Apollo Commercial Real Estate Finance (ARI) 10-K 6 Feb 24 2023 FY Annual report Financial data

Cover Page

Cover Page - USD ($) $ in Billions	12 Months Ended
	Dec. 31, 2023	Feb. 05, 2024	Jun. 30, 2023
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2023
Current Fiscal Year End Date	--12-31
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 Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Small Business Entity	false
Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 1.6
Entity Common Stock, Shares Outstanding		142,096,715
Documents Incorporated by Reference	Documents Incorporated by Reference Portions of the registrant’s proxy statement for the 2024 annual meeting of stockholders are incorporated by reference into Part III of this annual report on Form 10-K.
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Entity Central Index Key	0001467760

Audit Information

Audit Information	12 Months Ended
	Dec. 31, 2023
Audit Information [Abstract]
Auditor Name	DELOITTE & TOUCHE LLP
Auditor Location	New York, New York
Auditor Firm ID	34

Consolidated Balance Sheet

Consolidated Balance Sheet - USD ($) $ in Thousands		Dec. 31, 2023	Dec. 31, 2022
Assets:
Cash and cash equivalents		$ 225,438	$ 222,030
Total carrying value, net		8,358,093	8,681,990
Real estate owned, held for investment, net	[1]	519,498	302,688
Other assets		85,623	70,607
Assets related to real estate owned, held for sale		78,653	162,397
Derivative assets, net		29,425	128,640
Total Assets		9,296,730	9,568,352
Liabilities:
Convertible senior notes, net		0	229,361
Accounts payable, accrued expenses and other liabilities	[2]	120,334	227,360
Debt related to real estate owned, held for investment, net		161,562	160,294
Participations sold		0	25,130
Total Liabilities		7,087,997	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, 141,358,605 and 140,595,995 shares issued and outstanding in 2023 and 2022, respectively		1,414	1,406
Additional paid-in-capital		2,727,488	2,716,907
Accumulated deficit		(520,237)	(363,877)
Total Stockholders’ Equity		2,208,733	2,354,504
Total Liabilities and Stockholders’ Equity		9,296,730	9,568,352
Related Party
Liabilities:
Payable to related party		9,553	9,728
Secured Debt
Liabilities:
Secured debt arrangements, net		5,538,476	5,296,825
Senior secures term loans and notes, net		759,150	763,813
Senior Notes
Liabilities:
Senior secures term loans and notes, net		495,637	494,844
Mortgages
Liabilities:
Secured debt arrangements, net		3,285	6,493
Debt related to real estate owned, held for investment, net		161,600	160,300
Commercial Mortgage Portfolio Segment
Assets:
Total carrying value, net	[3],[4]	7,925,359	8,121,109
Liabilities:
Participations sold		0	25,130
Subordinate Mortgage Portfolio Segment
Assets:
Total carrying value, net	[4],[5]	$ 432,734	$ 560,881
[1]Includes $154,048 pledged pledged pledged

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Real estate owned, accumulated depreciation	$ 10,404
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	141,358,605	140,595,995
Common stock, shares outstanding	141,358,605	140,595,995
Financing receivable, pledged status	Asset Pledged as Collateral [Member]	Asset Pledged as Collateral [Member]
CECL allowance	$ 219,482	$ 159,724
Financing receivable, allowance for credit loss, excluding accrued interest	193,000	133,500
Loan specific reserves	26,482	26,224
General CECL allowance on unfunded commitments	$ 4,017	$ 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	$ 7,705,491	$ 7,482,658
Subordinate Mortgage Portfolio Segment
Specific CECL Allowance	232,991	$ 191,608
Secured Debt Arrangements
Specific CECL Allowance	$ 154,048

Consolidated Statement of Opera

Consolidated Statement of Operations - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Net interest income:
Interest income from commercial mortgage loans	$ 701,002,000	$ 456,513,000	$ 327,702,000
Interest income from subordinate loans and other lending assets	17,280,000	55,590,000	100,413,000
Interest expense	(466,110,000)	(270,525,000)	(162,522,000)
Net interest income	252,172,000	241,578,000	265,593,000
Revenue from real estate owned operations	92,419,000	62,062,000	18,917,000
Total net revenue	344,591,000	303,640,000	284,510,000
Operating expenses:
General and administrative expenses (includes equity-based compensation of $17,444, $18,252 and $17,633 in 2023, 2022 and 2021, respectively)	(29,520,000)	(29,662,000)	(28,845,000)
Operating expenses related to real estate owned	(72,759,000)	(52,368,000)	(19,923,000)
Depreciation and amortization on real estate owned	(8,248,000)	(704,000)	(2,645,000)
Total operating expenses	(148,505,000)	(121,153,000)	(89,573,000)
Other income, net	4,616,000	2,494,000	3,821,000
Net realized gain (loss) on investments	(86,604,000)	18,683,000	(20,767,000)
Gain on extinguishment of debt	495,000	0	0
Decrease (increase) in current expected credit loss allowance, net	(59,428,000)	17,623,000	34,773,000
Realized losses and impairments on real estate owned	0	0	(550,000)
Foreign currency translation gain (loss)	52,031,000	(116,399,000)	(31,687,000)
Net income before taxes	58,569,000	265,232,000	223,515,000
Income tax provision	(442,000)	0	0
Net income	58,127,000	265,232,000	223,515,000
Preferred dividends	(12,272,000)	(12,272,000)	(12,964,000)
Net income available to common stockholders	$ 45,855,000	$ 252,960,000	$ 210,551,000
Net income per share of common stock:
Basic (in dollars per share)	$ 0.29	$ 1.77	$ 1.48
Diluted (in dollars per share)	$ 0.29	$ 1.68	$ 1.46
Basic weighted-average shares of common stock outstanding	141,281,286	140,534,635	139,869,244
Diluted weighted-average shares of common stock outstanding	141,281,286	165,504,660	168,402,515
Dividend declared per share of common stock (in dollars per share)	$ 1.4	$ 1.40	$ 1.40
Related Party
Operating expenses:
Management fees to related party	$ (37,978,000)	$ (38,419,000)	$ (38,160,000)
Foreign Exchange Forward
Operating expenses:
Gain (loss) on sale of derivatives	(48,213,000)	146,981,000	41,674,000
Interest rate cap and swaps
Operating expenses:
Gain (loss) on sale of derivatives	$ (414,000)	$ 13,363,000	$ 1,314,000

Consolidated Statement of Ope_2

Consolidated Statement of Operations (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
General and administrative expenses, equity-based compensation	$ 17,444	$ 18,252	$ 17,633
Foreign currency forward, net
Unrealized gain (loss) on derivatives	(91,434)	104,159	46,714
Interest rate cap and swaps
Unrealized gain (loss) on derivatives	$ (10,098)	$ 7,692	$ 1,314

Consolidated Statement of Chang

Consolidated Statement of Changes in Stockholders’ Equity - USD ($) $ in Thousands	Total	Adjustment due to Adoption of ASU	Preferred Stock	Common Stock	Additional Paid-In-Capital	Additional Paid-In-Capital Adjustment due to Adoption of ASU	Accumulated Deficit	Accumulated Deficit Adjustment due to Adoption of ASU
Stockholders' equity, beginning balance (in shares) at Dec. 31, 2020			6,770,393
Stockholders' equity, beginning balance at Dec. 31, 2020	$ 2,270,529		$ 68	$ 1,393	$ 2,707,792		$ (438,724)
Stockholders' equity, beginning balance (in shares) at Dec. 31, 2020				139,295,867
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock, shares delivered (in shares)				598,193
Capital increase (decrease) related to Equity Incentive Plan	13,355			$ 6	13,349
Offering costs	(99)				(99)
Repurchase of common stock (in shares)			(6,770,393)
Repurchase of common stock	(68)		$ (68)
Issuance of Series B-1 Preferred Stock (in shares)			6,770,393
Issuance of Series B-1 Preferred Stock	68		$ 68
Net income (loss)	223,515						223,515
Dividends declared on preferred stock	(12,964)						(12,964)
Dividends declared on common stock	(199,710)						(199,710)
Stockholders' equity, ending balance (in shares) at Dec. 31, 2021				139,894,060
Stockholders' equity, ending balance at Dec. 31, 2021	2,294,626	$ (3,416)	$ 68	$ 1,399	2,721,042	$ (15,408)	(427,883)	$ 11,992
Stockholders' equity, ending balance (in shares) at Dec. 31, 2021			6,770,393
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock, shares delivered (in shares)				701,935
Capital increase (decrease) related to Equity Incentive Plan	11,280			$ 7	11,273
Net income (loss)	265,232						265,232
Dividends declared on preferred stock	(12,272)						(12,272)
Dividends declared on common stock	$ (200,946)						(200,946)
Stockholders' equity, ending balance (in shares) at Dec. 31, 2022	140,595,995			140,595,995
Stockholders' equity, ending balance at Dec. 31, 2022	$ 2,354,504	$ (3,400)	$ 68	$ 1,406	2,716,907		(363,877)
Stockholders' equity, ending balance (in shares) at Dec. 31, 2022			6,770,393
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock, shares delivered (in shares)				762,610
Capital increase (decrease) related to Equity Incentive Plan	10,589			$ 8	10,581
Net income (loss)	58,127						58,127
Dividends declared on preferred stock	(12,272)						(12,272)
Dividends declared on common stock	$ (202,215)						(202,215)
Stockholders' equity, ending balance (in shares) at Dec. 31, 2023	141,358,605			141,358,605
Stockholders' equity, ending balance at Dec. 31, 2023	$ 2,208,733		$ 68	$ 1,414	$ 2,727,488		$ (520,237)
Stockholders' equity, ending balance (in shares) at Dec. 31, 2023			6,770,393

Consolidated Statement of Cha_2

Consolidated Statement of Changes in Stockholders’ Equity (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement of Stockholders' Equity [Abstract]
Dividends declared on preferred stock (in dollars per share)	$ 1.81	$ 1.81	$ 1.90
Dividends declared on common stock (in dollars per share)	$ 1.4	$ 1.40	$ 1.40

Consolidated Statement of Cash

Consolidated Statement of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash flows from operating activities:
Net income (loss)	$ 58,127	$ 265,232	$ 223,515
Adjustments to reconcile net income to net cash provided by operating activities:
Amortization of discount/premium and payment-in-kind interest	(30,845)	(50,966)	(69,590)
Amortization of deferred financing costs	15,962	12,034	13,740
Equity-based compensation	17,444	18,252	17,633
Increase (decrease) in current expected credit loss allowance, net	59,428	(17,623)	(34,773)
Foreign currency (gain) loss	(40,922)	97,330	31,096
Depreciation and amortization on real estate owned	8,248	704	2,645
Loss from unconsolidated joint venture	0	0	161
Gain on extinguishment of debt	(495)	0	0
Net realized loss on investment	86,604	(18,683)	21,317
Changes in operating assets and liabilities:
Proceeds received from payment-in-kind interest	15,407	83,731	35,400
Other assets	(13,367)	(22,910)	1,628
Payment for interest rate cap	(2,317)	0	0
Origination of subordinate loan, held for sale	0	0	(31,200)
Sale of subordinate loan, held for sale	0	0	31,200
Accounts payable, accrued expenses and other liabilities	(769)	12,500	4,464
Payable to related party	(175)	(45)	175
Net cash provided by operating activities	273,862	267,705	199,383
Cash flows from investing activities:
New funding of commercial mortgage loans	(456,167)	(3,027,742)	(2,780,887)
Add-on funding of commercial mortgage loans	(376,060)	(483,795)	(350,926)
Increase (decrease) in collateral related to derivative contracts, net	(112,800)	117,200	49,740
Add-on funding of subordinate loans and other lending assets	(96,879)	(113,124)	(177,269)
Capital expenditures on real estate assets	(72,631)	(33,035)	(133)
Proceeds received from the repayment and sale of commercial mortgage loans	1,093,181	1,874,933	1,509,428
Proceeds received from the repayment of subordinate loans and other lending assets	75,271	279,336	303,831
Origination and exit fees received on commercial mortgage loans, and subordinate loans and other lending assets, net	13,936	46,874	42,750
Cash received from hotel title assumption	569	0	4,148
Proceeds received from the sale of real estate owned, held for sale	0	0	42,356
Net cash provided by (used in) investing activities	68,420	(1,339,353)	(1,356,962)
Cash flows from financing activities:
Payment of offering costs	0	0	(99)
Proceeds from secured debt arrangements	806,843	2,836,372	2,279,691
Repayments of secured debt arrangements	(679,339)	(1,453,921)	(1,510,236)
Repayments of senior secured term loan principal	(8,000)	(8,000)	(7,250)
Repayments and repurchases of convertible notes	(229,506)	(345,000)	0
Proceeds from issuance of senior secured term loan	0	0	297,000
Proceeds from issuance of senior secured notes	0	0	500,000
Proceeds related to financing on real estate owned	0	164,835	0
Repayment of debt related to real estate owned	0	0	(143,073)
Payment of deferred financing costs	(12,212)	(16,494)	(23,958)
Payment of withholding tax on RSU delivery	(6,855)	(6,972)	(4,278)
Dividends on common stock	(202,019)	(200,574)	(199,646)
Dividends on preferred stock	(12,272)	(12,272)	(12,964)
Net cash provided by (used in) financing activities	(343,360)	957,974	1,175,187
Net increase (decrease) in cash and cash equivalents, including cash classified within assets related to real estate owned, held for sale	(1,078)	(113,674)	17,608
Decrease (increase) in cash classified within assets related to real estate owned, held for sale	5,100	(5,677)	0
Net increase (decrease) in cash and cash equivalents	4,022	(119,351)	17,608
Cash and cash equivalents beginning of period	222,030	343,106	325,498
Effects of foreign currency translation on cash and cash equivalents	(614)	(1,725)	0
Cash and cash equivalents end of period	225,438	222,030	343,106
Supplemental disclosure of cash flow information:
Interest paid	443,626	246,370	137,671
Income tax paid	795	0	0
Supplemental disclosure of non-cash financing activities:
Dividend declared, not yet paid	53,407	53,711	52,398
Change in participation sold	(25,130)	(1,934)	19,760
Repayments of payment-in-kind on participation sold	0	0	(27,670)
Change in loan proceeds held by servicer	2,900	(192)	3,179
Assumption of real estate	75,000	270,035	154,300
Assumption of other assets related to real estate owned	2,827	0	1,555
Assumption of accounts payable, accrued expenses and other liabilities related to real estate owned	(3,396)	0	4,641
Assumption of debt related to real estate owned	0	0	(110,073)
Transfer of assets to assets related to real estate owned, held for sale	79,021	155,542	0
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	0
Transfer of assets related to real estate owned, held for sale to other assets	4,357	0	0
Transfer of liabilities to liabilities related to real estate owned, held for sale	1,438	7,156	0
Transfer of liabilities related to real estate owned, held for sale to accounts payable, accrued expenses and other liabilities	7,163	0	0
Transfer of subordinate loan to subordinate loan, held for sale	0	0	(45,289)
Retirement of Series B Preferred Stock	0	0	(169,260)
Issuance of Series B-1 Preferred Stock	0	0	169,260
Foreign Exchange Forward
Adjustments to reconcile net income to net cash provided by operating activities:
Unrealized gain (loss) on derivatives	91,434	(104,159)	(46,714)
Interest rate cap and swaps
Adjustments to reconcile net income to net cash provided by operating activities:
Unrealized gain (loss) on derivatives	$ 10,098	$ (7,692)	$ (1,314)

Organization

Organization	12 Months Ended
	Dec. 31, 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	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Presentation The accompanying consolidated financial statements include our accounts and those of our consolidated subsidiaries. All intercompany amounts have been eliminated. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America ("GAAP") requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Our most significant estimates include loan loss allowances. Actual results could differ from those estimates. We currently operate in one reporting segment. Principles of Consolidation We consolidate all entities that we control through either majority ownership or voting rights. In addition, we consolidate all variable interest entities ("VIEs") of which we are considered the primary beneficiary. VIEs are defined as entities in which equity investors (i) do not have the characteristics of a controlling financial interest and/or (ii) do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support from other parties. The entity that consolidates a VIE is known as its primary beneficiary and is generally the entity with (i) the power to direct the activities that most significantly affect the VIE’s economic performance, and (ii) the right to receive benefits from the VIE or the obligation to absorb losses of the VIE that could be significant to the VIE. Consolidated Joint Venture In the third quarter of 2022, we contributed an assemblage of properties in downtown Brooklyn, NY to a joint venture with WG Bowtie, LLC, a real estate developer. The entity was deemed to be a VIE of which we were deemed 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. See further discussion in "Note 5 – Real Estate Owned." Barclays Securitization During the second quarter of 2020, we entered into a private securitization with Barclays Bank plc. We have determined that the issuer of this securitization, ACRE Debt 2 PLC, is a VIE of which we were deemed to be the primary beneficiary, because we have the power to direct the activities of the VIE, and therefore, we consolidated the operations of this entity in accordance with GAAP. The collateral assets of the securitization are included in commercial mortgage loans, net on our consolidated balance sheets. The liabilities of the securitization to the senior note holders, excluding the notes held by us, are included in secured debt arrangements, net on our consolidated balance sheet. See further discussion in "Note 7 - Secured Debt Arrangements, Net." Unconsolidated Joint Ventures 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 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. See further discussion in "Note 4 – Commercial Mortgage, Subordinate Loans and Other Lending Assets, Net." In October 2020, we entered a joint venture with CCOF Design Venture, LLC ("CCOF"), which owned the underlying properties that secured our first mortgage loan. The entity in which we owned an interest, and which owned the underlying properties was deemed to be a VIE and we determined that we were not the primary beneficiary of that VIE as we did not have the power to direct the entities activities. In the fourth quarter of 2022, the underlying properties were sold to a third party and proceeds of the sale were distributed to the joint venture partners. 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 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 December 31, 2023. Cash and Cash Equivalents Cash and cash equivalents represent cash held in banks and liquid investments with original maturities of 90 days or less. Substantially all of the Company's cash on deposit is in interest bearing accounts with major financial institutions and exceeds federally insured limits. As of both December 31, 2023 and 2022, we had no restricted cash on our consolidated balance sheets. Classification of Investments and Valuations of Financial Instruments Our investments consist primarily of commercial mortgage loans, subordinate loans, and other lending assets that are classified as held-to-maturity. Classification of Loans Loans held to maturity are stated at the principal amount outstanding, adjusted for deferred fees and current expected credit losses, in accordance with GAAP. Loans held for sale are classified as such if there is a reasonable expectation to sell them in the short-term following the reporting date. Loans classified as held for sale are stated at the lower of amortized cost or fair value, in accordance with GAAP. As of both December 31, 2023 and 2022, there were no loans classified as held for sale on our consolidated balance sheets. Securities, held-to-maturity GAAP requires that at the time of purchase, we designate investment securities as held-to-maturity or trading, depending on our investment strategy and ability to hold such securities to maturity. Held-to-maturity securities where we have not elected to apply the fair value option are stated at cost plus any premiums or discounts, which are amortized or accreted through the consolidated statements of operations using the effective interest method. Current Expected Credit Losses ("CECL") In accordance with ASC Topic 326 “Financial Instruments – Credit Losses,” which we refer to as the "CECL Standard", we record allowances for our commercial mortgage loans and subordinate loans and other lending assets that are held-to-maturity. These allowances 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. As a practical expedient in accordance with the CECL Standard, we record loan specific allowances ("Specific CECL Allowance") for assets that are collateral dependent and where the borrower or sponsor is experiencing financial difficulty. For the remainder of the loan portfolio, we record a general allowance ("General CECL Allowance", and together with Specific CECL Allowance, "CECL Allowances") on a collective basis by assets with similar risk characteristics. Subsequent changes to the CECL Allowance are recognized through net income on our consolidated statement of operations. The CECL Standard requires an entity to consider historical loss experience, current conditions, and a reasonable and supportable forecast of the macroeconomic environment. The FASB recognizes the weighted average remaining maturity ("WARM") method as an acceptable approach for computing current expected credit losses. We utilize the WARM method to determine a General CECL Allowance for a majority of our portfolio. In the future, we may use other acceptable methods, such as a probability-of-default/loss-given-default method. Specific CECL Allowance Our loans are typically collateralized by commercial real estate. As a result, we regularly evaluate the extent and impact of any credit migration associated with the performance and/or value of the underlying collateral property as well as the financial and operating capability of the borrower/sponsor on a loan-by-loan basis. Specifically, a property’s operating results and any cash reserves are analyzed and used to assess (i) whether cash flows from operations are sufficient to cover the debt service requirements currently and into the future, (ii) the ability of the borrower to refinance the loan, and/or (iii) the property’s liquidation value. We also evaluate the financial wherewithal of any loan guarantors as well as the borrower’s competency in managing and operating the properties. In addition, we consider the overall economic environment, real estate sector, and geographic sub-market in which the borrower operates. Such analyses are completed and reviewed by asset management and finance personnel, who utilize various data sources, including (i) periodic financial data such as debt service coverage ratio, property occupancy, tenant profile, rental rates, operating expenses, the borrower’s exit plan, and capitalization and discount rates, (ii) site inspections, and (iii) current credit spreads and discussions with market participants. For loans where we have deemed the borrower/sponsor to be experiencing financial difficulty, we have elected to apply a practical expedient in accordance with the CECL Standard. In accordance with the practical expedient approach, we determine the loan loss provision to be the difference between the fair value of the underlying collateral and the carrying value of the loan (prior to the loan loss allowance). When the repayment or satisfaction of a loan is dependent on a sale, rather than operations, of the collateral, the fair value is adjusted for the estimated cost to sell the collateral. The fair value of the underlying collateral is determined by using method(s) such as discounted cash flow, the market approach, or direct capitalization approach. The key unobservable inputs used to determine the fair value of the underlying collateral may vary depending on the information available to us and market conditions as of the valuation date. If we deem all or any portion of a loan balance uncollectible, that amount is written-off. General CECL Allowance In accordance with the WARM method, an annual historical loss rate is applied to the amortized cost of an asset or pool of assets over the remaining expected life. The WARM method requires consideration of the timing of expected future fundings of existing commitments and repayments over each asset’s remaining life. An annual loss factor, adjusted for macroeconomic estimates, is applied over each subsequent period and aggregated to arrive at the General CECL Allowance. In determining the General CECL Allowance, we considered various factors including (i) historical loss experience in the commercial real estate lending market, (ii) timing of expected repayments and satisfactions, (iii) expected future funding, (iv) capital subordinate to us when we are the senior lender, (v) capital senior to us when we are the subordinate lender, and (vi) our current and future view of the macroeconomic environment. The standard requires the use of significant judgment to arrive at an estimated credit loss. We derived an annual historical loss rate based on a CMBS database with historical losses from 1998 through the fourth 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. The General CECL Allowance on subordinate loans is calculated by incorporating both the loan balance of the position(s) of the structurally senior third-party lender(s) and the balance of our subordinate loan(s). The subordinate loans, by virtue of being the first loss position, are required to absorb losses prior to the senior position(s) being impacted, resulting in a higher percentage allowance attributable to the subordinate loan. The General CECL Allowance on unfunded loan commitments is time-weighted based on our expected commitment to fund such obligations. The General CECL Allowance on unfunded commitments is recorded as a liability on our consolidated balance sheets within accounts payable, accrued expenses and other liabilities. Refer to "Note 4 - Commercial Mortgage, Subordinate Loans and Other Lending Assets, Net" for further information regarding CECL. Assets and Liabilities Related to Real Estate Owned In order to maximize recovery against a defaulted loan, we may assume legal title or physical possession of the underlying collateral through foreclosure or the execution of a deed-in-lieu of foreclosure. Foreclosed properties are classified as real estate owned and recognized at fair value on our consolidated balance sheets in accordance with the acquisition method under Accounting Standards Codification (“ASC”) Topic 805, “Business Combinations.” When determining the fair value of real estate assets and liabilities, we make certain assumptions including, but not limited to, consideration of projected operating cash flows, comparable selling prices and projected cash flows from the eventual disposition of the real estate asset based upon our estimate of a capitalization rate and discount rate. Real estate assets and liabilities are evaluated for impairment on a quarterly basis. A real estate asset is considered impaired when the sum of estimated future undiscounted cash flows to be generated by the real estate asset over the estimated remaining holding period is less than the carrying value of such real estate asset. An impairment charge is recorded equal to the excess of the carrying value of the real estate asset over the fair value. Real Estate Owned, Held for Investment Real estate assets that are acquired for investment are assumed at their estimated fair value at acquisition and presented net of accumulated depreciation and impairments, if applicable. Upon acquisition, we allocate the value of acquired real estate assets based on the fair value of the acquired land, building, furniture, fixtures and equipment, and intangible assets, if applicable. Real estate assets are depreciated using the straight-line method over the assets' estimated useful lives of up to 40 years for buildings and up to 8 years for furniture, fixtures and equipment. Renovations and/or replacements that improve or extend the life of the real estate asset are capitalized and depreciated over their estimated useful lives. The cost of ordinary repairs and maintenance are expensed as incurred. For real estate projects under development, we capitalize costs incurred to prepare the property for its intended use in accordance with ASC Topic 970, "Real Estate — General." Such costs can include costs related to acquisition, construction, financing, development and real estate taxes. Real Estate Owned, Held for Sale Real estate owned is classified as held for sale in the period in which the six criteria under ASC Topic 360, "Property, Plant, and Equipment" are met: (1) we commit to a plan and have the authority to sell the asset; (2) the asset is available for sale in its current condition; (3) we have initiated an active marketing plan to locate a buyer for the asset; (4) the sale of the asset is both probable and expected to qualify for full sales recognition within a period of 12 months; (5) the asset is being actively marketed for sale at a price that is reflective of its current fair value; and (6) we do not anticipate changes to our plan to sell the asset. Real estate owned, held for sale is held at the lower of cost or fair market value. Once a real estate asset is classified as held for sale, depreciation expense is no longer recorded. Deferred Financing Costs Costs incurred in connection with financings are capitalized and amortized over the respective financing terms and are reflected on the accompanying consolidated statement of operations as a component of interest expense. At December 31, 2023 and 2022, we had $25.2 million and $27.7 million, respectively, of capitalized financing costs, net of amortization, included as a direct deduction from the carrying amount of our debt. Earnings per Share GAAP requires the use of the two-class method of computing earnings per share for all periods presented for each class of common stock and participating security as if all earnings for the period had been distributed. Under the two-class method, during periods of net income, the net income is first reduced for dividends declared on all classes of securities to arrive at undistributed earnings. During periods of net losses, the net loss is reduced for dividends declared on participating securities only if the security has the right to participate in the earnings of the entity and an objectively determinable contractual obligation to share in net losses of the entity. The remaining earnings are allocated to common stockholders and participating securities to the extent that each security shares in earnings as if all of the earnings for the period had been distributed. Each total is then divided by the applicable number of shares to arrive at basic earnings per share. For the diluted earnings, the denominator includes all outstanding shares of common stock and all potential shares of common stock assumed issued if they are dilutive. The numerator is adjusted for any changes in income or loss that would result from the assumed conversion of these potential shares of common stock. The dilutive effect to earnings per share for the years ended December 31, 2023, 2022 and 2021 was determined using the "if converted" method whereby, if the conversion of the convertible notes would be dilutive, interest expense on the outstanding notes is added back to the diluted earnings numerator and all of the potentially dilutive shares are included in the diluted common shares outstanding denominator for the computation of diluted earnings per share. Foreign Currency From time to time we enter into transactions denominated in currencies other than USD. Foreign exchange gains and losses arising on such transactions are recorded as a gain or loss in our consolidated statement of operations. Assets and liabilities denominated in currencies other than USD are translated to USD at the exchange rate prevailing at the reporting date and income, expenses, gains, and losses are translated at the prevailing exchange rate on the dates that they were recorded. Hedging Instruments and Hedging Activities Consistent with maintaining our qualification as a REIT, in the normal course of business, we use a variety of derivative financial instruments to manage, or hedge, interest rate and foreign currency risk. Derivatives are used for hedging purposes rather than speculation. There is a gain or loss associated with forward points on our foreign currency hedges, which reflect the interest rate differentials, at the time of entering into the hedge, between the applicable local base rate of our foreign currency investments and the comparable rate in the U.S. GAAP requires an entity to recognize all derivatives as either assets or liabilities on the balance sheets and to measure those instruments at fair value. To the extent the instrument qualifies for hedge accounting, the fair value adjustments will be recorded as a component of other comprehensive income in stockholders’ equity until the hedged item is recognized in earnings. We have not designated any of our derivative instruments as hedges under GAAP and therefore, changes in the fair value of our derivatives are recorded directly in earnings. We determine fair value of our derivative contracts using quotations from a third-party expert. The fair value is derived by comparing the contracted forward exchange rate to the current market exchange rate, as well as by using a discounted cash flow analysis on the expected cash flows of each derivative. If our hedging activities do not achieve the desired results, reported earnings may be adversely affected. Income Taxes We have elected to be taxed as a REIT under Sections 856-859 of the Internal Revenue Code of 1986, as amended. Under those sections, a REIT which distributes at least 90% of its REIT taxable income, excluding net capital gains and determined without regard to the dividends paid deduction, as a dividend to its stockholders each year and which meets certain other conditions will not be taxed on that portion of its taxable income which is distributed to its stockholders. We have elected to treat certain consolidated subsidiaries and may in the future elect to treat newly formed subsidiaries, as taxable REIT subsidiaries. Taxable REIT subsidiaries may participate in non-real estate related activities and/or perform non-customary services for tenants and are subject to U.S. federal and state income tax at regular corporate tax rates. Our major tax jurisdictions are U.S. federal, New York State and New York City and the statute of limitations is open for all jurisdictions for the years 2020 through 2023. We do not have any unrecognized tax benefits and do not expect a change in our position for unrecognized tax benefits in the next 12 months. Investments in Unconsolidated Joint Ventures Investments are accounted for under the equity method when (i) requirements for consolidation are not met, and (ii) we have significant influence over the operations of the investee. Equity method investments are initially recorded at cost and subsequently adjusted for our share of net income or loss and cash contributions and distributions each period. This adjustment is made at the end of each reporting period, generally on a one quarter lag, based on the best information available to us. Investments in unconsolidated joint ventures are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is measured based on the excess of the carrying amount of an investment over its estimated fair value. Impairment analyses are based on current plans, intended holding periods and available information at the time the analyses are prepared. The evaluation of anticipated cash flows is subjective and is based, in part, on assumptions regarding future occupancy and rental rates of the underlying property and capital requirements that could differ materially from actual results. Refer to Principals of Consolidation above for additional details related to two unconsolidated joint ventures concluded to be VIEs and assessed for consolidation. Secured Debt Arrangements Secured debt arrangements are accounted for as financing transactions, unless they meet the criteria for sale accounting. Loans financed through a secured debt arrangement remain on our consolidated balance sheets as an asset and cash received from the purchaser is recorded on our consolidated balance sheets as a liability. Interest incurred in accordance with secured debt arrangements is recorded as interest expense. Securitization/Sale and Financing Arrangements We periodically sell our financial assets, such as commercial mortgage loans, subordinate loans and other lending assets. In connection with these transactions, we may retain or acquire senior or subordinated interests in the related assets. Gains and losses on such transactions are recognized using the guidance in ASC 860, "Transfers and Servicing", which is based on a financial-components approach that focuses on control. Under this approach, after a transfer of financial assets that meets the criteria for treatment as a sale-legal isolation, ability of transferee to pledge or exchange the transferred assets without constraint, and transferred control an entity recognizes the financial assets it retains and any liabilities it has incurred, derecognizes the financial assets it has sold, and derecognizes liabilities when extinguished. We determine the gain or loss on sale of the assets by allocating the carrying value of the sold asset between the sold asset and the interests retained based on their relative fair values, as applicable. The gain or loss on sale is the difference between the cash proceeds from the sale and the amount allocated to the sold asset. When a transfer does not meet the criteria of a sale under ASC 860, we account for such transfer as a secured borrowing on our consolidated balance sheets as both an asset and a non-recourse liability. The non-recourse liability is recorded under "Participations Sold" and the income earned is recorded as interest income and an identical amount is recorded as interest expense on our consolidated statements of operations. Senior Secured Notes We include our senior secured notes in our consolidated balance sheets as a liability, net of original issue discount and deferred financing costs. Discount or transaction expenses are deferred and amortized through the maturity. Interest paid in accordance with our senior secured notes is recorded in interest expense. Senior Secured Term Loans We include our senior secured term loans (the "Term Loans") in our consolidated balance sheets as a liability, net of original issue discount and deferred financing costs. Discount or transaction expenses are deferred and amortized through the maturity. Interest paid in accordance with our Term Loans is recorded in interest expense. Convertible Senior Notes We include our convertible senior notes in our consolidated balance sheets as a liability, net of original issue discount. Discounts are deferred and amortized through the maturity of the notes. Interest paid in accordance with our convertible senior notes is recorded in interest expense. Revenue Recognition Interest income on our lending assets is accrued based on the actual coupon rate adjusted for accretion of any purchase discounts, the amortization of any purchase premiums and the accretion of any deferred fees, in accordance with GAAP. Loans that are significantly past due may be placed on non-accrual if we determine it is probable that we will not collect all payments which are contractually due. When a loan is placed on non-accrual, interest is only recorded as interest income when it's received. Under certain circumstances, we may apply cost recovery under which interest collected on a loan reduces its amortized cost. The cost recovery method will no longer apply if collection of all principal and interest is reasonably assured. A loan may be placed back on accrual status if we determine it is probable that we will collect all payments which are contractually due. Operating revenue from real estate owned, held for sale that is a hotel property represents revenue associated with the operations of the hotel property. Revenue from the operation of the hotel property is recognized when guestrooms are occupied or services have been rendered. Revenues are recorded net of any discounts and sales and other taxes collected from customers. Revenues consist of room sales, food and beverage sales and other hotel revenues. Gains or losses on the sale of real estate assets, including residential property, are recognized in accordance with ASC 610-20, "Gains and Losses from the Derecognition of Nonfinancial Assets". We use specific identification method to allocate costs. Share-based Payments We account for share-based compensation to our independent directors, to the Manager and to employees of the Manager and its affiliates using the fair value-based methodology prescribed by GAAP. Compensation cost related to restricted common stock issued is measured at its fair value at the grant date and amortized into expense over the vesting period on a straight-line basis. We recognize forfeitures of restricted common stock as they occur. Recent Accounting Pronouncements In August 2020, the Financial Accounting Standards Board ("FASB") issued ASU 2020-06 "Debt – Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging – Contracts in Entity’s Own Equity" ("ASU 2020-06"). The intention of ASU 2020-06 is to address the complexities in accounting for certain financial instruments with a debt and equity component. Under ASU 2020-06, the number of accounting models for convertible notes will be reduced and entities that issue convertible debt will be required to use the if-converted method for the computation of diluted "Earnings per share" under ASC 260. ASU 2020-06 is effective for fiscal years beginning after December 15, 2021 and may be adopted through either a modified retrospective method of transition or a fully retrospective method of transition. We adopted ASU 2020-06 through the modified retrospective method on January 1, 2022 through an adjustment to additional paid-in capital, retained earnings, and the carrying values our Convertible Notes. The net impact to stockholders' equity of adopting ASU 2020-06 was $3.4 million. In March 2020, the FASB issued ASU 2020-04 "Reference Rate Reform (Topic 848) – Facilitation of the Effects of Reference Rate Reform on Financial Reporting" ("ASU 2020-04"). ASU 2020-04 provides optional expedients and exceptions for applying GAAP to debt instruments, derivatives, and other contracts that reference London Interbank Offered Rate ("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. The application of ASU 2020-04 has not had a material impact on our consolidated financial statements. In March 2022, the FASB issued ASU 2022-02 "Financial Instruments – Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures" ("ASU 2022-02"). The intention of ASU 2022-02 is to simplify the guidance surrounding loan modifications and restructurings and to eliminate the accounting guidance related to troubled debt restructurings ("TDR"). The new guidance deviates from TDR guidance as disclosures are now based on whether a modification or restructuring with a borrower experiencing financial difficulty results in principal forgiveness, an interest rate reduction, other-than-insignificant payment delay or term extension as opposed to simply a concession. The new guidance requires disclosure by class of financing receivables, of the types of modifications, the financial effects of those modifications and the performance of those modified receivables in the trailing twelve months after modification. Accounting for credit losses under ASC 326 "Financial Instruments—Credit Losses", is also updated to allow entities to use any acceptable method to determine credit losses as a result of modification or restructuring with a borrower experiencing financial difficulty. ASU 2022-02 also requires disclosure of gross write-offs recorded in the current period, on a year-to-date basis, by year of origination in the vintage disclosures. ASU 2022-02 is effective for fiscal years beginning after December 15, 2022. During the third quarter of 2022, we early adopted the TDR enhancements and new vintage disclosure requirements under of ASU 2022-02. Refer to "Note 4 -Commercial Mortgage Loans, Subordinate Loans and Other Lending Assets, Net." In November 2023, the FASB issued ASU 2023-07 "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures" ("ASU 2023-07"). ASU 2023-07 intends to improve reportable segment disclosure requirements, enhance interim disclosure requirements and provide new segment disclosure requirements for entities with a single reportable segment. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and for interim periods with fiscal years beginning after December 15, 2024. ASU 2023-07 is to be adopted retrospectively to all prior periods presented. We are currently assessing the impact this guidance will have on our consolidated financial stat

