Apollo Commercial Real Estate Finance (ARI) 10-Q29 Apr 242024 Q1 Quarterly reportFinancial data

Company Profile

Cover Page

Cover Page - shares	3 Months Ended
Cover Page - shares	Mar. 31, 2024	Apr. 26, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
Document Transition Report	false
Entity File Number	001-34452
Entity Registrant Name	Apollo Commercial Real Estate Finance, Inc.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	27-0467113
Entity Address, Address Line One	9 West 57th Street
Entity Address, Address Line Two	42nd Floor
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10019
City Area Code	212
Local Phone Number	515–3200
Title of 12(b) Security	Common Stock, $0.01 par value
Trading Symbol	ARI
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Small Business Entity	false
Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		142,162,205
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Entity Central Index Key	0001467760
Current Fiscal Year End Date	--12-31

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands		Mar. 31, 2024	Dec. 31, 2023
Assets:
Cash and cash equivalents		$ 161,190	$ 225,438
Commercial mortgage loan, held for sale	[1]	135,465	0
Real estate owned, held for investment, net	[2]	627,099	519,498
Other assets		103,529	85,623
Derivative assets, net		47,284	29,425
Assets related to real estate owned, held for sale		0	78,653
Total Assets		9,224,992	9,296,730
Liabilities:
Accounts payable, accrued expenses and other liabilities	[3]	155,542	120,334
Debt related to real estate owned, held for investment, net		161,878	161,562
Total Liabilities		7,177,557	7,087,997
Commitments and Contingencies (see Note 18)
Stockholders' Equity:
Preferred stock, $0.01 par value, 50,000,000 shares authorized, Series B-1, 6,770,393 shares issued and outstanding ($169,260 liquidation preference) in 2024 and 2023 (see Note 17)		68	68
Common stock, $0.01 par value, 450,000,000 shares authorized, 142,096,715 and 140,595,995 shares issued and outstanding in 2024 and 2023, respectively		1,421	1,414
Additional paid-in-capital		2,724,395	2,727,488
Accumulated deficit		(678,449)	(520,237)
Total Stockholders' Equity		2,047,435	2,208,733
Total Liabilities and Stockholders' Equity		9,224,992	9,296,730
Related Party
Liabilities:
Payable to related party		9,423	9,553
Secured Debt
Liabilities:
Secured debt arrangements, net		5,596,967	5,538,476
Senior secures term loans and notes, net		757,912	759,150
Senior Notes
Liabilities:
Senior secures term loans and notes, net		495,835	495,637
Mortgages
Liabilities:
Secured debt arrangements, net		0	3,285
Debt related to real estate owned, held for investment, net		161,900	161,600
Commercial Mortgage Portfolio Segment
Assets:
Mortgage loans on real estate, commercial and consumer, net	[4],[5]	7,846,460	7,925,359
Commercial mortgage loan, held for sale		135,465	0
Subordinate Mortgage Portfolio Segment
Assets:
Mortgage loans on real estate, commercial and consumer, net	[5],[6]	$ 303,965	$ 432,734

[1]Includes $135,465 pledged pledged of General CECL Allowance related to unfunded commitments on commercial mortgage loans and subordinate loans, net in 2024 and 2023, respectively. pledged pledged

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Real estate owned, accumulated depreciation	$ 16,254	$ 10,404
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized	50,000,000	50,000,000
Preferred stock, liquidation preference	$ 169,260	$ 169,260
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	450,000,000	450,000,000
Common stock, shares issued	142,096,715	140,595,995
Common stock, shares outstanding	142,096,715	140,595,995
Financing receivable, pledged status	Asset Pledged as Collateral [Member]	Asset Pledged as Collateral [Member]
CECL allowance	$ 367,558	$ 219,482
Financing receivable, allowance for credit loss, excluding accrued interest	335,000	193,000
Loan specific reserves	32,558	26,482
General CECL allowance on unfunded commitments	$ 3,625	$ 4,017
Series B-1 Preferred Stock
Preferred stock, shares outstanding	6,770,393	6,770,393
Preferred stock, shares issued	6,770,393	6,770,393
Commercial Mortgage Portfolio Segment
Specific CECL Allowance	$ 7,642,848	$ 7,705,491
Subordinate Mortgage Portfolio Segment
Specific CECL Allowance	246,725	232,991
Secured Debt Arrangements
Specific CECL Allowance	154,048	$ 154,048
Secured Debt Arrangements, Commercial Mortgage Loan, Held For Sale
Specific CECL Allowance	$ 135,465

Condensed Consolidated Statemen

Condensed Consolidated Statement of Operations (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Net interest income:
Interest income from commercial mortgage loans	$ 183,716,000	$ 166,147,000
Interest income from subordinate loans and other lending assets	849,000	9,707,000
Interest expense	(127,887,000)	(104,868,000)
Net interest income	56,678,000	70,986,000
Revenue from real estate owned operations	23,857,000	16,131,000
Total net revenue	80,535,000	87,117,000
Operating expenses:
General and administrative expenses (includes equity-based compensation of $4,188 and $4,358 in 2024 and 2023, respectively)	(7,373,000)	(7,015,000)
Operating expenses related to real estate owned	(19,893,000)	(14,006,000)
Depreciation and amortization on real estate owned	(4,656,000)	(3,986,000)
Total operating expenses	(41,343,000)	(34,524,000)
Other income, net	570,000	732,000
Increase in current expected credit loss allowance, net	(147,684,000)	(4,390,000)
Foreign currency translation gain (loss)	(19,563,000)	18,634,000
Valuation allowance, commercial mortgage loan held for sale	(679,000)	0
Net realized loss on investments	0	(4,624,000)
Gain on extinguishment of debt	0	213,000
Net income (loss) before taxes	(104,410,000)	48,916,000
Income tax provision	(114,000)	0
Net income (loss)	(104,524,000)	48,916,000
Preferred dividends	(3,068,000)	(3,068,000)
Net income (loss) available to common stockholders	$ (107,592,000)	$ 45,848,000
Net income (loss) per share of common stock:
Basic (in dollars per share)	$ (0.76)	$ 0.32
Diluted (in dollars per share)	$ (0.76)	$ 0.32
Basic weighted-average shares of common stock outstanding	141,869,604	141,072,471
Diluted weighted-average shares of common stock outstanding	141,869,604	155,483,979
Dividend declared per share of common stock (in dollars per share)	$ 0.35	$ 0.35
Related Party
Operating expenses:
Management fees to related party	$ (9,421,000)	$ (9,517,000)
Foreign Exchange Forward
Operating expenses:
Gain (loss) on sale of derivatives	23,398,000	(14,135,000)
Interest rate cap and swaps
Operating expenses:
Gain (loss) on sale of derivatives	$ 356,000	$ (107,000)

Condensed Consolidated Statem_2

Condensed Consolidated Statement of Operations (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
General and administrative expenses, equity-based compensation	$ 4,188	$ 4,358
Foreign currency forward, net
Unrealized gain (loss) on derivatives	18,053	(35,851)
Interest rate cap and swaps
Unrealized gain (loss) on derivatives	$ (194)	$ (4,813)

Condensed Consolidated Statem_3

Condensed Consolidated Statement of Changes in Stockholders’ Equity (Unaudited) - USD ($) $ in Thousands	Total	Preferred Stock	Common Stock	Additional Paid-In-Capital	Accumulated Deficit
Stockholders' equity, beginning balance (in shares) at Dec. 31, 2022		6,770,393
Stockholders' equity, beginning balance at Dec. 31, 2022	$ 2,354,504	$ 68	$ 1,406	$ 2,716,907	$ (363,877)
Stockholders' equity, beginning balance (in shares) at Dec. 31, 2022			140,595,995
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Capital increase (decrease) related to Equity Incentive Plan			670,044
Capital increase (decrease) related to Equity Incentive Plan	(2,345)		$ 7	(2,352)
Net loss	48,916
Dividends declared on preferred stock	(3,068)				(3,068)
Dividends declared on common stock	(50,446)
Stockholders' equity, ending balance (in shares) at Mar. 31, 2023		6,770,393
Stockholders' equity, ending balance at Mar. 31, 2023	2,347,561	$ 68	$ 1,413	2,714,555	(368,475)
Stockholders' equity, ending balance (in shares) at Mar. 31, 2023			141,266,039
Stockholders' equity, beginning balance (in shares) at Dec. 31, 2023		6,770,393
Stockholders' equity, beginning balance at Dec. 31, 2023	$ 2,208,733	$ 68	$ 1,414	2,727,488	(520,237)
Stockholders' equity, beginning balance (in shares) at Dec. 31, 2023	140,595,995		141,358,605
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Capital increase (decrease) related to Equity Incentive Plan			738,110
Capital increase (decrease) related to Equity Incentive Plan	$ (3,086)		$ 7	(3,093)
Net loss	(104,524)
Dividends declared on preferred stock	(3,068)				(3,068)
Dividends declared on common stock	(50,620)
Stockholders' equity, ending balance (in shares) at Mar. 31, 2024		6,770,393
Stockholders' equity, ending balance at Mar. 31, 2024	$ 2,047,435	$ 68	$ 1,421	$ 2,724,395	$ (678,449)
Stockholders' equity, ending balance (in shares) at Mar. 31, 2024	142,096,715		142,096,715

Condensed Consolidated Statem_4

Condensed Consolidated Statement of Changes in Stockholders’ Equity (Unaudited) (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Stockholders' Equity [Abstract]
Dividends declared on preferred stock (in dollars per share)	$ 0.45	$ 0.45
Dividends declared on common stock (in dollars per share)	$ 0.35	$ 0.35

Consolidated Statement of Cash

Consolidated Statement of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash flows from operating activities:
Net income (loss)	$ (104,524)	$ 48,916
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Amortization of discount/premium and payment-in-kind interest	(6,716)	(10,012)
Amortization of deferred financing costs	4,027	3,807
Equity-based compensation	4,188	4,358
Increase in current expected credit loss allowance, net	147,684	4,390
Valuation allowance, commercial mortgage loan held for sale	679	0
Foreign currency (gain) loss	20,881	(1,525)
Depreciation and amortization on real estate owned	4,656	3,986
Gain on extinguishment of debt	0	(213)
Valuation allowance, loan held for sale	0	4,624
Changes in operating assets and liabilities:
Proceeds received from payment-in-kind interest	0	3,573
Other assets	(12,575)	1,012
Accounts payable, accrued expenses and other liabilities	12,532	6,864
Payable to related party	(130)	(194)
Net cash provided by operating activities	52,843	110,250
Cash flows from investing activities:
New funding of commercial mortgage loans	0	(181,017)
Add-on funding of commercial mortgage loans	(308,032)	(76,421)
Add-on funding of subordinate loans	(13,734)	(37,400)
Proceeds received from the repayment and sale of commercial mortgage loans	168,526	435,442
Proceeds received from the repayment of subordinate loans and other lending assets	102	6,611
Origination and exit fees received on commercial mortgage loans, and subordinate loans, net	4,346	4,290
Increase (decrease) in collateral related to derivative contracts, net	20,020	(50,830)
Capital expenditures on real estate assets	(37,901)	(14,131)
Cash received from hotel title assumption	0	569
Net cash provided by (used in) investing activities	(166,673)	87,113
Cash flows from financing activities:
Proceeds from secured debt arrangements	548,557	173,919
Repayments of secured debt arrangements	(433,604)	(191,681)
Repayments of senior secured term loan principal	(2,000)	(2,000)
Repayments and repurchases of convertible notes	0	(6,877)
Payment of deferred financing costs	(3,454)	(5,873)
Payment of withholding tax on RSU delivery	(7,274)	(6,703)
Dividends on common stock	(50,839)	(50,643)
Dividends on preferred stock	(3,068)	(3,068)
Net cash provided by (used in) financing activities	48,318	(92,926)
Net increase (decrease) in cash and cash equivalents, including cash classified within assets related to real estate owned, held for sale	(65,512)	104,437
Decrease (increase) in cash classified within assets related to real estate owned, held for sale	577	5,677
Net increase (decrease) in cash and cash equivalents	(64,935)	110,114
Cash and cash equivalents beginning of period	225,438	222,030
Effects of foreign currency translation on cash and cash equivalents	687	(611)
Cash and cash equivalents end of period	161,190	331,533
Supplemental disclosure of cash flow information:
Interest paid	116,463	89,983
Supplemental disclosure of non-cash financing activities:
Dividend declared, not yet paid	53,688	53,514
Change in participation sold	0	(25,130)
Change in loan proceeds held by servicer	1,624	(2,327)
Assumption of real estate	0	75,000
Assumption of other assets related to real estate owned	0	2,827
Assumption of accounts payable, accrued expenses and other liabilities related to real estate owned	0	(3,396)
Transfer of assets related to real estate owned, held for sale to assets related to real estate owned held for investment, net	70,688	151,676
Transfer of assets related to real estate owned, held for sale to other assets	2,280	4,357
Transfer of liabilities related to real estate owned, held for sale to accounts payable, accrued expenses and other liabilities	3,937	7,163
Transfer of commercial mortgage loan to commercial mortgage loan, held for sale	135,465	0
Foreign Exchange Forward
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Unrealized gain (loss) on derivatives	(18,053)	35,851
Interest rate cap and swaps
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Unrealized gain (loss) on derivatives	$ 194	$ 4,813

Organization

Organization	3 Months Ended
Organization	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	Organization Apollo Commercial Real Estate Finance, Inc. (together with its consolidated subsidiaries, is referred to throughout this report as the "Company," "ARI," "we," "us" and "our") is a corporation that has elected to be taxed as a real estate investment trust ("REIT") for U.S. federal income tax purposes and primarily originates, acquires, invests in and manages performing commercial first mortgage loans, subordinate financings, and other commercial real estate related debt investments. These asset classes are referred to as our target assets. We were formed in Maryland on June 29, 2009, commenced operations on September 29, 2009 and are externally managed and advised by ACREFI Management, LLC (the "Manager"), an indirect subsidiary of Apollo Global Management, Inc. (together with its subsidiaries, "Apollo"). We elected to be taxed as a REIT under the Internal Revenue Code of 1986, as amended, commencing with the taxable year ended December 31, 2009. To maintain our tax qualification as a REIT, we are required to distribute at least 90% of our taxable income, excluding net capital gains, to stockholders and meet certain other asset, income, and ownership tests.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
Summary of Significant Accounting Policies	Mar. 31, 2024
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Presentation The accompanying condensed consolidated financial statements include our accounts and those of our consolidated subsidiaries. All intercompany amounts have been eliminated. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America ("GAAP") requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Our most significant estimates include current expected credit loss ("CECL") allowances. Actual results may differ from estimates. These unaudited condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and should be read in conjunction with the consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2023, as filed with the Securities and Exchange Commission (the "SEC"). In the opinion of management, all adjustments (consisting only of normal recurring adjustments) necessary to present fairly our financial position, results of operations and cash flows have been included. Our results of operations for the three months ended March 31, 2024 are not necessarily indicative of the results to be expected for the full year or any other future period. We currently operate in one reporting segment. Recent Accounting Pronouncements In November 2023, the Financial Accounting Standards Board ("FASB") issued ASU 2023-07 "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures" ("ASU 2023-07"). ASU 2023-07 intends to improve reportable segment disclosure requirements, enhance interim disclosure requirements and provide new segment disclosure requirements for entities with a single reportable segment. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and for interim periods with fiscal years beginning after December 15, 2024. ASU 2023-07 is to be adopted retrospectively to all prior periods presented. We are currently assessing the impact this guidance will have on our consolidated financial statements. In December 2023, the FASB issued ASU 2023-09 "Improvements to Income Tax Disclosures" ("ASU 2023-09"). ASU 2023-09 intends to improve the transparency of income tax disclosures. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024 and is to be adopted on a prospective basis with the option to apply retrospectively. We are currently assessing the impact of this guidance, however, we do not expect a material impact to our consolidated financial statements. Reference Rate Reform In response to concerns about structural risks of interbank offered rates, including the London Interbank Offered Rate ("LIBOR"), regulators and market participants in various jurisdictions have undertaken efforts, generally referred to as reference rate reform, to eliminate certain reference rates, and introduce new reference rates that are based on a larger and more liquid population of observable transactions. As of December 31, 2023, all our floating rate loans and related financings have transitioned to the applicable replacement benchmark rate or reference a benchmark rate.

Fair Value Disclosure

Fair Value Disclosure	3 Months Ended
Fair Value Disclosure	Mar. 31, 2024
Fair Value Disclosures [Abstract]
Fair Value Disclosure	Fair Value Disclosure GAAP establishes a hierarchy of valuation techniques based on the observability of the inputs utilized in measuring financial instruments at fair value. Market-based or observable inputs are the preferred source of values, followed by valuation models using management's assumptions in the absence of market-based or observable inputs. The three levels of the hierarchy as noted in Accounting Standards Codification, "Fair Value Measurements and Disclosures " ("ASC 820") are described below: Level I — Quoted prices in active markets for identical assets or liabilities. Level II — Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants would use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others. Level III — Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. While we anticipate that our valuation methods are appropriate and consistent with valuation methods used by other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different estimate of fair value at the reporting date. We use inputs that are current as of the measurement date, which may include periods of market dislocation, during which price transparency may be reduced. The fair values of foreign exchange ("Fx") forwards are determined by comparing the contracted forward exchange rate to the current market exchange rate. The current market exchange rates are determined by using market spot rates, forward rates and interest rate curves for the underlying countries. Our Fx forwards are classified as Level II in the fair value hierarchy. The fair value of our interest rate cap is determined by using the market standard methodology of discounting the future expected cash receipts that occur when variable interest rates rise above the strike rate of the interest rate cap. The variable interest rates used in the calculation of projected receipts on the interest rate cap are based on a third-party expert's expectation of future interest rates derived from observable market interest rate curves and volatility. Our interest rate caps are classified as Level II in the fair value hierarchy and manage our exposure to variable cash flows on certain of our borrowings. As of March 31, 2024 and December 31, 2023, we held one interest rate cap related to our construction financing which was purchased on September 26, 2023. Refer to "Note 5 – Real Estate Owned" and "Note 11 – Derivatives" for further detail. The following table summarizes the levels in the fair value hierarchy into which our assets and liabilities with recurring fair value measurements were categorized as of March 31, 2024 and December 31, 2023 ($ in thousands): Fair Value as of March 31, 2024 Fair Value as of December 31, 2023 Level I Level II Level III Total Level I Level II Level III Total Recurring fair value measurements: Foreign currency forward, net $ — $ 46,118 $ — $ 46,118 $ — $ 28,065 $ — $ 28,065 Interest rate cap asset — 1,166 — 1,166 — 1,360 — 1,360 Total financial instruments $ — $ 47,284 $ — $ 47,284 $ — $ 29,425 $ — $ 29,425 Non-recurring Fair Value Measurements Loans Held for Sale Loans are classified as held for sale if there is an intent to sell them in the short-term following the reporting date. These loans are recorded at the lower of amortized cost or fair value, less selling costs, unless the fair value option was elected at the time of origination. If the loan's fair value, less selling costs, is determined to be less than its amortized cost, a nonrecurring fair value adjustment may be recorded through a valuation allowance. The fair value of loans held for sale may be estimated using sales of comparable loans as supported by independent market data, or a contractually negotiated sales price. We consider the inputs used to calculate the fair value of loans held for sale as unobservable inputs. Accordingly, we classify the fair value of loans held for sale within Level III of the fair value hierarchy. During the three months ended March 31, 2024, we entered into an agreement to sell a commercial mortgage loan collateralized by a hotel property located in Honolulu, HI at a price of 99.5%. We recorded a fair value adjustment of $0.7 million (representing the difference between the loan's amortized cost and the loan's fair value at the agreed upon price), which is included within valuation allowance, commercial mortgage loan held for sale on our condensed consolidated statement of operations. The loan is carried at fair value of $135.5 million on our condensed consolidated balance sheet, as of March 31, 2024. The loan sale subsequently closed in April 2024. Refer to "Note 21 – Subsequent Events" for additional detail. Real Estate Owned Property acquired through foreclosure or deed-in-lieu of foreclosure is classified as real estate owned and recognized at fair value on our condensed consolidated balance sheet upon acquisition in accordance with ASC 805, "Business Combinations" ("ASC 805"). We are required to record real estate owned, a nonfinancial asset, at fair value on a non-recurring basis in accordance with ASC 820. Under ASC 820, we may utilize the income, market or cost approach (or combination thereof) to determine the fair value of real estate owned. We deem the inputs used in these approaches to be significant unobservable inputs. Therefore, we classify the fair value of real estate owned within Level III of the fair value hierarchy. On March 31, 2023, we acquired legal title of a hotel property in Atlanta, GA ("Atlanta Hotel") through a deed-in-lieu of foreclosure. At the time of acquisition, we determined the fair value of the net real estate assets to be $75.0 million, using a combination of market and income approaches. We utilized a discount rate and capitalization rate of 10.5% and 9.5%, respectively. During the three months ended June 30, 2023, the Atlanta Hotel's assets and liabilities were reclassified to held for sale and the fair value of the net real estate assets, less costs to sell, was in excess of our cost basis. During the three months ended March 31, 2024, we determined that the sale to a third party from whom we received an unsolicited offer was no longer probable, and we are not actively marketing the property for sale. Therefore, as of March 31, 2024, the Atlanta Hotel no longer met the criteria for held for sale and was reclassified to real estate owned, held for investment. No impairments had been recorded as of March 31, 2024 or December 31, 2023. On August 3, 2022, we acquired legal title of a multifamily development property located in downtown Brooklyn, NY ("Brooklyn Development") through a deed-in-lieu of foreclosure. We determined the fair value of the real estate assumed to be $270.1 million, based on the market value of the land at the time of acquisition. No impairments had been recorded as of March 31, 2024 or December 31, 2023. On May 24, 2021, we acquired legal title to a full-service luxury hotel in Washington D.C. ("D.C. Hotel") through a deed-in-lieu of foreclosure. We assumed the D.C. Hotel's assets and liabilities, including a $110.0 million mortgage loan which we repaid at par. At the time of acquisition, we determined the fair value of the real estate assets to be $154.3 million. No impairments had been recorded as of March 31, 2024 or December 31, 2023.

