(2,458)
Ending balance	363,875	336,591	133,024	122,221
U.S. loans
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Beginning balance	73,194	67,880	26,241	26,885
Increase (decrease) in CECL reserve	1,199	5,314	7,070	(644)
Ending balance	74,393	73,194	33,311	26,241
Non-U.S. loans
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Beginning balance	19,696	22,519	10,209	10,263
Increase (decrease) in CECL reserve	9,296	(2,823)	1,135	(54)
Ending balance	28,992	19,696	11,344	10,209
Unique loans
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Beginning balance	46,443	45,960	30,897	32,657
Increase (decrease) in CECL reserve	(354)	483	2,598	(1,760)
Ending balance	46,089	46,443	33,495	30,897
Impaired loans
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Beginning balance	197,258	189,778	54,874	54,874
Increase (decrease) in CECL reserve	17,143	7,480	0	0
Ending balance	$ 214,401	$ 197,258	$ 54,874	$ 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	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable	$ 24,482,749		$ 25,017,880
CECL reserve	(363,875)	$ (336,591)	(326,137)	$ (133,024)	$ (122,221)	$ (124,679)
Loans receivable, net	24,118,874		24,691,743
Total loans receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year One	0		4,801,205
Year Two	4,992,311		10,486,491
Year Three	9,854,656		874,012
Year Four	900,989		3,779,023
Year Five	3,605,013		4,428,731
Prior	5,129,780		648,418
Loans receivable	24,482,749		25,017,880
U.S. loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year One	0		2,297,577
Year Two	2,406,676		8,082,061
Year Three	7,370,924		779,017
Year Four	804,149		1,220,686
Year Five	986,421		3,226,953
Prior	3,439,738		213,010
Loans receivable	15,007,908		15,819,304
Non-U.S. loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year One	0		1,568,347
Year Two	1,711,277		2,195,536
Year Three	2,187,655		94,995
Year Four	96,840		2,269,196
Year Five	2,357,675		86,706
Prior	85,118		0
Loans receivable	6,438,565		6,214,780
Unique loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year One	0		935,281
Year Two	874,358		0
Year Three	0		0
Year Four	0		289,141
Year Five	260,917		830,263
Prior	815,444		0
Loans receivable	1,950,719		2,054,685
CECL reserve	(46,089)	(46,443)	(45,960)	(33,495)	(30,897)	(32,657)
Impaired loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year One	0		0
Year Two	0		208,894
Year Three	296,077		0
Year Four	0		0
Year Five	0		284,809
Prior	789,480		435,408
Loans receivable	1,085,557		929,111
CECL reserve	(214,401)	$ (197,258)	(189,778)	$ (54,874)	$ (54,874)	$ (54,874)
1
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable	1,079,927		1,403,185
1 | Total loans receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year One	0		187,319
Year Two	151,081		563,426
Year Three	419,536		5,075
Year Four	39,902		231,894
Year Five	53,005		415,471
Prior	416,403		0
Loans receivable	1,079,927		1,403,185
1 | U.S. loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year One	0		145,152
Year Two	151,081		563,426
Year Three	419,536		5,075
Year Four	39,902		231,894
Year Five	53,005		415,471
Prior	416,403		0
Loans receivable	1,079,927		1,361,018
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	0		42,167
Year Two	0		0
Year Three	0		0
Year Four	0		0
Year Five	0		0
Prior	0		0
Loans receivable	0		42,167
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
2
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable	6,119,929		5,880,424
2 | Total loans receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year One	0		707,894
Year Two	1,261,408		2,351,559
Year Three	3,018,815		457,057
Year Four	129,053		1,185,193
Year Five	225,815		1,178,721
Prior	1,484,838		0
Loans receivable	6,119,929		5,880,424
2 | U.S. loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year One	0		117,314
Year Two	117,461		1,742,289
Year Three	2,035,067		362,062
Year Four	32,213		156,478
Year Five	225,815		1,178,721
Prior	1,484,838		0
Loans receivable	3,895,394		3,556,864
2 | Non-U.S. loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year One	0		590,580
Year Two	1,143,947		609,270
Year Three	983,748		94,995
Year Four	96,840		1,028,715
Year Five	0		0
Prior	0		0
Loans receivable	2,224,535		2,323,560
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
3
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable	13,058,671		14,128,133
3 | Total loans receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year One	0		3,905,992
Year Two	3,498,346		7,362,612
Year Three	5,305,331		411,880
Year Four	592,034		1,632,164
Year Five	2,971,504		735,162
Prior	691,456		80,323
Loans receivable	13,058,671		14,128,133
3 | U.S. loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year One	0		2,035,111
Year Two	2,056,658		5,776,346
Year Three	4,101,424		411,880
Year Four	592,034		735,772
Year Five	707,601		472,134
Prior	420,735		80,323
Loans receivable	7,878,452		9,511,566
3 | Non-U.S. loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year One	0		977,767
Year Two	567,330		1,586,266
Year Three	1,203,907		0
Year Four	0		896,392
Year Five	2,002,986		86,706
Prior	85,118		0
Loans receivable	3,859,341		3,547,131
3 | Unique loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year One	0		893,114
Year Two	874,358		0
Year Three	0		0
Year Four	0		0
Year Five	260,917		176,322
Prior	185,603		0
Loans receivable	1,320,878		1,069,436
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
4
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable	3,138,665		2,677,027
4 | Total loans receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year One	0		0
Year Two	81,476		0
Year Three	814,897		0
Year Four	140,000		729,772
Year Five	354,689		1,814,568
Prior	1,747,603		132,687
Loans receivable	3,138,665		2,677,027
4 | U.S. loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year One	0		0
Year Two	81,476		0
Year Three	814,897		0
Year Four	140,000		96,542
Year Five	0		1,160,627
Prior	1,117,762		132,687
Loans receivable	2,154,135		1,389,856
4 | 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		344,089
Year Five	354,689		0
Prior	0		0
Loans receivable	354,689		344,089
4 | 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		289,141
Year Five	0		653,941
Prior	629,841		0
Loans receivable	629,841		943,082
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
5
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable	1,085,557		929,111
5 | Total loans receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year One	0		0
Year Two	0		208,894
Year Three	296,077		0
Year Four	0		0
Year Five	0		284,809
Prior	789,480		435,408
Loans receivable	1,085,557		929,111
5 | 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 | Non-U.S. loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year One	0		0
Year Two	0		0
Year Three	0		0
Year Four	0		0
Year Five	0		0
Prior	0		0
Loans receivable	0		0
5 | Unique loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year One	0		0
Year Two	0		0
Year Three	0		0
Year Four	0		0
Year Five	0		0
Prior	0		0
Loans receivable	0		0
5 | Impaired loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year One	0		0
Year Two	0		208,894
Year Three	296,077		0
Year Four	0		0
Year Five	0		284,809
Prior	789,480		435,408
Loans receivable	$ 1,085,557		$ 929,111