Fair Value Disclosure

Fair Value Disclosure	12 Months Ended
	Dec. 31, 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 foreign exchange 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 December 31, 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 December 31, 2023 and December 31, 2022 ($ in thousands): Fair Value as of December 31, 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 $ — $ 28,065 $ — $ 28,065 $ — $ 119,499 $ — $ 119,499 Interest rate cap asset — 1,360 — 1,360 — 9,141 — 9,141 Total financial instruments $ — $ 29,425 $ — $ 29,425 $ — $ 128,640 $ — $ 128,640 Non-recurring Fair Value Measurements Property acquired through foreclosure or deed-in-lieu of foreclosure is classified as real estate owned and recognized at fair value on our consolidated balance sheet upon acquisition in accordance with ASC 805. 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 approaches. 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 consolidated balance sheet. No impairments have been recorded as of December 31, 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 December 31, 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 which we repaid at par. At the time of acquisition, we determined the fair value of the real estate assets to be $154.3 million. No impairments have been recorded as of December 31, 2023 or December 31, 2022.

Commercial Mortgage Loans, Subo

Commercial Mortgage Loans, Subordinate Loans and Other Lending Assets, Net	12 Months Ended
	Dec. 31, 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 December 31, 2023 and December 31, 2022 ($ in thousands): Loan Type December 31, 2023 December 31, 2022 Commercial mortgage loans, net (1) $ 7,925,359 $ 8,121,109 Subordinate loans and other lending assets, net 432,734 560,881 Carrying value, net $ 8,358,093 $ 8,681,990 ——————— (1) Includes $95.5 million and $138.3 million in 2023 and 2022, respectively, of contiguous financing structured as subordinate loans. Our loan portfolio consisted of 99% and 98% floating rate loans, based on amortized cost, as of December 31, 2023 and December 31, 2022, respectively. Activity relating to our loan portfolio for the year ended December 31, 2023 was as follows ($ in thousands): Principal Deferred Fees/Other Items Specific CECL Allowance Carrying Value, Net December 31, 2022 $ 8,892,767 $ (51,053) $ (133,500) $ 8,708,214 New funding of loans 456,167 — — 456,167 Add-on loan fundings (2) 472,939 — — 472,939 Loan repayments and sales (1,225,930) — — (1,225,930) Gain (loss) on foreign currency translation 176,534 (827) — 175,707 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 (1) — (16,453) — (16,453) Payment-in-kind interest and amortization of fees — 35,035 — 35,035 December 31, 2023 $ 8,610,110 $ (32,535) $ (193,000) $ 8,384,575 General CECL Allowance (3) (26,482) Carrying value, net $ 8,358,093 ——————— (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) $4.0 million of the General CECL Allowance is excluded from this table because it relates to unfunded commitments and has been recorded as a liability under accounts payable, accrued expenses and other liabilities in our consolidated balance sheet. The following table details overall statistics for our loan portfolio at the dates indicated ($ in thousands): December 31, 2023 December 31, 2022 Number of loans 50 61 Principal balance $ 8,610,110 $ 8,892,767 Carrying value, net $ 8,358,093 $ 8,681,990 Unfunded loan commitments (1) $ 868,582 $ 1,041,654 Weighted-average cash coupon (2) 8.3 % 7.2 % Weighted-average remaining fully-extended term (3) 2.3 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): December 31, 2023 December 31, 2022 Property Type Carrying % of (1) Carrying % of Portfolio (1) Hotel $ 2,128,256 25.4 % $ 2,117,079 24.3 % Office 1,593,320 19.0 1,671,006 19.2 Retail 1,407,764 16.8 1,364,752 15.7 Residential 1,247,238 14.9 1,537,541 17.7 Mixed Use 679,303 8.1 559,809 6.4 Healthcare 511,803 6.1 575,144 6.6 Industrial 293,133 3.5 296,860 3.4 Other (2) 523,758 6.2 586,023 6.7 Total $ 8,384,575 100.0 % $ 8,708,214 100.0 % General CECL Allowance (3) (26,482) (26,224) Carrying value, net $ 8,358,093 $ 8,681,990 ——————— (1) Percentage of portfolio calculations are made prior to consideration of General CECL Allowance. (2) Other property types include parking garages (2.3%), caravan parks (2.4%) and urban predevelopment (1.5%) in 2023, and parking garages (3.1%), caravan parks (2.3%) and urban predevelopment (1.3%) in 2022. (3) $4.0 million and $4.3 million of the General CECL Allowance for 2023 and 2022, respectively, is excluded from this table because it relates to unfunded commitments and has been recorded as a liability under accounts payable, accrued expenses and other liabilities in our consolidated balance sheets. Geography The table below details the geographic distribution of the properties securing the loans in our portfolio at the dates indicated ($ in thousands): December 31, 2023 December 31, 2022 Geographic Location Carrying % of (1) Carrying % of Portfolio (1) United Kingdom $ 2,675,097 31.9 % $ 2,470,532 28.4 % New York City 1,736,856 20.7 2,049,493 23.5 Other Europe (2) 1,686,425 20.1 1,542,462 17.7 Southeast 535,054 6.4 642,542 7.4 Midwest 522,137 6.2 592,756 6.8 West 484,842 5.8 584,247 6.7 Other (3) 744,164 8.9 826,182 9.5 Total $ 8,384,575 100.0 % $ 8,708,214 100.0 % General CECL Allowance (4) (26,482) (26,224) Carrying value, net $ 8,358,093 $ 8,681,990 ——————— (1) Percentage of portfolio calculations are made prior to consideration of General CECL Allowance. (2) Other Europe includes Germany (7.4%), Italy (4.9%), Spain (4.2%), Sweden (2.9%), Ireland (0.5%) and the Netherlands (0.2%) 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 (5.0%), Southwest (1.7%), Mid-Atlantic (1.1%) and Other (1.1%) in 2023 and Northeast (5.5%), Southwest (2.3%), Mid-Atlantic (1.4%) and Other (0.3%) in 2022. (4) $4.0 million and $4.3 million of the General CECL Allowance for 2023 and 2022, respectively, is excluded from this table because it relates to unfunded commitments and has been recorded as a liability under accounts payable, accrued expenses and other liabilities in our consolidated balance sheets. Risk Rating We assess the risk factors of each loan and assign a risk rating based on a variety of factors, including, without limitation, loan to value ("LTV") ratio, debt yield, property type, geographic and local market dynamics, physical condition, cash flow volatility, leasing and tenant profile, loan structure and exit plan, and project sponsorship. We apply these various factors on a case-by-case basis depending on the facts and circumstances for each loan, and the different factors may be given different weightings in different situations. This review is performed quarterly. Based on a 5-point scale, our loans are rated "1" through "5," from less risk to greater risk, which ratings are defined as follows: 1. Very low risk 2. Low risk 3. Moderate/average risk 4. High risk/potential for loss: a loan that has a risk of realizing a principal loss 5. Impaired/loss likely: a loan that has a high risk of realizing principal loss, has incurred principal loss, or an impairment has been recorded The following tables present the carrying value of our loan portfolio by year of origination and internal risk rating and gross write-offs by year of origination as of December 31, 2023 and December 31, 2022, respectively ($ in thousands): December 31, 2023 Amortized Cost by Year Originated Risk Rating Number of Loans Total % of Portfolio 2023 2022 2021 2020 2019 Prior 1 — $ — — % $ — $ — $ — $ — $ — $ — 2 4 478,440 5.7 % — 280,572 — — 132,309 65,560 3 42 7,548,252 90.0 % 440,720 2,426,511 2,285,902 387,323 1,465,618 542,177 4 2 88,112 1.1 % — — — — — 88,112 5 2 269,771 3.2 % — — — 169,881 — 99,890 Total 50 $ 8,384,575 100.0 % $ 440,720 $ 2,707,083 $ 2,285,902 $ 557,204 $ 1,597,927 $ 795,739 General CECL Allowance (1) (26,482) Total carrying value, net $ 8,358,093 Weighted Average Risk Rating 3.0 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 2018 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 $4.3 million of the General CECL Allowance for 2023 and 2022, respectively, is excluded from this table because it relates to unfunded commitments and has been recorded as a liability under accounts payable, accrued expenses and other liabilities in our consolidated balance sheets. CECL In accordance with ASC Topic 326 “Financial Instruments – Credit Losses,” which we refer to as the "CECL Standard", we record allowances for loans and held-to-maturity debt securities that are deducted from the carrying amount of the assets to present the net carrying value of the amounts expected to be collected on the assets. We record loan specific allowances as a practical expedient under the CECL Standard ("Specific CECL Allowance"), which we apply to assets that are collateral dependent and where the borrower or sponsor is experiencing financial difficulty. For the remainder of the portfolio, we record a general allowance ("General CECL Allowance", and together with the Specific CECL Allowance, "CECL Allowances") on a collective basis by assets with similar risk characteristics. We have elected to use the weighted average remaining maturity ("WARM") method in determining a General CECL Allowance for a majority of our portfolio. In the future, we may use other acceptable methods, such as a probability-of-default/loss-given-default method. The following schedule illustrates changes in CECL Allowances f or the year ended December 31, 2023 ($ 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: Allowances (Reversals), net 141,480 258 (330) (72) 141,408 Write Offs (81,980) — — — (81,980) December 31, 2023 $ 193,000 $ 26,482 $ 4,017 $ 30,499 $ 223,499 0.38 % 2.61 % (1) Loans evaluated for Specific CECL Allowance are excluded from General CECL Allowance pool. The following schedule illustrates changes in CECL Allowances f or the year ended December 31, 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: Allowances (Reversals), net 13,396 (7,364) 1,241 (6,123) 7,273 Write Offs (24,896) — — — (24,896) December 31, 2022 $ 133,500 $ 26,224 $ 4,347 $ 30,571 $ 164,071 0.36 % 1.86 % ——————— (1) Loans evaluated for Specific CECL Allowance are excluded from General CECL Allowance pool. 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 fourth 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 consolidated balance sheets within accounts payable, accrued expenses and other liabilities. We have made an accounting policy election to exclude accrued interest receivable ($72.4 million and $65.4 million as of December 31, 2023 and 2022, respectively), included in other assets on our consolidated balance sheets, from the amortized cost basis of the related commercial mortgage loans and subordinate loans and other lending assets in determining the General CECL Allowance, as any uncollectible accrued interest receivable is written off in a timely manner. Although our secured debt obligations and senior secured term loan financing have a minimum tangible net worth maintenance covenant, the General CECL Allowance has no impact on these covenants as we are permitted to add back the General CECL Allowance for the computation of tangible net worth as defined in the respective agreements. The following schedule sets forth our General CECL Allowance as of December 31, 2023 and December 31, 2022 ($ in thousands): December 31, 2023 December 31, 2022 Commercial mortgage loans, net $ 25,723 $ 22,848 Subordinate loans and other lending assets, net 759 3,376 Unfunded commitments (1) 4,017 4,347 Total General CECL Allowance $ 30,499 $ 30,571 ——————— (1) The General CECL Allowance on unfunded commitments is recorded as a liability on our consolidated balance sheets within accounts payable, accrued expenses and other liabilities. Our General CECL Allowance decreased by $0.1 million during the year ended December 31, 2023. The decrease was primarily related to portfolio seasoning and loan repayments outpacing originations. The decrease was partially offset by the impacts of extending our expected loan repayment dates. Our General CECL Allowance decreased by $6.1 million during the year ended December 31, 2022. The decrease was primarily related to portfolio seasoning and changes in expected loan repayment dates. The decrease was partially offset by a more adverse macroeconomic outlook. 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 December 31, 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 $166,890 $67,000 $99,890 Non-Accrual/ 10/1/2019 5 Mortgage total: $166,890 $67,000 $99,890 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: $462,771 $193,000 $269,771 ——————— (1) The fair value of retail collateral was determined by applying a capitalization rate of 9.0%. (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 VIE and we determined that we are not the primary beneficiary of that VIE as we do not have the power to direct the entity's activities. During the years ended December 31, 2023 and 2022, $2.5 million and $1.8 million, respectively, of interest paid was applied towards reducing the carrying value of the loan. During the second quarter of 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 $693.7 million an d $468.0 million as of December 31, 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 years ended December 31, 2023 and 2022, we received $2.5 million and $3.2 million, respectively, in interest that reduced amortized cost under the cost recovery method. As of December 31, 2023 and 2022, the amortized cost basis for loans with accrued interest past due 90 or more days was $693.7 million and $581.3 million, respectively. As of December 31, 2023 and December 31, 2022, there were no loans with accrued interest between 30 and 89 days past due. In March 2018, we originated a first mortgage secured by an office property in Chicago, IL. During the year ended December 31, 2023, we deemed the borrower to be experiencing financial difficulty and modified our loan to provide a two year term extension in exchange for a partial repayment. The loan risk rating remains at 4 as of December 31, 2023. 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 December 31, 2023. R efer to "CECL" section above for additional information regarding our calculation of CECL Allowance. As of December 31, 2023 the aggregate amortized cost of the Senior Mezzanine Loan and Junior Mezzanine A Loan totaled $402.9 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 . During 2022, sales velocity on the underlying property lagged behind the borrower's business plan and management's expectations. Based on this information and broader uncertainty across the ultra-luxury market, we deemed the borrower to be experiencing financial difficulty. Accordingly, we recorded a total loan Specific CECL Allowance of $66.5 million on the Junior Mezzanine B Loan and downgraded its risk rating to a five. As property sales continued to trail behind the borrower's business plan during 2023, we ceased accruing interest on the Senior Loan and the Senior Mezzanine Loan as of May 1, 2023. We also recorded a $126.0 million Specific CECL Allowance on the Junior Mezzanine A Loan, downgraded its risk rating to a five, and increased the previously recorded Specific CECL Allowance on the Junior Mezzanine B Loan by $15.5 million. As of June 30, 2023, we deemed the $82.0 million Junior Mezzanine B Loan to be unrecoverable and therefore 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 consolidated statement of operations. A ny future change to the Specific CECL Allowance will be based upon a number of factors, including but not limited to the continued assessment of both the potential nominal value of remaining inventory as well as the expected sales velocity. 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 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 on our December 31, 2022 consolidated statement of operations . On March 31, 2023, we acquired legal title of the underlying hotel through a deed-in-lieu of foreclosure and recognized an additional $4.8 million loss within net realized loss on investments on our 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 December 31, 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 We recognized no payment-in-kind interest for the year ended December 31, 2023. We recognized payment-in-kind interest of $10.0 million and $47.7 million for the years ended December 31, 2022 and 2021, respectively. We recognized $0.4 million, $3.8 million, and $1.5 million in pre-payment penalties and accelerated fees for the years ended December 31, 2023, 2022 and 2021, respectively. We recognized $3.7 million of shared appreciation fees for the year ended December 31, 2021 related to a first mortgage loan secured by a portfolio of residential-for-rent assets located in the United States, which is recorded in other income in our consolidated statement of operations. 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 third quarter of 2023, this subordinate risk retention interest was repaid in full. In November 2020, the borrower under a £309.2 million commercial mortgage loan ($422.7 million assuming conversion into U.S. Dollars ("USD")), of which we owned £247.5 million ($338.4 million assuming conversion into USD), secured by an urban retail property located in London, United Kingdom, entered into administration triggering an event of default. In accordance with the loan agreement, we were entitled to collect default interest in addition to the contractual interest we had been earning. During the first quarter of 2022, our commercial mortgage loan was fully satisfied and all accrued contractual and default interest was collected. During the third quarter of 2022, one of our commercial mortgage loans collateralized by an office building located in London, United Kingdom was not repaid upon its contractual maturity, triggering an event of default. To provide the borrower with additional time to refinance the loan, we agreed to a conditional waiver of the event of default, and modified the terms of the loan agreement to include (i) a short term extension and (ii) default interest of 2.0%, which we commenced accruing in addition to our contractual rate. In January 2023, the first mortgage loan, including participations sold, was fully satisfied, including all contractual and default interest accrued to date. Refer to "Note 12 – Participations Sold" for additional detail related to the subordinate interest. Loan Sales From time to time, we may enter into sale transactions with other parties. All sale transactions are evaluated in accordance with ASC 860, "Transfers and Servicing" ("ASC 860"). The following loan sales occurred in 2023: During the first quarter of 2023, we sold our entire interests in three commercial mortgage loans secured by various properties in Europe, with aggregate commitments of €205.7 million ($219.0 million assuming conversion into USD, of which €115.0 million or $122.4 million assuming conversion into USD, was funded at the time of sale). Additionally, we sold a partial interest of £15.0 million ($18.2 million assuming conversion into USD) in a commercial mortgage loan secured by a mixed-use property located in London, United Kingdom. These sales were made to entities managed by affiliates of the Manager. We evaluated the transaction under ASC 860 and determined the sale of our entire interests and the sale of the partial interest met the criteria for sale accounting. We recorded a net gain of approximately $0.2 million in connection with these sales during the first quarter of 2023 within Net realized gain (loss) on investments in our consolidated statement of operations. The following loan sales occurred in 2022: During the third quarter of 2022, we transferred a portion of our unfunded commitment of £293.4 million ($327.7 million assuming conversion into USD) in a commercial mortgage loan secured by a mixed use property located in London, United Kingdom to entities managed by affiliates of the Manager. In addition to transferring the unfunded commitment, we also transferred a proportionate share of the origination fee associated with such unfunded commitment, resulting in a reduction to our amortized cost basis. We evaluated the transfer under ASC 860 and determined the transfer met the criteria for sale accounting. We recorded no gain or loss on the sale. In the fourth quarter of 2022, we sold our interest in a $100.0 million subordinate loan secured by an office building located in Manhattan, NY. We determined that this transaction qualifies as a sale and accounted for it as such. We recorded no gain or loss related to this sale. The following loan sales occurred in 2021: In the fourth quarter of 2021, we sold our interest in a $31.2 million subordinate loan secured by a residential-for-sale inventory property located in Boston, MA. We determined that this transaction qualifies as a

Real Estate Owned

Real Estate Owned	12 Months Ended
	Dec. 31, 2023
Real Estate [Abstract]
Real Estate Owned	Real Estate Owned Real Estate Owned, Held for Investment As of December 31, 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 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 consolidated balance sheet. No realized gain or loss was recorded in connection with this reclassification. As of December 31, 2023 and December 31, 2022, the value of net real estate assets related to the D.C. Hotel was $152.4 million and $155.9 million, respectively. As of December 31, 2023, our net real estate assets included depreciable assets of $80.5 million, net of $6.6 million in accumulated depreciation, attributable to the building, and $6.1 million, net of $3.8 million in accumulated depreciation, attributable to FF&E. As of December 31, 2022, our net real estate assets included depreciable assets of $84.6 million, net of $2.4 million in accumulated depreciation, attributable to the building, and $8.1 million, net of $1.0 million in accumulated depreciation, attributable to FF&E. We recorded net income from hotel operations of $7.9 million and $9.0 million for the years ended December 31, 2023 and December 31, 2022. We recorded a net loss of $3.7 million for the year ended 2021. 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 $20.0 million of Specific CECL Allowance during the second quarter of 2021. In the second quarter of 2022, we reversed the remaining $10.0 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 property as of the date of acquisition. 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. We capitalized construction and financing costs of $71.5 million and $32.7 million during the years ended December 31, 2023 and 2022, respectively. As of December 31, 2023 and December 31, 2022, our cost basis in the property was $374.2 million and $302.7 million, respectively. As of December 31, 2023 and December 31, 2022, our cost basis included construction costs of $152.9 million and $81.5 million, respectively. There is no depreciation recorded while the property is under development. 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 December 31, 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 consolidated balance sheets was $161.6 million, net of $3.2 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 December 31, 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 December 31, 2023, the fair value of the interest rate cap is $1.4 million and it is recorded within derivative assets, net on our 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 of 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 $4.8 million, recorded within net realized loss on investments on our consolidated statement of operations. The realized loss represents the difference between the original loan's amortized cost and the fair value of the net assets acquired. During the three months ended June 30, 2023, we received an unsolicited offer from a third party to purchase the Atlanta Hotel. As of June 30, 2023, the hotel's assets and liabilities met the criteria to be classified as held for sale under ASC Topic 360, "Property, Plant, and Equipment." In accordance with ASC Topic 360, we ceased recording depreciation on the building and furniture, fixtures, and equipment on the consolidated statement of operations and we have reclassified assets and liabilities from their respective consolidated balance sheet line items to Assets related to real estate owned, held for sale and Liabilities related to real estate owned, held for sale. Below are the hotel's acquired assets and liabilities as of the date of acquisition on March 31, 2023, which are designated as real estate owned on our consolidated balance sheet ($ in thousands): March 31, 2023 Assets: Cash $ 569 Land 16,628 Buildings 50,152 Furniture, fixtures, and equipment 8,220 Other Assets 2,827 Total Assets $ 78,396 Liabilities: Accounts payable, accrued expenses and other liabilities 3,396 Total Liabilities $ 3,396 Net Real Estate Assets $ 75,000 As of December 31, 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 $75.4 million. As of December 31, 2023, our net real estate assets included depreciable assets of $49.4 million, net of $0.8 million in accumulated depreciation, attributable to the building, and $8.0 million, net of $0.4 million in accumulated depreciation, attributable to FF&E. For the year ended December 31, 2023, we recorded net income from the hotel's operations of $3.5 million.

Other Assets

Other Assets	12 Months Ended
	Dec. 31, 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): December 31, 2023 December 31, 2022 Interest receivable $ 72,354 $ 65,383 Loan proceeds held by servicer (1) 6,271 3,371 Other (2) 6,998 1,853 Total $ 85,623 $ 70,607 ——————— (1) Includes loan principal and interest held by our third-party servicers as of the balance sheet date and remitted during subsequent remittance cycle. (2) Includes $4.6 million of other assets from Real Estate Owned, Held for Investment as of December 31, 2023. Refer to "Note 5 – Real Estate Owned" for additional information.