Commercial Mortgage Loans, Subo

Commercial Mortgage Loans, Subordinate Loans and Other Lending Assets, Net	3 Months Ended
	Mar. 31, 2024
Receivables [Abstract]
Commercial Mortgage Loans, Subordinate Loans and Other Lending Assets, Net	Commercial Mortgage Loans, Subordinate Loans and Other Lending Assets, Net Our loan portfolio was comprised of the following at March 31, 2024 and December 31, 2023 ($ in thousands): Loan Type March 31, 2024 December 31, 2023 Commercial mortgage loans, net (1) $ 7,846,460 $ 7,925,359 Commercial mortgage loan, held for sale 135,465 — Subordinate loans, net 303,965 432,734 Carrying value, net $ 8,285,890 $ 8,358,093 ——————— (1) Includes $83.5 million and $95.5 million in 2024 and 2023, respectively, of contiguous financing structured as subordinate loans. Our loan portfolio consisted of 99% floating rate loans, based on amortized cost, as of both March 31, 2024 and December 31, 2023. Activity relating to our loan portfolio for the three months ended March 31, 2024 was as follows ($ in thousands): Principal Deferred Fees/Other Items Specific CECL Allowance Carrying Value, Net December 31, 2023 $ 8,610,110 $ (32,535) $ (193,000) $ 8,384,575 Add-on loan fundings (1) 321,766 — — 321,766 Loan repayments (175,731) — — (175,731) Gain (loss) on foreign currency translation (72,337) 289 — (72,048) Increase in Specific CECL Allowance, net — — (142,000) (142,000) Valuation allowance, loan held for sale (679) — — (679) Deferred fees and other items (2) — (4,936) — (4,936) Amortization of fees — 7,501 — 7,501 March 31, 2024 $ 8,683,129 $ (29,681) $ (335,000) $ 8,318,448 General CECL Allowance (3) (32,558) Carrying value, net $ 8,285,890 ——————— (1) Represents fundings committed prior to 2024. (2) Other items primarily consist of purchase discounts or premiums, cost recovery interest, exit fees, deferred origination expenses, and the activity of unconsolidated joint ventures. (3) $3.6 million of the General CECL Allowance is excluded from this table because it relates to unfunded commitments and has been recorded as a liability under accounts payable, accrued expenses and other liabilities in our condensed consolidated balance sheet. The following table details overall statistics for our loan portfolio at the dates indicated ($ in thousands): March 31, 2024 December 31, 2023 Number of loans 49 50 Principal balance $ 8,683,129 $ 8,610,110 Carrying value, net $ 8,285,890 $ 8,358,093 Unfunded loan commitments (1) $ 555,596 $ 868,582 Weighted-average cash coupon (2) 8.4 % 8.3 % Weighted-average remaining fully-extended term (3) 2.3 years 2.3 years Weighted-average expected term (4) 2.0 years 1.8 years ——————— (1) Unfunded loan commitments are funded to finance construction costs, tenant improvements, leasing commissions, or carrying costs. These future commitments are funded over the term of each loan, subject in certain cases to an expiration date. (2) For floating rate loans, based on applicable benchmark rates as of the specified dates. For loans placed on non-accrual, the interest rate used in calculating weighted-average cash coupon is 0%. (3) Assumes all extension options are exercised. (4) Expected term represents our estimated timing of repayments as of the specified dates. Excludes risk-rated 5 loans. Property Type The table below details the property type of the properties securing the loans in our portfolio at the dates indicated ($ in thousands): March 31, 2024 December 31, 2023 Property Type Carrying % of (1) Carrying % of Portfolio (1) Hotel $ 1,978,794 23.7 % $ 2,128,256 25.4 % Office 1,635,450 19.7 1,593,320 19.0 Retail 1,394,228 16.8 1,407,764 16.8 Residential 1,099,134 13.2 1,247,238 14.9 Mixed Use 696,048 8.4 679,303 8.1 Healthcare 504,075 6.1 511,803 6.1 Industrial 276,350 3.3 293,133 3.5 Other (2) 734,369 8.8 523,758 6.2 Total $ 8,318,448 100.0 % $ 8,384,575 100.0 % General CECL Allowance (3) (32,558) (26,482) Carrying value, net $ 8,285,890 $ 8,358,093 ——————— (1) Percentage of portfolio calculations are made prior to consideration of General CECL Allowance. (2) Other property types include pubs (2.5%), parking garages (2.3%), caravan parks (2.4%) and urban predevelopment (1.6%) in 2024, and parking garages (2.3%), caravan parks (2.4%) and urban predevelopment (1.5%) in 2023. (3) $3.6 million and $4.0 million of the General CECL Allowance for 2024 and 2023, respectively, is excluded from this table because it relates to unfunded commitments and has been recorded as a liability under accounts payable, accrued expenses and other liabilities in our condensed consolidated balance sheets. Geography The table below details the geographic distribution of the properties securing the loans in our portfolio at the dates indicated ($ in thousands): March 31, 2024 December 31, 2023 Geographic Location Carrying % of (1) Carrying % of Portfolio (1) United Kingdom $ 2,937,602 35.3 % $ 2,675,097 31.9 % New York City 1,597,081 19.2 1,736,856 20.7 Other Europe (2) 1,509,453 18.2 1,686,425 20.1 Southeast 537,333 6.5 535,054 6.4 Midwest 519,395 6.2 522,137 6.2 West 484,581 5.8 484,842 5.8 Other (3) 733,003 8.8 744,164 8.9 Total $ 8,318,448 100.0 % $ 8,384,575 100.0 % General CECL Allowance (4) (32,558) (26,482) Carrying value, net $ 8,285,890 $ 8,358,093 ——————— (1) Percentage of portfolio calculations are made prior to consideration of General CECL Allowance. (2) Other Europe includes Germany (7.3%), Italy (3.3%), Spain (4.1%), Sweden (2.8%), Ireland (0.5%) and the Netherlands (0.2%) in 2024 and Germany (7.4%), Italy (4.9%), Spain (4.2%), Sweden (2.9%), Ireland (0.5%) and the Netherlands (0.2%) in 2023. (3) Other includes Northeast (4.9%), Southwest (1.7%), Mid-Atlantic (1.1%) and Other (1.1%) in 2024 and Northeast (5.0%), Southwest (1.7%), Mid-Atlantic (1.1%) and Other (1.1%) in 2023. (4) $3.6 million and $4.0 million of the General CECL Allowance for 2024 and 2023, respectively, is excluded from this table because it relates to unfunded commitments and has been recorded as a liability under accounts payable, accrued expenses and other liabilities in our condensed consolidated balance sheets. Risk Rating We assess the risk factors of each loan and assign a risk rating based on a variety of factors, including, without limitation, loan to value ("LTV") ratio, debt yield, property type, geographic and local market dynamics, physical condition, cash flow volatility, leasing and tenant profile, loan structure and exit plan, and project sponsorship. We apply these various factors on a case-by-case basis depending on the facts and circumstances for each loan, and the different factors may be given different weightings in different situations. This review is performed quarterly. Based on a 5-point scale, our loans are rated "1" through "5," from less risk to greater risk, which ratings are defined as follows: 1. Very low risk 2. Low risk 3. Moderate/average risk 4. High risk/potential for loss: a loan that has a risk of realizing a principal loss 5. Impaired/loss likely: a loan that has a high risk of realizing principal loss, has incurred principal loss, or an impairment has been recorded The following tables present the carrying value of our loan portfolio by year of origination and internal risk rating and gross write-offs by year of origination as of March 31, 2024 and December 31, 2023, respectively ($ in thousands): March 31, 2024 Amortized Cost by Year Originated Risk Rating Number of Loans Total % of Portfolio 2024 2023 2022 2021 2020 Prior 1 — $ — — % $ — $ — $ — $ — $ — $ — 2 4 447,202 5.4 % — — 332,059 49,729 — 65,414 3 41 7,658,452 92.1 % — 642,657 2,412,096 2,206,805 389,815 2,007,079 4 2 85,612 1.0 % — — — — — 85,612 5 2 127,182 1.5 % — — — — 27,881 99,301 Total 49 $ 8,318,448 100.0 % $ — $ 642,657 $ 2,744,155 $ 2,256,534 $ 417,696 $ 2,257,406 General CECL Allowance (1) (32,558) Total carrying value, net $ 8,285,890 Weighted-Average Risk Rating 3.0 Gross write-offs $ — $ — $ — $ — $ — $ — $ — December 31, 2023 Amortized Cost by Year Originated Risk Rating Number of Loans Total % of Portfolio 2023 2022 2021 2020 2019 Prior 1 — $ — — % $ — $ — $ — $ — $ — $ — 2 4 478,440 5.7 % — 280,572 — — 132,309 65,560 3 42 7,548,252 90.0 % 440,720 2,426,511 2,285,902 387,323 1,465,618 542,177 4 2 88,112 1.1 % — — — — — 88,112 5 2 269,771 3.2 % — — — 169,881 — 99,890 Total 50 $ 8,384,575 100.0 % $ 440,720 $ 2,707,083 $ 2,285,902 $ 557,204 $ 1,597,927 $ 795,739 General CECL Allowance (1) (26,482) Total carrying value, net $ 8,358,093 Weighted-Average Risk Rating 3.0 Gross write-offs $ 81,890 $ — $ — $ — $ — $ — $ 81,890 ——————— (1) $3.6 million and $4.0 million of the General CECL Allowance for 2024 and 2023, respectively, is excluded from this table because it relates to unfunded commitments and has been recorded as a liability under accounts payable, accrued expenses and other liabilities in our condensed consolidated balance sheets. CECL In accordance with ASC Topic 326 "Financial Instruments – Credit Losses," which we refer to as the "CECL Standard", we record allowances for loans and held-to-maturity debt securities that are deducted from the carrying amount of the assets to present the net carrying value of the amounts expected to be collected on the assets. We record loan specific allowances as a practical expedient under the CECL Standard ("Specific CECL Allowance"), which we apply to assets that are collateral dependent and where the borrower or sponsor is experiencing financial difficulty. For the remainder of the portfolio, we record a general allowance ("General CECL Allowance", and together with the Specific CECL Allowance, "CECL Allowances") on a collective basis by assets with similar risk characteristics. We have elected to use the weighted-average remaining maturity ("WARM") method in determining a General CECL Allowance for a majority of our portfolio. In the future, we may use other acceptable methods, such as a probability-of-default/loss-given-default method. The following schedule illustrates changes in CECL Allowances f or the three months ended March 31, 2024 ($ in thousands): Specific CECL Allowance (1) General CECL Allowance Total CECL Allowance CECL Allowance as % of Amortized Cost Funded Unfunded Total General (1) Total December 31, 2023 $ 193,000 $ 26,482 $ 4,017 $ 30,499 $ 223,499 0.38 % 2.61 % Changes: Allowances (Reversals), net 142,000 6,076 (392) 5,684 147,684 March 31, 2024 $ 335,000 $ 32,558 $ 3,625 $ 36,183 $ 371,183 0.44 % 4.29 % (1) Loans evaluated for Specific CECL Allowance are excluded from General CECL Allowance pool. The following schedule illustrates changes in CECL Allowances f or the three months ended March 31, 2023 ($ in thousands): Specific CECL Allowance (1) General CECL Allowance Total CECL Allowance CECL Allowance as % of Amortized Cost Funded Unfunded Total General (1) Total December 31, 2022 $ 133,500 $ 26,224 $ 4,347 $ 30,571 $ 164,071 0.36 % 1.86 % Changes: Allowances — 4,043 348 4,391 4,391 March 31, 2023 $ 133,500 $ 30,267 $ 4,695 $ 34,962 $ 168,462 0.42 % 1.95 % (1) Loans evaluated for Specific CECL Allowance are excluded from General CECL Allowance pool. General CECL Allowance In determining the General CECL Allowance using the WARM method, an annual historical loss rate, adjusted for macroeconomic estimates, is applied to the amortized cost of an asset, or pool of assets, over each subsequent period for the assets' remaining expected life. We considered various factors including (i) historical loss experience in the commercial real estate lending market, (ii) timing of expected repayments and satisfactions, (iii) expected future funding, (iv) capital subordinate to us when we are the senior lender, (v) capital senior to us when we are the subordinate lender, and (vi) our current and future view of the macroeconomic environment for a reasonable and supportable forecast period. The CECL Standard requires the use of significant judgment to arrive at an estimated credit loss. There is significant uncertainty related to future macroeconomic conditions, including inflation, labor shortages and interest rates. We derive an annual historical loss rate based on a commercial mortgage-backed securities ("CMBS") database with historical losses from 1998 through the first quarter of 2024 provided by a third party, Trepp LLC ("Trepp"). We apply various filters to arrive at a CMBS dataset most analogous to our current portfolio from which to determine an appropriate historical loss rate. The annual historical loss rate is further adjusted to reflect our expectations of the macroeconomic environment for a reasonable and supportable forecast period of eight quarters. In assessing the macroeconomic environment, we consider macroeconomic factors, including unemployment rate, commercial real estate prices, and market liquidity. We compare the historical data for each metric to historical commercial real estate losses in order to determine the correlation of the data. We use projections, obtained from third-party service providers, of each factor to approximate the impact the macroeconomic outlook may have on our loss rate. The General CECL Allowance on subordinate loans is calculated by incorporating both the loan balance of the position(s) of the structurally senior third-party lender(s) and the balance of our subordinate loan(s). The subordinate loans, by virtue of being the first loss position, are required to absorb losses prior to the senior position(s) being impacted, resulting in a higher percentage allowance attributable to the subordinate loan. The General CECL Allowance on unfunded loan commitments is time-weighted based on our expected commitment to fund such obligations. The General CECL Allowance on unfunded commitments is recorded as a liability on our condensed consolidated balance sheets within accounts payable, accrued expenses and other liabilities. Additionally, we have made an accounting policy election to exclude accrued interest from the amortized cost basis of the related commercial mortgage loans and subordinate loans and other lending assets in determining the General CECL Allowance, as any uncollectible accrued interest receivable is written off in a timely manner. As of March 31, 2024 and December 31, 2023, accrued interest receivable was $85.1 million and $72.4 million, respectively, and included within other assets on our condensed consolidated balance sheets. Although our secured debt obligations and senior secured term loan financing have a minimum tangible net worth maintenance covenant, the General CECL Allowance has no impact on these covenants as we are permitted to add back the General CECL Allowance for the computation of tangible net worth as defined in the respective agreements. The following schedule sets forth our General CECL Allowance as of March 31, 2024 and December 31, 2023 ($ in thousands): March 31, 2024 December 31, 2023 Commercial mortgage loans, net $ 31,397 $ 25,723 Subordinate loans, net 1,161 759 Unfunded commitments (1) 3,625 4,017 Total General CECL Allowance $ 36,183 $ 30,499 ——————— (1) The General CECL Allowance on unfunded commitments is recorded as a liability on our condensed consolidated balance sheets within accounts payable, accrued expenses and other liabilities. Our General CECL Allowance increased by $5.7 million during the quarter ended March 31, 2024. The increase was primarily related to extending our expected loan repayment dates as well as an increase to the historical loss rate derived from Trepp's data. The increase was partially offset by the favorable impacts of portfolio seasoning. Specific CECL Allowance For collateral-dependent loans where we have deemed the borrower/sponsor to be experiencing financial difficulty, we have elected to apply a practical expedient in accordance with the CECL Standard in which the fair value of the underlying collateral is compared to the amortized cost of the loan in determining a Specific CECL Allowance. The Specific CECL Allowance is determined as the difference between the fair value of the underlying collateral and the carrying value of the loan (prior to the Specific CECL Allowance). When the repayment or satisfaction of a loan is dependent on a sale, rather than operations, of the collateral, the fair value is adjusted for the estimated cost to sell the collateral. Collateral-dependent loans evaluated for a Specific CECL Allowance are removed from the General CECL Allowance pool. The fair value of the underlying collateral is determined by using method(s) such as discounted cash flow, the market approach, or direct capitalization approach. The key unobservable inputs used to determine the fair value of the underlying collateral may vary depending on the information available to us and market conditions as of the valuation date. We regularly evaluate the extent and impact of any credit migration associated with the performance and/or value of the underlying collateral property as well as the financial and operating capability of the borrower/sponsor on a loan-by-loan basis. The Specific CECL Allowance is evaluated on a quarterly basis. Specifically, a property's operating results and any cash reserves are analyzed and used to assess (i) whether cash from operations is sufficient to cover the debt service requirements currently and into the future, (ii) the ability of the borrower to refinance the loan and/or (iii) the liquidation value of the underlying collateral. We also evaluate the financial wherewithal of any loan guarantors as well as the borrower's competency in managing and operating the properties. In addition, we consider the overall economic environment, real estate sector and geographic sub-market in which the borrower operates. Such impairment analysis is completed and reviewed by asset management and finance personnel who utilize various data sources, including (i) periodic financial data such as debt service coverage ratio, property occupancy, tenant profile, rental rates, operating expenses, the borrower's exit plan, and capitalization and discount rates, (ii) site inspections and (iii) current credit spreads and discussions with market participants. The following table summarizes our risk rated 5 loans as of March 31, 2024, which were analyzed for Specific CECL Allowances ($ in thousands): Type Property type Location Amortized cost prior to Specific CECL Allowance Specific CECL Allowance Amortized cost Interest recognition status/ as of date Risk rating Mortgage Retail (1)(2) Cincinnati, OH $166,301 $67,000 $99,301 Non-Accrual/ 10/1/2019 5 Mortgage total: $166,301 $67,000 $99,301 Mezzanine Residential (3) Manhattan, NY $295,881 $268,000 $27,881 Non-Accrual/ 7/1/2021 5 Mezzanine total: $295,881 $268,000 $27,881 Total: $462,182 $335,000 $127,182 ——————— (1) The fair value of retail collateral was determined by applying a capitalization rate of 9.0%. (2) In September 2018, we entered a joint venture with Turner Consulting II, LLC ("Turner Consulting"), through an entity which owns the underlying property that secures our loan. Turner Consulting contributed 10% of the venture's equity and we contributed 90%. The entity was deemed to be a variable interest entity ("VIE"), and we determined that we are not the primary beneficiary of that VIE as we do not have the power to direct the entity's activities. During the three months ended March 31, 2024 and 2023, $0.6 million and $0.7 million, respectively, of interest paid was applied towards reducing the carrying value of the loan. During the second quarter of 2023, the loan's maturity was extended from September 2023 to September 2024. (3) The fair value of the residential collateral was determined by making certain projections and assumptions with respect to future performance and a discount rate of 10%. During the three months ended March 31, 2024, we recorded an additional $142.0 million Specific CECL Allowance on our Junior Mezzanine A Loan (as defined below). We cease accruing interest on loans if we deem the interest to be uncollectible with any previously accrued uncollected interest on the loan charged to interest income in the same period. The amortized cost basis for loans on non-accrual was $556.0 million an d $693.7 million as of March 31, 2024 and December 31, 2023 , respectively. Under certain circumstances, we may apply the cost recovery method under which interest collected on a loan reduces the loan's amortized cost. For the three months ended March 31, 2024 and 2023, we received $0.6 million and $0.7 million, respectively, in interest that reduced amortized cost under the cost recovery method. As of March 31, 2024 and December 31, 2023, the amortized cost basis for loans with accrued interest past due 90 or more days was $556.0 million and $693.7 million, respectively. As of March 31, 2024 and December 31, 2023, there were no loans with accrued interest between 30 and 89 days past due. Loan Modifications Pursuant to ASC 326 ASC 326, "Financial Instruments – Credit Losses," requires disclosure of loan modifications made to borrowers experiencing financial difficulty in the form of principal forgiveness, interest rate reductions, other-than-insignificant payment delays, or term extensions in the current reporting period. As of March 31, 2024 and December 31, 2023, the aggregate amortized cost basis of such modified receivables was $534.8 million and $674.5 million, respectively, or 6.4% and 8.0% of our aggregate commercial mortgage loans and subordinate loans by amortized cost, respectively. There were no unfunded commitments as of both March 31, 2024 and December 31, 2023 related to these loans. Chicago Office In March 2018, we originated a first mortgage loan secured by an office property in Chicago, IL. In July 2023, we deemed the borrower to be experiencing financial difficulty and modified our loan to provide a two year term extension (and a six-month extension option) in exchange for a partial repayment. These modified terms are included in the determination of our general CECL reserve for the quarter ended March 31, 2024. The loan is performing pursuant to its contractual terms and its risk rating remains a four as of March 31, 2024. Manhattan Residential In August 2022, we refinanced three of our mezzanine loans (a senior mezzanine loan ("Senior Mezzanine Loan") and two junior mezzanine loans ("Junior Mezzanine A Loan" and "Junior Mezzanine B Loan" collectively referred to as "Junior Mezzanine Loan")), and originated a commercial mortgage loan ("Senior Loan") as part of an overall recapitalization. All of the loans are secured by an ultra-luxury residential property in Manhattan, NY. In refinancing the Senior Mezzanine Loan and Junior Mezzanine Loan, we modified the loan terms with the borrower to include an interest rate reduction and two year extension of the term on all three loans. Based on our analysis under ASC 310-20 "Receivables – Nonrefundable Fees and Other Costs" ("ASC 310-20"), we have deemed this refinance to be a continuation of our existing loans. The modified loan terms as discussed above have been reflected in our calculation of CECL for the quarter ended March 31, 2024. R efer to "CECL" section above for additional information regarding our calculation of CECL Allowances. During 2022, sales velocity on the underlying property lagged behind the borrower's business plan and management's expectations. Based on this information and broader uncertainty across the ultra-luxury residential property market, we recorded a total loan Specific CECL Allowance of $66.5 million on the Junior Mezzanine B Loan and downgraded its risk rating to a five. As property sales continued to trail behind the borrower's business plan during the first half of 2023, we ceased accruing interest on the Senior Loan and the Senior Mezzanine Loan as of May 1, 2023. During the second quarter of 2023, we deemed the $82.0 million Junior Mezzanine B Loan to be unrecoverable and therefore wrote off our mezzanine loan and recorded a realized loss of $82.0 million within net realized loss on investments in our condensed consolidated statement of operations. We also recorded a $126.0 million Specific CECL Allowance on the Junior Mezzanine A Loan and downgraded its risk rating to a five. During the three months ended March 31, 2024, we recorded an additional $142.0 million Specific CECL Allowance on our Junior Mezzanine A Loan. The additional Specific CECL Allowance was primarily attributable to a reduction in list pricing of remaining units and slower sales pace at the property. The slower sales velocity coincided with the continued overall softening in the midtown Manhattan ultra-luxury submarket. A ny future change to the Specific CECL Allowance will be based upon a number of factors, including but not limited to the continued assessment of both the potential nominal value of remaining inventory as well as the expected sales velocity. Subsequent to the quarter ended March 31, 2024, our Senior Loan was refinanced by a third party lender, and we received a $108.3 million repayment. Refer to "Note 21 – Subsequent Events" for additional information. Other Loan Activity During the three months ended March 31, 2023, we recorded $1.2 million of interest income related to a subordinate risk retention interest in a securitization vehicle. During the third quarter of 2023, this subordinate risk retention interest was repaid in full. We recognized $0.1 million in pre-payment penalties and accelerated fees for the three months ended March 31, 2024 and none for the three months ended March 31, 2023. During the three months ended March 31, 2023, we received £72.2 million ($88.4 million assuming conversion into U.S. Dollars ("USD")) full repayment of one of our commercial mortgage loans secured by an office property in London, UK, including all default interest accrued to date, which was approximately $0.7 million. In conjunction with the repayment, the related participation interest sold was also fully satisfied. Refer to "Note 12 – Participations Sold" for additional detail. Loan Sales From time to time, we may enter into sale transactions with other parties. All sale transactions are evaluated in accordance with ASC 860, "Transfers and Servicing" ("ASC 860"). During the first quarter of 2023, we sold our entire interests in three commercial mortgage loans secured by various properties in Europe, with aggregate commitments of €205.7 million ($219.0 million assuming conversion into USD, of which €115.0 million or $122.4 million assuming conversion into USD, was funded at the time of sale). Additionally, we sold a partial interest of £15.0 million ($18.2 million assuming conversion into USD) in a commercial mortgage loan secured by a mixed-use property located in London, United Kingdom. These sales were made to entities managed by affiliates of the Manager. We evaluated the transaction under ASC 860 and determined the sale of our entire interests and the sale of the partial interest met the criteria for sale accounting. We recorded a net gain of approximately $0.2 million in connection with these sales during the first quarter of 2023 within net realized loss on investments in our condensed consolidated statement of operations. Refer to "Note 12 – Participations Sold" for additional detail related to the subordinate interest. Held for Sale Loans are classified as held for sale if there is an intent to sell them in the short-term following the reporting date. Loans classified as held for sale are carried at the lower of amortized cost or fair value less costs to sell, unless the fair value option is elected at origination. Additionally, held for sale loans are not subject to the General CECL Allowance. During the three months ended March 31, 2024, we entered into an agreement to sell a commercial mortgage loan collateralized by a hotel property located in Honolulu, HI at a price of 99.5%. We recorded a fair value adjustment of $0.7 million (representing the difference between the loan's amortized cost and the loan's fair value at the agreed upon price of 99.5%), which is included within valuation allowance, commercial mortgage loan held for sale on our condensed consolidated statement of operations. The loan is carried at fair value of $135.5 million and has a risk rating of a three as of March 31, 2024. The sale subsequently closed in April 2024. Refer to "Note 21 – Subsequent Events" for additional detail.

Real Estate Owned

Real Estate Owned	3 Months Ended
Real Estate Owned	Mar. 31, 2024
Real Estate [Abstract]
Real Estate Owned	Real Estate Owned Real Estate Owned, Held for Investment As of March 31, 2024, assets and liabilities related to real estate owned, held for investment consisted of three properties: the D.C. Hotel, a full-service luxury hotel in Washington, D.C., the Brooklyn Development, a multifamily development property located in downtown Brooklyn, NY, and the Atlanta Hotel, a hotel in Atlanta, GA. D.C. Hotel On May 24, 2021, we acquired legal title to the D.C. hotel, which previously secured two subordinate loans, through a deed-in-lieu of foreclosure. In accordance with ASC 805, we consolidated the hotel's assets and liabilities at their respective fair values. Refer to "Note 3 – Fair Value Disclosure" for full discussion of non-recurring fair value measurements. As of March 1, 2022, the hotel assets, comprised of land, building, furniture, fixtures, and equipment ("FF&E"), and accumulated depreciation (collectively "REO Fixed Assets"), and liabilities met the criteria to be classified as held for sale under ASC Topic 360, "Property, Plant, and Equipment." Accordingly, as of March 1, 2022, we ceased recording depreciation on the building and FF&E on the condensed consolidated statement of operations. As of March 1, 2023, due to market conditions, we curtailed active marketing efforts, and reclassified the REO Fixed Assets and liabilities from real estate owned, held for sale to real estate owned, held for investment, net. In accordance with ASC Topic 360, the REO Fixed Assets were reclassified to their carrying value before they were initially classified as held for sale in March of 2022, and all other assets and liabilities were reclassified to the corresponding line items on the condensed consolidated balance sheet. Upon reclassification, we recorded $4.0 million of depreciation expense, representing the amount that would have been recorded had the asset remained as held for investment, and included this amount within Depreciation and amortization on real estate owned on our condensed consolidated statement of operations for the three months ended March 31, 2023. No realized gain or loss was recorded in connection with this reclassification. As of March 31, 2024 and December 31, 2023, the value of net real estate assets related to the D.C. Hotel was $153.5 million and $152.4 million, respectively. As of March 31, 2024, our net real estate assets included depreciable assets of $80.1 million, net of $7.2 million in accumulated depreciation, attributable to the building, and $5.9 million, net of $4.2 million in accumulated depreciation, attributable to FF&E. As of December 31, 2023, our net real estate assets included depreciable assets of $80.5 million, net of $6.6 million in accumulated depreciation, attributable to the building, and $6.1 million, net of $3.8 million in accumulated depreciation, attributable to FF&E. We recorded net profit from hotel operations of $1.1 million for three months ended March 31, 2024 and net loss of $1.9 million for the three months ended March 31, 2023. Brooklyn Development In 2015, we originated a $122.2 million multifamily development commercial mortgage loan secured by an assemblage of properties in downtown Brooklyn, NY. In 2020, the loan went into default, and we recorded a $30.0 million Specific CECL Allowance, due to the deterioration of market conditions attributable to COVID-19. As a result of improved market conditions, we reversed $20.0 million of Specific CECL Allowance during the second quarter of 2021. In the second quarter of 2022, we reversed the remaining $10.0 million Specific CECL Allowance as a result of market rent growth and value created from development activities at the underlying property. On August 3, 2022, we acquired legal title of the property through a deed-in-lieu of foreclosure and accounted for the asset acquisition in accordance with ASC 805. At that time, our amortized cost basis in the commercial mortgage loan was $226.5 million. We recorded the real estate assumed at a fair value of $270.1 million based on the market value of the property as of the date of acquisition. We recognized a realized gain of $43.6 million, recorded within realized gain (loss) on investments on our condensed consolidated statement of operations, which reflects the difference between the fair value of the property and the carrying value of the loan at the time of acquisition. The non-recurring fair value measurement was classified as Level III within the fair value hierarchy due to the use of significant unobservable inputs, including comparable sales of similar properties in the market. We capitalized construction and financing costs of $37.5 million and $13.9 million during the three months ended March 31, 2024 and 2023, respectively. As of March 31, 2024 and December 31, 2023, our cost basis in the property was $411.7 million and $374.2 million, respectively. As of March 31, 2024 and December 31, 2023, our cost basis included construction costs of $190.4 million and $152.9 million, respectively. There is no depreciation recorded while the property is under development. Upon taking title, we concurrently contributed the property to a joint venture with a third-party real estate developer. The entity was deemed to be a VIE, of which we were determined to be the primary beneficiary. Through our wholly owned subsidiaries, we hold a 100% equity ownership interest in the joint venture and our partner is only entitled to profit upon achievement of certain returns under our joint venture agreement. Concurrently with taking title to the property, we obtained $164.8 million in construction financing on the property. As of March 31, 2024 and December 31, 2023, the carrying value of the construction financing included within debt related to real estate owned, held for investment, net on our condensed consolidated balance sheets was $161.9 million, net of $3.0 million in deferred financing costs and $161.6 million, net of $3.2 million in deferred financing costs, respectively. The construction financing includes a maximum commitment of $388.4 million, an interest rate of term one-month Secured Overnight Financing Rate ("SOFR") +2.55%, and current maturity of August 2026, with an option to extend for one year, contingent upon meeting certain conditions. The construction financing agreement contains covenants requiring our unencumbered liquidity be greater than $100.0 million and our net worth be greater than $600.0 million. Under these covenants, our General CECL Allowance is added back to our net worth calculation. As of both March 31, 2024 and December 31, 2023, we were in compliance with these covenants. To manage our exposure to variable cash flows on our borrowings under this construction financing, we entered into an interest rate cap on September 26, 2023. As of March 31, 2024, the fair value of the interest rate cap is $1.2 million and it is recorded within derivative assets, net on our condensed consolidated balance sheet. Refer to "Note 11 - Derivatives" for full detail. Atlanta Hotel In March 2017, we originated a first mortgage loan secured by the Atlanta Hotel. During the second quarter of 2022, due to slower than expected recovery from the COVID-19 pandemic, we deemed the borrower to be experiencing financial difficulty. Accordingly, we ceased accruing interest on the loan and recorded a $7.0 million Specific CECL Allowance. During the fourth quarter of 2022, we wrote off the $7.0 million previously recorded Specific CECL Allowance and reduced the principal balance of the loan which was recorded as a realized loss within net realized loss on investments in our December 31, 2022 consolidated statement of operations. On March 31, 2023, we acquired legal title of the Atlanta Hotel through a deed-in-lieu of foreclosure and determined the fair value of net real estate assets to be $75.0 million in accordance with ASC 820 "Fair Value Measurements and Disclosures." The fair value of the real estate owned is categorized within Level III of the fair value hierarchy set forth by ASC 820 and includes the use of significant unobservable inputs. See "Note 3 - Fair Value Disclosure" for discussion of our non-recurring fair value measurements. Additionally, we recognized a realized loss of $4.8 million, recorded within net realized loss on investments on our condensed consolidated statement of operations. The realized loss represents the difference between the original loan's amortized cost and the fair value of the net assets acquired. During the three months ended June 30, 2023, we received an unsolicited offer from a third party to purchase the Atlanta Hotel. As of June 30, 2023, the hotel's assets and liabilities met the criteria to be classified as held for sale under ASC Topic 360, "Property, Plant, and Equipment." In accordance with ASC Topic 360, we ceased recording depreciation on the building and FF&E on the condensed consolidated statement of operations and we have reclassified assets and liabilities from their respective condensed consolidated balance sheet line items to Assets related to real estate owned, held for sale and Liabilities related to real estate owned, held for sale. As of March 31, 2024, we determined the sale of the Atlanta Hotel to a third party, from whom we received an unsolicited offer, to be no longer probable, and we are not actively marketing the property for sale to other potential buyers. As such, the Atlanta Hotel no longer meets the criteria to be classified as held for sale under ASC Topic 360, "Property, Plant, and Equipment." In accordance with ASC Topic 360, the REO Fixed Assets were reclassified to their carrying value before classifying as held for sale in June of 2023. On the date of reclassification, March 31, 2024, we recorded $3.6 million in depreciation, representing the amount that would have been recorded had the asset remained as held for investment. All other assets and liabilities were reclassified to the corresponding line items on the condensed consolidated balance sheet. No realized gain or loss was recorded in connection with this reclassification. As of March 31, 2024, the value of net real estate assets related to the Atlanta Hotel was $72.1 million. As of March 31, 2024, our net real estate assets included depreciable assets of $47.0 million, net of $3.1 million in accumulated depreciation, attributable to the building, and $7.0 million, net of $1.7 million in accumulated depreciation, attributable to FF&E. For the three months ended March 31, 2024, we recorded net loss from the hotel's operations of $1.8 million. As of December 31, 2023, the hotel's assets and liabilities were classified as held for sale, and the value of net real estate assets related to the Atlanta Hotel was $75.4 million. As of December 31, 2023, our net real estate assets included depreciable assets of $49.4 million, net of $0.8 million in accumulated depreciation, attributable to the building, and $8.0 million, net of $0.4 million in accumulated depreciation, attributable to FF&E.

