Cover Page
Cover Page - shares | 9 Months Ended | |
Sep. 30, 2023 | Oct. 18, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 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 | 172,297,559 | |
Entity Central Index Key | 0001061630 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q3 | |
Current Fiscal Year End Date | --12-31 |
Consolidated Balance Sheets (Un
Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Assets | ||
Cash and cash equivalents | $ 421,495 | $ 291,340 |
Loans receivable | 23,715,901 | 25,017,880 |
Current expected credit loss reserve | (463,423) | (326,137) |
Loans receivable, net | 23,252,478 | 24,691,743 |
Other assets | 369,446 | 370,902 |
Total Assets | 24,043,419 | 25,353,985 |
Liabilities and Equity | ||
Secured debt, net | 12,793,344 | 13,528,164 |
Securitized debt obligations, net | 2,509,254 | 2,664,010 |
Asset-specific debt, net | 930,757 | 942,503 |
Loan participations sold, net | 275,184 | 224,232 |
Term loans, net | 2,104,824 | 2,114,549 |
Senior secured notes, net | 362,981 | 395,166 |
Convertible notes, net | 295,527 | 514,257 |
Other liabilities | 278,027 | 426,904 |
Total Liabilities | 19,549,898 | 20,809,785 |
Commitments and contingencies | 0 | 0 |
Equity | ||
Class A common stock, $0.01 par value, 400,000,000 shares authorized, 172,296,051 and 171,695,985 shares issued and outstanding as of September 30, 2023 and December 31, 2022, respectively | 1,723 | 1,717 |
Additional paid-in capital | 5,499,491 | 5,475,804 |
Accumulated other comprehensive income | 10,606 | 10,022 |
Accumulated deficit | (1,040,950) | (968,749) |
Total Blackstone Mortgage Trust, Inc. stockholders’ equity | 4,470,870 | 4,518,794 |
Non-controlling interests | 22,651 | 25,406 |
Total Equity | 4,493,521 | 4,544,200 |
Total Liabilities and Equity | $ 24,043,419 | $ 25,353,985 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands | Sep. 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) | 172,296,051 | 171,695,985 |
Common stock, shares outstanding (in shares) | 172,296,051 | 171,695,985 |
Total assets | $ 24,043,419 | $ 25,353,985 |
Total liabilities | 19,549,898 | 20,809,785 |
VIE | ||
Total assets | 2,992,744 | 3,239,915 |
Total liabilities | $ 2,516,855 | $ 2,671,244 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Income from loans and other investments | ||||
Interest and related income | $ 519,342 | $ 358,557 | $ 1,532,618 | $ 876,676 |
Less: Interest and related expenses | 353,972 | 202,375 | 1,015,718 | 439,708 |
Income from loans and other investments, net | 165,370 | 156,182 | 516,900 | 436,968 |
Other expenses | ||||
Management and incentive fees | 28,882 | 25,911 | 92,747 | 76,462 |
General and administrative expenses | 12,001 | 12,932 | 37,888 | 37,701 |
Total other expenses | 40,883 | 38,843 | 130,635 | 114,163 |
Increase in current expected credit loss reserve | (96,900) | (12,248) | (134,530) | (22,694) |
Gain on extinguishment of debt | 4,541 | 0 | 4,541 | 0 |
Income before income taxes | 32,128 | 105,091 | 256,276 | 300,111 |
Income tax provision | 1,568 | 1,172 | 4,663 | 2,064 |
Net income | 30,560 | 103,919 | 251,613 | 298,047 |
Net income attributable to non-controlling interests | (1,036) | (673) | (2,681) | (1,864) |
Net income attributable to Blackstone Mortgage Trust, Inc. | $ 29,524 | $ 103,246 | $ 248,932 | $ 296,183 |
Net income per share of common stock | ||||
Basic (in dollars per share) | $ 0.17 | $ 0.60 | $ 1.44 | $ 1.74 |
Diluted (in dollars per share) | $ 0.17 | $ 0.59 | $ 1.44 | $ 1.71 |
Weighted-average shares of common stock outstanding | ||||
Basic (in shares) | 172,648,118 | 170,971,874 | 172,620,799 | 170,303,470 |
Diluted (in shares) | 172,648,118 | 185,316,078 | 180,891,859 | 182,011,842 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Income Statement [Abstract] | ||||
Net income | $ 30,560 | $ 103,919 | $ 251,613 | $ 298,047 |
Other comprehensive (loss) income | ||||
Unrealized loss on foreign currency translation | (71,782) | (158,097) | (21,455) | (333,526) |
Realized and unrealized gain on derivative financial instruments | 71,648 | 154,849 | 22,039 | 329,048 |
Other comprehensive (loss) income | (134) | (3,248) | 584 | (4,478) |
Comprehensive income | 30,426 | 100,671 | 252,197 | 293,569 |
Comprehensive income attributable to non-controlling interests | (1,036) | (673) | (2,681) | (1,864) |
Comprehensive income attributable to Blackstone Mortgage Trust, Inc. | $ 29,390 | $ 99,998 | $ 249,516 | $ 291,705 |
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 | 298,047 | ||||||||||
Other comprehensive income (loss) | (4,478) | ||||||||||
Dividends declared on common stock and deferred stock units, $0.62 per share | (317,812) | ||||||||||
Ending balance at Sep. 30, 2022 | 4,683,907 | 4,658,406 | 1,709 | 5,467,372 | 3,830 | (814,505) | 25,501 | ||||
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 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Shares of class A common stock issued, net | 18,496 | 18,496 | 6 | 18,490 | |||||||
Restricted class A common stock earned | 8,046 | 8,046 | 8,046 | ||||||||
Dividends reinvested | 299 | 299 | 299 | ||||||||
Deferred directors’ compensation | 173 | 173 | 173 | ||||||||
Net income | 103,919 | 103,246 | 103,246 | 673 | |||||||
Other comprehensive income (loss) | (3,248) | (3,248) | (3,248) | ||||||||
Dividends declared on common stock and deferred stock units, $0.62 per share | (106,197) | (106,197) | (106,197) | ||||||||
Distributions to non-controlling interests | (568) | (568) | |||||||||
Ending balance at Sep. 30, 2022 | 4,683,907 | 4,658,406 | 1,709 | 5,467,372 | 3,830 | (814,505) | 25,501 | ||||
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 | 251,613 | ||||||||||
Other comprehensive income (loss) | 584 | ||||||||||
Dividends declared on common stock and deferred stock units, $0.62 per share | (321,133) | ||||||||||
Ending balance at Sep. 30, 2023 | 4,493,521 | 4,470,870 | 1,723 | 5,499,491 | 10,606 | (1,040,950) | 22,651 | ||||
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 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Restricted class A common stock earned | 7,434 | 7,434 | 7,434 | ||||||||
Dividends reinvested | 245 | 245 | 245 | ||||||||
Deferred directors’ compensation | 172 | 172 | 172 | ||||||||
Net income | 30,560 | 29,524 | 29,524 | 1,036 | |||||||
Other comprehensive income (loss) | (134) | (134) | (134) | ||||||||
Dividends declared on common stock and deferred stock units, $0.62 per share | (107,033) | (107,033) | (107,033) | ||||||||
Distributions to non-controlling interests | (3,912) | (3,912) | |||||||||
Ending balance at Sep. 30, 2023 | $ 4,493,521 | $ 4,470,870 | $ 1,723 | $ 5,499,491 | $ 10,606 | $ (1,040,950) | $ 22,651 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Equity (Unaudited) (Parenthetical) - $ / shares | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2023 | Sep. 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 | $ 0.62 | $ 0.62 | $ 1.86 | $ 1.86 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Cash flows from operating activities | ||
Net income | $ 251,613 | $ 298,047 |
Adjustments to reconcile net income to net cash provided by operating activities | ||
Non-cash compensation expense | 22,926 | 25,286 |
Amortization of deferred fees on loans and debt securities | (60,333) | (59,285) |
Amortization of deferred financing costs and premiums/discounts on debt obligations | 42,620 | 35,455 |
Increase in current expected credit loss reserve | 134,530 | 22,694 |
Gain on extinguishment of debt | (4,541) | 0 |
Unrealized gain on assets denominated in foreign currencies, net | 0 | (31) |
Unrealized loss (gain) on derivative financial instruments, net | 3,195 | (3,227) |
Realized gain on derivative financial instruments, net | (23,800) | (8,418) |
Changes in assets and liabilities, net | ||
Other assets | (931) | (72,769) |
Other liabilities | (16,226) | 28,858 |
Net cash provided by operating activities | 349,053 | 266,610 |
Cash flows from investing activities | ||
Principal fundings of loans receivable | (1,068,853) | (6,210,880) |
Principal collections, sales proceeds, and cost-recovery proceeds from loans receivable and debt securities | 2,325,690 | 2,670,902 |
Origination and other fees received on loans receivable | 11,046 | 67,950 |
Payments under derivative financial instruments | (224,367) | (7,385) |
Receipts under derivative financial instruments | 40,466 | 279,343 |
Collateral deposited under derivative agreements | (230,620) | (56,330) |
Return of collateral deposited under derivative agreements | 333,730 | 56,330 |
Net cash provided by (used in) investing activities | 1,187,092 | (3,200,070) |
Cash flows from financing activities | ||
Borrowings under secured debt | 1,490,503 | 4,857,829 |
Repayments under secured debt | (2,162,706) | (3,090,429) |
Repayments of securitized debt obligations | (161,030) | 0 |
Borrowings under asset-specific debt | 223,357 | 654,578 |
Repayments under asset-specific debt | (239,037) | (78,659) |
Proceeds from sale of loan participations | 50,692 | 245,278 |
Net proceeds from term loan borrowings | 0 | 492,500 |
Repayments of term loans | (16,497) | (11,554) |
Repurchases of senior secured notes | (28,525) | 0 |
Net proceeds from issuance of convertible notes | 0 | 294,000 |
Repayment of convertible notes | (220,000) | (402,500) |
Payment of deferred financing costs | (18,680) | (37,747) |
Contributions from non-controlling interests | 0 | 5,040 |
Distributions to non-controlling interests | (5,436) | (11,927) |
Net proceeds from issuance of class A common stock | 0 | 70,651 |
Dividends paid on class A common stock | (320,104) | (315,430) |
Net cash (used in) provided by financing activities | (1,407,463) | 2,671,630 |
Net increase (decrease) in cash and cash equivalents | 128,682 | (261,830) |
Cash and cash equivalents at beginning of period | 291,340 | 551,154 |
Effects of currency translation on cash and cash equivalents | 1,473 | (17,425) |
Cash and cash equivalents at end of period | 421,495 | 271,899 |
Supplemental disclosure of cash flows information | ||
Payments of interest | (981,945) | (374,646) |
Payments of income taxes | (5,228) | (730) |
Supplemental disclosure of non-cash investing and financing activities | ||
Dividends declared, not paid | (106,824) | (105,956) |
Loan principal payments held by servicer, net | $ 12,713 | $ 1,902 |
Organization
Organization | 9 Months Ended |
Sep. 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 | 9 Months Ended |
Sep. 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 amortized cost basis, 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 reduction to 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 September 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 $634.7 million and $459.6 million as of September 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 August 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, origination 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 generally 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 September 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. Loan Participations Sold In certain instances, we have executed a syndication of a non-recourse loan interest to a third-party. Depending on the particular structure of the syndication, the loan interest may remain on our GAAP balance sheet or, in other cases, the sale will be recognized and the 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 participation 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 loan interest, and excludes the 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 September 30, 2023, we had an aggregate $322.6 million asset-specific CECL reserve related to ten of our loans receivable with an aggregate amortized cost basis of $1.4 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 September 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 7.80%, and the unlevered discount rate, which ranged from 7.28% to 10.00%. We are also required by GAAP to disclose fair value information about financial instruments, which are not otherwise reported at fair value in our consolidated balance sheet, to the extent it is practicable to estimate a fair value for those instruments. These disclosure requirements exclude certain financial instruments and all non-financial instruments. The following methods and assumptions are used to estimate the fair value of each class of financial instruments, for which it is practicable to estimate that value: • Cash and cash equivalents: The carrying amount of cash and cash equivalents approximates fair value. • Loans receivable, net: The fair values of these loans were estimated using a discounted cash flow methodology, taking into consideration various factors including capitalization rates, discount rates, leasing, credit worthiness of major tenants, occupancy rates, availability and cost of financing, exit plan, loan sponsorship, actions of other lenders, and other factors. • 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 delays, or term extensi |
Loans Receivable, Net
Loans Receivable, Net | 9 Months Ended |
Sep. 30, 2023 | |
Receivables [Abstract] | |
Loans Receivable, Net | LOANS RECEIVABLE, NET The following table details overall statistics for our loans receivable portfolio ($ in thousands): September 30, 2023 December 31, 2022 Number of loans 185 203 Principal balance $ 23,849,497 $ 25,160,343 Net book value $ 23,252,478 $ 24,691,743 Unfunded loan commitments (1) $ 2,671,851 $ 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) 2.6 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 September 30, 2023 99% of our loans by principal balance earned a floating rate of interest, primarily indexed to SOFR, and the remaining 1% of our loans earned a fixed rate of interest. As of 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 $229.9 million that effectively converts our fixed rate loan exposure to floating rate exposure. In addition to cash coupon, all-in yield includes the amortization of deferred origination and extension fees, loan origination costs, and purchase discounts, as well as the accrual of exit fees. Excludes loans accounted for under the cost-recovery method. (3) Maximum maturity assumes all extension options are exercised by the borrower, however our loans may be repaid prior to such date. As of September 30, 2023, 18% of our loans by principal balance were subject to yield maintenance or other prepayment restrictions and 82% were open to repayment by the borrower without penalty. As of December 31, 2022, 50% of our loans by principal balance were subject to yield maintenance or other prepayment restrictions and 50% were open to repayment by the borrower without penalty. The following table details the index rate floors for our loans receivable portfolio as of September 30, 2023 ($ in thousands): Loans Receivable Principal Balance Index Rate Floors USD Non-USD (1) Total Fixed Rate $ 326,972 $ — $ 326,972 0.00% or no floor (2) 4,452,986 6,968,770 11,421,756 0.01% to 1.00% floor 7,651,125 803,299 8,454,424 1.01% to 1.50% floor 1,305,951 153,906 1,459,857 1.51% to 2.00% floor 694,857 234,344 929,201 2.01% or more floor 1,257,287 — 1,257,287 Total (3) $ 15,689,178 $ 8,160,319 $ 23,849,497 (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 $229.9 million that effectively converts our fixed rate loan exposure to floating rate exposure. (3) As of September 30, 2023, the weighted-average index rate floor of our loans receivable principal balance was 0.42%. Excluding 0.0% index rate floors and loans with no floor, the weighted-average index rate floor was 0.78%. Activity relating to our loans receivable portfolio was as follows ($ 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 1,068,853 — 1,068,853 Loan repayments, sales, and cost-recovery proceeds (2,280,034) (40,733) (2,320,767) Unrealized (loss) gain on foreign currency translation (99,665) 313 (99,352) Deferred fees and other items — (11,046) (11,046) Amortization of fees and other items — 60,333 60,333 Loans Receivable, as of September 30, 2023 $ 23,849,497 $ (133,596) $ 23,715,901 CECL reserve (463,423) Loans Receivable, net, as of September 30, 2023 $ 23,252,478 (1) Other items primarily consist of purchase and sale discounts or premiums, exit fees, deferred origination expenses, and cost-recovery proceeds. The tables below detail the property type and geographic distribution of the properties securing the loans in our portfolio ($ in thousands): September 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 $ 9,206,553 $ 10,016,113 $ 8,006,364 36% Multifamily 74 5,908,559 6,068,116 5,855,896 26 Hospitality 25 4,184,422 4,219,762 3,891,569 17 Industrial 12 2,121,085 2,133,209 2,124,686 10 Retail 7 842,100 859,681 830,697 4 Life Sciences / Studio 4 373,818 535,148 373,853 2 Other 6 1,079,364 1,080,847 1,051,144 5 Total loans receivable 185 $ 23,715,901 $ 24,912,876 $ 22,134,209 100% CECL reserve (463,423) Loans receivable, net $ 23,252,478 Geographic Location Number of Loans Net Book Value Total Loan Exposure (1) Net Loan Exposure (2) Net Loan Exposure Percentage of United States Sunbelt 67 $ 5,811,609 $ 5,971,930 $ 5,644,980 25% Northeast 32 5,404,008 5,446,368 4,421,379 20 West 31 3,080,257 4,074,953 2,977,926 13 Midwest 9 944,028 943,954 915,330 4 Northwest 6 360,566 364,148 362,089 2 Subtotal 145 15,600,468 16,801,353 14,321,704 64 International United Kingdom 23 3,511,992 3,486,567 3,240,731 15 Australia 5 1,343,580 1,352,700 1,346,196 6 Ireland 3 1,132,912 1,137,526 1,130,878 5 Spain 3 1,079,272 1,082,148 1,044,808 5 Sweden 1 451,731 454,222 453,891 2 Other Europe 5 595,946 598,360 596,001 3 Subtotal 40 8,115,433 8,111,523 7,812,505 36 Total loans receivable 185 $ 23,715,901 $ 24,912,876 $ 22,134,209 100% CECL reserve (463,423) Loans receivable, net $ 23,252,478 (1) Total loan exposure reflects our aggregate exposure to each loan investment. As of September 30, 2023, total loan exposure, includes (i) loans with an outstanding principal balance of $23.8 billion that are included in our consolidated financial statements, (ii) $1.1 billion of non-consolidated senior interests in loans we have sold, which are not included in our consolidated financial statements, and excludes (iii) $48.8 million of junior loan interests that we have sold, but that remain included in our consolidated financial statements. See Note 2 for further discussion of loan participations sold. (2) Net loan exposure reflects the amount of each loan that is subject to risk of credit loss to us as of September 30, 2023, which is our total loan exposure net of (i) $1.1 billion of non-consolidated senior interests, (ii) $935.4 million of asset-specific debt, (iii) $226.9 million of senior loan participations sold, (iv) $40.7 million of cost-recovery proceeds, and (v) our total loans receivable CECL reserve of $463.4 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) Total loan exposure reflects our aggregate exposure to each loan investment. As of December 31, 2022, total loan exposure, includes (i) loans with an outstanding principal balance of $25.2 billion that are included in our consolidated financial statements and (ii) $1.6 billion of non-consolidated senior interests in loans we have sold, which are not included in our consolidated financial statements. See Note 2 for further discussion of loan participations sold. (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 senior loan participations sold, and (iv) our total loans receivable CECL reserve of $326.1 million. Our non-consolidated senior interests, asset-specific debt, and loan participations sold are structurally non-recourse and term-matched to the corresponding collateral loans. Loan Risk Ratings As further described in Note 2, we evaluate our loan portfolio on a quarterly basis. In conjunction with our quarterly loan portfolio review, we assess the risk factors of each loan, and assign a risk rating based on several factors. Factors considered in the assessment include, but are not limited to, risk of loss, origination LTV, debt yield, collateral performance, structure, exit plan, and sponsorship. Loans are rated “1” (less risk) through “5” (greater risk), which ratings are defined in Note 2. The following table allocates the net book value, total loan exposure, and net loan exposure balances based on our internal risk ratings ($ in thousands): September 30, 2023 Risk Rating Number of Loans Net Book Value Total Loan Exposure (1) Net Loan Exposure (2) 1 15 $ 763,494 $ 812,060 $ 764,174 2 40 6,102,290 