Apollo Commercial Real Estate Finance (ARI) 10-K 8 Feb 22 2021 FY Annual report Financial data

Cover Page

Cover Page - USD ($)	12 Months Ended
	Dec. 31, 2021	Feb. 07, 2022	Jun. 30, 2021
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Current Fiscal Year End Date	--12-31
Document Period End Date	Dec. 31, 2021
Document Transition Report	false
Entity File Number	001-34452
Entity Registrant Name	Apollo Commercial Real Estate Finance, Inc.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	27-0467113
Entity Address, Address Line One	9 West 57th Street
Entity Address, Address Line Two	43rd Floor
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10019
City Area Code	212
Local Phone Number	515–3200
Title of 12(b) Security	Common Stock, $0.01 par value
Trading Symbol	ARI
Security Exchange Name	NYSE
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Small Business Entity	false
Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Public Float			$ 2,206,019,969
Entity Common Stock, Shares Outstanding		140,541,409
Documents Incorporated by Reference	Documents Incorporated by Reference Portions of the registrant’s proxy statement for the 2022 annual meeting of stockholders are incorporated by reference into Part III of this annual report on Form 10-K.
Amendment flag	false
Document fiscal year focus	2021
Document fiscal period focus	FY
Entity central index key	0001467760

Audit Information

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

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands		Dec. 31, 2021	Dec. 31, 2020
Assets:
Cash and cash equivalents		$ 343,106	$ 325,498
Total carrying value, net		7,857,260	6,496,977
Real estate owned, net (net of $2,645 accumulated depreciation in 2021)		151,788	0
Other assets		47,753	74,640
Derivative assets, net		16,788	0
Real estate owned, held for sale, net		0	42,905
Total Assets		8,416,695	6,940,020
Liabilities:
Convertible senior notes, net		569,979	565,654
Accounts payable, accrued expenses and other liabilities	[1]	102,609	74,887
Participations sold		27,064	34,974
Payable to related party		9,773	9,598
Derivative liabilities, net		0	31,241
Total Liabilities		6,122,069	4,669,491
Commitments and Contingencies (see Note 17)
Stockholders’ Equity:
Preferred stock, $0.01 par value, 50,000,000 shares authorized, Series B, 0 and 6,770,393 shares issued and outstanding ($0 and $169,260 liquidation preference), and Series B-1, 6,770,393 and 0 shares issued and outstanding ($169,260 and $0 liquidation preference), in 2021 and 2020, respectively(see Note 16)		68	68
Common stock, $0.01 par value, 450,000,000 shares authorized, 139,894,060 and 139,295,867 shares issued and outstanding in 2021 and 2020, respectively		1,399	1,393
Additional paid-in-capital		2,721,042	2,707,792
Accumulated deficit		(427,883)	(438,724)
Total Stockholders’ Equity		2,294,626	2,270,529
Total Liabilities and Stockholders’ Equity		8,416,695	6,940,020
Secured Debt
Liabilities:
Secured debt arrangements, net (net of deferred financing costs of $9,062 and $12,993 in 2021 and 2020, respectively)		4,150,268	3,436,672
Senior secured term loans, net (net of deferred financing costs of $12,734 and $7,130 in 2021 and 2020, respectively)		768,325	483,465
Senior Notes
Liabilities:
Senior secured term loans, net (net of deferred financing costs of $12,734 and $7,130 in 2021 and 2020, respectively)		494,051	0
Mortgages
Liabilities:
Secured debt arrangements, net (net of deferred financing costs of $9,062 and $12,993 in 2021 and 2020, respectively)		0	33,000
Commercial Mortgage Portfolio Segment
Assets:
Total carrying value, net	[2],[3]	7,012,312	5,451,084
Liabilities:
Participations sold		27,064	9,217
Subordinate Mortgage Portfolio Segment
Assets:
Total carrying value, net	[3]	844,948	1,045,893
Liabilities:
Participations sold		$ 0	$ 25,757
[1]	Includes $3,106 and $3,365 of General CECL Allowance related to unfunded commitments on commercial mortgage loans, subordinate loans and other lending assets, net in 2021 and 2020, respectively.
[2]	Includes $5,957,707 and $5,418,999 pledged as collateral under secured debt arrangements in 2021 and 2020, respectively.
[3]	Net of $178,588 and $213,102 CECL Allowances in 2021 and 2020, respectively, comprised of $145,000 a nd $175,000 Specific CECL Allowance and $33,588 and $38,102 General CECL Allowance, respectively.

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Real estate owned, accumulated depreciation	$ 2,645,000
Deferred financing costs	$ 27,700,000	$ 20,100,000
Preferred stock, par value (in dollars per share)	$ 0.01
Preferred stock, shares authorized	50,000,000
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	450,000,000	450,000,000
Common stock, shares issued	139,894,060	139,295,867
Common stock, shares outstanding	139,894,060	139,295,867
CECL allowance	$ 178,588,000	$ 213,102,000
Financing receivable, allowance for credit loss	145,000,000	175,000,000
Loan specific reserves	33,588,000	38,102,000
General CECL Allowance on unfunded commitments	$ 3,106,000	$ 3,365,000
Series B Preferred Stock
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized	50,000,000	50,000,000
Preferred stock, shares issued	0	6,770,393
Preferred stock, shares outstanding	0	6,770,393
Preferred stock, liquidation preference	$ 0	$ 169,260,000
Series B-1 Preferred Stock
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized	50,000,000	50,000,000
Preferred stock, shares issued	6,770,393	0
Preferred stock, shares outstanding	6,770,393	0
Preferred stock, liquidation preference	$ 169,260,000	$ 0
Commercial Mortgage Portfolio Segment
Loans pledged as collateral	5,957,707,000	5,418,999,000
Secured Debt
Deferred financing costs	9,062,000	12,993,000
Deferred financing costs	12,734,000	7,130,000
Senior Notes
Deferred financing costs	$ 5,949,000	$ 0

Consolidated Statement of Opera

Consolidated Statement of Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021		Dec. 31, 2020		Dec. 31, 2019
Net interest income:
Interest income from commercial mortgage loans	$ 327,702		$ 309,134		$ 322,475
Interest income from subordinate loans and other lending assets	100,413		118,435		164,933
Interest expense	(162,522)		(148,891)		(152,926)
Net interest income	265,593		278,678		334,482
Revenue from real estate owned operations	18,917		0		0
Total net revenue	284,510		278,678		334,482
Operating expenses:
General and administrative expenses (includes equity-based compensation of $17,633, $16,815 and $15,897 in 2021, 2020, and 2019, respectively)	(28,845)		(26,849)		(24,097)
Management fees to related party	(38,160)		(39,750)		(40,734)
Operating expenses related to real estate owned	(19,923)		0		0
Depreciation and amortization on real estate owned	(2,645)		0		0
Total operating expenses	(89,573)		(66,599)		(64,831)
Other income	3,821		1,604		2,113
Realized loss on investments	(20,767)		(47,632)		(12,513)
Reversal of (provision for) loan losses, net	34,773	[1]	(125,600)	[1]	(20,000)
Realized losses and impairments on real estate owned	(550)		0		0
Foreign currency translation gain (loss)	(31,687)		26,916		19,818
Net income	223,515		18,377		230,174
Preferred dividends	(12,964)		(13,540)		(18,525)
Net income available to common stockholders	$ 210,551		$ 4,837		$ 211,649
Net income per share of common stock:
Basic (in dollars per share)	$ 1.48		$ 0.01		$ 1.41
Diluted (in dollars per share)	$ 1.46		$ 0.01		$ 1.40
Basic weighted-average shares of common stock outstanding	139,869,244		148,004,385		146,881,231
Diluted weighted-average shares of common stock outstanding	168,402,515		148,004,385		175,794,896
Dividend declared per share of common stock (in dollars per share)	$ 1.40		$ 1.45		$ 1.84
Foreign currency forward, net
Operating expenses:
Gain (loss) on sale of derivatives	$ 41,674		$ (9,743)		$ (14,425)
Interest rate cap and swaps
Operating expenses:
Gain (loss) on sale of derivatives	$ 1,314		$ (39,247)		$ (14,470)
[1]	Comprised of $30,000 and $(118,019) Specific CECL Reversals (Allowance) for the years ended December 31, 2021 and 2020, respectively, $4,773 and $(10,600) of General CECL Reversals (Allowance) for the years ended December 31, 2021 and 2020, respectively, and a $3,019 reversal of a previously recorded impairment on an equity investment for the year ended December 31, 2020 . For the year ended December 31, 2019 the balance represents provision per loan losses as determined by the authoritative guidance at the time.

Consolidated Statement of Ope_2

Consolidated Statement of Operations (Parenthetical) - USD ($) $ in Thousands	May 24, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
General and administrative expenses, equity-based compensation		$ 17,633	$ 16,815	$ 15,897
Unrealized gain (loss) on derivatives		48,028	(11,895)	(43,046)
Specific CECL (allowance) reversal	$ (10,000)	30,000	(118,019)	(13,000)
General CECL (allowance) reversal		(4,773)	(10,600)
Equity method investment, (reversal)			(3,019)
Foreign currency forward, net
Unrealized gain (loss) on derivatives		46,714	(26,499)	(28,576)
Interest rate cap and swaps
Unrealized gain (loss) on derivatives		$ 1,314	$ 14,604	$ (14,470)

Consolidated Statement of Chang

Consolidated Statement of Changes in Stockholders’ Equity - USD ($) $ in Thousands	Total	Adjustment due to Adoption of ASU	Preferred Stock	Common Stock	Additional Paid-In-Capital	Accumulated Deficit	Accumulated DeficitAdjustment due to Adoption of ASU
Stockholders' equity, beginning balance (in shares) at Dec. 31, 2018			13,670,393	133,853,565
Stockholders' equity, beginning balance at Dec. 31, 2018	$ 2,509,747		$ 137	$ 1,339	$ 2,638,441	$ (130,170)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Capital increase (decrease) related to Equity Incentive Plan (in shares)				466,370
Capital increase related to Equity Incentive Plan	10,901			$ 4	10,897
Conversions of convertible senior notes for common stock (in shares)				1,967,361
Conversions of convertible senior notes for common stock	33,778			$ 20	33,758
Issuance of common stock (in shares)				17,250,000
Issuance of common stock	315,157			$ 172	314,985
Redemption of preferred stock (in shares)			(6,900,000)
Redemption of preferred stock	(172,500)		$ (69)		(172,431)
Offering costs	(333)				(333)
Net income	230,174					230,174
Dividends declared on preferred stock -	(18,525)					(18,525)
Dividends declared on common stock -	(278,424)					(278,424)
Stockholders' equity, ending balance (in shares) at Dec. 31, 2019			6,770,393	153,537,296
Stockholders' equity, ending balance at Dec. 31, 2019	$ 2,629,975	$ (30,867)	$ 68	$ 1,535	2,825,317	(196,945)	$ (30,867)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Accounting standards update	Accounting Standards Update 2016-13 [Member]
Capital increase (decrease) related to Equity Incentive Plan (in shares)				591,203
Capital increase related to Equity Incentive Plan	$ 10,327			$ 6	10,321
Repurchase of common stock (in shares)				(14,832,632)
Repurchase of common stock	(127,994)			$ (148)	(127,846)
Net income	18,377					18,377
Dividends declared on preferred stock -	(13,540)					(13,540)
Dividends declared on common stock -	(215,749)					(215,749)
Stockholders' equity, ending balance (in shares) at Dec. 31, 2020			6,770,393	139,295,867
Stockholders' equity, ending balance at Dec. 31, 2020	$ 2,270,529	(30,900)	$ 68	$ 1,393	2,707,792	(438,724)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Accounting standards update	Accounting Standards Update 2020-06 [Member]
Capital increase (decrease) related to Equity Incentive Plan (in shares)				598,193
Capital increase related to Equity Incentive Plan	$ 13,355			$ 6	13,349
Issuance of common stock (in shares)			(6,770,393)
Issuance of common stock	68		$ 68
Repurchase of common stock (in shares)			(6,770,393)
Repurchase of common stock	(68)		$ (68)
Offering costs	(99)				(99)
Net income	223,515					223,515
Dividends declared on preferred stock -	(12,964)					(12,964)
Dividends declared on common stock -	(199,710)					(199,710)
Stockholders' equity, ending balance (in shares) at Dec. 31, 2021			6,770,393	139,894,060
Stockholders' equity, ending balance at Dec. 31, 2021	$ 2,294,626	$ 3,400	$ 68	$ 1,399	$ 2,721,042	$ (427,883)

Consolidated Statement of Cha_2

Consolidated Statement of Changes in Stockholders’ Equity (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Statement of Stockholders' Equity [Abstract]
Dividends declared on preferred stock (in dollars per share)	$ 1.90	$ 2	$ 2.72
Dividends declared on common stock (in dollars per share)	$ 1.40	$ 1.45	$ 1.84

Consolidated Statement of Cash

Consolidated Statement of Cash Flows $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)		Dec. 31, 2020USD ($)		Dec. 31, 2019USD ($)
Cash flows provided by operating activities:
Net income	$ 223,515		$ 18,377		$ 230,174
Adjustments to reconcile net income to net cash provided by operating activities:
Amortization of discount/premium and PIK	(69,590)		(61,745)		(81,611)
Amortization of deferred financing costs	13,740		12,862		11,969
Equity-based compensation	17,633		16,815		15,897
Provision for (reversal of) loan losses, net	(34,773)	[1]	125,600	[1]	20,000
Foreign currency (gain) loss	31,096		(182)		3,768
Unrealized (gain) loss on derivative instruments	(48,028)		11,895		43,046
Loss from unconsolidated joint venture	161		0		0
Depreciation and amortization	2,645		0		0
Realized losses and impairments on investments and real estate owned	21,317		47,632		12,513
Changes in operating assets and liabilities:
Proceeds received from PIK interest	35,400		0		16,469
Other assets	1,628		(4,667)		(4,472)
Origination of subordinate loan, held for sale	(31,200)		0		0
Sale of subordinate loan, held for sale	31,200		0		0
Accounts payable, accrued expenses and other liabilities	4,464		(1,703)		5,056
Payable to related party	175		(832)		626
Net cash provided by operating activities	199,383		164,052		273,435
Cash flows used in investing activities:
New funding of commercial mortgage loans	(2,780,887)		(463,940)		(2,526,384)
Add-on funding of commercial mortgage loans	(350,926)		(321,271)		(385,508)
New funding of subordinate loans and other lending assets	0		0		(493,017)
Add-on funding of subordinate loans and other lending assets	(177,269)		(91,447)		(30,549)
Proceeds received from the repayment and sale of commercial mortgage loans	1,509,428		662,688		1,428,535
Proceeds received from the repayment of subordinate loans and other lending assets	303,831		5,563		560,089
Origination and exit fees received on commercial mortgage loans, and subordinate loans and other lending assets, net	42,750		6,847		45,882
Proceeds received from the sale of real estate owned, held for sale	42,356		0		0
Cash received from hotel title assumption	4,148		0		0
Capital expenditures on real estate assets	(133)		0		0
Increase (decrease) in collateral related to derivative contracts, net	49,740		(14,160)		(34,160)
Net cash used in investing activities	(1,356,962)		(215,720)		(1,435,112)
Cash flows provided by (used in) financing activities:
Proceeds from issuance of common stock	0		0		315,158
Payments for Repurchase of Redeemable Preferred Stock	0		0		(172,500)
Payment of offering costs	(99)		0		(333)
Repurchase of common stock	0		(127,994)		0
Proceeds from secured debt arrangements	2,279,691		1,535,130		3,451,172
Repayments of secured debt arrangements	(1,510,236)		(1,242,317)		(2,273,750)
Repayments of senior secured term loan principal	(7,250)		(5,000)		(2,500)
Proceeds from issuance of senior secured term loan	297,000		0		497,500
Proceeds from participations sold	0		33,965		0
Proceeds from issuance of senior secured notes	500,000		0		0
Exchanges of convertible senior notes	0		0		(704)
Repayment of debt related to real estate owned	(143,073)		0		0
Payment of deferred financing costs	(23,958)		(11,115)		(13,688)
Other financing activities	(4,278)		(6,494)		(4,996)
Dividends on common stock	(199,646)		(237,751)		(269,232)
Dividends on preferred stock	(12,964)		(13,540)		(21,974)
Net cash provided by (used in) financing activities	1,175,187		(75,116)		1,504,153
Net increase (decrease) in cash and cash equivalents	17,608		(126,784)		342,476
Cash and cash equivalents, beginning of period	325,498		452,282		109,806
Cash and cash equivalents, end of period	343,106		325,498		452,282
Supplemental disclosure of cash flow information:
Interest paid	137,671		129,812		133,469
Supplemental disclosure of non-cash financing activities:
Exchange of convertible senior notes for common stock	0		0		33,778
Dividend declared, not yet paid	52,833		52,768		74,771
Change in participation sold	19,760		0		0
Repayments of participation sold including PIK	(27,670)		0		0
Loan proceeds held by servicer	3,179		5,649		7,775
Deferred financing costs, not yet paid	0		2,596		5,193
Transfer of proceeds borrowed under secured credit facilities to Barclays Private Securitization	0		782,006		0
Restructuring of subordinate loan to commercial mortgage loan	0		68,500		0
Assumption of real estate	154,300		9,905		0
Assumption of debt related to real estate owned	(110,073)		0		0
Assumption of other assets related to real estate owned	1,555		0		0
Assumption of accounts payable and other liabilities related to real estate owned	(4,641)		0		0
Transfer of subordinate loans to real estate owned	(45,289)		0		0
Retirement of Series B Preferred Stock	(169,260)		0		0
Issuance of Series B-1 Preferred Stock	$ 169,260		$ 0		$ 0
[1]	Comprised of $30,000 and $(118,019) Specific CECL Reversals (Allowance) for the years ended December 31, 2021 and 2020, respectively, $4,773 and $(10,600) of General CECL Reversals (Allowance) for the years ended December 31, 2021 and 2020, respectively, and a $3,019 reversal of a previously recorded impairment on an equity investment for the year ended December 31, 2020 . For the year ended December 31, 2019 the balance represents provision per loan losses as determined by the authoritative guidance at the time.

Organization

Organization	12 Months Ended
	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	Organization Apollo Commercial Real Estate Finance, Inc. (together with its consolidated subsidiaries, is referred to throughout this report as the "Company," "ARI," "we," "us" and "our") is a corporation that has elected to be taxed as a real estate investment trust ("REIT") for U.S. federal income tax purposes and primarily originates, acquires, invests in and manages performing commercial first mortgage loans, subordinate financings, and other commercial real estate-related debt investments. These asset classes are referred to as our target assets. We were formed in Maryland on June 29, 2009, commenced operations on September 29, 2009 and are externally managed and advised by ACREFI Management, LLC (the "Manager"), an indirect subsidiary of Apollo Global Management, Inc. (together with its subsidiaries, "Apollo"). We elected to be taxed as a REIT under the Internal Revenue Code of 1986, as amended, commencing with the taxable year ended December 31, 2009. To maintain our tax qualification as a REIT, we are required to distribute at least 90% of our taxable income, excluding net capital gains, to stockholders and meet certain other asset, income, and ownership tests.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2021
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Presentation The accompanying consolidated financial statements include our accounts and those of our consolidated subsidiaries. All intercompany amounts have been eliminated. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America ("GAAP") requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Our most significant estimates include loan loss allowances. Actual results could differ from those estimates. We currently operate in one reporting segment. Risks and Uncertainties During the first quarter of 2020, there was a global outbreak COVID-19, which was declared by the World Health Organization as a pandemic. The ongoing COVID-19 pandemic in many countries continues to adversely impact global economic activity and has contributed to significant volatility in financial markets. In response to COVID-19, the United States and numerous other countries and organizations have implemented a variety of actions to mobilize efforts to mitigate the ongoing and expected impact. Although more normalized activities have resumed and there has been improvement due to global and domestic vaccination efforts, we are not in a position to estimate the ultimate impact COVID-19 and its variants will have on our business and the economy as a whole. Due to various uncertainties, including the ultimate geographic spread of the virus, the rise of new variants that may occur, the severity of the disease, the duration of the outbreak, and actions that may be taken by governmental authorities, further business risks could arise. We believe the estimates used in preparing our financial statements and related footnotes are reasonable and supportable based on the best information available to us as of December 31, 2021. The uncertainty surrounding COVID-19 may materially impact the accuracy of the estimates and assumptions used in the financial statements and related footnotes and, as a result, actual results may vary significantly from estimates. Cash and Cash Equivalents Cash and cash equivalents represent cash held in banks and liquid investments with original maturities of 90 days or less. Substantially all of the Company's cash on deposit is in interest bearing accounts with major financial institutions and exceeds federally insured limits. As of both December 31, 2021 and 2020, we had no restricted cash on our consolidated balance sheets. Classification of Investments and Valuations of Financial Instruments Our investments consist primarily of commercial mortgage loans, subordinate loans, and other lending assets that are classified as held-to-maturity. Classification of Loans Loans held-to-maturity are stated at the principal amount outstanding, adjusted for deferred fees and allowance for loan losses, if any, in accordance with GAAP. Current Expected Credit Losses ("CECL") In June 2016, the Financial Accounting Standards Board ("FASB") issued ASU 2016-13 "Financial Instruments - Credit Losses (Topic 326) - Measurement of Credit Losses on Financial Instruments" ("ASU 2016-13"), which we refer to as the "CECL Standard." In accordance with the CECL Standard, we record allowances for held-to-maturity debt securities that are deducted from the carrying amount of the assets to present the net carrying value at the amounts expected to be collected on the assets. We record loan specific allowances as our Specific CECL Allowance, as a practical expedient under the CECL Standard, which we apply to assets that are collateral dependent and where the borrower or sponsor is experiencing financial difficulty. In addition, we record a General CECL Allowance which is a general allowance in accordance with the CECL Standard on the remainder of the loan portfolio (General CECL Allowance, and together with the Specific CECL Allowance, "CECL Allowances") on a collective basis by assets with similar risk characteristics. We adopted the CECL Standard through a cumulative-effect adjustment to accumulated deficit on January 1, 2020. Subsequent changes to the CECL Allowance are recognized through net income on our consolidated statement of operations. The CECL Standard requires an entity to consider historical loss experience, current conditions, and a reasonable and supportable forecast of the macroeconomic environment. The FASB recognizes the weighted average remaining maturity ("WARM") method as an acceptable approach for computing current expected credit losses. We utilize the WARM method to determine a General CECL Allowance for a majority of our portfolio. In the future, we may use other acceptable methods, such as a probability-of-default/loss-given-default method. For loans where we have deemed the borrower/sponsor to be experiencing financial difficulty, we have elected to apply a practical expedient in which the fair value of the underlying collateral is compared to the amortized cost of the loan in determining a Specific CECL Allowance. Specific CECL Allowance Our loans are typically collateralized by commercial real estate. As a result, we regularly evaluate the extent and impact of any credit migration associated with the performance and/or value of the underlying collateral property as well as the financial and operating capability of the borrower/sponsor on a loan by loan basis. Specifically, a property’s operating results and any cash reserves are analyzed and used to assess (i) whether cash flows from operations are sufficient to cover the debt service requirements currently and into the future, (ii) the ability of the borrower to refinance the loan, and/or (iii) the property’s liquidation value. We also evaluate the financial wherewithal of any loan guarantors as well as the borrower’s competency in managing and operating the properties. In addition, we consider the overall economic environment, real estate sector, and geographic sub-market in which the borrower operates. Such analyses are completed and reviewed by asset management and finance personnel, who utilize various data sources, including (i) periodic financial data such as debt service coverage ratio, property occupancy, tenant profile, rental rates, operating expenses, the borrower’s exit plan, and capitalization and discount rates, (ii) site inspections, and (iii) current credit spreads and discussions with market participants. For loans where we have deemed the borrower/sponsor to be experiencing financial difficulty, we have elected to apply a practical expedient in accordance with the CECL Standard. In accordance with the practical expedient approach, we determine the loan loss provision to be the difference between the fair value of the underlying collateral and the carrying value of the loan (prior to the loan loss allowance). When the repayment or satisfaction of a loan is dependent on a sale, rather than operations, of the collateral, the fair value is adjusted for the estimated cost to sell the collateral. The fair value of the underlying collateral is determined by using method(s) such as discounted cash flow, the market approach, or direct capitalization approach. The key unobservable inputs used to determine the fair value of the underlying collateral may vary depending on the information available to us and market conditions as of the valuation date. If we deem all or any portion of a loan balance uncollectible, that amount is written-off. General CECL Allowance In accordance with the WARM method, an annual historical loss rate is applied to the amortized cost of an asset or pool of assets over the remaining expected life. The WARM method requires consideration of the timing of expected future fundings of existing commitments and repayments over each asset’s remaining life. An annual loss factor, adjusted for macroeconomic estimates, is applied over each subsequent period and aggregated to arrive at the General CECL Allowance. In determining the General CECL Allowance, we considered various factors including (i) historical loss experience in the commercial real estate lending market, (ii) timing of expected repayments and satisfactions, (iii) expected future funding, (iv) capital subordinate to us when we are the senior lender, (v) capital senior to us when we are the subordinate lender, and (vi) our current and future view of the macroeconomic environment. The standard requires the use of significant judgment to arrive at an estimated credit loss. There is significant uncertainty related to future macroeconomic conditions as the result of COVID-19. We derived an annual historical loss rate based on a CMBS database with historical losses from 1998 through the fourth quarter of 2021 provided by a third party, Trepp LLC. We applied various filters to arrive at a CMBS dataset most analogous to our current portfolio from which to determine an appropriate historical loss rate. The annual historical loss rate was further adjusted to reflect our expectations of the macroeconomic environment for a reasonable and supportable forecast period which we have determined to be one year. The General CECL Allowance on subordinate loans is calculated by incorporating both the loan balance of the position(s) of the structurally senior third-party lender(s) and the balance of our subordinate loan(s). The subordinate loans, by virtue of being the first loss position, are required to absorb losses prior to the senior position(s) being impacted, resulting in a higher percentage allowance attributable to the subordinate loan. The General CECL Allowance on unfunded loan commitments is time-weighted based on our expected commitment to fund such obligations. The General CECL Allowance on unfunded commitments is recorded as a liability on our consolidated balance sheet within accounts payable, accrued expenses and other liabilities. At adoption, the General CECL Allowance was $30.9 million and was recorded in our consolidated statement of changes in stockholders’ equity. Refer to "Note 4 - Commercial Mortgage, Subordinate Loans and Other Lending Assets, Net" for further information regarding CECL. Deferred Financing Costs Costs incurred in connection with financings are capitalized and amortized over the respective financing terms and are reflected on the accompanying consolidated statement of operations as a component of interest expense. At December 31, 2021 and 2020, we had $27.7 million and $20.1 million of capitalized financing costs, respectively, net of amortization, included as a direct deduction from the carrying amount of our debt. Earnings per Share GAAP requires the use of the two-class method of computing earnings per share for all periods presented for each class of common stock and participating security as if all earnings for the period had been distributed. Under the two-class method, during periods of net income, the net income is first reduced for dividends declared on all classes of securities to arrive at undistributed earnings. During periods of net losses, the net loss is reduced for dividends declared on participating securities only if the security has the right to participate in the earnings of the entity and an objectively determinable contractual obligation to share in net losses of the entity. The remaining earnings are allocated to common stockholders and participating securities to the extent that each security shares in earnings as if all of the earnings for the period had been distributed. Each total is then divided by the applicable number of shares to arrive at basic earnings per share. For the diluted earnings, the denominator includes all outstanding shares of common stock and all potential shares of common stock assumed issued if they are dilutive. The numerator is adjusted for any changes in income or loss that would result from the assumed conversion of these potential shares of common stock. The dilutive effect to earnings per share for the years ended December 31, 2021, 2020 and 2019 is determined using the "if converted" method whereby, if the conversion of the convertible notes would be dilutive, interest expense on the outstanding Notes is added back to the diluted earnings numerator and all of the potentially dilutive shares are included in the diluted common shares outstanding denominator for the computation of diluted earnings per share. Foreign Currency We enter into transactions not denominated in USD. Foreign exchange gains and losses arising on such transactions are recorded as a gain or loss in our consolidated statement of operations. Non-U.S. dollar denominated assets and liabilities are translated to USD at the exchange rate prevailing at the reporting date and income, expenses, gains, and losses are translated at the prevailing exchange rate on the dates that they were recorded. Hedging Instruments and Hedging Activities Consistent with maintaining our qualification as a REIT, in the normal course of business, we use a variety of derivative financial instruments to manage, or hedge, interest rate and foreign currency risk. Derivatives are used for hedging purposes rather than speculation. There is a gain or loss associated with forward points on our foreign currency hedges, which reflect the interest rate differentials, at the time of entering into the hedge, between the applicable local base rate of our foreign currency investments and the comparable rate in the U.S. We determine their fair value using quotations from a third-party expert to facilitate the process, which are determined by comparing the contracted forward exchange rate to the current market exchange rate, as well as by using a discounted cash flow analysis on the expected cash flows of each derivative. If our hedging activities do not achieve the desired results, reported earnings may be adversely affected. GAAP requires an entity to recognize all derivatives as either assets or liabilities on the balance sheets and to measure those instruments at fair value. To the extent the instrument qualifies for hedge accounting, the fair value adjustments will be recorded as a component of other comprehensive income in stockholders’ equity until the hedged item is recognized in earnings. We have not designated any of our derivative instruments as hedges under GAAP and therefore, changes in the fair value of our derivatives are recorded directly in earnings. Income Taxes We have elected to be taxed as a REIT under Sections 856-859 of the Internal Revenue Code of 1986, as amended. Under those sections, a REIT which distributes at least 90% of its REIT taxable income, excluding net capital gains and determined without regard to the dividends paid deduction, as a dividend to its stockholders each year and which meets certain other conditions will not be taxed on that portion of its taxable income which is distributed to its stockholders. We have elected to treat certain consolidated subsidiaries, and may in the future elect to treat newly formed subsidiaries, as taxable REIT subsidiaries. Taxable REIT subsidiaries may participate in non-real estate related activities and/or perform noncustomary services for tenants and are subject to U.S. federal and state income tax at regular corporate tax rates. Our major tax jurisdictions are U.S. federal, New York State and New York City and the statute of limitations is open for all jurisdictions for the years 2017 through 2021. We do not have any unrecognized tax benefits and do not expect a change in our position for unrecognized tax benefits in the next 12 months. Investments in unconsolidated joint ventures Investments are accounted for under the equity method when (i) requirements for consolidation are not met, and (ii) we have significant influence over the operations of the investee. Equity method investments are initially recorded at cost and subsequently adjusted for our share of net income or loss and cash contributions and distributions each period. This adjustment is made at the end of each reporting period, generally on a one quarter lag, based on the best information available to us. Investments in unconsolidated joint ventures are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is measured based on the excess of the carrying amount of an investment over its estimated fair value. Impairment analyses are based on current plans, intended holding periods and available information at the time the analyses are prepared. The evaluation of anticipated cash flows is subjective and is based, in part, on assumptions regarding future occupancy, rental rates and capital requirements that could differ materially from actual results. Loans Held For Sale Loans are classified as held for sale if there is a reasonable expectation to sell them in the short-term following the reporting date. Loans classified as held for sale are carried at the lower of amortized cost or fair value, unless the fair value election was made at origination. Due to the valuation methodology of held for sale loans there is no General CECL Allowance for these loans. As of both December 31, 2021 and 2020, we had no loans classified as held for sale on our consolidated balance sheets. Principles of Consolidation We consolidate all entities that we control through either majority ownership and voting rights. In addition, we consolidate all VIEs of which we are considered the primary beneficiary. VIEs are defined as entities in which equity investors (i) do not have the characteristics of a controlling financial interest and/or (ii) do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support from other parties. The entity that consolidates a VIE is known as its primary beneficiary and is generally the entity with (i) the power to direct the activities that most significantly affect the VIE’s economic performance, and (ii) the right to receive benefits from the VIE or the obligation to absorb losses of the VIE that could be significant to the VIE. See further discussion in "Note 4 – Commercial Mortgage, Subordinate Loans and Other Lending Assets, Net" and "Note 7 - Secured Debt Arrangements, Net." Real Estate Owned (and related debt ) In order to maximize recovery against a defaulted loan, we may assume legal title or physical possession of the underlying collateral through foreclosure or the execution of a deed in lieu of foreclosure. Foreclosed properties are generally recognized at fair value and the assets and liabilities are presented separately when legal title or physical possession is assumed. If the fair value of the real estate is lower than the carrying value of the loan, the difference, along with any previously recorded Specific CECL Allowances, are recorded as a realized loss on investments in the consolidated statement of operations. Acquisition of real estate is accounted for using the acquisition method under Accounting Standards Codification ("ASC") Topic 805, "Business Combinations." We recognize and measure identifiable assets acquired, liabilities assumed and any noncontrolling interest in the acquiree, if applicable, based on their relative fair values. If applicable, we recognize and measure intangible assets and expense acquisition-related costs in the periods in which the costs are incurred and the services are received. Real estate owned is classified as held for sale in the period in which the six criteria under ASC Topic 360, "Property, Plant, and Equipment" are met: (1) we commit to a plan and have the authority to sell the asset; (2) the asset is available for sale in its current condition; (3) we have initiated an active marketing plan to locate a buyer for the asset; (4) the sale of the asset is both probable and expected to qualify for full sales recognition within a period of 12 months; (5) the asset is being actively marketed for sale at a price that is reflective of its current fair value; and (6) we do not anticipate changes to our plan to sell the asset. Real estate owned, held for sale is held at the lower of cost or fair market value. Once a real estate asset is classified as held for sale, depreciation expense is no longer recorded. Real estate assets that are acquired for investment are assumed at their estimated fair value at acquisition and presented net of accumulated depreciation and impairment charges, if any. Upon acquisition, we allocate the value of acquired real estate assets based on the fair value of the acquired land, building, furniture, fixtures and equipment, and intangible assets, if applicable. Real estate assets are depreciated using the straight-line method over estimated useful lives of up to 40 years for buildings and up to 8 years for furniture, fixtures and equipment. Renovations and/or replacements that improve or extend the life of the real estate asset are capitalized and depreciated over their estimated useful lives. The cost of ordinary repairs and maintenance are expensed as incurred. Real estate assets are evaluated for impairment on a quarterly basis. We consider the following factors when performing our impairment analysis: (1) Management, having the authority to approve the action, commits to a plan to sell the asset; (2) significant negative industry and economic outlook or trends; (3) expected material costs necessary to extend the life or operate the real estate asset; and (4) our ability to hold and dispose of the real estate asset in the ordinary course of business. A real estate asset is considered impaired when the sum of estimated future undiscounted cash flows to be generated by the real estate asset over the estimated remaining holding period is less than the carrying value of such real estate asset. An impairment charge is recorded equal to the excess of the carrying value of the real estate asset over the fair value. When determining the fair value of a real estate asset, we make certain assumptions including, but not limited to, consideration of projected operating cash flows, comparable selling prices and projected cash flows from the eventual disposition of the real estate asset based upon our estimate of a capitalization rate and discount rate. Revenue Recognition Interest income on our lending assets is accrued based on the actual coupon rate adjusted for accretion of any purchase discounts, the amortization of any purchase premiums and the accretion of any deferred fees, in accordance with GAAP. Loans that are significantly past due may be placed on non-accrual if we determine it is probable that we will not collect all payments which are contractually due. When a loan is placed on non-accrual, interest is only recorded as interest income when it's received. Under certain circumstances, we may apply cost recovery under which interest collected on a loan is a reduction to its amortized cost. The cost recovery method will no longer apply if collection of all principal and interest is reasonably assured. A loan may be placed back on accrual status if we determine it is probable that we will collect all payments which are contractually due. Operating revenue from real estate owned that is a hotel property represents revenue associated with the operations of the hotel property. Revenue from the operation of the hotel property is recognized when guestrooms are occupied or services have been rendered. Revenues are recorded net of any discounts and sales and other taxes collected from customers. Revenues consist of room sales, food and beverage sales and other hotel revenues. Gains or losses on the sale of real estate assets, including residential property, are recognized in accordance with ASC 610-20, "Gains and Losses from the Derecognition of Nonfinancial Assets". We use specific identification method to allocate costs. Secured Debt Arrangements Secured debt arrangements are accounted for as financing transactions, unless they meet the criteria for sale accounting. Loans financed through a secured debt arrangement remain on our consolidated balance sheet as an asset and cash received from the purchaser is recorded on our consolidated balance sheet as a liability. Interest incurred in accordance with secured debt arrangements is recorded as interest expense. During the second quarter of 2020, we entered into a private securitization with Barclays Bank plc. We have determined that the issuer of this securitization, ACRE Debt 2 PLC, is a Variable Interest Entity ("VIE") of which we were deemed to be the primary beneficiary, because we have the power to direct the activities of the VIE, and therefore, we consolidated the operations of this entity in accordance with GAAP. The collateral assets of the securitization are included in commercial mortgage loans, net on our consolidated balance sheet. The liabilities of the securitization to the senior noteholders, excluding the notes held by us, are included in secured debt arrangements, net on our consolidated balance sheet. Securities, held-to-maturity GAAP requires that at the time of purchase, we designate investment securities as held-to-maturity or trading, depending on our investment strategy and ability to hold such securities to maturity. Held-to-maturity securities where we have not elected to apply the fair value option are stated at cost plus any premiums or discounts, which are amortized or accreted through the consolidated statements of operations using the effective interest method. Securitization/Sale and Financing Arrangements We periodically sell our financial assets, such as commercial mortgage loans, subordinate loans and other lending assets. In connection with these transactions, we may retain or acquire senior or subordinated interests in the related assets. Gains and losses on such transactions are recognized using the guidance in ASC 860, "Transfers and Servicing", which is based on a financial-components approach that focuses on control. Under this approach, after a transfer of financial assets that meets the criteria for treatment as a sale-legal isolation, ability of transferee to pledge or exchange the transferred assets without constraint, and transferred control an entity recognizes the financial assets it retains and any liabilities it has incurred, derecognizes the financial assets it has sold, and derecognizes liabilities when extinguished. We determine the gain or loss on sale of the assets by allocating the carrying value of the sold asset between the sold asset and the interests retained based on their relative fair values, as applicable. The gain or loss on sale is the difference between the cash proceeds from the sale and the amount allocated to the sold asset. When a transfer does not meet the criteria of a sale under ASC 860, we account for such transfer as a secured borrowing on our consolidated balance sheet as both an asset and a non-recourse liability. The non-recourse liability is recorded under "Participations Sold" and the income earned is recorded as interest income and an identical amount is recorded as interest expense on our consolidated statements of operations. Senior Secured Notes We include our senior secured notes in our consolidated balance sheet as a liability, net of deferred financing costs. Discount or transaction expenses are deferred and amortized through the maturity. Interest paid in accordance with our senior secured notes is recorded in interest expense. Senior Secured Term Loan We include our senior secured term loan in our consolidated balance sheet as a liability, net of deferred financing costs. Discount or transaction expenses are deferred and amortized through the maturity. Interest paid in accordance with our senior secured term loan is recorded in interest expense. Interest is net of our interest rate swap, which was terminated in May 2020 and our interest rate cap, which was entered into in June 2020. Share-based Payments We account for share-based compensation to our independent directors, Manager and to employees of the Manager and its affiliates using the fair value-based methodology prescribed by GAAP. Compensation cost related to restricted common stock issued is measured at its fair value at the grant date, and amortized into expense over the vesting period on a straight-line basis. Recent Accounting Pronouncements In August 2020, the FASB issued ASU 2020-06 "Debt – Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging – Contracts in Entity’s Own Equity" ("ASU 2020-06"). The intention of ASU 2020-06 is to address the complexities in accounting for certain financial instruments with a debt and equity component. Under ASU 2020-06, the number of accounting models for convertible notes will be reduced and entities that issue convertible debt will be required to use the if-converted method for the computation of diluted "Earnings per share" under ASC 260. ASU 2020-06 is effective for fiscal years beginning after December 15, 2021 and may be adopted through either a modified retrospective method of transition or a fully retrospective method of transition. We plan to adopt ASU 2020-06 through the modified retrospective method on January 1, 2022 through an adjustment to additional paid-in capital, retained earnings, and the carrying values our Convertible Notes. The net impact to stockholders' equity of adopting ASU 2020-06 In March 2020, the FASB issued ASU 2020-04 "Reference Rate Reform (Topic 848) – Facilitation of the Effects of Reference Rate Reform on Financial Reporting" ("ASU 2020-04"). ASU 2020-04 provides optional expedients and exceptions for applying GAAP to debt instruments, derivatives, and other contracts that reference London Interbank Offered Rate

Fair Value Disclosure

Fair Value Disclosure	12 Months Ended
	Dec. 31, 2021
Fair Value Disclosures [Abstract]
Fair Value Disclosure	Fair Value Disclosure GAAP establishes a hierarchy of valuation techniques based on the observability of the inputs utilized in measuring financial instruments at fair value. Market-based or observable inputs are the preferred source of values, followed by valuation models using management's assumptions in the absence of market-based or observable inputs. The three levels of the hierarchy as noted in ASC 820, "Fair Value Measurements and Disclosures " are described below: Level I — Quoted prices in active markets for identical assets or liabilities. Level II — Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants would use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others. Level III — Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. While we anticipate that our valuation methods are appropriate and consistent with valuation methods used by other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different estimate of fair value at the reporting date. We use inputs that are current as of the measurement date, which may include periods of market dislocation, during which price transparency may be reduced. The estimated fair values of our derivative instruments are determined using a discounted cash flow analysis on the expected cash flows of each instrument. Our derivative instruments are classified as Level II in the fair value hierarchy. The fair values of foreign exchange forwards are determined by comparing the contracted forward exchange rate to the current market exchange rate. The current market exchange rates are determined by using market spot rates, forward rates and interest rate curves for the underlying countries. The fair value of our interest rate cap is determined by using the market standard methodology of discounting the future expected cash receipts that would occur if variable interest rates rise above the strike rate of the interest rate cap. The variable interest rates used in the calculation of projected receipts on the interest rate cap are based on a third party expert's expectation of future interest rates derived from observable market interest rate curves and volatilities. The following table summarizes the levels in the fair value hierarchy into which our assets and liabilities with recurring fair value measurements were categorized as of December 31, 2021 and 2020 ($ in thousands): Fair Value as of December 31, 2021 Fair Value as of December 31, 2020 Level I Level II Level III Total Level I Level II Level III Total Recurring fair value measurements: Foreign currency forward, net $ — $ 15,340 $ — $ 15,340 $ — $ (31,375) $ — $ (31,375) Interest rate cap asset — 1,448 — 1,448 — 134 — 134 Total financial instruments $ — $ 16,788 $ — $ 16,788 $ — $ (31,241) $ — $ (31,241) Non-recurring Fair Value Measurements We are required to record real estate owned, a nonfinancial asset, at fair value on a non-recurring basis in accordance with GAAP. The fair value of real estate owned is determined by using the market approach, which utilizes the fair value of similar assets and liabilities in the market place, as well as, when necessary, the use of third party valuation experts. We deem the inputs used in our approach to be significant unobservable inputs. As such the fair value of real estate owned falls within Level III of the fair value hierarchy. On May 24, 2021, we acquired legal title to a full-service luxury hotel through a deed-in-lieu of foreclosure, which is classified as real estate owned on our consolidated balance sheet. We assumed the hotel’s assets and liabilities, including a $110.0 million mortgage loan. We repaid the mortgage loan at par and now hold the property unlevered. At the time of acquisition, we determined the fair value of the real estate assets to be $154.3 million. No impairments have been recorded as of December 31, 2021.