Other Assets

Other Assets	3 Months Ended
Other Assets	Mar. 31, 2024
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Other Assets	Other Assets The following table details the components of our other assets at the dates indicated ($ in thousands): March 31, 2024 December 31, 2023 Interest receivable $ 85,072 $ 72,354 Loan proceeds held by servicer (1) 7,820 6,271 Other (2) 10,637 6,998 Total $ 103,529 $ 85,623 ——————— (1) Includes loan principal and interest held by our third-party servicers as of the balance sheet date and remitted during subsequent remittance cycle. (2) Includes $8.4 million and $4.6 million of other assets from Real Estate Owned, Held for Investment as of March 31, 2024 and December 31, 2023, respectively. Refer to "Note 5 – Real Estate Owned" for additional information.

Secured Debt Arrangements, Net

Secured Debt Arrangements, Net	3 Months Ended
Secured Debt Arrangements, Net	Mar. 31, 2024
Debt Disclosure [Abstract]
Secured Debt Arrangement, Net/Participations Sold	Secured Debt Arrangements, Net We utilize secured debt arrangements to finance the origination activity in our loan portfolio. Our secured debt arrangements are comprised of secured credit facilities, a private securitization, and a revolving credit facility. During the three months ended March 31, 2024, we entered into a new secured credit facility with Goldman Sachs. The facility is secured by a first mortgage loan on a European portfolio of pubs and provides $158.6 million of additional borrowing capacity. Additionally, during the three months ended March 31, 2024, we upsized our secured credit facility with Atlas Securitized Products Holdings ("Atlas") by $113.5 million, as discussed further below. Our borrowings under secured debt arrangements at March 31, 2024 and December 31, 2023 are detailed in the following table ($ in thousands): March 31, 2024 December 31, 2023 Maximum Amount of Borrowings (1) Borrowings Outstanding (1) Maturity (2) Maximum Amount of Borrowings (1) Borrowings Outstanding (1) Maturity (2) JPMorgan Facility - USD (3)(4) $ 1,482,730 $ 1,036,803 September 2026 $ 1,482,584 $ 1,043,964 September 2026 JPMorgan Facility - GBP (3)(4) 17,270 17,270 September 2026 17,416 17,416 September 2026 Deutsche Bank Facility - USD (3) 700,000 278,703 March 2026 700,000 275,815 March 2026 Atlas Facility - USD (5) 800,000 751,207 March 2027 (6) 686,527 669,302 April 2027 (7)(8) HSBC Facility - GBP 380,740 380,740 May 2025 383,967 383,967 May 2025 HSBC Facility - EUR 275,027 275,027 January 2026 (8) 281,401 281,401 January 2026 Goldman Sachs Facility - USD 11,605 11,605 November 2025 (9) 13,437 13,437 November 2025 (9) Goldman Sachs Facility - GBP 158,599 158,599 January 2029 — — N/A Barclays Facility - USD 200,000 99,817 June 2027 (7) 200,000 107,929 June 2027 (7) MUFG Securities Facility - GBP 202,970 202,970 June 2025 (7) 204,690 204,690 June 2025 (7) Churchill Facility - USD 130,000 125,209 April 2026 130,000 126,515 March 2026 Santander Facility - USD 300,000 67,500 February 2026 (7) 300,000 67,500 February 2026 (7) Santander Facility - EUR 58,261 54,677 August 2024 59,611 55,716 August 2024 Total Secured Credit Facilities 4,717,202 3,460,127 4,459,633 3,247,652 Barclays Private Securitization - GBP, EUR, SEK 2,056,364 2,056,364 July 2026 (8) 2,369,125 2,157,157 June 2026 (8) Revolving Credit Facility - USD (10) 170,000 94,000 March 2026 170,000 147,000 March 2026 Total Secured Debt Arrangements 6,943,566 5,610,491 6,998,758 5,551,809 Less: deferred financing costs N/A (13,524) N/A (13,333) Total Secured Debt Arrangements, net (11)(12)(13) $ 6,943,566 $ 5,596,967 $ 6,998,758 $ 5,538,476 ——————— (1) As of March 31, 2024, British Pound Sterling("GBP"), Euro ("EUR"), and Swedish Krona ("SEK") borrowings were converted to USD at a rate of 1.26, 1.08, and 0.09, respectively. As of December 31, 2023, GBP, EUR and SEK borrowings were converted to USD at a rate of 1.27, 1.10 and 0.10, respectively. (2) Maturity date assumes extensions at our option are exercised with consent of financing providers, where applicable. (3) The JPMorgan Facility and Deutsche Bank Facility enable us to elect to receive advances in USD, GBP, or EUR. (4) The JPMorgan Facility allows for $1.5 billion of maximum borrowings in total as of March 31, 2024. (5) The Atlas Facility (as defined below) was formerly the Credit Suisse Facility. See "Atlas Facility" below for additional discussion. (6) The Atlas Facility was amended during March 2024 to convert the facility's maturity from a six month "evergreen" feature to a two-year initial term, with an additional one-year extension option. (7) Assumes financings are extended in line with the underlying loans. (8) Represents weighted-average maturity across various financings with the counterparty. See below for additional details. (9) Facility entered the two-year amortization period. During the amortization period, the maturity date for current outstanding transactions are extended for a period of up to two years from the November 2023 maturity. (10) The current stated maturity of the Revolving Credit Facility (as defined below) is March 2026. Borrowings under the Revolving Credit Facility bear interest at a per annum rate equal to the sum of (i) a floating rate index and (ii) a fixed margin. Borrowings under the Revolving Credit Facility are full recourse to certain guarantor wholly-owned subsidiaries of the Company. See "Revolving Credit Facility" below for additional discussion. (11) Weighted-average borrowing costs as of March 31, 2024 and December 31, 2023 were applicable benchmark rates and credit spread adjustments, plus spreads of USD: +2.64% / GBP: +2.25% / EUR: +1.86% / SEK: +1.50% and USD: +2.49% / GBP: +2.21% / EUR: +1.86%/ SEK: +1.50%, respectively. (12) Weighted-average advance rates based on cost as of March 31, 2024 and December 31, 2023 were 68.1% (62.4% (USD) / 72.2% (GBP) / 71.7% (EUR) / 80.4% (SEK)) and 68.4% (62.9% (USD) / 72.5% (GBP) / 72.1% (EUR) / 80.4% (SEK)), respectively. (13) As of March 31, 2024 and December 31, 2023, approximately 52.2% and 58.3%, respectively, is the outstanding balance under these secured borrowings were recourse to us. Terms of our secured credit facilities are designed to keep each lender's credit exposure generally constant as a percentage of the underlying value of the assets pledged as security to the facility. If the credit of the underlying collateral value decreases, the amount of leverage to us may be reduced. As of March 31, 2024 and December 31, 2023, t he weighted-average haircut under our secured debt arrangements was approxi mately 31.9% and 31.6%, respectively. Our secured credit facilities do not contain capital markets-based mark-to-market provisions. Atlas Facility On February 8, 2023, in connection with the acquisition by certain subsidiaries of Atlas, which is a wholly-owned investment of a fund managed by an affiliate of the Manager, of certain warehouse assets and liabilities of the Credit Suisse AG Securitized Products Group ("Credit Suisse AG")(the "Transaction"), the Credit Suisse Facility was acquired by Atlas ("Atlas Facility"). In order to effect the assignment of the Credit Suisse Facility and related agreements, the Company and one of its subsidiaries, similar to the other sellers and guarantors party to the subject agreements in the Transaction, entered into an Omnibus Assignment, Assumption and Amendment Agreement as well as certain related agreements with Credit Suisse AG and Atlas. Refer to "Note 15 - Related Party Transactions" for further discussion regarding the transaction. During the three months ended March 31, 2024, we executed an amendment to upsize the Atlas Facility by $113.5 million. The amendment included conversion of the facility's term from a six month "evergreen" feature to two-years, with a one-year extension option, reduction to recourse percentages, and an additional pledge of a commercial mortgage loan, among other changes. Revolving Credit Facility On March 3, 2023, we entered into the revolving credit facility (the "Revolving Credit Facility") administered by Bank of America, N.A. The Revolving Credit Facility provides up to $170.0 million of borrowings secured by qualifying commercial mortgage loans and real property owned assets. The Revolving Credit Facility has a term of three years, maturing in March 2026. The Revolving Credit Facility enables us to borrow on qualifying commercial mortgage loans for up to two years and real property owned assets for up to six months. As of March 31, 2024 and December 31, 2023, we had $94.0 million and $147.0 million, respectively, outstanding on the Revolving Credit Facility. During the three months ended March 31, 2024, we recorded $33.6 thousand in unused fees and $1.9 million in contractual interest expense. During the three months ended March 31, 2023, we recorded $27.4 thousand in unused fees related to the Revolving Credit Facility. Barclays Private Securitization We are party to a private securitization with Barclays Bank plc ("Barclays") (such securitization, the "Barclays Private Securitization"). Commercial mortgage loans currently financed under the Barclays Securitization are denominated in GBP, EUR and SEK. The Barclays Private Securitization does not include daily margining provisions and grants us significant discretion to modify certain terms of the underlying collateral including waiving certain loan-level covenant breaches and deferring or waiving of debt service payments for up to 18 months. The securitization includes loan-to-value based covenants with deleveraging requirements that are based on significant declines in the value of the collateral as determined by an annual third-party (engaged by us) appraisal process tied to the provisions of the underlying loan agreements. We believe this provides us with both cushion and predictability to avoid sudden unexpected outcomes and material repayment requirements. The table below provides principal balances and the carrying value for commercial mortgage loans pledged to the Barclays Private Securitization as of March 31, 2024 and December 31, 2023 ($ in thousands): March 31, 2024 Local Currency Count Outstanding Principal Carrying Value GBP 7 $ 1,704,318 $ 1,685,240 EUR 5 867,551 859,740 SEK 1 232,117 230,524 Total 13 $ 2,803,986 $ 2,775,504 December 31, 2023 Local Currency Count Outstanding Principal Carrying Value GBP 7 $ 1,662,457 $ 1,643,979 EUR 6 1,021,272 1,012,987 SEK 1 248,088 246,220 Total 14 $ 2,931,817 $ 2,903,186 The table below provides the borrowings outstanding (on an as converted basis) and weighted-average fully-extended maturities by currency for the assets financed under the Barclays Private Securitization as of March 31, 2024 ($ in thousands): Borrowings Outstanding (1) Fully-Extended Maturity (2) Total/Weighted-Average GBP $ 1,261,051 July 2026 Total/Weighted-Average EUR 609,619 September 2026 (3) Total/Weighted-Average SEK 185,694 May 2026 Total/Weighted-Average Securitization $ 2,056,364 July 2026 ——————— (1) As of March 31, 2024, we had £998.9 million, €565.0 million, and kr2.0 billion of borrowings outstanding under the Barclays Private Securitization secured by certain of our commercial mortgage loans. (2) Assumes underlying loans extend to fully extended maturity and extensions at our option are exercised. (3) The EUR portion of the Barclays Private Securitization has an "evergreen" feature such that the facility continues for one year and can be terminated by either party on certain dates with, depending on the date of notice, a minimum of nine to twelve months' notice. The table below provides the borrowings outstanding (on an as converted basis) and weighted-average fully-extended maturities by currency for the assets financed under the Barclays Private Securitization as of December 31, 2023 ($ in thousands): Borrowings Outstanding (1) Fully-Extended Maturity (2) Total/Weighted-Average GBP 1,234,740 June 2026 Total/Weighted-Average EUR 723,947 May 2026 (3) Total/Weighted-Average SEK 198,470 May 2026 Total/Weighted-Average Securitization $ 2,157,157 June 2026 ——————— (1) As of December 31, 2023, we had £969.9 million, €655.8 million, and kr2.0 billion of borrowings outstanding under the Barclays Private Securitization secured by certain of our commercial mortgage loans. (2) Assumes underlying loans extend to fully extended maturity and extensions at our option are exercised. (3) The EUR portion of the Barclays Private Securitization has an "evergreen" feature such that the facility continues for one year and can be terminated by either party on certain dates with, depending on the date of notice, a minimum of nine to twelve months' notice. The table below provides the assets and liabilities of the Barclays Private Securitization VIE included in our condensed consolidated balance sheets ($ in thousands): March 31, 2024 December 31, 2023 Assets: Cash $ 327 $ 924 Commercial mortgage loans, net (1) 2,775,504 2,903,186 Other Assets 46,490 41,180 Total Assets $ 2,822,321 $ 2,945,290 Liabilities: Secured debt arrangements, net (net of deferred financing costs of $1.7 million and $2.0 million in 2024 and 2023, respectively) $ 2,054,681 $ 2,155,197 Accounts payable, accrued expenses and other liabilities (2) 11,328 9,083 Total Liabilities $ 2,066,009 $ 2,164,280 ——————— (1) Net of the General CECL Al lowance of $10.8 million and $8.3 million as of March 31, 2024 and December 31, 2023, respectively. (2) Includes General CECL Allowance related to unfunded commitments on commercial mortgage loans, net o f $2.6 million and $2.5 million as of March 31, 2024 and December 31, 2023, respectively. The table below provides the net income (loss) of the Barclays Private Securitization VIE included in our condensed consolidated statement of operations ($ in thousands): Three months ended March 31, 2024 2023 Net interest income: Interest income from commercial mortgage loans $ 64,523 $ 46,977 Interest expense (36,083) (23,133) Net interest income $ 28,440 $ 23,844 Decrease (increase) in current expected credit loss allowance, net (2,565) 199 Foreign currency translation gain (loss) (12,923) 10,002 Net income $ 12,952 $ 34,045 At March 31, 2024, our borrowings had the following remaining maturities ($ in thousands): Less than 1 to 3 3 to 5 More than Total JPMorgan Facility $ 27,271 $ 1,026,802 $ — $ — $ 1,054,073 Deutsche Bank Facility 95,686 183,017 — — 278,703 Atlas Facility — 751,207 — 751,207 HSBC Facility — 655,767 — — 655,767 Goldman Sachs Facility - USD — 11,605 — — 11,605 Goldman Sachs Facility - GBP — — 158,599 — 158,599 Barclays Facility — — 99,817 — 99,817 MUFG Securities Facility — 202,970 — — 202,970 Churchill Facility — 125,209 — — 125,209 Santander Facility - USD 67,500 — — 67,500 Santander Facility - EUR 54,677 — — — 54,677 Barclays Private Securitization 379,765 1,480,142 196,456 — 2,056,364 Revolving Credit Facility 76,385 17,615 — — 94,000 Total $ 701,284 $ 4,454,334 $ 454,872 $ — $ 5,610,491 The table above reflects the fully extended maturity date of the facility and assumes facilities with an "evergreen" feature continue to extend through the fully-extended maturity of the underlying asset and assumes underlying loans are extended with consent of financing providers. The table below summarizes the outstanding balances at March 31, 2024, as well as the maximum and average month-end balances for the three months ended March 31, 2024 for our borrowings under secured debt arrangements ($ in thousands). As of March 31, 2024 For the three months ended March 31, 2024 Balance Collateral (1) Maximum Month-End Average Month-End JPMorgan Facility $ 1,054,073 $ 1,869,057 $ 1,063,261 $ 1,058,968 Deutsche Bank Facility 278,703 421,949 278,703 277,741 Goldman Sachs Facility - USD 11,605 25,242 11,620 11,612 Goldman Sachs Facility - GBP 158,599 209,523 159,403 158,872 Atlas Facility 751,207 1,098,342 751,207 676,229 HSBC Facility 655,767 849,268 658,434 656,800 Barclays Facility 99,817 124,107 102,598 101,671 MUFG Securities Facility 202,970 275,579 203,999 203,318 Churchill Facility 125,209 166,563 126,080 125,644 Santander Facility - USD 67,500 99,736 67,500 67,500 Santander Facility - EUR 54,677 72,302 54,677 54,666 Barclays Private Securitization 2,056,364 2,786,288 2,146,965 2,085,304 Revolving Credit Facility 94,000 181,130 150,000 112,667 Total $ 5,610,491 $ 8,179,086 (1) Represents the amortized cost balance of commercial loan collateral assets and the value of net real estate assets of real property owned collateral assets. The table below summarizes the outstanding balances at December 31, 2023, as well as the maximum and average month-end balances for the year ended December 31, 2023 for our borrowings under secured debt arrangements ($ in thousands). As of December 31, 2023 For the year ended December 31, 2023 Balance Collateral (1) Maximum Month-End Average Month-End JPMorgan Facility $ 1,061,380 $ 1,871,854 $ 1,324,226 $ 1,190,651 Deutsche Bank Facility 275,815 419,170 385,818 322,676 Goldman Sachs Facility 13,437 28,533 70,249 30,482 Atlas Facility 669,302 933,085 688,126 667,794 HSBC Facility 665,368 860,134 667,430 651,758 Barclays Facility 107,929 129,439 111,909 110,729 MUFG Securities Facility 204,690 278,223 206,362 200,447 Churchill Facility 126,515 168,138 130,000 128,094 Santander Facility - USD 67,500 99,648 75,000 68,125 Santander Facility - EUR 55,716 74,288 55,716 54,347 Barclays Private Securitization 2,157,157 2,911,470 2,157,157 1,896,144 Revolving Credit Facility 147,000 319,048 147,000 93,500 Total $ 5,551,809 $ 8,093,030 (1) Represents the amortized cost balance of commercial loan collateral assets and the value of net real estate assets of real property owned collateral assets. Debt Covenants The guarantees related to our secured debt arrangements contain the following financial covenants: (i) tangible net worth must be greater than $1.25 billion plus 75% of the net cash proceeds of any equity issuance after March 31, 2017; (ii) our ratio of total indebtedness to tangible net worth cannot be greater than 3.75:1 (ratio is 4.00:1 for the Revolving Credit Facility); and (iii) our liquidity cannot be less than an amount equal to the greater of 5% of total recourse indebtedness or $30.0 million. Under these covenants, our General CECL Allowance is added back to our tangible net worth calculation. The Revolving Credit Facility contains an additional financial covenant to maintain a minimum interest coverage ratio of 1.4:1. During October 2023, we modified our interest coverage ratio covenant related to the Revolving Credit Facility to a minimum of 1.4:1 from a minimum of 1.5:1. We were in compliance with the covenants under each of our secured debt arrangements at March 31, 2024 and December 31, 2023. The impact of macroeconomic conditions on the commercial real estate markets and global capital markets, including increased interest rates, foreign currency fluctuations, changes to fiscal and monetary policy, slower economic growth or recession, labor shortages, and recent distress in the banking sector, may make it more difficult to meet or satisfy these covenants in the future. In May 2019, we entered into a $500.0 million senior secured term loan (the "2026 Term Loan"), which matures in May 2026 and contains restrictions relating to liens, asset sales, indebtedness, and investments in non-wholly owned entities. The 2026 Term Loan was issued at a price of 99.5%. During the second quarter of 2023, the 2026 Term Loan transitioned from LIBOR to SOFR and currently bears interest at SOFR plus 2.86%. In March 2021, we entered into an additional $300.0 million senior secured term loan, with substantially the same terms as the 2026 Term Loan, (the "2028 Term Loan" and, together with the 2026 Term Loan, the "Term Loans") which matures in March 2028 and contains restrictions relating to liens, asset sales, indebtedness, and investments in non-wholly owned entities. The 2028 Term Loan was issued at a price of 99.0%. During the second quarter of 2023, the 2028 Term Loan transitioned from LIBOR to SOFR and currently bears interest at SOFR (with a floor of 0.50%) plus 3.61%. The Term Loans are amortizing with repayments of 0.25% per quarter of the total committed principal. During the three months ended March 31, 2024 and 2023, we repaid $1.3 million of principal, respectively, related to the 2026 Term Loan. During the three months ended March 31, 2024 and 2023, we repaid $0.8 million of principal respectively related to the 2028 Term Loan. The following table summarizes the terms of the Term Loans as of March 31, 2024 ($ in thousands): Principal Amount Unamortized Issuance Discount (1) Deferred Financing Costs (1) Carrying Value Rate Maturity Date 2026 Term Loan $ 476,250 $ (743) $ (3,923) $ 471,584 2.86 % 5/15/2026 2028 Term Loan 291,000 (1,679) (2,993) 286,328 3.61 % 3/11/2028 Total $ 767,250 $ (2,422) $ (6,916) $ 757,912 ——————— (1) Unamortized issuance discount and deferred financing costs will be amortized to interest expense over remaining life of respective term loans. The following table summarizes the terms of the Term Loans as of December 31, 2023 ($ in thousands): Principal Amount Unamortized Issuance Discount (1) Deferred Financing Costs (1) Carrying Value Rate Maturity Date 2026 Term Loan $ 477,500 $ (833) $ (4,302) $ 472,365 2.86 % 5/15/2026 2028 Term Loan 291,750 (1,786) (3,179) 286,785 3.61 % 3/11/2028 Total $ 769,250 $ (2,619) $ (7,481) $ 759,150 ——————— (1) Unamortized issuance discount and deferred financing costs will be amortized to interest expense over remaining life of respective term loans. Covenants The financial covenants of the Term Loans include the requirements that we maintain: (i) a maximum ratio of total recourse debt to tangible net worth of 4:1; and (ii) a maximum ratio of total unencumbered assets to total pari-passu indebtedness of 2.50:1. We were in compliance with the covenants under the Term Loans at March 31, 2024 and December 31, 2023. Interest Rate Cap During the three months ended March 31, 2023, LIBOR exceeded the cap rate of 0.75%. As such, during the three months ended March 31, 2023, we realized a gain from the interest rate cap in the amount of $4.7 million, which is included in gain (loss) on interest rate hedging instruments in our condensed consolidated statement of operations. Subsequent to the interest rate cap maturity on June 15, 2023, the effective all-in coupon on our 2026 Term Loan increased to one month SOFR plus the spread of 2.86%. In June 2021, we issued $500.0 million of 4.625% Senior Secured Notes due 2029 (the "2029 Notes"), for which we received net proceeds of $495.0 million, after deducting initial purchasers' discounts and commissions. The 2029 Notes will mature on June 15, 2029, unless earlier repurchased or redeemed. The 2029 Notes are secured by a first-priority lien, and rank pari-passu in right of payment with all of our existing and future first lien obligations, including indebtedness under the Term Loans. The 2029 Notes were issued at par and contain covenants relating to liens, indebtedness, and investments in non-wholly owned entities. The 2029 Notes had a carrying value of $495.8 million and $495.6 million, net of deferred financing costs of $4.2 million and $4.4 million, as of March 31, 2024 and December 31, 2023, respectively. Covenants The 2029 Notes include certain covenants including a requirement that we maintain a ratio of total unencumbered assets to total pari-passu indebtedness of at least 1.20:1. As of March 31, 2024 and December 31, 2023, we were in compliance with all covenants. Participations sold represented the subordinate interests in loans we originated and subsequently partially sold. We account for participations sold as secured borrowings on our condensed consolidated balance sheet with both assets and non-recourse liabilities because the participations do not qualify as a sale under ASC 860. The income earned on the participations sold is recorded as interest income and an identical amount is recorded as interest expense in our condensed consolidated statements of operations. In December 2020, we sold a £6.7 million ($8.9 million assuming conversion into USD at time of transfer) interest, at par, in a first mortgage loan collateralized by an office building located in London, United Kingdom that was originated by us in December 2017. In connection with this sale, we transferred our remaining unfunded commitment of £19.1 million ($25.3 million assuming conversion into USD at time of transfer). The participation interest sold was subordinate to our first mortgage loan and was accounted for as a secured borrowing on our consolidated balance sheet. In January 2023, the first mortgage loan, including participations sold, was fully satisfied, including all contractual and default interest accrued to date. We had no participations sold as of the three months ended March 31, 2024 and December 31, 2023.