Other Assets and Liabilities -

Other Assets and Liabilities - Summary of Components of Other Assets (Detail) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Deferred Costs, Capitalized, Prepaid, Other Assets and Other Liabilities Disclosure [Abstract]
Accrued interest receivable	$ 188,844	$ 189,569
Loan portfolio payments held by servicer	49,087	68,489
Derivative assets	12,689	7,349
Collateral deposited under derivative agreements	9,020	103,110
Accounts receivable and other assets	674	1,318
Prepaid expenses	592	1,067
Total	$ 260,906	$ 370,902

Other Assets and Liabilities _2

Other Assets and Liabilities - Summary of Components of Other Liabilities (Detail) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Related Party Transaction [Line Items]
Accrued dividends payable	$ 106,832	$ 106,455
Accrued interest payable	72,594	80,263
Secured debt repayments pending servicer remittance	36,815	60,585
Derivative liabilities	19,962	119,665
Current expected credit loss reserve for unfunded loan commitments	16,272	16,380
Accounts payable and other liabilities	8,717	9,726
Other liabilities	294,007	426,904
Related Party
Related Party Transaction [Line Items]
Accrued management and incentive fees payable	$ 32,815	$ 33,830

Other Assets and Liabilities _3

Other Assets and Liabilities - Additional Information (Detail) - Unfunded Loan Commitments $ in Thousands	Jun. 30, 2023 USD ($) loan	Dec. 31, 2022 USD ($)
Financing Receivable, Allowance for Credit Loss [Line Items]
Unfunded loan commitments | $	$ 3,009,727	$ 3,806,153
Number of loans receivable | loan	105

Other Assets and Liabilities _4

Other Assets and Liabilities - Summary of Unfunded Loan Commitment (Detail) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 336,591	$ 326,137	$ 122,221	$ 124,679
Increase (decrease) in CECL reserve	27,284	10,454	10,803	(2,458)
Ending balance	363,875	336,591	133,024	122,221
U.S. loans
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Beginning balance	73,194	67,880	26,241	26,885
Increase (decrease) in CECL reserve	1,199	5,314	7,070	(644)
Ending balance	74,393	73,194	33,311	26,241
Non-U.S. loans
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Beginning balance	19,696	22,519	10,209	10,263
Increase (decrease) in CECL reserve	9,296	(2,823)	1,135	(54)
Ending balance	28,992	19,696	11,344	10,209
Unfunded Loan Commitment
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Beginning balance	15,749	16,380	6,254	6,263
Increase (decrease) in CECL reserve	523	(631)	2,180	(9)
Ending balance	16,272	15,749	8,434	6,254
Unfunded Loan Commitment | U.S. loans
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Beginning balance	11,600	11,748	4,281	4,072
Increase (decrease) in CECL reserve	(404)	(148)	2,042	209
Ending balance	11,196	11,600	6,323	4,281
Unfunded Loan Commitment | Non-U.S. loans
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Beginning balance	4,149	4,632	1,973	2,191
Increase (decrease) in CECL reserve	927	(483)	138	(218)
Ending balance	5,076	4,149	2,111	1,973
Unique loans
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Beginning balance	46,443	45,960	30,897	32,657
Increase (decrease) in CECL reserve	(354)	483	2,598	(1,760)
Ending balance	46,089	46,443	33,495	30,897
Unique loans | Unfunded Loan Commitment
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Beginning balance	0	0	0	0
Increase (decrease) in CECL reserve	0	0	0	0
Ending balance	0	0	0	0
Impaired loans
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Beginning balance	197,258	189,778	54,874	54,874
Increase (decrease) in CECL reserve	17,143	7,480	0	0
Ending balance	214,401	197,258	54,874	54,874
Impaired loans | Unfunded Loan Commitment
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Beginning balance	0	0	0	0
Increase (decrease) in CECL reserve	0	0	0	0
Ending balance	$ 0	$ 0	$ 0	$ 0

Secured Debt, Net - Additional

Secured Debt, Net - Additional Information (Detail)	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) lender	Jun. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)
Debt Instrument [Line Items]
Interest expense	$ 344,549,000	$ 136,619,000	$ 661,746,000	$ 237,333,000
Covenants, minimum tangible net worth	$ 3,600,000,000		$ 3,600,000,000
Covenants, percentage of recourse indebtedness	0.05		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		$ 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		0.8333
Secured credit facilities | Line of Credit
Debt Instrument [Line Items]
New borrowings			$ 69,306,000		$ 3,350,146,000
Collateral	$ 19,350,114,000		$ 19,350,114,000		19,694,790,000
Number of lenders | lender			15
Remaining borrowing capacity	1,300,000,000		$ 1,300,000,000
Borrowings	13,451,427,000		13,451,427,000		13,549,748,000
Secured credit facilities | Line of Credit | New Borrowings
Debt Instrument [Line Items]
New borrowings			73,900,000
Collateral	92,400,000		92,400,000
Acquisition facility | Line of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity	100,000,000		100,000,000
Borrowings	$ 0		0		0
Interest expense			447,000		1,200,000
Amortization of deferred fees and expenses			$ 136,000		$ 333,000

