Apollo Commercial Real Estate Finance (ARI) 10-Q 30 Oct 23 2023 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Sep. 30, 2023	Oct. 27, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2023
Document Transition Report	false
Entity File Number	001-34452
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	42nd 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 Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Small Business Entity	false
Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		141,358,605
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
Entity Central Index Key	0001467760
Current Fiscal Year End Date	--12-31

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands		Sep. 30, 2023	Dec. 31, 2022
Assets:
Cash and cash equivalents		$ 307,845	$ 222,030
Total carrying value, net		7,974,031	8,681,990
Real estate owned, held for investment, net (net of $9,363 accumulated depreciation in 2023)		495,299	302,688
Other assets		206,578	70,607
Assets related to real estate owned, held for sale		79,188	162,397
Derivative assets, net		94,037	128,640
Total Assets		9,156,978	9,568,352
Liabilities:
Convertible senior notes, net		176,018	229,361
Accounts payable, accrued expenses and other liabilities	[1]	202,901	227,360
Debt related to real estate owned, held for investment, net		161,245	160,294
Participations sold		0	25,130
Total Liabilities		6,945,196	7,213,848
Commitments and Contingencies (see Note 18)
Stockholders’ Equity:
Preferred stock, $0.01 par value, 50,000,000 shares authorized, Series B-1, 6,770,393 shares issued and outstanding ($169,260 liquidation preference) in 2023 and 2022 (see Note 17)		68	68
Common stock, $0.01 par value, 450,000,000 shares authorized, 141,353,133 and 140,595,995 shares issued and outstanding in 2023 and 2022, respectively		1,414	1,406
Additional paid-in-capital		2,723,170	2,716,907
Accumulated deficit		(512,870)	(363,877)
Total Stockholders’ Equity		2,211,782	2,354,504
Total Liabilities and Stockholders’ Equity		9,156,978	9,568,352
Related Party
Liabilities:
Payable to related party		9,515	9,728
Secured Debt
Liabilities:
Secured debt arrangements, net		5,135,855	5,296,825
Senior secures term loans and notes, net		760,381	763,813
Senior Notes
Liabilities:
Senior secures term loans and notes, net		495,437	494,844
Mortgages
Liabilities:
Secured debt arrangements, net		3,844	6,493
Debt related to real estate owned, held for investment, net		161,200	160,300
Commercial Mortgage Portfolio Segment
Assets:
Total carrying value, net	[2],[3]	7,561,254	8,121,109
Liabilities:
Participations sold		0	25,130
Subordinate Mortgage Portfolio Segment
Assets:
Total carrying value, net	[3],[4]	$ 412,777	$ 560,881
[1]Includes $3,972 and $4,347 of General CECL Allowance related to unfunded commitments on commercial mortgage loans, subordinate loans and other lending assets, net in 2023 and 2022, respectively.[2]Includes $7,203,350 and $7,482,658 pledged pledged

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Real estate owned, accumulated depreciation	$ 9,363
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized	50,000,000	50,000,000
Preferred stock, liquidation preference	$ 169,260	$ 169,260
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	141,353,133	140,595,995
Common stock, shares outstanding	141,353,133	140,595,995
Financing receivable, pledged status	Asset Pledged as Collateral [Member]	Asset Pledged as Collateral [Member]
CECL allowance	$ 220,305	$ 159,724
Financing receivable, allowance for credit loss, excluding accrued interest	193,000	133,500
Loan specific reserves	27,305	26,224
General CECL allowance on unfunded commitments	$ 3,972	$ 4,347
Series B-1 Preferred Stock
Preferred stock, shares outstanding	6,770,393	6,770,393
Preferred stock, shares issued	6,770,393	6,770,393
Commercial Mortgage Portfolio Segment
Specific CECL Allowance	$ 7,203,350	$ 7,482,658
Subordinate Mortgage Portfolio Segment
Specific CECL Allowance	$ 213,139	$ 191,608

Condensed Consolidated Statemen

Condensed Consolidated Statement of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Net interest income:
Interest income from commercial mortgage loans	$ 180,441	$ 120,821	$ 520,712	$ 304,631
Interest income from subordinate loans and other lending assets	1,599	13,354	16,416	43,719
Interest expense	(121,817)	(72,302)	(342,963)	(173,949)
Net interest income	60,223	61,873	194,165	174,401
Revenue from real estate owned operations	20,934	14,428	66,273	42,098
Total net revenue	81,157	76,301	260,438	216,499
Operating expenses:
General and administrative expenses (includes equity-based compensation of $4,356 and $13,091 in 2023 and $4,518 and $13,734 in 2022, respectively)	(7,664)	(7,184)	(22,150)	(21,501)
Operating expenses related to real estate owned	(18,950)	(13,308)	(52,917)	(36,094)
Depreciation and amortization on real estate owned	(1,020)	0	(7,208)	(704)
Total operating expenses	(37,152)	(30,211)	(110,700)	(87,004)
Other income, net	1,465	285	4,537	353
Net realized loss on investment	0	43,577	(86,604)	43,577
Realized gain on extinguishment of debt	30	0	495	0
Decrease (increase) in current expected credit loss allowance, net	5,833	55,564	(60,205)	37,897
Foreign currency translation loss	(44,165)	(92,782)	(3,974)	(210,138)
Net income before taxes	46,588	183,030	12,104	269,219
Income tax provision	(517)	0	(517)	0
Net income	46,071	183,030	11,587	269,219
Preferred dividends	(3,068)	(3,068)	(9,204)	(9,204)
Net income available to common stockholders	$ 43,003	$ 179,962	$ 2,383	$ 260,015
Net income per share of common stock:
Basic (in dollars per share)	$ 0.30	$ 1.27	$ 0	$ 1.83
Diluted (in dollars per share)	$ 0.30	$ 1.13	$ 0	$ 1.66
Basic weighted-average shares of common stock outstanding	141,350,428	140,594,987	141,255,730	140,513,957
Diluted weighted-average shares of common stock outstanding	141,350,428	164,350,132	141,255,730	169,252,602
Dividend declared per share of common stock (in dollars per share)	$ 0.35	$ 0.35	$ 1.05	$ 1.05
Related Party
Operating expenses:
Management fees to related party	$ (9,518)	$ (9,719)	$ (28,425)	$ (28,705)
Foreign Exchange Forward
Operating expenses:
Gain (loss) on sale of derivatives	39,490	129,252	8,239	257,227
Interest rate cap and swaps
Operating expenses:
Gain (loss) on sale of derivatives	$ (70)	$ 1,044	$ (122)	$ 10,808

Condensed Consolidated Statem_2

Condensed Consolidated Statement of Operations (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
General and administrative expenses, equity-based compensation	$ 4,356	$ 4,518	$ 13,091	$ 13,734
Foreign currency forward, net
Unrealized gain (loss) on derivatives	28,244	108,428	(27,709)	221,623
Interest rate cap and swaps
Unrealized gain (loss) on derivatives	$ (70)	$ 1,044	$ (9,211)	$ 10,808

Consolidated Statement of Chang

Consolidated Statement of Changes in Stockholders’ Equity (Unaudited) - USD ($) $ in Thousands	Total	Adjustment due to Adoption of ASU	[1]	Preferred Stock	Common Stock	Additional Paid-In-Capital	Additional Paid-In-Capital Adjustment due to Adoption of ASU	[1]	Accumulated Deficit	Accumulated Deficit Adjustment due to Adoption of ASU	[1]
Stockholders' equity, beginning balance (in shares) at Dec. 31, 2021				6,770,393
Stockholders' equity, beginning balance at Dec. 31, 2021	$ 2,294,626	$ (3,416)		$ 68	$ 1,399	$ 2,721,042	$ (15,408)		$ (427,883)	$ 11,992
Stockholders' equity, beginning balance (in shares) at Dec. 31, 2021					139,894,060
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)					647,349
Capital increase (decrease) related to Equity Incentive Plan	$ (2,274)				$ 6	(2,280)
Net income (loss)	15,238								15,238
Dividends declared on preferred stock -	(3,068)								(3,068)
Dividends declared on common stock -	(50,088)								(50,088)
Stockholders' equity, ending balance (in shares) at Mar. 31, 2022					140,541,409
Stockholders' equity, ending balance at Mar. 31, 2022	2,251,018			$ 68	$ 1,405	2,703,354			(453,809)
Stockholders' equity, ending balance (in shares) at Mar. 31, 2022				6,770,393
Stockholders' equity, beginning balance (in shares) at Dec. 31, 2021				6,770,393
Stockholders' equity, beginning balance at Dec. 31, 2021	2,294,626	$ (3,416)		$ 68	$ 1,399	2,721,042	$ (15,408)		(427,883)	$ 11,992
Stockholders' equity, beginning balance (in shares) at Dec. 31, 2021					139,894,060
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	269,219
Stockholders' equity, ending balance (in shares) at Sep. 30, 2022					140,595,995
Stockholders' equity, ending balance at Sep. 30, 2022	2,407,685			$ 68	$ 1,406	2,712,390			(306,179)
Stockholders' equity, ending balance (in shares) at Sep. 30, 2022				6,770,393
Stockholders' equity, beginning balance (in shares) at Mar. 31, 2022				6,770,393
Stockholders' equity, beginning balance at Mar. 31, 2022	2,251,018			$ 68	$ 1,405	2,703,354			(453,809)
Stockholders' equity, beginning balance (in shares) at Mar. 31, 2022					140,541,409
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Capital increase (decrease) related to Equity Incentive Plan (in shares)					49,434
Capital increase (decrease) related to Equity Incentive Plan	4,519				$ 1	4,518
Net income (loss)	70,951								70,951
Dividends declared on preferred stock -	(3,068)								(3,068)
Dividends declared on common stock -	(50,108)								(50,108)
Stockholders' equity, ending balance (in shares) at Jun. 30, 2022					140,590,843
Stockholders' equity, ending balance at Jun. 30, 2022	2,273,312			$ 68	$ 1,406	2,707,872			(436,034)
Stockholders' equity, ending balance (in shares) at Jun. 30, 2022				6,770,393
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Capital increase (decrease) related to Equity Incentive Plan (in shares)					5,152
Capital increase (decrease) related to Equity Incentive Plan	4,518					4,518
Net income (loss)	183,030								183,030
Dividends declared on preferred stock -	(3,068)								(3,068)
Dividends declared on common stock -	(50,107)								(50,107)
Stockholders' equity, ending balance (in shares) at Sep. 30, 2022					140,595,995
Stockholders' equity, ending balance at Sep. 30, 2022	2,407,685			$ 68	$ 1,406	2,712,390			(306,179)
Stockholders' equity, ending balance (in shares) at Sep. 30, 2022				6,770,393
Stockholders' equity, beginning balance (in shares) at Dec. 31, 2022				6,770,393
Stockholders' equity, beginning balance at Dec. 31, 2022	$ 2,354,504			$ 68	$ 1,406	2,716,907			(363,877)
Stockholders' equity, beginning balance (in shares) at Dec. 31, 2022	140,595,995				140,595,995
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Capital increase (decrease) related to Equity Incentive Plan (in shares)					670,044
Capital increase (decrease) related to Equity Incentive Plan	$ (2,345)				$ 7	(2,352)
Net income (loss)	48,916								48,916
Dividends declared on preferred stock -	(3,068)								(3,068)
Dividends declared on common stock -	(50,446)								(50,446)
Stockholders' equity, ending balance (in shares) at Mar. 31, 2023					141,266,039
Stockholders' equity, ending balance at Mar. 31, 2023	2,347,561			$ 68	$ 1,413	2,714,555			(368,475)
Stockholders' equity, ending balance (in shares) at Mar. 31, 2023				6,770,393
Stockholders' equity, beginning balance (in shares) at Dec. 31, 2022				6,770,393
Stockholders' equity, beginning balance at Dec. 31, 2022	$ 2,354,504			$ 68	$ 1,406	2,716,907			(363,877)
Stockholders' equity, beginning balance (in shares) at Dec. 31, 2022	140,595,995				140,595,995
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	$ 11,587
Stockholders' equity, ending balance (in shares) at Sep. 30, 2023	141,353,133				141,353,133
Stockholders' equity, ending balance at Sep. 30, 2023	$ 2,211,782			$ 68	$ 1,414	2,723,170			(512,870)
Stockholders' equity, ending balance (in shares) at Sep. 30, 2023				6,770,393
Stockholders' equity, beginning balance (in shares) at Mar. 31, 2023				6,770,393
Stockholders' equity, beginning balance at Mar. 31, 2023	2,347,561			$ 68	$ 1,413	2,714,555			(368,475)
Stockholders' equity, beginning balance (in shares) at Mar. 31, 2023					141,266,039
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Capital increase (decrease) related to Equity Incentive Plan (in shares)					77,138
Capital increase (decrease) related to Equity Incentive Plan	4,365					4,365
Net income (loss)	(83,400)								(83,400)
Dividends declared on preferred stock -	(3,068)								(3,068)
Dividends declared on common stock -	(50,467)								(50,467)
Stockholders' equity, ending balance (in shares) at Jun. 30, 2023					141,343,177
Stockholders' equity, ending balance at Jun. 30, 2023	2,214,991			$ 68	$ 1,413	2,718,920			(505,410)
Stockholders' equity, ending balance (in shares) at Jun. 30, 2023				6,770,393
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Capital increase (decrease) related to Equity Incentive Plan (in shares)					9,956
Capital increase (decrease) related to Equity Incentive Plan	4,251				$ 1	4,250
Net income (loss)	46,071								46,071
Dividends declared on preferred stock -	(3,068)								(3,068)
Dividends declared on common stock -	$ (50,463)								(50,463)
Stockholders' equity, ending balance (in shares) at Sep. 30, 2023	141,353,133				141,353,133
Stockholders' equity, ending balance at Sep. 30, 2023	$ 2,211,782			$ 68	$ 1,414	$ 2,723,170			$ (512,870)
Stockholders' equity, ending balance (in shares) at Sep. 30, 2023				6,770,393
[1]Refer to "Note 10 - Convertible Senior Notes, Net" for detail

Consolidated Statement of Cha_2

Consolidated Statement of Changes in Stockholders’ Equity (Unaudited) (Parenthetical) - $ / shares	3 Months Ended						9 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2023	Sep. 30, 2022
Statement of Stockholders' Equity [Abstract]
Dividends declared on preferred stock (in dollars per share)	$ 0.45	$ 0.45	$ 0.45	$ 0.45	$ 0.45	$ 0.45
Dividends declared on common stock (in dollars per share)	$ 0.35	$ 0.35	$ 0.35	$ 0.35	$ 0.35	$ 0.35	$ 1.05	$ 1.05

Condensed Consolidated Statem_3

Condensed Consolidated Statement of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Cash flows provided by operating activities:
Net income (loss)	$ 11,587	$ 269,219
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Amortization of discount/premium and payment-in-kind interest	(24,928)	(39,828)
Amortization of deferred financing costs	11,609	8,582
Equity-based compensation	13,091	13,734
Increase in current expected credit loss allowance, net	60,205	(37,897)
Foreign currency loss	21,027	199,587
Depreciation and amortization on real estate owned	7,208	704
Realized gain on extinguishment of debt	(495)	0
Net realized loss on investment	86,604	(43,577)
Changes in operating assets and liabilities:
Proceeds received from payment-in-kind interest	15,407	83,731
Other assets	(2,092)	(24,149)
Payment for interest rate cap	(2,317)	0
Accounts payable, accrued expenses and other liabilities	9,404	27,454
Payable to related party	(213)	(11)
Net cash provided by operating activities	243,017	225,118
Cash flows used in investing activities:
New funding of commercial mortgage loans	(181,017)	(2,753,609)
Add-on funding of commercial mortgage loans	(264,769)	(407,063)
Increase (decrease) in collateral related to derivative contracts, net	(39,360)	255,110
Add-on funding of subordinate loans and other lending assets	(77,027)	(85,964)
Capital expenditures on real estate assets	(47,187)	(21,160)
Proceeds received from the repayment and sale of commercial mortgage loans	749,716	1,316,431
Proceeds received from the repayment of subordinate loans and other lending assets	75,170	129,760
Origination and exit fees received on commercial mortgage loans, and subordinate loans and other lending assets, net	9,191	42,779
Cash received from hotel title assumption	569	0
Net cash provided by (used in) investing activities	225,286	(1,523,716)
Cash flows provided by financing activities:
Proceeds from secured debt arrangements	356,333	2,770,405
Repayments of secured debt arrangements	(508,245)	(1,118,630)
Repayments of senior secured term loan principal	(6,000)	(6,000)
Repayments and repurchases of convertible notes	(53,442)	(345,000)
Proceeds related to financing on real estate owned	0	164,835
Payment of deferred financing costs	(7,189)	(15,333)
Payment of withholding tax on RSU delivery	(6,820)	(6,972)
Dividends on common stock	(151,556)	(150,467)
Dividends on preferred stock	(9,204)	(9,204)
Net cash provided by (used in) financing activities	(386,123)	1,283,634
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Period Increase (Decrease), Excluding Exchange Rate Effect	82,180	(14,964)
Decrease (increase) in cash classified within assets related to real estate owned, held for sale	3,376	(5,858)
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Cash Classified Within Real Estate Owned, Held for Sale, Excluding Exchange Rate Effect	85,556	(20,822)
Cash and cash equivalents, beginning of period	222,030	343,106
Effects of foreign currency translation on cash and cash equivalents	259	(3,020)
Cash and cash equivalents, end of period	307,845	319,264
Supplemental disclosure of cash flow information:
Interest paid	316,819	151,348
Income tax paid	795	0
Supplemental disclosure of non-cash financing activities:
Dividend declared, not yet paid	53,531	53,175
Change in participation sold	(25,130)	(4,368)
Change in loan proceeds held by servicer	129,670	5,871
Assumption of real estate	75,000	270,035
Assumption of other assets related to real estate owned	2,827	0
Assumption of accounts payable, accrued expenses and other liabilities related to real estate owned	(3,396)	0
Transfer of assets to assets related to real estate owned, held for sale	79,021	(156,201)
Transfer of assets related to real estate owned, held for sale to assets related to real estate owned held for investment, net	151,676	0
Transfer of assets related to real estate owned, held for sale to other assets	4,357	0
Transfer of liabilities to liabilities related to real estate owned, held for sale	1,438	6,116
Transfer of liabilities related to real estate owned, held for sale to accounts payable, accrued expenses and other liabilities	7,163	0
Foreign Exchange Forward
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Unrealized loss on foreign currency contracts	27,709	(221,623)
Interest rate cap and swaps
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Unrealized loss on foreign currency contracts	$ 9,211	$ (10,808)

Organization

Organization	9 Months Ended
	Sep. 30, 2023
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	9 Months Ended
	Sep. 30, 2023
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Presentation The accompanying condensed 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 current expected credit loss ("CECL") allowances. Actual results may differ from estimates. These unaudited condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and should be read in conjunction with the consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2022 ("Annual Report"), as filed with the Securities and Exchange Commission (the "SEC"). In the opinion of management, all adjustments (consisting only of normal recurring adjustments) necessary to present fairly our financial position, results of operations and cash flows have been included. Our results of operations for the three and nine months ended September 30, 2023 are not necessarily indicative of the results to be expected for the full year or any other future period. We currently operate in one reporting segment. Risks and Uncertainties Although more normalized activities have resumed and there has been improved global economic activity due to global and domestic vaccination efforts, there are still various uncertainties around the impact coronavirus ("COVID-19") and its variants had and will continue to have on our business and the economy as a whole, including longer-term macroeconomic effects on supply chains, inflation and labor shortages. For example, in response to recent inflationary pressure, the U.S. Federal Reserve and other global central banks have raised interest rates in 2022 and 2023. 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 September 30, 2023. Recent Accounting Pronouncements

Fair Value Disclosure

Fair Value Disclosure	9 Months Ended
	Sep. 30, 2023
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 Accounting Standards Codification ("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 fair values of foreign exchange ("Fx") 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. Our Fx forwards are classified as Level II in the fair value hierarchy. The fair value of our interest rate cap is determined by using the market standard methodology of discounting the future expected cash receipts that occur when 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 volatility. Our interest rate caps are classified as Level II in the fair value hierarchy and manage our exposure to variable cash flows on certain of our borrowings. As of December 31, 2022, we held one interest rate cap related to our term loan. As of September 30, 2023, we held one interest rate cap related to our construction financing which was purchased on September 26, 2023. Refer to Note 5 – Real Estate Owned and Note 11 – Derivatives for further detail. 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 September 30, 2023 and December 31, 2022 ($ in thousands): Fair Value as of September 30, 2023 Fair Value as of December 31, 2022 Level I Level II Level III Total Level I Level II Level III Total Recurring fair value measurements: Foreign currency forward, net $ — $ 91,790 $ — $ 91,790 $ — $ 119,499 $ — $ 119,499 Interest rate cap asset — 2,247 — 2,247 — 9,141 — 9,141 Total financial instruments $ — $ 94,037 $ — $ 94,037 $ — $ 128,640 $ — $ 128,640 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 ASC 820. Under ASC 820, we may utilize the income, market or cost approach (or combination thereof) to determine the fair value of real estate owned. We deem the inputs used in these approaches to be significant unobservable inputs. Therefore, we classify the fair value of real estate owned within Level III of the fair value hierarchy. On March 31, 2023, we acquired legal title of a hotel property in Atlanta, GA ("Atlanta Hotel") through a deed-in-lieu of foreclosure. At the time of acquisition, we determined the fair value of the net real estate assets to be $75.0 million, using a combination of market and income approach. We utilized a discount rate and capitalization rate of 10.5% and 9.5%, respectively. During the three months ended June 30, 2023, the Atlanta Hotel's assets and liabilities were reclassified to held for sale and the fair value of the net real estate assets, less costs to sell, was in excess of our cost basis. We carry the Atlanta Hotel's assets and liabilities at the lower of our cost basis and the fair value less costs to sell on our condensed consolidated balance sheet. No impairments had been recorded as of September 30, 2023. On August 3, 2022, we acquired legal title of a multifamily development property located in downtown Brooklyn, NY ("Brooklyn Development") through a deed-in-lieu of foreclosure. We determined the fair value of the real estate assumed to be $270.1 million, based on the market value of the land at the time of acquisition. No impairments had been recorded as of September 30, 2023 or December 31, 2022. On May 24, 2021, we acquired legal title to a full-service luxury hotel in Washington D.C. ("D.C. Hotel") through a deed-in-lieu of foreclosure. We assumed the D.C. Hotel's assets and liabilities, including a $110.0 million mortgage loan. We repaid the mortgage loan at par and 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 had been recorded as of September 30, 2023 or December 31, 2022.

Commercial Mortgage Loans, Subo

Commercial Mortgage Loans, Subordinate Loans and Other Lending Assets, Net	9 Months Ended
	Sep. 30, 2023
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 September 30, 2023 and December 31, 2022 ($ in thousands): Loan Type September 30, 2023 December 31, 2022 Commercial mortgage loans, net (1) $ 7,561,254 $ 8,121,109 Subordinate loans and other lending assets, net 412,777 560,881 Carrying value, net $ 7,974,031 $ 8,681,990 ——————— (1) Includes $102.6 million and $138.3 million in 2023 and 2022, respectively, of contiguous financing structured as subordinate loans. Our loan portfolio consisted of 99% and 98% floating rate loans, based on amortized cost, as of September 30, 2023 and December 31, 2022, respectively. Activity relating to our loan portfolio for the nine months ended September 30, 2023 was as follows ($ in thousands): Principal Deferred Fees/Other Items (1) Specific CECL Allowance Carrying Value, Net December 31, 2022 $ 8,892,767 $ (51,053) $ (133,500) $ 8,708,214 New funding of loans 181,017 — — 181,017 Add-on loan fundings (2) 341,796 — — 341,796 Loan repayments and sales (1,020,590) — — (1,020,590) Gain (loss) on foreign currency translation (4,999) 83 — (4,916) Increase in Specific CECL Allowance, net — — (59,500) (59,500) Net realized loss on investment (87,367) 763 — (86,604) Transfer to real estate owned (75,000) — — (75,000) Deferred fees and other items — (9,191) — (9,191) Payment-in-kind interest and amortization of fees — 26,110 — 26,110 September 30, 2023 $ 8,227,624 $ (33,288) $ (193,000) $ 8,001,336 General CECL Allowance (3) (27,305) Carrying value, net $ 7,974,031 ——————— (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) Represents fundings committed prior to 2023. (3) $4.0 million of the General CECL Allowance is excluded from this table because it relates to unfunded commitments and has been recorded as a liability under accounts payable, accrued expenses and other liabilities in our condensed consolidated balance sheet. The following table details overall statistics for our loan portfolio at the dates indicated ($ in thousands): September 30, 2023 December 31, 2022 Number of loans 49 61 Principal balance $ 8,227,624 $ 8,892,767 Carrying value, net $ 7,974,031 $ 8,681,990 Unfunded loan commitments (1) $ 693,125 $ 1,041,654 Weighted-average cash coupon (2) 8.3 % 7.2 % Weighted-average remaining fully-extended term (3) 2.4 years 2.8 years Weighted-average expected term (4) 1.8 years 1.7 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 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): September 30, 2023 December 31, 2022 Property Type Carrying % of (1) Carrying % of Portfolio (1) Hotel $ 1,903,246 23.8 % $ 2,117,079 24.3 % Office 1,494,101 18.7 1,671,006 19.2 Retail 1,375,338 17.2 1,364,752 15.7 Residential 1,245,131 15.5 1,537,541 17.7 Mixed Use 637,492 8.0 559,809 6.4 Healthcare 520,208 6.5 575,144 6.6 Industrial 282,758 3.5 296,860 3.4 Other (2) 543,062 6.8 586,023 6.7 Total $ 8,001,336 100.0 % $ 8,708,214 100.0 % General CECL Allowance (3) (27,305) (26,224) Carrying value, net $ 7,974,031 $ 8,681,990 ——————— (1) Percentage of portfolio calculations are made prior to consideration of General CECL Allowance. (2) Other property types include parking garages (2.7%), caravan parks (2.5%) and urban predevelopment (1.6%) in 2023, and parking garages (3.1%), caravan parks (2.3%) and urban predevelopment (1.3%) in 2022. (3) $4.0 million and $4.3 million of the General CECL Allowance for 2023 and 2022, respectively, is excluded from this table because it relates to unfunded commitments and has been recorded as a liability under accounts payable, accrued expenses and other liabilities in our condensed consolidated balance sheets. Geography The table below details the geographic distribution of the properties securing the loans in our portfolio at the dates indicated ($ in thousands): September 30, 2023 December 31, 2022 Geographic Location Carrying % of (1) Carrying % of Portfolio (1) United Kingdom $ 2,482,587 31.0 % $ 2,470,532 28.4 % New York City 1,723,669 21.5 2,049,493 23.5 Other Europe (2) 1,396,418 17.5 1,542,462 17.7 West 577,416 7.2 584,247 6.7 Southeast 533,852 6.7 642,542 7.4 Midwest 533,692 6.7 592,756 6.8 Other (3) 753,702 9.4 826,182 9.5 Total $ 8,001,336 100.0 % $ 8,708,214 100.0 % General CECL Allowance (4) (27,305) (26,224) Carrying value, net $ 7,974,031 $ 8,681,990 ——————— (1) Percentage of portfolio calculations are made prior to consideration of General CECL Allowance. (2) Other Europe includes Germany (5.2%), Italy (4.7%), Spain (4.2%), Sweden (2.9%) and Ireland (0.5%) in 2023 and Italy (5.4%), Germany (4.9%), Spain (3.8%), Sweden (2.8%) and Ireland (0.7%) in 2022. (3) Other includes Northeast (5.5%), Southwest (1.8%), Mid-Atlantic (1.2%) and Other (0.9%) in 2023 and Northeast (5.5%), Southwest (2.3%), Mid-Atlantic (1.4%) and Other (0.3%) in 2022. (4) $4.0 million and $4.3 million of the General CECL Allowance for 2023 and 2022, respectively, is excluded from this table because it relates to unfunded commitments and has been recorded as a liability under accounts payable, accrued expenses and other liabilities in our condensed consolidated balance sheets. Risk Rating We assess the risk factors of each loan and assign a risk rating based on a variety of factors, including, without limitation, loan to value ("LTV") ratio, debt yield, property type, geographic and local market dynamics, physical condition, cash flow volatility, leasing and tenant profile, loan structure and exit plan, and project sponsorship. We apply these various factors on a case-by-case basis depending on the facts and circumstances for each loan, and the different factors may be given different weightings in different situations. This review is performed quarterly. Based on a 5-point scale, our loans are rated "1" through "5," from less risk to greater risk, which ratings are defined as follows: 1. Very low risk 2. Low risk 3. Moderate/average risk 4. High risk/potential for loss: a loan that has a risk of realizing a principal loss 5. Impaired/loss likely: a loan that has a high risk of realizing principal loss, has incurred principal loss, or an impairment has been recorded The following tables present the carrying value of our loan portfolio by year of origination and internal risk rating and gross write-offs by year of origination as of September 30, 2023 and December 31, 2022, respectively ($ in thousands): September 30, 2023 Amortized Cost by Year Originated Risk Rating Number of Loans Total % of Portfolio 2023 2022 2021 2020 2019 Prior 1 — $ — — % $ — $ — $ — $ — $ — $ — 2 3 192,291 2.4 % — — — — 126,658 65,633 3 42 7,452,050 93.1 % 169,707 2,610,749 2,271,332 372,957 1,414,255 613,051 4 2 88,312 1.1 % — — — — — 88,312 5 2 268,683 3.4 % — — — 169,881 — 98,802 Total 49 $ 8,001,336 100.0 % $ 169,707 $ 2,610,749 $ 2,271,332 $ 542,838 $ 1,540,913 $ 865,798 General CECL Allowance (1) (27,305) Total carrying value, net $ 7,974,031 Weighted Average Risk Rating 3.1 Gross write-offs $ 81,890 $ — $ — $ — $ — $ — $ 81,890 December 31, 2022 Amortized Cost by Year Originated Risk Rating Number of Loans Total % of Portfolio 2022 2021 2020 2019 2017 Prior 1 — $ — — % $ — $ — $ — $ — $ — $ — 2 2 65,943 0.8 % — — — — — 65,943 3 54 8,401,925 96.5 % 2,575,455 2,462,499 687,329 1,637,050 479,769 559,823 4 2 27,451 0.3 % — — — — 19,951 7,500 5 3 212,895 2.4 % — — — — — 212,895 Total 61 $ 8,708,214 100.0 % $ 2,575,455 $ 2,462,499 $ 687,329 $ 1,637,050 $ 499,720 $ 846,161 General CECL Allowance (1) (26,224) Total carrying value, net $ 8,681,990 Weighted Average Risk Rating 3.0 Gross write-offs $ 7,000 $ — $ — $ — $ — $ — $ 7,000 ——————— (1) $4.0 million and $4.3 million of the General CECL Allowance for 2023 and 2022, respectively, is excluded from this table because it relates to unfunded commitments and has been recorded as a liability under accounts payable, accrued expenses and other liabilities in our condensed consolidated balance sheets. CECL In accordance with ASU 2016-13 "Financial Instruments - Credit Losses (Topic 326) - Measurement of Credit Losses on Financial Instruments", which we refer to as the "CECL Standard," we record allowances for loans and held-to-maturity debt securities that are deducted from the carrying amount of the assets to present the net carrying value of the amounts expected to be collected on the assets. We record loan specific allowances as a practical expedient under the CECL Standard ("Specific CECL Allowance"), which we apply to assets that are collateral dependent and where the borrower or sponsor is experiencing financial difficulty. For the remainder of the portfolio, we record a general allowance ("General CECL Allowance", and together with the Specific CECL Allowance, "CECL Allowances") on a collective basis by assets with similar risk characteristics. We have elected to use the weighted average remaining maturity ("WARM") method in determining a General CECL Allowance for a majority of our portfolio. In the future, we may use other acceptable methods, such as a probability-of-default/loss-given-default method. The following schedule illustrates changes in CECL Allowances f or the nine months ended September 30, 2023 ($ in thousands): Specific CECL Allowance (1) General CECL Allowance Total CECL Allowance CECL Allowance as % of Amortized Cost (1) Funded Unfunded Total General Total December 31, 2022 $ 133,500 $ 26,224 $ 4,347 $ 30,571 $ 164,071 0.36 % 1.86 % Changes: Q1 Allowances (2) — 4,043 348 4,391 $ 4,391 March 31, 2023 $ 133,500 $ 30,267 $ 4,695 $ 34,962 $ 168,462 0.42 % 1.95 % Changes: Q2 Allowances (3) 141,480 2,009 139 2,148 143,628 Q2 Write-offs (4) (81,980) — — — (81,980) June 30, 2023 $ 193,000 $ 32,276 $ 4,834 $ 37,110 $ 230,110 0.46 % 2.70 % Changes: Q3 Reversals (5) — (4,971) (862) (5,833) (5,833) September 30, 2023 $ 193,000 $ 27,305 $ 3,972 $ 31,277 $ 224,277 0.40 % 2.74 % ——————— (1) Loans evaluated for Specific CECL Allowance are excluded from General CECL Allowance pool. (2) During the three months ended March 31, 2023, our General CECL Allowance increased by $4.4 million primarily due to an increase in our view of the remaining expected term of our loan portfolio. This increase was partially offset by the impact of portfolio seasoning and loan repayments and sales. (3) During the three months ended June 30, 2023, our General CECL Allowance increased by $2.1 million primarily due to a more adverse macroeconomic outlook and an increase in our view of the remaining expected term of certain of our loans. This increase was partially offset by the impact of portfolio seasoning. Additionally, during the three months ended June 30, 2023, we recorded an increase of $141.5 million to our Specific CECL Allowance. The increase was related to two mezzanine loans secured by the same ultra-luxury property. Refer to discussion below. (4) As of June 30, 2023, $82.0 million related to the most junior mezzanine loan secured by the ultra-luxury residential property was deemed unrecoverable. Accordingly, $82.0 million of previously recorded Specific CECL was written-off and recorded as a realized loss within net realized loss on investments in our June 30, 2023 condensed consolidated statement of operations. Refer to "Specific CECL Allowance" section below for further detail. (5) During the three months ended September 30, 2023, our General CECL Allowance decreased by $5.8 million, primarily due to loan prepayments and portfolio seasoning. The following schedule illustrates changes in CECL Allowances f or the nine months ended September 30, 2022 ($ in thousands): Specific CECL Allowance (1) General CECL Allowance Total CECL Allowance CECL Allowance as % of Amortized Cost (1) Funded Unfunded Total General Total December 31, 2021 $ 145,000 $ 33,588 $ 3,106 $ 36,694 $ 181,694 0.49 % 2.26 % Changes: Q1 Allowances (Reversals) (2) 30,000 (12,211) 822 (11,389) 18,611 March 31, 2022 $ 175,000 $ 21,377 $ 3,928 $ 25,305 $ 200,305 0.32 % 2.34 % Changes: Q2 Allowances (Reversals) (3) (3,000) 1,985 71 2,056 (944) June 30, 2022 $ 172,000 $ 23,362 $ 3,999 $ 27,361 $ 199,361 0.33 % 2.18 % Changes: Q3 (Reversals), net (4) $ (53,000) $ (1,377) $ (1,187) (2,564) (55,564) September 30, 2022 $ 119,000 $ 21,985 $ 2,812 $ 24,797 $ 143,797 0.30 % 1.62 % ——————— (1) Loans evaluated for Specific CECL Allowance are excluded from General CECL Allowance pool. (2) During the three months ended March 31, 2022, a $30.0 million Specific CECL Allowance was recorded on a subordinate loan secured by an ultra luxury residential property in Manhattan, NY. During the three months ended March 31, 2022, the General CECL Allowance decreased by $11.4 million primarily due to changes in expected loan repayment dates, as well as portfolio seasoning, which was partially offset by new loan originations. (3) During the three months ended June 30, 2022, the $3.0 million net reversal of Specific CECL Allowance was comprised of (i) the reversal of $10.0 million of previously recorded allowance on a loan related to a multifamily development in Brooklyn, NY as a result of market rent growth and value created from development activities and (ii) a $7.0 million allowance recorded on a loan secured by a hotel in Atlanta, GA due to slower than expected recovery from COVID-19. General CECL Allowance increased by $2.1 million due to new loan originations and more adverse macroeconomic outlook, which was partially offset by portfolio seasoning. (4) During the three months ended September 30, 2022, the $53.0 million Specific CECL Allowance was reversed on an urban predevelopment first mortgage loan in Miami, FL because the collateral which secures the loan was under contract to be sold in the near term at a higher value than the carrying value of the loan pre-reversal. General CECL Allowance decreased by $2.6 million primarily due to portfolio seasoning and sale of unfunded commitments, which was partially offset by one new loan origination and a more adverse macroeconomic outlook. 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, including inflation, labor shortages and interest rates. We derived an annual historical loss rate based on a commercial mortgage-backed securities ("CMBS") database with historical losses from 1998 through the third quarter of 2023 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. At the onset of the COVID-19 pandemic in 2020, we adopted a shortened four quarter forecast period in response to heightened macroeconomic uncertainty brought by the pandemic. With the effects of the pandemic gradually easing in response to global and domestic vaccination efforts and other public safety measures, we reverted to a longer forecast period of six quarters effective December 31, 2022 and further extended to eight quarters effective March 31, 2023. 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 condensed consolidated balance sheets within accounts payable, accrued expenses and other liabilities. We have made an accounting policy election to exclude accrued interest receivable ($68.6 million and $65.4 million as of September 30, 2023 and December 31, 2022, respectively), included in other assets on our condensed consolidated balance sheets, from the amortized cost basis of the related commercial mortgage loans and subordinate loans and other lending assets in determining the General CECL Allowance, as any uncollectible accrued interest receivable is written off in a timely manner. Although our secured debt obligations and senior secured term loan financing have a minimum tangible net worth maintenance covenant, the General CECL Allowance has no impact on these covenants as we are permitted to add back the General CECL Allowance for the computation of tangible net worth as defined in the respective agreements. The following schedule sets forth our General CECL Allowance as of September 30, 2023 and December 31, 2022 ($ in thousands): September 30, 2023 December 31, 2022 Commercial mortgage loans, net $ 26,340 $ 22,848 Subordinate loans and other lending assets, net 965 3,376 Unfunded commitments (1) 3,972 4,347 Total General CECL Allowance $ 31,277 $ 30,571 ——————— (1) The General CECL Allowance on unfunded commitments is recorded as a liability on our condensed consolidated balance sheets within accounts payable, accrued expenses and other liabilities. 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. Collateral-dependent loans evaluated for a Specific CECL Allowance are removed from the General CECL pool. 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. The following table summarizes our risk rated 5 loans as of September 30, 2023, which were analyzed for Specific CECL Allowances ($ in thousands): Type Property type Location Amortized cost prior to Specific CECL Allowance Specific CECL Allowance Amortized cost Interest recognition status/ as of date Risk rating Mortgage Retail (1)(2) Cincinnati, OH $165,802 $67,000 $98,802 Non-Accrual/ 10/1/2019 5 Mortgage total: $165,802 $67,000 $98,802 Mezzanine Residential (3) Manhattan, NY $295,881 $126,000 $169,881 Non-Accrual/ 7/1/2021 5 Mezzanine total: $295,881 $126,000 $169,881 Total: $461,683 $193,000 $268,683 ——————— (1) The fair value of retail collateral was determined by applying a capitalization rate of 8.5%. (2) 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 the venture’s equity and we contributed 90%. The entity was deemed to be a Variable Interest Entity (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 three and nine months ended September 30, 2023 and 2022, $0.6 million and $1.9 million, respectively and $0.6 million and $1.2 million, respectively, of interest paid was applied towards reducing the carrying value of the loan. The related profit and loss from the joint venture was immaterial for the three and nine months ended September 30, 2023 and 2022. During the three months ended June 30, 2023, the loan's maturity was extended from September 2023 to September 2024. (3) The fair value of the residential collateral was determined by making certain projections and assumptions with respect to future performance and a discount rate of 10%. We cease 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. The amortized cost basis for loans on non-accrual was $680.7 million an d $468.0 million as of September 30, 2023 and December 31, 2022 , respectively. Under certain circumstances, we may apply the cost recovery method under which interest collected on a loan reduces the loan's amortized cost. For the three and nine months ended September 30, 2023, we received $0.6 million and $1.9 million, respectively, in interest that reduced amortized cost under the cost recovery method compared to $2.1 million and $2.6 million for the three and nine months ended September 30, 2022, respectively. As of September 30, 2023 and December 31, 2022, the amortized cost basis for loans with accrued interest past due 90 or more days was $680.7 million and $581.3 million, respectively. As of September 30, 2023 and December 31, 2022, there were no loans with accrued interest between 30 and 89 days past due, respectively. During the third quarter of 2022, we refinanced three of our mezzanine loans (a senior mezzanine loan (“Senior Mezzanine Loan”) and two junior mezzanine loans (“Junior Mezzanine A Loan” and “Junior Mezzanine B Loan” collectively referred to as “Junior Mezzanine Loan”)), and originated a commercial mortgage loan (“Senior Loan”) as part of an overall recapitalization. All of the loans are secured by an ultra-luxury residential property in Manhattan, NY. In refinancing the Senior Mezzanine Loan and Junior Mezzanine Loan, we modified the loan terms with the borrower by modifying the interest rates from LIBOR+15.7% to the Secured Overnight Financing Rate ("SOFR")+9.0% on the Senior Mezzanine Loan, from LIBOR+22.5% to SOFR+15.0% on the Junior Mezzanine A Loan, and from LIBOR+17.5% to SOFR+15.0% on the Junior Mezzanine B Loan. We also extended the term on all three loans from July 2022 to September 2024, including a one-year extension. Based on our analysis under ASC 310-20 “Receivables – Nonrefundable Fees and Other Costs” (“ASC 310-20”), we have deemed this refinance to be a continuation of our existing loans. Additionally, we opted to cease accruing interest on the Junior Mezzanine A Loan and Junior Mezzanine B Loan as of July 1, 2021 based on a waterfall sharing arrangement with a subordinate capital provider, and have continued to not accrue interest on the Junior Mezzanine Loan following this refinancing. In accordance with ASC 326, "Financial Instruments – Credit Losses" and adoption of ASU 2022-02 "Financial Instruments – Credit Losses (Topic 326) – Troubled Debt Restructurings and Vintage Disclosures", we have classified the refinancing of the Senior Mezzanine Loan and Junior Mezzanine Loan as an interest rate reduction and term extension. The modified loan terms as discussed above have been reflected in our calculation of CECL for the quarter ended September 30, 2023. R efer to "CECL" section above for additional information regarding our calculation of CECL Allowance. As of September 30, 2023 the aggregate amortized cost of the Senior Mezzanine Loan and Junior Mezzanine A Loan totaled $383.0 million (net of $126.0 million Specific CECL Allowance), or 4.8% of our aggregate commercial mortgage loans and subordinate loans and other lending assets by amortized cost. The Junior Mezzanine B Loan was fully written off as of June 30, 2023, as discussed below . As of March 31, 2022, sales velocity on the underlying property lagged behind the borrower's business plan and management's expectations. Based on this information as of March 31, 2022, we deemed the borrower to be experiencing financial difficulty and accordingly changed the risk rating to a five and recorded $30.0 million of Specific CECL Allowance on the Junior Mezzanine B Loan. During the three months ended December 31, 2022, we recorded an additional $36.5 million Specific CECL Allowance on the Junior Mezzanine B Loan due to a slower sales pace across the ultra-luxury residential segment at the end of 2022 in response to broader market uncertainty, bringing the total loan Specific CECL Allowance to $66.5 million as of December 31, 2022. During the three months ended June 30, 2023, property sales continued to trail behind the borrower's business plan. Accordingly, as of May 1, 2023, we ceased accruing interest on the Senior Loan and the Senior Mezzanine Loan. Additionally, during the three months ended June 30, 2023, we recorded a $126.0 million Specific CECL Allowance on the Junior Mezzanine A Loan and downgraded its risk rating to a five. We also increased the previously recorded Specific CECL Allowance on the Junior Mezzanine B Loan by $15.5 million during the three months ended June 30, 2023. As of June 30, 2023, we deemed the $82.0 million Junior Mezzanine B Loan to be unrecoverable. Accordingly, we wrote off the Junior Mezzanine B's total Specific CECL Allowance of $82.0 million and recorded a realized loss of $82.0 million within net realized loss on investments in our June 30, 2023 condensed consolidated statement of operations. During the three months ended September 30, 2023, we negotiated with the subordinate capital provider to relinquish its junior mezzanine loan and preferred equity interests for $1.0 million. The respective expense was recorded in other income, net in the condensed consolidated statement of operations. There was no impact to the basis of our Senior Loan, Senior Mezzanine Loan, or Junior Mezzanine A Loan and no impact to our Specific CECL Allowance. In March 2017, we originated a first mortgage secured by a hotel in Atlanta, GA. As of May 1, 2022, due to slower than expected recovery from the COVID-19 pandemic, we deemed the borrower to be experiencing financial difficulty and ceased accruing interest. During the second quarter of 2022, we recorded a $7.0 million Specific CECL Allowance. Additionally, during 2022, we modified the loan to provide two short term extensions to the borrower. During the fourth quarter of 2022, the loan went into maturity default, at which time we were in discussions with the sponsor regarding consensual foreclosure. In anticipation of the foreclosure, we wrote off the previously recorded Specific CECL Allowance, and recorded a $7.0 million realized loss on the loan within realized gain (loss) on investments within our consolidated statement of operations during the first quarter of 2023 . On March 31, 2023, we acquired legal title of the underlying hotel through a deed-in-lieu foreclosure and recognized an additional $4.8 million loss within net realized loss on investments on our condensed consolidated statement of operations. The realized loss represents the difference between the original loan's amortized cost and the fair value of the net real estate assets acquired at the time of foreclosure. Refer to "Note 5 - Real Estate Owned" for additional disclosure. As of September 30, 2023 there were no unfunded commitments related to borrowers experiencing financial difficulty. As of December 31, 2022, there were $9.5 million of unfunded commitments related to borrowers experiencing financial difficulty. Other Loan and Lending Assets Activity During the three and nine months ended September 30, 2023, we recognized no payment-in-kind interest. During the three and nine months ended September 30, 2022, we recognized $2.7 million and $8.3 million of payment-in-kind interest, respectively. We recognized $0.2 million and $0.4 million of pre-payment penalties and accelerated fees for the three and nine months ended September 30, 2023, respectively, and $0.1 million and $2.5 million for the three and nine months ended September 30, 2022, respectively. As of December 31, 2022, we held a subordinate risk retention interest in a securitization vehicle. The underlying mortgage related to our subordinate risk retention interest was secured by a portfolio of properties located throughout the United States. Our maximum exposure to loss from our subordinate risk retention interest was limited to its book value, which was $51.1 million as of December 31, 2022, and included within subordinate loans and other lending assets, net on our consolidated balance sheet. Additionally, as of December 31, 2022, its weighted average maturity was 1.4 years. During the three months ended September 30, 2023, this subordinate risk retention interest was repaid in full. During the first quarter of 2023, we received £72.2 million ($88.4 million assuming conversion into U.S. Dollars ("USD")) full repayment of one of our commercial mortgage loans secured by an office property in London, United Kingdom, including all default interest accrued to date, which was approximately $0.7 million. In conjunction with the repayment, we are no longer recording the previously sold subordinate interest as a secured borrowing on our consolidated balance sheet, whic