Senior Secured Term Loan, Net

Senior Secured Term Loan, Net	3 Months Ended
Senior Secured Term Loan, Net	Mar. 31, 2024
Debt Disclosure [Abstract]
Senior Secured Term Loan, Net	Secured Debt Arrangements, Net We utilize secured debt arrangements to finance the origination activity in our loan portfolio. Our secured debt arrangements are comprised of secured credit facilities, a private securitization, and a revolving credit facility. During the three months ended March 31, 2024, we entered into a new secured credit facility with Goldman Sachs. The facility is secured by a first mortgage loan on a European portfolio of pubs and provides $158.6 million of additional borrowing capacity. Additionally, during the three months ended March 31, 2024, we upsized our secured credit facility with Atlas Securitized Products Holdings ("Atlas") by $113.5 million, as discussed further below. Our borrowings under secured debt arrangements at March 31, 2024 and December 31, 2023 are detailed in the following table ($ in thousands): March 31, 2024 December 31, 2023 Maximum Amount of Borrowings (1) Borrowings Outstanding (1) Maturity (2) Maximum Amount of Borrowings (1) Borrowings Outstanding (1) Maturity (2) JPMorgan Facility - USD (3)(4) $ 1,482,730 $ 1,036,803 September 2026 $ 1,482,584 $ 1,043,964 September 2026 JPMorgan Facility - GBP (3)(4) 17,270 17,270 September 2026 17,416 17,416 September 2026 Deutsche Bank Facility - USD (3) 700,000 278,703 March 2026 700,000 275,815 March 2026 Atlas Facility - USD (5) 800,000 751,207 March 2027 (6) 686,527 669,302 April 2027 (7)(8) HSBC Facility - GBP 380,740 380,740 May 2025 383,967 383,967 May 2025 HSBC Facility - EUR 275,027 275,027 January 2026 (8) 281,401 281,401 January 2026 Goldman Sachs Facility - USD 11,605 11,605 November 2025 (9) 13,437 13,437 November 2025 (9) Goldman Sachs Facility - GBP 158,599 158,599 January 2029 — — N/A Barclays Facility - USD 200,000 99,817 June 2027 (7) 200,000 107,929 June 2027 (7) MUFG Securities Facility - GBP 202,970 202,970 June 2025 (7) 204,690 204,690 June 2025 (7) Churchill Facility - USD 130,000 125,209 April 2026 130,000 126,515 March 2026 Santander Facility - USD 300,000 67,500 February 2026 (7) 300,000 67,500 February 2026 (7) Santander Facility - EUR 58,261 54,677 August 2024 59,611 55,716 August 2024 Total Secured Credit Facilities 4,717,202 3,460,127 4,459,633 3,247,652 Barclays Private Securitization - GBP, EUR, SEK 2,056,364 2,056,364 July 2026 (8) 2,369,125 2,157,157 June 2026 (8) Revolving Credit Facility - USD (10) 170,000 94,000 March 2026 170,000 147,000 March 2026 Total Secured Debt Arrangements 6,943,566 5,610,491 6,998,758 5,551,809 Less: deferred financing costs N/A (13,524) N/A (13,333) Total Secured Debt Arrangements, net (11)(12)(13) $ 6,943,566 $ 5,596,967 $ 6,998,758 $ 5,538,476 ——————— (1) As of March 31, 2024, British Pound Sterling("GBP"), Euro ("EUR"), and Swedish Krona ("SEK") borrowings were converted to USD at a rate of 1.26, 1.08, and 0.09, respectively. As of December 31, 2023, GBP, EUR and SEK borrowings were converted to USD at a rate of 1.27, 1.10 and 0.10, respectively. (2) Maturity date assumes extensions at our option are exercised with consent of financing providers, where applicable. (3) The JPMorgan Facility and Deutsche Bank Facility enable us to elect to receive advances in USD, GBP, or EUR. (4) The JPMorgan Facility allows for $1.5 billion of maximum borrowings in total as of March 31, 2024. (5) The Atlas Facility (as defined below) was formerly the Credit Suisse Facility. See "Atlas Facility" below for additional discussion. (6) The Atlas Facility was amended during March 2024 to convert the facility's maturity from a six month "evergreen" feature to a two-year initial term, with an additional one-year extension option. (7) Assumes financings are extended in line with the underlying loans. (8) Represents weighted-average maturity across various financings with the counterparty. See below for additional details. (9) Facility entered the two-year amortization period. During the amortization period, the maturity date for current outstanding transactions are extended for a period of up to two years from the November 2023 maturity. (10) The current stated maturity of the Revolving Credit Facility (as defined below) is March 2026. Borrowings under the Revolving Credit Facility bear interest at a per annum rate equal to the sum of (i) a floating rate index and (ii) a fixed margin. Borrowings under the Revolving Credit Facility are full recourse to certain guarantor wholly-owned subsidiaries of the Company. See "Revolving Credit Facility" below for additional discussion. (11) Weighted-average borrowing costs as of March 31, 2024 and December 31, 2023 were applicable benchmark rates and credit spread adjustments, plus spreads of USD: +2.64% / GBP: +2.25% / EUR: +1.86% / SEK: +1.50% and USD: +2.49% / GBP: +2.21% / EUR: +1.86%/ SEK: +1.50%, respectively. (12) Weighted-average advance rates based on cost as of March 31, 2024 and December 31, 2023 were 68.1% (62.4% (USD) / 72.2% (GBP) / 71.7% (EUR) / 80.4% (SEK)) and 68.4% (62.9% (USD) / 72.5% (GBP) / 72.1% (EUR) / 80.4% (SEK)), respectively. (13) As of March 31, 2024 and December 31, 2023, approximately 52.2% and 58.3%, respectively, is the outstanding balance under these secured borrowings were recourse to us. Terms of our secured credit facilities are designed to keep each lender's credit exposure generally constant as a percentage of the underlying value of the assets pledged as security to the facility. If the credit of the underlying collateral value decreases, the amount of leverage to us may be reduced. As of March 31, 2024 and December 31, 2023, t he weighted-average haircut under our secured debt arrangements was approxi mately 31.9% and 31.6%, respectively. Our secured credit facilities do not contain capital markets-based mark-to-market provisions. Atlas Facility On February 8, 2023, in connection with the acquisition by certain subsidiaries of Atlas, which is a wholly-owned investment of a fund managed by an affiliate of the Manager, of certain warehouse assets and liabilities of the Credit Suisse AG Securitized Products Group ("Credit Suisse AG")(the "Transaction"), the Credit Suisse Facility was acquired by Atlas ("Atlas Facility"). In order to effect the assignment of the Credit Suisse Facility and related agreements, the Company and one of its subsidiaries, similar to the other sellers and guarantors party to the subject agreements in the Transaction, entered into an Omnibus Assignment, Assumption and Amendment Agreement as well as certain related agreements with Credit Suisse AG and Atlas. Refer to "Note 15 - Related Party Transactions" for further discussion regarding the transaction. During the three months ended March 31, 2024, we executed an amendment to upsize the Atlas Facility by $113.5 million. The amendment included conversion of the facility's term from a six month "evergreen" feature to two-years, with a one-year extension option, reduction to recourse percentages, and an additional pledge of a commercial mortgage loan, among other changes. Revolving Credit Facility On March 3, 2023, we entered into the revolving credit facility (the "Revolving Credit Facility") administered by Bank of America, N.A. The Revolving Credit Facility provides up to $170.0 million of borrowings secured by qualifying commercial mortgage loans and real property owned assets. The Revolving Credit Facility has a term of three years, maturing in March 2026. The Revolving Credit Facility enables us to borrow on qualifying commercial mortgage loans for up to two years and real property owned assets for up to six months. As of March 31, 2024 and December 31, 2023, we had $94.0 million and $147.0 million, respectively, outstanding on the Revolving Credit Facility. During the three months ended March 31, 2024, we recorded $33.6 thousand in unused fees and $1.9 million in contractual interest expense. During the three months ended March 31, 2023, we recorded $27.4 thousand in unused fees related to the Revolving Credit Facility. Barclays Private Securitization We are party to a private securitization with Barclays Bank plc ("Barclays") (such securitization, the "Barclays Private Securitization"). Commercial mortgage loans currently financed under the Barclays Securitization are denominated in GBP, EUR and SEK. The Barclays Private Securitization does not include daily margining provisions and grants us significant discretion to modify certain terms of the underlying collateral including waiving certain loan-level covenant breaches and deferring or waiving of debt service payments for up to 18 months. The securitization includes loan-to-value based covenants with deleveraging requirements that are based on significant declines in the value of the collateral as determined by an annual third-party (engaged by us) appraisal process tied to the provisions of the underlying loan agreements. We believe this provides us with both cushion and predictability to avoid sudden unexpected outcomes and material repayment requirements. The table below provides principal balances and the carrying value for commercial mortgage loans pledged to the Barclays Private Securitization as of March 31, 2024 and December 31, 2023 ($ in thousands): March 31, 2024 Local Currency Count Outstanding Principal Carrying Value GBP 7 $ 1,704,318 $ 1,685,240 EUR 5 867,551 859,740 SEK 1 232,117 230,524 Total 13 $ 2,803,986 $ 2,775,504 December 31, 2023 Local Currency Count Outstanding Principal Carrying Value GBP 7 $ 1,662,457 $ 1,643,979 EUR 6 1,021,272 1,012,987 SEK 1 248,088 246,220 Total 14 $ 2,931,817 $ 2,903,186 The table below provides the borrowings outstanding (on an as converted basis) and weighted-average fully-extended maturities by currency for the assets financed under the Barclays Private Securitization as of March 31, 2024 ($ in thousands): Borrowings Outstanding (1) Fully-Extended Maturity (2) Total/Weighted-Average GBP $ 1,261,051 July 2026 Total/Weighted-Average EUR 609,619 September 2026 (3) Total/Weighted-Average SEK 185,694 May 2026 Total/Weighted-Average Securitization $ 2,056,364 July 2026 ——————— (1) As of March 31, 2024, we had £998.9 million, €565.0 million, and kr2.0 billion of borrowings outstanding under the Barclays Private Securitization secured by certain of our commercial mortgage loans. (2) Assumes underlying loans extend to fully extended maturity and extensions at our option are exercised. (3) The EUR portion of the Barclays Private Securitization has an "evergreen" feature such that the facility continues for one year and can be terminated by either party on certain dates with, depending on the date of notice, a minimum of nine to twelve months' notice. The table below provides the borrowings outstanding (on an as converted basis) and weighted-average fully-extended maturities by currency for the assets financed under the Barclays Private Securitization as of December 31, 2023 ($ in thousands): Borrowings Outstanding (1) Fully-Extended Maturity (2) Total/Weighted-Average GBP 1,234,740 June 2026 Total/Weighted-Average EUR 723,947 May 2026 (3) Total/Weighted-Average SEK 198,470 May 2026 Total/Weighted-Average Securitization $ 2,157,157 June 2026 ——————— (1) As of December 31, 2023, we had £969.9 million, €655.8 million, and kr2.0 billion of borrowings outstanding under the Barclays Private Securitization secured by certain of our commercial mortgage loans. (2) Assumes underlying loans extend to fully extended maturity and extensions at our option are exercised. (3) The EUR portion of the Barclays Private Securitization has an "evergreen" feature such that the facility continues for one year and can be terminated by either party on certain dates with, depending on the date of notice, a minimum of nine to twelve months' notice. The table below provides the assets and liabilities of the Barclays Private Securitization VIE included in our condensed consolidated balance sheets ($ in thousands): March 31, 2024 December 31, 2023 Assets: Cash $ 327 $ 924 Commercial mortgage loans, net (1) 2,775,504 2,903,186 Other Assets 46,490 41,180 Total Assets $ 2,822,321 $ 2,945,290 Liabilities: Secured debt arrangements, net (net of deferred financing costs of $1.7 million and $2.0 million in 2024 and 2023, respectively) $ 2,054,681 $ 2,155,197 Accounts payable, accrued expenses and other liabilities (2) 11,328 9,083 Total Liabilities $ 2,066,009 $ 2,164,280 ——————— (1) Net of the General CECL Al lowance of $10.8 million and $8.3 million as of March 31, 2024 and December 31, 2023, respectively. (2) Includes General CECL Allowance related to unfunded commitments on commercial mortgage loans, net o f $2.6 million and $2.5 million as of March 31, 2024 and December 31, 2023, respectively. The table below provides the net income (loss) of the Barclays Private Securitization VIE included in our condensed consolidated statement of operations ($ in thousands): Three months ended March 31, 2024 2023 Net interest income: Interest income from commercial mortgage loans $ 64,523 $ 46,977 Interest expense (36,083) (23,133) Net interest income $ 28,440 $ 23,844 Decrease (increase) in current expected credit loss allowance, net (2,565) 199 Foreign currency translation gain (loss) (12,923) 10,002 Net income $ 12,952 $ 34,045 At March 31, 2024, our borrowings had the following remaining maturities ($ in thousands): Less than 1 to 3 3 to 5 More than Total JPMorgan Facility $ 27,271 $ 1,026,802 $ — $ — $ 1,054,073 Deutsche Bank Facility 95,686 183,017 — — 278,703 Atlas Facility — 751,207 — 751,207 HSBC Facility — 655,767 — — 655,767 Goldman Sachs Facility - USD — 11,605 — — 11,605 Goldman Sachs Facility - GBP — — 158,599 — 158,599 Barclays Facility — — 99,817 — 99,817 MUFG Securities Facility — 202,970 — — 202,970 Churchill Facility — 125,209 — — 125,209 Santander Facility - USD 67,500 — — 67,500 Santander Facility - EUR 54,677 — — — 54,677 Barclays Private Securitization 379,765 1,480,142 196,456 — 2,056,364 Revolving Credit Facility 76,385 17,615 — — 94,000 Total $ 701,284 $ 4,454,334 $ 454,872 $ — $ 5,610,491 The table above reflects the fully extended maturity date of the facility and assumes facilities with an "evergreen" feature continue to extend through the fully-extended maturity of the underlying asset and assumes underlying loans are extended with consent of financing providers. The table below summarizes the outstanding balances at March 31, 2024, as well as the maximum and average month-end balances for the three months ended March 31, 2024 for our borrowings under secured debt arrangements ($ in thousands). As of March 31, 2024 For the three months ended March 31, 2024 Balance Collateral (1) Maximum Month-End Average Month-End JPMorgan Facility $ 1,054,073 $ 1,869,057 $ 1,063,261 $ 1,058,968 Deutsche Bank Facility 278,703 421,949 278,703 277,741 Goldman Sachs Facility - USD 11,605 25,242 11,620 11,612 Goldman Sachs Facility - GBP 158,599 209,523 159,403 158,872 Atlas Facility 751,207 1,098,342 751,207 676,229 HSBC Facility 655,767 849,268 658,434 656,800 Barclays Facility 99,817 124,107 102,598 101,671 MUFG Securities Facility 202,970 275,579 203,999 203,318 Churchill Facility 125,209 166,563 126,080 125,644 Santander Facility - USD 67,500 99,736 67,500 67,500 Santander Facility - EUR 54,677 72,302 54,677 54,666 Barclays Private Securitization 2,056,364 2,786,288 2,146,965 2,085,304 Revolving Credit Facility 94,000 181,130 150,000 112,667 Total $ 5,610,491 $ 8,179,086 (1) Represents the amortized cost balance of commercial loan collateral assets and the value of net real estate assets of real property owned collateral assets. The table below summarizes the outstanding balances at December 31, 2023, as well as the maximum and average month-end balances for the year ended December 31, 2023 for our borrowings under secured debt arrangements ($ in thousands). As of December 31, 2023 For the year ended December 31, 2023 Balance Collateral (1) Maximum Month-End Average Month-End JPMorgan Facility $ 1,061,380 $ 1,871,854 $ 1,324,226 $ 1,190,651 Deutsche Bank Facility 275,815 419,170 385,818 322,676 Goldman Sachs Facility 13,437 28,533 70,249 30,482 Atlas Facility 669,302 933,085 688,126 667,794 HSBC Facility 665,368 860,134 667,430 651,758 Barclays Facility 107,929 129,439 111,909 110,729 MUFG Securities Facility 204,690 278,223 206,362 200,447 Churchill Facility 126,515 168,138 130,000 128,094 Santander Facility - USD 67,500 99,648 75,000 68,125 Santander Facility - EUR 55,716 74,288 55,716 54,347 Barclays Private Securitization 2,157,157 2,911,470 2,157,157 1,896,144 Revolving Credit Facility 147,000 319,048 147,000 93,500 Total $ 5,551,809 $ 8,093,030 (1) Represents the amortized cost balance of commercial loan collateral assets and the value of net real estate assets of real property owned collateral assets. Debt Covenants The guarantees related to our secured debt arrangements contain the following financial covenants: (i) tangible net worth must be greater than $1.25 billion plus 75% of the net cash proceeds of any equity issuance after March 31, 2017; (ii) our ratio of total indebtedness to tangible net worth cannot be greater than 3.75:1 (ratio is 4.00:1 for the Revolving Credit Facility); and (iii) our liquidity cannot be less than an amount equal to the greater of 5% of total recourse indebtedness or $30.0 million. Under these covenants, our General CECL Allowance is added back to our tangible net worth calculation. The Revolving Credit Facility contains an additional financial covenant to maintain a minimum interest coverage ratio of 1.4:1. During October 2023, we modified our interest coverage ratio covenant related to the Revolving Credit Facility to a minimum of 1.4:1 from a minimum of 1.5:1. We were in compliance with the covenants under each of our secured debt arrangements at March 31, 2024 and December 31, 2023. The impact of macroeconomic conditions on the commercial real estate markets and global capital markets, including increased interest rates, foreign currency fluctuations, changes to fiscal and monetary policy, slower economic growth or recession, labor shortages, and recent distress in the banking sector, may make it more difficult to meet or satisfy these covenants in the future. In May 2019, we entered into a $500.0 million senior secured term loan (the "2026 Term Loan"), which matures in May 2026 and contains restrictions relating to liens, asset sales, indebtedness, and investments in non-wholly owned entities. The 2026 Term Loan was issued at a price of 99.5%. During the second quarter of 2023, the 2026 Term Loan transitioned from LIBOR to SOFR and currently bears interest at SOFR plus 2.86%. In March 2021, we entered into an additional $300.0 million senior secured term loan, with substantially the same terms as the 2026 Term Loan, (the "2028 Term Loan" and, together with the 2026 Term Loan, the "Term Loans") which matures in March 2028 and contains restrictions relating to liens, asset sales, indebtedness, and investments in non-wholly owned entities. The 2028 Term Loan was issued at a price of 99.0%. During the second quarter of 2023, the 2028 Term Loan transitioned from LIBOR to SOFR and currently bears interest at SOFR (with a floor of 0.50%) plus 3.61%. The Term Loans are amortizing with repayments of 0.25% per quarter of the total committed principal. During the three months ended March 31, 2024 and 2023, we repaid $1.3 million of principal, respectively, related to the 2026 Term Loan. During the three months ended March 31, 2024 and 2023, we repaid $0.8 million of principal respectively related to the 2028 Term Loan. The following table summarizes the terms of the Term Loans as of March 31, 2024 ($ in thousands): Principal Amount Unamortized Issuance Discount (1) Deferred Financing Costs (1) Carrying Value Rate Maturity Date 2026 Term Loan $ 476,250 $ (743) $ (3,923) $ 471,584 2.86 % 5/15/2026 2028 Term Loan 291,000 (1,679) (2,993) 286,328 3.61 % 3/11/2028 Total $ 767,250 $ (2,422) $ (6,916) $ 757,912 ——————— (1) Unamortized issuance discount and deferred financing costs will be amortized to interest expense over remaining life of respective term loans. The following table summarizes the terms of the Term Loans as of December 31, 2023 ($ in thousands): Principal Amount Unamortized Issuance Discount (1) Deferred Financing Costs (1) Carrying Value Rate Maturity Date 2026 Term Loan $ 477,500 $ (833) $ (4,302) $ 472,365 2.86 % 5/15/2026 2028 Term Loan 291,750 (1,786) (3,179) 286,785 3.61 % 3/11/2028 Total $ 769,250 $ (2,619) $ (7,481) $ 759,150 ——————— (1) Unamortized issuance discount and deferred financing costs will be amortized to interest expense over remaining life of respective term loans. Covenants The financial covenants of the Term Loans include the requirements that we maintain: (i) a maximum ratio of total recourse debt to tangible net worth of 4:1; and (ii) a maximum ratio of total unencumbered assets to total pari-passu indebtedness of 2.50:1. We were in compliance with the covenants under the Term Loans at March 31, 2024 and December 31, 2023. Interest Rate Cap During the three months ended March 31, 2023, LIBOR exceeded the cap rate of 0.75%. As such, during the three months ended March 31, 2023, we realized a gain from the interest rate cap in the amount of $4.7 million, which is included in gain (loss) on interest rate hedging instruments in our condensed consolidated statement of operations. Subsequent to the interest rate cap maturity on June 15, 2023, the effective all-in coupon on our 2026 Term Loan increased to one month SOFR plus the spread of 2.86%. In June 2021, we issued $500.0 million of 4.625% Senior Secured Notes due 2029 (the "2029 Notes"), for which we received net proceeds of $495.0 million, after deducting initial purchasers' discounts and commissions. The 2029 Notes will mature on June 15, 2029, unless earlier repurchased or redeemed. The 2029 Notes are secured by a first-priority lien, and rank pari-passu in right of payment with all of our existing and future first lien obligations, including indebtedness under the Term Loans. The 2029 Notes were issued at par and contain covenants relating to liens, indebtedness, and investments in non-wholly owned entities. The 2029 Notes had a carrying value of $495.8 million and $495.6 million, net of deferred financing costs of $4.2 million and $4.4 million, as of March 31, 2024 and December 31, 2023, respectively. Covenants The 2029 Notes include certain covenants including a requirement that we maintain a ratio of total unencumbered assets to total pari-passu indebtedness of at least 1.20:1. As of March 31, 2024 and December 31, 2023, we were in compliance with all covenants. Participations sold represented the subordinate interests in loans we originated and subsequently partially sold. We account for participations sold as secured borrowings on our condensed consolidated balance sheet with both assets and non-recourse liabilities because the participations do not qualify as a sale under ASC 860. The income earned on the participations sold is recorded as interest income and an identical amount is recorded as interest expense in our condensed consolidated statements of operations. In December 2020, we sold a £6.7 million ($8.9 million assuming conversion into USD at time of transfer) interest, at par, in a first mortgage loan collateralized by an office building located in London, United Kingdom that was originated by us in December 2017. In connection with this sale, we transferred our remaining unfunded commitment of £19.1 million ($25.3 million assuming conversion into USD at time of transfer). The participation interest sold was subordinate to our first mortgage loan and was accounted for as a secured borrowing on our consolidated balance sheet. In January 2023, the first mortgage loan, including participations sold, was fully satisfied, including all contractual and default interest accrued to date. We had no participations sold as of the three months ended March 31, 2024 and December 31, 2023.