Secured Debt Arrangements, Net

Secured Debt Arrangements, Net	12 Months Ended
	Dec. 31, 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 year ended December 31, 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. Additionally, during the year ended December 31, 2023, we upsized the Atlas Facility by $83.3 million and the Barclays Private Securitization by $494.1 million. During the year ended December 31, 2022, we entered into two new credit facilities, which provided $252.1 million of additional liquidity, and upsized three of our existing credit facilities by $1.1 billion. Our borrowings under secured debt arrangements at December 31, 2023 and December 31, 2022 are detailed in the following table ($ in thousands): December 31, 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) $ 1,482,584 $ 1,043,964 September 2026 $ 1,532,722 $ 1,306,320 September 2026 JPMorgan Facility - GBP (3)(4) 17,416 17,416 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) 686,527 669,302 April 2027 (6)(7) 635,653 632,747 August 2026 (6)(7) HSBC Facility - GBP 383,967 383,967 May 2025 364,423 364,423 April 2025 HSBC Facility - EUR 281,401 281,401 January 2026 (7) 272,890 272,890 January 2026 Goldman Sachs Facility - USD 13,437 13,437 November 2025 (8) 300,000 70,249 November 2025 (8) Barclays Facility - USD 200,000 107,929 June 2027 (6) 200,000 111,909 June 2027 MUFG Securities Facility - GBP 204,690 204,690 June 2025 (6) 194,272 194,272 June 2025 Churchill Facility - USD 130,000 126,515 March 2026 — — N/A Santander Facility - USD 300,000 67,500 February 2026 (6) — — N/A Santander Facility - EUR 59,611 55,716 August 2024 57,807 53,320 August 2024 Total Secured Credit Facilities 4,459,633 3,247,652 4,325,045 3,459,226 Barclays Private Securitization - GBP, EUR, SEK 2,369,125 2,157,157 June 2026 (7) 1,850,076 1,850,076 February 2026 (7) Revolving Credit Facility - USD (9) 170,000 147,000 March 2026 — — N/A Total Secured Debt Arrangements 6,998,758 5,551,809 6,175,121 5,309,302 Less: deferred financing costs N/A (13,333) N/A (12,477) Total Secured Debt Arrangements, net (10)(11)(12) $ 6,998,758 $ 5,538,476 $ 6,175,121 $ 5,296,825 ——————— (1) As of December 31, 2023, British Pound Sterling("GBP"), Euro ("EUR"), and Swedish Krona ("SEK") borrowings were converted to USD at a rate of 1.27, 1.10, and 0.10, 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 December 31, 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) Facility entered the two-year amortization period. During the amortization period, the maturity date for current outstanding transactions are extended for a period of up to two years from the November 2023 maturity. (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 December 31, 2023 and December 31, 2022 were applicable benchmark rates and credit spread adjustments, plus spreads of USD: +2.49% / GBP: +2.21% / EUR: +1.86% / 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 December 31, 2023 and December 31, 2022 were 68.4% (62.9% (USD) / 72.5% (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 December 31, 2023 and December 31, 2022, approximately 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 December 31, 2023 and December 31, 2022, t he weighted average haircut under our secured debt arrangements was approxi mately 31.6% 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, 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. 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. The 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 December 31, 2023 we had $147.0 million outstanding on the Revolving Credit Facility. During the year ended December 31, 2023, we recorded $282.8 thousand in unused fees and $168.3 thousand in contractual interest expense. Barclays Private Securitization We are party to a private securitization with Barclays Bank plc (the "Barclays Private Securitization"). Commercial mortgage loans currently financed under the Barclays Securitization are denominated in GBP, EUR and SEK. The Barclays Private Securitization does not include daily margining provisions and grants us significant discretion to modify certain terms of the underlying collateral including waiving certain loan-level covenant breaches and deferring or waiving of debt service payments for up to 18 months. The securitization includes loan-to-value based covenants with deleveraging requirements that are based on significant declines in the value of the collateral as determined by an annual third-party (engaged by us) appraisal process tied to the provisions of the underlying loan agreements. We believe this provides us with both cushion and predictability to avoid sudden unexpected outcomes and material repayment requirements. The table below provides principal balances and the carrying value for commercial mortgage loans pledged to the Barclays Private Securitization as of December 31, 2023 and December 31, 2022 ($ in thousands): December 31, 2023 Local Currency Count Outstanding Principal Carrying Value GBP 7 $ 1,662,457 $ 1,643,979 EUR 6 1,021,272 1,012,987 SEK 1 248,088 246,220 Total 14 $ 2,931,817 $ 2,903,186 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 December 31, 2023 ($ in thousands): Borrowings Outstanding (1) Fully-Extended Maturity (2) Total/Weighted-Average GBP $ 1,234,740 June 2026 Total/Weighted-Average EUR 723,947 May 2026 (3) Total/Weighted-Average SEK 198,470 May 2026 Total/Weighted-Average Securitization $ 2,157,157 June 2026 ——————— (1) As of December 31, 2023, we had £969.9 million, €655.8 million, and kr2.0 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 consolidated balance sheets ($ in thousands): December 31, 2023 December 31, 2022 Assets: Cash $ 924 $ 758 Commercial mortgage loans, net (1) 2,903,186 2,468,195 Other Assets 41,180 30,992 Total Assets $ 2,945,290 $ 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) $ 2,155,197 $ 1,847,799 Accounts payable, accrued expenses and other liabilities (2) 9,083 8,814 Total Liabilities $ 2,164,280 $ 1,856,613 ——————— (1) Net of the General CECL Al lowance of $8.3 million and $8.2 million as of December 31, 2023 and December 31, 2022, respectively. (2) Includes General CECL Allowance related to unfunded commitments on commercial mortgage loans, net o f $2.5 million and $2.9 million as of December 31, 2023 and December 31, 2022, respectively. The table below provides the net income (loss) of the Barclays Private Securitization VIE included in our consolidated statement of operations ($ in thousands): Year ended December 31, 2023 2022 Net Interest Income: Interest income from commercial mortgage loans $ 217,132 $ 126,847 Interest expense (113,910) (51,487) Net interest income $ 103,222 $ 75,360 General and administrative expense (16) — Decrease (increase) in current expected credit loss allowance, net 277 1,101 Foreign currency translation gain (loss) 29,425 (62,058) Net Income $ 132,908 $ 14,403 At December 31, 2023, our borrowings had the following remaining maturities ($ in thousands): Less than 1 to 3 3 to 5 More than Total JPMorgan Facility $ 268,118 $ 793,262 $ — $ — $ 1,061,380 Deutsche Bank Facility 95,686 180,129 — — 275,815 Atlas Facility — 88,167 581,135 — 669,302 HSBC Facility — 665,368 — — 665,368 Goldman Sachs Facility — 13,437 — — 13,437 Barclays Facility — — 107,929 — 107,929 MUFG Securities Facility — 204,690 — — 204,690 Churchill Facility — 126,515 — — 126,515 Santander Facility - USD — 67,500 — — 67,500 Santander Facility - EUR 55,716 — — — 55,716 Barclays Private Securitization 367,657 1,387,849 401,651 — 2,157,157 Revolving Credit Facility 77,000 70,000 — — 147,000 Total $ 864,177 $ 3,596,917 $ 1,090,715 $ — $ 5,551,809 The table above reflects the fully extended maturity date of the facility and assumes facilities with an "evergreen" feature continue to extend through the fully-extended maturity of the underlying asset and assumes underlying loans are extended with consent of financing providers. The table below summarizes the outstanding balances at December 31, 2023, as well as the maximum and average month-end balances for the year ended December 31, 2023 for our borrowings under secured debt arrangements ($ in thousands). As of December 31, 2023 For the year ended December 31, 2023 Balance Collateral (1) Maximum Month-End Average Month-End JPMorgan Facility $ 1,061,380 $ 1,871,854 $ 1,324,226 $ 1,190,651 Deutsche Bank Facility 275,815 419,170 385,818 322,676 Goldman Sachs Facility 13,437 28,533 70,249 30,482 Atlas Facility 669,302 933,085 688,126 667,794 HSBC Facility 665,368 860,134 667,430 651,758 Barclays Facility 107,929 129,439 111,909 110,729 MUFG Securities Facility 204,690 278,223 206,362 200,447 Churchill Facility 126,515 168,138 130,000 128,094 Santander Facility - USD 67,500 99,648 75,000 68,125 Santander Facility - EUR 55,716 74,288 55,716 54,347 Barclays Private Securitization 2,157,157 2,911,470 2,157,157 1,896,144 Revolving Credit Facility 147,000 319,048 147,000 93,500 Total $ 5,551,809 $ 8,093,030 (1) Represents the amortized cost balance of commercial loan collateral assets and the value of net real estate assets of real property owned collateral assets. 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 Collateral (1) 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 (1) Represents the amortized cost balance of commercial loan collateral assets. 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 (ratio is 4.00:1 for our Revolving Credit Facility); 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. Our Revolving Credit Facility contains an additional financial covenant to maintain a minimum interest coverage ratio of 1.4:1. During October 2023, we modified our interest coverage ratio covenant related to our Revolving Credit Facility to a minimum of 1.4:1 from a minimum of 1.5:1. We were in compliance with the covenants under each of our secured debt arrangements at December 31, 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 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 2028 Term Loan, with substantially the same terms as the 2026 Term Loan, 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 years ended December 31, 2023 and 2022, we repaid $5.0 million of principal related to the 2026 Term Loan. During the years ended December 31, 2023 and 2022, we repaid $3.0 million of principal respectively related to the 2028 Term Loan. The following table summarizes the terms of the Term Loans as of December 31, 2023 ($ in thousands): Principal Amount Unamortized Issuance Discount (1) Deferred Financing Costs (1) Carrying Value Rate Maturity Date 2026 Term Loan $ 477,500 $ (833) $ (4,302) $ 472,365 2.86 % 5/15/2026 2028 Term Loan 291,750 (1,786) (3,179) 286,785 3.61 % 3/11/2028 Total $ 769,250 $ (2,619) $ (7,481) $ 759,150 ——————— (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 December 31, 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%. During 2022 and 2023 through the interest rate cap maturity on June 15, 2023, LIBOR exceeded the cap rate of 0.75%. As such we realized gains from the interest rate cap. These gains are included in gain (loss) on interest rate hedging instruments in our consolidated statement of operations, of $9.7 million and $5.7 million during the years ended December 31, 2023 and December 31, 2022, respectively. Subsequent to the interest rate cap maturity on June 15, 2023, the effective all-in coupon on our 2026 Term Loan increased to one month SOFR plus the spread of 2.86%. In June 2021, we issued $500.0 million of 4.625% 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 $495.6 million and $494.8 million, net of deferred financing costs of $4.4 million and $5.2 million, as of December 31, 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 December 31, 2023 and December 31, 2022, we were in compliance with all covenants. Participations sold represented the subordinate interests in loans we originated and subsequently partially sold. We account for participations sold as secured borrowings on our consolidated balance sheet with both assets and non-recourse liabilities because the participations do not qualify as a sale under ASC 860. The income earned on the participations sold is recorded as interest income and an identical amount is recorded as interest expense in our 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 ($25.3 million assuming conversion into USD at time of transfer). The participation interest sold was subordinate to our first mortgage loan and was accounted for as a secured borrowing on our consolidated balance sheet. In January 2023, the first mortgage loan, including participations sold, was fully satisfied, including all contractual and default interest accrued to date. The table below details participations sold included in our consolidated balance sheets ($ in thousands): December 31, 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	12 Months Ended
	Dec. 31, 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 year ended December 31, 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. Additionally, during the year ended December 31, 2023, we upsized the Atlas Facility by $83.3 million and the Barclays Private Securitization by $494.1 million. During the year ended December 31, 2022, we entered into two new credit facilities, which provided $252.1 million of additional liquidity, and upsized three of our existing credit facilities by $1.1 billion. Our borrowings under secured debt arrangements at December 31, 2023 and December 31, 2022 are detailed in the following table ($ in thousands): December 31, 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) $ 1,482,584 $ 1,043,964 September 2026 $ 1,532,722 $ 1,306,320 September 2026 JPMorgan Facility - GBP (3)(4) 17,416 17,416 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) 686,527 669,302 April 2027 (6)(7) 635,653 632,747 August 2026 (6)(7) HSBC Facility - GBP 383,967 383,967 May 2025 364,423 364,423 April 2025 HSBC Facility - EUR 281,401 281,401 January 2026 (7) 272,890 272,890 January 2026 Goldman Sachs Facility - USD 13,437 13,437 November 2025 (8) 300,000 70,249 November 2025 (8) Barclays Facility - USD 200,000 107,929 June 2027 (6) 200,000 111,909 June 2027 MUFG Securities Facility - GBP 204,690 204,690 June 2025 (6) 194,272 194,272 June 2025 Churchill Facility - USD 130,000 126,515 March 2026 — — N/A Santander Facility - USD 300,000 67,500 February 2026 (6) — — N/A Santander Facility - EUR 59,611 55,716 August 2024 57,807 53,320 August 2024 Total Secured Credit Facilities 4,459,633 3,247,652 4,325,045 3,459,226 Barclays Private Securitization - GBP, EUR, SEK 2,369,125 2,157,157 June 2026 (7) 1,850,076 1,850,076 February 2026 (7) Revolving Credit Facility - USD (9) 170,000 147,000 March 2026 — — N/A Total Secured Debt Arrangements 6,998,758 5,551,809 6,175,121 5,309,302 Less: deferred financing costs N/A (13,333) N/A (12,477) Total Secured Debt Arrangements, net (10)(11)(12) $ 6,998,758 $ 5,538,476 $ 6,175,121 $ 5,296,825 ——————— (1) As of December 31, 2023, British Pound Sterling("GBP"), Euro ("EUR"), and Swedish Krona ("SEK") borrowings were converted to USD at a rate of 1.27, 1.10, and 0.10, 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 December 31, 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) Facility entered the two-year amortization period. During the amortization period, the maturity date for current outstanding transactions are extended for a period of up to two years from the November 2023 maturity. (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 December 31, 2023 and December 31, 2022 were applicable benchmark rates and credit spread adjustments, plus spreads of USD: +2.49% / GBP: +2.21% / EUR: +1.86% / 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 December 31, 2023 and December 31, 2022 were 68.4% (62.9% (USD) / 72.5% (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 December 31, 2023 and December 31, 2022, approximately 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 December 31, 2023 and December 31, 2022, t he weighted average haircut under our secured debt arrangements was approxi mately 31.6% 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, 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. 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. The 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 December 31, 2023 we had $147.0 million outstanding on the Revolving Credit Facility. During the year ended December 31, 2023, we recorded $282.8 thousand in unused fees and $168.3 thousand in contractual interest expense. Barclays Private Securitization We are party to a private securitization with Barclays Bank plc (the "Barclays Private Securitization"). Commercial mortgage loans currently financed under the Barclays Securitization are denominated in GBP, EUR and SEK. The Barclays Private Securitization does not include daily margining provisions and grants us significant discretion to modify certain terms of the underlying collateral including waiving certain loan-level covenant breaches and deferring or waiving of debt service payments for up to 18 months. The securitization includes loan-to-value based covenants with deleveraging requirements that are based on significant declines in the value of the collateral as determined by an annual third-party (engaged by us) appraisal process tied to the provisions of the underlying loan agreements. We believe this provides us with both cushion and predictability to avoid sudden unexpected outcomes and material repayment requirements. The table below provides principal balances and the carrying value for commercial mortgage loans pledged to the Barclays Private Securitization as of December 31, 2023 and December 31, 2022 ($ in thousands): December 31, 2023 Local Currency Count Outstanding Principal Carrying Value GBP 7 $ 1,662,457 $ 1,643,979 EUR 6 1,021,272 1,012,987 SEK 1 248,088 246,220 Total 14 $ 2,931,817 $ 2,903,186 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 December 31, 2023 ($ in thousands): Borrowings Outstanding (1) Fully-Extended Maturity (2) Total/Weighted-Average GBP $ 1,234,740 June 2026 Total/Weighted-Average EUR 723,947 May 2026 (3) Total/Weighted-Average SEK 198,470 May 2026 Total/Weighted-Average Securitization $ 2,157,157 June 2026 ——————— (1) As of December 31, 2023, we had £969.9 million, €655.8 million, and kr2.0 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 consolidated balance sheets ($ in thousands): December 31, 2023 December 31, 2022 Assets: Cash $ 924 $ 758 Commercial mortgage loans, net (1) 2,903,186 2,468,195 Other Assets 41,180 30,992 Total Assets $ 2,945,290 $ 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) $ 2,155,197 $ 1,847,799 Accounts payable, accrued expenses and other liabilities (2) 9,083 8,814 Total Liabilities $ 2,164,280 $ 1,856,613 ——————— (1) Net of the General CECL Al lowance of $8.3 million and $8.2 million as of December 31, 2023 and December 31, 2022, respectively. (2) Includes General CECL Allowance related to unfunded commitments on commercial mortgage loans, net o f $2.5 million and $2.9 million as of December 31, 2023 and December 31, 2022, respectively. The table below provides the net income (loss) of the Barclays Private Securitization VIE included in our consolidated statement of operations ($ in thousands): Year ended December 31, 2023 2022 Net Interest Income: Interest income from commercial mortgage loans $ 217,132 $ 126,847 Interest expense (113,910) (51,487) Net interest income $ 103,222 $ 75,360 General and administrative expense (16) — Decrease (increase) in current expected credit loss allowance, net 277 1,101 Foreign currency translation gain (loss) 29,425 (62,058) Net Income $ 132,908 $ 14,403 At December 31, 2023, our borrowings had the following remaining maturities ($ in thousands): Less than 1 to 3 3 to 5 More than Total JPMorgan Facility $ 268,118 $ 793,262 $ — $ — $ 1,061,380 Deutsche Bank Facility 95,686 180,129 — — 275,815 Atlas Facility — 88,167 581,135 — 669,302 HSBC Facility — 665,368 — — 665,368 Goldman Sachs Facility — 13,437 — — 13,437 Barclays Facility — — 107,929 — 107,929 MUFG Securities Facility — 204,690 — — 204,690 Churchill Facility — 126,515 — — 126,515 Santander Facility - USD — 67,500 — — 67,500 Santander Facility - EUR 55,716 — — — 55,716 Barclays Private Securitization 367,657 1,387,849 401,651 — 2,157,157 Revolving Credit Facility 77,000 70,000 — — 147,000 Total $ 864,177 $ 3,596,917 $ 1,090,715 $ — $ 5,551,809 The table above reflects the fully extended maturity date of the facility and assumes facilities with an "evergreen" feature continue to extend through the fully-extended maturity of the underlying asset and assumes underlying loans are extended with consent of financing providers. The table below summarizes the outstanding balances at December 31, 2023, as well as the maximum and average month-end balances for the year ended December 31, 2023 for our borrowings under secured debt arrangements ($ in thousands). As of December 31, 2023 For the year ended December 31, 2023 Balance Collateral (1) Maximum Month-End Average Month-End JPMorgan Facility $ 1,061,380 $ 1,871,854 $ 1,324,226 $ 1,190,651 Deutsche Bank Facility 275,815 419,170 385,818 322,676 Goldman Sachs Facility 13,437 28,533 70,249 30,482 Atlas Facility 669,302 933,085 688,126 667,794 HSBC Facility 665,368 860,134 667,430 651,758 Barclays Facility 107,929 129,439 111,909 110,729 MUFG Securities Facility 204,690 278,223 206,362 200,447 Churchill Facility 126,515 168,138 130,000 128,094 Santander Facility - USD 67,500 99,648 75,000 68,125 Santander Facility - EUR 55,716 74,288 55,716 54,347 Barclays Private Securitization 2,157,157 2,911,470 2,157,157 1,896,144 Revolving Credit Facility 147,000 319,048 147,000 93,500 Total $ 5,551,809 $ 8,093,030 (1) Represents the amortized cost balance of commercial loan collateral assets and the value of net real estate assets of real property owned collateral assets. 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 Collateral (1) 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 (1) Represents the amortized cost balance of commercial loan collateral assets. 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 (ratio is 4.00:1 for our Revolving Credit Facility); 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. Our Revolving Credit Facility contains an additional financial covenant to maintain a minimum interest coverage ratio of 1.4:1. During October 2023, we modified our interest coverage ratio covenant related to our Revolving Credit Facility to a minimum of 1.4:1 from a minimum of 1.5:1. We were in compliance with the covenants under each of our secured debt arrangements at December 31, 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 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 2028 Term Loan, with substantially the same terms as the 2026 Term Loan, 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 years ended December 31, 2023 and 2022, we repaid $5.0 million of principal related to the 2026 Term Loan. During the years ended December 31, 2023 and 2022, we repaid $3.0 million of principal respectively related to the 2028 Term Loan. The following table summarizes the terms of the Term Loans as of December 31, 2023 ($ in thousands): Principal Amount Unamortized Issuance Discount (1) Deferred Financing Costs (1) Carrying Value Rate Maturity Date 2026 Term Loan $ 477,500 $ (833) $ (4,302) $ 472,365 2.86 % 5/15/2026 2028 Term Loan 291,750 (1,786) (3,179) 286,785 3.61 % 3/11/2028 Total $ 769,250 $ (2,619) $ (7,481) $ 759,150 ——————— (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 December 31, 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%. During 2022 and 2023 through the interest rate cap maturity on June 15, 2023, LIBOR exceeded the cap rate of 0.75%. As such we realized gains from the interest rate cap. These gains are included in gain (loss) on interest rate hedging instruments in our consolidated statement of operations, of $9.7 million and $5.7 million during the years ended December 31, 2023 and December 31, 2022, respectively. Subsequent to the interest rate cap maturity on June 15, 2023, the effective all-in coupon on our 2026 Term Loan increased to one month SOFR plus the spread of 2.86%. In June 2021, we issued $500.0 million of 4.625% 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 $495.6 million and $494.8 million, net of deferred financing costs of $4.4 million and $5.2 million, as of December 31, 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 December 31, 2023 and December 31, 2022, we were in compliance with all covenants. Participations sold represented the subordinate interests in loans we originated and subsequently partially sold. We account for participations sold as secured borrowings on our consolidated balance sheet with both assets and non-recourse liabilities because the participations do not qualify as a sale under ASC 860. The income earned on the participations sold is recorded as interest income and an identical amount is recorded as interest expense in our 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 ($25.3 million assuming conversion into USD at time of transfer). The participation interest sold was subordinate to our first mortgage loan and was accounted for as a secured borrowing on our consolidated balance sheet. In January 2023, the first mortgage loan, including participations sold, was fully satisfied, including all contractual and default interest accrued to date. The table below details participations sold included in our consolidated balance sheets ($ in thousands): December 31, 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	12 Months Ended
	Dec. 31, 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 year ended December 31, 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. Additionally, during the year ended December 31, 2023, we upsized the Atlas Facility by $83.3 million and the Barclays Private Securitization by $494.1 million. During the year ended December 31, 2022, we entered into two new credit facilities, which provided $252.1 million of additional liquidity, and upsized three of our existing credit facilities by $1.1 billion. Our borrowings under secured debt arrangements at December 31, 2023 and December 31, 2022 are detailed in the following table ($ in thousands): December 31, 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) $ 1,482,584 $ 1,043,964 September 2026 $ 1,532,722 $ 1,306,320 September 2026 JPMorgan Facility - GBP (3)(4) 17,416 17,416 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) 686,527 669,302 April 2027 (6)(7) 635,653 632,747 August 2026 (6)(7) HSBC Facility - GBP 383,967 383,967 May 2025 364,423 364,423 April 2025 HSBC Facility - EUR 281,401 281,401 January 2026 (7) 272,890 272,890 January 2026 Goldman Sachs Facility - USD 13,437 13,437 November 2025 (8) 300,000 70,249 November 2025 (8) Barclays Facility - USD 200,000 107,929 June 2027 (6) 200,000 111,909 June 2027 MUFG Securities Facility - GBP 204,690 204,690 June 2025 (6) 194,272 194,272 June 2025 Churchill Facility - USD 130,000 126,515 March 2026 — — N/A Santander Facility - USD 300,000 67,500 February 2026 (6) — — N/A Santander Facility - EUR 59,611 55,716 August 2024 57,807 53,320 August 2024 Total Secured Credit Facilities 4,459,633 3,247,652 4,325,045 3,459,226 Barclays Private Securitization - GBP, EUR, SEK 2,369,125 2,157,157 June 2026 (7) 1,850,076 1,850,076 February 2026 (7) Revolving Credit Facility - USD (9) 170,000 147,000 March 2026 — — N/A Total Secured Debt Arrangements 6,998,758 5,551,809 6,175,121 5,309,302 Less: deferred financing costs N/A (13,333) N/A (12,477) Total Secured Debt Arrangements, net (10)(11)(12) $ 6,998,758 $ 5,538,476 $ 6,175,121 $ 5,296,825 ——————— (1) As of December 31, 2023, British Pound Sterling("GBP"), Euro ("EUR"), and Swedish Krona ("SEK") borrowings were converted to USD at a rate of 1.27, 1.10, and 0.10, 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 December 31, 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) Facility entered the two-year amortization period. During the amortization period, the maturity date for current outstanding transactions are extended for a period of up to two years from the November 2023 maturity. (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 December 31, 2023 and December 31, 2022 were applicable benchmark rates and credit spread adjustments, plus spreads of USD: +2.49% / GBP: +2.21% / EUR: +1.86% / 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 December 31, 2023 and December 31, 2022 were 68.4% (62.9% (USD) / 72.5% (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 December 31, 2023 and December 31, 2022, approximately 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 December 31, 2023 and December 31, 2022, t he weighted average haircut under our secured debt arrangements was approxi mately 31.6% 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, 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. 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. The 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 December 31, 2023 we had $147.0 million outstanding on the Revolving Credit Facility. During the year ended December 31, 2023, we recorded $282.8 thousand in unused fees and $168.3 thousand in contractual interest expense. Barclays Private Securitization We are party to a private securitization with Barclays Bank plc (the "Barclays Private Securitization"). Commercial mortgage loans currently financed under the Barclays Securitization are denominated in GBP, EUR and SEK. The Barclays Private Securitization does not include daily margining provisions and grants us significant discretion to modify certain terms of the underlying collateral including waiving certain loan-level covenant breaches and deferring or waiving of debt service payments for up to 18 months. The securitization includes loan-to-value based covenants with deleveraging requirements that are based on significant declines in the value of the collateral as determined by an annual third-party (engaged by us) appraisal process tied to the provisions of the underlying loan agreements. We believe this provides us with both cushion and predictability to avoid sudden unexpected outcomes and material repayment requirements. The table below provides principal balances and the carrying value for commercial mortgage loans pledged to the Barclays Private Securitization as of December 31, 2023 and December 31, 2022 ($ in thousands): December 31, 2023 Local Currency Count Outstanding Principal Carrying Value GBP 7 $ 1,662,457 $ 1,643,979 EUR 6 1,021,272 1,012,987 SEK 1 248,088 246,220 Total 14 $ 2,931,817 $ 2,903,186 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 December 31, 2023 ($ in thousands): Borrowings Outstanding (1) Fully-Extended Maturity (2) Total/Weighted-Average GBP $ 1,234,740 June 2026 Total/Weighted-Average EUR 723,947 May 2026 (3) Total/Weighted-Average SEK 198,470 May 2026 Total/Weighted-Average Securitization $ 2,157,157 June 2026 ——————— (1) As of December 31, 2023, we had £969.9 million, €655.8 million, and kr2.0 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 consolidated balance sheets ($ in thousands): December 31, 2023 December 31, 2022 Assets: Cash $ 924 $ 758 Commercial mortgage loans, net (1) 2,903,186 2,468,195 Other Assets 41,180 30,992 Total Assets $ 2,945,290 $ 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) $ 2,155,197 $ 1,847,799 Accounts payable, accrued expenses and other liabilities (2) 9,083 8,814 Total Liabilities $ 2,164,280 $ 1,856,613 ——————— (1) Net of the General CECL Al lowance of $8.3 million and $8.2 million as of December 31, 2023 and December 31, 2022, respectively. (2) Includes General CECL Allowance related to unfunded commitments on commercial mortgage loans, net o f $2.5 million and $2.9 million as of December 31, 2023 and December 31, 2022, respectively. The table below provides the net income (loss) of the Barclays Private Securitization VIE included in our consolidated statement of operations ($ in thousands): Year ended December 31, 2023 2022 Net Interest Income: Interest income from commercial mortgage loans $ 217,132 $ 126,847 Interest expense (113,910) (51,487) Net interest income $ 103,222 $ 75,360 General and administrative expense (16) — Decrease (increase) in current expected credit loss allowance, net 277 1,101 Foreign currency translation gain (loss) 29,425 (62,058) Net Income $ 132,908 $ 14,403 At December 31, 2023, our borrowings had the following remaining maturities ($ in thousands): Less than 1 to 3 3 to 5 More than Total JPMorgan Facility $ 268,118 $ 793,262 $ — $ — $ 1,061,380 Deutsche Bank Facility 95,686 180,129 — — 275,815 Atlas Facility — 88,167 581,135 — 669,302 HSBC Facility — 665,368 — — 665,368 Goldman Sachs Facility — 13,437 — — 13,437 Barclays Facility — — 107,929 — 107,929 MUFG Securities Facility — 204,690 — — 204,690 Churchill Facility — 126,515 — — 126,515 Santander Facility - USD — 67,500 — — 67,500 Santander Facility - EUR 55,716 — — — 55,716 Barclays Private Securitization 367,657 1,387,849 401,651 — 2,157,157 Revolving Credit Facility 77,000 70,000 — — 147,000 Total $ 864,177 $ 3,596,917 $ 1,090,715 $ — $ 5,551,809 The table above reflects the fully extended maturity date of the facility and assumes facilities with an "evergreen" feature continue to extend through the fully-extended maturity of the underlying asset and assumes underlying loans are extended with consent of financing providers. The table below summarizes the outstanding balances at December 31, 2023, as well as the maximum and average month-end balances for the year ended December 31, 2023 for our borrowings under secured debt arrangements ($ in thousands). As of December 31, 2023 For the year ended December 31, 2023 Balance Collateral (1) Maximum Month-End Average Month-End JPMorgan Facility $ 1,061,380 $ 1,871,854 $ 1,324,226 $ 1,190,651 Deutsche Bank Facility 275,815 419,170 385,818 322,676 Goldman Sachs Facility 13,437 28,533 70,249 30,482 Atlas Facility 669,302 933,085 688,126 667,794 HSBC Facility 665,368 860,134 667,430 651,758 Barclays Facility 107,929 129,439 111,909 110,729 MUFG Securities Facility 204,690 278,223 206,362 200,447 Churchill Facility 126,515 168,138 130,000 128,094 Santander Facility - USD 67,500 99,648 75,000 68,125 Santander Facility - EUR 55,716 74,288 55,716 54,347 Barclays Private Securitization 2,157,157 2,911,470 2,157,157 1,896,144 Revolving Credit Facility 147,000 319,048 147,000 93,500 Total $ 5,551,809 $ 8,093,030 (1) Represents the amortized cost balance of commercial loan collateral assets and the value of net real estate assets of real property owned collateral assets. 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 Collateral (1) 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 (1) Represents the amortized cost balance of commercial loan collateral assets. 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 (ratio is 4.00:1 for our Revolving Credit Facility); 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. Our Revolving Credit Facility contains an additional financial covenant to maintain a minimum interest coverage ratio of 1.4:1. During October 2023, we modified our interest coverage ratio covenant related to our Revolving Credit Facility to a minimum of 1.4:1 from a minimum of 1.5:1. We were in compliance with the covenants under each of our secured debt arrangements at December 31, 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 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 2028 Term Loan, with substantially the same terms as the 2026 Term Loan, 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 years ended December 31, 2023 and 2022, we repaid $5.0 million of principal related to the 2026 Term Loan. During the years ended December 31, 2023 and 2022, we repaid $3.0 million of principal respectively related to the 2028 Term Loan. The following table summarizes the terms of the Term Loans as of December 31, 2023 ($ in thousands): Principal Amount Unamortized Issuance Discount (1) Deferred Financing Costs (1) Carrying Value Rate Maturity Date 2026 Term Loan $ 477,500 $ (833) $ (4,302) $ 472,365 2.86 % 5/15/2026 2028 Term Loan 291,750 (1,786) (3,179) 286,785 3.61 % 3/11/2028 Total $ 769,250 $ (2,619) $ (7,481) $ 759,150 ——————— (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 December 31, 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%. During 2022 and 2023 through the interest rate cap maturity on June 15, 2023, LIBOR exceeded the cap rate of 0.75%. As such we realized gains from the interest rate cap. These gains are included in gain (loss) on interest rate hedging instruments in our consolidated statement of operations, of $9.7 million and $5.7 million during the years ended December 31, 2023 and December 31, 2022, respectively. Subsequent to the interest rate cap maturity on June 15, 2023, the effective all-in coupon on our 2026 Term Loan increased to one month SOFR plus the spread of 2.86%. In June 2021, we issued $500.0 million of 4.625% 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 $495.6 million and $494.8 million, net of deferred financing costs of $4.4 million and $5.2 million, as of December 31, 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 December 31, 2023 and December 31, 2022, we were in compliance with all covenants. Participations sold represented the subordinate interests in loans we originated and subsequently partially sold. We account for participations sold as secured borrowings on our consolidated balance sheet with both assets and non-recourse liabilities because the participations do not qualify as a sale under ASC 860. The income earned on the participations sold is recorded as interest income and an identical amount is recorded as interest expense in our 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 ($25.3 million assuming conversion into USD at time of transfer). The participation interest sold was subordinate to our first mortgage loan and was accounted for as a secured borrowing on our consolidated balance sheet. In January 2023, the first mortgage loan, including participations sold, was fully satisfied, including all contractual and default interest accrued to date. The table below details participations sold included in our consolidated balance sheets ($ in thousands): December 31, 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	12 Months Ended
	Dec. 31, 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% 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% 2023 Notes, for which we received $223.7 million after deducting the underwriting discount and offering expenses. We could not redeem the 2023 Notes prior to maturity except in limited circumstances. During the year ended December 31, 2023, we repurchased $53.9 million aggregate principal amount of the 2023 Notes at a weighted average price of 99.1%. 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 year ended December 31, 2023, we recorded a gain of $0.5 million, within gain on extinguishment of debt in our December 31, 2023 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. During the fourth quarter of 2023, we repaid the remaining $176.1 million outstanding principal of the 2023 Notes in cash at par. The following table summarizes the terms of the 2023 Notes as of December 31, 2022 ($ 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 December 31, 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. The aggregate contractual interest expense was approximately $8.6 million, $22.9 million, and $28.8 million for the years ended December 31, 2023, 2022, and 2021, 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 $1.2 million, $2.5 million, and $6.3 million for the years ended December 31, 2023, 2022, and 2021, respectively.