Real Estate Owned

Real Estate Owned	9 Months Ended
	Sep. 30, 2023
Real Estate [Abstract]
Real Estate Owned	Real Estate Owned Real Estate Owned, Held for Investment As of September 30, 2023, assets and liabilities related to real estate owned, held for investment consisted of two properties: the D.C. Hotel, a full-service luxury hotel in Washington, D.C., and the Brooklyn Development, a multifamily development property located in downtown Brooklyn, NY. D.C. Hotel 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 the D.C. Hotel. 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 resulted in a $20.0 million realized loss on investments included within realized gain (loss) on investments in our 2021 consolidated statement of operations. On May 24, 2021, in accordance with ASC 805, "Business Combinations " ("ASC 805"), we allocated the fair value of the hotel’s acquired assets and assumed debt. The non-recurring fair value measurement was classified as Level III within the fair value hierarchy due to the use of significant unobservable inputs. On June 29, 2021, we repaid the $110.0 million mortgage loan against the property. As of March 1, 2022, the hotel assets, comprised of land, building, furniture fixtures, and equipment, and accumulated depreciation (collectively "REO Fixed Assets"), and liabilities met the criteria to be classified as held for sale under ASC Topic 360, "Property, Plant, and Equipment." Accordingly, as of March 1, 2022, we ceased recording depreciation on the building and furniture, fixtures, and equipment on the condensed consolidated statement of operations. As of March 1, 2023, due to market conditions, we curtailed active marketing efforts, and reclassified the REO Fixed Assets and liabilities from real estate owned, held for sale to real estate owned, held for investment, net in accordance with ASC Topic 360. The REO Fixed Assets were reclassified to their carrying value before classifying as held for sale in March of 2022 and $4.0 million in depreciation, representing the amount that would have been recorded had the asset remained as held for investment, was recognized. All other assets and liabilities were reclassified to the corresponding line items on the condensed consolidated balance sheet. No realized gain or loss was recorded in connection with this reclassification. As of September 30, 2023 and December 31, 2022, the value of net real estate assets related to the D.C. Hotel was $153.2 million and $155.9 million, respectively. For the three and nine months ended September 30, 2023, we recorded net income from hotel operations of $0.5 million and $4.3 million, respectively. For the three and nine months ended September 30, 2022, we recorded net income from hotel operations of $1.1 million and $5.3 million, respectively. Brooklyn Development In 2015, we originated a $122.2 million multifamily development commercial mortgage loan secured by an assemblage of properties in downtown Brooklyn, NY. In 2020, the loan went into default and we recorded a $30.0 million Specific CECL Allowance, due to the deterioration of market conditions attributable to COVID-19. As a result of improved market conditions we reversed $20 million of Specific CECL Allowance during the second quarter of 2021. In the second quarter of 2022, we reversed the remaining $10 million Specific CECL Allowance as a result of market rent growth and value created from development activities at the underlying property. On August 3, 2022, we acquired legal title of the property through a deed-in-lieu of foreclosure and accounted for the asset acquisition in accordance with ASC 805. At that time, our amortized cost basis in the commercial mortgage loan was $226.5 million. We recorded the real estate assumed at a fair value of $270.1 million based on the market value of the land. We recognized a realized gain of $43.6 million, recorded within realized gain (loss) on investments on our consolidated statement of operations, which reflects the difference between the fair value of the property and the carrying value of the loan at the time of acquisition. The non-recurring fair value measurement was classified as Level III within the fair value hierarchy due to the use of significant unobservable inputs, including comparable sales of similar properties in the market. During the three and nine months ended September 30, 2023, we capitalized construction and financing costs of $17.6 million and $46.7 million, respectively. As of September 30, 2023 and December 31, 2022, our cost basis in the property was $349.3 million and $302.7 million, respectively. Upon taking title, we concurrently contributed the property to a joint venture with a third-party real estate developer. The entity was deemed to be a VIE, of which we were determined to be the primary beneficiary. Through our wholly owned subsidiaries, we hold a 100% equity ownership interest in the joint venture and our partner is only entitled to profit upon achievement of certain returns under our joint venture agreement. Concurrently with taking title to the property, we obtained $164.8 million in construction financing on the property. As of September 30, 2023 and December 31, 2022, the carrying value of the construction financing included within debt related to real estate owned, held for investment, net on our condensed consolidated balance sheets was $161.2 million, net of $3.6 million in deferred financing costs and $160.3 million, net of $4.5 million in deferred financing costs, respectively. The construction financing includes a maximum commitment of $388.4 million, an interest rate of term one-month SOFR+2.55%, and current maturity of August 2026, with an option to extend for one year, contingent upon meeting certain conditions. The construction financing agreement contains covenants requiring our unencumbered liquidity be greater than $100.0 million and our net worth be greater than $600.0 million. Under these covenants, our General CECL Allowance is added back to our net worth calculation. As of both September 30, 2023 and December 31, 2022, we were in compliance with these covenants. To manage our exposure to variable cash flows on our borrowings under this construction financing, we entered into an interest rate cap on September 26, 2023. As of September 30, 2023, the fair value of the interest rate cap is $2.2 million and it is recorded within derivative assets, net on our condensed consolidated balance sheet. Refer to "Note 11 - Derivatives" for full detail. Real Estate Owned, Held for Sale Atlanta Hotel In March 2017, we originated a first mortgage secured by the Atlanta Hotel. During the second quarter of 2022, due to slower than expected recovery from the COVID-19 pandemic, we deemed the borrower to be experiencing financial difficulty. Accordingly, we ceased accruing interest on the loan and recorded a $7.0 million Specific CECL Allowance. During the fourth quarter of 2022, we wrote off the $7.0 million previously recorded Specific CECL Allowance and reduced the principal balance of the loan which was recorded as a realized loss within net realized loss on investments in our December 31, 2022 consolidated statement of operations. On March 31, 2023, we acquired legal title of the Atlanta Hotel through a deed-in-lieu foreclosure and determined the fair value of net real estate assets to be $75.0 million in accordance with ASC 820 "Fair Value Measurements and Disclosures." The fair value of the real estate owned is categorized within Level III of the fair value hierarchy set forth by ASC 820 and includes the use of significant unobservable inputs. See "Note 3 - Fair Value Disclosure" for discussion of our non-recurring fair value measurements. Additionally, we recognized a realized loss of $4.8 million, recorded within net realized loss on investments on our condensed consolidated statement of operations. The realized loss represents the difference between the original loan's amortized cost and the fair value of the net assets acquired. During the three months ended June 30, 2023, we received an unsolicited offer from a third party to purchase the Atlanta Hotel and we expect the sale to occur during the fourth quarter of 2023. As of June 30, 2023, the hotel's assets and liabilities met the criteria to be classified as held for sale under ASC Topic 360, "Property, Plant, and Equipment." In accordance with ASC Topic 360, we ceased recording depreciation on the building and furniture, fixtures, and equipment on the condensed consolidated statement of operations and we have reclassified assets and liabilities from their respective condensed consolidated balance sheet line items to Assets related to real estate owned, held for sale and Liabilities related to real estate owned, held for sale. As of September 30, 2023, the hotel's assets and liabilities continued to meet the criteria to be classified as held for sale and the value of net real estate assets related to the Atlanta Hotel was $75.3 million. For the three and nine months ended September 30, 2023 we recorded net income from the hotel's operations of $0.5 million and $1.9 million, respectively.

Other Assets

Other Assets	9 Months Ended
	Sep. 30, 2023
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): September 30, 2023 December 31, 2022 Interest receivable $ 68,643 $ 65,383 Loan proceeds held by servicer 133,041 3,371 Other (1) 4,894 1,853 Total $ 206,578 $ 70,607 ——————— (1) Includes $2.3 million of other assets from Real Estate Owned, Held for Investment as of September 30, 2023. Refer to "Note 5 – Real Estate Owned" for additional information.

Secured Debt Arrangements, Net

Secured Debt Arrangements, Net	9 Months Ended
	Sep. 30, 2023
Debt Disclosure [Abstract]
Secured Debt Arrangement, Net/Participations Sold	Secured Debt Arrangements, Net We utilize secured debt arrangements to finance the origination activity in our loan portfolio. Our secured debt arrangements are comprised of secured credit facilities, a private securitization, and a revolving credit facility. During the nine months ended September 30, 2023, we entered into three new secured debt arrangements, including credit facilities with Banco Santander, S.A., New York Branch and Churchill MRA Funding I LLC, and a revolving credit facility administered by Bank of America, N.A. ("Revolving Credit Facility") which provided a combined $600.0 million of additional capacity, and upsized the Atlas Facility, as defined in this Form 10-Q, by $83.3 million. Our borrowings under secured debt arrangements at September 30, 2023 and December 31, 2022 are detailed in the following table ($ in thousands): September 30, 2023 December 31, 2022 Maximum Amount of Borrowings (1) Borrowings Outstanding (1) Maturity (2) Maximum Amount of Borrowings (1) Borrowings Outstanding (1) Maturity (2) JPMorgan Facility - USD (3)(4) $ 1,483,312 $ 1,155,531 September 2026 $ 1,532,722 $ 1,306,320 September 2026 JPMorgan Facility - GBP (3)(4) 16,688 16,688 September 2026 67,278 67,278 September 2026 Deutsche Bank Facility - USD (3) 700,000 275,815 March 2026 700,000 385,818 March 2026 Atlas Facility - USD (5) 689,770 663,817 April 2027 (6)(7) 635,653 632,747 August 2026 (6)(7) HSBC Facility - GBP 367,922 367,922 April 2025 364,423 364,423 April 2025 HSBC Facility - EUR 269,518 269,518 January 2026 (7) 272,890 272,890 January 2026 Goldman Sachs Facility - USD 300,000 17,868 November 2025 (8) 300,000 70,249 November 2025 (8) Barclays Facility - USD 200,000 109,843 June 2027 (6) 200,000 111,909 June 2027 MUFG Securities Facility - GBP 196,137 196,137 June 2025 (6) 194,272 194,272 June 2025 Churchill Facility - USD 130,000 127,822 March 2026 — — N/A Santander Facility - USD 300,000 75,000 February 2026 (6) — — N/A Santander Facility - EUR 57,094 53,267 August 2024 57,807 53,320 August 2024 Total Secured Credit Facilities 4,710,441 3,329,228 4,325,045 3,459,226 Barclays Private Securitization - GBP, EUR, SEK 1,818,199 1,818,199 February 2026 (7) 1,850,076 1,850,076 February 2026 (7) Revolving Credit Facility - USD (9) 170,000 — March 2026 — — N/A Total Secured Debt Arrangements 6,698,640 5,147,427 6,175,121 5,309,302 Less: deferred financing costs N/A (11,572) N/A (12,477) Total Secured Debt Arrangements, net (10)(11)(12) $ 6,698,640 $ 5,135,855 $ 6,175,121 $ 5,296,825 ——————— (1) As of September 30, 2023, British Pound Sterling("GBP"), Euro ("EUR"), and Swedish Krona ("SEK") borrowings were converted to USD at a rate of 1.22, 1.06, and 0.09, respectively. As of December 31, 2022, GBP, EUR and SEK borrowings were converted to USD at a rate of 1.21, 1.07 and 0.10, respectively. (2) Maturity date assumes extensions at our option are exercised with consent of financing providers, where applicable. (3) The JPMorgan Facility and Deutsche Bank Facility enable us to elect to receive advances in USD, GBP, or EUR. (4) The JPMorgan Facility allows for $1.5 billion of maximum borrowings in total as of September 30, 2023. The JPMorgan Facility was temporarily upsized from $1.5 billion to $1.6 billion during August 2022 and the maximum borrowings decreased to $1.5 billion as of January 2023. (5) The Atlas Facility was formerly the Credit Suisse Facility. See "—Atlas Facility" below for additional discussion. (6) Assumes financings are extended in line with the underlying loans. (7) Represents weighted average maturity across various financings with the counterparty. See below for additional details. (8) Assumes facility enters the two-year amortization period subsequent to the November 2023 maturity, which allows for the refinancing or pay down of assets under the facility. (9) The current stated maturity of the Revolving Credit Facility is March 2026. Borrowings under the Revolving Credit Facility bear interest at a per annum rate equal to the sum of (i) a floating rate index and (ii) a fixed margin. Borrowings under the Revolving Credit Facility are full recourse to certain guarantor wholly-owned subsidiaries of the Company. See "—Revolving Credit Facility" below for additional discussion. (10) Weighted-average borrowing costs as of September 30, 2023 and December 31, 2022 were applicable benchmark rates and credit spread adjustments, plus spreads of USD: +2.45% / GBP: +1.99% / EUR: +1.65% / SEK: +1.50% and USD: +2.28% / GBP: +2.02% / EUR: +1.54%/ SEK: +1.50%, respectively. (11) Weighted average advance rates based on cost as of September 30, 2023 and December 31, 2022 were 68.7% (65.0% (USD) / 71.6% (GBP) / 72.1% (EUR) / 80.4% (SEK)) and 68.8% (63.9% (USD) / 74.0% (GBP) / 72.1% (EUR) / 80.5% (SEK)), respectively. (12) As of September 30, 2023 and December 31, 2022, approximately 58% and 58% of the outstanding balance under these secured borrowings were recourse to us. Terms of our secured credit facilities are designed to keep each lender's credit exposure generally constant as a percentage of the underlying value of the assets pledged as security to the facility. If the credit of the underlying collateral value decreases, the amount of leverage to us may be reduced. As of September 30, 2023 and December 31, 2022, t he weighted average haircut under our secured debt arrangements was approxi mately 31.3% and 31.2%, respectively. Our secured credit facilities do not contain capital markets-based mark-to-market provisions. Atlas Facility On February 8, 2023, in connection with the acquisition by certain subsidiaries of Atlas Securitized Products Holdings (“Atlas”), which is a wholly-owned investment of a fund managed by an affiliate of the Manager, of certain warehouse assets and liabilities of the Credit Suisse AG Securitized Products Group ("Credit Suisse AG")(the “Transaction”), the Credit Suisse Facility was acquired by Atlas ("Atlas Facility"). In order to effect the assignment of the Credit Suisse Facility and related agreements, the Company and one of its subsidiaries, similar to the other sellers and guarantors party to the subject agreements in the Transaction, entered into an Omnibus Assignment, Assumption and Amendment Agreement as well as certain related agreements with Credit Suisse AG and Atlas. Refer to "Note 15 - Related Party Transactions" for further discussion regarding the transaction. Revolving Credit Facility On March 3, 2023, we entered into the Revolving Credit Facility administered by Bank of America, N.A. Revolving Credit Facility provides up to $170.0 million of borrowings secured by qualifying commercial mortgage loans and real property owned assets. The Revolving Credit Facility has a term of three years, maturing in March 2026. The Revolving Credit Facility enables us to borrow on qualifying commercial mortgage loans for up to two years and real property owned assets for up to six months. As of September 30, 2023 we had no borrowings outstanding on the Revolving Credit Facility. During the three and nine months ended September 30, 2023, we recorded $86.9 thousand and $200.2 thousand , respectively in unused fees related to the Revolving Credit Facility . The guarantees related to the Revolving Credit Facility contain the following financial covenants: (i) our liquidity cannot be less than an amount equal to the greater of 5% of total recourse indebtedness or $30.0 million; (ii) our ratio of total indebtedness to tangible net worth cannot be greater than 4:1; (iii) tangible net worth must be greater than $1.25 billion plus 75% of the net cash proceeds of any equity issuance after March 31, 2017; and (iv) maintain a minimum interest coverage ratio of 1.5:1. We were in compliance with the covenants under the Revolving Credit Facility as of September 30, 2023. Subsequent to September 30, 2023, we modified our interest coverage ratio covenant to a minimum of 1.4 to 1. Barclays Private Securitization We are party to a private securitization with Barclays Bank plc (the "Barclays Private Securitization"). Commercial mortgage loans currently financed under the Barclays Securitization are denominated in GBP, EUR and SEK. The Barclays Private Securitization does not include daily margining provisions and grants us significant discretion to modify certain terms of the underlying collateral including waiving certain loan-level covenant breaches and deferring or waiving of debt service payments for up to 18 months. The securitization includes loan-to-value based covenants with deleveraging requirements that are based on significant declines in the value of the collateral as determined by an annual third-party (engaged by us) appraisal process tied to the provisions of the underlying loan agreements. We believe this provides us with both cushion and predictability to avoid sudden unexpected outcomes and material repayment requirements. The table below provides principal balances and the carrying value for commercial mortgage loans pledged to the Barclays Private Securitization as of September 30, 2023 and December 31, 2022 ($ in thousands): September 30, 2023 Local Currency Count Outstanding Principal Carrying Value GBP 7 $ 1,537,840 $ 1,519,137 EUR 5 726,912 723,610 SEK 1 236,381 234,376 Total 13 $ 2,501,133 $ 2,477,123 December 31, 2022 Local Currency Count Outstanding Principal Carrying Value GBP 7 $ 1,495,616 $ 1,475,241 EUR 5 752,531 747,240 SEK 1 248,064 245,714 Total 13 $ 2,496,211 $ 2,468,195 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 September 30, 2023 ($ in thousands): Borrowings Outstanding (1) Fully-Extended Maturity (2) Total/Weighted-Average GBP $ 1,114,701 June 2026 Total/Weighted-Average EUR 514,393 June 2025 (3) Total/Weighted-Average SEK 189,105 May 2026 Total/Weighted-Average Securitization $ 1,818,199 February 2026 ——————— (1) As of September 30, 2023, we had £913.8 million, €486.5 million, and kr2.1 billion of borrowings outstanding under the Barclays Private Securitization secured by certain of our commercial mortgage loans. (2) Assumes underlying loans extend to fully extended maturity and extensions at our option are exercised. (3) 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 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, 2022 ($ in thousands): Borrowings Outstanding (1) Fully-Extended Maturity (2) Total/Weighted-Average GBP 1,125,420 May 2026 Total/Weighted-Average EUR 526,204 July 2025 (3) Total/Weighted-Average SEK 198,452 May 2026 Total/Weighted-Average Securitization $ 1,850,076 February 2026 ——————— (1) As of December 31, 2022, we had £931.4 million, €491.6 million, and kr2.1 billion of borrowings outstanding under the Barclays Private Securitization secured by certain of our commercial mortgage loans. (2) Assumes underlying loans extend to fully extended maturity and extensions at our option are exercised. (3) 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 condensed consolidated balance sheets ($ in thousands): September 30, 2023 December 31, 2022 Assets: Cash $ 1,740 $ 758 Commercial mortgage loans, net (1) 2,477,123 2,468,195 Other Assets 39,055 30,992 Total Assets $ 2,517,918 $ 2,499,945 Liabilities: Secured debt arrangements, net (net of deferred financing costs of $2.0 million and $2.3 million in 2023 and 2022, respectively) $ 1,816,213 $ 1,847,799 Accounts payable, accrued expenses and other liabilities (2) 7,623 8,814 Total Liabilities $ 1,823,836 $ 1,856,613 ——————— (1) Net of the General CECL Al lowance of $7.2 million and $8.2 million as of September 30, 2023 and December 31, 2022, respectively. (2) Includes General CECL Allowance related to unfunded commitments on commercial mortgage loans, net o f $2.7 million and $2.9 million as of September 30, 2023 and December 31, 2022, respectively. The table below provides the net income (loss) of the Barclays Private Securitization VIE included in our condensed consolidated statement of operations ($ in thousands): Three months ended September 30, Nine months ended September 30, 2023 2022 2023 2022 Net Interest Income: Interest income from commercial mortgage loans $ 56,537 $ 30,518 $ 156,295 $ 86,695 Interest expense (30,379) (12,668) (80,753) (32,830) Net interest income $ 26,158 $ 17,850 $ 75,542 $ 53,865 General and administrative expense (2) — (9) — Decrease (increase) in current expected credit loss allowance, net 1,744 889 1,169 4,698 Foreign currency translation gain (loss) (24,266) (50,237) (3,555) (111,745) Net Income (Loss) $ 3,634 $ (31,498) $ 73,147 $ (53,182) At September 30, 2023, our borrowings had the following remaining maturities ($ in thousands): Less than 1 to 3 3 to 5 More than Total JPMorgan Facility $ 356,095 $ 586,476 $ 229,648 $ — $ 1,172,219 Deutsche Bank Facility 95,686 180,129 — — 275,815 Atlas Facility — 83,300 580,517 — 663,817 HSBC Facility — 637,440 — — 637,440 Goldman Sachs Facility — 17,868 — — 17,868 Barclays Facility — — 109,843 — 109,843 MUFG Securities Facility — 196,137 — — 196,137 Churchill Facility — 127,822 — — 127,822 Santander Facility - USD — 75,000 — — 75,000 Santander Facility - EUR 53,267 — — — 53,267 Barclays Private Securitization 253,436 781,989 782,774 — 1,818,199 Total $ 758,484 $ 2,686,161 $ 1,702,782 $ — $ 5,147,427 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 September 30, 2023, as well as the maximum and average month-end balances for the nine months ended September 30, 2023 for our borrowings under secured debt arrangements ($ in thousands). As of September 30, 2023 For the nine months ended September 30, 2023 Balance Amortized Cost of Collateral Maximum Month-End Average Month-End JPMorgan Facility $ 1,172,219 $ 1,981,220 $ 1,324,226 $ 1,226,645 Deutsche Bank Facility 275,815 417,733 385,818 338,297 Goldman Sachs Facility 17,868 35,852 70,249 35,181 Atlas Facility 663,817 932,656 688,126 668,655 HSBC Facility 637,440 822,049 667,430 651,260 Barclays Facility 109,843 136,354 111,909 111,450 MUFG Securities Facility 196,137 266,007 206,362 200,256 Churchill Facility 127,822 169,707 130,000 128,780 Santander Facility - USD 75,000 99,560 75,000 66,667 Santander Facility - EUR 53,267 71,023 55,403 54,244 Barclays Private Securitization 1,818,199 2,484,328 1,937,131 1,877,409 Total $ 5,147,427 $ 7,416,489 The table below summarizes the outstanding balances at December 31, 2022, as well as the maximum and average month-end balances for the year ended December 31, 2022 for our borrowings under secured debt arrangements ($ in thousands). As of December 31, 2022 For the year ended December 31, 2022 Balance Amortized Cost of Collateral Maximum Month-End Average Month-End JPMorgan Facility $ 1,373,598 $ 2,376,154 $ 1,584,171 $ 1,411,644 Deutsche Bank Facility 385,818 565,387 432,455 400,337 Goldman Sachs Facility 70,249 116,619 164,607 140,599 Atlas Facility 632,747 855,119 633,143 541,245 HSBC Facility 637,313 813,716 660,004 501,674 Barclays Facility 111,909 138,510 172,693 102,664 MUFG Securities Facility 194,272 261,319 194,272 156,499 Santander Facility 53,320 71,093 53,320 50,450 Barclays Private Securitization 1,850,076 2,476,349 1,963,837 1,828,794 Total $ 5,309,302 $ 7,674,266 Debt Covenants The guarantees related to our secured debt arrangements contain the following financial covenants: (i) tangible net worth must be greater than $1.25 billion plus 75% of the net cash proceeds of any equity issuance after March 31, 2017; (ii) our ratio of total indebtedness to tangible net worth cannot be greater than 3.75:1; and (iii) our liquidity cannot be less than an amount equal to the greater of 5% of total recourse indebtedness or $30.0 million. Under these covenants, our General CECL Allowance is added back to our tangible net worth calculation. Subsequent to September 30, 2023, we modified our interest coverage ratio covenant related to our Revolving Credit Facility to a minimum of 1.4 to 1 from a minimum of 1.5 to 1. We were in compliance with the covenants under each of our secured debt arrangements and Revolving Credit Facility at September 30, 2023 and December 31, 2022. The impact of macroeconomic conditions on the commercial real estate markets and global capital markets, including increased interest rates, foreign currency fluctuations, changes to fiscal and monetary policy, slower economic growth or recession, labor shortages, and recent distress in the banking sector, may make it more difficult to meet or satisfy these covenants in the future. 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 was issued at a price of 99.5%. During the second quarter of 2023, the 2026 Term Loan transitioned from LIBOR to SOFR and currently bears interest at SOFR plus 2.86%. 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 was issued at a price of 99.0%. During the second quarter of 2023, the 2028 Term Loan transitioned from LIBOR to SOFR and currently bears interest at SOFR (with a floor of 0.50%) plus 3.61%. The Term Loans are amortizing with repayments of 0.25% per quarter of the total committed principal. During the three and nine months ended September 30, 2023 and 2022, we repaid $1.3 million and $3.8 million, of principal respectively related to the 2026 Term Loan. During the three and nine months ended September 30, 2023 and 2022, we repaid $0.75 million and $2.25 million, of principal respectively related to the 2028 Term Loan. The following table summarizes the terms of the Term Loans as of September 30, 2023 ($ in thousands): Principal Amount Unamortized Issuance Discount (1) Deferred Financing Costs (1) Carrying Value Rate Maturity Date 2026 Term Loan $ 478,750 $ (923) $ (4,685) $ 473,142 2.86 % 5/15/2026 2028 Term Loan 292,500 (1,893) (3,368) 287,239 3.61 % 3/11/2028 Total $ 771,250 $ (2,816) $ (8,053) $ 760,381 ——————— (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 the Term Loans as of December 31, 2022 ($ in thousands): Principal Amount Unamortized Issuance Discount (1) Deferred Financing Costs (1) Carrying Value Rate Maturity Date 2026 Term Loan $ 482,500 $ (1,190) $ (6,106) $ 475,204 2.75 % 5/15/2026 2028 Term Loan 294,750 (2,214) (3,927) 288,609 3.50 % 3/11/2028 Total $ 777,250 $ (3,404) $ (10,033) $ 763,813 ——————— (1) Unamortized issuance discount and deferred financing costs will be amortized to interest expense over remaining life of respective term loans. Covenants The financial covenants of the Term Loans include the requirements that we maintain: (i) a maximum ratio of total recourse debt to tangible net worth of 4:1; and (ii) a maximum ratio of total unencumbered assets to total pari-passu indebtedness of 2.50:1. We were in compliance with the covenants under the Term Loans at September 30, 2023 and December 31, 2022. Interest Rate Cap During the second quarter of 2020, we entered into a three-year interest rate cap to cap LIBOR at 0.75%. This effectively limited the maximum all-in coupon on our 2026 Term Loan to 3.50%. The interest rate cap matured on June 15, 2023 and the effective all-in coupon on our 2026 Term Loan increased to one month SOFR plus the spread of 2.86%. During 2023, through the interest rate cap maturity, LIBOR exceeded the cap rate of 0.75%. As such, during the nine months ended September 30, 2023, we realized a gain from the interest rate cap in the amount of $9.1 million, which is included in gain (loss) on interest rate hedging instruments in our condensed consolidated statement of operations. The realized gain was a result of the increase in the current interest rate forward curve. As the interest rate cap matured during the three months ended June 30, 2023, there was no realized gain or loss recorded during three months ended September 30, 2023. 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 deducting initial purchasers' discounts and commissions. 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. The 2029 Notes had a carrying value of $495.4 million and $494.8 million, net of deferred financing costs of $4.6 million and $5.2 million, as of September 30, 2023 and December 31, 2022, respectively. 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 September 30, 2023 and December 31, 2022, 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 condensed consolidated balance sheet with both assets and non-recourse liabilities because the participations do not qualify as a sale under ASC 860. The income earned on the participations sold is recorded as interest income and an identical amount is recorded as interest expense in our condensed consolidated statements of operations. In December 2020, we sold a £6.7 million ($8.9 million assuming conversion into USD at time of transfer) 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 ($25.3 million assuming conversion into USD at time of transfer). The participation interest sold was subordinate to our first mortgage loan and was accounted for as a secured borrowing on our consolidated balance sheet. In January 2023, the first mortgage loan, including participations sold, was fully satisfied, including all contractual and default interest accrued to date. The table below details participations sold included in our condensed consolidated balance sheets ($ in thousands): September 30, 2023 December 31, 2022 Participation sold on commercial mortgage loans $ — $ 25,130 Total participations sold $ — $ 25,130

