Claros Mortgage Trust (CMTG) 10-Q 1 Aug 23 2023 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2023	Aug. 01, 2023
Cover [Abstract]
Entity Registrant Name	Claros Mortgage Trust, Inc.
Entity Central Index Key	0001666291
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Jun. 30, 2023
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Trading Symbol	CMTG
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		138,385,904
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Entity File Number	001-40993
Entity Tax Identification Number	47-4074900
Entity Address, Address Line One	c/o Mack Real Estate Credit Strategies, L.P.
Entity Address, Address Line Two	60 Columbus Circle
Entity Address, Address Line Three	20th Floor
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10023
City Area Code	212
Local Phone Number	484-0050
Title of 12(b) Security	Common Stock, $0.01 par value per share
Security Exchange Name	NYSE
Entity Incorporation, State or Country Code	MD

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Assets
Cash and cash equivalents	$ 253,055	$ 306,456
Restricted cash	32,035	41,703
Loan principal payments held by servicer	641	0
Loans receivable held-for-investment	7,520,017	7,489,074
Less: current expected credit loss reserve	(103,651)	(128,647)
Loans receivable held-for-investment, net	7,416,366	7,360,427
Equity method investment	42,547	41,880
Real estate owned, net	522,427	401,189
Other assets	133,533	89,858
Total assets	8,400,604	8,241,513
Liabilities and Equity
Repurchase agreements	4,043,983	3,966,859
Term participation facility	346,140	257,531
Loan participations sold, net	264,082	263,798
Notes payable, net	218,373	149,521
Secured term loan, net	713,975	736,853
Debt related to real estate owned, net	289,651	289,389
Other liabilities	61,909	59,223
Dividends payable	52,424	52,001
Management fee payable - affiliate	9,641	9,867
Total liabilities	6,000,178	5,785,042
Commitments and contingencies - Note 14
Equity
Common stock, $0.01 par value, 500,000,000 shares authorized, 138,385,904 and 140,055,714 shares issued and 138,385,904 and 138,376,144 shares outstanding at June 30, 2023 and December 31, 2022, respectively	1,400	1,400
Additional paid-in capital	2,720,168	2,712,316
Accumulated deficit	(321,142)	(257,245)
Total equity	2,400,426	2,456,471
Total liabilities and equity	$ 8,400,604	$ 8,241,513

Consolidated Balance Sheets (_2

Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Jun. 30, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Common stock par value	$ 0.01	$ 0.01
Common stock authorized	500,000,000	500,000,000
Common stock, shares issued	138,385,904	140,055,714
Common stock outstanding	138,385,904	138,376,144

Consolidated Statements of Oper

Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Revenue
Interest and related income		$ 180,735	$ 98,993	$ 344,901	$ 189,687
Less: interest and related expense		119,676	46,871	225,703	86,451
Net interest income		61,059	52,122	119,198	103,236
Revenue from real estate owned		19,866	17,118	30,829	23,931
Total net revenue		80,925	69,240	150,027	127,167
Expenses
Management fees - affiliate		9,641	9,843	19,297	19,650
Incentive fees - affiliate		0	0	1,558	0
General and administrative expenses		4,492	4,748	9,417	9,091
Stock-based compensation expense		4,395	604	7,761	604
Real estate owned:
Operating expenses		11,269	10,536	21,268	18,316
Interest expense		5,865	2,719	11,309	5,303
Depreciation		2,092	1,998	4,150	3,938
Total expenses		37,754	30,448	74,760	56,902
Realized gain on sale of loan		0	30,090	0	30,090
Proceeds from interest rate cap		1,495	0	2,678	0
Unrealized loss (gain) on interest rate cap		(259)	2,837	(1,662)	2,837
(Loss) income from equity method investment		(895)	0	668	0
Gain on extinguishment of debt		2,217	0	2,217	0
Provision for current expected credit loss reserve		(41,476)	(8,530)	(38,237)	(10,632)
Net income		4,253	63,189	40,931	92,560
Net loss attributable to non-controlling interests		0	(45)	0	(86)
Net income attributable to common stock		$ 4,253	$ 63,234	$ 40,931	$ 92,646
Net income per share of common stock
Net income per share of common stock - basic		$ 0.02	$ 0.45	$ 0.28	$ 0.66
Net income per share of common stock - diluted		$ 0.02	$ 0.45	$ 0.28	$ 0.66
Weighted-average shares of common stock outstanding
Weighted-average shares of common stock outstanding - basic	[1]	138,399,446	139,637,949	138,392,666	139,675,019
Weighted-average shares of common stock outstanding - diluted	[1]	138,399,446	139,637,949	138,392,666	139,675,019
[1] Amounts as of June 30, 2023 include 33,257 fully vested RSUs.

Consolidated Statements of Chan

Consolidated Statements of Changes in Equity (unaudited) - USD ($) $ in Thousands	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Noncontrolling Interests [Member]
Balance at Dec. 31, 2021	$ 2,604,267	$ 1,400	$ 2,726,190	$ (160,959)	$ 37,636
Balance (in shares) at Dec. 31, 2021		139,840,088
Repurchased shares	(3,179)		(3,179)
Repurchase of common stock		186,289
Contributions from non-controlling interests	539				539
Offering costs	(30)		(30)
Dividends declared	(51,672)	$ (51,672)		(51,672)
Net Income (Loss)	29,371			29,412	(41)
Balance at Mar. 31, 2022	2,579,296		2,722,981	(183,219)	38,134
Balance (in shares) at Mar. 31, 2022		139,653,799
Balance at Dec. 31, 2021	2,604,267	$ 1,400	2,726,190	(160,959)	37,636
Balance (in shares) at Dec. 31, 2021		139,840,088
Repurchase of common stock		(220,010)
Balance at Jun. 30, 2022	2,590,406	$ 1,400	2,722,993	(172,443)	38,456
Balance (in shares) at Jun. 30, 2022		139,620,078
Balance at Mar. 31, 2022	2,579,296		2,722,981	(183,219)	38,134
Balance (in shares) at Mar. 31, 2022		139,653,799
Repurchased shares	(592)		(592)
Repurchase of common stock		33,721
Contributions from non-controlling interests	367				367
Stock-based compensation expense	604		604
Dividends declared	(52,458)	$ (51,659)		(52,458)
Net Income (Loss)	63,189			63,234	(45)
Balance at Jun. 30, 2022	2,590,406	$ 1,400	2,722,993	(172,443)	$ 38,456
Balance (in shares) at Jun. 30, 2022		139,620,078
Balance at Dec. 31, 2022	2,456,471	$ 1,400	2,712,316	(257,245)
Balance (in shares) at Dec. 31, 2022		138,376,144
Stock-based compensation expense	3,409		3,409
Dividends declared	(52,404)	$ (51,199)		(52,404)
Net Income (Loss)	36,678			36,678
Balance at Mar. 31, 2023	2,444,154	$ 1,400	2,715,725	(272,971)
Balance (in shares) at Mar. 31, 2023		138,376,144
Balance at Dec. 31, 2022	2,456,471	$ 1,400	2,712,316	(257,245)
Balance (in shares) at Dec. 31, 2022		138,376,144
Repurchase of common stock		0
Balance at Jun. 30, 2023	2,400,426	$ 1,400	2,720,168	(321,142)
Balance (in shares) at Jun. 30, 2023		138,385,904
Balance at Mar. 31, 2023	2,444,154	$ 1,400	2,715,725	(272,971)
Balance (in shares) at Mar. 31, 2023		138,376,144
Stock-based compensation expense, Shares		9,760
Stock-based compensation expense	4,443		4,443
Dividends declared	(52,424)	$ (51,203)		(52,424)
Net Income (Loss)	4,253			4,253
Balance at Jun. 30, 2023	$ 2,400,426	$ 1,400	$ 2,720,168	$ (321,142)
Balance (in shares) at Jun. 30, 2023		138,385,904

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Cash flows from operating activities
Net income	$ 4,253	$ 63,189	$ 40,931	$ 92,560
Adjustments to reconcile net income to net cash provided by operating activities:
Accretion of origination fees on loans receivable			(10,586)	(10,495)
Accretion of origination fees on interests in loans receivable				(204)
Amortization of deferred financing costs			11,973	9,480
Non-cash stock-based compensation expense			7,852	604
Depreciation on real estate owned	2,100	2,000	4,150	3,938
Unrealized loss (gain) on interest rate cap	259	(2,837)	1,662	(2,837)
Income from equity method investment	895	0	(668)	0
Gain on extinguishment of debt	(2,217)	0	(2,217)	0
Realized gain on sale of loan	0	(30,090)	0	(30,090)
Non-cash advances on loans receivable in lieu of interest			(40,837)	(31,282)
Non-cash advances on interests in loans receivable in lieu of interest				(2,427)
Non-cash advances on secured financings in lieu of interest			1,150	37
Repayment of non-cash advances on loans receivable in lieu of interest			7,738	18,233
Repayment of non-cash advances on interests in loans receivable in lieu of interest				13,178
Provision for current expected credit loss reserve	41,476	8,530	38,237	10,632
Changes in operating assets and liabilities:
Other assets			(18,423)	133
Other liabilities			1,174	798
Management fee payable - affiliate			(226)	(140)
Net cash provided by operating activities			41,910	72,118
Cash flows from investing activities
Loan originations, acquisitions and advances, net of fees			(449,716)	(1,549,431)
Advances of interests in loans receivable				(14,653)
Repayments of loans receivable			251,435	891,755
Repayments of interests in loans receivable				165,468
Proceeds from sale of mortgage loan receivable				132,151
Extension and exit fees received from loans receivable			1,585	3,652
Extension and exit fees received from interests in loans receivable				502
Cash and restricted cash acquired from assignment-in-lieu of foreclosure of real estate owned			256
Payment of transaction costs from assignment-in-lieu of foreclosure of real estate owned			(6,611)
Reserves and deposits held for loans receivable			1	(220)
Capital expenditures on real estate owned			(1,056)	(1,744)
Net cash used in investing activities			(204,106)	(372,520)
Cash flows from financing activities
Repurchase of common stock				(3,771)
Contributions from non-controlling interests				906
Offering costs				(300)
Dividends paid			(104,405)	(103,413)
Proceeds from secured financings			649,804	1,507,903
Payment of deferred financing costs			(6,137)	(13,208)
Repayments of secured financings			(417,011)	(920,306)
Repayments of secured term loan			(23,124)	(3,814)
Net cash provided by financing activities			99,127	463,997
Net increase in cash, cash equivalents and restricted cash			(63,069)	163,595
Cash, cash equivalents and restricted cash, beginning of period			348,159	334,136
Cash, cash equivalents and restricted cash, end of period	285,090	497,731	285,090	497,731
Cash and cash equivalents, end of period	253,055	461,002	253,055	461,002
Restricted cash, end of period	32,035	36,729	32,035	36,729
Cash, cash equivalents and restricted cash, end of period	$ 285,090	$ 497,731	285,090	497,731
Supplemental disclosure of cash flow information:
Cash paid for interest			222,751	79,859
Supplemental disclosure of non-cash investing and financing activities:
Dividends accrued			52,424	52,458
Loan principal payments held by servicer			641	22,506
Accrued deferred financing costs			3,750	3,938
Deposits applied against sale proceeds				$ 14,761
Real estate acquired in assignment-in-lieu of foreclosure			124,332
Lease intangibles, net acquired in assignment-in-lieu of foreclosure			20,080
Working capital acquired in assignment-in-lieu of foreclosure			(2,392)
Settlement of loans receivable in assignment-in-lieu of foreclosure			(208,797)
Accrued assignment-in-lieu of foreclosure transaction costs			$ 414

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ 4,253	$ 36,678	$ 63,189	$ 29,371

Insider Trading Arrangements

Insider Trading Arrangements	6 Months Ended
	Jun. 30, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Organization

Organization	6 Months Ended
	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	Note 1. Organization Claros Mortgage Trust, Inc. (referred to throughout this report as the “Company,” “we”, “us” and “our”) is a Maryland Corporation formed on April 29, 2015 for the purpose of creating a diversified portfolio of income-producing loans collateralized by institutional quality commercial real estate. We commenced operations on August 25, 2015 (“Commencement of Operations”) and generally conduct our business through wholly-owned subsidiaries. Unless the context requires otherwise, any references to the Company refers to the Company and its consolidated subsidiaries. The Company is traded on the New York Stock Exchange, or NYSE, under the symbol “CMTG”. We elected and intend to maintain our qualification to be taxed as a real estate investment trust (“REIT”) under the requirements of the Internal Revenue Code of 1986, as amended (the "Internal Revenue Code"), for U.S. federal income tax purposes. As such, we generally are not subject to U.S. federal income tax on that portion of our income that we distribute to stockholders. See Note 13 – Income Taxes regarding taxes applicable to the Company. We are externally managed by Claros REIT Management LP (the “Manager”), our affiliate, through a management agreement (the "Management Agreement") pursuant to which the Manager provides a management team and other professionals who are responsible for implementing our business strategy, subject to the supervision of our board of directors (the "Board"). In exchange for its services, the Manager is entitled to management fees and incentive fees. See Note 11 – Related Party Transactions regarding the Management Agreement.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2023
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Note 2. Summary of Significant Accounting Policies Basis of Presentation and Principles of Consolidation The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). These unaudited consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and should be read in conjunction with the consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2022, as filed with the Securities and Exchange Commission. In the opinion of management, all adjustments (consisting only of normal recurring adjustments) necessary for a fair statement of our financial position, results of operations and cash flows have been included. Our results of operations for the three and six months ended June 30, 2023 are not necessarily indicative of the results to be expected for the full year or any other future period. We consolidate all entities that are controlled either through majority ownership or voting rights. We also identify entities for which control is achieved through means other than through voting rights (a variable interest entity or "VIE") using the analysis as set forth in Accounting Standards Codification ("ASC") 810, Consolidation of Variable Interest Entities, and determine when and which variable interest holder, if any, should consolidate the VIE. We have no consolidated variable interest entities as of June 30, 2023 and December 31, 2022 . All significant intercompany transactions and balances have been eliminated in consolidation. Use of Estimates The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. Estimates that are particularly susceptible to our judgment include, but are not limited to, the adequacy of current expected credit loss reserve and impairment of certain assets. Risks and Uncertainties In the normal course of business, we primarily encounter two significant types of economic risk: credit and market. Credit risk is the risk of default on our loans receivable that results from a borrower's or counterparty's inability or unwillingness to make contractually required payments. Market risk reflects changes in the value of the loans receivable due to changes in interest rates, spreads or other market factors, including risks that impact the value of the collateral underlying our loans. We believe that the carrying values of our loans receivable are reasonable taking into consideration these risks along with estimated financings, collateral values and other information. Current Expected Credit Losses The current expected credit loss (“CECL”) reserve required under ASU 2016-13 “Financial Instruments – Credit Losses – Measurement of Credit Losses on Financial Instruments (Topic 326)” (“ASU 2016-13”), reflects our current estimate of potential credit losses related to our loan portfolio. Changes to the CECL reserve are recognized through a provision for or reversal of current expected credit loss reserve on our consolidated statements of operations. ASU 2016-13 specifies the reserve should be based on relevant information about past events, including historical loss experience, current portfolio, market conditions and reasonable and supportable macroeconomic forecasts for the duration of each loan. General CECL Reserve Our loans are typically collateralized by real estate, or in the case of mezzanine loans, by an equity interest in an entity that owns real estate. We consider key credit quality indicators in underwriting loans and estimating credit losses, including, but not limited to: the capitalization of borrowers and sponsors; the expertise of the borrowers and sponsors in a particular real estate sector and geographic market; collateral type; geographic region; use and occupancy of the property; property market value; loan-to-value (“LTV”) ratio; loan amount and lien position; our risk rating for the same and similar loans; and prior experience with the borrower and sponsor. This information is used to assess the financial and operating capability, experience and profitability of the borrower/sponsor. Ultimate repayment of our loans is sensitive to interest rate changes, general economic conditions, liquidity, LTV ratio, existence of a liquid investment sales market for commercial properties, and availability of replacement financing. We regularly evaluate on a loan-by-loan basis, the extent and impact of any credit deterioration associated with the performance and/or value of the underlying collateral property, the financial and operating capability of the borrower/sponsor, the financial strength of loan guarantors, if any, and the overall economic environment, real estate sector, and geographic sub-market in which the borrower operates, at least quarterly. Such analyses are completed and reviewed by asset management personnel and evaluated by senior management, utilizing various data sources, including, to the extent available (i) periodic financial data such as property occupancy, tenant profile, rental rates, operating expenses, the borrower’s exit plan, and capitalization and discount rates, (ii) site inspections, (iii) sales and financing comparables, (iv) current credit spreads for refinancing and (v) other market data. We arrive at our general CECL reserve using the Weighted Average Remaining Maturity, or WARM method, which is an acceptable loss-rate method for estimating CECL reserves by the Financial Accounting Standards Board ("FASB"). The application of the WARM method to estimate a general CECL reserve requires judgment, including the appropriate historical loan loss reference data, the expected timing and amount of future loan fundings and repayments, the current credit quality of our portfolio, and our expectations of performance and market conditions over the relevant time period. The WARM method requires us to reference historical loan loss data from a comparable data set and apply such loss rate to each of our loans over their expected remaining term, taking into consideration expected economic conditions over the forecasted timeframe. Our general CECL reserve reflects our forecast of the current and future macroeconomic conditions that may impact the performance of the commercial real estate assets securing our loans and the borrower's ultimate ability to repay. These estimates include unemployment rates, price indices for commercial properties, and market liquidity, all of which may influence the likelihood and magnitude of potential credit losses for our loans during their anticipated term. Additionally, further adjustments may be made based upon loan positions senior to ours, the risk rating of a loan, whether a loan is a construction loan, or the economic conditions specific to the property type of a loan's underlying collateral. To estimate an annual historical loss rate, we obtained historical loss rate data for loans most comparable to our loan portfolio from a commercial mortgage-backed securities database licensed by a third party, Trepp, LLC, which contains historical loss rates from January 1, 1999 through June 30, 2023. When evaluating the current and future macroeconomic environment, we consider the aforementioned macroeconomic factors. Historical data for each metric is compared to historical commercial real estate loan losses in order to determine the relationship between the two variables. We use projections of each macroeconomic factor, obtained from a third party, to approximate the impact the macroeconomic outlook may have on our loss rate. Selections of these economic forecasts require judgement about future events that, while based on the information available to us as of the balance sheet date, are ultimately unknowable with certainty, and the actual economic conditions could vary significantly from the estimates we made. Following a reasonable and supportable forecast period, we use a straight-line method of reverting to the historical loss rate. Additionally, we assess the obligation to extend credit through our unfunded loan commitments over each loan’s contractual period, adjusted for projected fundings from interest reserves if applicable, which is considered in the estimate of the general CECL reserve. For both the funded and unfunded portions of our loans, we consider our internal risk rating of each loan as the primary credit quality indicator underlying our assessment. We evaluate the credit quality of each of our loans receivable on an individual basis and assign a risk rating at least quarterly. We have developed a loan grading system for all of our outstanding loans receivable that are collateralized directly or indirectly by real estate. Grading criteria include as-is or as-stabilized debt yield, term of loan, property type, property or collateral location, loan type and other more subjective variables that include as-is or as-stabilized collateral value, market conditions, industry conditions and sponsor’s financial stability. We utilize the grading system to determine each loan’s risk of loss and to provide a determination as to whether an individual loan is impaired and whether a specific CECL reserve is necessary. Based on a 5-point scale, the loans are graded “1” through “5,” from less risk to greater risk, which gradings are defined as follows: 1. Very Low Risk 2. Low Risk 3. Medium Risk 4. High Risk/Potential for Loss: A loan that has a risk of realizing a principal loss 5. Impaired/Loss Likely: A loan that has a very high risk of realizing a principal loss or has otherwise incurred a principal loss Specific CECL Reserve In certain circumstances we may determine that a loan is no longer suited for the WARM method due to its unique risk characteristics or where we have deemed the borrower/sponsor to be experiencing financial difficulty and the repayment of the loan’s principal is collateral-dependent. We may instead elect to employ different methods to estimate loan losses that also conform to ASU 2016-13 and related guidance. For such loan we would separately measure the specific reserve for each loan by using the fair value of the loan's collateral. If the fair value of the collateral is less than the carrying value of the loan, an asset-specific reserve is created as a component of our overall current expected credit loss reserve. Specific reserves are equal to the excess of a loan’s carrying value to the fair value of the collateral, less estimated costs to sell, if recovery of our investment is expected from the sale of the collateral. If we have determined that a loan or a portion of a loan is uncollectible, we will write off such portion of the loan through an adjustment to our current expected credit loss reserve. Significant judgment is required in determining impairment and in estimating the resulting credit loss reserve, and actual losses, if any, could materially differ from those estimates. For additional information on our General and Specific CECL Reserve please refer to Note 3—"Loans Portfolio—Current Expected Credit Losses”. Real Estate Owned (and Related Debt) We may assume legal title or physical possession of the underlying collateral of a defaulted loan through foreclosure or a deed-in-lieu or an assignment-in-lieu of foreclosure. If we intend to hold, operate or develop the property for a period of at least 12 months, the asset is classified as real estate owned, net. If we intend to market a property for sale in the near subsequent term, the asset is classified as real estate held for sale. Real estate owned is initially recorded at estimated fair value and is subsequently presented net of accumulated depreciation. Depreciation is computed using a straight-line method over estimated useful lives ranging from 5 to 40 years. We account for acquisitions of real estate, including foreclosures, deed-in-lieu of foreclosures, or assignment-in-lieu of foreclosures, in accordance with ASC 805, Business Combinations , which first requires that we determine if the real estate investment is the acquisition of an asset or a business combination. Under this model, we identify and determine the fair value of any assets acquired and liabilities assumed. This generally results in the allocation of the purchase price to the assets acquired and liabilities assumed based on the relative fair values of each respective asset and liability. Debt related to real estate owned is non-recourse to us and is initially recorded at its estimated fair value at the time of foreclosure, deed-in-lieu of foreclosure, or assignment-in-lieu of foreclosure. Assets acquired and liabilities assumed generally may include land, building, building improvements, tenant improvements, furniture, fixtures and equipment, mortgages payable, and identified intangible assets and liabilities, which generally consists of above or below market leases values, in-place lease values, and other lease-related values. In estimating fair values for allocating the purchase price of our real estate owned, we may utilize various methods, including a market approach, which considers recent sales of similar properties, adjusted for differences in location and state of the physical asset, or a replacement cost approach, which considers the composition of physical assets acquired, adjusted based on industry standard information and the remaining useful life of the acquired property. In estimating fair values of intangible assets acquired or liabilities assumed, we consider the estimated cost of leasing our real estate owned assuming the property was vacant, the value of the current lease agreements relative to market-rate leases, and the estimation of total lease-up time including lost rents. In-place, above market, and other lease intangibles, net and below market lease values, net, are included within other assets and other liabilities, respectively, on our consolidated balance sheets. Amortization of in-place and other lease intangibles is recognized in depreciation expense on our consolidated statement of operations. Amortization of above and below market lease values is recognized in revenue from real estate owned on our consolidated statement of operations. Real estate assets are evaluated for indicators of impairment on a quarterly basis. Factors that we may consider in our impairment analysis include, among others: (1) significant underperformance relative to historical or anticipated operating results; (2) significant negative industry or economic trends; (3) costs necessary to extend the life or improve the real estate asset; (4) significant increase in competition; and (5) ability to hold and dispose of the real estate asset in the ordinary course of business. A real estate asset is considered impaired when the sum of estimated future undiscounted cash flows expected to be generated by the real estate asset over the estimated remaining holding period is less than the carrying amount of such real estate asset. Cash flows include operating cash flows and anticipated capital proceeds generated by the real estate asset. If the sum of such estimated undiscounted cash flows is less than the carrying amount of the real estate asset, an impairment charge is recorded equal to the excess of the carrying value of the real estate asset over the fair value. When determining the fair value of a real estate asset, we make certain assumptions including, but not limited to, consideration of projected operating cash flows, comparable selling prices and projected cash flows from the eventual disposition of the real estate asset based upon our estimate of a capitalization rate and discount rate. There were no impairments of our real estate assets through June 30, 2023 . Equity Method Investment We account for our investments in entities in which we have the ability to significantly influence, but do not have a controlling interest, by using the equity method of accounting. Under the equity method for which we have not elected a fair value option, the investment, originally recorded at cost, is adjusted to recognize our share of earnings or losses as they occur and for additional contributions made or distributions received. We look at the nature of the cash distributions received to determine the proper character of cash flow distributions on the accompanying consolidated statement of cash flows as either returns on investment, which would be included in operating activities, or returns of investment, which would be included in investing activities. At each reporting period we assess whether there are any indicators of other than temporary impairment of our equity investments. There were no other than temporary impairments of our equity method investment through June 30, 2023 . Derivative Financial Instruments In the normal course of business, we are exposed to the effect of interest rate changes and may undertake one or more strategies to limit these risks through the use of derivatives. We may use derivatives to reduce the impact that increases in interest rates will have on our floating rate liabilities, which may consist of interest rate swaps, interest rate caps, collars, and floors. We may also use derivatives to reduce the impact that decreases in interest rates will have on our floating rate assets. We recognize derivatives on our consolidated balance sheets at fair value within other assets. To determine the fair value of derivative instruments, we use a variety of methods and assumptions that are based on market conditions as of the balance sheet date, such as discounted cash flows and option-pricing models. We have not designated any derivatives as hedges to qualify for hedge accounting for financial reporting purposes and fluctuations in the fair value of derivatives have been recognized as unrealized gain or loss on interest rate cap in our accompanying consolidated statements of operations. Payments received from our counterparties in connection with our derivative are recognized on our consolidated statements of operations as proceeds from interest rate cap. Revenue Recognition Interest income from loans receivable is recorded on the accrual basis based on the unpaid principal balance and the contractual terms of the loans. Fees, premiums, discounts and direct costs associated with these loans are initially deferred and recognized as an adjustment to unpaid principal balance until the loan is advanced and are then amortized or accreted into interest income over the term of the loan as an adjustment to yield using the effective interest method based on expected cash flows through the expected recovery period. Income accrual may be suspended for loans when we determine that the payment of income and/or principal is no longer probable. Once income accrual is suspended, any previously recognized interest income deemed uncollectible is reversed against interest income. Factors considered when making this determination include our assessment of the underlying collateral value, delinquency in excess of 90 days, and overall market conditions. While on non-accrual status, based on our estimation as to collectability of principal, loans are either accounted for on a cash basis, where interest income is recognized only upon actual receipt of cash, or on a cost-recovery basis, where all cash receipts reduce a loan's carrying value. If and when a loan is brought back into compliance with its contractual terms, and our Manager has determined that the borrower has demonstrated an ability and willingness to continue to make contractually required payments related to the loan, we resume accrual of interest. Revenue from real estate owned represents revenues associated with the operations of hotel and mixed-use properties classified as real estate owned. Revenue from the operations of the hotel properties is recognized when guestrooms are occupied, services have been rendered or fees have been earned. Hotel revenues consist of room sales, food and beverage sales and other hotel revenues and are recorded net of any discounts, sales and other taxes collected from customers. Revenue from the operations of the mixed-use property is derived from lease agreements with tenants, which generally provide for fixed rent payments recognized on a straight-line basis over the lease term. Variable lease payments, including reimbursement of certain operating expenses and miscellaneous fees, are recognized when earned. These reimbursements represent revenue attributable to non-lease components for which the timing and pattern of recognition is the same for lease components. We use the practical expedient, which allows us to account for lease and non-lease components as a single component for all classes of underlying assets. For the three and six months ended June 30, 2023 , we did not record any fixed or variable lease revenues related to our mixed-use property. During the comparable prior periods, we did not own our mixed-use property. We periodically evaluate the collectability of tenant receivables for payments required under the lease agreements. If we determine that collectability is not probable, we recognize any difference between revenue recognized to date and payments that have been collected from the tenant to date as a current period adjustment to revenue from real estate owned. Recent Accounting Guidance The FASB issued ASU 2022-02, Financial Instruments – Credit Losses (Topic 326), Troubled Debt Restructurings and Vintage Disclosures, (“ASU 2022-02”). The standard eliminates the recognition and measurement guidance for troubled debt restructurings (“TDRs”) for creditors that have adopted ASU 2016-13 Financial Instruments – Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments, ("CECL"). In addition to eliminating the TDR accounting guidance, ASU 2022-02 changes existing disclosure requirements and introduces new disclosures related to certain modifications of instruments with borrowers experiencing financial difficulty. The standard is effective for periods beginning after December 15, 2022, with early adoption permitted. During the second quarter of 2022, we adopted this standard effective January 1, 2022 and the adoption did not have a material impact on our consolidated financial statements. The FASB issued ASU 2019-12, Income Taxes (Topic 740), (“ASU 2019-12”). ASU 2019-12 simplifies the accounting for income taxes by removing certain exceptions to the general principles in Topic 740. ASU 2019-12 also improves the consistent application of, and simplifies, GAAP for other areas of Topic 740 by clarifying and amending existing guidance. The standard is effective for financial statements issued for fiscal years beginning after December 15, 2021, with early adoption permitted. We adopted ASU 2019-12 on January 1, 2022 and the adoption of ASU 2019-12 did not have a material impact on our consolidated financial statements.