Commercial Mortgage Loans, Subo

Commercial Mortgage Loans, Subordinate Loans and Other Lending Assets, Net	12 Months Ended
	Dec. 31, 2021
Receivables [Abstract]
Commercial Mortgage Loans, Subordinate Loans and Other Lending Assets, Net	Commercial Mortgage Loans, Subordinate Loans and Other Lending Assets, Net Our loan portfolio was comprised of the following at December 31, 2021 and 2020 ($ in thousands): Loan Type December 31, 2021 December 31, 2020 Commercial mortgage loans, net (1) $ 7,012,312 $ 5,451,084 Subordinate loans and other lending assets, net 844,948 1,045,893 Carrying value, net $ 7,857,260 $ 6,496,977 ——————— (1) Includes $97.8 million and $136.1 million in 2021 and 2020, respectively, of contiguous financing structured as subordinate loans. Our loan portfolio consisted of 98% and 95% floating rate loans, based on amortized cost, as of December 31, 2021 and 2020, respectively. Activity relating to our loan portfolio, for the year ended December 31, 2021, was as follows ($ in thousands): Principal Deferred Fees/Other Items (1) Specific CECL Allowance Carrying Value, Net (2) December 31, 2020 $ 6,728,424 $ (18,345) $ (175,000) $ 6,535,079 New loan fundings 2,812,087 — — 2,812,087 Add-on loan fundings (3) 521,975 — — 521,975 Loan repayments and sales (1,881,211) — — (1,881,211) Gain (loss) on foreign currency translation (94,205) 964 — (93,241) Reversal of Specific CECL Allowance — — 30,000 30,000 Realized loss on investment (20,630) (137) — (20,767) Transfer to real estate owned (45,448) 159 — (45,289) Deferred fees and other items — (42,911) — (42,911) PIK interest and amortization of fees 51,385 23,741 — 75,126 December 31, 2021 $ 8,072,377 $ (36,529) $ (145,000) $ 7,890,848 General CECL Allowance (4) (33,588) Carrying value, net $ 7,857,260 ——————— (1) Other items primarily consist of purchase discounts or premiums, cost recovery interest, exit fees, deferred origination expenses, and the activity of unconsolidated joint ventures. (2) December 31, 2020 carrying value excludes General CECL Allowance. (3) Represents fundings for loans closed prior to 2021. (4) $3.1 million of the General CECL Allowance is excluded from this table because it relates to unfunded commitments and has been recorded as a liability under accounts payable, accrued expenses and other liabilities in our consolidated balance sheet. The following table details overall statistics for our loan portfolio at the dates indicated ($ in thousands): December 31, 2021 December 31, 2020 Number of loans 67 67 Principal balance $ 8,072,377 $ 6,728,424 Carrying value, net $ 7,857,260 $ 6,496,977 Unfunded loan commitments (1) $ 1,357,122 $ 1,399,989 Weighted-average cash coupon (2) 4.5 % 5.7 % Weighted-average remaining fully-extended term (3) 2.9 years 2.8 years Weighted-average expected term (4) 2.3 years 2.1 years ——————— (1) Unfunded loan commitments are funded to finance construction costs, tenant improvements, leasing commissions, or carrying costs. These future commitments are funded over the term of each loan, subject in certain cases to an expiration date. (2) For floating rate loans, based on applicable benchmark rates as of the specified dates. For loans placed on non-accrual or cost recovery the interest rate used in calculating weighted-average cash coupon is 0%. (3) Assumes all extension options are exercised. (4) Expected term represents our estimated timing of repayments as of the specified dates. Excludes risk-rated 5 loans. Property Type The table below details the property type of the properties securing the loans in our portfolio at the dates indicated ($ in thousands): December 31, 2021 December 31, 2020 Property Type Carrying % of (1) Carrying % of Portfolio (1) Hotel $ 1,875,439 23.8 % $ 1,576,369 24.1 % Office 1,700,779 21.6 1,911,145 29.2 Residential-for-sale 956,617 12.1 982,838 15.0 Urban Retail 711,592 9.0 655,456 10.0 Residential-for-rent 477,569 6.1 189,260 2.9 Retail Center 414,740 5.3 105,344 1.6 Industrial 377,068 4.8 228,918 3.5 Healthcare 316,321 4.0 369,676 5.7 Mixed Use 269,839 3.4 217,164 3.3 Other (2) 790,884 9.9 298,909 4.7 Total $ 7,890,848 100.0 % $ 6,535,079 100.0 % General CECL Allowance (3) (33,588) (38,102) Carrying value, net $ 7,857,260 $ 6,496,977 ——————— (1) Percentage of portfolio calculations are made prior to consideration of General CECL Allowance. (2) Other property types include parking garages (3.3%), caravan parks (2.8%), multifamily development (2.2%), and urban predevelopment (1.6%) in 2021, and urban predevelopment (4.7%) in 2020. (3) $3.1 million and $3.4 million of the General CECL Allowance for 2021 and 2020, respectively, is excluded from this table because it relates to unfunded commitments and has been recorded as a liability under accounts payable, accrued expenses and other liabilities in our consolidated balance sheet. Geography The table below details the geographic distribution of the properties securing the loans in our portfolio at the dates indicated ($ in thousands): December 31, 2021 December 31, 2020 Geographic Location Carrying % of (1) Carrying % of Portfolio (1) United Kingdom $ 2,297,286 29.1 % $ 1,263,264 19.3 % New York City 2,000,661 25.4 2,370,337 36.3 Other Europe (3) 1,295,870 16.4 635,831 9.7 Southeast 708,920 9.0 581,301 8.9 Midwest 689,274 8.7 552,537 8.5 West 356,097 4.5 749,985 11.5 Other (4) 542,740 6.9 381,824 5.8 Total $ 7,890,848 100.0 % $ 6,535,079 100.0 % General CECL Allowance (2) (33,588) (38,102) Carrying value, net $ 7,857,260 $ 6,496,977 ——————— (1) Percentage of portfolio calculations are made prior to consideration of General CECL Allowance. (2) $3.1 million and $3.4 million of the General CECL Allowance for 2021 and 2020, respectively, is excluded from this table because it relates to unfunded commitments and has been recorded as a liability under accounts payable, accrued expenses and other liabilities in our consolidated balance sheet. (3) Other Europe includes Germany (6.1%), Sweden (3.6%), Spain (3.3%), Italy (2.6%), and Ireland (0.8%) in 2021 and Germany (3.3%), Spain (4.2%), and Italy (2.2%) in 2020. (4) Other includes Southwest (3.5%), Northeast (1.5%), Mid-Atlantic (1.6%), and Other (0.3%) in 2021 and Southwest (2.8%), Northeast (1.6%), Mid-Atlantic (1.0%), and Other (0.4%) in 2020. Risk Rating We assess the risk factors of each loan and assign a risk rating based on a variety of factors, including, without limitation, LTV ratio, debt yield, property type, geographic and local market dynamics, physical condition, cash flow volatility, leasing and tenant profile, loan structure and exit plan, and project sponsorship. This review is performed quarterly. Based on a 5-point scale, our loans are rated "1" through "5," from less risk to greater risk, which ratings are defined as follows: 1. Very low risk 2. Low risk 3. Moderate/average risk 4. High risk/potential for loss: a loan that has a risk of realizing a principal loss 5. Impaired/loss likely: a loan that has a high risk of realizing principal loss, has incurred principal loss or an impairment has been recorded The following tables allocate the carrying value of our loan portfolio based on our internal risk ratings and date of origination at the dates indicated ($ in thousands): December 31, 2021 Year Originated Risk Rating Number of Loans Total % of Portfolio 2021 2020 2019 2018 2017 Prior 1 — $ — — % $ — $ — $ — $ — $ — $ — 2 1 32,000 0.4 % — — — — — 32,000 3 62 7,372,081 93.5 % 2,622,248 644,404 2,307,948 828,270 389,264 579,947 4 1 81,980 1.0 % — — — — 81,980 — 5 3 404,787 5.1 % — — — — 177,483 227,304 Total 67 $ 7,890,848 100.0 % $ 2,622,248 $ 644,404 $ 2,307,948 $ 828,270 $ 648,727 $ 839,251 General CECL Allowance (33,588) Total carrying value, net $ 7,857,260 Weighted Average Risk Rating 3.1 December 31, 2020 Year Originated Risk Rating Number of Loans Total % of Portfolio 2020 2019 2018 2017 2016 Prior 1 — $ — — % $ — $ — $ — $ — $ — $ — 2 1 32,000 0.5 % — — — — — 32,000 3 62 6,129,541 93.8 % 469,586 2,661,017 1,398,479 868,514 88,710 643,235 4 — — — % — — — — — — 5 4 373,538 5.7 % — — — 131,050 115,419 127,069 Total 67 $ 6,535,079 100.0 % $ 469,586 $ 2,661,017 $ 1,398,479 $ 999,564 $ 204,129 $ 802,304 General CECL Allowance (38,102) Total carrying value, net $ 6,496,977 Weighted Average Risk Rating 3.1 CECL In accordance the CECL Standard, we record allowances for held-to-maturity debt securities that are deducted from the carrying amount of the assets to present the net carrying value of the amounts expected to be collected on the assets. We record loan specific allowances as a practical expedient under the CECL Standard, which we apply to assets that are collateral dependent and where the borrower or sponsor is experiencing financial difficulty. For the remainder of the portfolio, we record a "General CECL Allowance", and together with the Specific CECL Allowance, "CECL Allowances", in accordance with the CECL Standard on a collective basis by assets with similar risk characteristics. We have elected to use the WARM method in determining a General CECL Allowance for a majority of our portfolio. In the future, we may use other acceptable methods, such as a probability-of-default/loss-given-default method. Specific CECL Allowance For collateral dependent loans where we have deemed the borrower/sponsor to be experiencing financial difficulty, we have elected to apply a practical expedient in accordance with the CECL Standard in which the fair value of the underlying collateral is compared to the amortized cost of the loan in determining a Specific CECL Allowance. The Specific CECL Allowance is determined as the difference between the fair value of the underlying collateral and the carrying value of the loan (prior to the Specific CECL Allowance). When the repayment or satisfaction of a loan is dependent on a sale, rather than operations, of the collateral, the fair value is adjusted for the estimated cost to sell the collateral. The fair value of the underlying collateral is determined by using method(s) such as discounted cash flow, the market approach, or direct capitalization approach. The key unobservable inputs used to determine the fair value of the underlying collateral may vary depending on the information available to us and market conditions as of the valuation date. We regularly evaluate the extent and impact of any credit migration associated with the performance and/or value of the underlying collateral property as well as the financial and operating capability of the borrower/sponsor on a loan by loan basis. The Specific CECL Allowance is evaluated on a quarterly basis. Specifically, a property’s operating results and any cash reserves are analyzed and used to assess (i) whether cash from operations is sufficient to cover the debt service requirements currently and into the future, (ii) the ability of the borrower to refinance the loan and/or (iii) the liquidation value of the underlying collateral. We also evaluate the financial wherewithal of any loan guarantors as well as the borrower’s competency in managing and operating the properties. In addition, we consider the overall economic environment, real estate sector and geographic sub-market in which the borrower operates. Such impairment analysis is completed and reviewed by asset management and finance personnel who utilize various data sources, including (i) periodic financial data such as debt service coverage ratio, property occupancy, tenant profile, rental rates, operating expenses, the borrower’s exit plan, and capitalization and discount rates, (ii) site inspections and (iii) current credit spreads and discussions with market participants. We evaluate modifications to our loan portfolio to determine if the modifications constitute a TDR and/or substantial modification, under ASC Topic 310 "Receivables". In 2015, we originated a $157.8 million loan secured by a hotel in New York City. During the second quarter of 2020 the loan was restructured and was deemed to be a TDR. In connection with this restructuring, the borrower committed to contribute additional equity of $15.0 million and concurrently we wrote down our principal on this loan by $15.0 million, which had been previously recorded as a Specific CECL Allowance. As of December 31, 2021 and 2020 the loan had a principal balance of $142.8 million and amortized cost of $145.3 million and $144.7 million, respectively. As of December 31, 2021 and 2020 the loan has a risk rating of 3, and is on accrual status. During the second quarter of 2020, the Specific CECL Allowance of $15.0 million was reversed through reversal of loan losses, while the write-down was recorded in realized loss on investments in our December 31, 2020 consolidated statement of operations. In 2018, we originated a $38.5 million commercial mortgage loan secured by a hotel in Pittsburgh, Pennsylvania. During the fourth quarter of 2020, the loan was recapitalized with the minority equity holder in the property. In connection with this recapitalization, we received approximately $5.9 million of principal that paid down the existing loan and we wrote down our principal by $11.0 million, ($9.5 million of which had been previously recorded as a Specific CECL Allowance). In addition, the sponsor committed to contribute $11.4 million in new equity. As of December 31, 2021 and 2020, the recapitalized loan had a principal balance of $25.7 million and $21.6 million, respectively and amortized cost of $25.6 million and $21.5 million, respectively. As of December 31, 2021 and 2020 the loan has a risk rating of 3. During the fourth quarter of 2020, the Specific CECL Allowance of $9.5 million was reversed through provision for loan losses and impairments, net, while the write-down was recorded in realized loss on investments in our December 31, 2020 consolidated statement of operations. The following table summarizes the loans with Specific CECL Allowances that have been recorded on our portfolio as of December 31, 2021 ($ in thousands): Type Property type Location Amortized cost prior to Specific CECL Allowance Specific CECL Allowance (1) Amortized cost Interest recognition status/ as of date Mortgage Multifamily Development (2)(3) Brooklyn, NY $187,483 $10,000 $177,483 Cost Recovery/ 3/1/2020 Urban Predevelopment (2)(4) Miami, FL 190,492 68,000 122,492 Cost Recovery/ 3/1/2020 Retail Center (5)(6) Cincinnati, OH 171,812 67,000 104,812 Cost Recovery/ 10/1/2019 Mortgage total: $549,787 $145,000 $404,787 ——————— (1) During the year ended December 31, 2021 we reversed $30.0 million of previously recorded Specific CECL Allowances. This is comprised of $20.0 million of CECL reversals as discussed below and the realization of $10.0 million of previously recorded Specific CECL Allowance as a realized loss. (2) The fair value of this collateral was determined by assuming rent per square foot ranging from $48 to $215 and a capitalization rate ranging from 5.0% to 5.5%. (3) During the year ended December 31, 2021, $20.0 million of previously recorded Specific CECL Allowance was reversed primarily related to a more favorable market outlook as compared to when the Specific CECL Allowance was first recorded with respect to the loan. (4) In October 2020, we entered a joint venture with CCOF Design Venture, LLC ("CCOF"), which owns the underlying properties that secure our $187.7 million first mortgage loan. The entity in which we own an interest, and which owns the underlying properties was deemed to be a VIE and we determined that we are not the primary beneficiary of that VIE as we do not have the power to direct the entity's activities. The related profit and loss from the joint venture was immaterial for the years ended December 31, 2021 and 2020. (5) The fair value of retail collateral was determined by applying a capitalization rate of 8.0%. (6) In September 2018, we entered a joint venture with Turner Consulting II, LLC ("Turner Consulting"), through an entity which owns the underlying property that secures our loan. Turner Consulting contributed 10% of venture’s equity and we contributed 90%. The entity was deemed to be a VIE and we determined that we are not the primary beneficiary of that VIE as we do not have the power to direct the entity's activities. During the years ended December 31, 2021 and 2020, $1.4 million and $1.6 million, respectively, of interest paid was applied towards reducing the carrying value of the loan. General CECL Allowance In determining the General CECL Allowance using the WARM method, an annual historical loss rate, adjusted for macroeconomic estimates, is applied to the amortized cost of an asset, or pool of assets, over each subsequent period for the assets' remaining expected life. We considered various factors including (i) historical loss experience in the commercial real estate lending market, (ii) timing of expected repayments and satisfactions, (iii) expected future funding, (iv) capital subordinate to us when we are the senior lender, (v) capital senior to us when we are the subordinate lender, and (vi) our current and future view of the macroeconomic environment for a reasonable and supportable forecast period. The CECL Standard requires the use of significant judgment to arrive at an estimated credit loss. There is significant uncertainty related to future macroeconomic conditions as the result of COVID-19. We derived an annual historical loss rate based on a CMBS database with historical losses from 1998 through the fourth quarter of 2021 provided by a third party, Trepp LLC. We applied various filters to arrive at a CMBS dataset most analogous to our current portfolio from which to determine an appropriate historical loss rate. The annual historical loss rate was further adjusted to reflect our expectations of the macroeconomic environment for a reasonable and supportable forecast period which we have determined to be one year. In assessing the macroeconomic environment, we consider macroeconomic factors, including unemployment rate, commercial real estate prices, and market liquidity. We compared the historical data for each metric to historical commercial real estate losses in order to determine the correlation of the data. We used projections, obtained from third-party service providers, of each factor to approximate the impact the macroeconomic outlook may have on our loss rate. The General CECL Allowance on subordinate loans is calculated by incorporating both the loan balance of the position(s) of the structurally senior third-party lender(s) and the balance of our subordinate loan(s). The subordinate loans, by virtue of being the first loss position, are required to absorb losses prior to the senior position(s) being impacted, resulting in a higher percentage allowance attributable to the subordinate loan. The General CECL Allowance on unfunded loan commitments is time-weighted based on our expected commitment to fund such obligations. The General CECL Allowance on unfunded commitments is recorded as a liability on our consolidated balance sheet within accounts payable, accrued expenses and other liabilities. Although our secured debt obligations and senior secured term loan financing have a minimum tangible net worth maintenance covenant, the General CECL Allowance has no impact on these covenants as we are permitted to add back the General CECL Allowance for the computation of tangible net worth as defined in the respective agreements. The following schedule sets out our General CECL Allowance as of December 31, 2021 and 2020 ($ in thousands): December 31, 2021 December 31, 2020 Commercial mortgage loans, net $ 22,554 $ 17,012 Subordinate loans and other lending assets, net 11,034 21,090 Unfunded commitments (1) 3,106 3,365 Total General CECL Allowance $ 36,694 $ 41,467 ——————— (1) The General CECL Allowance on unfunded commitments is recorded as a liability on our consolidated balance sheet within accounts payable, accrued expenses and other liabilities We have made an accounting policy election to exclude accrued interest receivable, ($41.2 million and $40.6 million, as of December 31, 2021 and 2020, respectively) included in Other Assets on our consolidated balance sheet, from the amortized cost basis of the related commercial mortgage loans and subordinate loans and other lending assets in determining the General CECL Allowance, as any uncollectible accrued interest receivable is written off in a timely manner. We discontinue accruing interest on loans if we deem the interest to be uncollectible with any previously accrued uncollected interest on the loan charged to interest income in the same period. Under certain circumstances, we may apply the cost recovery method under which interest collected on a loan reduces the loan's amortized cost. The amortized cost basis for loans on cost recovery was $404.8 million and $373.5 million as of December 31, 2021 and 2020 , respectively. For the years ended December 31, 2021 and 2020 , we receive d $1.4 million and $1.8 million , respectively, in interest that reduced amortized cost under the cost recovery method. In November 2020, the borrower under a £309.2 million commercial mortgage loan ( $422.7 million assuming conversion into USD), of which we own £247.5 million ($338.4 million assuming conversion into USD), secured by an urban retail property located in London, United Kingdom, entered into administration triggering an event of default. Subsequent to December 31, 2021 , our commercial mortgage loan, including all accrued contractual and default interest, was collected. As of December 31, 2021 and 2020 , the loan had an amortized cost basis of £260.7 million and £247.5 million , respectively ( $352.8 million and $338.4 million , respectively, assuming conversion into USD). We own three mezzanine loans which had an aggregate amortized cost at December 31, 2021 of $473.2 million (inclusive of $471.0 million of principal and $178.0 million of payment- in-kind ("PIK") interest and are secured by the same residential-for-sale property currently under construction in Manhattan, NY. These loans include (i) a $238.4 million senior mezzanine loan ("Senior Mezzanine Loan"), (ii) a $152.8 million junior mezzanine loan ("Junior Mezzanine A Loan"), and (iii) an $82.0 million junior mezzanine loan ("Junior Mezzanine B Loan", Junior Mezzanine A Loan and Junior Mezzanine B Loan, collectively referred to as "Junior Mezzanine Loan"). During the third quarter of 2021, a vehicle (the "Seller") managed by an affiliate of the Manager transferred its Junior Mezzanine B Loan position to the Company and in connection with this transfer, one of the property’s subordinate capital providers paid the Seller a price representing the Seller’s original principal balance on the Junior Mezzanine B Loan position with the Seller agreeing to forego its accrued interest on the Junior Mezzanine B Loan. In conjunction with this transaction, the Company and the subordinate capital provider have agreed to a waterfall sharing arrangement pursuant to which, rather than the Company receiving interest it otherwise would have been entitled to after July 1, 2021 on the Junior Mezzanine Loan, proceeds received from the sale or refinance of the underlying collateral, after repayment to priority lenders under the waterfall, will be shared between the Company and the subordinate capital provider at an agreed upon allocation. As such, we opted to cease accruing interest on the Junior Mezzanine Loan as of July 1, 2021 and will resume doing so when we deem appropriate. The Senior Mezzanine Loan and Junior Mezzanine A Loan are risk rated 3 and the Junior Mezzanine B Loan is risk rated 4. As of December 31, 2021 and 2020 , the amortized cost basis for loans with accrued interest past due 90 or more days was $757.6 million and $711.9 million, respectively . On January 18, 2021 one loan with accrued interest past due over 90 days and an amortized cost of $352.8 million was fully satisfied, including all accrued default interest. As of December 31, 2021 there were no loans with interest between 30 and 59 days past due and as of December 31, 2020, the amortized cost basis for loans with interest between 30 and 59 days past due was $19.0 million. The following schedule illustrates the quarterly changes in CECL Allowances f or the years ended December 31, 2021 and 2020, respectively ($ in thousands): Specific CECL Allowance General CECL Allowance Total CECL Allowance CECL Allowance as % of Amortized Cost Funded Unfunded Total General Total December 31, 2020 $ 175,000 $ 38,102 $ 3,365 $ 41,467 $ 216,467 0.67 % 3.23 % Changes: Q1 Allowance (Reversals) — (1,667) 429 (1,238) (1,238) March 31, 2021 $ 175,000 $ 36,435 $ 3,794 $ 40,229 $ 215,229 0.62 % 3.06 % Changes: Q2 Allowance (Reversals) (20,000) 1,764 (1,350) 414 (19,586) Write-offs (10,000) — — — (10,000) June 30, 2021 $ 145,000 $ 38,199 $ 2,444 $ 40,643 $ 185,643 0.57 % 2.41 % Changes: Q3 Allowance (Reversals) — (5,515) (251) (5,766) (5,766) September 30, 2021 $ 145,000 $ 32,684 $ 2,193 $ 34,877 $ 179,877 0.51 % 2.43 % Changes: Q4 Allowance (Reversals) — 904 913 1,817 1,817 December 31, 2021 $ 145,000 $ 33,588 $ 3,106 $ 36,694 $ 181,694 0.49 % 2.26 % Specific CECL Allowance (1) General CECL Allowance Total CECL Allowance CECL Allowance as % of Amortized Cost Funded Unfunded Total General Total December 31, 2019 $ 56,981 $ — $ — $ — $ 56,981 — % — % Changes: January 1, 2020 - Adoption of CECL Standard — 27,779 3,088 30,867 30,867 Q1 Allowances 150,000 30,494 2,971 33,465 183,465 March 31, 2020 $ 206,981 $ 58,273 $ 6,059 $ 64,332 $ 271,313 1.08 % 4.05 % Changes: Q2 Allowances (Reversals) 5,500 (13,729) (1,940) (15,669) (10,169) Write-offs (15,000) — — — (15,000) June 30, 2020 $ 197,481 $ 44,544 $ 4,119 $ 48,663 $ 246,144 0.81 % 3.71 % Changes: Q3 Reversals, net of Allowances (550) (5,268) (524) (5,792) (6,342) September 30, 2020 $ 196,931 $ 39,276 $ 3,595 $ 42,871 $ 239,802 0.71 % 3.59 % Changes: Q4 Allowances (Reversals) — (1,174) (230) (1,404) (1,404) Write-offs (21,931) — — — (21,931) December 31, 2020 $ 175,000 $ 38,102 $ 3,365 $ 41,467 $ 216,467 0.67 % 3.23 % ——————— (1) As of December 31, 2019, amount represents specific loan loss provisions recorded on assets before the adoption of the CECL Standard. After the adoption of the CECL Standard on January 1, 2020, amounts represent Specific CECL Allowances. The General CECL Allowance decreased by $4.8 million during the year ended December 31, 2021. The decrease is primarily related to portfolio seasoning and improved macroeconomic outlook, which was partially offset by new loan originations. The General CECL Allowance increased by $10.6 million during the year ended December 31, 2020. The increase was primarily driven by worsening macroeconomic outlook due to the COVID-19 pandemic. Other Loan and Lending Assets Activity We recognized PIK interest of $47.7 million, $46.7 million and $54.6 million for the years ended December 31, 2021, 2020 and 2019, respectively. We recognized $1.5 million, $0.2 million and $6.1 million in pre-payment penalties and accelerated fees for the years ended December 31, 2021, 2020 and 2019, respectively. We recognized $3.7 million of shared appreciation fees for the year ended December 31, 2021 related to a first mortgage loan secured by a portfolio of residential-for-rent assets located in the United States, which is recorded in other income in the consolidated statement of operations. Our portfolio includes two other lending assets, which are subordinate risk retention interests in securitization vehicles. The underlying mortgages related to our subordinate risk retention interests are secured by a portfolio of properties located throughout the United States. Our maximum exposure to loss from the subordinate risk retention interests is limited to the book value of such interests of $64.6 million and $68.1 million as of December 31, 2021 and 2020, respectively. These interests have a weighted average maturity of 4.5 years and 5.8 years as of December 31, 2021 and 2020, respectively. We are not obligated to provide, and do not intend to provide financial support to these subordinate risk retention interests. Both interests are accounted for as held-to-maturity and recorded at carrying value on our consolidated balance sheet. Loan Sales The following loan sales occurred in 2021: In the fourth quarter of 2021, we sold our interest in a $31.2 million subordinate loan secured by a residential-for sale inventory property located in Boston, MA. This transaction was evaluated under ASC 860 - "Transfers and Servicing", and we determined that it qualifies as a sale and accounted for it as such, and we recorded no gain or loss related to this sale. Additionally during the fourth quarter, we sold our interest in a subordinate loan, previously classified as held for sale. The subordinate loan was secured by a mixed-used property with an outstanding principal of $41.9 million. We recorded a loss of approximately $0.8 million in connection with this sale. This transaction was evaluated under ASC 860 - "Transfers and Servicing", and we determined that it qualifies as a sale and accounted for it as such. The following loan sales occurred in 2020: In the first quarter of 2020, we sold £62.2 million ($81.3 million assuming conversion into USD) in a mezzanine loan and £50.0 million ($65.3 million assuming conversion into USD) unfunded commitment of a senior mortgage secured by a mixed-use property in London, United Kingdom to a fund managed by an affiliate of the Manager, that was originated by us in December 2019. This transaction was evaluated under ASC 860 - "Transfers and Servicing", and we determined that it qualifies as a sale and accounted for it as such. We recorded no gain or loss related to this sale. In the second quarter of 2020, we sold interests in three construction loans, with aggregate commitments of $376.9 million (of which approximately $127.0 million was funded at the time of sale). The sales were made to entities managed by affiliates of the Manager. These transactions were evaluated under ASC 860 - "Transfers and Servicing", and we determined that they qualified as a sales and accounted for it as such. We recorded a loss of approximately $1.4 million in connection with these sales. In the third quarter of 2020, we sold our interest in a foreign residential-for-sale inventory loan, with outstanding principal of £97.5 million ($124.2 million assuming conversion into USD). We recorded a loss of approximately $1.0 million in connection with this sale. This transaction was evaluated under ASC 860 - "Transfers and Servicing", and we determined that it qualifies as a sale and accounted for it as such. In the fourth quarter of 2020, we sold our interest in a residential-for-sale inventory loan secured by property in New York, NY, with outstanding principal of $73.4 million. We recorded a loss of approximately $2.7 million in connection with this sale. This transaction was evaluated under ASC 860 - "Transfers and Servicing," and we determined that it qualifies as a sale and accounted for it as such. The following loan sales occurred in 2019: We sold a $30.3 million and a $122.3 million (both fully funded at close) subordinate position of our $470.8 million loans for an urban retail property in New York, NY. As of December 31, 2021, our exposure to the property was limited to a $318.1 million mortgage loan. This transaction was evaluated under ASC 860 - "Transfers and Servicing " and we determined that it qualified as a sale and was accounted for as such. Other In October 2020, an $80.0 million loan originated in 2015 was fully resolved. The loan was secured by for-sale residential condominium units located in Bethesda, MD. In conjunction with the sale of the last remaining condominiums, we recorded an aggregate realized loss of $14.1 million. The realized loss on investment consisted of a $11.1 million realized loss on the loan and a $3.0 million realized loss on the write-off the equity position previously held in other assets on our consolidated balance sheet. As of December 31, 2019 we had recorded $13.0 million of Specific CECL Allowance and impairments. Additionally during 2020, we recorded a net Specific CECL Allowance of $1.1 million. In connection with the loan payoff we reversed $11.1 million of Specific CECL Allowance related to the loan and $3.0 million of previously recorded impairments related to the equity position.

Real Estate Owned and Related D

Real Estate Owned and Related Debt	12 Months Ended
	Dec. 31, 2021
Real Estate [Abstract]
Real Estate Owned and Related Debt	Real Estate Owned and Related Debt Real Estate Held for Sale In 2017, we originated a subordinate loan junior to a $33.0 million third-party mortgage, secured by a hotel in Anaheim, CA. In December 2020, due to non-performance, we assumed legal title through the execution of a deed-in-lieu of foreclosure. We intended to sell the hotel and, as such, as of the date of the title assumption, we recorded the hotel property on our consolidated balance sheet at its fair market value less costs to sell, net of a realized loss of $2.4 million, that was previously recorded as Specific CECL. As of March 31, 2021 there was an increase in our expected costs to sell the property, and therefore, we recorded a $0.6 million loss during the three months ended March 31, 2021, as realized losses and impairments on real estate owned in our consolidated statement of operations. During the second quarter of 2021 the property was sold at our cost basis and no additional gain or loss was recorded. The $33.0 million first mortgage was repaid upon the sale of the property. Real Estate Owned In 2017, we originated a $20.0 million junior mezzanine loan which was subordinate to: (i) a $110.0 million mortgage loan, and (ii) a $24.5 million senior mezzanine loan, secured by a full-service luxury hotel in Washington, D.C. During the first quarter of 2020, we recorded a $10.0 million Specific CECL Allowance and placed our junior mezzanine loan on non-accrual status. On May 24, 2021, we purchased the $24.5 million senior mezzanine loan at par and acquired legal title to the hotel through a deed-in-lieu of foreclosure. We assumed the hotel’s as sets and liabilities (including the $110.0 million mortgage loan) and recorded an additional $10.0 million charge reflecting the difference between the fair value of the hotel’s net assets and the carrying amount of the loan. This $10.0 million loss on title assumption plus the previously recorded Specific CECL Allowance of $10.0 million represents the $20.0 million recorded as a realized loss on investments in our consolidated statement of operations. On May 24, 2021, in accordance with ASC 805, "Business Combinations, " we allocated the fair value of the hotel’s acquired assets and assumed debt. On June 29, 2021, we repaid the $110.0 million mortgage loan against the property. Below are the hotel's acquired assets and assumed debt as of May 24 and December 31, 2021, which are designated as real estate owned on our consolidated balance sheet ($ in thousands): December 31, 2021 May 24, 2021 Assets: Cash $ 4,881 $ 4,148 Land 58,742 58,742 Buildings 86,973 86,871 Furniture, fixtures, and equipment 8,718 8,687 Other Assets 3,141 1,555 Accumulated depreciation (2,645) — Total Assets $ 159,810 $ 160,003 Liabilities: Debt related to real estate owned (1) $ — $ 110,073 Accounts payable, accrued expenses and other liabilities 7,195 4,641 Total Liabilities $ 7,195 $ 114,714 Net Real Estate Assets $ 152,615 $ 45,289 ——————— (1) $110 million first mortgage loan was repaid on June 29, 2021. Upon consolidation we assumed the other hotel assets and liabilities such as cash, operating receivables, accrued operating expenses, and unearned revenue, which have been recorded on our consolidated balance sheet within cash, other assets, and accounts payable, accrued expenses and other liabilities. For the year ended December 31, 2021, we recorded the operating revenue, expenses and fixed asset depreciation and amortization in its consolidated income statement as shown below ($ in thousands): 2021 Operations related to real estate owned: Revenue from operations $ 18,917 Operating expenses (19,923) Depreciation and amortization (2,645) Net loss from real estate owned $ (3,651)

Other Assets

Other Assets	12 Months Ended
	Dec. 31, 2021
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Other Assets	Other Assets The following table details the components of our other assets at the dates indicated ($ in thousands): December 31, 2021 December 31, 2020 Interest receivable $ 41,219 $ 40,559 Collateral deposited under derivative agreements — 28,320 Loan proceeds held by servicer 3,179 5,649 Other (1) 3,355 112 Total $ 47,753 $ 74,640 ——————— (1) Includes $3.1 million of other assets from real estate owned at December 31, 2021. Refer to "Note 5 – Real Estate Owned and Related Debt" for additional information.