Senior Secured Term Loan, Net

Senior Secured Term Loan, Net	9 Months Ended
	Sep. 30, 2023
Debt Disclosure [Abstract]
Senior Secured Term Loan, Net	Secured Debt Arrangements, Net We utilize secured debt arrangements to finance the origination activity in our loan portfolio. Our secured debt arrangements are comprised of secured credit facilities, a private securitization, and a revolving credit facility. During the nine months ended September 30, 2023, we entered into three new secured debt arrangements, including credit facilities with Banco Santander, S.A., New York Branch and Churchill MRA Funding I LLC, and a revolving credit facility administered by Bank of America, N.A. ("Revolving Credit Facility") which provided a combined $600.0 million of additional capacity, and upsized the Atlas Facility, as defined in this Form 10-Q, by $83.3 million. Our borrowings under secured debt arrangements at September 30, 2023 and December 31, 2022 are detailed in the following table ($ in thousands): September 30, 2023 December 31, 2022 Maximum Amount of Borrowings (1) Borrowings Outstanding (1) Maturity (2) Maximum Amount of Borrowings (1) Borrowings Outstanding (1) Maturity (2) JPMorgan Facility - USD (3)(4) $ 1,483,312 $ 1,155,531 September 2026 $ 1,532,722 $ 1,306,320 September 2026 JPMorgan Facility - GBP (3)(4) 16,688 16,688 September 2026 67,278 67,278 September 2026 Deutsche Bank Facility - USD (3) 700,000 275,815 March 2026 700,000 385,818 March 2026 Atlas Facility - USD (5) 689,770 663,817 April 2027 (6)(7) 635,653 632,747 August 2026 (6)(7) HSBC Facility - GBP 367,922 367,922 April 2025 364,423 364,423 April 2025 HSBC Facility - EUR 269,518 269,518 January 2026 (7) 272,890 272,890 January 2026 Goldman Sachs Facility - USD 300,000 17,868 November 2025 (8) 300,000 70,249 November 2025 (8) Barclays Facility - USD 200,000 109,843 June 2027 (6) 200,000 111,909 June 2027 MUFG Securities Facility - GBP 196,137 196,137 June 2025 (6) 194,272 194,272 June 2025 Churchill Facility - USD 130,000 127,822 March 2026 — — N/A Santander Facility - USD 300,000 75,000 February 2026 (6) — — N/A Santander Facility - EUR 57,094 53,267 August 2024 57,807 53,320 August 2024 Total Secured Credit Facilities 4,710,441 3,329,228 4,325,045 3,459,226 Barclays Private Securitization - GBP, EUR, SEK 1,818,199 1,818,199 February 2026 (7) 1,850,076 1,850,076 February 2026 (7) Revolving Credit Facility - USD (9) 170,000 — March 2026 — — N/A Total Secured Debt Arrangements 6,698,640 5,147,427 6,175,121 5,309,302 Less: deferred financing costs N/A (11,572) N/A (12,477) Total Secured Debt Arrangements, net (10)(11)(12) $ 6,698,640 $ 5,135,855 $ 6,175,121 $ 5,296,825 ——————— (1) As of September 30, 2023, British Pound Sterling("GBP"), Euro ("EUR"), and Swedish Krona ("SEK") borrowings were converted to USD at a rate of 1.22, 1.06, and 0.09, respectively. As of December 31, 2022, GBP, EUR and SEK borrowings were converted to USD at a rate of 1.21, 1.07 and 0.10, respectively. (2) Maturity date assumes extensions at our option are exercised with consent of financing providers, where applicable. (3) The JPMorgan Facility and Deutsche Bank Facility enable us to elect to receive advances in USD, GBP, or EUR. (4) The JPMorgan Facility allows for $1.5 billion of maximum borrowings in total as of September 30, 2023. The JPMorgan Facility was temporarily upsized from $1.5 billion to $1.6 billion during August 2022 and the maximum borrowings decreased to $1.5 billion as of January 2023. (5) The Atlas Facility was formerly the Credit Suisse Facility. See "—Atlas Facility" below for additional discussion. (6) Assumes financings are extended in line with the underlying loans. (7) Represents weighted average maturity across various financings with the counterparty. See below for additional details. (8) Assumes facility enters the two-year amortization period subsequent to the November 2023 maturity, which allows for the refinancing or pay down of assets under the facility. (9) The current stated maturity of the Revolving Credit Facility is March 2026. Borrowings under the Revolving Credit Facility bear interest at a per annum rate equal to the sum of (i) a floating rate index and (ii) a fixed margin. Borrowings under the Revolving Credit Facility are full recourse to certain guarantor wholly-owned subsidiaries of the Company. See "—Revolving Credit Facility" below for additional discussion. (10) Weighted-average borrowing costs as of September 30, 2023 and December 31, 2022 were applicable benchmark rates and credit spread adjustments, plus spreads of USD: +2.45% / GBP: +1.99% / EUR: +1.65% / SEK: +1.50% and USD: +2.28% / GBP: +2.02% / EUR: +1.54%/ SEK: +1.50%, respectively. (11) Weighted average advance rates based on cost as of September 30, 2023 and December 31, 2022 were 68.7% (65.0% (USD) / 71.6% (GBP) / 72.1% (EUR) / 80.4% (SEK)) and 68.8% (63.9% (USD) / 74.0% (GBP) / 72.1% (EUR) / 80.5% (SEK)), respectively. (12) As of September 30, 2023 and December 31, 2022, approximately 58% and 58% of the outstanding balance under these secured borrowings were recourse to us. Terms of our secured credit facilities are designed to keep each lender's credit exposure generally constant as a percentage of the underlying value of the assets pledged as security to the facility. If the credit of the underlying collateral value decreases, the amount of leverage to us may be reduced. As of September 30, 2023 and December 31, 2022, t he weighted average haircut under our secured debt arrangements was approxi mately 31.3% and 31.2%, respectively. Our secured credit facilities do not contain capital markets-based mark-to-market provisions. Atlas Facility On February 8, 2023, in connection with the acquisition by certain subsidiaries of Atlas Securitized Products Holdings (“Atlas”), which is a wholly-owned investment of a fund managed by an affiliate of the Manager, of certain warehouse assets and liabilities of the Credit Suisse AG Securitized Products Group ("Credit Suisse AG")(the “Transaction”), the Credit Suisse Facility was acquired by Atlas ("Atlas Facility"). In order to effect the assignment of the Credit Suisse Facility and related agreements, the Company and one of its subsidiaries, similar to the other sellers and guarantors party to the subject agreements in the Transaction, entered into an Omnibus Assignment, Assumption and Amendment Agreement as well as certain related agreements with Credit Suisse AG and Atlas. Refer to "Note 15 - Related Party Transactions" for further discussion regarding the transaction. Revolving Credit Facility On March 3, 2023, we entered into the Revolving Credit Facility administered by Bank of America, N.A. Revolving Credit Facility provides up to $170.0 million of borrowings secured by qualifying commercial mortgage loans and real property owned assets. The Revolving Credit Facility has a term of three years, maturing in March 2026. The Revolving Credit Facility enables us to borrow on qualifying commercial mortgage loans for up to two years and real property owned assets for up to six months. As of September 30, 2023 we had no borrowings outstanding on the Revolving Credit Facility. During the three and nine months ended September 30, 2023, we recorded $86.9 thousand and $200.2 thousand , respectively in unused fees related to the Revolving Credit Facility . The guarantees related to the Revolving Credit Facility contain the following financial covenants: (i) our liquidity cannot be less than an amount equal to the greater of 5% of total recourse indebtedness or $30.0 million; (ii) our ratio of total indebtedness to tangible net worth cannot be greater than 4:1; (iii) tangible net worth must be greater than $1.25 billion plus 75% of the net cash proceeds of any equity issuance after March 31, 2017; and (iv) maintain a minimum interest coverage ratio of 1.5:1. We were in compliance with the covenants under the Revolving Credit Facility as of September 30, 2023. Subsequent to September 30, 2023, we modified our interest coverage ratio covenant to a minimum of 1.4 to 1. Barclays Private Securitization We are party to a private securitization with Barclays Bank plc (the "Barclays Private Securitization"). Commercial mortgage loans currently financed under the Barclays Securitization are denominated in GBP, EUR and SEK. The Barclays Private Securitization does not include daily margining provisions and grants us significant discretion to modify certain terms of the underlying collateral including waiving certain loan-level covenant breaches and deferring or waiving of debt service payments for up to 18 months. The securitization includes loan-to-value based covenants with deleveraging requirements that are based on significant declines in the value of the collateral as determined by an annual third-party (engaged by us) appraisal process tied to the provisions of the underlying loan agreements. We believe this provides us with both cushion and predictability to avoid sudden unexpected outcomes and material repayment requirements. The table below provides principal balances and the carrying value for commercial mortgage loans pledged to the Barclays Private Securitization as of September 30, 2023 and December 31, 2022 ($ in thousands): September 30, 2023 Local Currency Count Outstanding Principal Carrying Value GBP 7 $ 1,537,840 $ 1,519,137 EUR 5 726,912 723,610 SEK 1 236,381 234,376 Total 13 $ 2,501,133 $ 2,477,123 December 31, 2022 Local Currency Count Outstanding Principal Carrying Value GBP 7 $ 1,495,616 $ 1,475,241 EUR 5 752,531 747,240 SEK 1 248,064 245,714 Total 13 $ 2,496,211 $ 2,468,195 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 September 30, 2023 ($ in thousands): Borrowings Outstanding (1) Fully-Extended Maturity (2) Total/Weighted-Average GBP $ 1,114,701 June 2026 Total/Weighted-Average EUR 514,393 June 2025 (3) Total/Weighted-Average SEK 189,105 May 2026 Total/Weighted-Average Securitization $ 1,818,199 February 2026 ——————— (1) As of September 30, 2023, we had £913.8 million, €486.5 million, and kr2.1 billion of borrowings outstanding under the Barclays Private Securitization secured by certain of our commercial mortgage loans. (2) Assumes underlying loans extend to fully extended maturity and extensions at our option are exercised. (3) 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 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, 2022 ($ in thousands): Borrowings Outstanding (1) Fully-Extended Maturity (2) Total/Weighted-Average GBP 1,125,420 May 2026 Total/Weighted-Average EUR 526,204 July 2025 (3) Total/Weighted-Average SEK 198,452 May 2026 Total/Weighted-Average Securitization $ 1,850,076 February 2026 ——————— (1) As of December 31, 2022, we had £931.4 million, €491.6 million, and kr2.1 billion of borrowings outstanding under the Barclays Private Securitization secured by certain of our commercial mortgage loans. (2) Assumes underlying loans extend to fully extended maturity and extensions at our option are exercised. (3) 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 condensed consolidated balance sheets ($ in thousands): September 30, 2023 December 31, 2022 Assets: Cash $ 1,740 $ 758 Commercial mortgage loans, net (1) 2,477,123 2,468,195 Other Assets 39,055 30,992 Total Assets $ 2,517,918 $ 2,499,945 Liabilities: Secured debt arrangements, net (net of deferred financing costs of $2.0 million and $2.3 million in 2023 and 2022, respectively) $ 1,816,213 $ 1,847,799 Accounts payable, accrued expenses and other liabilities (2) 7,623 8,814 Total Liabilities $ 1,823,836 $ 1,856,613 ——————— (1) Net of the General CECL Al lowance of $7.2 million and $8.2 million as of September 30, 2023 and December 31, 2022, respectively. (2) Includes General CECL Allowance related to unfunded commitments on commercial mortgage loans, net o f $2.7 million and $2.9 million as of September 30, 2023 and December 31, 2022, respectively. The table below provides the net income (loss) of the Barclays Private Securitization VIE included in our condensed consolidated statement of operations ($ in thousands): Three months ended September 30, Nine months ended September 30, 2023 2022 2023 2022 Net Interest Income: Interest income from commercial mortgage loans $ 56,537 $ 30,518 $ 156,295 $ 86,695 Interest expense (30,379) (12,668) (80,753) (32,830) Net interest income $ 26,158 $ 17,850 $ 75,542 $ 53,865 General and administrative expense (2) — (9) — Decrease (increase) in current expected credit loss allowance, net 1,744 889 1,169 4,698 Foreign currency translation gain (loss) (24,266) (50,237) (3,555) (111,745) Net Income (Loss) $ 3,634 $ (31,498) $ 73,147 $ (53,182) At September 30, 2023, our borrowings had the following remaining maturities ($ in thousands): Less than 1 to 3 3 to 5 More than Total JPMorgan Facility $ 356,095 $ 586,476 $ 229,648 $ — $ 1,172,219 Deutsche Bank Facility 95,686 180,129 — — 275,815 Atlas Facility — 83,300 580,517 — 663,817 HSBC Facility — 637,440 — — 637,440 Goldman Sachs Facility — 17,868 — — 17,868 Barclays Facility — — 109,843 — 109,843 MUFG Securities Facility — 196,137 — — 196,137 Churchill Facility — 127,822 — — 127,822 Santander Facility - USD — 75,000 — — 75,000 Santander Facility - EUR 53,267 — — — 53,267 Barclays Private Securitization 253,436 781,989 782,774 — 1,818,199 Total $ 758,484 $ 2,686,161 $ 1,702,782 $ — $ 5,147,427 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 September 30, 2023, as well as the maximum and average month-end balances for the nine months ended September 30, 2023 for our borrowings under secured debt arrangements ($ in thousands). As of September 30, 2023 For the nine months ended September 30, 2023 Balance Amortized Cost of Collateral Maximum Month-End Average Month-End JPMorgan Facility $ 1,172,219 $ 1,981,220 $ 1,324,226 $ 1,226,645 Deutsche Bank Facility 275,815 417,733 385,818 338,297 Goldman Sachs Facility 17,868 35,852 70,249 35,181 Atlas Facility 663,817 932,656 688,126 668,655 HSBC Facility 637,440 822,049 667,430 651,260 Barclays Facility 109,843 136,354 111,909 111,450 MUFG Securities Facility 196,137 266,007 206,362 200,256 Churchill Facility 127,822 169,707 130,000 128,780 Santander Facility - USD 75,000 99,560 75,000 66,667 Santander Facility - EUR 53,267 71,023 55,403 54,244 Barclays Private Securitization 1,818,199 2,484,328 1,937,131 1,877,409 Total $ 5,147,427 $ 7,416,489 The table below summarizes the outstanding balances at December 31, 2022, as well as the maximum and average month-end balances for the year ended December 31, 2022 for our borrowings under secured debt arrangements ($ in thousands). As of December 31, 2022 For the year ended December 31, 2022 Balance Amortized Cost of Collateral Maximum Month-End Average Month-End JPMorgan Facility $ 1,373,598 $ 2,376,154 $ 1,584,171 $ 1,411,644 Deutsche Bank Facility 385,818 565,387 432,455 400,337 Goldman Sachs Facility 70,249 116,619 164,607 140,599 Atlas Facility 632,747 855,119 633,143 541,245 HSBC Facility 637,313 813,716 660,004 501,674 Barclays Facility 111,909 138,510 172,693 102,664 MUFG Securities Facility 194,272 261,319 194,272 156,499 Santander Facility 53,320 71,093 53,320 50,450 Barclays Private Securitization 1,850,076 2,476,349 1,963,837 1,828,794 Total $ 5,309,302 $ 7,674,266 Debt Covenants The guarantees related to our secured debt arrangements contain the following financial covenants: (i) tangible net worth must be greater than $1.25 billion plus 75% of the net cash proceeds of any equity issuance after March 31, 2017; (ii) our ratio of total indebtedness to tangible net worth cannot be greater than 3.75:1; and (iii) our liquidity cannot be less than an amount equal to the greater of 5% of total recourse indebtedness or $30.0 million. Under these covenants, our General CECL Allowance is added back to our tangible net worth calculation. Subsequent to September 30, 2023, we modified our interest coverage ratio covenant related to our Revolving Credit Facility to a minimum of 1.4 to 1 from a minimum of 1.5 to 1. We were in compliance with the covenants under each of our secured debt arrangements and Revolving Credit Facility at September 30, 2023 and December 31, 2022. The impact of macroeconomic conditions on the commercial real estate markets and global capital markets, including increased interest rates, foreign currency fluctuations, changes to fiscal and monetary policy, slower economic growth or recession, labor shortages, and recent distress in the banking sector, may make it more difficult to meet or satisfy these covenants in the future. 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 was issued at a price of 99.5%. During the second quarter of 2023, the 2026 Term Loan transitioned from LIBOR to SOFR and currently bears interest at SOFR plus 2.86%. 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 was issued at a price of 99.0%. During the second quarter of 2023, the 2028 Term Loan transitioned from LIBOR to SOFR and currently bears interest at SOFR (with a floor of 0.50%) plus 3.61%. The Term Loans are amortizing with repayments of 0.25% per quarter of the total committed principal. During the three and nine months ended September 30, 2023 and 2022, we repaid $1.3 million and $3.8 million, of principal respectively related to the 2026 Term Loan. During the three and nine months ended September 30, 2023 and 2022, we repaid $0.75 million and $2.25 million, of principal respectively related to the 2028 Term Loan. The following table summarizes the terms of the Term Loans as of September 30, 2023 ($ in thousands): Principal Amount Unamortized Issuance Discount (1) Deferred Financing Costs (1) Carrying Value Rate Maturity Date 2026 Term Loan $ 478,750 $ (923) $ (4,685) $ 473,142 2.86 % 5/15/2026 2028 Term Loan 292,500 (1,893) (3,368) 287,239 3.61 % 3/11/2028 Total $ 771,250 $ (2,816) $ (8,053) $ 760,381 ——————— (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 the Term Loans as of December 31, 2022 ($ in thousands): Principal Amount Unamortized Issuance Discount (1) Deferred Financing Costs (1) Carrying Value Rate Maturity Date 2026 Term Loan $ 482,500 $ (1,190) $ (6,106) $ 475,204 2.75 % 5/15/2026 2028 Term Loan 294,750 (2,214) (3,927) 288,609 3.50 % 3/11/2028 Total $ 777,250 $ (3,404) $ (10,033) $ 763,813 ——————— (1) Unamortized issuance discount and deferred financing costs will be amortized to interest expense over remaining life of respective term loans. Covenants The financial covenants of the Term Loans include the requirements that we maintain: (i) a maximum ratio of total recourse debt to tangible net worth of 4:1; and (ii) a maximum ratio of total unencumbered assets to total pari-passu indebtedness of 2.50:1. We were in compliance with the covenants under the Term Loans at September 30, 2023 and December 31, 2022. Interest Rate Cap During the second quarter of 2020, we entered into a three-year interest rate cap to cap LIBOR at 0.75%. This effectively limited the maximum all-in coupon on our 2026 Term Loan to 3.50%. The interest rate cap matured on June 15, 2023 and the effective all-in coupon on our 2026 Term Loan increased to one month SOFR plus the spread of 2.86%. During 2023, through the interest rate cap maturity, LIBOR exceeded the cap rate of 0.75%. As such, during the nine months ended September 30, 2023, we realized a gain from the interest rate cap in the amount of $9.1 million, which is included in gain (loss) on interest rate hedging instruments in our condensed consolidated statement of operations. The realized gain was a result of the increase in the current interest rate forward curve. As the interest rate cap matured during the three months ended June 30, 2023, there was no realized gain or loss recorded during three months ended September 30, 2023. 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 deducting initial purchasers' discounts and commissions. 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. The 2029 Notes had a carrying value of $495.4 million and $494.8 million, net of deferred financing costs of $4.6 million and $5.2 million, as of September 30, 2023 and December 31, 2022, respectively. 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 September 30, 2023 and December 31, 2022, 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 condensed consolidated balance sheet with both assets and non-recourse liabilities because the participations do not qualify as a sale under ASC 860. The income earned on the participations sold is recorded as interest income and an identical amount is recorded as interest expense in our condensed consolidated statements of operations. In December 2020, we sold a £6.7 million ($8.9 million assuming conversion into USD at time of transfer) 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 ($25.3 million assuming conversion into USD at time of transfer). The participation interest sold was subordinate to our first mortgage loan and was accounted for as a secured borrowing on our consolidated balance sheet. In January 2023, the first mortgage loan, including participations sold, was fully satisfied, including all contractual and default interest accrued to date. The table below details participations sold included in our condensed consolidated balance sheets ($ in thousands): September 30, 2023 December 31, 2022 Participation sold on commercial mortgage loans $ — $ 25,130 Total participations sold $ — $ 25,130

Senior Secured Notes, Net

Senior Secured Notes, Net	9 Months Ended
	Sep. 30, 2023
Receivables [Abstract]
Secured Debt Arrangement, Net/Participations Sold	Secured Debt Arrangements, Net We utilize secured debt arrangements to finance the origination activity in our loan portfolio. Our secured debt arrangements are comprised of secured credit facilities, a private securitization, and a revolving credit facility. During the nine months ended September 30, 2023, we entered into three new secured debt arrangements, including credit facilities with Banco Santander, S.A., New York Branch and Churchill MRA Funding I LLC, and a revolving credit facility administered by Bank of America, N.A. ("Revolving Credit Facility") which provided a combined $600.0 million of additional capacity, and upsized the Atlas Facility, as defined in this Form 10-Q, by $83.3 million. Our borrowings under secured debt arrangements at September 30, 2023 and December 31, 2022 are detailed in the following table ($ in thousands): September 30, 2023 December 31, 2022 Maximum Amount of Borrowings (1) Borrowings Outstanding (1) Maturity (2) Maximum Amount of Borrowings (1) Borrowings Outstanding (1) Maturity (2) JPMorgan Facility - USD (3)(4) $ 1,483,312 $ 1,155,531 September 2026 $ 1,532,722 $ 1,306,320 September 2026 JPMorgan Facility - GBP (3)(4) 16,688 16,688 September 2026 67,278 67,278 September 2026 Deutsche Bank Facility - USD (3) 700,000 275,815 March 2026 700,000 385,818 March 2026 Atlas Facility - USD (5) 689,770 663,817 April 2027 (6)(7) 635,653 632,747 August 2026 (6)(7) HSBC Facility - GBP 367,922 367,922 April 2025 364,423 364,423 April 2025 HSBC Facility - EUR 269,518 269,518 January 2026 (7) 272,890 272,890 January 2026 Goldman Sachs Facility - USD 300,000 17,868 November 2025 (8) 300,000 70,249 November 2025 (8) Barclays Facility - USD 200,000 109,843 June 2027 (6) 200,000 111,909 June 2027 MUFG Securities Facility - GBP 196,137 196,137 June 2025 (6) 194,272 194,272 June 2025 Churchill Facility - USD 130,000 127,822 March 2026 — — N/A Santander Facility - USD 300,000 75,000 February 2026 (6) — — N/A Santander Facility - EUR 57,094 53,267 August 2024 57,807 53,320 August 2024 Total Secured Credit Facilities 4,710,441 3,329,228 4,325,045 3,459,226 Barclays Private Securitization - GBP, EUR, SEK 1,818,199 1,818,199 February 2026 (7) 1,850,076 1,850,076 February 2026 (7) Revolving Credit Facility - USD (9) 170,000 — March 2026 — — N/A Total Secured Debt Arrangements 6,698,640 5,147,427 6,175,121 5,309,302 Less: deferred financing costs N/A (11,572) N/A (12,477) Total Secured Debt Arrangements, net (10)(11)(12) $ 6,698,640 $ 5,135,855 $ 6,175,121 $ 5,296,825 ——————— (1) As of September 30, 2023, British Pound Sterling("GBP"), Euro ("EUR"), and Swedish Krona ("SEK") borrowings were converted to USD at a rate of 1.22, 1.06, and 0.09, respectively. As of December 31, 2022, GBP, EUR and SEK borrowings were converted to USD at a rate of 1.21, 1.07 and 0.10, respectively. (2) Maturity date assumes extensions at our option are exercised with consent of financing providers, where applicable. (3) The JPMorgan Facility and Deutsche Bank Facility enable us to elect to receive advances in USD, GBP, or EUR. (4) The JPMorgan Facility allows for $1.5 billion of maximum borrowings in total as of September 30, 2023. The JPMorgan Facility was temporarily upsized from $1.5 billion to $1.6 billion during August 2022 and the maximum borrowings decreased to $1.5 billion as of January 2023. (5) The Atlas Facility was formerly the Credit Suisse Facility. See "—Atlas Facility" below for additional discussion. (6) Assumes financings are extended in line with the underlying loans. (7) Represents weighted average maturity across various financings with the counterparty. See below for additional details. (8) Assumes facility enters the two-year amortization period subsequent to the November 2023 maturity, which allows for the refinancing or pay down of assets under the facility. (9) The current stated maturity of the Revolving Credit Facility is March 2026. Borrowings under the Revolving Credit Facility bear interest at a per annum rate equal to the sum of (i) a floating rate index and (ii) a fixed margin. Borrowings under the Revolving Credit Facility are full recourse to certain guarantor wholly-owned subsidiaries of the Company. See "—Revolving Credit Facility" below for additional discussion. (10) Weighted-average borrowing costs as of September 30, 2023 and December 31, 2022 were applicable benchmark rates and credit spread adjustments, plus spreads of USD: +2.45% / GBP: +1.99% / EUR: +1.65% / SEK: +1.50% and USD: +2.28% / GBP: +2.02% / EUR: +1.54%/ SEK: +1.50%, respectively. (11) Weighted average advance rates based on cost as of September 30, 2023 and December 31, 2022 were 68.7% (65.0% (USD) / 71.6% (GBP) / 72.1% (EUR) / 80.4% (SEK)) and 68.8% (63.9% (USD) / 74.0% (GBP) / 72.1% (EUR) / 80.5% (SEK)), respectively. (12) As of September 30, 2023 and December 31, 2022, approximately 58% and 58% of the outstanding balance under these secured borrowings were recourse to us. Terms of our secured credit facilities are designed to keep each lender's credit exposure generally constant as a percentage of the underlying value of the assets pledged as security to the facility. If the credit of the underlying collateral value decreases, the amount of leverage to us may be reduced. As of September 30, 2023 and December 31, 2022, t he weighted average haircut under our secured debt arrangements was approxi mately 31.3% and 31.2%, respectively. Our secured credit facilities do not contain capital markets-based mark-to-market provisions. Atlas Facility On February 8, 2023, in connection with the acquisition by certain subsidiaries of Atlas Securitized Products Holdings (“Atlas”), which is a wholly-owned investment of a fund managed by an affiliate of the Manager, of certain warehouse assets and liabilities of the Credit Suisse AG Securitized Products Group ("Credit Suisse AG")(the “Transaction”), the Credit Suisse Facility was acquired by Atlas ("Atlas Facility"). In order to effect the assignment of the Credit Suisse Facility and related agreements, the Company and one of its subsidiaries, similar to the other sellers and guarantors party to the subject agreements in the Transaction, entered into an Omnibus Assignment, Assumption and Amendment Agreement as well as certain related agreements with Credit Suisse AG and Atlas. Refer to "Note 15 - Related Party Transactions" for further discussion regarding the transaction. Revolving Credit Facility On March 3, 2023, we entered into the Revolving Credit Facility administered by Bank of America, N.A. Revolving Credit Facility provides up to $170.0 million of borrowings secured by qualifying commercial mortgage loans and real property owned assets. The Revolving Credit Facility has a term of three years, maturing in March 2026. The Revolving Credit Facility enables us to borrow on qualifying commercial mortgage loans for up to two years and real property owned assets for up to six months. As of September 30, 2023 we had no borrowings outstanding on the Revolving Credit Facility. During the three and nine months ended September 30, 2023, we recorded $86.9 thousand and $200.2 thousand , respectively in unused fees related to the Revolving Credit Facility . The guarantees related to the Revolving Credit Facility contain the following financial covenants: (i) our liquidity cannot be less than an amount equal to the greater of 5% of total recourse indebtedness or $30.0 million; (ii) our ratio of total indebtedness to tangible net worth cannot be greater than 4:1; (iii) tangible net worth must be greater than $1.25 billion plus 75% of the net cash proceeds of any equity issuance after March 31, 2017; and (iv) maintain a minimum interest coverage ratio of 1.5:1. We were in compliance with the covenants under the Revolving Credit Facility as of September 30, 2023. Subsequent to September 30, 2023, we modified our interest coverage ratio covenant to a minimum of 1.4 to 1. Barclays Private Securitization We are party to a private securitization with Barclays Bank plc (the "Barclays Private Securitization"). Commercial mortgage loans currently financed under the Barclays Securitization are denominated in GBP, EUR and SEK. The Barclays Private Securitization does not include daily margining provisions and grants us significant discretion to modify certain terms of the underlying collateral including waiving certain loan-level covenant breaches and deferring or waiving of debt service payments for up to 18 months. The securitization includes loan-to-value based covenants with deleveraging requirements that are based on significant declines in the value of the collateral as determined by an annual third-party (engaged by us) appraisal process tied to the provisions of the underlying loan agreements. We believe this provides us with both cushion and predictability to avoid sudden unexpected outcomes and material repayment requirements. The table below provides principal balances and the carrying value for commercial mortgage loans pledged to the Barclays Private Securitization as of September 30, 2023 and December 31, 2022 ($ in thousands): September 30, 2023 Local Currency Count Outstanding Principal Carrying Value GBP 7 $ 1,537,840 $ 1,519,137 EUR 5 726,912 723,610 SEK 1 236,381 234,376 Total 13 $ 2,501,133 $ 2,477,123 December 31, 2022 Local Currency Count Outstanding Principal Carrying Value GBP 7 $ 1,495,616 $ 1,475,241 EUR 5 752,531 747,240 SEK 1 248,064 245,714 Total 13 $ 2,496,211 $ 2,468,195 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 September 30, 2023 ($ in thousands): Borrowings Outstanding (1) Fully-Extended Maturity (2) Total/Weighted-Average GBP $ 1,114,701 June 2026 Total/Weighted-Average EUR 514,393 June 2025 (3) Total/Weighted-Average SEK 189,105 May 2026 Total/Weighted-Average Securitization $ 1,818,199 February 2026 ——————— (1) As of September 30, 2023, we had £913.8 million, €486.5 million, and kr2.1 billion of borrowings outstanding under the Barclays Private Securitization secured by certain of our commercial mortgage loans. (2) Assumes underlying loans extend to fully extended maturity and extensions at our option are exercised. (3) 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 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, 2022 ($ in thousands): Borrowings Outstanding (1) Fully-Extended Maturity (2) Total/Weighted-Average GBP 1,125,420 May 2026 Total/Weighted-Average EUR 526,204 July 2025 (3) Total/Weighted-Average SEK 198,452 May 2026 Total/Weighted-Average Securitization $ 1,850,076 February 2026 ——————— (1) As of December 31, 2022, we had £931.4 million, €491.6 million, and kr2.1 billion of borrowings outstanding under the Barclays Private Securitization secured by certain of our commercial mortgage loans. (2) Assumes underlying loans extend to fully extended maturity and extensions at our option are exercised. (3) 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 condensed consolidated balance sheets ($ in thousands): September 30, 2023 December 31, 2022 Assets: Cash $ 1,740 $ 758 Commercial mortgage loans, net (1) 2,477,123 2,468,195 Other Assets 39,055 30,992 Total Assets $ 2,517,918 $ 2,499,945 Liabilities: Secured debt arrangements, net (net of deferred financing costs of $2.0 million and $2.3 million in 2023 and 2022, respectively) $ 1,816,213 $ 1,847,799 Accounts payable, accrued expenses and other liabilities (2) 7,623 8,814 Total Liabilities $ 1,823,836 $ 1,856,613 ——————— (1) Net of the General CECL Al lowance of $7.2 million and $8.2 million as of September 30, 2023 and December 31, 2022, respectively. (2) Includes General CECL Allowance related to unfunded commitments on commercial mortgage loans, net o f $2.7 million and $2.9 million as of September 30, 2023 and December 31, 2022, respectively. The table below provides the net income (loss) of the Barclays Private Securitization VIE included in our condensed consolidated statement of operations ($ in thousands): Three months ended September 30, Nine months ended September 30, 2023 2022 2023 2022 Net Interest Income: Interest income from commercial mortgage loans $ 56,537 $ 30,518 $ 156,295 $ 86,695 Interest expense (30,379) (12,668) (80,753) (32,830) Net interest income $ 26,158 $ 17,850 $ 75,542 $ 53,865 General and administrative expense (2) — (9) — Decrease (increase) in current expected credit loss allowance, net 1,744 889 1,169 4,698 Foreign currency translation gain (loss) (24,266) (50,237) (3,555) (111,745) Net Income (Loss) $ 3,634 $ (31,498) $ 73,147 $ (53,182) At September 30, 2023, our borrowings had the following remaining maturities ($ in thousands): Less than 1 to 3 3 to 5 More than Total JPMorgan Facility $ 356,095 $ 586,476 $ 229,648 $ — $ 1,172,219 Deutsche Bank Facility 95,686 180,129 — — 275,815 Atlas Facility — 83,300 580,517 — 663,817 HSBC Facility — 637,440 — — 637,440 Goldman Sachs Facility — 17,868 — — 17,868 Barclays Facility — — 109,843 — 109,843 MUFG Securities Facility — 196,137 — — 196,137 Churchill Facility — 127,822 — — 127,822 Santander Facility - USD — 75,000 — — 75,000 Santander Facility - EUR 53,267 — — — 53,267 Barclays Private Securitization 253,436 781,989 782,774 — 1,818,199 Total $ 758,484 $ 2,686,161 $ 1,702,782 $ — $ 5,147,427 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 September 30, 2023, as well as the maximum and average month-end balances for the nine months ended September 30, 2023 for our borrowings under secured debt arrangements ($ in thousands). As of September 30, 2023 For the nine months ended September 30, 2023 Balance Amortized Cost of Collateral Maximum Month-End Average Month-End JPMorgan Facility $ 1,172,219 $ 1,981,220 $ 1,324,226 $ 1,226,645 Deutsche Bank Facility 275,815 417,733 385,818 338,297 Goldman Sachs Facility 17,868 35,852 70,249 35,181 Atlas Facility 663,817 932,656 688,126 668,655 HSBC Facility 637,440 822,049 667,430 651,260 Barclays Facility 109,843 136,354 111,909 111,450 MUFG Securities Facility 196,137 266,007 206,362 200,256 Churchill Facility 127,822 169,707 130,000 128,780 Santander Facility - USD 75,000 99,560 75,000 66,667 Santander Facility - EUR 53,267 71,023 55,403 54,244 Barclays Private Securitization 1,818,199 2,484,328 1,937,131 1,877,409 Total $ 5,147,427 $ 7,416,489 The table below summarizes the outstanding balances at December 31, 2022, as well as the maximum and average month-end balances for the year ended December 31, 2022 for our borrowings under secured debt arrangements ($ in thousands). As of December 31, 2022 For the year ended December 31, 2022 Balance Amortized Cost of Collateral Maximum Month-End Average Month-End JPMorgan Facility $ 1,373,598 $ 2,376,154 $ 1,584,171 $ 1,411,644 Deutsche Bank Facility 385,818 565,387 432,455 400,337 Goldman Sachs Facility 70,249 116,619 164,607 140,599 Atlas Facility 632,747 855,119 633,143 541,245 HSBC Facility 637,313 813,716 660,004 501,674 Barclays Facility 111,909 138,510 172,693 102,664 MUFG Securities Facility 194,272 261,319 194,272 156,499 Santander Facility 53,320 71,093 53,320 50,450 Barclays Private Securitization 1,850,076 2,476,349 1,963,837 1,828,794 Total $ 5,309,302 $ 7,674,266 Debt Covenants The guarantees related to our secured debt arrangements contain the following financial covenants: (i) tangible net worth must be greater than $1.25 billion plus 75% of the net cash proceeds of any equity issuance after March 31, 2017; (ii) our ratio of total indebtedness to tangible net worth cannot be greater than 3.75:1; and (iii) our liquidity cannot be less than an amount equal to the greater of 5% of total recourse indebtedness or $30.0 million. Under these covenants, our General CECL Allowance is added back to our tangible net worth calculation. Subsequent to September 30, 2023, we modified our interest coverage ratio covenant related to our Revolving Credit Facility to a minimum of 1.4 to 1 from a minimum of 1.5 to 1. We were in compliance with the covenants under each of our secured debt arrangements and Revolving Credit Facility at September 30, 2023 and December 31, 2022. The impact of macroeconomic conditions on the commercial real estate markets and global capital markets, including increased interest rates, foreign currency fluctuations, changes to fiscal and monetary policy, slower economic growth or recession, labor shortages, and recent distress in the banking sector, may make it more difficult to meet or satisfy these covenants in the future. 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 was issued at a price of 99.5%. During the second quarter of 2023, the 2026 Term Loan transitioned from LIBOR to SOFR and currently bears interest at SOFR plus 2.86%. 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 was issued at a price of 99.0%. During the second quarter of 2023, the 2028 Term Loan transitioned from LIBOR to SOFR and currently bears interest at SOFR (with a floor of 0.50%) plus 3.61%. The Term Loans are amortizing with repayments of 0.25% per quarter of the total committed principal. During the three and nine months ended September 30, 2023 and 2022, we repaid $1.3 million and $3.8 million, of principal respectively related to the 2026 Term Loan. During the three and nine months ended September 30, 2023 and 2022, we repaid $0.75 million and $2.25 million, of principal respectively related to the 2028 Term Loan. The following table summarizes the terms of the Term Loans as of September 30, 2023 ($ in thousands): Principal Amount Unamortized Issuance Discount (1) Deferred Financing Costs (1) Carrying Value Rate Maturity Date 2026 Term Loan $ 478,750 $ (923) $ (4,685) $ 473,142 2.86 % 5/15/2026 2028 Term Loan 292,500 (1,893) (3,368) 287,239 3.61 % 3/11/2028 Total $ 771,250 $ (2,816) $ (8,053) $ 760,381 ——————— (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 the Term Loans as of December 31, 2022 ($ in thousands): Principal Amount Unamortized Issuance Discount (1) Deferred Financing Costs (1) Carrying Value Rate Maturity Date 2026 Term Loan $ 482,500 $ (1,190) $ (6,106) $ 475,204 2.75 % 5/15/2026 2028 Term Loan 294,750 (2,214) (3,927) 288,609 3.50 % 3/11/2028 Total $ 777,250 $ (3,404) $ (10,033) $ 763,813 ——————— (1) Unamortized issuance discount and deferred financing costs will be amortized to interest expense over remaining life of respective term loans. Covenants The financial covenants of the Term Loans include the requirements that we maintain: (i) a maximum ratio of total recourse debt to tangible net worth of 4:1; and (ii) a maximum ratio of total unencumbered assets to total pari-passu indebtedness of 2.50:1. We were in compliance with the covenants under the Term Loans at September 30, 2023 and December 31, 2022. Interest Rate Cap During the second quarter of 2020, we entered into a three-year interest rate cap to cap LIBOR at 0.75%. This effectively limited the maximum all-in coupon on our 2026 Term Loan to 3.50%. The interest rate cap matured on June 15, 2023 and the effective all-in coupon on our 2026 Term Loan increased to one month SOFR plus the spread of 2.86%. During 2023, through the interest rate cap maturity, LIBOR exceeded the cap rate of 0.75%. As such, during the nine months ended September 30, 2023, we realized a gain from the interest rate cap in the amount of $9.1 million, which is included in gain (loss) on interest rate hedging instruments in our condensed consolidated statement of operations. The realized gain was a result of the increase in the current interest rate forward curve. As the interest rate cap matured during the three months ended June 30, 2023, there was no realized gain or loss recorded during three months ended September 30, 2023. 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 deducting initial purchasers' discounts and commissions. 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. The 2029 Notes had a carrying value of $495.4 million and $494.8 million, net of deferred financing costs of $4.6 million and $5.2 million, as of September 30, 2023 and December 31, 2022, respectively. 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 September 30, 2023 and December 31, 2022, 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 condensed consolidated balance sheet with both assets and non-recourse liabilities because the participations do not qualify as a sale under ASC 860. The income earned on the participations sold is recorded as interest income and an identical amount is recorded as interest expense in our condensed consolidated statements of operations. In December 2020, we sold a £6.7 million ($8.9 million assuming conversion into USD at time of transfer) 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 ($25.3 million assuming conversion into USD at time of transfer). The participation interest sold was subordinate to our first mortgage loan and was accounted for as a secured borrowing on our consolidated balance sheet. In January 2023, the first mortgage loan, including participations sold, was fully satisfied, including all contractual and default interest accrued to date. The table below details participations sold included in our condensed consolidated balance sheets ($ in thousands): September 30, 2023 December 31, 2022 Participation sold on commercial mortgage loans $ — $ 25,130 Total participations sold $ — $ 25,130