Secured Debt, Net - Schedule of

Secured Debt, Net - Schedule of Secured Debt Agreements (Detail) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Net book value	$ 17,173,263
Line of Credit
Debt Instrument [Line Items]
Total secured debt	13,451,427	$ 13,549,748
Debt Issuance Costs, Net	(20,388)	(21,584)
Net book value	13,431,039	13,528,164
Secured credit facilities | Line of Credit
Debt Instrument [Line Items]
Total secured debt	13,451,427	13,549,748
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	6 Months Ended
	Jun. 30, 2023 USD ($) lender	Dec. 31, 2022 USD ($)
Schedule Of Secured Credit Facilities [Line Items]
Lenders | lender	15
Borrowings | $	$ 13,451,427	$ 13,549,748
Loan Count | lender	178
Collateral | $	$ 19,350,114	$ 19,694,790
Recourse Limitation Wtd. Avg. (percentage)	34%
Others
Schedule Of Secured Credit Facilities [Line Items]
Lenders | lender	4
Borrowings | $	$ 1,601,966
Loan Count | lender	7
Collateral | $	$ 2,022,823
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 | $	$ 7,269,836
Loan Count | lender	138
Collateral | $	$ 11,207,372
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 | $	$ 2,486,823
Loan Count | lender	22
Collateral | $	$ 3,306,552
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 | $	$ 2,092,802
Loan Count | lender	11
Collateral | $	$ 2,813,367
Recourse Limitation Wtd. Avg. (percentage)	41%
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	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Schedule Of All In Cost Of Secured Credit Facilities [Line Items]
New Financings	$ 69,306	$ 3,350,146
Total Borrowings	$ 13,451,427	$ 13,549,748
Wtd. Avg. All-in Cost (percentage)	1.89%	1.85%
Collateral	$ 19,350,114	$ 19,694,790
Wtd. Avg. All-in Yield (percentage)	3.68%	3.70%
Net Interest Margin (percentage)	1.79%	1.85%
+ 1.50% or less
Schedule Of All In Cost Of Secured Credit Facilities [Line Items]
New Financings	$ 0	$ 1,329,508
Total Borrowings	$ 5,948,547	$ 7,433,204
Wtd. Avg. All-in Cost (percentage)	1.54%	1.53%
Collateral	$ 8,579,535	$ 10,465,647
Wtd. Avg. All-in Yield (percentage)	3.27%	3.24%
Net Interest Margin (percentage)	1.73%	1.71%
+ 1.51% to + 1.75%
Schedule Of All In Cost Of Secured Credit Facilities [Line Items]
New Financings	$ 0	$ 368,265
Total Borrowings	$ 2,968,963	$ 2,246,223
Wtd. Avg. All-in Cost (percentage)	1.83%	1.88%
Collateral	$ 4,194,995	$ 3,538,815
Wtd. Avg. All-in Yield (percentage)	3.57%	3.73%
Net Interest Margin (percentage)	1.74%	1.85%
+ 1.76% to + 2.00%
Schedule Of All In Cost Of Secured Credit Facilities [Line Items]
New Financings	$ 0	$ 405,723
Total Borrowings	$ 1,919,615	$ 1,514,541
Wtd. Avg. All-in Cost (percentage)	2.13%	2.16%
Collateral	$ 2,977,246	$ 2,483,240
Wtd. Avg. All-in Yield (percentage)	4.02%	4.14%
Net Interest Margin (percentage)	1.89%	1.98%
+ 2.01% or more
Schedule Of All In Cost Of Secured Credit Facilities [Line Items]
New Financings	$ 69,306	$ 1,246,650
Total Borrowings	$ 2,614,302	$ 2,355,780
Wtd. Avg. All-in Cost (percentage)	2.61%	2.63%
Collateral	$ 3,598,338	$ 3,207,088
Wtd. Avg. All-in Yield (percentage)	4.59%	4.78%
Net Interest Margin (percentage)	1.98%	2.15%

Securitized Debt Obligations,_3

Securitized Debt Obligations, Net - Schedule of Information on Securitized Debt Obligations (Detail) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) loan	Jun. 30, 2022 USD ($)	Dec. 31, 2022 USD ($) loan
Debt Instrument [Line Items]
Interest expense on securitized debt obligations	$ 43,300	$ 15,500	$ 83,100	$ 26,500
Senior CLO Securities Outstanding
Debt Instrument [Line Items]
Count | loan			3		3
Principal Balance	2,671,734		$ 2,671,734		$ 2,673,541
Book Value	2,666,414		$ 2,666,414		$ 2,664,010
Senior CLO Securities Outstanding | 2021 FL4 Collateralized Loan Obligation
Debt Instrument [Line Items]
Count | loan			1		1
Principal Balance	803,750		$ 803,750		$ 803,750
Book Value	800,779		$ 800,779		$ 799,626
Senior CLO Securities Outstanding | 2020 FL3 Collateralized Loan Obligation
Debt Instrument [Line Items]
Count | loan			1		1
Principal Balance	808,750		$ 808,750		$ 808,750
Book Value	808,171		$ 808,171		$ 806,757
Senior CLO Securities Outstanding | 2020 FL2 Collateralized Loan Obligation
Debt Instrument [Line Items]
Count | loan			1		1
Principal Balance	1,059,234		$ 1,059,234		$ 1,061,041
Book Value	1,057,464		$ 1,057,464		$ 1,057,627
Underlying Collateral Assets
Debt Instrument [Line Items]
Count | loan			61		63
Principal Balance	3,316,109		$ 3,316,109		$ 3,317,916
Book Value	3,316,109		$ 3,316,109		$ 3,317,916
Underlying Collateral Assets | 2021 FL4 Collateralized Loan Obligation
Debt Instrument [Line Items]
Count | loan			28		30
Principal Balance	1,000,000		$ 1,000,000		$ 1,000,000
Book Value	1,000,000		$ 1,000,000		$ 1,000,000
Underlying Collateral Assets | 2020 FL3 Collateralized Loan Obligation
Debt Instrument [Line Items]
Count | loan			16		16
Principal Balance	1,000,000		$ 1,000,000		$ 1,000,000
Book Value	1,000,000		$ 1,000,000		$ 1,000,000
Underlying Collateral Assets | 2020 FL2 Collateralized Loan Obligation
Debt Instrument [Line Items]
Count | loan			17		17
Principal Balance	1,316,109		$ 1,316,109		$ 1,317,916
Book Value	$ 1,316,109		$ 1,316,109		$ 1,317,916
LIBOR | Senior CLO Securities Outstanding
Debt Instrument [Line Items]
Wtd. Avg. Yield/Cost			1.77%		1.73%
LIBOR | Senior CLO Securities Outstanding | 2021 FL4 Collateralized Loan Obligation
Debt Instrument [Line Items]
Wtd. Avg. Yield/Cost			1.69%		1.57%
LIBOR | Senior CLO Securities Outstanding | 2020 FL3 Collateralized Loan Obligation
Debt Instrument [Line Items]
Wtd. Avg. Yield/Cost			2.15%		2.14%
LIBOR | Senior CLO Securities Outstanding | 2020 FL2 Collateralized Loan Obligation
Debt Instrument [Line Items]
Wtd. Avg. Yield/Cost			1.55%		1.55%
LIBOR | Underlying Collateral Assets
Debt Instrument [Line Items]
Wtd. Avg. Yield/Cost			3.25%		3.38%
LIBOR | Underlying Collateral Assets | 2021 FL4 Collateralized Loan Obligation
Debt Instrument [Line Items]
Wtd. Avg. Yield/Cost			3.46%		3.47%
LIBOR | Underlying Collateral Assets | 2020 FL3 Collateralized Loan Obligation
Debt Instrument [Line Items]
Wtd. Avg. Yield/Cost			3.07%		3.25%
LIBOR | Underlying Collateral Assets | 2020 FL2 Collateralized Loan Obligation
Debt Instrument [Line Items]
Wtd. Avg. Yield/Cost			3.25%		3.42%