Loans Portfolio

Loans Portfolio	6 Months Ended
	Jun. 30, 2023
Receivables [Abstract]
Loans Portfolio	Note 3. Loans Portfolio Loans Receivable Our loans receivable portfolio as of June 30, 2023 was comprised of the following loans ($ in thousands, except for number of loans): Number of Loan Commitment (1) Unpaid Principal Balance Carrying (2) Weighted Average Spread (3) Weighted Average Interest Rate (4) Loans receivable held-for-investment: Variable: Senior loans (5) 70 $ 8,882,107 $ 7,383,503 $ 7,306,817 + 4.03 % 8.84 % Subordinate loans 1 30,200 29,903 30,054 + 12.86% 18.01 % 71 8,912,307 7,413,406 7,336,871 + 4.06% 8.88 % Fixed: Senior loans (5) 2 $ 20,167 $ 20,167 $ 20,366 N/A 8.26 % Subordinate loans 2 125,927 125,927 124,827 N/A 8.44 % 4 146,094 146,094 145,193 8.41 % Total/Weighted Average 75 $ 9,058,401 $ 7,559,500 $ 7,482,064 N/A 8.87 % General CECL reserve ( 65,698 ) Loans receivable held-for-investment, net $ 7,416,366 (1) Loan commitment represents principal outstanding plus remaining unfunded loan commitments. (2) Net of specific CECL reserve of $ 38.0 million . (3) The weighted average spread is expressed as a spread over the relevant floating benchmark rates. One-month term Secured Overnight Financing Rate ("SOFR") as of June 30, 2023 was 5.14 % . Weighted average is based on outstanding principal as of June 30, 2023 . For loans placed on non-accrual, the spread used in calculating the weighted average spread is 0 %. (4) Reflects the weighted average interest rate based on the applicable floating benchmark rate (if applicable), including SOFR floors (if applicable). Weighted average is based on outstanding principal as of June 30, 2023 and includes loans on non-accrual status. For loans placed on non-accrual, the spread used in calculating the weighted average spread is 0 %. (5) Senior loans include senior mortgages and similar loans, including related contiguous subordinate loans (if any), and pari passu participations in senior mortgage loans. During the six months ended June 30, 2023 , we acquired the senior mortgage for a subordinate loan with an unpaid principal balance of $ 32.9 million at December 31, 2022 and now classify the loan as senior. Our loans receivable portfolio as of December 31, 2022 was comprised of the following loans ($ in thousands, except for number of loans): Number of Loan Commitment (1) Unpaid Principal Balance Carrying (2) Weighted Average Spread (3) Weighted Average Interest Rate (4) Loans receivable held-for-investment: Variable: Senior loans (5) 71 $ 9,221,549 $ 7,327,462 $ 7,217,564 + 3.92% 8.05 % Subordinate loans 2 63,102 61,763 61,947 + 11.55% 15.95 % 73 9,284,651 7,389,225 7,279,511 + 3.98% 8.11 % Fixed: Senior loans (5) 2 $ 23,373 $ 23,373 $ 23,595 N/A 8.50 % Subordinate loans 2 125,927 125,927 125,668 N/A 8.49 % 4 149,300 149,300 149,263 8.49 % Total/Weighted Average 77 $ 9,433,951 $ 7,538,525 $ 7,428,774 8.12 % General CECL reserve ( 68,347 ) Loans receivable held-for-investment, net $ 7,360,427 (1) Loan commitment represents principal outstanding plus remaining unfunded loan commitments. (2) Net of specific CECL reserve of $ 60.3 million . (3) The weighted average is expressed as a spread over the relevant floating benchmark rates. One-month London Interbank Offered Rate ("LIBOR") and SOFR as of December 31, 2022 were 4.39 % and 4.36 % , respectively. Weighted average is based on unpaid principal balance as of December 31, 2022 . For loans placed on non-accrual, the spread used in calculating the weighted average spread is 0 %. (4) Reflects the weighted average interest rate based on the applicable floating benchmark rate (if applicable), including LIBOR/SOFR floors (if applicable). Weighted average is based on unpaid principal balance as of December 31, 2022 and includes loans on non-accrual status. For loans placed on non-accrual, the interest rate used in calculating the weighted average spread is 0 %. (5) Senior loans include senior mortgages and similar loans, including related contiguous subordinate loans (if any), and pari passu participations in senior mortgage loans. Activity relating to the loans receivable portfolio for the six months ended June 30, 2023 ($ in thousands): Unpaid Principal Balance Deferred Fees Specific CECL Reserve Carrying Value (1) Balance at December 31, 2022 $ 7,538,525 $ ( 49,451 ) $ ( 60,300 ) $ 7,428,774 Initial funding of new loan originations and acquisitions 101,059 - - 101,059 Advances on existing loans 348,657 - - 348,657 Non-cash advances in lieu of interest 39,870 967 - 40,837 Origination fees, extension fees and exit fees - ( 1,585 ) - ( 1,585 ) Repayments of loans receivable ( 252,076 ) - - ( 252,076 ) Repayments of non-cash advances in lieu of interest ( 7,738 ) - - ( 7,738 ) Accretion of fees - 10,586 - 10,586 Specific CECL Allowance - - ( 44,588 ) ( 44,588 ) Transfer to real estate owned, net ( 208,797 ) - 66,935 ( 141,862 ) Balance at June 30, 2023 $ 7,559,500 $ ( 39,483 ) $ ( 37,953 ) $ 7,482,064 General CECL reserve $ ( 65,698 ) Carrying Value $ 7,416,366 (1) Balance at December 31, 2022 does not include general CECL reserve. Through CMTG/TT Mortgage REIT LLC ("CMTG/TT"), a previously consolidated joint venture, we held a 51 % interest in $ 78.5 million of subordinate loans secured by land in New York, which had been on non-accrual status since October 2021. During the third quarter of 2022, we directly acquired the senior position of the loan of $ 73.5 million and converted the whole loan from a land loan into a construction loan to finance the development of a hotel. The borrower simultaneously committed additional equity to the project. Immediately following the conversion of the loan, we own $ 115.3 million of total loan commitments, of which $ 78.5 million has been funded and is included in loans receivable held-for-investment on our consolidated balance sheet as of June 30, 2023 , as well as 51 % of the remaining $ 78.5 million of subordinate loans held through CMTG/TT which is accounted for under the equity method of accounting on our consolidated financial statements. See Note 4 - Equity Method Investment for further detail. In the second quarter of 2022, we modified a loan with a borrower who was experiencing financial difficulties, resulting in a decrease in the index rate floor from 1.57 % to 1.00 % and modified extension requirements. During the six months ended June 30, 2023 , we further modified this loan to provide for a maturity extension to September 18, 2023 . As of June 30, 2023, the loan had an amortized cost basis of $ 87.8 million and represents approximately 1.2 % of total loans receivable held-for-investment, net. The loan is considered in determining the general CECL reserve. As of June 30, 2023, the borrower is current on all contractually obligated payments. Concentration of Risk The following table presents our loans receivable portfolio by loan type, as well as property type and geographic location of the properties collateralizing these loans as of June 30, 2023 and December 31, 2022 ($ in thousands): June 30, 2023 December 31, 2022 Loan Type Carrying Value (1) Percentage Carrying Value (2) Percentage Senior loans (3) $ 7,327,183 98 % $ 7,241,159 97 % Subordinate loans 154,881 2 % 187,615 3 % $ 7,482,064 100 % $ 7,428,774 100 % General CECL reserve $ ( 65,698 ) $ ( 68,347 ) $ 7,416,366 $ 7,360,427 Property Type Carrying Value (1) Percentage Carrying Value (2) Percentage Multifamily $ 3,043,063 41 % $ 3,044,892 41 % Hospitality 1,528,379 20 % 1,551,946 20 % Office 1,096,869 15 % 1,086,018 15 % Land 557,757 8 % 426,645 6 % Mixed-Use (4) 454,759 6 % 615,599 8 % Other 406,851 5 % 269,464 4 % For Sale Condo 394,386 5 % 434,210 6 % $ 7,482,064 100 % $ 7,428,774 100 % General CECL reserve $ ( 65,698 ) $ ( 68,347 ) $ 7,416,366 $ 7,360,427 Geographic Location Carrying Value (1) Percentage Carrying Value (2) Percentage United States West $ 2,557,819 34 % $ 2,450,710 33 % Northeast 1,920,193 26 % 1,999,648 27 % Southeast 1,086,020 15 % 1,008,590 14 % Mid Atlantic 737,585 10 % 809,908 11 % Southwest 706,511 9 % 694,887 9 % Midwest 470,436 6 % 461,531 6 % Other 3,500 0 % 3,500 0 % $ 7,482,064 100 % $ 7,428,774 100 % General CECL reserve $ ( 65,698 ) $ ( 68,347 ) $ 7,416,366 $ 7,360,427 (1) Net of specific CECL reserve of $ 38.0 million at June 30, 2023 . (2) Net of specific CECL reserve of $ 60.3 million at December 31, 2022 . (3) Senior loans include senior mortgages and similar credit quality loans, including related contiguous subordinate loans and pari passu participations in senior mortgage loans. (4) At June 30, 2023 , mixed-use comprises of 3 % office, 1 % retail, 1 % multifamily, and immaterial for for sale condo and hospitality components. At December 31, 2022 , mixed-use comprises of 4 % office, 2 % retail, 1 % for sale condo, 1 % multifamily, and immaterial hospitality and signage components. Interest Income and Accretion The following table summarizes our interest and accretion income from loans receivable held-for-investment, from interests in loans receivable held-for-investment, and from interest on cash balances, for the three and six months ended June 30, 2023 and 2022, respectively ($ in thousands): Three Months Ended Six Months Ended June 30, 2023 June 30, 2022 June 30, 2023 June 30, 2022 Coupon interest $ 171,018 $ 92,461 $ 327,634 $ 178,645 Interest on cash, cash equivalents, and other income 4,378 341 6,681 343 Accretion of fees 5,339 6,191 10,586 10,699 Total interest and related income (1) $ 180,735 $ 98,993 $ 344,901 $ 189,687 (1) We recognized $ 0.0 and $ 0.3 million in pre-payment penalties and accelerated fees during the three and six months ended June 30, 2023, respectively . We recognized $ 0.9 and $ 0.9 million in pre-payment penalties and accelerated fees during the three and six months ended June 30, 2022 , respectively. Loan Risk Ratings As further described in Note 2 – Summary of Significant Accounting Policies, we evaluate the credit quality of our loan portfolio on a quarterly basis. In conjunction with our quarterly loan portfolio review, we assess the risk factors of each loan and assign a risk rating based on several factors. Factors considered in the assessment include, but are not limited to, current loan-to-value, debt yield, structure, cash flow volatility, exit plan, current market environment and sponsorship level. Loans are rated “1” (less risk) through “5” (greater risk), which ratings are defined in Note 2 – Summary of Significant Accounting Policies. The following tables allocate the principal balance and carrying value of the loans receivable based on our internal risk ratings as of June 30, 2023 and December 31, 2022 ($ in thousands): June 30, 2023 Risk Rating Number of Loans Unpaid Principal Balance Carrying Value (1) % of Total of Carrying Value 1 0 $ - $ - 0 % 2 2 196,486 194,840 3 % 3 57 5,921,884 5,889,606 79 % 4 13 1,297,994 1,292,858 17 % 5 3 143,136 104,760 1 % 75 $ 7,559,500 $ 7,482,064 100 % General CECL reserve ( 65,698 ) $ 7,416,366 (1) Net of specific CECL reserve of $ 38.0 million . December 31, 2022 Risk Rating Number of Loans Unpaid Principal Balance Carrying Value (1) % of Total of Carrying Value 1 - $ - $ - 0 % 2 1 927 913 0 % 3 63 6,181,207 6,136,300 83 % 4 10 1,005,345 1,001,235 13 % 5 3 351,046 290,326 4 % 77 $ 7,538,525 $ 7,428,774 100 % General CECL reserve ( 68,347 ) $ 7,360,427 (1) Net of specific CECL reserve of $ 60.3 million . As of June 30, 2023 and December 31, 2022, the average risk rating of our portfolio was 3.2 and 3.2 , respectively, weighted by unpaid principal balance. The following table presents the carrying value and significant characteristics of our loans receivable on non-accrual status as of June 30, 2023 ($ in thousands): Property Type Location Risk Rating Unpaid Principal Balance Carrying Value Before Specific CECL Reserve Specific Net Carrying Value Interest Recognition Method / as of Date Land (1) VA 4 $ 150,306 $ 150,306 $ - $ 150,306 Cost Recovery / 1/1/2023 Multifamily CA 5 138,709 138,288 ( 37,069 ) 101,219 Cost Recovery / 12/1/2022 (2) Office CA 4 112,442 112,163 - 112,163 Cash Basis / 4/1/2023 Land NY 4 67,000 67,000 - 67,000 Cash Basis / 11/1/2021 Other Other 5 3,500 3,500 - 3,500 Cost Recovery / 7/1/2020 Other NY 5 927 925 ( 884 ) 41 Cost Recovery / 6/30/2023 Total non-accrual (3) $ 472,884 $ 472,182 $ ( 37,953 ) $ 434,229 (1) During the quarter ended June 30, 2023 , this loan was reclassified from a hospitality loan to a land loan based on the state of the collateral. (2) During the six months ended June 30, 2023, we received $ 40,000 from this loan which was treated as a reduction of carrying value. (3) Loans classified as non-accrual represented 5.8 % of the total loan portfolio at June 30, 2023, based on carryi ng value. Excludes three loans with an aggregate carrying value of $ 402.3 million that are in maturity default but remain on accrual status but the borrower is either current on interest payments or interest is deemed collectible based on the underlying collateral value. Additionally, a s of June 30, 2023 , we have one loan with a carrying value of $ 78.3 million that is delinquent on interest payments but remains on accrual status as the interest is deemed collectible based on the underlying collateral value. The following table presents the carrying value and significant characteristics of our loans receivable on non-accrual status as of December 31, 2022 ($ in thousands): Property Type Location Risk Rating Unpaid Principal Balance Carrying Value Before Specific CECL Reserve Specific Net Carrying Value Interest Recognition Method / as of Date Multifamily CA 5 $ 138,749 $ 138,329 $ ( 18,293 ) $ 120,036 Cost Recovery / 12/1/2022 Mixed-Use NY 5 208,797 208,797 ( 42,007 ) 166,790 Cash Basis / 11/1/2022 (1) Land NY 4 67,000 67,000 - 67,000 Cash basis / 11/1/2021 Other Other 5 3,500 3,500 - 3,500 Cost recovery / 7/1/2020 Total non-accrual (2) $ 418,046 $ 417,626 $ ( 60,300 ) $ 357,326 (1) Interest income of $ 1.1 million was recognized on this loan while on non-accrual status during the year ended December 31, 2022 . (2) Loans classified as non-accrual represented 4.8 % of the total loan portfolio at December 31, 2022 , based on carrying value. Excludes three loans with an aggregate carrying value of $ 360.0 million that remain on accrual status but are in maturity default. Current Expected Credit Losses The current expected credit loss reserve required under GAAP reflects our current estimate of potential credit losses related to our loan commitments. See Note 2 for further discussion of our current expected credit loss reserve. During the six months ended June 30, 2023, we recorded a provision for current expected credit losses of $ 38.2 million, which included a $ 44.6 million increase in our specific CECL reserve prior to a principal charge-off and a reversal of $ 6.4 million of general CECL reserves. The reversal of general CECL reserves was primarily attributable to the seasoning of our loan portfolio and a reduction in the size of our loan portfolio. During the three months ended June 30, 2023 , we recorded a specific CECL reserve of $ 0.9 million in connection with a subordinate loan secured by the equity interests in a retail condo in Brooklyn, NY with an unpaid principal balance and carrying value prior to any specific CECL reserve of $ 0.9 million and an initial maturity date of July 9, 2023. As of June 30, 2023, the loan is on non-accrual status. During the three months ended December 31, 2022 , we recorded a specific CECL reserve of $ 42.0 million in connection with a senior loan secured by a mixed-use building in New York, NY and a pledge of equity interests therein with an unpaid principal balance and carrying value prior to any specific CECL reserve of $ 208.8 million and an initial maturity date of February 1, 2023. On June 30, 2023, we obtained legal title to the collateral through an assignment-in-lieu of foreclosure and during the three months ended June 30, 2023 recorded an additional specific CECL reserve of $ 24.9 million prior to a principal charge-off of $ 66.9 million. Prior to obtaining legal title to the collateral and while the loan was on non-accrual status, we recognized $6 .5 million and $ 8.3 million of interest income during the three and six months ended June 30, 2023, respectively. See Note 5 - Real Estate Owned, Net for further detail. As of December 31, 2022 and through the date of the assignment-in-lieu of foreclosure, this loan was on non-accrual status. During the three months ended December 31, 2022 , we recorded a specific CECL reserve of $ 18.3 million in connection with a loan with an unpaid principal balance of $ 138.8 million, a carrying value prior to any specific CECL reserve of $ 138.3 million and an initial maturity date of August 8, 2024. The loan, which is comprised of a portfolio of uncrossed loans, is collateralized by a portfolio of multifamily properties located in San Francisco, CA. During the three months ended June 30, 2023 , we recorded an additional specific CECL reserve of $ 18.8 million due to a revised valuation of the collateral properties. As of June 30, 2023 and December 31, 2022, the loan is on non-accrual status. Fair market values used to determine specific CECL reserves are calculated using a discounted cash flow model, a sales comparison approach, or a market capitalization approach. Estimates of fair market values include assumptions of property specific cash flows over estimated holding periods, discount rates ranging from 7.3 % to 7.5 %, and market and terminal capitalization rates ranging from 5.0 % to 5.5 %. These assumptions are based upon the nature of the properties, recent sales and lease comparables, and anticipated real estate and capital market conditions. During the six months ended June 30, 2022 , we recorded a provision for current expected credit losses of $ 10.6 million, which included a $ 5.4 million increase in our specific CECL reserve prior to a principal charge-off, resulting in a total current expected credit loss reserve of $ 72.7 million as of June 30, 2022. The net decrease in the total current expected credit loss reserve was primarily attributable to the principal charge-off which was partially offset by the increase in the size of the portfolio and changes in macroeconomic conditions. The following table illustrates the quarterly changes in the current expected credit loss reserve for the six months ended June 30, 2023 and 2022 ($ in thousands): General CECL Reserve Specific CECL Reserve Loans Receivable Held-for-Investment Interests in Loans Receivable Held-for-Investment Accrued Interest Receivable Unfunded Loan Commitments (1) Total General CECL Reserve Total CECL Reserve Total reserve, $ 6,333 $ 60,677 $ 14 $ 218 $ 6,286 $ 67,195 $ 73,528 Increase (reversal) ( 133 ) ( 1,269 ) 28 ( 218 ) 3,694 2,235 2,102 Total reserve, $ 6,200 $ 59,408 $ 42 $ - $ 9,980 $ 69,430 $ 75,630 Increase (reversal) 5,405 ( 113 ) ( 42 ) - 3,280 3,125 8,530 Principal charge-offs ( 11,500 ) - - - - - ( 11,500 ) Total reserve, $ 105 $ 59,295 $ - $ - $ 13,260 $ 72,555 $ 72,660 Total reserve, $ 60,300 $ 68,347 $ - $ - $ 17,715 $ 86,062 $ 146,362 Reversal - ( 1,021 ) - - ( 2,218 ) ( 3,239 ) ( 3,239 ) Total reserve, $ 60,300 $ 67,326 $ - $ - $ 15,497 $ 82,823 $ 143,123 Increase (reversal) 44,588 ( 1,628 ) - - ( 1,485 ) ( 3,113 ) 41,475 Principal charge-offs ( 66,935 ) - - - - - ( 66,935 ) Total reserve, $ 37,953 $ 65,698 $ - $ - $ 14,012 $ 79,710 $ 117,663 Reserve at 0.5 % 1.1 % 1.6 % (1) The CECL reserve for unfunded commitments is included in other liabilities on the consolidated balance sheets. Our primary credit quality indicator is our internal risk rating, which is further discussed above. The following table presents the carrying value of our loans receivable as of June 30, 2023 by year of origination and risk rating ($ in thousands): Carrying Value by Origination Year as of June 30, 2023 Risk Rating Number of Loans Carrying Value (1) 2023 2022 2021 2020 2019 2018 1 0 $ - $ - $ - $ - $ - $ - $ - 2 2 194,840 - 37,931 - - 156,909 - 3 57 5,889,606 100,679 1,980,013 1,698,179 195,945 1,292,890 621,900 4 13 1,292,858 - 379,189 234,569 112,163 236,019 330,918 5 3 104,760 - - - - 104,719 41 75 $ 7,482,064 $ 100,679 $ 2,397,133 $ 1,932,748 $ 308,108 $ 1,790,537 $ 952,859 Charge-Off (2) - $ - $ - $ - $ - $ - $ - $ 66,935 (1) Net of specific CECL reserves o f $ 38.0 million . (2) Principal charge-off recognized in connection with an assignment-in-lieu of foreclosure of a mixed-use property on June 30, 2023. See Note 5 - Real Estate Owned, Net for further detail. The following table details overall statistics for our loans receivable: June 30, 2023 December 31, 2022 Weighted average yield to maturity 9.2 % 8.6 % Weighted average term to fully extended maturity 2.9 years 3.2 years

Equity Method Investment

Equity Method Investment	6 Months Ended
	Jun. 30, 2023
Equity Method Investments and Joint Ventures [Abstract]
Equity Method Investment	Note 4. Equity Method Investment On June 8, 2016, we acquired a 51 % interest in CMTG/TT upon commencement of its operations. During its active investment period, CMTG/TT originated loans collateralized by institutional quality commercial real estate. CMTG/TT has been consolidated in our financial statements from its inception through July 31, 2022. On August 1, 2022, the sole remaining loan held by this joint venture was converted to a new construction loan. In connection with the conversion, we amended the operating agreement of CMTG/TT. Effective August 1, 2022, we are not deemed to be the primary beneficiary of CMTG/TT in accordance with ASC 810 and do not consolidate the joint venture. We did not recognize a gain or loss as this transaction occurred simultaneously with the conversion of the aforementioned loan, and thus there was no change in the underlying value of our 51 % equity interest in CMTG/TT. See Note 3 for further details. As of April 1, 2023, the sole remaining loan held by CMTG/TT was placed on non-accrual status. As of June 30, 2023 , the carrying value of our 51 % equity interest in CMTG/TT approximated $ 42.5 million.

Real Estate Owned, Net

Real Estate Owned, Net	6 Months Ended
	Jun. 30, 2023
Real Estate Owned, Disclosure of Detailed Components [Abstract]
Real Estate Owned, Net	Note 5. Real Estate Owned, Net On February 8, 2021, we acquired legal title to a portfolio of seven hotel properties located in New York, NY through a foreclosure and recognized real estate owned of $ 414.0 million. Prior to February 8, 2021, the hotel portfolio represented the collateral for a $ 103.9 million mezzanine loan held by us. The loan was in default as a result of the borrower failing to pay debt service. A $ 300.0 million securitized senior mortgage held by a third party was in default as well. As a result of the foreclosure, we assumed the securitized senior mortgage which is non-recourse to us. On June 30, 2023, we acquired legal title to a mixed-use property located in New York, NY and the equity interests therein through an assignment-in-lieu of foreclosure. Prior to June 30, 2023, the mixed-use property and a pledge of equity interests therein represented the collateral for a senior loan with an unpaid principal balance of $ 208.8 million. During the fourth quarter of 2022, the borrower defaulted on the loan and in anticipation of the assignment-in-lieu of foreclosure, we recorded a specific CECL reserve of $ 42.0 million. Upon acquiring legal title of the collateral, we concurrently recorded an additional specific CECL reserve of $ 24.9 million immediately prior to recording a principal charge-off of $ 66.9 million, based upon the mixed-use property's $ 144.0 million estimated fair value as determined by a third-party appraisal and transaction costs of $ 0.4 million. The fair value was determined using discount rates ranging from 7.3 % to 7.5 % and market and terminal capitalization rates ranging from 5.0 % to 5.5 %. In accordance with ASC 805, we allocated the fair value of assets acquired and liabilities assumed as follows ($ in thousands): Land $ 108,667 Building 11,181 Capital improvements 70 Tenant improvements 4,414 In-place lease values and other lease intangibles 6,403 Above market lease values 17,886 Below market lease values ( 4,209 ) Total $ 144,412 The following table presents additional detail of the acquired assets and assumed liabilities of our mixed-use property upon assignment-in-lieu of foreclosure ($ in thousands): Assets Cash $ 256 Real estate owned 124,332 In-place, above market, and other lease intangibles (1) 24,289 Other assets 4,810 153,687 Liabilities Below market lease values (2) 4,209 Other liabilities 7,616 11,825 Assets acquired, net of liabilities assumed $ 141,862 (1) Included within other assets on our consolidated balance sheets. (2) Included within other liabilities on our consolidated balance sheets. The following table presents additional detail related to our real estate owned, net as of June 30, 2023 and December 31, 2022 ($ in thousands): June 30, 2023 December 31, 2022 Land $ 231,767 $ 123,100 Building 295,651 284,400 Capital improvements 3,399 2,343 Tenant improvements 4,414 - Furniture, fixtures and equipment 6,500 6,500 Real estate owned 541,731 416,343 Less: accumulated depreciation ( 19,304 ) ( 15,154 ) Real estate owned, net $ 522,427 $ 401,189 Depreciation expense for the three months ended June 30, 2023 and 2022 was $ 2.1 million and $ 2.0 million, respectively. Depreciation expense for the six months ended June 30, 2023 and 2022 was $ 4.2 million and $ 3.9 million, respectively. Leases The Company has non-cancelable operating leases for space in our mixed-use real estate owned. These leases provide for fixed rent payments, recognized on a straight-line basis, and variable rent payments, including reimbursement of certain operating expenses and miscellaneous fees. As of June 30, 2023 , the future minimum fixed rents under our non-cancellable leases for each of the next five years and thereafter are as follows ($ in thousands): Year Amount (2) 2023 (1) $ 4,134 2024 8,312 2025 8,383 2026 8,415 2027 8,432 Thereafter 35,971 Total $ 73,647 (1) Contractual lease payments due for the remaining six months of 2023. (2) Excludes aggregate minimum fixed rents of $ 40.7 million due to us through 2034 related to a tenant who has defaulted on their lease, and for which we are pursuing collection. Revenues from such tenant will be recognized on a cash basis and no value was prescribed to associated tenant assets upon assignment-in-lieu of foreclosure of our mixed-use real estate owned. Lease Intangibles Upon acquisition of our mixed-use property on June 30, 2023 , $ 20.1 million of the purchase price was allocated to lease related intangible assets including $ 4.8 million to in-place leases, $ 17.9 million to above market leases, $ 4.2 million to below market leases, and $ 1.6 million to other lease related values. As of June 30, 2023, our lease intangibles are comprised of the following: Intangible Amount In-place, above market, and other lease intangibles $ 24,289 Less: accumulated amortization - In-place, above market, and other lease intangibles, net $ 24,289 Below market lease values $ 4,209 Less: accumulated amortization - Below market lease values, net $ 4,209 There was no amortization of in-place and other lease intangibles for the three or six months ended June 30, 2023 . There was no amortization of above and below market lease values for the three or six months ended June 30, 2023. As of June 30, 2023, the estimated amortization of these intangibles for the next five years is approximately as follows: In-place and Other Lease Intangibles Above Market Lease Values Below Market Lease Values 2023 (1) $ 397 $ 888 $ ( 189 ) 2024 794 1,775 ( 377 ) 2025 794 1,775 ( 377 ) 2026 794 1,775 ( 377 ) 2027 794 1,775 ( 377 ) Total $ 3,573 $ 7,988 $ ( 1,697 ) (1) Amortization for the remaining six months of 2023. At acquisition, the weighted average amortization period for in-place and other lease intangibles, above-market lease values, and below market lease values was approximately 8.9 years, 10.5 years, and 11.3 years, respectively.