Convertible Senior Notes, Net

Convertible Senior Notes, Net	9 Months Ended
	Sep. 30, 2023
Debt Disclosure [Abstract]
Convertible Senior Notes, Net	Convertible Senior Notes, Net In 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. During the third quarter of 2022, w e repaid the $345.0 million aggregate principal amount of the 2022 Notes in cash at par. 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 September 30, 2023, the 2023 Notes had a carrying value of $176.0 million, inclusive of an unamortized discount of $0.1 million. The following table summarizes the terms of the 2023 Notes as of September 30, 2023 ($ in thousands): Principal Amount Coupon Rate Effective Rate (1) Conversion Rate (2) Maturity Date Remaining Period of Amortization 2023 Notes 176,064 5.38 % 5.74 % 48.7187 10/15/2023 0.04 Total $ 176,064 The following table summarizes the terms of the 2023 Notes as of December 31, 2022 ($ in thousands): Principal Amount Coupon Rate Effective Rate (1) Conversion Rate (2) Maturity Date Remaining Period of Amortization 2023 Notes 230,000 5.38 % 5.85 % 48.7187 10/15/2023 0.79 Total $ 230,000 ——————— (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. The effective rate as of both September 30, 2023 and December 31, 2022 reflects adoption of 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") and early extinguishment of debt. (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. On January 1, 2022, we adopted ASU 2020-06, which no longer require the liability and equity components of convertible debt instruments that may be settled in cash upon conversion (including partial cash settlement) to be separately accounted for in a manner that reflects the issuer’s nonconvertible debt borrowing rate. Prior to the adoption of ASU 2020-06, we attributed $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 represented 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 had been reflected within additional paid-in capital on our consolidated balance sheets until January 1, 2022 when we adopted ASU 2020-06 through the modified retrospective approach. Upon adoption, we (i) reclassified $12.0 million of previously recorded amortization related to the equity component of the Convertible Notes from retained earnings to additional paid-in-capital and (ii) reclassified the remaining unamortized balance of $3.4 million to additional paid-in-capital, which increased the cost basis of convertible notes and decreased additional paid-in-capital on the consolidated balance sheets. We may not redeem the 2023 Notes prior to maturity except in limited circumstances. During the first and second quarters of 2023, we repurchased $7.1 million and $36.8 million, respectively, in aggregate principal of the 2023 Notes at a weighted average price of 97.0% and 99.3%, respectively. During the third quarter of 2023, we repurchased an additional $10.0 million aggregate principal of the 2023 Notes at a price of 99.7%. These transactions happened in the open market as a result of reverse inquiries from investors with no solicitation from us. As a result of these transactions, during the three and nine months ended September 30, 2023, we recorded a gain of $30.0 thousand and $0.5 million, respectively, within realized gain on extinguishment of debt in our September 30, 2023 condensed consolidated statement of operations. The gain represents the difference between the repurchase price and the carrying amount of the 2023 Notes, net of the proportionate amount of unamortized debt issuance costs. The closing price of our common stock on September 30, 2023 of $10.13 was less than the per share conversion price of the 2023 Notes at such time. Subsequent to September 30, 2023, we repaid the remaining principal of the 2023 Notes of $176.1 million at par. The aggregate contractual interest expense was approximately $2.4 million and $8.2 million for the three and nine months ended September 30, 2023 and $5.5 million and $19.8 million for the three and nine months ended September 30, 2022, respectively. With respect to the amortization of the discount on the liability component of the Convertible Notes as well as the amortization of deferred financing costs, we reported additional non-cash interest expense of approximately $0.3 million and $1.1 million for the three and nine months ended September 30, 2023 as compared to $0.6 million and $2.1 million for the three and nine months ended September 30, 2022, respectively.

Derivatives

Derivatives	9 Months Ended
	Sep. 30, 2023
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 February 2027. 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 agreements with our derivative counterparties require that we post collateral to secure net liability positions. As of both September 30, 2023 and December 31, 2022, we were in a net asset position with all of our derivative counterparties and did not have any collateral posted under these derivative contracts. The following table summarizes our non-designated Fx forwards and interest rate cap as of September 30, 2023: September 30, 2023 Type of Derivatives Number of Contracts Aggregate Notional Amount (in thousands) Notional Currency Maturity Weighted-Average Years to Maturity Fx contracts - GBP 110 934,662 GBP October 2023 - February 2027 1.29 Fx contracts - EUR 99 424,355 EUR October 2023 - August 2026 1.17 Fx contracts - SEK 17 689,627 SEK November 2023 - May 2026 2.36 Interest rate cap 1 164,835 USD October 2024 1.00 The following table summarizes our non-designated Fx forwards and interest rate cap as of December 31, 2022: December 31, 2022 Type of Derivatives Number of Contracts Aggregate Notional Amount (in thousands) Notional Currency Maturity Weighted-Average Years to Maturity Fx contracts - GBP 124 936,930 GBP January 2023 - February 2027 1.78 Fx contracts - EUR 130 576,240 EUR January 2023 - November 2025 1.78 Fx contracts - SEK 19 730,432 SEK February 2023 - May 2026 2.95 Interest rate cap 1 500,000 USD June 2023 0.46 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 condensed consolidated statements of operations related to our forward currency contracts for the nine months ended September 30, 2023 and 2022 ($ in thousands): Amount of gain (loss) recognized in income Three months ended September 30, Nine months ended September 30, Location of Gain (Loss) Recognized in Income 2023 2022 2023 2022 Forward currency contracts Unrealized gain (loss) on derivative instruments $ 28,244 $ 108,428 $ (27,709) $ 221,623 Forward currency contracts Realized gain on derivative instruments 11,246 20,824 35,948 35,604 Total $ 39,490 $ 129,252 $ 8,239 $ 257,227 In June 2020, we entered into an interest rate cap for approximately $1.1 million, which matured on June 15, 2023. Our interest rate cap managed our exposure to variable cash flows on our borrowings under the senior secured term loan by effectively limiting LIBOR from exceeding 0.75%. This effectively limited the maximum all-in coupon on our senior secured term loan to 3.50%. The unrealized gain or loss related to the interest rate cap was recorded net under unrealized gain on interest rate hedging instruments in our consolidated statement of operations. During 2023, through the interest rate cap maturity, LIBOR exceeded the cap rate of 0.75%. As such, during the nine months ended September 30, 2023, we realized a gain from the interest rate cap in the amount of $9.1 million, which is included in gain (loss) on interest rate hedging instruments in our condensed consolidated statement of operations. The realized gain was a result of the increase in current interest rates. As the interest rate cap matured during the second quarter of 2023, there was no realized gain or loss recorded during three months ended September 30, 2023. There was no realized gain recorded during the nine months ended September 30, 2022. On September 26, 2023, we entered into an interest rate cap with a notional amount of $164.8 million. We use our interest rate cap to hedge our exposure to variable cash flows on our construction loan. The interest rate cap effectively limits SOFR from exceeding 4.00% which results in the maximum all-in coupon on our construction financing of 6.55%. The unrealized gain or loss related to the interest rate cap was recorded under gain on interest rate hedging instruments in our condensed consolidated statement of operations. There was no realized gain or loss recorded during the three and nine months ended September 30, 2023. The following table summarizes the amounts recognized on our condensed consolidated statements of operations related to our interest rate caps for the three and nine months ended September 30, 2023 and 2022 ($ in thousands): Amount of gain (loss) recognized in income Three months ended September 30, Nine months ended September 30, Location of Gain (Loss) 2023 2022 2023 2022 Interest rate cap Unrealized gain (loss) on interest rate hedging instruments $ (70) $ 1,044 $ (9,211) $ 10,808 Interest rate cap Realized gain on interest rate hedging instruments — — 9,089 — Total $ (70) $ 1,044 $ (122) $ 10,808 The following tables summarize the gross asset and liability amounts related to our derivatives at September 30, 2023 and December 31, 2022 ($ in thousands): September 30, 2023 December 31, 2022 Gross Amount of Recognized Assets Gross Amounts Offset in our Condensed Consolidated Balance Sheet Net Amounts Gross Amount of Recognized Assets Gross Net Amounts of Assets Presented in our Consolidated Balance Sheet Forward currency contracts $ 112,698 $ (20,908) $ 91,790 $ 143,285 $ (23,786) $ 119,499 Interest rate cap 2,247 — 2,247 9,141 — 9,141 Total derivative assets (liabilities) $ 114,945 $ (20,908) $ 94,037 $ 152,426 $ (23,786) $ 128,640

Participations Sold

Participations Sold	9 Months Ended
	Sep. 30, 2023
Debt Disclosure [Abstract]
Secured Debt Arrangement, Net/Participations Sold	Secured Debt Arrangements, Net We utilize secured debt arrangements to finance the origination activity in our loan portfolio. Our secured debt arrangements are comprised of secured credit facilities, a private securitization, and a revolving credit facility. During the nine months ended September 30, 2023, we entered into three new secured debt arrangements, including credit facilities with Banco Santander, S.A., New York Branch and Churchill MRA Funding I LLC, and a revolving credit facility administered by Bank of America, N.A. ("Revolving Credit Facility") which provided a combined $600.0 million of additional capacity, and upsized the Atlas Facility, as defined in this Form 10-Q, by $83.3 million. Our borrowings under secured debt arrangements at September 30, 2023 and December 31, 2022 are detailed in the following table ($ in thousands): September 30, 2023 December 31, 2022 Maximum Amount of Borrowings (1) Borrowings Outstanding (1) Maturity (2) Maximum Amount of Borrowings (1) Borrowings Outstanding (1) Maturity (2) JPMorgan Facility - USD (3)(4) $ 1,483,312 $ 1,155,531 September 2026 $ 1,532,722 $ 1,306,320 September 2026 JPMorgan Facility - GBP (3)(4) 16,688 16,688 September 2026 67,278 67,278 September 2026 Deutsche Bank Facility - USD (3) 700,000 275,815 March 2026 700,000 385,818 March 2026 Atlas Facility - USD (5) 689,770 663,817 April 2027 (6)(7) 635,653 632,747 August 2026 (6)(7) HSBC Facility - GBP 367,922 367,922 April 2025 364,423 364,423 April 2025 HSBC Facility - EUR 269,518 269,518 January 2026 (7) 272,890 272,890 January 2026 Goldman Sachs Facility - USD 300,000 17,868 November 2025 (8) 300,000 70,249 November 2025 (8) Barclays Facility - USD 200,000 109,843 June 2027 (6) 200,000 111,909 June 2027 MUFG Securities Facility - GBP 196,137 196,137 June 2025 (6) 194,272 194,272 June 2025 Churchill Facility - USD 130,000 127,822 March 2026 — — N/A Santander Facility - USD 300,000 75,000 February 2026 (6) — — N/A Santander Facility - EUR 57,094 53,267 August 2024 57,807 53,320 August 2024 Total Secured Credit Facilities 4,710,441 3,329,228 4,325,045 3,459,226 Barclays Private Securitization - GBP, EUR, SEK 1,818,199 1,818,199 February 2026 (7) 1,850,076 1,850,076 February 2026 (7) Revolving Credit Facility - USD (9) 170,000 — March 2026 — — N/A Total Secured Debt Arrangements 6,698,640 5,147,427 6,175,121 5,309,302 Less: deferred financing costs N/A (11,572) N/A (12,477) Total Secured Debt Arrangements, net (10)(11)(12) $ 6,698,640 $ 5,135,855 $ 6,175,121 $ 5,296,825 ——————— (1) As of September 30, 2023, British Pound Sterling("GBP"), Euro ("EUR"), and Swedish Krona ("SEK") borrowings were converted to USD at a rate of 1.22, 1.06, and 0.09, respectively. As of December 31, 2022, GBP, EUR and SEK borrowings were converted to USD at a rate of 1.21, 1.07 and 0.10, respectively. (2) Maturity date assumes extensions at our option are exercised with consent of financing providers, where applicable. (3) The JPMorgan Facility and Deutsche Bank Facility enable us to elect to receive advances in USD, GBP, or EUR. (4) The JPMorgan Facility allows for $1.5 billion of maximum borrowings in total as of September 30, 2023. The JPMorgan Facility was temporarily upsized from $1.5 billion to $1.6 billion during August 2022 and the maximum borrowings decreased to $1.5 billion as of January 2023. (5) The Atlas Facility was formerly the Credit Suisse Facility. See "—Atlas Facility" below for additional discussion. (6) Assumes financings are extended in line with the underlying loans. (7) Represents weighted average maturity across various financings with the counterparty. See below for additional details. (8) Assumes facility enters the two-year amortization period subsequent to the November 2023 maturity, which allows for the refinancing or pay down of assets under the facility. (9) The current stated maturity of the Revolving Credit Facility is March 2026. Borrowings under the Revolving Credit Facility bear interest at a per annum rate equal to the sum of (i) a floating rate index and (ii) a fixed margin. Borrowings under the Revolving Credit Facility are full recourse to certain guarantor wholly-owned subsidiaries of the Company. See "—Revolving Credit Facility" below for additional discussion. (10) Weighted-average borrowing costs as of September 30, 2023 and December 31, 2022 were applicable benchmark rates and credit spread adjustments, plus spreads of USD: +2.45% / GBP: +1.99% / EUR: +1.65% / SEK: +1.50% and USD: +2.28% / GBP: +2.02% / EUR: +1.54%/ SEK: +1.50%, respectively. (11) Weighted average advance rates based on cost as of September 30, 2023 and December 31, 2022 were 68.7% (65.0% (USD) / 71.6% (GBP) / 72.1% (EUR) / 80.4% (SEK)) and 68.8% (63.9% (USD) / 74.0% (GBP) / 72.1% (EUR) / 80.5% (SEK)), respectively. (12) As of September 30, 2023 and December 31, 2022, approximately 58% and 58% of the outstanding balance under these secured borrowings were recourse to us. Terms of our secured credit facilities are designed to keep each lender's credit exposure generally constant as a percentage of the underlying value of the assets pledged as security to the facility. If the credit of the underlying collateral value decreases, the amount of leverage to us may be reduced. As of September 30, 2023 and December 31, 2022, t he weighted average haircut under our secured debt arrangements was approxi mately 31.3% and 31.2%, respectively. Our secured credit facilities do not contain capital markets-based mark-to-market provisions. Atlas Facility On February 8, 2023, in connection with the acquisition by certain subsidiaries of Atlas Securitized Products Holdings (“Atlas”), which is a wholly-owned investment of a fund managed by an affiliate of the Manager, of certain warehouse assets and liabilities of the Credit Suisse AG Securitized Products Group ("Credit Suisse AG")(the “Transaction”), the Credit Suisse Facility was acquired by Atlas ("Atlas Facility"). In order to effect the assignment of the Credit Suisse Facility and related agreements, the Company and one of its subsidiaries, similar to the other sellers and guarantors party to the subject agreements in the Transaction, entered into an Omnibus Assignment, Assumption and Amendment Agreement as well as certain related agreements with Credit Suisse AG and Atlas. Refer to "Note 15 - Related Party Transactions" for further discussion regarding the transaction. Revolving Credit Facility On March 3, 2023, we entered into the Revolving Credit Facility administered by Bank of America, N.A. Revolving Credit Facility provides up to $170.0 million of borrowings secured by qualifying commercial mortgage loans and real property owned assets. The Revolving Credit Facility has a term of three years, maturing in March 2026. The Revolving Credit Facility enables us to borrow on qualifying commercial mortgage loans for up to two years and real property owned assets for up to six months. As of September 30, 2023 we had no borrowings outstanding on the Revolving Credit Facility. During the three and nine months ended September 30, 2023, we recorded $86.9 thousand and $200.2 thousand , respectively in unused fees related to the Revolving Credit Facility . The guarantees related to the Revolving Credit Facility contain the following financial covenants: (i) our liquidity cannot be less than an amount equal to the greater of 5% of total recourse indebtedness or $30.0 million; (ii) our ratio of total indebtedness to tangible net worth cannot be greater than 4:1; (iii) tangible net worth must be greater than $1.25 billion plus 75% of the net cash proceeds of any equity issuance after March 31, 2017; and (iv) maintain a minimum interest coverage ratio of 1.5:1. We were in compliance with the covenants under the Revolving Credit Facility as of September 30, 2023. Subsequent to September 30, 2023, we modified our interest coverage ratio covenant to a minimum of 1.4 to 1. Barclays Private Securitization We are party to a private securitization with Barclays Bank plc (the "Barclays Private Securitization"). Commercial mortgage loans currently financed under the Barclays Securitization are denominated in GBP, EUR and SEK. The Barclays Private Securitization does not include daily margining provisions and grants us significant discretion to modify certain terms of the underlying collateral including waiving certain loan-level covenant breaches and deferring or waiving of debt service payments for up to 18 months. The securitization includes loan-to-value based covenants with deleveraging requirements that are based on significant declines in the value of the collateral as determined by an annual third-party (engaged by us) appraisal process tied to the provisions of the underlying loan agreements. We believe this provides us with both cushion and predictability to avoid sudden unexpected outcomes and material repayment requirements. The table below provides principal balances and the carrying value for commercial mortgage loans pledged to the Barclays Private Securitization as of September 30, 2023 and December 31, 2022 ($ in thousands): September 30, 2023 Local Currency Count Outstanding Principal Carrying Value GBP 7 $ 1,537,840 $ 1,519,137 EUR 5 726,912 723,610 SEK 1 236,381 234,376 Total 13 $ 2,501,133 $ 2,477,123 December 31, 2022 Local Currency Count Outstanding Principal Carrying Value GBP 7 $ 1,495,616 $ 1,475,241 EUR 5 752,531 747,240 SEK 1 248,064 245,714 Total 13 $ 2,496,211 $ 2,468,195 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 September 30, 2023 ($ in thousands): Borrowings Outstanding (1) Fully-Extended Maturity (2) Total/Weighted-Average GBP $ 1,114,701 June 2026 Total/Weighted-Average EUR 514,393 June 2025 (3) Total/Weighted-Average SEK 189,105 May 2026 Total/Weighted-Average Securitization $ 1,818,199 February 2026 ——————— (1) As of September 30, 2023, we had £913.8 million, €486.5 million, and kr2.1 billion of borrowings outstanding under the Barclays Private Securitization secured by certain of our commercial mortgage loans. (2) Assumes underlying loans extend to fully extended maturity and extensions at our option are exercised. (3) 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 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, 2022 ($ in thousands): Borrowings Outstanding (1) Fully-Extended Maturity (2) Total/Weighted-Average GBP 1,125,420 May 2026 Total/Weighted-Average EUR 526,204 July 2025 (3) Total/Weighted-Average SEK 198,452 May 2026 Total/Weighted-Average Securitization $ 1,850,076 February 2026 ——————— (1) As of December 31, 2022, we had £931.4 million, €491.6 million, and kr2.1 billion of borrowings outstanding under the Barclays Private Securitization secured by certain of our commercial mortgage loans. (2) Assumes underlying loans extend to fully extended maturity and extensions at our option are exercised. (3) 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 condensed consolidated balance sheets ($ in thousands): September 30, 2023 December 31, 2022 Assets: Cash $ 1,740 $ 758 Commercial mortgage loans, net (1) 2,477,123 2,468,195 Other Assets 39,055 30,992 Total Assets $ 2,517,918 $ 2,499,945 Liabilities: Secured debt arrangements, net (net of deferred financing costs of $2.0 million and $2.3 million in 2023 and 2022, respectively) $ 1,816,213 $ 1,847,799 Accounts payable, accrued expenses and other liabilities (2) 7,623 8,814 Total Liabilities $ 1,823,836 $ 1,856,613 ——————— (1) Net of the General CECL Al lowance of $7.2 million and $8.2 million as of September 30, 2023 and December 31, 2022, respectively. (2) Includes General CECL Allowance related to unfunded commitments on commercial mortgage loans, net o f $2.7 million and $2.9 million as of September 30, 2023 and December 31, 2022, respectively. The table below provides the net income (loss) of the Barclays Private Securitization VIE included in our condensed consolidated statement of operations ($ in thousands): Three months ended September 30, Nine months ended September 30, 2023 2022 2023 2022 Net Interest Income: Interest income from commercial mortgage loans $ 56,537 $ 30,518 $ 156,295 $ 86,695 Interest expense (30,379) (12,668) (80,753) (32,830) Net interest income $ 26,158 $ 17,850 $ 75,542 $ 53,865 General and administrative expense (2) — (9) — Decrease (increase) in current expected credit loss allowance, net 1,744 889 1,169 4,698 Foreign currency translation gain (loss) (24,266) (50,237) (3,555) (111,745) Net Income (Loss) $ 3,634 $ (31,498) $ 73,147 $ (53,182) At September 30, 2023, our borrowings had the following remaining maturities ($ in thousands): Less than 1 to 3 3 to 5 More than Total JPMorgan Facility $ 356,095 $ 586,476 $ 229,648 $ — $ 1,172,219 Deutsche Bank Facility 95,686 180,129 — — 275,815 Atlas Facility — 83,300 580,517 — 663,817 HSBC Facility — 637,440 — — 637,440 Goldman Sachs Facility — 17,868 — — 17,868 Barclays Facility — — 109,843 — 109,843 MUFG Securities Facility — 196,137 — — 196,137 Churchill Facility — 127,822 — — 127,822 Santander Facility - USD — 75,000 — — 75,000 Santander Facility - EUR 53,267 — — — 53,267 Barclays Private Securitization 253,436 781,989 782,774 — 1,818,199 Total $ 758,484 $ 2,686,161 $ 1,702,782 $ — $ 5,147,427 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 September 30, 2023, as well as the maximum and average month-end balances for the nine months ended September 30, 2023 for our borrowings under secured debt arrangements ($ in thousands). As of September 30, 2023 For the nine months ended September 30, 2023 Balance Amortized Cost of Collateral Maximum Month-End Average Month-End JPMorgan Facility $ 1,172,219 $ 1,981,220 $ 1,324,226 $ 1,226,645 Deutsche Bank Facility 275,815 417,733 385,818 338,297 Goldman Sachs Facility 17,868 35,852 70,249 35,181 Atlas Facility 663,817 932,656 688,126 668,655 HSBC Facility 637,440 822,049 667,430 651,260 Barclays Facility 109,843 136,354 111,909 111,450 MUFG Securities Facility 196,137 266,007 206,362 200,256 Churchill Facility 127,822 169,707 130,000 128,780 Santander Facility - USD 75,000 99,560 75,000 66,667 Santander Facility - EUR 53,267 71,023 55,403 54,244 Barclays Private Securitization 1,818,199 2,484,328 1,937,131 1,877,409 Total $ 5,147,427 $ 7,416,489 The table below summarizes the outstanding balances at December 31, 2022, as well as the maximum and average month-end balances for the year ended December 31, 2022 for our borrowings under secured debt arrangements ($ in thousands). As of December 31, 2022 For the year ended December 31, 2022 Balance Amortized Cost of Collateral Maximum Month-End Average Month-End JPMorgan Facility $ 1,373,598 $ 2,376,154 $ 1,584,171 $ 1,411,644 Deutsche Bank Facility 385,818 565,387 432,455 400,337 Goldman Sachs Facility 70,249 116,619 164,607 140,599 Atlas Facility 632,747 855,119 633,143 541,245 HSBC Facility 637,313 813,716 660,004 501,674 Barclays Facility 111,909 138,510 172,693 102,664 MUFG Securities Facility 194,272 261,319 194,272 156,499 Santander Facility 53,320 71,093 53,320 50,450 Barclays Private Securitization 1,850,076 2,476,349 1,963,837 1,828,794 Total $ 5,309,302 $ 7,674,266 Debt Covenants The guarantees related to our secured debt arrangements contain the following financial covenants: (i) tangible net worth must be greater than $1.25 billion plus 75% of the net cash proceeds of any equity issuance after March 31, 2017; (ii) our ratio of total indebtedness to tangible net worth cannot be greater than 3.75:1; and (iii) our liquidity cannot be less than an amount equal to the greater of 5% of total recourse indebtedness or $30.0 million. Under these covenants, our General CECL Allowance is added back to our tangible net worth calculation. Subsequent to September 30, 2023, we modified our interest coverage ratio covenant related to our Revolving Credit Facility to a minimum of 1.4 to 1 from a minimum of 1.5 to 1. We were in compliance with the covenants under each of our secured debt arrangements and Revolving Credit Facility at September 30, 2023 and December 31, 2022. The impact of macroeconomic conditions on the commercial real estate markets and global capital markets, including increased interest rates, foreign currency fluctuations, changes to fiscal and monetary policy, slower economic growth or recession, labor shortages, and recent distress in the banking sector, may make it more difficult to meet or satisfy these covenants in the future. 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 was issued at a price of 99.5%. During the second quarter of 2023, the 2026 Term Loan transitioned from LIBOR to SOFR and currently bears interest at SOFR plus 2.86%. 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 was issued at a price of 99.0%. During the second quarter of 2023, the 2028 Term Loan transitioned from LIBOR to SOFR and currently bears interest at SOFR (with a floor of 0.50%) plus 3.61%. The Term Loans are amortizing with repayments of 0.25% per quarter of the total committed principal. During the three and nine months ended September 30, 2023 and 2022, we repaid $1.3 million and $3.8 million, of principal respectively related to the 2026 Term Loan. During the three and nine months ended September 30, 2023 and 2022, we repaid $0.75 million and $2.25 million, of principal respectively related to the 2028 Term Loan. The following table summarizes the terms of the Term Loans as of September 30, 2023 ($ in thousands): Principal Amount Unamortized Issuance Discount (1) Deferred Financing Costs (1) Carrying Value Rate Maturity Date 2026 Term Loan $ 478,750 $ (923) $ (4,685) $ 473,142 2.86 % 5/15/2026 2028 Term Loan 292,500 (1,893) (3,368) 287,239 3.61 % 3/11/2028 Total $ 771,250 $ (2,816) $ (8,053) $ 760,381 ——————— (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 the Term Loans as of December 31, 2022 ($ in thousands): Principal Amount Unamortized Issuance Discount (1) Deferred Financing Costs (1) Carrying Value Rate Maturity Date 2026 Term Loan $ 482,500 $ (1,190) $ (6,106) $ 475,204 2.75 % 5/15/2026 2028 Term Loan 294,750 (2,214) (3,927) 288,609 3.50 % 3/11/2028 Total $ 777,250 $ (3,404) $ (10,033) $ 763,813 ——————— (1) Unamortized issuance discount and deferred financing costs will be amortized to interest expense over remaining life of respective term loans. Covenants The financial covenants of the Term Loans include the requirements that we maintain: (i) a maximum ratio of total recourse debt to tangible net worth of 4:1; and (ii) a maximum ratio of total unencumbered assets to total pari-passu indebtedness of 2.50:1. We were in compliance with the covenants under the Term Loans at September 30, 2023 and December 31, 2022. Interest Rate Cap During the second quarter of 2020, we entered into a three-year interest rate cap to cap LIBOR at 0.75%. This effectively limited the maximum all-in coupon on our 2026 Term Loan to 3.50%. The interest rate cap matured on June 15, 2023 and the effective all-in coupon on our 2026 Term Loan increased to one month SOFR plus the spread of 2.86%. During 2023, through the interest rate cap maturity, LIBOR exceeded the cap rate of 0.75%. As such, during the nine months ended September 30, 2023, we realized a gain from the interest rate cap in the amount of $9.1 million, which is included in gain (loss) on interest rate hedging instruments in our condensed consolidated statement of operations. The realized gain was a result of the increase in the current interest rate forward curve. As the interest rate cap matured during the three months ended June 30, 2023, there was no realized gain or loss recorded during three months ended September 30, 2023. 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 deducting initial purchasers' discounts and commissions. 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. The 2029 Notes had a carrying value of $495.4 million and $494.8 million, net of deferred financing costs of $4.6 million and $5.2 million, as of September 30, 2023 and December 31, 2022, respectively. 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 September 30, 2023 and December 31, 2022, 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 condensed consolidated balance sheet with both assets and non-recourse liabilities because the participations do not qualify as a sale under ASC 860. The income earned on the participations sold is recorded as interest income and an identical amount is recorded as interest expense in our condensed consolidated statements of operations. In December 2020, we sold a £6.7 million ($8.9 million assuming conversion into USD at time of transfer) 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 ($25.3 million assuming conversion into USD at time of transfer). The participation interest sold was subordinate to our first mortgage loan and was accounted for as a secured borrowing on our consolidated balance sheet. In January 2023, the first mortgage loan, including participations sold, was fully satisfied, including all contractual and default interest accrued to date. The table below details participations sold included in our condensed consolidated balance sheets ($ in thousands): September 30, 2023 December 31, 2022 Participation sold on commercial mortgage loans $ — $ 25,130 Total participations sold $ — $ 25,130

Accounts Payable, Accrued Expen

Accounts Payable, Accrued Expenses and Other Liabilities	9 Months Ended
	Sep. 30, 2023
Payables and Accruals [Abstract]
Accounts Payable, Accrued Expenses and Other Liabilities	Accounts Payable, Accrued Expenses and Other LiabilitiesThe following table details the components of our accounts payable, accrued expense and other liabilities ($ in thousands): September 30, 2023 December 31, 2022 Collateral held under derivative agreements $ 99,260 $ 138,620 Accrued dividends payable 53,022 53,203 Accrued interest payable 38,624 23,943 Accounts payable and other liabilities (1) 8,023 7,247 General CECL Allowance on unfunded commitments (2) 3,972 4,347 Total $ 202,901 $ 227,360 ——————— (1) Includes $7.0 million and $1.1 million of accounts payable and other liabilities on the balance sheet of the Real Estate Owned, Held for Investment at September 30, 2023 and December 31, 2022, respectively. (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 as of September 30, 2023 and December 31, 2022, respectively.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes We have elected to be taxed as a REIT under the Internal Revenue Code of 1986, as amended, commencing with the taxable year ended December 31, 2009. As a REIT, U.S. federal income tax law generally requires us to distribute annually at least 90% of our REIT taxable income, without regard to the deduction for dividends paid and excluding net capital gains, and that we pay tax at regular corporate rates to the extent that we annually distribute less than 100% of our net taxable income. We are also subject to U.S. federal, state and local income taxes on our domestic taxable REIT subsidiaries ("TRS") based on the tax jurisdictions in which they operate. During the three and nine months ended September 30, 2023, we recorded a current income tax provision of $0.5 million related to activities of our taxable REIT subsidiaries. We did not record any income tax provision during the three and nine months ended September 30, 2022. As of September 30, 2023, we had a $0.6 million income tax asset related to the operating activities of our TRS entities. There were no income tax assets or liabilities as of December 31, 2022. As of September 30, 2023 and December 31, 2022, there were no material deferred tax assets or liabilities. As of September 30, 2023, we had net operating losses of $8.0 million and capital losses of $25.2 million that may be carried forward for use in subsequent periods. As of September 30, 2023, tax years 2019 through 2022 remain subject to examination by taxing authorities.