Derivatives

Derivatives	12 Months Ended
	Dec. 31, 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 December 31, 2023 and 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 foreign exchange forwards and interest rate cap as of December 31, 2023: December 31, 2023 Type of Derivatives Number of Contracts Aggregate Notional Amount (in thousands) Notional Currency Maturity Weighted-Average Years to Maturity Fx contracts - GBP 97 938,903 GBP January 2024 - February 2027 1.13 Fx contracts - EUR 135 561,441 EUR January 2024 - August 2026 1.08 Fx contracts - SEK 17 690,740 SEK February 2024 - May 2026 2.16 Interest rate cap 1 164,835 USD October 2024 0.75 The following table summarizes our non-designated foreign exchange 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 consolidated statements of operations related to our forward currency contracts for the years ended December 31, 2023, 2022, and 2021 ($ in thousands): Amount of gain (loss) Year ended December 31, Location of Gain (Loss) Recognized in Income 2023 2022 2021 Forward currency contracts Unrealized gain (loss) on derivative instruments $ (91,434) $ 104,159 $ 46,714 Forward currency contracts Realized gain (loss) on derivative instruments 43,221 42,822 (5,040) Total $ (48,213) $ 146,981 $ 41,674 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 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 2022 and 2023 through the interest rate cap maturity, LIBOR exceeded the cap rate of 0.75%. As such we realized gains from the interest rate cap in amounts of $9.7 million and $5.7 million, which are included in gain (loss) on interest rate hedging instruments in our consolidated statement of operations during the years ended December 31, 2023 and December 31, 2022, respectively. There was no realized gain recorded during the year ended December 31, 2021. 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 financing. 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 consolidated statement of operations. During 2023, SOFR exceeded the cap rate of 4.00%. As such, during the year ended December 31, 2023, we realized a gain from the interest rate cap in the amount of $0.6 million, which is included in gain (loss) on interest rate hedging instruments in our consolidated statement of operations. The following table summarizes the amounts recognized on our consolidated statements of operations related to our interest rate caps for the years ended December 31, 2023, 2022, and 2021 ($ in thousands): Amount of gain (loss) Year ended December 31, Location of Gain (Loss) recognized in Income 2023 2022 2021 Interest rate cap Unrealized gain (loss) on interest rate hedging instruments $ (10,098) $ 7,692 $ 1,314 Interest rate cap Realized gain on interest rate hedging instruments 9,684 5,671 — Total $ (414) $ 13,363 $ 1,314 The following tables summarize the gross asset and liability amounts related to our derivatives at December 31, 2023 and December 31, 2022 ($ in thousands): December 31, 2023 December 31, 2022 Gross Amount of Recognized Assets Gross Amounts Offset in our Consolidated Balance Sheet Net Amounts Gross Amount of Recognized Assets Gross Net Amounts of Assets Presented in our Consolidated Balance Sheet Forward currency contracts $ 55,102 $ (27,037) $ 28,065 $ 143,285 $ (23,786) $ 119,499 Interest rate cap 1,360 — 1,360 9,141 — 9,141 Total derivative assets (liabilities) $ 56,462 $ (27,037) $ 29,425 $ 152,426 $ (23,786) $ 128,640

Participations Sold

Participations Sold	12 Months Ended
	Dec. 31, 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 year ended December 31, 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. Additionally, during the year ended December 31, 2023, we upsized the Atlas Facility by $83.3 million and the Barclays Private Securitization by $494.1 million. During the year ended December 31, 2022, we entered into two new credit facilities, which provided $252.1 million of additional liquidity, and upsized three of our existing credit facilities by $1.1 billion. Our borrowings under secured debt arrangements at December 31, 2023 and December 31, 2022 are detailed in the following table ($ in thousands): December 31, 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) $ 1,482,584 $ 1,043,964 September 2026 $ 1,532,722 $ 1,306,320 September 2026 JPMorgan Facility - GBP (3)(4) 17,416 17,416 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) 686,527 669,302 April 2027 (6)(7) 635,653 632,747 August 2026 (6)(7) HSBC Facility - GBP 383,967 383,967 May 2025 364,423 364,423 April 2025 HSBC Facility - EUR 281,401 281,401 January 2026 (7) 272,890 272,890 January 2026 Goldman Sachs Facility - USD 13,437 13,437 November 2025 (8) 300,000 70,249 November 2025 (8) Barclays Facility - USD 200,000 107,929 June 2027 (6) 200,000 111,909 June 2027 MUFG Securities Facility - GBP 204,690 204,690 June 2025 (6) 194,272 194,272 June 2025 Churchill Facility - USD 130,000 126,515 March 2026 — — N/A Santander Facility - USD 300,000 67,500 February 2026 (6) — — N/A Santander Facility - EUR 59,611 55,716 August 2024 57,807 53,320 August 2024 Total Secured Credit Facilities 4,459,633 3,247,652 4,325,045 3,459,226 Barclays Private Securitization - GBP, EUR, SEK 2,369,125 2,157,157 June 2026 (7) 1,850,076 1,850,076 February 2026 (7) Revolving Credit Facility - USD (9) 170,000 147,000 March 2026 — — N/A Total Secured Debt Arrangements 6,998,758 5,551,809 6,175,121 5,309,302 Less: deferred financing costs N/A (13,333) N/A (12,477) Total Secured Debt Arrangements, net (10)(11)(12) $ 6,998,758 $ 5,538,476 $ 6,175,121 $ 5,296,825 ——————— (1) As of December 31, 2023, British Pound Sterling("GBP"), Euro ("EUR"), and Swedish Krona ("SEK") borrowings were converted to USD at a rate of 1.27, 1.10, and 0.10, 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 December 31, 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) Facility entered the two-year amortization period. During the amortization period, the maturity date for current outstanding transactions are extended for a period of up to two years from the November 2023 maturity. (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 December 31, 2023 and December 31, 2022 were applicable benchmark rates and credit spread adjustments, plus spreads of USD: +2.49% / GBP: +2.21% / EUR: +1.86% / 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 December 31, 2023 and December 31, 2022 were 68.4% (62.9% (USD) / 72.5% (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 December 31, 2023 and December 31, 2022, approximately 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 December 31, 2023 and December 31, 2022, t he weighted average haircut under our secured debt arrangements was approxi mately 31.6% 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, 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. 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. The 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 December 31, 2023 we had $147.0 million outstanding on the Revolving Credit Facility. During the year ended December 31, 2023, we recorded $282.8 thousand in unused fees and $168.3 thousand in contractual interest expense. Barclays Private Securitization We are party to a private securitization with Barclays Bank plc (the "Barclays Private Securitization"). Commercial mortgage loans currently financed under the Barclays Securitization are denominated in GBP, EUR and SEK. The Barclays Private Securitization does not include daily margining provisions and grants us significant discretion to modify certain terms of the underlying collateral including waiving certain loan-level covenant breaches and deferring or waiving of debt service payments for up to 18 months. The securitization includes loan-to-value based covenants with deleveraging requirements that are based on significant declines in the value of the collateral as determined by an annual third-party (engaged by us) appraisal process tied to the provisions of the underlying loan agreements. We believe this provides us with both cushion and predictability to avoid sudden unexpected outcomes and material repayment requirements. The table below provides principal balances and the carrying value for commercial mortgage loans pledged to the Barclays Private Securitization as of December 31, 2023 and December 31, 2022 ($ in thousands): December 31, 2023 Local Currency Count Outstanding Principal Carrying Value GBP 7 $ 1,662,457 $ 1,643,979 EUR 6 1,021,272 1,012,987 SEK 1 248,088 246,220 Total 14 $ 2,931,817 $ 2,903,186 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 December 31, 2023 ($ in thousands): Borrowings Outstanding (1) Fully-Extended Maturity (2) Total/Weighted-Average GBP $ 1,234,740 June 2026 Total/Weighted-Average EUR 723,947 May 2026 (3) Total/Weighted-Average SEK 198,470 May 2026 Total/Weighted-Average Securitization $ 2,157,157 June 2026 ——————— (1) As of December 31, 2023, we had £969.9 million, €655.8 million, and kr2.0 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 consolidated balance sheets ($ in thousands): December 31, 2023 December 31, 2022 Assets: Cash $ 924 $ 758 Commercial mortgage loans, net (1) 2,903,186 2,468,195 Other Assets 41,180 30,992 Total Assets $ 2,945,290 $ 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) $ 2,155,197 $ 1,847,799 Accounts payable, accrued expenses and other liabilities (2) 9,083 8,814 Total Liabilities $ 2,164,280 $ 1,856,613 ——————— (1) Net of the General CECL Al lowance of $8.3 million and $8.2 million as of December 31, 2023 and December 31, 2022, respectively. (2) Includes General CECL Allowance related to unfunded commitments on commercial mortgage loans, net o f $2.5 million and $2.9 million as of December 31, 2023 and December 31, 2022, respectively. The table below provides the net income (loss) of the Barclays Private Securitization VIE included in our consolidated statement of operations ($ in thousands): Year ended December 31, 2023 2022 Net Interest Income: Interest income from commercial mortgage loans $ 217,132 $ 126,847 Interest expense (113,910) (51,487) Net interest income $ 103,222 $ 75,360 General and administrative expense (16) — Decrease (increase) in current expected credit loss allowance, net 277 1,101 Foreign currency translation gain (loss) 29,425 (62,058) Net Income $ 132,908 $ 14,403 At December 31, 2023, our borrowings had the following remaining maturities ($ in thousands): Less than 1 to 3 3 to 5 More than Total JPMorgan Facility $ 268,118 $ 793,262 $ — $ — $ 1,061,380 Deutsche Bank Facility 95,686 180,129 — — 275,815 Atlas Facility — 88,167 581,135 — 669,302 HSBC Facility — 665,368 — — 665,368 Goldman Sachs Facility — 13,437 — — 13,437 Barclays Facility — — 107,929 — 107,929 MUFG Securities Facility — 204,690 — — 204,690 Churchill Facility — 126,515 — — 126,515 Santander Facility - USD — 67,500 — — 67,500 Santander Facility - EUR 55,716 — — — 55,716 Barclays Private Securitization 367,657 1,387,849 401,651 — 2,157,157 Revolving Credit Facility 77,000 70,000 — — 147,000 Total $ 864,177 $ 3,596,917 $ 1,090,715 $ — $ 5,551,809 The table above reflects the fully extended maturity date of the facility and assumes facilities with an "evergreen" feature continue to extend through the fully-extended maturity of the underlying asset and assumes underlying loans are extended with consent of financing providers. The table below summarizes the outstanding balances at December 31, 2023, as well as the maximum and average month-end balances for the year ended December 31, 2023 for our borrowings under secured debt arrangements ($ in thousands). As of December 31, 2023 For the year ended December 31, 2023 Balance Collateral (1) Maximum Month-End Average Month-End JPMorgan Facility $ 1,061,380 $ 1,871,854 $ 1,324,226 $ 1,190,651 Deutsche Bank Facility 275,815 419,170 385,818 322,676 Goldman Sachs Facility 13,437 28,533 70,249 30,482 Atlas Facility 669,302 933,085 688,126 667,794 HSBC Facility 665,368 860,134 667,430 651,758 Barclays Facility 107,929 129,439 111,909 110,729 MUFG Securities Facility 204,690 278,223 206,362 200,447 Churchill Facility 126,515 168,138 130,000 128,094 Santander Facility - USD 67,500 99,648 75,000 68,125 Santander Facility - EUR 55,716 74,288 55,716 54,347 Barclays Private Securitization 2,157,157 2,911,470 2,157,157 1,896,144 Revolving Credit Facility 147,000 319,048 147,000 93,500 Total $ 5,551,809 $ 8,093,030 (1) Represents the amortized cost balance of commercial loan collateral assets and the value of net real estate assets of real property owned collateral assets. 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 Collateral (1) 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 (1) Represents the amortized cost balance of commercial loan collateral assets. 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 (ratio is 4.00:1 for our Revolving Credit Facility); 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. Our Revolving Credit Facility contains an additional financial covenant to maintain a minimum interest coverage ratio of 1.4:1. During October 2023, we modified our interest coverage ratio covenant related to our Revolving Credit Facility to a minimum of 1.4:1 from a minimum of 1.5:1. We were in compliance with the covenants under each of our secured debt arrangements at December 31, 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 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 2028 Term Loan, with substantially the same terms as the 2026 Term Loan, 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 years ended December 31, 2023 and 2022, we repaid $5.0 million of principal related to the 2026 Term Loan. During the years ended December 31, 2023 and 2022, we repaid $3.0 million of principal respectively related to the 2028 Term Loan. The following table summarizes the terms of the Term Loans as of December 31, 2023 ($ in thousands): Principal Amount Unamortized Issuance Discount (1) Deferred Financing Costs (1) Carrying Value Rate Maturity Date 2026 Term Loan $ 477,500 $ (833) $ (4,302) $ 472,365 2.86 % 5/15/2026 2028 Term Loan 291,750 (1,786) (3,179) 286,785 3.61 % 3/11/2028 Total $ 769,250 $ (2,619) $ (7,481) $ 759,150 ——————— (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 December 31, 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%. During 2022 and 2023 through the interest rate cap maturity on June 15, 2023, LIBOR exceeded the cap rate of 0.75%. As such we realized gains from the interest rate cap. These gains are included in gain (loss) on interest rate hedging instruments in our consolidated statement of operations, of $9.7 million and $5.7 million during the years ended December 31, 2023 and December 31, 2022, respectively. Subsequent to the interest rate cap maturity on June 15, 2023, the effective all-in coupon on our 2026 Term Loan increased to one month SOFR plus the spread of 2.86%. In June 2021, we issued $500.0 million of 4.625% 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 $495.6 million and $494.8 million, net of deferred financing costs of $4.4 million and $5.2 million, as of December 31, 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 December 31, 2023 and December 31, 2022, we were in compliance with all covenants. Participations sold represented the subordinate interests in loans we originated and subsequently partially sold. We account for participations sold as secured borrowings on our consolidated balance sheet with both assets and non-recourse liabilities because the participations do not qualify as a sale under ASC 860. The income earned on the participations sold is recorded as interest income and an identical amount is recorded as interest expense in our 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 ($25.3 million assuming conversion into USD at time of transfer). The participation interest sold was subordinate to our first mortgage loan and was accounted for as a secured borrowing on our consolidated balance sheet. In January 2023, the first mortgage loan, including participations sold, was fully satisfied, including all contractual and default interest accrued to date. The table below details participations sold included in our consolidated balance sheets ($ in thousands): December 31, 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	12 Months Ended
	Dec. 31, 2023
Payables and Accruals [Abstract]
Accounts Payable, Accrued Expenses and Other Liabilities	Accounts Payable, Accrued Expenses and Other Liabilities The following table details the components of our accounts payable, accrued expense and other liabilities ($ in thousands): December 31, 2023 December 31, 2022 Collateral held under derivative agreements $ 25,820 $ 138,620 Accrued dividends payable 53,407 53,203 Accrued interest payable 31,012 23,943 Accounts payable and other liabilities (1) 6,078 7,247 General CECL Allowance on unfunded commitments (2) 4,017 4,347 Total $ 120,334 $ 227,360 ——————— (1) Includes $5.5 million and $1.1 million of accounts payable and other liabilities on the balance sheet of the Real Estate Owned, Held for Investment at December 31, 2023 and 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 December 31, 2023 and 2022, respectively.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 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 TRSs based on the tax jurisdictions in which they operate. During the year ended December 31, 2023, we recorded a current income tax provision of $0.4 million related to activities of our taxable REIT subsidiaries. We did not record any income tax provision during the years ended December 31, 2022 and 2021. As of December 31, 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 December 31, 2023 and 2022, there were no material deferred tax assets or liabilities. As of December 31, 2023, we had net operating losses of $13.7 million and capital losses of $25.2 million that may be carried forward for use in subsequent periods. As of December 31, 2023, tax years 2019 through 2023 remain subject to examination by taxing authorities.

Related Party Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 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, 2023 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 February 2024, which included a discussion of the Manager’s performance and the level of the management fees thereunder, we determined not to seek termination of the Management Agreement. We incurred approximately $38.0 million, $38.4 million and $38.2 million in base management fees under the Management Agreement for the years ended December 31, 2023, 2022, and 2021 respectively. In addition to the base management fee, we are also responsible for reimbursing the Manager for certain expenses paid by the Manager on our behalf or for certain services provided by the Manager to us. For the years ended December 31, 2023, 2022, and 2021 we paid expenses totaling $6.4 million, $5.5 million and $4.0 million respectively, related to reimbursements for certain expenses paid by the Manager on our behalf under the Management Agreement. Expenses incurred by the Manager and reimbursed by us are reflected in the respective consolidated statement of operations expense category or our consolidated balance sheets based on the nature of the item. Included in payable to related party on our consolidated balance sheets at December 31, 2023 and 2022 is approximately $9.6 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 year ended December 31, 2023 were de minimis. During the year ended December 31, 2022, the AIF incurred $60,117 in fees payable to the AIFM, which is recorded in Management fees to related party in our 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	12 Months Ended
	Dec. 31, 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 $17.4 million, $18.3 million and $17.6 million during the years ended December 31, 2023, 2022, and 2021 respectively related to restricted stock and RSU vesting. The following table summarizes the grants, vesting and forfeitures of restricted common stock and RSUs during the years ended December 31, 2023, 2022, and 2021: Type Restricted Stock RSUs Grant Date Fair Value ($ in millions) Outstanding at December 31, 2020 82,235 2,455,853 Granted 45,185 1,323,487 $ 18.2 Vested (82,235) (1,136,525) N/A Forfeiture — (44,874) N/A Outstanding at December 31, 2021 45,185 2,597,941 Granted 49,434 1,541,135 $ 18.2 Vested (38,517) (1,260,456) N/A Forfeiture — (13,466) N/A Outstanding at December 31, 2022 56,102 2,865,154 Granted 75,754 1,082,564 $ 13.8 Vested (52,768) (1,389,059) N/A Forfeiture — (20,327) N/A Outstanding at December 31, 2023 79,088 2,538,332 Below is a summary of restricted stock and RSU vesting dates as of December 31, 2023 : Vesting Year Restricted Stock RSUs Total Awards 2024 79,088 1,307,502 1,386,590 2025 — 869,960 869,960 2026 — 360,870 360,870 Total 79,088 2,538,332 2,617,420 At December 31, 2023, we had unrecognized compensation expense of approximately $0.2 million and $30.5 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 1.6 years. RSU Deliveries

Stockholders' Equity

Stockholders' Equity	12 Months Ended
	Dec. 31, 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 December 31, 2023, 141,358,605 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: Year ended December 31, Dividends declared per share of: 2023 2022 (1) 2021 Common Stock $1.40 $1.40 $1.40 Series B Preferred Stock N/A N/A $1.00 Series B-1 Preferred Stock $1.81 $1.81 $0.90 ——————— (1) As our aggregate 2022 distributions did not exceed our earnings and profits, $0.1185 of the January 2023 distribution declared in the fourth quarter of 2022, and payable to common stockholders of record as of December 31, 2022, was treated as a 2022 distribution for U.S. federal income tax purposes. The federal income tax classification of our common stock dividends were 84% taxable as ordinary and 16% return of capital, 100% taxable as ordinary, and 100% taxable as ordinary for the taxable years ended December 31, 2023, 2022 and 2021, respectively. The federal income tax classification of our Series B-1 Preferred stock dividends were 100% taxable as ordinary for each of the years ended December 31, 2023, 2022 and 2021. Common Stock Repurchases.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 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. Plaintiffs filed a motion for leave with the Court of Appeals on November 3, 2023 which remains pending. Loan Commitments. As described in "Note 4 - Commercial Mortgage Loans, Subordinate Loans and Other Lending Assets, Net" at December 31, 2023, we had $869 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	12 Months Ended
	Dec. 31, 2023
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	Fair Value of Financial Instruments The following table presents the carrying value and estimated fair value of our financial instruments not carried at fair value on our consolidated balance sheets at December 31, 2023 and December 31, 2022 ($ in thousands): December 31, 2023 December 31, 2022 Carrying Estimated Carrying Estimated Cash and cash equivalents $ 225,438 $ 225,438 $ 222,030 $ 222,030 Commercial mortgage loans, net 7,925,359 7,813,304 8,121,109 8,083,410 Subordinate loans and other lending assets, net (1) 432,734 432,458 560,881 558,740 Secured debt arrangements, net (5,538,476) (5,538,476) (5,296,825) (5,296,825) Term loans, net (759,150) (754,197) (763,813) (731,709) Senior secured notes, net (495,637) (418,750) (494,844) (400,950) 2023 Notes — — (229,361) (225,366) Debt related to real estate owned, held for investment, net (161,586) (161,586) (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	12 Months Ended
	Dec. 31, 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 years ended December 31, 2023, 2022 and 2021 ($ in thousands except per share data): Year ended December 31, 2023 2022 2021 Basic Earnings Net income (loss) $ 58,127 $ 265,232 $ 223,515 Less: Preferred dividends (12,272) (12,272) (12,964) Net income (loss) available to common stockholders $ 45,855 $ 252,960 $ 210,551 Less: Dividends on participating securities (4,353) (4,132) (3,877) Basic Earnings (Loss) $ 41,502 $ 248,828 $ 206,674 Diluted Earnings Basic Earnings (Loss) $ 41,502 $ 248,828 $ 206,674 Add: Dividends on participating securities — 4,132 3,877 Add: Interest expense on Convertible Notes — 25,385 35,020 Diluted Earnings $ 41,502 $ 278,345 $ 245,571 Number of Shares: Basic weighted-average shares of common stock outstanding 141,281,286 140,534,635 139,869,244 Diluted weighted-average shares of common stock outstanding 141,281,286 165,504,660 168,402,515 Earnings (Loss) Per Share Attributable to Common Stockholders Basic $ 0.29 $ 1.77 $ 1.48 Diluted $ 0.29 $ 1.68 $ 1.46 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. The Convertible Notes were repaid during the three mont hs ended December 31, 2023 and were therefore excluded from the calculation of dilutive earnings per share. For the years ended December 31, 2022 and 2021, 22,314,191 and 28,533,271 weighted-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. For the year ended December 31, 2023, 2,932,284 weighted-average unvested RSUs were excluded in the calculation of diluted net income per share because the effect was anti-dilutive. For the year ended December 31, 2022, 2,655,833 weighted-average unvested RSUs, were included in the calculation of diluted net income per share because the effect was dilutive. For the year ended December 31, 2021, 2,456,409 weighted-average unvested RSUs, were excluded in the calculation of diluted net income per share because the effect was anti-dilutive.

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2023
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Subsequent to the year ended December 31, 2023, the following events took place: Investment Activity: We funded approximately $64.5 million for previously closed loans and capitalized an additional $11.7 million of construction and financing costs related to our real estate owned, held for investment. We closed a new secured credit facility with Goldman Sachs (UK) with a total capacity of £164 million ($209 million in USD) in connection with fully funding our £168 million ($213 million in USD) commitment to a first mortgage secured by a portfolio of pubs across the UK in January 2024. Loan Repayments: We received approximately $15.9 million from loan repayments.