Secured Debt Arrangements, Net

Secured Debt Arrangements, Net	12 Months Ended
	Dec. 31, 2021
Debt Instrument [Line Items]
Secured Debt Arrangement, Net and Senior Secured Term Loans and Notes, Net	Senior Secured Notes, Net In June 2021, we issued $500.0 million of 4.625% Senior Secured Notes due 2029 (the "2029 Notes"), for which we received net proceeds of $495.0 million, after offering expenses. The 2029 Notes will mature on June 15, 2029, unless earlier repurchased or redeemed. The 2029 Notes are secured by a first-priority lien, and rank pari passu in right of payment with all of our existing and future first lien obligations, including indebtedness under the Term Loans. The 2029 Notes were issued at par and contain covenants relating to liens, indebtedness, and investments in non-wholly owned entities. As of December 31, 2021, the 2029 Notes had a carrying value of $494.1 million net of deferred financing costs of $5.9 million. Covenants The 2029 Notes include certain covenants including a requirement that we maintain a ratio of total unencumbered assets to total pari-passu indebtedness of at least 1.20:1. As of December 31, 2021, we were in compliance with all covenants. Participations sold represents the subordinate interests in loans we originated and subsequently partially sold. We account for participations sold as secured borrowings on our consolidated balance sheet with both assets and non-recourse liabilities because the participations do not qualify as a sale under ASC 860, "Transfers and Servicing." The income earned on the participations sold is recorded as interest income and an identical amount is recorded as interest expense on our consolidated statements of operations. In October 2020, we sold a $25.0 million interest, at par, in a mezzanine loan collateralized by a ground-up condominium development in New York City that we originated in December 2017. The participation interest sold accrued payment-in-kind interest, was accounted for as a secured borrowing on our consolidated balance sheet, and was subordinate to our remaining mezzanine loan. The mezzanine loan was repaid at par in June 2021, and therefore, we de-recognized the related participating interest of $27.7 million, which included $2.7 million in payment-in-kind interest. In December 2020, we sold a £6.7 million ($8.9 million assuming conversion into USD) interest, at par, in a first mortgage loan collateralized by an office building located in London, United Kingdom that was originated by us in December 2017. In connection with this sale, we transferred our remaining unfunded commitment of £19.1 million ($25.3 million assuming conversion into USD). The participation interest sold is subordinate to our remaining £70.3 million ($95.2 million assuming conversion into USD) first mortgage loan and is accounted for as a secured borrowing on our consolidated balance sheet. During the year ended December 31, 2021, participation sold balance on commercial mortgage loans increased by $17.8 million, which included £13.3 million of add on fundings ($18.3 million assuming conversion into USD) and $0.5 million of unrealized loss on foreign currency translation. The table below details participations sold included in our consolidated balance sheet ($ in thousands): December 31, 2021 December 31, 2020 Participation sold on Commercial mortgage loans $ 27,064 $ 9,217 Participation sold on Subordinate loans and other lending assets (1) — 25,757 Total Participations sold $ 27,064 $ 34,974 ——————— (1) Includes $0 and $0.8 million of PIK interest in 2021 and 2020, respectively.
Senior Notes
Debt Instrument [Line Items]
Secured Debt Arrangement, Net and Senior Secured Term Loans and Notes, Net	Secured Debt Arrangements, Net At December 31, 2021 and December 31, 2020, our borrowings included the following secured debt arrangements, maturities and weighted-average interest rates ($ in thousands): December 31, 2021 December 31, 2020 Maximum Amount of Borrowings (1) Borrowings Outstanding (1) Maturity (2) Maximum Amount of Borrowings (1) Borrowings Outstanding (1) Maturity (2) JPMorgan (USD) $ 1,344,283 $ 1,329,923 September 2026 $ 1,113,156 $ 984,125 June 2024 JPMorgan (GBP) 87,497 86,849 September 2026 113,548 113,548 June 2024 JPMorgan (EUR) 68,220 68,220 September 2026 73,296 73,296 June 2024 DB (USD) 700,000 259,073 March 2023 1,000,000 520,457 March 2023 Goldman (USD) 300,000 168,231 November 2025 (3) 500,000 332,352 November 2023 (3) CS Facility - USD 161,609 148,720 February 2025 (4)(5) 374,251 369,182 December 2023 (4)(5) HSBC Facility - EUR 167,756 162,937 July 2022 163,785 163,785 July 2021 Barclays (USD) 200,000 32,693 March 2024 200,000 35,192 March 2024 Total Secured Credit Facilities 3,029,365 2,256,646 3,538,036 2,591,937 Barclays Private Securitization 1,902,684 1,902,684 August 2024 (5) 857,728 857,728 September 2023 (5) Total Secured Debt Arrangements 4,932,049 4,159,330 4,395,764 3,449,665 Less: deferred financing costs N/A (9,062) N/A (12,993) Total Secured Debt Arrangements, net (6)(7)(8) $ 4,932,049 $ 4,150,268 $ 4,395,764 $ 3,436,672 ——————— (1) As of December 31, 2021, British Pound Sterling ("GBP"), Euros ("EUR"), and Swedish Krona ("SEK") borrowings were converted to USD at a rate o f 1.35, 1.14, and 0.11, respectively. As of December 31, 2020, GBP and EUR borrowings were converted to USD at a rate of 1.37 and 1.22, respectively. (2) Maturity date assumes extensions at our option are exercised with consent of financing providers, where applicable. (3) Assumes facility enters the amortization period described below. (4) Assumes financings are extended in line with the underlying loans. (5) Represents weighted average maturity across various financings with the counterparty. See below for additional details. (6) Weighted-average borrowing costs as of December 31, 2021 and December 31, 2020 were applicable benchmark rates plus spreads of USD: +2.00% / GBP: +1.86% / EUR: +1.42% / SEK: +1.50% and USD: +2.16% / GBP: +1.83% / EUR: +1.46%, respectively. (7) Weighted average advance rates based on cost as of December 31, 2021 and December 31, 2020 were 69.8% (67.1% (USD) / 72.7% (GBP) / 68.9% (EUR) / 80.7% (SEK)) and 63.7% (62.5% (USD) / 68.7% (GBP) / 60.8% (EUR)). (8) As of December 31, 2021 and December 31, 2020, approximately 50% and 55% of the outstanding balance under these secured borrowings were recourse to us. Each of our existing secured credit facilities include "credit based and other mark-to-market" features. "Credit mark-to-market" provisions in repurchase facilities are designed to keep the lenders' credit exposure generally constant as a percentage of the underlying collateral value of the assets pledged as security to them. If the credit of the underlying collateral value decreases, the amount of leverage available to us will be reduced as our assets are marked-to-market, which would reduce our liquidity. Generally, the lender under the applicable secured debt arrangement calls for and/or sets the valuation and any revaluation of the collateral assets in its sole, good faith discretion. If it is determined (subject to certain conditions) that the market value of the underlying collateral has decreased by more than a defined minimum amount, the lender may require us to provide additional collateral or may make margin calls, which may require us to repay all or a portion of the funds advanced. We closely monitor our liquidity and intend to maintain sufficient liquidity on our consolidated balance sheet in order to meet any margin calls in the event of any significant decreases in asset values. As of December 31, 2021 and December 31, 2020, t he weighted average haircut under our secured debt arrangements was approximately 30.2% and 36.3%, respectively. In addition, our existing secured debt arrangements are not entirely term-matched financings and may mature before our commercial real estate debt investments that represent underlying collateral to those financings. We are in frequent dialogue with the lenders under our secured debt arrangements regarding our management of their collateral assets and as we negotiate renewals and extensions of these liabilities, we may experience lower advance rates and higher pricing under the renewed or extended agreements . JPMorgan Facility In November 2019, through wholly-owned subsidiaries, we entered into a Sixth Amended and Restated Master Repurchase Agreement with JPMorgan Chase Bank, National Association (the "JPMorgan Facility"). During the third quarter of 2021, we amended the JPMorgan Facility to allow for $1.5 billion of maximum borrowings and maturity in September 2024, plus two one-year extensions available at our option, which are subject to certain conditions. The JPMorgan Facility enables us to elect to receive advances in USD, GBP, or EUR. Margin calls may occur any time at specified aggregate margin deficit thresholds. As of December 31, 2021, we had $1.5 billion (including £64.2 million and €60.0 million assuming conversion into USD) of borrowings outstanding under the JPMorgan Facility secured by certain of our commercial mortgage loans. DB Facility In March 2020, through an indirect wholly-owned subsidiary, we entered into a Third Amended and Restated Master Repurchase Agreement with Deutsche Bank AG, Cayman Islands Branch, London Branch (the "DB Facility"). During the first quarter 2021, we amended the DB Facility to reduce the commitment from $1.0 billion to $700.0 million ($259.1 million drawn at December 31, 2021 ) fo r the sale and repurchase of eligible first mortgage loans secured by commercial or residential-for-rent properties, located in the United States, United Kingdom and the European Union, and enables us to elect to receive advances in USD, GBP, or EUR. The DB Facility matures in March 2022, and has a one-year extension available at our option, subject to certain conditions. Margin calls may occur any time at specified aggregate margin deficit thresholds. As of December 31, 2021, we had $259.1 million of borrowings outstanding under the DB Facility secured by certain of our commercial mortgage loans. Goldman Facility In November 2017, through an indirect wholly-owned subsidiary, we entered into a master repurchase and securities contract agreement with Goldman Sachs Bank USA (the "Goldman Facility"). During the fourth quarter of 2021, we amended the Goldman Facility to reduce the maximum borrowings from $500.0 million to $300.0 million and extended maturity to November 2023. In addition, the Goldman Facility contains a two-year amortization period subsequent to the November 2023 maturity, which allows for the refinancing or pay down of assets under the facilit y. Margin calls may occur any time at specified margin deficit thresholds. As of December 31, 2021, we had $168.2 million of borrowings outstanding under the Goldman Facility secured by certain of our commercial mortgage loans. CS Facility - USD In July 2018, through an indirect wholly-owned subsidiary, we entered into a Master Repurchase Agreement with Credit Suisse AG, acting through its Cayman Islands Branch and Alpine Securitization Ltd (the "CS Facility — USD"), which provides for advances for the sale and repurchase of eligible commercial mortgage loans secured by real estate. The CS Facility — USD has an "evergreen" feature such that the facility continues unless terminated at any time by Credit Suisse with six months' notice. Margin calls may occur any time at specified aggregate margin deficit thresholds. As of December 31, 2021, we had $148.7 million of borrowings outstanding under the CS Facility — USD secured by certain of our commercial mortgage loans. HSBC Facility - EUR In July 2019, through an indirect wholly-owned subsidiary, we entered into a secured debt arrangement with HSBC Bank plc, which provides for a single asset financing (the "HSBC Facility — EUR"). The HSBC Facility — EUR was extended during the first quarter 2021 and matures in July 2022. M argin calls may occur any time at specified aggregate margin deficit thresholds. As of December 31, 2021, we had $162.9 million (€143.3 million assuming conversion into USD) of borrowings outstanding under the HSBC Facility - EUR secured by one commercial mortgage loan. Barclays Facility - USD In March 2020, through an indirect wholly-owned subsidiary, we entered into a secured debt arrangement pursuant to a Master Repurchase Agreement with Barclays Bank plc (the "Barclays Facility – USD"). The Barclays Facility — USD allows for $200.0 million of maximum borrowings and initially matures in March 2023 with extensions available at our option, subject to certain conditions. Margin calls may occur any time at specified aggregate margin deficit thresholds. As of December 31, 2021, we had $32.7 million of borrowings outstanding under the Barclays Facility - USD secured by one commercial mortgage loan. Barclays Private Securitization In June 2020, through a newly formed entity, we entered into a private securitization with Barclays Bank plc, of which Barclays Bank plc retained $782.0 million of senior notes. The Barclays Private Securitization finances the loans that were previously financed under a Global Master Repurchase Agreement with Barclays Bank plc (the "Barclays Facility - GBP/EUR"). In June 2020, we pledged an additional commercial mortgage loan with an outstanding principal balance of £26.0 million and pledged additional collateral of a financed loan of €5.3 million as of June 30, 2020. During the first quarter 2021, we pledged two additional commercial mortgage loans with outstanding principal balances of $227.4 million (£165.0 million assuming conversion into USD) and $187.4 million (kr1.6 billion assuming conversion into USD) . During the second quarter of 2021 , we pledged an additional commercial mortgage loan with an outstanding principal balance of $281.7 million (€237.6 million assuming conversion into USD), and pledged additional collateral of a financed loan of $114.7 million (kr1.0 billion assuming conversion into USD). During the fourth quarter of 2021, we pledged two additional commercial mortgage loans with outstanding principal balances of $312.9 million (£231.3 million assuming conversion into USD) and $238.8 million (£176.5 million assuming conversion into USD). The Barclays Private Securitization eliminates daily margining provisions and grants us significant discretion to modify certain terms of the underlying collateral including waiving certain loan-level covenant breaches and deferring or waiving of debt service payments for up to 18 months. The securitization includes LTV based covenants with significant headroom to previous levels included in the Barclays Facility - GBP/EUR. These deleveraging requirements are based on significant declines in the value of the collateral as determined by an annual third-party (engaged by us) appraisal process tied to the provisions of the underlying loan agreements. We believe this provides us with both cushion and predictability to avoid sudden unexpected outcomes and material repayment requirements. In addition to the pledge of the additional collateral in June 2020 noted above, we paid down the previous financing by €16.5 million (totaling $18.5 million in USD) and agreed to increase the financing spreads by 0.25%. The table below provides the borrowings outstanding (on an as converted basis) and weighted-average fully-extended maturities by currency for the assets financed under the Barclays Private Securitization as of December 31, 2021 ($ in thousands): Borrowings outstanding Fully-Extended Maturity (1) Total/Weighted-Average GBP $ 1,299,321 June 2025 Total/Weighted-Average EUR 373,904 November 2022 (2) Total/Weighted-Average SEK 229,458 November 2022 Total/Weighted-Average Securitization $ 1,902,683 August 2024 ——————— (1) Assumes underlying loans extend to fully extended maturity and extensions at our option are exercised. (2) The EUR portion of the Barclays Private Securitization has an "evergreen" feature such that the facility continues for one year and can be terminated by either party on certain dates with, depending on the date of notice, a minimum of nine to twelve months' notice. The table below provides the assets and liabilities of the Barclays Private Securitization VIE included in our consolidated balance sheet ($ in thousands): December 31, 2021 December 31, 2020 Assets: Cash $ 3,456 $ 2,020 Commercial mortgage loans, net (1) 2,559,266 1,290,393 Other Assets 20,765 15,831 Total Assets $ 2,583,487 $ 1,308,244 Liabilities: Secured debt arrangements, net (net of deferred financing costs of $2.0 million and $0.7 million in 2021 and 2020, respectively) $ 1,900,640 $ 857,043 Accounts payable, accrued expenses and other liabilities (2) 2,671 1,307 Total Liabilities $ 1,903,311 $ 858,350 ——————— (1) Net of the General CECL Allowance of $11.8 million and $4.4 million as of December 31, 2021 and December 31, 2020, respectively. (2) Represents General CECL Allowance related to unfunded commitments on commercial mortgage loans, net of $0.4 million and $0.3 million as of December 31, 2021 and December 31, 2020, respectively. The table below provides the net income of the Barclays Private Securitization VIE included in our consolidated statement of operations ($ in thousands): Year ended December 31, 2021 2020 Net Interest Income: Interest income from commercial mortgage loans $ 86,377 $ 29,511 Interest expense (25,661) (8,312) Net interest income $ 60,716 $ 21,199 General and administrative expense — (178) Provision for loan losses and impairments (7,148) (916) Foreign currency gain (loss) (13,102) 39,731 Net Income $ 40,466 $ 59,836 As of December 31, 2021, we had $1.9 billion (£960.2 million, €328.9 million, and kr2.1 billion and assuming conversion into USD) of borrowings outstanding under the Barclays Private Securitization secured by certain of our commercial mortgage loans. At December 31, 2021, our borrowings had the following remaining maturities ($ in thousands): Less than 1 to 3 3 to 5 More than Total JPMorgan Facility $ 129,317 $ 800,734 $ 554,942 $ — $ 1,484,993 DB Facility — 259,073 — — 259,073 Goldman Facility — 125,611 42,620 — 168,231 CS Facility - USD — — 148,720 — 148,720 HSBC Facility - EUR 162,937 — — — 162,937 Barclays Facility - USD — 32,693 — — 32,693 Barclays Private Securitization 603,362 690,598 608,723 — 1,902,683 Total $ 895,616 $ 1,908,709 $ 1,355,005 $ — $ 4,159,330 The table above reflects the fully extended maturity date of the facility and assumes facilities with an "evergreen" feature continue to extend through the fully-extended maturity of the underlying asset and assumes underlying loans are extended with consent of financing providers. The table below summarizes the outstanding balances at December 31, 2021, as well as the maximum and average month-end balances for the year ended December 31, 2021 for our borrowings under secured debt arrangements ($ in thousands). As of December 31, 2021 For the year ended December 31, 2021 Balance Amortized Cost of Collateral Maximum Month-End Average Month-End JPMorgan Facility $ 1,484,992 $ 2,259,376 $ 1,484,992 $ 1,219,072 DB Facility 259,073 389,238 520,217 407,428 Goldman Facility 168,231 261,848 331,154 228,312 CS Facility - USD 148,720 214,124 369,182 224,351 HSBC Facility - EUR 162,937 211,813 174,717 165,958 Barclays Facility - USD 32,693 50,241 35,193 33,526 Barclays Private Securitization 1,902,684 2,571,067 1,902,684 1,396,411 Total $ 4,159,330 $ 5,957,707 The table below summarizes the outstanding balances at December 31, 2020, as well as the maximum and average month-end balances for the year ended December 31, 2020 for our borrowings under secured debt arrangements ($ in thousands). As of December 31, 2020 For the year ended December 31, 2020 Balance Amortized Cost of Collateral Maximum Month-End Average Month-End JPMorgan Facility $ 1,170,969 $ 2,009,249 $ 1,192,288 $ 1,119,997 DB Facility 520,457 814,715 526,743 506,831 Goldman Facility 332,352 510,371 362,139 343,621 CS Facility - USD 369,182 524,139 378,781 348,464 CS Facility - GBP — — 90,111 43,094 HSBC Facility - USD — — 50,625 44,000 HSBC Facility - GBP — — 34,500 20,563 HSBC Facility - EUR 163,785 215,509 163,788 154,725 Barclays Facility - USD 35,192 49,993 35,193 29,327 Barclays Facility - GBP — — 666,810 260,692 Barclays Facility - EUR — — 180,595 70,521 Barclays Private Securitization 857,728 1,295,023 857,728 823,915 Total $ 3,449,665 $ 5,418,999 We were in compliance with the covenants under each of our secured debt arrangements at December 31, 2021 and December 31, 2020.

Senior Secured Term Loan, Net

Senior Secured Term Loan, Net	12 Months Ended
	Dec. 31, 2021
Debt Instrument [Line Items]
Secured Debt Arrangement, Net and Senior Secured Term Loans and Notes, Net	Senior Secured Notes, Net In June 2021, we issued $500.0 million of 4.625% Senior Secured Notes due 2029 (the "2029 Notes"), for which we received net proceeds of $495.0 million, after offering expenses. The 2029 Notes will mature on June 15, 2029, unless earlier repurchased or redeemed. The 2029 Notes are secured by a first-priority lien, and rank pari passu in right of payment with all of our existing and future first lien obligations, including indebtedness under the Term Loans. The 2029 Notes were issued at par and contain covenants relating to liens, indebtedness, and investments in non-wholly owned entities. As of December 31, 2021, the 2029 Notes had a carrying value of $494.1 million net of deferred financing costs of $5.9 million. Covenants The 2029 Notes include certain covenants including a requirement that we maintain a ratio of total unencumbered assets to total pari-passu indebtedness of at least 1.20:1. As of December 31, 2021, we were in compliance with all covenants. Participations sold represents the subordinate interests in loans we originated and subsequently partially sold. We account for participations sold as secured borrowings on our consolidated balance sheet with both assets and non-recourse liabilities because the participations do not qualify as a sale under ASC 860, "Transfers and Servicing." The income earned on the participations sold is recorded as interest income and an identical amount is recorded as interest expense on our consolidated statements of operations. In October 2020, we sold a $25.0 million interest, at par, in a mezzanine loan collateralized by a ground-up condominium development in New York City that we originated in December 2017. The participation interest sold accrued payment-in-kind interest, was accounted for as a secured borrowing on our consolidated balance sheet, and was subordinate to our remaining mezzanine loan. The mezzanine loan was repaid at par in June 2021, and therefore, we de-recognized the related participating interest of $27.7 million, which included $2.7 million in payment-in-kind interest. In December 2020, we sold a £6.7 million ($8.9 million assuming conversion into USD) interest, at par, in a first mortgage loan collateralized by an office building located in London, United Kingdom that was originated by us in December 2017. In connection with this sale, we transferred our remaining unfunded commitment of £19.1 million ($25.3 million assuming conversion into USD). The participation interest sold is subordinate to our remaining £70.3 million ($95.2 million assuming conversion into USD) first mortgage loan and is accounted for as a secured borrowing on our consolidated balance sheet. During the year ended December 31, 2021, participation sold balance on commercial mortgage loans increased by $17.8 million, which included £13.3 million of add on fundings ($18.3 million assuming conversion into USD) and $0.5 million of unrealized loss on foreign currency translation. The table below details participations sold included in our consolidated balance sheet ($ in thousands): December 31, 2021 December 31, 2020 Participation sold on Commercial mortgage loans $ 27,064 $ 9,217 Participation sold on Subordinate loans and other lending assets (1) — 25,757 Total Participations sold $ 27,064 $ 34,974 ——————— (1) Includes $0 and $0.8 million of PIK interest in 2021 and 2020, respectively.
Senior Debt
Debt Instrument [Line Items]
Secured Debt Arrangement, Net and Senior Secured Term Loans and Notes, Net	Senior Secured Term Loans, Net In May 2019, we entered into a $500.0 million senior secured term loan (the "2026 Term Loan"), which matures in May 2026 and contains restrictions relating to liens, asset sales, indebtedness, and investments in non-wholly owned entities. The 2026 Term Loan bears interest at LIBOR plus 2.75% and was issued at a price of 99.5%. In March 2021, we entered into an additional $300.0 million senior secured term loan, with substantially the same terms as the 2026 Term Loan, (the "2028 Term Loan" and, together with the 2026 Term Loan, the "Term Loans"), which matures in March 2028 and contains restrictions relating to liens, asset sales, indebtedness, and investments in non-wholly owned entities. The 2028 Term Loan bears interest at LIBOR (with a floor of 0.50%) plus 3.50% and was issued at a price of 99.0%. The Term Loans are amortizing with repayments of 0.25% per quarter of the total committed principal. During the years ended December 31, 2021 and 2020, we repaid $5.0 million of principal related to the 2026 Term Loan. During the year ended December 31, 2021, we repaid $2.3 million of principal related to the 2028 Term Loan. The following table summarizes the terms of our Term Loans as of December 31, 2021 ($ in thousands): Principal Amount Unamortized Issuance Discount (1) Deferred Financing Costs (1) Carrying Value Spread Maturity Date 2026 Term Loan $ 487,500 $ (1,548) $ (7,933) $ 478,019 2.75 % 5/15/2026 2028 Term Loan 297,750 (2,643) (4,801) 290,306 3.50 % 3/11/2028 Total $ 785,250 $ (4,191) $ (12,734) $ 768,325 (1) Unamortized issuance discount and deferred financing costs will be amortized to interest expense over remaining life of respective term loans. The following table summarizes the terms of our Term Loans as of December 31, 2020 ($ in thousands): Principal Amount Unamortized Issuance Discount (1) Deferred Financing Costs (1) Carrying Value Spread Maturity Date 2026 Term Loan $ 492,500 $ (1,905) $ (7,130) $ 483,465 2.75 % 5/15/2026 (1) Unamortized issuance discount and deferred financing costs will be amortized to interest expense over remaining life of respective term loans. Covenants During the fourth quarter of 2021, we modified the financial covenants of the Term Loans which included the following: (i) increased our maximum ratio of total recourse debt to tangible net worth from 3:1 to 4:1, (ii) increased our maximum ratio of total unencumbered assets to total pari-passu indebtedness from 1.25:1 to 2.50:1; and (iii) the definition of unencumbered asset was also amended to include the carrying value of the residual equity in the entities where we hold assets financed under repurchase obligations. In conjunction with the modification, we incurred $5.2 million in fees, $3.9 million of which were consent fees paid to borrowers recorded as deferred financing costs and $1.3 million of arrangement fees paid to the Term Loan arranger recorded as general and administrative expenses. We were in compliance with the covenants under the Term Loans at December 31, 2021 and December 31, 2020. Interest Rate Swap In connection with the 2026 Term Loan, we previously entered into an interest rate swap to fix LIBOR at 2.12% effectively fixing our all-in coupon on the senior secured term loan at 4.87%. During the year ended December 31, 2020 we terminated the interest rate swap and recognized a realized loss of $53.9 million. Interest Rate Cap

Senior Secured Notes, Net

Senior Secured Notes, Net	12 Months Ended
	Dec. 31, 2021
Receivables [Abstract]
Secured Debt Arrangement, Net and Senior Secured Term Loans and Notes, Net	Senior Secured Notes, Net In June 2021, we issued $500.0 million of 4.625% Senior Secured Notes due 2029 (the "2029 Notes"), for which we received net proceeds of $495.0 million, after offering expenses. The 2029 Notes will mature on June 15, 2029, unless earlier repurchased or redeemed. The 2029 Notes are secured by a first-priority lien, and rank pari passu in right of payment with all of our existing and future first lien obligations, including indebtedness under the Term Loans. The 2029 Notes were issued at par and contain covenants relating to liens, indebtedness, and investments in non-wholly owned entities. As of December 31, 2021, the 2029 Notes had a carrying value of $494.1 million net of deferred financing costs of $5.9 million. Covenants The 2029 Notes include certain covenants including a requirement that we maintain a ratio of total unencumbered assets to total pari-passu indebtedness of at least 1.20:1. As of December 31, 2021, we were in compliance with all covenants. Participations sold represents the subordinate interests in loans we originated and subsequently partially sold. We account for participations sold as secured borrowings on our consolidated balance sheet with both assets and non-recourse liabilities because the participations do not qualify as a sale under ASC 860, "Transfers and Servicing." The income earned on the participations sold is recorded as interest income and an identical amount is recorded as interest expense on our consolidated statements of operations. In October 2020, we sold a $25.0 million interest, at par, in a mezzanine loan collateralized by a ground-up condominium development in New York City that we originated in December 2017. The participation interest sold accrued payment-in-kind interest, was accounted for as a secured borrowing on our consolidated balance sheet, and was subordinate to our remaining mezzanine loan. The mezzanine loan was repaid at par in June 2021, and therefore, we de-recognized the related participating interest of $27.7 million, which included $2.7 million in payment-in-kind interest. In December 2020, we sold a £6.7 million ($8.9 million assuming conversion into USD) interest, at par, in a first mortgage loan collateralized by an office building located in London, United Kingdom that was originated by us in December 2017. In connection with this sale, we transferred our remaining unfunded commitment of £19.1 million ($25.3 million assuming conversion into USD). The participation interest sold is subordinate to our remaining £70.3 million ($95.2 million assuming conversion into USD) first mortgage loan and is accounted for as a secured borrowing on our consolidated balance sheet. During the year ended December 31, 2021, participation sold balance on commercial mortgage loans increased by $17.8 million, which included £13.3 million of add on fundings ($18.3 million assuming conversion into USD) and $0.5 million of unrealized loss on foreign currency translation. The table below details participations sold included in our consolidated balance sheet ($ in thousands): December 31, 2021 December 31, 2020 Participation sold on Commercial mortgage loans $ 27,064 $ 9,217 Participation sold on Subordinate loans and other lending assets (1) — 25,757 Total Participations sold $ 27,064 $ 34,974 ——————— (1) Includes $0 and $0.8 million of PIK interest in 2021 and 2020, respectively.

Convertible Senior Notes, Net

Convertible Senior Notes, Net	12 Months Ended
	Dec. 31, 2021
Debt Disclosure [Abstract]
Convertible Senior Notes, Net	Convertible Senior Notes, NetIn two separate offerings during 2017, we issued an aggregate principal amount of $345.0 million of 4.75% Convertible Senior Notes due 2022 (the "2022 Notes"), for which we received $337.5 million, after deducting the underwriting discount and offering expenses. At December 31, 2021, the 2022 Notes had a carrying value of $343.1 million and an unamortized discount of $1.9 million. During the fourth quarter of 2018, we issued $230.0 million of 5.375% Convertible Senior Notes due 2023 (the "2023 Notes" and, together with the 2022 Notes, the "Convertible Notes"), for which we received $223.7 million after deducting the underwriting discount and offering expenses. At December 31, 2021, the 2023 Notes had a carrying value of $226.9 million and an unamortized discount of $3.1 million. The following table summarizes the terms of the Convertible Notes as of December 31, 2021 ($ in thousands): Principal Amount Coupon Rate Effective Rate (1) Conversion Rate (2) Maturity Date Remaining Period of Amortization 2022 Notes $ 345,000 4.75 % 5.60 % 50.2260 8/23/2022 0.64 2023 Notes 230,000 5.38 % 6.16 % 48.7187 10/15/2023 1.79 Total $ 575,000 The following table summarizes the terms of the Convertible Notes as of December 31, 2020 ($ in thousands): Principal Amount Coupon Rate Effective Rate (1) Conversion Rate (2) Maturity Date Remaining Period of Amortization 2022 Notes $ 345,000 4.75 % 5.60 % 50.2260 8/23/2022 1.65 2023 Notes 230,000 5.38 % 6.16 % 48.7187 10/15/2023 2.79 Total $ 575,000 ——————— (1) Effective rate includes the effect of the adjustment for the conversion option (See footnote (2) below), the value of which reduced the initial liability and was recorded in additional paid-in-capital. (2) We have the option to settle any conversions in cash, shares of common stock or a combination thereof. The conversion rate represents the number of shares of common stock issuable per one thousand principal amount of the Convertible Notes converted, and includes adjustments relating to cash dividend payments made by us to stockholders that have been deferred and carried-forward in accordance with, and are not yet required to be made pursuant to, the terms of the applicable supplemental indenture. We may not redeem the Convertible Notes prior to maturity except in limited circumstances. The closing price of our common stock on December 31, 2021 of $13.16 was less than the per share conversion price of the Convertible Notes. In accordance with ASC 470, "Debt," the liability and equity components of convertible debt instruments that may be settled in cash upon conversion (including partial cash settlement) are to be separately accounted for in a manner that reflects the issuer’s nonconvertible debt borrowing rate. GAAP requires that the initial proceeds from the sale of the Convertible Notes be allocated between a liability component and an equity component in a manner that reflects interest expense at the interest rate of similar nonconvertible debt that could have been issued by us at such time. We measured the fair value of the debt components of the Convertible Notes as of their issuance date based on effective interest rates. As a result, we attributed approximately $15.4 million of the proceeds to the equity component of the Convertible Notes ($11.0 million to the 2022 Notes and $4.4 million to the 2023 Notes), which represents the excess proceeds received over the fair value of the liability component of the Convertible Notes at the date of issuance. The equity component of the Convertible Notes has been reflected within additional paid-in capital in our consolidated balance sheet as of December 31, 2021. The resulting debt discount is being amortized over the period during which the Convertible Notes are expected to be outstanding (the maturity date) as additional non-cash interest expense. The additional non-cash interest expense attributable to each of the Convertible Notes will increase in subsequent reporting periods through the maturity date as the Convertible Notes accrete to their par value over the same period.

Derivatives

Derivatives	12 Months Ended
	Dec. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives	Derivatives We use forward currency contracts to economically hedge interest and principal payments due under our loans denominated in currencies other than USD. We have entered into a series of forward contracts to sell an amount of foreign currency (GBP, EUR and SEK) for an agreed upon amount of USD at various dates through May 2026. These forward contracts were executed to economically fix the USD amounts of foreign denominated cash flows expected to be received by us related to foreign denominated loan investments. The following table summarizes our non-designated foreign exchange ("Fx") forwards and our interest rate cap as of December 31, 2021: December 31, 2021 Type of Derivatives Number of Contracts Aggregate Notional Amount (in thousands) Notional Currency Maturity Weighted-Average Years to Maturity Fx contracts - GBP 125 738,178 GBP January 2022 - February 2026 2.14 Fx contracts - EUR 90 508,541 EUR January 2022 - November 2025 1.88 Fx contracts - SEK 20 765,138 SEK February 2022 - May 2026 3.74 Interest rate cap 1 500,000 USD June 2023 1.45 The following table summarizes our non-designated Fx forwards and our interest rate cap as of December 31, 2020: December 31, 2020 Type of Derivatives Number of Contracts Aggregate Notional Amount (in thousands) Notional Currency Maturity Weighted-Average Years to Maturity Fx contracts - GBP 93 428,493 GBP January 2021 - December 2024 2.04 Fx contracts - EUR 69 239,466 EUR February 2021 - August 2024 2.61 Interest rate cap 1 500,000 USD June 2023 2.49 We have not designated any of our derivative instruments as hedges as defined in ASC 815, "Derivatives and Hedging" and, therefore, changes in the fair value of our derivative instruments are recorded directly in earnings. The following table summarizes the amounts recognized on our consolidated statements of operations related to our derivatives for the years ended December 31, 2021, 2020, and 2019 ($ in thousands): Amount of gain (loss) Year ended December 31, Location of Gain (Loss) Recognized in Income 2021 2020 2019 Forward currency contracts Unrealized gain (loss) on derivative instruments $ 46,714 $ (26,499) $ (28,576) Forward currency contracts Realized gain (loss) on derivative instruments (5,040) 16,756 14,151 Total $ 41,674 $ (9,743) $ (14,425) In connection with our senior secured term loan, in May 2019, we entered into an interest rate swap to fix LIBOR at 2.12% or an all-in interest rate of 4.87%. We used our interest rate swap to manage exposure to variable cash flows on our borrowings under our senior secured term loan. Our interest rate swap allowed us to receive a variable rate cash flow based on LIBOR and pay a fixed rate cash flow, mitigating the impact of this exposure. However during the second quarter of 2020, we terminated our interest rate swap due to a significant decrease in LIBOR and recognized a realized loss on the accompanying consolidated statement of operations. In June 2020, we entered into an interest rate cap for approximately $1.1 million. We use our interest rate cap to manage exposure to variable cash flows on our borrowings under our senior secured term loan by effectively limiting LIBOR from exceeding 0.75%. This effectively limits the maximum all-in coupon on our senior secured term loan to 3.50%. Unrealized gains or losses related to the interest rate swap and cap were recorded net under gain (loss) on interest rate hedging instruments in our consolidated statement of operations. Amount of gain (loss) Year ended December 31, Location of Gain (Loss) Recognized in Income 2021 2020 2019 Interest rate cap (1) Unrealized gain on interest rate cap $ 1,314 $ 134 $ — Interest rate swap (2) Unrealized gain (loss) on interest rate swap — 14,470 (14,470) Interest rate swap (2) Realized loss on interest rate swap — (53,851) — Total $ 1,314 $ (39,247) $ (14,470) ——————— (1) With a notional amount of $500.0 million at December 31, 2021 and 2020 and $0 at December 31, 2019. (2) With a notional amount of $500.0 million at December 31, 2021, and $0 at December 31, 2020 and 2019. The following tables summarize the gross asset and liability amounts related to our derivatives at December 31, 2021 and December 31, 2020 ($ in thousands): December 31, 2021 December 31, 2020 Gross Gross Net Amounts Gross Amount of Recognized Liabilities Gross Net Amounts of Liabilities Presented in our Consolidated Balance Sheet Forward currency contracts $ 28,781 $ (13,441) $ 15,340 $ (32,172) $ 797 $ (31,375) Interest rate cap 1,448 — 1,448 — 134 134 Total derivative asset (liability) $ 30,229 $ (13,441) $ 16,788 $ (32,172) $ 931 $ (31,241)

Participations Sold

Participations Sold	12 Months Ended
	Dec. 31, 2021
Debt Disclosure [Abstract]
Participations Sold	Senior Secured Notes, Net In June 2021, we issued $500.0 million of 4.625% Senior Secured Notes due 2029 (the "2029 Notes"), for which we received net proceeds of $495.0 million, after offering expenses. The 2029 Notes will mature on June 15, 2029, unless earlier repurchased or redeemed. The 2029 Notes are secured by a first-priority lien, and rank pari passu in right of payment with all of our existing and future first lien obligations, including indebtedness under the Term Loans. The 2029 Notes were issued at par and contain covenants relating to liens, indebtedness, and investments in non-wholly owned entities. As of December 31, 2021, the 2029 Notes had a carrying value of $494.1 million net of deferred financing costs of $5.9 million. Covenants The 2029 Notes include certain covenants including a requirement that we maintain a ratio of total unencumbered assets to total pari-passu indebtedness of at least 1.20:1. As of December 31, 2021, we were in compliance with all covenants. Participations sold represents the subordinate interests in loans we originated and subsequently partially sold. We account for participations sold as secured borrowings on our consolidated balance sheet with both assets and non-recourse liabilities because the participations do not qualify as a sale under ASC 860, "Transfers and Servicing." The income earned on the participations sold is recorded as interest income and an identical amount is recorded as interest expense on our consolidated statements of operations. In October 2020, we sold a $25.0 million interest, at par, in a mezzanine loan collateralized by a ground-up condominium development in New York City that we originated in December 2017. The participation interest sold accrued payment-in-kind interest, was accounted for as a secured borrowing on our consolidated balance sheet, and was subordinate to our remaining mezzanine loan. The mezzanine loan was repaid at par in June 2021, and therefore, we de-recognized the related participating interest of $27.7 million, which included $2.7 million in payment-in-kind interest. In December 2020, we sold a £6.7 million ($8.9 million assuming conversion into USD) interest, at par, in a first mortgage loan collateralized by an office building located in London, United Kingdom that was originated by us in December 2017. In connection with this sale, we transferred our remaining unfunded commitment of £19.1 million ($25.3 million assuming conversion into USD). The participation interest sold is subordinate to our remaining £70.3 million ($95.2 million assuming conversion into USD) first mortgage loan and is accounted for as a secured borrowing on our consolidated balance sheet. During the year ended December 31, 2021, participation sold balance on commercial mortgage loans increased by $17.8 million, which included £13.3 million of add on fundings ($18.3 million assuming conversion into USD) and $0.5 million of unrealized loss on foreign currency translation. The table below details participations sold included in our consolidated balance sheet ($ in thousands): December 31, 2021 December 31, 2020 Participation sold on Commercial mortgage loans $ 27,064 $ 9,217 Participation sold on Subordinate loans and other lending assets (1) — 25,757 Total Participations sold $ 27,064 $ 34,974 ——————— (1) Includes $0 and $0.8 million of PIK interest in 2021 and 2020, respectively.