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 2023
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, 2022 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 of our independent directors in March 2023, 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 $9.5 million and $28.4 million in base management fees under the Management Agreement for the three and nine months ended September 30, 2023, respectively, as compared to $9.7 million and $28.6 million for the three and nine months ended September 30, 2022, 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 three and nine months ended September 30, 2023, we paid expenses totaling $0.8 million and $2.1 million, respectively, related to reimbursements for certain expenses paid by the Manager on our behalf under the Management Agreement as compared to $0.9 million and $3.1 million for the three and nine months ended September 30, 2022, respectively. Expenses incurred by the Manager and reimbursed by us are reflected in the respective condensed consolidated statement of operations expense category or our condensed consolidated balance sheets based on the nature of the item. Included in payable to related party on our condensed consolidated balance sheets at September 30, 2023 and December 31, 2022 is approximately $9.5 million and $9.7 million, respectively, for base management fees incurred but not yet paid under the Management Agreement. Loans receivable We own three mezzanine loans and a commercial mortgage that are secured by the same ultra-luxury residential property currently under construction in Manhattan, NY. During the third quarter of 2021, a vehicle 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 vehicle a price representing the original principal balance on the Junior Mezzanine B Loan position with the vehicle agreeing to forego its accrued interest on the Junior Mezzanine B Loan. During the third quarter of 2022, we refinanced our mezzanine loans, and originated a commercial mortgage loan as part of an overall recapitalization. The mezzanine positions held by entities managed by affiliates of the Manager were repaid. Refer to "Note 4 - Commercial Mortgage Loans, Subordinate Loans and Other Lending Assets, Net" for additional information. During the third quarter of 2022, we transferred £293.4 million ($327.7 million assuming conversion into USD) of unfunded commitments related to a mixed-use development property located in London, United Kingdom to entities managed by affiliates of the Manager. During the first quarter of 2023, we transferred interests in, (i) three commercial mortgage loans secured by various properties in Europe, with aggregate commitments of €205.7 million (of which €115.0 million was funded at the time of sale), and (ii) a partial interest of £15.0 million in a commercial mortgage loan secured by a mixed-use property located in London, United Kingdom. These transfers were made to entities managed by affiliates of the Manager. Refer to "Note 4 – Commercial Mortgage Loans, Subordinate Loans and Other Lending Assets, Net" for additional disclosure. Term Loan 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. Italian Direct Lending Structure In the fourth quarter of 2021, we formed an Italian closed-end alternative investment fund (the "AIF"), managed by Apollo Investment Management Europe (Luxembourg) S.A R.L, a regulated alternative investment fund manager (the "AIFM"), an affiliate of the Manager. The fees incurred during the nine months ended September 30, 2023 were de minimis. During three and nine months ended September 30, 2022, the AIF incurred $11,000 and $57,000 in fees payable to the AIFM, which is recorded in Management fees to related party in our condensed consolidated statement of operations. Atlas Facility On February 8, 2023, in connection with the acquisition by certain subsidiaries of Atlas, which is a wholly-owned investment of a fund managed by an affiliate of the Manager, the Credit Suisse Facility was acquired by Atlas. In order to effect the assignment of the Credit Suisse Facility and related agreements, the Company and one of its subsidiaries, similar to the other sellers and guarantors party to the subject agreements in the Transaction, entered into an Omnibus Assignment, Assumption and Amendment Agreement as well as certain related agreements with Credit Suisse AG and Atlas .

Share-Based Payments

Share-Based Payments	9 Months Ended
	Sep. 30, 2023
Share-Based Payment Arrangement [Abstract]
Share-Based Payments	Share-Based Payments On 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 $4.4 million and $13.1 million during the three and nine months ended September 30, 2023. We recognized stock-based compensation expense of of $4.5 million and $13.7 million during the three and nine months ended September 30, 2022 respectively, related to restricted stock and RSU vesting. The following table summarizes the grants, vesting and forfeitures of restricted common stock and RSUs during the nine months ended September 30, 2023: Type Restricted Stock RSUs Grant Date Fair Value ($ in millions) Outstanding at December 31, 2022 56,102 2,865,154 Granted 75,754 — $ 0.7 Vested (52,768) (30,641) N/A Forfeiture — (17,328) N/A Outstanding at September 30, 2023 79,088 2,817,185 Below is a summary of restricted stock and RSU vesting dates as of September 30, 2023 : Vesting Year Restricted Stock RSUs Total Awards 2023 — 1,358,418 1,358,418 2024 79,088 948,636 1,027,724 2025 — 510,131 510,131 Total 79,088 2,817,185 2,896,273 At September 30, 2023, we had unrecognized compensation expense of approximately $0.4 million and $21.4 million related to the vesting of restricted stock awards and RSUs, respectively, noted in the table above. The unrecognized compensation expense related to the vesting of restricted awards and RSUs are expected to be recognized over a weighted average period of 1.3 years. RSU Deliveries During the nine months ended September 30, 2023 and 2022 we delivered 681,384 and 652,501 shares of common stock for 1,255,184 and 1,145,091 vested RSUs, respectively. We allow RSU participants to settle their tax liabilities with a reduction of their share delivery from the originally 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 condensed consolidated statement of changes in stockholders' equity. The adjustment was $6.8 million and $7.0 million for the

Stockholders' Equity

Stockholders' Equity	9 Months Ended
	Sep. 30, 2023
Equity [Abstract]
Stockholders' Equity	Stockholders’ Equity Our 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 September 30, 2023, 141,353,133 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. The Series B-1 Preferred Stock, with a par value $0.01 per share, have a liquidation preference of $25.00 per share. Dividends. The following table details our dividend activity: Three months ended September 30, Nine months ended September 30, Dividends declared per share of: 2023 2022 2023 2022 Common Stock $0.35 $0.35 $1.05 $1.05 Series B-1 Preferred Stock $0.45 $0.45 $1.35 $1.35

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2023
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 Investment 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 (the "Subsidiary"), (ii) the Company, and (iii) certain funds managed by Apollo, who were 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 amended the complaint in a separate action in 2021, 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. The defendants filed a motion to dismiss, which was granted in part and denied in part on December 15, 2022. The Court dismissed the claim against Apollo Global Management, Inc. and the Company. Apollo appealed the decision with respect to the remaining claim. On October 5, 2023, the Appellate Division, First Department granted Apollo’s appeal, thereby dismissing the remaining claim against the Apollo entities who were co-lenders on the mezzanine loan, including the Subsidiary. Loan Commitments. As described in "Note 4 - Commercial Mortgage Loans, Subordinate Loans and Other Lending Assets, Net" at September 30, 2023, we had $693 million 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 3.2 years weighted average tenor of these loans.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	9 Months Ended
	Sep. 30, 2023
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	Fair Value of Financial InstrumentsThe following table presents the carrying value and estimated fair value of our financial instruments not carried at fair value on our condensed consolidated balance sheets at September 30, 2023 and December 31, 2022 ($ in thousands): September 30, 2023 December 31, 2022 Carrying Estimated Carrying Estimated Cash and cash equivalents $ 307,845 $ 307,845 $ 222,030 $ 222,030 Commercial mortgage loans, net 7,561,254 7,487,855 8,121,109 8,083,410 Subordinate loans and other lending assets, net (1) 412,777 412,897 560,881 558,740 Secured debt arrangements, net (5,135,855) (5,135,855) (5,296,825) (5,296,825) Term loans, net (760,381) (746,119) (763,813) (731,709) Senior secured notes, net (495,437) (378,750) (494,844) (400,950) 2023 Notes (176,018) (175,844) (229,361) (225,366) Debt related to real estate owned, held for investment, net (161,245) (161,245) (160,294) (160,294) Participations sold — — (25,130) (25,130) ——————— (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, and Term Loans, net are measured using observable Level I inputs as defined in "Note 3 - Fair Value Disclosure." Estimates of fair value for all other financial instruments in the table above are measured using significant estimates, or unobservable Level III inputs as defined in "Note 3 - Fair Value Disclosure."

Net Income (Loss) per Share

Net Income (Loss) per Share	9 Months Ended
	Sep. 30, 2023
Earnings Per Share [Abstract]
Net Income (Loss) per Share	Net Income (Loss) 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 (loss) per share of common stock for the three and nine months ended September 30, 2023 and 2022 ($ in thousands except per share data): Three months ended September 30, Nine months ended September 30, 2023 2022 2023 2022 Basic Earnings Net income (loss) $ 46,071 $ 183,030 $ 11,587 $ 269,219 Less: Preferred dividends (3,068) (3,068) (9,204) (9,204) Net income (loss) available to common stockholders $ 43,003 $ 179,962 $ 2,383 $ 260,015 Less: Dividends on participating securities (989) (898) (2,989) (2,698) Basic Earnings (Loss) $ 42,014 $ 179,064 $ (606) $ 257,317 Diluted Earnings Basic Earnings (Loss) $ 42,014 $ 179,064 $ (606) $ 257,317 Add: Dividends on participating securities — 898 — 2,698 Add: Interest expense on Convertible Notes — 5,684 — 20,608 Diluted Earnings $ 42,014 $ 185,646 $ (606) $ 280,623 Number of Shares: Basic weighted-average shares of common stock outstanding 141,350,428 140,594,987 141,255,730 140,513,957 Diluted weighted-average shares of common stock outstanding 141,350,428 164,350,132 141,255,730 169,252,602 Earnings (Loss) Per Share Attributable to Common Stockholders Basic $ 0.30 $ 1.27 $ — $ 1.83 Diluted $ 0.30 $ 1.13 $ — $ 1.66 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 three and nine months ended September 30, 2023, 8,741,770 and 10,129,968, respectively, weighted-average potentially issuable shares with respect to the Convertible Notes were excluded in the dilutive earnings per share denominator because the effect was anti-dilutive. For the three and nine months ended September 30, 2022, 21,187,719 and 26,057,847 we ighted-average potentially issuable shares with respect to the Convertible Notes were included in the dilutive earnings per share denominator because the effect was dilutive. Refer to "Note 10 - Convertible Senior Notes, Net" for further discussion.

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2023
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Subsequent to the quarter ended September 30, 2023, the following events took place: Investment Activity: We funded approximately $42.8 million for previously closed loans and capitalized an additional $7.2 million of construction and financing costs related to our real estate owned, held for investment. Loan Repayments: We received approximately $33.2 million from loan repayments. 2023 Notes Repayment: We repaid the remaining principal of the 2023 Notes of $176.1 million at par.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2023
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying condensed 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 current expected credit loss ("CECL") allowances. Actual results may differ from estimates. These unaudited condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and should be read in conjunction with the consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2022 ("Annual Report"), as filed with the Securities and Exchange Commission (the "SEC"). In the opinion of management, all adjustments (consisting only of normal recurring adjustments) necessary to present fairly our financial position, results of operations and cash flows have been included. Our results of operations for the three and nine months ended September 30, 2023 are not necessarily indicative of the results to be expected for the full year or any other future period.
Recent Accounting Pronouncements	Recent Accounting PronouncementsIn March 2020, the Financial Accounting Standards Board ("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 ("LIBOR") or other reference rates expected to be discontinued as a result of reference rate reform. In December 2022, the FASB issued ASU 2022-06 "Reference Rate Reform (Topic 848): Deferral of Sunset Date of Topic 848 ("ASU 2022-06") which deferred the sunset date to December 31, 2024. As prescribed by the optional expedients within ASU 2020-04, we have accounted for applicable modified contracts that incorporate alternative benchmarks as if they are not substantially different. We will continue to apply such expedients or exceptions related to modifications for certain of our commercial mortgage loans and debt agreements as a result of reference rate reform. The application of ASU 2020-04 has not had a material impact, nor is it expected to have a material impact, on our consolidated financial statements.

Fair Value Disclosure (Tables)

Fair Value Disclosure (Tables)	9 Months Ended
	Sep. 30, 2023
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 September 30, 2023 and December 31, 2022 ($ in thousands): Fair Value as of September 30, 2023 Fair Value as of December 31, 2022 Level I Level II Level III Total Level I Level II Level III Total Recurring fair value measurements: Foreign currency forward, net $ — $ 91,790 $ — $ 91,790 $ — $ 119,499 $ — $ 119,499 Interest rate cap asset — 2,247 — 2,247 — 9,141 — 9,141 Total financial instruments $ — $ 94,037 $ — $ 94,037 $ — $ 128,640 $ — $ 128,640

Commercial Mortgage Loans, Su_2

Commercial Mortgage Loans, Subordinate Loans and Other Lending Assets, Net (Tables)	9 Months Ended
	Sep. 30, 2023
Receivables [Abstract]
Schedule of Loan Portfolio	Our loan portfolio was comprised of the following at September 30, 2023 and December 31, 2022 ($ in thousands): Loan Type September 30, 2023 December 31, 2022 Commercial mortgage loans, net (1) $ 7,561,254 $ 8,121,109 Subordinate loans and other lending assets, net 412,777 560,881 Carrying value, net $ 7,974,031 $ 8,681,990 ——————— (1) Includes $102.6 million and $138.3 million in 2023 and 2022, respectively, of contiguous financing structured as subordinate loans.
Schedule of Activity Related to Loan Investment Portfolio	Activity relating to our loan portfolio for the nine months ended September 30, 2023 was as follows ($ in thousands): Principal Deferred Fees/Other Items (1) Specific CECL Allowance Carrying Value, Net December 31, 2022 $ 8,892,767 $ (51,053) $ (133,500) $ 8,708,214 New funding of loans 181,017 — — 181,017 Add-on loan fundings (2) 341,796 — — 341,796 Loan repayments and sales (1,020,590) — — (1,020,590) Gain (loss) on foreign currency translation (4,999) 83 — (4,916) Increase in Specific CECL Allowance, net — — (59,500) (59,500) Net realized loss on investment (87,367) 763 — (86,604) Transfer to real estate owned (75,000) — — (75,000) Deferred fees and other items — (9,191) — (9,191) Payment-in-kind interest and amortization of fees — 26,110 — 26,110 September 30, 2023 $ 8,227,624 $ (33,288) $ (193,000) $ 8,001,336 General CECL Allowance (3) (27,305) Carrying value, net $ 7,974,031 ——————— (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) Represents fundings committed prior to 2023. (3) $4.0 million of the General CECL Allowance is excluded from this table because it relates to unfunded commitments and has been recorded as a liability under accounts payable, accrued expenses and other liabilities in our condensed consolidated balance sheet.
Schedule of Overall Statistics for the Loan Portfolio	The following table details overall statistics for our loan portfolio at the dates indicated ($ in thousands): September 30, 2023 December 31, 2022 Number of loans 49 61 Principal balance $ 8,227,624 $ 8,892,767 Carrying value, net $ 7,974,031 $ 8,681,990 Unfunded loan commitments (1) $ 693,125 $ 1,041,654 Weighted-average cash coupon (2) 8.3 % 7.2 % Weighted-average remaining fully-extended term (3) 2.4 years 2.8 years Weighted-average expected term (4) 1.8 years 1.7 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 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): September 30, 2023 December 31, 2022 Property Type Carrying % of (1) Carrying % of Portfolio (1) Hotel $ 1,903,246 23.8 % $ 2,117,079 24.3 % Office 1,494,101 18.7 1,671,006 19.2 Retail 1,375,338 17.2 1,364,752 15.7 Residential 1,245,131 15.5 1,537,541 17.7 Mixed Use 637,492 8.0 559,809 6.4 Healthcare 520,208 6.5 575,144 6.6 Industrial 282,758 3.5 296,860 3.4 Other (2) 543,062 6.8 586,023 6.7 Total $ 8,001,336 100.0 % $ 8,708,214 100.0 % General CECL Allowance (3) (27,305) (26,224) Carrying value, net $ 7,974,031 $ 8,681,990 ——————— (1) Percentage of portfolio calculations are made prior to consideration of General CECL Allowance. (2) Other property types include parking garages (2.7%), caravan parks (2.5%) and urban predevelopment (1.6%) in 2023, and parking garages (3.1%), caravan parks (2.3%) and urban predevelopment (1.3%) in 2022. (3) $4.0 million and $4.3 million of the General CECL Allowance for 2023 and 2022, respectively, is excluded from this table because it relates to unfunded commitments and has been recorded as a liability under accounts payable, accrued expenses and other liabilities in our condensed consolidated balance sheets. Geography The table below details the geographic distribution of the properties securing the loans in our portfolio at the dates indicated ($ in thousands): September 30, 2023 December 31, 2022 Geographic Location Carrying % of (1) Carrying % of Portfolio (1) United Kingdom $ 2,482,587 31.0 % $ 2,470,532 28.4 % New York City 1,723,669 21.5 2,049,493 23.5 Other Europe (2) 1,396,418 17.5 1,542,462 17.7 West 577,416 7.2 584,247 6.7 Southeast 533,852 6.7 642,542 7.4 Midwest 533,692 6.7 592,756 6.8 Other (3) 753,702 9.4 826,182 9.5 Total $ 8,001,336 100.0 % $ 8,708,214 100.0 % General CECL Allowance (4) (27,305) (26,224) Carrying value, net $ 7,974,031 $ 8,681,990 ——————— (1) Percentage of portfolio calculations are made prior to consideration of General CECL Allowance. (2) Other Europe includes Germany (5.2%), Italy (4.7%), Spain (4.2%), Sweden (2.9%) and Ireland (0.5%) in 2023 and Italy (5.4%), Germany (4.9%), Spain (3.8%), Sweden (2.8%) and Ireland (0.7%) in 2022. (3) Other includes Northeast (5.5%), Southwest (1.8%), Mid-Atlantic (1.2%) and Other (0.9%) in 2023 and Northeast (5.5%), Southwest (2.3%), Mid-Atlantic (1.4%) and Other (0.3%) in 2022. (4) $4.0 million and $4.3 million of the General CECL Allowance for 2023 and 2022, respectively, is excluded from this table because it relates to unfunded commitments and has been recorded as a liability under accounts payable, accrued expenses and other liabilities in our condensed consolidated balance sheets.
Schedule of Carrying Value of Loan Portfolio Based on Internal Risk Ratings	The following tables present the carrying value of our loan portfolio by year of origination and internal risk rating and gross write-offs by year of origination as of September 30, 2023 and December 31, 2022, respectively ($ in thousands): September 30, 2023 Amortized Cost by Year Originated Risk Rating Number of Loans Total % of Portfolio 2023 2022 2021 2020 2019 Prior 1 — $ — — % $ — $ — $ — $ — $ — $ — 2 3 192,291 2.4 % — — — — 126,658 65,633 3 42 7,452,050 93.1 % 169,707 2,610,749 2,271,332 372,957 1,414,255 613,051 4 2 88,312 1.1 % — — — — — 88,312 5 2 268,683 3.4 % — — — 169,881 — 98,802 Total 49 $ 8,001,336 100.0 % $ 169,707 $ 2,610,749 $ 2,271,332 $ 542,838 $ 1,540,913 $ 865,798 General CECL Allowance (1) (27,305) Total carrying value, net $ 7,974,031 Weighted Average Risk Rating 3.1 Gross write-offs $ 81,890 $ — $ — $ — $ — $ — $ 81,890 December 31, 2022 Amortized Cost by Year Originated Risk Rating Number of Loans Total % of Portfolio 2022 2021 2020 2019 2017 Prior 1 — $ — — % $ — $ — $ — $ — $ — $ — 2 2 65,943 0.8 % — — — — — 65,943 3 54 8,401,925 96.5 % 2,575,455 2,462,499 687,329 1,637,050 479,769 559,823 4 2 27,451 0.3 % — — — — 19,951 7,500 5 3 212,895 2.4 % — — — — — 212,895 Total 61 $ 8,708,214 100.0 % $ 2,575,455 $ 2,462,499 $ 687,329 $ 1,637,050 $ 499,720 $ 846,161 General CECL Allowance (1) (26,224) Total carrying value, net $ 8,681,990 Weighted Average Risk Rating 3.0 Gross write-offs $ 7,000 $ — $ — $ — $ — $ — $ 7,000 ——————— (1) $4.0 million and $4.3 million of the General CECL Allowance for 2023 and 2022, respectively, is excluded from this table because it relates to unfunded commitments and has been recorded as a liability under accounts payable, accrued expenses and other liabilities in our condensed consolidated balance sheets.
Schedule of CECL Reserves	The following schedule illustrates changes in CECL Allowances f or the nine months ended September 30, 2023 ($ in thousands): Specific CECL Allowance (1) General CECL Allowance Total CECL Allowance CECL Allowance as % of Amortized Cost (1) Funded Unfunded Total General Total December 31, 2022 $ 133,500 $ 26,224 $ 4,347 $ 30,571 $ 164,071 0.36 % 1.86 % Changes: Q1 Allowances (2) — 4,043 348 4,391 $ 4,391 March 31, 2023 $ 133,500 $ 30,267 $ 4,695 $ 34,962 $ 168,462 0.42 % 1.95 % Changes: Q2 Allowances (3) 141,480 2,009 139 2,148 143,628 Q2 Write-offs (4) (81,980) — — — (81,980) June 30, 2023 $ 193,000 $ 32,276 $ 4,834 $ 37,110 $ 230,110 0.46 % 2.70 % Changes: Q3 Reversals (5) — (4,971) (862) (5,833) (5,833) September 30, 2023 $ 193,000 $ 27,305 $ 3,972 $ 31,277 $ 224,277 0.40 % 2.74 % ——————— (1) Loans evaluated for Specific CECL Allowance are excluded from General CECL Allowance pool. (2) During the three months ended March 31, 2023, our General CECL Allowance increased by $4.4 million primarily due to an increase in our view of the remaining expected term of our loan portfolio. This increase was partially offset by the impact of portfolio seasoning and loan repayments and sales. (3) During the three months ended June 30, 2023, our General CECL Allowance increased by $2.1 million primarily due to a more adverse macroeconomic outlook and an increase in our view of the remaining expected term of certain of our loans. This increase was partially offset by the impact of portfolio seasoning. Additionally, during the three months ended June 30, 2023, we recorded an increase of $141.5 million to our Specific CECL Allowance. The increase was related to two mezzanine loans secured by the same ultra-luxury property. Refer to discussion below. (4) As of June 30, 2023, $82.0 million related to the most junior mezzanine loan secured by the ultra-luxury residential property was deemed unrecoverable. Accordingly, $82.0 million of previously recorded Specific CECL was written-off and recorded as a realized loss within net realized loss on investments in our June 30, 2023 condensed consolidated statement of operations. Refer to "Specific CECL Allowance" section below for further detail. (5) During the three months ended September 30, 2023, our General CECL Allowance decreased by $5.8 million, primarily due to loan prepayments and portfolio seasoning. The following schedule illustrates changes in CECL Allowances f or the nine months ended September 30, 2022 ($ in thousands): Specific CECL Allowance (1) General CECL Allowance Total CECL Allowance CECL Allowance as % of Amortized Cost (1) Funded Unfunded Total General Total December 31, 2021 $ 145,000 $ 33,588 $ 3,106 $ 36,694 $ 181,694 0.49 % 2.26 % Changes: Q1 Allowances (Reversals) (2) 30,000 (12,211) 822 (11,389) 18,611 March 31, 2022 $ 175,000 $ 21,377 $ 3,928 $ 25,305 $ 200,305 0.32 % 2.34 % Changes: Q2 Allowances (Reversals) (3) (3,000) 1,985 71 2,056 (944) June 30, 2022 $ 172,000 $ 23,362 $ 3,999 $ 27,361 $ 199,361 0.33 % 2.18 % Changes: Q3 (Reversals), net (4) $ (53,000) $ (1,377) $ (1,187) (2,564) (55,564) September 30, 2022 $ 119,000 $ 21,985 $ 2,812 $ 24,797 $ 143,797 0.30 % 1.62 % ——————— (1) Loans evaluated for Specific CECL Allowance are excluded from General CECL Allowance pool. (2) During the three months ended March 31, 2022, a $30.0 million Specific CECL Allowance was recorded on a subordinate loan secured by an ultra luxury residential property in Manhattan, NY. During the three months ended March 31, 2022, the General CECL Allowance decreased by $11.4 million primarily due to changes in expected loan repayment dates, as well as portfolio seasoning, which was partially offset by new loan originations. (3) During the three months ended June 30, 2022, the $3.0 million net reversal of Specific CECL Allowance was comprised of (i) the reversal of $10.0 million of previously recorded allowance on a loan related to a multifamily development in Brooklyn, NY as a result of market rent growth and value created from development activities and (ii) a $7.0 million allowance recorded on a loan secured by a hotel in Atlanta, GA due to slower than expected recovery from COVID-19. General CECL Allowance increased by $2.1 million due to new loan originations and more adverse macroeconomic outlook, which was partially offset by portfolio seasoning. (4) During the three months ended September 30, 2022, the $53.0 million Specific CECL Allowance was reversed on an urban predevelopment first mortgage loan in Miami, FL because the collateral which secures the loan was under contract to be sold in the near term at a higher value than the carrying value of the loan pre-reversal. General CECL Allowance decreased by $2.6 million primarily due to portfolio seasoning and sale of unfunded commitments, which was partially offset by one new loan origination and a more adverse macroeconomic outlook. The following schedule sets forth our General CECL Allowance as of September 30, 2023 and December 31, 2022 ($ in thousands): September 30, 2023 December 31, 2022 Commercial mortgage loans, net $ 26,340 $ 22,848 Subordinate loans and other lending assets, net 965 3,376 Unfunded commitments (1) 3,972 4,347 Total General CECL Allowance $ 31,277 $ 30,571 ——————— (1) The General CECL Allowance on unfunded commitments is recorded as a liability on our condensed consolidated balance sheets within accounts payable, accrued expenses and other liabilities.
Financing Receivable Cost Recovery	The following table summarizes our risk rated 5 loans as of September 30, 2023, which were analyzed for Specific CECL Allowances ($ in thousands): Type Property type Location Amortized cost prior to Specific CECL Allowance Specific CECL Allowance Amortized cost Interest recognition status/ as of date Risk rating Mortgage Retail (1)(2) Cincinnati, OH $165,802 $67,000 $98,802 Non-Accrual/ 10/1/2019 5 Mortgage total: $165,802 $67,000 $98,802 Mezzanine Residential (3) Manhattan, NY $295,881 $126,000 $169,881 Non-Accrual/ 7/1/2021 5 Mezzanine total: $295,881 $126,000 $169,881 Total: $461,683 $193,000 $268,683 ——————— (1) The fair value of retail collateral was determined by applying a capitalization rate of 8.5%. (2) 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 the venture’s equity and we contributed 90%. The entity was deemed to be a Variable Interest Entity (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 three and nine months ended September 30, 2023 and 2022, $0.6 million and $1.9 million, respectively and $0.6 million and $1.2 million, respectively, of interest paid was applied towards reducing the carrying value of the loan. The related profit and loss from the joint venture was immaterial for the three and nine months ended September 30, 2023 and 2022. During the three months ended June 30, 2023, the loan's maturity was extended from September 2023 to September 2024. (3) The fair value of the residential collateral was determined by making certain projections and assumptions with respect to future performance and a discount rate of 10%.

Other Assets (Tables)

Other Assets (Tables)	9 Months Ended
	Sep. 30, 2023
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): September 30, 2023 December 31, 2022 Interest receivable $ 68,643 $ 65,383 Loan proceeds held by servicer 133,041 3,371 Other (1) 4,894 1,853 Total $ 206,578 $ 70,607 ——————— (1) Includes $2.3 million of other assets from Real Estate Owned, Held for Investment as of September 30, 2023. Refer to "Note 5 – Real Estate Owned" for additional information.