Schedule IV - Mortgage Loans on

Schedule IV - Mortgage Loans on Real Estate	12 Months Ended
	Dec. 31, 2023
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract]
Schedule IV - Mortgage Loans on Real Estate	Apollo Commercial Real Estate Finance, Inc. Schedule IV — Mortgage Loans on Real Estate As of December 31, 2023 ($ in thousands) Description Number of Loans Property Type/location Contractual Interest Rate (1) Maturity Date (2) Periodic Payment Principal Carrying Principal Amount of Commercial mortgage loans individually >3% Loan A Retail/United Kingdom 8.4% Apr-27 Interest Only $ 481,607 $ 478,646 $ — Loan B Retail/United Kingdom 8.3% Oct-26 Interest Only 416,055 413,662 — — Loan C Healthcare/Northeast 9.1% Mar-27 Interest Only 354,549 351,523 — Loan D Mixed Use/United Kingdom 10.0% Aug-25 Interest Only 366,861 368,641 — Loan E Hotel/Spain 7.0% Aug-24 Interest Only 349,247 349,247 — Loan F Office/United Kingdom 9.7% Feb-27 Interest Only 286,633 280,572 — Loan G Hotel/Various Europe 8.4% Dec-28 Interest Only 275,975 272,582 — Commercial mortgage loans individually <3% First Mortgage 12 Hotel/Various 8.4%-13.0% 2024-2027 Interest Only $ 1,483,069 $ 1,483,327 $ — First Mortgage 7 Office/Various 6.8%-10.3% 2025-2028 Interest Only 1,197,193 1,192,434 — First Mortgage 7 Residential/Various 0.0%-11.4% 2024-2027 Principal and Interest/ Interest Only 848,219 844,366 192,239 First Mortgage 3 Retail/Various 0.0%-9.7% 2024-2027 Interest Only 554,568 479,347 173,924 First Mortgage 3 Mixed Use/Various 9.1%-11.0% 2024-2027 Interest Only 304,582 310,661 — First Mortgage 1 Industrial/Sweden 7.3% May-26 Interest Only 248,088 246,876 — First Mortgage 1 Healthcare/United Kingdom 9.4% Oct-24 Principal and Interest 161,021 160,280 — First Mortgage (3) 5 Other/Various 7.0%-10.6% 2026-2029 Interest Only 722,089 718,917 — Total Commercial mortgage loans $ 8,049,756 $ 7,951,081 $ 366,163 Description Number of Loans Property Type/location Contractual Interest Rate (1) Maturity Date (2) Periodic Payment Principal Carrying Principal Amount of Subordinate loans and other lending assets individually <3% Subordinate 2 Residential/New York City 0.0% Sep-24 Interest Only $ 529,732 $ 402,872 $ 529,731 Subordinate 1 Hotel/Southwest 11.5% Jul-25 Principal and Interest 23,122 23,122 — Subordinate 1 Office/Midwest 11.0% Sep-24 Interest Only 7,500 7,500 — Total Subordinate loans and other lending assets (4) $ 560,354 $ 433,494 $ 529,731 Total loans (5) $ 8,610,110 $ 8,384,575 $ 895,894 General CECL Allowance (6) (26,482) Carrying value, net $ 8,358,093 ——————— ——————— (1) Assumes applicable benchmark rate as of December 31, 2023 for all floating rate loans. For loans placed on non-accrual the interest rate noted above is 0%. (2) Assumes all extension options are exercised. (3) Includes a loan collateralized by a portfolio of office, industrial, and retail property types. (4) Subject to prior liens of approximately $228.0 million. Represents only third-party liens. (5) The aggregate cost for U.S. federal income tax purposes is $8.5 billion. (6) Excludes $4.0 million of General CECL Allowance related to unfunded commitments on commercial mortgage loans, subordinate loans and other lending assets, net in 2023. The following table summarizes the changes in the carrying amounts of our loan portfolio during 2023 and 2022 ($ in thousands): Reconciliation of Carrying Amount of Loans December 31, 2023 December 31, 2022 Balance at beginning of year $ 8,681,990 $ 7,857,260 Loan fundings 929,106 3,624,661 Loan repayments and sales (1,225,930) (2,214,621) Gain (loss) on foreign currency translation 175,707 (356,436) Realized loss on investments (1) (86,604) (24,894) Transfer to real estate owned, held for sale (75,000) (226,459) Decrease (increase) in Specific CECL Allowance (2) (59,500) 11,500 Decrease (increase) in General CECL Allowance (3) (258) 7,364 Deferred fees and other items (4) (16,453) (46,874) Payment-in-kind interest and amortization of fees 35,035 50,489 Balance at the close of year $ 8,358,093 $ 8,681,990 ——————— (1) During the year ended December 31, 2023, we recorded a $86.6 million realized loss on investments primarily comprised of i) a $4.8 million realized loss related to the acquisition of the Atlanta Hotel through a deed-in-lieu of foreclosure and ii) a $82.0 million realized loss representing a write-off of previously recorded Specific CECL Allowance on one of our subordinate loans secured by an ultra-luxury residential property in Manhattan, NY. These losses were partially offset by a $0.2 million gain on investments recorded in connection with the sale of our entire interest in three commercial loans secured by properties in Europe and a partial interest in one commercial loan secured by property located in London, United Kingdom. During the year ended December 31, 2022, we recorded a realized loss on investments represented with a write-off of a previously recorded Specific CECL Allowance comprising of (i) a $17.9 million loss on a first mortgage loan secured by an urban predevelopment property following the sale of the underlying property, and (ii) a $7.0 million loss, related to a first mortgage secured by the Atlanta hotel in anticipation of consensual foreclosure in the first quarter of 2023. (2) The Specific CECL Allowance increased $59.5 million during 2023. During the year ended December 31, 2023, we recorded a $141.5 million increase to our Specific CECL Allowance, related to two mezzanine loans secured by the same ultra-luxury residential property in Manhattan, NY. As of June 30, 2023, $82.0 million related to the most junior mezzanine loan 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 during the second quarter of 2023. The $11.5 million decrease during the year ended December 31, 2022 was comprised of i) a reversal and write-off of a previously recorded Specific CECL Allowance of $53.0 million and $15.0 million, respectively, on an urban predevelopment first mortgage loan in Miami, FL and ii) a $10.0 million reversal of a previously recorded Specific CECL Allowance on a loan related to a multifamily development in Brooklyn, NY. These write-offs and reversals recorded during the year ended December 31, 2022 were offset by the Specific CECL Allowance of $66.5 million recorded in relation to a mezzanine loan secured by our interest in an ultra-luxury residential property in Manhattan, NY. (3) $4.0 million and $4.3 million as of December 31, 2023 and 2022, respectively of the General CECL Allowance is excluded from this table because it relates to unfunded commitments and has been recorded as a liability on our consolidated balance sheets. (4) Other items primarily consist of purchase discounts or premiums, exit fees and deferred origination expenses, as well as $2.5 million and $3.2 million in cost recovery proceeds in 2023 and 2022, respectively.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying consolidated financial statements include our accounts and those of our consolidated subsidiaries. All intercompany amounts have been eliminated. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America ("GAAP") requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Our most significant estimates include loan loss allowances. Actual results could differ from those estimates.
Principles of Consolidation	Principles of Consolidation
Consolidated Joint Venture and Barclays Securitization	Consolidated Joint Venture In the third quarter of 2022, we contributed an assemblage of properties in downtown Brooklyn, NY to a joint venture with WG Bowtie, LLC, a real estate developer. The entity was deemed to be a VIE of which we were deemed 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. See further discussion in "Note 5 – Real Estate Owned." Barclays Securitization During the second quarter of 2020, we entered into a private securitization with Barclays Bank plc. We have determined that the issuer of this securitization, ACRE Debt 2 PLC, is a VIE of which we were deemed to be the primary beneficiary, because we have the power to direct the activities of the VIE, and therefore, we consolidated the operations of this entity in accordance with GAAP. The collateral assets of the securitization are included in commercial mortgage loans, net on our consolidated balance sheets. The liabilities of the securitization to the senior note holders, excluding the notes held by us, are included in secured debt arrangements, net on our consolidated balance sheet. See further discussion in "Note 7 - Secured Debt Arrangements, Net."
Cash and Cash Equivalents	Cash and Cash Equivalents
Classification of Investments and Valuations of Financial Instruments	Classification of Investments and Valuations of Financial Instruments Our investments consist primarily of commercial mortgage loans, subordinate loans, and other lending assets that are classified as held-to-maturity.
Classification of Loans	Classification of Loans Loans held to maturity are stated at the principal amount outstanding, adjusted for deferred fees and current expected credit losses, in accordance with GAAP. Loans held for sale are classified as such if there is a reasonable expectation to sell them in the short-term following the reporting date. Loans classified as held for sale are stated at the lower of amortized cost or fair value, in accordance with GAAP. As of both December 31, 2023 and 2022, there were no loans classified as held for sale on our consolidated balance sheets.
Securities, held-to-maturity	Securities, held-to-maturity GAAP requires that at the time of purchase, we designate investment securities as held-to-maturity or trading, depending on our investment strategy and ability to hold such securities to maturity. Held-to-maturity securities where we have not elected to apply the fair value option are stated at cost plus any premiums or discounts, which are amortized or accreted through the consolidated statements of operations using the effective interest method.
Current Expected Credit Losses ("CECL")	Current Expected Credit Losses ("CECL") In accordance with ASC Topic 326 “Financial Instruments – Credit Losses,” which we refer to as the "CECL Standard", we record allowances for our commercial mortgage loans and subordinate loans and other lending assets that are held-to-maturity. These allowances 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. As a practical expedient in accordance with the CECL Standard, we record loan specific allowances ("Specific CECL Allowance") for assets that are collateral dependent and where the borrower or sponsor is experiencing financial difficulty. For the remainder of the loan portfolio, we record a general allowance ("General CECL Allowance", and together with Specific CECL Allowance, "CECL Allowances") on a collective basis by assets with similar risk characteristics. Subsequent changes to the CECL Allowance are recognized through net income on our consolidated statement of operations. The CECL Standard requires an entity to consider historical loss experience, current conditions, and a reasonable and supportable forecast of the macroeconomic environment. The FASB recognizes the weighted average remaining maturity ("WARM") method as an acceptable approach for computing current expected credit losses. We utilize the WARM method to determine a General CECL Allowance for a majority of our portfolio. In the future, we may use other acceptable methods, such as a probability-of-default/loss-given-default method. Specific CECL Allowance Our loans are typically collateralized by commercial real estate. As a result, we regularly evaluate the extent and impact of any credit migration associated with the performance and/or value of the underlying collateral property as well as the financial and operating capability of the borrower/sponsor on a loan-by-loan basis. Specifically, a property’s operating results and any cash reserves are analyzed and used to assess (i) whether cash flows from operations are sufficient to cover the debt service requirements currently and into the future, (ii) the ability of the borrower to refinance the loan, and/or (iii) the property’s liquidation value. We also evaluate the financial wherewithal of any loan guarantors as well as the borrower’s competency in managing and operating the properties. In addition, we consider the overall economic environment, real estate sector, and geographic sub-market in which the borrower operates. Such analyses are completed and reviewed by asset management and finance personnel, who utilize various data sources, including (i) periodic financial data such as debt service coverage ratio, property occupancy, tenant profile, rental rates, operating expenses, the borrower’s exit plan, and capitalization and discount rates, (ii) site inspections, and (iii) current credit spreads and discussions with market participants. For loans where we have deemed the borrower/sponsor to be experiencing financial difficulty, we have elected to apply a practical expedient in accordance with the CECL Standard. In accordance with the practical expedient approach, we determine the loan loss provision to be the difference between the fair value of the underlying collateral and the carrying value of the loan (prior to the loan loss allowance). When the repayment or satisfaction of a loan is dependent on a sale, rather than operations, of the collateral, the fair value is adjusted for the estimated cost to sell the collateral. The fair value of the underlying collateral is determined by using method(s) such as discounted cash flow, the market approach, or direct capitalization approach. The key unobservable inputs used to determine the fair value of the underlying collateral may vary depending on the information available to us and market conditions as of the valuation date. If we deem all or any portion of a loan balance uncollectible, that amount is written-off. General CECL Allowance In accordance with the WARM method, an annual historical loss rate is applied to the amortized cost of an asset or pool of assets over the remaining expected life. The WARM method requires consideration of the timing of expected future fundings of existing commitments and repayments over each asset’s remaining life. An annual loss factor, adjusted for macroeconomic estimates, is applied over each subsequent period and aggregated to arrive at the General CECL Allowance. In determining the General CECL Allowance, we considered various factors including (i) historical loss experience in the commercial real estate lending market, (ii) timing of expected repayments and satisfactions, (iii) expected future funding, (iv) capital subordinate to us when we are the senior lender, (v) capital senior to us when we are the subordinate lender, and (vi) our current and future view of the macroeconomic environment. The standard requires the use of significant judgment to arrive at an estimated credit loss. We derived an annual historical loss rate based on a CMBS database with historical losses from 1998 through the fourth 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.
Assets and Liabilities Related to Real Estate Owned and Real Estate Owned, Held for Investment and Sale	Assets and Liabilities Related to Real Estate Owned In order to maximize recovery against a defaulted loan, we may assume legal title or physical possession of the underlying collateral through foreclosure or the execution of a deed-in-lieu of foreclosure. Foreclosed properties are classified as real estate owned and recognized at fair value on our consolidated balance sheets in accordance with the acquisition method under Accounting Standards Codification (“ASC”) Topic 805, “Business Combinations.” When determining the fair value of real estate assets and liabilities, we make certain assumptions including, but not limited to, consideration of projected operating cash flows, comparable selling prices and projected cash flows from the eventual disposition of the real estate asset based upon our estimate of a capitalization rate and discount rate. Real estate assets and liabilities are evaluated for impairment on a quarterly basis. A real estate asset is considered impaired when the sum of estimated future undiscounted cash flows to be generated by the real estate asset over the estimated remaining holding period is less than the carrying value of such real estate asset. An impairment charge is recorded equal to the excess of the carrying value of the real estate asset over the fair value. Real Estate Owned, Held for Investment Real estate assets that are acquired for investment are assumed at their estimated fair value at acquisition and presented net of accumulated depreciation and impairments, if applicable. Upon acquisition, we allocate the value of acquired real estate assets based on the fair value of the acquired land, building, furniture, fixtures and equipment, and intangible assets, if applicable. Real estate assets are depreciated using the straight-line method over the assets' estimated useful lives of up to 40 years for buildings and up to 8 years for furniture, fixtures and equipment. Renovations and/or replacements that improve or extend the life of the real estate asset are capitalized and depreciated over their estimated useful lives. The cost of ordinary repairs and maintenance are expensed as incurred. For real estate projects under development, we capitalize costs incurred to prepare the property for its intended use in accordance with ASC Topic 970, "Real Estate — General." Such costs can include costs related to acquisition, construction, financing, development and real estate taxes. Real Estate Owned, Held for Sale Real estate owned is classified as held for sale in the period in which the six criteria under ASC Topic 360, "Property, Plant, and Equipment" are met: (1) we commit to a plan and have the authority to sell the asset; (2) the asset is available for sale in its current condition; (3) we have initiated an active marketing plan to locate a buyer for the asset; (4) the sale of the asset is both probable and expected to qualify for full sales recognition within a period of 12 months; (5) the asset is being actively marketed for sale at a price that is reflective of its current fair value; and (6) we do not anticipate changes to our plan to sell the asset. Real estate owned, held for sale is held at the lower of cost or fair market value. Once a real estate asset is classified as held for sale, depreciation expense is no longer recorded.
Deferred Financing Costs	Deferred Financing Costs
Earnings per Share	Earnings per Share GAAP requires the use of the two-class method of computing earnings per share for all periods presented for each class of common stock and participating security as if all earnings for the period had been distributed. Under the two-class method, during periods of net income, the net income is first reduced for dividends declared on all classes of securities to arrive at undistributed earnings. During periods of net losses, the net loss is reduced for dividends declared on participating securities only if the security has the right to participate in the earnings of the entity and an objectively determinable contractual obligation to share in net losses of the entity. The remaining earnings are allocated to common stockholders and participating securities to the extent that each security shares in earnings as if all of the earnings for the period had been distributed. Each total is then divided by the applicable number of shares to arrive at basic earnings per share. For the diluted earnings, the denominator includes all outstanding shares of common stock and all potential shares of common stock assumed issued if they are dilutive. The numerator is adjusted for any changes in income or loss that would result from the assumed conversion of these potential shares of common stock. The dilutive effect to earnings per share for the years ended December 31, 2023, 2022 and 2021 was determined using the "if converted" method whereby, if the conversion of the convertible notes would be dilutive, interest expense on the outstanding notes is added back to the diluted earnings numerator and all of the potentially dilutive shares are included in the diluted common shares outstanding denominator for the computation of diluted earnings per share.
Foreign Currency	Foreign Currency From time to time we enter into transactions denominated in currencies other than USD. Foreign exchange gains and losses arising on such transactions are recorded as a gain or loss in our consolidated statement of operations. Assets and liabilities denominated in currencies other than USD are translated to USD at the exchange rate prevailing at the reporting date and income, expenses, gains, and losses are translated at the prevailing exchange rate on the dates that they were recorded.
Hedging Instruments and Hedging Activities	Hedging Instruments and Hedging Activities Consistent with maintaining our qualification as a REIT, in the normal course of business, we use a variety of derivative financial instruments to manage, or hedge, interest rate and foreign currency risk. Derivatives are used for hedging purposes rather than speculation. There is a gain or loss associated with forward points on our foreign currency hedges, which reflect the interest rate differentials, at the time of entering into the hedge, between the applicable local base rate of our foreign currency investments and the comparable rate in the U.S. GAAP requires an entity to recognize all derivatives as either assets or liabilities on the balance sheets and to measure those instruments at fair value. To the extent the instrument qualifies for hedge accounting, the fair value adjustments will be recorded as a component of other comprehensive income in stockholders’ equity until the hedged item is recognized in earnings. We have not designated any of our derivative instruments as hedges under GAAP and therefore, changes in the fair value of our derivatives are recorded directly in earnings. We determine fair value of our derivative contracts using quotations from a third-party expert. The fair value is derived by comparing the contracted forward exchange rate to the current market exchange rate, as well as by using a discounted cash flow analysis on the expected cash flows of each derivative. If our hedging activities do not achieve the desired results, reported earnings may be adversely affected.
Income Taxes	Income Taxes We have elected to be taxed as a REIT under Sections 856-859 of the Internal Revenue Code of 1986, as amended. Under those sections, a REIT which distributes at least 90% of its REIT taxable income, excluding net capital gains and determined without regard to the dividends paid deduction, as a dividend to its stockholders each year and which meets certain other conditions will not be taxed on that portion of its taxable income which is distributed to its stockholders.
Investments in unconsolidated joint ventures	Investments in Unconsolidated Joint Ventures Investments are accounted for under the equity method when (i) requirements for consolidation are not met, and (ii) we have significant influence over the operations of the investee. Equity method investments are initially recorded at cost and subsequently adjusted for our share of net income or loss and cash contributions and distributions each period. This adjustment is made at the end of each reporting period, generally on a one quarter lag, based on the best information available to us. Investments in unconsolidated joint ventures are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is measured based on the excess of the carrying amount of an investment over its estimated fair value. Impairment analyses are based on current plans, intended holding periods and available information at the time the analyses are prepared. The evaluation of anticipated cash flows is subjective and is based, in part, on assumptions regarding future occupancy and rental rates of the underlying property and capital requirements that could differ materially from actual results. Refer to Principals of Consolidation above for additional details related to two unconsolidated joint ventures concluded to be VIEs and assessed for consolidation.
Secured Debt Arrangements	Secured Debt Arrangements Secured debt arrangements are accounted for as financing transactions, unless they meet the criteria for sale accounting. Loans financed through a secured debt arrangement remain on our consolidated balance sheets as an asset and cash received from the purchaser is recorded on our consolidated balance sheets as a liability. Interest incurred in accordance with secured debt arrangements is recorded as interest expense.
Securitization/Sale and Financing Arrangements	Securitization/Sale and Financing Arrangements We periodically sell our financial assets, such as commercial mortgage loans, subordinate loans and other lending assets. In connection with these transactions, we may retain or acquire senior or subordinated interests in the related assets. Gains and losses on such transactions are recognized using the guidance in ASC 860, "Transfers and Servicing", which is based on a financial-components approach that focuses on control. Under this approach, after a transfer of financial assets that meets the criteria for treatment as a sale-legal isolation, ability of transferee to pledge or exchange the transferred assets without constraint, and transferred control an entity recognizes the financial assets it retains and any liabilities it has incurred, derecognizes the financial assets it has sold, and derecognizes liabilities when extinguished. We determine the gain or loss on sale of the assets by allocating the carrying value of the sold asset between the sold asset and the interests retained based on their relative fair values, as applicable. The gain or loss on sale is the difference between the cash proceeds from the sale and the amount allocated to the sold asset. When a transfer does not meet the criteria of a sale under ASC 860, we account for such transfer as a secured borrowing on our consolidated balance sheets as both an asset and a non-recourse liability. The non-recourse liability is recorded under "Participations Sold" and the income earned is recorded as interest income and an identical amount is recorded as interest expense on our consolidated statements of operations.
Senior Secured Notes, Senior Secured Term Loans and Convertible Senior Notes	Senior Secured Notes We include our senior secured notes in our consolidated balance sheets as a liability, net of original issue discount and deferred financing costs. Discount or transaction expenses are deferred and amortized through the maturity. Interest paid in accordance with our senior secured notes is recorded in interest expense. Senior Secured Term Loans We include our senior secured term loans (the "Term Loans") in our consolidated balance sheets as a liability, net of original issue discount and deferred financing costs. Discount or transaction expenses are deferred and amortized through the maturity. Interest paid in accordance with our Term Loans is recorded in interest expense. Convertible Senior Notes
Revenue Recognition	Revenue Recognition Interest income on our lending assets is accrued based on the actual coupon rate adjusted for accretion of any purchase discounts, the amortization of any purchase premiums and the accretion of any deferred fees, in accordance with GAAP. Loans that are significantly past due may be placed on non-accrual if we determine it is probable that we will not collect all payments which are contractually due. When a loan is placed on non-accrual, interest is only recorded as interest income when it's received. Under certain circumstances, we may apply cost recovery under which interest collected on a loan reduces its amortized cost. The cost recovery method will no longer apply if collection of all principal and interest is reasonably assured. A loan may be placed back on accrual status if we determine it is probable that we will collect all payments which are contractually due. Operating revenue from real estate owned, held for sale that is a hotel property represents revenue associated with the operations of the hotel property. Revenue from the operation of the hotel property is recognized when guestrooms are occupied or services have been rendered. Revenues are recorded net of any discounts and sales and other taxes collected from customers. Revenues consist of room sales, food and beverage sales and other hotel revenues. Gains or losses on the sale of real estate assets, including residential property, are recognized in accordance with ASC 610-20, "Gains and Losses from the Derecognition of Nonfinancial Assets". We use specific identification method to allocate costs.
Share-based Payments	Share-based Payments We account for share-based compensation to our independent directors, to the Manager and to employees of the Manager and its affiliates using the fair value-based methodology prescribed by GAAP. Compensation cost related to restricted common stock issued is measured at its fair value at the grant date and amortized into expense over the vesting period on a straight-line basis. We recognize forfeitures of restricted common stock as they occur.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In August 2020, the Financial Accounting Standards Board ("FASB") issued ASU 2020-06 "Debt – Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging – Contracts in Entity’s Own Equity" ("ASU 2020-06"). The intention of ASU 2020-06 is to address the complexities in accounting for certain financial instruments with a debt and equity component. Under ASU 2020-06, the number of accounting models for convertible notes will be reduced and entities that issue convertible debt will be required to use the if-converted method for the computation of diluted "Earnings per share" under ASC 260. ASU 2020-06 is effective for fiscal years beginning after December 15, 2021 and may be adopted through either a modified retrospective method of transition or a fully retrospective method of transition. We adopted ASU 2020-06 through the modified retrospective method on January 1, 2022 through an adjustment to additional paid-in capital, retained earnings, and the carrying values our Convertible Notes. The net impact to stockholders' equity of adopting ASU 2020-06 was $3.4 million. In March 2020, the FASB issued ASU 2020-04 "Reference Rate Reform (Topic 848) – Facilitation of the Effects of Reference Rate Reform on Financial Reporting" ("ASU 2020-04"). ASU 2020-04 provides optional expedients and exceptions for applying GAAP to debt instruments, derivatives, and other contracts that reference London Interbank Offered Rate ("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. The application of ASU 2020-04 has not had a material impact on our consolidated financial statements. In March 2022, the FASB issued ASU 2022-02 "Financial Instruments – Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures" ("ASU 2022-02"). The intention of ASU 2022-02 is to simplify the guidance surrounding loan modifications and restructurings and to eliminate the accounting guidance related to troubled debt restructurings ("TDR"). The new guidance deviates from TDR guidance as disclosures are now based on whether a modification or restructuring with a borrower experiencing financial difficulty results in principal forgiveness, an interest rate reduction, other-than-insignificant payment delay or term extension as opposed to simply a concession. The new guidance requires disclosure by class of financing receivables, of the types of modifications, the financial effects of those modifications and the performance of those modified receivables in the trailing twelve months after modification. Accounting for credit losses under ASC 326 "Financial Instruments—Credit Losses", is also updated to allow entities to use any acceptable method to determine credit losses as a result of modification or restructuring with a borrower experiencing financial difficulty. ASU 2022-02 also requires disclosure of gross write-offs recorded in the current period, on a year-to-date basis, by year of origination in the vintage disclosures. ASU 2022-02 is effective for fiscal years beginning after December 15, 2022. During the third quarter of 2022, we early adopted the TDR enhancements and new vintage disclosure requirements under of ASU 2022-02. Refer to "Note 4 -Commercial Mortgage Loans, Subordinate Loans and Other Lending Assets, Net." In November 2023, the FASB issued ASU 2023-07 "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures" ("ASU 2023-07"). ASU 2023-07 intends to improve reportable segment disclosure requirements, enhance interim disclosure requirements and provide new segment disclosure requirements for entities with a single reportable segment. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and for interim periods with fiscal years beginning after December 15, 2024. ASU 2023-07 is to be adopted retrospectively to all prior periods presented. We are currently assessing the impact this guidance will have on our consolidated financial statements. In December 2023, the FASB issued ASU 2023-09 "Improvements to Income Tax Disclosures" ("ASU 2023-09"). ASU 2023-09 intends to improve the transparency of income tax disclosures. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024 and is to be adopted on a prospective basis with the option to apply retrospectively. We are currently assessing the impact of this guidance, however, we do not expect a material impact to our consolidated financial statements.

Fair Value Disclosure (Tables)

Fair Value Disclosure (Tables)	12 Months Ended
	Dec. 31, 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 December 31, 2023 and December 31, 2022 ($ in thousands): Fair Value as of December 31, 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 $ — $ 28,065 $ — $ 28,065 $ — $ 119,499 $ — $ 119,499 Interest rate cap asset — 1,360 — 1,360 — 9,141 — 9,141 Total financial instruments $ — $ 29,425 $ — $ 29,425 $ — $ 128,640 $ — $ 128,640

Commercial Mortgage Loans, Su_2

Commercial Mortgage Loans, Subordinate Loans and Other Lending Assets, Net (Tables)	12 Months Ended
	Dec. 31, 2023
Receivables [Abstract]
Schedule of Loan Portfolio	Our loan portfolio was comprised of the following at December 31, 2023 and December 31, 2022 ($ in thousands): Loan Type December 31, 2023 December 31, 2022 Commercial mortgage loans, net (1) $ 7,925,359 $ 8,121,109 Subordinate loans and other lending assets, net 432,734 560,881 Carrying value, net $ 8,358,093 $ 8,681,990 ——————— (1) Includes $95.5 million and $138.3 million in 2023 and 2022, respectively, of contiguous financing structured as subordinate loans.
Schedule of Activity Related to Loan Investment Portfolio	Activity relating to our loan portfolio for the year ended December 31, 2023 was as follows ($ in thousands): Principal Deferred Fees/Other Items Specific CECL Allowance Carrying Value, Net December 31, 2022 $ 8,892,767 $ (51,053) $ (133,500) $ 8,708,214 New funding of loans 456,167 — — 456,167 Add-on loan fundings (2) 472,939 — — 472,939 Loan repayments and sales (1,225,930) — — (1,225,930) Gain (loss) on foreign currency translation 176,534 (827) — 175,707 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 (1) — (16,453) — (16,453) Payment-in-kind interest and amortization of fees — 35,035 — 35,035 December 31, 2023 $ 8,610,110 $ (32,535) $ (193,000) $ 8,384,575 General CECL Allowance (3) (26,482) Carrying value, net $ 8,358,093 ——————— (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) $4.0 million of the General CECL Allowance is excluded from this table because it relates to unfunded commitments and has been recorded as a liability under accounts payable, accrued expenses and other liabilities in our consolidated balance sheet.
Schedule of Overall Statistics for the Loan Portfolio	The following table details overall statistics for our loan portfolio at the dates indicated ($ in thousands): December 31, 2023 December 31, 2022 Number of loans 50 61 Principal balance $ 8,610,110 $ 8,892,767 Carrying value, net $ 8,358,093 $ 8,681,990 Unfunded loan commitments (1) $ 868,582 $ 1,041,654 Weighted-average cash coupon (2) 8.3 % 7.2 % Weighted-average remaining fully-extended term (3) 2.3 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): December 31, 2023 December 31, 2022 Property Type Carrying % of (1) Carrying % of Portfolio (1) Hotel $ 2,128,256 25.4 % $ 2,117,079 24.3 % Office 1,593,320 19.0 1,671,006 19.2 Retail 1,407,764 16.8 1,364,752 15.7 Residential 1,247,238 14.9 1,537,541 17.7 Mixed Use 679,303 8.1 559,809 6.4 Healthcare 511,803 6.1 575,144 6.6 Industrial 293,133 3.5 296,860 3.4 Other (2) 523,758 6.2 586,023 6.7 Total $ 8,384,575 100.0 % $ 8,708,214 100.0 % General CECL Allowance (3) (26,482) (26,224) Carrying value, net $ 8,358,093 $ 8,681,990 ——————— (1) Percentage of portfolio calculations are made prior to consideration of General CECL Allowance. (2) Other property types include parking garages (2.3%), caravan parks (2.4%) and urban predevelopment (1.5%) in 2023, and parking garages (3.1%), caravan parks (2.3%) and urban predevelopment (1.3%) in 2022. (3) $4.0 million and $4.3 million of the General CECL Allowance for 2023 and 2022, respectively, is excluded from this table because it relates to unfunded commitments and has been recorded as a liability under accounts payable, accrued expenses and other liabilities in our consolidated balance sheets. Geography The table below details the geographic distribution of the properties securing the loans in our portfolio at the dates indicated ($ in thousands): December 31, 2023 December 31, 2022 Geographic Location Carrying % of (1) Carrying % of Portfolio (1) United Kingdom $ 2,675,097 31.9 % $ 2,470,532 28.4 % New York City 1,736,856 20.7 2,049,493 23.5 Other Europe (2) 1,686,425 20.1 1,542,462 17.7 Southeast 535,054 6.4 642,542 7.4 Midwest 522,137 6.2 592,756 6.8 West 484,842 5.8 584,247 6.7 Other (3) 744,164 8.9 826,182 9.5 Total $ 8,384,575 100.0 % $ 8,708,214 100.0 % General CECL Allowance (4) (26,482) (26,224) Carrying value, net $ 8,358,093 $ 8,681,990 ——————— (1) Percentage of portfolio calculations are made prior to consideration of General CECL Allowance. (2) Other Europe includes Germany (7.4%), Italy (4.9%), Spain (4.2%), Sweden (2.9%), Ireland (0.5%) and the Netherlands (0.2%) 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 (5.0%), Southwest (1.7%), Mid-Atlantic (1.1%) and Other (1.1%) in 2023 and Northeast (5.5%), Southwest (2.3%), Mid-Atlantic (1.4%) and Other (0.3%) in 2022. (4) $4.0 million and $4.3 million of the General CECL Allowance for 2023 and 2022, respectively, is excluded from this table because it relates to unfunded commitments and has been recorded as a liability under accounts payable, accrued expenses and other liabilities in our consolidated balance sheets.
Schedule of Carrying Value of Loan Portfolio Based on Internal Risk Ratings	The following tables present the carrying value of our loan portfolio by year of origination and internal risk rating and gross write-offs by year of origination as of December 31, 2023 and December 31, 2022, respectively ($ in thousands): December 31, 2023 Amortized Cost by Year Originated Risk Rating Number of Loans Total % of Portfolio 2023 2022 2021 2020 2019 Prior 1 — $ — — % $ — $ — $ — $ — $ — $ — 2 4 478,440 5.7 % — 280,572 — — 132,309 65,560 3 42 7,548,252 90.0 % 440,720 2,426,511 2,285,902 387,323 1,465,618 542,177 4 2 88,112 1.1 % — — — — — 88,112 5 2 269,771 3.2 % — — — 169,881 — 99,890 Total 50 $ 8,384,575 100.0 % $ 440,720 $ 2,707,083 $ 2,285,902 $ 557,204 $ 1,597,927 $ 795,739 General CECL Allowance (1) (26,482) Total carrying value, net $ 8,358,093 Weighted Average Risk Rating 3.0 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 2018 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 $4.3 million of the General CECL Allowance for 2023 and 2022, respectively, is excluded from this table because it relates to unfunded commitments and has been recorded as a liability under accounts payable, accrued expenses and other liabilities in our consolidated balance sheets.
Schedule of CECL Reserves	The following schedule illustrates changes in CECL Allowances f or the year ended December 31, 2023 ($ 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: Allowances (Reversals), net 141,480 258 (330) (72) 141,408 Write Offs (81,980) — — — (81,980) December 31, 2023 $ 193,000 $ 26,482 $ 4,017 $ 30,499 $ 223,499 0.38 % 2.61 % (1) Loans evaluated for Specific CECL Allowance are excluded from General CECL Allowance pool. The following schedule illustrates changes in CECL Allowances f or the year ended December 31, 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: Allowances (Reversals), net 13,396 (7,364) 1,241 (6,123) 7,273 Write Offs (24,896) — — — (24,896) December 31, 2022 $ 133,500 $ 26,224 $ 4,347 $ 30,571 $ 164,071 0.36 % 1.86 % ——————— (1) Loans evaluated for Specific CECL Allowance are excluded from General CECL Allowance pool. The following schedule sets forth our General CECL Allowance as of December 31, 2023 and December 31, 2022 ($ in thousands): December 31, 2023 December 31, 2022 Commercial mortgage loans, net $ 25,723 $ 22,848 Subordinate loans and other lending assets, net 759 3,376 Unfunded commitments (1) 4,017 4,347 Total General CECL Allowance $ 30,499 $ 30,571 ——————— (1) The General CECL Allowance on unfunded commitments is recorded as a liability on our 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 December 31, 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 $166,890 $67,000 $99,890 Non-Accrual/ 10/1/2019 5 Mortgage total: $166,890 $67,000 $99,890 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: $462,771 $193,000 $269,771 ——————— (1) The fair value of retail collateral was determined by applying a capitalization rate of 9.0%. (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 VIE and we determined that we are not the primary beneficiary of that VIE as we do not have the power to direct the entity's activities. During the years ended December 31, 2023 and 2022, $2.5 million and $1.8 million, respectively, of interest paid was applied towards reducing the carrying value of the loan. During the second quarter of 2023, the loan's maturity was extended from September 2023 to September 2024. (3)

Real Estate Owned (Tables)

Real Estate Owned (Tables)	12 Months Ended
	Dec. 31, 2023
Real Estate [Abstract]
Schedule of Business Acquisitions	Below are the hotel's acquired assets and liabilities as of the date of acquisition on March 31, 2023, which are designated as real estate owned on our consolidated balance sheet ($ in thousands): March 31, 2023 Assets: Cash $ 569 Land 16,628 Buildings 50,152 Furniture, fixtures, and equipment 8,220 Other Assets 2,827 Total Assets $ 78,396 Liabilities: Accounts payable, accrued expenses and other liabilities 3,396 Total Liabilities $ 3,396 Net Real Estate Assets $ 75,000

Other Assets (Tables)

Other Assets (Tables)	12 Months Ended
	Dec. 31, 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): December 31, 2023 December 31, 2022 Interest receivable $ 72,354 $ 65,383 Loan proceeds held by servicer (1) 6,271 3,371 Other (2) 6,998 1,853 Total $ 85,623 $ 70,607 ——————— (1) Includes loan principal and interest held by our third-party servicers as of the balance sheet date and remitted during subsequent remittance cycle. (2) Includes $4.6 million of other assets from Real Estate Owned, Held for Investment as of December 31, 2023. Refer to "Note 5 – Real Estate Owned" for additional information.