6,578,639 5,105,664 3 107 12,493,474 13,120,942 12,281,191 4 13 2,965,121 2,967,865 2,913,093 5 10 1,391,522 1,433,370 1,070,087 Total loans receivable 185 $ 23,715,901 $ 24,912,876 $ 22,134,209 CECL reserve (463,423) Loans receivable, net $ 23,252,478 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) Total loan exposure reflects our aggregate exposure to each loan investment. As of September 30, 2023, total loan exposure, includes (i) loans with an outstanding principal balance of $23.8 billion that are included in our consolidated financial statements, (ii) $1.1 billion of non-consolidated senior interests in loans we have sold, which are not included in our consolidated financial statements, and excludes (iii) $48.8 million of junior loan interests that we have sold, but that remain included in our consolidated financial statements. See Note 2 for further discussion of loan participations sold. As of December 31, 2022, total loan exposure, includes (i) loans with an outstanding principal balance of $25.2 billion that are included in our consolidated financial statements and (ii) $1.6 billion of non-consolidated senior interests in loans we have sold, which are not included in our consolidated financial statements. See Note 2 for further discussion of loan participations sold. (2) Net loan exposure reflects the amount of each loan that is subject to risk of credit loss to us as of September 30, 2023, which is our total loan exposure net of (i) $1.1 billion of non-consolidated senior interests, (ii) $935.4 million of asset-specific debt, (iii) $226.9 million of senior loan participations sold, (iv) $40.7 million of cost-recovery proceeds, and (v) our total loans receivable CECL reserve of $463.4 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 senior loan participations sold, and (iv) our total loans receivable CECL reserve of $326.1 million. Our non-consolidated senior interests, asset-specific debt, and loan participations sold are structurally non-recourse and term-matched to the corresponding collateral loans. Our loan portfolio had a weighted-average risk rating of 2.9 as of both September 30, 2023 and December 31, 2022. Current Expected Credit Loss Reserve The CECL reserve required under GAAP reflects our current estimate of potential credit losses related to the loans included in our consolidated balance sheets. Refer to Note 2 for further discussion of our CECL reserve. The following table presents the activity in our loans receivable CECL reserve by investment pool for the three and nine months ended September 30, 2023 and 2022 ($ 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 (Decrease) increase in CECL reserve (5,639) (2,336) (627) 108,150 99,548 CECL reserve as of September 30, 2023 $ 68,754 $ 26,656 $ 45,462 $ 322,551 $ 463,423 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 Increase in CECL reserve 8,280 45 3,082 — 11,407 CECL reserve as of September 30, 2022 $ 41,591 $ 11,389 $ 36,577 $ 54,874 $ 144,431 (1) Includes Canadian loans, which have similar risk characteristics as U.S. loans. During the three months ended September 30, 2023, we recorded an increase of $99.5 million in the CECL reserve against our loans receivable portfolio, bringing our total loans receivable CECL reserve to $463.4 million as of September 30, 2023. This CECL reserve reflects certain loans assessed for impairment in our portfolio, as well as macroeconomic conditions. During the three months ended September 30, 2023, we recorded an aggregate net increase of $108.2 million in the asset-specific CECL reserve related to our impaired loans. The increase was primarily driven by three additional loans that were impaired during the three months ended September 30, 2023. As of September 30, 2023, the income accrual was suspended on these loans as recovery of income and principal was doubtful. During the three months ended September 30, 2023, we recorded $7.2 million of interest income on these three loans. As of September 30, 2023, we had an aggregate $322.6 million asset-specific CECL reserve related to ten of our loans receivable, with an aggregate amortized cost basis of $1.4 billion, net of cost-recovery proceeds. This CECL reserve was recorded based on our estimation of the fair value of each of the loan's underlying collateral as of September 30, 2023. No income was recorded on our impaired loans subsequent to determining that they were impaired. As of September 30, 2023, all such borrowers were compliant with the contractual terms of each respective loan, including any required payment of interest. During the three months ended September 30, 2023, we received an aggregate $10.2 million of cash proceeds from such loans that were applied as a reduction to the amortized cost basis of each respective loan. Refer to Note 2 for further discussion of our revenue recognition and CECL reserve policies. Our primary credit quality indicator is our risk ratings, which are further discussed above. The following tables present the net book value of our loan portfolio as of September 30, 2023 and December 31, 2022, respectively, by year of origination, investment pool, and risk rating ($ in thousands): Net Book Value of Loans Receivable by Year of Origination (1) As of September 30, 2023 Risk Rating 2023 2022 2021 2020 2019 Prior Total U.S. loans 1 $ — $ 151,179 $ 465,406 $ 39,933 $ 53,039 $ 53,937 $ 763,494 2 — 216,889 1,936,744 32,244 227,680 1,540,263 3,953,820 3 — 2,027,526 3,866,825 605,278 585,997 385,150 7,470,776 4 — 81,591 774,607 140,000 — 1,024,660 2,020,858 5 — — — — — — — Total U.S. loans $ — $ 2,477,185 $ 7,043,582 $ 817,455 $ 866,716 $ 3,004,010 $ 14,208,948 Non-U.S. loans 1 $ — $ — $ — $ — $ — $ — $ — 2 — 1,098,319 960,731 89,420 — — 2,148,470 3 — 590,162 1,199,465 — 1,876,168 81,896 3,747,691 4 — — — — 344,383 — 344,383 5 — — — — — — — Total Non-U.S. loans $ — $ 1,688,481 $ 2,160,196 $ 89,420 $ 2,220,551 $ 81,896 $ 6,240,544 Unique loans 1 $ — $ — $ — $ — $ — $ — $ — 2 — — — — — — — 3 — 844,697 — — 251,956 178,354 1,275,007 4 — — — — — 599,880 599,880 5 — — — — — — — Total unique loans $ — $ 844,697 $ — $ — $ 251,956 $ 778,234 $ 1,874,887 Impaired loans 1 $ — $ — $ — $ — $ — $ — $ — 2 — — — — — — — 3 — — — — — — — 4 — — — — — — — 5 — — 507,371 — — 884,151 1,391,522 Total impaired loans $ — $ — $ 507,371 $ — $ — $ 884,151 $ 1,391,522 Total loans receivable 1 $ — $ 151,179 $ 465,406 $ 39,933 $ 53,039 $ 53,937 $ 763,494 2 — 1,315,208 2,897,475 121,664 227,680 1,540,263 6,102,290 3 — 3,462,385 5,066,290 605,278 2,714,121 645,400 12,493,474 4 — 81,591 774,607 140,000 344,383 1,624,540 2,965,121 5 — — 507,371 — — 884,151 1,391,522 Total loans receivable $ — $ 5,010,363 $ 9,711,149 $ 906,875 $ 3,339,223 $ 4,748,291 $ 23,715,901 CECL reserve (463,423) Loans receivable, net $ 23,252,478 (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 During the nine months ended September 30, 2023, we entered into four loan modifications that 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 September 30, 2023, the aggregate amortized cost basis of these loans was $286.7 million, or 1.2% of our aggregate loans receivable portfolio, with an aggregate $10.0 million of unfunded commitments. The loans were performing pursuant to their contractual terms as of September 30, 2023, had risk ratings of 5 as of September 30, 2023, and have asset-specific CECL reserves. The other two loan modifications included a combination of changes to the contractual terms of the loans, including term extensions, other-than-insignificant payment delays, and/or interest rate reductions. The first 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. The second loan modification included a term extension of 4.5 years, a rate increase of 8.50% with interest paid in-kind, a borrower contribution of $2.0 million of additional reserves, and a $50.0 million increase in our total loan commitment. As of September 30, 2023, the aggregate amortized cost basis of these loans was $435.1 million, or 1.8% of our aggregate loans receivable portfolio, with an aggregate $40.0 million of unfunded commitments. The loans were performing pursuant to their contractual terms as of September 30, 2023. As of September 30, 2023, one of these loans had a risk rating of 4, and its modified terms were included in the determination of our general CECL reserve, and the other loan had a risk rating of 5 and has an asset-specific CECL reserve . Multifamily Joint Venture |
Other Assets and Liabilities
Other Assets and Liabilities | 9 Months Ended |
Sep. 30, 2023 | |
Deferred Costs, Capitalized, Prepaid, Other Assets and Other Liabilities Disclosure [Abstract] | |
Other Assets and Liabilities | OTHER ASSETS AND LIABILITIES Other Assets The following table details the components of our other assets ($ in thousands): September 30, 2023 December 31, 2022 Accrued interest receivable $ 189,609 $ 189,569 Derivative assets 114,558 7,349 Loan portfolio payments held by servicer (1) 63,566 68,489 Accounts receivable and other assets 1,595 1,318 Prepaid expenses 118 1,067 Collateral deposited under derivative agreements — 103,110 Total $ 369,446 $ 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): September 30, 2023 December 31, 2022 Accrued dividends payable $ 106,824 $ 106,455 Accrued interest payable 70,724 80,263 Secured debt repayments pending servicer remittance (1) 49,903 60,585 Accrued management and incentive fees payable 28,882 33,830 Current expected credit loss reserve for unfunded loan commitments (2) 13,624 16,380 Accounts payable and other liabilities 7,742 9,726 Derivative liabilities 328 119,665 Total $ 278,027 $ 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 September 30, 2023, we had unfunded commitments of $2.7 billion related to 101 loans receivable. The expected credit losses over the contractual period of our loans is impacted by our obligation to extend further credit through our unfunded loan commitments. See Note 2 for further discussion of the CECL reserve related to our unfunded loan commitments, and Note 20 for further discussion of our unfunded loan commitments. The following table presents the activity in the CECL reserve related to our unfunded loan commitments by investment pool for the three and nine months ended September 30, 2023 and 2022 ($ 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 Decrease in CECL reserve (1,614) (1,034) — — (2,648) CECL reserve as of September 30, 2023 $ 9,582 $ 4,042 $ — $ — $ 13,624 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 Increase in CECL reserve 527 314 — — 841 CECL reserve as of September 30, 2022 $ 6,850 $ 2,425 $ — $ — $ 9,275 |
Secured Debt, Net
Secured Debt, Net | 9 Months Ended |
Sep. 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 nine months ended September 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 September 30, 2023 December 31, 2022 Secured credit facilities $ 12,809,913 $ 13,549,748 Acquisition facility — — Total secured debt $ 12,809,913 $ 13,549,748 Deferred financing costs (1) (16,569) (21,584) Net book value of secured debt $ 12,793,344 $ 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 September 30, 2023 ($ in thousands): September 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 $ 6,876,591 May 2026 131 $ 10,791,188 May 2026 36% 25% - 100% GBP 7 2,391,449 June 2026 22 3,193,290 July 2026 27% 25% - 50% EUR 7 1,983,520 September 2025 11 2,661,250 September 2025 41% 25% - 100% Others (5) 4 1,558,353 July 2027 7 1,967,503 July 2027 25% 25% Total 15 $ 12,809,913 May 2026 171 $ 18,613,231 June 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 September 30, 2023 and December 31, 2022 ($ in thousands): Nine Months Ended September 30, 2023 September 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 $ — $ 5,625,471 +1.53 % $ 8,308,855 +3.27 % +1.74 % + 1.51% to + 1.75% — 2,794,848 +1.82 % 3,902,545 +3.57 % +1.75 % + 1.76% to + 2.00% — 1,912,045 +2.13 % 2,974,091 +4.01 % +1.88 % + 2.01% or more 66,924 2,477,549 +2.61 % 3,427,740 +4.62 % +2.01 % Total $ 66,924 $ 12,809,913 +1.89 % $ 18,613,231 +3.69 % +1.80 % 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 September 30, 2023 and December 31, 2022 for new financings closed during the nine months ended September 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 September 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 September 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 nine months ended September 30, 2023, we had no borrowings under the acquisition facility and we recorded interest expense of $599,000, including $199,000 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 September 30, 2023; (iii) cash liquidity shall not be less than the greater of (x) $10.0 million or (y) no more than 5% of our recourse indebtedness; and (iv) our indebtedness shall not exceed 83.33% of our total assets. As of September 30, 2023 and December 31, 2022, we were in compliance with these covenants. |
Securitized Debt Obligations, N
Securitized Debt Obligations, Net | 9 Months Ended |
Sep. 30, 2023 | |
Loans Managed, Securitized or Asset-Backed Financing Arrangement [Abstract] | |
Securitized Debt Obligations, Net | SECURITIZED DEBT OBLIGATIONS, NET We have financed certain pools of our loans through collateralized loan obligations, or CLOs. The CLOs are consolidated in our financial statements and have issued securitized debt obligations that are non-recourse to us. Refer to Note 18 for further discussion of our CLOs. The following tables detail our securitized debt obligations and the underlying collateral assets that are financed by our CLOs ($ in thousands): September 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 $ 801,392 + 1.69 % May 2038 Underlying Collateral Assets 27 1,000,000 1,000,000 + 3.35 % December 2025 2020 FL3 Collateralized Loan Obligation Senior CLO Securities Outstanding 1 716,342 716,284 + 2.18 % November 2037 Underlying Collateral Assets 15 907,592 907,592 + 3.04 % May 2025 2020 FL2 Collateralized Loan Obligation Senior CLO Securities Outstanding 1 992,419 991,578 + 1.57 % February 2038 Underlying Collateral Assets 16 1,249,294 1,249,294 + 3.25 % May 2025 Total Senior CLO Securities Outstanding (4) 3 $ 2,512,511 $ 2,509,254 +1.78 % Underlying Collateral Assets 58 $ 3,156,886 $ 3,156,886 + 3.21 % (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 nine months ended September 30, 2023, we recorded $44.5 million and $127.6 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 nine months ended September 30, 2022, we recorded $26.1 million and $52.6 million, respectively, of interest expense related to our securitized debt obligations. |
Asset-Specific Debt, Net
Asset-Specific Debt, Net | 9 Months Ended |
Sep. 30, 2023 | |
Debt Disclosure [Abstract] | |
Asset-Specific Debt, Net | ASSET-SPECIFIC DEBT, NET The following table details our asset-specific debt ($ in thousands): September 30, 2023 Asset-Specific Debt Count Principal Balance Book Value Wtd. Avg. Yield/Cost (1) Wtd. Avg. Term (2) Financing provided 2 $ 935,435 $ 930,757 + 3.13 % February 2026 Collateral assets 2 $ 1,111,453 $ 1,102,848 + 3.95 % 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 | 9 Months Ended |
Sep. 30, 2023 | |
Debt Disclosure [Abstract] | |
Loans Participations Sold, Net | LOAN PARTICIPATIONS SOLD, NET The sale of a non-recourse 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. We generally have no obligation to pay principal and interest under these liabilities, and the gross presentation of loan participations sold does not impact our stockholders’ equity or net income. The following table details our loan participations sold ($ in thousands): September 30, 2023 Loan Participations Sold Count Principal Balance Book Value Wtd. Avg. Yield/Cost (1) Term (2) Senior Participations Loan Participation 1 $ 226,901 $ 226,557 + 3.22 % March 2027 Total Loan 1 283,627 282,227 + 4.86 % March 2027 Junior Participations Loan Participation 1 $ 48,796 $ 48,627 + 8.35 % June 2025 Total Loan 1 174,690 172,890 + 5.23 % June 2025 Total Loan Participation (3) 2 $ 275,697 $ 275,184 Total Loan 2 $ 458,317 $ 455,117 December 31, 2022 Loan Participations Sold Count Principal Book Value Wtd. Avg. Yield/Cost (1) Term (2) Senior Participations Loan Participation 1 $ 224,744 $ 224,232 + 3.22 % March 2027 Total Loan 1 280,930 278,843 + 4.86 % March 2027 Total Loan Participation (3) 1 $ 224,744 $ 224,232 Total Loan 1 $ 280,930 $ 278,843 (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 participations sold are inherently non-recourse and term-matched to the corresponding loan. (3) During the three and nine months ended September 30, 2023, we recorded $5.3 million and $13.3 million, respectively, of interest expense related to our loan participations sold. During the three and nine months ended September 30, 2022 we recorded $2.4 million and $4.8 million, respectively, of interest expense related to our loan participations sold. |
Term Loans, Net
Term Loans, Net | 9 Months Ended |
Sep. 30, 2023 | |
Debt Disclosure [Abstract] | |
Term Loans, Net | TERM LOANS, NET As of September 30, 2023, the following senior term loan facilities, or Term Loans, were outstanding ($ in thousands): Term Loans Face Value Interest Rate (1) All-in Cost (1)(2) Maturity B-1 Term Loan $ 913,230 + 2.36 % + 2.65 % April 23, 2026 B-3 Term Loan 411,998 + 2.86 % + 3.54 % April 23, 2026 B-4 Term Loan 815,492 + 3.50 % + 4.11 % May 9, 2029 Total face value $ 2,140,720 (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 nine months ended September 30, 2023, we recorded $47.0 million and $133.8 million, respectively, of interest expense related to our Term Loans, including $2.3 million and $6.9 million, respectively, of amortization of deferred fees and expenses. The following table details the net book value of our Term Loans on our consolidated balance sheets ($ in thousands): September 30, 2023 December 31, 2022 Face value $ 2,140,720 $ 2,157,218 Deferred financing costs and unamortized discount (35,896) (42,669) Net book value $ 2,104,824 $ 2,114,549 |
Senior Secured Notes, Net
Senior Secured Notes, Net | 9 Months Ended |
Sep. 30, 2023 | |
Debt Disclosure [Abstract] | |
Senior Secured Notes, Net | SENIOR SECURED NOTES, NET As of September 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 $ 366,590 3.75 % 4.02 % 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 nine months ended September 30, 2023, we recorded $3.9 million and $12.0 million, respectively, of interest expense related to our Senior Secured Notes, including $288,000 and $882,000, respectively, of amortization of deferred fees and expenses. During the three months ended September 30, 2023, we repurchased an aggregate principal amount of $33.4 million of the Senior Secured Notes at a weighted-average price of 85%. This resulted in a gain on extinguishment of debt of $4.5 million during both the three and nine months ended September 30, 2023. There was no repurchase activity in the three and nine months ended September 30, 2022. The following table details the net book value of our Senior Secured Notes on our consolidated balance sheets ($ in thousands): September 30, 2023 December 31, 2022 Face value $ 366,590 $ 400,000 Deferred financing costs (3,609) (4,834) Net book value $ 362,981 $ 395,166 The Senior Secured Notes contain the financial covenant that our indebtedness shall not exceed 83.33% of our total assets. As of September 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 | 9 Months Ended |
Sep. 30, 2023 | |
Debt Instruments [Abstract] | |
Convertible Notes, Net | CONVERTIBLE NOTES, NET During the nine months ended September 30, 2023, we repaid the aggregate $220.0 million principal amount of our March 2018 convertible notes at maturity on March 15, 2023. As of September 30, 2023, the following convertible senior notes, or Convertible Notes, were outstanding ($ 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 September 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 $21.75 on September 29, 2023, the last trading day in the quarter ended September 30, 2023, was less than the per share conversion price of the March 2022 convertible notes. The following table details the net book value of our Convertible Notes on our consolidated balance sheets ($ in thousands): September 30, 2023 December 31, 2022 Face value $ 300,000 $ 520,000 Deferred financing costs and unamortized discount (4,473) (5,743) Net book value $ 295,527 $ 514,257 The following table details our interest expense related to the Convertible Notes ($ in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Cash coupon $ 4,125 $ 6,737 $ 14,514 $ 22,122 Discount and issuance cost amortization 319 644 1,270 2,222 Total interest expense $ 4,444 $ 7,381 $ 15,784 $ 24,344 |