Debt Obligations

Debt Obligations	6 Months Ended
	Jun. 30, 2023
Debt Disclosure [Abstract]
Debt Obligations	Note 6. Debt Obligations As of June 30, 2023 and December 31, 2022, we financed certain of our loans receivables using repurchase agreements, a term participation facility, the sale of loan participations, and notes payable. Further, we have a secured term loan and debt related to real estate owned. The financings bear interest at a rate equal to SOFR plus a credit spread or at a fixed rate. The following table summarizes our financings as of June 30, 2023 and December 31, 2022 ($ in thousands): June 30, 2023 December 31, 2022 Capacity Borrowing Outstanding Weighted (1) Capacity Borrowing Outstanding Weighted (1) Repurchase agreements and Term (2) $ 5,855,749 $ 4,137,158 + 2.54 % $ 5,700,000 $ 4,012,818 + 2.25 % Repurchase agreement - Side Car (2) 365,422 252,965 + 5.31 % 271,171 211,572 + 4.51 % Loan participations sold 264,252 264,252 + 3.67 % 264,252 264,252 + 3.68 % Notes payable 450,435 222,839 + 3.05 % 495,934 154,629 + 3.09 % Secured Term Loan 729,265 729,265 + 4.50 % 755,090 755,090 + 4.50 % Debt related to real estate owned 290,000 290,000 + 2.78 % 290,000 290,000 + 2.78 % Total / weighted average $ 7,955,123 $ 5,896,479 + 2.99 % $ 7,776,447 $ 5,688,361 + 2.75 % (1) Weighted average spread over the applicable benchmark rate is based on unpaid principal balance. SOFR as of June 30, 2023 was 5.14 % . LIBOR and SOFR as of December 31, 2022 were 4.39 % and 4.36 %, respectively. (2) The repurchase agreements and term participation facility are partially recourse to us. As of June 30, 2023 and December 31, 2022, the weighted average recourse on both our repurchase agreements and term participation facility was 32 % and 28 %, respectively. Repurchase Agreements and Term Participation Facility Repurchase Agreements The following table summarizes our repurchase agreements by lender as of June 30, 2023 ($ in thousands): Lender Initial Maturity Fully (1) Maximum Borrowing Undrawn Carrying Value of Collateral (2) JP Morgan Chase Bank, N.A. - (3) 6/29/2025 6/29/2027 $ 1,655,749 $ 1,453,925 $ 201,824 $ 2,007,442 JP Morgan Chase Bank, N.A. - (4) 5/27/2024 5/27/2024 365,422 252,965 112,457 372,673 Morgan Stanley Bank, N.A. 1/26/2024 1/26/2025 1,000,000 837,968 162,032 1,187,175 Goldman Sachs Bank USA 5/31/2025 5/31/2027 500,000 206,734 293,266 278,719 Barclays Bank PLC 12/20/2024 12/20/2025 500,000 195,334 304,666 351,602 Deutsche Bank AG, 6/26/2024 6/26/2026 400,000 365,180 34,820 605,645 Wells Fargo Bank, N.A. 9/29/2023 9/29/2026 800,000 731,877 68,123 964,974 Total $ 5,221,171 $ 4,043,983 $ 1,177,188 $ 5,768,230 (1) Facility maturity dates may be extended based on certain conditions being met. (2) Net of specific CECL reserve, if any. (3) On July 28, 2023, this facility was modified to, among other things, extend the initial and fully extended maturity dates to July 28, 2026 and July 28, 2028 , respectively, and combine the JP Morgan Chase Bank, N.A. - Side Car financing with the JP Morgan Chase Bank, N.A. - Main Pool facility. (4) On July 28, 2023, this financing was combined with the JP Morgan Chase Bank, N.A. - Main Pool facility. The following table summarizes our repurchase agreements by lender as of December 31, 2022 ($ in thousands): Lender Initial Maturity Fully (1) Maximum Borrowing Undrawn Carrying Value of Collateral (2) JP Morgan Chase Bank, N.A. - 6/29/2025 6/29/2027 $ 1,500,000 $ 1,272,079 $ 227,921 $ 1,815,531 JP Morgan Chase Bank, N.A. - 5/27/2023 5/27/2024 271,171 211,572 59,599 460,481 Morgan Stanley Bank, N.A. (3) 1/26/2024 1/26/2025 1,000,000 859,624 140,376 1,340,573 Goldman Sachs Bank USA (4) 5/31/2024 5/31/2025 500,000 356,014 143,986 551,091 Barclays Bank PLC 12/20/2024 12/20/2025 500,000 176,384 323,616 269,973 Deutsche Bank AG, 6/26/2023 6/26/2026 400,000 345,583 54,417 591,592 Wells Fargo Bank, N.A. 9/29/2023 9/29/2026 800,000 745,603 54,397 952,845 Total $ 4,971,171 $ 3,966,859 $ 1,004,312 $ 5,982,086 (1) Facility maturity dates may be extended based on certain conditions being met. (2) Net of specific CECL reserves, if any. (3) On January 24, 2023, we exercised our option to extend the initial maturity of this facility from January 26, 2023 to January 26, 2024 . (4) On January 13, 2023, this facility was modified such that the initial maturity was extended from May 31, 2023 to May 31, 2024 . Term Participation Facility On November 4, 2022, we entered into a master participation and administration agreement to finance certain of our mortgage loans. The lender has the benefit of cross-collateralization across the loans in the facility. The facility has a maximum committed amount of $ 1.0 billion. As of June 30, 2023, the facility had $ 535.1 million in commitments of which $ 346.1 million was outstanding. As of December 31, 2022 , the facility had $ 481.4 million in commitments of which $ 257.5 million was outstanding. Per the terms of the agreement, we may finance loans on this facility until November 4, 2023 , which is the end date of the facility's availability period. The term participation facility will mature five years after the date that the last asset is financed under the facility. As of June 30, 2023, the maturity date of the facility is February 17, 2028 . Our term participation facility as of June 30, 2023 is summarized as follows ($ in thousands): Contractual Maturity Date Borrowing Outstanding Carrying Value Carrying Value of Collateral 2/17/2028 $ 346,140 $ 346,140 $ 513,722 Our term participation facility as of December 31, 2022 is summarized as follows ($ in thousands): Contractual Maturity Date Borrowing Outstanding Carrying Value Carrying Value of Collateral 12/21/2027 $ 257,531 $ 257,531 $ 375,769 Loan Participations Sold Our loan participations sold as of June 30, 2023 are summarized as follows ($ in thousands): Contractual Maximum Borrowing Outstanding Carrying Carrying Value of Collateral (1) 8/1/2023 (2) 8/1/2023 (2) $ 138,322 $ 138,322 $ 281,403 10/18/2023 10/18/2024 105,930 105,816 192,502 12/31/2024 12/31/2025 20,000 19,944 156,909 Total $ 264,252 $ 264,082 $ 630,814 (1) Includes cash reserve balances. (2) Effective August 1, 2023, the maturity dates of both this loan participation and the related loan receivable were extended to August 15, 2023. Our loan participations sold as of December 31, 2022 are summarized as follows ($ in thousands): Contractual Maximum Borrowing Outstanding Carrying Carrying Value of Collateral (1) 8/1/2023 8/1/2023 $ 138,322 $ 138,322 $ 281,123 10/18/2023 10/18/2024 105,930 105,645 192,355 12/31/2024 12/31/2025 20,000 19,831 157,833 Total $ 264,252 $ 263,798 $ 631,311 (1) Includes cash reserve balances. Notes Payable Our notes payable as of June 30, 2023 are summarized as follows ($ in thousands): Contractual Maximum Borrowing Outstanding Carrying Carrying 12/31/2024 12/31/2025 $ 103,593 $ 102,750 $ 156,909 2/2/2026 2/2/2027 42,979 42,025 54,795 6/30/2025 6/30/2026 22,900 22,509 37,930 9/2/2026 9/2/2027 8,916 7,684 10,964 11/22/2024 11/24/2026 33,099 32,688 42,885 10/13/2025 10/13/2026 11,352 10,717 22,969 Total $ 222,839 $ 218,373 $ 326,452 Our notes payable as of December 31, 2022 are summarized as follows ($ in thousands): Contractual Maximum Borrowing Outstanding Carrying Carrying 12/31/2024 12/31/2025 $ 103,592 $ 102,467 $ 157,833 2/2/2026 2/2/2027 28,288 27,292 34,199 6/30/2025 6/30/2026 4,777 4,354 16,290 9/2/2026 9/2/2027 - ( 1,234 ) ( 1,763 ) 11/22/2024 11/24/2026 16,055 15,497 25,403 10/13/2025 10/13/2026 1,917 1,145 5,749 Total $ 154,629 $ 149,521 $ 237,711 Secured Term Loan, Net On August 9, 2019, we entered into a $ 450.0 million secured term loan. On December 1, 2020, the secured term loan was modified to increase the aggregate principal amount by $ 325.0 million, increase the interest rate, and to increase the quarterly amortization payment. On December 2, 2021, we entered into a modification of our secured term loan which reduced the interest rate to the greater of (i) SOFR plus a 0.10 % credit spread adjustment, and (ii) 0.50 %, plus a credit spread of 4.50 %. Our secured term loan is collateralized by a pledge of equity in certain subsidiaries and their related assets. The secured term loan as of June 30, 2023 is summarized as follows ($ in thousands): Contractual Maturity Date Stated Rate (1) Interest Rate Borrowing Outstanding Carrying Value 8/9/2026 S + 4.50% 9.74 % $ 729,265 $ 713,975 (1) SOFR at June 30, 2023 was 5.14 % . The secured term loan as of December 31, 2022 is summarized as follows ($ in thousands): Contractual Maturity Date Stated Rate (1) Interest Rate Borrowing Outstanding Carrying Value 8/9/2026 S + 4.50% 8.96 % $ 755,090 $ 736,853 (1) SOFR at December 31, 2022 was 4.36 % . The secured term loan is partially amortizing, with principal payments of $ 1.9 million due in quarterly installments. During the three months ended June 30, 2023 , we retired $ 22.0 million of principal of our secured term loan for a price of $ 19.3 million , recognizing a $ 2.2 million gain on extinguishment of debt, inclusive of $ 485,000 of unamortized deferred financing costs. Debt Related to Real Estate Owned, Net On February 8, 2021 we assumed a $ 300.0 million securitized senior mortgage in connection with a foreclosure on a portfolio of hotels. Our debt related to real estate owned as of June 30, 2023 is summarized as follows ($ in thousands): Contractual Maturity Date Stated Rate (1) Net Interest Rate (1) Borrowing Outstanding Carrying Value 2/9/2024 L + 2.78 % 5.78 % $ 290,000 $ 289,651 (1) Effective July 1, 2023, interest on our debt related to real estate owned is indexed to SOFR. SOFR at June 30, 2023 was 5.14 % , which exceeded the 3.00 % ceiling provided by our interest rate cap. See Note 7 - Derivatives for further detail of our interest rate cap. Our debt related to real estate owned as of December 31, 2022 is summarized as follows ($ in thousands): Contractual Maturity Date Stated Rate (1) Net Interest Rate (1) Borrowing Outstanding Carrying Value 2/9/2024 L + 2.78 % 5.78 % $ 290,000 $ 289,389 (1) LIBOR at December 31, 2022 was 4.39 % , which exceeds the 3.00 % ceiling provided by our interest rate cap. See Note 7 – Derivatives for further detail of our interest rate cap. Acquisition Facility On June 29, 2022, we entered into a revolving full recourse credit facility with $ 150.0 million in capacity. The facility generally provides interim financing for eligible loans for up to 180 days at an initial advance rate of 75 %, which begins to decline after the 90th day. The facility matures on June 29, 2025 and earns interest at a rate of SOFR, plus a 0.10 % credit spread adjustment, plus a spread of 2.25 %. With the consent of our lenders, and subject to certain conditions, the commitment of the facility may be increased up to $ 500.0 million. As of June 30, 2023 and December 31, 2022 , the outstanding balance of the facility was $ 0 . Interest Expense and Amortization The following table summarizes our interest and amortization expense on secured financings, debt related to real estate owned and on the secured term loan for the three and six months ended June 30, 2023 and 2022, respectively ($ in thousands): Three Months Ended Six Months Ended June 30, 2023 June 30, 2022 June 30, 2023 June 30, 2022 Interest expense on secured financings $ 95,860 $ 31,702 $ 178,810 $ 57,113 Interest expense on secured term loan 17,942 10,299 35,183 19,858 Interest expense on debt related to real estate owned (1) 5,865 2,719 11,309 5,303 Amortization of deferred financing costs 5,874 4,870 11,710 9,480 Total interest and related expense $ 125,541 $ 49,590 $ 237,012 $ 91,754 (1) Interest on debt related to real estate owned includes $ 132,000 and $ 22,000 of amortization of financing costs for the three months ended June 30, 2023 and 2022 , respectively. Interest on debt related to real estate owned includes $ 263,000 and $ 45,000 of amortization of financing costs for the six months ended June 30, 2023 and 2022 , respectively. Financial Covenants Our financing agreements generally contain certain financial covenants. For example, our ratio of earnings before interest, taxes, depreciation, and amortization, to interest charges, as defined in the agreements, shall be not less than either 1.4 to 1.0 or 1.5 to 1.0. Further, (i) our tangible net worth, as defined in the agreements, shall not be less than $ 2.1 billion as of each measurement date plus 75 % of proceeds from future equity issuances; (ii) cash liquidity shall not be less than the greater of (x) $ 50 million or (y) 5 % of our recourse indebtedness; and (iii) our indebtedness shall not exceed 77.8 % of our total assets. As of June 30, 2023 and December 31, 2022, we are in compliance with all covenants under our financing agreements. The requirements set forth in (i) through (iii) above are based upon the most restrictive financial covenants in place as of the reporting date.

Derivatives

Derivatives	6 Months Ended
	Jun. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives	Note 7. Derivatives As part of the agreement to amend the terms of our debt related to real estate owned on June 2, 2021, we acquired an interest rate cap with a notional amount of $ 290.0 million and a maturity date of February 15, 2024 for $ 275,000 . The interest rate cap effectively limits the maximum interest rate of our debt related to real estate owned to 5.78 %. Changes in the fair value of our interest rate cap are recorded as an unrealized gain or loss on interest rate cap on our consolidated statements of operations and the fair value is recorded in other assets on our consolidated balance sheets. Proceeds received from our counterparty related to the interest rate cap are recorded as proceeds from interest rate cap on our consolidated statements of operations. The fair value of the interest rate cap is $ 4.4 million and $ 6.0 million at June 30, 2023 and December 31, 2022, respectively. During the three months ended June 30, 2023 and 2022, we recognized $ 1.5 million and $ 0 , respectively, of proceeds from interest rate cap. During the six months ended June 30, 2023 and 2022, we recognized $ 2.7 million and $ 0 , respectively, of proceeds from interest rate cap.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2023
Fair Value Disclosures [Abstract]
Fair Value Measurements	Note 8. Fair Value Measurements ASC 820, “Fair Value Measurement and Disclosures” establishes a framework for measuring fair value as well as disclosures about fair value measurements. It emphasizes that fair value is a market-based measurement, not an entity-specific measurement. Therefore, a fair value measurement should be determined based on the assumptions that market participants would use when pricing an asset or liability. As a basis for considering market participant assumptions in fair value measurements, the standards establish a fair value hierarchy that distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity (observable inputs that are classified within Levels 1 and 2 of the hierarchy) and the reporting entity’s own assumptions about market participant assumptions (unobservable inputs classified within Level 3 of the hierarchy). Level 1 inputs utilize unadjusted quoted prices in active markets for identical assets or liabilities that we have the ability to access. Level 2 inputs are inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs may include quoted prices for similar assets and liabilities in active markets, as well as inputs that are observable for the asset or liability other than quoted prices, such as interest rates, foreign exchange rates, and yield curves that are observable at commonly quoted intervals. Level 3 inputs are unobservable inputs for the asset or liability which are typically based on an entity’s own assumptions, as there is little, if any, related market activity. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement fall is based on the lowest level input that is significant to the fair value measurement in its entirety. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. Financial Instruments Reported at Fair Value The fair value of our interest rate cap is determined by using the market standard methodology of discounting the future expected cash receipts that would occur if variable interest rates rise above the strike rate of the interest rate cap. The variable interest rates used in the calculation of projected receipts on the interest rate cap are based on a third-party expert's expectation of future interest rates derived from observable market interest rate curves and volatilities. Our interest rate cap is classified as Level 2 in the fair value hierarchy and is valued at $ 4.4 million at June 30, 2023 a nd $ 6.0 million at December 31, 2022. Financial Instruments Not Reported at Fair Value The carrying value and estimated fair value of financial instruments not recorded at fair value on a recurring basis but required to be disclosed at fair value were as follows ($ in thousands): June 30, 2023 Carrying Unpaid Principal Fair Value Hierarchy Level Value Balance Fair Value Level 1 Level 2 Level 3 Loans receivable held-for-investment, net $ 7,416,366 $ 7,559,500 $ 7,399,694 $ - $ - $ 7,399,694 Repurchase agreements 4,043,983 4,043,983 4,043,983 - - 4,043,983 Term participation facility 346,140 346,140 342,241 - - 342,241 Loan participations sold, net 264,082 264,252 263,544 - - 263,544 Notes payable, net 218,373 222,839 220,750 - - 220,750 Secured term loan, net 713,975 729,265 685,509 - - 685,509 Debt related to real estate owned, net 289,651 290,000 285,884 - - 285,884 December 31, 2022 Carrying Unpaid Principal Fair Value Hierarchy Level Value Balance Fair Value Level 1 Level 2 Level 3 Loans receivable held-for-investment, net $ 7,360,427 $ 7,538,525 $ 7,331,207 $ - $ - $ 7,331,207 Repurchase agreements 3,966,859 3,966,859 3,966,859 - - 3,966,859 Term participation facility 257,531 257,531 255,296 - - 255,296 Loan participations sold, net 263,798 264,252 261,417 - - 261,417 Notes payable, net 149,521 154,629 153,282 - - 153,282 Secured term loan, net 736,853 755,090 743,764 - - 743,764 Debt related to real estate owned, net 289,389 290,000 281,568 - - 281,568

Equity

Equity	6 Months Ended
	Jun. 30, 2023
Equity [Abstract]
Equity	Note 9. Equity Common Stock Our charter provides for the issuance of up to 500,000,000 shares of common stock with a par value of $ 0.01 per share. We had 138,385,904 and 140,055,714 shares of common stock issued and 138,385,904 and 138,376,144 shares of common stock outstanding as of June 30, 2023 and December 31, 2022 , respectively. In conjunction with our 10b5-1 Purchase Plan defined below, 1,679,570 shares of common stock were repurchased and subsequently retired and are not available to be reissued. The following table provides a summary of the number of shares of common stock outstanding during the six months ended June 30, 2023 and 2022, respectively: Six Months Ended Common Stock Outstanding June 30, 2023 June 30, 2022 Beginning balance 138,376,144 139,840,088 Repurchase of common stock - ( 220,010 ) Conversion of fully vested RSUs to common stock 9,760 - Ending balance 138,385,904 139,620,078 Repurchased Shares We entered into an agreement (the “10b5-1 Purchase Plan”) with Morgan Stanley & Co. LLC, pursuant to which Morgan Stanley & Co. LLC, as our agent, would buy in the open market up to $ 25.0 million of our common stock in the aggregate during the period beginning on December 6, 2021 and ending at the earlier of 12 months and the date on which all the capital committed to the 10b5-1 Purchase Plan is expended. The 10b5-1 Purchase Plan required Morgan Stanley & Co. LLC to purchase shares of our common stock on our behalf when the market price per share was below the book value per common stock, subject to certain daily limits prescribed by the 10b5-1 Purchase Plan. For the period from December 6, 2021 through October 24, 2022, our full $ 25.0 million commitment was used to repurchase 1,679,570 shares of common stock at an average price per share of $ 14.88 . As of December 31, 2022, all of the capital committed to the 10b5-1 Purchase Plan was expended. Dividends The following tables detail our dividend activity for common stock ($ in thousands, except per share data): For the Quarter Ended March 31, 2023 June 30, 2023 Amount Per Share Amount Per Share Dividends declared - common stock $ 51,199 $ 0.37 $ 51,203 $ 0.37 Record Date - common stock March 31, 2023 June 30, 2023 Payment Date - common stock April 14, 2023 July 14, 2023 For the Quarter Ended March 31, 2022 June 30, 2022 Amount Per Share Amount Per Share Dividends declared - common stock $ 51,672 $ 0.37 $ 51,659 $ 0.37 Record Date - common stock March 31, 2022 June 30, 2022 Payment Date - common stock April 15, 2022 July 15, 2022

Earnings per Share

Earnings per Share	6 Months Ended
	Jun. 30, 2023
Earnings Per Share [Abstract]
Earnings per Share	Note 10. Earnings Per Share We calculate basic earnings per share (“EPS”) using the two-class method, which defines unvested share-based payment awards that contain nonforfeitable rights to dividends as participating securities. Under the two-class method, earnings (distributed and undistributed) are allocated to common stock and participating securities based on their respective rights. Basic EPS is calculated by dividing our net income attributable to common stockholders minus participating securities' share in earnings by the weighted average number of shares of common stock outstanding during each period. Diluted EPS is calculated under the more dilutive of the treasury stock or the two-class method. Under the treasury stock method, diluted EPS is calculated by dividing net income attributable to common stockholders by the weighted average number of shares of common stock outstanding plus the incremental potential shares of common stock assumed issued during the period if they are dilutive. As of June 30, 2023 and 2022, we ha d no dilutive securities. As a r esult, basic and diluted EPS are the same. The calculation of basic and diluted EPS is as follows ($ in thousands, except for share and per share data): Three Months Ended Six Months Ended June 30, 2023 June 30, 2022 June 30, 2023 June 30, 2022 Net income attributable to common stockholders $ 4,253 $ 63,234 $ 40,931 $ 92,646 Dividends on participating securities (2) ( 1,217 ) ( 799 ) ( 2,418 ) ( 799 ) Participating securities' share in earnings - ( 31 ) - - Basic earnings $ 3,036 $ 62,404 $ 38,513 $ 91,847 Weighted average shares of common stock outstanding, basic and diluted (1) 138,399,446 139,637,949 138,392,666 139,675,019 Net income per share of common stock, basic and diluted $ 0.02 $ 0.45 $ 0.28 $ 0.66 (1) Amounts as of June 30, 2023 include 33,257 fully vested RSUs. (2) For the three months ended June 30, 2023 and 2022 , dividends on participating securities excludes $ 4,000 and $ 0 of dividends on fully vested RSUs. For the six months ended June 30, 2023 and 2022 , dividends on participating securities excludes $ 8,000 and $ 0 of dividends on fully vested RSUs. For the three months ended June 30, 2023 and 2022 , 3,249,255 and 407,565 weighted average unvested RSUs, r espectively, were excluded from the calculation of diluted EPS because the effect was antidilutive. For the six months ended June 30, 2023 and 2022 , 2,719,157 and 204,908 wei ghted average RSUs, respectively, were excluded from the calculation of diluted EPS because the effect was anti-dilutive.

Related Party Transactions

Related Party Transactions	6 Months Ended
	Jun. 30, 2023
Related Party Transactions [Abstract]
Related Party Transactions	Note 11. Related Party Transactions Our activities are managed by the Manager. Pursuant to the terms of the Management Agreement, the Manager is responsible for originating investment opportunities, providing asset management services and administering our day-to-day operations. The Manager is entitled to receive a management fee, an incentive fee and a termination fee as defined below. The following table summarizes our management fees ($ in thousands): Three Months Ended Six Months Ended June 30, 2023 June 30, 2022 June 30, 2023 June 30, 2022 Management fees $ 9,641 $ 9,843 $ 19,297 $ 19,650 Incentive fees - - 1,558 - Total $ 9,641 $ 9,843 $ 20,855 $ 19,650 Management Fees Effective October 1, 2015, the Manager earns a base management fee in an amount equal to 1.50 % per annum of Stockholders’ Equity, as defined in the Management Agreement. Management fees are reduced by our pro rata share of any management fees and incentive fees (if incentive fees are not incurred by us) incurred to the Manager by CMTG/TT. Management fees are paid quarterly, in arrears. Management fees of $ 9.6 million and $ 9.9 million were accrued and were included in management fee payable – affiliate, on the consolidated balance sheets at June 30, 2023 and December 31, 2022, respectively. On August 2, 2022 our Management Agreement was amended and restated, primarily to provide for reimbursement of allocable costs, including compensation of the Manager’s non-investment professionals, to provide for automatic one-year renewals of the agreement following its original expiration date, unless it is otherwise terminated by our Board, and to remove historical provisions that are no longer relevant to our business and certain reporting requirements that are not customary for a public company. Incentive Fees The Manager is entitled to an incentive fee equal to 20 % of the excess of our Core Earnings on a rolling four-quarter basis, as defined in the Management Agreement, over a 7.00 % return on Stockholders’ Equity. Incentive fees are reduced by our pro rata share of any incentive fees incurred to the Manager by CMTG/TT. The Manager is entitled to an incentive fee equal to 3.33 % of the excess of CMTG/TT’s Core Earnings on a rolling four-quarter basis, as defined in the Management Agreement, over a 7.00 % return on Unitholders’ Equity of CMTG/TT, as defined in the Management Agreement. There were no accrued incentive fees on our consolidated balance sheets as of June 30, 2023 and December 31, 2022. Termination Fees If we elect to terminate the Management Agreement, we are required to pay the Manager a termination fee equal to three times the sum of the average total annual amount of management fees and the average annual incentive fee paid by us over the prior two years. Reimbursable Expenses The Manager or its affiliates are entitled to reimbursement for certain documented costs and expenses incurred by them on our behalf, as set forth in the Management Agreement, excluding any expenses specifically required to be borne by the Manager under the Management Agreement. For the three months ended June 30, 2023 and 2022, we incurred $ 1.3 million and $ 0 of reimbursable expenses incurred on our behalf by our Manager, respectively, which are included in general and administrative expenses on our consolidated statements of operations. For the six months ended June 30, 2023 and 2022, we incurred $ 2.0 million and $ 0.1 million of reimbursable expenses incurred on our behalf by our Manager. As of June 30, 2023 and December 31, 2022, $ 1.0 million and $ 0.7 million of reimbursable expenses incurred on our behalf and due to our Manager are included in other liabilities on our consolidated balance sheets. Loans Receivable Held-for-Investment As of June 30, 2023 and December 31, 2022, we had a loan with an unpaid principal balance of $ 108.9 million and $ 97.8 million, respectively, and a loan commitment of $ 141.1 million, whereby the borrower is an affiliate of a shareholder of our common stock who owns approximately 10.9 % of our common stock outstanding as of June 30, 2023. As of June 30, 2023 , the borrower is current on all contractually obligated payments.

Stock-Based Compensation

Stock-Based Compensation	6 Months Ended
	Jun. 30, 2023
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation	Note 12. Stock-Based Compensation Incentive Award Plan We are externally managed and do not currently have any employees. On March 30, 2016, we adopted the 2016 Incentive Award Plan (the “Plan”) to promote the success and enhance the value of the Company by linking the individual interests of employees of the Manager and its affiliates to those of our stockholders. As of June 30, 2023, the maximum remaining number of shares that may be issued under the Plan is 4,970,041 shares . On March 30, 2023, the Board granted an aggregate of 1,100,000 time-based RSUs to employees of the Manager or its affiliates, which vest in three equal installments on each of the first, second and third anniversaries of April 1, 2023, subject to the terms of the applicable award agreement. Each RSU was granted with the right to receive dividend equivalents. The fair value of the 1,100,000 RSUs was $ 11.30 per share based on the closing price of our common stock on the date of grant. On June 14, 2022, the Board granted an aggregate of 2,130,000 time-based RSUs to employees of the Manager or its affiliates, which vest in three equal installments on each of the first, second and third anniversaries of July 1, 2022, subject to the terms of the applicable award agreement. Each RSU was granted with the right to receive dividend equivalents. The fair value of the 2,130,000 RSUs was $ 18.72 per share based on the closing price of our common stock on the date of grant. For the three and six months ended June 30, 2023, we recognized $ 4.4 million and $ 7.8 million , respectively, of stock-based compensation expense related to the RSUs which is considered a non-cash expense. For the three and six months ended June 30, 2022, we recognized $ 0.6 million and $ 0.6 million , respectively, of stock-based compensation expense related to the RSUs which is considered a non-cash expense. Deferred Compensation Plan On May 24, 2022, we adopted the Deferred Compensation Plan to provide our directors and certain executives with an opportunity to defer payment of their stock-based compensation or RSUs and director cash fees, if applicable, pursuant to the terms of the Deferred Compensation Plan. Under our Deferred Compensation Plan, certain of our Board members elected to receive the annual fees and/or time-based RSUs to which they are entitled under our Non-Employee Director Compensation Program in the form of deferred RSUs. Accordingly, during the six months ended June 30, 2023 and 2022 , we issued 6,887 and 0 , respectively, of deferred RSUs in lieu of cash fees to such directors, and recognized a related expense of approximately $ 91,000 , which is included in general and administrative expenses on our consolidated statements of operations. Non-Employee Director Compensation Program The Board awards time-based RSUs to eligible non-employee Board members on an annual basis as part of such Board members’ annual compensation in accordance with the Non-Employee Director Compensation Program. The time-based awards are generally issued in the second quarter on the date of the annual meeting of our stockholders, in conjunction with the director’s election to the Board, and the awards vest on the earlier of (x) the one-year anniversary of the grant date and (y) the date of the next annual meeting of our stockholders following the grant date, subject to the applicable participants' continued service through such vesting date. In June 2023, the eligible non-executive members of the Board were automatically granted an aggregate of 58,536 time-based RSUs under the Plan. Each RSU was granted with the right to receive dividend equivalents. Additionally, certain directors elected to defer their RSUs pursuant to the terms of the Deferred Compensation Plan. Such deferred awards will become payable on the earliest to occur of the participant’s separation from service or a change in control. The fair value of the 58,536 RSUs was determined to be $ 10.25 per share on the grant date based on the closing price of our common stock on such date. In June 2022, the eligible non-executive members of the Board were automatically granted an aggregate of 29,280 time-based RSUs under the Plan. Each RSU was granted with the right to receive dividend equivalents. Additionally, certain directors elected to defer their RSUs pursuant to the terms of the Deferred Compensation Plan. Such deferred awards will become payable on the earliest to occur of the participant’s separation from service or a change in control. The fair value of the 29,280 RSUs was determined to be $ 20.49 per share on the grant date based on the closing price of our common stock on such date. On June 1, 2023, 9,760 of the 29,280 vested RSUs were delivered to certain directors. Stock-based compensation expense is recognized in earnings on a straight-line basis over the applicable award’s vesting period. Forfeitures of stock-based compensation awards are recognized as they occur. As of June 30, 2023, total unrecognized compensation expense was $ 37.9 million based on the grant date fair value of RSUs granted. This expense is expected to be recognized over a remaining period of 2.2 years from June 30, 2023. The following table details the time-based RSU activity during the six months ended June 30, 2023 and 2022: Six Months Ended June 30, 2023 Six Months Ended June 30, 2022 Number of Restricted Share Units Weighted-Average Grant Date Fair Value Per Share Number of Restricted Share Units Weighted-Average Grant Date Fair Value Per Share Unvested, beginning of period 2,159,280 $ 18.74 - $ - Granted 1,158,536 $ 11.25 2,159,280 $ 18.74 Vested ( 29,280 ) $ 20.49 - $ - Forfeited ( 20,000 ) $ 18.72 - $ - Unvested, end of period 3,268,536 $ 16.07 2,159,280 $ 18.74

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Note 13. Income Taxes We have elected to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code commencing with our taxable year ended December 31, 2015 and expect to continue to operate so as to qualify as a REIT. As a result, we will generally not be subject to federal and state income tax on that portion of our income that we distribute to stockholders if we distribute at least 90 % of our taxable income, determined without regard to the deduction for dividends paid and excluding any net capital gains and income earned by our taxable REIT subsidiary (“TRS”), and comply with certain other requirements to qualify as a REIT. Since Commencement of Operations, we have been in compliance with all REIT requirements and we plan to continue to operate so that we meet the requirements for taxation as a REIT. Therefore, other than amounts relating to our TRS, as described below, we have not provided for current income tax expense related to our REIT taxable income for the three and six months ended June 30, 2023 and 2022, respectively. Additionally, no provision has been made for federal or state income taxes in the accompanying financial statements, as we believe we have met the prescribed requisite requirements. Our real estate owned hotel portfolio is held in a TRS. A TRS is a corporation that is owned directly or indirectly by a REIT and has jointly elected with the REIT to be treated as a TRS for tax purposes. For the three and six months ended June 30, 2023 and 2022 , we did no t record a current or deferred tax benefit or expense related to our TRS. As of June 30, 2023 and December 31, 2022 , we did no t have any deferred tax assets or deferred tax liabilities due to a full valuation allowance that was established against our deferred tax assets. The deferred tax asset and valuation allowance at June 30, 2023 were $ 20.4 million, respectively. The deferred tax asset and valuation allowance at December 31, 2022 were $ 16.6 million, respectively. We recognize tax benefits for uncertain tax positions only if it is more likely than not that the position is sustainable based on its technical merits. Interest and penalties on uncertain tax positions, if applicable, are included as a component of the provision for income taxes in our consolidated statements of income. As of June 30, 2023 and December 31, 2022 , we have no t recorded any amounts for uncertain tax positions. Our tax returns are subject to audit by taxing authorities. Tax years 2019 and onward remain open to examination by major taxing jurisdictions in which we are subject to taxes.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 14. Commitments and Contingencies We hold a 51 % interest in CMTG/TT as a result of committing to invest $ 124.9 million in CMTG/TT. Distributions representing repayment proceeds from CMTG/TT’s loans may be recalled by CMTG/TT, if the repayment occurred at least six months prior to the loan’s initial maturity date. As of June 30, 2023 and December 31, 2022, we contributed $ 163.1 million and $ 163.1 million, respectively, to CMTG/TT and have received return of capital distributions of $ 123.3 million, of which $ 111.1 million were recallable. As of June 30, 2023 and December 31, 2022, CMTG’s remaining capital commitment to CMTG/TT was $ 72.9 million and $ 72.9 million, respectively. As of June 30, 2023 and December 31, 2022, we had aggregate unfunded loan commitments of $ 1.5 billion and $ 1.9 billion respectively, which amounts will generally be funded to finance capital or lease related expenditures by our borrowers, subject to them achieving certain conditions precedent to such funding. These future commitments will expire over the remaining term of the loans, none of which exceed five years . Our contractual payments due under all financings were as follows as of June 30, 2023 ($ in thousands): Year Amount 2023 (1)(2) $ 375,801 2024 790,394 2025 1,440,440 2026 1,987,012 2027 1,302,832 Total $ 5,896,479 (1) Contractual payments due for the remaining six months of 2023. (2) Includes four loans in maturity default with aggregate associated financings outstanding of $ 217.1 million. In the normal course of business, we may enter into contracts that contain a variety of representations and provide for general indemnifications. Our maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against us that have not yet occurred. However, based on experience, we expect the risk of loss to be remote.