Accounts Payable, Accrued Expen

Accounts Payable, Accrued Expenses and Other Liabilities	12 Months Ended
	Dec. 31, 2021
Payables and Accruals [Abstract]
Accounts Payable, Accrued Expenses and Other Liabilities	Accounts Payable, Accrued Expenses and Other Liabilities The following table details the components of our accounts payable, accrued expense and other liabilities ($ in thousands): December 31, 2021 December 31, 2020 Accrued dividends payable $ 52,833 $ 52,768 Accrued interest payable 16,166 13,979 Accounts payable and other liabilities (1) 9,084 4,775 Collateral held under derivative agreements 21,420 — General CECL Allowance on unfunded commitments (2) 3,106 3,365 Total $ 102,609 $ 74,887 ——————— (1) Includes $7.2 million of accounts payable and other liabilities on the balance sheet of the real estate owned at December 31, 2021. Refer to "Note 5 – Real Estate Owned and Related Debt" for additional information. (2) Refer to "Note 4 - Commercial Mortgage Loans, Subordinate Loans and Other Lending Assets, Net" for additional disclosure related to the General CECL Allowance on unfunded commitments for the year ended December 31, 2021 and 2020, respectively.

Related Party Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 2021
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions Management Agreement In connection with our initial public offering in September 2009, we entered into a management agreement (the "Management Agreement") with the Manager, which describes the services to be provided by the Manager and its compensation for those services. The Manager is responsible for managing our day-to-day operations, subject to the direction and oversight of our board of directors. Pursuant to the terms of the Management Agreement, the Manager is paid a base management fee equal to 1.5% per annum of our stockholders’ equity (as defined in the Management Agreement), calculated and payable (in cash) quarterly in arrears. The term of the Management Agreement was automatically renewed for a successive one-year term on September 29, 2021, and will automatically renew on each anniversary thereafter. The Management Agreement may be terminated upon expiration of the one-year extension term only upon the affirmative vote of at least two-thirds of our independent directors, based upon (1) unsatisfactory performance by the Manager that is materially detrimental to ARI or (2) a determination that the management fee payable to the Manager is not fair, subject to the Manager’s right to prevent such a termination based on unfair fees by accepting a mutually acceptable reduction of management fees agreed to by at least two-thirds of our independent directors. The Manager must be provided with written notice of any such termination at least 180 days prior to the expiration of the then existing term and will be paid a termination fee equal to three times the sum of the average annual base management fee during the 24-month period immediately preceding the date of termination, calculated as of the end of the most recently completed fiscal quarter prior to the date of termination. Following a meeting by our independent directors in February 2022, which included a discussion of the Manager’s performance and the level of the management fees thereunder, we determined not to seek termination of the Management Agreement. We incurred approximately $38.2 million, $39.8 million $40.7 million and in base management fees under the Management Agreement for the years ended December 31, 2021, 2020, and 2019, respectively. In addition to the base management fee, we are also responsible for reimbursing the Manager for certain expenses paid by the Manager on our behalf or for certain services provided by the Manager to us. For the years ended December 31, 2021, 2020, and 2019, we paid expenses totaling $4.0 million, $4.5 million, and $3.6 million respectively, related to reimbursements for certain expenses paid by the Manager on our behalf under the Management Agreement. Expenses incurred by the Manager and reimbursed by us are reflected in the respective consolidated statement of operations expense category or our consolidated balance sheet based on the nature of the item. Included in payable to related party on our consolidated balance sheet at December 31, 2021 and 2020 is approximately $9.8 million and $9.6 million, respectively, for base management fees incurred but not yet paid under the Management Agreement. Loans receivable In June 2015, we originated a $20.0 million mezzanine loan secured by pledges of equity interests in the property recorded as real estate owned on our consolidated balance sheet at December 31, 2021. The mezzanine loan was subordinate to (i) a $110.0 million mortgage loan, originated by a third party, and (ii) a $24.5 million senior mezzanine loan, originated by an affiliate of the Manager. On May 24, 2021, we purchased the $24.5 million senior mezzanine loan at par from the affiliate and acquired legal title to the hotel through a deed-in-lieu of foreclosure. Refer to "Note 5 – Real Estate Owned and Related Debt" for additional information. In December 2019, we sold $30.3 million and $122.3 million in mezzanine loans secured by an urban retail property to two funds managed by an affiliate of the Manager, that were originated by us in August 2019. This transaction was evaluated under ASC 860 - "Transfers and Servicing," and we determined that it qualifies as a sale and accounted for as such (see "Note 4 -Commercial Mortgage, Subordinate Loans and Other Lending Assets, Net"). We recorded no gain or loss related to this sale. In January 2020, we sold £62.2 million ($81.3 million assuming conversion into USD) in a mezzanine loan and £50.0 million ($65.3 million assuming conversion into USD) unfunded commitment of a senior mortgage secured by a mixed-use property in London, United Kingdom to a fund managed by an affiliate of the Manager, that was originated by us in December 2019. This transaction was evaluated under ASC 860, "Transfers and Servicing," and we determined that it qualifies as a sale and accounted for as such (see "Note 4 - Commercial Mortgage Loans, Subordinate Loans and Other Lending Assets, Net"). In the second quarter of 2020, we sold our interests in three construction loans to entities managed by affiliates of the Manager. Refer to "Note 4 - Commercial Mortgage, Subordinate Loans and Other Lending Assets, Net" for additional information related to these sales. As described in Note 4 above, we own three mezzanine loans, including Junior Mezzanine B Loan, that are secured by the same residential-for-sale property currently under construction in Manhattan, NY. During the third quarter of 2021, the Seller transferred its Junior Mezzanine B Loan position to the Company and in connection with this transfer, one of the property’s subordinate capital providers paid the Seller a price representing the Seller’s original principal balance on the Junior Mezzanine B Loan position with the Seller agreeing to forego its accrued interest on the Junior Mezzanine B Loan. Term Loan In May 2019, Apollo Global Funding, LLC, an affiliate of the Manager, served as one of the five arrangers for the issuance of our senior secured term loan and received $0.6 million of arrangement fees. In March 2021, Apollo Global Funding, LLC, an affiliate of the Manager, served as one of the eight arrangers for the issuance of our 2028 Term Loan and received $0.2 million of arrangement fees. In addition, funds managed by an affiliate of the Manager invested in $30.0 million of the 2028 Term Loan. Senior Secured Notes In June 2021, Apollo Global Securities, LLC, an affiliate of the Manager, served as one of the eight initial purchasers in the issuance of our 2029 Notes and received $0.4 million of initial purchasers' discounts and commissions.

Share-Based Payments

Share-Based Payments	12 Months Ended
	Dec. 31, 2021
Share-based Payment Arrangement [Abstract]
Share-Based Payments	Share-Based PaymentsOn September 23, 2009, our board of directors approved the Apollo Commercial Real Estate Finance, Inc. 2009 Equity Incentive Plan ("2009 LTIP") and on April 16, 2019, our board of directors approved the Amended and Restated Apollo Commercial Real Estate Finance, Inc. 2019 Equity Incentive Plan ("2019 LTIP," and together with the 2009 LTIP, the "LTIPs"), which amended and restated the 2009 LTIP. Following the approval of the 2019 LTIP by our stockholders at our 2019 annual meeting of stockholders on June 12, 2019, no additional awards have been or will be granted under the 2009 LTIP and all outstanding awards granted under the 2009 LTIP remain in effect in accordance with the terms in the 2009 LTIP. The 2019 LTIP provides for grants of restricted common stock, restricted stock units ("RSUs") and other equity-based awards up to an aggregate of 7,000,000 shares of our common stock. The LTIPs are administered by the compensation committee of our board of directors (the "Compensation Committee") and all grants under the LTIPs must be approved by the Compensation Committee. We recognized stock-based compensation expense of $17.6 million, $16.8 million and $15.9 million during the years ended December 31, 2021, 2020, and 2019 respectively, related to restricted stock and RSU vesting. The following table summarizes the grants, vesting and forfeitures of restricted common stock and RSUs during the years ended December 31, 2021, 2020, and 2019: Type Restricted Stock RSUs Grant Date Fair Value ($ in millions) Outstanding at December 31, 2018 65,697 1,852,957 Granted 27,245 1,069,202 $ 20.5 Vested (67,586) (877,261) N/A Forfeiture — (37,543) N/A Outstanding at December 31, 2019 25,356 2,007,355 Granted 82,235 1,446,155 $ 16.4 Vested (25,356) (962,518) N/A Forfeiture — (35,139) N/A Outstanding at December 31, 2020 82,235 2,455,853 Granted 45,185 1,323,487 $ 18.2 Vested (82,235) (1,136,525) N/A Forfeiture — (44,874) N/A Outstanding at December 31, 2021 45,185 2,597,941 Below is a summary of restricted stock and RSU vesting dates as of December 31, 2021 : Vesting Year Restricted Stock RSU Total Awards 2022 38,517 1,261,218 1,299,735 2023 3,334 895,548 898,882 2024 3,334 441,175 444,509 Total 45,185 2,597,941 2,643,126 At December 31, 2021, we had unrecognized compensation expense of approxima tely $0.3 million and $34.1 million related to the vesting of restricted stock awards and RSUs, respectively, noted in the table above. RSU Deliveries During the years ended December 31, 2021, 2020, and 2019 we delivered 553,008, 508,968 and 433,585 shares of common stock for 953,397, 877,262, and 730,980 vested RSUs, respectively. We allow RSU participants to settle their tax liabilities with a reduction of their share delivery from the ori ginally granted and vested RSUs. The amount, when agreed to by the participant, results in a cash payment to the Manager related to this tax liability and a corresponding adjustment to additional paid in capital on our consolidated statement of changes in stockholders' equity. The adj ustment was $4.4 million, $6.5 million, and $5.0 million for the years ended December 31, 2021, 2020, and 2019, respectively. The adjustment is a reduction of capita

Stockholders' Equity

Stockholders' Equity	12 Months Ended
	Dec. 31, 2021
Equity [Abstract]
Stockholders' Equity	Stockholders’ EquityOur authorized capital stock consists of 450,000,000 shares of common stock, $0.01 par value per share and 50,000,000 shares of preferred stock, $0.01 par value per share. As of December 31, 2021, 139,894,060 shares of common stock were issued and outstanding, and 6,770,393 shares of 7.25% Series B-1 Preferred Stock were issued and outstanding. One June 10, 2019, we redeemed all 6,900,000 shares of Series C Preferred Stock outstanding. Holders of the Series C Preferred Stock received the redemption price of $25.00 plus accumulated but unpaid dividends to the redemption date of $0.2223 per share. On July 15, 2021, we exchanged all 6,770,393 shares outstanding of our 8.00% Fixed-to-Floating Series B Cumulative Redeemable Perpetual Preferred Stock, par value $0.01 per share ("Series B Preferred Stock"), with a liquidation preference of $25.00 per share, for 6,770,393 shares of 7.25% Series B-1 Preferred Stock, par value $0.01 per share ("Series B-1 Preferred Stock"), with a liquidation preference of $25.00 per share, pursuant to an exchange agreement with the two existing holders of the Series B Preferred Stock. Dividends. The following table details our dividend activity: Year ended December 31, Dividends declared per share of: 2021 2020 2019 Common Stock (1) $1.40 $1.45 $1.84 Series B Preferred Stock 1.00 2.00 2.00 Series B-1 Preferred Stock 0.90 N/A N/A Series C Preferred Stock (2) N/A N/A 0.72 ——————— (1) As our aggregate 2021 distributions did not exceed our earnings and profits, $0.1055 of the January 2022 distribution declared in the fourth quarter of 2021, and payable to common stockholders of record as of December 31, 2021, will be treated as a 2021 distribution for U.S. federal income tax purposes. (2) The Series C Preferred Stock was redeemed in full in June 2019. Common Stock Offerings. During the first quarter of 2019, we issued 1,967,361 shares of our common stock, at a per share conversion price of $17.17, related to conversions of the 2019 Notes, the remainder of which matured on March 15, 2019. We recorded a $33.8 million increase in additional paid in capital in our consolidated statement of changes in stockholders' equity. During the second quarter of 2019, we completed a follow-on public offering of 17,250,000 shares of our common stock, including shares issued pursuant to the underwriters' option to purchase additional shares, at a price of $18.27 per share. The aggregate net proceeds from the offering were $314.8 million after deducting offering expenses. Common Stock Repurchases. There was no common stock repurchase activity during the year ended December 31, 2021. As of December 31, 2021 there was $172.2 million remaining authorized under our stock repurchase program. The following table details our common stock repurchase activity during the year ended December 31, 2020: Three months ended March 31, 2020 June 30, 2020 September 30, 2020 December 31, 2020 Total Shares Repurchased 300,000 5,495,976 5,038,619 3,998,037 14,832,632 Weighted Average Price $8.11 $7.96 $9.01 $9.03 $8.61

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Legal Proceedings. From time to time, we may be involved in various claims and legal actions arising in the ordinary course of business. On June 28, 2018, AmBase Corporation, 111 West 57th Street Manager Funding LLC and 111 West 57th I nvestment LLC commenced a now-dismissed action captioned AmBase Corporation et al v. ACREFI Mortgage Lending, LLC et al (No 653251/2018) in New York Supreme Court (the "Apollo Action"). The complaint named as defendants (i) a wholly owned subsidiary of the Company ("Subsidiary"), (ii) the Company, and (iii) certain funds managed by Apollo, who are co-lenders on a mezzanine loan against the development of a residential condominium building in Manhattan, New York. The plaintiffs alleged that the defendants tortiously interfered with the plaintiffs’ joint venture agreement with the developers of the project, and that the defendants aided and abetted breaches of fiduciary duty by the developers of the project. The plaintiffs alleged the loss of a $70.0 million investment plus punitive damages. The defendants' motion to dismiss was granted on October 23, 2019 and the Court entered judgment dismissing the complaint in its entirety on November 8, 2019. Plaintiffs appealed, the parties fully briefed the appeal, and then Plaintiffs dropped the appeal, and the case remains dismissed. Plaintiffs have now amended the complaint in a separate action, 111 West 57th Investment LLC v. 111W57 Mezz Investor LLC (No. 655031/2017) also in New York Supreme Court (the "April 2021 Action") to name Apollo Global Management, Inc., the Subsidiary, the Company, and certain funds managed by Apollo as defendants. The April 2021 Action concerns overlapping claims and the same condominium development project that the Apollo Action concerned. We believe the claims in this action are without merit, including as barred by the dismissal of the Apollo Action. The defendants filed a motion to dismiss, which currently is pending. Because this action is in the early stages, no reasonable estimate of possible loss, if any, can be made at this time. Loan Commitments. As described in "Note 4 - Commercial Mortgage Loans, Subordinate Loans and Other Lending Assets, Net" at December 31, 2021, we had $1.4 billion of unfunded commitments related to our commercial mortgage and subordinate loans. The timings and amounts of fundings are uncertain as these commitments relate to loans for construction costs, capital expenditures, leasing costs, interest and carry costs, among others. As such, the timings and amounts of future fundings depend on the progress and performance of the underlying assets of our loans. Certain of our lenders are contractually obligated to fund their ratable portion of these loan commitments over time, while other lenders have some degree of discretion over future loan funding obligations. The total unfunded commitment is expected to be funded over the remaining 3.7 years weighted average tenor of these loans. COVID-19. The COVID-19 global pandemic has brought forth uncertainty and disruption to the global economy. The magnitude and duration of the COVID-19 pandemic and its impact on our borrowers and their tenants, cash flows and future results of operations could be significant and will largely depend on future developments, which are highly uncertain and cannot be predicted, including new information which may emerge concerning the severity of the COVID-19 pandemic, the success of actions taken to contain or treat the pandemic, and reactions by consumers, companies, governmental entities and capital markets. The prolonged duration and impact of the COVID-19 pandemic, including the continued impact and uncertainty resulting from COVID-19 variants, could materially disrupt our business operations and impact our financial performance. As of December 31, 2021, we have not recorded any contingencies on our consolidated balance sheet related to COVID-19. To the extent COVID-19 continues to cause dislocations in the global economy, our financial condition, results of operations, and cash flows may continue to be adversely impacted. Refer to "Note 2 - Summary of Significant Accounting Policies" for further discussion regarding COVID-19.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	12 Months Ended
	Dec. 31, 2021
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	Fair Value of Financial Instruments The following table presents the carrying value and estimated fair value of our financial instruments not carried at fair value on our consolidated balance sheet at December 31, 2021 and December 31, 2020 ($ in thousands): December 31, 2021 December 31, 2020 Carrying Estimated Carrying Estimated Cash and cash equivalents $ 343,106 $ 343,106 $ 325,498 $ 325,498 Commercial mortgage loans, net 7,012,312 6,945,038 5,451,084 5,361,948 Subordinate loans and other lending assets, net (1) 844,948 725,906 1,045,893 1,027,582 Secured debt arrangements, net (4,150,268) (4,150,268) (3,436,672) (3,436,672) Senior secured term loans, net (768,325) (782,995) (483,465) (475,263) Senior secured notes, net (494,051) (489,175) — — 2022 Notes (343,117) (347,522) (340,361) (327,381) 2023 Notes (226,862) (231,150) (225,293) (214,875) Participations sold (27,064) (27,064) (34,974) (34,919) Debt related to real estate owned, held for sale — — (33,000) (33,000) ——————— (1) Includes subordinate risk retention interests in securitization vehicles with an estimated fair value that approximates their carrying value. To determine estimated fair values of the financial instruments listed above, market rates of interest, which include credit assumptions, are used to discount contractual cash flows. The estimated fair values are not necessarily indicative of the amount we could realize on disposition of the financial instruments. The use of different market assumptions or estimation methodologies could have a material effect on the estimated fair value amounts. Estimates of fair value for cash and cash equivalents, convertible senior notes, net, secured debt arrangements net and senior secured term loan, net are measured using observable Level I inputs as defined in "Note 3 - Fair Value Disclosure." Estimates of fair value for all other financial

Net Income per Share

Net Income per Share	12 Months Ended
	Dec. 31, 2021
Earnings Per Share [Abstract]
Net Income per Share	Net Income per Share ASC 260, "Earnings per share" requires the use of the two-class method of computing earnings per share for all periods presented for each class of common stock and participating security as if all earnings for the period had been distributed. Under the two-class method, during periods of net income, the net income is first reduced for dividends declared on all classes of securities to arrive at undistributed earnings. During periods of net losses, the net loss is reduced for dividends declared on participating securities only if the security has the right to participate in the earnings of the entity and an objectively determinable contractual obligation to share in net losses of the entity. The remaining earnings are allocated to common stockholders and participating securities to the extent that each security shares in earnings as if all of the earnings for the period had been distributed. Each total is then divided by the applicable number of shares to arrive at basic earnings per share. For the diluted earnings, the denominator includes all outstanding shares of common stock and all potential shares of common stock assumed issued if they are dilutive. The numerator is adjusted for any changes in income or loss that would result from the assumed conversion of these potential shares of common stock. The table below presents the computation of basic and diluted net income per share of common stock for the years ended December 31, 2021, 2020, and 2019 ($ in thousands except per share data): For the year ended December 31, 2021 2020 2019 Basic Earnings Net income $ 223,515 $ 18,377 $ 230,174 Less: Preferred dividends (12,964) (13,540) (18,525) Net income available to common stockholders $ 210,551 $ 4,837 $ 211,649 Less: Dividends on participating securities (3,877) (3,431) (3,867) Basic Earnings $ 206,674 $ 1,406 $ 207,782 Diluted Earnings Basic Earnings $ 206,674 $ 1,406 $ 207,782 Add: Dividends on participating securities 3,877 — 3,867 Add: Interest expense on Convertible Notes 35,020 — 35,173 Diluted Earnings $ 245,571 $ 1,406 $ 246,822 Number of Shares: Basic weighted-average shares of common stock outstanding 139,869,244 148,004,385 146,881,231 Diluted weighted-average shares of common stock outstanding 168,402,515 148,004,385 175,794,896 Earnings Per Share Attributable to Common Stockholders Basic $ 1.48 $ 0.01 $ 1.41 Diluted $ 1.46 $ 0.01 $ 1.40 The dilutive effect to earnings per share is determined using the "if-converted" method whereby interest expense on the outstanding Convertible Notes is added back to the diluted earnings per share numerator and all of the potentially dilutive shares are included in the diluted earnings per share denominator. For the years ended December 31, 2021 and 2019 , 28,533,271 and 28,913,665 weighted-average potentially issuable shares with respect to the Convertible Notes, respectively, were included in the dilutive earnings per share denominator. For the year ended December 31, 2020 28,533,271 weighted-average potentially issuable shares with respect to the Convertible Notes were excluded from the calculation of diluted net income per share because the effect was anti-dilutive. Refer to "Note 10 - Convertible Senior Notes, Net" for further discussion. For the years ended December 31, 2021, 2020 and 2019, 2,456,409, 2,030,467 and 1,836,210 weighted-average unvested RSUs, respectively, were excluded from the calculation of diluted net income per share because the effect was anti-dilutive.

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2021
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Subsequent to the quarter ended December 31, 2021, the following events took place: Investment activity: We funded £78.8 million ($106.2 million assuming conversion into USD) in connection with the upsize of an existing floating-rate commercial mortgage loan secured by a portfolio of retail warehouse properties in the United Kingdom. We originated a €147.7 million ($167.0 million assuming conversion into USD) floating-rate commercial mortgage loan secured by an office portfolio in Milan, Italy, of which €141.6 million ($160.0 million assuming conversion into USD) was funded at close. In addition, we funded approximately $59.5 million for previously closed loans. Loan Repayments: We received approximately $484.8 million from loan repayments.

Schedule IV - Mortgage Loans on

Schedule IV - Mortgage Loans on Real Estate	12 Months Ended
	Dec. 31, 2021
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract]
Schedule IV - Mortgage Loans on Real Estate	Apollo Commercial Real Estate Finance, Inc. Schedule IV — Mortgage Loans on Real Estate As of December 31, 2021 ($ in thousands) Description Number of Loans Property Type/location Contractual Interest Rate (1) Maturity Date (2) Periodic Payment Principal Carrying Principal Amount of Commercial mortgage loans individually >3% Loan A Urban Retail/United Kingdom (3) 6.65% Dec 2023 Principal and Interest $ 354,490 $ 352,834 $ 354,490 Loan B Urban Retail/Manhattan, NY 4.75% Sep 2024 Interest Only 318,106 318,106 — — Loan C Retail Center/United Kingdom 3.15% Oct 2026 Interest Only 312,934 309,928 — Loan D Industrial/Sweden 3.20% May 2026 Interest Only 286,822 284,358 — Loan E Other/Various 4.30% May 2026 Principal and Interest 271,141 269,493 — Loan F Various/Germany 3.00% Jun 2026 Interest Only 270,120 267,447 — Loan G Hotel/Spain 3.00% Aug 2024 Interest Only 263,044 263,044 — Commercial mortgage loans individually <3% First Mortgage (4) 45 Hotel, Office, Urban Predevelopment, 0.0%-7.8% 2022-2028 Principal and Interest/ Interest Only $ 5,141,676 $ 4,969,656 $ 548,402 Total Commercial mortgage loans $ 7,218,333 $ 7,034,866 $ 902,892 Subordinate loans and other lending assets individually >3% Loan H Residential-for-sale/ 11.39% Mar 2022 Interest Only $ 237,884 $ 238,421 $ — Subordinate loans and other lending assets individually <3% Subordinate 14 Residential-for-sale, 0.0%-13.5% 2022-2034 Principal and Interest/ Interest Only $ 616,160 $ 617,561 $ — Total Subordinate loans and other lending assets (5) $ 854,044 $ 855,982 $ — Total loans (6) $ 8,072,377 $ 7,890,848 $ 902,892 General CECL Allowance (7) (33,588) Carrying value, net $ 7,857,260 ——————— (1) Assumes applicable benchmark rate as of December 31, 2021 for all floating rate loans. (2) Assumes all extension options are exercised. (3) On January 18, 2022 this loan was repaid in full, including all accrued default interest. (4) Includes $27.1 million in a subordinate participation in a first mortgage loan sold in 2020. (5) Subject to prior liens of approximately $3.4 billion. (6) The aggregate cost for U.S. federal income tax purposes is $8.0 billion. (7) Excludes $3.1 million of General CECL Allowance related to unfunded commitments on commercial mortgage loans, subordinate loans and other lending assets, net in 2021. The following table summarizes the changes in the carrying amounts of our loan portfolio during 2021 and 2020 ($ in thousands): Reconciliation of Carrying Amount of Loans December 31, 2021 December 31, 2020 Balance at beginning of year $ 6,496,977 $ 6,375,093 January 1, 2020 - Adoption of CECL Standard — (27,779) Loan fundings 3,334,062 876,658 Loan repayments (1) (1,881,211) (683,254) Gain (loss) on foreign currency translation (93,241) 80,618 Realized loss on investment, net of provision for loan loss reversal (2) (20,767) (42,465) Transfer to real estate owned, held for sale (45,289) (12,255) Specific CECL Allowance (3) 30,000 (118,019) General CECL Allowance (4) 4,514 (10,323) Deferred Fees (42,911) (6,455) PIK interest, amortization of fees and other items (5) 75,126 65,158 Balance at the close of year $ 7,857,260 $ 6,496,977 ——————— 1) During the year ended December 31, 2020, we sold $208.5 million in subordinate loans secured by various property types to funds managed by affiliates of the Manager. 2) During the year ended December 31, 2021, realized loss on investment included a $20.0 million realized loss related to a deed-in-lieu foreclosure (including reversal of $10.0 million previously recorded Specific CECL Allowance) and $0.8 million realized loss on a sale of a subordinate loan secured by a mixed-used property. During the year ended December 31, 2020, realized loss on investment included a $11.1 million realized loss ($11.1 million previously recorded Specific CECL Allowance was reversed) related to the selling of the underlying collateral on a commercial mortgage loan secured by a residential-for-sale property located in Bethesda, MD; a realized a loss of $26.0 million related to two restructurings ($24.5 million in previously recorded Specific CECL Allowances were reversed); and $5.2 million realized loss related to loans sold during the period. 3) During the year ended December 31, 2021, we reversed $30.0 million in Specific CECL Allowances comprised of i) $10.0 million in Specific CECL Allowance reversed in connection with a deed-in-lieu foreclosure on a hotel in Washington D.C. and ii) $20.0 million reversal on a multifamily development property due to a more favorable market outlook in 2021 as compared to when the provisions were initially recorded. During the year ended December 31, 2020, we recorded $118.0 million in Specific CECL, net of $10.0 million in reversals, due to factors including COVID-19. 4) $3.1 million and $3.4 million as of December 31, 2021 and 2020, respectively of the General CECL Allowance is excluded from this table because it relates to unfunded commitments and has been recorded as a liability on our consolidated balance sheet. 5) Other items primarily consist of purchase discounts or premiums, exit fees and deferred origination expenses, as well as $1.4 million and $1.8 million in cost recovery proceeds in 2021 and 2020, respectively.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2021
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying consolidated financial statements include our accounts and those of our consolidated subsidiaries. All intercompany amounts have been eliminated. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America ("GAAP") requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Our most significant estimates include loan loss allowances. Actual results could differ from those estimates.
Cash and Cash Equivalents	Cash and Cash EquivalentsCash and cash equivalents represent cash held in banks and liquid investments with original maturities of 90 days or less. Substantially all of the Company's cash on deposit is in interest bearing accounts with major financial institutions and exceeds federally insured limits.
Classification of Investments and Valuations of Financial Instruments	Classification of Investments and Valuations of Financial Instruments Our investments consist primarily of commercial mortgage loans, subordinate loans, and other lending assets that are classified as held-to-maturity.
Classification of Loans	Classification of Loans Loans held-to-maturity are stated at the principal amount outstanding, adjusted for deferred fees and allowance for loan losses, if any, in accordance with GAAP.
Deferred Financing Costs	Deferred Financing CostsCosts incurred in connection with financings are capitalized and amortized over the respective financing terms and are reflected on the accompanying consolidated statement of operations as a component of interest expense.
Earnings per Share	Earnings per Share GAAP requires the use of the two-class method of computing earnings per share for all periods presented for each class of common stock and participating security as if all earnings for the period had been distributed. Under the two-class method, during periods of net income, the net income is first reduced for dividends declared on all classes of securities to arrive at undistributed earnings. During periods of net losses, the net loss is reduced for dividends declared on participating securities only if the security has the right to participate in the earnings of the entity and an objectively determinable contractual obligation to share in net losses of the entity. The remaining earnings are allocated to common stockholders and participating securities to the extent that each security shares in earnings as if all of the earnings for the period had been distributed. Each total is then divided by the applicable number of shares to arrive at basic earnings per share. For the diluted earnings, the denominator includes all outstanding shares of common stock and all potential shares of common stock assumed issued if they are dilutive. The numerator is adjusted for any changes in income or loss that would result from the assumed conversion of these potential shares of common stock. The dilutive effect to earnings per share for the years ended December 31, 2021, 2020 and 2019 is determined using the "if converted" method whereby, if the conversion of the convertible notes would be dilutive, interest expense on the outstanding Notes is added back to the diluted earnings numerator and all of the potentially dilutive shares are included in the diluted common shares outstanding denominator for the computation of diluted earnings per share.
Foreign Currency	Foreign Currency We enter into transactions not denominated in USD. Foreign exchange gains and losses arising on such transactions are recorded as a gain or loss in our consolidated statement of operations. Non-U.S. dollar denominated assets and liabilities are translated to USD at the exchange rate prevailing at the reporting date and income, expenses, gains, and losses are translated at the prevailing exchange rate on the dates that they were recorded.
Hedging Instruments and Hedging Activities	Hedging Instruments and Hedging Activities Consistent with maintaining our qualification as a REIT, in the normal course of business, we use a variety of derivative financial instruments to manage, or hedge, interest rate and foreign currency risk. Derivatives are used for hedging purposes rather than speculation. There is a gain or loss associated with forward points on our foreign currency hedges, which reflect the interest rate differentials, at the time of entering into the hedge, between the applicable local base rate of our foreign currency investments and the comparable rate in the U.S. We determine their fair value using quotations from a third-party expert to facilitate the process, which are determined by comparing the contracted forward exchange rate to the current market exchange rate, as well as by using a discounted cash flow analysis on the expected cash flows of each derivative. If our hedging activities do not achieve the desired results, reported earnings may be adversely affected. GAAP requires an entity to recognize all derivatives as either assets or liabilities on the balance sheets and to measure
Income Taxes	Income Taxes We have elected to be taxed as a REIT under Sections 856-859 of the Internal Revenue Code of 1986, as amended. Under those sections, a REIT which distributes at least 90% of its REIT taxable income, excluding net capital gains and determined without regard to the dividends paid deduction, as a dividend to its stockholders each year and which meets certain other conditions will not be taxed on that portion of its taxable income which is distributed to its stockholders. We have elected to treat certain consolidated subsidiaries, and may in the future elect to treat newly formed subsidiaries, as taxable REIT subsidiaries. Taxable REIT subsidiaries may participate in non-real estate related activities and/or perform noncustomary services for tenants and are subject to U.S. federal and state income tax at regular corporate tax rates. Our major tax jurisdictions are U.S. federal, New York State and New York City and the statute of limitations is open for all jurisdictions for the years 2017 through 2021. We do not have any unrecognized tax benefits and do not expect a change in our position for unrecognized tax benefits in the next 12 months.
Investments in unconsolidated joint ventures	Investments in unconsolidated joint ventures Investments are accounted for under the equity method when (i) requirements for consolidation are not met, and (ii) we have significant influence over the operations of the investee. Equity method investments are initially recorded at cost and subsequently adjusted for our share of net income or loss and cash contributions and distributions each period. This adjustment is made at the end of each reporting period, generally on a one quarter lag, based on the best information available to us. Investments in unconsolidated joint ventures are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is measured based on the excess of the carrying amount of an investment over its estimated fair value. Impairment analyses are based on current plans, intended holding periods and available information at the time the analyses are prepared. The evaluation of anticipated cash flows is subjective and is based, in part, on assumptions regarding future occupancy, rental rates and capital requirements that could differ materially from actual results.
Principles of Consolidation	Principles of Consolidation We consolidate all entities that we control through either majority ownership and voting rights. In addition, we consolidate all VIEs of which we are considered the primary beneficiary. VIEs are defined as entities in which equity investors (i) do not have the characteristics of a controlling financial interest and/or (ii) do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support from other parties. The entity that consolidates a VIE is known as its primary beneficiary and is generally the entity with (i) the power to direct the activities that most significantly affect the VIE’s economic performance, and (ii) the right to receive benefits from the VIE or the obligation to absorb losses of the VIE that could be significant to the VIE. See further discussion in "Note 4 – Commercial Mortgage, Subordinate Loans and Other Lending Assets, Net" and "Note 7 - Secured Debt Arrangements, Net."
Real Estate Owned (and related debt)	Real Estate Owned (and related debt ) In order to maximize recovery against a defaulted loan, we may assume legal title or physical possession of the underlying collateral through foreclosure or the execution of a deed in lieu of foreclosure. Foreclosed properties are generally recognized at fair value and the assets and liabilities are presented separately when legal title or physical possession is assumed. If the fair value of the real estate is lower than the carrying value of the loan, the difference, along with any previously recorded Specific CECL Allowances, are recorded as a realized loss on investments in the consolidated statement of operations. Acquisition of real estate is accounted for using the acquisition method under Accounting Standards Codification ("ASC") Topic 805, "Business Combinations." We recognize and measure identifiable assets acquired, liabilities assumed and any noncontrolling interest in the acquiree, if applicable, based on their relative fair values. If applicable, we recognize and measure intangible assets and expense acquisition-related costs in the periods in which the costs are incurred and the services are received. Real estate owned is classified as held for sale in the period in which the six criteria under ASC Topic 360, "Property, Plant, and Equipment" are met: (1) we commit to a plan and have the authority to sell the asset; (2) the asset is available for sale in its current condition; (3) we have initiated an active marketing plan to locate a buyer for the asset; (4) the sale of the asset is both probable and expected to qualify for full sales recognition within a period of 12 months; (5) the asset is being actively marketed for sale at a price that is reflective of its current fair value; and (6) we do not anticipate changes to our plan to sell the asset. Real estate owned, held for sale is held at the lower of cost or fair market value. Once a real estate asset is classified as held for sale, depreciation expense is no longer recorded. Real estate assets that are acquired for investment are assumed at their estimated fair value at acquisition and presented net of accumulated depreciation and impairment charges, if any. Upon acquisition, we allocate the value of acquired real estate assets based on the fair value of the acquired land, building, furniture, fixtures and equipment, and intangible assets, if applicable. Real estate assets are depreciated using the straight-line method over estimated useful lives of up to 40 years for buildings and up to 8 years for furniture, fixtures and equipment. Renovations and/or replacements that improve or extend the life of the real estate asset are capitalized and depreciated over their estimated useful lives. The cost of ordinary repairs and maintenance are expensed as incurred. Real estate assets are evaluated for impairment on a quarterly basis. We consider the following factors when performing our impairment analysis: (1) Management, having the authority to approve the action, commits to a plan to sell the asset; (2) significant negative industry and economic outlook or trends; (3) expected material costs necessary to extend the life or operate the real estate asset; and (4) our ability to hold and dispose of the real estate asset in the ordinary course of business. A real estate asset is considered impaired when the sum of estimated future undiscounted cash flows to be generated by the real estate asset over the estimated remaining holding period is less than the carrying value of such real estate asset. An impairment charge is recorded equal to the excess of the carrying value of the real estate asset over the fair value. When determining the fair value of a real estate asset, we make certain assumptions including, but not limited to, consideration of projected operating cash flows, comparable selling prices and projected cash flows from the eventual disposition of the real estate asset based upon our estimate of a capitalization rate and discount rate.
Revenue Recognition	Revenue Recognition Interest income on our lending assets is accrued based on the actual coupon rate adjusted for accretion of any purchase discounts, the amortization of any purchase premiums and the accretion of any deferred fees, in accordance with GAAP. Loans that are significantly past due may be placed on non-accrual if we determine it is probable that we will not collect all payments which are contractually due. When a loan is placed on non-accrual, interest is only recorded as interest income when it's received. Under certain circumstances, we may apply cost recovery under which interest collected on a loan is a reduction to its amortized cost. The cost recovery method will no longer apply if collection of all principal and interest is reasonably assured. A loan may be placed back on accrual status if we determine it is probable that we will collect all payments which are contractually due. Operating revenue from real estate owned that is a hotel property represents revenue associated with the operations of the hotel property. Revenue from the operation of the hotel property is recognized when guestrooms are occupied or services have been rendered. Revenues are recorded net of any discounts and sales and other taxes collected from customers. Revenues consist of room sales, food and beverage sales and other hotel revenues. Gains or losses on the sale of real estate assets, including residential property, are recognized in accordance with ASC 610-20, "Gains and Losses from the Derecognition of Nonfinancial Assets". We use specific identification method to allocate costs.
Secured Debt Arrangements	Secured Debt Arrangements Secured debt arrangements are accounted for as financing transactions, unless they meet the criteria for sale accounting. Loans financed through a secured debt arrangement remain on our consolidated balance sheet as an asset and cash received from the purchaser is recorded on our consolidated balance sheet as a liability. Interest incurred in accordance with secured debt arrangements is recorded as interest expense. During the second quarter of 2020, we entered into a private securitization with Barclays Bank plc. We have determined that the issuer of this securitization, ACRE Debt 2 PLC, is a Variable Interest Entity ("VIE") of which we were deemed to be the primary beneficiary, because we have the power to direct the activities of the VIE, and therefore, we consolidated the operations of this entity in accordance with GAAP. The collateral assets of the securitization are included in commercial
Securities, held-to-maturity	Securities, held-to-maturity GAAP requires that at the time of purchase, we designate investment securities as held-to-maturity or trading, depending on our investment strategy and ability to hold such securities to maturity. Held-to-maturity securities where we have not elected to apply the fair value option are stated at cost plus any premiums or discounts, which are amortized or accreted through the consolidated statements of operations using the effective interest method.
Securitization/Sale and Financing Arrangements	Securitization/Sale and Financing Arrangements We periodically sell our financial assets, such as commercial mortgage loans, subordinate loans and other lending assets. In connection with these transactions, we may retain or acquire senior or subordinated interests in the related assets. Gains and losses on such transactions are recognized using the guidance in ASC 860, "Transfers and Servicing", which is based on a financial-components approach that focuses on control. Under this approach, after a transfer of financial assets that meets the criteria for treatment as a sale-legal isolation, ability of transferee to pledge or exchange the transferred assets without constraint, and transferred control an entity recognizes the financial assets it retains and any liabilities it has incurred, derecognizes the financial assets it has sold, and derecognizes liabilities when extinguished. We determine the gain or loss on sale of the assets by allocating the carrying value of the sold asset between the sold asset and the interests retained based on their relative fair values, as applicable. The gain or loss on sale is the difference between the cash proceeds from the sale and the amount allocated to the sold asset. When a transfer does not meet the criteria of a sale under ASC 860, we account for such transfer as a secured borrowing on our consolidated balance sheet as both an asset and a non-recourse liability. The non-recourse liability is recorded under "Participations Sold" and the income earned is recorded as interest income and an identical amount is recorded as interest expense on our consolidated statements of operations.
Senior Secured Term Loan	Senior Secured Term Loan We include our senior secured term loan in our consolidated balance sheet as a liability, net of deferred financing costs. Discount or transaction expenses are deferred and amortized through the maturity. Interest paid in accordance with our senior secured term loan is recorded in interest expense. Interest is net of our interest rate swap, which was terminated in May 2020 and our interest rate cap, which was entered into in June 2020.
Share-based Payments	Share-based Payments We account for share-based compensation to our independent directors, Manager and to employees of the Manager and its affiliates using the fair value-based methodology prescribed by GAAP. Compensation cost related to restricted common stock issued is measured at its fair value at the grant date, and amortized into expense over the vesting period on a straight-line basis.
Recent Accounting Pronouncements	Current Expected Credit Losses ("CECL") In June 2016, the Financial Accounting Standards Board ("FASB") issued ASU 2016-13 "Financial Instruments - Credit Losses (Topic 326) - Measurement of Credit Losses on Financial Instruments" ("ASU 2016-13"), which we refer to as the "CECL Standard." In accordance with the CECL Standard, we record allowances for held-to-maturity debt securities that are deducted from the carrying amount of the assets to present the net carrying value at the amounts expected to be collected on the assets. We record loan specific allowances as our Specific CECL Allowance, as a practical expedient under the CECL Standard, which we apply to assets that are collateral dependent and where the borrower or sponsor is experiencing financial difficulty. In addition, we record a General CECL Allowance which is a general allowance in accordance with the CECL Standard on the remainder of the loan portfolio (General CECL Allowance, and together with the Specific CECL Allowance, "CECL Allowances") on a collective basis by assets with similar risk characteristics. We adopted the CECL Standard through a cumulative-effect adjustment to accumulated deficit on January 1, 2020. Subsequent changes to the CECL Allowance are recognized through net income on our consolidated statement of operations. The CECL Standard requires an entity to consider historical loss experience, current conditions, and a reasonable and supportable forecast of the macroeconomic environment. The FASB recognizes the weighted average remaining maturity ("WARM") method as an acceptable approach for computing current expected credit losses. We utilize the WARM method to determine a General CECL Allowance for a majority of our portfolio. In the future, we may use other acceptable methods, such as a probability-of-default/loss-given-default method. For loans where we have deemed the borrower/sponsor to be experiencing financial difficulty, we have elected to apply a practical expedient in which the fair value of the underlying collateral is compared to the amortized cost of the loan in determining a Specific CECL Allowance. Specific CECL Allowance Our loans are typically collateralized by commercial real estate. As a result, we regularly evaluate the extent and impact of any credit migration associated with the performance and/or value of the underlying collateral property as well as the financial and operating capability of the borrower/sponsor on a loan by loan basis. Specifically, a property’s operating results and any cash reserves are analyzed and used to assess (i) whether cash flows from operations are sufficient to cover the debt service requirements currently and into the future, (ii) the ability of the borrower to refinance the loan, and/or (iii) the property’s liquidation value. We also evaluate the financial wherewithal of any loan guarantors as well as the borrower’s competency in managing and operating the properties. In addition, we consider the overall economic environment, real estate sector, and geographic sub-market in which the borrower operates. Such analyses are completed and reviewed by asset management and finance personnel, who utilize various data sources, including (i) periodic financial data such as debt service coverage ratio, property occupancy, tenant profile, rental rates, operating expenses, the borrower’s exit plan, and capitalization and discount rates, (ii) site inspections, and (iii) current credit spreads and discussions with market participants. For loans where we have deemed the borrower/sponsor to be experiencing financial difficulty, we have elected to apply a practical expedient in accordance with the CECL Standard. In accordance with the practical expedient approach, we determine the loan loss provision to be the difference between the fair value of the underlying collateral and the carrying value of the loan (prior to the loan loss allowance). When the repayment or satisfaction of a loan is dependent on a sale, rather than operations, of the collateral, the fair value is adjusted for the estimated cost to sell the collateral. The fair value of the underlying collateral is determined by using method(s) such as discounted cash flow, the market approach, or direct capitalization approach. The key unobservable inputs used to determine the fair value of the underlying collateral may vary depending on the information available to us and market conditions as of the valuation date. If we deem all or any portion of a loan balance uncollectible, that amount is written-off. General CECL Allowance In accordance with the WARM method, an annual historical loss rate is applied to the amortized cost of an asset or pool of assets over the remaining expected life. The WARM method requires consideration of the timing of expected future fundings of existing commitments and repayments over each asset’s remaining life. An annual loss factor, adjusted for macroeconomic estimates, is applied over each subsequent period and aggregated to arrive at the General CECL Allowance. In determining the General CECL Allowance, we considered various factors including (i) historical loss experience in the commercial real estate lending market, (ii) timing of expected repayments and satisfactions, (iii) expected future funding, (iv) capital subordinate to us when we are the senior lender, (v) capital senior to us when we are the subordinate lender, and (vi) our current and future view of the macroeconomic environment. The standard requires the use of significant judgment to arrive at an estimated credit loss. There is significant uncertainty related to future macroeconomic conditions as the result of COVID-19. We derived an annual historical loss rate based on a CMBS database with historical losses from 1998 through the fourth quarter of 2021 provided by a third party, Trepp LLC. We applied various filters to arrive at a CMBS dataset most analogous to Recent Accounting Pronouncements In August 2020, the FASB issued ASU 2020-06 "Debt – Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging – Contracts in Entity’s Own Equity" ("ASU 2020-06"). The intention of ASU 2020-06 is to address the complexities in accounting for certain financial instruments with a debt and equity component. Under ASU 2020-06, the number of accounting models for convertible notes will be reduced and entities that issue convertible debt will be required to use the if-converted method for the computation of diluted "Earnings per share" under ASC 260. ASU 2020-06 is effective for fiscal years beginning after December 15, 2021 and may be adopted through either a modified retrospective method of transition or a fully retrospective method of transition. We plan to adopt ASU 2020-06 through the modified retrospective method on January 1, 2022 through an adjustment to additional paid-in capital, retained earnings, and the carrying values our Convertible Notes. The net impact to stockholders' equity of adopting ASU 2020-06 In March 2020, the FASB issued ASU 2020-04 "Reference Rate Reform (Topic 848) – Facilitation of the Effects of Reference Rate Reform on Financial Reporting" ("ASU 2020-04"). ASU 2020-04 provides optional expedients and exceptions for applying GAAP to debt instruments, derivatives, and other contracts that reference London Interbank Offered Rate