Derivative Financial Instrument
Derivative Financial Instruments | 9 Months Ended |
Sep. 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): September 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 1,004,551 Buy USD / Sell SEK Forward 2 kr 1,003,626 Buy USD / Sell GBP Forward 8 £ 722,576 Buy USD / Sell EUR Forward 8 € 722,311 Buy USD / Sell EUR Forward 7 € 676,126 Buy USD / Sell GBP Forward 6 £ 690,912 Buy USD / Sell AUD Forward 9 A$ 464,016 Buy USD / Sell AUD Forward 8 A$ 541,813 Buy USD / Sell DKK Forward 2 kr. 195,728 Buy USD / Sell DKK Forward 3 kr. 195,019 Buy USD / Sell CHF Forward 3 CHF 7,873 Buy USD / Sell CAD Forward 2 C$ 22,187 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): September 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 1 £ 14,300 Buy GBP / Sell USD Forward 2 £ 109,076 Buy USD / Sell GBP Forward 1 £ 14,300 Buy USD / Sell GBP Forward 2 £ 109,076 Buy AUD / Sell USD Forward 1 A$ 23,600 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): September 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 1.1 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 September 30, 2023, we estimate that an additional $1.6 million will be reclassified from accumulated other comprehensive income (loss) as a decrease to interest expense. Financial Statement Impact of Hedges of Foreign Currency and Interest Rate Risks The following table presents the effect of our derivative financial instruments on our consolidated statements of operations ($ in thousands): Increase (Decrease) to Net Interest Income Recognized from Derivatives Three Months Ended September 30, Nine Months Ended September 30, Derivatives in Hedging Relationships Location of Income (Expense) Recognized 2023 2022 2023 2022 Designated Hedges Interest Income (1) $ 5,120 $ 6,603 $ 20,599 $ 11,585 Designated Hedges Interest Expense (2) 384 — 459 — Non-Designated Hedges Interest Income (1) 2 (8) 70 (15) Non-Designated Hedges Interest Expense (3) (2) 11 (64) 75 Total $ 5,504 $ 6,606 $ 21,064 $ 11,645 (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 September 30, 2023 December 31, 2022 September 30, 2023 December 31, 2022 Derivatives designated as hedging instruments: Foreign exchange contracts $ 111,603 $ 501 $ 24 $ 111,573 Interest rate derivatives 1,657 — — — Total derivatives designated as hedging instruments $ 113,260 $ 501 $ 24 $ 111,573 Derivatives not designated as hedging instruments: Foreign exchange contracts $ 1,298 $ 6,848 $ 304 $ 8,092 Interest rate derivatives — — — — Total derivatives not designated as hedging instruments $ 1,298 $ 6,848 $ 304 $ 8,092 Total Derivatives $ 114,558 $ 7,349 $ 328 $ 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 comprehensive income and operations ($ in thousands): Derivatives in Hedging Relationships Amount of Gain (Loss) Recognized in OCI on Derivatives Location of Amount of Gain Reclassified from Accumulated OCI into Income Three Months Ended September 30, 2023 Nine Months Ended September 30, 2023 Three Months Ended September 30, 2023 Nine Months Ended September 30, 2023 Net Investment Hedges Foreign exchange contracts (1) $ 71,379 $ 20,382 Interest Expense $ — $ — Cash Flow Hedges Interest rate derivatives 653 2,116 Interest Expense (2) 384 459 Total $ 72,032 $ 22,498 $ 384 $ 459 (1) During the three and nine months ended September 30, 2023, we paid net cash settlements of $44.7 million and $183.9 million, respectively, on our foreign currency forward contracts. Those amounts are included as a component of accumulated other comprehensive income on our consolidated balance sheets. (2) During the three and nine months ended September 30, 2023, we recorded total interest and related expenses of $354.0 million and $1.0 billion, respectively, which were reduced by $384,000 and $459,000, respectively, related to income generated by our cash flow hedges. Credit-Risk Related Contingent Features We have entered into agreements with certain of our derivative counterparties that contain provisions where if we were to default on any of our indebtedness, including default where repayment of the indebtedness has not been accelerated by the lender, we may also be declared in default on our derivative obligations. In addition, certain of our agreements with our derivative counterparties require that we post collateral to secure net liability positions. As of September 30, 2023, we were in a net asset position with our counterparties. As of September 30, 2023, we had no collateral posted with our counterparties. 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 | 9 Months Ended |
Sep. 30, 2023 | |
Equity [Abstract] | |
Equity | EQUITY Stock and Stock Equivalents Authorized Capital As of September 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 September 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: Nine Months Ended September 30, Common Stock Outstanding (1) 2023 2022 Beginning balance 172,106,593 168,543,370 Issuance of class A common stock (2) 5,079 2,308,889 Issuance of restricted class A common stock, net (3)(4) 489,955 407,581 Issuance of deferred stock units 43,656 35,940 Ending balance 172,645,283 171,295,780 (1) Includes 349,232 and 399,512 deferred stock units held by members of our board of directors as of September 30, 2023 and 2022, respectively. (2) Includes 5,079 and 5,420 shares issued under our dividend reinvestment program during the nine months ended September 30, 2023 and 2022, respectively. (3) Includes 25,482 and 13,197 restricted shares issued to our board of directors during the nine months ended September 30, 2023 and 2022, respectively. (4) Net of 15,477 and 33,250 shares of restricted class A common stock forfeited under our stock-based incentive plans during the nine months ended September 30, 2023 and 2022, respectively. 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 nine months ended September 30, 2023 and 2022, we issued 5,079 shares and 5,420 shares, respectively, of class A common stock under the dividend reinvestment component of the plan. As of September 30, 2023, a total of 9,976,469 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 September 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 nine months ended September 30, 2023, we did not issue any shares of our class A common stock under ATM Agreements. During the nine months ended September 30, 2022, we issued and sold 2,303,469 shares of class A common stock under ATM Agreements, generating net proceeds totaling $70.7 million. As of September 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 September 15, 2023, we declared a dividend of $0.62 per share, or $106.8 million in aggregate, that was paid on October 13, 2023 to stockholders of record as of September 29, 2023. The following table details our dividend activity ($ in thousands, except per share data): Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Dividends declared per share of common stock $ 0.62 $ 0.62 $ 1.86 $ 1.86 Class A common stock dividends declared $ 106,824 $ 105,956 $ 320,471 $ 317,114 Deferred stock unit dividends declared 209 241 662 698 Total dividends declared $ 107,033 $ 106,197 $ 321,133 $ 317,812 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 September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Basic Earnings Net income (1) $ 29,524 $ 103,246 $ 248,932 $ 296,183 Weighted-average shares outstanding, basic 172,648,118 170,971,874 172,620,799 170,303,470 Per share amount, basic $ 0.17 $ 0.60 $ 1.44 $ 1.74 Diluted Earnings Net income (1) $ 29,524 $ 103,246 $ 248,932 $ 296,183 Add back: Interest expense on Convertible Notes, net (2)(3) — 5,905 10,667 14,218 Diluted earnings $ 29,524 $ 109,151 $ 259,599 $ 310,401 Weighted-average shares outstanding, basic 172,648,118 170,971,874 172,620,799 170,303,470 Effect of dilutive securities - Convertible Notes (3) — 14,344,204 8,271,060 11,708,372 Weighted-average common shares outstanding, diluted 172,648,118 185,316,078 180,891,859 182,011,842 Per share amount, diluted $ 0.17 $ 0.59 $ 1.44 $ 1.71 (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 months ended September 30, 2023, our Convertible Notes were not included in the calculation of diluted earnings per share, as the impact is antidilutive. For the nine months ended September 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 nine months ended September 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 nine months ended September 30, 2023. Refer to Note 11 for additional discussion on our Convertible Notes. Other Balance Sheet Items Accumulated Other Comprehensive Income As of September 30, 2023, total accumulated other comprehensive income was $10.6 million, primarily representing $281.8 million of net realized and unrealized gains related to changes in the fair value of derivative instruments offset by $271.2 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 | 9 Months Ended |
Sep. 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 nine months ended September 30, 2023, we incurred $18.8 million and $56.0 million, respectively, of management fees payable to our manager, compared with $18.3 million and $54.6 million, respectively, during the same periods in 2022. In addition, during the three and nine months ended September 30, 2023, we incurred $10.1 million and $36.8 million, respectively, of incentive fees payable to our Manager, compared with $7.6 million and $21.9 million, respectively, during the same periods in 2022. As of September 30, 2023 and December 31, 2022 we had accrued management and incentive fees payable to our Manager of $28.9 million and $33.8 million, respectively. General and Administrative Expenses General and administrative expenses consisted of the following ($ in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Professional services $ 3,038 $ 2,695 $ 9,579 $ 8,086 Operating and other costs 1,357 2,018 5,383 4,329 Subtotal (1) 4,395 4,713 14,962 12,415 Non-cash compensation expenses Restricted class A common stock earned 7,434 8,046 22,418 24,768 Director stock-based compensation 172 173 508 518 Subtotal 7,606 8,219 22,926 25,286 Total general and administrative expenses $ 12,001 $ 12,932 $ 37,888 $ 37,701 (1) During the three and nine months ended September 30, 2023, we recognized an aggregate $230,000 and $826,000, respectively, of expenses related to our Multifamily Joint Venture. During the three and nine months ended September 30, 2022, we recognized an aggregate $239,000 and $783,000, respectively, of expenses related to our Multifamily Joint Venture. |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 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 September 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 nine months ended September 30, 2023, we recorded a current income tax provision of $1.6 million and $4.7 million, respectively, primarily related to activities of our taxable REIT subsidiaries and various state and local taxes. During the three and nine months ended September 30, 2022, we recorded a current income tax provision of $1.2 million and $2.1 million, respectively. We did not have any deferred tax assets or liabilities as of September 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 September 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 | 9 Months Ended |
Sep. 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 September 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 September 30, 2023, there were 8,677,254 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 (834,264) 27.34 Forfeited (15,477) 24.55 Balance as of September 30, 2023 1,539,475 $ 26.09 These shares generally vest in installments over a period of three years, pursuant to the terms of the respective award agreements and the terms of our current benefit plans. The 1,539,475 shares of restricted class A common stock outstanding as of September 30, 2023 will vest as follows: 271,668 shares will vest in 2023; 844,109 shares will vest in 2024; and 423,698 shares will vest in 2025. As of September 30, 2023, total unrecognized compensation cost relating to unvested share-based compensation arrangements was $38.4 million based on the grant date fair value of shares granted. This cost is expected to be recognized over a weighted-average period of 1.0 years from September 30, 2023. |
Fair Values
Fair Values | 9 Months Ended |
Sep. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Values | FAIR VALUES Assets and Liabilities Measured at Fair Value The following table summarizes our assets and liabilities measured at fair value on a recurring basis ($ in thousands): September 30, 2023 December 31, 2022 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets Derivatives $ — $ 114,558 $ — $ 114,558 $ — $ 7,349 $ — $ 7,349 Liabilities Derivatives $ — $ 328 $ — $ 328 $ — $ 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): September 30, 2023 December 31, 2022 Book Value Face Amount Fair Value Book Value Face Amount Fair Value Financial assets Cash and cash equivalents $ 421,495 $ 421,495 $ 421,495 $ 291,340 $ 291,340 $ 291,340 Loans receivable, net 23,252,478 23,849,497 23,007,371 24,691,743 25,160,343 24,445,042 Financial liabilities Secured debt, net 12,793,344 12,809,913 12,466,689 13,528,164 13,549,748 13,121,306 Securitized debt obligations, net 2,509,254 2,512,511 2,309,845 2,664,010 2,673,541 2,597,377 Asset-specific debt, net 930,757 935,435 924,278 942,503 950,278 934,815 Loan participations sold, net 275,184 275,697 269,646 224,232 224,744 217,717 Secured term loans, net 2,104,824 2,140,720 2,097,253 2,114,549 2,157,218 2,103,943 Senior secured notes, net 362,981 366,590 308,784 395,166 400,000 343,665 Convertible notes, net 295,527 300,000 267,468 514,257 520,000 478,232 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 | 9 Months Ended |
Sep. 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): September 30, 2023 December 31, 2022 Assets Loans receivable $ 3,155,701 $ 3,317,316 Current expected credit loss reserve (178,185) (93,396) Loans receivable, net 2,977,516 3,223,920 Other assets 15,228 15,995 Total assets $ 2,992,744 $ 3,239,915 Liabilities Securitized debt obligations, net $ 2,509,254 $ 2,664,010 Other liabilities 7,601 7,234 Total liabilities $ 2,516,855 $ 2,671,244 |
Transactions With Related Parti
Transactions With Related Parties | 9 Months Ended |
Sep. 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 September 30, 2023 and December 31, 2022, our consolidated balance sheets included $28.9 million and $33.8 million of accrued management and incentive fees payable to our Manager, respectively. During the three and nine months ended September 30, 2023, we paid aggregate management and incentive fees of $32.8 million and $97.7 million, respectively, to our Manager, compared to $27.1 million and $78.9 million, respectively, during the same period of 2022. In addition, during the three and nine months ended September 30, 2023, we incurred expenses of $325,000 and $2.3 million, respectively, that were paid by our Manager and will be reimbursed by us, compared to $163,000 and $723,000, respectively, of such expenses during the same period of 2022. As of September 30, 2023, our Manager held 762,845 shares of unvested restricted class A common stock, which had an aggregate grant date fair value of $20.6 million, and vest in installments over three years from the date of issuance. During the three and nine months ended September 30, 2023, we recorded non-cash expenses related to shares held by our Manager of $3.9 million and $11.7 million, respectively, compared to $4.1 million and $12.5 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 nine months ended September 30, 2023 and 2022. During the three and nine months ended September 30, 2023, we incurred $320,000 and $800,000, respectively, of expenses for various administrative and operations services to third-party service providers that are affiliates of our Manager, compared to $88,000 and $280,000, respectively, during the same period of 2022. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | COMMITMENTS AND CONTINGENCIES Unfunded Commitments Under Loans Receivable As of September 30, 2023, we had aggregate unfunded commitments of $2.7 billion across 101 loans receivable, and $1.5 billion of committed or identified financings for those commitments, resulting in net unfunded commitments of $1.2 billion. The unfunded loan commitments comprise funding for capital expenditures and construction, leasing costs, and interest and carry costs, and their fundability varies depending on the progress of capital projects, leasing, and cash flows at the properties securing our loans. Therefore, the exact timing and amounts of such future loan fundings are uncertain and will depend on the current and future performance of the underlying collateral assets. We expect to fund our loan commitments over the remaining term of the related loans, which have a weighted-average future funding period of 2.6 years. Principal Debt Repayments Our contractual principal debt repayments as of September 30, 2023 were as follows ($ in thousands): Year Secured Debt (1) Asset-Specific Debt (1) Term Loans (2) Senior Secured Notes Convertible Notes (3) Total (4) 2023 (remaining) $ 133,901 $ — $ 5,499 $ — $ — $ 139,400 2024 2,768,963 — 21,997 — — 2,790,960 2025 1,306,172 786,633 21,997 — — 2,114,802 2026 4,260,992 — 1,302,574 — — 5,563,566 2027 3,265,039 — 8,258 366,590 300,000 3,939,887 Thereafter 1,074,846 148,802 780,395 — — 2,004,043 Total obligation $ 12,809,913 $ 935,435 $ 2,140,720 $ 366,590 $ 300,000 $ 16,552,658 (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 $2.5 billion of consolidated securitized debt obligations, $1.1 billion of non-consolidated senior interests, and $275.7 million of loan participations sold, as the satisfaction of these liabilities will not require cash outlays from us. Board of Directors’ Compensation As of September 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 $7,500, respectively. Litigation |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Pay vs Performance Disclosure | ||||
Net income | $ 29,524 | $ 103,246 | $ 248,932 | $ 296,183 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 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 amortized cost basis, 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 reduction to 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 September 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 $634.7 million and $459.6 million as of September 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 August 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, origination 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. |
Loan Participations Sold | Loan Participations SoldIn certain instances, we have executed a syndication of a non-recourse loan interest to a third-party. Depending on the particular structure of the syndication, the loan interest may remain on our GAAP balance sheet or, in other cases, the sale will be recognized and the 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 participation 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 loan interest, and excludes the 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 September 30, 2023, we had an aggregate $322.6 million asset-specific CECL reserve related to ten of our loans receivable with an aggregate amortized cost basis of $1.4 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 September 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 7.80%, and the unlevered discount rate, which ranged from 7.28% to 10.00%. We are also required by GAAP to disclose fair value information about financial instruments, which are not otherwise reported at fair value in our consolidated balance sheet, to the extent it is practicable to estimate a fair value for those instruments. These disclosure requirements exclude certain financial instruments and all non-financial instruments. The following methods and assumptions are used to estimate the fair value of each class of financial instruments, for which it is practicable to estimate that value: • Cash and cash equivalents: The carrying amount of cash and cash equivalents approximates fair value. • Loans receivable, net: The fair values of these loans were estimated using a discounted cash flow methodology, taking into consideration various factors including capitalization rates, discount rates, leasing, credit worthiness of major tenants, occupancy rates, availability and cost of financing, exit plan, loan sponsorship, actions of other lenders, and other factors. • 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) | 9 Months Ended |