Asset-Specific Debt, Net (Detai

Asset-Specific Debt, Net (Detail) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2023 USD ($) security_loan	Dec. 31, 2022 USD ($) security_loan
Financing provided
Participating Mortgage Loans [Line Items]
Count | security_loan	2	4
Financing provided, Principal Balance	$ 875,616	$ 950,278
Financing provided, Book Value	$ 870,147	$ 942,503
Financing provided | LIBOR
Participating Mortgage Loans [Line Items]
Wtd. Avg. Yield/Cost	3.25%	3.29%
Collateral assets
Participating Mortgage Loans [Line Items]
Count | security_loan	2	4
Collateral assets, Principal Balance	$ 1,040,020	$ 1,094,450
Collateral assets, Book Value	$ 1,030,689	$ 1,081,035
Collateral assets | LIBOR
Participating Mortgage Loans [Line Items]
Wtd. Avg. Yield/Cost	4.01%	4.73%

Loan Participations Sold, Net_2

Loan Participations Sold, Net (Details) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) security_loan	Jun. 30, 2022 USD ($)	Dec. 31, 2022 USD ($) security_loan
Participating Mortgage Loans [Line Items]
Principal Balance	$ 236,276		$ 236,276		$ 224,744
Book Value	235,857		235,857		$ 224,232
Interest expense	344,549	$ 136,619	$ 661,746	$ 237,333
Senior Participation
Participating Mortgage Loans [Line Items]
Count | security_loan			1		1
Principal Balance	236,276		$ 236,276		$ 224,744
Book Value	235,857		235,857		$ 224,232
Interest expense	$ 4,200	$ 2,200	$ 8,000	$ 2,400
Senior Participation | LIBOR
Participating Mortgage Loans [Line Items]
Weighted Average Yield/Cost Rate	3.22%		3.22%		3.22%
Total Loan
Participating Mortgage Loans [Line Items]
Count | security_loan			1		1
Principal Balance	$ 295,345		$ 295,345		$ 280,930
Book Value	$ 293,639		$ 293,639		$ 278,843
Total Loan | LIBOR
Participating Mortgage Loans [Line Items]
Weighted Average Yield/Cost Rate	4.86%		4.86%		4.86%

Term Loans, Net - Schedule of D

Term Loans, Net - Schedule of Debt (Detail) $ in Thousands	6 Months Ended
	Jun. 30, 2023 USD ($)
Secured term loans, net
Debt Instrument [Line Items]
Face value	$ 2,146,220
B-1 Term Loan
Debt Instrument [Line Items]
Face value	$ 915,609
All-in Cost	2.65%
B-1 Term Loan | LIBOR
Debt Instrument [Line Items]
Interest Rate	2.36%
B-3 Term Loan
Debt Instrument [Line Items]
Face value	$ 413,055
Interest Rate	0.50%
All-in Cost	3.54%
B-3 Term Loan | LIBOR
Debt Instrument [Line Items]
Interest Rate	2.86%
B-4 Term Loan
Debt Instrument [Line Items]
Face value	$ 817,556
Interest Rate	0.50%
All-in Cost	4.11%
B-4 Term Loan | SOFR
Debt Instrument [Line Items]
Interest Rate	3.50%

Term Loans, Net - Additional In

Term Loans, Net - Additional Information (Detail) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2023 USD ($)	Jun. 30, 2023 USD ($)
Debt Instrument [Line Items]
Secured term loan percentage of partially amortizing		1%
Term Loans
Debt Instrument [Line Items]
Secured term loan percentage of partially amortizing		1%
Interest expense on debt	$ 44.9	$ 86.8
Amortization of deferred fees and expenses	$ 2.3	$ 4.6
Total debt to total assets ratio	0.8333	0.8333
B-1 Term Loan
Debt Instrument [Line Items]
Discount upon issuance of secured term loan	$ 3.1	$ 3.1
Secured term loan transaction expenses	12.6	12.6
B-3 Term Loan
Debt Instrument [Line Items]
Discount upon issuance of secured term loan	9.6	9.6
Secured term loan transaction expenses	5.4	5.4
B-4 Term Loan
Debt Instrument [Line Items]
Discount upon issuance of secured term loan	17.3	17.3
Secured term loan transaction expenses	$ 10.3	$ 10.3

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	Jun. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Face Value	$ 2,146,220	$ 2,157,218
Deferred financing costs and unamortized discount	(38,205)	(42,669)
Net book value	$ 2,108,015	$ 2,114,549

Senior Secured Notes, Net - Sch

Senior Secured Notes, Net - Schedule of Senior Secured Notes (Details) - Senior Secured Notes - USD ($)	Jun. 30, 2023	Dec. 31, 2022
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 Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2023 USD ($)	Jun. 30, 2023 USD ($)
Debt Instrument [Line Items]
Transaction expenses	$ 6,300	$ 6,300
Interest expense on debt	4,000	8,100
Amortization of deferred fees and expenses	$ 299	$ 594
Total debt to total assets ratio	0.8333	0.8333
Total unencumbered assets to total unsecured debt ratio	1.20	1.20