Secured Debt Arrangements, Net

Secured Debt Arrangements, Net (Tables)	9 Months Ended
	Sep. 30, 2023
Debt Disclosure [Abstract]
Schedule of Weighted Average Maturities and Interest Rates of Borrowings	Our borrowings under secured debt arrangements at September 30, 2023 and December 31, 2022 are detailed in the following table ($ in thousands): September 30, 2023 December 31, 2022 Maximum Amount of Borrowings (1) Borrowings Outstanding (1) Maturity (2) Maximum Amount of Borrowings (1) Borrowings Outstanding (1) Maturity (2) JPMorgan Facility - USD (3)(4) $ 1,483,312 $ 1,155,531 September 2026 $ 1,532,722 $ 1,306,320 September 2026 JPMorgan Facility - GBP (3)(4) 16,688 16,688 September 2026 67,278 67,278 September 2026 Deutsche Bank Facility - USD (3) 700,000 275,815 March 2026 700,000 385,818 March 2026 Atlas Facility - USD (5) 689,770 663,817 April 2027 (6)(7) 635,653 632,747 August 2026 (6)(7) HSBC Facility - GBP 367,922 367,922 April 2025 364,423 364,423 April 2025 HSBC Facility - EUR 269,518 269,518 January 2026 (7) 272,890 272,890 January 2026 Goldman Sachs Facility - USD 300,000 17,868 November 2025 (8) 300,000 70,249 November 2025 (8) Barclays Facility - USD 200,000 109,843 June 2027 (6) 200,000 111,909 June 2027 MUFG Securities Facility - GBP 196,137 196,137 June 2025 (6) 194,272 194,272 June 2025 Churchill Facility - USD 130,000 127,822 March 2026 — — N/A Santander Facility - USD 300,000 75,000 February 2026 (6) — — N/A Santander Facility - EUR 57,094 53,267 August 2024 57,807 53,320 August 2024 Total Secured Credit Facilities 4,710,441 3,329,228 4,325,045 3,459,226 Barclays Private Securitization - GBP, EUR, SEK 1,818,199 1,818,199 February 2026 (7) 1,850,076 1,850,076 February 2026 (7) Revolving Credit Facility - USD (9) 170,000 — March 2026 — — N/A Total Secured Debt Arrangements 6,698,640 5,147,427 6,175,121 5,309,302 Less: deferred financing costs N/A (11,572) N/A (12,477) Total Secured Debt Arrangements, net (10)(11)(12) $ 6,698,640 $ 5,135,855 $ 6,175,121 $ 5,296,825 ——————— (1) As of September 30, 2023, British Pound Sterling("GBP"), Euro ("EUR"), and Swedish Krona ("SEK") borrowings were converted to USD at a rate of 1.22, 1.06, and 0.09, respectively. As of December 31, 2022, GBP, EUR and SEK borrowings were converted to USD at a rate of 1.21, 1.07 and 0.10, respectively. (2) Maturity date assumes extensions at our option are exercised with consent of financing providers, where applicable. (3) The JPMorgan Facility and Deutsche Bank Facility enable us to elect to receive advances in USD, GBP, or EUR. (4) The JPMorgan Facility allows for $1.5 billion of maximum borrowings in total as of September 30, 2023. The JPMorgan Facility was temporarily upsized from $1.5 billion to $1.6 billion during August 2022 and the maximum borrowings decreased to $1.5 billion as of January 2023. (5) The Atlas Facility was formerly the Credit Suisse Facility. See "—Atlas Facility" below for additional discussion. (6) Assumes financings are extended in line with the underlying loans. (7) Represents weighted average maturity across various financings with the counterparty. See below for additional details. (8) Assumes facility enters the two-year amortization period subsequent to the November 2023 maturity, which allows for the refinancing or pay down of assets under the facility. (9) The current stated maturity of the Revolving Credit Facility is March 2026. Borrowings under the Revolving Credit Facility bear interest at a per annum rate equal to the sum of (i) a floating rate index and (ii) a fixed margin. Borrowings under the Revolving Credit Facility are full recourse to certain guarantor wholly-owned subsidiaries of the Company. See "—Revolving Credit Facility" below for additional discussion. (10) Weighted-average borrowing costs as of September 30, 2023 and December 31, 2022 were applicable benchmark rates and credit spread adjustments, plus spreads of USD: +2.45% / GBP: +1.99% / EUR: +1.65% / SEK: +1.50% and USD: +2.28% / GBP: +2.02% / EUR: +1.54%/ SEK: +1.50%, respectively. (11) Weighted average advance rates based on cost as of September 30, 2023 and December 31, 2022 were 68.7% (65.0% (USD) / 71.6% (GBP) / 72.1% (EUR) / 80.4% (SEK)) and 68.8% (63.9% (USD) / 74.0% (GBP) / 72.1% (EUR) / 80.5% (SEK)), respectively.
Schedule of Assets Under the Private Barclays Securitization	The table below provides principal balances and the carrying value for commercial mortgage loans pledged to the Barclays Private Securitization as of September 30, 2023 and December 31, 2022 ($ in thousands): September 30, 2023 Local Currency Count Outstanding Principal Carrying Value GBP 7 $ 1,537,840 $ 1,519,137 EUR 5 726,912 723,610 SEK 1 236,381 234,376 Total 13 $ 2,501,133 $ 2,477,123 December 31, 2022 Local Currency Count Outstanding Principal Carrying Value GBP 7 $ 1,495,616 $ 1,475,241 EUR 5 752,531 747,240 SEK 1 248,064 245,714 Total 13 $ 2,496,211 $ 2,468,195 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 September 30, 2023 ($ in thousands): Borrowings Outstanding (1) Fully-Extended Maturity (2) Total/Weighted-Average GBP $ 1,114,701 June 2026 Total/Weighted-Average EUR 514,393 June 2025 (3) Total/Weighted-Average SEK 189,105 May 2026 Total/Weighted-Average Securitization $ 1,818,199 February 2026 ——————— (1) As of September 30, 2023, we had £913.8 million, €486.5 million, and kr2.1 billion of borrowings outstanding under the Barclays Private Securitization secured by certain of our commercial mortgage loans. (2) Assumes underlying loans extend to fully extended maturity and extensions at our option are exercised. (3) 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 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, 2022 ($ in thousands): Borrowings Outstanding (1) Fully-Extended Maturity (2) Total/Weighted-Average GBP 1,125,420 May 2026 Total/Weighted-Average EUR 526,204 July 2025 (3) Total/Weighted-Average SEK 198,452 May 2026 Total/Weighted-Average Securitization $ 1,850,076 February 2026 ——————— (1) As of December 31, 2022, we had £931.4 million, €491.6 million, and kr2.1 billion of borrowings outstanding under the Barclays Private Securitization secured by certain of our commercial mortgage loans. (2) Assumes underlying loans extend to fully extended maturity and extensions at our option are exercised. (3) 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 following table summarizes the terms of the Term Loans as of September 30, 2023 ($ in thousands): Principal Amount Unamortized Issuance Discount (1) Deferred Financing Costs (1) Carrying Value Rate Maturity Date 2026 Term Loan $ 478,750 $ (923) $ (4,685) $ 473,142 2.86 % 5/15/2026 2028 Term Loan 292,500 (1,893) (3,368) 287,239 3.61 % 3/11/2028 Total $ 771,250 $ (2,816) $ (8,053) $ 760,381 ——————— (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 the Term Loans as of December 31, 2022 ($ in thousands): Principal Amount Unamortized Issuance Discount (1) Deferred Financing Costs (1) Carrying Value Rate Maturity Date 2026 Term Loan $ 482,500 $ (1,190) $ (6,106) $ 475,204 2.75 % 5/15/2026 2028 Term Loan 294,750 (2,214) (3,927) 288,609 3.50 % 3/11/2028 Total $ 777,250 $ (3,404) $ (10,033) $ 763,813 ——————— (1) Unamortized issuance discount and deferred financing costs will be amortized to interest expense over remaining life of respective term loans.
Schedule of Assets and Liabilities	The table below provides the assets and liabilities of the Barclays Private Securitization VIE included in our condensed consolidated balance sheets ($ in thousands): September 30, 2023 December 31, 2022 Assets: Cash $ 1,740 $ 758 Commercial mortgage loans, net (1) 2,477,123 2,468,195 Other Assets 39,055 30,992 Total Assets $ 2,517,918 $ 2,499,945 Liabilities: Secured debt arrangements, net (net of deferred financing costs of $2.0 million and $2.3 million in 2023 and 2022, respectively) $ 1,816,213 $ 1,847,799 Accounts payable, accrued expenses and other liabilities (2) 7,623 8,814 Total Liabilities $ 1,823,836 $ 1,856,613 ——————— (1) Net of the General CECL Al lowance of $7.2 million and $8.2 million as of September 30, 2023 and December 31, 2022, respectively. (2) Includes General CECL Allowance related to unfunded commitments on commercial mortgage loans, net o f $2.7 million and $2.9 million as of September 30, 2023 and December 31, 2022, respectively.
Interest Income and Interest Expense Disclosure	The table below provides the net income (loss) of the Barclays Private Securitization VIE included in our condensed consolidated statement of operations ($ in thousands): Three months ended September 30, Nine months ended September 30, 2023 2022 2023 2022 Net Interest Income: Interest income from commercial mortgage loans $ 56,537 $ 30,518 $ 156,295 $ 86,695 Interest expense (30,379) (12,668) (80,753) (32,830) Net interest income $ 26,158 $ 17,850 $ 75,542 $ 53,865 General and administrative expense (2) — (9) — Decrease (increase) in current expected credit loss allowance, net 1,744 889 1,169 4,698 Foreign currency translation gain (loss) (24,266) (50,237) (3,555) (111,745) Net Income (Loss) $ 3,634 $ (31,498) $ 73,147 $ (53,182)
Schedule of Remaining Maturities of Borrowings	At September 30, 2023, our borrowings had the following remaining maturities ($ in thousands): Less than 1 to 3 3 to 5 More than Total JPMorgan Facility $ 356,095 $ 586,476 $ 229,648 $ — $ 1,172,219 Deutsche Bank Facility 95,686 180,129 — — 275,815 Atlas Facility — 83,300 580,517 — 663,817 HSBC Facility — 637,440 — — 637,440 Goldman Sachs Facility — 17,868 — — 17,868 Barclays Facility — — 109,843 — 109,843 MUFG Securities Facility — 196,137 — — 196,137 Churchill Facility — 127,822 — — 127,822 Santander Facility - USD — 75,000 — — 75,000 Santander Facility - EUR 53,267 — — — 53,267 Barclays Private Securitization 253,436 781,989 782,774 — 1,818,199 Total $ 758,484 $ 2,686,161 $ 1,702,782 $ — $ 5,147,427
Schedule of Outstanding, Maximum and Average Balances of Debt	The table below summarizes the outstanding balances at September 30, 2023, as well as the maximum and average month-end balances for the nine months ended September 30, 2023 for our borrowings under secured debt arrangements ($ in thousands). As of September 30, 2023 For the nine months ended September 30, 2023 Balance Amortized Cost of Collateral Maximum Month-End Average Month-End JPMorgan Facility $ 1,172,219 $ 1,981,220 $ 1,324,226 $ 1,226,645 Deutsche Bank Facility 275,815 417,733 385,818 338,297 Goldman Sachs Facility 17,868 35,852 70,249 35,181 Atlas Facility 663,817 932,656 688,126 668,655 HSBC Facility 637,440 822,049 667,430 651,260 Barclays Facility 109,843 136,354 111,909 111,450 MUFG Securities Facility 196,137 266,007 206,362 200,256 Churchill Facility 127,822 169,707 130,000 128,780 Santander Facility - USD 75,000 99,560 75,000 66,667 Santander Facility - EUR 53,267 71,023 55,403 54,244 Barclays Private Securitization 1,818,199 2,484,328 1,937,131 1,877,409 Total $ 5,147,427 $ 7,416,489 The table below summarizes the outstanding balances at December 31, 2022, as well as the maximum and average month-end balances for the year ended December 31, 2022 for our borrowings under secured debt arrangements ($ in thousands). As of December 31, 2022 For the year ended December 31, 2022 Balance Amortized Cost of Collateral Maximum Month-End Average Month-End JPMorgan Facility $ 1,373,598 $ 2,376,154 $ 1,584,171 $ 1,411,644 Deutsche Bank Facility 385,818 565,387 432,455 400,337 Goldman Sachs Facility 70,249 116,619 164,607 140,599 Atlas Facility 632,747 855,119 633,143 541,245 HSBC Facility 637,313 813,716 660,004 501,674 Barclays Facility 111,909 138,510 172,693 102,664 MUFG Securities Facility 194,272 261,319 194,272 156,499 Santander Facility 53,320 71,093 53,320 50,450 Barclays Private Securitization 1,850,076 2,476,349 1,963,837 1,828,794 Total $ 5,309,302 $ 7,674,266

Senior Secured Term Loan, Net (

Senior Secured Term Loan, Net (Tables)	9 Months Ended
	Sep. 30, 2023
Debt Disclosure [Abstract]
Schedule of Long-term Debt Instruments	The table below provides principal balances and the carrying value for commercial mortgage loans pledged to the Barclays Private Securitization as of September 30, 2023 and December 31, 2022 ($ in thousands): September 30, 2023 Local Currency Count Outstanding Principal Carrying Value GBP 7 $ 1,537,840 $ 1,519,137 EUR 5 726,912 723,610 SEK 1 236,381 234,376 Total 13 $ 2,501,133 $ 2,477,123 December 31, 2022 Local Currency Count Outstanding Principal Carrying Value GBP 7 $ 1,495,616 $ 1,475,241 EUR 5 752,531 747,240 SEK 1 248,064 245,714 Total 13 $ 2,496,211 $ 2,468,195 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 September 30, 2023 ($ in thousands): Borrowings Outstanding (1) Fully-Extended Maturity (2) Total/Weighted-Average GBP $ 1,114,701 June 2026 Total/Weighted-Average EUR 514,393 June 2025 (3) Total/Weighted-Average SEK 189,105 May 2026 Total/Weighted-Average Securitization $ 1,818,199 February 2026 ——————— (1) As of September 30, 2023, we had £913.8 million, €486.5 million, and kr2.1 billion of borrowings outstanding under the Barclays Private Securitization secured by certain of our commercial mortgage loans. (2) Assumes underlying loans extend to fully extended maturity and extensions at our option are exercised. (3) 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 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, 2022 ($ in thousands): Borrowings Outstanding (1) Fully-Extended Maturity (2) Total/Weighted-Average GBP 1,125,420 May 2026 Total/Weighted-Average EUR 526,204 July 2025 (3) Total/Weighted-Average SEK 198,452 May 2026 Total/Weighted-Average Securitization $ 1,850,076 February 2026 ——————— (1) As of December 31, 2022, we had £931.4 million, €491.6 million, and kr2.1 billion of borrowings outstanding under the Barclays Private Securitization secured by certain of our commercial mortgage loans. (2) Assumes underlying loans extend to fully extended maturity and extensions at our option are exercised. (3) 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 following table summarizes the terms of the Term Loans as of September 30, 2023 ($ in thousands): Principal Amount Unamortized Issuance Discount (1) Deferred Financing Costs (1) Carrying Value Rate Maturity Date 2026 Term Loan $ 478,750 $ (923) $ (4,685) $ 473,142 2.86 % 5/15/2026 2028 Term Loan 292,500 (1,893) (3,368) 287,239 3.61 % 3/11/2028 Total $ 771,250 $ (2,816) $ (8,053) $ 760,381 ——————— (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 the Term Loans as of December 31, 2022 ($ in thousands): Principal Amount Unamortized Issuance Discount (1) Deferred Financing Costs (1) Carrying Value Rate Maturity Date 2026 Term Loan $ 482,500 $ (1,190) $ (6,106) $ 475,204 2.75 % 5/15/2026 2028 Term Loan 294,750 (2,214) (3,927) 288,609 3.50 % 3/11/2028 Total $ 777,250 $ (3,404) $ (10,033) $ 763,813 ——————— (1) Unamortized issuance discount and deferred financing costs will be amortized to interest expense over remaining life of respective term loans.

Convertible Senior Notes, Net (

Convertible Senior Notes, Net (Tables)	9 Months Ended
	Sep. 30, 2023
Debt Disclosure [Abstract]
Schedule of Convertible Senior Notes	The following table summarizes the terms of the 2023 Notes as of September 30, 2023 ($ in thousands): Principal Amount Coupon Rate Effective Rate (1) Conversion Rate (2) Maturity Date Remaining Period of Amortization 2023 Notes 176,064 5.38 % 5.74 % 48.7187 10/15/2023 0.04 Total $ 176,064 The following table summarizes the terms of the 2023 Notes as of December 31, 2022 ($ in thousands): Principal Amount Coupon Rate Effective Rate (1) Conversion Rate (2) Maturity Date Remaining Period of Amortization 2023 Notes 230,000 5.38 % 5.85 % 48.7187 10/15/2023 0.79 Total $ 230,000 ——————— (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. The effective rate as of both September 30, 2023 and December 31, 2022 reflects adoption of 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") and early extinguishment of debt. (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)	9 Months Ended
	Sep. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Non-Designated Foreign Exchange Forwards	The following table summarizes our non-designated Fx forwards and interest rate cap as of September 30, 2023: September 30, 2023 Type of Derivatives Number of Contracts Aggregate Notional Amount (in thousands) Notional Currency Maturity Weighted-Average Years to Maturity Fx contracts - GBP 110 934,662 GBP October 2023 - February 2027 1.29 Fx contracts - EUR 99 424,355 EUR October 2023 - August 2026 1.17 Fx contracts - SEK 17 689,627 SEK November 2023 - May 2026 2.36 Interest rate cap 1 164,835 USD October 2024 1.00 The following table summarizes our non-designated Fx forwards and interest rate cap as of December 31, 2022: December 31, 2022 Type of Derivatives Number of Contracts Aggregate Notional Amount (in thousands) Notional Currency Maturity Weighted-Average Years to Maturity Fx contracts - GBP 124 936,930 GBP January 2023 - February 2027 1.78 Fx contracts - EUR 130 576,240 EUR January 2023 - November 2025 1.78 Fx contracts - SEK 19 730,432 SEK February 2023 - May 2026 2.95 Interest rate cap 1 500,000 USD June 2023 0.46
Schedule of Amounts Recognized on Consolidated Statements of Operations Related to Company's Derivatives	The following table summarizes the amounts recognized on our condensed consolidated statements of operations related to our forward currency contracts for the nine months ended September 30, 2023 and 2022 ($ in thousands): Amount of gain (loss) recognized in income Three months ended September 30, Nine months ended September 30, Location of Gain (Loss) Recognized in Income 2023 2022 2023 2022 Forward currency contracts Unrealized gain (loss) on derivative instruments $ 28,244 $ 108,428 $ (27,709) $ 221,623 Forward currency contracts Realized gain on derivative instruments 11,246 20,824 35,948 35,604 Total $ 39,490 $ 129,252 $ 8,239 $ 257,227 Amount of gain (loss) recognized in income Three months ended September 30, Nine months ended September 30, Location of Gain (Loss) 2023 2022 2023 2022 Interest rate cap Unrealized gain (loss) on interest rate hedging instruments $ (70) $ 1,044 $ (9,211) $ 10,808 Interest rate cap Realized gain on interest rate hedging instruments — — 9,089 — Total $ (70) $ 1,044 $ (122) $ 10,808
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 September 30, 2023 and December 31, 2022 ($ in thousands): September 30, 2023 December 31, 2022 Gross Amount of Recognized Assets Gross Amounts Offset in our Condensed Consolidated Balance Sheet Net Amounts Gross Amount of Recognized Assets Gross Net Amounts of Assets Presented in our Consolidated Balance Sheet Forward currency contracts $ 112,698 $ (20,908) $ 91,790 $ 143,285 $ (23,786) $ 119,499 Interest rate cap 2,247 — 2,247 9,141 — 9,141 Total derivative assets (liabilities) $ 114,945 $ (20,908) $ 94,037 $ 152,426 $ (23,786) $ 128,640

Participations Sold (Tables)

Participations Sold (Tables)	9 Months Ended
	Sep. 30, 2023
Debt Disclosure [Abstract]
Schedule of Participating Mortgage Loans	The table below details participations sold included in our condensed consolidated balance sheets ($ in thousands): September 30, 2023 December 31, 2022 Participation sold on commercial mortgage loans $ — $ 25,130 Total participations sold $ — $ 25,130

Accounts Payable, Accrued Exp_2

Accounts Payable, Accrued Expenses and Other Liabilities (Tables)	9 Months Ended
	Sep. 30, 2023
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): September 30, 2023 December 31, 2022 Collateral held under derivative agreements $ 99,260 $ 138,620 Accrued dividends payable 53,022 53,203 Accrued interest payable 38,624 23,943 Accounts payable and other liabilities (1) 8,023 7,247 General CECL Allowance on unfunded commitments (2) 3,972 4,347 Total $ 202,901 $ 227,360 ——————— (1) Includes $7.0 million and $1.1 million of accounts payable and other liabilities on the balance sheet of the Real Estate Owned, Held for Investment at September 30, 2023 and December 31, 2022, respectively. (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 as of September 30, 2023 and December 31, 2022, respectively.

Share-Based Payments (Tables)

Share-Based Payments (Tables)	9 Months Ended
	Sep. 30, 2023
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 nine months ended September 30, 2023: Type Restricted Stock RSUs Grant Date Fair Value ($ in millions) Outstanding at December 31, 2022 56,102 2,865,154 Granted 75,754 — $ 0.7 Vested (52,768) (30,641) N/A Forfeiture — (17,328) N/A Outstanding at September 30, 2023 79,088 2,817,185 Below is a summary of restricted stock and RSU vesting dates as of September 30, 2023 : Vesting Year Restricted Stock RSUs Total Awards 2023 — 1,358,418 1,358,418 2024 79,088 948,636 1,027,724 2025 — 510,131 510,131 Total 79,088 2,817,185 2,896,273

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	9 Months Ended
	Sep. 30, 2023
Equity [Abstract]
Schedule of Dividends Activity	The following table details our dividend activity: Three months ended September 30, Nine months ended September 30, Dividends declared per share of: 2023 2022 2023 2022 Common Stock $0.35 $0.35 $1.05 $1.05 Series B-1 Preferred Stock $0.45 $0.45 $1.35 $1.35

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	9 Months Ended
	Sep. 30, 2023
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 condensed consolidated balance sheets at September 30, 2023 and December 31, 2022 ($ in thousands): September 30, 2023 December 31, 2022 Carrying Estimated Carrying Estimated Cash and cash equivalents $ 307,845 $ 307,845 $ 222,030 $ 222,030 Commercial mortgage loans, net 7,561,254 7,487,855 8,121,109 8,083,410 Subordinate loans and other lending assets, net (1) 412,777 412,897 560,881 558,740 Secured debt arrangements, net (5,135,855) (5,135,855) (5,296,825) (5,296,825) Term loans, net (760,381) (746,119) (763,813) (731,709) Senior secured notes, net (495,437) (378,750) (494,844) (400,950) 2023 Notes (176,018) (175,844) (229,361) (225,366) Debt related to real estate owned, held for investment, net (161,245) (161,245) (160,294) (160,294) Participations sold — — (25,130) (25,130) ——————— (1) Includes subordinate risk retention interests in securitization vehicles with an estimated fair value that approximates their carrying value.

Net Income (Loss) per Share (Ta

Net Income (Loss) per Share (Tables)	9 Months Ended
	Sep. 30, 2023
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 (loss) per share of common stock for the three and nine months ended September 30, 2023 and 2022 ($ in thousands except per share data): Three months ended September 30, Nine months ended September 30, 2023 2022 2023 2022 Basic Earnings Net income (loss) $ 46,071 $ 183,030 $ 11,587 $ 269,219 Less: Preferred dividends (3,068) (3,068) (9,204) (9,204) Net income (loss) available to common stockholders $ 43,003 $ 179,962 $ 2,383 $ 260,015 Less: Dividends on participating securities (989) (898) (2,989) (2,698) Basic Earnings (Loss) $ 42,014 $ 179,064 $ (606) $ 257,317 Diluted Earnings Basic Earnings (Loss) $ 42,014 $ 179,064 $ (606) $ 257,317 Add: Dividends on participating securities — 898 — 2,698 Add: Interest expense on Convertible Notes — 5,684 — 20,608 Diluted Earnings $ 42,014 $ 185,646 $ (606) $ 280,623 Number of Shares: Basic weighted-average shares of common stock outstanding 141,350,428 140,594,987 141,255,730 140,513,957 Diluted weighted-average shares of common stock outstanding 141,350,428 164,350,132 141,255,730 169,252,602 Earnings (Loss) Per Share Attributable to Common Stockholders Basic $ 0.30 $ 1.27 $ — $ 1.83 Diluted $ 0.30 $ 1.13 $ — $ 1.66

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Additional Information (Details)	9 Months Ended
	Sep. 30, 2023 segment
Accounting Policies [Abstract]
Number of business segments	1

Fair Value Disclosure - Summari

Fair Value Disclosure - Summarizes Levels in Fair Value Hierarchy of Financial Instruments (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	$ 94,037	$ 128,640
Estimate of Fair Value | Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	94,037	128,640
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
Level II | Estimate of Fair Value | Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	94,037	128,640
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
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	91,790	119,499
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	91,790	119,499
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	2,247	9,141
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	2,247	9,141
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)			9 Months Ended		12 Months Ended
	Mar. 31, 2023 USD ($) ft²	May 24, 2021 USD ($)	Sep. 30, 2023 USD ($) instrument	Sep. 30, 2022 USD ($)	Dec. 31, 2022 USD ($) instrument	Aug. 03, 2022 USD ($)	Dec. 31, 2017 USD ($)
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Impairment of real estate			$ 0		$ 0
Debt related to real estate owned, held for investment, net			161,245,000		160,294,000
Assumption of real estate		$ 154,300,000	75,000,000	$ 270,035,000
Hotel Property Through a deed-in-Lieu of Foreclosure
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Real estate investment property, net	$ 75,000,000
Impairment of real estate	$ 0
Hotel Property Through a deed-in-Lieu of Foreclosure | Discount Rate
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Real estate investment, measurement input | ft²	0.105
Hotel Property Through a deed-in-Lieu of Foreclosure | Measurement Input, Cap Rate
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Real estate investment, measurement input | ft²	0.095
Deed-In-Lieu Of Foreclosure
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Real estate investment property, net						$ 270,100,000
Impairment of real estate			$ 0		$ 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, net		$ 110,000,000					$ 110,000,000
Interest rate cap | Term Loan
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Number of Contracts | instrument					1
Interest rate cap | Construction Financing
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Number of Contracts | instrument			1

Commercial Mortgage Loans, Su_3

Commercial Mortgage Loans, Subordinate Loans and Other Lending Assets, Net - Loan Portfolio (Details) - USD ($) $ in Thousands		Sep. 30, 2023	Dec. 31, 2022
Financing Receivable, Allowance for Credit Loss [Line Items]
Total carrying value, net		$ 7,974,031	$ 8,681,990
Commercial Mortgage and Subordinated Portfolio Segment
Financing Receivable, Allowance for Credit Loss [Line Items]
Total carrying value, net		102,600	138,300
Commercial Mortgage Portfolio Segment
Financing Receivable, Allowance for Credit Loss [Line Items]
Total carrying value, net	[1],[2]	7,561,254	8,121,109
Subordinate Mortgage Portfolio Segment
Financing Receivable, Allowance for Credit Loss [Line Items]
Total carrying value, net	[2],[3]	$ 412,777	$ 560,881
[1]Includes $7,203,350 and $7,482,658 pledged pledged

Commercial Mortgage Loans, Su_4

Commercial Mortgage Loans, Subordinate Loans and Other Lending Assets, Net - Additional Information (Details) € in Millions, £ in Millions				3 Months Ended											9 Months Ended		12 Months Ended
		Mar. 31, 2022 USD ($)	May 24, 2021 USD ($)	Sep. 30, 2023 USD ($) loan	Jun. 30, 2023 USD ($)	Mar. 31, 2023 USD ($) loan	Mar. 31, 2023 GBP (£) loan	Dec. 31, 2022 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2022 GBP (£)	Jun. 30, 2022 USD ($)	Mar. 31, 2022 USD ($)	Jun. 30, 2021 USD ($)	Mar. 31, 2020 USD ($)	Sep. 30, 2023 USD ($) loan	Sep. 30, 2022 USD ($)	Dec. 31, 2022 USD ($) extension	Mar. 31, 2023 GBP (£)	Mar. 31, 2023 EUR (€)	Dec. 31, 2021 USD ($)
Financing Receivable, Allowance for Credit Loss [Line Items]
Mortgage loans on real estate, commercial and consumer, percentage of portfolio															100%		100%
Interest receivable				$ 68,643,000				$ 65,383,000							$ 68,643,000		$ 65,383,000
Amortized cost of loans in cost recovery				680,700,000				468,000,000							680,700,000		468,000,000
Interest received for loans in cost recovery				$ 600,000					$ 2,100,000						$ 1,900,000	$ 2,600,000
Number of loans | loan				3											3
Total carrying value, net				$ 7,974,031,000				8,681,990,000							$ 7,974,031,000		8,681,990,000
Financing receivable, allowance for credit loss, excluding accrued interest				193,000,000				133,500,000							193,000,000		133,500,000
Payment in kind interest				0					2,700,000						0	8,300,000
Increase in Specific CECL Allowance, net			$ 10,000,000								$ (10,000,000)		$ 20,000,000
Write-offs, specific CECL allowance, funded															81,890,000		$ 7,000,000
Realized gain on extinguishment of debt				(30,000)					0						(495,000)	0
Allowance for credit loss, current									7,000,000							7,000,000
Number of extensions available | extension																	2
Financing receivable, loan specific, realized gain (loss) on writeoff						$ 7,000,000
Off-balance sheet, credit loss, liability		$ 3,928,000		3,972,000	$ 4,834,000	4,695,000		4,347,000	2,812,000		3,999,000	$ 3,928,000			3,972,000	2,812,000	$ 4,347,000			$ 3,106,000
Proceeds from pre-payment penalties or accelerated fees				200,000					100,000						400,000	2,500,000
Debt instrument, amortized cost basis						25,100,000												£ 20.8
Proceeds received from the repayment and sale of commercial mortgage loans															749,716,000	1,316,431,000
Hotel Through a Died-in-Lieu Foreclosure
Financing Receivable, Allowance for Credit Loss [Line Items]
Financing receivable, loan specific, realized gain (loss) on writeoff						4,800,000
Nonoperating Income (Expense)
Financing Receivable, Allowance for Credit Loss [Line Items]
Realized gain on extinguishment of debt				1,000,000
Commercial Mortgage and Subordinated Portfolio Segment
Financing Receivable, Allowance for Credit Loss [Line Items]
Total carrying value, net				102,600,000				138,300,000							102,600,000		138,300,000
Financing receivable, allowance for credit loss, excluding accrued interest		175,000,000		193,000,000	193,000,000	133,500,000		133,500,000	119,000,000		172,000,000	175,000,000			193,000,000	$ 119,000,000	133,500,000			$ 145,000,000
Increase in Specific CECL Allowance, net															59,500,000
Write-offs, specific CECL allowance, funded					81,980,000
Loans and leases receivable, gain (loss) on sales, net						$ 200,000
Number of commercial mortgage loans | loan						3	3
Commercial Mortgage and Subordinated Portfolio Segment | Mixed Use Property - London
Financing Receivable, Allowance for Credit Loss [Line Items]
Total carrying value, net | £																		£ 15
Off-balance-sheet, credit loss, liability, transfers									327,700,000	£ 293.4
Loans and leases receivable, gain (loss) on sales, net									$ 0
Proceeds received from the repayment and sale of commercial mortgage loans						$ 18,200,000	£ 15
Financing receivable, default interest rate									2%							2%
Commercial Mortgage and Subordinated Portfolio Segment | Various Properties In Europe
Financing Receivable, Allowance for Credit Loss [Line Items]
Total carrying value, net						219,000,000													€ 205.7
Mortgage loans on real estate, commercial and consumer, funded, net						122,400,000													€ 115
Subordinate Mortgage Portfolio Segment
Financing Receivable, Allowance for Credit Loss [Line Items]
Total carrying value, net	[1],[2]			412,777,000				560,881,000							412,777,000		560,881,000
Maximum exposure to loss								51,100,000									$ 51,100,000
Maximum exposure to loss, term																	1 year 4 months 24 days
Residential-for-Sale - Manhattan, NY
Financing Receivable, Allowance for Credit Loss [Line Items]
Write-offs, specific CECL allowance, funded								7,000,000			$ 7,000,000
Residential-for-Sale - Manhattan, NY | Commercial Mortgage and Subordinated Portfolio Segment
Financing Receivable, Allowance for Credit Loss [Line Items]
Increase in Specific CECL Allowance, net												$ 30,000,000
Office - London UK
Financing Receivable, Allowance for Credit Loss [Line Items]
Proceeds from collection of loans receivable						88,400,000	£ 72.2
Proceeds from interest received						$ 700,000
Past Due 90
Financing Receivable, Allowance for Credit Loss [Line Items]
Amortized cost of loans in cost recovery				$ 680,700,000				581,300,000							$ 680,700,000		$ 581,300,000
Floating Rate Loan
Financing Receivable, Allowance for Credit Loss [Line Items]
Mortgage loans on real estate, commercial and consumer, percentage of portfolio															99%		98%
Senior Mezzanine Loans | Secured Overnight Financing Rate (SOFR)
Financing Receivable, Allowance for Credit Loss [Line Items]
Financing receivable, basis spread on variable rate				15.70%											15.70%
Senior Mezzanine Loans | Secured Overnight Financing Rate
Financing Receivable, Allowance for Credit Loss [Line Items]
Financing receivable, basis spread on variable rate				9%											9%
Junior Mezzanine A Loan
Financing Receivable, Allowance for Credit Loss [Line Items]
Increase in Specific CECL Allowance, net					126,000,000
Junior Mezzanine A Loan | Secured Overnight Financing Rate (SOFR)
Financing Receivable, Allowance for Credit Loss [Line Items]
Financing receivable, basis spread on variable rate				22.50%											22.50%
Junior Mezzanine A Loan | Secured Overnight Financing Rate
Financing Receivable, Allowance for Credit Loss [Line Items]
Financing receivable, basis spread on variable rate				15%											15%
Junior Mezzanine B Loan
Financing Receivable, Allowance for Credit Loss [Line Items]
Increase in Specific CECL Allowance, net		$ 30,000,000			$ 15,500,000			36,500,000									$ 66,500,000
Junior Mezzanine B Loan | Secured Overnight Financing Rate (SOFR)
Financing Receivable, Allowance for Credit Loss [Line Items]
Financing receivable, basis spread on variable rate				17.50%											17.50%
Junior Mezzanine B Loan | Secured Overnight Financing Rate
Financing Receivable, Allowance for Credit Loss [Line Items]
Financing receivable, basis spread on variable rate				15%											15%
Senior and Junior Mezzanine Loans
Financing Receivable, Allowance for Credit Loss [Line Items]
Mortgage loans on real estate, commercial and consumer, percentage of portfolio															4.80%
Total carrying value, net				$ 383,000,000											$ 383,000,000
Mezzanine Loans
Financing Receivable, Allowance for Credit Loss [Line Items]
Amortized cost of loans in cost recovery				169,881,000											169,881,000
Financing receivable, allowance for credit loss, excluding accrued interest				126,000,000											126,000,000
Mezzanine Loans | Subordinate Mortgage Portfolio Segment
Financing Receivable, Allowance for Credit Loss [Line Items]
Increase in Specific CECL Allowance, net														$ 10,000,000
Mezzanine Loans | Residential-for-Sale - Manhattan, NY
Financing Receivable, Allowance for Credit Loss [Line Items]
Amortized cost of loans in cost recovery				169,881,000											169,881,000
Financing receivable, allowance for credit loss, excluding accrued interest				$ 126,000,000											$ 126,000,000
Unfunded Loan Commitment
Financing Receivable, Allowance for Credit Loss [Line Items]
Off-balance sheet, credit loss, liability								$ 9,500,000									$ 9,500,000
[1]Includes $213,139 and $191,608 pledged

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		3 Months Ended							9 Months Ended		12 Months Ended
	May 24, 2021	Sep. 30, 2023	Jun. 30, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2021	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Principal Balance
Principal value, beginning balance									$ 8,708,214
Principal value, ending balance		$ 8,001,336		$ 8,708,214					8,001,336		$ 8,708,214
Deferred Fees/Other Items
Net realized loss on investment									(763)
Specific CECL Allowance
Specific provision for loan loss, beginning									(133,500)
Specific provision for loan loss, ending		(193,000)		(133,500)					(193,000)		(133,500)
Carry Value, Net
Increase in Specific CECL Allowance, net	$ (10,000)					$ 10,000		$ (20,000)
Net realized loss on investment		0			$ 43,577				(86,604)	$ 43,577
General CECL allowance		(27,305)		(26,224)					(27,305)		(26,224)
Carrying value, net		7,974,031		8,681,990					7,974,031		8,681,990
Off-balance-sheet, credit loss, liability, amount excluded		4,000		4,300					4,000		4,300
Commercial Mortgage and Subordinated Portfolio Segment
Principal Balance
Principal value, beginning balance									8,892,767
New funding of loans									181,017
Add-on loan fundings									341,796
Loan repayments and sales									(1,020,590)
Gain (loss) on foreign currency translation									(4,999)
Net realized loss on investment									(87,367)
Transfer to real estate owned									(75,000)
Payment-in-kind interest and amortization of fees									0
Principal value, ending balance		8,227,624		8,892,767					8,227,624		8,892,767
Deferred Fees/Other Items
Deferred fees/other items, beginning									(51,053)
Gain (loss) on foreign currency translation									83
Transfer to real estate owned									0
Deferred fees and other items									(9,191)
Payment-in-kind interest and amortization of fees									26,110
Deferred fees/other items, ending		(33,288)		(51,053)					(33,288)		(51,053)
Specific CECL Allowance
Specific provision for loan loss, beginning		(193,000)	$ (133,500)	(119,000)	(172,000)	(175,000)	$ (145,000)		(133,500)	(145,000)	(145,000)
Specific provision for loan loss, ending		(193,000)	$ (193,000)	(133,500)	$ (119,000)	$ (172,000)	$ (175,000)		(193,000)	$ (119,000)	(133,500)
Carry Value, Net
Carrying value, beginning balance									8,708,214
New funding of loans									181,017
Add-on loan fundings									341,796
Loan repayments and sales									(1,020,590)
Gain (loss) on foreign currency translation									(4,916)
Increase in Specific CECL Allowance, net									(59,500)
Transfer to real estate owned, held for sale									(75,000)
Deferred fees and other items									(9,191)
Payment-in-kind interest and amortization of fees									26,110
Carrying value, ending balance		8,001,336		8,708,214					8,001,336		8,708,214
Carrying value, net		$ 102,600		$ 138,300					$ 102,600		$ 138,300