Senior Secured Notes, Net

Senior Secured Notes, Net	3 Months Ended
Senior Secured Notes, Net	Mar. 31, 2024
Receivables [Abstract]
Secured Debt Arrangement, Net/Participations Sold	Secured Debt Arrangements, Net We utilize secured debt arrangements to finance the origination activity in our loan portfolio. Our secured debt arrangements are comprised of secured credit facilities, a private securitization, and a revolving credit facility. During the three months ended March 31, 2024, we entered into a new secured credit facility with Goldman Sachs. The facility is secured by a first mortgage loan on a European portfolio of pubs and provides $158.6 million of additional borrowing capacity. Additionally, during the three months ended March 31, 2024, we upsized our secured credit facility with Atlas Securitized Products Holdings ("Atlas") by $113.5 million, as discussed further below. Our borrowings under secured debt arrangements at March 31, 2024 and December 31, 2023 are detailed in the following table ($ in thousands): March 31, 2024 December 31, 2023 Maximum Amount of Borrowings (1) Borrowings Outstanding (1) Maturity (2) Maximum Amount of Borrowings (1) Borrowings Outstanding (1) Maturity (2) JPMorgan Facility - USD (3)(4) $ 1,482,730 $ 1,036,803 September 2026 $ 1,482,584 $ 1,043,964 September 2026 JPMorgan Facility - GBP (3)(4) 17,270 17,270 September 2026 17,416 17,416 September 2026 Deutsche Bank Facility - USD (3) 700,000 278,703 March 2026 700,000 275,815 March 2026 Atlas Facility - USD (5) 800,000 751,207 March 2027 (6) 686,527 669,302 April 2027 (7)(8) HSBC Facility - GBP 380,740 380,740 May 2025 383,967 383,967 May 2025 HSBC Facility - EUR 275,027 275,027 January 2026 (8) 281,401 281,401 January 2026 Goldman Sachs Facility - USD 11,605 11,605 November 2025 (9) 13,437 13,437 November 2025 (9) Goldman Sachs Facility - GBP 158,599 158,599 January 2029 — — N/A Barclays Facility - USD 200,000 99,817 June 2027 (7) 200,000 107,929 June 2027 (7) MUFG Securities Facility - GBP 202,970 202,970 June 2025 (7) 204,690 204,690 June 2025 (7) Churchill Facility - USD 130,000 125,209 April 2026 130,000 126,515 March 2026 Santander Facility - USD 300,000 67,500 February 2026 (7) 300,000 67,500 February 2026 (7) Santander Facility - EUR 58,261 54,677 August 2024 59,611 55,716 August 2024 Total Secured Credit Facilities 4,717,202 3,460,127 4,459,633 3,247,652 Barclays Private Securitization - GBP, EUR, SEK 2,056,364 2,056,364 July 2026 (8) 2,369,125 2,157,157 June 2026 (8) Revolving Credit Facility - USD (10) 170,000 94,000 March 2026 170,000 147,000 March 2026 Total Secured Debt Arrangements 6,943,566 5,610,491 6,998,758 5,551,809 Less: deferred financing costs N/A (13,524) N/A (13,333) Total Secured Debt Arrangements, net (11)(12)(13) $ 6,943,566 $ 5,596,967 $ 6,998,758 $ 5,538,476 ——————— (1) As of March 31, 2024, British Pound Sterling("GBP"), Euro ("EUR"), and Swedish Krona ("SEK") borrowings were converted to USD at a rate of 1.26, 1.08, and 0.09, respectively. As of December 31, 2023, GBP, EUR and SEK borrowings were converted to USD at a rate of 1.27, 1.10 and 0.10, respectively. (2) Maturity date assumes extensions at our option are exercised with consent of financing providers, where applicable. (3) The JPMorgan Facility and Deutsche Bank Facility enable us to elect to receive advances in USD, GBP, or EUR. (4) The JPMorgan Facility allows for $1.5 billion of maximum borrowings in total as of March 31, 2024. (5) The Atlas Facility (as defined below) was formerly the Credit Suisse Facility. See "Atlas Facility" below for additional discussion. (6) The Atlas Facility was amended during March 2024 to convert the facility's maturity from a six month "evergreen" feature to a two-year initial term, with an additional one-year extension option. (7) Assumes financings are extended in line with the underlying loans. (8) Represents weighted-average maturity across various financings with the counterparty. See below for additional details. (9) Facility entered the two-year amortization period. During the amortization period, the maturity date for current outstanding transactions are extended for a period of up to two years from the November 2023 maturity. (10) The current stated maturity of the Revolving Credit Facility (as defined below) is March 2026. Borrowings under the Revolving Credit Facility bear interest at a per annum rate equal to the sum of (i) a floating rate index and (ii) a fixed margin. Borrowings under the Revolving Credit Facility are full recourse to certain guarantor wholly-owned subsidiaries of the Company. See "Revolving Credit Facility" below for additional discussion. (11) Weighted-average borrowing costs as of March 31, 2024 and December 31, 2023 were applicable benchmark rates and credit spread adjustments, plus spreads of USD: +2.64% / GBP: +2.25% / EUR: +1.86% / SEK: +1.50% and USD: +2.49% / GBP: +2.21% / EUR: +1.86%/ SEK: +1.50%, respectively. (12) Weighted-average advance rates based on cost as of March 31, 2024 and December 31, 2023 were 68.1% (62.4% (USD) / 72.2% (GBP) / 71.7% (EUR) / 80.4% (SEK)) and 68.4% (62.9% (USD) / 72.5% (GBP) / 72.1% (EUR) / 80.4% (SEK)), respectively. (13) As of March 31, 2024 and December 31, 2023, approximately 52.2% and 58.3%, respectively, is the outstanding balance under these secured borrowings were recourse to us. Terms of our secured credit facilities are designed to keep each lender's credit exposure generally constant as a percentage of the underlying value of the assets pledged as security to the facility. If the credit of the underlying collateral value decreases, the amount of leverage to us may be reduced. As of March 31, 2024 and December 31, 2023, t he weighted-average haircut under our secured debt arrangements was approxi mately 31.9% and 31.6%, respectively. Our secured credit facilities do not contain capital markets-based mark-to-market provisions. Atlas Facility On February 8, 2023, in connection with the acquisition by certain subsidiaries of Atlas, which is a wholly-owned investment of a fund managed by an affiliate of the Manager, of certain warehouse assets and liabilities of the Credit Suisse AG Securitized Products Group ("Credit Suisse AG")(the "Transaction"), the Credit Suisse Facility was acquired by Atlas ("Atlas Facility"). In order to effect the assignment of the Credit Suisse Facility and related agreements, the Company and one of its subsidiaries, similar to the other sellers and guarantors party to the subject agreements in the Transaction, entered into an Omnibus Assignment, Assumption and Amendment Agreement as well as certain related agreements with Credit Suisse AG and Atlas. Refer to "Note 15 - Related Party Transactions" for further discussion regarding the transaction. During the three months ended March 31, 2024, we executed an amendment to upsize the Atlas Facility by $113.5 million. The amendment included conversion of the facility's term from a six month "evergreen" feature to two-years, with a one-year extension option, reduction to recourse percentages, and an additional pledge of a commercial mortgage loan, among other changes. Revolving Credit Facility On March 3, 2023, we entered into the revolving credit facility (the "Revolving Credit Facility") administered by Bank of America, N.A. The Revolving Credit Facility provides up to $170.0 million of borrowings secured by qualifying commercial mortgage loans and real property owned assets. The Revolving Credit Facility has a term of three years, maturing in March 2026. The Revolving Credit Facility enables us to borrow on qualifying commercial mortgage loans for up to two years and real property owned assets for up to six months. As of March 31, 2024 and December 31, 2023, we had $94.0 million and $147.0 million, respectively, outstanding on the Revolving Credit Facility. During the three months ended March 31, 2024, we recorded $33.6 thousand in unused fees and $1.9 million in contractual interest expense. During the three months ended March 31, 2023, we recorded $27.4 thousand in unused fees related to the Revolving Credit Facility. Barclays Private Securitization We are party to a private securitization with Barclays Bank plc ("Barclays") (such securitization, the "Barclays Private Securitization"). Commercial mortgage loans currently financed under the Barclays Securitization are denominated in GBP, EUR and SEK. The Barclays Private Securitization does not include daily margining provisions and grants us significant discretion to modify certain terms of the underlying collateral including waiving certain loan-level covenant breaches and deferring or waiving of debt service payments for up to 18 months. The securitization includes loan-to-value based covenants with deleveraging requirements that are based on significant declines in the value of the collateral as determined by an annual third-party (engaged by us) appraisal process tied to the provisions of the underlying loan agreements. We believe this provides us with both cushion and predictability to avoid sudden unexpected outcomes and material repayment requirements. The table below provides principal balances and the carrying value for commercial mortgage loans pledged to the Barclays Private Securitization as of March 31, 2024 and December 31, 2023 ($ in thousands): March 31, 2024 Local Currency Count Outstanding Principal Carrying Value GBP 7 $ 1,704,318 $ 1,685,240 EUR 5 867,551 859,740 SEK 1 232,117 230,524 Total 13 $ 2,803,986 $ 2,775,504 December 31, 2023 Local Currency Count Outstanding Principal Carrying Value GBP 7 $ 1,662,457 $ 1,643,979 EUR 6 1,021,272 1,012,987 SEK 1 248,088 246,220 Total 14 $ 2,931,817 $ 2,903,186 The table below provides the borrowings outstanding (on an as converted basis) and weighted-average fully-extended maturities by currency for the assets financed under the Barclays Private Securitization as of March 31, 2024 ($ in thousands): Borrowings Outstanding (1) Fully-Extended Maturity (2) Total/Weighted-Average GBP $ 1,261,051 July 2026 Total/Weighted-Average EUR 609,619 September 2026 (3) Total/Weighted-Average SEK 185,694 May 2026 Total/Weighted-Average Securitization $ 2,056,364 July 2026 ——————— (1) As of March 31, 2024, we had £998.9 million, €565.0 million, and kr2.0 billion of borrowings outstanding under the Barclays Private Securitization secured by certain of our commercial mortgage loans. (2) Assumes underlying loans extend to fully extended maturity and extensions at our option are exercised. (3) The EUR portion of the Barclays Private Securitization has an "evergreen" feature such that the facility continues for one year and can be terminated by either party on certain dates with, depending on the date of notice, a minimum of nine to twelve months' notice. The table below provides the borrowings outstanding (on an as converted basis) and weighted-average fully-extended maturities by currency for the assets financed under the Barclays Private Securitization as of December 31, 2023 ($ in thousands): Borrowings Outstanding (1) Fully-Extended Maturity (2) Total/Weighted-Average GBP 1,234,740 June 2026 Total/Weighted-Average EUR 723,947 May 2026 (3) Total/Weighted-Average SEK 198,470 May 2026 Total/Weighted-Average Securitization $ 2,157,157 June 2026 ——————— (1) As of December 31, 2023, we had £969.9 million, €655.8 million, and kr2.0 billion of borrowings outstanding under the Barclays Private Securitization secured by certain of our commercial mortgage loans. (2) Assumes underlying loans extend to fully extended maturity and extensions at our option are exercised. (3) The EUR portion of the Barclays Private Securitization has an "evergreen" feature such that the facility continues for one year and can be terminated by either party on certain dates with, depending on the date of notice, a minimum of nine to twelve months' notice. The table below provides the assets and liabilities of the Barclays Private Securitization VIE included in our condensed consolidated balance sheets ($ in thousands): March 31, 2024 December 31, 2023 Assets: Cash $ 327 $ 924 Commercial mortgage loans, net (1) 2,775,504 2,903,186 Other Assets 46,490 41,180 Total Assets $ 2,822,321 $ 2,945,290 Liabilities: Secured debt arrangements, net (net of deferred financing costs of $1.7 million and $2.0 million in 2024 and 2023, respectively) $ 2,054,681 $ 2,155,197 Accounts payable, accrued expenses and other liabilities (2) 11,328 9,083 Total Liabilities $ 2,066,009 $ 2,164,280 ——————— (1) Net of the General CECL Al lowance of $10.8 million and $8.3 million as of March 31, 2024 and December 31, 2023, respectively. (2) Includes General CECL Allowance related to unfunded commitments on commercial mortgage loans, net o f $2.6 million and $2.5 million as of March 31, 2024 and December 31, 2023, respectively. The table below provides the net income (loss) of the Barclays Private Securitization VIE included in our condensed consolidated statement of operations ($ in thousands): Three months ended March 31, 2024 2023 Net interest income: Interest income from commercial mortgage loans $ 64,523 $ 46,977 Interest expense (36,083) (23,133) Net interest income $ 28,440 $ 23,844 Decrease (increase) in current expected credit loss allowance, net (2,565) 199 Foreign currency translation gain (loss) (12,923) 10,002 Net income $ 12,952 $ 34,045 At March 31, 2024, our borrowings had the following remaining maturities ($ in thousands): Less than 1 to 3 3 to 5 More than Total JPMorgan Facility $ 27,271 $ 1,026,802 $ — $ — $ 1,054,073 Deutsche Bank Facility 95,686 183,017 — — 278,703 Atlas Facility — 751,207 — 751,207 HSBC Facility — 655,767 — — 655,767 Goldman Sachs Facility - USD — 11,605 — — 11,605 Goldman Sachs Facility - GBP — — 158,599 — 158,599 Barclays Facility — — 99,817 — 99,817 MUFG Securities Facility — 202,970 — — 202,970 Churchill Facility — 125,209 — — 125,209 Santander Facility - USD 67,500 — — 67,500 Santander Facility - EUR 54,677 — — — 54,677 Barclays Private Securitization 379,765 1,480,142 196,456 — 2,056,364 Revolving Credit Facility 76,385 17,615 — — 94,000 Total $ 701,284 $ 4,454,334 $ 454,872 $ — $ 5,610,491 The table above reflects the fully extended maturity date of the facility and assumes facilities with an "evergreen" feature continue to extend through the fully-extended maturity of the underlying asset and assumes underlying loans are extended with consent of financing providers. The table below summarizes the outstanding balances at March 31, 2024, as well as the maximum and average month-end balances for the three months ended March 31, 2024 for our borrowings under secured debt arrangements ($ in thousands). As of March 31, 2024 For the three months ended March 31, 2024 Balance Collateral (1) Maximum Month-End Average Month-End JPMorgan Facility $ 1,054,073 $ 1,869,057 $ 1,063,261 $ 1,058,968 Deutsche Bank Facility 278,703 421,949 278,703 277,741 Goldman Sachs Facility - USD 11,605 25,242 11,620 11,612 Goldman Sachs Facility - GBP 158,599 209,523 159,403 158,872 Atlas Facility 751,207 1,098,342 751,207 676,229 HSBC Facility 655,767 849,268 658,434 656,800 Barclays Facility 99,817 124,107 102,598 101,671 MUFG Securities Facility 202,970 275,579 203,999 203,318 Churchill Facility 125,209 166,563 126,080 125,644 Santander Facility - USD 67,500 99,736 67,500 67,500 Santander Facility - EUR 54,677 72,302 54,677 54,666 Barclays Private Securitization 2,056,364 2,786,288 2,146,965 2,085,304 Revolving Credit Facility 94,000 181,130 150,000 112,667 Total $ 5,610,491 $ 8,179,086 (1) Represents the amortized cost balance of commercial loan collateral assets and the value of net real estate assets of real property owned collateral assets. The table below summarizes the outstanding balances at December 31, 2023, as well as the maximum and average month-end balances for the year ended December 31, 2023 for our borrowings under secured debt arrangements ($ in thousands). As of December 31, 2023 For the year ended December 31, 2023 Balance Collateral (1) Maximum Month-End Average Month-End JPMorgan Facility $ 1,061,380 $ 1,871,854 $ 1,324,226 $ 1,190,651 Deutsche Bank Facility 275,815 419,170 385,818 322,676 Goldman Sachs Facility 13,437 28,533 70,249 30,482 Atlas Facility 669,302 933,085 688,126 667,794 HSBC Facility 665,368 860,134 667,430 651,758 Barclays Facility 107,929 129,439 111,909 110,729 MUFG Securities Facility 204,690 278,223 206,362 200,447 Churchill Facility 126,515 168,138 130,000 128,094 Santander Facility - USD 67,500 99,648 75,000 68,125 Santander Facility - EUR 55,716 74,288 55,716 54,347 Barclays Private Securitization 2,157,157 2,911,470 2,157,157 1,896,144 Revolving Credit Facility 147,000 319,048 147,000 93,500 Total $ 5,551,809 $ 8,093,030 (1) Represents the amortized cost balance of commercial loan collateral assets and the value of net real estate assets of real property owned collateral assets. Debt Covenants The guarantees related to our secured debt arrangements contain the following financial covenants: (i) tangible net worth must be greater than $1.25 billion plus 75% of the net cash proceeds of any equity issuance after March 31, 2017; (ii) our ratio of total indebtedness to tangible net worth cannot be greater than 3.75:1 (ratio is 4.00:1 for the Revolving Credit Facility); and (iii) our liquidity cannot be less than an amount equal to the greater of 5% of total recourse indebtedness or $30.0 million. Under these covenants, our General CECL Allowance is added back to our tangible net worth calculation. The Revolving Credit Facility contains an additional financial covenant to maintain a minimum interest coverage ratio of 1.4:1. During October 2023, we modified our interest coverage ratio covenant related to the Revolving Credit Facility to a minimum of 1.4:1 from a minimum of 1.5:1. We were in compliance with the covenants under each of our secured debt arrangements at March 31, 2024 and December 31, 2023. The impact of macroeconomic conditions on the commercial real estate markets and global capital markets, including increased interest rates, foreign currency fluctuations, changes to fiscal and monetary policy, slower economic growth or recession, labor shortages, and recent distress in the banking sector, may make it more difficult to meet or satisfy these covenants in the future. In May 2019, we entered into a $500.0 million senior secured term loan (the "2026 Term Loan"), which matures in May 2026 and contains restrictions relating to liens, asset sales, indebtedness, and investments in non-wholly owned entities. The 2026 Term Loan was issued at a price of 99.5%. During the second quarter of 2023, the 2026 Term Loan transitioned from LIBOR to SOFR and currently bears interest at SOFR plus 2.86%. In March 2021, we entered into an additional $300.0 million senior secured term loan, with substantially the same terms as the 2026 Term Loan, (the "2028 Term Loan" and, together with the 2026 Term Loan, the "Term Loans") which matures in March 2028 and contains restrictions relating to liens, asset sales, indebtedness, and investments in non-wholly owned entities. The 2028 Term Loan was issued at a price of 99.0%. During the second quarter of 2023, the 2028 Term Loan transitioned from LIBOR to SOFR and currently bears interest at SOFR (with a floor of 0.50%) plus 3.61%. The Term Loans are amortizing with repayments of 0.25% per quarter of the total committed principal. During the three months ended March 31, 2024 and 2023, we repaid $1.3 million of principal, respectively, related to the 2026 Term Loan. During the three months ended March 31, 2024 and 2023, we repaid $0.8 million of principal respectively related to the 2028 Term Loan. The following table summarizes the terms of the Term Loans as of March 31, 2024 ($ in thousands): Principal Amount Unamortized Issuance Discount (1) Deferred Financing Costs (1) Carrying Value Rate Maturity Date 2026 Term Loan $ 476,250 $ (743) $ (3,923) $ 471,584 2.86 % 5/15/2026 2028 Term Loan 291,000 (1,679) (2,993) 286,328 3.61 % 3/11/2028 Total $ 767,250 $ (2,422) $ (6,916) $ 757,912 ——————— (1) Unamortized issuance discount and deferred financing costs will be amortized to interest expense over remaining life of respective term loans. The following table summarizes the terms of the Term Loans as of December 31, 2023 ($ in thousands): Principal Amount Unamortized Issuance Discount (1) Deferred Financing Costs (1) Carrying Value Rate Maturity Date 2026 Term Loan $ 477,500 $ (833) $ (4,302) $ 472,365 2.86 % 5/15/2026 2028 Term Loan 291,750 (1,786) (3,179) 286,785 3.61 % 3/11/2028 Total $ 769,250 $ (2,619) $ (7,481) $ 759,150 ——————— (1) Unamortized issuance discount and deferred financing costs will be amortized to interest expense over remaining life of respective term loans. Covenants The financial covenants of the Term Loans include the requirements that we maintain: (i) a maximum ratio of total recourse debt to tangible net worth of 4:1; and (ii) a maximum ratio of total unencumbered assets to total pari-passu indebtedness of 2.50:1. We were in compliance with the covenants under the Term Loans at March 31, 2024 and December 31, 2023. Interest Rate Cap During the three months ended March 31, 2023, LIBOR exceeded the cap rate of 0.75%. As such, during the three months ended March 31, 2023, we realized a gain from the interest rate cap in the amount of $4.7 million, which is included in gain (loss) on interest rate hedging instruments in our condensed consolidated statement of operations. Subsequent to the interest rate cap maturity on June 15, 2023, the effective all-in coupon on our 2026 Term Loan increased to one month SOFR plus the spread of 2.86%. In June 2021, we issued $500.0 million of 4.625% Senior Secured Notes due 2029 (the "2029 Notes"), for which we received net proceeds of $495.0 million, after deducting initial purchasers' discounts and commissions. The 2029 Notes will mature on June 15, 2029, unless earlier repurchased or redeemed. The 2029 Notes are secured by a first-priority lien, and rank pari-passu in right of payment with all of our existing and future first lien obligations, including indebtedness under the Term Loans. The 2029 Notes were issued at par and contain covenants relating to liens, indebtedness, and investments in non-wholly owned entities. The 2029 Notes had a carrying value of $495.8 million and $495.6 million, net of deferred financing costs of $4.2 million and $4.4 million, as of March 31, 2024 and December 31, 2023, respectively. Covenants The 2029 Notes include certain covenants including a requirement that we maintain a ratio of total unencumbered assets to total pari-passu indebtedness of at least 1.20:1. As of March 31, 2024 and December 31, 2023, we were in compliance with all covenants. Participations sold represented the subordinate interests in loans we originated and subsequently partially sold. We account for participations sold as secured borrowings on our condensed consolidated balance sheet with both assets and non-recourse liabilities because the participations do not qualify as a sale under ASC 860. The income earned on the participations sold is recorded as interest income and an identical amount is recorded as interest expense in our condensed consolidated statements of operations. In December 2020, we sold a £6.7 million ($8.9 million assuming conversion into USD at time of transfer) interest, at par, in a first mortgage loan collateralized by an office building located in London, United Kingdom that was originated by us in December 2017. In connection with this sale, we transferred our remaining unfunded commitment of £19.1 million ($25.3 million assuming conversion into USD at time of transfer). The participation interest sold was subordinate to our first mortgage loan and was accounted for as a secured borrowing on our consolidated balance sheet. In January 2023, the first mortgage loan, including participations sold, was fully satisfied, including all contractual and default interest accrued to date. We had no participations sold as of the three months ended March 31, 2024 and December 31, 2023.

Convertible Senior Notes, Net

Convertible Senior Notes, Net	3 Months Ended
Convertible Senior Notes, Net	Mar. 31, 2024
Debt Disclosure [Abstract]
Convertible Senior Notes, Net	Convertible Senior Notes, Net During the fourth quarter of 2018, we issued $230.0 million of the 5.375% Convertible Senior Notes due 2023 (the "2023 Notes" or "Convertible Notes"), for which we received $223.7 million after deducting the underwriting discount and offering expenses. During the three months ended March 31, 2023, we repurchased $7.1 million aggregate principal amount of the 2023 Notes at a price of 97%. As a result of this transaction, we recorded a gain of $0.2 million within gain on extinguishment of debt in our March 31, 2023 condensed consolidated statement of operations. The gain represents the difference between the repurchase price and the carrying amount of the 2023 Notes, net of the proportionate amount of unamortized debt issuance costs. During the second and third quarter of 2023, we repurchased an additional $36.8 million and $10.0 million of aggregate principal amount of the 2023 Notes at a weighted-average price of 99.3% and 99.7%, respectively. During the fourth quarter of 2023, we repaid the remaining $176.1 million outstanding principal of the 2023 Notes in cash at par. All repurchase transactions occurred in the open market as a result of reverse inquiries from investors with no solicitation from us. The aggregate contractual interest expense was approximately $3.0 million for the three months ended March 31, 2023. With respect to the amortization of the discount on the liability component of the Convertible Notes as well as the amortization of deferred financing costs, we reported additional non-cash interest expense of approximately $0.4 million for the three months ended March 31, 2023.

Derivatives

Derivatives	3 Months Ended
Derivatives	Mar. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives	Derivatives We use forward currency contracts to economically hedge interest and principal payments due under our loans denominated in currencies other than USD. We have entered into a series of forward contracts to sell an amount of foreign currency (GBP, EUR and SEK) for an agreed upon amount of USD at various dates through February 2027. These forward contracts were executed to economically fix the USD amounts of foreign denominated cash flows expected to be received by us related to foreign denominated loan investments. The agreements with our derivative counterparties require that we post collateral to secure net liability positions. As of both March 31, 2024 and December 31, 2023, we were in a net asset position with all of our derivative counterparties and did not have any collateral posted under these derivative contracts. The following table summarizes our non-designated Fx forwards and interest rate cap as of March 31, 2024: March 31, 2024 Type of Derivatives Number of Contracts Aggregate Notional Amount (in thousands) Notional Currency Maturity Weighted-Average Years to Maturity Fx contracts - GBP 111 1,013,469 GBP April 2024 - February 2027 1.01 Fx contracts - EUR 130 519,322 EUR April 2024 - August 2026 0.90 Fx contracts - SEK 17 678,464 SEK May 2024 - May 2026 1.96 Interest rate cap 1 164,835 USD October 2024 0.50 The following table summarizes our non-designated Fx forwards and interest rate cap as of December 31, 2023: December 31, 2023 Type of Derivatives Number of Contracts Aggregate Notional Amount (in thousands) Notional Currency Maturity Weighted-Average Years to Maturity Fx contracts - GBP 97 938,903 GBP January 2024 - February 2027 1.13 Fx contracts - EUR 135 561,441 EUR January 2024 - August 2026 1.08 Fx contracts - SEK 17 690,740 SEK February 2024 - May 2026 2.16 Interest rate cap 1 164,835 USD October 2024 0.75 We have not designated any of our derivative instruments as hedges as defined in ASC 815, "Derivatives and Hedging" and, therefore, changes in the fair value of our derivative instruments are recorded directly in earnings. The following table summarizes the amounts recognized on our condensed consolidated statements of operations related to our forward currency contracts for the three months ended March 31, 2024 and 2023 ($ in thousands): Amount of gain (loss) Three months ended March 31, Location of Gain (Loss) Recognized in Income 2024 2023 Forward currency contracts Unrealized gain (loss) on derivative instruments $ 18,053 $ (35,851) Forward currency contracts Realized gain (loss) on derivative instruments 5,345 21,716 Total $ 23,398 $ (14,135) In June 2020, we entered into an interest rate cap for approximately $1.1 million, which matured on June 15, 2023. Our interest rate cap managed our exposure to variable cash flows on our borrowings under the senior secured term loan by effectively limiting LIBOR from exceeding 0.75%. This limited the maximum all-in coupon on our senior secured term loan to 3.50%. The unrealized gain or loss related to the interest rate cap was recorded net under unrealized gain on interest rate hedging instruments in our condensed consolidated statement of operations. During the three months ended March 31, 2023, LIBOR exceeded the cap rate of 0.75%. As such, during the three months ended March 31, 2023, we realized a gain from the interest rate cap in the amount of $4.7 million, which is included in gain (loss) on interest rate hedging instruments in our condensed consolidated statement of operations. The realized gain was a result of the increase in the current interest rate forward curve, partially offset by the nearing maturity of the cap. On September 26, 2023, we entered into an interest rate cap that matures on October 1, 2024 with a notional amount of $164.8 million. We use our interest rate cap to hedge our exposure to variable cash flows on our construction financing. The interest rate cap effectively limits SOFR from exceeding 4.00% which results in the maximum all-in coupon on our construction financing of 6.55%. The unrealized gain or loss related to the interest rate cap was recorded under gain (loss) on interest rate hedging instruments in our condensed consolidated statement of operations. During the three months ended March 31, 2024, SOFR exceeded the cap rate of 4.00%. As such, during the three months ended March 31, 2024, we realized a gain from the interest rate cap in the amount of $0.6 million, which is included in gain (loss) on interest rate hedging instruments in our condensed consolidated statement of operations. The following table summarizes the amounts recognized on our condensed consolidated statements of operations related to our interest rate caps for the three months ended March 31, 2024 and 2023 ($ in thousands): Amount of gain (loss) Three months ended March 31, Location of Gain (Loss) recognized in Income 2024 2023 Interest rate cap Unrealized gain (loss) on interest rate hedging instruments $ (194) $ (4,813) Interest rate cap Realized gain on interest rate hedging instruments 550 4,706 Total $ 356 $ (107) The following tables summarize the gross asset and liability amounts related to our derivatives at March 31, 2024 and December 31, 2023 ($ in thousands): March 31, 2024 December 31, 2023 Gross Amount of Recognized Assets Gross Amounts Offset in our Condensed Consolidated Balance Sheet Net Amounts Gross Amount of Recognized Assets Gross Net Amounts of Assets Presented in our Consolidated Balance Sheet Forward currency contracts $ 67,402 $ (21,284) $ 46,118 $ 55,102 $ (27,037) $ 28,065 Interest rate cap — 1,166 1,166 1,360 — 1,360 Total derivative assets (liabilities) $ 67,402 $ (20,118) $ 47,284 $ 56,462 $ (27,037) $ 29,425