Senior Secured Notes, Net - S_2

Senior Secured Notes, Net - Schedule of Net Book Value (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Net book value	$ 17,173,263
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	(4,240)	(4,834)
Net book value	$ 395,760	$ 395,166

Convertible Notes, Net - Additi

Convertible Notes, Net - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Debt Instrument [Line Items]
Repayments of convertible notes	$ 220,000	$ 402,500
Share price (in dollars per share)	$ 20.81
Accrued interest payable	$ 72,594		$ 80,263
4.75% Convertible Senior Notes
Debt Instrument [Line Items]
Repayments of convertible notes	220,000
Convertible Senior Notes
Debt Instrument [Line Items]
Accrued interest payable	$ 4,900		$ 7,900

Convertible Notes, Net - Summar

Convertible Notes, Net - Summary of Outstanding Convertible Senior Notes (Detail) - 5.50% Convertible Senior Notes	6 Months Ended
	Jun. 30, 2023 USD ($) $ / shares
Debt Instrument [Line Items]
Face Value	$ 300,000,000
Interest Rate	5.50%
All-in Cost	5.94%
Conversion Rate	27.5702
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

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	Jun. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Face Value	$ 300,000	$ 520,000
Deferred financing costs and unamortized discount	(4,792)	(5,743)
Net book value	$ 295,208	$ 514,257

Convertible Notes, Net - Summ_3

Convertible Notes, Net - Summary of Details about Interest Expense (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Debt Instrument [Line Items]
Discount and issuance cost amortization			$ 29,605	$ 22,059
Convertible notes, net
Debt Instrument [Line Items]
Cash coupon	$ 4,125	$ 8,132	10,389	15,384
Discount and issuance cost amortization	319	790	950	1,578
Total interest expense	$ 4,444	$ 8,922	$ 11,339	$ 16,962

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	Jun. 30, 2023 SEK (kr) derivative_instrument	Jun. 30, 2023 GBP (£) derivative_instrument	Jun. 30, 2023 EUR (€) derivative_instrument	Jun. 30, 2023 AUD ($) derivative_instrument	Jun. 30, 2023 DKK (kr) derivative_instrument	Jun. 30, 2023 CAD ($) derivative_instrument	Jun. 30, 2023 CHF (SFr) derivative_instrument	Dec. 31, 2022 SEK (kr) derivative_instrument	Dec. 31, 2022 GBP (£) derivative_instrument	Dec. 31, 2022 EUR (€) derivative_instrument	Dec. 31, 2022 AUD ($) derivative_instrument	Dec. 31, 2022 DKK (kr) derivative_instrument	Dec. 31, 2022 CAD ($) derivative_instrument	Dec. 31, 2022 CHF (SFr) derivative_instrument
Buy USD / Sell SEK Forward
Derivative [Line Items]
Number of Instruments	2	2	2	2	2	2	2	2	2	2	2	2	2	2
Notional Amount | kr	kr 1,004,507							kr 1,003,626
Buy USD / Sell GBP Forward
Derivative [Line Items]
Number of Instruments	5	5	5	5	5	5	5	6	6	6	6	6	6	6
Notional Amount | £		£ 706,195							£ 690,912
Buy USD / Sell EUR Forward
Derivative [Line Items]
Number of Instruments	7	7	7	7	7	7	7	8	8	8	8	8	8	8
Notional Amount | €			€ 684,078							€ 722,311
Buy USD / Sell AUD Forward
Derivative [Line Items]
Number of Instruments	5	5	5	5	5	5	5	8	8	8	8	8	8	8
Notional Amount | $				$ 452,074							$ 541,813
Buy USD / Sell DKK Forward
Derivative [Line Items]
Number of Instruments	2	2	2	2	2	2	2	3	3	3	3	3	3	3
Notional Amount | kr					kr 195,656							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	2
Notional Amount | $						$ 22,189							$ 22,187
Buy USD / Sell CHF Forward
Derivative [Line Items]
Number of Instruments	4	4	4	4	4	4	4	2	2	2	2	2	2	2
Notional Amount | SFr							SFr 7,116							SFr 5,263

Derivative Financial Instrume_4

Derivative Financial Instruments - Summary of Non-designated Hedges (Detail) - Derivatives not designated as hedging instruments € in Thousands, £ in Thousands, $ in Thousands	Jun. 30, 2023 GBP (£) derivative_instrument	Jun. 30, 2023 EUR (€) derivative_instrument	Dec. 31, 2022 GBP (£) derivative_instrument	Dec. 31, 2022 AUD ($) derivative_instrument
Buy GBP / Sell USD Forward
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Number of Instruments	2	2	2	2
Notional Amount | £	£ 24,400		£ 109,076
Buy USD / Sell GBP Forward
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Number of Instruments	2	2	2	2
Notional Amount | £	£ 24,400		£ 109,076
Buy EUR / Sell USD Forward
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Number of Instruments	2	2
Notional Amount | €		€ 17,500
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 EUR Forward
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Number of Instruments	2	2
Notional Amount | €		€ 17,500
Buy USD / Sell AUD Forward
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Number of Instruments			1	1
Notional Amount | $				$ 23,600

Derivative Financial Instrume_5

Derivative Financial Instruments - Summary of Outstanding Interest Rate Derivatives Designated as Cash Flow Hedges of Interest Rate Risk (Detail) - Interest Rate Swaps $ in Thousands	6 Months Ended
	Jun. 30, 2023 USD ($) derivative_instrument
Derivative [Line Items]
Notional Amount	$ 229,900
Cash Flow Hedges | Designated Hedges
Derivative [Line Items]
Number of Instruments | derivative_instrument	1
Notional Amount	$ 229,858
Fixed Rate	4.60%
Wtd. Avg. Maturity (Years)	1 year 4 months 24 days