Sep. 30, 2023 | |
Receivables [Abstract] | |
Overall Statistics for Loans Receivable Portfolio | The following table details overall statistics for our loans receivable portfolio ($ in thousands): September 30, 2023 December 31, 2022 Number of loans 185 203 Principal balance $ 23,849,497 $ 25,160,343 Net book value $ 23,252,478 $ 24,691,743 Unfunded loan commitments (1) $ 2,671,851 $ 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) 2.6 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 September 30, 2023 99% of our loans by principal balance earned a floating rate of interest, primarily indexed to SOFR, and the remaining 1% of our loans earned a fixed rate of interest. As of 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 $229.9 million that effectively converts our fixed rate loan exposure to floating rate exposure. In addition to cash coupon, all-in yield includes the amortization of deferred origination and extension fees, loan origination costs, and purchase discounts, as well as the accrual of exit fees. Excludes loans accounted for under the cost-recovery method. |
Disclosure Details Of Loan Receivable Portfolio Based On Index Floor Rates | The following table details the index rate floors for our loans receivable portfolio as of September 30, 2023 ($ in thousands): Loans Receivable Principal Balance Index Rate Floors USD Non-USD (1) Total Fixed Rate $ 326,972 $ — $ 326,972 0.00% or no floor (2) 4,452,986 6,968,770 11,421,756 0.01% to 1.00% floor 7,651,125 803,299 8,454,424 1.01% to 1.50% floor 1,305,951 153,906 1,459,857 1.51% to 2.00% floor 694,857 234,344 929,201 2.01% or more floor 1,257,287 — 1,257,287 Total (3) $ 15,689,178 $ 8,160,319 $ 23,849,497 (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 $229.9 million that effectively converts our fixed rate loan exposure to floating rate exposure. (3) As of September 30, 2023, the weighted-average index rate floor of our loans receivable principal balance was 0.42%. Excluding 0.0% index rate floors and loans with no floor, the weighted-average index rate floor was 0.78%. |
Activity Relating to Loans Receivable Portfolio | Activity relating to our loans receivable portfolio was as follows ($ 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 1,068,853 — 1,068,853 Loan repayments, sales, and cost-recovery proceeds (2,280,034) (40,733) (2,320,767) Unrealized (loss) gain on foreign currency translation (99,665) 313 (99,352) Deferred fees and other items — (11,046) (11,046) Amortization of fees and other items — 60,333 60,333 Loans Receivable, as of September 30, 2023 $ 23,849,497 $ (133,596) $ 23,715,901 CECL reserve (463,423) Loans Receivable, net, as of September 30, 2023 $ 23,252,478 (1) Other items primarily consist of purchase and sale discounts or premiums, exit fees, deferred origination expenses, and cost-recovery proceeds. |
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): September 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 $ 9,206,553 $ 10,016,113 $ 8,006,364 36% Multifamily 74 5,908,559 6,068,116 5,855,896 26 Hospitality 25 4,184,422 4,219,762 3,891,569 17 Industrial 12 2,121,085 2,133,209 2,124,686 10 Retail 7 842,100 859,681 830,697 4 Life Sciences / Studio 4 373,818 535,148 373,853 2 Other 6 1,079,364 1,080,847 1,051,144 5 Total loans receivable 185 $ 23,715,901 $ 24,912,876 $ 22,134,209 100% CECL reserve (463,423) Loans receivable, net $ 23,252,478 Geographic Location Number of Loans Net Book Value Total Loan Exposure (1) Net Loan Exposure (2) Net Loan Exposure Percentage of United States Sunbelt 67 $ 5,811,609 $ 5,971,930 $ 5,644,980 25% Northeast 32 5,404,008 5,446,368 4,421,379 20 West 31 3,080,257 4,074,953 2,977,926 13 Midwest 9 944,028 943,954 915,330 4 Northwest 6 360,566 364,148 362,089 2 Subtotal 145 15,600,468 16,801,353 14,321,704 64 International United Kingdom 23 3,511,992 3,486,567 3,240,731 15 Australia 5 1,343,580 1,352,700 1,346,196 6 Ireland 3 1,132,912 1,137,526 1,130,878 5 Spain 3 1,079,272 1,082,148 1,044,808 5 Sweden 1 451,731 454,222 453,891 2 Other Europe 5 595,946 598,360 596,001 3 Subtotal 40 8,115,433 8,111,523 7,812,505 36 Total loans receivable 185 $ 23,715,901 $ 24,912,876 $ 22,134,209 100% CECL reserve (463,423) Loans receivable, net $ 23,252,478 (1) Total loan exposure reflects our aggregate exposure to each loan investment. As of September 30, 2023, total loan exposure, includes (i) loans with an outstanding principal balance of $23.8 billion that are included in our consolidated financial statements, (ii) $1.1 billion of non-consolidated senior interests in loans we have sold, which are not included in our consolidated financial statements, and excludes (iii) $48.8 million of junior loan interests that we have sold, but that remain included in our consolidated financial statements. See Note 2 for further discussion of loan participations sold. (2) Net loan exposure reflects the amount of each loan that is subject to risk of credit loss to us as of September 30, 2023, which is our total loan exposure net of (i) $1.1 billion of non-consolidated senior interests, (ii) $935.4 million of asset-specific debt, (iii) $226.9 million of senior loan participations sold, (iv) $40.7 million of cost-recovery proceeds, and (v) our total loans receivable CECL reserve of $463.4 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) Total loan exposure reflects our aggregate exposure to each loan investment. As of December 31, 2022, total loan exposure, includes (i) loans with an outstanding principal balance of $25.2 billion that are included in our consolidated financial statements and (ii) $1.6 billion of non-consolidated senior interests in loans we have sold, which are not included in our consolidated financial statements. See Note 2 for further discussion of loan participations sold. (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 senior loan participations sold, and (iv) our total loans receivable CECL reserve of $326.1 million. Our non-consolidated senior interests, asset-specific debt, and loan participations sold are structurally non-recourse and term-matched to the corresponding collateral loans. |
Net Book Value, Total Loan Exposure and Net Loan Exposure of Loans Receivable Based on Internal Risk Ratings | The following table allocates the net book value, total loan exposure, and net loan exposure balances based on our internal risk ratings ($ in thousands): September 30, 2023 Risk Rating Number of Loans Net Book Value Total Loan Exposure (1) Net Loan Exposure (2) 1 15 $ 763,494 $ 812,060 $ 764,174 2 40 6,102,290 6,578,639 5,105,664 3 107 12,493,474 13,120,942 12,281,191 4 13 2,965,121 2,967,865 2,913,093 5 10 1,391,522 1,433,370 1,070,087 Total loans receivable 185 $ 23,715,901 $ 24,912,876 $ 22,134,209 CECL reserve (463,423) Loans receivable, net $ 23,252,478 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) Total loan exposure reflects our aggregate exposure to each loan investment. As of September 30, 2023, total loan exposure, includes (i) loans with an outstanding principal balance of $23.8 billion that are included in our consolidated financial statements, (ii) $1.1 billion of non-consolidated senior interests in loans we have sold, which are not included in our consolidated financial statements, and excludes (iii) $48.8 million of junior loan interests that we have sold, but that remain included in our consolidated financial statements. See Note 2 for further discussion of loan participations sold. As of December 31, 2022, total loan exposure, includes (i) loans with an outstanding principal balance of $25.2 billion that are included in our consolidated financial statements and (ii) $1.6 billion of non-consolidated senior interests in loans we have sold, which are not included in our consolidated financial statements. See Note 2 for further discussion of loan participations sold. (2) Net loan exposure reflects the amount of each loan that is subject to risk of credit loss to us as of September 30, 2023, which is our total loan exposure net of (i) $1.1 billion of non-consolidated senior interests, (ii) $935.4 million of asset-specific debt, (iii) $226.9 million of senior loan participations sold, (iv) $40.7 million of cost-recovery proceeds, and (v) our total loans receivable CECL reserve of $463.4 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 senior loan participations sold, and (iv) our total loans receivable CECL reserve of $326.1 million. Our non-consolidated senior interests, asset-specific debt, and loan participations sold are structurally non-recourse and term-matched to the corresponding collateral loans. |
Schedule Of Current Expected Credit Loss Reserve By Pool | The following table presents the activity in our loans receivable CECL reserve by investment pool for the three and nine months ended September 30, 2023 and 2022 ($ 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 (Decrease) increase in CECL reserve (5,639) (2,336) (627) 108,150 99,548 CECL reserve as of September 30, 2023 $ 68,754 $ 26,656 $ 45,462 $ 322,551 $ 463,423 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 Increase in CECL reserve 8,280 45 3,082 — 11,407 CECL reserve as of September 30, 2022 $ 41,591 $ 11,389 $ 36,577 $ 54,874 $ 144,431 (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 September 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 September 30, 2023 Risk Rating 2023 2022 2021 2020 2019 Prior Total U.S. loans 1 $ — $ 151,179 $ 465,406 $ 39,933 $ 53,039 $ 53,937 $ 763,494 2 — 216,889 1,936,744 32,244 227,680 1,540,263 3,953,820 3 — 2,027,526 3,866,825 605,278 585,997 385,150 7,470,776 4 — 81,591 774,607 140,000 — 1,024,660 2,020,858 5 — — — — — — — Total U.S. loans $ — $ 2,477,185 $ 7,043,582 $ 817,455 $ 866,716 $ 3,004,010 $ 14,208,948 Non-U.S. loans 1 $ — $ — $ — $ — $ — $ — $ — 2 — 1,098,319 960,731 89,420 — — 2,148,470 3 — 590,162 1,199,465 — 1,876,168 81,896 3,747,691 4 — — — — 344,383 — 344,383 5 — — — — — — — Total Non-U.S. loans $ — $ 1,688,481 $ 2,160,196 $ 89,420 $ 2,220,551 $ 81,896 $ 6,240,544 Unique loans 1 $ — $ — $ — $ — $ — $ — $ — 2 — — — — — — — 3 — 844,697 — — 251,956 178,354 1,275,007 4 — — — — — 599,880 599,880 5 — — — — — — — Total unique loans $ — $ 844,697 $ — $ — $ 251,956 $ 778,234 $ 1,874,887 Impaired loans 1 $ — $ — $ — $ — $ — $ — $ — 2 — — — — — — — 3 — — — — — — — 4 — — — — — — — 5 — — 507,371 — — 884,151 1,391,522 Total impaired loans $ — $ — $ 507,371 $ — $ — $ 884,151 $ 1,391,522 Total loans receivable 1 $ — $ 151,179 $ 465,406 $ 39,933 $ 53,039 $ 53,937 $ 763,494 2 — 1,315,208 2,897,475 121,664 227,680 1,540,263 6,102,290 3 — 3,462,385 5,066,290 605,278 2,714,121 645,400 12,493,474 4 — 81,591 774,607 140,000 344,383 1,624,540 2,965,121 5 — — 507,371 — — 884,151 1,391,522 Total loans receivable $ — $ 5,010,363 $ 9,711,149 $ 906,875 $ 3,339,223 $ 4,748,291 $ 23,715,901 CECL reserve (463,423) Loans receivable, net $ 23,252,478 (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) | 9 Months Ended |
Sep. 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): September 30, 2023 December 31, 2022 Accrued interest receivable $ 189,609 $ 189,569 Derivative assets 114,558 7,349 Loan portfolio payments held by servicer (1) 63,566 68,489 Accounts receivable and other assets 1,595 1,318 Prepaid expenses 118 1,067 Collateral deposited under derivative agreements — 103,110 Total $ 369,446 $ 370,902 |
Summary of Components of Other Liabilities | The following table details the components of our other liabilities ($ in thousands): September 30, 2023 December 31, 2022 Accrued dividends payable $ 106,824 $ 106,455 Accrued interest payable 70,724 80,263 Secured debt repayments pending servicer remittance (1) 49,903 60,585 Accrued management and incentive fees payable 28,882 33,830 Current expected credit loss reserve for unfunded loan commitments (2) 13,624 16,380 Accounts payable and other liabilities 7,742 9,726 Derivative liabilities 328 119,665 Total $ 278,027 $ 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 nine months ended September 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 Decrease in CECL reserve (1,614) (1,034) — — (2,648) CECL reserve as of September 30, 2023 $ 9,582 $ 4,042 $ — $ — $ 13,624 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 Increase in CECL reserve 527 314 — — 841 CECL reserve as of September 30, 2022 $ 6,850 $ 2,425 $ — $ — $ 9,275 |
Secured Debt, Net (Tables)
Secured Debt, Net (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Debt Disclosure [Abstract] | |
Schedule of Secured Debt Agreements | The following table details our secured debt ($ in thousands): Secured Debt Borrowings Outstanding September 30, 2023 December 31, 2022 Secured credit facilities $ 12,809,913 $ 13,549,748 Acquisition facility — — Total secured debt $ 12,809,913 $ 13,549,748 Deferred financing costs (1) (16,569) (21,584) Net book value of secured debt $ 12,793,344 $ 13,528,164 As of September 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 $ 366,590 3.75 % 4.02 % 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): September 30, 2023 December 31, 2022 Face value $ 366,590 $ 400,000 Deferred financing costs (3,609) (4,834) Net book value $ 362,981 $ 395,166 |
Credit Facilities | The following table details our secured credit facilities by spread over the applicable base rates as of September 30, 2023 ($ in thousands): September 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 $ 6,876,591 May 2026 131 $ 10,791,188 May 2026 36% 25% - 100% GBP 7 2,391,449 June 2026 22 3,193,290 July 2026 27% 25% - 50% EUR 7 1,983,520 September 2025 11 2,661,250 September 2025 41% 25% - 100% Others (5) 4 1,558,353 July 2027 7 1,967,503 July 2027 25% 25% Total 15 $ 12,809,913 May 2026 171 $ 18,613,231 June 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 September 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 $ 913,230 + 2.36 % + 2.65 % April 23, 2026 B-3 Term Loan 411,998 + 2.86 % + 3.54 % April 23, 2026 B-4 Term Loan 815,492 + 3.50 % + 4.11 % May 9, 2029 Total face value $ 2,140,720 (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 September 30, 2023 and December 31, 2022 ($ in thousands): Nine Months Ended September 30, 2023 September 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 $ — $ 5,625,471 +1.53 % $ 8,308,855 +3.27 % +1.74 % + 1.51% to + 1.75% — 2,794,848 +1.82 % 3,902,545 +3.57 % +1.75 % + 1.76% to + 2.00% — 1,912,045 +2.13 % 2,974,091 +4.01 % +1.88 % + 2.01% or more 66,924 2,477,549 +2.61 % 3,427,740 +4.62 % +2.01 % Total $ 66,924 $ 12,809,913 +1.89 % $ 18,613,231 +3.69 % +1.80 % 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 September 30, 2023 and December 31, 2022 for new financings closed during the nine months ended September 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 September 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) | 9 Months Ended |
Sep. 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): September 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 $ 801,392 + 1.69 % May 2038 Underlying Collateral Assets 27 1,000,000 1,000,000 + 3.35 % December 2025 2020 FL3 Collateralized Loan Obligation Senior CLO Securities Outstanding 1 716,342 716,284 + 2.18 % November 2037 Underlying Collateral Assets 15 907,592 907,592 + 3.04 % May 2025 2020 FL2 Collateralized Loan Obligation Senior CLO Securities Outstanding 1 992,419 991,578 + 1.57 % February 2038 Underlying Collateral Assets 16 1,249,294 1,249,294 + 3.25 % May 2025 Total Senior CLO Securities Outstanding (4) 3 $ 2,512,511 $ 2,509,254 +1.78 % Underlying Collateral Assets 58 $ 3,156,886 $ 3,156,886 + 3.21 % (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 nine months ended September 30, 2023, we recorded $44.5 million and $127.6 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 nine months ended September 30, 2022, we recorded $26.1 million and $52.6 million, respectively, of interest expense related to our securitized debt obligations. |
Asset-Specific Debt, Net (Table
Asset-Specific Debt, Net (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Debt Disclosure [Abstract] | |
Summary of Asset-Specific Financings | The following table details our asset-specific debt ($ in thousands): September 30, 2023 Asset-Specific Debt Count Principal Balance Book Value Wtd. Avg. Yield/Cost (1) Wtd. Avg. Term (2) Financing provided 2 $ 935,435 $ 930,757 + 3.13 % February 2026 Collateral assets 2 $ 1,111,453 $ 1,102,848 + 3.95 % 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) | 9 Months Ended |
Sep. 30, 2023 | |
Debt Disclosure [Abstract] | |
Schedule of Loan Participations Sold | The following table details our loan participations sold ($ in thousands): September 30, 2023 Loan Participations Sold Count Principal Balance Book Value Wtd. Avg. Yield/Cost (1) Term (2) Senior Participations Loan Participation 1 $ 226,901 $ 226,557 + 3.22 % March 2027 Total Loan 1 283,627 282,227 + 4.86 % March 2027 Junior Participations Loan Participation 1 $ 48,796 $ 48,627 + 8.35 % June 2025 Total Loan 1 174,690 172,890 + 5.23 % June 2025 Total Loan Participation (3) 2 $ 275,697 $ 275,184 Total Loan 2 $ 458,317 $ 455,117 December 31, 2022 Loan Participations Sold Count Principal Book Value Wtd. Avg. Yield/Cost (1) Term (2) Senior Participations Loan Participation 1 $ 224,744 $ 224,232 + 3.22 % March 2027 Total Loan 1 280,930 278,843 + 4.86 % March 2027 Total Loan Participation (3) 1 $ 224,744 $ 224,232 Total Loan 1 $ 280,930 $ 278,843 (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 participations sold are inherently non-recourse and term-matched to the corresponding loan. (3) During the three and nine months ended September 30, 2023, we recorded $5.3 million and $13.3 million, respectively, of interest expense related to our loan participations sold. During the three and nine months ended September 30, 2022 we recorded $2.4 million and $4.8 million, respectively, of interest expense related to our loan participations sold. |
Term Loans, Net (Tables)
Term Loans, Net (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Debt Disclosure [Abstract] | |
Schedule of Debt | The following table details our secured credit facilities by spread over the applicable base rates as of September 30, 2023 ($ in thousands): September 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 $ 6,876,591 May 2026 131 $ 10,791,188 May 2026 36% 25% - 100% GBP 7 2,391,449 June 2026 22 3,193,290 July 2026 27% 25% - 50% EUR 7 1,983,520 September 2025 11 2,661,250 September 2025 41% 25% - 100% Others (5) 4 1,558,353 July 2027 7 1,967,503 July 2027 25% 25% Total 15 $ 12,809,913 May 2026 171 $ 18,613,231 June 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 September 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 $ 913,230 + 2.36 % + 2.65 % April 23, 2026 B-3 Term Loan 411,998 + 2.86 % + 3.54 % April 23, 2026 B-4 Term Loan 815,492 + 3.50 % + 4.11 % May 9, 2029 Total face value $ 2,140,720 (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): September 30, 2023 December 31, 2022 Face value $ 2,140,720 $ 2,157,218 Deferred financing costs and unamortized discount (35,896) (42,669) Net book value $ 2,104,824 $ 2,114,549 The following table details the net book value of our Convertible Notes on our consolidated balance sheets ($ in thousands): September 30, 2023 December 31, 2022 Face value $ 300,000 $ 520,000 Deferred financing costs and unamortized discount (4,473) (5,743) Net book value $ 295,527 $ 514,257 |
Senior Secured Notes, Net (Tabl
Senior Secured Notes, Net (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Debt Disclosure [Abstract] | |
Schedule of Senior Secured Notes, Net | The following table details our secured debt ($ in thousands): Secured Debt Borrowings Outstanding September 30, 2023 December 31, 2022 Secured credit facilities $ 12,809,913 $ 13,549,748 Acquisition facility — — Total secured debt $ 12,809,913 $ 13,549,748 Deferred financing costs (1) (16,569) (21,584) Net book value of secured debt $ 12,793,344 $ 13,528,164 As of September 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 $ 366,590 3.75 % 4.02 % 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): September 30, 2023 December 31, 2022 Face value $ 366,590 $ 400,000 Deferred financing costs (3,609) (4,834) Net book value $ 362,981 $ 395,166 |