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2023
Subsequent Events [Abstract]
Subsequent Events	Note 15. Subsequent Events We have evaluated subsequent events through the filing of this Quarterly Report on Form 10-Q and determined that no additional disclosure is necessary.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2023
Accounting Policies [Abstract]
Basis of Presentation and Principles of Consolidation	Basis of Presentation and Principles of Consolidation The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). These unaudited consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and should be read in conjunction with the consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2022, as filed with the Securities and Exchange Commission. In the opinion of management, all adjustments (consisting only of normal recurring adjustments) necessary for a fair statement of our financial position, results of operations and cash flows have been included. Our results of operations for the three and six months ended June 30, 2023 are not necessarily indicative of the results to be expected for the full year or any other future period. We consolidate all entities that are controlled either through majority ownership or voting rights. We also identify entities for which control is achieved through means other than through voting rights (a variable interest entity or "VIE") using the analysis as set forth in Accounting Standards Codification ("ASC") 810, Consolidation of Variable Interest Entities, and determine when and which variable interest holder, if any, should consolidate the VIE. We have no consolidated variable interest entities as of June 30, 2023 and December 31, 2022 . All significant intercompany transactions and balances have been eliminated in consolidation.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. Estimates that are particularly susceptible to our judgment include, but are not limited to, the adequacy of current expected credit loss reserve and impairment of certain assets.
Risks and Uncertainties [Open to conform to updated summary of risk factors]	Risks and Uncertainties In the normal course of business, we primarily encounter two significant types of economic risk: credit and market. Credit risk is the risk of default on our loans receivable that results from a borrower's or counterparty's inability or unwillingness to make contractually required payments. Market risk reflects changes in the value of the loans receivable due to changes in interest rates, spreads or other market factors, including risks that impact the value of the collateral underlying our loans. We believe that the carrying values of our loans receivable are reasonable taking into consideration these risks along with estimated financings, collateral values and other information.
Current Expected Credit Losses	Current Expected Credit Losses The current expected credit loss (“CECL”) reserve required under ASU 2016-13 “Financial Instruments – Credit Losses – Measurement of Credit Losses on Financial Instruments (Topic 326)” (“ASU 2016-13”), reflects our current estimate of potential credit losses related to our loan portfolio. Changes to the CECL reserve are recognized through a provision for or reversal of current expected credit loss reserve on our consolidated statements of operations. ASU 2016-13 specifies the reserve should be based on relevant information about past events, including historical loss experience, current portfolio, market conditions and reasonable and supportable macroeconomic forecasts for the duration of each loan. General CECL Reserve Our loans are typically collateralized by real estate, or in the case of mezzanine loans, by an equity interest in an entity that owns real estate. We consider key credit quality indicators in underwriting loans and estimating credit losses, including, but not limited to: the capitalization of borrowers and sponsors; the expertise of the borrowers and sponsors in a particular real estate sector and geographic market; collateral type; geographic region; use and occupancy of the property; property market value; loan-to-value (“LTV”) ratio; loan amount and lien position; our risk rating for the same and similar loans; and prior experience with the borrower and sponsor. This information is used to assess the financial and operating capability, experience and profitability of the borrower/sponsor. Ultimate repayment of our loans is sensitive to interest rate changes, general economic conditions, liquidity, LTV ratio, existence of a liquid investment sales market for commercial properties, and availability of replacement financing. We regularly evaluate on a loan-by-loan basis, the extent and impact of any credit deterioration associated with the performance and/or value of the underlying collateral property, the financial and operating capability of the borrower/sponsor, the financial strength of loan guarantors, if any, and the overall economic environment, real estate sector, and geographic sub-market in which the borrower operates, at least quarterly. Such analyses are completed and reviewed by asset management personnel and evaluated by senior management, utilizing various data sources, including, to the extent available (i) periodic financial data such as property occupancy, tenant profile, rental rates, operating expenses, the borrower’s exit plan, and capitalization and discount rates, (ii) site inspections, (iii) sales and financing comparables, (iv) current credit spreads for refinancing and (v) other market data. We arrive at our general CECL reserve using the Weighted Average Remaining Maturity, or WARM method, which is an acceptable loss-rate method for estimating CECL reserves by the Financial Accounting Standards Board ("FASB"). The application of the WARM method to estimate a general CECL reserve requires judgment, including the appropriate historical loan loss reference data, the expected timing and amount of future loan fundings and repayments, the current credit quality of our portfolio, and our expectations of performance and market conditions over the relevant time period. The WARM method requires us to reference historical loan loss data from a comparable data set and apply such loss rate to each of our loans over their expected remaining term, taking into consideration expected economic conditions over the forecasted timeframe. Our general CECL reserve reflects our forecast of the current and future macroeconomic conditions that may impact the performance of the commercial real estate assets securing our loans and the borrower's ultimate ability to repay. These estimates include unemployment rates, price indices for commercial properties, and market liquidity, all of which may influence the likelihood and magnitude of potential credit losses for our loans during their anticipated term. Additionally, further adjustments may be made based upon loan positions senior to ours, the risk rating of a loan, whether a loan is a construction loan, or the economic conditions specific to the property type of a loan's underlying collateral. To estimate an annual historical loss rate, we obtained historical loss rate data for loans most comparable to our loan portfolio from a commercial mortgage-backed securities database licensed by a third party, Trepp, LLC, which contains historical loss rates from January 1, 1999 through June 30, 2023. When evaluating the current and future macroeconomic environment, we consider the aforementioned macroeconomic factors. Historical data for each metric is compared to historical commercial real estate loan losses in order to determine the relationship between the two variables. We use projections of each macroeconomic factor, obtained from a third party, to approximate the impact the macroeconomic outlook may have on our loss rate. Selections of these economic forecasts require judgement about future events that, while based on the information available to us as of the balance sheet date, are ultimately unknowable with certainty, and the actual economic conditions could vary significantly from the estimates we made. Following a reasonable and supportable forecast period, we use a straight-line method of reverting to the historical loss rate. Additionally, we assess the obligation to extend credit through our unfunded loan commitments over each loan’s contractual period, adjusted for projected fundings from interest reserves if applicable, which is considered in the estimate of the general CECL reserve. For both the funded and unfunded portions of our loans, we consider our internal risk rating of each loan as the primary credit quality indicator underlying our assessment. We evaluate the credit quality of each of our loans receivable on an individual basis and assign a risk rating at least quarterly. We have developed a loan grading system for all of our outstanding loans receivable that are collateralized directly or indirectly by real estate. Grading criteria include as-is or as-stabilized debt yield, term of loan, property type, property or collateral location, loan type and other more subjective variables that include as-is or as-stabilized collateral value, market conditions, industry conditions and sponsor’s financial stability. We utilize the grading system to determine each loan’s risk of loss and to provide a determination as to whether an individual loan is impaired and whether a specific CECL reserve is necessary. Based on a 5-point scale, the loans are graded “1” through “5,” from less risk to greater risk, which gradings are defined as follows: 1. Very Low Risk 2. Low Risk 3. Medium Risk 4. High Risk/Potential for Loss: A loan that has a risk of realizing a principal loss 5. Impaired/Loss Likely: A loan that has a very high risk of realizing a principal loss or has otherwise incurred a principal loss Specific CECL Reserve In certain circumstances we may determine that a loan is no longer suited for the WARM method due to its unique risk characteristics or where we have deemed the borrower/sponsor to be experiencing financial difficulty and the repayment of the loan’s principal is collateral-dependent. We may instead elect to employ different methods to estimate loan losses that also conform to ASU 2016-13 and related guidance. For such loan we would separately measure the specific reserve for each loan by using the fair value of the loan's collateral. If the fair value of the collateral is less than the carrying value of the loan, an asset-specific reserve is created as a component of our overall current expected credit loss reserve. Specific reserves are equal to the excess of a loan’s carrying value to the fair value of the collateral, less estimated costs to sell, if recovery of our investment is expected from the sale of the collateral. If we have determined that a loan or a portion of a loan is uncollectible, we will write off such portion of the loan through an adjustment to our current expected credit loss reserve. Significant judgment is required in determining impairment and in estimating the resulting credit loss reserve, and actual losses, if any, could materially differ from those estimates. For additional information on our General and Specific CECL Reserve please refer to Note 3—"Loans Portfolio—Current Expected Credit Losses”.
Real Estate Owned (and Related Debt)	Real Estate Owned (and Related Debt) We may assume legal title or physical possession of the underlying collateral of a defaulted loan through foreclosure or a deed-in-lieu or an assignment-in-lieu of foreclosure. If we intend to hold, operate or develop the property for a period of at least 12 months, the asset is classified as real estate owned, net. If we intend to market a property for sale in the near subsequent term, the asset is classified as real estate held for sale. Real estate owned is initially recorded at estimated fair value and is subsequently presented net of accumulated depreciation. Depreciation is computed using a straight-line method over estimated useful lives ranging from 5 to 40 years. We account for acquisitions of real estate, including foreclosures, deed-in-lieu of foreclosures, or assignment-in-lieu of foreclosures, in accordance with ASC 805, Business Combinations , which first requires that we determine if the real estate investment is the acquisition of an asset or a business combination. Under this model, we identify and determine the fair value of any assets acquired and liabilities assumed. This generally results in the allocation of the purchase price to the assets acquired and liabilities assumed based on the relative fair values of each respective asset and liability. Debt related to real estate owned is non-recourse to us and is initially recorded at its estimated fair value at the time of foreclosure, deed-in-lieu of foreclosure, or assignment-in-lieu of foreclosure. Assets acquired and liabilities assumed generally may include land, building, building improvements, tenant improvements, furniture, fixtures and equipment, mortgages payable, and identified intangible assets and liabilities, which generally consists of above or below market leases values, in-place lease values, and other lease-related values. In estimating fair values for allocating the purchase price of our real estate owned, we may utilize various methods, including a market approach, which considers recent sales of similar properties, adjusted for differences in location and state of the physical asset, or a replacement cost approach, which considers the composition of physical assets acquired, adjusted based on industry standard information and the remaining useful life of the acquired property. In estimating fair values of intangible assets acquired or liabilities assumed, we consider the estimated cost of leasing our real estate owned assuming the property was vacant, the value of the current lease agreements relative to market-rate leases, and the estimation of total lease-up time including lost rents. In-place, above market, and other lease intangibles, net and below market lease values, net, are included within other assets and other liabilities, respectively, on our consolidated balance sheets. Amortization of in-place and other lease intangibles is recognized in depreciation expense on our consolidated statement of operations. Amortization of above and below market lease values is recognized in revenue from real estate owned on our consolidated statement of operations. Real estate assets are evaluated for indicators of impairment on a quarterly basis. Factors that we may consider in our impairment analysis include, among others: (1) significant underperformance relative to historical or anticipated operating results; (2) significant negative industry or economic trends; (3) costs necessary to extend the life or improve the real estate asset; (4) significant increase in competition; and (5) ability to hold and dispose of the real estate asset in the ordinary course of business. A real estate asset is considered impaired when the sum of estimated future undiscounted cash flows expected to be generated by the real estate asset over the estimated remaining holding period is less than the carrying amount of such real estate asset. Cash flows include operating cash flows and anticipated capital proceeds generated by the real estate asset. If the sum of such estimated undiscounted cash flows is less than the carrying amount of the real estate asset, an impairment charge is recorded equal to the excess of the carrying value of the real estate asset over the fair value. When determining the fair value of a real estate asset, we make certain assumptions including, but not limited to, consideration of projected operating cash flows, comparable selling prices and projected cash flows from the eventual disposition of the real estate asset based upon our estimate of a capitalization rate and discount rate. There were no impairments of our real estate assets through June 30, 2023 .
Equity Method Investment	Equity Method Investment We account for our investments in entities in which we have the ability to significantly influence, but do not have a controlling interest, by using the equity method of accounting. Under the equity method for which we have not elected a fair value option, the investment, originally recorded at cost, is adjusted to recognize our share of earnings or losses as they occur and for additional contributions made or distributions received. We look at the nature of the cash distributions received to determine the proper character of cash flow distributions on the accompanying consolidated statement of cash flows as either returns on investment, which would be included in operating activities, or returns of investment, which would be included in investing activities. At each reporting period we assess whether there are any indicators of other than temporary impairment of our equity investments. There were no other than temporary impairments of our equity method investment through June 30, 2023 .
Derivative Financial Instruments	Derivative Financial Instruments In the normal course of business, we are exposed to the effect of interest rate changes and may undertake one or more strategies to limit these risks through the use of derivatives. We may use derivatives to reduce the impact that increases in interest rates will have on our floating rate liabilities, which may consist of interest rate swaps, interest rate caps, collars, and floors. We may also use derivatives to reduce the impact that decreases in interest rates will have on our floating rate assets. We recognize derivatives on our consolidated balance sheets at fair value within other assets. To determine the fair value of derivative instruments, we use a variety of methods and assumptions that are based on market conditions as of the balance sheet date, such as discounted cash flows and option-pricing models. We have not designated any derivatives as hedges to qualify for hedge accounting for financial reporting purposes and fluctuations in the fair value of derivatives have been recognized as unrealized gain or loss on interest rate cap in our accompanying consolidated statements of operations. Payments received from our counterparties in connection with our derivative are recognized on our consolidated statements of operations as proceeds from interest rate cap.
Revenue Recognition	Revenue Recognition Interest income from loans receivable is recorded on the accrual basis based on the unpaid principal balance and the contractual terms of the loans. Fees, premiums, discounts and direct costs associated with these loans are initially deferred and recognized as an adjustment to unpaid principal balance until the loan is advanced and are then amortized or accreted into interest income over the term of the loan as an adjustment to yield using the effective interest method based on expected cash flows through the expected recovery period. Income accrual may be suspended for loans when we determine that the payment of income and/or principal is no longer probable. Once income accrual is suspended, any previously recognized interest income deemed uncollectible is reversed against interest income. Factors considered when making this determination include our assessment of the underlying collateral value, delinquency in excess of 90 days, and overall market conditions. While on non-accrual status, based on our estimation as to collectability of principal, loans are either accounted for on a cash basis, where interest income is recognized only upon actual receipt of cash, or on a cost-recovery basis, where all cash receipts reduce a loan's carrying value. If and when a loan is brought back into compliance with its contractual terms, and our Manager has determined that the borrower has demonstrated an ability and willingness to continue to make contractually required payments related to the loan, we resume accrual of interest. Revenue from real estate owned represents revenues associated with the operations of hotel and mixed-use properties classified as real estate owned. Revenue from the operations of the hotel properties is recognized when guestrooms are occupied, services have been rendered or fees have been earned. Hotel revenues consist of room sales, food and beverage sales and other hotel revenues and are recorded net of any discounts, sales and other taxes collected from customers. Revenue from the operations of the mixed-use property is derived from lease agreements with tenants, which generally provide for fixed rent payments recognized on a straight-line basis over the lease term. Variable lease payments, including reimbursement of certain operating expenses and miscellaneous fees, are recognized when earned. These reimbursements represent revenue attributable to non-lease components for which the timing and pattern of recognition is the same for lease components. We use the practical expedient, which allows us to account for lease and non-lease components as a single component for all classes of underlying assets. For the three and six months ended June 30, 2023 , we did not record any fixed or variable lease revenues related to our mixed-use property. During the comparable prior periods, we did not own our mixed-use property. We periodically evaluate the collectability of tenant receivables for payments required under the lease agreements. If we determine that collectability is not probable, we recognize any difference between revenue recognized to date and payments that have been collected from the tenant to date as a current period adjustment to revenue from real estate owned.
Recent Accounting Guidance	Recent Accounting Guidance The FASB issued ASU 2022-02, Financial Instruments – Credit Losses (Topic 326), Troubled Debt Restructurings and Vintage Disclosures, (“ASU 2022-02”). The standard eliminates the recognition and measurement guidance for troubled debt restructurings (“TDRs”) for creditors that have adopted ASU 2016-13 Financial Instruments – Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments, ("CECL"). In addition to eliminating the TDR accounting guidance, ASU 2022-02 changes existing disclosure requirements and introduces new disclosures related to certain modifications of instruments with borrowers experiencing financial difficulty. The standard is effective for periods beginning after December 15, 2022, with early adoption permitted. During the second quarter of 2022, we adopted this standard effective January 1, 2022 and the adoption did not have a material impact on our consolidated financial statements. The FASB issued ASU 2019-12, Income Taxes (Topic 740), (“ASU 2019-12”). ASU 2019-12 simplifies the accounting for income taxes by removing certain exceptions to the general principles in Topic 740. ASU 2019-12 also improves the consistent application of, and simplifies, GAAP for other areas of Topic 740 by clarifying and amending existing guidance. The standard is effective for financial statements issued for fiscal years beginning after December 15, 2021, with early adoption permitted. We adopted ASU 2019-12 on January 1, 2022 and the adoption of ASU 2019-12 did not have a material impact on our consolidated financial statements.

Loans Portfolio (Tables)