Derivative Financial Instrume_6

Derivative Financial Instruments - Schedule of Derivative Instruments in Statement of Operations (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Derivative Instruments, Gain (Loss) [Line Items]
Increase (Decrease) to Net Interest Income Recognized from Derivatives			$ (1,366)	$ 713
Foreign Exchange Forward
Derivative Instruments, Gain (Loss) [Line Items]
Increase (Decrease) to Net Interest Income Recognized from Derivatives	$ 7,155	$ 3,286	15,560	5,039
Designated Hedges | Foreign Exchange Forward | Interest Income
Derivative Instruments, Gain (Loss) [Line Items]
Increase (Decrease) to Net Interest Income Recognized from Derivatives	7,072	3,238	15,479	4,982
Designated Hedges | Foreign Exchange Forward | Interest Expense
Derivative Instruments, Gain (Loss) [Line Items]
Increase (Decrease) to Net Interest Income Recognized from Derivatives	75	0	75	0
Non-Designated Hedges | Foreign Exchange Forward | Interest Income
Derivative Instruments, Gain (Loss) [Line Items]
Increase (Decrease) to Net Interest Income Recognized from Derivatives	51	(7)	68	(8)
Non-Designated Hedges | Foreign Exchange Forward | Interest Expense
Derivative Instruments, Gain (Loss) [Line Items]
Increase (Decrease) to Net Interest Income Recognized from Derivatives	$ (43)	$ 55	$ (62)	$ 65

Derivative Financial Instrume_7

Derivative Financial Instruments - Summary of Fair Value of Derivative Financial Instruments (Detail) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative assets	$ 12,689	$ 7,349
Derivative liabilities	19,962	119,665
Derivatives designated as hedging instruments
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative assets	12,448	501
Derivative liabilities	19,087	111,573
Derivatives designated as hedging instruments | Foreign exchange contracts
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative assets	11,060	501
Derivative liabilities	19,087	111,573
Derivatives designated as hedging instruments | Interest rate derivatives
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative assets	1,388	0
Derivative liabilities	0	0
Derivatives not designated as hedging instruments
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative assets	241	6,848
Derivative liabilities	875	8,092
Derivatives not designated as hedging instruments | Foreign exchange contracts
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative assets	241	6,848
Derivative liabilities	875	8,092
Derivatives not designated as hedging instruments | Interest rate derivatives
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative assets	0	0
Derivative liabilities	$ 0	$ 0

Derivative Financial Instrume_8

Derivative Financial Instruments - Summary of Effect of Derivative Financial Instruments on Consolidated Statements of Operations (Detail) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2023
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Amount of Gain (Loss) Recognized in OCI on Derivatives	$ (25,557)	$ (49,609)
Amount of Loss Reclassified from Accumulated OCI into Income	0	0
Net Investment Hedges | Foreign exchange contracts
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Amount of Gain (Loss) Recognized in OCI on Derivatives	(26,945)	(50,997)
Amount of Loss Reclassified from Accumulated OCI into Income	0	0
Net cash settlements on our foreign currency forward contracts	7,800	139,200
Cash Flow Hedges | Interest rate derivatives
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Amount of Gain (Loss) Recognized in OCI on Derivatives	1,388	1,388
Amount of Loss Reclassified from Accumulated OCI into Income	$ 0	$ 0

Derivative Financial Instrume_9

Derivative Financial Instruments - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2023	Jun. 30, 2024	Dec. 31, 2022
Derivative [Line Items]
Decrease to interest expense from reclassification out of AOCI	$ 0	$ 0
Collateral deposited under derivative agreements	$ 9,020	$ 9,020		$ 103,110
Forecast
Derivative [Line Items]
Decrease to interest expense from reclassification out of AOCI			$ 1,400

Equity - Additional Information

Equity - Additional Information (Detail) $ / shares in Units, $ in Thousands		3 Months Ended				6 Months Ended
	Jun. 15, 2023 USD ($) $ / shares	Jun. 30, 2023 USD ($) shares	Mar. 31, 2023 USD ($)	Jun. 30, 2022 USD ($)	Mar. 31, 2022 USD ($)	Jun. 30, 2023 USD ($) agreement shares	Jun. 30, 2022 USD ($) shares	Dec. 31, 2022 USD ($) shares	Mar. 25, 2014 shares
Class of Stock [Line Items]
Shares authorized (in shares) | shares		500,000,000				500,000,000
Common stock, shares authorized (in shares) | shares		400,000,000				400,000,000		400,000,000
Preferred stock, shares authorized (in shares) | shares		100,000,000				100,000,000
Preferred stock, shares issued (in shares) | shares		0				0		0
Preferred stock, shares outstanding (in shares) | shares		0				0		0
Common stock, shares issued under dividend reinvestment program (in shares) | shares						3,613	3,420
Dividends paid per common stock (in dollars per share) | $ / shares	$ 0.62
Total dividends declared	$ 106,800	$ 107,028	$ 107,072	$ 105,812	$ 105,801	$ 214,100	$ 211,613
Accumulated other comprehensive income		10,740				10,740		$ 10,022
Net realized and unrealized gains related to changes in fair value of derivative instruments		210,100				210,100		259,800
Cumulative unrealized currency translation adjustment on assets and liabilities denominated in foreign currencies		199,400				199,400		249,800
Joint Venture | Multifamily
Class of Stock [Line Items]
Total equity		170,200				170,200		169,400
Equity interests owned		144,700				144,700		144,000
Non-controlling interests		$ 25,500				$ 25,500		$ 25,400
Dividend Reinvestment and Direct Stock Purchase Plan
Class of Stock [Line Items]
Common shares reserved for issuance (in shares) | shares		9,977,935				9,977,935			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						0	1,675,000
Shares sold							$ 52,200
Aggregate sales price remaining available		$ 480,900				$ 480,900
Class A Common Stock
Class of Stock [Line Items]
Common stock, shares authorized (in shares) | shares		400,000,000				400,000,000

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	6 Months Ended
	May 31, 2013	Jun. 30, 2023	Jun. 30, 2022
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)		172,106,593	168,543,370
Issuance of class A common stock (in shares)	25,875,000	3,613	1,678,420
Issuance of restricted class A common stock, net (in shares)		505,432	436,831
Issuance of deferred stock units (in shares)		34,126	27,455
Ending balance (in shares)		172,649,764	170,686,076
Deferred stock units held by directors (in shares)		339,702	391,027
Common stock, shares issued under dividend reinvestment program (in shares)		3,613	3,420
Restricted Class A Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares forfeited (in shares)		0	4,000
Director | Restricted Class A Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of class A common stock (in shares)		25,482	13,197