Commercial Mortgage Loans, Su_6

Commercial Mortgage Loans, Subordinate Loans and Other Lending Assets, Net - Statistics for Loan Portfolio (Details) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2023 USD ($) loan	Dec. 31, 2022 USD ($) loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans | loan	49	61
Principal balance	$ 8,001,336	$ 8,708,214
Carrying value, net	7,974,031	8,681,990
Unfunded loan commitments	$ 693,125	$ 1,041,654
Weighted-average cash coupon	8.30%	7.20%
Weighted-average remaining fully-extended term	2 years 4 months 24 days	2 years 9 months 18 days
Weighted-average expected term	1 year 9 months 18 days	1 year 8 months 12 days
Interest rate used in calculating weighted-average cash coupon for non-accrual or cost recovery loans	0%	0%
Principal balance
Accounts, Notes, Loans and Financing Receivable [Line Items]
Principal balance	$ 8,227,624	$ 8,892,767

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) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Value	$ 8,001,336	$ 8,708,214
General CECL allowance	(27,305)	(26,224)
Carrying value, net	$ 7,974,031	$ 8,681,990
Mortgage loans on real estate, commercial and consumer, percentage of portfolio	100%	100%
Off-balance-sheet, credit loss, liability, amount excluded	$ 4,000	$ 4,300
United Kingdom
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Value	$ 2,482,587	$ 2,470,532
Mortgage loans on real estate, commercial and consumer, percentage of portfolio	31%	28.40%
New York City
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Value	$ 1,723,669	$ 2,049,493
Mortgage loans on real estate, commercial and consumer, percentage of portfolio	21.50%	23.50%
Other Europe
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Value	$ 1,396,418	$ 1,542,462
Mortgage loans on real estate, commercial and consumer, percentage of portfolio	17.50%	17.70%
Germany
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Portfolio	5.20%	4.90%
Italy
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Portfolio	470%	5.40%
Spain
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Portfolio	4.20%	3.80%
Sweden
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Portfolio	290%	2.80%
Ireland
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Portfolio	0.50%	0.70%
Midwest
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Value	$ 533,692	$ 592,756
Mortgage loans on real estate, commercial and consumer, percentage of portfolio	6.70%	6.80%
Southeast
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Value	$ 533,852	$ 642,542
Mortgage loans on real estate, commercial and consumer, percentage of portfolio	6.70%	7.40%
West
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Value	$ 577,416	$ 584,247
Mortgage loans on real estate, commercial and consumer, percentage of portfolio	7.20%	6.70%
Other
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Value	$ 753,702	$ 826,182
Mortgage loans on real estate, commercial and consumer, percentage of portfolio	9.40%	9.50%
Percentage of Portfolio	90%	0.30%
Northeast
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Portfolio	550%	5.50%
Southwest
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Portfolio	180%	2.30%
Mid-Atlantic
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Portfolio	120%	1.40%
Hotel
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Value	$ 1,903,246	$ 2,117,079
Mortgage loans on real estate, commercial and consumer, percentage of portfolio	23.80%	24.30%
Office
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Value	$ 1,494,101	$ 1,671,006
Mortgage loans on real estate, commercial and consumer, percentage of portfolio	18.70%	19.20%
Residential
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Value	$ 1,245,131	$ 1,537,541
Mortgage loans on real estate, commercial and consumer, percentage of portfolio	15.50%	17.70%
Retail Site
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Value	$ 1,375,338	$ 1,364,752
Mortgage loans on real estate, commercial and consumer, percentage of portfolio	17.20%	15.70%
Health Care
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Value	$ 520,208	$ 575,144
Mortgage loans on real estate, commercial and consumer, percentage of portfolio	6.50%	6.60%
Mixed Use
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Value	$ 637,492	$ 559,809
Mortgage loans on real estate, commercial and consumer, percentage of portfolio	8%	6.40%
Industrial Property
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Value	$ 282,758	$ 296,860
Mortgage loans on real estate, commercial and consumer, percentage of portfolio	3.50%	3.40%
Other
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Value	$ 543,062	$ 586,023
Mortgage loans on real estate, commercial and consumer, percentage of portfolio	6.80%	6.70%
Parking Garage
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Portfolio	270%	3.10%
Urban Predevelopment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Portfolio	160%	1.30%
Caravan Park
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Portfolio	250%	2.30%

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	9 Months Ended	12 Months Ended
	Sep. 30, 2023 USD ($) loan	Dec. 31, 2022 USD ($) loan
Financing Receivable, Credit Quality Indicator [Line Items]
Number of Loans | loan	49	61
Total	$ 8,001,336	$ 8,708,214
Mortgage loans on real estate, commercial and consumer, percentage of portfolio	100%	100%
Year 1	$ 169,707	$ 2,575,455
Year 2	2,610,749	2,462,499
Year 3	2,271,332	687,329
Year 4	542,838	1,637,050
Year 5	1,540,913	499,720
Prior	865,798	846,161
General CECL Allowance	(27,305)	(26,224)
Total carrying value, net	$ 7,974,031	$ 8,681,990
Weighted Average Risk Rating	3.1	3
Gross write-offs	$ 81,890	$ 7,000
Off-balance-sheet, credit loss, liability, amount excluded	$ 4,000	$ 4,300
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%	0%
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	3	2
Total	$ 192,291	$ 65,943
Mortgage loans on real estate, commercial and consumer, percentage of portfolio	2.40%	0.80%
Year 1	$ 0	$ 0
Year 2	0	0
Year 3	0	0
Year 4	0	0
Year 5	126,658	0
Prior	$ 65,633	$ 65,943
3
Financing Receivable, Credit Quality Indicator [Line Items]
Number of Loans | loan	42	54
Total	$ 7,452,050	$ 8,401,925
Mortgage loans on real estate, commercial and consumer, percentage of portfolio	93.10%	96.50%
Year 1	$ 169,707	$ 2,575,455
Year 2	2,610,749	2,462,499
Year 3	2,271,332	687,329
Year 4	372,957	1,637,050
Year 5	1,414,255	479,769
Prior	$ 613,051	$ 559,823
4
Financing Receivable, Credit Quality Indicator [Line Items]
Number of Loans | loan	2	2
Total	$ 88,312	$ 27,451
Mortgage loans on real estate, commercial and consumer, percentage of portfolio	1.10%	0.30%
Year 1	$ 0	$ 0
Year 2	0	0
Year 3	0	0
Year 4	0	0
Year 5	0	19,951
Prior	$ 88,312	$ 7,500
5
Financing Receivable, Credit Quality Indicator [Line Items]
Number of Loans | loan	2	3
Total	$ 268,683	$ 212,895
Mortgage loans on real estate, commercial and consumer, percentage of portfolio	3.40%	2.40%
Year 1	$ 0	$ 0
Year 2	0	0
Year 3	0	0
Year 4	169,881	0
Year 5	0	0
Prior	$ 98,802	$ 212,895

Commercial Mortgage Loans, Su_9

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								9 Months Ended	12 Months Ended
	May 24, 2021	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2021	Sep. 30, 2023	Dec. 31, 2022	Dec. 31, 2021
Allowance and Provision for Loan Credit Loss [Abstract]
Beginning balance, specific CECL allowance, funded				$ 133,500						$ 133,500
Write-offs, specific CECL allowance, funded										(81,890)	$ (7,000)
Ending balance, specific CECL allowance, funded		$ 193,000			$ 133,500					193,000	133,500
Financing Receivable, Funded, Allowance for Credit Loss [Roll Forward]
Beginning balance, General CECL allowance, funded		32,276	$ 30,267	26,224	21,985	$ 23,362	$ 21,377	$ 33,588		26,224	33,588
Quarter allowances (reversals), General CECL allowance, funded		(4,971)	2,009	4,043		(1,377)	1,985	(12,211)
Quarter writeoff, General CECL allowance, funded			0
Ending balance, General CECL allowance, funded		27,305	32,276	30,267	26,224	21,985	23,362	21,377		27,305	26,224	$ 33,588
Financing Receivable, Unfunded, Allowance for Credit Loss [Roll Forward]
Beginning balance, General CECL allowance, unfunded		4,834	4,695	4,347	2,812	3,999	3,928	3,106		4,347	3,106
Quarter allowances (reversals), General CECL allowance, unfunded		(862)	139	348		(1,187)	71	822
Quarter writeoff, General CECL allowance, unfunded			0
Ending balance, General CECL allowance, unfunded		3,972	4,834	4,695	4,347	2,812	3,999	3,928		3,972	4,347	3,106
Financing Receivable, General Allowance, Allowance for Credit Loss [Roll Forward]
General CECL Allowance		37,110	34,962	30,571	24,797	27,361	25,305	36,694		30,571	36,694
General CECL Allowance		31,277	37,110	34,962	30,571	24,797	27,361	25,305		31,277	30,571	36,694
Financing Receivable, Total Allowance for Credit Loss [Roll Forward]
Total CECL Allowance		230,110	168,462	164,071	143,797	199,361	200,305	181,694		164,071	181,694
Total CECL Allowance, Quarter allowances (reversals)		(5,833)	143,628	4,391		(55,564)	(944)	18,611
Total CECL Allowance, writeoff			(81,980)
Total CECL Allowance		$ 224,277	$ 230,110	$ 168,462	$ 164,071	$ 143,797	$ 199,361	$ 200,305		$ 224,277	$ 164,071	$ 181,694
General CECL allowance, % of amortized cost		0.40%	0.46%	0.42%	0.36%	0.30%	0.33%	0.32%		0.40%	0.36%	0.49%
Total CECL allowance, % of amortized cost		2.74%	2.70%	1.95%	1.86%	1.62%	2.18%	2.34%		2.74%	1.86%	2.26%
General CECL (allowance) reversal			$ 2,100	$ 4,400
Increase in Specific CECL Allowance, net	$ 10,000						$ (10,000)		$ 20,000
Residential-for-Sale - Manhattan, NY
Allowance and Provision for Loan Credit Loss [Abstract]
Write-offs, specific CECL allowance, funded					$ (7,000)		(7,000)
Commercial Mortgage and Subordinated Portfolio Segment
Allowance and Provision for Loan Credit Loss [Abstract]
Beginning balance, specific CECL allowance, funded		$ 193,000	133,500	133,500	119,000	$ 172,000	175,000	$ 145,000		$ 133,500	$ 145,000
Increase in current expected credit loss allowance, net		0	141,480	0		(53,000)	(3,000)	30,000
Write-offs, specific CECL allowance, funded			(81,980)
Ending balance, specific CECL allowance, funded		193,000	193,000	133,500	$ 133,500	119,000	172,000	175,000		193,000	$ 133,500	$ 145,000
Financing Receivable, General Allowance, Allowance for Credit Loss [Roll Forward]
Total quarter allowances (reversals), General CECL allowance		$ (5,833)	2,148	$ 4,391		(2,564)	2,056	(11,389)
General CECL Allowance writeoff			$ 0
Financing Receivable, Total Allowance for Credit Loss [Roll Forward]
Increase in Specific CECL Allowance, net										$ 59,500
Commercial Mortgage and Subordinated Portfolio Segment | Residential-for-Sale - Manhattan, NY
Financing Receivable, General Allowance, Allowance for Credit Loss [Roll Forward]
Total quarter allowances (reversals), General CECL allowance								11,400
Financing Receivable, Total Allowance for Credit Loss [Roll Forward]
Increase in Specific CECL Allowance, net								$ 30,000
Specific CECL allowance (reversal), net of previously recorded amount							3,000
Commercial Mortgage and Subordinated Portfolio Segment | Multifamily Development - Brooklyn, NY
Financing Receivable, Total Allowance for Credit Loss [Roll Forward]
Increase in Specific CECL Allowance, net							10,000
Decrease in general CECL Allowance							2,100
Commercial Mortgage and Subordinated Portfolio Segment | Hotel - Atlanta, GA
Financing Receivable, Total Allowance for Credit Loss [Roll Forward]
Increase in Specific CECL Allowance, net							$ 7,000
Commercial Mortgage and Subordinated Portfolio Segment | Urban predevelopment - Miami, FL
Financing Receivable, General Allowance, Allowance for Credit Loss [Roll Forward]
Total quarter allowances (reversals), General CECL allowance						2,600
Financing Receivable, Total Allowance for Credit Loss [Roll Forward]
Increase in Specific CECL Allowance, net						$ 53,000

Commercial Mortgage Loans, S_10

Commercial Mortgage Loans, Subordinate Loans and Other Lending Assets, Net - Current Expected Credit Losses (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021
Financing Receivable, Allowance for Credit Loss [Line Items]
Allowance reserve	$ 27,305			$ 26,224
Unfunded commitments	3,972	$ 4,834	$ 4,695	4,347	$ 2,812	$ 3,999	$ 3,928	$ 3,106
Total General CECL Allowance	31,277	$ 37,110	$ 34,962	30,571	$ 24,797	$ 27,361	$ 25,305	$ 36,694
Commercial Mortgage Portfolio Segment
Financing Receivable, Allowance for Credit Loss [Line Items]
Allowance reserve	26,340			22,848
Subordinate Mortgage Portfolio Segment
Financing Receivable, Allowance for Credit Loss [Line Items]
Allowance reserve	$ 965			$ 3,376

Commercial Mortgage Loans, S_11

Commercial Mortgage Loans, Subordinate Loans and Other Lending Assets, Net - Cost Recovery Loans (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)
Financing Receivable, Credit Quality Indicator [Line Items]
Specific CECL allowance	$ 193,000,000		$ 193,000,000		$ 133,500,000
Amortized cost	$ 680,700,000		$ 680,700,000		$ 468,000,000
Equity contribution rate	90%		90%
Payment in kind interest	$ 0	$ 2,700,000	$ 0	$ 8,300,000
Turner Consulting
Financing Receivable, Credit Quality Indicator [Line Items]
Equity contribution rate	10%		10%
Retail Center - Cincinnati, OH
Financing Receivable, Credit Quality Indicator [Line Items]
Payment in kind interest	$ 600,000	$ 600,000	$ 1,900,000	$ 1,200,000
Retail Center - Cincinnati, OH | Capitalization Rate
Financing Receivable, Credit Quality Indicator [Line Items]
Loan collateral, measurement input	0.085		0.085
Residential-for-Sale - Manhattan, NY | Discount Rate
Financing Receivable, Credit Quality Indicator [Line Items]
Loan collateral, measurement input	0.10		0.10
Mortgage, Amortized cost
Financing Receivable, Credit Quality Indicator [Line Items]
Amortized cost prior to Specific CECL Allowance	$ 165,802,000		$ 165,802,000
Specific CECL allowance	67,000,000		67,000,000
Amortized cost	98,802,000		98,802,000
Mortgage, Amortized cost | Retail Center - Cincinnati, OH
Financing Receivable, Credit Quality Indicator [Line Items]
Amortized cost prior to Specific CECL Allowance	165,802,000		165,802,000
Specific CECL allowance	67,000,000		67,000,000
Amortized cost	98,802,000		98,802,000
Mezzanine Loans
Financing Receivable, Credit Quality Indicator [Line Items]
Amortized cost prior to Specific CECL Allowance	295,881,000		295,881,000
Specific CECL allowance	126,000,000		126,000,000
Amortized cost	169,881,000		169,881,000
Mezzanine Loans | Residential-for-Sale - Manhattan, NY
Financing Receivable, Credit Quality Indicator [Line Items]
Amortized cost prior to Specific CECL Allowance	295,881,000		295,881,000
Specific CECL allowance	126,000,000		126,000,000
Amortized cost	169,881,000		169,881,000
Real Estate and Mezzanine
Financing Receivable, Credit Quality Indicator [Line Items]
Amortized cost prior to Specific CECL Allowance	461,683,000		461,683,000
Specific CECL allowance	193,000,000		193,000,000
Amortized cost	$ 268,683,000		$ 268,683,000

Real Estate Owned - Narrative (

Real Estate Owned - Narrative (Details)					3 Months Ended									9 Months Ended		12 Months Ended
		Aug. 03, 2022 USD ($)	Jun. 29, 2021 USD ($)	May 24, 2021 USD ($)	Sep. 30, 2023 USD ($) property	Jun. 30, 2023 USD ($)	Mar. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Sep. 30, 2022 USD ($)	Jun. 30, 2022 USD ($)	Mar. 31, 2022 USD ($)	Jun. 30, 2021 USD ($)	Mar. 31, 2020 USD ($)	Sep. 30, 2023 USD ($) property	Sep. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Jun. 30, 2020 USD ($)	Dec. 31, 2017 USD ($)	Dec. 31, 2015 USD ($)
Real Estate [Line Items]
Number of real estate properties | property					2									2
Total carrying value, net					$ 7,974,031,000			$ 8,681,990,000						$ 7,974,031,000		$ 8,681,990,000
Debt related to real estate owned, held for investment, net					161,245,000			160,294,000						161,245,000		160,294,000
Increase in Specific CECL Allowance, net				$ 10,000,000						$ (10,000,000)		$ 20,000,000
Depreciation and amortization on real estate owned					1,020,000				$ 0					7,208,000	$ 704,000
Real estate held for sale, gain (loss) on reclassification														0
Total net revenue					500,000				1,100,000					4,300,000	5,300,000
Net realized loss on investment					0				$ 43,577,000					(86,604,000)	$ 43,577,000
Debt instrument, covenant, unencumbered liquidity, threshold					100,000,000									100,000,000
Debt instrument, covenant, net worth threshold					600,000,000									600,000,000
Write-offs, specific CECL allowance, funded														81,890,000		7,000,000
Financing receivable, loan specific, realized gain (loss) on writeoff							$ 7,000,000
Interest rate cap
Real Estate [Line Items]
Aggregate Notional Amount (in thousands)																			$ 1,100,000
Interest rate cap | Not Designated as Hedging Instrument
Real Estate [Line Items]
Aggregate Notional Amount (in thousands)					164,835,000			500,000,000						164,835,000		500,000,000
Derivative Financial Instruments, Assets | Interest rate cap | Not Designated as Hedging Instrument
Real Estate [Line Items]
Aggregate Notional Amount (in thousands)					2,200,000									$ 2,200,000
Hotel Through a Died-in-Lieu Foreclosure
Real Estate [Line Items]
Financing receivable, loan specific, realized gain (loss) on writeoff							4,800,000
Secured Overnight Financing Rate
Real Estate [Line Items]
Interest rate for repurchase facility														2.55%
Letter of Credit
Real Estate [Line Items]
Maximum amount of borrowings					388,400,000									$ 388,400,000
Line of credit facility, option to extend, period														1 year
Mortgages
Real Estate [Line Items]
Debt related to real estate owned, held for investment, net					161,200,000			160,300,000						$ 161,200,000		160,300,000
Less: deferred financing costs					3,600,000			4,500,000						3,600,000		4,500,000
JV Partner
Real Estate [Line Items]
Financing receivable, loan in process		$ 164,800,000
JV Partner | Joint venture
Real Estate [Line Items]
Equity method investment, ownership percentage		100%
Discontinued Operations, Held-for-Sale
Real Estate [Line Items]
Depreciation and amortization on real estate owned														4,000,000
Subordinate Mortgage Portfolio Segment
Real Estate [Line Items]
Total carrying value, net	[1],[2]				412,777,000			560,881,000						412,777,000		560,881,000
Commercial Mortgage and Subordinated Portfolio Segment
Real Estate [Line Items]
Total carrying value, net					102,600,000			138,300,000						102,600,000		138,300,000
Increase in Specific CECL Allowance, net														59,500,000
Realized loss on investments																	$ 20,000,000
Write-offs, specific CECL allowance, funded						$ 81,980,000
Mezzanine Loans | Subordinate Mortgage Portfolio Segment
Real Estate [Line Items]
Increase in Specific CECL Allowance, net													$ 10,000,000
Hotel - Washington D.C.
Real Estate [Line Items]
Increase in Specific CECL Allowance, net																	$ 10,000,000
Net assets acquired					153,200,000			155,900,000						153,200,000		155,900,000
Hotel - Washington D.C. | Subordinate Mortgage Portfolio Segment
Real Estate [Line Items]
Debt related to real estate owned, held for investment, net				110,000,000																$ 110,000,000
Payments for mortgage loans			$ 110,000,000
Hotel - Washington D.C. | Junior Mezzanine Loans
Real Estate [Line Items]
Total carrying value, net																				20,000,000
Hotel - Washington D.C. | Senior Mezzanine Loans
Real Estate [Line Items]
Total carrying value, net																				$ 24,500,000
Payments to acquire mortgage notes receivable				$ 24,500,000
Multifamily Development - Brooklyn, NY | Subordinate Mortgage Portfolio Segment
Real Estate [Line Items]
Debt related to real estate owned, held for investment, net																					$ 122,200,000
Increase in Specific CECL Allowance, net																		$ 30,000,000
Multifamily Development - Brooklyn, NY | Commercial Mortgage and Subordinated Portfolio Segment
Real Estate [Line Items]
Increase in Specific CECL Allowance, net										10,000,000
Deed-In-Lieu Of Foreclosure
Real Estate [Line Items]
Total carrying value, net		$ 226,500,000			349,300,000			302,700,000						349,300,000		$ 302,700,000
Real estate investment property, net		270,100,000
Net realized loss on investment		$ 43,600,000
Financing receivable, construction and finance costs capitalized					17,600,000									46,700,000
Residential-for-Sale - Manhattan, NY
Real Estate [Line Items]
Write-offs, specific CECL allowance, funded								$ 7,000,000		7,000,000
Residential-for-Sale - Manhattan, NY | Commercial Mortgage and Subordinated Portfolio Segment
Real Estate [Line Items]
Increase in Specific CECL Allowance, net											$ 30,000,000
Hotel - Atlanta, GA
Real Estate [Line Items]
Total net revenue					500,000									1,900,000
Real estate investment property, net					$ 75,300,000		$ 75,000,000							$ 75,300,000
Hotel - Atlanta, GA | Commercial Mortgage and Subordinated Portfolio Segment
Real Estate [Line Items]
Increase in Specific CECL Allowance, net										$ 7,000,000
[1]Includes $213,139 and $191,608 pledged

Other Assets (Details)

Other Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Debt Securities, Available-for-sale [Line Items]
Interest receivable	$ 68,643	$ 65,383
Loan proceeds held by servicer	133,041	3,371
Other	4,894	1,853
Total	206,578	$ 70,607
Real Estate Owned, Held for Investment
Debt Securities, Available-for-sale [Line Items]
Other Real Estate	$ 2,300

Secured Debt Arrangements, Ne_2

Secured Debt Arrangements, Net - Additional Information (Details)		3 Months Ended	9 Months Ended
	Mar. 03, 2023 USD ($)	Sep. 30, 2023 USD ($) facility	Sep. 30, 2023 USD ($) facility	Oct. 26, 2023	Jun. 30, 2023	Dec. 31, 2022
Line of Credit Facility [Line Items]
Number of credit facilities | facility		3	3
Weighted average haircut under repurchase agreements		31.30%	31.30%			31.20%
Debt instrument, covenant, interest coverage ratio, minimum		150%	150%
Maximum interest coverage ratio		375%	375%
Subsequent Event
Line of Credit Facility [Line Items]
Debt instrument, covenant, interest coverage ratio, minimum				140%
Barclays Securitization | Line of Credit | VIE
Line of Credit Facility [Line Items]
Deferring or waiving debt service payments, term			18 months
2022 New Credit Facilities | Line of Credit
Line of Credit Facility [Line Items]
Maximum amount of borrowings		$ 600,000,000	$ 600,000,000
Two Existing Credit Facilities | Line of Credit
Line of Credit Facility [Line Items]
Line of credit facility, increase (decrease), net			$ 83,300,000
Revolving Credit Facility | 2023 Revolving Credit Facility | Line of Credit
Line of Credit Facility [Line Items]
Recourse, percentage		5%	5%
Minimum unrestricted cash		$ 30,000,000	$ 30,000,000
Debt instrument, covenant, interest coverage ratio, maximum amount two		400%	400%
Net cash proceeds of additional equity issuances, amount		$ 1,250,000,000	$ 1,250,000,000
Tangible net worth, percentage		75%	75%
Debt instrument, covenant, interest coverage ratio, minimum		140%	140%		150%
Revolving Credit Facility | 2023 Revolving Credit Facility | Bank of America, N.A. | Line of Credit
Line of Credit Facility [Line Items]
Maximum amount of borrowings	$ 170,000,000
Maturity term	3 years
Line of Credit Facility, Qualifying Commercial Loan Borrowings, Term	2 years
Line of Credit Facility, Real Property Owned Asset Borrowings, Term	6 months
Line of credit facility, commitment fee amount		$ 86,900	$ 200,200

Secured Debt Arrangements, Ne_3

Secured Debt Arrangements, Net - Weighted Average Maturities and Interest Rates of Borrowings (Details) kr in Thousands, € in Millions, £ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2023 USD ($)	Dec. 31, 2022 USD ($)	Sep. 30, 2023 SEK (kr)	Sep. 30, 2023 GBP (£)	Sep. 30, 2023 EUR (€)	Jan. 31, 2023 USD ($)	Dec. 31, 2022 SEK (kr)	Dec. 31, 2022 GBP (£)	Dec. 31, 2022 EUR (€)	Aug. 31, 2022 USD ($)	Jul. 31, 2022 USD ($)	Nov. 30, 2019 USD ($)
Debt Instrument [Line Items]
Debt instrument, amortization period	2 years
Percentage of secured debt that is recourse debt	58%	58%	58%	58%	58%		58%	58%	58%
Line of Credit
Debt Instrument [Line Items]
Maximum amount of borrowings	$ 6,698,640,000	$ 6,175,121,000
Borrowings outstanding	5,135,855,000	5,296,825,000
Less: deferred financing costs	$ (11,572,000)	$ (12,477,000)
Line of Credit | Weighted Average
Debt Instrument [Line Items]
Weighted average advance rate	68.70%	68.80%
Line of Credit | Secured Overnight Financing Rate (SOFR) | Weighted Average
Debt Instrument [Line Items]
Weighted average rate	2.45%	2.28%
Line of Credit | GBP London Interbank Offered Rate (LIBOR) | Weighted Average
Debt Instrument [Line Items]
Weighted average rate	1.99%	2.02%
Line of Credit | EUR London Interbank Offered Rate (LIBOR) | Weighted Average
Debt Instrument [Line Items]
Weighted average rate	1.65%	1.54%
Line of Credit | SEK London Interbank Offered Rate (LIBOR) | Weighted Average
Debt Instrument [Line Items]
Weighted average rate	1.50%	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	$ 4,710,441,000	$ 4,325,045,000
Borrowings outstanding	3,329,228,000	3,459,226,000
Line of Credit | JP Morgan Facility | Amended and Restated JPMorgan Facility
Debt Instrument [Line Items]
Maximum amount of borrowings						$ 1,500,000,000				$ 1,600,000,000	$ 1,500,000,000	$ 1,500,000,000
Line of Credit | Barclays Securitization
Debt Instrument [Line Items]
Borrowings outstanding			kr 2,100,000	£ 913.8	€ 486.5		kr 2,100,000	£ 931.4	€ 491.6
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	6,698,640,000	6,175,121,000
Borrowings outstanding	5,147,427,000	5,309,302,000
USD | Line of Credit
Debt Instrument [Line Items]
Maximum amount of borrowings	170,000,000	0
Borrowings outstanding	$ 0	$ 0
USD | Line of Credit | Weighted Average
Debt Instrument [Line Items]
Weighted average advance rate	65%	63.90%
USD | Line of Credit | JP Morgan Facility
Debt Instrument [Line Items]
Maximum amount of borrowings	$ 1,483,312,000	$ 1,532,722,000
Borrowings outstanding	1,155,531,000	1,306,320,000
USD | Line of Credit | Deutsche Bank Repurchase Facility
Debt Instrument [Line Items]
Maximum amount of borrowings	700,000,000	700,000,000
Borrowings outstanding	275,815,000	385,818,000
USD | Line of Credit | Credit Suisse Facility
Debt Instrument [Line Items]
Maximum amount of borrowings	689,770,000	635,653,000
Borrowings outstanding	663,817,000	632,747,000
USD | Line of Credit | Goldman Facility
Debt Instrument [Line Items]
Maximum amount of borrowings	300,000,000	300,000,000
Borrowings outstanding	17,868,000	70,249,000
USD | Line of Credit | Barclays Facility
Debt Instrument [Line Items]
Maximum amount of borrowings	200,000,000	200,000,000
Borrowings outstanding	109,843,000	111,909,000
USD | Line of Credit | Santander Facility
Debt Instrument [Line Items]
Maximum amount of borrowings	300,000,000	0
Borrowings outstanding	75,000,000	0
USD | Line of Credit | Churchill
Debt Instrument [Line Items]
Maximum amount of borrowings	130,000,000	0
Borrowings outstanding	$ 127,822,000	$ 0
Fx contracts - GBP | Line of Credit
Debt Instrument [Line Items]
Currency conversion rate	1.22	1.21	1.22	1.22	1.22		1.21	1.21	1.21
Fx contracts - GBP | Line of Credit | Weighted Average
Debt Instrument [Line Items]
Weighted average advance rate	72.10%	74%
Fx contracts - GBP | Line of Credit | JP Morgan Facility
Debt Instrument [Line Items]
Maximum amount of borrowings	$ 16,688,000	$ 67,278,000
Borrowings outstanding	16,688,000	67,278,000
Fx contracts - GBP | Line of Credit | HSBC Facility
Debt Instrument [Line Items]
Maximum amount of borrowings	367,922,000	364,423,000
Borrowings outstanding	367,922,000	364,423,000
Fx contracts - GBP | Line of Credit | MUFG Facility
Debt Instrument [Line Items]
Maximum amount of borrowings	196,137,000	194,272,000
Borrowings outstanding	$ 196,137,000	$ 194,272,000
Fx contracts - EUR | Line of Credit
Debt Instrument [Line Items]
Currency conversion rate	1.06	1.07	1.06	1.06	1.06		1.07	1.07	1.07
Fx contracts - EUR | Line of Credit | Weighted Average
Debt Instrument [Line Items]
Weighted average advance rate	71.60%	72.10%
Fx contracts - EUR | Line of Credit | HSBC Facility
Debt Instrument [Line Items]
Maximum amount of borrowings	$ 269,518,000	$ 272,890,000
Borrowings outstanding	269,518,000	272,890,000
Fx contracts - EUR | Line of Credit | Santander Facility
Debt Instrument [Line Items]
Maximum amount of borrowings	57,094,000	57,807,000
Borrowings outstanding	$ 53,267,000	$ 53,320,000
SEK | Line of Credit
Debt Instrument [Line Items]
Currency conversion rate	0.09	0.10	0.09	0.09	0.09		0.10	0.10	0.10
SEK | Line of Credit | Weighted Average
Debt Instrument [Line Items]
Weighted average advance rate	80.40%	80.50%
VIE | Line of Credit | Barclays Securitization
Debt Instrument [Line Items]
Maximum amount of borrowings	$ 1,818,199,000	$ 1,850,076,000
Borrowings outstanding	1,818,199,000	1,850,076,000
VIE | Line of Credit | Barclays Securitization | Weighted Average
Debt Instrument [Line Items]
Borrowings outstanding	1,818,199,000	1,850,076,000
VIE | Fx contracts - GBP | Line of Credit | Barclays Securitization | Weighted Average
Debt Instrument [Line Items]
Borrowings outstanding	1,114,701,000	1,125,420,000
VIE | Fx contracts - EUR | Line of Credit | Barclays Securitization | Weighted Average
Debt Instrument [Line Items]
Borrowings outstanding	$ 514,393,000	$ 526,204,000
VIE | SEK | Line of Credit | Barclays Securitization | Weighted Average
Debt Instrument [Line Items]
Borrowings outstanding | kr			kr 189,105				kr 198,452

Secured Debt Arrangements, Ne_4

Secured Debt Arrangements, Net - Commercial Mortgage Loans Pledged to the Barclays Private Securitization (Details) $ in Thousands	Sep. 30, 2023 USD ($) contract	Dec. 31, 2022 USD ($) contract
Line of Credit Facility [Line Items]
Total carrying value, net	$ 7,974,031	$ 8,681,990
Line of Credit
Line of Credit Facility [Line Items]
Balance	5,147,427	5,309,302
Line of Credit | Barclays Securitization
Line of Credit Facility [Line Items]
Balance	1,818,199	1,850,076
VIE
Line of Credit Facility [Line Items]
Total carrying value, net	$ 2,477,123	$ 2,468,195
VIE | Line of Credit | Barclays Securitization
Line of Credit Facility [Line Items]
Count | contract	13	13
Balance	$ 2,501,133,000	$ 2,496,211,000
Total carrying value, net	$ 2,477,123,000	$ 2,468,195,000
VIE | Fx contracts - GBP | Line of Credit | Barclays Securitization
Line of Credit Facility [Line Items]
Count | contract	7	7
Balance	$ 1,537,840,000	$ 1,495,616,000
Total carrying value, net	$ 1,519,137,000	$ 1,475,241,000
VIE | Fx contracts - EUR | Line of Credit | Barclays Securitization
Line of Credit Facility [Line Items]
Count | contract	5	5
Balance	$ 726,912,000	$ 752,531,000
Total carrying value, net	$ 723,610,000	$ 747,240,000
VIE | SEK | Line of Credit | Barclays Securitization
Line of Credit Facility [Line Items]
Count | contract	1	1
Balance	$ 236,381,000	$ 248,064,000
Total carrying value, net	$ 234,376,000	$ 245,714,000

Secured Debt Arrangements, Ne_5

Secured Debt Arrangements, Net - Assets Under Barclays Private Securitization (Details) kr in Thousands, $ in Thousands, € in Millions, £ in Millions	9 Months Ended
	Sep. 30, 2023 USD ($)	Sep. 30, 2023 SEK (kr)	Sep. 30, 2023 GBP (£)	Sep. 30, 2023 EUR (€)	Dec. 31, 2022 USD ($)	Dec. 31, 2022 SEK (kr)	Dec. 31, 2022 GBP (£)	Dec. 31, 2022 EUR (€)
Debt Instrument [Line Items]
Debt instrument, facility feature, period	1 year
Line of Credit
Debt Instrument [Line Items]
Borrowings outstanding	$ 5,135,855				$ 5,296,825
Barclays Securitization | Line of Credit
Debt Instrument [Line Items]
Borrowings outstanding		kr 2,100,000	£ 913.8	€ 486.5		kr 2,100,000	£ 931.4	€ 491.6
VIE | Barclays Securitization | Line of Credit
Debt Instrument [Line Items]
Borrowings outstanding	1,818,199				1,850,076
Weighted Average | VIE | Barclays Securitization | Line of Credit
Debt Instrument [Line Items]
Borrowings outstanding	1,818,199				1,850,076
Weighted Average | VIE | Fx contracts - GBP | Barclays Securitization | Line of Credit
Debt Instrument [Line Items]
Borrowings outstanding	1,114,701				1,125,420
Weighted Average | VIE | Fx contracts - EUR | Barclays Securitization | Line of Credit
Debt Instrument [Line Items]
Borrowings outstanding	$ 514,393				$ 526,204
Weighted Average | VIE | SEK | Barclays Securitization | Line of Credit
Debt Instrument [Line Items]
Borrowings outstanding | kr		kr 189,105				kr 198,452