Secured Debt Arrangements, Net

Secured Debt Arrangements, Net (Tables)	12 Months Ended
	Dec. 31, 2023
Debt Disclosure [Abstract]
Schedule of Weighted Average Maturities and Interest Rates of Borrowings	Our borrowings under secured debt arrangements at December 31, 2023 and December 31, 2022 are detailed in the following table ($ in thousands): December 31, 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) $ 1,482,584 $ 1,043,964 September 2026 $ 1,532,722 $ 1,306,320 September 2026 JPMorgan Facility - GBP (3)(4) 17,416 17,416 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) 686,527 669,302 April 2027 (6)(7) 635,653 632,747 August 2026 (6)(7) HSBC Facility - GBP 383,967 383,967 May 2025 364,423 364,423 April 2025 HSBC Facility - EUR 281,401 281,401 January 2026 (7) 272,890 272,890 January 2026 Goldman Sachs Facility - USD 13,437 13,437 November 2025 (8) 300,000 70,249 November 2025 (8) Barclays Facility - USD 200,000 107,929 June 2027 (6) 200,000 111,909 June 2027 MUFG Securities Facility - GBP 204,690 204,690 June 2025 (6) 194,272 194,272 June 2025 Churchill Facility - USD 130,000 126,515 March 2026 — — N/A Santander Facility - USD 300,000 67,500 February 2026 (6) — — N/A Santander Facility - EUR 59,611 55,716 August 2024 57,807 53,320 August 2024 Total Secured Credit Facilities 4,459,633 3,247,652 4,325,045 3,459,226 Barclays Private Securitization - GBP, EUR, SEK 2,369,125 2,157,157 June 2026 (7) 1,850,076 1,850,076 February 2026 (7) Revolving Credit Facility - USD (9) 170,000 147,000 March 2026 — — N/A Total Secured Debt Arrangements 6,998,758 5,551,809 6,175,121 5,309,302 Less: deferred financing costs N/A (13,333) N/A (12,477) Total Secured Debt Arrangements, net (10)(11)(12) $ 6,998,758 $ 5,538,476 $ 6,175,121 $ 5,296,825 ——————— (1) As of December 31, 2023, British Pound Sterling("GBP"), Euro ("EUR"), and Swedish Krona ("SEK") borrowings were converted to USD at a rate of 1.27, 1.10, and 0.10, 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 December 31, 2023. The JPMorgan Facility was temporarily upsized from $1.5 billion to $1.6 billion during August 2022 and the maximum borrowings decreased to $1.5 billion as of January 2023. (5) The Atlas Facility was formerly the Credit Suisse Facility. See "Atlas Facility" below for additional discussion. (6) Assumes financings are extended in line with the underlying loans. (7) Represents weighted average maturity across various financings with the counterparty. See below for additional details. (8) Facility entered the two-year amortization period. During the amortization period, the maturity date for current outstanding transactions are extended for a period of up to two years from the November 2023 maturity. (9) The current stated maturity of the Revolving Credit Facility is March 2026. Borrowings under the Revolving Credit Facility bear interest at a per annum rate equal to the sum of (i) a floating rate index and (ii) a fixed margin. Borrowings under the Revolving Credit Facility are full recourse to certain guarantor wholly-owned subsidiaries of the Company. See "Revolving Credit Facility" below for additional discussion. (10) Weighted-average borrowing costs as of December 31, 2023 and December 31, 2022 were applicable benchmark rates and credit spread adjustments, plus spreads of USD: +2.49% / GBP: +2.21% / EUR: +1.86% / SEK: +1.50% and USD: +2.28% / GBP: +2.02% / EUR: +1.54%/ SEK: +1.50%, respectively. (11) Weighted average advance rates based on cost as of December 31, 2023 and December 31, 2022 were 68.4% (62.9% (USD) / 72.5% (GBP) / 72.1% (EUR) / 80.4% (SEK)) and 68.8% (63.9% (USD) / 74.0% (GBP) / 72.1% (EUR) / 80.5% (SEK)), respectively. (12)
Schedule of Assets Under the Private Barclays Securitization	The table below provides principal balances and the carrying value for commercial mortgage loans pledged to the Barclays Private Securitization as of December 31, 2023 and December 31, 2022 ($ in thousands): December 31, 2023 Local Currency Count Outstanding Principal Carrying Value GBP 7 $ 1,662,457 $ 1,643,979 EUR 6 1,021,272 1,012,987 SEK 1 248,088 246,220 Total 14 $ 2,931,817 $ 2,903,186 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 December 31, 2023 ($ in thousands): Borrowings Outstanding (1) Fully-Extended Maturity (2) Total/Weighted-Average GBP $ 1,234,740 June 2026 Total/Weighted-Average EUR 723,947 May 2026 (3) Total/Weighted-Average SEK 198,470 May 2026 Total/Weighted-Average Securitization $ 2,157,157 June 2026 ——————— (1) As of December 31, 2023, we had £969.9 million, €655.8 million, and kr2.0 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 December 31, 2023 ($ in thousands): Principal Amount Unamortized Issuance Discount (1) Deferred Financing Costs (1) Carrying Value Rate Maturity Date 2026 Term Loan $ 477,500 $ (833) $ (4,302) $ 472,365 2.86 % 5/15/2026 2028 Term Loan 291,750 (1,786) (3,179) 286,785 3.61 % 3/11/2028 Total $ 769,250 $ (2,619) $ (7,481) $ 759,150 ——————— (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 consolidated balance sheets ($ in thousands): December 31, 2023 December 31, 2022 Assets: Cash $ 924 $ 758 Commercial mortgage loans, net (1) 2,903,186 2,468,195 Other Assets 41,180 30,992 Total Assets $ 2,945,290 $ 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) $ 2,155,197 $ 1,847,799 Accounts payable, accrued expenses and other liabilities (2) 9,083 8,814 Total Liabilities $ 2,164,280 $ 1,856,613 ——————— (1) Net of the General CECL Al lowance of $8.3 million and $8.2 million as of December 31, 2023 and December 31, 2022, respectively. (2) Includes General CECL Allowance related to unfunded commitments on commercial mortgage loans, net o f $2.5 million and $2.9 million as of December 31, 2023 and December 31, 2022, respectively.
Interest Income and Interest Expense Disclosure	The table below provides the net income (loss) of the Barclays Private Securitization VIE included in our consolidated statement of operations ($ in thousands): Year ended December 31, 2023 2022 Net Interest Income: Interest income from commercial mortgage loans $ 217,132 $ 126,847 Interest expense (113,910) (51,487) Net interest income $ 103,222 $ 75,360 General and administrative expense (16) — Decrease (increase) in current expected credit loss allowance, net 277 1,101 Foreign currency translation gain (loss) 29,425 (62,058) Net Income $ 132,908 $ 14,403
Schedule of Remaining Maturities of Borrowings	At December 31, 2023, our borrowings had the following remaining maturities ($ in thousands): Less than 1 to 3 3 to 5 More than Total JPMorgan Facility $ 268,118 $ 793,262 $ — $ — $ 1,061,380 Deutsche Bank Facility 95,686 180,129 — — 275,815 Atlas Facility — 88,167 581,135 — 669,302 HSBC Facility — 665,368 — — 665,368 Goldman Sachs Facility — 13,437 — — 13,437 Barclays Facility — — 107,929 — 107,929 MUFG Securities Facility — 204,690 — — 204,690 Churchill Facility — 126,515 — — 126,515 Santander Facility - USD — 67,500 — — 67,500 Santander Facility - EUR 55,716 — — — 55,716 Barclays Private Securitization 367,657 1,387,849 401,651 — 2,157,157 Revolving Credit Facility 77,000 70,000 — — 147,000 Total $ 864,177 $ 3,596,917 $ 1,090,715 $ — $ 5,551,809
Schedule of Outstanding, Maximum and Average Balances of Debt	The table below summarizes the outstanding balances at December 31, 2023, as well as the maximum and average month-end balances for the year ended December 31, 2023 for our borrowings under secured debt arrangements ($ in thousands). As of December 31, 2023 For the year ended December 31, 2023 Balance Collateral (1) Maximum Month-End Average Month-End JPMorgan Facility $ 1,061,380 $ 1,871,854 $ 1,324,226 $ 1,190,651 Deutsche Bank Facility 275,815 419,170 385,818 322,676 Goldman Sachs Facility 13,437 28,533 70,249 30,482 Atlas Facility 669,302 933,085 688,126 667,794 HSBC Facility 665,368 860,134 667,430 651,758 Barclays Facility 107,929 129,439 111,909 110,729 MUFG Securities Facility 204,690 278,223 206,362 200,447 Churchill Facility 126,515 168,138 130,000 128,094 Santander Facility - USD 67,500 99,648 75,000 68,125 Santander Facility - EUR 55,716 74,288 55,716 54,347 Barclays Private Securitization 2,157,157 2,911,470 2,157,157 1,896,144 Revolving Credit Facility 147,000 319,048 147,000 93,500 Total $ 5,551,809 $ 8,093,030 (1) Represents the amortized cost balance of commercial loan collateral assets and the value of net real estate assets of real property owned collateral assets. 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 Collateral (1) 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 (1)

Senior Secured Term Loan, Net (

Senior Secured Term Loan, Net (Tables)	12 Months Ended
	Dec. 31, 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 December 31, 2023 and December 31, 2022 ($ in thousands): December 31, 2023 Local Currency Count Outstanding Principal Carrying Value GBP 7 $ 1,662,457 $ 1,643,979 EUR 6 1,021,272 1,012,987 SEK 1 248,088 246,220 Total 14 $ 2,931,817 $ 2,903,186 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 December 31, 2023 ($ in thousands): Borrowings Outstanding (1) Fully-Extended Maturity (2) Total/Weighted-Average GBP $ 1,234,740 June 2026 Total/Weighted-Average EUR 723,947 May 2026 (3) Total/Weighted-Average SEK 198,470 May 2026 Total/Weighted-Average Securitization $ 2,157,157 June 2026 ——————— (1) As of December 31, 2023, we had £969.9 million, €655.8 million, and kr2.0 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 December 31, 2023 ($ in thousands): Principal Amount Unamortized Issuance Discount (1) Deferred Financing Costs (1) Carrying Value Rate Maturity Date 2026 Term Loan $ 477,500 $ (833) $ (4,302) $ 472,365 2.86 % 5/15/2026 2028 Term Loan 291,750 (1,786) (3,179) 286,785 3.61 % 3/11/2028 Total $ 769,250 $ (2,619) $ (7,481) $ 759,150 ——————— (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)	12 Months Ended
	Dec. 31, 2023
Debt Disclosure [Abstract]
Schedule of Convertible Senior Notes	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 December 31, 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)	12 Months Ended
	Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Non-Designated Foreign Exchange Forwards	The following table summarizes our non-designated foreign exchange forwards and interest rate cap as of December 31, 2023: December 31, 2023 Type of Derivatives Number of Contracts Aggregate Notional Amount (in thousands) Notional Currency Maturity Weighted-Average Years to Maturity Fx contracts - GBP 97 938,903 GBP January 2024 - February 2027 1.13 Fx contracts - EUR 135 561,441 EUR January 2024 - August 2026 1.08 Fx contracts - SEK 17 690,740 SEK February 2024 - May 2026 2.16 Interest rate cap 1 164,835 USD October 2024 0.75 The following table summarizes our non-designated foreign exchange 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 consolidated statements of operations related to our forward currency contracts for the years ended December 31, 2023, 2022, and 2021 ($ in thousands): Amount of gain (loss) Year ended December 31, Location of Gain (Loss) Recognized in Income 2023 2022 2021 Forward currency contracts Unrealized gain (loss) on derivative instruments $ (91,434) $ 104,159 $ 46,714 Forward currency contracts Realized gain (loss) on derivative instruments 43,221 42,822 (5,040) Total $ (48,213) $ 146,981 $ 41,674 The following table summarizes the amounts recognized on our consolidated statements of operations related to our interest rate caps for the years ended December 31, 2023, 2022, and 2021 ($ in thousands): Amount of gain (loss) Year ended December 31, Location of Gain (Loss) recognized in Income 2023 2022 2021 Interest rate cap Unrealized gain (loss) on interest rate hedging instruments $ (10,098) $ 7,692 $ 1,314 Interest rate cap Realized gain on interest rate hedging instruments 9,684 5,671 — Total $ (414) $ 13,363 $ 1,314
Schedule of Gross Asset and Liability Amounts Related to Derivatives	The following tables summarize the gross asset and liability amounts related to our derivatives at December 31, 2023 and December 31, 2022 ($ in thousands): December 31, 2023 December 31, 2022 Gross Amount of Recognized Assets Gross Amounts Offset in our Consolidated Balance Sheet Net Amounts Gross Amount of Recognized Assets Gross Net Amounts of Assets Presented in our Consolidated Balance Sheet Forward currency contracts $ 55,102 $ (27,037) $ 28,065 $ 143,285 $ (23,786) $ 119,499 Interest rate cap 1,360 — 1,360 9,141 — 9,141 Total derivative assets (liabilities) $ 56,462 $ (27,037) $ 29,425 $ 152,426 $ (23,786) $ 128,640

Participations Sold (Tables)

Participations Sold (Tables)	12 Months Ended
	Dec. 31, 2023
Debt Disclosure [Abstract]
Schedule of Participating Mortgage Loans	The table below details participations sold included in our consolidated balance sheets ($ in thousands): December 31, 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)	12 Months Ended
	Dec. 31, 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): December 31, 2023 December 31, 2022 Collateral held under derivative agreements $ 25,820 $ 138,620 Accrued dividends payable 53,407 53,203 Accrued interest payable 31,012 23,943 Accounts payable and other liabilities (1) 6,078 7,247 General CECL Allowance on unfunded commitments (2) 4,017 4,347 Total $ 120,334 $ 227,360 ——————— (1) Includes $5.5 million and $1.1 million of accounts payable and other liabilities on the balance sheet of the Real Estate Owned, Held for Investment at December 31, 2023 and 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 December 31, 2023 and 2022, respectively.

Share-Based Payments (Tables)

Share-Based Payments (Tables)	12 Months Ended
	Dec. 31, 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 years ended December 31, 2023, 2022, and 2021: Type Restricted Stock RSUs Grant Date Fair Value ($ in millions) Outstanding at December 31, 2020 82,235 2,455,853 Granted 45,185 1,323,487 $ 18.2 Vested (82,235) (1,136,525) N/A Forfeiture — (44,874) N/A Outstanding at December 31, 2021 45,185 2,597,941 Granted 49,434 1,541,135 $ 18.2 Vested (38,517) (1,260,456) N/A Forfeiture — (13,466) N/A Outstanding at December 31, 2022 56,102 2,865,154 Granted 75,754 1,082,564 $ 13.8 Vested (52,768) (1,389,059) N/A Forfeiture — (20,327) N/A Outstanding at December 31, 2023 79,088 2,538,332 Below is a summary of restricted stock and RSU vesting dates as of December 31, 2023 : Vesting Year Restricted Stock RSUs Total Awards 2024 79,088 1,307,502 1,386,590 2025 — 869,960 869,960 2026 — 360,870 360,870 Total 79,088 2,538,332 2,617,420

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	12 Months Ended
	Dec. 31, 2023
Equity [Abstract]
Schedule of Dividends Activity	The following table details our dividend activity: Year ended December 31, Dividends declared per share of: 2023 2022 (1) 2021 Common Stock $1.40 $1.40 $1.40 Series B Preferred Stock N/A N/A $1.00 Series B-1 Preferred Stock $1.81 $1.81 $0.90 ——————— (1) As our aggregate 2022 distributions did not exceed our earnings and profits, $0.1185 of the January 2023 distribution declared in the fourth quarter of 2022, and payable to common stockholders of record as of December 31, 2022, was treated as a 2022 distribution for U.S. federal income tax purposes.

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	12 Months Ended
	Dec. 31, 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 consolidated balance sheets at December 31, 2023 and December 31, 2022 ($ in thousands): December 31, 2023 December 31, 2022 Carrying Estimated Carrying Estimated Cash and cash equivalents $ 225,438 $ 225,438 $ 222,030 $ 222,030 Commercial mortgage loans, net 7,925,359 7,813,304 8,121,109 8,083,410 Subordinate loans and other lending assets, net (1) 432,734 432,458 560,881 558,740 Secured debt arrangements, net (5,538,476) (5,538,476) (5,296,825) (5,296,825) Term loans, net (759,150) (754,197) (763,813) (731,709) Senior secured notes, net (495,637) (418,750) (494,844) (400,950) 2023 Notes — — (229,361) (225,366) Debt related to real estate owned, held for investment, net (161,586) (161,586) (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)	12 Months Ended
	Dec. 31, 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 years ended December 31, 2023, 2022 and 2021 ($ in thousands except per share data): Year ended December 31, 2023 2022 2021 Basic Earnings Net income (loss) $ 58,127 $ 265,232 $ 223,515 Less: Preferred dividends (12,272) (12,272) (12,964) Net income (loss) available to common stockholders $ 45,855 $ 252,960 $ 210,551 Less: Dividends on participating securities (4,353) (4,132) (3,877) Basic Earnings (Loss) $ 41,502 $ 248,828 $ 206,674 Diluted Earnings Basic Earnings (Loss) $ 41,502 $ 248,828 $ 206,674 Add: Dividends on participating securities — 4,132 3,877 Add: Interest expense on Convertible Notes — 25,385 35,020 Diluted Earnings $ 41,502 $ 278,345 $ 245,571 Number of Shares: Basic weighted-average shares of common stock outstanding 141,281,286 140,534,635 139,869,244 Diluted weighted-average shares of common stock outstanding 141,281,286 165,504,660 168,402,515 Earnings (Loss) Per Share Attributable to Common Stockholders Basic $ 0.29 $ 1.77 $ 1.48 Diluted $ 0.29 $ 1.68 $ 1.46

Summary of Significant Accoun_3

Summary of Significant Accounting Policies 10K (Details)	12 Months Ended
	Dec. 31, 2023 USD ($) segment	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Sep. 30, 2019
Property, Plant and Equipment [Line Items]
Number of business segments | segment	1
Contribution percentage from joint venture					10%
Contribution percentage to joint venture					90%
Restricted cash	$ 0	$ 0
Stockholders' equity attributable to parent	(2,208,733,000)	(2,354,504,000)	$ (2,294,626,000)	$ (2,270,529,000)
Less: deferred financing costs	$ 25,200,000	27,700,000
Building
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	40 years
Furniture and Fixtures [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	8 years
Adjustment due to Adoption of ASU
Property, Plant and Equipment [Line Items]
Stockholders' equity attributable to parent		$ 3,400,000	$ 3,416,000

Fair Value Disclosure - Summari

Fair Value Disclosure - Summarizes Levels in Fair Value Hierarchy of Financial Instruments (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	$ 29,425	$ 128,640
Estimate of Fair Value | Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	29,425	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	29,425	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	28,065	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	28,065	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	1,360	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	1,360	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)		12 Months Ended
	May 24, 2021 USD ($)	Dec. 31, 2023 USD ($) instrument	Dec. 31, 2022 USD ($) instrument	Dec. 31, 2021 USD ($)	Mar. 31, 2023 USD ($) ft²	Aug. 03, 2022 USD ($)	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		161,562,000	160,294,000
Assumption of real estate	$ 154,300,000	75,000,000	270,035,000	$ 154,300,000
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		Dec. 31, 2023	Dec. 31, 2022
Financing Receivable, Allowance for Credit Loss [Line Items]
Total carrying value, net		$ 8,358,093	$ 8,681,990
Commercial Mortgage and Subordinated Portfolio Segment
Financing Receivable, Allowance for Credit Loss [Line Items]
Total carrying value, net		95,500	138,300
Commercial Mortgage Portfolio Segment
Financing Receivable, Allowance for Credit Loss [Line Items]
Total carrying value, net	[1],[2]	7,925,359	8,121,109
Subordinate Mortgage Portfolio Segment
Financing Receivable, Allowance for Credit Loss [Line Items]
Total carrying value, net	[2],[3]	$ 432,734	$ 560,881
[1]Includes $7,705,491 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											12 Months Ended
		May 24, 2021 USD ($)	Sep. 30, 2023 USD ($)	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 ($) extension	Dec. 31, 2021 USD ($)	Jun. 30, 2021 USD ($)	Mar. 31, 2020 USD ($)	Dec. 31, 2023 USD ($) loan	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Mar. 31, 2023 GBP (£)	Mar. 31, 2023 EUR (€)	Nov. 30, 2020 USD ($)	Nov. 30, 2020 GBP (£)
Financing Receivable, Allowance for Credit Loss [Line Items]
Mortgage loans on real estate, commercial and consumer, percentage of portfolio														100%	100%
Interest receivable							$ 65,383,000							$ 72,354,000	$ 65,383,000
Amortized cost of loans in cost recovery							468,000,000							693,700,000	468,000,000
Interest received for loans in cost recovery														$ 2,500,000	3,200,000
Debt Instrument, Extension Term														2 years
Number of loans | loan														3
Total carrying value, net							8,681,990,000							$ 8,358,093,000	8,681,990,000
Financing receivable, allowance for credit loss, excluding accrued interest							133,500,000							193,000,000	133,500,000
Increase in Specific CECL Allowance, net		$ 10,000,000						$ (10,000,000)				$ 20,000,000		(11,500,000)
Write-offs, specific CECL allowance, funded														81,890,000	7,000,000
Gain on extinguishment of debt														(495,000)	0	$ 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							4,347,000				$ 3,106,000			4,017,000	4,347,000	3,106,000
Payment in kind interest														0	10,000,000	47,700,000
Proceeds from pre-payment penalties or accelerated fees														400,000	3,800,000	1,500,000
Debt instrument, shared appreciation fees																3,700,000
Loans and leases receivable, gain (loss) on sales, net														(86,604,000)	24,894,000
Proceeds received from the repayment and sale of commercial mortgage loans														1,093,181,000	1,874,933,000	1,509,428,000
Sale of Mezzanine Loan
Financing Receivable, Allowance for Credit Loss [Line Items]
Total carrying value, net							100,000,000				41,900,000				100,000,000	41,900,000
Loans and leases receivable, gain (loss) on sales, net																800,000
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
Urban Retail
Financing Receivable, Allowance for Credit Loss [Line Items]
Total carrying value, net																			$ 422,700,000	£ 309.2
Nonoperating Income (Expense)
Financing Receivable, Allowance for Credit Loss [Line Items]
Gain on extinguishment of debt			$ 1,000,000
Residential-for-Sale - Manhattan, NY
Financing Receivable, Allowance for Credit Loss [Line Items]
Increase in Specific CECL Allowance, net														66,500,000
Write-offs, specific CECL allowance, funded							7,000,000			$ 7,000,000
Past Due 90
Financing Receivable, Allowance for Credit Loss [Line Items]
Amortized cost of loans in cost recovery							581,300,000							693,700,000	581,300,000
Commercial Mortgage and Subordinated Portfolio Segment
Financing Receivable, Allowance for Credit Loss [Line Items]
Allowance For Loan And Lease Losses, Real Estate And Off-Balance Sheet, Credit Loss, Expense (Reversal)														(72,000)	(6,123,000)
Total carrying value, net							138,300,000							95,500,000	138,300,000
Financing receivable, allowance for credit loss, excluding accrued interest							133,500,000				145,000,000			193,000,000	133,500,000	145,000,000
Increase in Specific CECL Allowance, net														59,500,000
Write-offs, specific CECL allowance, funded			$ 82,000,000	$ 82,000,000										$ 81,980,000	24,896,000
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 | Urban Retail
Financing Receivable, Allowance for Credit Loss [Line Items]
Total carrying value, net																			$ 338,400,000	£ 247.5
Commercial Mortgage and Subordinated Portfolio Segment | Mixed Use Property - London
Financing Receivable, Allowance for Credit Loss [Line Items]
Total carrying value, net | £																	£ 15
Financing receivable, default interest rate														2%
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
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]						560,881,000							$ 432,734,000	560,881,000
Maximum exposure to loss							51,100,000								$ 51,100,000
Maximum exposure to loss, term															1 year 4 months 24 days
Subordinate Mortgage Portfolio Segment | Residential Real Estate
Financing Receivable, Allowance for Credit Loss [Line Items]
Loans and leases receivable, gain (loss) on sales, net											0
Debt related to real estate owned, held for sale											$ 31,200,000					$ 31,200,000
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%
Senior Mezzanine Loans | Secured Overnight Financing Rate
Financing Receivable, Allowance for Credit Loss [Line Items]
Financing receivable, basis spread on variable rate														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%
Junior Mezzanine A Loan | Secured Overnight Financing Rate
Financing Receivable, Allowance for Credit Loss [Line Items]
Financing receivable, basis spread on variable rate														15%
Junior Mezzanine B Loan
Financing Receivable, Allowance for Credit Loss [Line Items]
Increase in Specific CECL Allowance, net				$ 15,500,000											$ 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%
Junior Mezzanine B Loan | Secured Overnight Financing Rate
Financing Receivable, Allowance for Credit Loss [Line Items]
Financing receivable, basis spread on variable rate														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														$ 402,900,000
Mezzanine Loans
Financing Receivable, Allowance for Credit Loss [Line Items]
Amortized cost of loans in cost recovery														169,881,000
Financing receivable, allowance for credit loss, excluding accrued interest														126,000,000
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
Financing receivable, allowance for credit loss, excluding accrued interest														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
Unfunded Loan Commitment
Financing Receivable, Allowance for Credit Loss [Line Items]
Off-balance sheet, credit loss, liability							$ 9,500,000							$ 0	$ 9,500,000
[1]Includes $232,991 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		12 Months Ended
	May 24, 2021	Sep. 30, 2022	Jun. 30, 2021	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Principal Balance
Principal value, beginning balance				$ 8,708,214
Gain (loss) on foreign currency translation				175,707	$ (356,436)
Principal value, ending balance				8,384,575	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)
Carry Value, Net
Increase in Specific CECL Allowance, net	$ (10,000)	$ 10,000	$ (20,000)	11,500
Net realized loss on investment				(86,604)	18,683	$ (21,317)
Transfer to real estate owned, held for sale				(75,000)	(226,459)
General CECL allowance				(26,482)	(26,224)
Carrying value, net				8,358,093	8,681,990
Off-balance-sheet, credit loss, liability, amount excluded				4,000	4,300
Commercial Mortgage and Subordinated Portfolio Segment
Principal Balance
Principal value, beginning balance				8,892,767
New funding of loans				456,167
Add-on loan fundings				472,939
Loan repayments and sales				(1,225,930)
Gain (loss) on foreign currency translation				176,534
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				8,610,110	8,892,767
Deferred Fees/Other Items
Deferred fees/other items, beginning				(51,053)
Gain (loss) on foreign currency translation				(827)
Transfer to real estate owned				0
Deferred fees and other items (1)				(16,453)
Payment-in-kind interest and amortization of fees				35,035
Deferred fees/other items, ending				(32,535)	(51,053)
Specific CECL Allowance
Specific provision for loan loss, beginning				(133,500)	(145,000)
Specific provision for loan loss, ending				(193,000)	(133,500)	$ (145,000)
Carry Value, Net
Carrying value, beginning balance				8,708,214
New funding of loans				456,167
Add-on loan fundings				472,939
Loan repayments and sales				(1,225,930)
Gain (loss) on foreign currency translation				175,707
Increase in Specific CECL Allowance, net				(59,500)
Transfer to real estate owned, held for sale				(75,000)
Deferred fees and other items (1)				(16,453)
Payment-in-kind interest and amortization of fees				35,035
Carrying value, ending balance				8,384,575	8,708,214
Carrying value, net				$ 95,500	$ 138,300

Commercial Mortgage Loans, Su_6

Commercial Mortgage Loans, Subordinate Loans and Other Lending Assets, Net - Statistics for Loan Portfolio (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) loan	Dec. 31, 2022 USD ($) loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans | loan	50	61
Principal balance	$ 8,384,575	$ 8,708,214
Carrying value, net	8,358,093	8,681,990
Unfunded loan commitments	$ 868,582	$ 1,041,654
Weighted-average cash coupon	8.30%	7.20%
Weighted-average remaining fully-extended term	2 years 3 months 18 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	$ 8,610,110	$ 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	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Value	$ 8,384,575	$ 8,708,214
General CECL allowance	(26,482)	(26,224)
Carrying value, net	$ 8,358,093	$ 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	$ 2,675,097	$ 2,470,532
Mortgage loans on real estate, commercial and consumer, percentage of portfolio	31.90%	28.40%
New York City
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Value	$ 1,736,856	$ 2,049,493
Mortgage loans on real estate, commercial and consumer, percentage of portfolio	20.70%	23.50%
Other Europe
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Value	$ 1,686,425	$ 1,542,462
Mortgage loans on real estate, commercial and consumer, percentage of portfolio	20.10%	17.70%
Germany
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Portfolio	7.40%	4.90%
Italy
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Portfolio	4.90%	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	2.90%	2.80%
Ireland
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Portfolio	0.50%	0.70%
Netherlands
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Portfolio	0.20%
Midwest
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Value	$ 522,137	$ 592,756
Mortgage loans on real estate, commercial and consumer, percentage of portfolio	6.20%	6.80%
Southeast
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Value	$ 535,054	$ 642,542
Mortgage loans on real estate, commercial and consumer, percentage of portfolio	6.40%	7.40%
West
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Value	$ 484,842	$ 584,247
Mortgage loans on real estate, commercial and consumer, percentage of portfolio	5.80%	6.70%
Other
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Value	$ 744,164	$ 826,182
Mortgage loans on real estate, commercial and consumer, percentage of portfolio	8.90%	9.50%
Percentage of Portfolio	1.10%	0.30%
Northeast
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Portfolio	5%	5.50%
Southwest
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Portfolio	1.70%	2.30%
Mid-Atlantic
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Portfolio	1.10%	1.40%
Hotel
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Value	$ 2,128,256	$ 2,117,079
Mortgage loans on real estate, commercial and consumer, percentage of portfolio	25.40%	24.30%
Office
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Value	$ 1,593,320	$ 1,671,006
Mortgage loans on real estate, commercial and consumer, percentage of portfolio	19%	19.20%
Retail Site
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Value	$ 1,407,764	$ 1,364,752
Mortgage loans on real estate, commercial and consumer, percentage of portfolio	16.80%	15.70%
Residential
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Value	$ 1,247,238	$ 1,537,541
Mortgage loans on real estate, commercial and consumer, percentage of portfolio	14.90%	17.70%
Mixed Use
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Value	$ 679,303	$ 559,809
Mortgage loans on real estate, commercial and consumer, percentage of portfolio	8.10%	6.40%
Health Care
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Value	$ 511,803	$ 575,144
Mortgage loans on real estate, commercial and consumer, percentage of portfolio	6.10%	6.60%
Industrial Property
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Value	$ 293,133	$ 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	$ 523,758	$ 586,023
Mortgage loans on real estate, commercial and consumer, percentage of portfolio	6.20%	6.70%
Parking Garage
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Portfolio	2.30%	3.10%
Caravan Park
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Portfolio	2.40%	2.30%
Urban Predevelopment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Portfolio	1.50%	1.30%

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	12 Months Ended
	Dec. 31, 2023 USD ($) loan	Dec. 31, 2022 USD ($) loan
Financing Receivable, Credit Quality Indicator [Line Items]
Number of Loans | loan	50	61
Total	$ 8,384,575	$ 8,708,214
Mortgage loans on real estate, commercial and consumer, percentage of portfolio	100%	100%
Year 1	$ 440,720	$ 2,575,455
Year 2	2,707,083	2,462,499
Year 3	2,285,902	687,329
Year 4	557,204	1,637,050
Year 5	1,597,927	499,720
Prior	795,739	846,161
General CECL Allowance	(26,482)	(26,224)
Total carrying value, net	$ 8,358,093	$ 8,681,990
Weighted Average Risk Rating	3	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	4	2
Total	$ 478,440	$ 65,943
Mortgage loans on real estate, commercial and consumer, percentage of portfolio	5.70%	0.80%
Year 1	$ 0	$ 0
Year 2	280,572	0
Year 3	0	0
Year 4	0	0
Year 5	132,309	0
Prior	$ 65,560	$ 65,943
3
Financing Receivable, Credit Quality Indicator [Line Items]
Number of Loans | loan	42	54
Total	$ 7,548,252	$ 8,401,925
Mortgage loans on real estate, commercial and consumer, percentage of portfolio	90%	96.50%
Year 1	$ 440,720	$ 2,575,455
Year 2	2,426,511	2,462,499
Year 3	2,285,902	687,329
Year 4	387,323	1,637,050
Year 5	1,465,618	479,769
Prior	$ 542,177	$ 559,823
4
Financing Receivable, Credit Quality Indicator [Line Items]
Number of Loans | loan	2	2
Total	$ 88,112	$ 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	$ 88,112	$ 7,500
5
Financing Receivable, Credit Quality Indicator [Line Items]
Number of Loans | loan	2	3
Total	$ 269,771	$ 212,895
Mortgage loans on real estate, commercial and consumer, percentage of portfolio	3.20%	2.40%
Year 1	$ 0	$ 0
Year 2	0	0
Year 3	0	0
Year 4	169,881	0
Year 5	0	0
Prior	$ 99,890	$ 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				12 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Dec. 31, 2022	Jun. 30, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Allowance and Provision for Loan Credit Loss [Abstract]
Beginning balance, specific CECL allowance, funded					$ 133,500
Write-offs, specific CECL allowance, funded					(81,890)	$ (7,000)
Ending balance, specific CECL allowance, funded			$ 133,500		193,000	133,500
Financing Receivable, Funded, Allowance for Credit Loss [Roll Forward]
Beginning balance, General CECL allowance, funded					26,224	33,588
Quarter allowances (reversals), General CECL allowance, funded					258	(7,364)
Quarter writeoff, General CECL allowance, funded					0	0
Ending balance, General CECL allowance, funded			26,224		26,482	26,224
Financing Receivable, Unfunded, Allowance for Credit Loss [Roll Forward]
Beginning balance, General CECL allowance, unfunded					4,347	3,106
Quarter allowances (reversals), General CECL allowance, unfunded					(330)	1,241
Quarter writeoff, General CECL allowance, unfunded					0	0
Ending balance, General CECL allowance, unfunded			4,347		4,017	4,347
Financing Receivable, General Allowance, Allowance for Credit Loss [Roll Forward]
General CECL Allowance					30,571	36,694
General CECL Allowance			30,571		30,499	30,571
Financing Receivable, Total Allowance for Credit Loss [Roll Forward]
Total CECL Allowance					164,071	181,694
Total CECL Allowance, Quarter allowances (reversals)					141,408	7,273
Total CECL Allowance, writeoff					(81,980)	(24,896)
Total CECL Allowance			$ 164,071		$ 223,499	$ 164,071
General CECL allowance, % of amortized cost			0.36%		0.38%	0.36%	0.49%
Total CECL allowance, % of amortized cost			1.86%		2.61%	1.86%	2.26%
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					$ 133,500	$ 145,000
Increase (decrease) in current expected credit loss allowance, net					141,480	13,396
Write-offs, specific CECL allowance, funded	$ (82,000)	$ (82,000)			(81,980)	(24,896)
Ending balance, specific CECL allowance, funded			$ 133,500		193,000	133,500
Financing Receivable, General Allowance, Allowance for Credit Loss [Roll Forward]
Total quarter allowances (reversals), General CECL allowance					(72)	(6,123)
General CECL Allowance writeoff					$ 0	$ 0