Equity - Schedule of Dividend A

Equity - Schedule of Dividend Activity (Detail) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended				6 Months Ended
	Jun. 15, 2023	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022
Class of Stock [Line Items]
Dividends declared per share of common stock (in dollars per share)		$ 0.62	$ 0.62	$ 0.62	$ 0.62	$ 1.24	$ 1.24
Deferred stock unit dividends declared		$ 196		$ 229		$ 452	$ 455
Total dividends declared	$ 106,800	107,028	$ 107,072	105,812	$ 105,801	214,100	211,613
Class A Common Stock
Class of Stock [Line Items]
Class A common stock dividends declared		$ 106,832		$ 105,583		$ 213,648	$ 211,158

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	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Basic Earnings
Net income	$ 101,651	$ 93,250	$ 219,408	$ 192,937
Weighted-average shares outstanding, basic (in shares)	172,615,385	170,665,601	172,606,914	169,963,730
Per share amount, basic (in dollars per share)	$ 0.59	$ 0.55	$ 1.27	$ 1.14
Diluted Earnings
Net income	$ 101,651	$ 93,250	$ 219,408	$ 192,937
Add back: Interest expense on Convertible Notes, net	3,556	5,913	7,111	8,313
Diluted earnings	$ 105,207	$ 99,163	$ 226,519	$ 201,250
Weighted-average shares outstanding, basic (in shares)	172,615,385	170,665,601	172,606,914	169,963,730
Effect of dilutive securities - Convertible Notes (in shares)	8,271,060	14,344,204	8,271,060	10,368,611
Weighted-average common shares outstanding, diluted (in shares)	180,886,445	185,009,805	180,877,974	180,332,341
Per share amount, diluted (in dollars per share)	$ 0.58	$ 0.54	$ 1.25	$ 1.12
5.50% Convertible Senior Notes
Diluted Earnings
Effect of dilutive securities - Convertible Notes (in shares)	8,300,000	8,300,000	8,300,000	8,300,000
4.75% Convertible Senior Notes
Diluted Earnings
Effect of dilutive securities - Convertible Notes (in shares)		6,100,000		6,100,000

Other Expenses - Additional Inf

Other Expenses - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Management fees	$ 32,815	$ 27,065	$ 63,865	$ 50,551
Manager
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Management base fee percentage	1.50%		1.50%
Management incentive fee percentage	20%		20%
Management core earnings fee percentage	7%		7%
Management core earnings fee measurement period (in years)			3 years
Management core earnings fee minimum threshold			0%
Management fees	$ 18,600	18,200	$ 37,200	36,300
Total incentive compensation payments	14,200	$ 8,800	26,700	$ 14,300
Accrued management and incentive fees payable	$ 32,800		$ 32,800		$ 33,800

Other Expenses - Schedule of Ge

Other Expenses - Schedule of General and Administrative Expenses (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Professional services	$ 3,291	$ 2,693	$ 6,570	$ 5,390
Operating and other costs	2,066	1,298	3,997	2,311
Subtotal	5,357	3,991	10,567	7,701
Non-cash compensation expenses
Restricted class A common stock earned	7,492	8,245	14,984	16,723
Director stock-based compensation	173	173	336	345
Subtotal	7,665	8,418	15,320	17,068
Total general and administrative expenses	13,022	12,409	25,887	24,769
Multifamily | Joint Venture
Non-cash compensation expenses
Expenses related to multifamily joint venture	$ 288	$ 227	$ 596	$ 544

Income Taxes (Detail)

Income Taxes (Detail) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		6 Months Ended
	May 31, 2013	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Tax Disclosure [Abstract]
Income tax provision		$ 1,202	$ 746	$ 3,095	$ 892
Shares issued (in shares)	25,875,000			3,613	1,678,420
NOL limitation per annum		2,000		$ 2,000
Net operating losses carried forward		$ 159,000		$ 159,000

Stock-Based Incentive Plans - A

Stock-Based Incentive Plans - Additional Information (Detail) $ in Millions	6 Months Ended
	Jun. 30, 2023 USD ($) plan shares	Dec. 31, 2022 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)	1,826,571	1,883,784
Unrecognized compensation cost relating to nonvested share-based compensation | $	$ 46.3
Unrecognized compensation cost expected to be recognized over weighted average period (in years)	1 year 1 month 6 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)	547,626
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)	851,201
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)	427,744
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)	8,671,307

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	6 Months Ended
	Jun. 30, 2023 $ / shares shares
Restricted Class A Common Stock
Beginning balance (in shares) | shares	1,883,784
Granted (in shares) | shares	505,432
Vested (in shares) | shares	(562,645)
Ending balance (in shares) | shares	1,826,571
Weighted-Average Grant Date Fair Value Per Share
Beginning balance (in dollars per share) | $ / shares	$ 27.90
Granted (in dollars per share) | $ / shares	21.37
Vested (in dollars per share) | $ / shares	27.32
Ending balance (in dollars per share) | $ / shares	$ 26.27