Secured Debt Arrangements, Ne_6

Secured Debt Arrangements, Net - Schedule of Assets and Liabilities (Details) - USD ($) $ in Thousands		Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021
Assets:
Cash and cash equivalents		$ 307,845			$ 222,030
Carrying value, net		7,974,031			8,681,990
Other assets		206,578			70,607
Total Assets		9,156,978			9,568,352
Liabilities:
Total Liabilities		6,945,196			7,213,848
Allowance reserve		27,305			26,224
Off-balance sheet, credit loss, liability		3,972	$ 4,834	$ 4,695	4,347	$ 2,812	$ 3,999	$ 3,928	$ 3,106
Commercial Mortgage Portfolio Segment
Assets:
Carrying value, net	[1],[2]	7,561,254			8,121,109
Liabilities:
Allowance reserve		26,340			22,848
VIE
Assets:
Cash and cash equivalents		1,740			758
Carrying value, net		2,477,123			2,468,195
Other assets		39,055			30,992
Total Assets		2,517,918			2,499,945
Liabilities:
Secured debt arrangements, net (net of deferred financing costs of $2.0 million and $2.3 million in 2023 and 2022, respectively)		1,816,213			1,847,799
Accounts payable, accrued expenses and other liabilities		7,623			8,814
Total Liabilities		1,823,836			1,856,613
Deferred financing costs		2,000			2,300
VIE | Commercial Mortgage Portfolio Segment
Liabilities:
Allowance reserve		7,200			8,200
Off-balance sheet, credit loss, liability		$ 2,700			$ 2,900
[1]Includes $7,203,350 and $7,482,658 pledged

Secured Debt Arrangements, Ne_7

Secured Debt Arrangements, Net - Schedule of Net Income (Details) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2023	Sep. 30, 2022
Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items]
Interest income from commercial mortgage loans	$ 180,441			$ 120,821			$ 520,712	$ 304,631
Interest expense	(121,817)			(72,302)			(342,963)	(173,949)
Net interest income	60,223			61,873			194,165	174,401
General and administrative expenses	(7,664)			(7,184)			(22,150)	(21,501)
Decrease (increase) in current expected credit loss allowance, net	5,833			55,564			(60,205)	37,897
Foreign currency translation gain (loss)	(44,165)			(92,782)			(3,974)	(210,138)
Net income	46,071	$ (83,400)	$ 48,916	183,030	$ 70,951	$ 15,238	11,587	269,219
VIE
Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items]
Interest income from commercial mortgage loans	56,537			30,518			156,295	86,695
Interest expense	(30,379)			(12,668)			(80,753)	(32,830)
Net interest income	26,158			17,850			75,542	53,865
General and administrative expenses	(2)			0			(9)	0
Decrease (increase) in current expected credit loss allowance, net	1,744			889			1,169	4,698
Foreign currency translation gain (loss)	(24,266)			(50,237)			(3,555)	(111,745)
Net income	$ 3,634			$ (31,498)			$ 73,147	$ (53,182)

Secured Debt Arrangements, Ne_8

Secured Debt Arrangements, Net - Remaining Maturities of Borrowings (Details) - Line of Credit $ in Thousands	Sep. 30, 2023 USD ($)
Line of Credit Facility [Line Items]
Less than 1 year	$ 758,484
1 to 3 years	2,686,161
3 to 5 years	1,702,782
More than 5 years	0
Total	5,147,427
JPMorgan
Line of Credit Facility [Line Items]
Less than 1 year	356,095
1 to 3 years	586,476
3 to 5 years	229,648
More than 5 years	0
Total	1,172,219
DB
Line of Credit Facility [Line Items]
Less than 1 year	95,686
1 to 3 years	180,129
3 to 5 years	0
More than 5 years	0
Total	275,815
Goldman
Line of Credit Facility [Line Items]
Less than 1 year	0
1 to 3 years	17,868
3 to 5 years	0
More than 5 years	0
Total	17,868
CS Facility | USD
Line of Credit Facility [Line Items]
Less than 1 year	0
1 to 3 years	83,300
3 to 5 years	580,517
More than 5 years	0
Total	663,817
HSBC Facility | Fx contracts - EUR
Line of Credit Facility [Line Items]
Less than 1 year	0
1 to 3 years	637,440
3 to 5 years	0
More than 5 years	0
Total	637,440
Barclays Facility | USD
Line of Credit Facility [Line Items]
Less than 1 year	0
1 to 3 years	0
3 to 5 years	109,843
More than 5 years	0
Total	109,843
MUFG Facility | USD
Line of Credit Facility [Line Items]
Less than 1 year	0
1 to 3 years	196,137
3 to 5 years	0
More than 5 years	0
Total	196,137
Churchill | USD
Line of Credit Facility [Line Items]
Less than 1 year	0
1 to 3 years	127,822
3 to 5 years	0
More than 5 years	0
Total	127,822
Santander Facility | USD
Line of Credit Facility [Line Items]
Less than 1 year	0
1 to 3 years	75,000
3 to 5 years	0
More than 5 years	0
Total	75,000
Santander Facility | Fx contracts - EUR
Line of Credit Facility [Line Items]
Less than 1 year	53,267
1 to 3 years	0
3 to 5 years	0
More than 5 years	0
Total	53,267
Barclays Securitization
Line of Credit Facility [Line Items]
Less than 1 year	253,436
1 to 3 years	781,989
3 to 5 years	782,774
More than 5 years	0
Total	$ 1,818,199

Secured Debt Arrangements, Ne_9

Secured Debt Arrangements, Net - Summary of Outstanding Balances, Maximum and Average Balances of Borrowings (Details) - Line of Credit - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Mar. 31, 2023	Sep. 30, 2023	Dec. 31, 2022
Line of Credit Facility [Line Items]
Balance		$ 5,147,427	$ 5,309,302
Amortized Cost of Collateral		7,416,489	7,674,266
JPMorgan
Line of Credit Facility [Line Items]
Balance		1,172,219	1,373,598
Amortized Cost of Collateral		1,981,220	2,376,154
Maximum Month-End Balance	$ 1,584,171	1,324,226
Average Month-End Balance	1,411,644	1,226,645
DB
Line of Credit Facility [Line Items]
Balance		275,815	385,818
Amortized Cost of Collateral		417,733	565,387
Maximum Month-End Balance	432,455	385,818
Average Month-End Balance	400,337	338,297
Goldman
Line of Credit Facility [Line Items]
Balance		17,868	70,249
Amortized Cost of Collateral		35,852	116,619
Maximum Month-End Balance	164,607	70,249
Average Month-End Balance	140,599	35,181
CS Facility | USD
Line of Credit Facility [Line Items]
Balance		663,817	632,747
Amortized Cost of Collateral		932,656	855,119
Maximum Month-End Balance	633,143	688,126
Average Month-End Balance	541,245	668,655
HSBC Facility | Fx contracts - EUR
Line of Credit Facility [Line Items]
Balance		637,440	637,313
Amortized Cost of Collateral		822,049	813,716
Maximum Month-End Balance	660,004	667,430
Average Month-End Balance	501,674	651,260
Barclays Facility | USD
Line of Credit Facility [Line Items]
Balance		109,843	111,909
Amortized Cost of Collateral		136,354	138,510
Maximum Month-End Balance	172,693	111,909
Average Month-End Balance	102,664	111,450
MUFG Facility | USD
Line of Credit Facility [Line Items]
Balance		196,137	194,272
Amortized Cost of Collateral		266,007	261,319
Maximum Month-End Balance	194,272	206,362
Average Month-End Balance	156,499	200,256
Churchill | USD
Line of Credit Facility [Line Items]
Balance		127,822
Amortized Cost of Collateral		169,707
Maximum Month-End Balance		130,000
Average Month-End Balance		128,780
Santander Facility | USD
Line of Credit Facility [Line Items]
Balance		75,000	53,320
Amortized Cost of Collateral		99,560	71,093
Maximum Month-End Balance	53,320	75,000
Average Month-End Balance	50,450	66,667
Santander Facility | Fx contracts - EUR
Line of Credit Facility [Line Items]
Balance		53,267
Amortized Cost of Collateral		71,023
Maximum Month-End Balance		55,403
Average Month-End Balance		54,244
Barclays Securitization
Line of Credit Facility [Line Items]
Balance		1,818,199	1,850,076
Amortized Cost of Collateral		2,484,328	$ 2,476,349
Maximum Month-End Balance	1,963,837	1,937,131
Average Month-End Balance	$ 1,828,794	$ 1,877,409

Senior Secured Term Loan, Net -

Senior Secured Term Loan, Net - Narrative (Details) - USD ($)	1 Months Ended	3 Months Ended				9 Months Ended		12 Months Ended
	May 31, 2019	Sep. 30, 2023	Jun. 30, 2023	Sep. 30, 2022	Jun. 30, 2020	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022	Mar. 31, 2021
Debt Instrument [Line Items]
Repayments of senior secured term loan principal						$ 6,000,000	$ 6,000,000
Interest rate cap
Debt Instrument [Line Items]
Debt interest rate cap					3 years
Realized (gain) loss on derivative instruments - interest rate swap realized						$ 9,100,000
London Interbank Offered Rate (LIBOR) | Interest rate cap
Debt Instrument [Line Items]
Fixed interest rate		0.75%			0.75%	0.75%
2026 Term Loan
Debt Instrument [Line Items]
Weighted average rate						2.86%		2.75%
Repayments of secured debt, amortizing percent						0.25%
Repayments of senior secured term loan principal		$ 1,300,000		$ 3,800,000		$ 1,300,000	3,800,000
2028 Term Loan
Debt Instrument [Line Items]
Weighted average rate						3.61%		3.50%
Repayments of secured debt, amortizing percent						0.25%
Repayments of senior secured term loan principal		$ 750,000		$ 2,250,000		$ 750,000	$ 2,250,000
Secured Debt
Debt Instrument [Line Items]
Debt instrument, face amount	$ 500,000,000								$ 300,000,000
Debt instrument, covenant, non-recourse debt to tangible net worth ratio, maximum		400%				400%
Debt instrument, covenant, unencumbered assets to pari-passu indebtedness ratio, maximum		250%				250%
Effective Rate					3.50%
Secured Debt | Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Weighted average rate	2.86%
Secured Debt | Secured Overnight Financing Rate (SOFR) | Minimum
Debt Instrument [Line Items]
Weighted average rate			0.50%
Secured Debt | Secured Overnight Financing Rate (SOFR) | Maximum
Debt Instrument [Line Items]
Weighted average rate			3.61%
Secured Debt | 2026 Term Loan
Debt Instrument [Line Items]
Debt instrument, issuance price as a percentage	99.50%
Secured Debt | 2028 Term Loan
Debt Instrument [Line Items]
Debt instrument, issuance price as a percentage									99%

Senior Secured Term Loan, Net_2

Senior Secured Term Loan, Net - Term Loans (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
Total Term Loans
Debt Instrument [Line Items]
Principal Amount	$ 771,250	$ 777,250
Unamortized issuance discount	(2,816)	(3,404)
Less: deferred financing costs	(8,053)	(10,033)
Carrying Value	760,381	763,813
2026 Term Loan
Debt Instrument [Line Items]
Principal Amount	478,750	482,500
Unamortized issuance discount	(923)	(1,190)
Less: deferred financing costs	(4,685)	(6,106)
Carrying Value	$ 473,142	$ 475,204
Weighted average rate	2.86%	2.75%
2028 Term Loan
Debt Instrument [Line Items]
Principal Amount	$ 292,500	$ 294,750
Unamortized issuance discount	(1,893)	(2,214)
Less: deferred financing costs	(3,368)	(3,927)
Carrying Value	$ 287,239	$ 288,609
Weighted average rate	3.61%	3.50%

Senior Secured Notes, Net (Deta

Senior Secured Notes, Net (Details)	1 Months Ended
	Jun. 30, 2021 USD ($)	Sep. 30, 2023 USD ($)	Dec. 31, 2022 USD ($)
Derivative [Line Items]
Debt instrument, pariu-passu, ratio		1.20
Senior Notes
Derivative [Line Items]
Senior notes		$ 495,437,000	$ 494,844,000
2029 Notes | Senior Notes
Derivative [Line Items]
Debt instrument, face amount	$ 500,000,000
Coupon Rate	4.625%
Proceeds from convertible debt	$ 495,000,000
Senior notes		495,400,000	494,800,000
Less: deferred financing costs		$ 4,600,000	$ 5,200,000

Convertible Senior Notes, Net -

Convertible Senior Notes, Net - Narrative (Details)		3 Months Ended					9 Months Ended		12 Months Ended
		Sep. 30, 2023 USD ($) $ / shares	Jun. 30, 2023 USD ($)	Mar. 31, 2023 USD ($)	Sep. 30, 2022 USD ($)	Jun. 30, 2019 USD ($)	Sep. 30, 2023 USD ($) $ / shares	Sep. 30, 2022 USD ($)	Dec. 31, 2017 USD ($) offering	Oct. 26, 2023 USD ($)	Dec. 31, 2022 USD ($)	Jun. 30, 2022 USD ($)	Mar. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2018 USD ($)
Debt Instrument [Line Items]
Stockholders' equity attributable to parent		$ 2,211,782,000	$ 2,214,991,000	$ 2,347,561,000	$ 2,407,685,000		$ 2,211,782,000	$ 2,407,685,000			$ 2,354,504,000	$ 2,273,312,000	$ 2,251,018,000	$ 2,294,626,000
Realized gain on extinguishment of debt		30,000			0		495,000	0
Adjustment due to Adoption of ASU
Debt Instrument [Line Items]
Stockholders' equity attributable to parent	[1]													(3,416,000)
Common Stock
Debt Instrument [Line Items]
Stockholders' equity attributable to parent		$ 1,414,000	1,413,000	1,413,000	1,406,000		$ 1,414,000	1,406,000			1,406,000	1,406,000	1,405,000	1,399,000
Share price (in dollars per share) | $ / shares		$ 10.13					$ 10.13
Additional Paid-In-Capital
Debt Instrument [Line Items]
Stockholders' equity attributable to parent		$ 2,723,170,000	2,718,920,000	2,714,555,000	2,712,390,000		$ 2,723,170,000	2,712,390,000			2,716,907,000	2,707,872,000	2,703,354,000	2,721,042,000
Additional Paid-In-Capital | Adjustment due to Adoption of ASU
Debt Instrument [Line Items]
Stockholders' equity attributable to parent	[1]													(15,408,000)
Accumulated Deficit
Debt Instrument [Line Items]
Stockholders' equity attributable to parent		(512,870,000)	(505,410,000)	(368,475,000)	(306,179,000)		(512,870,000)	(306,179,000)			(363,877,000)	$ (436,034,000)	$ (453,809,000)	(427,883,000)
Accumulated Deficit | Adjustment due to Adoption of ASU
Debt Instrument [Line Items]
Stockholders' equity attributable to parent	[1]													11,992,000
2023 Notes
Debt Instrument [Line Items]
Debt instrument, repurchase amount		$ 10,000,000	$ 36,800,000	$ 7,100,000			10,000,000
Debt instrument, redemption price, percentage		99.70%	99.30%	97%
Realized gain on extinguishment of debt		$ 30,000					500,000
Convertible Debt
Debt Instrument [Line Items]
Debt instrument, face amount		176,064,000					176,064,000				230,000,000
Interest expense		2,400,000			5,500,000		8,200,000	19,800,000
Non-cash interest expense		300,000			600,000		1,100,000	2,100,000
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%
Proceeds from convertible debt									$ 337,500,000
Convertible Debt | 2022 Notes | Additional Paid-In-Capital
Debt Instrument [Line Items]
Convertible debt, carrying amount of equity component														11,000,000
Convertible Debt | 2023 Notes
Debt Instrument [Line Items]
Debt instrument, face amount		$ 176,064,000					$ 176,064,000				$ 230,000,000				$ 230,000,000
Stated interest rate		5.38%					5.38%				5.38%				5.375%
Proceeds from convertible debt						$ 223,700,000
Convertible senior notes, net		$ 176,000,000					$ 176,000,000
Unamortized discount		$ 100,000					$ 100,000
Convertible Debt | 2023 Notes | Subsequent Event
Debt Instrument [Line Items]
Debt instrument, face amount										$ 176,100,000
Convertible Debt | 2023 Notes | Additional Paid-In-Capital
Debt Instrument [Line Items]
Convertible debt, carrying amount of equity component														4,400,000
Convertible Debt | 2022 and 2023 Notes | Additional Paid-In-Capital
Debt Instrument [Line Items]
Convertible debt, carrying amount of equity component														$ 15,400,000
[1]Refer to "Note 10 - Convertible Senior Notes, Net" for detail

Convertible Senior Notes, Net_2

Convertible Senior Notes, Net - Summary of Note Terms (Details) - Convertible Debt	9 Months Ended	12 Months Ended
	Sep. 30, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2018 USD ($)
Debt Instrument [Line Items]
Principal Amount	$ 176,064,000	$ 230,000,000
2023 Notes
Debt Instrument [Line Items]
Principal Amount	$ 176,064,000	$ 230,000,000	$ 230,000,000
Coupon Rate	5.38%	5.38%	5.375%
Effective Rate	5.74%	5.85%
Conversion Rate	0.0487187	0.0487187
Remaining Period of Amortization	14 days	9 months 14 days

Derivatives - Summary of Non-De

Derivatives - Summary of Non-Designated Foreign Exchange Forwards (Details) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2023 USD ($) contract	Dec. 31, 2022 USD ($) contract	Jun. 30, 2020 USD ($)
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)	$ 164,835	$ 500,000
Weighted-Average Years to Maturity	1 year	5 months 15 days
Fx contracts - GBP | Not Designated as Hedging Instrument | Foreign currency forward, net
Derivative [Line Items]
Number of Contracts | contract	110	124
Aggregate Notional Amount (in thousands)	$ 934,662	$ 936,930
Weighted-Average Years to Maturity	1 year 3 months 14 days	1 year 9 months 10 days
Fx contracts - EUR | Not Designated as Hedging Instrument | Foreign currency forward, net
Derivative [Line Items]
Number of Contracts | contract	99	130
Aggregate Notional Amount (in thousands)	$ 424,355	$ 576,240
Weighted-Average Years to Maturity	1 year 2 months 1 day	1 year 9 months 10 days
SEK | Not Designated as Hedging Instrument | Foreign currency forward, net
Derivative [Line Items]
Number of Contracts | contract	17	19
Aggregate Notional Amount (in thousands)	$ 689,627	$ 730,432
Weighted-Average Years to Maturity	2 years 4 months 9 days	2 years 11 months 12 days

Derivatives - Summary of Amount

Derivatives - Summary of Amounts Recognized on Consolidated Statements of Operations Related to Company's Derivatives (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, gain (loss), statement of income or comprehensive income	Gain (loss) on sale of derivatives	Gain (loss) on sale of derivatives	Gain (loss) on sale of derivatives	Gain (loss) on sale of derivatives
Foreign Exchange Forward
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized loss on foreign currency contracts	$ 28,244	$ 108,428	$ (27,709)	$ 221,623
Realized (gain) loss on derivative instruments - interest rate swap realized	11,246	20,824	35,948	35,604
Gain (loss) on sale of derivatives	39,490	129,252	8,239	257,227
Interest rate cap and swaps
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized loss on foreign currency contracts	(70)	1,044	(9,211)	10,808
Realized (gain) loss on derivative instruments - interest rate swap realized	0	0	9,089	0
Gain (loss) on sale of derivatives	$ (70)	1,044	$ (122)	10,808
Interest rate cap and swaps | Not Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Aggregate Notional Amount (in thousands)		$ 164,800		$ 164,800

Derivatives - Additional Inform

Derivatives - Additional Information (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Dec. 31, 2022	Jun. 30, 2020
Derivative [Line Items]
Derivative, cap interest rate	6.55%
Secured Debt
Derivative [Line Items]
Effective interest rate			3.50%
Interest rate cap
Derivative [Line Items]
Derivative notional amount			$ 1,100
Realized (gain) loss on derivative instruments - interest rate swap realized	$ 9,100
Interest rate cap | Not Designated as Hedging Instrument
Derivative [Line Items]
Derivative notional amount	$ 164,835	$ 500,000
London Interbank Offered Rate (LIBOR) | Interest rate cap
Derivative [Line Items]
Cap interest rate			0.75%
Fixed interest rate	0.75%		0.75%
Secured Overnight Financing Rate (SOFR)
Derivative [Line Items]
Derivative, cap interest rate	4%

Derivatives - Summarizes Gross

Derivatives - Summarizes Gross Asset and Liability Amounts Related to Derivatives (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Derivative [Line Items]
Gross Amount of Recognized Assets	$ 114,945	$ 152,426
Gross Amounts Offset in our Condensed Consolidated Balance Sheet	(20,908)	(23,786)
Net Amounts of Assets Presented in our Condensed Consolidated Balance Sheet	94,037	128,640
Foreign currency forward, net
Derivative [Line Items]
Gross Amount of Recognized Assets	112,698	143,285
Gross Amounts Offset in our Condensed Consolidated Balance Sheet	(20,908)	(23,786)
Net Amounts of Assets Presented in our Condensed Consolidated Balance Sheet	91,790	119,499
Interest rate cap
Derivative [Line Items]
Gross Amount of Recognized Assets	2,247	9,141
Gross Amounts Offset in our Condensed Consolidated Balance Sheet	0	0
Net Amounts of Assets Presented in our Condensed Consolidated Balance Sheet	$ 2,247	$ 9,141

Participations Sold (Details)

Participations Sold (Details) - Dec. 31, 2020 - Mezzanine Loans - Office Building - London £ in Millions, $ in Millions	USD ($)	GBP (£)
Participating Mortgage Loans [Line Items]
Debt instrument, face amount	$ 8.9	£ 6.7
Remaining unfunded commitment	$ 25.3	£ 19.1

Participations Sold - Schedule

Participations Sold - Schedule of participations sold (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Participating Mortgage Loans [Line Items]
Participations sold	$ 0	$ 25,130
Commercial Mortgage Portfolio Segment
Participating Mortgage Loans [Line Items]
Participations sold	$ 0	$ 25,130

Accounts Payable, Accrued Exp_3

Accounts Payable, Accrued Expenses and Other Liabilities (Details) - USD ($) $ in Thousands		Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021
Payables and Accruals [Abstract]
Collateral held under derivative agreements		$ 99,260			$ 138,620
Accrued dividends payable		53,022			53,203
Accrued interest payable		38,624			23,943
Accounts payable and other liabilities		8,023			7,247
General CECL allowance on unfunded commitments		3,972	$ 4,834	$ 4,695	4,347	$ 2,812	$ 3,999	$ 3,928	$ 3,106
Total	[1]	202,901			227,360
Accounts payable, accrued expenses and other liabilities		$ 7,000			$ 1,100
[1]Includes $3,972 and $4,347 of General CECL Allowance related to unfunded commitments on commercial mortgage loans, subordinate loans and other lending assets, net in 2023 and 2022, respectively.

Income Taxes (Details)

Income Taxes (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Income Tax Examination [Line Items]
Income tax provision	$ 517,000	$ 0	$ 517,000	$ 0
Deferred tax assets, net of valuation allowance					$ 0
Deferred tax liabilities, net					$ 0
General Business Tax Credit Carryforward
Income Tax Examination [Line Items]
Operating loss carryforwards	8,000,000		8,000,000
Capital Loss Carryforward
Income Tax Examination [Line Items]
Operating loss carryforwards	25,200,000		25,200,000
TRS Entities
Income Tax Examination [Line Items]
Deferred tax assets, net of valuation allowance	$ 600,000		$ 600,000

Related Party Transactions (Det

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

3 Months Ended

9 Months Ended

Sep. 30, 2023 USD ($) loan Rate

Mar. 31, 2023 USD ($) loan

Sep. 30, 2022 USD ($)

Sep. 30, 2022 GBP (£)

Sep. 30, 2023 USD ($) loan Rate

Sep. 30, 2022 USD ($)

Mar. 31, 2023 EUR (€)

Mar. 31, 2023 GBP (£)

Feb. 08, 2023 USD ($)

Dec. 31, 2022 USD ($)

Jun. 30, 2021 USD ($)

Mar. 31, 2021 USD ($)

Related Party Transaction [Line Items]

Termination fee, percent fee of base management fee

300%

300%

Number of loans | loan

3

3

Total carrying value, net

$ 7,974,031

$ 7,974,031

$ 8,681,990

Increase in management fee payable

$ 11

Number of independent directors required | Rate

66.60%

66.60%

Atlas Facility

Related Party Transaction [Line Items]

Number of loans | loan

1

1

Secured Debt | Credit Suisse Facility | Line of Credit

Related Party Transaction [Line Items]

Line of credit facility, current borrowing capacity

$ 632,300

Secured Debt | Atlas Facility | Line of Credit

Related Party Transaction [Line Items]

Line of credit facility, current borrowing capacity

$ 83,000

$ 83,000

Commercial Mortgage and Subordinated Portfolio Segment

Related Party Transaction [Line Items]

Number of commercial mortgage loans | loan

3

Total carrying value, net

$ 102,600

$ 102,600

138,300

Mixed Use Property - London | Commercial Mortgage and Subordinated Portfolio Segment

Related Party Transaction [Line Items]

Off-balance-sheet, credit loss, liability, transfers

$ 327,700

£ 293.4

Total carrying value, net | £

£ 15

Various Properties In Europe | Commercial Mortgage and Subordinated Portfolio Segment

Related Party Transaction [Line Items]

Total carrying value, net

$ 219,000

€ 205.7

Mortgage loans on real estate, commercial and consumer, funded, net

$ 122,400

€ 115

Junior Mezzanine Loans

Related Party Transaction [Line Items]

Number of loans | loan

3

3

Arrangement fees

Related Party Transaction [Line Items]

Incentive Fee Payable

$ 400

$ 200

Management fees

Related Party Transaction [Line Items]

Increase in management fee payable

$ 57

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 Agreement

Related Party Transaction [Line Items]

Payable to related party

$ 9,500

$ 9,500

$ 9,700

Affiliated Entity

Related Party Transaction [Line Items]

Debt instrument, face amount

$ 30,000

Affiliated Entity | Management Agreement

Related Party Transaction [Line Items]

Management fees to related party

9,500

9,700

28,400

28,600

Professional and Contract Services Expense

$ 800

$ 900

$ 2,100

$ 3,100

Share-Based Payments - Addition

Share-Based Payments - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Apr. 16, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Recognized stock-based compensation expense	$ 4,356	$ 4,518	$ 13,091	$ 13,734
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized stock-based compensation expense	400		$ 400
Share-based payment arrangement, nonvested award, cost not yet recognized, period for recognition			1 year 3 months 18 days
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized stock-based compensation expense	$ 21,400		$ 21,400
LTIP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized (in shares)					7,000,000
Common stock, shares delivered (in shares)			681,384	652,501
LTIP | RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock units vested (in shares)			1,255,184	1,145,091
Adjustments to additional paid in capital, income tax deficiency from share-based compensation			$ 6,800	$ 7,000

Share-Based Payments - Summary

Share-Based Payments - Summary of Grants, Exchanges and Forfeitures of Restricted Stock and RSUs (Details) - LTIP $ in Millions	9 Months Ended
	Sep. 30, 2023 USD ($) shares
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)	56,102
Granted (in shares)	75,754
Vested (in shares)	(52,768)
Forfeitures (in shares)	0
Outstanding, ending balance (in shares)	79,088
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Additional Disclosures [Abstract]
Granted | $	$ 0.7
RSUs
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)	2,865,154
Granted (in shares)	0
Vested (in shares)	(30,641)
Forfeitures (in shares)	(17,328)
Outstanding, ending balance (in shares)	2,817,185

Share-Based Payments - Summar_2

Share-Based Payments - Summary of Restricted Stock and RSU Vesting Dates (Details) - LTIP	Sep. 30, 2023 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares vesting	2,896,273
2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares vesting	1,358,418
2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares vesting	1,027,724
2025
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares vesting	510,131
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares vesting	79,088
Restricted Stock | 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares vesting	0
Restricted Stock | 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares vesting	79,088
Restricted Stock | 2025
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares vesting	0
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares vesting	2,817,185
RSUs | 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares vesting	1,358,418
RSUs | 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares vesting	948,636
RSUs | 2025
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares vesting	510,131

Stockholders' Equity - Addition

Stockholders' Equity - Additional Information (Details) - USD ($)	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022	Jul. 15, 2021
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		50,000,000
Preferred stock, par value (in dollars per share)	$ 0.01		$ 0.01
Common stock, shares outstanding	141,353,133		140,595,995
Common stock, shares issued	141,353,133		140,595,995
Treasury stock, value, acquired, cost method	$ 0	$ 0
Remaining authorized repurchase amount	$ 172,200,000
Series B Preferred Stock
Class of Stock [Line Items]
Preferred stock, shares outstanding	6,770,393
Series B-1 Preferred Stock
Class of Stock [Line Items]
Preferred stock, par value (in dollars per share)				$ 0.01
Preferred stock, shares outstanding	6,770,393		6,770,393
Preferred stock dividend percentage	7.25%
Preferred stock, liquidation preference per share (in dollars per share)				$ 25

Stockholders' Equity - Dividend

Stockholders' Equity - Dividends Declared (Details) - $ / shares	3 Months Ended						9 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2023	Sep. 30, 2022
Class of Stock [Line Items]
Dividends declared on common stock (in dollars per share)	$ 0.35	$ 0.35	$ 0.35	$ 0.35	$ 0.35	$ 0.35	$ 1.05	$ 1.05
Dividends declared (in dollars per share)	0.45	$ 0.45	$ 0.45	0.45	$ 0.45	$ 0.45
Common Stock
Class of Stock [Line Items]
Dividends declared on common stock (in dollars per share)	0.35			0.35			1.05	1.05
Series B-1 Preferred Stock
Class of Stock [Line Items]
Dividends declared (in dollars per share)	$ 0.45			$ 0.45			$ 1.35	$ 1.35

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($) $ in Thousands		9 Months Ended
	Jun. 28, 2018	Sep. 30, 2023	Dec. 31, 2022
Schedule of Equity Method Investments [Line Items]
Total damages including punitive	$ 70,000
Unfunded loan commitments		$ 693,125	$ 1,041,654
Commercial Mortgage and Subordinated Portfolio Segment
Schedule of Equity Method Investments [Line Items]
Unfunded loan commitments		$ 693,000
Term of unfunded loan commitment		3 years 2 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	Sep. 30, 2023	Dec. 31, 2022
Accounts, Notes, Loans and Financing Receivable [Line Items]
Participations sold	$ 0	$ (25,130)
Commercial Mortgage Portfolio Segment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Participations sold	0	(25,130)
Carrying Value
Accounts, Notes, Loans and Financing Receivable [Line Items]
Cash and cash equivalents	307,845	222,030
Carrying Value | Level III
Accounts, Notes, Loans and Financing Receivable [Line Items]
Secured debt arrangements, net	(5,135,855)	(5,296,825)
Debt related to real estate owned, held for investment, net	(161,245)	(160,294)
Participations sold	0	(25,130)
Carrying Value | Level III | Secured Debt
Accounts, Notes, Loans and Financing Receivable [Line Items]
Term loans, net	(760,381)	(763,813)
Carrying Value | Level III | Senior Notes
Accounts, Notes, Loans and Financing Receivable [Line Items]
Term loans, net	(495,437)	(494,844)
Carrying Value | Level III | 2023 Notes
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes	(176,018)	(229,361)
Carrying Value | Level III | Commercial Mortgage Portfolio Segment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	7,561,254	8,121,109
Carrying Value | Level III | Subordinate Mortgage Portfolio Segment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	412,777	560,881
Estimate of Fair Value Measurement
Accounts, Notes, Loans and Financing Receivable [Line Items]
Cash and cash equivalents	307,845	222,030
Estimate of Fair Value Measurement | Level III
Accounts, Notes, Loans and Financing Receivable [Line Items]
Secured debt arrangements, net	(5,135,855)	(5,296,825)
Debt related to real estate owned, held for investment, net	(161,245)	(160,294)
Participations sold	0	(25,130)
Estimate of Fair Value Measurement | Level III | Secured Debt
Accounts, Notes, Loans and Financing Receivable [Line Items]
Term loans, net	(746,119)	(731,709)
Estimate of Fair Value Measurement | Level III | Senior Notes
Accounts, Notes, Loans and Financing Receivable [Line Items]
Term loans, net	(378,750)	(400,950)
Estimate of Fair Value Measurement | Level III | 2023 Notes
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes	(175,844)	(225,366)
Estimate of Fair Value Measurement | Level III | Commercial Mortgage Portfolio Segment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	7,487,855	8,083,410
Estimate of Fair Value Measurement | Level III | Subordinate Mortgage Portfolio Segment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	$ 412,897	$ 558,740

Net Income (Loss) per Share - B

Net Income (Loss) per Share - Basic and Diluted Net Income per Share of Common Stock Using Two-Class Method (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2023	Sep. 30, 2022
Basic Earnings
Net income (loss)	$ 46,071	$ (83,400)	$ 48,916	$ 183,030	$ 70,951	$ 15,238	$ 11,587	$ 269,219
Less: Preferred dividends	(3,068)			(3,068)			(9,204)	(9,204)
Net income available to common stockholders	43,003			179,962			2,383	260,015
Less: Dividends on participating securities	(989)			(898)			(2,989)	(2,698)
Basic Earnings (Loss)	42,014			179,064			(606)	257,317
Diluted Earnings
Basic Earnings (Loss)	42,014			179,064			(606)	257,317
Add: Dividends on participating securities	0			898			0	2,698
Add: Interest expense on Convertible Notes	0			5,684			0	20,608
Diluted Earnings	$ 42,014			$ 185,646			$ (606)	$ 280,623
Number of Shares:
Basic weighted-average shares of common stock outstanding	141,350,428			140,594,987			141,255,730	140,513,957
Diluted weighted-average shares of common stock outstanding	141,350,428			164,350,132			141,255,730	169,252,602
Earnings (Loss) Per Share Attributable to Common Stockholders
Basic (in dollars per share)	$ 0.30			$ 1.27			$ 0	$ 1.83
Diluted (in dollars per share)	$ 0.30			$ 1.13			$ 0	$ 1.66

Net Income (Loss) per Share - A

Net Income (Loss) per Share - Additional Information (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Effect of dilutive securities - potentially issuable shares (in shares)	8,741,770	21,187,719	10,129,968	26,057,847
RSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Effect of dilutive securities - convertible notes (in shares)	2,832,265	2,567,427	2,966,277	2,680,798

Subsequent Events (Details)

Subsequent Events (Details) - USD ($)	1 Months Ended	9 Months Ended
	Oct. 26, 2023	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022	Dec. 31, 2018
Subsequent Event [Line Items]
Loans funded		$ 181,017,000	$ 2,753,609,000
Convertible Debt
Subsequent Event [Line Items]
Debt instrument, face amount		176,064,000		$ 230,000,000
2023 Notes | Convertible Debt
Subsequent Event [Line Items]
Debt instrument, face amount		$ 176,064,000		$ 230,000,000	$ 230,000,000
Subsequent Event
Subsequent Event [Line Items]
Loans funded	$ 42,800,000
Commercial real estate loans held for sale construction and financing costs capitalized	7,200,000
Proceeds from loan repayments	33,200,000
Subsequent Event | 2023 Notes | Convertible Debt
Subsequent Event [Line Items]
Debt instrument, face amount	$ 176,100,000