Participations Sold

Participations Sold	3 Months Ended
Participations Sold	Mar. 31, 2024
Debt Disclosure [Abstract]
Secured Debt Arrangement, Net/Participations Sold	Secured Debt Arrangements, Net We utilize secured debt arrangements to finance the origination activity in our loan portfolio. Our secured debt arrangements are comprised of secured credit facilities, a private securitization, and a revolving credit facility. During the three months ended March 31, 2024, we entered into a new secured credit facility with Goldman Sachs. The facility is secured by a first mortgage loan on a European portfolio of pubs and provides $158.6 million of additional borrowing capacity. Additionally, during the three months ended March 31, 2024, we upsized our secured credit facility with Atlas Securitized Products Holdings ("Atlas") by $113.5 million, as discussed further below. Our borrowings under secured debt arrangements at March 31, 2024 and December 31, 2023 are detailed in the following table ($ in thousands): March 31, 2024 December 31, 2023 Maximum Amount of Borrowings (1) Borrowings Outstanding (1) Maturity (2) Maximum Amount of Borrowings (1) Borrowings Outstanding (1) Maturity (2) JPMorgan Facility - USD (3)(4) $ 1,482,730 $ 1,036,803 September 2026 $ 1,482,584 $ 1,043,964 September 2026 JPMorgan Facility - GBP (3)(4) 17,270 17,270 September 2026 17,416 17,416 September 2026 Deutsche Bank Facility - USD (3) 700,000 278,703 March 2026 700,000 275,815 March 2026 Atlas Facility - USD (5) 800,000 751,207 March 2027 (6) 686,527 669,302 April 2027 (7)(8) HSBC Facility - GBP 380,740 380,740 May 2025 383,967 383,967 May 2025 HSBC Facility - EUR 275,027 275,027 January 2026 (8) 281,401 281,401 January 2026 Goldman Sachs Facility - USD 11,605 11,605 November 2025 (9) 13,437 13,437 November 2025 (9) Goldman Sachs Facility - GBP 158,599 158,599 January 2029 — — N/A Barclays Facility - USD 200,000 99,817 June 2027 (7) 200,000 107,929 June 2027 (7) MUFG Securities Facility - GBP 202,970 202,970 June 2025 (7) 204,690 204,690 June 2025 (7) Churchill Facility - USD 130,000 125,209 April 2026 130,000 126,515 March 2026 Santander Facility - USD 300,000 67,500 February 2026 (7) 300,000 67,500 February 2026 (7) Santander Facility - EUR 58,261 54,677 August 2024 59,611 55,716 August 2024 Total Secured Credit Facilities 4,717,202 3,460,127 4,459,633 3,247,652 Barclays Private Securitization - GBP, EUR, SEK 2,056,364 2,056,364 July 2026 (8) 2,369,125 2,157,157 June 2026 (8) Revolving Credit Facility - USD (10) 170,000 94,000 March 2026 170,000 147,000 March 2026 Total Secured Debt Arrangements 6,943,566 5,610,491 6,998,758 5,551,809 Less: deferred financing costs N/A (13,524) N/A (13,333) Total Secured Debt Arrangements, net (11)(12)(13) $ 6,943,566 $ 5,596,967 $ 6,998,758 $ 5,538,476 ——————— (1) As of March 31, 2024, British Pound Sterling("GBP"), Euro ("EUR"), and Swedish Krona ("SEK") borrowings were converted to USD at a rate of 1.26, 1.08, and 0.09, respectively. As of December 31, 2023, GBP, EUR and SEK borrowings were converted to USD at a rate of 1.27, 1.10 and 0.10, respectively. (2) Maturity date assumes extensions at our option are exercised with consent of financing providers, where applicable. (3) The JPMorgan Facility and Deutsche Bank Facility enable us to elect to receive advances in USD, GBP, or EUR. (4) The JPMorgan Facility allows for $1.5 billion of maximum borrowings in total as of March 31, 2024. (5) The Atlas Facility (as defined below) was formerly the Credit Suisse Facility. See "Atlas Facility" below for additional discussion. (6) The Atlas Facility was amended during March 2024 to convert the facility's maturity from a six month "evergreen" feature to a two-year initial term, with an additional one-year extension option. (7) Assumes financings are extended in line with the underlying loans. (8) Represents weighted-average maturity across various financings with the counterparty. See below for additional details. (9) Facility entered the two-year amortization period. During the amortization period, the maturity date for current outstanding transactions are extended for a period of up to two years from the November 2023 maturity. (10) The current stated maturity of the Revolving Credit Facility (as defined below) is March 2026. Borrowings under the Revolving Credit Facility bear interest at a per annum rate equal to the sum of (i) a floating rate index and (ii) a fixed margin. Borrowings under the Revolving Credit Facility are full recourse to certain guarantor wholly-owned subsidiaries of the Company. See "Revolving Credit Facility" below for additional discussion. (11) Weighted-average borrowing costs as of March 31, 2024 and December 31, 2023 were applicable benchmark rates and credit spread adjustments, plus spreads of USD: +2.64% / GBP: +2.25% / EUR: +1.86% / SEK: +1.50% and USD: +2.49% / GBP: +2.21% / EUR: +1.86%/ SEK: +1.50%, respectively. (12) Weighted-average advance rates based on cost as of March 31, 2024 and December 31, 2023 were 68.1% (62.4% (USD) / 72.2% (GBP) / 71.7% (EUR) / 80.4% (SEK)) and 68.4% (62.9% (USD) / 72.5% (GBP) / 72.1% (EUR) / 80.4% (SEK)), respectively. (13) As of March 31, 2024 and December 31, 2023, approximately 52.2% and 58.3%, respectively, is the outstanding balance under these secured borrowings were recourse to us. Terms of our secured credit facilities are designed to keep each lender's credit exposure generally constant as a percentage of the underlying value of the assets pledged as security to the facility. If the credit of the underlying collateral value decreases, the amount of leverage to us may be reduced. As of March 31, 2024 and December 31, 2023, t he weighted-average haircut under our secured debt arrangements was approxi mately 31.9% and 31.6%, respectively. Our secured credit facilities do not contain capital markets-based mark-to-market provisions. Atlas Facility On February 8, 2023, in connection with the acquisition by certain subsidiaries of Atlas, which is a wholly-owned investment of a fund managed by an affiliate of the Manager, of certain warehouse assets and liabilities of the Credit Suisse AG Securitized Products Group ("Credit Suisse AG")(the "Transaction"), the Credit Suisse Facility was acquired by Atlas ("Atlas Facility"). In order to effect the assignment of the Credit Suisse Facility and related agreements, the Company and one of its subsidiaries, similar to the other sellers and guarantors party to the subject agreements in the Transaction, entered into an Omnibus Assignment, Assumption and Amendment Agreement as well as certain related agreements with Credit Suisse AG and Atlas. Refer to "Note 15 - Related Party Transactions" for further discussion regarding the transaction. During the three months ended March 31, 2024, we executed an amendment to upsize the Atlas Facility by $113.5 million. The amendment included conversion of the facility's term from a six month "evergreen" feature to two-years, with a one-year extension option, reduction to recourse percentages, and an additional pledge of a commercial mortgage loan, among other changes. Revolving Credit Facility On March 3, 2023, we entered into the revolving credit facility (the "Revolving Credit Facility") administered by Bank of America, N.A. The Revolving Credit Facility provides up to $170.0 million of borrowings secured by qualifying commercial mortgage loans and real property owned assets. The Revolving Credit Facility has a term of three years, maturing in March 2026. The Revolving Credit Facility enables us to borrow on qualifying commercial mortgage loans for up to two years and real property owned assets for up to six months. As of March 31, 2024 and December 31, 2023, we had $94.0 million and $147.0 million, respectively, outstanding on the Revolving Credit Facility. During the three months ended March 31, 2024, we recorded $33.6 thousand in unused fees and $1.9 million in contractual interest expense. During the three months ended March 31, 2023, we recorded $27.4 thousand in unused fees related to the Revolving Credit Facility. Barclays Private Securitization We are party to a private securitization with Barclays Bank plc ("Barclays") (such securitization, the "Barclays Private Securitization"). Commercial mortgage loans currently financed under the Barclays Securitization are denominated in GBP, EUR and SEK. The Barclays Private Securitization does not include daily margining provisions and grants us significant discretion to modify certain terms of the underlying collateral including waiving certain loan-level covenant breaches and deferring or waiving of debt service payments for up to 18 months. The securitization includes loan-to-value based covenants with deleveraging requirements that are based on significant declines in the value of the collateral as determined by an annual third-party (engaged by us) appraisal process tied to the provisions of the underlying loan agreements. We believe this provides us with both cushion and predictability to avoid sudden unexpected outcomes and material repayment requirements. The table below provides principal balances and the carrying value for commercial mortgage loans pledged to the Barclays Private Securitization as of March 31, 2024 and December 31, 2023 ($ in thousands): March 31, 2024 Local Currency Count Outstanding Principal Carrying Value GBP 7 $ 1,704,318 $ 1,685,240 EUR 5 867,551 859,740 SEK 1 232,117 230,524 Total 13 $ 2,803,986 $ 2,775,504 December 31, 2023 Local Currency Count Outstanding Principal Carrying Value GBP 7 $ 1,662,457 $ 1,643,979 EUR 6 1,021,272 1,012,987 SEK 1 248,088 246,220 Total 14 $ 2,931,817 $ 2,903,186 The table below provides the borrowings outstanding (on an as converted basis) and weighted-average fully-extended maturities by currency for the assets financed under the Barclays Private Securitization as of March 31, 2024 ($ in thousands): Borrowings Outstanding (1) Fully-Extended Maturity (2) Total/Weighted-Average GBP $ 1,261,051 July 2026 Total/Weighted-Average EUR 609,619 September 2026 (3) Total/Weighted-Average SEK 185,694 May 2026 Total/Weighted-Average Securitization $ 2,056,364 July 2026 ——————— (1) As of March 31, 2024, we had £998.9 million, €565.0 million, and kr2.0 billion of borrowings outstanding under the Barclays Private Securitization secured by certain of our commercial mortgage loans. (2) Assumes underlying loans extend to fully extended maturity and extensions at our option are exercised. (3) The EUR portion of the Barclays Private Securitization has an "evergreen" feature such that the facility continues for one year and can be terminated by either party on certain dates with, depending on the date of notice, a minimum of nine to twelve months' notice. The table below provides the borrowings outstanding (on an as converted basis) and weighted-average fully-extended maturities by currency for the assets financed under the Barclays Private Securitization as of December 31, 2023 ($ in thousands): Borrowings Outstanding (1) Fully-Extended Maturity (2) Total/Weighted-Average GBP 1,234,740 June 2026 Total/Weighted-Average EUR 723,947 May 2026 (3) Total/Weighted-Average SEK 198,470 May 2026 Total/Weighted-Average Securitization $ 2,157,157 June 2026 ——————— (1) As of December 31, 2023, we had £969.9 million, €655.8 million, and kr2.0 billion of borrowings outstanding under the Barclays Private Securitization secured by certain of our commercial mortgage loans. (2) Assumes underlying loans extend to fully extended maturity and extensions at our option are exercised. (3) The EUR portion of the Barclays Private Securitization has an "evergreen" feature such that the facility continues for one year and can be terminated by either party on certain dates with, depending on the date of notice, a minimum of nine to twelve months' notice. The table below provides the assets and liabilities of the Barclays Private Securitization VIE included in our condensed consolidated balance sheets ($ in thousands): March 31, 2024 December 31, 2023 Assets: Cash $ 327 $ 924 Commercial mortgage loans, net (1) 2,775,504 2,903,186 Other Assets 46,490 41,180 Total Assets $ 2,822,321 $ 2,945,290 Liabilities: Secured debt arrangements, net (net of deferred financing costs of $1.7 million and $2.0 million in 2024 and 2023, respectively) $ 2,054,681 $ 2,155,197 Accounts payable, accrued expenses and other liabilities (2) 11,328 9,083 Total Liabilities $ 2,066,009 $ 2,164,280 ——————— (1) Net of the General CECL Al lowance of $10.8 million and $8.3 million as of March 31, 2024 and December 31, 2023, respectively. (2) Includes General CECL Allowance related to unfunded commitments on commercial mortgage loans, net o f $2.6 million and $2.5 million as of March 31, 2024 and December 31, 2023, respectively. The table below provides the net income (loss) of the Barclays Private Securitization VIE included in our condensed consolidated statement of operations ($ in thousands): Three months ended March 31, 2024 2023 Net interest income: Interest income from commercial mortgage loans $ 64,523 $ 46,977 Interest expense (36,083) (23,133) Net interest income $ 28,440 $ 23,844 Decrease (increase) in current expected credit loss allowance, net (2,565) 199 Foreign currency translation gain (loss) (12,923) 10,002 Net income $ 12,952 $ 34,045 At March 31, 2024, our borrowings had the following remaining maturities ($ in thousands): Less than 1 to 3 3 to 5 More than Total JPMorgan Facility $ 27,271 $ 1,026,802 $ — $ — $ 1,054,073 Deutsche Bank Facility 95,686 183,017 — — 278,703 Atlas Facility — 751,207 — 751,207 HSBC Facility — 655,767 — — 655,767 Goldman Sachs Facility - USD — 11,605 — — 11,605 Goldman Sachs Facility - GBP — — 158,599 — 158,599 Barclays Facility — — 99,817 — 99,817 MUFG Securities Facility — 202,970 — — 202,970 Churchill Facility — 125,209 — — 125,209 Santander Facility - USD 67,500 — — 67,500 Santander Facility - EUR 54,677 — — — 54,677 Barclays Private Securitization 379,765 1,480,142 196,456 — 2,056,364 Revolving Credit Facility 76,385 17,615 — — 94,000 Total $ 701,284 $ 4,454,334 $ 454,872 $ — $ 5,610,491 The table above reflects the fully extended maturity date of the facility and assumes facilities with an "evergreen" feature continue to extend through the fully-extended maturity of the underlying asset and assumes underlying loans are extended with consent of financing providers. The table below summarizes the outstanding balances at March 31, 2024, as well as the maximum and average month-end balances for the three months ended March 31, 2024 for our borrowings under secured debt arrangements ($ in thousands). As of March 31, 2024 For the three months ended March 31, 2024 Balance Collateral (1) Maximum Month-End Average Month-End JPMorgan Facility $ 1,054,073 $ 1,869,057 $ 1,063,261 $ 1,058,968 Deutsche Bank Facility 278,703 421,949 278,703 277,741 Goldman Sachs Facility - USD 11,605 25,242 11,620 11,612 Goldman Sachs Facility - GBP 158,599 209,523 159,403 158,872 Atlas Facility 751,207 1,098,342 751,207 676,229 HSBC Facility 655,767 849,268 658,434 656,800 Barclays Facility 99,817 124,107 102,598 101,671 MUFG Securities Facility 202,970 275,579 203,999 203,318 Churchill Facility 125,209 166,563 126,080 125,644 Santander Facility - USD 67,500 99,736 67,500 67,500 Santander Facility - EUR 54,677 72,302 54,677 54,666 Barclays Private Securitization 2,056,364 2,786,288 2,146,965 2,085,304 Revolving Credit Facility 94,000 181,130 150,000 112,667 Total $ 5,610,491 $ 8,179,086 (1) Represents the amortized cost balance of commercial loan collateral assets and the value of net real estate assets of real property owned collateral assets. The table below summarizes the outstanding balances at December 31, 2023, as well as the maximum and average month-end balances for the year ended December 31, 2023 for our borrowings under secured debt arrangements ($ in thousands). As of December 31, 2023 For the year ended December 31, 2023 Balance Collateral (1) Maximum Month-End Average Month-End JPMorgan Facility $ 1,061,380 $ 1,871,854 $ 1,324,226 $ 1,190,651 Deutsche Bank Facility 275,815 419,170 385,818 322,676 Goldman Sachs Facility 13,437 28,533 70,249 30,482 Atlas Facility 669,302 933,085 688,126 667,794 HSBC Facility 665,368 860,134 667,430 651,758 Barclays Facility 107,929 129,439 111,909 110,729 MUFG Securities Facility 204,690 278,223 206,362 200,447 Churchill Facility 126,515 168,138 130,000 128,094 Santander Facility - USD 67,500 99,648 75,000 68,125 Santander Facility - EUR 55,716 74,288 55,716 54,347 Barclays Private Securitization 2,157,157 2,911,470 2,157,157 1,896,144 Revolving Credit Facility 147,000 319,048 147,000 93,500 Total $ 5,551,809 $ 8,093,030 (1) Represents the amortized cost balance of commercial loan collateral assets and the value of net real estate assets of real property owned collateral assets. Debt Covenants The guarantees related to our secured debt arrangements contain the following financial covenants: (i) tangible net worth must be greater than $1.25 billion plus 75% of the net cash proceeds of any equity issuance after March 31, 2017; (ii) our ratio of total indebtedness to tangible net worth cannot be greater than 3.75:1 (ratio is 4.00:1 for the Revolving Credit Facility); and (iii) our liquidity cannot be less than an amount equal to the greater of 5% of total recourse indebtedness or $30.0 million. Under these covenants, our General CECL Allowance is added back to our tangible net worth calculation. The Revolving Credit Facility contains an additional financial covenant to maintain a minimum interest coverage ratio of 1.4:1. During October 2023, we modified our interest coverage ratio covenant related to the Revolving Credit Facility to a minimum of 1.4:1 from a minimum of 1.5:1. We were in compliance with the covenants under each of our secured debt arrangements at March 31, 2024 and December 31, 2023. The impact of macroeconomic conditions on the commercial real estate markets and global capital markets, including increased interest rates, foreign currency fluctuations, changes to fiscal and monetary policy, slower economic growth or recession, labor shortages, and recent distress in the banking sector, may make it more difficult to meet or satisfy these covenants in the future. In May 2019, we entered into a $500.0 million senior secured term loan (the "2026 Term Loan"), which matures in May 2026 and contains restrictions relating to liens, asset sales, indebtedness, and investments in non-wholly owned entities. The 2026 Term Loan was issued at a price of 99.5%. During the second quarter of 2023, the 2026 Term Loan transitioned from LIBOR to SOFR and currently bears interest at SOFR plus 2.86%. In March 2021, we entered into an additional $300.0 million senior secured term loan, with substantially the same terms as the 2026 Term Loan, (the "2028 Term Loan" and, together with the 2026 Term Loan, the "Term Loans") which matures in March 2028 and contains restrictions relating to liens, asset sales, indebtedness, and investments in non-wholly owned entities. The 2028 Term Loan was issued at a price of 99.0%. During the second quarter of 2023, the 2028 Term Loan transitioned from LIBOR to SOFR and currently bears interest at SOFR (with a floor of 0.50%) plus 3.61%. The Term Loans are amortizing with repayments of 0.25% per quarter of the total committed principal. During the three months ended March 31, 2024 and 2023, we repaid $1.3 million of principal, respectively, related to the 2026 Term Loan. During the three months ended March 31, 2024 and 2023, we repaid $0.8 million of principal respectively related to the 2028 Term Loan. The following table summarizes the terms of the Term Loans as of March 31, 2024 ($ in thousands): Principal Amount Unamortized Issuance Discount (1) Deferred Financing Costs (1) Carrying Value Rate Maturity Date 2026 Term Loan $ 476,250 $ (743) $ (3,923) $ 471,584 2.86 % 5/15/2026 2028 Term Loan 291,000 (1,679) (2,993) 286,328 3.61 % 3/11/2028 Total $ 767,250 $ (2,422) $ (6,916) $ 757,912 ——————— (1) Unamortized issuance discount and deferred financing costs will be amortized to interest expense over remaining life of respective term loans. The following table summarizes the terms of the Term Loans as of December 31, 2023 ($ in thousands): Principal Amount Unamortized Issuance Discount (1) Deferred Financing Costs (1) Carrying Value Rate Maturity Date 2026 Term Loan $ 477,500 $ (833) $ (4,302) $ 472,365 2.86 % 5/15/2026 2028 Term Loan 291,750 (1,786) (3,179) 286,785 3.61 % 3/11/2028 Total $ 769,250 $ (2,619) $ (7,481) $ 759,150 ——————— (1) Unamortized issuance discount and deferred financing costs will be amortized to interest expense over remaining life of respective term loans. Covenants The financial covenants of the Term Loans include the requirements that we maintain: (i) a maximum ratio of total recourse debt to tangible net worth of 4:1; and (ii) a maximum ratio of total unencumbered assets to total pari-passu indebtedness of 2.50:1. We were in compliance with the covenants under the Term Loans at March 31, 2024 and December 31, 2023. Interest Rate Cap During the three months ended March 31, 2023, LIBOR exceeded the cap rate of 0.75%. As such, during the three months ended March 31, 2023, we realized a gain from the interest rate cap in the amount of $4.7 million, which is included in gain (loss) on interest rate hedging instruments in our condensed consolidated statement of operations. Subsequent to the interest rate cap maturity on June 15, 2023, the effective all-in coupon on our 2026 Term Loan increased to one month SOFR plus the spread of 2.86%. In June 2021, we issued $500.0 million of 4.625% Senior Secured Notes due 2029 (the "2029 Notes"), for which we received net proceeds of $495.0 million, after deducting initial purchasers' discounts and commissions. The 2029 Notes will mature on June 15, 2029, unless earlier repurchased or redeemed. The 2029 Notes are secured by a first-priority lien, and rank pari-passu in right of payment with all of our existing and future first lien obligations, including indebtedness under the Term Loans. The 2029 Notes were issued at par and contain covenants relating to liens, indebtedness, and investments in non-wholly owned entities. The 2029 Notes had a carrying value of $495.8 million and $495.6 million, net of deferred financing costs of $4.2 million and $4.4 million, as of March 31, 2024 and December 31, 2023, respectively. Covenants The 2029 Notes include certain covenants including a requirement that we maintain a ratio of total unencumbered assets to total pari-passu indebtedness of at least 1.20:1. As of March 31, 2024 and December 31, 2023, we were in compliance with all covenants. Participations sold represented the subordinate interests in loans we originated and subsequently partially sold. We account for participations sold as secured borrowings on our condensed consolidated balance sheet with both assets and non-recourse liabilities because the participations do not qualify as a sale under ASC 860. The income earned on the participations sold is recorded as interest income and an identical amount is recorded as interest expense in our condensed consolidated statements of operations. In December 2020, we sold a £6.7 million ($8.9 million assuming conversion into USD at time of transfer) interest, at par, in a first mortgage loan collateralized by an office building located in London, United Kingdom that was originated by us in December 2017. In connection with this sale, we transferred our remaining unfunded commitment of £19.1 million ($25.3 million assuming conversion into USD at time of transfer). The participation interest sold was subordinate to our first mortgage loan and was accounted for as a secured borrowing on our consolidated balance sheet. In January 2023, the first mortgage loan, including participations sold, was fully satisfied, including all contractual and default interest accrued to date. We had no participations sold as of the three months ended March 31, 2024 and December 31, 2023.

Accounts Payable, Accrued Expen

Accounts Payable, Accrued Expenses and Other Liabilities	3 Months Ended
Accounts Payable, Accrued Expenses and Other Liabilities	Mar. 31, 2024
Payables and Accruals [Abstract]
Accounts Payable, Accrued Expenses and Other Liabilities	Accounts Payable, Accrued Expenses and Other Liabilities The following table details the components of our accounts payable, accrued expense and other liabilities ($ in thousands): March 31, 2024 December 31, 2023 Collateral held under derivative agreements $ 45,840 $ 25,820 Accrued dividends payable 53,180 53,407 Accrued interest payable 42,072 31,012 Accounts payable and other liabilities (1) 10,825 6,078 General CECL Allowance on unfunded commitments (2) 3,625 4,017 Total $ 155,542 $ 120,334 ——————— (1) Includes $10.2 million and $5.5 million of accounts payable and other liabilities on the balance sheet of the Real Estate Owned, Held for Investment at March 31, 2024 and December 31, 2023, respectively. (2) Refer to "Note 4 - Commercial Mortgage Loans, Subordinate Loans and Other Lending Assets, Net" for additional disclosure related to the General CECL Allowance on unfunded commitments as of March 31, 2024 and December 31, 2023, respectively.

Income Taxes

Income Taxes	3 Months Ended
Income Taxes	Mar. 31, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes We have elected to be taxed as a REIT under the Internal Revenue Code of 1986, as amended, commencing with the taxable year ended December 31, 2009. As a REIT, U.S. federal income tax law generally requires us to distribute annually at least 90% of our REIT taxable income, without regard to the deduction for dividends paid and excluding net capital gains, and that we pay tax at regular corporate rates to the extent that we annually distribute less than 100% of our net taxable income. We are also subject to U.S. federal, state and local income taxes on our domestic taxable REIT subsidiaries ("TRS") based on the tax jurisdictions in which they operate. During the three months ended March 31, 2024, we recorded a current income tax provision of $0.1 million related to activities of our taxable REIT subsidiaries. We did not record any income tax provision during the three months ended March 31, 2023. There was a $0.5 million and $0.6 million income tax asset related to the operating activities of our TRS entities as of March 31, 2024 and December 31, 2023, respectively. As of March 31, 2024 and December 31, 2023, there were no material deferred tax assets or liabilities. As of March 31, 2024, we had net operating losses of $13.7 million and capital losses of $25.2 million that may be carried forward for use in subsequent periods. As of March 31, 2024, tax years 2019 through 2023 remain subject to examination by taxing authorities.