Fair Values - Assets and Liabil

Fair Values - Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Assets
Derivatives	$ 12,689	$ 7,349
Liabilities
Derivatives	19,962	119,665
Recurring
Assets
Derivatives	12,689	7,349
Liabilities
Derivatives	19,962	119,665
Level 1 | Recurring
Assets
Derivatives	0	0
Liabilities
Derivatives	0	0
Level 2 | Recurring
Assets
Derivatives	12,689	7,349
Liabilities
Derivatives	19,962	119,665
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	Jun. 30, 2023	Dec. 31, 2022
Financial assets
Cash and cash equivalents	$ 482,856	$ 291,340
Loans receivable, net	24,590,905	25,160,343
Financial liabilities
Securitized debt obligations, net	2,666,414	2,664,010
Securitized debt obligations, net, Face Amount	2,671,734	2,673,541
Asset-specific debt net, Face Amount	875,616	950,278
Loan participations sold, net	235,857	224,232
Loan participations sold, net, Face Amount	236,276	224,744
Secured debt, net
Financial liabilities
Debt, Face Amount	13,451,427	13,549,748
Secured term loans, net
Financial liabilities
Debt, Face Amount	2,146,220	2,157,218
Senior secured notes, net
Financial liabilities
Debt, Face Amount	400,000	400,000
Convertible notes, net
Financial liabilities
Debt, Face Amount	300,000	520,000
Book Value
Financial assets
Cash and cash equivalents	482,856	291,340
Loans receivable, net	24,118,874	24,691,743
Financial liabilities
Securitized debt obligations, net	2,666,414	2,664,010
Asset-specific debt, net	870,147	942,503
Loan participations sold, net	235,857	224,232
Book Value | Secured debt, net
Financial liabilities
Debt	13,431,039	13,528,164
Book Value | Secured term loans, net
Financial liabilities
Debt	2,108,015	2,114,549
Book Value | Senior secured notes, net
Financial liabilities
Debt	395,760	395,166
Book Value | Convertible notes, net
Financial liabilities
Debt	295,208	514,257
Fair Value
Financial assets
Cash and cash equivalents	482,856	291,340
Loans receivable, net	23,849,357	24,445,042
Financial liabilities
Securitized debt obligations, net	2,502,526	2,597,377
Asset-specific debt, net	864,934	934,815
Loan participations sold, net	229,694	217,717
Fair Value | Secured debt, net
Financial liabilities
Debt	13,047,034	13,121,306
Fair Value | Secured term loans, net
Financial liabilities
Debt	1,993,927	2,103,943
Fair Value | Senior secured notes, net
Financial liabilities
Debt	335,069	343,665
Fair Value | Convertible notes, net
Financial liabilities
Debt	$ 257,823	$ 478,232

Variable Interest Entities (Det

Variable Interest Entities (Detail) - USD ($) $ in Thousands	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021
Assets
Loans receivable	$ 24,482,749		$ 25,017,880
Current expected credit loss reserve	(363,875)	$ (336,591)	(326,137)	$ (133,024)	$ (122,221)	$ (124,679)
Loans receivable, net	24,118,874		24,691,743
Other assets	260,906		370,902
Total assets	24,862,636		25,353,985
Liabilities
Securitized debt obligations, net	2,666,414		2,664,010
Other liabilities	294,007		426,904
Total liabilities	20,296,447		20,809,785
VIE
Assets
Loans receivable	3,316,109		3,317,316
Current expected credit loss reserve	(112,999)		(93,396)
Loans receivable, net	3,203,110		3,223,920
Other assets	14,946		15,995
Total assets	3,218,056		3,239,915
Liabilities
Securitized debt obligations, net	2,666,414		2,664,010
Other liabilities	7,314		7,234
Total liabilities	$ 2,673,728		$ 2,671,244

Transactions with Related Par_2

Transactions with Related Parties (Detail) $ in Thousands, £ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023 USD ($) shares	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) shares	Jun. 30, 2022 USD ($)	Dec. 31, 2022 USD ($) shares	Mar. 31, 2019 GBP (£)
Related Party Transaction [Line Items]
Non-cash expenses			$ 15,320	$ 17,068
Senior Term Facility
Related Party Transaction [Line Items]
Senior term facility | £						£ 240.1
Face amount of loans | £						£ 490
Restricted Class A Common Stock
Related Party Transaction [Line Items]
Shares held (in shares) | shares	1,826,571		1,826,571		1,883,784
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	$ 32,800		$ 32,800		$ 33,800
Management fees paid to Manager	31,100	$ 23,500	64,900	51,900
Expenses reimbursed to Manager	$ 1,500	367	$ 1,900	560
Manager | Restricted Class A Common Stock | Class A Common Stock
Related Party Transaction [Line Items]
Shares held (in shares) | shares	901,515		901,515
Non-cash expenses	$ 3,900	4,200	$ 7,800	8,400
Manager | Restricted Class A Common Stock | Class A Common Stock | Manager
Related Party Transaction [Line Items]
Non-cash expenses			$ 24,500
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	32,800		$ 32,800		$ 33,800
Affiliates of Manager | Third-Party Service Provider
Related Party Transaction [Line Items]
Administrative services expenses incurred	$ 242	$ 95	$ 480	$ 192

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail)	6 Months Ended
	Jun. 30, 2023 USD ($) director loan
Commitments And Contingencies [Line Items]
Number of members of board of directors | director	10
Number of directors eligible for annual compensation | director	6
Number of directors not eligible for compensation | director	4
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	$ 3,000,000,000
Number of loans receivable | loan	105
Aggregate unfunded loan commitments	$ 1,800,000,000
Net unfunded commitments	$ 1,200,000,000
Weighted-average future funding period (in years)	2 years 9 months 18 days

Commitments and Contingencies_2

Commitments and Contingencies - Schedule of Principal Debt Repayments (Detail) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
2023 (remaining)	$ 229,765
2024	3,021,515
2025	2,196,381
2026	5,707,048
2027	4,012,552
Thereafter	2,006,002
Net book value	$ 17,173,263
Amortization percentage	1%
Securitized debt obligations excluded from contractual obligations	$ 2,700,000
Nonconsolidated securitized debt excluded from contractual obligations	1,200,000
Net loan exposure, loan participations sold	236,300	$ 224,700
Loan participations sold, net, Face Amount	236,276	$ 224,744
Secured Debt
Debt Instrument [Line Items]
2023 (remaining)	218,767
2024	2,999,518
2025	1,433,177
2026	4,404,473
2027	3,304,294
Thereafter	1,091,198
Net book value	13,451,427
Asset-Specific Debt
Debt Instrument [Line Items]
2023 (remaining)	0
2024	0
2025	741,207
2026	0
2027	0
Thereafter	134,409
Net book value	875,616
Term Loans
Debt Instrument [Line Items]
2023 (remaining)	10,998
2024	21,997
2025	21,997
2026	1,302,575
2027	8,258
Thereafter	780,395
Net book value	2,146,220
Senior Secured Notes
Debt Instrument [Line Items]
2023 (remaining)	0
2024	0
2025	0
2026	0
2027	400,000
Thereafter	0
Net book value	400,000
Convertible Notes
Debt Instrument [Line Items]
2023 (remaining)	0
2024	0
2025	0
2026	0
2027	300,000
Thereafter	0
Net book value	$ 300,000

Uncategorized Items - bxmt-2023

Label	Element	Value
Accounting Standards Update [Extensible Enumeration]	us-gaap_AccountingStandardsUpdateExtensibleList	Accounting Standards Update 2020-06 [Member]