Fair Value Disclosure (Tables)

Fair Value Disclosure (Tables)	12 Months Ended
	Dec. 31, 2021
Fair Value Disclosures [Abstract]
Schedule of Levels in Fair Value Hierarchy of Financial Instruments	The following table summarizes the levels in the fair value hierarchy into which our assets and liabilities with recurring fair value measurements were categorized as of December 31, 2021 and 2020 ($ in thousands): Fair Value as of December 31, 2021 Fair Value as of December 31, 2020 Level I Level II Level III Total Level I Level II Level III Total Recurring fair value measurements: Foreign currency forward, net $ — $ 15,340 $ — $ 15,340 $ — $ (31,375) $ — $ (31,375) Interest rate cap asset — 1,448 — 1,448 — 134 — 134 Total financial instruments $ — $ 16,788 $ — $ 16,788 $ — $ (31,241) $ — $ (31,241)

Commercial Mortgage Loans, Su_2

Commercial Mortgage Loans, Subordinate Loans and Other Lending Assets, Net (Tables)	12 Months Ended
	Dec. 31, 2021
Receivables [Abstract]
Schedule of Loan Portfolio	Our loan portfolio was comprised of the following at December 31, 2021 and 2020 ($ in thousands): Loan Type December 31, 2021 December 31, 2020 Commercial mortgage loans, net (1) $ 7,012,312 $ 5,451,084 Subordinate loans and other lending assets, net 844,948 1,045,893 Carrying value, net $ 7,857,260 $ 6,496,977 ——————— (1) Includes $97.8 million and $136.1 million in 2021 and 2020, respectively, of contiguous financing structured as subordinate loans.
Schedule of Activity Related to Loan Investment Portfolio	Activity relating to our loan portfolio, for the year ended December 31, 2021, was as follows ($ in thousands): Principal Deferred Fees/Other Items (1) Specific CECL Allowance Carrying Value, Net (2) December 31, 2020 $ 6,728,424 $ (18,345) $ (175,000) $ 6,535,079 New loan fundings 2,812,087 — — 2,812,087 Add-on loan fundings (3) 521,975 — — 521,975 Loan repayments and sales (1,881,211) — — (1,881,211) Gain (loss) on foreign currency translation (94,205) 964 — (93,241) Reversal of Specific CECL Allowance — — 30,000 30,000 Realized loss on investment (20,630) (137) — (20,767) Transfer to real estate owned (45,448) 159 — (45,289) Deferred fees and other items — (42,911) — (42,911) PIK interest and amortization of fees 51,385 23,741 — 75,126 December 31, 2021 $ 8,072,377 $ (36,529) $ (145,000) $ 7,890,848 General CECL Allowance (4) (33,588) Carrying value, net $ 7,857,260 ——————— (1) Other items primarily consist of purchase discounts or premiums, cost recovery interest, exit fees, deferred origination expenses, and the activity of unconsolidated joint ventures. (2) December 31, 2020 carrying value excludes General CECL Allowance. (3) Represents fundings for loans closed prior to 2021. (4) $3.1 million of the General CECL Allowance is excluded from this table because it relates to unfunded commitments and has been recorded as a liability under accounts payable, accrued expenses and other liabilities in our consolidated balance sheet.
Schedule of Overall Statistics for the Loan Portfolio	The following table details overall statistics for our loan portfolio at the dates indicated ($ in thousands): December 31, 2021 December 31, 2020 Number of loans 67 67 Principal balance $ 8,072,377 $ 6,728,424 Carrying value, net $ 7,857,260 $ 6,496,977 Unfunded loan commitments (1) $ 1,357,122 $ 1,399,989 Weighted-average cash coupon (2) 4.5 % 5.7 % Weighted-average remaining fully-extended term (3) 2.9 years 2.8 years Weighted-average expected term (4) 2.3 years 2.1 years ——————— (1) Unfunded loan commitments are funded to finance construction costs, tenant improvements, leasing commissions, or carrying costs. These future commitments are funded over the term of each loan, subject in certain cases to an expiration date. (2) For floating rate loans, based on applicable benchmark rates as of the specified dates. For loans placed on non-accrual or cost recovery the interest rate used in calculating weighted-average cash coupon is 0%. (3) Assumes all extension options are exercised. (4) Expected term represents our estimated timing of repayments as of the specified dates. Excludes risk-rated 5 loans.
Schedule of Mortgage Loans on Real Estate	The table below details the property type of the properties securing the loans in our portfolio at the dates indicated ($ in thousands): December 31, 2021 December 31, 2020 Property Type Carrying % of (1) Carrying % of Portfolio (1) Hotel $ 1,875,439 23.8 % $ 1,576,369 24.1 % Office 1,700,779 21.6 1,911,145 29.2 Residential-for-sale 956,617 12.1 982,838 15.0 Urban Retail 711,592 9.0 655,456 10.0 Residential-for-rent 477,569 6.1 189,260 2.9 Retail Center 414,740 5.3 105,344 1.6 Industrial 377,068 4.8 228,918 3.5 Healthcare 316,321 4.0 369,676 5.7 Mixed Use 269,839 3.4 217,164 3.3 Other (2) 790,884 9.9 298,909 4.7 Total $ 7,890,848 100.0 % $ 6,535,079 100.0 % General CECL Allowance (3) (33,588) (38,102) Carrying value, net $ 7,857,260 $ 6,496,977 ——————— (1) Percentage of portfolio calculations are made prior to consideration of General CECL Allowance. (2) Other property types include parking garages (3.3%), caravan parks (2.8%), multifamily development (2.2%), and urban predevelopment (1.6%) in 2021, and urban predevelopment (4.7%) in 2020. (3) $3.1 million and $3.4 million of the General CECL Allowance for 2021 and 2020, respectively, is excluded from this table because it relates to unfunded commitments and has been recorded as a liability under accounts payable, accrued expenses and other liabilities in our consolidated balance sheet. Geography The table below details the geographic distribution of the properties securing the loans in our portfolio at the dates indicated ($ in thousands): December 31, 2021 December 31, 2020 Geographic Location Carrying % of (1) Carrying % of Portfolio (1) United Kingdom $ 2,297,286 29.1 % $ 1,263,264 19.3 % New York City 2,000,661 25.4 2,370,337 36.3 Other Europe (3) 1,295,870 16.4 635,831 9.7 Southeast 708,920 9.0 581,301 8.9 Midwest 689,274 8.7 552,537 8.5 West 356,097 4.5 749,985 11.5 Other (4) 542,740 6.9 381,824 5.8 Total $ 7,890,848 100.0 % $ 6,535,079 100.0 % General CECL Allowance (2) (33,588) (38,102) Carrying value, net $ 7,857,260 $ 6,496,977 ——————— (1) Percentage of portfolio calculations are made prior to consideration of General CECL Allowance. (2) $3.1 million and $3.4 million of the General CECL Allowance for 2021 and 2020, respectively, is excluded from this table because it relates to unfunded commitments and has been recorded as a liability under accounts payable, accrued expenses and other liabilities in our consolidated balance sheet. (3) Other Europe includes Germany (6.1%), Sweden (3.6%), Spain (3.3%), Italy (2.6%), and Ireland (0.8%) in 2021 and Germany (3.3%), Spain (4.2%), and Italy (2.2%) in 2020. (4) Other includes Southwest (3.5%), Northeast (1.5%), Mid-Atlantic (1.6%), and Other (0.3%) in 2021 and Southwest (2.8%), Northeast (1.6%), Mid-Atlantic (1.0%), and Other (0.4%) in 2020.
Schedule of Carrying Value of Loan Portfolio Based on Internal Risk Ratings	The following tables allocate the carrying value of our loan portfolio based on our internal risk ratings and date of origination at the dates indicated ($ in thousands): December 31, 2021 Year Originated Risk Rating Number of Loans Total % of Portfolio 2021 2020 2019 2018 2017 Prior 1 — $ — — % $ — $ — $ — $ — $ — $ — 2 1 32,000 0.4 % — — — — — 32,000 3 62 7,372,081 93.5 % 2,622,248 644,404 2,307,948 828,270 389,264 579,947 4 1 81,980 1.0 % — — — — 81,980 — 5 3 404,787 5.1 % — — — — 177,483 227,304 Total 67 $ 7,890,848 100.0 % $ 2,622,248 $ 644,404 $ 2,307,948 $ 828,270 $ 648,727 $ 839,251 General CECL Allowance (33,588) Total carrying value, net $ 7,857,260 Weighted Average Risk Rating 3.1 December 31, 2020 Year Originated Risk Rating Number of Loans Total % of Portfolio 2020 2019 2018 2017 2016 Prior 1 — $ — — % $ — $ — $ — $ — $ — $ — 2 1 32,000 0.5 % — — — — — 32,000 3 62 6,129,541 93.8 % 469,586 2,661,017 1,398,479 868,514 88,710 643,235 4 — — — % — — — — — — 5 4 373,538 5.7 % — — — 131,050 115,419 127,069 Total 67 $ 6,535,079 100.0 % $ 469,586 $ 2,661,017 $ 1,398,479 $ 999,564 $ 204,129 $ 802,304 General CECL Allowance (38,102) Total carrying value, net $ 6,496,977 Weighted Average Risk Rating 3.1
Financing Receivable Cost Recovery	The following table summarizes the loans with Specific CECL Allowances that have been recorded on our portfolio as of December 31, 2021 ($ in thousands): Type Property type Location Amortized cost prior to Specific CECL Allowance Specific CECL Allowance (1) Amortized cost Interest recognition status/ as of date Mortgage Multifamily Development (2)(3) Brooklyn, NY $187,483 $10,000 $177,483 Cost Recovery/ 3/1/2020 Urban Predevelopment (2)(4) Miami, FL 190,492 68,000 122,492 Cost Recovery/ 3/1/2020 Retail Center (5)(6) Cincinnati, OH 171,812 67,000 104,812 Cost Recovery/ 10/1/2019 Mortgage total: $549,787 $145,000 $404,787 ——————— (1) During the year ended December 31, 2021 we reversed $30.0 million of previously recorded Specific CECL Allowances. This is comprised of $20.0 million of CECL reversals as discussed below and the realization of $10.0 million of previously recorded Specific CECL Allowance as a realized loss. (2) The fair value of this collateral was determined by assuming rent per square foot ranging from $48 to $215 and a capitalization rate ranging from 5.0% to 5.5%. (3) During the year ended December 31, 2021, $20.0 million of previously recorded Specific CECL Allowance was reversed primarily related to a more favorable market outlook as compared to when the Specific CECL Allowance was first recorded with respect to the loan. (4) In October 2020, we entered a joint venture with CCOF Design Venture, LLC ("CCOF"), which owns the underlying properties that secure our $187.7 million first mortgage loan. The entity in which we own an interest, and which owns the underlying properties was deemed to be a VIE and we determined that we are not the primary beneficiary of that VIE as we do not have the power to direct the entity's activities. The related profit and loss from the joint venture was immaterial for the years ended December 31, 2021 and 2020. (5) The fair value of retail collateral was determined by applying a capitalization rate of 8.0%. (6) In September 2018, we entered a joint venture with Turner Consulting II, LLC ("Turner Consulting"), through an entity which owns the underlying property that secures our loan. Turner Consulting contributed 10% of venture’s equity and we contributed 90%. The entity was deemed to be a VIE and we determined that we are not the primary beneficiary of that VIE as we do not have the power to direct the entity's activities. During the years ended December 31, 2021 and 2020, $1.4 million and $1.6 million, respectively, of interest paid was applied towards reducing the carrying value of the loan.
Schedule of CECL Reserves	The following schedule sets out our General CECL Allowance as of December 31, 2021 and 2020 ($ in thousands): December 31, 2021 December 31, 2020 Commercial mortgage loans, net $ 22,554 $ 17,012 Subordinate loans and other lending assets, net 11,034 21,090 Unfunded commitments (1) 3,106 3,365 Total General CECL Allowance $ 36,694 $ 41,467 ——————— (1) The General CECL Allowance on unfunded commitments is recorded as a liability on our consolidated balance sheet within accounts payable, accrued expenses and other liabilities The following schedule illustrates the quarterly changes in CECL Allowances f or the years ended December 31, 2021 and 2020, respectively ($ in thousands): Specific CECL Allowance General CECL Allowance Total CECL Allowance CECL Allowance as % of Amortized Cost Funded Unfunded Total General Total December 31, 2020 $ 175,000 $ 38,102 $ 3,365 $ 41,467 $ 216,467 0.67 % 3.23 % Changes: Q1 Allowance (Reversals) — (1,667) 429 (1,238) (1,238) March 31, 2021 $ 175,000 $ 36,435 $ 3,794 $ 40,229 $ 215,229 0.62 % 3.06 % Changes: Q2 Allowance (Reversals) (20,000) 1,764 (1,350) 414 (19,586) Write-offs (10,000) — — — (10,000) June 30, 2021 $ 145,000 $ 38,199 $ 2,444 $ 40,643 $ 185,643 0.57 % 2.41 % Changes: Q3 Allowance (Reversals) — (5,515) (251) (5,766) (5,766) September 30, 2021 $ 145,000 $ 32,684 $ 2,193 $ 34,877 $ 179,877 0.51 % 2.43 % Changes: Q4 Allowance (Reversals) — 904 913 1,817 1,817 December 31, 2021 $ 145,000 $ 33,588 $ 3,106 $ 36,694 $ 181,694 0.49 % 2.26 % Specific CECL Allowance (1) General CECL Allowance Total CECL Allowance CECL Allowance as % of Amortized Cost Funded Unfunded Total General Total December 31, 2019 $ 56,981 $ — $ — $ — $ 56,981 — % — % Changes: January 1, 2020 - Adoption of CECL Standard — 27,779 3,088 30,867 30,867 Q1 Allowances 150,000 30,494 2,971 33,465 183,465 March 31, 2020 $ 206,981 $ 58,273 $ 6,059 $ 64,332 $ 271,313 1.08 % 4.05 % Changes: Q2 Allowances (Reversals) 5,500 (13,729) (1,940) (15,669) (10,169) Write-offs (15,000) — — — (15,000) June 30, 2020 $ 197,481 $ 44,544 $ 4,119 $ 48,663 $ 246,144 0.81 % 3.71 % Changes: Q3 Reversals, net of Allowances (550) (5,268) (524) (5,792) (6,342) September 30, 2020 $ 196,931 $ 39,276 $ 3,595 $ 42,871 $ 239,802 0.71 % 3.59 % Changes: Q4 Allowances (Reversals) — (1,174) (230) (1,404) (1,404) Write-offs (21,931) — — — (21,931) December 31, 2020 $ 175,000 $ 38,102 $ 3,365 $ 41,467 $ 216,467 0.67 % 3.23 % ——————— (1) As of December 31, 2019, amount represents specific loan loss provisions recorded on assets before the adoption of the CECL Standard. After the adoption of the CECL Standard on January 1, 2020, amounts represent Specific CECL Allowances.

Real Estate Owned and Related_2

Real Estate Owned and Related Debt (Tables)	12 Months Ended
	Dec. 31, 2021
Real Estate [Abstract]
Schedule of Business Acquisitions	On May 24, 2021, in accordance with ASC 805, "Business Combinations, " we allocated the fair value of the hotel’s acquired assets and assumed debt. On June 29, 2021, we repaid the $110.0 million mortgage loan against the property. Below are the hotel's acquired assets and assumed debt as of May 24 and December 31, 2021, which are designated as real estate owned on our consolidated balance sheet ($ in thousands): December 31, 2021 May 24, 2021 Assets: Cash $ 4,881 $ 4,148 Land 58,742 58,742 Buildings 86,973 86,871 Furniture, fixtures, and equipment 8,718 8,687 Other Assets 3,141 1,555 Accumulated depreciation (2,645) — Total Assets $ 159,810 $ 160,003 Liabilities: Debt related to real estate owned (1) $ — $ 110,073 Accounts payable, accrued expenses and other liabilities 7,195 4,641 Total Liabilities $ 7,195 $ 114,714 Net Real Estate Assets $ 152,615 $ 45,289 ——————— (1) $110 million first mortgage loan was repaid on June 29, 2021. Upon consolidation we assumed the other hotel assets and liabilities such as cash, operating receivables, accrued operating expenses, and unearned revenue, which have been recorded on our consolidated balance sheet within cash, other assets, and accounts payable, accrued expenses and other liabilities.
Real Estate Investment Financial Statements, Disclosure	For the year ended December 31, 2021, we recorded the operating revenue, expenses and fixed asset depreciation and amortization in its consolidated income statement as shown below ($ in thousands): 2021 Operations related to real estate owned: Revenue from operations $ 18,917 Operating expenses (19,923) Depreciation and amortization (2,645) Net loss from real estate owned $ (3,651)

Other Assets (Tables)

Other Assets (Tables)	12 Months Ended
	Dec. 31, 2021
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Schedule of Components of Other Assets	The following table details the components of our other assets at the dates indicated ($ in thousands): December 31, 2021 December 31, 2020 Interest receivable $ 41,219 $ 40,559 Collateral deposited under derivative agreements — 28,320 Loan proceeds held by servicer 3,179 5,649 Other (1) 3,355 112 Total $ 47,753 $ 74,640 ——————— (1) Includes $3.1 million of other assets from real estate owned at December 31, 2021. Refer to "Note 5 – Real Estate Owned and Related Debt" for additional information.

Secured Debt Arrangements, Net

Secured Debt Arrangements, Net (Tables)	12 Months Ended
	Dec. 31, 2021
Debt Disclosure [Abstract]
Schedule of Weighted Average Maturities and Interest Rates of Borrowings	At December 31, 2021 and December 31, 2020, our borrowings included the following secured debt arrangements, maturities and weighted-average interest rates ($ in thousands): December 31, 2021 December 31, 2020 Maximum Amount of Borrowings (1) Borrowings Outstanding (1) Maturity (2) Maximum Amount of Borrowings (1) Borrowings Outstanding (1) Maturity (2) JPMorgan (USD) $ 1,344,283 $ 1,329,923 September 2026 $ 1,113,156 $ 984,125 June 2024 JPMorgan (GBP) 87,497 86,849 September 2026 113,548 113,548 June 2024 JPMorgan (EUR) 68,220 68,220 September 2026 73,296 73,296 June 2024 DB (USD) 700,000 259,073 March 2023 1,000,000 520,457 March 2023 Goldman (USD) 300,000 168,231 November 2025 (3) 500,000 332,352 November 2023 (3) CS Facility - USD 161,609 148,720 February 2025 (4)(5) 374,251 369,182 December 2023 (4)(5) HSBC Facility - EUR 167,756 162,937 July 2022 163,785 163,785 July 2021 Barclays (USD) 200,000 32,693 March 2024 200,000 35,192 March 2024 Total Secured Credit Facilities 3,029,365 2,256,646 3,538,036 2,591,937 Barclays Private Securitization 1,902,684 1,902,684 August 2024 (5) 857,728 857,728 September 2023 (5) Total Secured Debt Arrangements 4,932,049 4,159,330 4,395,764 3,449,665 Less: deferred financing costs N/A (9,062) N/A (12,993) Total Secured Debt Arrangements, net (6)(7)(8) $ 4,932,049 $ 4,150,268 $ 4,395,764 $ 3,436,672 ——————— (1) As of December 31, 2021, British Pound Sterling ("GBP"), Euros ("EUR"), and Swedish Krona ("SEK") borrowings were converted to USD at a rate o f 1.35, 1.14, and 0.11, respectively. As of December 31, 2020, GBP and EUR borrowings were converted to USD at a rate of 1.37 and 1.22, respectively. (2) Maturity date assumes extensions at our option are exercised with consent of financing providers, where applicable. (3) Assumes facility enters the amortization period described below. (4) Assumes financings are extended in line with the underlying loans. (5) Represents weighted average maturity across various financings with the counterparty. See below for additional details. (6) Weighted-average borrowing costs as of December 31, 2021 and December 31, 2020 were applicable benchmark rates plus spreads of USD: +2.00% / GBP: +1.86% / EUR: +1.42% / SEK: +1.50% and USD: +2.16% / GBP: +1.83% / EUR: +1.46%, respectively. (7) Weighted average advance rates based on cost as of December 31, 2021 and December 31, 2020 were 69.8% (67.1% (USD) / 72.7% (GBP) / 68.9% (EUR) / 80.7% (SEK)) and 63.7% (62.5% (USD) / 68.7% (GBP) / 60.8% (EUR)).
Schedule of Assets Under the Private Barclays Securitization	The table below provides the borrowings outstanding (on an as converted basis) and weighted-average fully-extended maturities by currency for the assets financed under the Barclays Private Securitization as of December 31, 2021 ($ in thousands): Borrowings outstanding Fully-Extended Maturity (1) Total/Weighted-Average GBP $ 1,299,321 June 2025 Total/Weighted-Average EUR 373,904 November 2022 (2) Total/Weighted-Average SEK 229,458 November 2022 Total/Weighted-Average Securitization $ 1,902,683 August 2024 ——————— (1) Assumes underlying loans extend to fully extended maturity and extensions at our option are exercised. (2) The EUR portion of the Barclays Private Securitization has an "evergreen" feature such that the facility continues for one year and can be terminated by either party on certain dates with, depending on the date of notice, a minimum of nine to twelve months' notice. Principal Amount Unamortized Issuance Discount (1) Deferred Financing Costs (1) Carrying Value Spread Maturity Date 2026 Term Loan $ 487,500 $ (1,548) $ (7,933) $ 478,019 2.75 % 5/15/2026 2028 Term Loan 297,750 (2,643) (4,801) 290,306 3.50 % 3/11/2028 Total $ 785,250 $ (4,191) $ (12,734) $ 768,325 (1) Unamortized issuance discount and deferred financing costs will be amortized to interest expense over remaining life of respective term loans. The following table summarizes the terms of our Term Loans as of December 31, 2020 ($ in thousands): Principal Amount Unamortized Issuance Discount (1) Deferred Financing Costs (1) Carrying Value Spread Maturity Date 2026 Term Loan $ 492,500 $ (1,905) $ (7,130) $ 483,465 2.75 % 5/15/2026
Schedule of Assets and Liabilities	The table below provides the assets and liabilities of the Barclays Private Securitization VIE included in our consolidated balance sheet ($ in thousands): December 31, 2021 December 31, 2020 Assets: Cash $ 3,456 $ 2,020 Commercial mortgage loans, net (1) 2,559,266 1,290,393 Other Assets 20,765 15,831 Total Assets $ 2,583,487 $ 1,308,244 Liabilities: Secured debt arrangements, net (net of deferred financing costs of $2.0 million and $0.7 million in 2021 and 2020, respectively) $ 1,900,640 $ 857,043 Accounts payable, accrued expenses and other liabilities (2) 2,671 1,307 Total Liabilities $ 1,903,311 $ 858,350 ——————— (1) Net of the General CECL Allowance of $11.8 million and $4.4 million as of December 31, 2021 and December 31, 2020, respectively. (2) Represents General CECL Allowance related to unfunded commitments on commercial mortgage loans, net of $0.4 million and $0.3 million as of December 31, 2021 and December 31, 2020, respectively.
Interest Income and Interest Expense Disclosure	The table below provides the net income of the Barclays Private Securitization VIE included in our consolidated statement of operations ($ in thousands): Year ended December 31, 2021 2020 Net Interest Income: Interest income from commercial mortgage loans $ 86,377 $ 29,511 Interest expense (25,661) (8,312) Net interest income $ 60,716 $ 21,199 General and administrative expense — (178) Provision for loan losses and impairments (7,148) (916) Foreign currency gain (loss) (13,102) 39,731 Net Income $ 40,466 $ 59,836
Schedule of Remaining Maturities of Borrowings	At December 31, 2021, our borrowings had the following remaining maturities ($ in thousands): Less than 1 to 3 3 to 5 More than Total JPMorgan Facility $ 129,317 $ 800,734 $ 554,942 $ — $ 1,484,993 DB Facility — 259,073 — — 259,073 Goldman Facility — 125,611 42,620 — 168,231 CS Facility - USD — — 148,720 — 148,720 HSBC Facility - EUR 162,937 — — — 162,937 Barclays Facility - USD — 32,693 — — 32,693 Barclays Private Securitization 603,362 690,598 608,723 — 1,902,683 Total $ 895,616 $ 1,908,709 $ 1,355,005 $ — $ 4,159,330
Schedule of Outstanding, Maximum and Average Balances of Debt	The table below summarizes the outstanding balances at December 31, 2021, as well as the maximum and average month-end balances for the year ended December 31, 2021 for our borrowings under secured debt arrangements ($ in thousands). As of December 31, 2021 For the year ended December 31, 2021 Balance Amortized Cost of Collateral Maximum Month-End Average Month-End JPMorgan Facility $ 1,484,992 $ 2,259,376 $ 1,484,992 $ 1,219,072 DB Facility 259,073 389,238 520,217 407,428 Goldman Facility 168,231 261,848 331,154 228,312 CS Facility - USD 148,720 214,124 369,182 224,351 HSBC Facility - EUR 162,937 211,813 174,717 165,958 Barclays Facility - USD 32,693 50,241 35,193 33,526 Barclays Private Securitization 1,902,684 2,571,067 1,902,684 1,396,411 Total $ 4,159,330 $ 5,957,707 The table below summarizes the outstanding balances at December 31, 2020, as well as the maximum and average month-end balances for the year ended December 31, 2020 for our borrowings under secured debt arrangements ($ in thousands). As of December 31, 2020 For the year ended December 31, 2020 Balance Amortized Cost of Collateral Maximum Month-End Average Month-End JPMorgan Facility $ 1,170,969 $ 2,009,249 $ 1,192,288 $ 1,119,997 DB Facility 520,457 814,715 526,743 506,831 Goldman Facility 332,352 510,371 362,139 343,621 CS Facility - USD 369,182 524,139 378,781 348,464 CS Facility - GBP — — 90,111 43,094 HSBC Facility - USD — — 50,625 44,000 HSBC Facility - GBP — — 34,500 20,563 HSBC Facility - EUR 163,785 215,509 163,788 154,725 Barclays Facility - USD 35,192 49,993 35,193 29,327 Barclays Facility - GBP — — 666,810 260,692 Barclays Facility - EUR — — 180,595 70,521 Barclays Private Securitization 857,728 1,295,023 857,728 823,915 Total $ 3,449,665 $ 5,418,999

Senior Secured Term Loan, Net (

Senior Secured Term Loan, Net (Tables)	12 Months Ended
	Dec. 31, 2021
Debt Disclosure [Abstract]
Schedule of Long-term Debt Instruments	The table below provides the borrowings outstanding (on an as converted basis) and weighted-average fully-extended maturities by currency for the assets financed under the Barclays Private Securitization as of December 31, 2021 ($ in thousands): Borrowings outstanding Fully-Extended Maturity (1) Total/Weighted-Average GBP $ 1,299,321 June 2025 Total/Weighted-Average EUR 373,904 November 2022 (2) Total/Weighted-Average SEK 229,458 November 2022 Total/Weighted-Average Securitization $ 1,902,683 August 2024 ——————— (1) Assumes underlying loans extend to fully extended maturity and extensions at our option are exercised. (2) The EUR portion of the Barclays Private Securitization has an "evergreen" feature such that the facility continues for one year and can be terminated by either party on certain dates with, depending on the date of notice, a minimum of nine to twelve months' notice. Principal Amount Unamortized Issuance Discount (1) Deferred Financing Costs (1) Carrying Value Spread Maturity Date 2026 Term Loan $ 487,500 $ (1,548) $ (7,933) $ 478,019 2.75 % 5/15/2026 2028 Term Loan 297,750 (2,643) (4,801) 290,306 3.50 % 3/11/2028 Total $ 785,250 $ (4,191) $ (12,734) $ 768,325 (1) Unamortized issuance discount and deferred financing costs will be amortized to interest expense over remaining life of respective term loans. The following table summarizes the terms of our Term Loans as of December 31, 2020 ($ in thousands): Principal Amount Unamortized Issuance Discount (1) Deferred Financing Costs (1) Carrying Value Spread Maturity Date 2026 Term Loan $ 492,500 $ (1,905) $ (7,130) $ 483,465 2.75 % 5/15/2026

Convertible Senior Notes, Net (

Convertible Senior Notes, Net (Tables)	12 Months Ended
	Dec. 31, 2021
Debt Disclosure [Abstract]
Schedule of Convertible Senior Notes	The following table summarizes the terms of the Convertible Notes as of December 31, 2021 ($ in thousands): Principal Amount Coupon Rate Effective Rate (1) Conversion Rate (2) Maturity Date Remaining Period of Amortization 2022 Notes $ 345,000 4.75 % 5.60 % 50.2260 8/23/2022 0.64 2023 Notes 230,000 5.38 % 6.16 % 48.7187 10/15/2023 1.79 Total $ 575,000 The following table summarizes the terms of the Convertible Notes as of December 31, 2020 ($ in thousands): Principal Amount Coupon Rate Effective Rate (1) Conversion Rate (2) Maturity Date Remaining Period of Amortization 2022 Notes $ 345,000 4.75 % 5.60 % 50.2260 8/23/2022 1.65 2023 Notes 230,000 5.38 % 6.16 % 48.7187 10/15/2023 2.79 Total $ 575,000 ——————— (1) Effective rate includes the effect of the adjustment for the conversion option (See footnote (2) below), the value of which reduced the initial liability and was recorded in additional paid-in-capital. (2) We have the option to settle any conversions in cash, shares of common stock or a combination thereof. The conversion rate represents the number of shares of common stock issuable per one thousand principal amount of the Convertible Notes converted, and includes adjustments relating to cash dividend payments made by us to stockholders that have been deferred and carried-forward in accordance with, and are not yet required to be made pursuant to, the terms of the applicable supplemental indenture.