Related Party Transactions

Related Party Transactions	3 Months Ended
Related Party Transactions	Mar. 31, 2024
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions Management Agreement In connection with our initial public offering in September 2009, we entered into a management agreement (the "Management Agreement") with the Manager, which describes the services to be provided by the Manager and its compensation for those services. The Manager is responsible for managing our day-to-day operations, subject to the direction and oversight of our board of directors. Pursuant to the terms of the Management Agreement, the Manager is paid a base management fee equal to 1.5% per annum of our stockholders' equity (as defined in the Management Agreement), calculated and payable (in cash) quarterly in arrears. The term of the Management Agreement was automatically renewed for a successive one-year term on September 29, 2023 and will automatically renew on each anniversary thereafter. The Management Agreement may be terminated upon expiration of the one-year extension term only upon the affirmative vote of at least two-thirds of our independent directors, based upon (1) unsatisfactory performance by the Manager that is materially detrimental to ARI or (2) a determination that the management fee payable to the Manager is not fair, subject to the Manager's right to prevent such a termination based on unfair fees by accepting a mutually acceptable reduction of management fees agreed to by at least two-thirds of our independent directors. The Manager must be provided with written notice of any such termination at least 180 days prior to the expiration of the then existing term and will be paid a termination fee equal to three times the sum of the average annual base management fee during the 24-month period immediately preceding the date of termination, calculated as of the end of the most recently completed fiscal quarter prior to the date of termination. Following a meeting of our independent directors in March 2024, which included a discussion of the Manager's performance and the level of the management fees thereunder, we determined not to seek termination of the Management Agreement. We incurred approximately $9.4 million and $9.5 million in base management fees under the Management Agreement for the three months ended March 31, 2024 and 2023, respectively. In addition to the base management fee, we are also responsible for reimbursing the Manager for certain expenses paid by the Manager on our behalf or for certain services provided by the Manager to us. For the three months ended March 31, 2024 and 2023 we paid expenses totaling $1.8 million and $1.2 million, respectively, related to reimbursements for certain expenses paid by the Manager on our behalf under the Management Agreement. Expenses incurred by the Manager and reimbursed by us are reflected in the respective condensed consolidated statement of operations expense category or our condensed consolidated balance sheets based on the nature of the item. Included in payable to related party on our condensed consolidated balance sheets at March 31, 2024 and December 31, 2023 is approximately $9.4 million and $9.6 million, respectively, for base management fees incurred but not yet paid under the Management Agreement. Loans receivable During the first quarter of 2023, we transferred interests in, (i) three commercial mortgage loans secured by various properties in Europe, with aggregate commitments of €205.7 million (of which €115.0 million was funded at the time of sale), and (ii) a partial interest of £15.0 million in a commercial mortgage loan secured by a mixed-use property located in London, United Kingdom. These transfers were made to entities managed by affiliates of the Manager. Refer to "Note 4 – Commercial Mortgage Loans, Subordinate Loans and Other Lending Assets, Net" for additional disclosure. Term Loan In March 2021, Apollo Global Funding, LLC, an affiliate of the Manager, served as one of the eight arrangers for the issuance of our 2028 Term Loan and received $0.2 million of arrangement fees. In addition, funds managed by an affiliate of the Manager invested in $30.0 million of the 2028 Term Loan. Senior Secured Notes In June 2021, Apollo Global Securities, LLC, an affiliate of the Manager, served as one of the eight initial purchasers in the issuance of our 2029 Notes and received $0.4 million of initial purchasers' discounts and commissions. Italian Direct Lending Structure In the fourth quarter of 2021, we formed an Italian closed-end alternative investment fund (the "AIF"), managed by Apollo Investment Management Europe (Luxembourg) S.A R.L, a regulated alternative investment fund manager (the "AIFM"), an affiliate of the Manager. The management fees incurred during the three months ended March 31, 2024 and 2023, respectively were de minimis. As of March 31, 2024 and December 31, 2023, the fees payable to the AIFM were de minimis. Atlas Facility On February 8, 2023, in connection with the acquisition by certain subsidiaries of Atlas, which is a wholly-owned investment of a fund managed by an affiliate of the Manager, the Credit Suisse Facility was acquired by Atlas. In order to effect the assignment of the Credit Suisse Facility and related agreements, the Company and one of its subsidiaries, similar to the other sellers and guarantors party to the subject agreements in the transaction, entered into an Omnibus Assignment, Assumption and Amendment Agreement as well as certain related agreements with Credit Suisse AG and Atlas . At the time of acquisition, we had $632.3 million of secured debt on the Credit Suisse Facility consisting of four commercial mortgage loans.

Share-Based Payments

Share-Based Payments	3 Months Ended
Share-Based Payments	Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]
Share-Based Payments	Share-Based Payments On September 23, 2009, our board of directors approved the Apollo Commercial Real Estate Finance, Inc. 2009 Equity Incentive Plan ("2009 LTIP") and on April 16, 2019, our board of directors approved the Amended and Restated Apollo Commercial Real Estate Finance, Inc. 2019 Equity Incentive Plan ("2019 LTIP," and together with the 2009 LTIP, the "LTIPs"), which amended and restated the 2009 LTIP. Following the approval of the 2019 LTIP by our stockholders at our 2019 annual meeting of stockholders on June 12, 2019, no additional awards have been or will be granted under the 2009 LTIP and all outstanding awards granted under the 2009 LTIP remain in effect in accordance with the terms in the 2009 LTIP. The 2019 LTIP provides for grants of restricted common stock, restricted stock units ("RSUs") and other equity-based awards up to an aggregate of 7,000,000 shares of our common stock. The LTIPs are administered by the compensation committee of our board of directors (the "Compensation Committee") and all grants under the LTIPs must be approved by the Compensation Committee. We recognized stock-based compensation expense of $4.2 million and $4.4 million during the three months ended March 31, 2024 and 2023, respectively, related to restricted stock and RSU vesting. The following table summarizes the grants, vesting and forfeitures of restricted common stock and RSUs during the three months ended March 31, 2024: Type Restricted Stock RSUs Grant Date Fair Value ($ in millions) Outstanding at December 31, 2023 79,088 2,538,332 Granted — — N/A Vested — — N/A Forfeiture — (18,995) N/A Outstanding at March 31, 2024 79,088 2,519,337 Below is a summary of restricted stock and RSU vesting dates as of March 31, 2024 : Vesting Year Restricted Stock RSUs Total Awards 2024 79,088 1,293,354 1,372,442 2025 — 865,113 865,113 2026 — 360,870 360,870 Total 79,088 2,519,337 2,598,425 At March 31, 2024, we had unrecognized compensation expense of approximately $12.8 thousand and $26.2 million related to the vesting of restricted stock awards and RSUs, respectively, noted in the table above. The unrecognized compensation expense related to the vesting of restricted awards and RSUs are expected to be recognized over a weighted-average period of 1.5 years. RSU Deliveries

Stockholders' Equity

Stockholders' Equity	3 Months Ended
Stockholders' Equity	Mar. 31, 2024
Equity [Abstract]
Stockholders' Equity	Stockholders' Equity Our authorized capital stock consists of 450,000,000 shares of common stock, $0.01 par value per share and 50,000,000 shares of preferred stock, $0.01 par value per share. As of March 31, 2024, 142,096,715 shares of common stock were issued and outstanding and 6,770,393 shares of our 7.25% Series B-1 Cumulative Redeemable Perpetual Preferred Stock ("Series B-1 Preferred Stock") were issued and outstanding. The Series B-1 Preferred Stock, with a par value $0.01 per share, have a liquidation preference of $25.00 per share. Dividends. The following table details our dividend activity: Three months ended March 31, Dividends declared per share of: 2024 2023 Common Stock $0.35 $0.35 Series B-1 Preferred Stock $0.45 $0.45 Common Stock Repurchases.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Legal Proceedings. From time to time, we may be involved in various claims and legal actions arising in the ordinary course of business. On June 28, 2018, AmBase Corporation, 111 West 57th Street Manager Funding LLC and 111 West 57th Investment LLC commenced a now-dismissed action captioned AmBase Corporation et al v. ACREFI Mortgage Lending, LLC et al (No 653251/2018) in New York Supreme Court (the "Apollo Action"). The complaint named as defendants (i) a wholly-owned subsidiary of the Company (the "Subsidiary"), (ii) the Company, and (iii) certain funds managed by Apollo, who were co-lenders on a mezzanine loan against the development of a residential condominium building in Manhattan, New York. The plaintiffs alleged that the defendants tortiously interfered with the plaintiffs' joint venture agreement with the developers of the project, and that the defendants aided and abetted breaches of fiduciary duty by the developers of the project. The plaintiffs alleged the loss of a $70.0 million investment plus punitive damages. The defendants' motion to dismiss was granted on October 23, 2019 and the Court entered judgment dismissing the complaint in its entirety on November 8, 2019. Plaintiffs appealed, the parties fully briefed the appeal, and then Plaintiffs dropped the appeal, and the case remains dismissed. Plaintiffs amended the complaint in a separate action in 2021, 111 West 57th Investment LLC v. 111W57 Mezz Investor LLC (No. 655031/2017) also in New York Supreme Court (the "April 2021 Action") to name Apollo Global Management, Inc., the Subsidiary, the Company, and certain funds managed by Apollo as defendants. The April 2021 Action concerns overlapping claims and the same condominium development project that the Apollo Action concerned. The defendants filed a motion to dismiss, which was granted in part and denied in part on December 15, 2022. The Court dismissed the claim against Apollo Global Management, Inc. and the Company. Apollo appealed the decision with respect to the remaining claim. On October 5, 2023, the Appellate Division, First Department granted Apollo's appeal, thereby dismissing the remaining claim against the Apollo entities who were co-lenders on the mezzanine loan, including the Subsidiary. Plaintiffs filed a motion for leave with the Court of Appeals on November 3, 2023 which the Court denied on April 23, 2024. Loan Commitments. As described in "Note 4 - Commercial Mortgage Loans, Subordinate Loans and Other Lending Assets, Net" at March 31, 2024, we had $555.6 million of unfunded commitments related to our commercial mortgage and subordinate loans. The timings and amounts of fundings are uncertain as these commitments relate to loans for construction costs, capital expenditures, leasing costs, interest and carry costs, among others. As such, the timings and amounts of future fundings depend on the progress and performance of the underlying assets of our loans. Certain of our lenders are contractually obligated to fund their ratable portion of these loan commitments over time, while other lenders have some degree of discretion over future loan funding obligations. The total unfunded commitment is expected to be funded over the remaining 2.8 years weighted-average tenor of these loans.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	3 Months Ended
Fair Value of Financial Instruments	Mar. 31, 2024
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	Fair Value of Financial Instruments The following table presents the carrying value and estimated fair value of our financial instruments not carried at fair value on our condensed consolidated balance sheets at March 31, 2024 and December 31, 2023 ($ in thousands): March 31, 2024 December 31, 2023 Carrying Estimated Carrying Estimated Cash and cash equivalents $ 161,190 $ 161,190 $ 225,438 $ 225,438 Commercial mortgage loans, net 7,846,460 7,722,188 7,925,359 7,813,304 Subordinate loans, net 303,965 303,909 432,734 432,458 Secured debt arrangements, net (5,596,967) (5,596,967) (5,538,476) (5,538,476) Term loans, net (757,912) (761,099) (759,150) (754,197) Senior secured notes, net (495,835) (418,125) (495,637) (418,750) Debt related to real estate owned, held for investment, net (161,878) (161,878) (161,586) (161,586) To determine estimated fair values of the financial instruments listed above, market rates of interest, which include credit assumptions, are used to discount contractual cash flows. The estimated fair values are not necessarily indicative of the amount we could realize on disposition of the financial instruments. The use of different market assumptions or estimation methodologies could have a material effect on the estimated fair value amounts. Estimates of fair value for cash and cash equivalents, convertible senior notes, net, and Term Loans, net are measured using observable Level I inputs as defined in "Note 3 - Fair Value Disclosure." Estimates of fair value for all other financial instruments in the table above are measured using significant estimates, or unobservable Level III inputs as defined in "Note 3 - Fair Value Disclosure."

Net Income (Loss) per Share

Net Income (Loss) per Share	3 Months Ended
Net Income (Loss) per Share	Mar. 31, 2024
Earnings Per Share [Abstract]
Net Income (Loss) per Share	Net Income (Loss) per Share ASC 260, "Earnings per share" requires the use of the two-class method of computing earnings (loss) per share for all periods presented for each class of common stock and participating securities. Under the two-class method, all earnings (distributed and undistributed) are allocated to common shares and participating securities according to their respective rights to receive dividends. The unvested RSUs granted under our 2019 Equity Incentive Plan to certain employees of the Manager qualify as participating securities as RSUs have non-forfeitable rights to participate in dividends. Therefore, unvested RSUs are included in the calculation of basic earnings per share. For the three months ended March 31, 2024, the dilutive effect to earnings per share was determined using the two-class method because it was more dilutive than the treasury stock method. Dilutive earnings per share is calculated under the more dilutive computation of the two-class method and the treasury stock method, or if-converted method in periods with convertible interest expense. Under the treasury stock method, the denominator includes the weighted-average outstanding common shares plus the incremental shares related to participating securities. The incremental shares are determined by subtracting the average unrecognized compensation cost for the period divided by the average stock price from the unvested RSUs. For the three months ended March 31, 2023, the dilutive effect to earnings per share was determined using the "if-converted" method whereby interest expense on the outstanding Convertible Notes was added back to the diluted earnings per share numerator, and all of the potentially dilutive shares were included in the diluted earnings per share denominator. The denominator included all outstanding shares of common stock and all potential shares of common stock assumed issued if they are dilutive. The numerator was adjusted for any changes in income or loss that would result from the assumed conversion of these potential shares of common stock. The table below presents the computation of basic and diluted net income (loss) per share of common stock for the three months ended March 31, 2024 and 2023 ($ in thousands except per share data): Three months ended March 31, Basic Earnings 2024 2023 Net income (loss) $ (104,524) $ 48,916 Less: Preferred dividends (3,068) (3,068) Less: Earnings attributable to participating securities — — Less: Dividends on participating securities (886) (1,003) Basic Earnings (Loss) $ (108,478) $ 44,845 Dilutive Earnings Basic Earnings (Loss) $ (108,478) $ 44,845 Add: Dividends on participating securities — 1,003 Add: Interest expense on Convertible Notes — 3,445 Diluted Earnings (Loss) $ (108,478) $ 49,293 Number of Shares: Basic weighted-average shares of common stock outstanding 141,869,604 141,072,471 Diluted weighted-average shares of common stock outstanding 141,869,604 155,483,979 Earnings (Loss) Per Share Attributable to Common Stockholders Basic $ (0.76) $ 0.32 Diluted $ (0.76) $ 0.32 For the three months ended March 31, 2024, 423,784 incremental shares were excluded in the calculation of diluted net income per share because the effect was anti-dilutive. For the three months ended March 31, 2023, 3,221,559 weighted-average unvested RSUs were included in the calculation of diluted net income per share because the effect was dilutive. For the three months ended March 31, 2023, 11,189,949 weighted-average potentially issuable shares with respect to the Convertible Notes were included in the dilutive earnings per share denominator because the effect was dilutive. Refer to "Note 10 - Convertible Senior Notes, Net" for further discussion.

Subsequent Events

Subsequent Events	3 Months Ended
Subsequent Events	Mar. 31, 2024
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Subsequent to the quarter ended March 31, 2024, the following events took place: Investment Activity: We funded approximately $41.3 million for previously closed loans and capitalized an additional $13.9 million of construction and financing costs related to our real estate owned, held for investment. We originated a $157.5 million first mortgage loan secured by a luxury multifamily property in Emeryville, CA. Loan Repayments and Sale: We received approximately $269.3 million of loan proceeds, including: • $135.5 million from the sale of a first mortgage loan secured by a hotel in Honolulu, HI, which was classified as held for sale as of March 31, 2024. We recorded a realized loss of $0.7 million in connection with the sale. • $108.3 million repayment in connection with the refinancing by a third-party lender of our Senior Loan secured by an ultra-luxury residential property in Manhattan, NY. All proceeds were utilized to repay the outstanding balance of the related secured financing. The remaining Senior Loan was modified into a subordinate loan ("Senior Mezzanine A Loan"), and our total amortized cost basis across the Senior Mezzanine A Loan, Senior Mezzanine Loan and Junior Mezzanine A Loan decreased from $456.7 million as of March 31, 2024 to $356.9 million, inclusive of protective advances subsequent to quarter end. Additionally, the contractual maturities for all three loans were extended to November 2025.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
Summary of Significant Accounting Policies (Policies)	Mar. 31, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying condensed consolidated financial statements include our accounts and those of our consolidated subsidiaries. All intercompany amounts have been eliminated. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America ("GAAP") requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Our most significant estimates include current expected credit loss ("CECL") allowances. Actual results may differ from estimates. These unaudited condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and should be read in conjunction with the consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2023, as filed with the Securities and Exchange Commission (the "SEC"). In the opinion of management, all adjustments (consisting only of normal recurring adjustments) necessary to present fairly our financial position, results of operations and cash flows have been included. Our results of operations for the three months ended March 31, 2024 are not necessarily indicative of the results to be expected for the full year or any other future period.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In November 2023, the Financial Accounting Standards Board ("FASB") issued ASU 2023-07 "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures" ("ASU 2023-07"). ASU 2023-07 intends to improve reportable segment disclosure requirements, enhance interim disclosure requirements and provide new segment disclosure requirements for entities with a single reportable segment. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and for interim periods with fiscal years beginning after December 15, 2024. ASU 2023-07 is to be adopted retrospectively to all prior periods presented. We are currently assessing the impact this guidance will have on our consolidated financial statements. In December 2023, the FASB issued ASU 2023-09 "Improvements to Income Tax Disclosures" ("ASU 2023-09"). ASU 2023-09 intends to improve the transparency of income tax disclosures. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024 and is to be adopted on a prospective basis with the option to apply retrospectively. We are currently assessing the impact of this guidance, however, we do not expect a material impact to our consolidated financial statements.
Reference Rate Reform	Reference Rate Reform In response to concerns about structural risks of interbank offered rates, including the London Interbank Offered Rate ("LIBOR"), regulators and market participants in various jurisdictions have undertaken efforts, generally referred to as reference rate reform, to eliminate certain reference rates, and introduce new reference rates that are based on a larger and more liquid population of observable transactions. As of December 31, 2023, all our floating rate loans and related financings have transitioned to the applicable replacement benchmark rate or reference a benchmark rate.

Fair Value Disclosure (Tables)

Fair Value Disclosure (Tables)	3 Months Ended
Fair Value Disclosure (Tables)	Mar. 31, 2024
Fair Value Disclosures [Abstract]
Schedule of Levels in Fair Value Hierarchy of Financial Instruments	The following table summarizes the levels in the fair value hierarchy into which our assets and liabilities with recurring fair value measurements were categorized as of March 31, 2024 and December 31, 2023 ($ in thousands): Fair Value as of March 31, 2024 Fair Value as of December 31, 2023 Level I Level II Level III Total Level I Level II Level III Total Recurring fair value measurements: Foreign currency forward, net $ — $ 46,118 $ — $ 46,118 $ — $ 28,065 $ — $ 28,065 Interest rate cap asset — 1,166 — 1,166 — 1,360 — 1,360 Total financial instruments $ — $ 47,284 $ — $ 47,284 $ — $ 29,425 $ — $ 29,425

Commercial Mortgage Loans, Su_2

Commercial Mortgage Loans, Subordinate Loans and Other Lending Assets, Net (Tables)	3 Months Ended
	Mar. 31, 2024
Receivables [Abstract]
Schedule of Loan Portfolio	Our loan portfolio was comprised of the following at March 31, 2024 and December 31, 2023 ($ in thousands): Loan Type March 31, 2024 December 31, 2023 Commercial mortgage loans, net (1) $ 7,846,460 $ 7,925,359 Commercial mortgage loan, held for sale 135,465 — Subordinate loans, net 303,965 432,734 Carrying value, net $ 8,285,890 $ 8,358,093 ——————— (1) Includes $83.5 million and $95.5 million in 2024 and 2023, respectively, of contiguous financing structured as subordinate loans.
Schedule of Activity Related to Loan Investment Portfolio	Activity relating to our loan portfolio for the three months ended March 31, 2024 was as follows ($ in thousands): Principal Deferred Fees/Other Items Specific CECL Allowance Carrying Value, Net December 31, 2023 $ 8,610,110 $ (32,535) $ (193,000) $ 8,384,575 Add-on loan fundings (1) 321,766 — — 321,766 Loan repayments (175,731) — — (175,731) Gain (loss) on foreign currency translation (72,337) 289 — (72,048) Increase in Specific CECL Allowance, net — — (142,000) (142,000) Valuation allowance, loan held for sale (679) — — (679) Deferred fees and other items (2) — (4,936) — (4,936) Amortization of fees — 7,501 — 7,501 March 31, 2024 $ 8,683,129 $ (29,681) $ (335,000) $ 8,318,448 General CECL Allowance (3) (32,558) Carrying value, net $ 8,285,890 ——————— (1) Represents fundings committed prior to 2024. (2) Other items primarily consist of purchase discounts or premiums, cost recovery interest, exit fees, deferred origination expenses, and the activity of unconsolidated joint ventures. (3) $3.6 million of the General CECL Allowance is excluded from this table because it relates to unfunded commitments and has been recorded as a liability under accounts payable, accrued expenses and other liabilities in our condensed consolidated balance sheet.
Schedule of Overall Statistics for the Loan Portfolio	The following table details overall statistics for our loan portfolio at the dates indicated ($ in thousands): March 31, 2024 December 31, 2023 Number of loans 49 50 Principal balance $ 8,683,129 $ 8,610,110 Carrying value, net $ 8,285,890 $ 8,358,093 Unfunded loan commitments (1) $ 555,596 $ 868,582 Weighted-average cash coupon (2) 8.4 % 8.3 % Weighted-average remaining fully-extended term (3) 2.3 years 2.3 years Weighted-average expected term (4) 2.0 years 1.8 years ——————— (1) Unfunded loan commitments are funded to finance construction costs, tenant improvements, leasing commissions, or carrying costs. These future commitments are funded over the term of each loan, subject in certain cases to an expiration date. (2) For floating rate loans, based on applicable benchmark rates as of the specified dates. For loans placed on non-accrual, the interest rate used in calculating weighted-average cash coupon is 0%. (3) Assumes all extension options are exercised. (4) Expected term represents our estimated timing of repayments as of the specified dates. Excludes risk-rated 5 loans.
Schedule of Mortgage Loans on Real Estate	The table below details the property type of the properties securing the loans in our portfolio at the dates indicated ($ in thousands): March 31, 2024 December 31, 2023 Property Type Carrying % of (1) Carrying % of Portfolio (1) Hotel $ 1,978,794 23.7 % $ 2,128,256 25.4 % Office 1,635,450 19.7 1,593,320 19.0 Retail 1,394,228 16.8 1,407,764 16.8 Residential 1,099,134 13.2 1,247,238 14.9 Mixed Use 696,048 8.4 679,303 8.1 Healthcare 504,075 6.1 511,803 6.1 Industrial 276,350 3.3 293,133 3.5 Other (2) 734,369 8.8 523,758 6.2 Total $ 8,318,448 100.0 % $ 8,384,575 100.0 % General CECL Allowance (3) (32,558) (26,482) Carrying value, net $ 8,285,890 $ 8,358,093 ——————— (1) Percentage of portfolio calculations are made prior to consideration of General CECL Allowance. (2) Other property types include pubs (2.5%), parking garages (2.3%), caravan parks (2.4%) and urban predevelopment (1.6%) in 2024, and parking garages (2.3%), caravan parks (2.4%) and urban predevelopment (1.5%) in 2023. (3) $3.6 million and $4.0 million of the General CECL Allowance for 2024 and 2023, respectively, is excluded from this table because it relates to unfunded commitments and has been recorded as a liability under accounts payable, accrued expenses and other liabilities in our condensed consolidated balance sheets. Geography The table below details the geographic distribution of the properties securing the loans in our portfolio at the dates indicated ($ in thousands): March 31, 2024 December 31, 2023 Geographic Location Carrying % of (1) Carrying % of Portfolio (1) United Kingdom $ 2,937,602 35.3 % $ 2,675,097 31.9 % New York City 1,597,081 19.2 1,736,856 20.7 Other Europe (2) 1,509,453 18.2 1,686,425 20.1 Southeast 537,333 6.5 535,054 6.4 Midwest 519,395 6.2 522,137 6.2 West 484,581 5.8 484,842 5.8 Other (3) 733,003 8.8 744,164 8.9 Total $ 8,318,448 100.0 % $ 8,384,575 100.0 % General CECL Allowance (4) (32,558) (26,482) Carrying value, net $ 8,285,890 $ 8,358,093 ——————— (1) Percentage of portfolio calculations are made prior to consideration of General CECL Allowance. (2) Other Europe includes Germany (7.3%), Italy (3.3%), Spain (4.1%), Sweden (2.8%), Ireland (0.5%) and the Netherlands (0.2%) in 2024 and Germany (7.4%), Italy (4.9%), Spain (4.2%), Sweden (2.9%), Ireland (0.5%) and the Netherlands (0.2%) in 2023. (3) Other includes Northeast (4.9%), Southwest (1.7%), Mid-Atlantic (1.1%) and Other (1.1%) in 2024 and Northeast (5.0%), Southwest (1.7%), Mid-Atlantic (1.1%) and Other (1.1%) in 2023. (4) $3.6 million and $4.0 million of the General CECL Allowance for 2024 and 2023, respectively, is excluded from this table because it relates to unfunded commitments and has been recorded as a liability under accounts payable, accrued expenses and other liabilities in our condensed consolidated balance sheets.
Schedule of Carrying Value of Loan Portfolio Based on Internal Risk Ratings	The following tables present the carrying value of our loan portfolio by year of origination and internal risk rating and gross write-offs by year of origination as of March 31, 2024 and December 31, 2023, respectively ($ in thousands): March 31, 2024 Amortized Cost by Year Originated Risk Rating Number of Loans Total % of Portfolio 2024 2023 2022 2021 2020 Prior 1 — $ — — % $ — $ — $ — $ — $ — $ — 2 4 447,202 5.4 % — — 332,059 49,729 — 65,414 3 41 7,658,452 92.1 % — 642,657 2,412,096 2,206,805 389,815 2,007,079 4 2 85,612 1.0 % — — — — — 85,612 5 2 127,182 1.5 % — — — — 27,881 99,301 Total 49 $ 8,318,448 100.0 % $ — $ 642,657 $ 2,744,155 $ 2,256,534 $ 417,696 $ 2,257,406 General CECL Allowance (1) (32,558) Total carrying value, net $ 8,285,890 Weighted-Average Risk Rating 3.0 Gross write-offs $ — $ — $ — $ — $ — $ — $ — December 31, 2023 Amortized Cost by Year Originated Risk Rating Number of Loans Total % of Portfolio 2023 2022 2021 2020 2019 Prior 1 — $ — — % $ — $ — $ — $ — $ — $ — 2 4 478,440 5.7 % — 280,572 — — 132,309 65,560 3 42 7,548,252 90.0 % 440,720 2,426,511 2,285,902 387,323 1,465,618 542,177 4 2 88,112 1.1 % — — — — — 88,112 5 2 269,771 3.2 % — — — 169,881 — 99,890 Total 50 $ 8,384,575 100.0 % $ 440,720 $ 2,707,083 $ 2,285,902 $ 557,204 $ 1,597,927 $ 795,739 General CECL Allowance (1) (26,482) Total carrying value, net $ 8,358,093 Weighted-Average Risk Rating 3.0 Gross write-offs $ 81,890 $ — $ — $ — $ — $ — $ 81,890 ——————— (1) $3.6 million and $4.0 million of the General CECL Allowance for 2024 and 2023, respectively, is excluded from this table because it relates to unfunded commitments and has been recorded as a liability under accounts payable, accrued expenses and other liabilities in our condensed consolidated balance sheets.
Schedule of CECL Reserves	The following schedule illustrates changes in CECL Allowances f or the three months ended March 31, 2024 ($ in thousands): Specific CECL Allowance (1) General CECL Allowance Total CECL Allowance CECL Allowance as % of Amortized Cost Funded Unfunded Total General (1) Total December 31, 2023 $ 193,000 $ 26,482 $ 4,017 $ 30,499 $ 223,499 0.38 % 2.61 % Changes: Allowances (Reversals), net 142,000 6,076 (392) 5,684 147,684 March 31, 2024 $ 335,000 $ 32,558 $ 3,625 $ 36,183 $ 371,183 0.44 % 4.29 % (1) Loans evaluated for Specific CECL Allowance are excluded from General CECL Allowance pool. The following schedule illustrates changes in CECL Allowances f or the three months ended March 31, 2023 ($ in thousands): Specific CECL Allowance (1) General CECL Allowance Total CECL Allowance CECL Allowance as % of Amortized Cost Funded Unfunded Total General (1) Total December 31, 2022 $ 133,500 $ 26,224 $ 4,347 $ 30,571 $ 164,071 0.36 % 1.86 % Changes: Allowances — 4,043 348 4,391 4,391 March 31, 2023 $ 133,500 $ 30,267 $ 4,695 $ 34,962 $ 168,462 0.42 % 1.95 % (1) Loans evaluated for Specific CECL Allowance are excluded from General CECL Allowance pool. The following schedule sets forth our General CECL Allowance as of March 31, 2024 and December 31, 2023 ($ in thousands): March 31, 2024 December 31, 2023 Commercial mortgage loans, net $ 31,397 $ 25,723 Subordinate loans, net 1,161 759 Unfunded commitments (1) 3,625 4,017 Total General CECL Allowance $ 36,183 $ 30,499 ——————— (1) The General CECL Allowance on unfunded commitments is recorded as a liability on our condensed consolidated balance sheets within accounts payable, accrued expenses and other liabilities.
Financing Receivable Cost Recovery	The following table summarizes our risk rated 5 loans as of March 31, 2024, which were analyzed for Specific CECL Allowances ($ in thousands): Type Property type Location Amortized cost prior to Specific CECL Allowance Specific CECL Allowance Amortized cost Interest recognition status/ as of date Risk rating Mortgage Retail (1)(2) Cincinnati, OH $166,301 $67,000 $99,301 Non-Accrual/ 10/1/2019 5 Mortgage total: $166,301 $67,000 $99,301 Mezzanine Residential (3) Manhattan, NY $295,881 $268,000 $27,881 Non-Accrual/ 7/1/2021 5 Mezzanine total: $295,881 $268,000 $27,881 Total: $462,182 $335,000 $127,182 ——————— (1) The fair value of retail collateral was determined by applying a capitalization rate of 9.0%. (2) In September 2018, we entered a joint venture with Turner Consulting II, LLC ("Turner Consulting"), through an entity which owns the underlying property that secures our loan. Turner Consulting contributed 10% of the venture's equity and we contributed 90%. The entity was deemed to be a variable interest entity ("VIE"), and we determined that we are not the primary beneficiary of that VIE as we do not have the power to direct the entity's activities. During the three months ended March 31, 2024 and 2023, $0.6 million and $0.7 million, respectively, of interest paid was applied towards reducing the carrying value of the loan. During the second quarter of 2023, the loan's maturity was extended from September 2023 to September 2024. (3)