Loans Portfolio (Tables)	6 Months Ended
	Jun. 30, 2023
Receivables [Abstract]
Schedule of Loans and Financing Receivable	Our loans receivable portfolio as of June 30, 2023 was comprised of the following loans ($ in thousands, except for number of loans): Number of Loan Commitment (1) Unpaid Principal Balance Carrying (2) Weighted Average Spread (3) Weighted Average Interest Rate (4) Loans receivable held-for-investment: Variable: Senior loans (5) 70 $ 8,882,107 $ 7,383,503 $ 7,306,817 + 4.03 % 8.84 % Subordinate loans 1 30,200 29,903 30,054 + 12.86% 18.01 % 71 8,912,307 7,413,406 7,336,871 + 4.06% 8.88 % Fixed: Senior loans (5) 2 $ 20,167 $ 20,167 $ 20,366 N/A 8.26 % Subordinate loans 2 125,927 125,927 124,827 N/A 8.44 % 4 146,094 146,094 145,193 8.41 % Total/Weighted Average 75 $ 9,058,401 $ 7,559,500 $ 7,482,064 N/A 8.87 % General CECL reserve ( 65,698 ) Loans receivable held-for-investment, net $ 7,416,366 (1) Loan commitment represents principal outstanding plus remaining unfunded loan commitments. (2) Net of specific CECL reserve of $ 38.0 million . (3) The weighted average spread is expressed as a spread over the relevant floating benchmark rates. One-month term Secured Overnight Financing Rate ("SOFR") as of June 30, 2023 was 5.14 % . Weighted average is based on outstanding principal as of June 30, 2023 . For loans placed on non-accrual, the spread used in calculating the weighted average spread is 0 %. (4) Reflects the weighted average interest rate based on the applicable floating benchmark rate (if applicable), including SOFR floors (if applicable). Weighted average is based on outstanding principal as of June 30, 2023 and includes loans on non-accrual status. For loans placed on non-accrual, the spread used in calculating the weighted average spread is 0 %. (5) Senior loans include senior mortgages and similar loans, including related contiguous subordinate loans (if any), and pari passu participations in senior mortgage loans. During the six months ended June 30, 2023 , we acquired the senior mortgage for a subordinate loan with an unpaid principal balance of $ 32.9 million at December 31, 2022 and now classify the loan as senior. Our loans receivable portfolio as of December 31, 2022 was comprised of the following loans ($ in thousands, except for number of loans): Number of Loan Commitment (1) Unpaid Principal Balance Carrying (2) Weighted Average Spread (3) Weighted Average Interest Rate (4) Loans receivable held-for-investment: Variable: Senior loans (5) 71 $ 9,221,549 $ 7,327,462 $ 7,217,564 + 3.92% 8.05 % Subordinate loans 2 63,102 61,763 61,947 + 11.55% 15.95 % 73 9,284,651 7,389,225 7,279,511 + 3.98% 8.11 % Fixed: Senior loans (5) 2 $ 23,373 $ 23,373 $ 23,595 N/A 8.50 % Subordinate loans 2 125,927 125,927 125,668 N/A 8.49 % 4 149,300 149,300 149,263 8.49 % Total/Weighted Average 77 $ 9,433,951 $ 7,538,525 $ 7,428,774 8.12 % General CECL reserve ( 68,347 ) Loans receivable held-for-investment, net $ 7,360,427 (1) Loan commitment represents principal outstanding plus remaining unfunded loan commitments. (2) Net of specific CECL reserve of $ 60.3 million . (3) The weighted average is expressed as a spread over the relevant floating benchmark rates. One-month London Interbank Offered Rate ("LIBOR") and SOFR as of December 31, 2022 were 4.39 % and 4.36 % , respectively. Weighted average is based on unpaid principal balance as of December 31, 2022 . For loans placed on non-accrual, the spread used in calculating the weighted average spread is 0 %. (4) Reflects the weighted average interest rate based on the applicable floating benchmark rate (if applicable), including LIBOR/SOFR floors (if applicable). Weighted average is based on unpaid principal balance as of December 31, 2022 and includes loans on non-accrual status. For loans placed on non-accrual, the interest rate used in calculating the weighted average spread is 0 %. (5) Senior loans include senior mortgages and similar loans, including related contiguous subordinate loans (if any), and pari passu participations in senior mortgage loans.
Schedule of Loan Receivable Portfolio	Activity relating to the loans receivable portfolio for the six months ended June 30, 2023 ($ in thousands): Unpaid Principal Balance Deferred Fees Specific CECL Reserve Carrying Value (1) Balance at December 31, 2022 $ 7,538,525 $ ( 49,451 ) $ ( 60,300 ) $ 7,428,774 Initial funding of new loan originations and acquisitions 101,059 - - 101,059 Advances on existing loans 348,657 - - 348,657 Non-cash advances in lieu of interest 39,870 967 - 40,837 Origination fees, extension fees and exit fees - ( 1,585 ) - ( 1,585 ) Repayments of loans receivable ( 252,076 ) - - ( 252,076 ) Repayments of non-cash advances in lieu of interest ( 7,738 ) - - ( 7,738 ) Accretion of fees - 10,586 - 10,586 Specific CECL Allowance - - ( 44,588 ) ( 44,588 ) Transfer to real estate owned, net ( 208,797 ) - 66,935 ( 141,862 ) Balance at June 30, 2023 $ 7,559,500 $ ( 39,483 ) $ ( 37,953 ) $ 7,482,064 General CECL reserve $ ( 65,698 ) Carrying Value $ 7,416,366 (1) Balance at December 31, 2022 does not include general CECL reserve. Loan Participations Sold Our loan participations sold as of June 30, 2023 are summarized as follows ($ in thousands): Contractual Maximum Borrowing Outstanding Carrying Carrying Value of Collateral (1) 8/1/2023 (2) 8/1/2023 (2) $ 138,322 $ 138,322 $ 281,403 10/18/2023 10/18/2024 105,930 105,816 192,502 12/31/2024 12/31/2025 20,000 19,944 156,909 Total $ 264,252 $ 264,082 $ 630,814 (1) Includes cash reserve balances. (2) Effective August 1, 2023, the maturity dates of both this loan participation and the related loan receivable were extended to August 15, 2023. Our loan participations sold as of December 31, 2022 are summarized as follows ($ in thousands): Contractual Maximum Borrowing Outstanding Carrying Carrying Value of Collateral (1) 8/1/2023 8/1/2023 $ 138,322 $ 138,322 $ 281,123 10/18/2023 10/18/2024 105,930 105,645 192,355 12/31/2024 12/31/2025 20,000 19,831 157,833 Total $ 264,252 $ 263,798 $ 631,311 (1) Includes cash reserve balances.
Schedule of Loans Receivable and Interests in Portfolio By Loan Type	The following table presents our loans receivable portfolio by loan type, as well as property type and geographic location of the properties collateralizing these loans as of June 30, 2023 and December 31, 2022 ($ in thousands): June 30, 2023 December 31, 2022 Loan Type Carrying Value (1) Percentage Carrying Value (2) Percentage Senior loans (3) $ 7,327,183 98 % $ 7,241,159 97 % Subordinate loans 154,881 2 % 187,615 3 % $ 7,482,064 100 % $ 7,428,774 100 % General CECL reserve $ ( 65,698 ) $ ( 68,347 ) $ 7,416,366 $ 7,360,427 Property Type Carrying Value (1) Percentage Carrying Value (2) Percentage Multifamily $ 3,043,063 41 % $ 3,044,892 41 % Hospitality 1,528,379 20 % 1,551,946 20 % Office 1,096,869 15 % 1,086,018 15 % Land 557,757 8 % 426,645 6 % Mixed-Use (4) 454,759 6 % 615,599 8 % Other 406,851 5 % 269,464 4 % For Sale Condo 394,386 5 % 434,210 6 % $ 7,482,064 100 % $ 7,428,774 100 % General CECL reserve $ ( 65,698 ) $ ( 68,347 ) $ 7,416,366 $ 7,360,427 Geographic Location Carrying Value (1) Percentage Carrying Value (2) Percentage United States West $ 2,557,819 34 % $ 2,450,710 33 % Northeast 1,920,193 26 % 1,999,648 27 % Southeast 1,086,020 15 % 1,008,590 14 % Mid Atlantic 737,585 10 % 809,908 11 % Southwest 706,511 9 % 694,887 9 % Midwest 470,436 6 % 461,531 6 % Other 3,500 0 % 3,500 0 % $ 7,482,064 100 % $ 7,428,774 100 % General CECL reserve $ ( 65,698 ) $ ( 68,347 ) $ 7,416,366 $ 7,360,427 (1) Net of specific CECL reserve of $ 38.0 million at June 30, 2023 . (2) Net of specific CECL reserve of $ 60.3 million at December 31, 2022 . (3) Senior loans include senior mortgages and similar credit quality loans, including related contiguous subordinate loans and pari passu participations in senior mortgage loans. (4) At June 30, 2023 , mixed-use comprises of 3 % office, 1 % retail, 1 % multifamily, and immaterial for for sale condo and hospitality components. At December 31, 2022 , mixed-use comprises of 4 % office, 2 % retail, 1 % for sale condo, 1 % multifamily, and immaterial hospitality and signage components.
Summarizes of Interest and Accretion Income from Loans Receivable	The following table summarizes our interest and accretion income from loans receivable held-for-investment, from interests in loans receivable held-for-investment, and from interest on cash balances, for the three and six months ended June 30, 2023 and 2022, respectively ($ in thousands): Three Months Ended Six Months Ended June 30, 2023 June 30, 2022 June 30, 2023 June 30, 2022 Coupon interest $ 171,018 $ 92,461 $ 327,634 $ 178,645 Interest on cash, cash equivalents, and other income 4,378 341 6,681 343 Accretion of fees 5,339 6,191 10,586 10,699 Total interest and related income (1) $ 180,735 $ 98,993 $ 344,901 $ 189,687 (1) We recognized $ 0.0 and $ 0.3 million in pre-payment penalties and accelerated fees during the three and six months ended June 30, 2023, respectively . We recognized $ 0.9 and $ 0.9 million in pre-payment penalties and accelerated fees during the three and six months ended June 30, 2022 , respectively.
Market Internal Risk Rating Benefit Activity	The following tables allocate the principal balance and carrying value of the loans receivable based on our internal risk ratings as of June 30, 2023 and December 31, 2022 ($ in thousands): June 30, 2023 Risk Rating Number of Loans Unpaid Principal Balance Carrying Value (1) % of Total of Carrying Value 1 0 $ - $ - 0 % 2 2 196,486 194,840 3 % 3 57 5,921,884 5,889,606 79 % 4 13 1,297,994 1,292,858 17 % 5 3 143,136 104,760 1 % 75 $ 7,559,500 $ 7,482,064 100 % General CECL reserve ( 65,698 ) $ 7,416,366 (1) Net of specific CECL reserve of $ 38.0 million . December 31, 2022 Risk Rating Number of Loans Unpaid Principal Balance Carrying Value (1) % of Total of Carrying Value 1 - $ - $ - 0 % 2 1 927 913 0 % 3 63 6,181,207 6,136,300 83 % 4 10 1,005,345 1,001,235 13 % 5 3 351,046 290,326 4 % 77 $ 7,538,525 $ 7,428,774 100 % General CECL reserve ( 68,347 ) $ 7,360,427 (1) Net of specific CECL reserve of $ 60.3 million .
Summary of Carrying Value and Significant Characteristics of Loans Receivable on Non-accrual Status	The following table presents the carrying value and significant characteristics of our loans receivable on non-accrual status as of June 30, 2023 ($ in thousands): Property Type Location Risk Rating Unpaid Principal Balance Carrying Value Before Specific CECL Reserve Specific Net Carrying Value Interest Recognition Method / as of Date Land (1) VA 4 $ 150,306 $ 150,306 $ - $ 150,306 Cost Recovery / 1/1/2023 Multifamily CA 5 138,709 138,288 ( 37,069 ) 101,219 Cost Recovery / 12/1/2022 (2) Office CA 4 112,442 112,163 - 112,163 Cash Basis / 4/1/2023 Land NY 4 67,000 67,000 - 67,000 Cash Basis / 11/1/2021 Other Other 5 3,500 3,500 - 3,500 Cost Recovery / 7/1/2020 Other NY 5 927 925 ( 884 ) 41 Cost Recovery / 6/30/2023 Total non-accrual (3) $ 472,884 $ 472,182 $ ( 37,953 ) $ 434,229 (1) During the quarter ended June 30, 2023 , this loan was reclassified from a hospitality loan to a land loan based on the state of the collateral. (2) During the six months ended June 30, 2023, we received $ 40,000 from this loan which was treated as a reduction of carrying value. (3) Loans classified as non-accrual represented 5.8 % of the total loan portfolio at June 30, 2023, based on carryi ng value. Excludes three loans with an aggregate carrying value of $ 402.3 million that are in maturity default but remain on accrual status but the borrower is either current on interest payments or interest is deemed collectible based on the underlying collateral value. Additionally, a s of June 30, 2023 , we have one loan with a carrying value of $ 78.3 million that is delinquent on interest payments but remains on accrual status as the interest is deemed collectible based on the underlying collateral value. The following table presents the carrying value and significant characteristics of our loans receivable on non-accrual status as of December 31, 2022 ($ in thousands): Property Type Location Risk Rating Unpaid Principal Balance Carrying Value Before Specific CECL Reserve Specific Net Carrying Value Interest Recognition Method / as of Date Multifamily CA 5 $ 138,749 $ 138,329 $ ( 18,293 ) $ 120,036 Cost Recovery / 12/1/2022 Mixed-Use NY 5 208,797 208,797 ( 42,007 ) 166,790 Cash Basis / 11/1/2022 (1) Land NY 4 67,000 67,000 - 67,000 Cash basis / 11/1/2021 Other Other 5 3,500 3,500 - 3,500 Cost recovery / 7/1/2020 Total non-accrual (2) $ 418,046 $ 417,626 $ ( 60,300 ) $ 357,326 (1) Interest income of $ 1.1 million was recognized on this loan while on non-accrual status during the year ended December 31, 2022 . (2) Loans classified as non-accrual represented 4.8 % of the total loan portfolio at December 31, 2022 , based on carrying value. Excludes three loans with an aggregate carrying value of $ 360.0 million that remain on accrual status but are in maturity default.
Schedule of Activity In Allowance For Loan Losses	The following table illustrates the quarterly changes in the current expected credit loss reserve for the six months ended June 30, 2023 and 2022 ($ in thousands): General CECL Reserve Specific CECL Reserve Loans Receivable Held-for-Investment Interests in Loans Receivable Held-for-Investment Accrued Interest Receivable Unfunded Loan Commitments (1) Total General CECL Reserve Total CECL Reserve Total reserve, $ 6,333 $ 60,677 $ 14 $ 218 $ 6,286 $ 67,195 $ 73,528 Increase (reversal) ( 133 ) ( 1,269 ) 28 ( 218 ) 3,694 2,235 2,102 Total reserve, $ 6,200 $ 59,408 $ 42 $ - $ 9,980 $ 69,430 $ 75,630 Increase (reversal) 5,405 ( 113 ) ( 42 ) - 3,280 3,125 8,530 Principal charge-offs ( 11,500 ) - - - - - ( 11,500 ) Total reserve, $ 105 $ 59,295 $ - $ - $ 13,260 $ 72,555 $ 72,660 Total reserve, $ 60,300 $ 68,347 $ - $ - $ 17,715 $ 86,062 $ 146,362 Reversal - ( 1,021 ) - - ( 2,218 ) ( 3,239 ) ( 3,239 ) Total reserve, $ 60,300 $ 67,326 $ - $ - $ 15,497 $ 82,823 $ 143,123 Increase (reversal) 44,588 ( 1,628 ) - - ( 1,485 ) ( 3,113 ) 41,475 Principal charge-offs ( 66,935 ) - - - - - ( 66,935 ) Total reserve, $ 37,953 $ 65,698 $ - $ - $ 14,012 $ 79,710 $ 117,663 Reserve at 0.5 % 1.1 % 1.6 % (1) The CECL reserve for unfunded commitments is included in other liabilities on the consolidated balance sheets.
Schedule of Carrying Value of Loan Portfolio Based on Internal Risk Ratings	Our primary credit quality indicator is our internal risk rating, which is further discussed above. The following table presents the carrying value of our loans receivable as of June 30, 2023 by year of origination and risk rating ($ in thousands): Carrying Value by Origination Year as of June 30, 2023 Risk Rating Number of Loans Carrying Value (1) 2023 2022 2021 2020 2019 2018 1 0 $ - $ - $ - $ - $ - $ - $ - 2 2 194,840 - 37,931 - - 156,909 - 3 57 5,889,606 100,679 1,980,013 1,698,179 195,945 1,292,890 621,900 4 13 1,292,858 - 379,189 234,569 112,163 236,019 330,918 5 3 104,760 - - - - 104,719 41 75 $ 7,482,064 $ 100,679 $ 2,397,133 $ 1,932,748 $ 308,108 $ 1,790,537 $ 952,859 Charge-Off (2) - $ - $ - $ - $ - $ - $ - $ 66,935 (1) Net of specific CECL reserves o f $ 38.0 million . (2) Principal charge-off recognized in connection with an assignment-in-lieu of foreclosure of a mixed-use property on June 30, 2023. See Note 5 - Real Estate Owned, Net for further detail.
Schedule of Overall Statistics for Loans Receivable	The following table details overall statistics for our loans receivable: June 30, 2023 December 31, 2022 Weighted average yield to maturity 9.2 % 8.6 % Weighted average term to fully extended maturity 2.9 years 3.2 years

Real Estate Owned, Net (Tables)

Real Estate Owned, Net (Tables)	6 Months Ended
	Jun. 30, 2023
Real Estate Owned, Disclosure of Detailed Components [Abstract]
Schedule of Allocated Fair Value of Assets Acquired and Liabilities Assumed	In accordance with ASC 805, we allocated the fair value of assets acquired and liabilities assumed as follows ($ in thousands): Land $ 108,667 Building 11,181 Capital improvements 70 Tenant improvements 4,414 In-place lease values and other lease intangibles 6,403 Above market lease values 17,886 Below market lease values ( 4,209 ) Total $ 144,412
Schedule of Additional Detail of Acquired Assets and Assumed Liabilities of Our Mixed-Use Property	The following table presents additional detail of the acquired assets and assumed liabilities of our mixed-use property upon assignment-in-lieu of foreclosure ($ in thousands): Assets Cash $ 256 Real estate owned 124,332 In-place, above market, and other lease intangibles (1) 24,289 Other assets 4,810 153,687 Liabilities Below market lease values (2) 4,209 Other liabilities 7,616 11,825 Assets acquired, net of liabilities assumed $ 141,862 (1) Included within other assets on our consolidated balance sheets. (2) Included within other liabilities on our consolidated balance sheets.
Summary of additional detail related to the company's real estate owned, net	The following table presents additional detail related to our real estate owned, net as of June 30, 2023 and December 31, 2022 ($ in thousands): June 30, 2023 December 31, 2022 Land $ 231,767 $ 123,100 Building 295,651 284,400 Capital improvements 3,399 2,343 Tenant improvements 4,414 - Furniture, fixtures and equipment 6,500 6,500 Real estate owned 541,731 416,343 Less: accumulated depreciation ( 19,304 ) ( 15,154 ) Real estate owned, net $ 522,427 $ 401,189
Schedule of Future Minimum Fixed Rents under Non-Cancellable Leases	the future minimum fixed rents under our non-cancellable leases for each of the next five years and thereafter are as follows ($ in thousands): Year Amount (2) 2023 (1) $ 4,134 2024 8,312 2025 8,383 2026 8,415 2027 8,432 Thereafter 35,971 Total $ 73,647 (1) Contractual lease payments due for the remaining six months of 2023. (2) Excludes aggregate minimum fixed rents of $ 40.7 million due to us through 2034 related to a tenant who has defaulted on their lease, and for which we are pursuing collection. Revenues from such tenant will be recognized on a cash basis and no value was prescribed to associated tenant assets upon assignment-in-lieu of foreclosure of our mixed-use real estate owned.
Schedule of Lease Intangibles	As of June 30, 2023, our lease intangibles are comprised of the following: Intangible Amount In-place, above market, and other lease intangibles $ 24,289 Less: accumulated amortization - In-place, above market, and other lease intangibles, net $ 24,289 Below market lease values $ 4,209 Less: accumulated amortization - Below market lease values, net $ 4,209
Estimated Amortization of Intangibles for Next Five Years	As of June 30, 2023, the estimated amortization of these intangibles for the next five years is approximately as follows: In-place and Other Lease Intangibles Above Market Lease Values Below Market Lease Values 2023 (1) $ 397 $ 888 $ ( 189 ) 2024 794 1,775 ( 377 ) 2025 794 1,775 ( 377 ) 2026 794 1,775 ( 377 ) 2027 794 1,775 ( 377 ) Total $ 3,573 $ 7,988 $ ( 1,697 ) (1) Amortization for the remaining six months of 2023.

Debt Obligations (Tables)

Debt Obligations (Tables)	6 Months Ended
	Jun. 30, 2023
Debt Disclosure [Abstract]
Summary of Financings	The following table summarizes our financings as of June 30, 2023 and December 31, 2022 ($ in thousands): June 30, 2023 December 31, 2022 Capacity Borrowing Outstanding Weighted (1) Capacity Borrowing Outstanding Weighted (1) Repurchase agreements and Term (2) $ 5,855,749 $ 4,137,158 + 2.54 % $ 5,700,000 $ 4,012,818 + 2.25 % Repurchase agreement - Side Car (2) 365,422 252,965 + 5.31 % 271,171 211,572 + 4.51 % Loan participations sold 264,252 264,252 + 3.67 % 264,252 264,252 + 3.68 % Notes payable 450,435 222,839 + 3.05 % 495,934 154,629 + 3.09 % Secured Term Loan 729,265 729,265 + 4.50 % 755,090 755,090 + 4.50 % Debt related to real estate owned 290,000 290,000 + 2.78 % 290,000 290,000 + 2.78 % Total / weighted average $ 7,955,123 $ 5,896,479 + 2.99 % $ 7,776,447 $ 5,688,361 + 2.75 % (1) Weighted average spread over the applicable benchmark rate is based on unpaid principal balance. SOFR as of June 30, 2023 was 5.14 % . LIBOR and SOFR as of December 31, 2022 were 4.39 % and 4.36 %, respectively. (2) The repurchase agreements and term participation facility are partially recourse to us. As of June 30, 2023 and December 31, 2022, the weighted average recourse on both our repurchase agreements and term participation facility was 32 % and 28 %, respectively.
Summary of Repurchase Agreements	The following table summarizes our repurchase agreements by lender as of June 30, 2023 ($ in thousands): Lender Initial Maturity Fully (1) Maximum Borrowing Undrawn Carrying Value of Collateral (2) JP Morgan Chase Bank, N.A. - (3) 6/29/2025 6/29/2027 $ 1,655,749 $ 1,453,925 $ 201,824 $ 2,007,442 JP Morgan Chase Bank, N.A. - (4) 5/27/2024 5/27/2024 365,422 252,965 112,457 372,673 Morgan Stanley Bank, N.A. 1/26/2024 1/26/2025 1,000,000 837,968 162,032 1,187,175 Goldman Sachs Bank USA 5/31/2025 5/31/2027 500,000 206,734 293,266 278,719 Barclays Bank PLC 12/20/2024 12/20/2025 500,000 195,334 304,666 351,602 Deutsche Bank AG, 6/26/2024 6/26/2026 400,000 365,180 34,820 605,645 Wells Fargo Bank, N.A. 9/29/2023 9/29/2026 800,000 731,877 68,123 964,974 Total $ 5,221,171 $ 4,043,983 $ 1,177,188 $ 5,768,230 (1) Facility maturity dates may be extended based on certain conditions being met. (2) Net of specific CECL reserve, if any. (3) On July 28, 2023, this facility was modified to, among other things, extend the initial and fully extended maturity dates to July 28, 2026 and July 28, 2028 , respectively, and combine the JP Morgan Chase Bank, N.A. - Side Car financing with the JP Morgan Chase Bank, N.A. - Main Pool facility. (4) On July 28, 2023, this financing was combined with the JP Morgan Chase Bank, N.A. - Main Pool facility. The following table summarizes our repurchase agreements by lender as of December 31, 2022 ($ in thousands): Lender Initial Maturity Fully (1) Maximum Borrowing Undrawn Carrying Value of Collateral (2) JP Morgan Chase Bank, N.A. - 6/29/2025 6/29/2027 $ 1,500,000 $ 1,272,079 $ 227,921 $ 1,815,531 JP Morgan Chase Bank, N.A. - 5/27/2023 5/27/2024 271,171 211,572 59,599 460,481 Morgan Stanley Bank, N.A. (3) 1/26/2024 1/26/2025 1,000,000 859,624 140,376 1,340,573 Goldman Sachs Bank USA (4) 5/31/2024 5/31/2025 500,000 356,014 143,986 551,091 Barclays Bank PLC 12/20/2024 12/20/2025 500,000 176,384 323,616 269,973 Deutsche Bank AG, 6/26/2023 6/26/2026 400,000 345,583 54,417 591,592 Wells Fargo Bank, N.A. 9/29/2023 9/29/2026 800,000 745,603 54,397 952,845 Total $ 4,971,171 $ 3,966,859 $ 1,004,312 $ 5,982,086 (1) Facility maturity dates may be extended based on certain conditions being met. (2) Net of specific CECL reserves, if any. (3) On January 24, 2023, we exercised our option to extend the initial maturity of this facility from January 26, 2023 to January 26, 2024 . (4) On January 13, 2023, this facility was modified such that the initial maturity was extended from May 31, 2023 to May 31, 2024 .
Schedule of Loan Receivable Portfolio	Activity relating to the loans receivable portfolio for the six months ended June 30, 2023 ($ in thousands): Unpaid Principal Balance Deferred Fees Specific CECL Reserve Carrying Value (1) Balance at December 31, 2022 $ 7,538,525 $ ( 49,451 ) $ ( 60,300 ) $ 7,428,774 Initial funding of new loan originations and acquisitions 101,059 - - 101,059 Advances on existing loans 348,657 - - 348,657 Non-cash advances in lieu of interest 39,870 967 - 40,837 Origination fees, extension fees and exit fees - ( 1,585 ) - ( 1,585 ) Repayments of loans receivable ( 252,076 ) - - ( 252,076 ) Repayments of non-cash advances in lieu of interest ( 7,738 ) - - ( 7,738 ) Accretion of fees - 10,586 - 10,586 Specific CECL Allowance - - ( 44,588 ) ( 44,588 ) Transfer to real estate owned, net ( 208,797 ) - 66,935 ( 141,862 ) Balance at June 30, 2023 $ 7,559,500 $ ( 39,483 ) $ ( 37,953 ) $ 7,482,064 General CECL reserve $ ( 65,698 ) Carrying Value $ 7,416,366 (1) Balance at December 31, 2022 does not include general CECL reserve. Loan Participations Sold Our loan participations sold as of June 30, 2023 are summarized as follows ($ in thousands): Contractual Maximum Borrowing Outstanding Carrying Carrying Value of Collateral (1) 8/1/2023 (2) 8/1/2023 (2) $ 138,322 $ 138,322 $ 281,403 10/18/2023 10/18/2024 105,930 105,816 192,502 12/31/2024 12/31/2025 20,000 19,944 156,909 Total $ 264,252 $ 264,082 $ 630,814 (1) Includes cash reserve balances. (2) Effective August 1, 2023, the maturity dates of both this loan participation and the related loan receivable were extended to August 15, 2023. Our loan participations sold as of December 31, 2022 are summarized as follows ($ in thousands): Contractual Maximum Borrowing Outstanding Carrying Carrying Value of Collateral (1) 8/1/2023 8/1/2023 $ 138,322 $ 138,322 $ 281,123 10/18/2023 10/18/2024 105,930 105,645 192,355 12/31/2024 12/31/2025 20,000 19,831 157,833 Total $ 264,252 $ 263,798 $ 631,311 (1) Includes cash reserve balances.
Schedule of Term Participation Facility	Our term participation facility as of June 30, 2023 is summarized as follows ($ in thousands): Contractual Maturity Date Borrowing Outstanding Carrying Value Carrying Value of Collateral 2/17/2028 $ 346,140 $ 346,140 $ 513,722 Our term participation facility as of December 31, 2022 is summarized as follows ($ in thousands): Contractual Maturity Date Borrowing Outstanding Carrying Value Carrying Value of Collateral 12/21/2027 $ 257,531 $ 257,531 $ 375,769
Summary Of Notes Payable	Our notes payable as of June 30, 2023 are summarized as follows ($ in thousands): Contractual Maximum Borrowing Outstanding Carrying Carrying 12/31/2024 12/31/2025 $ 103,593 $ 102,750 $ 156,909 2/2/2026 2/2/2027 42,979 42,025 54,795 6/30/2025 6/30/2026 22,900 22,509 37,930 9/2/2026 9/2/2027 8,916 7,684 10,964 11/22/2024 11/24/2026 33,099 32,688 42,885 10/13/2025 10/13/2026 11,352 10,717 22,969 Total $ 222,839 $ 218,373 $ 326,452 Our notes payable as of December 31, 2022 are summarized as follows ($ in thousands): Contractual Maximum Borrowing Outstanding Carrying Carrying 12/31/2024 12/31/2025 $ 103,592 $ 102,467 $ 157,833 2/2/2026 2/2/2027 28,288 27,292 34,199 6/30/2025 6/30/2026 4,777 4,354 16,290 9/2/2026 9/2/2027 - ( 1,234 ) ( 1,763 ) 11/22/2024 11/24/2026 16,055 15,497 25,403 10/13/2025 10/13/2026 1,917 1,145 5,749 Total $ 154,629 $ 149,521 $ 237,711
Summary of Secured Term Loan	The secured term loan as of June 30, 2023 is summarized as follows ($ in thousands): Contractual Maturity Date Stated Rate (1) Interest Rate Borrowing Outstanding Carrying Value 8/9/2026 S + 4.50% 9.74 % $ 729,265 $ 713,975 (1) SOFR at June 30, 2023 was 5.14 % . The secured term loan as of December 31, 2022 is summarized as follows ($ in thousands): Contractual Maturity Date Stated Rate (1) Interest Rate Borrowing Outstanding Carrying Value 8/9/2026 S + 4.50% 8.96 % $ 755,090 $ 736,853 (1) SOFR at December 31, 2022 was 4.36 % .
Summary of additional detail related to the company's real estate portfolio	Our debt related to real estate owned as of June 30, 2023 is summarized as follows ($ in thousands): Contractual Maturity Date Stated Rate (1) Net Interest Rate (1) Borrowing Outstanding Carrying Value 2/9/2024 L + 2.78 % 5.78 % $ 290,000 $ 289,651 (1) Effective July 1, 2023, interest on our debt related to real estate owned is indexed to SOFR. SOFR at June 30, 2023 was 5.14 % , which exceeded the 3.00 % ceiling provided by our interest rate cap. See Note 7 - Derivatives for further detail of our interest rate cap. Our debt related to real estate owned as of December 31, 2022 is summarized as follows ($ in thousands): Contractual Maturity Date Stated Rate (1) Net Interest Rate (1) Borrowing Outstanding Carrying Value 2/9/2024 L + 2.78 % 5.78 % $ 290,000 $ 289,389 (1) LIBOR at December 31, 2022 was 4.39 % , which exceeds the 3.00 % ceiling provided by our interest rate cap. See Note 7 – Derivatives for further detail of our interest rate cap.
Summary of Interest Expense and Amortization	The following table summarizes our interest and amortization expense on secured financings, debt related to real estate owned and on the secured term loan for the three and six months ended June 30, 2023 and 2022, respectively ($ in thousands): Three Months Ended Six Months Ended June 30, 2023 June 30, 2022 June 30, 2023 June 30, 2022 Interest expense on secured financings $ 95,860 $ 31,702 $ 178,810 $ 57,113 Interest expense on secured term loan 17,942 10,299 35,183 19,858 Interest expense on debt related to real estate owned (1) 5,865 2,719 11,309 5,303 Amortization of deferred financing costs 5,874 4,870 11,710 9,480 Total interest and related expense $ 125,541 $ 49,590 $ 237,012 $ 91,754 (1) Interest on debt related to real estate owned includes $ 132,000 and $ 22,000 of amortization of financing costs for the three months ended June 30, 2023 and 2022 , respectively. Interest on debt related to real estate owned includes $ 263,000 and $ 45,000 of amortization of financing costs for the six months ended June 30, 2023 and 2022 , respectively.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2023
Fair Value Disclosures [Abstract]
Schedule of Financial Instruments Measured at Carrying And Estimated Fair Value	The carrying value and estimated fair value of financial instruments not recorded at fair value on a recurring basis but required to be disclosed at fair value were as follows ($ in thousands): June 30, 2023 Carrying Unpaid Principal Fair Value Hierarchy Level Value Balance Fair Value Level 1 Level 2 Level 3 Loans receivable held-for-investment, net $ 7,416,366 $ 7,559,500 $ 7,399,694 $ - $ - $ 7,399,694 Repurchase agreements 4,043,983 4,043,983 4,043,983 - - 4,043,983 Term participation facility 346,140 346,140 342,241 - - 342,241 Loan participations sold, net 264,082 264,252 263,544 - - 263,544 Notes payable, net 218,373 222,839 220,750 - - 220,750 Secured term loan, net 713,975 729,265 685,509 - - 685,509 Debt related to real estate owned, net 289,651 290,000 285,884 - - 285,884 December 31, 2022 Carrying Unpaid Principal Fair Value Hierarchy Level Value Balance Fair Value Level 1 Level 2 Level 3 Loans receivable held-for-investment, net $ 7,360,427 $ 7,538,525 $ 7,331,207 $ - $ - $ 7,331,207 Repurchase agreements 3,966,859 3,966,859 3,966,859 - - 3,966,859 Term participation facility 257,531 257,531 255,296 - - 255,296 Loan participations sold, net 263,798 264,252 261,417 - - 261,417 Notes payable, net 149,521 154,629 153,282 - - 153,282 Secured term loan, net 736,853 755,090 743,764 - - 743,764 Debt related to real estate owned, net 289,389 290,000 281,568 - - 281,568

Equity (Tables)

Equity (Tables)	6 Months Ended
	Jun. 30, 2023
Equity [Abstract]
Schedule of Common Stock Outstanding	The following table provides a summary of the number of shares of common stock outstanding during the six months ended June 30, 2023 and 2022, respectively: Six Months Ended Common Stock Outstanding June 30, 2023 June 30, 2022 Beginning balance 138,376,144 139,840,088 Repurchase of common stock - ( 220,010 ) Conversion of fully vested RSUs to common stock 9,760 - Ending balance 138,385,904 139,620,078
Summary of Dividends Declared For Common And Preferred Stock.	The following tables detail our dividend activity for common stock ($ in thousands, except per share data): For the Quarter Ended March 31, 2023 June 30, 2023 Amount Per Share Amount Per Share Dividends declared - common stock $ 51,199 $ 0.37 $ 51,203 $ 0.37 Record Date - common stock March 31, 2023 June 30, 2023 Payment Date - common stock April 14, 2023 July 14, 2023 For the Quarter Ended March 31, 2022 June 30, 2022 Amount Per Share Amount Per Share Dividends declared - common stock $ 51,672 $ 0.37 $ 51,659 $ 0.37 Record Date - common stock March 31, 2022 June 30, 2022 Payment Date - common stock April 15, 2022 July 15, 2022

Earnings per Share (Tables)

Earnings per Share (Tables)	6 Months Ended
	Jun. 30, 2023
Earnings Per Share [Abstract]
Schedule of Basic and Diluted Earning per Share	As of June 30, 2023 and 2022, we ha d no dilutive securities. As a r esult, basic and diluted EPS are the same. The calculation of basic and diluted EPS is as follows ($ in thousands, except for share and per share data): Three Months Ended Six Months Ended June 30, 2023 June 30, 2022 June 30, 2023 June 30, 2022 Net income attributable to common stockholders $ 4,253 $ 63,234 $ 40,931 $ 92,646 Dividends on participating securities (2) ( 1,217 ) ( 799 ) ( 2,418 ) ( 799 ) Participating securities' share in earnings - ( 31 ) - - Basic earnings $ 3,036 $ 62,404 $ 38,513 $ 91,847 Weighted average shares of common stock outstanding, basic and diluted (1) 138,399,446 139,637,949 138,392,666 139,675,019 Net income per share of common stock, basic and diluted $ 0.02 $ 0.45 $ 0.28 $ 0.66 (1) Amounts as of June 30, 2023 include 33,257 fully vested RSUs. (2) For the three months ended June 30, 2023 and 2022 , dividends on participating securities excludes $ 4,000 and $ 0 of dividends on fully vested RSUs. For the six months ended June 30, 2023 and 2022 , dividends on participating securities excludes $ 8,000 and $ 0 of dividends on fully vested RSUs.