Derivatives (Tables)

Derivatives (Tables)	12 Months Ended
	Dec. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Non-Designated Foreign Exchange Forwards	The following table summarizes our non-designated foreign exchange ("Fx") forwards and our interest rate cap as of December 31, 2021: December 31, 2021 Type of Derivatives Number of Contracts Aggregate Notional Amount (in thousands) Notional Currency Maturity Weighted-Average Years to Maturity Fx contracts - GBP 125 738,178 GBP January 2022 - February 2026 2.14 Fx contracts - EUR 90 508,541 EUR January 2022 - November 2025 1.88 Fx contracts - SEK 20 765,138 SEK February 2022 - May 2026 3.74 Interest rate cap 1 500,000 USD June 2023 1.45 The following table summarizes our non-designated Fx forwards and our interest rate cap as of December 31, 2020: December 31, 2020 Type of Derivatives Number of Contracts Aggregate Notional Amount (in thousands) Notional Currency Maturity Weighted-Average Years to Maturity Fx contracts - GBP 93 428,493 GBP January 2021 - December 2024 2.04 Fx contracts - EUR 69 239,466 EUR February 2021 - August 2024 2.61 Interest rate cap 1 500,000 USD June 2023 2.49
Schedule of Amounts Recognized on Consolidated Statements of Operations Related to Company's Derivatives	The following table summarizes the amounts recognized on our consolidated statements of operations related to our derivatives for the years ended December 31, 2021, 2020, and 2019 ($ in thousands): Amount of gain (loss) Year ended December 31, Location of Gain (Loss) Recognized in Income 2021 2020 2019 Forward currency contracts Unrealized gain (loss) on derivative instruments $ 46,714 $ (26,499) $ (28,576) Forward currency contracts Realized gain (loss) on derivative instruments (5,040) 16,756 14,151 Total $ 41,674 $ (9,743) $ (14,425) Amount of gain (loss) Year ended December 31, Location of Gain (Loss) Recognized in Income 2021 2020 2019 Interest rate cap (1) Unrealized gain on interest rate cap $ 1,314 $ 134 $ — Interest rate swap (2) Unrealized gain (loss) on interest rate swap — 14,470 (14,470) Interest rate swap (2) Realized loss on interest rate swap — (53,851) — Total $ 1,314 $ (39,247) $ (14,470) ——————— (1) With a notional amount of $500.0 million at December 31, 2021 and 2020 and $0 at December 31, 2019. (2) With a notional amount of $500.0 million at December 31, 2021, and $0 at December 31, 2020 and 2019.
Schedule of Gross Asset and Liability Amounts Related to Derivatives	The following tables summarize the gross asset and liability amounts related to our derivatives at December 31, 2021 and December 31, 2020 ($ in thousands): December 31, 2021 December 31, 2020 Gross Gross Net Amounts Gross Amount of Recognized Liabilities Gross Net Amounts of Liabilities Presented in our Consolidated Balance Sheet Forward currency contracts $ 28,781 $ (13,441) $ 15,340 $ (32,172) $ 797 $ (31,375) Interest rate cap 1,448 — 1,448 — 134 134 Total derivative asset (liability) $ 30,229 $ (13,441) $ 16,788 $ (32,172) $ 931 $ (31,241)

Participations Sold (Tables)

Participations Sold (Tables)	12 Months Ended
	Dec. 31, 2021
Debt Disclosure [Abstract]
Schedule of Participating Mortgage Loans	The table below details participations sold included in our consolidated balance sheet ($ in thousands): December 31, 2021 December 31, 2020 Participation sold on Commercial mortgage loans $ 27,064 $ 9,217 Participation sold on Subordinate loans and other lending assets (1) — 25,757 Total Participations sold $ 27,064 $ 34,974 ——————— (1) Includes $0 and $0.8 million of PIK interest in 2021 and 2020, respectively.

Accounts Payable, Accrued Exp_2

Accounts Payable, Accrued Expenses and Other Liabilities (Tables)	12 Months Ended
	Dec. 31, 2021
Payables and Accruals [Abstract]
Schedule of Accounts Payable, Accrued Expense and Other Liabilities	The following table details the components of our accounts payable, accrued expense and other liabilities ($ in thousands): December 31, 2021 December 31, 2020 Accrued dividends payable $ 52,833 $ 52,768 Accrued interest payable 16,166 13,979 Accounts payable and other liabilities (1) 9,084 4,775 Collateral held under derivative agreements 21,420 — General CECL Allowance on unfunded commitments (2) 3,106 3,365 Total $ 102,609 $ 74,887 ——————— (1) Includes $7.2 million of accounts payable and other liabilities on the balance sheet of the real estate owned at December 31, 2021. Refer to "Note 5 – Real Estate Owned and Related Debt" for additional information. (2) Refer to "Note 4 - Commercial Mortgage Loans, Subordinate Loans and Other Lending Assets, Net" for additional disclosure related to the General CECL Allowance on unfunded commitments for the year ended December 31, 2021 and 2020, respectively.

Share-Based Payments (Tables)

Share-Based Payments (Tables)	12 Months Ended
	Dec. 31, 2021
Share-based Payment Arrangement [Abstract]
Summary of Grants, Exchanges and Forfeitures of Restricted Stock and RSUs	The following table summarizes the grants, vesting and forfeitures of restricted common stock and RSUs during the years ended December 31, 2021, 2020, and 2019: Type Restricted Stock RSUs Grant Date Fair Value ($ in millions) Outstanding at December 31, 2018 65,697 1,852,957 Granted 27,245 1,069,202 $ 20.5 Vested (67,586) (877,261) N/A Forfeiture — (37,543) N/A Outstanding at December 31, 2019 25,356 2,007,355 Granted 82,235 1,446,155 $ 16.4 Vested (25,356) (962,518) N/A Forfeiture — (35,139) N/A Outstanding at December 31, 2020 82,235 2,455,853 Granted 45,185 1,323,487 $ 18.2 Vested (82,235) (1,136,525) N/A Forfeiture — (44,874) N/A Outstanding at December 31, 2021 45,185 2,597,941 Below is a summary of restricted stock and RSU vesting dates as of December 31, 2021 : Vesting Year Restricted Stock RSU Total Awards 2022 38,517 1,261,218 1,299,735 2023 3,334 895,548 898,882 2024 3,334 441,175 444,509 Total 45,185 2,597,941 2,643,126

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	12 Months Ended
	Dec. 31, 2021
Equity [Abstract]
Schedule of Dividends Activity	The following table details our dividend activity: Year ended December 31, Dividends declared per share of: 2021 2020 2019 Common Stock (1) $1.40 $1.45 $1.84 Series B Preferred Stock 1.00 2.00 2.00 Series B-1 Preferred Stock 0.90 N/A N/A Series C Preferred Stock (2) N/A N/A 0.72 ——————— (1) As our aggregate 2021 distributions did not exceed our earnings and profits, $0.1055 of the January 2022 distribution declared in the fourth quarter of 2021, and payable to common stockholders of record as of December 31, 2021, will be treated as a 2021 distribution for U.S. federal income tax purposes. (2) The Series C Preferred Stock was redeemed in full in June 2019.
Common Stock Repurchases	As of December 31, 2021 there was $172.2 million remaining authorized under our stock repurchase program. The following table details our common stock repurchase activity during the year ended December 31, 2020: Three months ended March 31, 2020 June 30, 2020 September 30, 2020 December 31, 2020 Total Shares Repurchased 300,000 5,495,976 5,038,619 3,998,037 14,832,632 Weighted Average Price $8.11 $7.96 $9.01 $9.03 $8.61

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	12 Months Ended
	Dec. 31, 2021
Fair Value Disclosures [Abstract]
Carrying Value and Estimated Fair Value of Company's Financial Instruments	The following table presents the carrying value and estimated fair value of our financial instruments not carried at fair value on our consolidated balance sheet at December 31, 2021 and December 31, 2020 ($ in thousands): December 31, 2021 December 31, 2020 Carrying Estimated Carrying Estimated Cash and cash equivalents $ 343,106 $ 343,106 $ 325,498 $ 325,498 Commercial mortgage loans, net 7,012,312 6,945,038 5,451,084 5,361,948 Subordinate loans and other lending assets, net (1) 844,948 725,906 1,045,893 1,027,582 Secured debt arrangements, net (4,150,268) (4,150,268) (3,436,672) (3,436,672) Senior secured term loans, net (768,325) (782,995) (483,465) (475,263) Senior secured notes, net (494,051) (489,175) — — 2022 Notes (343,117) (347,522) (340,361) (327,381) 2023 Notes (226,862) (231,150) (225,293) (214,875) Participations sold (27,064) (27,064) (34,974) (34,919) Debt related to real estate owned, held for sale — — (33,000) (33,000) ——————— (1) Includes subordinate risk retention interests in securitization vehicles with an estimated fair value that approximates their carrying value.

Net Income per Share (Tables)

Net Income per Share (Tables)	12 Months Ended
	Dec. 31, 2021
Earnings Per Share [Abstract]
Basic and Diluted Net Income per Share of Common Stock Using Two-Class Method	The table below presents the computation of basic and diluted net income per share of common stock for the years ended December 31, 2021, 2020, and 2019 ($ in thousands except per share data): For the year ended December 31, 2021 2020 2019 Basic Earnings Net income $ 223,515 $ 18,377 $ 230,174 Less: Preferred dividends (12,964) (13,540) (18,525) Net income available to common stockholders $ 210,551 $ 4,837 $ 211,649 Less: Dividends on participating securities (3,877) (3,431) (3,867) Basic Earnings $ 206,674 $ 1,406 $ 207,782 Diluted Earnings Basic Earnings $ 206,674 $ 1,406 $ 207,782 Add: Dividends on participating securities 3,877 — 3,867 Add: Interest expense on Convertible Notes 35,020 — 35,173 Diluted Earnings $ 245,571 $ 1,406 $ 246,822 Number of Shares: Basic weighted-average shares of common stock outstanding 139,869,244 148,004,385 146,881,231 Diluted weighted-average shares of common stock outstanding 168,402,515 148,004,385 175,794,896 Earnings Per Share Attributable to Common Stockholders Basic $ 1.48 $ 0.01 $ 1.41 Diluted $ 1.46 $ 0.01 $ 1.40

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Additional Information (Details)	12 Months Ended
	Dec. 31, 2021USD ($)segment	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)
Real Estate Properties [Line Items]
Number of business segments | segment	1
Accounting standards update	Accounting Standards Update 2020-06 [Member]	Accounting Standards Update 2016-13 [Member]
Stockholders' equity attributable to parent	$ 2,294,626,000	$ 2,270,529,000	$ 2,629,975,000	$ 2,509,747,000
Restricted cash	0	0
Debt issuance costs, net	27,700,000	20,100,000
Adjustment due to Adoption of ASU
Real Estate Properties [Line Items]
Stockholders' equity attributable to parent	$ 3,400,000	$ (30,900,000)	$ (30,867,000)
Land
Real Estate Properties [Line Items]
Property, plant and equipment, estimated useful lives	40 years
Furniture, fixtures, and equipment
Real Estate Properties [Line Items]
Property, plant and equipment, estimated useful lives	8 years

Fair Value Disclosure - Summari

Fair Value Disclosure - Summarizes Levels in Fair Value Hierarchy of Financial Instruments (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	$ 16,788	$ 0
Derivative liabilities, net	0	(31,241)
Estimate of Fair Value | Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liabilities, net	(16,788)	31,241
Level I | Estimate of Fair Value | Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liabilities, net	0	0
Level II | Estimate of Fair Value | Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liabilities, net	(16,788)	31,241
Level III | Estimate of Fair Value | Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liabilities, net	0	0
Foreign currency forward, net | Estimate of Fair Value | Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	15,340	(31,375)
Foreign currency forward, net | Level I | Estimate of Fair Value | Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	0	0
Foreign currency forward, net | Level II | Estimate of Fair Value | Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	15,340	(31,375)
Foreign currency forward, net | Level III | Estimate of Fair Value | Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	0	0
Interest rate cap | Estimate of Fair Value | Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	1,448	134
Interest rate cap | Level I | Estimate of Fair Value | Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	0	0
Interest rate cap | Level II | Estimate of Fair Value | Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	1,448	134
Interest rate cap | Level III | Estimate of Fair Value | Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	$ 0	$ 0

Fair Value Disclosure - Narrati

Fair Value Disclosure - Narrative (Details) - USD ($) $ in Thousands	May 24, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Jun. 29, 2021	Dec. 31, 2017
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Assumption of real estate	$ 154,300	$ 154,300	$ 9,905	$ 0
Hotel - Washington D.C. | Subordinate Mortgage Portfolio Segment
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Debt related to real estate owned, held for investment	$ 110,000				$ 110,000	$ 110,000

Commercial Mortgage Loans, Su_3

Commercial Mortgage Loans, Subordinate Loans and Other Lending Assets, Net - Loan Portfolio (Details) - USD ($) $ in Thousands		Dec. 31, 2021	Dec. 31, 2020
Financing Receivable, Allowance for Credit Loss [Line Items]
Total carrying value, net		$ 7,857,260	$ 6,496,977
Commercial Mortgage and Subordinated Portfolio Segment
Financing Receivable, Allowance for Credit Loss [Line Items]
Total carrying value, net		97,800	136,100
Commercial Mortgage Portfolio Segment
Financing Receivable, Allowance for Credit Loss [Line Items]
Total carrying value, net	[1],[2]	7,012,312	5,451,084
Subordinate Mortgage Portfolio Segment
Financing Receivable, Allowance for Credit Loss [Line Items]
Total carrying value, net	[2]	$ 844,948	$ 1,045,893
[1]	Includes $5,957,707 and $5,418,999 pledged as collateral under secured debt arrangements in 2021 and 2020, respectively.
[2]	Net of $178,588 and $213,102 CECL Allowances in 2021 and 2020, respectively, comprised of $145,000 a nd $175,000 Specific CECL Allowance and $33,588 and $38,102 General CECL Allowance, respectively.

Commercial Mortgage Loans, Su_4

Commercial Mortgage Loans, Subordinate Loans and Other Lending Assets, Net - Additional Information (Details) £ in Millions		May 24, 2021USD ($)	Jan. 31, 2020USD ($)	Jan. 31, 2020GBP (£)	Dec. 31, 2019USD ($)	Dec. 31, 2021USD ($)	Jun. 30, 2021USD ($)	Dec. 31, 2020USD ($)	Sep. 30, 2020USD ($)	Sep. 30, 2020GBP (£)	Jun. 30, 2020USD ($)	Jun. 30, 2020GBP (£)	Mar. 31, 2020USD ($)	Dec. 31, 2018USD ($)	Dec. 31, 2021USD ($)	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Dec. 31, 2021GBP (£)	Jan. 18, 2021USD ($)	Dec. 31, 2020GBP (£)	Nov. 30, 2020USD ($)	Nov. 30, 2020GBP (£)	Oct. 31, 2020USD ($)	Dec. 31, 2015USD ($)
Financing Receivable, Allowance for Credit Loss [Line Items]
Mortgage loans on real estate, commercial and consumer, percentage of portfolio															100.00%	100.00%
Principal balance						$ 7,890,848,000		$ 6,535,079,000							$ 7,890,848,000	$ 6,535,079,000
Reversal of Specific CECL Allowance		$ 10,000,000													(30,000,000)	118,019,000	$ 13,000,000
Total carrying value, net						7,857,260,000		6,496,977,000							7,857,260,000	6,496,977,000
Amortized cost of loans in cost recovery						404,800,000		373,500,000							404,800,000	373,500,000
Interest Receivable						41,219,000		40,559,000							41,219,000	40,559,000
Interest received for loans in cost recovery															1,400,000	1,800,000
Payment in kind interest															47,700,000	46,700,000	54,600,000
General CECL (allowance) reversal															4,773,000	10,600,000
Proceeds from pre-payment penalties or accelerated fees															1,500,000	200,000	6,100,000
Proceed from shared appreciation															3,700,000
Realized loss on investment															20,767,000	42,465,000
Equity method investment, (reversal)																(3,019,000)
Sale of Mezzanine Loan
Financing Receivable, Allowance for Credit Loss [Line Items]
Total carrying value, net						41,900,000									41,900,000
Realized loss on investment											$ 0				(800,000)
Proceeds from sale of loan			$ 81,300,000	£ 62.2	$ 30,300,000						81,300,000	£ 62.2
Sale of Unfunded Commitment of Senior Mortgage
Financing Receivable, Allowance for Credit Loss [Line Items]
Proceeds from sale of loan			$ 65,300,000	£ 50							65,300,000	£ 50
Sale Of Mezzanine Loan Two
Financing Receivable, Allowance for Credit Loss [Line Items]
Realized loss on investment											$ 0
Proceeds from sale of loan					122,300,000
Sale of Construction Loan Interests
Financing Receivable, Allowance for Credit Loss [Line Items]
Commitments sold									$ 376,900,000
Funded amount of interests sold									127,000,000
Gain (loss) on loan interests sold									1,400,000
Sale of Inventory Loan
Financing Receivable, Allowance for Credit Loss [Line Items]
Gain (loss) on loan interests sold									1,000,000
Outstanding principal on loan									$ 124,200,000	£ 97.5
Sale Of Residential-For-Sale Inventory Loan
Financing Receivable, Allowance for Credit Loss [Line Items]
Total carrying value, net								73,400,000								73,400,000
Realized loss on investment								2,700,000
Commercial Mortgage and Subordinated Portfolio Segment
Financing Receivable, Allowance for Credit Loss [Line Items]
Principal balance						7,890,848,000		6,535,079,000							7,890,848,000	6,535,079,000
Reversal of Specific CECL Allowance															30,000,000
Total carrying value, net						97,800,000		136,100,000							97,800,000	136,100,000
Realized loss on investment															(20,767,000)
Subordinate Mortgage Portfolio Segment
Financing Receivable, Allowance for Credit Loss [Line Items]
Principal balance						855,982,000									855,982,000
Total carrying value, net	[1]					844,948,000		1,045,893,000							844,948,000	1,045,893,000
Payment in kind interest															0	800,000
Maximum exposure to loss						64,600,000		68,100,000							$ 64,600,000	$ 68,100,000
Maximum exposure to loss, term															4 years 6 months	5 years 9 months 18 days
Subordinate Mortgage Portfolio Segment | Residential Real Estate
Financing Receivable, Allowance for Credit Loss [Line Items]
Debt related to real estate owned, held for sale						31,200,000									$ 31,200,000
Realized loss on investment						0
Urban Retail
Financing Receivable, Allowance for Credit Loss [Line Items]
Mortgage loans on real estate, commercial and consumer, percentage of portfolio															9.00%	10.00%
Principal balance						711,592,000		655,456,000							$ 711,592,000	$ 655,456,000
Total carrying value, net																					$ 422,700,000	£ 309.2
Urban Retail | Commercial Mortgage and Subordinated Portfolio Segment
Financing Receivable, Allowance for Credit Loss [Line Items]
Total carrying value, net						352,800,000		338,400,000							352,800,000	338,400,000		£ 260.7		£ 247.5	$ 338,400,000	£ 247.5
Past Due 30-59
Financing Receivable, Allowance for Credit Loss [Line Items]
Amortized cost of loans in cost recovery								19,000,000								19,000,000
Past Due 90
Financing Receivable, Allowance for Credit Loss [Line Items]
Amortized cost of loans in cost recovery						757,600,000		711,900,000							757,600,000	711,900,000			$ 352,800,000
Hotel - New York City
Financing Receivable, Allowance for Credit Loss [Line Items]
Principal balance																								$ 157,800,000
Financing receivable, contribution of additional equity, borrowing of loan															15,000,000
Financing Receivable, Troubled Debt Restructuring						142,800,000		142,800,000							142,800,000	142,800,000
Amortized cost prior to Specific CECL Allowance						145,300,000		144,700,000							145,300,000	144,700,000
Reversal of Specific CECL Allowance							$ (15,000,000)
Hotel - Pittsburgh, PA
Financing Receivable, Allowance for Credit Loss [Line Items]
Financing receivable, contribution of additional equity, borrowing of loan														$ 11,000,000
Financing Receivable, Troubled Debt Restructuring						25,700,000		21,600,000							25,700,000	21,600,000
Amortized cost prior to Specific CECL Allowance						25,600,000		21,500,000							25,600,000	21,500,000
Reversal of Specific CECL Allowance								$ (9,500,000)						9,500,000
Total carrying value, net														38,500,000
Payments for (proceeds from) loans receivable														$ 5,900,000
Commitment to lend						11,400,000									11,400,000
Retail New York | Sale of Mezzanine Loan
Financing Receivable, Allowance for Credit Loss [Line Items]
Total carrying value, net					$ 470,800,000												470,800,000
Proceeds from sale of loan																	30,300,000
Transferor's continuing involvement, arrangements of financial support, amount						318,100,000									318,100,000
Retail New York | Sale Of Mezzanine Loan Two
Financing Receivable, Allowance for Credit Loss [Line Items]
Proceeds from sale of loan																	$ 122,300,000
Residential Condominium - Bethesda, MD
Financing Receivable, Allowance for Credit Loss [Line Items]
Principal balance																							$ 80,000,000
Reversal of Specific CECL Allowance																1,100,000
Gain (loss) on loan interests sold															$ (14,100,000)
Residential Condominium - Bethesda, MD | Commercial Mortgage and Subordinated Portfolio Segment
Financing Receivable, Allowance for Credit Loss [Line Items]
Reversal of Specific CECL Allowance																11,100,000
Realized loss on investment																$ 11,100,000
Floating Rate Loan
Financing Receivable, Allowance for Credit Loss [Line Items]
Mortgage loans on real estate, commercial and consumer, percentage of portfolio															98.00%	95.00%
Mezzanine Loans
Financing Receivable, Allowance for Credit Loss [Line Items]
Total carrying value, net						473,200,000									$ 473,200,000
Debt instrument, face amount						471,000,000									471,000,000
Payment in kind interest															178,000,000
Mezzanine Loans | Subordinate Mortgage Portfolio Segment
Financing Receivable, Allowance for Credit Loss [Line Items]
Reversal of Specific CECL Allowance													$ 10,000,000
Senior Mezzanine Loans
Financing Receivable, Allowance for Credit Loss [Line Items]
Total carrying value, net						238,400,000									238,400,000
Junior Mezzanine A Loan
Financing Receivable, Allowance for Credit Loss [Line Items]
Total carrying value, net						152,800,000									152,800,000
Junior Mezzanine B Loan
Financing Receivable, Allowance for Credit Loss [Line Items]
Total carrying value, net						$ 82,000,000									$ 82,000,000
[1]	Net of $178,588 and $213,102 CECL Allowances in 2021 and 2020, respectively, comprised of $145,000 a nd $175,000 Specific CECL Allowance and $33,588 and $38,102 General CECL Allowance, respectively.

Commercial Mortgage Loans, Su_5

Commercial Mortgage Loans, Subordinate Loans and Other Lending Assets, Net - Activity Relating to Loan Investment Portfolio (Details) - USD ($) $ in Thousands	May 24, 2021	Dec. 31, 2021	Jun. 30, 2021	Dec. 31, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Sep. 30, 2021	Mar. 31, 2021	Sep. 30, 2020
Principal Balance
Gain (loss) on foreign currency translation							$ (93,241)	$ 80,618
Deferred Fees/Other Items
Transfer to real estate owned							159
Specific CECL Allowance
Specific provision for loan loss, beginning							(175,000)
Specific provision for loan loss, ending		$ (145,000)		$ (175,000)			(145,000)	(175,000)
Carrying Value, Net(2)
Carrying value, beginning balance							6,535,079
Reversal of Specific CECL Allowance	$ 10,000						(30,000)	118,019	$ 13,000
Realized loss on investment							20,767	42,465
Transfer to real estate owned, held for sale							(45,289)	(12,255)
Carrying value, ending balance		7,890,848		6,535,079			7,890,848	6,535,079
General CECL allowance		(33,588)		(38,102)			(33,588)	(38,102)
Carrying value, net		7,857,260		6,496,977			7,857,260	6,496,977
General CECL Allowance on unfunded commitments		3,106	$ 2,444	3,365	$ 4,119	$ 6,059	3,106	3,365	0	$ 2,193	$ 3,794	$ 3,595
Commercial Mortgage and Subordinated Portfolio Segment
Principal Balance
Principal balance, beginning							6,728,424
New loan fundings							2,812,087
Add-on loan fundings							521,975
Loan repayments and sales							(1,881,211)
Gain (loss) on foreign currency translation							(94,205)
Realized loss on investment							(20,630)
Transfer to real estate owned							(45,448)
PIK interest and amortization of fees							51,385
Principal balance, ending		8,072,377		6,728,424			8,072,377	6,728,424
Deferred Fees/Other Items
Deferred fees/other items, beginning							(18,345)
Gain (loss) on foreign currency translation							964
Realized loss on investment							(137)
Deferred fees and other items							(42,911)
PIK interest and amortization of fees							23,741
Deferred fees/other items, ending		(36,529)		(18,345)			(36,529)	(18,345)
Specific CECL Allowance
Specific provision for loan loss, beginning		(145,000)	(175,000)	(196,931)	(206,981)	(56,981)	(175,000)	(56,981)
Specific provision for loan loss, ending		(145,000)	$ (145,000)	(175,000)	$ (197,481)	$ (206,981)	(145,000)	(175,000)	$ (56,981)
Carrying Value, Net(2)
Carrying value, beginning balance							6,535,079
New loan fundings							2,812,087
Add-on loan fundings							521,975
Loan repayments and sales							(1,881,211)
Gain (loss) on foreign currency translation							(93,241)
Reversal of Specific CECL Allowance							30,000
Realized loss on investment							(20,767)
Deferred fees and other items							(42,911)
PIK interest and amortization of fees							75,126
Carrying value, ending balance		7,890,848		6,535,079			7,890,848	6,535,079
Carrying value, net		$ 97,800		$ 136,100			$ 97,800	$ 136,100

Commercial Mortgage Loans, Su_6

Commercial Mortgage Loans, Subordinate Loans and Other Lending Assets, Net - Statistics for Loan Portfolio (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)loan	Dec. 31, 2020USD ($)loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans | loan	67	67
Principal balance	$ 7,890,848	$ 6,535,079
Commercial mortgage loans, net	7,857,260	6,496,977
Unfunded loan commitments	$ 1,357,122	$ 1,399,989
Weighted-average cash coupon	4.50%	5.70%
Weighted-average remaining fully-extended term	2 years 10 months 24 days	2 years 9 months 18 days
Weighted-average expected term	2 years 3 months 18 days	2 years 1 month 6 days
Interest rate used in calculating weighted-average cash coupon for non-accrual or cost recovery loans	0.00%	0.00%
Principal balance
Accounts, Notes, Loans and Financing Receivable [Line Items]
Principal balance	$ 8,072,377	$ 6,728,424

Commercial Mortgage Loans, Su_7

Commercial Mortgage Loans, Subordinate Loans and Other Lending Assets, Net - Schedule of Mortgage Loans by Property Type and Geographic Distribution (Details) $ in Thousands, £ in Millions	12 Months Ended
	Dec. 31, 2021USD ($)Rate	Dec. 31, 2020USD ($)Rate	Sep. 30, 2021USD ($)	Jun. 30, 2021USD ($)	Mar. 31, 2021USD ($)	Nov. 30, 2020USD ($)	Nov. 30, 2020GBP (£)	Sep. 30, 2020USD ($)	Jun. 30, 2020USD ($)	Mar. 31, 2020USD ($)	Dec. 31, 2019USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Value	$ 7,890,848	$ 6,535,079
Mortgage loans on real estate, commercial and consumer, percentage of portfolio	100.00%	100.00%
General CECL allowance	$ (33,588)	$ (38,102)
Carrying value, net	7,857,260	6,496,977
General CECL Allowance on unfunded commitments	3,106	3,365	$ 2,193	$ 2,444	$ 3,794			$ 3,595	$ 4,119	$ 6,059	$ 0
United Kingdom
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Value	$ 2,297,286	$ 1,263,264
Mortgage loans on real estate, commercial and consumer, percentage of portfolio	29.10%	19.30%
New York City
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Value	$ 2,000,661	$ 2,370,337
Mortgage loans on real estate, commercial and consumer, percentage of portfolio	25.40%	36.30%
Other Europe
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Value	$ 1,295,870	$ 635,831
Mortgage loans on real estate, commercial and consumer, percentage of portfolio	16.40%	9.70%
Germany
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Portfolio | Rate	6.10%	3.30%
Sweden
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Portfolio | Rate	3.60%
Spain
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Portfolio | Rate	3.30%	4.20%
Italy
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Portfolio | Rate	2.60%	2.20%
Ireland
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Portfolio | Rate	0.80%
Southeast
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Value	$ 708,920	$ 581,301
Mortgage loans on real estate, commercial and consumer, percentage of portfolio	9.00%	8.90%
Midwest
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Value	$ 689,274	$ 552,537
Mortgage loans on real estate, commercial and consumer, percentage of portfolio	8.70%	8.50%
West
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Value	$ 356,097	$ 749,985
Mortgage loans on real estate, commercial and consumer, percentage of portfolio	4.50%	11.50%
Other
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Value	$ 542,740	$ 381,824
Mortgage loans on real estate, commercial and consumer, percentage of portfolio	6.90%	5.80%
Percentage of Portfolio | Rate	0.30%	0.40%
Southwest
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Portfolio | Rate	3.50%	2.80%
Northeast
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Portfolio | Rate	1.50%	1.60%
Mid-Atlantic
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Portfolio | Rate	1.60%	1.00%
Hotel
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Value	$ 1,875,439	$ 1,576,369
Mortgage loans on real estate, commercial and consumer, percentage of portfolio	23.80%	24.10%
Office
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Value	$ 1,700,779	$ 1,911,145
Mortgage loans on real estate, commercial and consumer, percentage of portfolio	21.60%	29.20%
Residential-for-sale
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Value	$ 956,617	$ 982,838
Mortgage loans on real estate, commercial and consumer, percentage of portfolio	12.10%	15.00%
Urban Retail
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Value	$ 711,592	$ 655,456
Mortgage loans on real estate, commercial and consumer, percentage of portfolio	9.00%	10.00%
Carrying value, net						$ 422,700	£ 309.2
Residential-for-rent
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Value	$ 477,569	$ 189,260
Mortgage loans on real estate, commercial and consumer, percentage of portfolio	6.10%	2.90%
Retail Center
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Value	$ 414,740	$ 105,344
Mortgage loans on real estate, commercial and consumer, percentage of portfolio	5.30%	1.60%
Industrial
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Value	$ 377,068	$ 228,918
Mortgage loans on real estate, commercial and consumer, percentage of portfolio	4.80%	3.50%
Healthcare
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Value	$ 316,321	$ 369,676
Mortgage loans on real estate, commercial and consumer, percentage of portfolio	4.00%	5.70%
Mixed Use
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Value	$ 269,839	$ 217,164
Mortgage loans on real estate, commercial and consumer, percentage of portfolio	3.40%	3.30%
Other
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Value	$ 790,884	$ 298,909
Mortgage loans on real estate, commercial and consumer, percentage of portfolio	9.90%	4.70%
Parking Garage
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Portfolio | Rate	3.30%
Caravan Park
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Portfolio | Rate	2.80%
Urban Predevelopment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Portfolio | Rate	1.60%	4.70%
Multifamily Portfolio
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Portfolio | Rate	2.20%

Commercial Mortgage Loans, Su_8

Commercial Mortgage Loans, Subordinate Loans and Other Lending Assets, Net - Allocation of Carrying Value of Loan Portfolio Based on Internal Risk Ratings (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)loan	Dec. 31, 2020USD ($)loan
Financing Receivable, Credit Quality Indicator [Line Items]
Number of Loans | loan	67	67
Total	$ 7,890,848	$ 6,535,079
Mortgage loans on real estate, commercial and consumer, percentage of portfolio	100.00%	100.00%
Year 1	$ 2,622,248	$ 469,586
Year 2	644,404	2,661,017
Year 3	2,307,948	1,398,479
Year 4	828,270	999,564
Year 5	648,727	204,129
Prior	839,251	802,304
General CECL Allowance	(33,588)	(38,102)
Total carrying value, net	$ 7,857,260	$ 6,496,977
Weighted Average Risk Rating	3.1	3.1
1
Financing Receivable, Credit Quality Indicator [Line Items]
Number of Loans | loan	0	0
Total	$ 0	$ 0
Mortgage loans on real estate, commercial and consumer, percentage of portfolio	0.00%	0.00%
Year 1	$ 0	$ 0
Year 2	0	0
Year 3	0	0
Year 4	0	0
Year 5	0	0
Prior	$ 0	$ 0
2
Financing Receivable, Credit Quality Indicator [Line Items]
Number of Loans | loan	1	1
Total	$ 32,000	$ 32,000
Mortgage loans on real estate, commercial and consumer, percentage of portfolio	0.40%	0.50%
Year 1	$ 0	$ 0
Year 2	0	0
Year 3	0	0
Year 4	0	0
Year 5	0	0
Prior	$ 32,000	$ 32,000
3
Financing Receivable, Credit Quality Indicator [Line Items]
Number of Loans | loan	62	62
Total	$ 7,372,081	$ 6,129,541
Mortgage loans on real estate, commercial and consumer, percentage of portfolio	93.50%	93.80%
Year 1	$ 2,622,248	$ 469,586
Year 2	644,404	2,661,017
Year 3	2,307,948	1,398,479
Year 4	828,270	868,514
Year 5	389,264	88,710
Prior	$ 579,947	$ 643,235
4
Financing Receivable, Credit Quality Indicator [Line Items]
Number of Loans | loan	1	0
Total	$ 81,980	$ 0
Mortgage loans on real estate, commercial and consumer, percentage of portfolio	1.00%	0.00%
Year 1	$ 0	$ 0
Year 2	0	0
Year 3	0	0
Year 4	0	0
Year 5	81,980	0
Prior	$ 0	$ 0
5
Financing Receivable, Credit Quality Indicator [Line Items]
Number of Loans | loan	3	4
Total	$ 404,787	$ 373,538
Mortgage loans on real estate, commercial and consumer, percentage of portfolio	5.10%	5.70%
Year 1	$ 0	$ 0
Year 2	0	0
Year 3	0	0
Year 4	0	131,050
Year 5	177,483	115,419
Prior	$ 227,304	$ 127,069

Commercial Mortgage Loans, Su_9

Commercial Mortgage Loans, Subordinate Loans and Other Lending Assets, Net - Cost Recovery Loans (Details)	May 24, 2021USD ($)	Dec. 31, 2021USD ($)	Jun. 30, 2021USD ($)	Dec. 31, 2020USD ($)	Jun. 30, 2020USD ($)	Dec. 31, 2021USD ($)	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Sep. 30, 2021USD ($)	Mar. 31, 2021USD ($)	Oct. 31, 2020USD ($)	Sep. 30, 2020USD ($)	Mar. 31, 2020USD ($)
Financing Receivable, Credit Quality Indicator [Line Items]
Specific CECL allowance		$ 145,000,000		$ 175,000,000		$ 145,000,000	$ 175,000,000
Amortized cost		404,800,000		373,500,000		404,800,000	373,500,000
Reversal of Specific CECL Allowance	$ (10,000,000)					30,000,000	(118,019,000)	$ (13,000,000)
Specific CECL allowance (reversal), net of previously recorded amount						20,000,000
Total carrying value, net		7,857,260,000		6,496,977,000		7,857,260,000	6,496,977,000
Payment in kind interest						47,700,000	46,700,000	54,600,000
Commercial Mortgage and Subordinated Portfolio Segment
Financing Receivable, Credit Quality Indicator [Line Items]
Specific CECL allowance		145,000,000	$ 145,000,000	175,000,000	$ 197,481,000	145,000,000	175,000,000	$ 56,981,000	$ 145,000,000	$ 175,000,000		$ 196,931,000	$ 206,981,000
Reversal of Specific CECL Allowance						(30,000,000)
Write-offs, specific CECL allowance, funded		(10,000,000)	$ (10,000,000)	(21,931,000)	$ (15,000,000)
Total carrying value, net		$ 97,800,000		$ 136,100,000		97,800,000	136,100,000
Minimum
Financing Receivable, Credit Quality Indicator [Line Items]
Financing receivable, rent, price per square foot						$ 48
Minimum | Urban Predevelopment | Capitalization Rate
Financing Receivable, Credit Quality Indicator [Line Items]
Loan collateral, measurement input		0.055				0.055
Maximum
Financing Receivable, Credit Quality Indicator [Line Items]
Financing receivable, rent, price per square foot						$ 215
Maximum | Urban Predevelopment | Capitalization Rate
Financing Receivable, Credit Quality Indicator [Line Items]
Loan collateral, measurement input		0.050				0.050
Retail Center - Cincinnati, OH
Financing Receivable, Credit Quality Indicator [Line Items]
Payment in kind interest						$ 1,400,000	$ 1,600,000
Retail Center - Cincinnati, OH | Capitalization Rate
Financing Receivable, Credit Quality Indicator [Line Items]
Loan collateral, measurement input		0.080				0.080
Mortgage, Amortized cost
Financing Receivable, Credit Quality Indicator [Line Items]
Amortized cost prior to Specific CECL Allowance		$ 549,787,000				$ 549,787,000
Specific CECL allowance		145,000,000				145,000,000
Amortized cost		404,787,000				404,787,000
Mortgage, Amortized cost | Urban Predevelopment - Brooklyn, NY
Financing Receivable, Credit Quality Indicator [Line Items]
Amortized cost prior to Specific CECL Allowance		187,483,000				187,483,000
Specific CECL allowance		10,000,000				10,000,000
Amortized cost		177,483,000				177,483,000
Mortgage, Amortized cost | Urban Predevelopment - Miami, FL
Financing Receivable, Credit Quality Indicator [Line Items]
Amortized cost prior to Specific CECL Allowance		190,492,000				190,492,000
Specific CECL allowance		68,000,000				68,000,000
Amortized cost		122,492,000				122,492,000
Total carrying value, net											$ 187,700,000
Mortgage, Amortized cost | Retail Center - Cincinnati, OH
Financing Receivable, Credit Quality Indicator [Line Items]
Amortized cost prior to Specific CECL Allowance		171,812,000				171,812,000
Specific CECL allowance		67,000,000				67,000,000
Amortized cost		$ 104,812,000				$ 104,812,000

Commercial Mortgage Loans, S_10

Commercial Mortgage Loans, Subordinate Loans and Other Lending Assets, Net - Current Expected Credit Losses (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019
Financing Receivable, Allowance for Credit Loss [Line Items]
Allowance reserve	$ 33,588				$ 38,102
Unfunded commitments	3,106	$ 2,193	$ 2,444	$ 3,794	3,365	$ 3,595	$ 4,119	$ 6,059	$ 0
Total General CECL Allowance	36,694	$ 34,877	$ 40,643	$ 40,229	41,467	$ 42,871	$ 48,663	$ 64,332	$ 0
Commercial Mortgage Portfolio Segment
Financing Receivable, Allowance for Credit Loss [Line Items]
Allowance reserve	22,554				17,012
Subordinate Mortgage Portfolio Segment
Financing Receivable, Allowance for Credit Loss [Line Items]
Allowance reserve	$ 11,034				$ 21,090

Commercial Mortgage Loans, S_11

Commercial Mortgage Loans, Subordinate Loans and Other Lending Assets, Net - CECL Allowance as Percentage of Amortized Cost and Total Commitment (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2021		Dec. 31, 2020		Dec. 31, 2019
Allowance and Provision for Loan Credit Loss [Abstract]
Beginning balance, specific CECL allowance, funded				$ 175,000					$ 175,000
Quarter allowances (reversals), specific CECL allowance, funded									(34,773)	[1]	$ 125,600	[1]	$ 20,000
Ending balance, specific CECL allowance, funded	$ 145,000				$ 175,000				145,000		175,000
Financing Receivable, Funded, Allowance for Credit Loss [Roll Forward]
Beginning balance, General CECL allowance, funded	32,684	$ 38,199	$ 36,435	38,102	39,276	$ 44,544	$ 58,273	$ 0	38,102		0
Quarter allowances (reversals), General CECL allowance, funded	904	(5,515)	1,764	(1,667)	(1,174)	(5,268)	(13,729)	30,494
Financing Receivable, Funded, Allowance for Write-Offs			0		0		0
Ending balance, General CECL allowance, funded	33,588	32,684	38,199	36,435	38,102	39,276	44,544	58,273	33,588		38,102		0
Financing Receivable, Unfunded, Allowance for Credit Loss [Roll Forward]
Beginning balance, General CECL allowance, unfunded	2,193	2,444	3,794	3,365	3,595	4,119	6,059	0	3,365		0
Quarter allowances (reversals), General CECL allowance, unfunded	913	(251)	(1,350)	429	(230)	(524)	(1,940)	2,971
Write-offs, General CECL allowance, unfunded			0		0		0
Ending balance, General CECL allowance, unfunded	3,106	2,193	2,444	3,794	3,365	3,595	4,119	6,059	3,106		3,365		0
Financing Receivable, General Allowance, Allowance for Credit Loss [Roll Forward]
General CECL Allowance	34,877	40,643	40,229	41,467	42,871	48,663	64,332	0	41,467		0
Total quarter allowances (reversals), General CECL allowance	1,817	(5,766)	414	(1,238)	(1,404)	(5,792)	(15,669)	33,465
Allowance for loan and lease losses, real estate and off-balance sheet, write-offs			0		0		0
General CECL Allowance	36,694	34,877	40,643	40,229	41,467	42,871	48,663	64,332	36,694		41,467		0
Financing Receivable, Total Allowance for Credit Loss [Roll Forward]
Total CECL Allowance	179,877	185,643	215,229	216,467	239,802	246,144	271,313	56,981	216,467		56,981
Total CECL Allowance, Quarter allowances (reversals)	1,817	(5,766)	(19,586)	(1,238)	(1,404)	(6,342)	(10,169)	183,465
Total CECL allowance, Write-offs			(10,000)		(21,931)		(15,000)
Total CECL Allowance	$ 181,694	$ 179,877	$ 185,643	$ 215,229	$ 216,467	$ 239,802	$ 246,144	$ 271,313	$ 181,694		$ 216,467		$ 56,981
General CECL allowance, % of amortized cost	0.49%	0.51%	0.57%	0.62%	0.67%	0.71%	0.81%	1.08%	0.49%		0.67%		0.00%
Total CECL allowance, % of amortized cost	2.26%	2.43%	2.41%	3.06%	3.23%	3.59%	3.71%	4.05%	2.26%		3.23%		0.00%
Adjustment due to Adoption of ASU
Financing Receivable, Funded, Allowance for Credit Loss [Roll Forward]
Beginning balance, General CECL allowance, funded								$ 27,779			$ 27,779
Ending balance, General CECL allowance, funded													$ 27,779
Financing Receivable, Unfunded, Allowance for Credit Loss [Roll Forward]
Beginning balance, General CECL allowance, unfunded								3,088			3,088
Ending balance, General CECL allowance, unfunded													3,088
Financing Receivable, General Allowance, Allowance for Credit Loss [Roll Forward]
General CECL Allowance								30,867			30,867
General CECL Allowance													30,867
Financing Receivable, Total Allowance for Credit Loss [Roll Forward]
Total CECL Allowance								30,867			30,867
Total CECL Allowance													30,867
Commercial Mortgage and Subordinated Portfolio Segment
Allowance and Provision for Loan Credit Loss [Abstract]
Beginning balance, specific CECL allowance, funded	$ 145,000	$ 145,000	$ 175,000	$ 175,000	$ 196,931	$ 197,481	$ 206,981	56,981	$ 175,000		56,981
Quarter allowances (reversals), specific CECL allowance, funded	0	0	(20,000)		0	(550)	5,500	150,000
Write-offs, specific CECL allowance, funded	(10,000)		(10,000)		(21,931)		(15,000)
Ending balance, specific CECL allowance, funded	$ 145,000	$ 145,000	$ 145,000	$ 175,000	$ 175,000	$ 196,931	$ 197,481	206,981	$ 145,000		175,000		56,981
Commercial Mortgage and Subordinated Portfolio Segment | Adjustment due to Adoption of ASU
Allowance and Provision for Loan Credit Loss [Abstract]
Beginning balance, specific CECL allowance, funded								$ 0			$ 0
Ending balance, specific CECL allowance, funded													$ 0
[1]	Comprised of $30,000 and $(118,019) Specific CECL Reversals (Allowance) for the years ended December 31, 2021 and 2020, respectively, $4,773 and $(10,600) of General CECL Reversals (Allowance) for the years ended December 31, 2021 and 2020, respectively, and a $3,019 reversal of a previously recorded impairment on an equity investment for the year ended December 31, 2020 . For the year ended December 31, 2019 the balance represents provision per loan losses as determined by the authoritative guidance at the time.