Convertible Notes, Net (Tables)
Convertible Notes, Net (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Debt Instruments [Abstract] | |
Summary of Outstanding Convertible Senior Notes | As of September 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): September 30, 2023 December 31, 2022 Face value $ 2,140,720 $ 2,157,218 Deferred financing costs and unamortized discount (35,896) (42,669) Net book value $ 2,104,824 $ 2,114,549 The following table details the net book value of our Convertible Notes on our consolidated balance sheets ($ in thousands): September 30, 2023 December 31, 2022 Face value $ 300,000 $ 520,000 Deferred financing costs and unamortized discount (4,473) (5,743) Net book value $ 295,527 $ 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 September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Cash coupon $ 4,125 $ 6,737 $ 14,514 $ 22,122 Discount and issuance cost amortization 319 644 1,270 2,222 Total interest expense $ 4,444 $ 7,381 $ 15,784 $ 24,344 |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 9 Months Ended |
Sep. 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): September 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 1,004,551 Buy USD / Sell SEK Forward 2 kr 1,003,626 Buy USD / Sell GBP Forward 8 £ 722,576 Buy USD / Sell EUR Forward 8 € 722,311 Buy USD / Sell EUR Forward 7 € 676,126 Buy USD / Sell GBP Forward 6 £ 690,912 Buy USD / Sell AUD Forward 9 A$ 464,016 Buy USD / Sell AUD Forward 8 A$ 541,813 Buy USD / Sell DKK Forward 2 kr. 195,728 Buy USD / Sell DKK Forward 3 kr. 195,019 Buy USD / Sell CHF Forward 3 CHF 7,873 Buy USD / Sell CAD Forward 2 C$ 22,187 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): September 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 1 £ 14,300 Buy GBP / Sell USD Forward 2 £ 109,076 Buy USD / Sell GBP Forward 1 £ 14,300 Buy USD / Sell GBP Forward 2 £ 109,076 Buy AUD / Sell USD Forward 1 A$ 23,600 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): September 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 1.1 |
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 September 30, Nine Months Ended September 30, Derivatives in Hedging Relationships Location of Income (Expense) Recognized 2023 2022 2023 2022 Designated Hedges Interest Income (1) $ 5,120 $ 6,603 $ 20,599 $ 11,585 Designated Hedges Interest Expense (2) 384 — 459 — Non-Designated Hedges Interest Income (1) 2 (8) 70 (15) Non-Designated Hedges Interest Expense (3) (2) 11 (64) 75 Total $ 5,504 $ 6,606 $ 21,064 $ 11,645 (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 September 30, 2023 December 31, 2022 September 30, 2023 December 31, 2022 Derivatives designated as hedging instruments: Foreign exchange contracts $ 111,603 $ 501 $ 24 $ 111,573 Interest rate derivatives 1,657 — — — Total derivatives designated as hedging instruments $ 113,260 $ 501 $ 24 $ 111,573 Derivatives not designated as hedging instruments: Foreign exchange contracts $ 1,298 $ 6,848 $ 304 $ 8,092 Interest rate derivatives — — — — Total derivatives not designated as hedging instruments $ 1,298 $ 6,848 $ 304 $ 8,092 Total Derivatives $ 114,558 $ 7,349 $ 328 $ 119,665 (1) Included in other assets in our consolidated balance sheets. |
Summary of Effect of Derivative Financial Instruments on Consolidated Statements of Comprehensive Income And Operations | The following table presents the effect of our derivative financial instruments on our consolidated statements of comprehensive income and operations ($ in thousands): Derivatives in Hedging Relationships Amount of Gain (Loss) Recognized in OCI on Derivatives Location of Amount of Gain Reclassified from Accumulated OCI into Income Three Months Ended September 30, 2023 Nine Months Ended September 30, 2023 Three Months Ended September 30, 2023 Nine Months Ended September 30, 2023 Net Investment Hedges Foreign exchange contracts (1) $ 71,379 $ 20,382 Interest Expense $ — $ — Cash Flow Hedges Interest rate derivatives 653 2,116 Interest Expense (2) 384 459 Total $ 72,032 $ 22,498 $ 384 $ 459 (1) During the three and nine months ended September 30, 2023, we paid net cash settlements of $44.7 million and $183.9 million, respectively, on our foreign currency forward contracts. Those amounts are included as a component of accumulated other comprehensive income on our consolidated balance sheets. (2) During the three and nine months ended September 30, 2023, we recorded total interest and related expenses of $354.0 million and $1.0 billion, respectively, which were reduced by $384,000 and $459,000, respectively, related to income generated by our cash flow hedges. |
Equity (Tables)
Equity (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Equity [Abstract] | |
Schedule of Movement in Outstanding Shares of Class A Common Stock, Restricted Class A Common Stock and Deferred Stock Units | The following table details the movement in our outstanding shares of class A common stock, including restricted class A common stock and deferred stock units: Nine Months Ended September 30, Common Stock Outstanding (1) 2023 2022 Beginning balance 172,106,593 168,543,370 Issuance of class A common stock (2) 5,079 2,308,889 Issuance of restricted class A common stock, net (3)(4) 489,955 407,581 Issuance of deferred stock units 43,656 35,940 Ending balance 172,645,283 171,295,780 (1) Includes 349,232 and 399,512 deferred stock units held by members of our board of directors as of September 30, 2023 and 2022, respectively. (2) Includes 5,079 and 5,420 shares issued under our dividend reinvestment program during the nine months ended September 30, 2023 and 2022, respectively. (3) Includes 25,482 and 13,197 restricted shares issued to our board of directors during the nine months ended September 30, 2023 and 2022, respectively. (4) Net of 15,477 and 33,250 shares of restricted class A common stock forfeited under our stock-based incentive plans during the nine months ended September 30, 2023 and 2022, respectively. |
Schedule of Dividend Activity | The following table details our dividend activity ($ in thousands, except per share data): Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Dividends declared per share of common stock $ 0.62 $ 0.62 $ 1.86 $ 1.86 Class A common stock dividends declared $ 106,824 $ 105,956 $ 320,471 $ 317,114 Deferred stock unit dividends declared 209 241 662 698 Total dividends declared $ 107,033 $ 106,197 $ 321,133 $ 317,812 |
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 September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Basic Earnings Net income (1) $ 29,524 $ 103,246 $ 248,932 $ 296,183 Weighted-average shares outstanding, basic 172,648,118 170,971,874 172,620,799 170,303,470 Per share amount, basic $ 0.17 $ 0.60 $ 1.44 $ 1.74 Diluted Earnings Net income (1) $ 29,524 $ 103,246 $ 248,932 $ 296,183 Add back: Interest expense on Convertible Notes, net (2)(3) — 5,905 10,667 14,218 Diluted earnings $ 29,524 $ 109,151 $ 259,599 $ 310,401 Weighted-average shares outstanding, basic 172,648,118 170,971,874 172,620,799 170,303,470 Effect of dilutive securities - Convertible Notes (3) — 14,344,204 8,271,060 11,708,372 Weighted-average common shares outstanding, diluted 172,648,118 185,316,078 180,891,859 182,011,842 Per share amount, diluted $ 0.17 $ 0.59 $ 1.44 $ 1.71 (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 months ended September 30, 2023, our Convertible Notes were not included in the calculation of diluted earnings per share, as the impact is antidilutive. For the nine months ended September 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 nine months ended September 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 nine months ended September 30, 2023. Refer to Note 11 for additional discussion on our Convertible Notes. |
Other Expenses (Tables)
Other Expenses (Tables) | 9 Months Ended |
Sep. 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 September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Professional services $ 3,038 $ 2,695 $ 9,579 $ 8,086 Operating and other costs 1,357 2,018 5,383 4,329 Subtotal (1) 4,395 4,713 14,962 12,415 Non-cash compensation expenses Restricted class A common stock earned 7,434 8,046 22,418 24,768 Director stock-based compensation 172 173 508 518 Subtotal 7,606 8,219 22,926 25,286 Total general and administrative expenses $ 12,001 $ 12,932 $ 37,888 $ 37,701 (1) During the three and nine months ended September 30, 2023, we recognized an aggregate $230,000 and $826,000, respectively, of expenses related to our Multifamily Joint Venture. During the three and nine months ended September 30, 2022, we recognized an aggregate $239,000 and $783,000, respectively, of expenses related to our Multifamily Joint Venture. |
Stock-Based Incentive Plans (Ta
Stock-Based Incentive Plans (Tables) | 9 Months Ended |
Sep. 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 (834,264) 27.34 Forfeited (15,477) 24.55 Balance as of September 30, 2023 1,539,475 $ 26.09 |
Fair Values (Tables)
Fair Values (Tables) | 9 Months Ended |
Sep. 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): September 30, 2023 December 31, 2022 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets Derivatives $ — $ 114,558 $ — $ 114,558 $ — $ 7,349 $ — $ 7,349 Liabilities Derivatives $ — $ 328 $ — $ 328 $ — $ 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): September 30, 2023 December 31, 2022 Book Value Face Amount Fair Value Book Value Face Amount Fair Value Financial assets Cash and cash equivalents $ 421,495 $ 421,495 $ 421,495 $ 291,340 $ 291,340 $ 291,340 Loans receivable, net 23,252,478 23,849,497 23,007,371 24,691,743 25,160,343 24,445,042 Financial liabilities Secured debt, net 12,793,344 12,809,913 12,466,689 13,528,164 13,549,748 13,121,306 Securitized debt obligations, net 2,509,254 2,512,511 2,309,845 2,664,010 2,673,541 2,597,377 Asset-specific debt, net 930,757 935,435 924,278 942,503 950,278 934,815 Loan participations sold, net 275,184 275,697 269,646 224,232 224,744 217,717 Secured term loans, net 2,104,824 2,140,720 2,097,253 2,114,549 2,157,218 2,103,943 Senior secured notes, net 362,981 366,590 308,784 395,166 400,000 343,665 Convertible notes, net 295,527 300,000 267,468 514,257 520,000 478,232 |
Variable Interest Entities (Tab
Variable Interest Entities (Tables) | 9 Months Ended |
Sep. 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): September 30, 2023 December 31, 2022 Assets Loans receivable $ 3,155,701 $ 3,317,316 Current expected credit loss reserve (178,185) (93,396) Loans receivable, net 2,977,516 3,223,920 Other assets 15,228 15,995 Total assets $ 2,992,744 $ 3,239,915 Liabilities Securitized debt obligations, net $ 2,509,254 $ 2,664,010 Other liabilities 7,601 7,234 Total liabilities $ 2,516,855 $ 2,671,244 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Principal Contractual Obligations | Our contractual principal debt repayments as of September 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) $ 133,901 $ — $ 5,499 $ — $ — $ 139,400 2024 2,768,963 — 21,997 — — 2,790,960 2025 1,306,172 786,633 21,997 — — 2,114,802 2026 4,260,992 — 1,302,574 — — 5,563,566 2027 3,265,039 — 8,258 366,590 300,000 3,939,887 Thereafter 1,074,846 148,802 780,395 — — 2,004,043 Total obligation $ 12,809,913 $ 935,435 $ 2,140,720 $ 366,590 $ 300,000 $ 16,552,658 (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 | Sep. 30, 2023 USD ($) loan | Jun. 30, 2023 USD ($) | Mar. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Sep. 30, 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 | 634,700 | 459,600 | |||||||
CECL reserve | 463,423 | $ 363,875 | $ 336,591 | 326,137 | $ 144,431 | $ 133,024 | $ 122,221 | $ 124,679 | |
Principal balance | 23,715,901 | 25,017,880 | |||||||
Impaired loans | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
CECL reserve | 322,551 | $ 214,401 | $ 197,258 | 189,778 | $ 54,874 | $ 54,874 | $ 54,874 | $ 54,874 | |
Principal balance | 1,391,522 | $ 929,111 | |||||||
Ten Loans | Impaired loans | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
CECL reserve | $ 322,600 | ||||||||
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) | 0.0780 | ||||||||
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) | 0.1000 | ||||||||
Level 3 | Fair Value, Nonrecurring | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
CECL reserve | $ 322,600 | ||||||||
Number of loans accounted for under cost-recovery method, floating rate | loan | 10 | ||||||||
Principal balance | $ 1,400,000 | ||||||||
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 | 9 Months Ended | 12 Months Ended | ||||||
Sep. 30, 2023 USD ($) | Dec. 31, 2022 USD ($) | Sep. 30, 2023 security_loan | Sep. 30, 2023 | Sep. 30, 2023 loan | Dec. 31, 2022 security_loan | Dec. 31, 2022 | Dec. 31, 2022 loan | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Number of loans | 185 | 185 | 203 | 203 | ||||
Principal balance | $ 23,849,497 | $ 25,160,343 | ||||||
Net book value | $ 23,252,478 | $ 24,691,743 | ||||||
Weighted-average maximum maturity (years) | 2 years 7 months 6 days | 3 years 1 month 6 days | ||||||
Percentage of loans by principal balance, fixed rate | 1% | |||||||
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 | $ 2,671,851 | $ 3,806,153 | ||||||
Prepayment Restrictions Including Yield Maintenance Lock Out Provisions | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Percentage of portfolio | 18% | 50% | ||||||
Without Prepayment Restrictions | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Percentage of portfolio | 82% | 50% | ||||||
Secured Overnight Financing Rate (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% | ||||||
Percentage of loans by principal balance, floating rate | 99% |
Loans Receivable, Net - Schedul
Loans Receivable, Net - Schedule Of Loan Receivable Portfolio Based On Floor Rate (Detail) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Disclosure Details Of Loan Receivable Portfolio Based On Floor Rate [Line Items] | ||
Loans receivable | $ 23,849,497 | $ 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 | 0.42% | |
Excluding 0.0% index rate floors, weighted-average index rate floor | 0.78% | |
Non-USD | ||
Disclosure Details Of Loan Receivable Portfolio Based On Floor Rate [Line Items] | ||
Loans receivable | $ 8,160,319 | |
USD | ||
Disclosure Details Of Loan Receivable Portfolio Based On Floor Rate [Line Items] | ||
Loans receivable | 15,689,178 | |
Fixed Rate | ||
Disclosure Details Of Loan Receivable Portfolio Based On Floor Rate [Line Items] | ||
Loans receivable | 326,972 | |
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 | 326,972 | |
0.00% or no floor | ||
Disclosure Details Of Loan Receivable Portfolio Based On Floor Rate [Line Items] | ||
Loans receivable | 11,421,756 | |
0.00% or no floor | Non-USD | ||
Disclosure Details Of Loan Receivable Portfolio Based On Floor Rate [Line Items] | ||
Loans receivable | 6,968,770 | |
0.00% or no floor | USD | ||
Disclosure Details Of Loan Receivable Portfolio Based On Floor Rate [Line Items] | ||
Loans receivable | 4,452,986 | |
0.01% to 1.00% floor | ||
Disclosure Details Of Loan Receivable Portfolio Based On Floor Rate [Line Items] | ||
Loans receivable | 8,454,424 | |
0.01% to 1.00% floor | Non-USD | ||
Disclosure Details Of Loan Receivable Portfolio Based On Floor Rate [Line Items] | ||
Loans receivable | 803,299 | |
0.01% to 1.00% floor | USD | ||
Disclosure Details Of Loan Receivable Portfolio Based On Floor Rate [Line Items] | ||
Loans receivable | 7,651,125 | |
1.01% to 1.50% floor | ||
Disclosure Details Of Loan Receivable Portfolio Based On Floor Rate [Line Items] | ||
Loans receivable | 1,459,857 | |
1.01% to 1.50% floor | Non-USD | ||
Disclosure Details Of Loan Receivable Portfolio Based On Floor Rate [Line Items] | ||
Loans receivable | 153,906 | |
1.01% to 1.50% floor | USD | ||
Disclosure Details Of Loan Receivable Portfolio Based On Floor Rate [Line Items] | ||
Loans receivable | 1,305,951 | |
1.51% to 2.00% floor | ||
Disclosure Details Of Loan Receivable Portfolio Based On Floor Rate [Line Items] | ||
Loans receivable | 929,201 | |
1.51% to 2.00% floor | Non-USD | ||
Disclosure Details Of Loan Receivable Portfolio Based On Floor Rate [Line Items] | ||
Loans receivable | 234,344 | |
1.51% to 2.00% floor | USD | ||
Disclosure Details Of Loan Receivable Portfolio Based On Floor Rate [Line Items] | ||
Loans receivable | 694,857 | |
2.01% or more floor | ||
Disclosure Details Of Loan Receivable Portfolio Based On Floor Rate [Line Items] | ||
Loans receivable | 1,257,287 | |
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 | $ 1,257,287 |
Loans Receivable, Net - Activit
Loans Receivable, Net - Activity Relating to Loans Receivable Portfolio (Detail) - USD ($) $ in Thousands | 9 Months Ended | |||||||
Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | |
Principal Balance | ||||||||
Beginning balance | $ 25,160,343 | |||||||
Loan fundings | 1,068,853 | |||||||
Loan repayments, sales, and cost-recovery proceeds | (2,280,034) | |||||||
Unrealized (loss) gain on foreign currency translation | (99,665) | |||||||
Ending balance | 23,849,497 | |||||||
Deferred Fees / Other Items | ||||||||
Beginning balance | (142,463) | |||||||
Loan repayments, sales, and cost-recovery proceeds | (40,733) | |||||||
Unrealized (loss) gain on foreign currency translation | 313 | |||||||
Deferred fees and other items | (11,046) | |||||||
Amortization of fees and other items | 60,333 | |||||||
Ending balance | (133,596) | |||||||
Net Book Value | ||||||||
Beginning balance | 25,017,880 | |||||||
Loan fundings | 1,068,853 | |||||||
Loan repayments, sales, and cost-recovery proceeds | (2,320,767) | |||||||
Unrealized (loss) gain on foreign currency translation | (99,352) | |||||||
Deferred fees and other items | (11,046) | |||||||
Amortization of fees and other items | 60,333 | |||||||
Ending balance | 23,715,901 | |||||||
CECL reserve | (463,423) | $ (363,875) | $ (336,591) | $ (326,137) | $ (144,431) | $ (133,024) | $ (122,221) | $ (124,679) |
Loans receivable, net | $ 23,252,478 | $ 24,691,743 |
Loans Receivable, Net - Propert
Loans Receivable, Net - Property Type and Geographic Distribution of Properties Securing Loans in Portfolio (Detail) $ in Thousands | 9 Months Ended | |||||||||||||
Sep. 30, 2023 USD ($) | Sep. 30, 2023 security_loan | Sep. 30, 2023 | Sep. 30, 2023 loan | Jun. 30, 2023 USD ($) | Mar. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2022 security_loan | Dec. 31, 2022 | Dec. 31, 2022 loan | Sep. 30, 2022 USD ($) | Jun. 30, 2022 USD ($) | Mar. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||||||
Number of loans | 185 | 185 | 203 | 203 | ||||||||||
Net Book Value | $ 23,715,901 | $ 25,017,880 | ||||||||||||
CECL reserve | (463,423) | $ (363,875) | $ (336,591) | (326,137) | $ (144,431) | $ (133,024) | $ (122,221) | $ (124,679) | ||||||
Loans receivable, net | 23,252,478 | 24,691,743 | ||||||||||||
Total Loan Exposure | 24,912,876 | 26,810,281 | ||||||||||||
Net Loan Exposure | 22,134,209 | 23,659,183 | ||||||||||||
Percentage of portfolio | 100% | 100% | ||||||||||||
Principal balance | 23,849,497 | 25,160,343 | ||||||||||||
Total loan exposure including non-consolidated senior interests | 1,100,000 | 1,600,000 | ||||||||||||
Loan participations sold | 275,697 | 224,744 | ||||||||||||
Net loan exposure, asset-specific debt | 935,400 | 950,300 | ||||||||||||
Cost-recovery proceeds | 40,733 | |||||||||||||
Junior Loan Participation | ||||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||||||
Loan participations sold | 48,796 | |||||||||||||
Senior Participations | ||||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||||||
Loan participations sold | 226,901 | 224,744 | ||||||||||||
Subtotal | ||||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||||||
Number of loans | loan | 145 | 160 | ||||||||||||
Net Book Value | 15,600,468 | 16,699,006 | ||||||||||||
Total Loan Exposure | 16,801,353 | 18,431,661 | ||||||||||||
Net Loan Exposure | 14,321,704 | 15,605,716 | ||||||||||||
Percentage of portfolio | 64% | 66% | ||||||||||||
Sunbelt | ||||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||||||
Number of loans | loan | 67 | 75 | ||||||||||||
Net Book Value | 5,811,609 | 6,538,034 | ||||||||||||
Total Loan Exposure | 5,971,930 | 6,802,928 | ||||||||||||
Net Loan Exposure | 5,644,980 | 6,244,886 | ||||||||||||
Percentage of portfolio | 25% | 27% | ||||||||||||
Northeast | ||||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||||||
Number of loans | loan | 32 | 36 | ||||||||||||
Net Book Value | 5,404,008 | 5,339,874 | ||||||||||||