Related Party Transactions (Tab

Related Party Transactions (Tables)	6 Months Ended
	Jun. 30, 2023
Related Party Transactions [Abstract]
Summary of Management and Incentive Fees	The following table summarizes our management fees ($ in thousands): Three Months Ended Six Months Ended June 30, 2023 June 30, 2022 June 30, 2023 June 30, 2022 Management fees $ 9,641 $ 9,843 $ 19,297 $ 19,650 Incentive fees - - 1,558 - Total $ 9,641 $ 9,843 $ 20,855 $ 19,650

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2023
Share-Based Payment Arrangement [Abstract]
Summary of Time-Based Restricted Stock Units Activity	The following table details the time-based RSU activity during the six months ended June 30, 2023 and 2022: Six Months Ended June 30, 2023 Six Months Ended June 30, 2022 Number of Restricted Share Units Weighted-Average Grant Date Fair Value Per Share Number of Restricted Share Units Weighted-Average Grant Date Fair Value Per Share Unvested, beginning of period 2,159,280 $ 18.74 - $ - Granted 1,158,536 $ 11.25 2,159,280 $ 18.74 Vested ( 29,280 ) $ 20.49 - $ - Forfeited ( 20,000 ) $ 18.72 - $ - Unvested, end of period 3,268,536 $ 16.07 2,159,280 $ 18.74

Commitments and Contingencies (

Commitments and Contingencies (Table)	6 Months Ended
	Jun. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Schedule of Contractual Maturity Payment	Our contractual payments due under all financings were as follows as of June 30, 2023 ($ in thousands): Year Amount 2023 (1)(2) $ 375,801 2024 790,394 2025 1,440,440 2026 1,987,012 2027 1,302,832 Total $ 5,896,479 (1) Contractual payments due for the remaining six months of 2023. (2) Includes four loans in maturity default with aggregate associated financings outstanding of $ 217.1 million.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Additional Information (Details)	Jun. 30, 2023
Maximum
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Real estate owned, depreciation estimated useful lives	40 years
Minimum
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Real estate owned, depreciation estimated useful lives	5 years
ASU 2019-12
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Change in accounting principle, accounting standards update, adopted	true
Change in accounting principle, accounting standards update, adoption date	Jan. 01, 2022
Change in accounting principle, accounting standards update, immaterial effect	true
ASU 2022-02
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Change in accounting principle, accounting standards update, adopted	true
Change in accounting principle, accounting standards update, adoption date	Jan. 01, 2022
Change in accounting principle, accounting standards update, immaterial effect	true

Loans Portfolio - Schedule of L

Loans Portfolio - Schedule of Loans and Financing Receivable (Details) $ in Thousands		6 Months Ended		12 Months Ended
		Jun. 30, 2023 USD ($) Loan		Dec. 31, 2022 USD ($) Loan
Financing Receivable Recorded Investment Past Due [Line Items]
Loan Commitment		$ 9,058,401	[1]	$ 9,433,951	[2]
Unpaid Principal Balance		7,559,500		7,538,525
Loans receivable held-for-investment		$ 7,482,064	[3]	$ 7,428,774	[4]
Number of Loans | Loan		75		77
Weighted Average Spread		0		0
Weighted Average Interest Rate	[5]	8.87%		8.12%
General CECL reserve		$ 65,698	[3]	$ 68,347	[4]
Loans receivable held-for-investment, net		7,416,366	[3]	7,360,427	[4]
Variable Senior Loans
Financing Receivable Recorded Investment Past Due [Line Items]
Loan Commitment		8,882,107	[1],[6]	9,221,549	[2],[7]
Unpaid Principal Balance		7,383,503	[6]	7,327,462	[7]
Loans receivable held-for-investment		$ 7,306,817	[3],[6]	$ 7,217,564	[4],[7]
Number of Loans | Loan		70	[6]	71	[7]
Weighted Average Interest Rate		8.84%	[8]	8.05%	[5],[7]
Variable Senior Loans | LIBOR
Financing Receivable Recorded Investment Past Due [Line Items]
Weighted Average Spread	[7],[9]			+ 3.92%
Variable Senior Loans | Secured Overnight Financing Rate (SOFR)
Financing Receivable Recorded Investment Past Due [Line Items]
Weighted Average Spread	[10]	+ 4.03
Variable Subordinate Loans
Financing Receivable Recorded Investment Past Due [Line Items]
Loan Commitment		$ 30,200	[1]	$ 63,102	[2]
Unpaid Principal Balance		29,903		61,763
Loans receivable held-for-investment		$ 30,054	[3]	$ 61,947	[4]
Number of Loans | Loan		1		2
Weighted Average Interest Rate		18.01%	[8]	15.95%	[5]
Variable Subordinate Loans | LIBOR
Financing Receivable Recorded Investment Past Due [Line Items]
Weighted Average Spread	[9]			+ 11.55%
Variable Subordinate Loans | Secured Overnight Financing Rate (SOFR)
Financing Receivable Recorded Investment Past Due [Line Items]
Weighted Average Spread	[10]	+ 12.86%
Variable Loan
Financing Receivable Recorded Investment Past Due [Line Items]
Loan Commitment		$ 8,912,307	[1]	$ 9,284,651	[2]
Unpaid Principal Balance		7,413,406		7,389,225
Loans receivable held-for-investment		$ 7,336,871	[3]	$ 7,279,511	[4]
Number of Loans | Loan		71		73
Weighted Average Interest Rate		8.88%	[8]	8.11%	[5]
Variable Loan | LIBOR
Financing Receivable Recorded Investment Past Due [Line Items]
Weighted Average Spread	[9]			+ 3.98%
Variable Loan | Secured Overnight Financing Rate (SOFR)
Financing Receivable Recorded Investment Past Due [Line Items]
Weighted Average Spread	[9]	+ 4.06%
Fixed Senior Loans
Financing Receivable Recorded Investment Past Due [Line Items]
Loan Commitment		$ 20,167	[1],[6]	$ 23,373	[2],[7]
Unpaid Principal Balance		20,167	[6]	23,373	[7]
Loans receivable held-for-investment		$ 20,366	[3],[6]	$ 23,595	[4],[7]
Number of Loans | Loan		2	[6]	2	[7]
Weighted Average Interest Rate		8.26%	[8]	8.50%	[5],[7]
Fixed Subordinate Loans
Financing Receivable Recorded Investment Past Due [Line Items]
Loan Commitment		$ 125,927	[1]	$ 125,927	[2]
Unpaid Principal Balance		125,927		125,927
Loans receivable held-for-investment		$ 124,827	[3]	$ 125,668	[4]
Number of Loans | Loan		2		2
Weighted Average Interest Rate		8.44%	[8]	8.49%	[5]
Fixed Loan
Financing Receivable Recorded Investment Past Due [Line Items]
Loan Commitment		$ 146,094	[1]	$ 149,300	[2]
Unpaid Principal Balance		146,094		149,300
Loans receivable held-for-investment		$ 145,193	[3]	$ 149,263	[4]
Number of Loans | Loan		4		4
Weighted Average Interest Rate		8.41%	[8]	8.49%	[5]
[1] Loan commitment represents principal outstanding plus remaining unfunded loan commitments. Loan commitment represents principal outstanding plus remaining unfunded loan commitments. Net of specific CECL reserve of $ 38.0 million . Net of specific CECL reserve of $ 60.3 million . Reflects the weighted average interest rate based on the applicable floating benchmark rate (if applicable), including LIBOR/SOFR floors (if applicable). Weighted average is based on unpaid principal balance as of December 31, 2022 and includes loans on non-accrual status. For loans placed on non-accrual, the interest rate used in calculating the weighted average spread is 0 %. Senior loans include senior mortgages and similar loans, including related contiguous subordinate loans (if any), and pari passu participations in senior mortgage loans. During the six months ended June 30, 2023 , we acquired the senior mortgage for a subordinate loan with an unpaid principal balance of $ 32.9 million at December 31, 2022 and now classify the loan as senior. Senior loans include senior mortgages and similar loans, including related contiguous subordinate loans (if any), and pari passu participations in senior mortgage loans. Reflects the weighted average interest rate based on the applicable floating benchmark rate (if applicable), including SOFR floors (if applicable). Weighted average is based on outstanding principal as of June 30, 2023 and includes loans on non-accrual status. For loans placed on non-accrual, the spread used in calculating the weighted average spread is 0 %. The weighted average is expressed as a spread over the relevant floating benchmark rates. One-month London Interbank Offered Rate ("LIBOR") and SOFR as of December 31, 2022 were 4.39 % and 4.36 % , respectively. Weighted average is based on unpaid principal balance as of December 31, 2022 . For loans placed on non-accrual, the spread used in calculating the weighted average spread is 0 %. The weighted average spread is expressed as a spread over the relevant floating benchmark rates. One-month term Secured Overnight Financing Rate ("SOFR") as of June 30, 2023 was 5.14 % . Weighted average is based on outstanding principal as of June 30, 2023 . For loans placed on non-accrual, the spread used in calculating the weighted average spread is 0 %.

Loans Portfolio - Schedule of_2

Loans Portfolio - Schedule of Loans and Financing Receivable (Details) (Parenthetical) - USD ($) $ in Thousands		6 Months Ended		12 Months Ended
		Jun. 30, 2023		Dec. 31, 2022
Financing Receivable Recorded Investment Past Due [Line Items]
Specific CECL Reserve		$ 37,953	[1]	$ 60,300	[2]
Weighted Average Spread		0		0
Weighted Average Interest Rate	[3]	8.87%		8.12%
Principal amount outstanding of senior loan acquired				$ 32,900
LIBOR
Financing Receivable Recorded Investment Past Due [Line Items]
One month LIBOR rate and SOFR				4.39%
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Financing Receivable Recorded Investment Past Due [Line Items]
One month LIBOR rate and SOFR		5.14%		4.36%
[1] Loans classified as non-accrual represented 5.8 % of the total loan portfolio at June 30, 2023, based on carryi ng value. Excludes three loans with an aggregate carrying value of $ 402.3 million that are in maturity default but remain on accrual status but the borrower is either current on interest payments or interest is deemed collectible based on the underlying collateral value. Additionally, a s of June 30, 2023 , we have one loan with a carrying value of $ 78.3 million that is delinquent on interest payments but remains on accrual status as the interest is deemed collectible based on the underlying collateral value. Loans classified as non-accrual represented 4.8 % of the total loan portfolio at December 31, 2022 , based on carrying value. Excludes three loans with an aggregate carrying value of $ 360.0 million that remain on accrual status but are in maturity default. Reflects the weighted average interest rate based on the applicable floating benchmark rate (if applicable), including LIBOR/SOFR floors (if applicable). Weighted average is based on unpaid principal balance as of December 31, 2022 and includes loans on non-accrual status. For loans placed on non-accrual, the interest rate used in calculating the weighted average spread is 0 %.

Loans Portfolio - Additional In

Loans Portfolio - Additional Information (Details) - USD ($) $ in Thousands				3 Months Ended					6 Months Ended			12 Months Ended
		Jun. 30, 2023		Jun. 30, 2023		Dec. 31, 2022		Sep. 30, 2022	Jun. 30, 2023		Jun. 30, 2022	Dec. 31, 2022		Jun. 08, 2016
Financing Receivable Allowance For Credit Losses [Line Items]
Loan receivable, acquired								$ 73,500
Total loan commitment		$ 9,058,401	[1]	$ 9,058,401	[1]	$ 9,433,951	[2]		$ 9,058,401	[1]		$ 9,433,951	[2]
Loan commitments funded		78,500		78,500					78,500
Loans receivable recorded subordinate loans held		78,500		78,500					78,500
Increase in specific CECL reserve									44,600		$ 5,400
Loans and lease receivable reversal of general Cecl reserve		6,400		6,400					6,400
Specific CECL Reserve									37,953	[3]		60,300	[4]
(Reversal) provision of current expected credit loss									38,200		10,600
Total allowance for loan losses											$ 72,700
Amortized cost basis	[5]	7,482,064		7,482,064					$ 7,482,064
Debt instrument extended maturity date									Sep. 18, 2023
C M T G T T Mortgage R E I T L L C [Member]
Financing Receivable Allowance For Credit Losses [Line Items]
Total loan commitment		$ 115,300		$ 115,300					$ 115,300
Equity interest ownership percentage		51%		51%					51%					51%
Mixed-Use | NEW YORK
Financing Receivable Allowance For Credit Losses [Line Items]
Loans receivable additional specific CECL reserve		$ 24,900
Specific CECL Reserve						42,000
Non accrual interest income				$ 500					$ 8,300
Maximum | Market and Terminal Capitalization Rates
Financing Receivable Allowance For Credit Losses [Line Items]
Measurement Input		0.055		0.055					0.055
Maximum | Discount Rate
Financing Receivable Allowance For Credit Losses [Line Items]
Measurement Input		0.075		0.075					0.075
Minimum | Market and Terminal Capitalization Rates
Financing Receivable Allowance For Credit Losses [Line Items]
Measurement Input		0.05		0.05					0.05
Minimum | Discount Rate
Financing Receivable Allowance For Credit Losses [Line Items]
Measurement Input		0.073		0.073					0.073
Senior Loans
Financing Receivable Allowance For Credit Losses [Line Items]
Amortized cost basis		$ 87,800		$ 87,800					$ 87,800
Percentage of loans receivable held-for-investment, net		1.20%		1.20%					1.20%
Senior Loans | Mixed-Use | NEW YORK
Financing Receivable Allowance For Credit Losses [Line Items]
Carrying value						208,800						208,800
Loans receivable additional specific CECL reserve				$ 24,900
Specific CECL Reserve						42,000
Chargeoff				66,900
Senior Loans | Multifamily | San Francisco, CA
Financing Receivable Allowance For Credit Losses [Line Items]
Carrying value						138,300						138,300
Loans receivable additional specific CECL reserve				18,800
Unpaid principal balance						138,800						$ 138,800
Specific CECL Reserve						$ 18,300
Senior Loans | Maximum
Financing Receivable Allowance For Credit Losses [Line Items]
Borrower with financial difficulty interest rate											1.57%
Senior Loans | Minimum
Financing Receivable Allowance For Credit Losses [Line Items]
Borrower with financial difficulty interest rate											1%
Subordinate Secured Loan | NEW YORK
Financing Receivable Allowance For Credit Losses [Line Items]
Carrying value		$ 900		900					$ 900
Specific CECL Reserve				$ 900
[1] Loan commitment represents principal outstanding plus remaining unfunded loan commitments. Loan commitment represents principal outstanding plus remaining unfunded loan commitments. Loans classified as non-accrual represented 5.8 % of the total loan portfolio at June 30, 2023, based on carryi ng value. Excludes three loans with an aggregate carrying value of $ 402.3 million that are in maturity default but remain on accrual status but the borrower is either current on interest payments or interest is deemed collectible based on the underlying collateral value. Additionally, a s of June 30, 2023 , we have one loan with a carrying value of $ 78.3 million that is delinquent on interest payments but remains on accrual status as the interest is deemed collectible based on the underlying collateral value. Loans classified as non-accrual represented 4.8 % of the total loan portfolio at December 31, 2022 , based on carrying value. Excludes three loans with an aggregate carrying value of $ 360.0 million that remain on accrual status but are in maturity default. Net of specific CECL reserves o f $ 38.0 million .

Loans Portfolio - Schedule of_3

Loans Portfolio - Schedule of Loan Receivable Portfolio (Detail) - USD ($) $ in Thousands		6 Months Ended
		Jun. 30, 2023		Jun. 30, 2022	Dec. 31, 2022	[2]
Loans Receivable Roll Forward [Line Items]
Repayment of non-cash advances on loans receivable in lieu of interest		$ 7,738		$ 18,233
Accretion of fees		10,586		$ 10,495
Loans receivable held-for-investment		7,416,366	[1]		$ 7,360,427
Unpaid Principal Balance [Member]
Loans Receivable Roll Forward [Line Items]
Balance		7,538,525
Initial funding of new loan originations and acquisitions		101,059
Advances on existing loans		348,657
Non-cash advances in lieu of interest		39,870
Repayments of loans receivable		(252,076)
Repayment of non-cash advances on loans receivable in lieu of interest		(7,738)
Transfer to real estate owned, net		(208,797)
Balance		7,559,500
Deferred Fees [Member]
Loans Receivable Roll Forward [Line Items]
Balance		(49,451)
Non-cash advances in lieu of interest		967
Origination fees, extension fees and exit fees		(1,585)
Accretion of fees		10,586
Balance		(39,483)
Specific CECL Allowance [Member]
Loans Receivable Roll Forward [Line Items]
Balance		(60,300)
Specific CECL Allowance		(44,588)
Transfer to real estate owned, net		66,935
Balance		(37,953)
Carrying Value
Loans Receivable Roll Forward [Line Items]
Balance	[3]	7,428,774
Initial funding of new loan originations and acquisitions	[3]	101,059
Advances on existing loans	[3]	348,657
Non-cash advances in lieu of interest	[3]	40,837
Origination fees, extension fees and exit fees	[3]	(1,585)
Repayments of loans receivable	[3]	(252,076)
Repayment of non-cash advances on loans receivable in lieu of interest	[3]	(7,738)
Accretion of fees	[3]	10,586
Specific CECL Allowance	[3]	(44,588)
Transfer to real estate owned, net	[3]	(141,862)
Balance	[3]	7,482,064
General CECL reserve	[3]	(65,698)
Loans receivable held-for-investment	[3]	$ 7,416,366
[1] Net of specific CECL reserve of $ 38.0 million . Net of specific CECL reserve of $ 60.3 million . Balance at December 31, 2022 does not include general CECL reserve.

Loans Portfolio - Schedule of_4

Loans Portfolio - Schedule of Loans Receivable and Interests Portfolio By Loan Type (Details) - USD ($) $ in Thousands		Jun. 30, 2023		Dec. 31, 2022
Accounts Notes And Loans Receivable [Line Items]
General CECL reserve		$ (65,698)	[1]	$ (68,347)	[2]
Concentration of Risk
Accounts Notes And Loans Receivable [Line Items]
General CECL reserve		(65,698)	[3]	(68,347)	[4]
Loans receivable held-for-investment, net		7,416,366	[3]	7,360,427	[4]
Concentration of Risk | Loan Type
Accounts Notes And Loans Receivable [Line Items]
Total portfolio loans carrying value		$ 7,482,064	[3]	$ 7,428,774	[4]
Percentage of total portfolio loans		100%		100%
Concentration of Risk | Property Type
Accounts Notes And Loans Receivable [Line Items]
Total portfolio loans carrying value		$ 7,482,064	[3]	$ 7,428,774	[4]
Percentage of total portfolio loans		100%		100%
Concentration of Risk | Property Type | Office
Accounts Notes And Loans Receivable [Line Items]
Total portfolio loans carrying value		$ 1,096,869	[3]	$ 1,086,018	[4]
Percentage of total portfolio loans		15%		15%
Concentration of Risk | Property Type | Mixed-Use
Accounts Notes And Loans Receivable [Line Items]
Total portfolio loans carrying value	[5]	$ 454,759	[3]	$ 615,599	[4]
Percentage of total portfolio loans	[5]	6%		8%
Concentration of Risk | Property Type | Hospitality
Accounts Notes And Loans Receivable [Line Items]
Total portfolio loans carrying value		$ 1,528,379	[3]	$ 1,551,946	[4]
Percentage of total portfolio loans		20%		20%
Concentration of Risk | Property Type | Land
Accounts Notes And Loans Receivable [Line Items]
Total portfolio loans carrying value		$ 557,757	[3]	$ 426,645	[4]
Percentage of total portfolio loans		8%		6%
Concentration of Risk | Property Type | Multifamily
Accounts Notes And Loans Receivable [Line Items]
Total portfolio loans carrying value		$ 3,043,063	[3]	$ 3,044,892	[4]
Percentage of total portfolio loans		41%		41%
Concentration of Risk | Property Type | For Sale Condo
Accounts Notes And Loans Receivable [Line Items]
Total portfolio loans carrying value		$ 394,386	[3]	$ 434,210	[4]
Percentage of total portfolio loans		5%		6%
Concentration of Risk | Property Type | Other
Accounts Notes And Loans Receivable [Line Items]
Total portfolio loans carrying value		$ 406,851	[3]	$ 269,464	[4]
Percentage of total portfolio loans		5%		4%
Concentration of Risk | Geographic Location
Accounts Notes And Loans Receivable [Line Items]
Total portfolio loans carrying value		$ 7,482,064	[3]	$ 7,428,774	[4]
Percentage of total portfolio loans		100%		100%
Concentration of Risk | Geographic Location | Northeast
Accounts Notes And Loans Receivable [Line Items]
Total portfolio loans carrying value		$ 1,920,193	[3]	$ 1,999,648	[4]
Percentage of total portfolio loans		26%		27%
Concentration of Risk | Geographic Location | Mid Atlantic
Accounts Notes And Loans Receivable [Line Items]
Total portfolio loans carrying value		$ 737,585	[3]	$ 809,908	[4]
Percentage of total portfolio loans		10%		11%
Concentration of Risk | Geographic Location | Midwest
Accounts Notes And Loans Receivable [Line Items]
Total portfolio loans carrying value		$ 470,436	[3]	$ 461,531	[4]
Percentage of total portfolio loans		6%		6%
Concentration of Risk | Geographic Location | Southeast
Accounts Notes And Loans Receivable [Line Items]
Total portfolio loans carrying value		$ 1,086,020	[3]	$ 1,008,590	[4]
Percentage of total portfolio loans		15%		14%
Concentration of Risk | Geographic Location | Southwest
Accounts Notes And Loans Receivable [Line Items]
Total portfolio loans carrying value		$ 706,511	[3]	$ 694,887	[4]
Percentage of total portfolio loans		9%		9%
Concentration of Risk | Geographic Location | West
Accounts Notes And Loans Receivable [Line Items]
Total portfolio loans carrying value		$ 2,557,819	[3]	$ 2,450,710	[4]
Percentage of total portfolio loans		34%		33%
Concentration of Risk | Geographic Location | Other
Accounts Notes And Loans Receivable [Line Items]
Total portfolio loans carrying value		$ 3,500	[3]	$ 3,500	[4]
Percentage of total portfolio loans		0%		0%
Concentration of Risk | Senior Loans | Loan Type
Accounts Notes And Loans Receivable [Line Items]
Total portfolio loans carrying value	[6]	$ 7,327,183	[3]	$ 7,241,159	[4]
Percentage of total portfolio loans	[6]	98%		97%
Concentration of Risk | Subordinate loans | Loan Type
Accounts Notes And Loans Receivable [Line Items]
Total portfolio loans carrying value		$ 154,881	[3]	$ 187,615	[4]
Percentage of total portfolio loans		2%		3%
[1] Net of specific CECL reserve of $ 38.0 million . Net of specific CECL reserve of $ 60.3 million . Net of specific CECL reserve of $ 38.0 million at June 30, 2023 . Net of specific CECL reserve of $ 60.3 million at December 31, 2022 . At June 30, 2023 , mixed-use comprises of 3 % office, 1 % retail, 1 % multifamily, and immaterial for for sale condo and hospitality components. At December 31, 2022 , mixed-use comprises of 4 % office, 2 % retail, 1 % for sale condo, 1 % multifamily, and immaterial hospitality and signage components. Senior loans include senior mortgages and similar credit quality loans, including related contiguous subordinate loans and pari passu participations in senior mortgage loans.

Loans Portfolio - Schedule of_5

Loans Portfolio - Schedule of Loans Receivable and Interests Portfolio By Loan Type (Details) (Parenthetical) - USD ($) $ in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2023		Dec. 31, 2022
Financing Receivable, Past Due [Line Items]
Specific CECL Reserve	$ 37,953	[1]	$ 60,300	[2]
Concentration of Risk
Financing Receivable, Past Due [Line Items]
Specific CECL Reserve	$ 38,000		$ 60,300
Concentration of Risk | Property Type
Financing Receivable, Past Due [Line Items]
Percentage of total portfolio loans	100%		100%
Concentration of Risk | Property Type | Mixed-Use, Office
Financing Receivable, Past Due [Line Items]
Percentage of total portfolio loans	3%		4%
Concentration of Risk | Property Type | Mixed-Use, Retail
Financing Receivable, Past Due [Line Items]
Percentage of total portfolio loans	1%		2%
Concentration of Risk | Property Type | Mixed-Use, For Sale Condo
Financing Receivable, Past Due [Line Items]
Percentage of total portfolio loans			1%
Concentration of Risk | Property Type | Mixed-Use, Multifamily
Financing Receivable, Past Due [Line Items]
Percentage of total portfolio loans	1%		1%
[1] Loans classified as non-accrual represented 5.8 % of the total loan portfolio at June 30, 2023, based on carryi ng value. Excludes three loans with an aggregate carrying value of $ 402.3 million that are in maturity default but remain on accrual status but the borrower is either current on interest payments or interest is deemed collectible based on the underlying collateral value. Additionally, a s of June 30, 2023 , we have one loan with a carrying value of $ 78.3 million that is delinquent on interest payments but remains on accrual status as the interest is deemed collectible based on the underlying collateral value. Loans classified as non-accrual represented 4.8 % of the total loan portfolio at December 31, 2022 , based on carrying value. Excludes three loans with an aggregate carrying value of $ 360.0 million that remain on accrual status but are in maturity default.

Loans Portfolio - Summary of In

Loans Portfolio - Summary of Interest and Accretion Income from Loans Receivable (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Receivables [Abstract]
Coupon interest		$ 171,018	$ 92,461	$ 327,634	$ 178,645
Interest on cash, cash equivalents, and other income		4,378	341	6,681	343
Accretion of fees		5,339	6,191	10,586	10,699
Total interest and related income	[1]	$ 180,735	$ 98,993	$ 344,901	$ 189,687
[1] We recognized $ 0.0 and $ 0.3 million in pre-payment penalties and accelerated fees during the three and six months ended June 30, 2023, respectively . We recognized $ 0.9 and $ 0.9 million in pre-payment penalties and accelerated fees during the three and six months ended June 30, 2022 , respectively.

Loans Portfolio - Summary of _2

Loans Portfolio - Summary of Interest and Accretion Income from Loans Receivable (Details) (Parenthetical) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Receivables [Abstract]
Pre-payment penalties and accelerated fees	$ 0	$ 0.9	$ 0.3	$ 0.9

Loans Portfolio - Schedule of P

Loans Portfolio - Schedule of Principal Balance and Carrying Value of The Loans Receivable (Details) $ in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2023 USD ($) Loan		Dec. 31, 2022 USD ($) Loan
Financing Receivable Allowance For Credit Losses [Line Items]
Number of Loans | Loan	75		77
Principal Balance	$ 7,559,500		$ 7,538,525
Carrying Value	7,416,366	[1]	7,360,427	[2]
Carrying value gross	7,482,064	[1]	7,428,774	[2]
General CECL reserve	$ (65,698)	[1]	$ (68,347)	[2]
% of Total of Carrying Value	100%		100%
Risk Rating One
Financing Receivable Allowance For Credit Losses [Line Items]
Number of Loans | Loan	0
% of Total of Carrying Value	0%		0%
Risk Rating Two
Financing Receivable Allowance For Credit Losses [Line Items]
Number of Loans | Loan	2		1
Principal Balance	$ 196,486		$ 927
Carrying Value	$ 194,840	[1]	$ 913	[2]
% of Total of Carrying Value	3%		0%
Risk Rating Three
Financing Receivable Allowance For Credit Losses [Line Items]
Number of Loans | Loan	57		63
Principal Balance	$ 5,921,884		$ 6,181,207
Carrying Value	$ 5,889,606	[1]	$ 6,136,300	[2]
% of Total of Carrying Value	79%		83%
Risk Rating Four
Financing Receivable Allowance For Credit Losses [Line Items]
Number of Loans | Loan	13		10
Principal Balance	$ 1,297,994		$ 1,005,345
Carrying Value	$ 1,292,858	[1]	$ 1,001,235	[2]
% of Total of Carrying Value	17%		13%
Risk Rating Five
Financing Receivable Allowance For Credit Losses [Line Items]
Number of Loans | Loan	3		3
Principal Balance	$ 143,136		$ 351,046
Carrying Value	$ 104,760	[1]	$ 290,326	[2]
% of Total of Carrying Value	1%		4%
[1] Net of specific CECL reserve of $ 38.0 million . Net of specific CECL reserve of $ 60.3 million .

Loans Portfolio - Schedule of_6

Loans Portfolio - Schedule of Principal Balance and Carrying Value of The Loans Receivable (Parenthetical) (Details) - USD ($) $ in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2023		Dec. 31, 2022
Receivables [Abstract]
Specific CECL Reserve	$ 37,953	[1]	$ 60,300	[2]
[1] Loans classified as non-accrual represented 5.8 % of the total loan portfolio at June 30, 2023, based on carryi ng value. Excludes three loans with an aggregate carrying value of $ 402.3 million that are in maturity default but remain on accrual status but the borrower is either current on interest payments or interest is deemed collectible based on the underlying collateral value. Additionally, a s of June 30, 2023 , we have one loan with a carrying value of $ 78.3 million that is delinquent on interest payments but remains on accrual status as the interest is deemed collectible based on the underlying collateral value. Loans classified as non-accrual represented 4.8 % of the total loan portfolio at December 31, 2022 , based on carrying value. Excludes three loans with an aggregate carrying value of $ 360.0 million that remain on accrual status but are in maturity default.