Commercial Mortgage Loans, S_12

Commercial Mortgage Loans, Subordinate Loans and Other Lending Assets, Net - Interest Aging Analysis (Details) - USD ($) $ in Thousands		Dec. 31, 2021	Dec. 31, 2020
Financing Receivable, Past Due [Line Items]
Total		$ 7,890,848	$ 6,535,079
General CECL Allowance		(33,588)	(38,102)
Commercial mortgage loans, net		7,857,260	6,496,977
Commercial Mortgage Portfolio Segment
Financing Receivable, Past Due [Line Items]
Total		7,034,866
General CECL Allowance		(22,554)	(17,012)
Commercial mortgage loans, net	[1],[2]	7,012,312	5,451,084
Subordinate Mortgage Portfolio Segment
Financing Receivable, Past Due [Line Items]
Total		855,982
General CECL Allowance		(11,034)	(21,090)
Commercial mortgage loans, net	[2]	$ 844,948	$ 1,045,893
[1]	Includes $5,957,707 and $5,418,999 pledged as collateral under secured debt arrangements in 2021 and 2020, respectively.
[2]	Net of $178,588 and $213,102 CECL Allowances in 2021 and 2020, respectively, comprised of $145,000 a nd $175,000 Specific CECL Allowance and $33,588 and $38,102 General CECL Allowance, respectively.

Real Estate Owned and Related_3

Real Estate Owned and Related Debt (Details) - USD ($) $ in Thousands		Jun. 29, 2021	May 24, 2021	Dec. 31, 2020	Mar. 31, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2017
Debt Securities, Available-for-sale [Line Items]
Specific CECL allowance (reversal), net of previously recorded amount						$ 20,000
Real estate held-for-sale, impairment										$ 600
Total carrying value, net				$ 6,496,977		7,857,260	$ 6,496,977
Specific CECL (allowance) reversal			$ 10,000			(30,000)	118,019	$ 13,000
Realized loss on investments						20,767	47,632	$ 12,513
Senior Mezzanine Loans
Debt Securities, Available-for-sale [Line Items]
Total carrying value, net						238,400
Mezzanine Loans
Debt Securities, Available-for-sale [Line Items]
Total carrying value, net						473,200
Subordinate Mortgage Portfolio Segment
Debt Securities, Available-for-sale [Line Items]
Total carrying value, net	[1]			1,045,893		844,948	$ 1,045,893
Subordinate Mortgage Portfolio Segment | Mezzanine Loans
Debt Securities, Available-for-sale [Line Items]
Specific CECL (allowance) reversal					$ 10,000
Hotel - Anaheim, CA | Subordinate Mortgage Portfolio Segment
Debt Securities, Available-for-sale [Line Items]
Debt related to real estate owned, held for sale									$ 33,000
Specific CECL allowance (reversal), net of previously recorded amount				$ (2,400)
Hotel - Washington D.C.
Debt Securities, Available-for-sale [Line Items]
Specific CECL (allowance) reversal						$ 10,000
Hotel - Washington D.C. | Junior Mezzanine Loans
Debt Securities, Available-for-sale [Line Items]
Total carrying value, net											$ 20,000
Hotel - Washington D.C. | Senior Mezzanine Loans
Debt Securities, Available-for-sale [Line Items]
Total carrying value, net											24,500
Payments to acquire mortgage notes receivable			24,500
Hotel - Washington D.C. | Subordinate Mortgage Portfolio Segment
Debt Securities, Available-for-sale [Line Items]
Debt related to real estate owned, held for investment		$ 110,000	$ 110,000								$ 110,000
Payments for mortgage loans		$ 110,000
[1]	Net of $178,588 and $213,102 CECL Allowances in 2021 and 2020, respectively, comprised of $145,000 a nd $175,000 Specific CECL Allowance and $33,588 and $38,102 General CECL Allowance, respectively.

Real Estate Owned and Related_4

Real Estate Owned and Related Debt - Schedule of Real Estate Owned Fixed Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Jun. 29, 2021	May 24, 2021	Dec. 31, 2020	Dec. 31, 2017
Assets acquired:
Accumulated depreciation	$ (2,645)
Liabilities assumed:
Accounts payable, accrued liabilities and other liabilities of real estate owned	7,195
Hotel - Washington D.C.
Assets acquired:
Cash	4,881		$ 4,148
Land	58,742		58,742
Buildings	86,973		86,871
Furniture, fixtures, and equipment	8,718		8,687
Other Assets	3,141			$ 1,555
Accumulated depreciation	(2,645)		0
Total Assets	159,810		160,003
Liabilities assumed:
Debt related to real estate owned	0		110,073
Accounts payable, accrued liabilities and other liabilities of real estate owned			4,641
Total Liabilities	7,195		114,714
Net Real Estate Assets	$ 152,615		45,289
Hotel - Washington D.C. | Subordinate Mortgage Portfolio Segment
Liabilities assumed:
Debt related to real estate owned, held for investment		$ 110,000	$ 110,000		$ 110,000

Real Estate Owned and Related_5

Real Estate Owned and Related Debt - Income Statement Impact (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Real Estate [Abstract]
Revenue from operations		$ 18,917	$ 0	$ 0
Operating expenses		(19,923)
Depreciation and amortization		$ (2,645)	$ 0	$ 0
Net loss from real estate owned	$ (3,651)

Other Assets (Details)

Other Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Interest receivable	$ 41,219	$ 40,559
Collateral deposited under derivative agreements	0	28,320
Loan proceeds held by servicer	3,179	5,649
Other	3,355	112
Total	47,753	$ 74,640
Real estate owned, held for investment	$ 3,100

Secured Debt Arrangements, Ne_2

Secured Debt Arrangements, Net - Weighted Average Maturities and Interest Rates of Borrowings (Details) kr in Thousands, € in Millions, £ in Millions	12 Months Ended
	Dec. 31, 2021USD ($)	Dec. 31, 2020USD ($)	Dec. 31, 2021SEK (kr)	Dec. 31, 2021GBP (£)	Dec. 31, 2021EUR (€)	Mar. 31, 2021USD ($)	Jun. 30, 2020USD ($)	Nov. 30, 2017USD ($)
Debt Instrument [Line Items]
Less: deferred financing costs	$ (27,700,000)	$ (20,100,000)
Percentage of secured debt that is recourse debt	50.00%	55.00%	50.00%	50.00%	50.00%
Line of Credit
Debt Instrument [Line Items]
Maximum Amount of Borrowings	$ 4,932,049,000	$ 4,395,764,000
Borrowings outstanding	4,150,268,000	3,436,672,000
Less: deferred financing costs	$ (9,062,000)	$ (12,993,000)
Line of Credit | Weighted Average
Debt Instrument [Line Items]
Weighted average advance rate	69.80%	63.70%
Line of Credit | London Interbank Offered Rate (LIBOR) | Weighted Average
Debt Instrument [Line Items]
Weighted average rate	2.00%	2.16%
Line of Credit | GBP London Interbank Offered Rate (LIBOR) | Weighted Average
Debt Instrument [Line Items]
Weighted average rate	1.86%	1.83%
Line of Credit | EUR London Interbank Offered Rate (LIBOR) | Weighted Average
Debt Instrument [Line Items]
Weighted average rate	1.42%	1.46%
Line of Credit | SEK London Interbank Offered Rate (LIBOR) | Weighted Average
Debt Instrument [Line Items]
Weighted average rate	1.50%
Line of Credit | JP Morgan Chase, DB Repurchase Facility, Goldman Sachs, Credit Suisse and HSBC Facilities
Debt Instrument [Line Items]
Maximum Amount of Borrowings	$ 3,029,365,000	$ 3,538,036,000
Borrowings outstanding	2,256,646,000	2,591,937,000
Line of Credit | Deutsche Bank Repurchase Facility
Debt Instrument [Line Items]
Maximum Amount of Borrowings	700,000,000					$ 1,000,000,000
Borrowings outstanding	259,100,000
Line of Credit | Goldman Facility
Debt Instrument [Line Items]
Maximum Amount of Borrowings	300,000,000							$ 500,000,000
Borrowings outstanding	168,200,000
Line of Credit | Barclays Securitization
Debt Instrument [Line Items]
Borrowings outstanding			kr 2,100,000	£ 960.2	€ 328.9
Line of Credit | JP Morgan Chase, DB Repurchase Facility, Goldman Sachs, Credit Suisse, Barclays Facility, HSBC Facilities And Barclays Securitization
Debt Instrument [Line Items]
Maximum Amount of Borrowings	4,932,049,000	4,395,764,000
Borrowings outstanding	$ 4,159,330,000	$ 3,449,665,000
USD | Line of Credit | Weighted Average
Debt Instrument [Line Items]
Weighted average advance rate	67.10%	62.50%
USD | Line of Credit | JP Morgan Facility
Debt Instrument [Line Items]
Maximum Amount of Borrowings	$ 1,344,283,000	$ 1,113,156,000
Borrowings outstanding	1,329,923,000	984,125,000
USD | Line of Credit | Deutsche Bank Repurchase Facility
Debt Instrument [Line Items]
Maximum Amount of Borrowings	700,000,000	1,000,000,000
Borrowings outstanding	259,073,000	520,457,000
USD | Line of Credit | Goldman Facility
Debt Instrument [Line Items]
Maximum Amount of Borrowings	300,000,000	500,000,000
Borrowings outstanding	168,231,000	332,352,000
USD | Line of Credit | Credit Suisse Facility
Debt Instrument [Line Items]
Maximum Amount of Borrowings	161,609,000	374,251,000
Borrowings outstanding	148,720,000	369,182,000
USD | Line of Credit | Barclays Facility
Debt Instrument [Line Items]
Maximum Amount of Borrowings	200,000,000	200,000,000
Borrowings outstanding	$ 32,693,000	$ 35,192,000
Fx contracts - GBP | Line of Credit
Debt Instrument [Line Items]
Currency conversion rate	1.35	1.37	1.35	1.35	1.35
Fx contracts - GBP | Line of Credit | Weighted Average
Debt Instrument [Line Items]
Weighted average advance rate	68.90%	68.70%
Fx contracts - GBP | Line of Credit | JP Morgan Facility
Debt Instrument [Line Items]
Maximum Amount of Borrowings	$ 87,497,000	$ 113,548,000
Borrowings outstanding	$ 86,849,000	$ 113,548,000
Fx contracts - EUR | Line of Credit
Debt Instrument [Line Items]
Currency conversion rate	1.14	1.22	1.14	1.14	1.14
Fx contracts - EUR | Line of Credit | Weighted Average
Debt Instrument [Line Items]
Weighted average advance rate	72.70%	60.80%
Fx contracts - EUR | Line of Credit | JP Morgan Facility
Debt Instrument [Line Items]
Maximum Amount of Borrowings	$ 68,220,000	$ 73,296,000
Borrowings outstanding	68,220,000	73,296,000
Fx contracts - EUR | Line of Credit | HSBC Facility
Debt Instrument [Line Items]
Maximum Amount of Borrowings	167,756,000	163,785,000
Borrowings outstanding	$ 162,937,000	163,785,000
Kronor | Line of Credit
Debt Instrument [Line Items]
Currency conversion rate	0.11		0.11	0.11	0.11
Kronor | Line of Credit | Weighted Average
Debt Instrument [Line Items]
Weighted average advance rate	80.70%
VIE | Line of Credit | Barclays Securitization
Debt Instrument [Line Items]
Maximum Amount of Borrowings	$ 1,902,684,000	857,728,000
Borrowings outstanding	1,902,684,000	$ 857,728,000					$ 782,000,000
VIE | Line of Credit | Barclays Securitization | Weighted Average
Debt Instrument [Line Items]
Borrowings outstanding	1,902,683,000
VIE | Fx contracts - GBP | Line of Credit | Barclays Securitization | Weighted Average
Debt Instrument [Line Items]
Borrowings outstanding	1,299,321,000
VIE | Fx contracts - EUR | Line of Credit | Barclays Securitization | Weighted Average
Debt Instrument [Line Items]
Borrowings outstanding	$ 373,904,000
VIE | Kronor | Line of Credit | Barclays Securitization | Weighted Average
Debt Instrument [Line Items]
Borrowings outstanding | kr			kr 229,458

Secured Debt Arrangements, Ne_3

Secured Debt Arrangements, Net - Additional Information (Details) € in Millions, £ in Millions, kr in Millions	1 Months Ended		12 Months Ended
	Nov. 30, 2019USD ($)extension	Jul. 31, 2018	Dec. 31, 2021USD ($)	Dec. 31, 2021EUR (€)	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Dec. 31, 2021GBP (£)	Dec. 31, 2021EUR (€)	Dec. 31, 2021SEK (kr)	Jun. 30, 2021USD ($)	Jun. 30, 2021GBP (£)	Jun. 30, 2021SEK (kr)	Mar. 31, 2021USD ($)	Mar. 31, 2021GBP (£)	Mar. 31, 2021SEK (kr)	Jun. 30, 2020USD ($)	Jun. 30, 2020GBP (£)	Jun. 30, 2020EUR (€)	Nov. 30, 2017USD ($)
Debt Instrument [Line Items]
Weighted average haircut under repurchase agreements			30.20%		36.30%		30.20%	30.20%	30.20%
Repayments of secured debt arrangements			$ 1,510,236,000		$ 1,242,317,000	$ 2,273,750,000
Line of Credit
Debt Instrument [Line Items]
Maximum borrowing under facility			4,932,049,000		4,395,764,000
Balance			4,159,330,000		3,449,665,000
Borrowings outstanding			4,150,268,000		3,436,672,000
Line of Credit | JP Morgan Facility
Debt Instrument [Line Items]
Balance			1,484,992,000		1,170,969,000
Line of Credit | JP Morgan Facility | USD
Debt Instrument [Line Items]
Maximum borrowing under facility			1,344,283,000		1,113,156,000
Borrowings outstanding			1,329,923,000		984,125,000
Line of Credit | JP Morgan Facility | Fx contracts - GBP
Debt Instrument [Line Items]
Maximum borrowing under facility			87,497,000		113,548,000
Borrowings outstanding			86,849,000		113,548,000
Line of Credit | JP Morgan Facility | Fx contracts - EUR
Debt Instrument [Line Items]
Maximum borrowing under facility			68,220,000		73,296,000
Borrowings outstanding			68,220,000		73,296,000
Line of Credit | DB Repurchase Facility
Debt Instrument [Line Items]
Maximum borrowing under facility			700,000,000										$ 1,000,000,000
Balance			259,073,000		520,457,000
Borrowings outstanding			$ 259,100,000
Extension option			1 year	1 year
Line of Credit | DB Repurchase Facility | USD
Debt Instrument [Line Items]
Maximum borrowing under facility			$ 700,000,000		1,000,000,000
Borrowings outstanding			259,073,000		520,457,000
Line of Credit | Goldman Sachs Repurchase Facility
Debt Instrument [Line Items]
Maximum borrowing under facility			300,000,000																$ 500,000,000
Balance			168,231,000		332,352,000
Borrowings outstanding			168,200,000
Line of Credit | Goldman Sachs Repurchase Facility | USD
Debt Instrument [Line Items]
Maximum borrowing under facility			300,000,000		500,000,000
Borrowings outstanding			168,231,000		332,352,000
Line of Credit | Credit Suisse Facility | USD
Debt Instrument [Line Items]
Maximum borrowing under facility			161,609,000		374,251,000
Balance			148,720,000		369,182,000
Borrowings outstanding			148,720,000		369,182,000
Term after either party notifies the other party of intention to terminate		6 months
Line of Credit | Credit Suisse Facility | Fx contracts - GBP
Debt Instrument [Line Items]
Balance					0
Line of Credit | HSBC Facility | USD
Debt Instrument [Line Items]
Balance					0
Line of Credit | HSBC Facility | Fx contracts - GBP
Debt Instrument [Line Items]
Balance					0
Line of Credit | HSBC Facility | Fx contracts - EUR
Debt Instrument [Line Items]
Maximum borrowing under facility			167,756,000		163,785,000
Balance			162,937,000		163,785,000
Borrowings outstanding			162,937,000		163,785,000
Line of credit, amount outstanding			162,900,000					€ 143.3
Line of Credit | Barclays Facility
Debt Instrument [Line Items]
Repayments of secured debt arrangements | €				€ 16.5
Line of Credit | Barclays Facility | USD
Debt Instrument [Line Items]
Maximum borrowing under facility			200,000,000		200,000,000
Balance			32,693,000		35,192,000
Borrowings outstanding			32,693,000		35,192,000
Line of Credit | Barclays Facility | Fx contracts - GBP
Debt Instrument [Line Items]
Balance					0
Line of Credit | Barclays Facility | Fx contracts - EUR
Debt Instrument [Line Items]
Balance					0
Line of Credit | Barclays Securitization
Debt Instrument [Line Items]
Balance			1,902,684,000		857,728,000
Borrowings outstanding							£ 960.2	328.9	kr 2,100
Line of Credit | Barclays Securitization | VIE
Debt Instrument [Line Items]
Maximum borrowing under facility			1,902,684,000		857,728,000
Balance																	£ 26	€ 5.3
Borrowings outstanding			$ 1,902,684,000		$ 857,728,000											$ 782,000,000
Deferring or waiving debt service payments, term			18 months	18 months
Repayments of secured debt arrangements			$ 18,500,000
Increase in financing spread			0.25%	0.25%
Amended and Restated JPMorgan Facility | Line of Credit | JP Morgan Facility
Debt Instrument [Line Items]
Maximum borrowing under facility	$ 1,500,000,000
Number of extensions available | extension	2
Balance			$ 1,500,000,000				64.2	€ 60
Extension option			1 year	1 year
Commercial Loan One | Line of Credit | Barclays Securitization | VIE
Debt Instrument [Line Items]
Balance			$ 312,900,000				231.3			$ 281,700,000	£ 237.6		227,400,000	£ 165
Commercial Loan Two | Line of Credit | Barclays Securitization | VIE
Debt Instrument [Line Items]
Balance			$ 238,800,000				£ 176.5			$ 114,700,000		kr 1,000	$ 187,400,000		kr 1,600

Secured Debt Arrangements, Ne_4

Secured Debt Arrangements, Net - Assets Under Barclays Private Securitization (Details) - Line of Credit kr in Thousands, $ in Thousands, € in Millions, £ in Millions	Dec. 31, 2021USD ($)	Dec. 31, 2021SEK (kr)	Dec. 31, 2021GBP (£)	Dec. 31, 2021EUR (€)	Dec. 31, 2020USD ($)	Jun. 30, 2020USD ($)
Debt Instrument [Line Items]
Borrowings outstanding	$ 4,150,268				$ 3,436,672
Barclays Securitization
Debt Instrument [Line Items]
Borrowings outstanding		kr 2,100,000	£ 960.2	€ 328.9
VIE | Barclays Securitization
Debt Instrument [Line Items]
Borrowings outstanding	1,902,684				$ 857,728	$ 782,000
Weighted Average | VIE | Barclays Securitization
Debt Instrument [Line Items]
Borrowings outstanding	1,902,683
Weighted Average | VIE | Fx contracts - GBP | Barclays Securitization
Debt Instrument [Line Items]
Borrowings outstanding	1,299,321
Weighted Average | VIE | Fx contracts - EUR | Barclays Securitization
Debt Instrument [Line Items]
Borrowings outstanding	$ 373,904
Weighted Average | VIE | Kronor | Barclays Securitization
Debt Instrument [Line Items]
Borrowings outstanding | kr		kr 229,458

Secured Debt Arrangements, Ne_5

Secured Debt Arrangements, Net - Schedule of Assets and Liabilities (Details) - USD ($) $ in Thousands		Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019
Assets:
Cash and cash equivalents		$ 343,106				$ 325,498
Commercial mortgage loans, net		7,857,260				6,496,977
Other assets		47,753				74,640
Total Assets		8,416,695				6,940,020
Liabilities:
Total Liabilities		6,122,069				4,669,491
Allowance reserve		33,588				38,102
Off-balance sheet, credit loss, liability		3,106	$ 2,193	$ 2,444	$ 3,794	3,365	$ 3,595	$ 4,119	$ 6,059	$ 0
Commercial Mortgage Portfolio Segment
Assets:
Commercial mortgage loans, net	[1],[2]	7,012,312				5,451,084
Liabilities:
Allowance reserve		22,554				17,012
VIE
Assets:
Cash and cash equivalents		3,456				2,020
Commercial mortgage loans, net		2,559,266				1,290,393
Other assets		20,765				15,831
Total Assets		2,583,487				1,308,244
Liabilities:
Secured debt arrangements, net (net of deferred financing costs of $2.0 million and $0.7 million in 2021 and 2020, respectively)		1,900,640				857,043
Accounts payable, accrued expenses and other liabilities		2,671				1,307
Total Liabilities		1,903,311				858,350
Deferred financing costs		2,000				700
VIE | Commercial Mortgage Portfolio Segment
Liabilities:
Allowance reserve		11,800				4,400
Off-balance sheet, credit loss, liability		$ 400				$ 300
[1]	Includes $5,957,707 and $5,418,999 pledged as collateral under secured debt arrangements in 2021 and 2020, respectively.
[2]	Net of $178,588 and $213,102 CECL Allowances in 2021 and 2020, respectively, comprised of $145,000 a nd $175,000 Specific CECL Allowance and $33,588 and $38,102 General CECL Allowance, respectively.

Secured Debt Arrangements, Ne_6

Secured Debt Arrangements, Net - Schedule of Net Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021		Dec. 31, 2020		Dec. 31, 2019
Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items]
Interest income from commercial mortgage loans	$ 327,702		$ 309,134		$ 322,475
Interest expense	(162,522)		(148,891)		(152,926)
Net interest income	265,593		278,678		334,482
General and administrative expenses	(28,845)		(26,849)		(24,097)
Provision for loan losses and impairments	34,773	[1]	(125,600)	[1]	(20,000)
Foreign currency gain (loss)	(31,687)		26,916		19,818
Net income	223,515		18,377		$ 230,174
VIE
Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items]
Interest income from commercial mortgage loans	86,377		29,511
Interest expense	(25,661)		(8,312)
Net interest income	60,716		21,199
General and administrative expenses	0		(178)
Provision for loan losses and impairments	(7,148)		(916)
Foreign currency gain (loss)	(13,102)		39,731
Net income	$ 40,466		$ 59,836
[1]	Comprised of $30,000 and $(118,019) Specific CECL Reversals (Allowance) for the years ended December 31, 2021 and 2020, respectively, $4,773 and $(10,600) of General CECL Reversals (Allowance) for the years ended December 31, 2021 and 2020, respectively, and a $3,019 reversal of a previously recorded impairment on an equity investment for the year ended December 31, 2020 . For the year ended December 31, 2019 the balance represents provision per loan losses as determined by the authoritative guidance at the time.

Secured Debt Arrangements, Ne_7

Secured Debt Arrangements, Net - Remaining Maturities of Borrowings (Details) - Line of Credit $ in Thousands	Dec. 31, 2021USD ($)
Line of Credit Facility [Line Items]
Less than 1 year	$ 895,616
1 to 3 years	1,908,709
3 to 5 years	1,355,005
More than 5 years	0
Total	4,159,330
JPMorgan
Line of Credit Facility [Line Items]
Less than 1 year	129,317
1 to 3 years	800,734
3 to 5 years	554,942
More than 5 years	0
Total	1,484,993
DB
Line of Credit Facility [Line Items]
Less than 1 year	0
1 to 3 years	259,073
3 to 5 years	0
More than 5 years	0
Total	259,073
Goldman
Line of Credit Facility [Line Items]
Less than 1 year	0
1 to 3 years	125,611
3 to 5 years	42,620
More than 5 years	0
Total	168,231
CS Facility | USD
Line of Credit Facility [Line Items]
Less than 1 year	0
1 to 3 years	0
3 to 5 years	148,720
More than 5 years	0
Total	148,720
HSBC Facility | Fx contracts - EUR
Line of Credit Facility [Line Items]
Less than 1 year	162,937
1 to 3 years	0
3 to 5 years	0
More than 5 years	0
Total	162,937
Barclays Facility | USD
Line of Credit Facility [Line Items]
Less than 1 year	0
1 to 3 years	32,693
3 to 5 years	0
More than 5 years	0
Total	32,693
Barclays Securitization
Line of Credit Facility [Line Items]
Less than 1 year	603,362
1 to 3 years	690,598
3 to 5 years	608,723
More than 5 years	0
Total	$ 1,902,683

Secured Debt Arrangements, Ne_8

Secured Debt Arrangements, Net - Summary of Outstanding Balances, Maximum and Average Balances of Borrowings (Details) - Line of Credit - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Line of Credit Facility [Line Items]
Balance	$ 4,159,330	$ 3,449,665
Amortized Cost of Collateral	5,957,707	5,418,999
JPMorgan
Line of Credit Facility [Line Items]
Balance	1,484,992	1,170,969
Amortized Cost of Collateral	2,259,376	2,009,249
Maximum Month-End Balance	1,484,992	1,192,288
Average Month-End Balance	1,219,072	1,119,997
DB
Line of Credit Facility [Line Items]
Balance	259,073	520,457
Amortized Cost of Collateral	389,238	814,715
Maximum Month-End Balance	520,217	526,743
Average Month-End Balance	407,428	506,831
Goldman
Line of Credit Facility [Line Items]
Balance	168,231	332,352
Amortized Cost of Collateral	261,848	510,371
Maximum Month-End Balance	331,154	362,139
Average Month-End Balance	228,312	343,621
CS Facility | USD
Line of Credit Facility [Line Items]
Balance	148,720	369,182
Amortized Cost of Collateral	214,124	524,139
Maximum Month-End Balance	369,182	378,781
Average Month-End Balance	224,351	348,464
CS Facility | Fx contracts - GBP
Line of Credit Facility [Line Items]
Balance		0
Amortized Cost of Collateral		0
Maximum Month-End Balance		90,111
Average Month-End Balance		43,094
HSBC Facility | USD
Line of Credit Facility [Line Items]
Balance		0
Amortized Cost of Collateral		0
Maximum Month-End Balance		50,625
Average Month-End Balance		44,000
HSBC Facility | Fx contracts - GBP
Line of Credit Facility [Line Items]
Balance		0
Amortized Cost of Collateral		0
Maximum Month-End Balance		34,500
Average Month-End Balance		20,563
HSBC Facility | Fx contracts - EUR
Line of Credit Facility [Line Items]
Balance	162,937	163,785
Amortized Cost of Collateral	211,813	215,509
Maximum Month-End Balance	174,717	163,788
Average Month-End Balance	165,958	154,725
Barclays Facility | USD
Line of Credit Facility [Line Items]
Balance	32,693	35,192
Amortized Cost of Collateral	50,241	49,993
Maximum Month-End Balance	35,193	35,193
Average Month-End Balance	33,526	29,327
Barclays Facility | Fx contracts - GBP
Line of Credit Facility [Line Items]
Balance		0
Amortized Cost of Collateral		0
Maximum Month-End Balance		666,810
Average Month-End Balance		260,692
Barclays Facility | Fx contracts - EUR
Line of Credit Facility [Line Items]
Balance		0
Amortized Cost of Collateral		0
Maximum Month-End Balance		180,595
Average Month-End Balance		70,521
Barclays Securitization
Line of Credit Facility [Line Items]
Balance	1,902,684	857,728
Amortized Cost of Collateral	2,571,067	1,295,023
Maximum Month-End Balance	1,902,684	857,728
Average Month-End Balance	$ 1,396,411	$ 823,915

Senior Secured Term Loan, Net_2

Senior Secured Term Loan, Net (Details) - USD ($)	1 Months Ended	3 Months Ended			6 Months Ended	12 Months Ended
	May 31, 2019	Dec. 31, 2021	Mar. 31, 2021	Jun. 30, 2020	Jun. 30, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Sep. 30, 2021
Debt Instrument [Line Items]
Repayments of senior secured term loan principal						$ 7,250,000	$ 5,000,000	$ 2,500,000
Deferred financing costs		$ 27,700,000				$ 27,700,000	20,100,000
2026 Term Loan
Debt Instrument [Line Items]
Basis spread on variable rate					2.75%	2.75%
Repayments of senior secured term loan principal						$ 5,000,000	5,000,000
Repayments of secured debt, amortizing percent						0.25%
Deferred financing costs		7,933,000				$ 7,933,000	7,130,000
2028 Term Loan
Debt Instrument [Line Items]
Basis spread on variable rate						3.50%
Repayments of senior secured term loan principal						$ 2,300,000
Repayments of secured debt, amortizing percent						0.25%
Deferred financing costs		$ 4,801,000				$ 4,801,000
Interest Rate Swap
Debt Instrument [Line Items]
Realized loss on interest rate swap							53,900,000
Interest Rate Cap
Debt Instrument [Line Items]
Debt interest rate cap				3 years
London Interbank Offered Rate (LIBOR) | Interest Rate Swap
Debt Instrument [Line Items]
Fixed interest rate	2.12%
London Interbank Offered Rate (LIBOR) | Interest Rate Cap
Debt Instrument [Line Items]
Fixed interest rate				0.75%
Secured Debt
Debt Instrument [Line Items]
Debt instrument, face amount	$ 500,000,000		$ 300,000,000
Debt instrument, issuance price as a percentage	99.50%		99.00%
Debt instrument, covenant, non-recourse debt to tangible net worth ratio, maximum		400.00%				400.00%			300.00%
Debt instrument, covenant, unencumbered assets to pari-passu indebtedness ratio, maximum		250.00%				250.00%			125.00%
Debt instruments, covenant, modification fees		$ 5,200,000
Debt Instruments, Covenant, Modification Fees, Consent Fees		3,900,000
Debt Instruments, Covenant, Modification Fees, Arrangement Fees		1,300,000
Effective interest rate	4.87%			3.50%
Deferred financing costs		$ 12,734,000				$ 12,734,000	7,130,000
Secured Debt | Interest Rate Cap
Debt Instrument [Line Items]
Deferred financing costs							$ 1,100,000
Secured Debt | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Basis spread on variable rate	2.75%
Secured Debt | London Interbank Offered Rate (LIBOR) | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate			0.50%
Secured Debt | London Interbank Offered Rate (LIBOR) | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate			3.50%

Senior Secured Term Loan, Net -

Senior Secured Term Loan, Net - Term Loans (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Less: deferred financing costs		$ (27,700)	$ (20,100)
2026 Term Loan
Debt Instrument [Line Items]
Principal Amount		487,500	492,500
Unamortized discount		(1,548)	(1,905)
Less: deferred financing costs		(7,933)	(7,130)
Carrying Value		$ 478,019	$ 483,465
Weighted average rate	2.75%	2.75%
2028 Term Loan
Debt Instrument [Line Items]
Principal Amount		$ 297,750
Unamortized discount		(2,643)
Less: deferred financing costs		(4,801)
Carrying Value		$ 290,306
Weighted average rate		3.50%
Total Term Loans
Debt Instrument [Line Items]
Principal Amount		$ 785,250
Unamortized discount		(4,191)
Less: deferred financing costs		(12,734)
Carrying Value		$ 768,325

Senior Secured Notes, Net (Deta

Senior Secured Notes, Net (Details) - USD ($)	1 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Derivative [Line Items]
Proceeds from issuance of senior secured notes		$ 500,000,000	$ 0	$ 0
Debt issuance costs, net		27,700,000	20,100,000
Senior Notes
Derivative [Line Items]
Senior notes		494,051,000	0
Debt issuance costs, net		5,949,000	$ 0
2029 Notes | Senior Notes
Derivative [Line Items]
Debt instrument, face amount		$ 500,000,000
Coupon Rate		4.625%
Proceeds from issuance of senior secured notes	$ 495,000,000
Senior notes		$ 494,100,000
Debt issuance costs, net		$ 5,900,000

Convertible Senior Notes, Net_2

Convertible Senior Notes, Net (Details)	3 Months Ended	12 Months Ended
	Dec. 31, 2018USD ($)	Dec. 31, 2021USD ($)$ / shares	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Dec. 31, 2017USD ($)offering
Debt Instrument [Line Items]
Proceeds from issuance of senior secured notes		$ 500,000,000	$ 0	$ 0
Conversions of convertible senior notes for common stock				33,778,000
Common Stock
Debt Instrument [Line Items]
Share price (in dollars per share) | $ / shares		$ 13.16
Conversions of convertible senior notes for common stock				20,000
Additional Paid-In-Capital
Debt Instrument [Line Items]
Conversions of convertible senior notes for common stock				33,758,000
Convertible Debt
Debt Instrument [Line Items]
Debt instrument, face amount		$ 575,000,000	575,000,000
Interest expense		28,800,000	28,800,000	29,100,000
Non-cash interest expense		6,300,000	6,000,000	$ 6,000,000
Convertible Debt | 2022 Notes
Debt Instrument [Line Items]
Number of debt offerings issued | offering					2
Debt instrument, face amount		$ 345,000,000	$ 345,000,000		$ 345,000,000
Stated interest rate		4.75%	4.75%		4.75%
Proceeds from issuance of senior secured notes					$ 337,500,000
Convertible senior notes, net		$ 343,100,000
Unamortized discount		1,900,000
Convertible Debt | 2022 Notes | Additional Paid-In-Capital
Debt Instrument [Line Items]
Conversions of convertible senior notes for common stock		11,000,000
Convertible Debt | 2023 Notes
Debt Instrument [Line Items]
Debt instrument, face amount	$ 230,000,000	$ 230,000,000	$ 230,000,000
Stated interest rate	5.375%	5.38%	5.38%
Proceeds from issuance of senior secured notes	$ 223,700,000
Convertible senior notes, net		$ 226,900,000
Unamortized discount		3,100,000
Convertible Debt | 2023 Notes | Additional Paid-In-Capital
Debt Instrument [Line Items]
Conversions of convertible senior notes for common stock		4,400,000
Convertible Debt | 2022 and 2023 Notes | Additional Paid-In-Capital
Debt Instrument [Line Items]
Conversions of convertible senior notes for common stock		$ 15,400,000