Total Loan Exposure | 5,446,368 | 5,666,968 | ||||||||||||
Net Loan Exposure | 4,421,379 | 4,570,180 | ||||||||||||
Percentage of portfolio | 20% | 19% | ||||||||||||
West | ||||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||||||
Number of loans | loan | 31 | 33 | ||||||||||||
Net Book Value | 3,080,257 | 3,515,517 | ||||||||||||
Total Loan Exposure | 4,074,953 | 4,547,946 | ||||||||||||
Net Loan Exposure | 2,977,926 | 3,486,343 | ||||||||||||
Percentage of portfolio | 13% | 15% | ||||||||||||
Midwest | ||||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||||||
Number of loans | loan | 9 | 10 | ||||||||||||
Net Book Value | 944,028 | 987,718 | ||||||||||||
Total Loan Exposure | 943,954 | 1,091,882 | ||||||||||||
Net Loan Exposure | 915,330 | 984,151 | ||||||||||||
Percentage of portfolio | 4% | 4% | ||||||||||||
Northwest | ||||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||||||
Number of loans | loan | 6 | 6 | ||||||||||||
Net Book Value | 360,566 | 317,863 | ||||||||||||
Total Loan Exposure | 364,148 | 321,937 | ||||||||||||
Net Loan Exposure | 362,089 | 320,156 | ||||||||||||
Percentage of portfolio | 2% | 1% | ||||||||||||
Subtotal | ||||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||||||
Number of loans | loan | 40 | 43 | ||||||||||||
Net Book Value | 8,115,433 | 8,318,874 | ||||||||||||
Total Loan Exposure | 8,111,523 | 8,378,620 | ||||||||||||
Net Loan Exposure | 7,812,505 | 8,053,467 | ||||||||||||
Percentage of portfolio | 36% | 34% | ||||||||||||
United Kingdom | ||||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||||||
Number of loans | loan | 23 | 23 | ||||||||||||
Net Book Value | 3,511,992 | 3,362,629 | ||||||||||||
Total Loan Exposure | 3,486,567 | 3,393,126 | ||||||||||||
Net Loan Exposure | 3,240,731 | 3,123,925 | ||||||||||||
Percentage of portfolio | 15% | 13% | ||||||||||||
Australia | ||||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||||||
Number of loans | loan | 5 | 5 | ||||||||||||
Net Book Value | 1,343,580 | 1,405,601 | ||||||||||||
Total Loan Exposure | 1,352,700 | 1,417,318 | ||||||||||||
Net Loan Exposure | 1,346,196 | 1,408,565 | ||||||||||||
Percentage of portfolio | 6% | 6% | ||||||||||||
Ireland | ||||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||||||
Number of loans | loan | 3 | 3 | ||||||||||||
Net Book Value | 1,132,912 | 1,192,220 | ||||||||||||
Total Loan Exposure | 1,137,526 | 1,199,406 | ||||||||||||
Net Loan Exposure | 1,130,878 | 1,197,892 | ||||||||||||
Percentage of portfolio | 5% | 5% | ||||||||||||
Spain | ||||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||||||
Number of loans | loan | 3 | 4 | ||||||||||||
Net Book Value | 1,079,272 | 1,237,446 | ||||||||||||
Total Loan Exposure | 1,082,148 | 1,241,808 | ||||||||||||
Net Loan Exposure | 1,044,808 | 1,204,218 | ||||||||||||
Percentage of portfolio | 5% | 5% | ||||||||||||
Sweden | ||||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||||||
Number of loans | loan | 1 | 1 | ||||||||||||
Net Book Value | 451,731 | 473,374 | ||||||||||||
Total Loan Exposure | 454,222 | 476,673 | ||||||||||||
Net Loan Exposure | 453,891 | 476,367 | ||||||||||||
Percentage of portfolio | 2% | 2% | ||||||||||||
Canada | ||||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||||||
Number of loans | 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 | loan | 5 | 6 | ||||||||||||
Net Book Value | 595,946 | 598,195 | ||||||||||||
Total Loan Exposure | 598,360 | 600,857 | ||||||||||||
Net Loan Exposure | 596,001 | 593,102 | ||||||||||||
Percentage of portfolio | 3% | 3% | ||||||||||||
Office | ||||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||||||
Number of loans | loan | 57 | 60 | ||||||||||||
Net Book Value | 9,206,553 | 9,082,946 | ||||||||||||
Total Loan Exposure | 10,016,113 | 10,023,495 | ||||||||||||
Net Loan Exposure | 8,006,364 | 8,099,334 | ||||||||||||
Percentage of portfolio | 36% | 34% | ||||||||||||
Multifamily | ||||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||||||
Number of loans | loan | 74 | 80 | ||||||||||||
Net Book Value | 5,908,559 | 6,214,123 | ||||||||||||
Total Loan Exposure | 6,068,116 | 6,330,153 | ||||||||||||
Net Loan Exposure | 5,855,896 | 6,189,298 | ||||||||||||
Percentage of portfolio | 26% | 26% | ||||||||||||
Hospitality | ||||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||||||
Number of loans | loan | 25 | 30 | ||||||||||||
Net Book Value | 4,184,422 | 4,879,314 | ||||||||||||
Total Loan Exposure | 4,219,762 | 4,908,583 | ||||||||||||
Net Loan Exposure | 3,891,569 | 4,552,404 | ||||||||||||
Percentage of portfolio | 17% | 19% | ||||||||||||
Industrial | ||||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||||||
Number of loans | loan | 12 | 12 | ||||||||||||
Net Book Value | 2,121,085 | 2,140,636 | ||||||||||||
Total Loan Exposure | 2,133,209 | 2,236,716 | ||||||||||||
Net Loan Exposure | 2,124,686 | 2,150,501 | ||||||||||||
Percentage of portfolio | 10% | 9% | ||||||||||||
Retail | ||||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||||||
Number of loans | loan | 7 | 9 | ||||||||||||
Net Book Value | 842,100 | 1,098,315 | ||||||||||||
Total Loan Exposure | 859,681 | 1,141,932 | ||||||||||||
Net Loan Exposure | 830,697 | 1,090,238 | ||||||||||||
Percentage of portfolio | 4% | 5% | ||||||||||||
Life Sciences / Studio | ||||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||||||
Number of loans | loan | 4 | 4 | ||||||||||||
Net Book Value | 373,818 | 358,676 | ||||||||||||
Total Loan Exposure | 535,148 | 570,089 | ||||||||||||
Net Loan Exposure | 373,853 | 359,830 | ||||||||||||
Percentage of portfolio | 2% | 2% | ||||||||||||
Other | ||||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||||||
Number of loans | loan | 6 | 8 | ||||||||||||
Net Book Value | 1,079,364 | 1,243,870 | ||||||||||||
Total Loan Exposure | 1,080,847 | 1,599,313 | ||||||||||||
Net Loan Exposure | $ 1,051,144 | $ 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 | 9 Months Ended | |||||||||||
Sep. 30, 2023 USD ($) | Sep. 30, 2023 security_loan | Sep. 30, 2023 loan | Jun. 30, 2023 USD ($) | Mar. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2022 security_loan | Dec. 31, 2022 loan | Sep. 30, 2022 USD ($) | Jun. 30, 2022 USD ($) | Mar. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||||
Number of loans | 185 | 185 | 203 | 203 | ||||||||
Net Book Value | $ 23,715,901 | $ 25,017,880 | ||||||||||
CECL reserve | (463,423) | $ (363,875) | $ (336,591) | (326,137) | $ (144,431) | $ (133,024) | $ (122,221) | $ (124,679) | ||||
Loans receivable, net | 23,252,478 | 24,691,743 | ||||||||||
Total Loan Exposure | 24,912,876 | 26,810,281 | ||||||||||
Net Loan Exposure | 22,134,209 | 23,659,183 | ||||||||||
Principal balance | 23,849,497 | 25,160,343 | ||||||||||
Total loan exposure including non-consolidated senior interests | 1,100,000 | 1,600,000 | ||||||||||
Loan participations sold | 275,697 | 224,744 | ||||||||||
Net loan exposure, asset-specific debt | 935,400 | 950,300 | ||||||||||
Cost-recovery proceeds | 40,733 | |||||||||||
Junior Loan Participation | ||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||||
Loan participations sold | 48,796 | |||||||||||
Senior Participations | ||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||||
Loan participations sold | 226,901 | 224,744 | ||||||||||
1 | ||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||||
Number of loans | loan | 15 | 17 | ||||||||||
Net Book Value | 763,494 | 1,403,185 | ||||||||||
Total Loan Exposure | 812,060 | 1,428,232 | ||||||||||
Net Loan Exposure | 764,174 | 1,170,725 | ||||||||||
2 | ||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||||
Number of loans | loan | 40 | 36 | ||||||||||
Net Book Value | 6,102,290 | 5,880,424 | ||||||||||
Total Loan Exposure | 6,578,639 | 6,562,852 | ||||||||||
Net Loan Exposure | 5,105,664 | 5,292,933 | ||||||||||
3 | ||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||||
Number of loans | loan | 107 | 134 | ||||||||||
Net Book Value | 12,493,474 | 14,128,133 | ||||||||||
Total Loan Exposure | 13,120,942 | 15,209,018 | ||||||||||
Net Loan Exposure | 12,281,191 | 13,826,730 | ||||||||||
4 | ||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||||
Number of loans | loan | 13 | 11 | ||||||||||
Net Book Value | 2,965,121 | 2,677,027 | ||||||||||
Total Loan Exposure | 2,967,865 | 2,680,145 | ||||||||||
Net Loan Exposure | 2,913,093 | 2,628,539 | ||||||||||
5 | ||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||||
Number of loans | loan | 10 | 5 | ||||||||||
Net Book Value | 1,391,522 | 929,111 | ||||||||||
Total Loan Exposure | 1,433,370 | 930,034 | ||||||||||
Net Loan Exposure | $ 1,070,087 | $ 740,256 |
Loans Receivable, Net - Additio
Loans Receivable, Net - Additional Information (Detail) $ in Thousands | 3 Months Ended | 9 Months Ended | |||||||||||||
Sep. 30, 2023 USD ($) | Jun. 30, 2023 USD ($) | Mar. 31, 2023 USD ($) | Sep. 30, 2022 USD ($) | Jun. 30, 2022 USD ($) | Mar. 31, 2022 USD ($) | Sep. 30, 2023 USD ($) loan | Sep. 30, 2023 security_loan | Sep. 30, 2023 loan | Sep. 30, 2023 | Dec. 31, 2022 USD ($) | Dec. 31, 2022 security_loan | Dec. 31, 2022 loan | Dec. 31, 2022 | Dec. 31, 2021 USD ($) | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||||||
Weighted-average risk rating | 2.9 | 2.9 | |||||||||||||
Increase in CECL reserve | $ 99,548 | $ 27,284 | $ 10,454 | $ 11,407 | $ 10,803 | $ (2,458) | |||||||||
CECL reserve | 463,423 | 363,875 | 336,591 | 144,431 | 133,024 | 122,221 | $ 463,423 | $ 326,137 | $ 124,679 | ||||||
Number of loans | 185 | 185 | 203 | 203 | |||||||||||
Net book value | 23,252,478 | $ 23,252,478 | 24,691,743 | ||||||||||||
Cash proceeds | 10,200 | ||||||||||||||
Number of loan modifications | loan | 4 | ||||||||||||||
Loans held | 24,912,876 | $ 24,912,876 | 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 | |||||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||||||
Number of loan modifications | loan | 2 | ||||||||||||||
Aggregate amortized cost basis of loans | $ 435,100 | ||||||||||||||
Percentage to aggregate loans receivable portfolio | 1.80% | ||||||||||||||
Extended Maturity, Loan One | |||||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||||||
Extension term | 19 months | ||||||||||||||
Contributions to reserve account | $ 4,900 | ||||||||||||||
Interest rate reduction | 2.74% | ||||||||||||||
Repayment due by borrower at maturity period | $ 2,500 | ||||||||||||||
Extended Maturity, Loan Two | |||||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||||||
Extension term | 4 years 6 months | ||||||||||||||
Contributions to reserve account | $ 2,000 | ||||||||||||||
Interest rate increase | 8.50% | ||||||||||||||
Increase to loan commitment | $ 50,000 | ||||||||||||||
Unfunded Loan Commitment | |||||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||||||
Increase in CECL reserve | (2,648) | 523 | (631) | 841 | 2,180 | (9) | |||||||||
CECL reserve | 13,624 | 16,272 | 15,749 | 9,275 | 8,434 | 6,254 | 13,624 | 16,380 | 6,263 | ||||||
Unfunded loan commitments | 2,671,851 | 2,671,851 | 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 | |||||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||||||
Unfunded loan commitments | 40,000 | 40,000 | |||||||||||||
Multifamily | |||||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||||||
Number of loans | loan | 74 | 80 | |||||||||||||
Loans held | 6,068,116 | 6,068,116 | 6,330,153 | ||||||||||||
Impaired loans | |||||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||||||
Increase in CECL reserve | 108,150 | 17,143 | 7,480 | 0 | 0 | 0 | |||||||||
CECL reserve | 322,551 | 214,401 | 197,258 | 54,874 | 54,874 | 54,874 | 322,551 | 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 | 0 | 0 | |||||||||
CECL reserve | 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | 0 | 0 | $ 0 | ||||||
Impaired loans | Three Loans | |||||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||||||
Number of loans | loan | 3 | ||||||||||||||
Interest income | 7,200 | ||||||||||||||
Impaired loans | Ten Loans | |||||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||||||
CECL reserve | 322,600 | 322,600 | |||||||||||||
Number of loans | loan | 10 | ||||||||||||||
Net book value | 1,400,000 | 1,400,000 | |||||||||||||
Joint Venture | Multifamily | |||||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||||||
Loans held | $ 639,200 | $ 639,200 | $ 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 | |||||
Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | |
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | ||||||
Beginning balance | $ 363,875 | $ 336,591 | $ 326,137 | $ 133,024 | $ 122,221 | $ 124,679 |
Increase (decrease) in CECL reserve | 99,548 | 27,284 | 10,454 | 11,407 | 10,803 | (2,458) |
Ending balance | 463,423 | 363,875 | 336,591 | 144,431 | 133,024 | 122,221 |
U.S. loans | ||||||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | ||||||
Beginning balance | 74,393 | 73,194 | 67,880 | 33,311 | 26,241 | 26,885 |
Increase (decrease) in CECL reserve | (5,639) | 1,199 | 5,314 | 8,280 | 7,070 | (644) |
Ending balance | 68,754 | 74,393 | 73,194 | 41,591 | 33,311 | 26,241 |
Non-U.S. loans | ||||||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | ||||||
Beginning balance | 28,992 | 19,696 | 22,519 | 11,344 | 10,209 | 10,263 |
Increase (decrease) in CECL reserve | (2,336) | 9,296 | (2,823) | 45 | 1,135 | (54) |
Ending balance | 26,656 | 28,992 | 19,696 | 11,389 | 11,344 | 10,209 |
Unique loans | ||||||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | ||||||
Beginning balance | 46,089 | 46,443 | 45,960 | 33,495 | 30,897 | 32,657 |
Increase (decrease) in CECL reserve | (627) | (354) | 483 | 3,082 | 2,598 | (1,760) |
Ending balance | 45,462 | 46,089 | 46,443 | 36,577 | 33,495 | 30,897 |
Impaired loans | ||||||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | ||||||
Beginning balance | 214,401 | 197,258 | 189,778 | 54,874 | 54,874 | 54,874 |
Increase (decrease) in CECL reserve | 108,150 | 17,143 | 7,480 | 0 | 0 | 0 |
Ending balance | $ 322,551 | $ 214,401 | $ 197,258 | $ 54,874 | $ 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 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Loans receivable | $ 23,715,901 | $ 25,017,880 | ||||||
CECL reserve | (463,423) | $ (363,875) | $ (336,591) | (326,137) | $ (144,431) | $ (133,024) | $ (122,221) | $ (124,679) |
Loans receivable, net | 23,252,478 | 24,691,743 | ||||||
Total loans receivable | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Year One | 0 | 4,801,205 | ||||||
Year Two | 5,010,363 | 10,486,491 | ||||||
Year Three | 9,711,149 | 874,012 | ||||||
Year Four | 906,875 | 3,779,023 | ||||||
Year Five | 3,339,223 | 4,428,731 | ||||||
Prior | 4,748,291 | 648,418 | ||||||
Loans receivable | 23,715,901 | 25,017,880 | ||||||
U.S. loans | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Year One | 0 | 2,297,577 | ||||||
Year Two | 2,477,185 | 8,082,061 | ||||||
Year Three | 7,043,582 | 779,017 | ||||||
Year Four | 817,455 | 1,220,686 | ||||||
Year Five | 866,716 | 3,226,953 | ||||||
Prior | 3,004,010 | 213,010 | ||||||
Loans receivable | 14,208,948 | 15,819,304 | ||||||
Non-U.S. loans | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Year One | 0 | 1,568,347 | ||||||
Year Two | 1,688,481 | 2,195,536 | ||||||
Year Three | 2,160,196 | 94,995 | ||||||
Year Four | 89,420 | 2,269,196 | ||||||
Year Five | 2,220,551 | 86,706 | ||||||
Prior | 81,896 | 0 | ||||||
Loans receivable | 6,240,544 | 6,214,780 | ||||||
Unique loans | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Year One | 0 | 935,281 | ||||||
Year Two | 844,697 | 0 | ||||||
Year Three | 0 | 0 | ||||||
Year Four | 0 | 289,141 | ||||||
Year Five | 251,956 | 830,263 | ||||||
Prior | 778,234 | 0 | ||||||
Loans receivable | 1,874,887 | 2,054,685 | ||||||
CECL reserve | (45,462) | (46,089) | (46,443) | (45,960) | (36,577) | (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 | 507,371 | 0 | ||||||
Year Four | 0 | 0 | ||||||
Year Five | 0 | 284,809 | ||||||
Prior | 884,151 | 435,408 | ||||||
Loans receivable | 1,391,522 | 929,111 | ||||||
CECL reserve | (322,551) | $ (214,401) | $ (197,258) | (189,778) | $ (54,874) | $ (54,874) | $ (54,874) | $ (54,874) |
1 | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Loans receivable | 763,494 | 1,403,185 | ||||||
1 | Total loans receivable | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Year One | 0 | 187,319 | ||||||
Year Two | 151,179 | 563,426 | ||||||
Year Three | 465,406 | 5,075 | ||||||
Year Four | 39,933 | 231,894 | ||||||
Year Five | 53,039 | 415,471 | ||||||
Prior | 53,937 | 0 | ||||||
Loans receivable | 763,494 | 1,403,185 | ||||||
1 | U.S. loans | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Year One | 0 | 145,152 | ||||||
Year Two | 151,179 | 563,426 | ||||||
Year Three | 465,406 | 5,075 | ||||||
Year Four | 39,933 | 231,894 | ||||||
Year Five | 53,039 | 415,471 | ||||||
Prior | 53,937 | 0 | ||||||
Loans receivable | 763,494 | 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 | 6,102,290 | 5,880,424 | ||||||
2 | Total loans receivable | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Year One | 0 | 707,894 | ||||||
Year Two | 1,315,208 | 2,351,559 | ||||||
Year Three | 2,897,475 | 457,057 | ||||||
Year Four | 121,664 | 1,185,193 | ||||||
Year Five | 227,680 | 1,178,721 | ||||||
Prior | 1,540,263 | 0 | ||||||
Loans receivable | 6,102,290 | 5,880,424 | ||||||
2 | U.S. loans | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Year One | 0 | 117,314 | ||||||
Year Two | 216,889 | 1,742,289 | ||||||
Year Three | 1,936,744 | 362,062 | ||||||
Year Four | 32,244 | 156,478 | ||||||
Year Five | 227,680 | 1,178,721 | ||||||
Prior | 1,540,263 | 0 | ||||||
Loans receivable | 3,953,820 | 3,556,864 | ||||||
2 | Non-U.S. loans | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Year One | 0 | 590,580 | ||||||
Year Two | 1,098,319 | 609,270 | ||||||
Year Three | 960,731 | 94,995 | ||||||
Year Four | 89,420 | 1,028,715 | ||||||
Year Five | 0 | 0 | ||||||
Prior | 0 | 0 | ||||||
Loans receivable | 2,148,470 | 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 | 12,493,474 | 14,128,133 | ||||||
3 | Total loans receivable | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Year One | 0 | 3,905,992 | ||||||
Year Two | 3,462,385 | 7,362,612 | ||||||
Year Three | 5,066,290 | 411,880 | ||||||
Year Four | 605,278 | 1,632,164 | ||||||
Year Five | 2,714,121 | 735,162 | ||||||
Prior | 645,400 | 80,323 | ||||||
Loans receivable | 12,493,474 | 14,128,133 | ||||||
3 | U.S. loans | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Year One | 0 | 2,035,111 | ||||||
Year Two | 2,027,526 | 5,776,346 | ||||||
Year Three | 3,866,825 | 411,880 | ||||||
Year Four | 605,278 | 735,772 | ||||||
Year Five | 585,997 | 472,134 | ||||||
Prior | 385,150 | 80,323 | ||||||
Loans receivable | 7,470,776 | 9,511,566 | ||||||
3 | Non-U.S. loans | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Year One | 0 | 977,767 | ||||||
Year Two | 590,162 | 1,586,266 | ||||||
Year Three | 1,199,465 | 0 | ||||||
Year Four | 0 | 896,392 | ||||||
Year Five | 1,876,168 | 86,706 | ||||||
Prior | 81,896 | 0 | ||||||
Loans receivable | 3,747,691 | 3,547,131 | ||||||
3 | Unique loans | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Year One | 0 | 893,114 | ||||||
Year Two | 844,697 | 0 | ||||||
Year Three | 0 | 0 | ||||||
Year Four | 0 | 0 | ||||||
Year Five | 251,956 | 176,322 | ||||||
Prior | 178,354 | 0 | ||||||
Loans receivable | 1,275,007 | 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 | 2,965,121 | 2,677,027 | ||||||
4 | Total loans receivable | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Year One | 0 | 0 | ||||||
Year Two | 81,591 | 0 | ||||||
Year Three | 774,607 | 0 | ||||||
Year Four | 140,000 | 729,772 | ||||||
Year Five | 344,383 | 1,814,568 | ||||||
Prior | 1,624,540 | 132,687 | ||||||
Loans receivable | 2,965,121 | 2,677,027 | ||||||
4 | U.S. loans | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Year One | 0 | 0 | ||||||
Year Two | 81,591 | 0 | ||||||
Year Three | 774,607 | 0 | ||||||
Year Four | 140,000 | 96,542 | ||||||
Year Five | 0 | 1,160,627 | ||||||
Prior | 1,024,660 | 132,687 | ||||||
Loans receivable | 2,020,858 | 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 | 344,383 | 0 | ||||||
Prior | 0 | 0 | ||||||
Loans receivable | 344,383 | 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 | 599,880 | 0 | ||||||
Loans receivable | 599,880 | 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 | 1,391,522 | 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 | 507,371 | 0 | ||||||