Commercial Mortgage Loans, S_10

Commercial Mortgage Loans, Subordinate Loans and Other Lending Assets, Net - Current Expected Credit Losses (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Financing Receivable, Allowance for Credit Loss [Line Items]
Allowance reserve	$ 26,482	$ 26,224
Unfunded commitments	4,017	4,347	$ 3,106
Total General CECL Allowance	30,499	30,571	$ 36,694
Commercial Mortgage Portfolio Segment
Financing Receivable, Allowance for Credit Loss [Line Items]
Allowance reserve	25,723	22,848
Subordinate Mortgage Portfolio Segment
Financing Receivable, Allowance for Credit Loss [Line Items]
Allowance reserve	$ 759	$ 3,376

Commercial Mortgage Loans, S_11

Commercial Mortgage Loans, Subordinate Loans and Other Lending Assets, Net - Cost Recovery Loans (Details)	12 Months Ended
	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Financing Receivable, Credit Quality Indicator [Line Items]
Specific CECL allowance	$ 193,000,000	$ 133,500,000
Amortized cost	$ 693,700,000	468,000,000
Equity contribution rate	90%
Payment in kind interest	$ 0	10,000,000	$ 47,700,000
Turner Consulting
Financing Receivable, Credit Quality Indicator [Line Items]
Equity contribution rate	10%
Retail Center - Cincinnati, OH
Financing Receivable, Credit Quality Indicator [Line Items]
Payment in kind interest	$ 2,500,000	$ 1,800,000
Retail Center - Cincinnati, OH | Capitalization Rate
Financing Receivable, Credit Quality Indicator [Line Items]
Loan collateral, measurement input	0.090
Residential-for-Sale - Manhattan, NY | Discount Rate
Financing Receivable, Credit Quality Indicator [Line Items]
Loan collateral, measurement input	0.10
Mortgage, Amortized cost
Financing Receivable, Credit Quality Indicator [Line Items]
Amortized cost prior to Specific CECL Allowance	$ 166,890,000
Specific CECL allowance	67,000,000
Amortized cost	99,890,000
Mortgage, Amortized cost | Retail Center - Cincinnati, OH
Financing Receivable, Credit Quality Indicator [Line Items]
Amortized cost prior to Specific CECL Allowance	166,890,000
Specific CECL allowance	67,000,000
Amortized cost	99,890,000
Mezzanine Loans
Financing Receivable, Credit Quality Indicator [Line Items]
Amortized cost prior to Specific CECL Allowance	295,881,000
Specific CECL allowance	126,000,000
Amortized cost	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
Specific CECL allowance	126,000,000
Amortized cost	169,881,000
Real Estate and Mezzanine
Financing Receivable, Credit Quality Indicator [Line Items]
Amortized cost prior to Specific CECL Allowance	462,771,000
Specific CECL allowance	193,000,000
Amortized cost	$ 269,771,000

Real Estate Owned - Narrative (

Real Estate Owned - Narrative (Details)	Dec. 31, 2023 property
Real Estate [Abstract]
Number of real estate properties	2

Real Estate Owned - D.C. Hotel

Real Estate Owned - D.C. Hotel (Details) - USD ($)				3 Months Ended			12 Months Ended
		Jun. 29, 2021	May 24, 2021	Sep. 30, 2022	Jun. 30, 2021	Mar. 31, 2020	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2017
Real Estate [Line Items]
Total carrying value, net							$ 8,358,093,000	$ 8,681,990,000
Debt related to real estate owned, held for investment, net							161,562,000	160,294,000
Increase in Specific CECL Allowance, net			$ 10,000,000	$ (10,000,000)	$ 20,000,000		(11,500,000)
Depreciation and amortization on real estate owned							8,248,000	704,000	$ 2,645,000
Real estate held for sale, gain (loss) on reclassification							0
Real estate owned, held for investment, net	[1]						519,498,000	302,688,000
Real estate owned, accumulated depreciation							10,404,000
Total net revenue							7,900,000	9,000,000	(3,700,000)
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	[2],[3]						432,734,000	560,881,000
Commercial Mortgage and Subordinated Portfolio Segment
Real Estate [Line Items]
Total carrying value, net							95,500,000	138,300,000
Increase in Specific CECL Allowance, net							59,500,000
Realized loss on investments									20,000,000
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							152,400,000	155,900,000
Hotel - Washington D.C. | Building
Real Estate [Line Items]
Real estate owned, held for investment, net							80,500,000	84,600,000
Real estate owned, accumulated depreciation							6,600,000	2,400,000
Hotel - Washington D.C. | Furniture Fixtures and Equipment
Real Estate [Line Items]
Real estate owned, held for investment, net							6,100,000	8,100,000
Real estate owned, accumulated depreciation							$ 3,800,000	$ 1,000,000
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
[1]Includes $154,048 pledged pledged

Real Estate Owned - Brooklyn De

Real Estate Owned - Brooklyn Development (Details) - USD ($) $ in Thousands				3 Months Ended		12 Months Ended				17 Months Ended
		Aug. 03, 2022	May 24, 2021	Sep. 30, 2022	Jun. 30, 2021	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2023	Jun. 30, 2020	Dec. 31, 2015
Real Estate [Line Items]
Debt related to real estate owned, held for investment, net						$ 161,562	$ 160,294			$ 161,562
Increase in Specific CECL Allowance, net			$ (10,000)	$ 10,000	$ (20,000)	11,500
Total carrying value, net						8,358,093	8,681,990			8,358,093
Net realized loss on investment						(86,604)	18,683	$ (21,317)
Less: deferred financing costs						25,200	27,700			25,200
Debt instrument, covenant, unencumbered liquidity, threshold						100,000				100,000
Debt instrument, covenant, net worth threshold						600,000				600,000
Interest rate cap
Real Estate [Line Items]
Aggregate Notional Amount (in thousands)											$ 1,100
Interest rate cap | Not Designated as Hedging Instrument
Real Estate [Line Items]
Aggregate Notional Amount (in thousands)						164,835	500,000			164,835
Derivative Financial Instruments, Assets | Interest rate cap | Not Designated as Hedging Instrument
Real Estate [Line Items]
Aggregate Notional Amount (in thousands)						$ 1,400				1,400
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				388,400
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						$ 161,600	160,300			161,600
Less: deferred financing costs						3,200	4,500			3,200
JV Partner
Real Estate [Line Items]
Financing receivable, loan in process		$ 164,800
JV Partner | Joint venture
Real Estate [Line Items]
Equity method investment, ownership percentage		100%
Subordinate Mortgage Portfolio Segment
Real Estate [Line Items]
Total carrying value, net	[1],[2]					432,734	560,881			432,734
Multifamily Development - Brooklyn, NY | Subordinate Mortgage Portfolio Segment
Real Estate [Line Items]
Debt related to real estate owned, held for investment, net												$ 122,200
Increase in Specific CECL Allowance, net									$ (30,000)
Deed-In-Lieu Of Foreclosure
Real Estate [Line Items]
Total carrying value, net		$ 226,500				374,200	302,700			374,200
Real estate investment property, net		270,100
Net realized loss on investment		$ 43,600
Financing receivable, construction and finance costs capitalized						71,500				32,700
Construction costs						$ 152,900	$ 81,500			$ 152,900
[1]Includes $232,991 and $191,608 pledged

Real Estate Owned - Atlanta Hot

Real Estate Owned - Atlanta Hotel (Details) - USD ($) $ in Thousands		3 Months Ended			12 Months Ended
		Mar. 31, 2023	Dec. 31, 2022	Jun. 30, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Jun. 30, 2023
Real Estate [Line Items]
Write-offs, specific CECL allowance, funded					$ 81,890	$ 7,000
Financing receivable, loan specific, realized gain (loss) on writeoff		$ 7,000
Real estate owned, held for investment, net	[1]		$ 302,688		519,498	302,688
Real estate owned, accumulated depreciation					10,404
Total net revenue					7,900	$ 9,000	$ (3,700)
Hotel Through a Died-in-Lieu Foreclosure
Real Estate [Line Items]
Financing receivable, loan specific, realized gain (loss) on writeoff		$ 4,800
Residential-for-Sale - Manhattan, NY
Real Estate [Line Items]
Write-offs, specific CECL allowance, funded			$ 7,000	$ 7,000
Hotel - Atlanta, GA
Real Estate [Line Items]
Real estate investment property, net					75,400			$ 75,000
Total net revenue					3,500
Hotel - Atlanta, GA | Building
Real Estate [Line Items]
Real estate owned, held for investment, net					49,400
Real estate owned, accumulated depreciation					800
Hotel - Atlanta, GA | Furniture Fixtures and Equipment
Real Estate [Line Items]
Real estate owned, held for investment, net					8,000
Real estate owned, accumulated depreciation					$ 400
[1]Includes $154,048 pledged

Real Estate Owned - Schedule of

Real Estate Owned - Schedule of Real Estate Owned Fixed Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Liabilities assumed:
Accounts payable, accrued expenses and other liabilities	$ 5,500		$ 1,100
Hotel - Washington D.C.
Liabilities assumed:
Net Real Estate Assets	$ 152,400		$ 155,900
Hotel - Atlanta, GA
Assets acquired:
Cash		$ 569
Land		16,628
Buildings		50,152
Furniture, fixtures, and equipment		8,220
Other assets		2,827
Total Assets		78,396
Liabilities assumed:
Accounts payable, accrued expenses and other liabilities		3,396
Total Liabilities		3,396
Net Real Estate Assets		$ 75,000

Other Assets (Details)

Other Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Debt Securities, Available-for-sale [Line Items]
Interest receivable	$ 72,354	$ 65,383
Loan proceeds held by servicer	6,271	3,371
Other	6,998	1,853
Total	85,623	$ 70,607
Real Estate Owned, Held for Investment
Debt Securities, Available-for-sale [Line Items]
Other Real Estate	$ 4,600

Secured Debt Arrangements, Ne_2

Secured Debt Arrangements, Net - Additional Information (Details)		12 Months Ended
	Mar. 03, 2023 USD ($)	Dec. 31, 2023 USD ($) facility	Dec. 31, 2022 USD ($) facility	Sep. 30, 2023
Line of Credit Facility [Line Items]
Number of credit facilities | facility		3	2
Weighted average haircut under repurchase agreements		31.60%	31.20%
Debt instrument, covenant, interest coverage ratio, minimum		140%		150%
Maximum interest coverage ratio		375%
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
Two Existing Credit Facilities | Atlas Facility | Line of Credit
Line of Credit Facility [Line Items]
Line of credit facility, increase (decrease), net		83,300,000
Two Existing Credit Facilities | Barclays Securitization | Line of Credit
Line of Credit Facility [Line Items]
Line of credit facility, increase (decrease), net		$ 494,100,000
Revolving Credit Facility
Line of Credit Facility [Line Items]
Maximum interest coverage ratio		400%
Revolving Credit Facility | Line of Credit
Line of Credit Facility [Line Items]
Long-term line of credit		$ 147,000,000
Revolving Credit Facility | 2023 Revolving Credit Facility | Line of Credit
Line of Credit Facility [Line Items]
Recourse, percentage		5%
Minimum unrestricted cash		$ 30,000,000
Net cash proceeds of additional equity issuances, amount		$ 1,250,000,000
Tangible net worth, percentage		75%
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		$ 282,800
Line of credit facility, periodic payment, interest		168,300
Line of Credit
Line of Credit Facility [Line Items]
Maximum amount of borrowings		6,998,758,000	$ 6,175,121,000
Line of Credit | Barclays Securitization | VIE
Line of Credit Facility [Line Items]
Maximum amount of borrowings		$ 2,369,125,000	1,850,076,000
Line of Credit | 2022 New Credit Facilities
Line of Credit Facility [Line Items]
Maximum amount of borrowings			252,100,000
Line of Credit | Two Existing Credit Facilities
Line of Credit Facility [Line Items]
Line of credit facility, increase (decrease), net			$ 1,100,000,000

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	12 Months Ended
	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2023 SEK (kr)	Dec. 31, 2023 GBP (£)	Dec. 31, 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]
Less: deferred financing costs	$ (25,200,000)	$ (27,700,000)
Debt instrument, amortization period	2 years
Debt instrument, extended maturity 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	$ 6,998,758,000	$ 6,175,121,000
Borrowings outstanding	5,538,476,000	5,296,825,000
Less: deferred financing costs	$ (13,333,000)	$ (12,477,000)
Line of Credit | Weighted Average
Debt Instrument [Line Items]
Weighted average advance rate	68.40%	68.80%
Line of Credit | Secured Overnight Financing Rate (SOFR) | Weighted Average
Debt Instrument [Line Items]
Weighted average rate	2.49%	2.28%
Line of Credit | GBP London Interbank Offered Rate (LIBOR) | Weighted Average
Debt Instrument [Line Items]
Weighted average rate	2.21%	2.02%
Line of Credit | EUR London Interbank Offered Rate (LIBOR) | Weighted Average
Debt Instrument [Line Items]
Weighted average rate	1.86%	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	$ 4,459,633,000	$ 4,325,045,000
Borrowings outstanding	3,247,652,000	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 2,000,000	£ 969.9	€ 655.8		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	6,998,758,000	6,175,121,000
Borrowings outstanding	5,551,809,000	5,309,302,000
USD | Line of Credit
Debt Instrument [Line Items]
Maximum amount of borrowings	170,000,000	0
Borrowings outstanding	$ 147,000,000	$ 0
USD | Line of Credit | Weighted Average
Debt Instrument [Line Items]
Weighted average advance rate	62.90%	63.90%
USD | Line of Credit | JP Morgan Facility
Debt Instrument [Line Items]
Maximum amount of borrowings	$ 1,482,584,000	$ 1,532,722,000
Borrowings outstanding	1,043,964,000	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	686,527,000	635,653,000
Borrowings outstanding	669,302,000	632,747,000
USD | Line of Credit | Goldman Facility
Debt Instrument [Line Items]
Maximum amount of borrowings	13,437,000	300,000,000
Borrowings outstanding	13,437,000	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	107,929,000	111,909,000
USD | Line of Credit | Santander Facility
Debt Instrument [Line Items]
Maximum amount of borrowings	300,000,000	0
Borrowings outstanding	67,500,000	0
USD | Line of Credit | Churchill
Debt Instrument [Line Items]
Maximum amount of borrowings	130,000,000	0
Borrowings outstanding	$ 126,515,000	$ 0
Fx contracts - GBP | Line of Credit
Debt Instrument [Line Items]
Currency conversion rate	1.27	1.21	1.27	1.27	1.27		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	$ 17,416,000	$ 67,278,000
Borrowings outstanding	17,416,000	67,278,000
Fx contracts - GBP | Line of Credit | HSBC Facility
Debt Instrument [Line Items]
Maximum amount of borrowings	383,967,000	364,423,000
Borrowings outstanding	383,967,000	364,423,000
Fx contracts - GBP | Line of Credit | MUFG Facility
Debt Instrument [Line Items]
Maximum amount of borrowings	204,690,000	194,272,000
Borrowings outstanding	$ 204,690,000	$ 194,272,000
Fx contracts - EUR | Line of Credit
Debt Instrument [Line Items]
Currency conversion rate	1.10	1.07	1.10	1.10	1.10		1.07	1.07	1.07
Fx contracts - EUR | Line of Credit | Weighted Average
Debt Instrument [Line Items]
Weighted average advance rate	72.50%	72.10%
Fx contracts - EUR | Line of Credit | HSBC Facility
Debt Instrument [Line Items]
Maximum amount of borrowings	$ 281,401,000	$ 272,890,000
Borrowings outstanding	281,401,000	272,890,000
Fx contracts - EUR | Line of Credit | Santander Facility
Debt Instrument [Line Items]
Maximum amount of borrowings	59,611,000	57,807,000
Borrowings outstanding	$ 55,716,000	$ 53,320,000
SEK | Line of Credit
Debt Instrument [Line Items]
Currency conversion rate	0.10	0.10	0.10	0.10	0.10		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	$ 2,369,125,000	$ 1,850,076,000
Borrowings outstanding	2,157,157,000	1,850,076,000
VIE | Line of Credit | Barclays Securitization | Weighted Average
Debt Instrument [Line Items]
Borrowings outstanding	2,157,157,000	1,850,076,000
VIE | Fx contracts - GBP | Line of Credit | Barclays Securitization | Weighted Average
Debt Instrument [Line Items]
Borrowings outstanding	1,234,740,000	1,125,420,000
VIE | Fx contracts - EUR | Line of Credit | Barclays Securitization | Weighted Average
Debt Instrument [Line Items]
Borrowings outstanding	$ 723,947,000	$ 526,204,000
VIE | SEK | Line of Credit | Barclays Securitization | Weighted Average
Debt Instrument [Line Items]
Borrowings outstanding | kr			kr 198,470				kr 198,452

Secured Debt Arrangements, Ne_4

Secured Debt Arrangements, Net - Commercial Mortgage Loans Pledged to the Barclays Private Securitization (Details) $ in Thousands	Dec. 31, 2023 USD ($) contract	Dec. 31, 2022 USD ($) contract
Line of Credit Facility [Line Items]
Total carrying value, net	$ 8,358,093	$ 8,681,990
Line of Credit
Line of Credit Facility [Line Items]
Balance	5,551,809	5,309,302
Line of Credit | Barclays Securitization
Line of Credit Facility [Line Items]
Balance	2,157,157	1,850,076
VIE
Line of Credit Facility [Line Items]
Total carrying value, net	$ 2,903,186	$ 2,468,195
VIE | Line of Credit | Barclays Securitization
Line of Credit Facility [Line Items]
Count | contract	14	13
Balance	$ 2,931,817,000	$ 2,496,211,000
Total carrying value, net	$ 2,903,186,000	$ 2,468,195,000
VIE | Fx contracts - GBP | Line of Credit | Barclays Securitization
Line of Credit Facility [Line Items]
Count | contract	7	7
Balance	$ 1,662,457,000	$ 1,495,616,000
Total carrying value, net	$ 1,643,979,000	$ 1,475,241,000
VIE | Fx contracts - EUR | Line of Credit | Barclays Securitization
Line of Credit Facility [Line Items]
Count | contract	6	5
Balance	$ 1,021,272,000	$ 752,531,000
Total carrying value, net	$ 1,012,987,000	$ 747,240,000
VIE | SEK | Line of Credit | Barclays Securitization
Line of Credit Facility [Line Items]
Count | contract	1	1
Balance	$ 248,088,000	$ 248,064,000
Total carrying value, net	$ 246,220,000	$ 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	12 Months Ended
	Dec. 31, 2023 USD ($)	Dec. 31, 2023 SEK (kr)	Dec. 31, 2023 GBP (£)	Dec. 31, 2023 EUR (€)	Dec. 31, 2022 USD ($)	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	$ 5,538,476				$ 5,296,825
Barclays Securitization | Line of Credit
Debt Instrument [Line Items]
Borrowings outstanding		kr 2,000,000	£ 969.9	€ 655.8		kr 2,100,000	£ 931.4	€ 491.6
VIE | Barclays Securitization | Line of Credit
Debt Instrument [Line Items]
Borrowings outstanding	2,157,157				1,850,076
Weighted Average | VIE | Barclays Securitization | Line of Credit
Debt Instrument [Line Items]
Borrowings outstanding	2,157,157				1,850,076
Weighted Average | VIE | Fx contracts - GBP | Barclays Securitization | Line of Credit
Debt Instrument [Line Items]
Borrowings outstanding	1,234,740				1,125,420
Weighted Average | VIE | Fx contracts - EUR | Barclays Securitization | Line of Credit
Debt Instrument [Line Items]
Borrowings outstanding	$ 723,947				$ 526,204
Weighted Average | VIE | SEK | Barclays Securitization | Line of Credit
Debt Instrument [Line Items]
Borrowings outstanding | kr		kr 198,470				kr 198,452

Secured Debt Arrangements, Ne_6

Secured Debt Arrangements, Net - Schedule of Assets and Liabilities (Details) - USD ($) $ in Thousands		Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Assets:
Cash and cash equivalents		$ 225,438	$ 222,030
Carrying value, net		8,358,093	8,681,990
Other assets		85,623	70,607
Total Assets		9,296,730	9,568,352
Liabilities:
Total Liabilities		7,087,997	7,213,848
Allowance reserve		26,482	26,224
Off-balance sheet, credit loss, liability		4,017	4,347	$ 3,106
Commercial Mortgage Portfolio Segment
Assets:
Carrying value, net	[1],[2]	7,925,359	8,121,109
Liabilities:
Allowance reserve		25,723	22,848
VIE
Assets:
Cash and cash equivalents		924	758
Carrying value, net		2,903,186	2,468,195
Other assets		41,180	30,992
Total Assets		2,945,290	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)		2,155,197	1,847,799
Accounts payable, accrued expenses and other liabilities		9,083	8,814
Total Liabilities		2,164,280	1,856,613
Deferred financing costs		2,000	2,300
VIE | Commercial Mortgage Portfolio Segment
Liabilities:
Allowance reserve		8,300	8,200
Off-balance sheet, credit loss, liability		$ 2,500	$ 2,900
[1]Includes $7,705,491 and $7,482,658 pledged

Secured Debt Arrangements, Ne_7

Secured Debt Arrangements, Net - Schedule of Net Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items]
Interest income from commercial mortgage loans	$ 701,002	$ 456,513	$ 327,702
Interest expense	(466,110)	(270,525)	(162,522)
Net interest income	252,172	241,578	265,593
General and administrative expenses	(29,520)	(29,662)	(28,845)
Decrease (increase) in current expected credit loss allowance, net	(59,428)	17,623	34,773
Foreign currency translation gain (loss)	52,031	(116,399)	(31,687)
Net income	58,127	265,232	$ 223,515
VIE
Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items]
Interest income from commercial mortgage loans	217,132	126,847
Interest expense	(113,910)	(51,487)
Net interest income	103,222	75,360
General and administrative expenses	(16)	0
Decrease (increase) in current expected credit loss allowance, net	277	1,101
Foreign currency translation gain (loss)	29,425	(62,058)
Net income	$ 132,908	$ 14,403

Secured Debt Arrangements, Ne_8

Secured Debt Arrangements, Net - Remaining Maturities of Borrowings (Details) - Line of Credit $ in Thousands	Dec. 31, 2023 USD ($)
Line of Credit Facility [Line Items]
Less than 1 year	$ 864,177
1 to 3 years	3,596,917
3 to 5 years	1,090,715
More than 5 years	0
Total	5,551,809
JPMorgan
Line of Credit Facility [Line Items]
Less than 1 year	268,118
1 to 3 years	793,262
3 to 5 years	0
More than 5 years	0
Total	1,061,380
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	13,437
3 to 5 years	0
More than 5 years	0
Total	13,437
CS Facility | USD
Line of Credit Facility [Line Items]
Less than 1 year	0
1 to 3 years	88,167
3 to 5 years	581,135
More than 5 years	0
Total	669,302
HSBC Facility | Fx contracts - EUR
Line of Credit Facility [Line Items]
Less than 1 year	0
1 to 3 years	665,368
3 to 5 years	0
More than 5 years	0
Total	665,368
Barclays Facility | USD
Line of Credit Facility [Line Items]
Less than 1 year	0
1 to 3 years	0
3 to 5 years	107,929
More than 5 years	0
Total	107,929
MUFG Facility | USD
Line of Credit Facility [Line Items]
Less than 1 year	0
1 to 3 years	204,690
3 to 5 years	0
More than 5 years	0
Total	204,690
Churchill | USD
Line of Credit Facility [Line Items]
Less than 1 year	0
1 to 3 years	126,515
3 to 5 years	0
More than 5 years	0
Total	126,515
Santander Facility | USD
Line of Credit Facility [Line Items]
Less than 1 year	0
1 to 3 years	67,500
3 to 5 years	0
More than 5 years	0
Total	67,500
Santander Facility | Fx contracts - EUR
Line of Credit Facility [Line Items]
Less than 1 year	55,716
1 to 3 years	0
3 to 5 years	0
More than 5 years	0
Total	55,716
Barclays Securitization
Line of Credit Facility [Line Items]
Less than 1 year	367,657
1 to 3 years	1,387,849
3 to 5 years	401,651
More than 5 years	0
Total	2,157,157
Revolving Credit Facility
Line of Credit Facility [Line Items]
Less than 1 year	77,000
1 to 3 years	70,000
3 to 5 years	0
More than 5 years	0
Total	$ 147,000

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	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Line of Credit Facility [Line Items]
Balance	$ 5,551,809	$ 5,309,302
Collateral	8,093,030	7,674,266
JPMorgan
Line of Credit Facility [Line Items]
Balance	1,061,380	1,373,598
Collateral	1,871,854	2,376,154
Maximum Month-End Balance	1,324,226	1,584,171
Average Month-End Balance	1,190,651	1,411,644
DB
Line of Credit Facility [Line Items]
Balance	275,815	385,818
Collateral	419,170	565,387
Maximum Month-End Balance	385,818	432,455
Average Month-End Balance	322,676	400,337
Goldman
Line of Credit Facility [Line Items]
Balance	13,437	70,249
Collateral	28,533	116,619
Maximum Month-End Balance	70,249	164,607
Average Month-End Balance	30,482	140,599
CS Facility | USD
Line of Credit Facility [Line Items]
Balance	669,302	632,747
Collateral	933,085	855,119
Maximum Month-End Balance	688,126	633,143
Average Month-End Balance	667,794	541,245
HSBC Facility | Fx contracts - EUR
Line of Credit Facility [Line Items]
Balance	665,368	637,313
Collateral	860,134	813,716
Maximum Month-End Balance	667,430	660,004
Average Month-End Balance	651,758	501,674
Barclays Facility | USD
Line of Credit Facility [Line Items]
Balance	107,929	111,909
Collateral	129,439	138,510
Maximum Month-End Balance	111,909	172,693
Average Month-End Balance	110,729	102,664
MUFG Facility | USD
Line of Credit Facility [Line Items]
Balance	204,690	194,272
Collateral	278,223	261,319
Maximum Month-End Balance	206,362	194,272
Average Month-End Balance	200,447	156,499
Churchill | USD
Line of Credit Facility [Line Items]
Balance	126,515
Collateral	168,138
Maximum Month-End Balance	130,000
Average Month-End Balance	128,094
Santander Facility | USD
Line of Credit Facility [Line Items]
Balance	67,500	53,320
Collateral	99,648	71,093
Maximum Month-End Balance	75,000	53,320
Average Month-End Balance	68,125	50,450
Santander Facility | Fx contracts - EUR
Line of Credit Facility [Line Items]
Balance	55,716
Collateral	74,288
Maximum Month-End Balance	55,716
Average Month-End Balance	54,347
Barclays Securitization
Line of Credit Facility [Line Items]
Balance	2,157,157	1,850,076
Collateral	2,911,470	2,476,349
Maximum Month-End Balance	2,157,157	1,963,837
Average Month-End Balance	1,896,144	$ 1,828,794
Revolving Credit Facility
Line of Credit Facility [Line Items]
Balance	147,000
Collateral	319,048
Maximum Month-End Balance	147,000
Average Month-End Balance	$ 93,500

Senior Secured Term Loan, Net -

Senior Secured Term Loan, Net - Narrative (Details) - USD ($)	1 Months Ended	3 Months Ended		12 Months Ended
	May 31, 2019	Jun. 30, 2023	Jun. 30, 2020	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Mar. 31, 2021
Debt Instrument [Line Items]
Repayments of senior secured term loan principal				$ 8,000,000	$ 8,000,000	$ 7,250,000
Interest rate cap
Debt Instrument [Line Items]
Debt interest rate cap			3 years
Realized (gain) loss on derivative instruments - interest rate swap realized				$ 9,700,000	$ 5,700,000	$ 0
London Interbank Offered Rate (LIBOR) | Interest rate cap
Debt Instrument [Line Items]
Fixed interest rate			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					$ 5,000,000
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					$ 3,000,000
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%
Debt instrument, covenant, unencumbered assets to pari-passu indebtedness ratio, maximum				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	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Less: deferred financing costs	$ (25,200)	$ (27,700)
Total Term Loans
Debt Instrument [Line Items]
Principal Amount	769,250	777,250
Unamortized issuance discount	(2,619)	(3,404)
Less: deferred financing costs	(7,481)	(10,033)
Carrying Value	759,150	763,813
2026 Term Loan
Debt Instrument [Line Items]
Principal Amount	477,500	482,500
Unamortized issuance discount	(833)	(1,190)
Less: deferred financing costs	(4,302)	(6,106)
Carrying Value	$ 472,365	$ 475,204
Weighted average rate	2.86%	2.75%
2028 Term Loan
Debt Instrument [Line Items]
Principal Amount	$ 291,750	$ 294,750
Unamortized issuance discount	(1,786)	(2,214)
Less: deferred financing costs	(3,179)	(3,927)
Carrying Value	$ 286,785	$ 288,609
Weighted average rate	3.61%	3.50%

Senior Secured Notes, Net (Deta

Senior Secured Notes, Net (Details)	1 Months Ended	12 Months Ended
	Jun. 30, 2021 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Derivative [Line Items]
Proceeds from issuance of senior secured notes		$ 0	$ 0	$ 500,000,000
Less: deferred financing costs		$ 25,200,000	27,700,000
Debt instrument, pariu-passu, ratio		1.20
Senior Notes
Derivative [Line Items]
Senior notes		$ 495,637,000	494,844,000
2029 Notes | Senior Notes
Derivative [Line Items]
Debt instrument, face amount	$ 500,000,000
Coupon Rate	4.625%
Proceeds from issuance of senior secured notes	$ 495,000,000
Senior notes		495,600,000	494,800,000
Less: deferred financing costs		$ 4,400,000	$ 5,200,000