Convertible Senior Notes, Net -

Convertible Senior Notes, Net - Summary of Note Terms (Details) - Convertible Debt	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2021USD ($)	Dec. 31, 2020USD ($)	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)
Debt Instrument [Line Items]
Principal Amount		$ 575,000,000	$ 575,000,000
Conversion rate basis, principal amount		1,000
2022 Notes
Debt Instrument [Line Items]
Principal Amount		$ 345,000,000	$ 345,000,000		$ 345,000,000
Coupon Rate		4.75%	4.75%		4.75%
Effective Rate		5.60%	5.60%
Conversion Rate	0.0502260	0.0502260
Remaining Period of Amortization		7 months 20 days	1 year 7 months 24 days
2023 Notes
Debt Instrument [Line Items]
Principal Amount		$ 230,000,000	$ 230,000,000	$ 230,000,000
Coupon Rate		5.38%	5.38%	5.375%
Effective Rate		6.16%	6.16%
Conversion Rate	0.0487187	0.0487187
Remaining Period of Amortization		1 year 9 months 14 days	2 years 9 months 14 days

Derivatives - Summary of Non-De

Derivatives - Summary of Non-Designated Foreign Exchange Forwards (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)contract	Dec. 31, 2020USD ($)contract	Jun. 30, 2020USD ($)	Dec. 31, 2019USD ($)
Interest rate cap
Derivative [Line Items]
Aggregate Notional Amount (in thousands)			$ 1,100
Not Designated as Hedging Instrument | Interest rate cap
Derivative [Line Items]
Number of Contracts | contract	1	1
Aggregate Notional Amount (in thousands)	$ 500,000	$ 500,000		$ 0
Weighted-Average Years to Maturity	1 year 5 months 12 days	2 years 5 months 26 days
Fx contracts - GBP | Not Designated as Hedging Instrument | Foreign currency forward, net
Derivative [Line Items]
Number of Contracts | contract	125	93
Aggregate Notional Amount (in thousands)	$ 738,178	$ 428,493
Weighted-Average Years to Maturity	2 years 1 month 20 days	2 years 14 days
Fx contracts - EUR | Not Designated as Hedging Instrument | Foreign currency forward, net
Derivative [Line Items]
Number of Contracts | contract	90	69
Aggregate Notional Amount (in thousands)	$ 508,541	$ 239,466
Weighted-Average Years to Maturity	1 year 10 months 17 days	2 years 7 months 9 days
Kronor | Not Designated as Hedging Instrument | Foreign currency forward, net
Derivative [Line Items]
Number of Contracts | contract	20
Aggregate Notional Amount (in thousands)	$ 765,138
Weighted-Average Years to Maturity	3 years 8 months 26 days

Derivatives - Summary of Amount

Derivatives - Summary of Amounts Recognized on Consolidated Statements of Operations Related to Company's Derivatives (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Jun. 30, 2020
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized gain (loss) on derivative instruments - unrealized interest rate swap	$ 48,028	$ (11,895)	$ (43,046)
Gain (Loss) on Derivative Instruments
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) on sale of derivatives	1,314	(39,247)	(14,470)
Foreign currency forward, net
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized gain (loss) on derivative instruments - unrealized interest rate swap	46,714	(26,499)	(28,576)
Gain (loss) on sale of derivatives	41,674	(9,743)	(14,425)
Foreign currency forward, net | Gain (Loss) on Derivative Instruments
Derivative Instruments, Gain (Loss) [Line Items]
Realized (gain) loss on derivative instruments - interest rate swap realized	(5,040)	16,756	14,151
Interest rate cap and swaps
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized gain (loss) on derivative instruments - unrealized interest rate swap	1,314	14,604	(14,470)
Gain (loss) on sale of derivatives	1,314	(39,247)	(14,470)
Interest Rate Cap
Derivative Instruments, Gain (Loss) [Line Items]
Derivative notional amount				$ 1,100
Interest Rate Cap | Not Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Derivative notional amount	500,000	500,000	0
Interest Rate Cap | Gain (Loss) on Derivative Instruments
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized gain (loss) on derivative instruments - unrealized interest rate swap	1,314	134	0
Interest Rate Swap, Instrument One | Gain (Loss) on Derivative Instruments
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized gain (loss) on derivative instruments - unrealized interest rate swap	0	14,470	(14,470)
Interest Rate Swap, Instrument Two | Gain (Loss) on Derivative Instruments
Derivative Instruments, Gain (Loss) [Line Items]
Realized (gain) loss on derivative instruments - interest rate swap realized	0	(53,851)	0
Interest Rate Swap
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) on sale of derivatives		(53,900)
Interest Rate Swap | Not Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Derivative notional amount	$ 500,000	$ 0	$ 0

Derivatives - Additional Inform

Derivatives - Additional Information (Details) - USD ($) $ in Millions	Jun. 30, 2020	May 31, 2019
Secured Debt
Derivative [Line Items]
Effective interest rate	3.50%	4.87%
Interest rate cap
Derivative [Line Items]
Derivative notional amount	$ 1.1
London Interbank Offered Rate (LIBOR) | Interest Rate Swap
Derivative [Line Items]
Fixed interest rate		2.12%
London Interbank Offered Rate (LIBOR) | Interest rate cap
Derivative [Line Items]
Fixed interest rate	0.75%
Cap interest rate	0.75%

Derivatives - Summarizes Gross

Derivatives - Summarizes Gross Asset and Liability Amounts Related to Derivatives (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Derivative [Line Items]
Gross Amount of Recognized Asset	$ (30,229)	$ (32,172)
Gross Amounts Offset in our Consolidated Balance Sheet	13,441	931
Net Amounts of Assets Presented in our Consolidated Balance Sheet	(16,788)	(31,241)
Foreign currency forward, net
Derivative [Line Items]
Gross Amount of Recognized Asset	(28,781)	(32,172)
Gross Amounts Offset in our Consolidated Balance Sheet	13,441	797
Net Amounts of Assets Presented in our Consolidated Balance Sheet	(15,340)	(31,375)
Interest rate cap
Derivative [Line Items]
Gross Amount of Recognized Asset	(1,448)	0
Gross Amounts Offset in our Consolidated Balance Sheet	0	134
Net Amounts of Assets Presented in our Consolidated Balance Sheet	$ (1,448)	$ 134

Participations Sold (Details)

Participations Sold (Details) $ in Thousands, £ in Millions		1 Months Ended	12 Months Ended
		Jun. 30, 2021USD ($)	Dec. 31, 2021USD ($)	Dec. 31, 2021GBP (£)	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Dec. 31, 2020GBP (£)	Oct. 31, 2020USD ($)
Participating Mortgage Loans [Line Items]
Payment in kind interest			$ 47,700		$ 46,700	$ 54,600
Total carrying value, net			7,857,260		6,496,977
Commercial Mortgage Portfolio Segment
Participating Mortgage Loans [Line Items]
Total carrying value, net	[1],[2]		7,012,312		5,451,084
Participations sold balance, increase			17,800
Participations sold balance, increase, add on funding amount			18,300	£ 13.3
Unrealized loss on foreign currency translation			$ 500
Mezzanine Loans
Participating Mortgage Loans [Line Items]
Debt instrument, decrease in participating interest		$ 27,700
Payment in kind interest		$ 2,700
Mezzanine Loans | Secured Debt
Participating Mortgage Loans [Line Items]
Total carrying value, net					95,200		£ 70.3
Mezzanine Loans | Ground-up Condominium Development - New York
Participating Mortgage Loans [Line Items]
Debt instrument, face amount								$ 25,000
Mezzanine Loans | Office Building - London
Participating Mortgage Loans [Line Items]
Debt instrument, face amount					8,900		6.7
Remaining unfunded commitment					$ 25,300		£ 19.1
[1]	Includes $5,957,707 and $5,418,999 pledged as collateral under secured debt arrangements in 2021 and 2020, respectively.
[2]	Net of $178,588 and $213,102 CECL Allowances in 2021 and 2020, respectively, comprised of $145,000 a nd $175,000 Specific CECL Allowance and $33,588 and $38,102 General CECL Allowance, respectively.

Participations Sold - Schedule

Participations Sold - Schedule of participations sold (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Participating Mortgage Loans [Line Items]
Participations sold	$ 27,064	$ 34,974
Payment in kind interest	47,700	46,700	$ 54,600
Commercial Mortgage Portfolio Segment
Participating Mortgage Loans [Line Items]
Participations sold	27,064	9,217
Subordinate Mortgage Portfolio Segment
Participating Mortgage Loans [Line Items]
Participations sold	0	25,757
Payment in kind interest	$ 0	$ 800

Accounts Payable, Accrued Exp_3

Accounts Payable, Accrued Expenses and Other Liabilities (Details) - USD ($) $ in Thousands		Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019
Payables and Accruals [Abstract]
Accrued dividends payable		$ 52,833				$ 52,768
Accrued interest payable		16,166				13,979
Accounts payable and other liabilities(1)		9,084				4,775
Collateral held under derivative agreements		21,420				0
General CECL Allowance on unfunded commitments		3,106	$ 2,193	$ 2,444	$ 3,794	3,365	$ 3,595	$ 4,119	$ 6,059	$ 0
Total	[1]	102,609				$ 74,887
Accounts payable, accrued liabilities and other liabilities of real estate owned		$ 7,195
[1]	Includes $3,106 and $3,365 of General CECL Allowance related to unfunded commitments on commercial mortgage loans, subordinate loans and other lending assets, net in 2021 and 2020, respectively.

Related Party Transactions (Det

Related Party Transactions (Details) $ in Thousands, £ in Millions

May 24, 2021USD ($)

Jun. 30, 2021USD ($)

Mar. 31, 2021USD ($)

Jan. 31, 2020USD ($)

Jan. 31, 2020GBP (£)

Dec. 31, 2019USD ($)

May 31, 2019USD ($)

Jun. 30, 2020USD ($)

Jun. 30, 2020GBP (£)

Dec. 31, 2021USD ($)

Dec. 31, 2020USD ($)

Dec. 31, 2019USD ($)

Jun. 29, 2021USD ($)

Dec. 31, 2017USD ($)

Related Party Transaction [Line Items]

Related party expenses

$ 38,160

$ 39,750

$ 40,734

Base management fees incurred but not yet paid

9,773

9,598

Total carrying value, net

7,857,260

6,496,977

Subordinate Mortgage Portfolio Segment

Related Party Transaction [Line Items]

Total carrying value, net

[1]

844,948

1,045,893

Senior Mezzanine Loans

Related Party Transaction [Line Items]

Total carrying value, net

238,400

Hotel - Washington D.C. | Subordinate Mortgage Portfolio Segment

Related Party Transaction [Line Items]

Debt related to real estate owned, held for investment

$ 110,000

$ 110,000

$ 110,000

Hotel - Washington D.C. | Junior Mezzanine Loans

Related Party Transaction [Line Items]

Total carrying value, net

20,000

Hotel - Washington D.C. | Senior Mezzanine Loans

Related Party Transaction [Line Items]

Total carrying value, net

$ 24,500

Payments to acquire mortgage notes receivable

$ 24,500

Sale of Mezzanine Loan

Related Party Transaction [Line Items]

Total carrying value, net

$ 41,900

Proceeds from sale of loan

$ 81,300

£ 62.2

$ 30,300

$ 81,300

£ 62.2

Sale of Unfunded Commitment of Senior Mortgage

Related Party Transaction [Line Items]

Proceeds from sale of loan

$ 65,300

£ 50

$ 65,300

£ 50

Arrangement fees

Related Party Transaction [Line Items]

Related party expenses

$ 400

$ 200

$ 600

Sale Of Mezzanine Loan Two

Related Party Transaction [Line Items]

Proceeds from sale of loan

$ 122,300

Limited Liability Company

Related Party Transaction [Line Items]

Rate of management fees

1.50%

Extension period

1 year

Period of termination

180 days

Termination fee calculation period

24 months

Limited Liability Company | Management fees

Related Party Transaction [Line Items]

Base management fees incurred but not yet paid

$ 9,800

9,600

Affiliated Entity

Related Party Transaction [Line Items]

Debt instrument, face amount

$ 30,000

Affiliated Entity | Management fees

Related Party Transaction [Line Items]

Related party expenses

38,200

39,800

40,700

Affiliated Entity | Reimbursements

Related Party Transaction [Line Items]

Related party expenses

$ 4,000

$ 4,500

$ 3,600

[1]

Net of $178,588 and $213,102 CECL Allowances in 2021 and 2020, respectively, comprised of $145,000 a nd $175,000 Specific CECL Allowance and $33,588 and $38,102 General CECL Allowance, respectively.

Share-Based Payments - Addition

Share-Based Payments - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Apr. 16, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Recognized stock-based compensation expense	$ 17,633	$ 16,815	$ 15,897
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized stock-based compensation expense	300
RSU
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized stock-based compensation expense	$ 34,100
LTIP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized				7,000,000
Common stock, shares delivered	553,008	508,968	433,585
LTIP | RSU
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock units vested (in shares)	953,397	877,262	730,980
Adjustments to additional paid in capital, income tax deficiency from share-based compensation	$ 4,400	$ 6,500	$ 5,000

Share-Based Payments - Summary

Share-Based Payments - Summary of Grants, Exchanges and Forfeitures of Restricted Stock and RSUs (Details) - LTIP - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Grant date fair value	$ 18.2	$ 16.4	$ 20.5
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Outstanding, beginning balance (in shares)	82,235	25,356	65,697
Granted (in shares)	45,185	82,235	27,245
Vested (in shares)	(82,235)	(25,356)	(67,586)
Forfeitures (in shares)	0	0	0
Outstanding, ending balance (in shares)	45,185	82,235	25,356
RSU
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Outstanding, beginning balance (in shares)	2,455,853	2,007,355	1,852,957
Granted (in shares)	1,323,487	1,446,155	1,069,202
Vested (in shares)	(1,136,525)	(962,518)	(877,261)
Forfeitures (in shares)	(44,874)	(35,139)	(37,543)
Outstanding, ending balance (in shares)	2,597,941	2,455,853	2,007,355

Share-Based Payments - Summar_2

Share-Based Payments - Summary of Restricted Stock and RSU Vesting Dates (Details) - LTIP	Dec. 31, 2021shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares vesting	2,643,126
2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares vesting	1,299,735
2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares vesting	898,882
2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares vesting	444,509
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares vesting	45,185
Restricted Stock | 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares vesting	38,517
Restricted Stock | 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares vesting	3,334
Restricted Stock | 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares vesting	3,334
RSU
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares vesting	2,597,941
RSU | 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares vesting	1,261,218
RSU | 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares vesting	895,548
RSU | 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares vesting	441,175

Stockholders' Equity - Addition

Stockholders' Equity - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	Jul. 15, 2021	Jun. 10, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Class of Stock [Line Items]
Common stock, shares authorized					450,000,000	450,000,000
Common stock, par value (in dollars per share)					$ 0.01	$ 0.01
Preferred stock, shares authorized					50,000,000
Preferred stock, par value (in dollars per share)					$ 0.01
Common stock, shares issued					139,894,060	139,295,867
Dividends declared on preferred stock (in dollars per share)					$ 1.90	$ 2	$ 2.72
Common stock, shares, outstanding (in shares)					139,894,060	139,295,867
Conversions of convertible senior notes for common stock							$ 33,778
Remaining authorized repurchase amount					$ 172,200
Proceeds from Issuance of Common Stock, Net of Offering Costs			$ 314,800
Common Stock
Class of Stock [Line Items]
Conversions of convertible senior notes for common stock (in shares)							1,967,361
Conversions of convertible senior notes for common stock							$ 20
Issuance of common stock (in shares)							17,250,000
Common Stock | Follow On Public Offering
Class of Stock [Line Items]
Shares issued, price per share (in dollars per share)			$ 18.27
Issuance of common stock (in shares)			17,250,000
2019 Notes | Convertible Debt | Common Stock
Class of Stock [Line Items]
Conversions of convertible senior notes for common stock (in shares)				1,967,361
Conversions of convertible senior notes for common stock				$ 33,800
Shares issued, price per share (in dollars per share)				$ 17.17
Series B Preferred Stock
Class of Stock [Line Items]
Preferred stock, shares authorized					50,000,000	50,000,000
Preferred stock, par value (in dollars per share)					$ 0.01	$ 0.01
Dividends declared on preferred stock (in dollars per share)					$ 1	$ 2	$ 2
Preferred stock, shares outstanding	6,770,393				0	6,770,393
Series B-1 Preferred Stock
Class of Stock [Line Items]
Preferred stock, shares authorized					50,000,000	50,000,000
Preferred stock, par value (in dollars per share)	$ 0.01				$ 0.01	$ 0.01
Dividends declared on preferred stock (in dollars per share)					$ 0.90
Preferred stock, shares outstanding					6,770,393	0
Preferred stock dividend percentage	7.25%
Convertible preferred stock, shares issued upon conversion	6,770,393
Preferred stock, liquidation preference per share (in dollars per share)	$ 25
Series C Preferred Stock(2)
Class of Stock [Line Items]
Redemption of preferred stock (in shares)		6,900,000
Redemption price (in dollars per share)		$ 25
Dividends declared on preferred stock (in dollars per share)		$ 0.2223					$ 0.72

Stockholders' Equity - Dividend

Stockholders' Equity - Dividends Declared (Details) - $ / shares	Jun. 10, 2019	Dec. 31, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Class of Stock [Line Items]
Dividends declared on common stock (in dollars per share)			$ 1.40	$ 1.45	$ 1.84
Dividends declared (in dollars per share)			1.90	2	2.72
Common Stock(1)
Class of Stock [Line Items]
Dividends declared on common stock (in dollars per share)		$ 0.001055	1.40	1.45	1.84
Series B Preferred Stock
Class of Stock [Line Items]
Dividends declared (in dollars per share)			1	$ 2	2
Series B-1 Preferred Stock
Class of Stock [Line Items]
Dividends declared (in dollars per share)			$ 0.90
Series C Preferred Stock(2)
Class of Stock [Line Items]
Dividends declared (in dollars per share)	$ 0.2223				$ 0.72

Stockholders' Equity - Common S

Stockholders' Equity - Common Stock Repurchases (Details) - $ / shares	3 Months Ended				12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2020
Equity [Abstract]
Shares Repurchased	3,998,037	5,038,619	5,495,976	300,000	14,832,632
Share repurchase, average price per share (in dollars per share)	$ 9.03	$ 9.01	$ 7.96	$ 8.11	$ 8.61

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Schedule of Equity Method Investments [Line Items]
Total damages including punitive	$ 70,000
Unfunded loan commitments	1,357,122	$ 1,399,989
Commercial Mortgage and Subordinated Portfolio Segment
Schedule of Equity Method Investments [Line Items]
Unfunded loan commitments	$ 1,400,000
Term of unfunded loan commitment	3 years 8 months 12 days

Fair Value of Financial Instr_3

Fair Value of Financial Instruments - Carrying Value and Estimated Fair Value of Company's Financial Instruments (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Accounts, Notes, Loans and Financing Receivable [Line Items]
Participations sold	$ (27,064)	$ (34,974)
Commercial Mortgage Portfolio Segment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Participations sold	(27,064)	(9,217)
Subordinate Mortgage Portfolio Segment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Participations sold	0	(25,757)
Carrying Value
Accounts, Notes, Loans and Financing Receivable [Line Items]
Cash and cash equivalents	343,106	325,498
Carrying Value | Level III
Accounts, Notes, Loans and Financing Receivable [Line Items]
Secured debt arrangements, net	(4,150,268)	(3,436,672)
Participations sold	(27,064)	(34,974)
Debt related To real estate owned, held for sale	0	(33,000)
Carrying Value | Level III | Secured Debt
Accounts, Notes, Loans and Financing Receivable [Line Items]
Senior secured term loans, net	(768,325)	(483,465)
Carrying Value | Level III | Senior Notes
Accounts, Notes, Loans and Financing Receivable [Line Items]
Senior secured term loans, net	(494,051)	0
Carrying Value | Level III | 2022 Notes
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes	(343,117)	(340,361)
Carrying Value | Level III | 2023 Notes
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes	(226,862)	(225,293)
Carrying Value | Level III | Commercial Mortgage Portfolio Segment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	7,012,312	5,451,084
Carrying Value | Level III | Subordinate Mortgage Portfolio Segment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	844,948	1,045,893
Estimate of Fair Value Measurement
Accounts, Notes, Loans and Financing Receivable [Line Items]
Cash and cash equivalents	343,106	325,498
Estimate of Fair Value Measurement | Level III
Accounts, Notes, Loans and Financing Receivable [Line Items]
Secured debt arrangements, net	(4,150,268)	(3,436,672)
Participations sold	(27,064)	(34,919)
Debt related To real estate owned, held for sale	0	(33,000)
Estimate of Fair Value Measurement | Level III | Secured Debt
Accounts, Notes, Loans and Financing Receivable [Line Items]
Senior secured term loans, net	(782,995)	(475,263)
Estimate of Fair Value Measurement | Level III | Senior Notes
Accounts, Notes, Loans and Financing Receivable [Line Items]
Senior secured term loans, net	(489,175)	0
Estimate of Fair Value Measurement | Level III | 2022 Notes
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes	(347,522)	(327,381)
Estimate of Fair Value Measurement | Level III | 2023 Notes
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes	(231,150)	(214,875)
Estimate of Fair Value Measurement | Level III | Commercial Mortgage Portfolio Segment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	6,945,038	5,361,948
Estimate of Fair Value Measurement | Level III | Subordinate Mortgage Portfolio Segment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	$ 725,906	$ 1,027,582

Net Income per Share - Basic an

Net Income per Share - Basic and Diluted Net Income per Share of Common Stock Using Two-Class Method (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Basic Earnings
Net income	$ 223,515	$ 18,377	$ 230,174
Less: Preferred dividends	(12,964)	(13,540)	(18,525)
Net income available to common stockholders	210,551	4,837	211,649
Less: Dividends on participating securities	(3,877)	(3,431)	(3,867)
Basic Earnings	206,674	1,406	207,782
Diluted Earnings
Basic Earnings	206,674	1,406	207,782
Add: Dividends on participating securities	3,877	0	3,867
Add: Interest expense on Convertible Notes	35,020	0	35,173
Diluted Earnings	$ 245,571	$ 1,406	$ 246,822
Number of Shares:
Basic weighted-average shares of common stock outstanding	139,869,244	148,004,385	146,881,231
Diluted weighted-average shares of common stock outstanding	168,402,515	148,004,385	175,794,896
Earnings Per Share Attributable to Common Stockholders
Basic (in dollars per share)	$ 1.48	$ 0.01	$ 1.41
Diluted (in dollars per share)	$ 1.46	$ 0.01	$ 1.40

Net Income per Share - Addition

Net Income per Share - Additional Information (Details) - shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Effect of dilutive securities - convertible notes (in shares)	28,533,271	28,533,271	28,913,665
RSU
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Effect of dilutive securities - convertible notes (in shares)	2,456,409	2,030,467	1,836,210

Subsequent Events (Details)

Subsequent Events (Details) $ in Thousands, € in Millions, £ in Millions		Feb. 08, 2022USD ($)	Feb. 08, 2022GBP (£)	Feb. 08, 2022EUR (€)	Dec. 31, 2021USD ($)	Dec. 31, 2020USD ($)
Subsequent Event [Line Items]
Total carrying value, net					$ 7,857,260	$ 6,496,977
Commercial Mortgage Portfolio Segment
Subsequent Event [Line Items]
Total carrying value, net	[1],[2]				$ 7,012,312	$ 5,451,084
Subsequent Event
Subsequent Event [Line Items]
Proceeds from loan repayments		$ 484,800
Subsequent Event | Commercial Mortgage Portfolio Segment | First Mortgage | Warehouse/United Kingdom
Subsequent Event [Line Items]
Mortgage loans on real estate, funded amount of mortgages		106,200	£ 78.8
Subsequent Event | Commercial Mortgage Portfolio Segment | First Mortgage | Office/Milan, Italy
Subsequent Event [Line Items]
Mortgage loans on real estate, funded amount of mortgages		160,000		€ 141.6
Total carrying value, net		167,000		€ 147.7
Funded amount of mortgages		$ 59,500
[1]	Includes $5,957,707 and $5,418,999 pledged as collateral under secured debt arrangements in 2021 and 2020, respectively.
[2]	Net of $178,588 and $213,102 CECL Allowances in 2021 and 2020, respectively, comprised of $145,000 a nd $175,000 Specific CECL Allowance and $33,588 and $38,102 General CECL Allowance, respectively.

Schedule IV - Mortgage Loans _2

Schedule IV - Mortgage Loans on Real Estate (Details) $ in Thousands		12 Months Ended
		Dec. 31, 2021USD ($)contract	Dec. 31, 2020USD ($)
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Principal Balance		$ 8,072,377
Principal balance		7,890,848	$ 6,535,079
Principal Amount of Mortgages Subject to Delinquent Principal or Interest		902,892
General CECL allowance		(33,588)	(38,102)
Commercial mortgage loans, net		7,857,260	6,496,977
Commercial Mortgage Portfolio Segment
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Principal Balance		7,218,333
Principal balance		7,034,866
Principal Amount of Mortgages Subject to Delinquent Principal or Interest		902,892
General CECL allowance		(22,554)	(17,012)
Commercial mortgage loans, net	[1],[2]	7,012,312	5,451,084
Subordinate Mortgage Portfolio Segment
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Principal Balance		854,044
Principal balance		855,982
Principal Amount of Mortgages Subject to Delinquent Principal or Interest		0
General CECL allowance		(11,034)	(21,090)
Commercial mortgage loans, net	[2]	$ 844,948	1,045,893
Urban Retail Predevelopment | Urban Retail/United Kingdom, December 2023
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of loans | contract
Principal Balance		$ 354,490
Principal balance		352,834
Principal Amount of Mortgages Subject to Delinquent Principal or Interest		$ 354,490
Urban Retail Predevelopment | Urban Retail/Manhattan, NY, September 2024
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of loans | contract
Principal Balance		$ 318,106
Principal balance		318,106
Principal Amount of Mortgages Subject to Delinquent Principal or Interest		$ 0
Retail | Retail Center/United Kingdom
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of loans | contract
Principal Balance		$ 312,934
Principal balance		309,928
Principal Amount of Mortgages Subject to Delinquent Principal or Interest		0
Office
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Principal balance		$ 1,700,779	1,911,145
Office | Industrial/Sweden
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of loans | contract
Principal Balance		$ 286,822
Principal balance		284,358
Principal Amount of Mortgages Subject to Delinquent Principal or Interest		$ 0
Office | Various/Germany
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of loans | contract
Principal Balance		$ 270,120
Principal balance		267,447
Principal Amount of Mortgages Subject to Delinquent Principal or Interest		$ 0
Office | Hotel/Spain
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of loans | contract
Principal Balance		$ 263,044
Principal balance		263,044
Principal Amount of Mortgages Subject to Delinquent Principal or Interest		0
Healthcare
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Principal balance		$ 316,321	$ 369,676
Healthcare | Other/Various
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of loans | contract
Principal Balance		$ 271,141
Principal balance		269,493
Principal Amount of Mortgages Subject to Delinquent Principal or Interest		$ 0
Hotel, Office, Urban Predevelopment, Residential-for-sale, Retail Center, Residential-for-rent, Mixed Use, Other/Various | Hotel, Office, Urban Predevelopment, Residential-for-sale, Retail Center, Residential-for-rent, Mixed Use, Other/Various | Commercial Mortgage Portfolio Segment, Loans Less Than 3% Of The Carrying Amount Of Total Senior Loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of loans | contract		45
Principal Balance		$ 5,141,676
Principal balance		4,969,656
Principal Amount of Mortgages Subject to Delinquent Principal or Interest		$ 548,402
Residential-for Sale | Residential-for Sale, June 2021 | Subordinate Mortgage Portfolio Segment, Loans and Other Lending Assets In Excess Of 3% Of Carrying Amount Of Total Subordinate Loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of loans | contract
Basis spread on variable interest rate		11.39%
Principal Balance		$ 237,884
Principal balance		238,421
Principal Amount of Mortgages Subject to Delinquent Principal or Interest		$ 0
Residential-for-sale, Mixed Use, Office, Healthcare, Industrial, Hotel/Various | Residential for sale construction Hotel Multifamily Healthcare Mixed Use Residential for sale inventory Industrial Office Various 2021-2034 | Subordinate Mortgage Portfolio Segment, Loans and Other Lending Assets Less Than 3% Of The Carrying Amount Of Total Subordinate Loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of loans | contract		14
Principal Balance		$ 616,160
Principal balance		617,561
Principal Amount of Mortgages Subject to Delinquent Principal or Interest		$ 0
London Interbank Offered Rate (LIBOR) | Urban Retail Predevelopment | Urban Retail/United Kingdom, December 2023
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Basis spread on variable interest rate		6.65%
London Interbank Offered Rate (LIBOR) | Urban Retail Predevelopment | Urban Retail/Manhattan, NY, September 2024
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Basis spread on variable interest rate		4.75%
London Interbank Offered Rate (LIBOR) | Retail | Retail Center/United Kingdom
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Basis spread on variable interest rate		3.15%
London Interbank Offered Rate (LIBOR) | Office | Industrial/Sweden
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Basis spread on variable interest rate		3.20%
London Interbank Offered Rate (LIBOR) | Office | Various/Germany
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Basis spread on variable interest rate		3.00%
London Interbank Offered Rate (LIBOR) | Office | Hotel/Spain
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Basis spread on variable interest rate		3.00%
London Interbank Offered Rate (LIBOR) | Healthcare | Other/Various
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Basis spread on variable interest rate		4.30%
Minimum | Hotel, Office, Urban Predevelopment, Residential-for-sale, Retail Center, Residential-for-rent, Mixed Use, Other/Various | Hotel, Office, Urban Predevelopment, Residential-for-sale, Retail Center, Residential-for-rent, Mixed Use, Other/Various | Commercial Mortgage Portfolio Segment, Loans Less Than 3% Of The Carrying Amount Of Total Senior Loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Basis spread on variable interest rate		0.00%
Minimum | London Interbank Offered Rate (LIBOR) | Residential-for-sale, Mixed Use, Office, Healthcare, Industrial, Hotel/Various | Residential for sale construction Hotel Multifamily Healthcare Mixed Use Residential for sale inventory Industrial Office Various 2021-2034 | Subordinate Mortgage Portfolio Segment, Loans and Other Lending Assets Less Than 3% Of The Carrying Amount Of Total Subordinate Loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Basis spread on variable interest rate		0.00%
Maximum | London Interbank Offered Rate (LIBOR) | Hotel, Office, Urban Predevelopment, Residential-for-sale, Retail Center, Residential-for-rent, Mixed Use, Other/Various | Hotel, Office, Urban Predevelopment, Residential-for-sale, Retail Center, Residential-for-rent, Mixed Use, Other/Various | Commercial Mortgage Portfolio Segment, Loans Less Than 3% Of The Carrying Amount Of Total Senior Loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Basis spread on variable interest rate		7.80%
Maximum | London Interbank Offered Rate (LIBOR) | Residential-for-sale, Mixed Use, Office, Healthcare, Industrial, Hotel/Various | Residential for sale construction Hotel Multifamily Healthcare Mixed Use Residential for sale inventory Industrial Office Various 2021-2034 | Subordinate Mortgage Portfolio Segment, Loans and Other Lending Assets Less Than 3% Of The Carrying Amount Of Total Subordinate Loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Basis spread on variable interest rate		13.50%
[1]	Includes $5,957,707 and $5,418,999 pledged as collateral under secured debt arrangements in 2021 and 2020, respectively.
[2]	Net of $178,588 and $213,102 CECL Allowances in 2021 and 2020, respectively, comprised of $145,000 a nd $175,000 Specific CECL Allowance and $33,588 and $38,102 General CECL Allowance, respectively.

Schedule IV - Mortgage Loans _3

Schedule IV - Mortgage Loans on Real Estate (Details 2) - USD ($) $ in Thousands	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Participations sold	$ 27,064				$ 34,974
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate, Prior Lien, Amount	3,400,000
Aggregate cost of mortgage loans on real estate	8,000,000
Off-balance sheet, credit loss, liability	3,106	$ 2,193	$ 2,444	$ 3,794	3,365	$ 3,595	$ 4,119	$ 6,059	$ 0
Commercial Mortgage Portfolio Segment
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Participations sold	27,064				9,217
Subordinate Mortgage Portfolio Segment
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Participations sold	$ 0				25,757
Commercial Mortgage Portfolio Segment, Loans Less Than 3% Of The Carrying Amount Of Total Senior Loans | Hotel, Office, Urban Predevelopment, Residential-for-sale, Retail Center, Residential-for-rent, Mixed Use, Other/Various | Hotel, Office, Urban Predevelopment, Residential-for-sale, Retail Center, Residential-for-rent, Mixed Use, Other/Various
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Participations sold					$ 27,100

Schedule IV - Mortgage Loans _4

Schedule IV - Mortgage Loans on Real Estate - Summary of Changes in Carrying Amounts of Mortgage Loans (Details) - USD ($) $ in Thousands	May 24, 2021	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2021		Dec. 31, 2020		Dec. 31, 2019	Mar. 31, 2021
SEC Schedule, 12-29, Real Estate Companies, Investment in Movement in Mortgage Loans on Real Estate [Roll Forward]
Balance at beginning of year								$ 6,375,093	$ 6,496,977		$ 6,375,093
Loan fundings									3,334,062		876,658
Loan repayments									(1,881,211)		(683,254)
Gain (loss) on foreign currency translation									(93,241)		80,618
Realized loss on investment									(20,767)		(42,465)
Transfer to real estate owned, held for sale									(45,289)		(12,255)
Specific CECL Allowance									30,000		(118,019)
General CECL Allowance									4,514		(10,323)
Deferred Fees									(42,911)		(6,455)
PIK interest, amortization of fees and other items									75,126		65,158
Balance at the close of year		$ 7,857,260			$ 6,496,977				7,857,260		6,496,977		$ 6,375,093
Realized loss on investments									20,767		47,632		12,513
Specific CECL (allowance) reversal	$ 10,000								(30,000)		118,019		13,000
Provision for (reversal of) loan losses, net									(34,773)	[1]	125,600	[1]	20,000
Financing receivable, loan specific, credit loss, expense, net of reversal									(10,000)
Off-balance sheet, credit loss, liability		3,106	$ 2,193	$ 2,444	3,365	$ 3,595	$ 4,119	6,059	3,106		3,365		0	$ 3,794
Adjustment due to Adoption of ASU
SEC Schedule, 12-29, Real Estate Companies, Investment in Movement in Mortgage Loans on Real Estate [Roll Forward]
Balance at beginning of year								(27,779)			(27,779)
Balance at the close of year													(27,779)
Off-balance sheet, credit loss, liability													$ 3,088
Commercial Mortgage and Subordinated Portfolio Segment
SEC Schedule, 12-29, Real Estate Companies, Investment in Movement in Mortgage Loans on Real Estate [Roll Forward]
Gain (loss) on foreign currency translation									(94,205)
Realized loss on investment									20,767
Realized loss on investments									20,000
Specific CECL (allowance) reversal									30,000
Provision for (reversal of) loan losses, net		$ 0	$ 0	$ (20,000)	$ 0	$ (550)	$ 5,500	$ 150,000
Affiliated Entity | Commercial Mortgage and Subordinated Portfolio Segment
SEC Schedule, 12-29, Real Estate Companies, Investment in Movement in Mortgage Loans on Real Estate [Roll Forward]
Cash flows between transferor and transferee, proceeds from new transfers, amount funded											208,500
Hotel - Washington D.C.
SEC Schedule, 12-29, Real Estate Companies, Investment in Movement in Mortgage Loans on Real Estate [Roll Forward]
Specific CECL (allowance) reversal									$ 10,000
Residential Condominium - Bethesda, MD
SEC Schedule, 12-29, Real Estate Companies, Investment in Movement in Mortgage Loans on Real Estate [Roll Forward]
Specific CECL (allowance) reversal											1,100
Residential Condominium - Bethesda, MD | Commercial Mortgage and Subordinated Portfolio Segment
SEC Schedule, 12-29, Real Estate Companies, Investment in Movement in Mortgage Loans on Real Estate [Roll Forward]
Realized loss on investment											(11,100)
Specific CECL (allowance) reversal											11,100
Miscellaneous Properties | Commercial Mortgage and Subordinated Portfolio Segment
SEC Schedule, 12-29, Real Estate Companies, Investment in Movement in Mortgage Loans on Real Estate [Roll Forward]
Realized loss on investment											(26,000)
Specific CECL (allowance) reversal											24,500
Miscellaneous Properties Two | Commercial Mortgage and Subordinated Portfolio Segment
SEC Schedule, 12-29, Real Estate Companies, Investment in Movement in Mortgage Loans on Real Estate [Roll Forward]
Realized loss on investment											$ (5,200)
[1]	Comprised of $30,000 and $(118,019) Specific CECL Reversals (Allowance) for the years ended December 31, 2021 and 2020, respectively, $4,773 and $(10,600) of General CECL Reversals (Allowance) for the years ended December 31, 2021 and 2020, respectively, and a $3,019 reversal of a previously recorded impairment on an equity investment for the year ended December 31, 2020 . For the year ended December 31, 2019 the balance represents provision per loan losses as determined by the authoritative guidance at the time.