Year Four | 0 | 0 | ||||||
Year Five | 0 | 284,809 | ||||||
Prior | 884,151 | 435,408 | ||||||
Loans receivable | 1,391,522 | 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 | 507,371 | 0 | ||||||
Year Four | 0 | 0 | ||||||
Year Five | 0 | 284,809 | ||||||
Prior | 884,151 | 435,408 | ||||||
Loans receivable | $ 1,391,522 | $ 929,111 |
Other Assets and Liabilities -
Other Assets and Liabilities - Summary of Components of Other Assets (Detail) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Deferred Costs, Capitalized, Prepaid, Other Assets and Other Liabilities Disclosure [Abstract] | ||
Accrued interest receivable | $ 189,609 | $ 189,569 |
Derivative assets | 114,558 | 7,349 |
Loan portfolio payments held by servicer | 63,566 | 68,489 |
Accounts receivable and other assets | 1,595 | 1,318 |
Prepaid expenses | 118 | 1,067 |
Collateral deposited under derivative agreements | 0 | 103,110 |
Total | $ 369,446 | $ 370,902 |
Other Assets and Liabilities _2
Other Assets and Liabilities - Summary of Components of Other Liabilities (Detail) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Related Party Transaction [Line Items] | ||
Accrued dividends payable | $ 106,824 | $ 106,455 |
Accrued interest payable | 70,724 | 80,263 |
Secured debt repayments pending servicer remittance | 49,903 | 60,585 |
Current expected credit loss reserve for unfunded loan commitments | 13,624 | 16,380 |
Accounts payable and other liabilities | 7,742 | 9,726 |
Derivative liabilities | 328 | 119,665 |
Other liabilities | 278,027 | 426,904 |
Related Party | ||
Related Party Transaction [Line Items] | ||
Accrued management and incentive fees payable | $ 28,882 | $ 33,830 |
Other Assets and Liabilities _3
Other Assets and Liabilities - Additional Information (Detail) - Unfunded Loan Commitments $ in Thousands | Sep. 30, 2023 USD ($) loan | Dec. 31, 2022 USD ($) |
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Unfunded loan commitments | $ | $ 2,671,851 | $ 3,806,153 |
Number of loans receivable | loan | 101 |
Other Assets and Liabilities _4
Other Assets and Liabilities - Summary of Unfunded Loan Commitment (Detail) - USD ($) $ in Thousands | 3 Months Ended | |||||
Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | |
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | ||||||
Beginning balance | $ 363,875 | $ 336,591 | $ 326,137 | $ 133,024 | $ 122,221 | $ 124,679 |
Increase (decrease) in CECL reserve | 99,548 | 27,284 | 10,454 | 11,407 | 10,803 | (2,458) |
Ending balance | 463,423 | 363,875 | 336,591 | 144,431 | 133,024 | 122,221 |
U.S. loans | ||||||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | ||||||
Beginning balance | 74,393 | 73,194 | 67,880 | 33,311 | 26,241 | 26,885 |
Increase (decrease) in CECL reserve | (5,639) | 1,199 | 5,314 | 8,280 | 7,070 | (644) |
Ending balance | 68,754 | 74,393 | 73,194 | 41,591 | 33,311 | 26,241 |
Non-U.S. loans | ||||||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | ||||||
Beginning balance | 28,992 | 19,696 | 22,519 | 11,344 | 10,209 | 10,263 |
Increase (decrease) in CECL reserve | (2,336) | 9,296 | (2,823) | 45 | 1,135 | (54) |
Ending balance | 26,656 | 28,992 | 19,696 | 11,389 | 11,344 | 10,209 |
Unfunded Loan Commitment | ||||||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | ||||||
Beginning balance | 16,272 | 15,749 | 16,380 | 8,434 | 6,254 | 6,263 |
Increase (decrease) in CECL reserve | (2,648) | 523 | (631) | 841 | 2,180 | (9) |
Ending balance | 13,624 | 16,272 | 15,749 | 9,275 | 8,434 | 6,254 |
Unfunded Loan Commitment | U.S. loans | ||||||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | ||||||
Beginning balance | 11,196 | 11,600 | 11,748 | 6,323 | 4,281 | 4,072 |
Increase (decrease) in CECL reserve | (1,614) | (404) | (148) | 527 | 2,042 | 209 |
Ending balance | 9,582 | 11,196 | 11,600 | 6,850 | 6,323 | 4,281 |
Unfunded Loan Commitment | Non-U.S. loans | ||||||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | ||||||
Beginning balance | 5,076 | 4,149 | 4,632 | 2,111 | 1,973 | 2,191 |
Increase (decrease) in CECL reserve | (1,034) | 927 | (483) | 314 | 138 | (218) |
Ending balance | 4,042 | 5,076 | 4,149 | 2,425 | 2,111 | 1,973 |
Unique loans | ||||||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | ||||||
Beginning balance | 46,089 | 46,443 | 45,960 | 33,495 | 30,897 | 32,657 |
Increase (decrease) in CECL reserve | (627) | (354) | 483 | 3,082 | 2,598 | (1,760) |
Ending balance | 45,462 | 46,089 | 46,443 | 36,577 | 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 | 0 | 0 |
Increase (decrease) in CECL reserve | 0 | 0 | 0 | 0 | 0 | 0 |
Ending balance | 0 | 0 | 0 | 0 | 0 | 0 |
Impaired loans | ||||||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | ||||||
Beginning balance | 214,401 | 197,258 | 189,778 | 54,874 | 54,874 | 54,874 |
Increase (decrease) in CECL reserve | 108,150 | 17,143 | 7,480 | 0 | 0 | 0 |
Ending balance | 322,551 | 214,401 | 197,258 | 54,874 | 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 | 0 | 0 |
Increase (decrease) in CECL reserve | 0 | 0 | 0 | 0 | 0 | 0 |
Ending balance | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 |
Secured Debt, Net - Additional
Secured Debt, Net - Additional Information (Detail) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2023 USD ($) | Sep. 30, 2022 USD ($) | Sep. 30, 2023 USD ($) lender | Sep. 30, 2022 USD ($) | Dec. 31, 2022 USD ($) | |
Debt Instrument [Line Items] | |||||
Interest expense | $ 353,972,000 | $ 202,375,000 | $ 1,015,718,000 | $ 439,708,000 | |
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 | $ 66,924,000 | $ 3,350,146,000 | |||
Collateral | $ 18,613,231,000 | $ 18,613,231,000 | 19,694,790,000 | ||
Number of lenders | lender | 15 | ||||
Remaining borrowing capacity | 1,300,000,000 | $ 1,300,000,000 | |||
Borrowings | 12,809,913,000 | 12,809,913,000 | 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 | 599,000 | 1,200,000 | |||
Amortization of deferred fees and expenses | $ 199,000 | $ 333,000 |
Secured Debt, Net - Schedule of
Secured Debt, Net - Schedule of Secured Debt Agreements (Detail) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Debt Instrument [Line Items] | ||
Net book value | $ 16,552,658 | |
Line of Credit | ||
Debt Instrument [Line Items] | ||
Total secured debt | 12,809,913 | $ 13,549,748 |
Debt Issuance Costs, Net | (16,569) | (21,584) |
Net book value | 12,793,344 | 13,528,164 |
Secured credit facilities | Line of Credit | ||
Debt Instrument [Line Items] | ||
Total secured debt | 12,809,913 | 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 | 9 Months Ended | |
Sep. 30, 2023 USD ($) lender loan | Dec. 31, 2022 USD ($) | |
Schedule Of Secured Credit Facilities [Line Items] | ||
Lenders | lender | 15 | |
Borrowings | $ 12,809,913 | $ 13,549,748 |
Loan Count | loan | 171 | |
Collateral | $ 18,613,231 | $ 19,694,790 |
Recourse Limitation Wtd. Avg. (percentage) | 34% | |
Others | ||
Schedule Of Secured Credit Facilities [Line Items] | ||
Lenders | lender | 4 | |
Borrowings | $ 1,558,353 | |
Loan Count | loan | 7 | |
Collateral | $ 1,967,503 | |
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 | $ 6,876,591 | |
Loan Count | loan | 131 | |
Collateral | $ 10,791,188 | |
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 | $ 2,391,449 | |
Loan Count | loan | 22 | |
Collateral | $ 3,193,290 | |
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 | $ 1,983,520 | |
Loan Count | loan | 11 | |
Collateral | $ 2,661,250 | |
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 | 9 Months Ended | 12 Months Ended |
Sep. 30, 2023 | Dec. 31, 2022 | |
Schedule Of All In Cost Of Secured Credit Facilities [Line Items] | ||
New Financings | $ 66,924 | $ 3,350,146 |
Total Borrowings | $ 12,809,913 | $ 13,549,748 |
Wtd. Avg. All-in Cost (percentage) | 1.89% | 1.85% |
Collateral | $ 18,613,231 | $ 19,694,790 |
Wtd. Avg. All-in Yield (percentage) | 3.69% | 3.70% |
Net Interest Margin (percentage) | 1.80% | 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 | $ 5,625,471 | $ 7,433,204 |
Wtd. Avg. All-in Cost (percentage) | 1.53% | 1.53% |
Collateral | $ 8,308,855 | $ 10,465,647 |
Wtd. Avg. All-in Yield (percentage) | 3.27% | 3.24% |
Net Interest Margin (percentage) | 1.74% | 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 | $ 2,794,848 | $ 2,246,223 |
Wtd. Avg. All-in Cost (percentage) | 1.82% | 1.88% |
Collateral | $ 3,902,545 | $ 3,538,815 |
Wtd. Avg. All-in Yield (percentage) | 3.57% | 3.73% |
Net Interest Margin (percentage) | 1.75% | 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 | $ 1,912,045 | $ 1,514,541 |
Wtd. Avg. All-in Cost (percentage) | 2.13% | 2.16% |
Collateral | $ 2,974,091 | $ 2,483,240 |
Wtd. Avg. All-in Yield (percentage) | 4.01% | 4.14% |
Net Interest Margin (percentage) | 1.88% | 1.98% |
+ 2.01% or more | ||
Schedule Of All In Cost Of Secured Credit Facilities [Line Items] | ||
New Financings | $ 66,924 | $ 1,246,650 |
Total Borrowings | $ 2,477,549 | $ 2,355,780 |
Wtd. Avg. All-in Cost (percentage) | 2.61% | 2.63% |
Collateral | $ 3,427,740 | $ 3,207,088 |
Wtd. Avg. All-in Yield (percentage) | 4.62% | 4.78% |
Net Interest Margin (percentage) | 2.01% | 2.15% |
Securitized Debt Obligations,_3
Securitized Debt Obligations, Net - Schedule of Information on Securitized Debt Obligations (Detail) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2023 USD ($) | Sep. 30, 2022 USD ($) | Sep. 30, 2023 USD ($) loan | Sep. 30, 2022 USD ($) | Dec. 31, 2022 USD ($) loan | |
Debt Instrument [Line Items] | |||||
Interest expense on securitized debt obligations | $ 44,500 | $ 26,100 | $ 127,600 | $ 52,600 | |
Senior CLO Securities Outstanding | |||||
Debt Instrument [Line Items] | |||||
Count | loan | 3 | 3 | |||
Principal Balance | 2,512,511 | $ 2,512,511 | $ 2,673,541 | ||
Book Value | 2,509,254 | $ 2,509,254 | $ 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 | 801,392 | $ 801,392 | $ 799,626 | ||
Senior CLO Securities Outstanding | 2020 FL3 Collateralized Loan Obligation | |||||
Debt Instrument [Line Items] | |||||
Count | loan | 1 | 1 | |||
Principal Balance | 716,342 | $ 716,342 | $ 808,750 | ||
Book Value | 716,284 | $ 716,284 | $ 806,757 | ||
Senior CLO Securities Outstanding | 2020 FL2 Collateralized Loan Obligation | |||||
Debt Instrument [Line Items] | |||||
Count | loan | 1 | 1 | |||
Principal Balance | 992,419 | $ 992,419 | $ 1,061,041 | ||
Book Value | 991,578 | $ 991,578 | $ 1,057,627 | ||
Underlying Collateral Assets | |||||
Debt Instrument [Line Items] | |||||
Count | loan | 58 | 63 | |||
Principal Balance | 3,156,886 | $ 3,156,886 | $ 3,317,916 | ||
Book Value | 3,156,886 | $ 3,156,886 | $ 3,317,916 | ||
Underlying Collateral Assets | 2021 FL4 Collateralized Loan Obligation | |||||
Debt Instrument [Line Items] | |||||
Count | loan | 27 | 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 | 15 | 16 | |||
Principal Balance | 907,592 | $ 907,592 | $ 1,000,000 | ||
Book Value | 907,592 | $ 907,592 | $ 1,000,000 | ||
Underlying Collateral Assets | 2020 FL2 Collateralized Loan Obligation | |||||
Debt Instrument [Line Items] | |||||
Count | loan | 16 | 17 | |||
Principal Balance | 1,249,294 | $ 1,249,294 | $ 1,317,916 | ||
Book Value | $ 1,249,294 | $ 1,249,294 | $ 1,317,916 | ||
LIBOR | Senior CLO Securities Outstanding | |||||
Debt Instrument [Line Items] | |||||
Wtd. Avg. Yield/Cost | 1.78% | 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 | 2.18% | 2.14% | |||
LIBOR | Senior CLO Securities Outstanding | 2020 FL2 Collateralized Loan Obligation | |||||
Debt Instrument [Line Items] | |||||
Wtd. Avg. Yield/Cost | 1.57% | 1.55% | |||
LIBOR | Underlying Collateral Assets | |||||
Debt Instrument [Line Items] | |||||
Wtd. Avg. Yield/Cost | 3.21% | 3.38% | |||
LIBOR | Underlying Collateral Assets | 2021 FL4 Collateralized Loan Obligation | |||||
Debt Instrument [Line Items] | |||||
Wtd. Avg. Yield/Cost | 3.35% | 3.47% | |||
LIBOR | Underlying Collateral Assets | 2020 FL3 Collateralized Loan Obligation | |||||
Debt Instrument [Line Items] | |||||
Wtd. Avg. Yield/Cost | 3.04% | 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 | 9 Months Ended | 12 Months Ended |
Sep. 30, 2023 USD ($) loan | Dec. 31, 2022 USD ($) loan | |
Financing provided | ||
Participating Mortgage Loans [Line Items] | ||
Count | loan | 2 | 4 |
Financing provided, Principal Balance | $ 935,435 | $ 950,278 |
Financing provided, Book Value | $ 930,757 | $ 942,503 |
Financing provided | LIBOR | ||
Participating Mortgage Loans [Line Items] | ||
Wtd. Avg. Yield/Cost | 3.13% | 3.29% |
Collateral assets | ||
Participating Mortgage Loans [Line Items] | ||
Count | loan | 2 | 4 |
Collateral assets, Principal Balance | $ 1,111,453 | $ 1,094,450 |
Collateral assets, Book Value | $ 1,102,848 | $ 1,081,035 |
Collateral assets | LIBOR | ||
Participating Mortgage Loans [Line Items] | ||
Wtd. Avg. Yield/Cost | 3.95% | 4.73% |
Loan Participations Sold, Net_2
Loan Participations Sold, Net (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2023 USD ($) | Sep. 30, 2022 USD ($) | Sep. 30, 2023 USD ($) loan | Sep. 30, 2022 USD ($) | Dec. 31, 2022 USD ($) loan | |
Participating Mortgage Loans [Line Items] | |||||
Principal Balance | $ 275,697 | $ 275,697 | $ 224,744 | ||
Book Value | 275,184 | 275,184 | $ 224,232 | ||
Interest expense | 353,972 | $ 202,375 | $ 1,015,718 | $ 439,708 | |
Loan Participation | |||||
Participating Mortgage Loans [Line Items] | |||||
Count | loan | 2 | 1 | |||
Principal Balance | 275,697 | $ 275,697 | $ 224,744 | ||
Book Value | 275,184 | 275,184 | $ 224,232 | ||
Interest expense | 5,300 | $ 2,400 | $ 13,300 | $ 4,800 | |
Senior Participations | |||||
Participating Mortgage Loans [Line Items] | |||||
Count | loan | 1 | 1 | |||
Principal Balance | 226,901 | $ 226,901 | $ 224,744 | ||
Book Value | $ 226,557 | $ 226,557 | $ 224,232 | ||
Senior Participations | LIBOR | |||||
Participating Mortgage Loans [Line Items] | |||||
Weighted Average Yield/Cost Rate | 3.22% | 3.22% | 3.22% | ||
Junior Loan Participation | |||||
Participating Mortgage Loans [Line Items] | |||||
Count | loan | 1 | ||||
Principal Balance | $ 48,796 | $ 48,796 | |||
Book Value | $ 48,627 | $ 48,627 | |||
Junior Loan Participation | LIBOR | |||||
Participating Mortgage Loans [Line Items] | |||||
Weighted Average Yield/Cost Rate | 8.35% | 8.35% | |||
Total Loan | |||||
Participating Mortgage Loans [Line Items] | |||||
Count | loan | 2 | 1 | |||
Principal Balance | $ 458,317 | $ 458,317 | $ 280,930 | ||
Book Value | 455,117 | $ 455,117 | $ 278,843 | ||
Total Senior Loan Participation | |||||
Participating Mortgage Loans [Line Items] | |||||
Count | loan | 1 | 1 | |||
Principal Balance | 283,627 | $ 283,627 | $ 280,930 | ||
Book Value | $ 282,227 | $ 282,227 | $ 278,843 | ||
Total Senior Loan Participation | LIBOR | |||||
Participating Mortgage Loans [Line Items] | |||||
Weighted Average Yield/Cost Rate | 4.86% | 4.86% | 4.86% | ||
Total Junior Loan Participation | |||||
Participating Mortgage Loans [Line Items] | |||||
Count | loan | 1 | ||||
Principal Balance | $ 174,690 | $ 174,690 | |||
Book Value | $ 172,890 | $ 172,890 | |||
Total Junior Loan Participation | LIBOR | |||||
Participating Mortgage Loans [Line Items] | |||||
Weighted Average Yield/Cost Rate | 5.23% | 5.23% |
Term Loans, Net - Schedule of D
Term Loans, Net - Schedule of Debt (Detail) $ in Thousands | 9 Months Ended |
Sep. 30, 2023 USD ($) | |
Secured term loans, net | |
Debt Instrument [Line Items] | |
Face value | $ 2,140,720 |
B-1 Term Loan | |
Debt Instrument [Line Items] | |
Face value | $ 913,230 |
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 | $ 411,998 |
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 | $ 815,492 |
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 | 9 Months Ended |
Sep. 30, 2023 USD ($) | Sep. 30, 2023 USD ($) | |
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 | $ 47 | $ 133.8 |
Amortization of deferred fees and expenses | $ 2.3 | $ 6.9 |
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 | Sep. 30, 2023 | Dec. 31, 2022 |
Debt Instrument [Line Items] | ||
Face Value | $ 2,140,720 | $ 2,157,218 |
Deferred financing costs and unamortized discount | (35,896) | (42,669) |
Net book value | $ 2,104,824 | $ 2,114,549 |
Senior Secured Notes, Net - Sch
Senior Secured Notes, Net - Schedule of Senior Secured Notes (Details) - Senior Secured Notes - USD ($) | Sep. 30, 2023 | Dec. 31, 2022 |
Debt Instrument [Line Items] | ||
Face Value | $ 366,590,000 | $ 400,000,000 |
Senior Secured Notes Due 2027 | ||
Debt Instrument [Line Items] | ||
Face Value | $ 366,590,000 | |
Interest Rate | 3.75% | |
All-in Cost | 4.02% |
Senior Secured Notes, Net - Add
Senior Secured Notes, Net - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Debt Instrument [Line Items] | ||||
Gain on extinguishment of debt | $ 4,541 | $ 0 | $ 4,541 | $ 0 |
Senior Secured Notes | Senior Secured Notes Due 2027 | ||||
Debt Instrument [Line Items] | ||||
Transaction expenses | 6,300 | 6,300 | ||
Interest expense on debt | 3,900 | 12,000 | ||
Amortization of deferred fees and expenses | 288 | $ 882 | ||
Repurchase of aggregate principal amount | $ 33,400 | $ 0 | $ 0 | |
Weighted-average price of repurchase | 85% | 85% | ||
Gain on extinguishment of debt | $ 4,500 | $ 4,500 | ||
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 | Sep. 30, 2023 | Dec. 31, 2022 |
Debt Instrument [Line Items] | ||
Net book value | $ 16,552,658 | |
Senior Secured Notes | ||
Debt Instrument [Line Items] | ||
Net book value | 366,590 | |
Senior Secured Notes | Senior Secured Notes Due 2027 | ||
Debt Instrument [Line Items] | ||
Face value | 366,590 | $ 400,000 |
Deferred financing costs | (3,609) | (4,834) |
Net book value | $ 362,981 | $ 395,166 |
Convertible Notes, Net - Additi
Convertible Notes, Net - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 29, 2023 | Dec. 31, 2022 | |
Debt Instrument [Line Items] | ||||
Repayments of convertible notes | $ 220,000 | $ 402,500 | ||
Share price (in dollars per share) | $ 21.75 | |||
Accrued interest payable | 70,724 | $ 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 | $ 733 | $ 7,900 |
Convertible Notes, Net - Summar
Convertible Notes, Net - Summary of Outstanding Convertible Senior Notes (Detail) - 5.50% Convertible Senior Notes | 9 Months Ended |
Sep. 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 | Sep. 30, 2023 | Dec. 31, 2022 |
Debt Instrument [Line Items] | ||
Face Value | $ 300,000 | $ 520,000 |
Deferred financing costs and unamortized discount | (4,473) | (5,743) |
Net book value | $ 295,527 | $ 514,257 |
Convertible Notes, Net - Summ_3
Convertible Notes, Net - Summary of Details about Interest Expense (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Debt Instrument [Line Items] | ||||
Discount and issuance cost amortization | $ 42,620 | $ 35,455 | ||
Convertible notes, net | ||||
Debt Instrument [Line Items] | ||||
Cash coupon | $ 4,125 | $ 6,737 | 14,514 | 22,122 |
Discount and issuance cost amortization | 319 | 644 | 1,270 | 2,222 |
Total interest expense | $ 4,444 | $ 7,381 | $ 15,784 | $ 24,344 |
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 | Sep. 30, 2023 SEK (kr) derivative_instrument | Sep. 30, 2023 GBP (£) derivative_instrument | Sep. 30, 2023 EUR (€) derivative_instrument | Sep. 30, 2023 AUD ($) derivative_instrument | Sep. 30, 2023 DKK (kr) derivative_instrument | Sep. 30, 2023 CHF (SFr) derivative_instrument | Dec. 31, 2022 SEK (kr) derivative_instrument | Dec. 31, 2022 GBP (£) derivative_instrument | Dec. 31, 2022 EUR (€) derivative_instrument | Dec. 31, 2022 AUD ($) derivative_instrument | Dec. 31, 2022 DKK (kr) derivative_instrument | Dec. 31, 2022 CHF (SFr) derivative_instrument | Dec. 31, 2022 CAD ($) 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 |
Notional Amount | kr | kr 1,004,551 | kr 1,003,626 | |||||||||||
Buy USD / Sell GBP Forward | |||||||||||||
Derivative [Line Items] | |||||||||||||
Number of Instruments | 8 | 8 | 8 | 8 | 8 | 8 | 6 | 6 | 6 | 6 | 6 | 6 | 6 |
Notional Amount | £ | £ 722,576 | £ 690,912 | |||||||||||
Buy USD / Sell EUR Forward | |||||||||||||
Derivative [Line Items] | |||||||||||||
Number of Instruments | 7 | 7 | 7 | 7 | 7 | 7 | 8 | 8 | 8 | 8 | 8 | 8 | 8 |
Notional Amount | € | € 676,126 | € 722,311 | |||||||||||
Buy USD / Sell AUD Forward | |||||||||||||
Derivative [Line Items] | |||||||||||||
Number of Instruments | 9 | 9 | 9 | 9 | 9 | 9 | 8 | 8 | 8 | 8 | 8 | 8 | 8 |
Notional Amount | $ | $ 464,016 | $ 541,813 | |||||||||||
Buy USD / Sell DKK Forward | |||||||||||||
Derivative [Line Items] | |||||||||||||
Number of Instruments | 2 | 2 | 2 | 2 | 2 | 2 | 3 | 3 | 3 | 3 | 3 | 3 | 3 |