Loans Portfolio - Loan Risk Rat

Loans Portfolio - Loan Risk Ratings (Details)	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Receivables [Abstract]
Weighted-average risk rating on loan exposure	3.20%	3.20%

Loans Portfolio - Summary of Ca

Loans Portfolio - Summary of Carrying Value and Significant Characteristics of Loans Receivable on Non-accrual Status (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended		12 Months Ended
		Dec. 31, 2022		Jun. 30, 2023		Dec. 31, 2022
Financing Receivable Allowance For Credit Losses [Line Items]
Carrying Value		$ 417,626	[1]	$ 472,182	[2]	$ 417,626	[1]
Unpaid Principal Balance				472,884	[2]	418,046	[1]
Specific CECL Reserve				(37,953)	[2]	(60,300)	[1]
Net Carrying Value		357,326	[1]	434,229	[2]	357,326	[1]
Multifamily | Risk Rating Five | CA
Financing Receivable Allowance For Credit Losses [Line Items]
Carrying Value		138,329		138,288		138,329
Unpaid Principal Balance				138,709		138,749
Specific CECL Reserve				(37,069)		(18,293)
Net Carrying Value		120,036		$ 101,219		$ 120,036
Interest Recognition Method				Cost Recovery		Cost Recovery
Interest Recognition as of Date				Dec. 01, 2022	[3]	Dec. 01, 2022
Mixed-Use | NY
Financing Receivable Allowance For Credit Losses [Line Items]
Unpaid Principal Balance						$ 208,800
Specific CECL Reserve		(42,000)
Mixed-Use | Risk Rating Five | NY
Financing Receivable Allowance For Credit Losses [Line Items]
Carrying Value		208,797				208,797
Unpaid Principal Balance						208,797
Specific CECL Reserve						(42,007)
Net Carrying Value		166,790				$ 166,790
Interest Recognition Method						Cash Basis
Interest Recognition as of Date	[4]					Nov. 01, 2022
Office | Risk Rating Four | CA
Financing Receivable Allowance For Credit Losses [Line Items]
Carrying Value				$ 112,163
Unpaid Principal Balance				112,442
Net Carrying Value				$ 112,163
Interest Recognition Method				Cash Basis
Interest Recognition as of Date				Apr. 01, 2023
Land | Risk Rating Four | NY
Financing Receivable Allowance For Credit Losses [Line Items]
Carrying Value		67,000		$ 67,000		$ 67,000
Unpaid Principal Balance				67,000		67,000
Net Carrying Value		67,000		$ 67,000		$ 67,000
Interest Recognition Method				Cash Basis		Cash basis
Interest Recognition as of Date				Nov. 01, 2021		Nov. 01, 2021
Land | Risk Rating Four | VA
Financing Receivable Allowance For Credit Losses [Line Items]
Carrying Value	[5]			$ 150,306
Unpaid Principal Balance	[5]			150,306
Net Carrying Value	[5]			$ 150,306
Interest Recognition Method	[5]			Cost Recovery
Interest Recognition as of Date	[5]			Jan. 01, 2023
Other | Risk Rating Five | NY
Financing Receivable Allowance For Credit Losses [Line Items]
Carrying Value				$ 925
Unpaid Principal Balance				927
Specific CECL Reserve				(884)
Net Carrying Value				$ 41
Interest Recognition Method				Cost Recovery
Interest Recognition as of Date				Jun. 30, 2023
Other | Risk Rating Five | Other
Financing Receivable Allowance For Credit Losses [Line Items]
Carrying Value		3,500		$ 3,500		$ 3,500
Unpaid Principal Balance				3,500		3,500
Net Carrying Value		$ 3,500		$ 3,500		$ 3,500
Interest Recognition Method				Cost Recovery		Cost recovery
Interest Recognition as of Date				Jul. 01, 2020		Jul. 01, 2020
[1] Loans classified as non-accrual represented 4.8 % of the total loan portfolio at December 31, 2022 , based on carrying value. Excludes three loans with an aggregate carrying value of $ 360.0 million that remain on accrual status but are in maturity default. Loans classified as non-accrual represented 5.8 % of the total loan portfolio at June 30, 2023, based on carryi ng value. Excludes three loans with an aggregate carrying value of $ 402.3 million that are in maturity default but remain on accrual status but the borrower is either current on interest payments or interest is deemed collectible based on the underlying collateral value. Additionally, a s of June 30, 2023 , we have one loan with a carrying value of $ 78.3 million that is delinquent on interest payments but remains on accrual status as the interest is deemed collectible based on the underlying collateral value. During the six months ended June 30, 2023, we received $ 40,000 from this loan which was treated as a reduction of carrying value. Interest income of $ 1.1 million was recognized on this loan while on non-accrual status during the year ended December 31, 2022 . During the quarter ended June 30, 2023 , this loan was reclassified from a hospitality loan to a land loan based on the state of the collateral.

Loans Portfolio - Summary of _3

Loans Portfolio - Summary of Carrying Value and Significant Characteristics of Loans Receivable on Non-accrual Status (Details) (Parenthetical)	6 Months Ended	12 Months Ended
	Jun. 30, 2023 USD ($) Loan	Dec. 31, 2022 USD ($) Loan
Receivables [Abstract]
Interest recognized		$ 1,100,000
Financing receivable, percent past due	5.80%	4.80%
Loans received	$ 40,000
Nonaccrual carrying value remain on accrual status maturity default	$ 402,300,000	$ 360,000,000
Number of additional loans | Loan	3	3
Accrual delinquent loan carrying value	$ 78,300,000

Loans Portfolio - Schedule of A

Loans Portfolio - Schedule of Activity In Allowance For Loan Losses (Details) - USD ($) $ in Thousands		3 Months Ended
		Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022
Financing Receivable Allowance For Credit Losses [Line Items]
Total current expected credit loss reserve, Balance				$ 72,700
Current Expected Credit Losses
Financing Receivable Allowance For Credit Losses [Line Items]
Total current expected credit loss reserve, Balance		$ 143,123	$ 146,362	75,630	$ 73,528
Principal charge-offs		(66,935)		(11,500)
Increase (reversal) in current credit loss reserve		41,475	(3,239)	8,530	2,102
Total current expected credit loss reserve, Balance		$ 117,663	143,123	72,660	75,630
Reserve		1.60%
Current Expected Credit Losses | Specific C E C L Allowance
Financing Receivable Allowance For Credit Losses [Line Items]
Total current expected credit loss reserve, Balance		$ 60,300	60,300	6,200	6,333
Principal charge-offs		(66,935)		(11,500)
Increase (reversal) in current credit loss reserve		44,588		5,405	(133)
Total current expected credit loss reserve, Balance		$ 37,953	60,300	105	6,200
Reserve		0.50%
Current Expected Credit Losses | Loans Receivable Held For Investment
Financing Receivable Allowance For Credit Losses [Line Items]
Total current expected credit loss reserve, Balance		$ 67,326	68,347	59,408	60,677
Increase (reversal) in current credit loss reserve		(1,628)	(1,021)	(113)	(1,269)
Total current expected credit loss reserve, Balance		65,698	67,326	59,295	59,408
Current Expected Credit Losses | Interests In Loans Receivable Held For Investment
Financing Receivable Allowance For Credit Losses [Line Items]
Total current expected credit loss reserve, Balance				42	14
Increase (reversal) in current credit loss reserve				(42)	28
Total current expected credit loss reserve, Balance					42
Current Expected Credit Losses | Accrued Interest Receivable
Financing Receivable Allowance For Credit Losses [Line Items]
Total current expected credit loss reserve, Balance					218
Increase (reversal) in current credit loss reserve					(218)
Current Expected Credit Losses | Unfunded Loan Commitments
Financing Receivable Allowance For Credit Losses [Line Items]
Total current expected credit loss reserve, Balance	[1]	15,497	17,715	9,980	6,286
Increase (reversal) in current credit loss reserve	[1]	(1,485)	(2,218)	3,280	3,694
Total current expected credit loss reserve, Balance	[1]	14,012	15,497	13,260	9,980
Current Expected Credit Losses | General CECL Reserve [Member]
Financing Receivable Allowance For Credit Losses [Line Items]
Total current expected credit loss reserve, Balance		82,823	86,062	69,430	67,195
Increase (reversal) in current credit loss reserve		(3,113)	(3,239)	3,125	2,235
Total current expected credit loss reserve, Balance		$ 79,710	$ 82,823	$ 72,555	$ 69,430
Reserve		1.10%
[1] The CECL reserve for unfunded commitments is included in other liabilities on the consolidated balance sheets.

Loan Portfolio - Schedule of Ca

Loan Portfolio - Schedule of Carrying Value of Loan Portfolio Based on Internal Risk Ratings (Details) $ in Thousands	Jun. 30, 2023 USD ($) Loan
Financing Receivable Allowance For Credit Losses [Line Items]
Number of Loans | Loan	75
Amortized Cost Basis	$ 7,482,064	[1]
Year 1	100,679
Year 2	2,397,133
Year 3	1,932,748
Year 4	308,108
Year 5	1,790,537
Year 6	952,859
Charge-Off	$ 66,935	[2]
Risk Rating One
Financing Receivable Allowance For Credit Losses [Line Items]
Number of Loans | Loan	0
Risk Rating Two
Financing Receivable Allowance For Credit Losses [Line Items]
Number of Loans | Loan	2
Amortized Cost Basis	$ 194,840	[1]
Year 2	37,931
Year 5	$ 156,909
Risk Rating Three
Financing Receivable Allowance For Credit Losses [Line Items]
Number of Loans | Loan	57
Amortized Cost Basis	$ 5,889,606	[1]
Year 1	100,679
Year 2	1,980,013
Year 3	1,698,179
Year 4	195,945
Year 5	1,292,890
Year 6	$ 621,900
Risk Rating Four
Financing Receivable Allowance For Credit Losses [Line Items]
Number of Loans | Loan	13
Amortized Cost Basis	$ 1,292,858	[1]
Year 2	379,189
Year 3	234,569
Year 4	112,163
Year 5	236,019
Year 6	$ 330,918
Risk Rating Five
Financing Receivable Allowance For Credit Losses [Line Items]
Number of Loans | Loan	3
Amortized Cost Basis	$ 104,760	[1]
Year 5	104,719
Year 6	$ 41
[1] Net of specific CECL reserves o f $ 38.0 million . Principal charge-off recognized in connection with an assignment-in-lieu of foreclosure of a mixed-use property on June 30, 2023. See Note 5 - Real Estate Owned, Net for further detail.

Loan Portfolio - Schedule of _2

Loan Portfolio - Schedule of Carrying Value of Loan Portfolio Based on Internal Risk Ratings (Parenthetical) (Details) - USD ($) $ in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2023		Dec. 31, 2022
Financing Receivable, Allowance for Credit Loss [Line Items]
Specific CECL Reserve	$ 37,953	[1]	$ 60,300	[2]
[1] Loans classified as non-accrual represented 5.8 % of the total loan portfolio at June 30, 2023, based on carryi ng value. Excludes three loans with an aggregate carrying value of $ 402.3 million that are in maturity default but remain on accrual status but the borrower is either current on interest payments or interest is deemed collectible based on the underlying collateral value. Additionally, a s of June 30, 2023 , we have one loan with a carrying value of $ 78.3 million that is delinquent on interest payments but remains on accrual status as the interest is deemed collectible based on the underlying collateral value. Loans classified as non-accrual represented 4.8 % of the total loan portfolio at December 31, 2022 , based on carrying value. Excludes three loans with an aggregate carrying value of $ 360.0 million that remain on accrual status but are in maturity default.

Loans Portfolio - Schedule of O

Loans Portfolio - Schedule of Overall Statistics for Loans Receivable (Details) - Loans Receivable Portfolio	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Financing Receivable Recorded Investment Past Due [Line Items]
Weighted average yield to maturity	9.20%	8.60%
Weighted average term to fully extended maturity	2 years 10 months 24 days	3 years 2 months 12 days

Equity Method Investment - Addi

Equity Method Investment - Additional Information (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022	Jun. 08, 2016
Schedule of Equity Method Investments [Line Items]
Equity method investment	$ 42,547	$ 41,880
CMTG/TT
Schedule of Equity Method Investments [Line Items]
Equity interest ownership percentage	51%		51%
Equity method investment	$ 42,500

Real Estate Owned, Net - Additi

Real Estate Owned, Net - Additional Information (Details)			3 Months Ended			6 Months Ended			12 Months Ended
		Jun. 30, 2023 USD ($)	Jun. 30, 2023 USD ($)	Dec. 31, 2022 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($)		Jun. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)		Feb. 08, 2021 USD ($) Property
Mortgage Loans On Real Estate [Line Items]
Loan held by company	[1]	$ 630,814,000	$ 630,814,000	$ 631,311,000		$ 630,814,000			$ 631,311,000
Foreclosed loan collateral value											$ 414,000,000
Debt related to real estate owned, net		289,651,000	289,651,000	289,389,000		289,651,000			289,389,000
Unpaid principal balance						472,884,000	[2]		418,046,000	[3]
Specific CECL reserve						37,953,000	[2]		60,300,000	[3]
Real estate estimated fair value		144,412,000
Aggregate minimum fixed rents delinquent tenant		40,700,000	40,700,000			40,700,000
Tenant assets recognized		0	0			0
Depreciation expense			2,100,000		$ 2,000,000	4,150,000		$ 3,938,000
Amortization of in-place and other lease intangibles			0			0
Amortization of above and below market lease values			0			$ 0
Weighted average amortization period for in-place and other lease intangibles						8 years 10 months 24 days
Weighted average amortization period for above market lease values						10 years 6 months
Weighted average amortization period for below market lease values						11 years 3 months 18 days
Above Market Leases
Mortgage Loans On Real Estate [Line Items]
Real estate estimated fair value		17,886,000
Hotel [Member]
Mortgage Loans On Real Estate [Line Items]
Number of real estate properties acquired | Property											7
Hotel [Member] | NEW YORK [Member] | Mezzanine Loans [Member]
Mortgage Loans On Real Estate [Line Items]
Loan held by company											$ 103,900,000
Hotel [Member] | NEW YORK [Member] | Senior Mortgage Loans [Member]
Mortgage Loans On Real Estate [Line Items]
Debt related to real estate owned, net											$ 300,000,000
Mixed-Use [Member]
Mortgage Loans On Real Estate [Line Items]
Purchase price allocated to intangible assets		20,100,000	20,100,000			$ 20,100,000
Mixed-Use [Member] | In-Place Leases
Mortgage Loans On Real Estate [Line Items]
Purchase price allocated to intangible assets		4,800,000	4,800,000			4,800,000
Mixed-Use [Member] | Above Market Leases
Mortgage Loans On Real Estate [Line Items]
Purchase price allocated to intangible assets		17,900,000	17,900,000			17,900,000
Mixed-Use [Member] | Below Market Leases
Mortgage Loans On Real Estate [Line Items]
Purchase price allocated to intangible assets		4,200,000	4,200,000			4,200,000
Mixed-Use [Member] | Other Leases
Mortgage Loans On Real Estate [Line Items]
Purchase price allocated to intangible assets		1,600,000	$ 1,600,000			$ 1,600,000
Mixed-Use [Member] | NEW YORK [Member]
Mortgage Loans On Real Estate [Line Items]
Unpaid principal balance									$ 208,800,000
Specific CECL reserve				$ 42,000,000
Additional specific CECL reserve		24,900,000
Principal charge-off		66,900,000
Real estate estimated fair value		144,000,000
Transaction costs		$ 400,000
Mixed-Use [Member] | NEW YORK [Member] | Minimum
Mortgage Loans On Real Estate [Line Items]
Discount rate		7.30%
Market and terminal capitalization rate		5%
Mixed-Use [Member] | NEW YORK [Member] | Maximum
Mortgage Loans On Real Estate [Line Items]
Discount rate		7.50%
Market and terminal capitalization rate		5.50%
[1] Includes cash reserve balances. Loans classified as non-accrual represented 5.8 % of the total loan portfolio at June 30, 2023, based on carryi ng value. Excludes three loans with an aggregate carrying value of $ 402.3 million that are in maturity default but remain on accrual status but the borrower is either current on interest payments or interest is deemed collectible based on the underlying collateral value. Additionally, a s of June 30, 2023 , we have one loan with a carrying value of $ 78.3 million that is delinquent on interest payments but remains on accrual status as the interest is deemed collectible based on the underlying collateral value. Loans classified as non-accrual represented 4.8 % of the total loan portfolio at December 31, 2022 , based on carrying value. Excludes three loans with an aggregate carrying value of $ 360.0 million that remain on accrual status but are in maturity default.

Real Estate Owned, Net - Schedu

Real Estate Owned, Net - Schedule of Allocated Fair Value of Assets Acquired and Liabilities Assumed (Details) $ in Thousands	Jun. 30, 2023 USD ($)
Property, Plant and Equipment [Line Items]
Total	$ 144,412
Above Market Lease Values [Member]
Property, Plant and Equipment [Line Items]
Total	17,886
Land
Property, Plant and Equipment [Line Items]
Total	108,667
Building
Property, Plant and Equipment [Line Items]
Total	11,181
Capital Improvements
Property, Plant and Equipment [Line Items]
Total	70
Tenant Improvements
Property, Plant and Equipment [Line Items]
Total	4,414
In-Place Lease Values and Other Lease Intangibles
Property, Plant and Equipment [Line Items]
Total	6,403
Below Market Lease Values
Property, Plant and Equipment [Line Items]
Total	$ (4,209)

Real Estate Owned, Net - Sche_2

Real Estate Owned, Net - Schedule of Additional Detail of the Acquired Assets and Assumed Liabilities of Mixed-Use Property (Details) - Mixed-Use - NY $ in Thousands	Jun. 30, 2023 USD ($)
Business Acquisition [Line Items]
Cash	$ 256
Real estate owned	124,332
In-place, above market, and other lease intangibles (1)	24,289	[1]
Other assets	4,810
Total assets acquired	153,687
Below market lease values (2)	4,209	[2]
Other liabilities	7,616
Total liabilities assumed	11,825
Assets acquired, net of liabilities assumed	$ 141,862
[1] Included within other assets on our consolidated balance sheets. Included within other liabilities on our consolidated balance sheets.

Real Estate Owned, Net - Summar

Real Estate Owned, Net - Summary of additional detail related to the company's real estate owned, net (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Property Plant And Equipment [Line Items]
Real estate owned	$ 541,731	$ 416,343
Less: accumulated depreciation	(19,304)	(15,154)
Real estate acquired through foreclosure, fair value	522,427	401,189
Land
Property Plant And Equipment [Line Items]
Real estate owned	231,767	123,100
Building
Property Plant And Equipment [Line Items]
Real estate owned	295,651	284,400
Capital Improvements
Property Plant And Equipment [Line Items]
Real estate owned	3,399	2,343
Tenant Improvements
Property Plant And Equipment [Line Items]
Real estate owned	4,414
Furniture, Fixtures and Equipment
Property Plant And Equipment [Line Items]
Real estate owned	$ 6,500	$ 6,500

Real Estate Owned, Net - Sche_3

Real Estate Owned, Net - Schedule of Future Minimum Fixed Rents under Non-Cancellable Leases (Details) $ in Thousands	Jun. 30, 2023 USD ($)	[2]
Real Estate Owned, Disclosure of Detailed Components [Abstract]
2023	$ 4,134	[1]
2024	8,312
2025	8,383
2026	8,415
2027	8,432
Thereafter	35,971
Total	$ 73,647
[1] Contractual lease payments due for the remaining six months of 2023. Excludes aggregate minimum fixed rents of $ 40.7 million due to us through 2034 related to a tenant who has defaulted on their lease, and for which we are pursuing collection. Revenues from such tenant will be recognized on a cash basis and no value was prescribed to associated tenant assets upon assignment-in-lieu of foreclosure of our mixed-use real estate owned.

Real Estate Owned, Net - Sche_4

Real Estate Owned, Net - Schedule of Lease Intangibles (Details) $ in Thousands	Jun. 30, 2023 USD ($)
Real Estate Owned, Disclosure of Detailed Components [Abstract]
In-place, above market, and other lease intangibles	$ 24,289
In-place, above market, and other lease intangibles, net	24,289
Below market lease values	4,209
Below market lease values, net	$ 4,209

Real Estate Owned, Net - Estima

Real Estate Owned, Net - Estimated Amortization of Intangibles for Next Five Years (Details) $ in Thousands	Jun. 30, 2023 USD ($)
Real Estate Owned, Disclosure of Detailed Components [Abstract]
2023	$ 888	[1]
2024	1,775
2025	1,775
2026	1,775
2027	1,775
Above market lease values, net	7,988
2023	397	[1]
2024	794
2025	794
2026	794
2027	794
In-place and other lease intangibles, net	3,573
2023	(189)	[1]
2024	(377)
2025	(377)
2026	(377)
2027	(377)
Below market lease values, net	$ (1,697)
[1] Amortization for the remaining six months of 2023.

Debt Obligations - Summary of F

Debt Obligations - Summary of Financings (Details) - USD ($) $ in Thousands		Jun. 30, 2023	Dec. 31, 2022
Short-Term Debt [Line Items]
Capacity		$ 7,955,123	$ 7,776,447
Borrowing Outstanding		$ 5,896,479	$ 5,688,361
Weighted Average Spread	[1]	2.99%	2.75%
Repurchase Agreements and Term Participation Facility [Member]
Short-Term Debt [Line Items]
Capacity	[2]	$ 5,855,749	$ 5,700,000
Borrowing Outstanding	[2]	$ 4,137,158	$ 4,012,818
Weighted Average Spread	[1],[2]	2.54%	2.25%
Repurchase agreements - Side Car [Member]
Short-Term Debt [Line Items]
Capacity	[2]	$ 365,422	$ 271,171
Borrowing Outstanding	[2]	$ 252,965	$ 211,572
Weighted Average Spread	[1],[2]	5.31%	4.51%
Loan Participants Sold [Member]
Short-Term Debt [Line Items]
Capacity		$ 264,252	$ 264,252
Borrowing Outstanding		$ 264,252	$ 264,252
Weighted Average Spread	[1]	3.67%	3.68%
Notes Payable [Member]
Short-Term Debt [Line Items]
Capacity		$ 450,435	$ 495,934
Borrowing Outstanding		$ 222,839	$ 154,629
Weighted Average Spread	[1]	3.05%	3.09%
Securities Loaned [Member]
Short-Term Debt [Line Items]
Capacity		$ 729,265	$ 755,090
Borrowing Outstanding		$ 729,265	$ 755,090
Weighted Average Spread	[1]	4.50%	4.50%
Debt To Real Estate Owned [Member]
Short-Term Debt [Line Items]
Capacity		$ 290,000	$ 290,000
Borrowing Outstanding		$ 290,000	$ 290,000
Weighted Average Spread	[1]	2.78%	2.78%
[1] Weighted average spread over the applicable benchmark rate is based on unpaid principal balance. SOFR as of June 30, 2023 was 5.14 % . LIBOR and SOFR as of December 31, 2022 were 4.39 % and 4.36 %, respectively. The repurchase agreements and term participation facility are partially recourse to us. As of June 30, 2023 and December 31, 2022, the weighted average recourse on both our repurchase agreements and term participation facility was 32 % and 28 %, respectively.

Debt Obligations - Summary of_2

Debt Obligations - Summary of Financings (Parenthetical) (Details)		6 Months Ended	12 Months Ended
		Jun. 30, 2023	Dec. 31, 2022
Short-Term Debt [Line Items]
Weighted Average Interest Rate	[1]	8.87%	8.12%
Recourse | Term participation facility
Short-Term Debt [Line Items]
Weighted Average Interest Rate		28%	28%
Repurchase Agreements | Recourse
Short-Term Debt [Line Items]
Weighted Average Interest Rate		32%	32%
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Short-Term Debt [Line Items]
LIBOR floor		5.14%	4.36%
LIBOR
Short-Term Debt [Line Items]
LIBOR floor			4.39%
[1] Reflects the weighted average interest rate based on the applicable floating benchmark rate (if applicable), including LIBOR/SOFR floors (if applicable). Weighted average is based on unpaid principal balance as of December 31, 2022 and includes loans on non-accrual status. For loans placed on non-accrual, the interest rate used in calculating the weighted average spread is 0 %.

Debt Obligations - Summary of R

Debt Obligations - Summary of Repurchase Agreements (Details) - USD ($) $ in Thousands		6 Months Ended		12 Months Ended
		Jun. 30, 2023		Dec. 31, 2022
Repurchase Agreement Counterparty [Line Items]
Repurchase agreements		$ 4,043,983		$ 3,966,859
Carrying Value of Collateral	[1]	630,814		631,311
Repurchase agreements and term participation facility [Member]
Repurchase Agreement Counterparty [Line Items]
Maximum Capacity		5,221,171		4,971,171
Repurchase agreements		4,043,983		3,966,859
Undrawn Capacity		1,177,188		1,004,312
Carrying Value of Collateral		$ 5,768,230	[2]	$ 5,982,086	[3]
Repurchase agreements and term participation facility [Member] | JP Morgan Chase Bank NA Main Pool [Member]
Repurchase Agreement Counterparty [Line Items]
Initial Maturity		Jun. 29, 2025	[4]	Jun. 29, 2025
Fully Extended Maturity		Jun. 29, 2027	[4],[5]	Jun. 29, 2027	[6]
Maximum Capacity		$ 1,655,749	[4]	$ 1,500,000
Repurchase agreements		1,453,925	[4]	1,272,079
Undrawn Capacity		201,824	[4]	227,921
Carrying Value of Collateral		$ 2,007,442	[2],[4]	$ 1,815,531	[3]
Repurchase agreements and term participation facility [Member] | JP Morgan Chase Bank NA Side Car [Member]
Repurchase Agreement Counterparty [Line Items]
Initial Maturity		May 27, 2024	[7]	May 27, 2023
Fully Extended Maturity		May 27, 2024	[5],[7]	May 27, 2024	[6]
Maximum Capacity		$ 365,422	[7]	$ 271,171
Repurchase agreements		252,965	[7]	211,572
Undrawn Capacity		112,457	[7]	59,599
Carrying Value of Collateral		$ 372,673	[2],[7]	$ 460,481	[3]
Repurchase agreements and term participation facility [Member] | Morgan Stanley Bank NA [Member]
Repurchase Agreement Counterparty [Line Items]
Initial Maturity		Jan. 26, 2024		Jan. 26, 2024	[8]
Fully Extended Maturity		Jan. 26, 2025	[5]	Jan. 26, 2025	[6],[8]
Maximum Capacity		$ 1,000,000		$ 1,000,000	[8]
Repurchase agreements		837,968		859,624	[8]
Undrawn Capacity		162,032		140,376	[8]
Carrying Value of Collateral		$ 1,187,175	[2]	$ 1,340,573	[3],[8]
Repurchase agreements and term participation facility [Member] | Goldman Sachs Bank USA [Member]
Repurchase Agreement Counterparty [Line Items]
Initial Maturity		May 31, 2025		May 31, 2024	[9]
Fully Extended Maturity		May 31, 2027	[5]	May 31, 2025	[6],[9]
Maximum Capacity		$ 500,000		$ 500,000	[9]
Repurchase agreements		206,734		356,014	[9]
Undrawn Capacity		293,266		143,986	[9]
Carrying Value of Collateral		$ 278,719	[2]	$ 551,091	[3],[9]
Repurchase agreements and term participation facility [Member] | Barclays Bank PLC [Member]
Repurchase Agreement Counterparty [Line Items]
Initial Maturity		Dec. 20, 2024		Dec. 20, 2024
Fully Extended Maturity		Dec. 20, 2025	[5]	Dec. 20, 2025	[6]
Maximum Capacity		$ 500,000		$ 500,000
Repurchase agreements		195,334		176,384
Undrawn Capacity		304,666		323,616
Carrying Value of Collateral		$ 351,602	[2]	$ 269,973	[3]
Repurchase agreements and term participation facility [Member] | Deutsche Bank AG New York Branch [Member]
Repurchase Agreement Counterparty [Line Items]
Initial Maturity		Jun. 26, 2024		Jun. 26, 2023
Fully Extended Maturity		Jun. 26, 2026	[5]	Jun. 26, 2026	[6]
Maximum Capacity		$ 400,000		$ 400,000
Repurchase agreements		365,180		345,583
Undrawn Capacity		34,820		54,417
Carrying Value of Collateral		$ 605,645	[2]	$ 591,592	[3]
Repurchase agreements and term participation facility [Member] | Wells Fargo Bank NA [Member]
Repurchase Agreement Counterparty [Line Items]
Initial Maturity		Sep. 29, 2023		Sep. 29, 2023
Fully Extended Maturity		Sep. 29, 2026	[5]	Sep. 29, 2026	[6]
Maximum Capacity		$ 800,000		$ 800,000
Repurchase agreements		731,877		745,603
Undrawn Capacity		68,123		54,397
Carrying Value of Collateral		$ 964,974	[2]	$ 952,845	[3]
[1] Includes cash reserve balances. Net of specific CECL reserve, if any. Net of specific CECL reserves, if any. On July 28, 2023, this facility was modified to, among other things, extend the initial and fully extended maturity dates to July 28, 2026 and July 28, 2028 , respectively, and combine the JP Morgan Chase Bank, N.A. - Side Car financing with the JP Morgan Chase Bank, N.A. - Main Pool facility. Facility maturity dates may be extended based on certain conditions being met. Facility maturity dates may be extended based on certain conditions being met. On July 28, 2023, this financing was combined with the JP Morgan Chase Bank, N.A. - Main Pool facility. On January 24, 2023, we exercised our option to extend the initial maturity of this facility from January 26, 2023 to January 26, 2024 . On January 13, 2023, this facility was modified such that the initial maturity was extended from May 31, 2023 to May 31, 2024 .