Convertible Senior Notes, Net -

Convertible Senior Notes, Net - Narrative (Details)	3 Months Ended	12 Months Ended
	Dec. 31, 2018 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2017 USD ($) offering	Sep. 30, 2022 USD ($)	Dec. 31, 2020 USD ($)
Debt Instrument [Line Items]
Proceeds from issuance of senior secured notes		$ 0	$ 0	$ 500,000,000
Gain on extinguishment of debt		495,000	0	0
Stockholders' equity attributable to parent		2,208,733,000	2,354,504,000	2,294,626,000			$ 2,270,529,000
Adjustment due to Adoption of ASU
Debt Instrument [Line Items]
Stockholders' equity attributable to parent			(3,400,000)	(3,416,000)
Common Stock
Debt Instrument [Line Items]
Stockholders' equity attributable to parent		1,414,000	1,406,000	1,399,000			1,393,000
Additional Paid-In-Capital
Debt Instrument [Line Items]
Stockholders' equity attributable to parent		2,727,488,000	2,716,907,000	2,721,042,000			2,707,792,000
Additional Paid-In-Capital | Adjustment due to Adoption of ASU
Debt Instrument [Line Items]
Stockholders' equity attributable to parent				(15,408,000)
Accumulated Deficit
Debt Instrument [Line Items]
Stockholders' equity attributable to parent		(520,237,000)	(363,877,000)	(427,883,000)			$ (438,724,000)
Accumulated Deficit | Adjustment due to Adoption of ASU
Debt Instrument [Line Items]
Stockholders' equity attributable to parent				11,992,000
2023 Notes
Debt Instrument [Line Items]
Debt instrument, repurchase amount		$ 53,900,000
Debt instrument, redemption price, percentage		99.10%
Gain on extinguishment of debt		$ 500,000
Convertible Debt
Debt Instrument [Line Items]
Debt instrument, face amount			230,000,000
Interest expense		8,600,000	22,900,000	28,800,000
Non-cash interest expense		1,200,000	2,500,000	6,300,000
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
Stated interest rate					4.75%
Proceeds from issuance of senior secured notes					$ 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	$ 230,000,000	$ 176,100,000	$ 230,000,000
Stated interest rate	5.375%		5.38%
Proceeds from issuance of senior secured notes	$ 223,700,000
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

Convertible Senior Notes, Net_2

Convertible Senior Notes, Net - Summary of Note Terms (Details) - Convertible Debt	12 Months Ended
	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2018 USD ($)
Debt Instrument [Line Items]
Principal Amount		$ 230,000,000
2023 Notes
Debt Instrument [Line Items]
Principal Amount	$ 176,100,000	$ 230,000,000	$ 230,000,000
Coupon Rate		5.38%	5.375%
Effective Rate		5.85%
Conversion Rate	0.0585000	0.0585000
Remaining Period of Amortization		9 months 14 days

Derivatives - Summary of Non-De

Derivatives - Summary of Non-Designated Foreign Exchange Forwards (Details) $ in Thousands	12 Months Ended
	Dec. 31, 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	9 months	5 months 15 days
Fx contracts - GBP | Not Designated as Hedging Instrument | Foreign currency forward, net
Derivative [Line Items]
Number of Contracts | contract	97	124
Aggregate Notional Amount (in thousands)	$ 938,903	$ 936,930
Weighted-Average Years to Maturity	1 year 1 month 17 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	135	130
Aggregate Notional Amount (in thousands)	$ 561,441	$ 576,240
Weighted-Average Years to Maturity	1 year 29 days	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)	$ 690,740	$ 730,432
Weighted-Average Years to Maturity	2 years 1 month 28 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	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	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
Foreign Exchange Forward
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized loss (gain) on foreign currency contracts	$ (91,434)	$ 104,159	$ 46,714
Realized (gain) loss on derivative instruments - interest rate swap realized	43,221	42,822	(5,040)
Gain (loss) on sale of derivatives	(48,213)	146,981	41,674
Interest rate cap and swaps
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized loss (gain) on foreign currency contracts	(10,098)	7,692	1,314
Realized (gain) loss on derivative instruments - interest rate swap realized	9,684	5,671	0
Gain (loss) on sale of derivatives	(414)	$ 13,363	$ 1,314
Interest rate cap and swaps | Not Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Realized (gain) loss on derivative instruments - interest rate swap realized	$ 600
Aggregate Notional Amount (in thousands)				$ 164,800

Derivatives - Additional Inform

Derivatives - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Sep. 30, 2023	Sep. 30, 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						$ 1,100,000
Realized (gain) loss on derivative instruments - interest rate swap realized	$ 9,700,000	$ 5,700,000	$ 0
Interest rate cap | Not Designated as Hedging Instrument
Derivative [Line Items]
Derivative notional amount	164,835,000	500,000,000
Interest rate cap and swaps
Derivative [Line Items]
Realized (gain) loss on derivative instruments - interest rate swap realized	9,684,000	$ 5,671,000	$ 0
Interest rate cap and swaps | Not Designated as Hedging Instrument
Derivative [Line Items]
Derivative notional amount					$ 164,800,000
Realized (gain) loss on derivative instruments - interest rate swap realized	$ 600,000
London Interbank Offered Rate (LIBOR) | Interest rate cap
Derivative [Line Items]
Cap interest rate						0.75%
Fixed interest rate						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	Dec. 31, 2023	Dec. 31, 2022
Derivative [Line Items]
Gross Amount of Recognized Assets	$ 56,462	$ 152,426
Gross Amounts Offset in our Consolidated Balance Sheet	(27,037)	(23,786)
Net Amounts of Assets Presented in our Consolidated Balance Sheet	29,425	128,640
Foreign currency forward, net
Derivative [Line Items]
Gross Amount of Recognized Assets	55,102	143,285
Gross Amounts Offset in our Consolidated Balance Sheet	(27,037)	(23,786)
Net Amounts of Assets Presented in our Consolidated Balance Sheet	28,065	119,499
Interest rate cap
Derivative [Line Items]
Gross Amount of Recognized Assets	1,360	9,141
Gross Amounts Offset in our Consolidated Balance Sheet	0	0
Net Amounts of Assets Presented in our Consolidated Balance Sheet	$ 1,360	$ 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	Dec. 31, 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		Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Payables and Accruals [Abstract]
Collateral held under derivative agreements		$ 25,820	$ 138,620
Accrued dividends payable		53,407	53,203
Accrued interest payable		31,012	23,943
Accounts payable and other liabilities		6,078	7,247
General CECL allowance on unfunded commitments		4,017	4,347	$ 3,106
Total	[1]	120,334	227,360
Accounts payable, accrued expenses and other liabilities		$ 5,500	$ 1,100
[1]Includes $4,017 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 ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Examination [Line Items]
Income tax provision	$ 442,000	$ 0	$ 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	13,700,000
Capital Loss Carryforward
Income Tax Examination [Line Items]
Operating loss carryforwards	25,200,000
TRS Entities
Income Tax Examination [Line Items]
Deferred tax assets, net of valuation allowance	$ 600,000

Related Party Transactions (Det

Related Party Transactions (Details) $ in Thousands, € in Millions, £ in Millions	3 Months Ended			12 Months Ended
	Mar. 31, 2023 USD ($) loan	Sep. 30, 2022 USD ($)	Sep. 30, 2022 GBP (£)	Dec. 31, 2023 USD ($) loan Rate	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Mar. 31, 2023 GBP (£)	Mar. 31, 2023 EUR (€)	Feb. 08, 2023 USD ($) loan	Jun. 30, 2021 USD ($)	Mar. 31, 2021 USD ($)
Related Party Transaction [Line Items]
Termination fee, percent fee of base management fee				300%
Number of loans | loan				3
Total carrying value, net				$ 8,358,093	$ 8,681,990
Number of independent directors required | Rate				66.60%
Atlas Facility
Related Party Transaction [Line Items]
Number of loans | loan				4					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, Increase (Decrease), Other, Net				$ 83,000
Line of credit facility, current borrowing capacity				669,300
Commercial Mortgage and Subordinated Portfolio Segment
Related Party Transaction [Line Items]
Number of commercial mortgage loans | loan	3
Total carrying value, net				$ 95,500	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
Arrangement fees
Related Party Transaction [Line Items]
Incentive Fee Payable										$ 400	$ 200
Management fees
Related Party Transaction [Line Items]
Increase in management fee payable					60,117
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				$ 9,600	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				38,000	38,400	$ 38,200
Professional and Contract Services Expense				$ 6,400	$ 5,500	$ 4,000

Share-Based Payments - Addition

Share-Based Payments - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Apr. 16, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Recognized stock-based compensation expense	$ 17,444	$ 18,252	$ 17,633
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized stock-based compensation expense	$ 200
Share-based payment arrangement, nonvested award, cost not yet recognized, period for recognition	1 year 7 months 6 days
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized stock-based compensation expense	$ 30,500
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)	686,856	652,501	553,008
LTIP | RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock units vested (in shares)	1,264,352	1,145,090	953,397
Adjustments to additional paid in capital, income tax deficiency from share-based compensation	$ 6,900	$ 7,000	$ 4,400

Share-Based Payments - Summary

Share-Based Payments - Summary of Grants, Exchanges and Forfeitures of Restricted Stock and RSUs (Details) - LTIP - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
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	45,185	82,235
Granted (in shares)	75,754	49,434	45,185
Vested (in shares)	(52,768)	(38,517)	(82,235)
Forfeitures (in shares)	0	0	0
Outstanding, ending balance (in shares)	79,088	56,102	45,185
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Additional Disclosures [Abstract]
Granted	$ 13.8	$ 18.2	$ 18.2
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	2,597,941	2,455,853
Granted (in shares)	1,082,564	1,541,135	1,323,487
Vested (in shares)	(1,389,059)	(1,260,456)	(1,136,525)
Forfeitures (in shares)	(20,327)	(13,466)	(44,874)
Outstanding, ending balance (in shares)	2,538,332	2,865,154	2,597,941

Share-Based Payments - Summar_2

Share-Based Payments - Summary of Restricted Stock and RSU Vesting Dates (Details) - LTIP	Dec. 31, 2023 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares vesting	2,617,420
2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares vesting	1,386,590
2025
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares vesting	869,960
2026
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares vesting	360,870
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares vesting	79,088
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
Restricted Stock | 2026
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	2,538,332
RSUs | 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares vesting	1,307,502
RSUs | 2025
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares vesting	869,960
RSUs | 2026
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares vesting	360,870

Stockholders' Equity - Addition

Stockholders' Equity - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	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	141,358,605	140,595,995
Common stock, shares issued	141,358,605	140,595,995
Treasury stock, value, acquired, cost method	$ 0	$ 0	$ 0
Remaining authorized repurchase amount	$ 172,200,000
Federal income tax classification, dividends taxable as ordinary	84%	100%
Federal income tax classification, dividends taxable as return of capital	16%	100%
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
Federal income tax classification, dividends taxable as ordinary	100%	100%

Stockholders' Equity - Dividend

Stockholders' Equity - Dividends Declared (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Class of Stock [Line Items]
Dividends declared on common stock (in dollars per share)	$ 1.4	$ 1.40	$ 1.40
Dividends declared (in dollars per share)	$ 1.81	$ 1.81	$ 1.90
Dividend declared, not yet paid	$ 53,407,000	$ 53,711,000	$ 52,398,000
Common Stock
Class of Stock [Line Items]
Dividends declared on common stock (in dollars per share)	$ 1.40	$ 1.40	$ 1.40
Dividend declared, not yet paid		$ 0.1185
Series B-1 Preferred Stock
Class of Stock [Line Items]
Dividends declared (in dollars per share)	$ 1.81	$ 1.81	0.90
Series B Preferred Stock
Class of Stock [Line Items]
Dividends declared (in dollars per share)			$ 1

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($) $ in Thousands	Jun. 28, 2018	Dec. 31, 2023	Dec. 31, 2022
Schedule of Equity Method Investments [Line Items]
Total damages including punitive	$ 70,000
Unfunded loan commitments		$ 868,582	$ 1,041,654
Commercial Mortgage and Subordinated Portfolio Segment
Schedule of Equity Method Investments [Line Items]
Unfunded loan commitments		$ 869,000

Fair Value of Financial Instr_3

Fair Value of Financial Instruments - Carrying Value and Estimated Fair Value of Company's Financial Instruments (Details) - USD ($) $ in Thousands	Dec. 31, 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	225,438	222,030
Carrying Value | Level III
Accounts, Notes, Loans and Financing Receivable [Line Items]
Secured debt arrangements, net	(5,538,476)	(5,296,825)
Debt related to real estate owned, held for investment, net	(161,586)	(160,294)
Participations sold	0	(25,130)
Carrying Value | Level III | Secured Debt
Accounts, Notes, Loans and Financing Receivable [Line Items]
Term loans, net	(759,150)	(763,813)
Carrying Value | Level III | Senior Notes
Accounts, Notes, Loans and Financing Receivable [Line Items]
Term loans, net	(495,637)	(494,844)
Carrying Value | Level III | 2023 Notes
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes	0	(229,361)
Carrying Value | Level III | Commercial Mortgage Portfolio Segment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	7,925,359	8,121,109
Carrying Value | Level III | Subordinate Mortgage Portfolio Segment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	432,734	560,881
Estimate of Fair Value Measurement
Accounts, Notes, Loans and Financing Receivable [Line Items]
Cash and cash equivalents	225,438	222,030
Estimate of Fair Value Measurement | Level III
Accounts, Notes, Loans and Financing Receivable [Line Items]
Secured debt arrangements, net	(5,538,476)	(5,296,825)
Debt related to real estate owned, held for investment, net	(161,586)	(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	(754,197)	(731,709)
Estimate of Fair Value Measurement | Level III | Senior Notes
Accounts, Notes, Loans and Financing Receivable [Line Items]
Term loans, net	(418,750)	(400,950)
Estimate of Fair Value Measurement | Level III | 2023 Notes
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes	0	(225,366)
Estimate of Fair Value Measurement | Level III | Commercial Mortgage Portfolio Segment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	7,813,304	8,083,410
Estimate of Fair Value Measurement | Level III | Subordinate Mortgage Portfolio Segment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	$ 432,458	$ 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	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Basic Earnings
Net income (loss)	$ 58,127	$ 265,232	$ 223,515
Less: Preferred dividends	(12,272)	(12,272)	(12,964)
Net income available to common stockholders	45,855	252,960	210,551
Less: Dividends on participating securities	(4,353)	(4,132)	(3,877)
Basic Earnings (Loss)	41,502	248,828	206,674
Diluted Earnings
Basic Earnings (Loss)	41,502	248,828	206,674
Add: Dividends on participating securities	0	4,132	3,877
Add: Interest expense on Convertible Notes	0	25,385	35,020
Diluted Earnings	$ 41,502	$ 278,345	$ 245,571
Number of Shares:
Basic weighted-average shares of common stock outstanding	141,281,286	140,534,635	139,869,244
Diluted weighted-average shares of common stock outstanding	141,281,286	165,504,660	168,402,515
Earnings (Loss) Per Share Attributable to Common Stockholders
Basic (in dollars per share)	$ 0.29	$ 1.77	$ 1.48
Diluted (in dollars per share)	$ 0.29	$ 1.68	$ 1.46

Net Income (Loss) per Share - A

Net Income (Loss) per Share - Additional Information (Details) - shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Effect of dilutive securities - potentially issuable shares (in shares)		22,314,191	28,533,271
RSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Effect of dilutive securities - convertible notes (in shares)	2,932,284	2,655,833	2,456,409

Subsequent Events (Details)

Subsequent Events (Details) £ in Millions	1 Months Ended	12 Months Ended
	Feb. 06, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Jan. 31, 2024 USD ($)	Jan. 31, 2024 GBP (£)
Subsequent Event [Line Items]
Loans funded		$ 456,167,000	$ 3,027,742,000	$ 2,780,887,000
Total carrying value, net		8,358,093,000	8,681,990,000
Line of Credit
Subsequent Event [Line Items]
Maximum amount of borrowings		$ 6,998,758,000	$ 6,175,121,000
Subsequent Event
Subsequent Event [Line Items]
Loans funded	$ 64,500,000
Commercial real estate loans held for sale construction and financing costs capitalized	11,700,000
Proceeds from loan repayments	$ 15,900,000
Subsequent Event | Line of Credit | Goldman Sach (UK)
Subsequent Event [Line Items]
Maximum amount of borrowings					$ 209,000,000	£ 164
Total carrying value, net					$ 213,000,000	£ 168

Schedule IV - Mortgage Loans _2

Schedule IV - Mortgage Loans on Real Estate (Details) $ in Thousands		12 Months Ended
		Dec. 31, 2023 USD ($) contract	Dec. 31, 2022 USD ($)
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Principal Balance		$ 8,610,110
Principal balance		8,384,575	$ 8,708,214
Principal Amount of Mortgages Subject to Delinquent Principal or Interest		895,894
General CECL allowance		(26,482)	(26,224)
Carrying value, net		8,358,093	8,681,990
Commercial Mortgage Portfolio Segment
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Principal Balance		8,049,756
Principal balance		7,951,081
Principal Amount of Mortgages Subject to Delinquent Principal or Interest		366,163
General CECL allowance		(25,723)	(22,848)
Carrying value, net	[1],[2]	7,925,359	8,121,109
Subordinate Mortgage Portfolio Segment
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Principal Balance		560,354
Principal balance		433,494
Principal Amount of Mortgages Subject to Delinquent Principal or Interest		529,731
General CECL allowance		(759)	(3,376)
Carrying value, net	[2],[3]	$ 432,734	560,881
Retail | Loan A, Retail/United Kingdom
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of loans | contract
Principal Balance		$ 481,607
Principal balance		478,646
Principal Amount of Mortgages Subject to Delinquent Principal or Interest		$ 0
Retail | Loan B, Retail/United Kingdom
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of loans | contract
Principal Balance		$ 416,055
Principal balance		413,662
Principal Amount of Mortgages Subject to Delinquent Principal or Interest		$ 0
Retail | First Mortgage, 3 | Commercial Mortgage Portfolio Segment, Loans Less Than 3% Of The Carrying Amount Of Total Senior Loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of loans | contract		3
Principal Balance		$ 554,568
Principal balance		479,347
Principal Amount of Mortgages Subject to Delinquent Principal or Interest		173,924
Health Care
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Principal balance		$ 511,803	575,144
Health Care | Loan C, Healthcare/Northeast
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of loans | contract
Principal Balance		$ 354,549
Principal balance		351,523
Principal Amount of Mortgages Subject to Delinquent Principal or Interest		$ 0
Health Care | First Mortgage, 1, Healthcare/United Kingdom | Commercial Mortgage Portfolio Segment, Loans Less Than 3% Of The Carrying Amount Of Total Senior Loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of loans | contract		1
Basis spread on variable interest rate		9.40%
Principal Balance		$ 161,021
Principal balance		160,280
Principal Amount of Mortgages Subject to Delinquent Principal or Interest		0
Mixed Use
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Principal balance		$ 679,303	559,809
Mixed Use | Loan D, Mixed Use/United Kingdom
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of loans | contract
Principal Balance		$ 366,861
Principal balance		368,641
Principal Amount of Mortgages Subject to Delinquent Principal or Interest		$ 0
Mixed Use | First Mortgage, 3, Mixed Use/Various | Commercial Mortgage Portfolio Segment, Loans Less Than 3% Of The Carrying Amount Of Total Senior Loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of loans | contract		3
Principal Balance		$ 304,582
Principal balance		310,661
Principal Amount of Mortgages Subject to Delinquent Principal or Interest		0
Residential
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Principal balance		$ 1,247,238	1,537,541
Residential | Loan E, Residential/New York City
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of loans | contract
Principal Balance		$ 349,247
Principal balance		349,247
Principal Amount of Mortgages Subject to Delinquent Principal or Interest		$ 0
Residential | First Mortgage, 9 | Commercial Mortgage Portfolio Segment, Loans Less Than 3% Of The Carrying Amount Of Total Senior Loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of loans | contract		7
Principal Balance		$ 848,219
Principal balance		844,366
Principal Amount of Mortgages Subject to Delinquent Principal or Interest		$ 192,239
Caravan Parks | Loan F, Parking Garage/Various US
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of loans | contract
Principal Balance		$ 286,633
Principal balance		280,572
Principal Amount of Mortgages Subject to Delinquent Principal or Interest		0
Hotel
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Principal balance		$ 2,128,256	2,117,079
Hotel | Loan G, Hotel/Spain
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of loans | contract
Principal Balance		$ 275,975
Principal balance		272,582
Principal Amount of Mortgages Subject to Delinquent Principal or Interest		$ 0
Hotel | First Mortgage, 17 | Commercial Mortgage Portfolio Segment, Loans Less Than 3% Of The Carrying Amount Of Total Senior Loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of loans | contract		12
Principal Balance		$ 1,483,069
Principal balance		1,483,327
Principal Amount of Mortgages Subject to Delinquent Principal or Interest		$ 0
Hotel | SubordinateMortgage, 2, Hotel/Various US | Subordinate Mortgage Portfolio Segment, Loans and Other Lending Assets Less Than 3% Of The Carrying Amount Of Total Subordinate Loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of loans | contract		1
Principal Balance		$ 23,122
Principal balance		23,122
Principal Amount of Mortgages Subject to Delinquent Principal or Interest		$ 0
Residential/New York City | SubordinateMortgage, 3, Residential/New York City | Subordinate Mortgage Portfolio Segment, Loans and Other Lending Assets Less Than 3% Of The Carrying Amount Of Total Subordinate Loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of loans | contract		2
Principal Balance		$ 529,732
Principal balance		402,872
Principal Amount of Mortgages Subject to Delinquent Principal or Interest		529,731
Office
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Principal balance		$ 1,593,320	$ 1,671,006
Office | First Mortgage, 10 | Commercial Mortgage Portfolio Segment, Loans Less Than 3% Of The Carrying Amount Of Total Senior Loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of loans | contract		7
Principal Balance		$ 1,197,193
Principal balance		1,192,434
Principal Amount of Mortgages Subject to Delinquent Principal or Interest		$ 0
Office | SubordinateMortgage, 1, Office/Midwest | Subordinate Mortgage Portfolio Segment, Loans and Other Lending Assets Less Than 3% Of The Carrying Amount Of Total Subordinate Loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of loans | contract		1
Principal Balance		$ 7,500
Principal balance		7,500
Principal Amount of Mortgages Subject to Delinquent Principal or Interest		$ 0
Industrial | First Mortgage, 1, Industrial/Sweden | Commercial Mortgage Portfolio Segment, Loans Less Than 3% Of The Carrying Amount Of Total Senior Loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of loans | contract		1
Basis spread on variable interest rate		7.30%
Principal Balance		$ 248,088
Principal balance		246,876
Principal Amount of Mortgages Subject to Delinquent Principal or Interest		$ 0
Other | First Mortgage, 3, Other/Various | Commercial Mortgage Portfolio Segment, Loans Less Than 3% Of The Carrying Amount Of Total Senior Loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of loans | contract		5
Principal Balance		$ 722,089
Principal balance		718,917
Principal Amount of Mortgages Subject to Delinquent Principal or Interest		$ 0
London Interbank Offered Rate (LIBOR)
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Basis spread on variable interest rate		0%
London Interbank Offered Rate (LIBOR) | Retail | Loan A, Retail/United Kingdom
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Basis spread on variable interest rate		8.40%
London Interbank Offered Rate (LIBOR) | Retail | Loan B, Retail/United Kingdom
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Basis spread on variable interest rate		8.30%
London Interbank Offered Rate (LIBOR) | Health Care | Loan C, Healthcare/Northeast
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Basis spread on variable interest rate		9.10%
London Interbank Offered Rate (LIBOR) | Mixed Use | Loan D, Mixed Use/United Kingdom
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Basis spread on variable interest rate		10%
London Interbank Offered Rate (LIBOR) | Residential | Loan E, Residential/New York City
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Basis spread on variable interest rate		7%
London Interbank Offered Rate (LIBOR) | Caravan Parks | Loan F, Parking Garage/Various US
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Basis spread on variable interest rate		9.70%
London Interbank Offered Rate (LIBOR) | Hotel | Loan G, Hotel/Spain
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Basis spread on variable interest rate		8.40%
London Interbank Offered Rate (LIBOR) | Residential/New York City | SubordinateMortgage, 3, Residential/New York City | Subordinate Mortgage Portfolio Segment, Loans and Other Lending Assets Less Than 3% Of The Carrying Amount Of Total Subordinate Loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Basis spread on variable interest rate		0%
London Interbank Offered Rate (LIBOR) | Office | SubordinateMortgage, 1, Office/Midwest | Subordinate Mortgage Portfolio Segment, Loans and Other Lending Assets Less Than 3% Of The Carrying Amount Of Total Subordinate Loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Basis spread on variable interest rate		11%
Minimum | Retail | First Mortgage, 3 | Commercial Mortgage Portfolio Segment, Loans Less Than 3% Of The Carrying Amount Of Total Senior Loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Basis spread on variable interest rate		0%
Minimum | Mixed Use | First Mortgage, 3, Mixed Use/Various | Commercial Mortgage Portfolio Segment, Loans Less Than 3% Of The Carrying Amount Of Total Senior Loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Basis spread on variable interest rate		9.10%
Minimum | Residential | First Mortgage, 9 | Commercial Mortgage Portfolio Segment, Loans Less Than 3% Of The Carrying Amount Of Total Senior Loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Basis spread on variable interest rate		0%
Minimum | Hotel | First Mortgage, 17 | Commercial Mortgage Portfolio Segment, Loans Less Than 3% Of The Carrying Amount Of Total Senior Loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Basis spread on variable interest rate		0.00001%
Minimum | Office | First Mortgage, 10 | Commercial Mortgage Portfolio Segment, Loans Less Than 3% Of The Carrying Amount Of Total Senior Loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Basis spread on variable interest rate		6.80%
Minimum | Other | First Mortgage, 3, Other/Various | Commercial Mortgage Portfolio Segment, Loans Less Than 3% Of The Carrying Amount Of Total Senior Loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Basis spread on variable interest rate		7%
Minimum | London Interbank Offered Rate (LIBOR) | Hotel | SubordinateMortgage, 2, Hotel/Various US | Subordinate Mortgage Portfolio Segment, Loans and Other Lending Assets Less Than 3% Of The Carrying Amount Of Total Subordinate Loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Basis spread on variable interest rate		11.50%
Maximum | Retail | First Mortgage, 3 | Commercial Mortgage Portfolio Segment, Loans Less Than 3% Of The Carrying Amount Of Total Senior Loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Basis spread on variable interest rate		0.00001%
Maximum | Mixed Use | First Mortgage, 3, Mixed Use/Various | Commercial Mortgage Portfolio Segment, Loans Less Than 3% Of The Carrying Amount Of Total Senior Loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Basis spread on variable interest rate		0.00001%
Maximum | Residential | First Mortgage, 9 | Commercial Mortgage Portfolio Segment, Loans Less Than 3% Of The Carrying Amount Of Total Senior Loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Basis spread on variable interest rate		0.00001%
Maximum | Hotel | First Mortgage, 17 | Commercial Mortgage Portfolio Segment, Loans Less Than 3% Of The Carrying Amount Of Total Senior Loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Basis spread on variable interest rate		0.00001%
Maximum | Office | First Mortgage, 10 | Commercial Mortgage Portfolio Segment, Loans Less Than 3% Of The Carrying Amount Of Total Senior Loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Basis spread on variable interest rate		0.00001%
Maximum | Other | First Mortgage, 3, Other/Various | Commercial Mortgage Portfolio Segment, Loans Less Than 3% Of The Carrying Amount Of Total Senior Loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Basis spread on variable interest rate		0.00001%
[1]Includes $7,705,491 and $7,482,658 pledged pledged

Schedule IV - Mortgage Loans _3

Schedule IV - Mortgage Loans on Real Estate (Details 2) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
SEC schedule, 12-29, real estate companies, investment in mortgage loans on real estate, prior lien, amount	$ 228,000
Aggregate cost of mortgage loans on real estate	8,500,000
Off-balance sheet, credit loss, liability	$ 4,017	$ 4,347	$ 3,106

Schedule IV - Mortgage Loans _4

Schedule IV - Mortgage Loans on Real Estate - Summary of Changes in Carrying Amounts of Mortgage Loans (Details) - USD ($) $ in Thousands		3 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	Jun. 30, 2021	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
SEC Schedule, 12-29, Real Estate Companies, Investment in Movement in Mortgage Loans on Real Estate [Roll Forward]
Balance at beginning of year				$ 8,681,990					$ 8,681,990	$ 7,857,260
Loan fundings									929,106	3,624,661
Loan repayments									(1,225,930)	(2,214,621)
Gain (loss) on foreign currency translation									175,707	(356,436)
Loans and leases receivable, gain (loss) on sales, net									(86,604)	24,894
Transfer to real estate owned, held for sale									(75,000)	(226,459)
Specific CECL Allowance									(59,500)	11,500
General CECL Allowance									(258)	7,364
Deferred fees and other items									(16,453)	(46,874)
PIK interest, amortization of fees and other items									35,035	50,489
Balance at the close of year					$ 8,681,990				8,358,093	8,681,990	$ 7,857,260
Allowance for credit loss, current							$ (7,000)		(7,000)
Increase in Specific CECL Allowance, net	$ (10,000)					$ 10,000		$ (20,000)	11,500
Write-offs, specific CECL allowance, funded									(81,890)	(7,000)
Increase (decrease) in current expected credit loss allowance, net									59,428	(17,623)	(34,773)
Off-balance sheet, credit loss, liability					4,347				4,017	4,347	3,106
Interest received for loans in cost recovery									2,500	3,200
Urban predevelopment - Miami, FL
SEC Schedule, 12-29, Real Estate Companies, Investment in Movement in Mortgage Loans on Real Estate [Roll Forward]
Specific CECL allowance (reversal), net of previously recorded amount									53,000
Write-offs, specific CECL allowance, funded									(15,000)
Multifamily Development - Brooklyn, NY
SEC Schedule, 12-29, Real Estate Companies, Investment in Movement in Mortgage Loans on Real Estate [Roll Forward]
Specific CECL allowance (reversal), net of previously recorded amount									(10,000)
Residential-for-Sale - Manhattan, NY
SEC Schedule, 12-29, Real Estate Companies, Investment in Movement in Mortgage Loans on Real Estate [Roll Forward]
Increase in Specific CECL Allowance, net									(66,500)
Write-offs, specific CECL allowance, funded					$ (7,000)		$ (7,000)
Hotel - Atlanta, GA
SEC Schedule, 12-29, Real Estate Companies, Investment in Movement in Mortgage Loans on Real Estate [Roll Forward]
Loans and leases receivable, gain (loss) on sales, net									(4,800)
Sale of Mezzanine Loan
SEC Schedule, 12-29, Real Estate Companies, Investment in Movement in Mortgage Loans on Real Estate [Roll Forward]
Loans and leases receivable, gain (loss) on sales, net											800
Commercial Mortgage and Subordinated Portfolio Segment
SEC Schedule, 12-29, Real Estate Companies, Investment in Movement in Mortgage Loans on Real Estate [Roll Forward]
Gain (loss) on foreign currency translation									176,534
Loans and leases receivable, gain (loss) on sales, net				$ 200
Transfer to real estate owned, held for sale									(75,000)
Realized loss on investments											$ 20,000
Increase in Specific CECL Allowance, net									(59,500)
Write-offs, specific CECL allowance, funded		$ (82,000)	$ (82,000)						(81,980)	(24,896)
Increase (decrease) in current expected credit loss allowance, net									141,480	$ 13,396
Commercial Mortgage and Subordinated Portfolio Segment | Ultra-Luxury Residential Property - Manhattan, NY
SEC Schedule, 12-29, Real Estate Companies, Investment in Movement in Mortgage Loans on Real Estate [Roll Forward]
Write-offs, specific CECL allowance, funded			$ (82,000)
Increase (decrease) in current expected credit loss allowance, net									$ 141,500
CCOF Design Venture, LLC | Affiliated Entity
SEC Schedule, 12-29, Real Estate Companies, Investment in Movement in Mortgage Loans on Real Estate [Roll Forward]
Realized loss on investments		$ 17,900

Uncategorized Items - ari-20231

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