Notional Amount | kr | kr 195,728 | kr 195,019 | |||||||||||
Buy USD / Sell CHF Forward | |||||||||||||
Derivative [Line Items] | |||||||||||||
Number of Instruments | 3 | 3 | 3 | 3 | 3 | 3 | 2 | 2 | 2 | 2 | 2 | 2 | 2 |
Notional Amount | SFr | SFr 7,873 | SFr 5,263 | |||||||||||
Buy USD / Sell CAD Forward | |||||||||||||
Derivative [Line Items] | |||||||||||||
Number of Instruments | 2 | 2 | 2 | 2 | 2 | 2 | 2 | ||||||
Notional Amount | $ | $ 22,187 |
Derivative Financial Instrume_4
Derivative Financial Instruments - Summary of Non-designated Hedges (Detail) - Derivatives not designated as hedging instruments £ in Thousands, $ in Thousands | Sep. 30, 2023 GBP (£) 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 | 1 | 2 | 2 |
Notional Amount | £ | £ 14,300 | £ 109,076 | |
Buy USD / Sell GBP Forward | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Number of Instruments | 1 | 2 | 2 |
Notional Amount | £ | £ 14,300 | £ 109,076 | |
Buy AUD / Sell USD Forward | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Number of Instruments | 1 | 1 | |
Notional Amount | $ | $ 23,600 | ||
Buy USD / Sell AUD Forward | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Number of Instruments | 1 | 1 | |
Notional Amount | $ | $ 23,600 |
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 | 9 Months Ended |
Sep. 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 1 month 6 days |
Derivative Financial Instrume_6
Derivative Financial Instruments - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2023 | Sep. 30, 2024 | Dec. 31, 2022 | |
Derivative [Line Items] | ||||
Decrease to interest expense from reclassification out of AOCI | $ (384) | $ (459) | ||
Collateral deposited under derivative agreements | $ 0 | $ 0 | $ 103,110 | |
Forecast | ||||
Derivative [Line Items] | ||||
Decrease to interest expense from reclassification out of AOCI | $ 1,600 |
Derivative Financial Instrume_7
Derivative Financial Instruments - Schedule of Derivative Instruments in Statement of Operations (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Increase (Decrease) to Net Interest Income Recognized from Derivatives | $ (3,195) | $ 3,227 | ||
Foreign Exchange Forward | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Increase (Decrease) to Net Interest Income Recognized from Derivatives | $ 5,504 | $ 6,606 | 21,064 | 11,645 |
Designated Hedges | Foreign Exchange Forward | Interest Income | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Increase (Decrease) to Net Interest Income Recognized from Derivatives | 5,120 | 6,603 | 20,599 | 11,585 |
Designated Hedges | Foreign Exchange Forward | Interest Expense | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Increase (Decrease) to Net Interest Income Recognized from Derivatives | 384 | 0 | 459 | 0 |
Non-Designated Hedges | Foreign Exchange Forward | Interest Income | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Increase (Decrease) to Net Interest Income Recognized from Derivatives | 2 | (8) | 70 | (15) |
Non-Designated Hedges | Foreign Exchange Forward | Interest Expense | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Increase (Decrease) to Net Interest Income Recognized from Derivatives | $ (2) | $ 11 | $ (64) | $ 75 |
Derivative Financial Instrume_8
Derivative Financial Instruments - Summary of Fair Value of Derivative Financial Instruments (Detail) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Derivative assets | $ 114,558 | $ 7,349 |
Derivative liabilities | 328 | 119,665 |
Derivatives designated as hedging instruments | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Derivative assets | 113,260 | 501 |
Derivative liabilities | 24 | 111,573 |
Derivatives designated as hedging instruments | Foreign exchange contracts | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Derivative assets | 111,603 | 501 |
Derivative liabilities | 24 | 111,573 |
Derivatives designated as hedging instruments | Interest rate derivatives | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Derivative assets | 1,657 | 0 |
Derivative liabilities | 0 | 0 |
Derivatives not designated as hedging instruments | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Derivative assets | 1,298 | 6,848 |
Derivative liabilities | 304 | 8,092 |
Derivatives not designated as hedging instruments | Foreign exchange contracts | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Derivative assets | 1,298 | 6,848 |
Derivative liabilities | 304 | 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_9
Derivative Financial Instruments - Summary of Effect of Derivative Financial Instruments on Consolidated Statements of Comprehensive Income And Operations (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Amount of Gain (Loss) Recognized in OCI on Derivatives | $ 72,032 | $ 22,498 | ||
Amount of Gain Reclassified from Accumulated OCI into Income | 384 | 459 | ||
Interest expense | 353,972 | $ 202,375 | 1,015,718 | $ 439,708 |
Net Investment Hedges | Foreign exchange contracts | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Amount of Gain (Loss) Recognized in OCI on Derivatives | 71,379 | 20,382 | ||
Amount of Gain Reclassified from Accumulated OCI into Income | 0 | 0 | ||
Net cash settlements on our foreign currency forward contracts | 44,700 | 183,900 | ||
Cash Flow Hedges | Interest rate derivatives | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Amount of Gain (Loss) Recognized in OCI on Derivatives | 653 | 2,116 | ||
Amount of Gain Reclassified from Accumulated OCI into Income | $ 384 | $ 459 |
Equity - Additional Information
Equity - Additional Information (Detail) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | |||||||||
Sep. 15, 2023 USD ($) $ / shares | Sep. 30, 2023 USD ($) shares | Jun. 30, 2023 USD ($) | Mar. 31, 2023 USD ($) | Sep. 30, 2022 USD ($) | Jun. 30, 2022 USD ($) | Mar. 31, 2022 USD ($) | Sep. 30, 2023 USD ($) agreement shares | Sep. 30, 2022 USD ($) 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 | 5,079 | 5,420 | |||||||||
Dividends paid per common stock (in dollars per share) | $ / shares | $ 0.62 | ||||||||||
Total dividends declared | $ 106,800 | $ 107,033 | $ 107,028 | $ 107,072 | $ 106,197 | $ 105,812 | $ 105,801 | $ 321,133 | $ 317,812 | ||
Accumulated other comprehensive income | 10,606 | 10,606 | $ 10,022 | ||||||||
Net realized and unrealized gains related to changes in fair value of derivative instruments | 281,800 | 281,800 | 259,800 | ||||||||
Cumulative unrealized currency translation adjustment on assets and liabilities denominated in foreign currencies | 271,200 | 271,200 | 249,800 | ||||||||
Joint Venture | Multifamily | |||||||||||
Class of Stock [Line Items] | |||||||||||
Total equity | 151,000 | 151,000 | 169,400 | ||||||||
Equity interests owned | 128,300 | 128,300 | 144,000 | ||||||||
Non-controlling interests | $ 22,700 | $ 22,700 | $ 25,400 | ||||||||
Dividend Reinvestment and Direct Stock Purchase Plan | |||||||||||
Class of Stock [Line Items] | |||||||||||
Common shares reserved for issuance (in shares) | shares | 9,976,469 | 9,976,469 | 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 | 2,303,469 | |||||||||
Shares sold | $ 70,700 | ||||||||||
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 | 9 Months Ended | |
May 31, 2013 | Sep. 30, 2023 | Sep. 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 | 5,079 | 2,308,889 |
Issuance of restricted class A common stock, net (in shares) | 489,955 | 407,581 | |
Issuance of deferred stock units (in shares) | 43,656 | 35,940 | |
Ending balance (in shares) | 172,645,283 | 171,295,780 | |
Deferred stock units held by directors (in shares) | 349,232 | 399,512 | |
Common stock, shares issued under dividend reinvestment program (in shares) | 5,079 | 5,420 | |
Restricted Class A Common Stock | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Shares forfeited (in shares) | 15,477 | 33,250 | |
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 | 9 Months Ended | |||||||
Sep. 15, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2023 | Sep. 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 | $ 0.62 | $ 0.62 | $ 1.86 | $ 1.86 | |
Deferred stock unit dividends declared | $ 209 | $ 241 | $ 662 | $ 698 | |||||
Total dividends declared | $ 106,800 | 107,033 | $ 107,028 | $ 107,072 | 106,197 | $ 105,812 | $ 105,801 | 321,133 | 317,812 |
Class A Common Stock | |||||||||
Class of Stock [Line Items] | |||||||||
Class A common stock dividends declared | $ 106,824 | $ 105,956 | $ 320,471 | $ 317,114 |
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 | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Basic Earnings | ||||
Net income | $ 29,524 | $ 103,246 | $ 248,932 | $ 296,183 |
Weighted-average shares outstanding, basic (in shares) | 172,648,118 | 170,971,874 | 172,620,799 | 170,303,470 |
Per share amount, basic (in dollars per share) | $ 0.17 | $ 0.60 | $ 1.44 | $ 1.74 |
Diluted Earnings | ||||
Net income | $ 29,524 | $ 103,246 | $ 248,932 | $ 296,183 |
Add back: Interest expense on Convertible Notes, net | 0 | 5,905 | 10,667 | 14,218 |
Diluted earnings | $ 29,524 | $ 109,151 | $ 259,599 | $ 310,401 |
Weighted-average shares outstanding, basic (in shares) | 172,648,118 | 170,971,874 | 172,620,799 | 170,303,470 |
Effect of dilutive securities - Convertible Notes (in shares) | 0 | 14,344,204 | 8,271,060 | 11,708,372 |
Weighted-average common shares outstanding, diluted (in shares) | 172,648,118 | 185,316,078 | 180,891,859 | 182,011,842 |
Per share amount, diluted (in dollars per share) | $ 0.17 | $ 0.59 | $ 1.44 | $ 1.71 |
5.50% Convertible Senior Notes | ||||
Diluted Earnings | ||||
Effect of dilutive securities - Convertible Notes (in shares) | 8,300,000 | 8,300,000 | ||
4.75% Convertible Senior Notes | ||||
Diluted Earnings | ||||
Effect of dilutive securities - Convertible Notes (in shares) | 6,100,000 |
Other Expenses - Additional Inf
Other Expenses - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||||
Management fees | $ 28,882 | $ 25,911 | $ 92,747 | $ 76,462 | |
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 | $ 18,800 | 18,300 | $ 56,000 | 54,600 | |
Total incentive compensation payments | 10,100 | $ 7,600 | 36,800 | $ 21,900 | |
Accrued management and incentive fees payable | $ 28,900 | $ 28,900 | $ 33,800 |
Other Expenses - Schedule of Ge
Other Expenses - Schedule of General and Administrative Expenses (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Professional services | $ 3,038 | $ 2,695 | $ 9,579 | $ 8,086 |
Operating and other costs | 1,357 | 2,018 | 5,383 | 4,329 |
Subtotal | 4,395 | 4,713 | 14,962 | 12,415 |
Non-cash compensation expenses | ||||
Restricted class A common stock earned | 7,434 | 8,046 | 22,418 | 24,768 |
Director stock-based compensation | 172 | 173 | 508 | 518 |
Subtotal | 7,606 | 8,219 | 22,926 | 25,286 |
Total general and administrative expenses | 12,001 | 12,932 | 37,888 | 37,701 |
Multifamily | Joint Venture | ||||
Non-cash compensation expenses | ||||
Expenses related to multifamily joint venture | $ 230 | $ 239 | $ 826 | $ 783 |
Income Taxes (Detail)
Income Taxes (Detail) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||
May 31, 2013 | Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Income Tax Disclosure [Abstract] | |||||
Income tax provision | $ 1,568 | $ 1,172 | $ 4,663 | $ 2,064 | |
Shares issued (in shares) | 25,875,000 | 5,079 | 2,308,889 | ||
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 | 9 Months Ended | |
Sep. 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) | 1,539,475 | 1,883,784 |
Unrecognized compensation cost relating to nonvested share-based compensation | $ | $ 38.4 | |
Unrecognized compensation cost expected to be recognized over weighted average period (in years) | 1 year | |
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) | 271,668 | |
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) | 844,109 | |
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) | 423,698 | |
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) | 8,677,254 |
Stock-Based Incentive Plans - M
Stock-Based Incentive Plans - Movement in Outstanding Shares of Restricted Class A Common Stock and Weighted-Average Grant Date Fair Value Per Share (Detail) - Restricted Class A Common Stock - $ / shares | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Restricted Class A Common Stock | ||
Beginning balance (in shares) | 1,883,784 | |
Granted (in shares) | 505,432 | |
Vested (in shares) | (834,264) | |
Forfeited (in shares) | (15,477) | (33,250) |
Ending balance (in shares) | 1,539,475 | |
Weighted-Average Grant Date Fair Value Per Share | ||
Beginning balance (in dollars per share) | $ 27.90 | |
Granted (in dollars per share) | 21.37 | |
Vested (in dollars per share) | 27.34 | |
Forfeited (in dollars per share) | 24.55 | |
Ending balance (in dollars per share) | $ 26.09 |
Fair Values - Assets and Liabil
Fair Values - Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Assets | ||
Derivatives | $ 114,558 | $ 7,349 |
Liabilities | ||
Derivatives | 328 | 119,665 |
Recurring | ||
Assets | ||
Derivatives | 114,558 | 7,349 |
Liabilities | ||
Derivatives | 328 | 119,665 |
Level 1 | Recurring | ||
Assets | ||
Derivatives | 0 | 0 |
Liabilities | ||
Derivatives | 0 | 0 |
Level 2 | Recurring | ||
Assets | ||
Derivatives | 114,558 | 7,349 |
Liabilities | ||
Derivatives | 328 | 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 | Sep. 30, 2023 | Dec. 31, 2022 |
Financial assets | ||
Cash and cash equivalents | $ 421,495 | $ 291,340 |
Loans receivable, net | 23,849,497 | 25,160,343 |
Financial liabilities | ||
Securitized debt obligations, net | 2,509,254 | 2,664,010 |
Securitized debt obligations, net, Face Amount | 2,512,511 | 2,673,541 |
Asset-specific debt net, Face Amount | 935,435 | 950,278 |
Loan participations sold, net | 275,184 | 224,232 |
Loan participations sold, net, Face Amount | 275,697 | 224,744 |
Secured debt, net | ||
Financial liabilities | ||
Debt, Face Amount | 12,809,913 | 13,549,748 |
Secured term loans, net | ||
Financial liabilities | ||
Debt, Face Amount | 2,140,720 | 2,157,218 |
Senior secured notes, net | ||
Financial liabilities | ||
Debt, Face Amount | 366,590 | 400,000 |
Convertible notes, net | ||
Financial liabilities | ||
Debt, Face Amount | 300,000 | 520,000 |
Book Value | ||
Financial assets | ||
Cash and cash equivalents | 421,495 | 291,340 |
Loans receivable, net | 23,252,478 | 24,691,743 |
Financial liabilities | ||
Securitized debt obligations, net | 2,509,254 | 2,664,010 |
Asset-specific debt, net | 930,757 | 942,503 |
Loan participations sold, net | 275,184 | 224,232 |
Book Value | Secured debt, net | ||
Financial liabilities | ||
Debt | 12,793,344 | 13,528,164 |
Book Value | Secured term loans, net | ||
Financial liabilities | ||
Debt | 2,104,824 | 2,114,549 |
Book Value | Senior secured notes, net | ||
Financial liabilities | ||
Debt | 362,981 | 395,166 |
Book Value | Convertible notes, net | ||
Financial liabilities | ||
Debt | 295,527 | 514,257 |
Fair Value | ||
Financial assets | ||
Cash and cash equivalents | 421,495 | 291,340 |
Loans receivable, net | 23,007,371 | 24,445,042 |
Financial liabilities | ||
Securitized debt obligations, net | 2,309,845 | 2,597,377 |
Asset-specific debt, net | 924,278 | 934,815 |
Loan participations sold, net | 269,646 | 217,717 |
Fair Value | Secured debt, net | ||
Financial liabilities | ||
Debt | 12,466,689 | 13,121,306 |
Fair Value | Secured term loans, net | ||
Financial liabilities | ||
Debt | 2,097,253 | 2,103,943 |
Fair Value | Senior secured notes, net | ||
Financial liabilities | ||
Debt | 308,784 | 343,665 |
Fair Value | Convertible notes, net | ||
Financial liabilities | ||
Debt | $ 267,468 | $ 478,232 |
Variable Interest Entities (Det
Variable Interest Entities (Detail) - USD ($) $ in Thousands | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 |
Assets | ||||||||
Loans receivable | $ 23,715,901 | $ 25,017,880 | ||||||
Current expected credit loss reserve | (463,423) | $ (363,875) | $ (336,591) | (326,137) | $ (144,431) | $ (133,024) | $ (122,221) | $ (124,679) |
Loans receivable, net | 23,252,478 | 24,691,743 | ||||||
Other assets | 369,446 | 370,902 | ||||||
Total assets | 24,043,419 | 25,353,985 | ||||||
Liabilities | ||||||||
Securitized debt obligations, net | 2,509,254 | 2,664,010 | ||||||
Other liabilities | 278,027 | 426,904 | ||||||
Total liabilities | 19,549,898 | 20,809,785 | ||||||
VIE | ||||||||
Assets | ||||||||
Loans receivable | 3,155,701 | 3,317,316 | ||||||
Current expected credit loss reserve | (178,185) | (93,396) | ||||||
Loans receivable, net | 2,977,516 | 3,223,920 | ||||||
Other assets | 15,228 | 15,995 | ||||||
Total assets | 2,992,744 | 3,239,915 | ||||||
Liabilities | ||||||||
Securitized debt obligations, net | 2,509,254 | 2,664,010 | ||||||
Other liabilities | 7,601 | 7,234 | ||||||
Total liabilities | $ 2,516,855 | $ 2,671,244 |
Transactions with Related Par_2
Transactions with Related Parties (Detail) $ in Thousands, £ in Millions | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2023 USD ($) shares | Sep. 30, 2022 USD ($) | Sep. 30, 2023 USD ($) shares | Sep. 30, 2022 USD ($) | Dec. 31, 2022 USD ($) shares | Mar. 31, 2019 GBP (£) | |
Related Party Transaction [Line Items] | ||||||
Non-cash expenses | $ 22,926 | $ 25,286 | ||||
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 | 1,539,475 | 1,539,475 | 1,883,784 | |||
Restricted shares, vesting period (in years) | 3 years | |||||
Related Party | Manager | ||||||
Related Party Transaction [Line Items] | ||||||
Renewal term (in years) | 1 year | |||||
Management fees paid to Manager | $ 32,800 | $ 27,100 | $ 97,700 | 78,900 | ||
Expenses reimbursed to Manager | 325 | 163 | 2,300 | 723 | ||
Related Party | BXMT Advisors Limited Liability Company and Affiliates | ||||||
Related Party Transaction [Line Items] | ||||||
Accrued management and incentive fees payable | 28,900 | 28,900 | $ 33,800 | |||
Related Party | Third-Party Service Provider | ||||||
Related Party Transaction [Line Items] | ||||||
Administrative services expenses incurred | $ 320 | 88 | $ 800 | 280 | ||
Related Party | Restricted Class A Common Stock | Class A Common Stock | Manager | ||||||
Related Party Transaction [Line Items] | ||||||
Shares held (in shares) | shares | 762,845 | 762,845 | ||||
Non-cash expenses | $ 3,900 | $ 4,100 | $ 11,700 | $ 12,500 | ||
Related Party | Restricted Class A Common Stock | Class A Common Stock | Manager | Manager | ||||||
Related Party Transaction [Line Items] | ||||||
Non-cash expenses | $ 20,600 | |||||
Restricted shares, vesting period (in years) | 3 years |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) | 9 Months Ended |
Sep. 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 | $ 2,700,000,000 |
Number of loans receivable | loan | 101 |
Aggregate unfunded loan commitments | $ 1,500,000,000 |
Net unfunded commitments | $ 1,200,000,000 |
Weighted-average future funding period (in years) | 2 years 7 months 6 days |
Commitments and Contingencies_2
Commitments and Contingencies - Schedule of Principal Debt Repayments (Detail) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2023 | Dec. 31, 2022 | |
Debt Instrument [Line Items] | ||
2023 (remaining) | $ 139,400 | |
2024 | 2,790,960 | |
2025 | 2,114,802 | |
2026 | 5,563,566 | |
2027 | 3,939,887 | |
Thereafter | 2,004,043 | |
Net book value | $ 16,552,658 | |
Amortization percentage | 1% | |
Securitized debt obligations excluded from contractual obligations | $ 2,500,000 | |
Nonconsolidated securitized debt excluded from contractual obligations | 1,100,000 | |
Net loan exposure, loan participations sold | 275,700 | |
Loan participations sold, net, Face Amount | 275,697 | $ 224,744 |
Secured Debt | ||
Debt Instrument [Line Items] | ||
2023 (remaining) | 133,901 | |
2024 | 2,768,963 | |
2025 | 1,306,172 | |
2026 | 4,260,992 | |
2027 | 3,265,039 | |
Thereafter | 1,074,846 | |
Net book value | 12,809,913 | |
Asset-Specific Debt | ||
Debt Instrument [Line Items] | ||
2023 (remaining) | 0 | |
2024 | 0 | |
2025 | 786,633 | |
2026 | 0 | |
2027 | 0 | |
Thereafter | 148,802 | |
Net book value | 935,435 | |
Term Loans | ||
Debt Instrument [Line Items] | ||
2023 (remaining) | 5,499 | |
2024 | 21,997 | |
2025 | 21,997 | |
2026 | 1,302,574 | |
2027 | 8,258 | |
Thereafter | 780,395 | |
Net book value | 2,140,720 | |
Senior Secured Notes | ||
Debt Instrument [Line Items] | ||
2023 (remaining) | 0 | |
2024 | 0 | |
2025 | 0 | |
2026 | 0 | |
2027 | 366,590 | |
Thereafter | 0 | |
Net book value | 366,590 | |
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] |