Debt Obligations - Summary of_3

Debt Obligations - Summary of Repurchase Agreements (Parenthetical) (Details)	Jul. 28, 2023	Jan. 24, 2023	Jan. 23, 2023	Jan. 13, 2023	Jan. 12, 2023
Repurchase Agreement Counterparty [Line Items]
Contractual Maturity Date		Jan. 26, 2024	Jan. 26, 2023	May 31, 2024	May 31, 2023
Subsequent Event
Repurchase Agreement Counterparty [Line Items]
Initial Maturity	Jul. 28, 2026
Fully Extended Maturity	Jul. 28, 2028

Debt Obligations - Additional I

Debt Obligations - Additional Information (Details) - USD ($)

3 Months Ended

6 Months Ended

12 Months Ended

Jan. 24, 2023

Jan. 23, 2023

Jan. 13, 2023

Jan. 12, 2023

Nov. 04, 2022

Jun. 29, 2022

Dec. 02, 2021

Jun. 30, 2023

Jun. 30, 2022

Jun. 30, 2023

Jun. 30, 2022

Dec. 31, 2022

Feb. 08, 2021

Dec. 01, 2020

Aug. 09, 2019

Repurchase Agreement Counterparty [Line Items]

Secured term loan

$ 325,000,000

$ 450,000,000

One-month SOFR

4.50%

Contractual Maturity Date

Jan. 26, 2024

Jan. 26, 2023

May 31, 2024

May 31, 2023

Interest expense

$ 125,541,000

$ 49,590,000

$ 237,012,000

$ 91,754,000

General and administrative expenses

4,492,000

4,748,000

9,417,000

9,091,000

Gain on extinguishment of debt

2,217,000

$ 0

$ 2,217,000

$ 0

Debt instrument, variable interest rate basis

0

0

Financing agreements, covenants description

Our financing agreements generally contain certain financial covenants. For example, our ratio of earnings before interest, taxes, depreciation, and amortization, to interest charges, as defined in the agreements, shall be not less than either 1.4 to 1.0 or 1.5 to 1.0. Further, (i) our tangible net worth, as defined in the agreements, shall not be less than $2.1 billion as of each measurement date plus 75% of proceeds from future equity issuances; (ii) cash liquidity shall not be less than the greater of (x) $50 million or (y) 5% of our recourse indebtedness; and (iii) our indebtedness shall not exceed 77.8% of our total assets. As of June 30, 2023 and December 31, 2022, we are in compliance with all covenants under our financing agreements. The requirements set forth in (i) through (iii) above are based upon the most restrictive financial covenants in place as of the reporting date.

Percentage of proceeds from future equity issuances added for tangible net worth

75%

Percentage of recourse indebtedness

5%

Percentage of total assets as indebtedness

77.80%

Minimum

Repurchase Agreement Counterparty [Line Items]

Ratio of earnings before interest, taxes, depreciation and amortization to interest charges

140%

Tangible networth as of measurement date

$ 2,100,000,000

Cash liquidity amount to be maintained

50,000,000

$ 50,000,000

Maximum

Repurchase Agreement Counterparty [Line Items]

Ratio of earnings before interest, taxes, depreciation and amortization to interest charges

150%

Secured Overnight Financing Rate (SOFR)

Repurchase Agreement Counterparty [Line Items]

Debt instrument basis spread on variable rate

5.14%

4.36%

LIBOR

Repurchase Agreement Counterparty [Line Items]

Debt instrument basis spread on variable rate

4.39%

Secured Term Loan

Repurchase Agreement Counterparty [Line Items]

Principal payments

$ 1,900,000

Contractual Maturity Date

Aug. 09, 2026

Aug. 09, 2026

Debt instrument retired amount

22,000,000

$ 22,000,000

Loan repurchased, amount

19,300,000

19,300,000

Unamortized deferred financing costs

485,000

$ 485,000

Gain on extinguishment of debt

2,200,000

Secured Term Loan | Secured Overnight Financing Rate (SOFR)

Repurchase Agreement Counterparty [Line Items]

Debt instrument basis spread on variable rate

5.14%

4.36%

Secured Term Loan | Secured Overnight Financing Rate (SOFR) | Minimum

Repurchase Agreement Counterparty [Line Items]

One-month SOFR

0.10%

Secured Term Loan | Secured Overnight Financing Rate (SOFR) | Maximum

Repurchase Agreement Counterparty [Line Items]

One-month SOFR

0.50%

Term participation facility

Repurchase Agreement Counterparty [Line Items]

Credit facility outstanding balance

346,140,000

$ 346,140,000

$ 257,531,000

Contractual Maturity Date

Feb. 17, 2028

Dec. 21, 2027

Term participation facility | Master Participation and Administration Agreement | Mortgage Loans

Repurchase Agreement Counterparty [Line Items]

Line of credit, maximum borrowing capacity

$ 1,000,000,000

535,100,000

$ 535,100,000

$ 481,400,000

Credit facility outstanding balance

346,100,000

$ 346,100,000

257,500,000

Maturity period

5 years

Maturity date

Nov. 04, 2023

Feb. 17, 2028

Acquisition Facility

Repurchase Agreement Counterparty [Line Items]

Line of credit, maximum borrowing capacity

$ 150,000,000

Credit facility outstanding balance

$ 0

$ 0

$ 0

Contractual Maturity Date

Jun. 29, 2025

Credit facility initial advance rate

75%

Credit spread adjustment rate

0.0225

Line of credit facility increase

$ 500,000,000

Acquisition Facility | Secured Overnight Financing Rate (SOFR)

Repurchase Agreement Counterparty [Line Items]

Debt instrument basis spread on variable rate

0.10%

Real Estate Investment

Repurchase Agreement Counterparty [Line Items]

Senior mortgage amount

$ 300,000,000

Debt Obligations - Summary of T

Debt Obligations - Summary of Term Participation Facility (Details) - USD ($) $ in Thousands						6 Months Ended	12 Months Ended
		Jan. 24, 2023	Jan. 23, 2023	Jan. 13, 2023	Jan. 12, 2023	Jun. 30, 2023	Dec. 31, 2022
Term Participations [Line Items]
Contractual Maturity Date		Jan. 26, 2024	Jan. 26, 2023	May 31, 2024	May 31, 2023
Carrying Value						$ 264,082	$ 263,798
Loan held by company	[1]					$ 630,814	$ 631,311
Term Participation Facility
Term Participations [Line Items]
Contractual Maturity Date						Feb. 17, 2028	Dec. 21, 2027
Borrowing Outstanding						$ 346,140	$ 257,531
Carrying Value						346,140	257,531
Loan held by company						$ 513,722	$ 375,769
[1] Includes cash reserve balances.

Debt Obligations - Summary of L

Debt Obligations - Summary of Loan Participations Sold (Details) - USD ($) $ in Thousands						6 Months Ended		12 Months Ended
		Jan. 24, 2023	Jan. 23, 2023	Jan. 13, 2023	Jan. 12, 2023	Jun. 30, 2023		Dec. 31, 2022
Loan Participations Sold [Line Items]
Contractual Maturity Date		Jan. 26, 2024	Jan. 26, 2023	May 31, 2024	May 31, 2023
Borrowing Outstanding						$ 264,252		$ 264,252
Carrying Value						264,082		263,798
Loan held by company	[1]					$ 630,814		$ 631,311
Term participation facility
Loan Participations Sold [Line Items]
Contractual Maturity Date						Feb. 17, 2028		Dec. 21, 2027
Carrying Value						$ 346,140		$ 257,531
Loan held by company						$ 513,722		$ 375,769
Variable Loan One
Loan Participations Sold [Line Items]
Contractual Maturity Date						Aug. 01, 2023	[2]	Aug. 01, 2023
Maximum Extension Date						Aug. 01, 2023	[2]	Aug. 01, 2023
Borrowing Outstanding						$ 138,322		$ 138,322
Carrying Value						138,322		138,322
Loan held by company	[1]					$ 281,403		$ 281,123
Variable Loan Two
Loan Participations Sold [Line Items]
Contractual Maturity Date						Oct. 18, 2023		Oct. 18, 2023
Maximum Extension Date						Oct. 18, 2024		Oct. 18, 2024
Borrowing Outstanding						$ 105,930		$ 105,930
Carrying Value						105,816		105,645
Loan held by company	[1]					$ 192,502		$ 192,355
Fixed Loan
Loan Participations Sold [Line Items]
Contractual Maturity Date						Dec. 31, 2024		Dec. 31, 2024
Maximum Extension Date						Dec. 31, 2025		Dec. 31, 2025
Borrowing Outstanding						$ 20,000		$ 20,000
Carrying Value						19,944		19,831
Loan held by company	[1]					$ 156,909		$ 157,833
[1] Includes cash reserve balances. August 1, 2023, the maturity dates of both this loan participation and the related loan receivable were extended to August 15, 2023.

Debt Obligations - Summary of N

Debt Obligations - Summary of Notes Payable (Details) - USD ($) $ in Thousands						6 Months Ended	12 Months Ended
		Jan. 24, 2023	Jan. 23, 2023	Jan. 13, 2023	Jan. 12, 2023	Jun. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Contractual Maturity Date		Jan. 26, 2024	Jan. 26, 2023	May 31, 2024	May 31, 2023
Borrowing Outstanding						$ 222,839	$ 154,629
Carrying Value						264,082	263,798
Carrying Value						218,373	149,521
Loan held by company	[1]					630,814	631,311
Loan held by company						$ 326,452	$ 237,711
Notes Payable One
Debt Instrument [Line Items]
Contractual Maturity Date						Dec. 31, 2024	Dec. 31, 2024
Maximum Extension Date						Dec. 31, 2025	Dec. 31, 2025
Borrowing Outstanding						$ 103,593	$ 103,592
Carrying Value						102,750	102,467
Loan held by company						$ 156,909	$ 157,833
Notes Payable Two
Debt Instrument [Line Items]
Contractual Maturity Date						Feb. 02, 2026	Feb. 02, 2026
Maximum Extension Date						Feb. 02, 2027	Feb. 02, 2027
Borrowing Outstanding						$ 42,979	$ 28,288
Carrying Value						42,025	27,292
Loan held by company						$ 54,795	$ 34,199
Notes Payable Three
Debt Instrument [Line Items]
Contractual Maturity Date						Jun. 30, 2025	Jun. 30, 2025
Maximum Extension Date						Jun. 30, 2026	Jun. 30, 2026
Borrowing Outstanding						$ 22,900	$ 4,777
Carrying Value						22,509	4,354
Loan held by company						$ 37,930	$ 16,290
Notes Payable Four
Debt Instrument [Line Items]
Contractual Maturity Date						Sep. 02, 2026	Sep. 02, 2026
Maximum Extension Date						Sep. 02, 2027	Sep. 02, 2027
Borrowing Outstanding						$ 8,916
Carrying Value						(7,684)	$ (1,234)
Loan held by company						$ (10,964)	$ (1,763)
Notes Payable Five
Debt Instrument [Line Items]
Contractual Maturity Date						Nov. 22, 2024	Nov. 22, 2024
Maximum Extension Date						Nov. 24, 2026	Nov. 24, 2026
Borrowing Outstanding						$ 33,099	$ 16,055
Carrying Value						32,688	15,497
Loan held by company						$ 42,885	$ 25,403
Notes Payable Six
Debt Instrument [Line Items]
Contractual Maturity Date						Oct. 13, 2025	Oct. 13, 2025
Maximum Extension Date						Oct. 13, 2026	Oct. 13, 2026
Borrowing Outstanding						$ 11,352	$ 1,917
Carrying Value						10,717	1,145
Loan held by company						$ 22,969	$ 5,749
[1] Includes cash reserve balances.

Debt Obligations - Summary of S

Debt Obligations - Summary of Secured Term Loan (Details) - USD ($) $ in Thousands					6 Months Ended		12 Months Ended
	Jan. 24, 2023	Jan. 23, 2023	Jan. 13, 2023	Jan. 12, 2023	Jun. 30, 2023		Dec. 31, 2022
Secured Term Loan [Line Items]
Contractual Maturity Date	Jan. 26, 2024	Jan. 26, 2023	May 31, 2024	May 31, 2023
Borrowing Outstanding					$ 222,839		$ 154,629
Carrying Value					$ 264,082		$ 263,798
Secured Term Loan
Secured Term Loan [Line Items]
Contractual Maturity Date					Aug. 09, 2026		Aug. 09, 2026
Stated					S + 4.50%	[1]	S + 4.50%	[2]
Debt Instrument Interest Rate					9.74%		8.96%
Borrowing Outstanding					$ 729,265		$ 755,090
Carrying Value					$ 713,975		$ 736,853
[1] SOFR at June 30, 2023 was 5.14 % . SOFR at December 31, 2022 was 4.36 % .

Debt Obligations - Summary of_4

Debt Obligations - Summary of Secured Term Loan (Parenthetical) (Details) - Secured Overnight Financing Rate (SOFR)	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Secured Term Loan [Line Items]
LIBOR floor	5.14%	4.36%
Secured Term Loan
Secured Term Loan [Line Items]
LIBOR floor	5.14%	4.36%

Debt Obligations - Summary of D

Debt Obligations - Summary of Debt Related To Real Estate Owned (Details) - USD ($) $ in Thousands					6 Months Ended		12 Months Ended
	Jan. 24, 2023	Jan. 23, 2023	Jan. 13, 2023	Jan. 12, 2023	Jun. 30, 2023		Dec. 31, 2022
Debt Instrument Real Estate Owned Net [Line Items]
Contractual Maturity Date	Jan. 26, 2024	Jan. 26, 2023	May 31, 2024	May 31, 2023
Carrying Value					$ 264,082		$ 263,798
Real Estate Investment
Debt Instrument Real Estate Owned Net [Line Items]
Contractual Maturity Date					Feb. 09, 2024		Feb. 09, 2024
Stated					L + 2.78	[1]	L + 2.78	[2]
Debt Instrument Interest Rate					5.78%	[1]	5.78%	[2]
Borrowing Outstanding					$ 290,000		$ 290,000
Carrying Value					$ 289,651		$ 289,389
[1] SOFR at June 30, 2023 was 5.14 % , which exceeded the 3.00 % ceiling provided by our interest rate cap. See Note 7 - Derivatives for further detail of our interest rate cap. LIBOR at December 31, 2022 was 4.39 % , which exceeds the 3.00 % ceiling provided by our interest rate cap. See Note 7 – Derivatives for further detail of our interest rate cap.

Debt Obligations - Summary of_5

Debt Obligations - Summary of Debt Related To Real Estate Owned (Parenthetical) (Details)	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
One Month L I B O R
Debt Instrument Real Estate Owned Net [Line Items]
LIBOR floor		4.39%
Real Estate Investment | Interest Rate Cap
Debt Instrument Real Estate Owned Net [Line Items]
LIBOR floor		3%
Real Estate Investment | One Month L I B O R
Debt Instrument Real Estate Owned Net [Line Items]
LIBOR floor		4.39%
Real Estate Investment | One Month SOFR
Debt Instrument Real Estate Owned Net [Line Items]
LIBOR floor	5.14%
Real Estate Investment | One Month SOFR | Interest Rate Cap
Debt Instrument Real Estate Owned Net [Line Items]
LIBOR floor	3%

Debt Obligations - Summary of I

Debt Obligations - Summary of Interest Expense and Amortization (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Securities Loaned and Securities Sold under Agreement to Repurchase, Gross Including Not Subject to Master Netting Arrangement [Abstract]
Interest expense on secured financings		$ 95,860	$ 31,702	$ 178,810	$ 57,113
Interest expense on secured term loan		17,942	10,299	35,183	19,858
Interest expense on debt related to real estate owned	[1]	5,865	2,719	11,309	5,303
Amortization of deferred financing costs		5,874	4,870	11,710	9,480
Total interest and related expense		$ 125,541	$ 49,590	$ 237,012	$ 91,754
[1] Interest on debt related to real estate owned includes $ 263,000 and $ 45,000 of amortization of financing costs for the six months ended June 30, 2023 and 2022 , respectively. Financial Covenants Our financing agreements generally contain certain financial covenants. For example, our ratio of earnings before interest, taxes, depreciation, and amortization, to interest charges, as defined in the agreements, shall be not less than either 1.4 to 1.0 or 1.5 to 1.0. Further, (i) our tangible net worth, as defined in the agreements, shall not be less than $ 2.1 billion as of each measurement date plus 75 % of proceeds from future equity issuances; (ii) cash liquidity shall not be less than the greater of (x) $ 50 million or (y) 5 % of our recourse indebtedness; and (iii) our indebtedness shall not exceed 77.8 % of our total assets. As of June 30, 2023 and December 31, 2022, we are in compliance with all covenants under our financing agreements. The requirements set forth in (i) through (iii) above are based upon the most restrictive financial covenants in place as of the reporting date.

Debt Obligations - Summary of_6

Debt Obligations - Summary of Interest Expense and Amortization (Parenthetical) (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Debt Disclosure [Abstract]
Amortization of financing costs included in Interest on debt related to real estate owned	$ 132,000	$ 22,000	$ 263,000	$ 45,000

Derivatives - Additional Inform

Derivatives - Additional Information (Details) - Interest Rate Cap - USD ($)		3 Months Ended		6 Months Ended
	Jun. 02, 2021	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Derivatives Fair Value Line Items
Derivative liability notional amount	$ 290,000,000
Derivative maturity date	Feb. 15, 2024
Derivative fee paid	$ 275,000
Fair value of interest rate cap		$ 4,400,000		$ 4,400,000		$ 6,000,000
Proceeds from interest rate cap		$ 1,500,000	$ 0	$ 2,700,000	$ 0
Maximum
Derivatives Fair Value Line Items
Maximum interest rate of debt related to real estate owned		5.78%		5.78%

Fair Value Measurements Additio

Fair Value Measurements Additional Information (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Level 2 [Member] | Interest Rate Cap [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value amount	$ 4.4	$ 6

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Financial Instruments Measured at Carrying And Estimated Fair Value (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Loans receivable held-for-investment, net	$ 7,416,366	$ 7,360,427
Repurchase agreements	4,043,983	3,966,859
Term participation facility	346,140	257,531
Loan participations sold, net	264,082	263,798
Notes payable, net	218,373	149,521
Secured term loan, net	713,975	736,853
Debt related to real estate owned, net	289,651	289,389
Unpaid Principal Balance [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Loans receivable held-for-investment, net	7,559,500	7,538,525
Repurchase agreements	4,043,983	3,966,859
Term participation facility	346,140	257,531
Loan participations sold, net	264,252	264,252
Notes payable, net	222,839	154,629
Secured term loan, net	729,265	755,090
Debt related to real estate owned, net	290,000	290,000
Fair Value [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Loans receivable held-for-investment, net	7,399,694	7,331,207
Repurchase agreements	4,043,983	3,966,859
Term participation facility	342,241	255,296
Loan participations sold, net	263,544	261,417
Notes payable, net	220,750	153,282
Secured term loan, net	685,509	743,764
Debt related to real estate owned, net	285,884	281,568
Level 3 [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Loans receivable held-for-investment, net	7,399,694	7,331,207
Repurchase agreements	4,043,983	3,966,859
Term participation facility	342,241	255,296
Loan participations sold, net	263,544	261,417
Notes payable, net	220,750	153,282
Secured term loan, net	685,509	743,764
Debt related to real estate owned, net	$ 285,884	$ 281,568

Equity - Additional Information

Equity - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions	11 Months Ended
	Oct. 24, 2022	Jun. 30, 2023	Dec. 31, 2022	Jun. 30, 2022	Dec. 31, 2021
Class Of Stock [Line Items]
Common stock authorized		500,000,000	500,000,000
Common stock par value		$ 0.01	$ 0.01
Common stock, shares issued		138,385,904	140,055,714
Common stock outstanding		138,385,904	138,376,144
Common Stock [Member]
Class Of Stock [Line Items]
Common stock authorized		500,000,000	500,000,000
Common stock par value		$ 0.01	$ 0.01
Common stock, shares issued		138,385,904	140,055,714
Common stock outstanding		138,385,904	138,376,144	139,620,078	139,840,088
Amount of common stock shares purchased in open market		$ 25
Stock Repurchased During Period, Shares	1,679,570	1,679,570
Average price per share	$ 14.88
Repurchase value	$ 25

Equity -Schedule of Common Stoc

Equity -Schedule of Common Stock Outstanding (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022
Class Of Stock [Line Items]
Beginning balance			138,376,144
Ending balance			138,385,904
Common Stock [Member]
Class Of Stock [Line Items]
Beginning balance		139,840,088	138,376,144	139,840,088
Conversion of fully vested RSUs to common stock			9,760	0
Repurchase of common stock	33,721	186,289	0	(220,010)
Ending balance	139,620,078		138,385,904	139,620,078

Equity - Summary of Dividends D

Equity - Summary of Dividends Declared For Common And Preferred Stock (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022
Class Of Stock [Line Items]
Dividends declared - common stock	$ 52,424	$ 52,404	$ 52,458	$ 51,672
Record Date - common stock	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022
Payment Date - common stock	Jul. 14, 2023	Apr. 14, 2023	Jul. 15, 2022	Apr. 15, 2022
Common Stock [Member]
Class Of Stock [Line Items]
Dividends declared - common stock	$ 51,203	$ 51,199	$ 51,659	$ 51,672
Dividends declared - common stock per share	$ 0.37	$ 0.37	$ 0.37	$ 0.37

Earnings per Share - Additional

Earnings per Share - Additional Information (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Dilutive securities			0	0
Weighted Average RSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Dilutive securities	3,249,255	407,565	2,719,157	204,908

Earnings per Share - Schedule o

Earnings per Share - Schedule of Basic and Diluted Earning per Share (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Earnings Per Share [Abstract]
Net income attributable to common stockholders		$ 4,253	$ 63,234	$ 40,931	$ 92,646
Dividends on participating securities	[1]	(1,217)	(799)	(2,418)	(799)
Participating securities' share in earnings			(31)
Basic earnings		$ 3,036	$ 62,404	$ 38,513	$ 91,847
Weighted-average shares of common stock outstanding - basic	[2]	138,399,446	139,637,949	138,392,666	139,675,019
Weighted-average shares of common stock outstanding - diluted	[2]	138,399,446	139,637,949	138,392,666	139,675,019
Net income per share of common stock - basic		$ 0.02	$ 0.45	$ 0.28	$ 0.66
Net income per share of common stock - diluted		$ 0.02	$ 0.45	$ 0.28	$ 0.66
[1] For the three months ended June 30, 2023 and 2022 , dividends on participating securities excludes $ 4,000 and $ 0 of dividends on fully vested RSUs. For the six months ended June 30, 2023 and 2022 , dividends on participating securities excludes $ 8,000 and $ 0 of dividends on fully vested RSUs. Amounts as of June 30, 2023 include 33,257 fully vested RSUs.

Earnings Per Share - Schedule_2

Earnings Per Share - Schedule of Basic and Diluted Earning per Share (Parenthetical) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Earnings Per Share Diluted [Line Items]
Dividends on fully vested RSU	$ 4,000	$ 0	$ 8,000	$ 0
RSUs
Earnings Per Share Diluted [Line Items]
Shares vested			33,257

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Related Party Transaction [Line Items]
Annual base management fee percentage			1.50%
Base management fee payable to affiliate	$ 9,641,000		$ 9,641,000		$ 9,867,000
Management fees - affiliate	9,641,000	$ 9,843,000	$ 19,297,000	$ 19,650,000
Management fee, description			Effective October 1, 2015, the Manager earns a base management fee in an amount equal to 1.50% per annum of Stockholders’ Equity, as defined in the Management Agreement. Management fees are reduced by our pro rata share of any management fees and incentive fees (if incentive fees are not incurred by us) incurred to the Manager by CMTG/TT. Management fees are paid quarterly, in arrears. Management fees of $9.6 million and $9.9 million were accrued and were included in management fee payable – affiliate, on the consolidated balance sheets at June 30, 2023 and December 31, 2022, respectively. On August 2, 2022 our Management Agreement was amended and restated, primarily to provide for reimbursement of allocable costs, including compensation of the Manager’s non-investment professionals, to provide for automatic one-year renewals of the agreement following its original expiration date, unless it is otherwise terminated by our Board, and to remove historical provisions that are no longer relevant to our business and certain reporting requirements that are not customary for a public company.
Incentive fee rate			20%
Minimum percentage of incentive fee to be paid in return on stockholders’ equity			7%
Incentive fees, description			The Manager is entitled to an incentive fee equal to 20% of the excess of our Core Earnings on a rolling four-quarter basis, as defined in the Management Agreement, over a 7.00% return on Stockholders’ Equity. Incentive fees are reduced by our pro rata share of any incentive fees incurred to the Manager by CMTG/TT.
Incentive fee payable - affiliate	0		$ 0		0
Termination fee, description			If we elect to terminate the Management Agreement, we are required to pay the Manager a termination fee equal to three times the sum of the average total annual amount of management fees and the average annual incentive fee paid by us over the prior two years.
Loan receivable related party unpaid principal balance	108,900,000		$ 108,900,000		97,800,000
Loan commitment related party	141,100,000		141,100,000
Other liabilities	$ 61,909,000		$ 61,909,000		59,223,000
Affiliate Shareholder
Related Party Transaction [Line Items]
Related party ownership of common stock	10.90%		10.90%
Reimbursements
Related Party Transaction [Line Items]
General and administrative expense	$ 1,300,000	$ 0	$ 2,000,000	$ 100,000
Other liabilities	$ 1,000,000		$ 1,000,000		$ 700,000
CMTG/TT
Related Party Transaction [Line Items]
Incentive fee rate			3.33%
Minimum percentage of incentive fee to be paid in return on stockholders’ equity			7%

Related Party Transactions - Su

Related Party Transactions - Summary of Management and Incentive Fees (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Related Party Transactions [Abstract]
Management fees - affiliate	$ 9,641	$ 9,843	$ 19,297	$ 19,650
Incentive fees	0	0	1,558	0
Total	$ 9,641	$ 9,843	$ 20,855	$ 19,650

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Details) - USD ($)					3 Months Ended		6 Months Ended
	Jun. 01, 2023	Mar. 30, 2023	Jun. 14, 2022	Jun. 01, 2022	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized compensation expense					$ 37,900,000		$ 37,900,000
Unrecognized compensation expense expected to recognized over a remaining period							2 years 2 months 12 days
Time Based Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares granted							1,158,536	2,159,280
Weighted average grant-date fair value per share									$ 18.74
Shares vested							29,280
Time Based Restricted Stock Units | Non-Employee Board Members
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares granted	58,536			29,280
Weighted average grant-date fair value per share	$ 10.25			$ 20.49
Shares vested	29,280
Time Based Restricted Stock Units | Employees
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares granted		1,100,000	2,130,000
Weighted average grant-date fair value per share		$ 11.3	$ 18.72
Time Based Restricted Stock Units | Director
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares issued upon vesting of RSU	9,760
RSUs
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation					$ 4,400,000	$ 600,000	$ 7,800,000	$ 600,000
Shares vested							33,257
RSUs | Non-Employee Board Members
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares issued							6,887	0
Stock-based compensation							$ 91,000	$ 91,000
2016 Incentive Award Plan | Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Remaining number of shares that may be issued					4,970,041		4,970,041

Stock-Based Compensation - Summ

Stock-Based Compensation - Summary of Time-Based Restricted Stock Units Activity (Details) - Time-based Restricted Stock Units - $ / shares	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Restricted Share Units, Unvested beginning balance	2,159,280
Number of Restricted Share Units, Granted	1,158,536	2,159,280
Number of Restricted Share Units, Vested	(29,280)
Number of Restricted Share Units, Forfeited	(20,000)
Number of Restricted Share Units, Unvested ending balance	3,268,536	2,159,280
Weighted-Average Grant Date Fair Value Per Share, Unvested beginning balance	$ 18.74
Weighted-Average Grant Date Fair Value Per Share, Unvested Granted	11.25	$ 18.74
Weighted-Average Grant Date Fair Value Per Share, Unvested Vested	20.49
Weighted-Average Grant Date Fair Value Per Share, Unvested Forfeited	18.72
Weighted-Average Grant Date Fair Value Per Share, Unvested ending balance	$ 16.07	$ 18.74

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Schedule Of Income Loss Before Income Taxes [Line Items]
Uncertain tax positions	$ 0		$ 0		$ 0
Deferred tax asset	20,400,000		$ 20,400,000		16,600,000
TRS [Member]
Schedule Of Income Loss Before Income Taxes [Line Items]
Percentage of REIT taxable income			90%	90%
Current income tax benefit or expense	0	$ 0
Deferred income tax benefit or expense			$ 0	$ 0
Deferred tax assets	0		0		0
Deferred tax liabilities	$ 0		$ 0		$ 0

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Loss Contingencies [Line Items]
Return of capital distribution from CMTG/CN Mortgage REIT LLC	$ 123.3	$ 111.1
Unfunded loan commitments	$ 1,500	$ 1,900
Maximum
Loss Contingencies [Line Items]
Loan maturity period	5 years	5 years
Claros Mortgage Trust
Loss Contingencies [Line Items]
Commitment Interest	51%
Commitment Amount	$ 124.9
Loan Repayment Period	6 months
Company Contribution Amount	$ 163.1	$ 163.1
Remaining Capital Commitment	$ 72.9	$ 72.9

Commitments and Contingencies_2

Commitments and Contingencies - Schedule of Contractual Maturity Payment (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
2023	$ 375,801
2024	790,394
2025	1,440,440
2026	1,987,012
2027	1,302,832
Long-term Debt	$ 5,896,479	$ 5,688,361

Commitments and Contingencies_3

Commitments and Contingencies - Schedule of Contractual Maturity Payment (Parenthetical) (Details) $ in Thousands	Jun. 30, 2023 USD ($) Loan	Dec. 31, 2022 USD ($)
Loss Contingencies [Line Items]
Borrowing Outstanding	$ 5,896,479	$ 5,688,361
Extended Maturity Date in 2023
Loss Contingencies [Line Items]
Borrowing Outstanding	$ 217,100
Number of loans outstanding in maturity default | Loan	4