Other Assets (Tables)

Other Assets (Tables)	3 Months Ended
Other Assets (Tables)	Mar. 31, 2024
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Schedule of Components of Other Assets	The following table details the components of our other assets at the dates indicated ($ in thousands): March 31, 2024 December 31, 2023 Interest receivable $ 85,072 $ 72,354 Loan proceeds held by servicer (1) 7,820 6,271 Other (2) 10,637 6,998 Total $ 103,529 $ 85,623 ——————— (1) Includes loan principal and interest held by our third-party servicers as of the balance sheet date and remitted during subsequent remittance cycle. (2) Includes $8.4 million and $4.6 million of other assets from Real Estate Owned, Held for Investment as of March 31, 2024 and December 31, 2023, respectively. Refer to "Note 5 – Real Estate Owned" for additional information.

Secured Debt Arrangements, Net

Secured Debt Arrangements, Net (Tables)	3 Months Ended
Secured Debt Arrangements, Net (Tables)	Mar. 31, 2024
Debt Disclosure [Abstract]
Schedule of Weighted Average Maturities and Interest Rates of Borrowings	Our borrowings under secured debt arrangements at March 31, 2024 and December 31, 2023 are detailed in the following table ($ in thousands): March 31, 2024 December 31, 2023 Maximum Amount of Borrowings (1) Borrowings Outstanding (1) Maturity (2) Maximum Amount of Borrowings (1) Borrowings Outstanding (1) Maturity (2) JPMorgan Facility - USD (3)(4) $ 1,482,730 $ 1,036,803 September 2026 $ 1,482,584 $ 1,043,964 September 2026 JPMorgan Facility - GBP (3)(4) 17,270 17,270 September 2026 17,416 17,416 September 2026 Deutsche Bank Facility - USD (3) 700,000 278,703 March 2026 700,000 275,815 March 2026 Atlas Facility - USD (5) 800,000 751,207 March 2027 (6) 686,527 669,302 April 2027 (7)(8) HSBC Facility - GBP 380,740 380,740 May 2025 383,967 383,967 May 2025 HSBC Facility - EUR 275,027 275,027 January 2026 (8) 281,401 281,401 January 2026 Goldman Sachs Facility - USD 11,605 11,605 November 2025 (9) 13,437 13,437 November 2025 (9) Goldman Sachs Facility - GBP 158,599 158,599 January 2029 — — N/A Barclays Facility - USD 200,000 99,817 June 2027 (7) 200,000 107,929 June 2027 (7) MUFG Securities Facility - GBP 202,970 202,970 June 2025 (7) 204,690 204,690 June 2025 (7) Churchill Facility - USD 130,000 125,209 April 2026 130,000 126,515 March 2026 Santander Facility - USD 300,000 67,500 February 2026 (7) 300,000 67,500 February 2026 (7) Santander Facility - EUR 58,261 54,677 August 2024 59,611 55,716 August 2024 Total Secured Credit Facilities 4,717,202 3,460,127 4,459,633 3,247,652 Barclays Private Securitization - GBP, EUR, SEK 2,056,364 2,056,364 July 2026 (8) 2,369,125 2,157,157 June 2026 (8) Revolving Credit Facility - USD (10) 170,000 94,000 March 2026 170,000 147,000 March 2026 Total Secured Debt Arrangements 6,943,566 5,610,491 6,998,758 5,551,809 Less: deferred financing costs N/A (13,524) N/A (13,333) Total Secured Debt Arrangements, net (11)(12)(13) $ 6,943,566 $ 5,596,967 $ 6,998,758 $ 5,538,476 ——————— (1) As of March 31, 2024, British Pound Sterling("GBP"), Euro ("EUR"), and Swedish Krona ("SEK") borrowings were converted to USD at a rate of 1.26, 1.08, and 0.09, respectively. As of December 31, 2023, GBP, EUR and SEK borrowings were converted to USD at a rate of 1.27, 1.10 and 0.10, respectively. (2) Maturity date assumes extensions at our option are exercised with consent of financing providers, where applicable. (3) The JPMorgan Facility and Deutsche Bank Facility enable us to elect to receive advances in USD, GBP, or EUR. (4) The JPMorgan Facility allows for $1.5 billion of maximum borrowings in total as of March 31, 2024. (5) The Atlas Facility (as defined below) was formerly the Credit Suisse Facility. See "Atlas Facility" below for additional discussion. (6) The Atlas Facility was amended during March 2024 to convert the facility's maturity from a six month "evergreen" feature to a two-year initial term, with an additional one-year extension option. (7) Assumes financings are extended in line with the underlying loans. (8) Represents weighted-average maturity across various financings with the counterparty. See below for additional details. (9) Facility entered the two-year amortization period. During the amortization period, the maturity date for current outstanding transactions are extended for a period of up to two years from the November 2023 maturity. (10) The current stated maturity of the Revolving Credit Facility (as defined below) is March 2026. Borrowings under the Revolving Credit Facility bear interest at a per annum rate equal to the sum of (i) a floating rate index and (ii) a fixed margin. Borrowings under the Revolving Credit Facility are full recourse to certain guarantor wholly-owned subsidiaries of the Company. See "Revolving Credit Facility" below for additional discussion. (11) Weighted-average borrowing costs as of March 31, 2024 and December 31, 2023 were applicable benchmark rates and credit spread adjustments, plus spreads of USD: +2.64% / GBP: +2.25% / EUR: +1.86% / SEK: +1.50% and USD: +2.49% / GBP: +2.21% / EUR: +1.86%/ SEK: +1.50%, respectively. (12) Weighted-average advance rates based on cost as of March 31, 2024 and December 31, 2023 were 68.1% (62.4% (USD) / 72.2% (GBP) / 71.7% (EUR) / 80.4% (SEK)) and 68.4% (62.9% (USD) / 72.5% (GBP) / 72.1% (EUR) / 80.4% (SEK)), respectively. (13)
Schedule of Assets Under the Private Barclays Securitization	The table below provides principal balances and the carrying value for commercial mortgage loans pledged to the Barclays Private Securitization as of March 31, 2024 and December 31, 2023 ($ in thousands): March 31, 2024 Local Currency Count Outstanding Principal Carrying Value GBP 7 $ 1,704,318 $ 1,685,240 EUR 5 867,551 859,740 SEK 1 232,117 230,524 Total 13 $ 2,803,986 $ 2,775,504 December 31, 2023 Local Currency Count Outstanding Principal Carrying Value GBP 7 $ 1,662,457 $ 1,643,979 EUR 6 1,021,272 1,012,987 SEK 1 248,088 246,220 Total 14 $ 2,931,817 $ 2,903,186 The table below provides the borrowings outstanding (on an as converted basis) and weighted-average fully-extended maturities by currency for the assets financed under the Barclays Private Securitization as of March 31, 2024 ($ in thousands): Borrowings Outstanding (1) Fully-Extended Maturity (2) Total/Weighted-Average GBP $ 1,261,051 July 2026 Total/Weighted-Average EUR 609,619 September 2026 (3) Total/Weighted-Average SEK 185,694 May 2026 Total/Weighted-Average Securitization $ 2,056,364 July 2026 ——————— (1) As of March 31, 2024, we had £998.9 million, €565.0 million, and kr2.0 billion of borrowings outstanding under the Barclays Private Securitization secured by certain of our commercial mortgage loans. (2) Assumes underlying loans extend to fully extended maturity and extensions at our option are exercised. (3) The EUR portion of the Barclays Private Securitization has an "evergreen" feature such that the facility continues for one year and can be terminated by either party on certain dates with, depending on the date of notice, a minimum of nine to twelve months' notice. The table below provides the borrowings outstanding (on an as converted basis) and weighted-average fully-extended maturities by currency for the assets financed under the Barclays Private Securitization as of December 31, 2023 ($ in thousands): Borrowings Outstanding (1) Fully-Extended Maturity (2) Total/Weighted-Average GBP 1,234,740 June 2026 Total/Weighted-Average EUR 723,947 May 2026 (3) Total/Weighted-Average SEK 198,470 May 2026 Total/Weighted-Average Securitization $ 2,157,157 June 2026 ——————— (1) As of December 31, 2023, we had £969.9 million, €655.8 million, and kr2.0 billion of borrowings outstanding under the Barclays Private Securitization secured by certain of our commercial mortgage loans. (2) Assumes underlying loans extend to fully extended maturity and extensions at our option are exercised. (3) The EUR portion of the Barclays Private Securitization has an "evergreen" feature such that the facility continues for one year and can be terminated by either party on certain dates with, depending on the date of notice, a minimum of nine to twelve months' notice. The following table summarizes the terms of the Term Loans as of March 31, 2024 ($ in thousands): Principal Amount Unamortized Issuance Discount (1) Deferred Financing Costs (1) Carrying Value Rate Maturity Date 2026 Term Loan $ 476,250 $ (743) $ (3,923) $ 471,584 2.86 % 5/15/2026 2028 Term Loan 291,000 (1,679) (2,993) 286,328 3.61 % 3/11/2028 Total $ 767,250 $ (2,422) $ (6,916) $ 757,912 ——————— (1) Unamortized issuance discount and deferred financing costs will be amortized to interest expense over remaining life of respective term loans. The following table summarizes the terms of the Term Loans as of December 31, 2023 ($ in thousands): Principal Amount Unamortized Issuance Discount (1) Deferred Financing Costs (1) Carrying Value Rate Maturity Date 2026 Term Loan $ 477,500 $ (833) $ (4,302) $ 472,365 2.86 % 5/15/2026 2028 Term Loan 291,750 (1,786) (3,179) 286,785 3.61 % 3/11/2028 Total $ 769,250 $ (2,619) $ (7,481) $ 759,150 ——————— (1) Unamortized issuance discount and deferred financing costs will be amortized to interest expense over remaining life of respective term loans.
Schedule of Assets and Liabilities	The table below provides the assets and liabilities of the Barclays Private Securitization VIE included in our condensed consolidated balance sheets ($ in thousands): March 31, 2024 December 31, 2023 Assets: Cash $ 327 $ 924 Commercial mortgage loans, net (1) 2,775,504 2,903,186 Other Assets 46,490 41,180 Total Assets $ 2,822,321 $ 2,945,290 Liabilities: Secured debt arrangements, net (net of deferred financing costs of $1.7 million and $2.0 million in 2024 and 2023, respectively) $ 2,054,681 $ 2,155,197 Accounts payable, accrued expenses and other liabilities (2) 11,328 9,083 Total Liabilities $ 2,066,009 $ 2,164,280 ——————— (1) Net of the General CECL Al lowance of $10.8 million and $8.3 million as of March 31, 2024 and December 31, 2023, respectively. (2) Includes General CECL Allowance related to unfunded commitments on commercial mortgage loans, net o f $2.6 million and $2.5 million as of March 31, 2024 and December 31, 2023, respectively.
Interest Income and Interest Expense Disclosure	The table below provides the net income (loss) of the Barclays Private Securitization VIE included in our condensed consolidated statement of operations ($ in thousands): Three months ended March 31, 2024 2023 Net interest income: Interest income from commercial mortgage loans $ 64,523 $ 46,977 Interest expense (36,083) (23,133) Net interest income $ 28,440 $ 23,844 Decrease (increase) in current expected credit loss allowance, net (2,565) 199 Foreign currency translation gain (loss) (12,923) 10,002 Net income $ 12,952 $ 34,045
Schedule of Remaining Maturities of Borrowings	At March 31, 2024, our borrowings had the following remaining maturities ($ in thousands): Less than 1 to 3 3 to 5 More than Total JPMorgan Facility $ 27,271 $ 1,026,802 $ — $ — $ 1,054,073 Deutsche Bank Facility 95,686 183,017 — — 278,703 Atlas Facility — 751,207 — 751,207 HSBC Facility — 655,767 — — 655,767 Goldman Sachs Facility - USD — 11,605 — — 11,605 Goldman Sachs Facility - GBP — — 158,599 — 158,599 Barclays Facility — — 99,817 — 99,817 MUFG Securities Facility — 202,970 — — 202,970 Churchill Facility — 125,209 — — 125,209 Santander Facility - USD 67,500 — — 67,500 Santander Facility - EUR 54,677 — — — 54,677 Barclays Private Securitization 379,765 1,480,142 196,456 — 2,056,364 Revolving Credit Facility 76,385 17,615 — — 94,000 Total $ 701,284 $ 4,454,334 $ 454,872 $ — $ 5,610,491
Schedule of Outstanding, Maximum and Average Balances of Debt	The table below summarizes the outstanding balances at March 31, 2024, as well as the maximum and average month-end balances for the three months ended March 31, 2024 for our borrowings under secured debt arrangements ($ in thousands). As of March 31, 2024 For the three months ended March 31, 2024 Balance Collateral (1) Maximum Month-End Average Month-End JPMorgan Facility $ 1,054,073 $ 1,869,057 $ 1,063,261 $ 1,058,968 Deutsche Bank Facility 278,703 421,949 278,703 277,741 Goldman Sachs Facility - USD 11,605 25,242 11,620 11,612 Goldman Sachs Facility - GBP 158,599 209,523 159,403 158,872 Atlas Facility 751,207 1,098,342 751,207 676,229 HSBC Facility 655,767 849,268 658,434 656,800 Barclays Facility 99,817 124,107 102,598 101,671 MUFG Securities Facility 202,970 275,579 203,999 203,318 Churchill Facility 125,209 166,563 126,080 125,644 Santander Facility - USD 67,500 99,736 67,500 67,500 Santander Facility - EUR 54,677 72,302 54,677 54,666 Barclays Private Securitization 2,056,364 2,786,288 2,146,965 2,085,304 Revolving Credit Facility 94,000 181,130 150,000 112,667 Total $ 5,610,491 $ 8,179,086 (1) Represents the amortized cost balance of commercial loan collateral assets and the value of net real estate assets of real property owned collateral assets. The table below summarizes the outstanding balances at December 31, 2023, as well as the maximum and average month-end balances for the year ended December 31, 2023 for our borrowings under secured debt arrangements ($ in thousands). As of December 31, 2023 For the year ended December 31, 2023 Balance Collateral (1) Maximum Month-End Average Month-End JPMorgan Facility $ 1,061,380 $ 1,871,854 $ 1,324,226 $ 1,190,651 Deutsche Bank Facility 275,815 419,170 385,818 322,676 Goldman Sachs Facility 13,437 28,533 70,249 30,482 Atlas Facility 669,302 933,085 688,126 667,794 HSBC Facility 665,368 860,134 667,430 651,758 Barclays Facility 107,929 129,439 111,909 110,729 MUFG Securities Facility 204,690 278,223 206,362 200,447 Churchill Facility 126,515 168,138 130,000 128,094 Santander Facility - USD 67,500 99,648 75,000 68,125 Santander Facility - EUR 55,716 74,288 55,716 54,347 Barclays Private Securitization 2,157,157 2,911,470 2,157,157 1,896,144 Revolving Credit Facility 147,000 319,048 147,000 93,500 Total $ 5,551,809 $ 8,093,030 (1) Represents the amortized cost balance of commercial loan collateral assets and the value of net real estate assets of real property owned collateral assets.

Senior Secured Term Loan, Net (

Senior Secured Term Loan, Net (Tables)	3 Months Ended
Senior Secured Term Loan, Net (Tables)	Mar. 31, 2024
Debt Disclosure [Abstract]
Schedule of Long-term Debt Instruments	The table below provides principal balances and the carrying value for commercial mortgage loans pledged to the Barclays Private Securitization as of March 31, 2024 and December 31, 2023 ($ in thousands): March 31, 2024 Local Currency Count Outstanding Principal Carrying Value GBP 7 $ 1,704,318 $ 1,685,240 EUR 5 867,551 859,740 SEK 1 232,117 230,524 Total 13 $ 2,803,986 $ 2,775,504 December 31, 2023 Local Currency Count Outstanding Principal Carrying Value GBP 7 $ 1,662,457 $ 1,643,979 EUR 6 1,021,272 1,012,987 SEK 1 248,088 246,220 Total 14 $ 2,931,817 $ 2,903,186 The table below provides the borrowings outstanding (on an as converted basis) and weighted-average fully-extended maturities by currency for the assets financed under the Barclays Private Securitization as of March 31, 2024 ($ in thousands): Borrowings Outstanding (1) Fully-Extended Maturity (2) Total/Weighted-Average GBP $ 1,261,051 July 2026 Total/Weighted-Average EUR 609,619 September 2026 (3) Total/Weighted-Average SEK 185,694 May 2026 Total/Weighted-Average Securitization $ 2,056,364 July 2026 ——————— (1) As of March 31, 2024, we had £998.9 million, €565.0 million, and kr2.0 billion of borrowings outstanding under the Barclays Private Securitization secured by certain of our commercial mortgage loans. (2) Assumes underlying loans extend to fully extended maturity and extensions at our option are exercised. (3) The EUR portion of the Barclays Private Securitization has an "evergreen" feature such that the facility continues for one year and can be terminated by either party on certain dates with, depending on the date of notice, a minimum of nine to twelve months' notice. The table below provides the borrowings outstanding (on an as converted basis) and weighted-average fully-extended maturities by currency for the assets financed under the Barclays Private Securitization as of December 31, 2023 ($ in thousands): Borrowings Outstanding (1) Fully-Extended Maturity (2) Total/Weighted-Average GBP 1,234,740 June 2026 Total/Weighted-Average EUR 723,947 May 2026 (3) Total/Weighted-Average SEK 198,470 May 2026 Total/Weighted-Average Securitization $ 2,157,157 June 2026 ——————— (1) As of December 31, 2023, we had £969.9 million, €655.8 million, and kr2.0 billion of borrowings outstanding under the Barclays Private Securitization secured by certain of our commercial mortgage loans. (2) Assumes underlying loans extend to fully extended maturity and extensions at our option are exercised. (3) The EUR portion of the Barclays Private Securitization has an "evergreen" feature such that the facility continues for one year and can be terminated by either party on certain dates with, depending on the date of notice, a minimum of nine to twelve months' notice. The following table summarizes the terms of the Term Loans as of March 31, 2024 ($ in thousands): Principal Amount Unamortized Issuance Discount (1) Deferred Financing Costs (1) Carrying Value Rate Maturity Date 2026 Term Loan $ 476,250 $ (743) $ (3,923) $ 471,584 2.86 % 5/15/2026 2028 Term Loan 291,000 (1,679) (2,993) 286,328 3.61 % 3/11/2028 Total $ 767,250 $ (2,422) $ (6,916) $ 757,912 ——————— (1) Unamortized issuance discount and deferred financing costs will be amortized to interest expense over remaining life of respective term loans. The following table summarizes the terms of the Term Loans as of December 31, 2023 ($ in thousands): Principal Amount Unamortized Issuance Discount (1) Deferred Financing Costs (1) Carrying Value Rate Maturity Date 2026 Term Loan $ 477,500 $ (833) $ (4,302) $ 472,365 2.86 % 5/15/2026 2028 Term Loan 291,750 (1,786) (3,179) 286,785 3.61 % 3/11/2028 Total $ 769,250 $ (2,619) $ (7,481) $ 759,150 ——————— (1) Unamortized issuance discount and deferred financing costs will be amortized to interest expense over remaining life of respective term loans.

Derivatives (Tables)

Derivatives (Tables)	3 Months Ended
Derivatives (Tables)	Mar. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Non-Designated Foreign Exchange Forwards	The following table summarizes our non-designated Fx forwards and interest rate cap as of March 31, 2024: March 31, 2024 Type of Derivatives Number of Contracts Aggregate Notional Amount (in thousands) Notional Currency Maturity Weighted-Average Years to Maturity Fx contracts - GBP 111 1,013,469 GBP April 2024 - February 2027 1.01 Fx contracts - EUR 130 519,322 EUR April 2024 - August 2026 0.90 Fx contracts - SEK 17 678,464 SEK May 2024 - May 2026 1.96 Interest rate cap 1 164,835 USD October 2024 0.50 The following table summarizes our non-designated Fx forwards and interest rate cap as of December 31, 2023: December 31, 2023 Type of Derivatives Number of Contracts Aggregate Notional Amount (in thousands) Notional Currency Maturity Weighted-Average Years to Maturity Fx contracts - GBP 97 938,903 GBP January 2024 - February 2027 1.13 Fx contracts - EUR 135 561,441 EUR January 2024 - August 2026 1.08 Fx contracts - SEK 17 690,740 SEK February 2024 - May 2026 2.16 Interest rate cap 1 164,835 USD October 2024 0.75
Schedule of Amounts Recognized on Consolidated Statements of Operations Related to Company's Derivatives	The following table summarizes the amounts recognized on our condensed consolidated statements of operations related to our forward currency contracts for the three months ended March 31, 2024 and 2023 ($ in thousands): Amount of gain (loss) Three months ended March 31, Location of Gain (Loss) Recognized in Income 2024 2023 Forward currency contracts Unrealized gain (loss) on derivative instruments $ 18,053 $ (35,851) Forward currency contracts Realized gain (loss) on derivative instruments 5,345 21,716 Total $ 23,398 $ (14,135) The following table summarizes the amounts recognized on our condensed consolidated statements of operations related to our interest rate caps for the three months ended March 31, 2024 and 2023 ($ in thousands): Amount of gain (loss) Three months ended March 31, Location of Gain (Loss) recognized in Income 2024 2023 Interest rate cap Unrealized gain (loss) on interest rate hedging instruments $ (194) $ (4,813) Interest rate cap Realized gain on interest rate hedging instruments 550 4,706 Total $ 356 $ (107)
Schedule of Gross Asset and Liability Amounts Related to Derivatives	The following tables summarize the gross asset and liability amounts related to our derivatives at March 31, 2024 and December 31, 2023 ($ in thousands): March 31, 2024 December 31, 2023 Gross Amount of Recognized Assets Gross Amounts Offset in our Condensed Consolidated Balance Sheet Net Amounts Gross Amount of Recognized Assets Gross Net Amounts of Assets Presented in our Consolidated Balance Sheet Forward currency contracts $ 67,402 $ (21,284) $ 46,118 $ 55,102 $ (27,037) $ 28,065 Interest rate cap — 1,166 1,166 1,360 — 1,360 Total derivative assets (liabilities) $ 67,402 $ (20,118) $ 47,284 $ 56,462 $ (27,037) $ 29,425

Accounts Payable, Accrued Exp_2

Accounts Payable, Accrued Expenses and Other Liabilities (Tables)	3 Months Ended
	Mar. 31, 2024
Payables and Accruals [Abstract]
Schedule of Accounts Payable, Accrued Expense and Other Liabilities	The following table details the components of our accounts payable, accrued expense and other liabilities ($ in thousands): March 31, 2024 December 31, 2023 Collateral held under derivative agreements $ 45,840 $ 25,820 Accrued dividends payable 53,180 53,407 Accrued interest payable 42,072 31,012 Accounts payable and other liabilities (1) 10,825 6,078 General CECL Allowance on unfunded commitments (2) 3,625 4,017 Total $ 155,542 $ 120,334 ——————— (1) Includes $10.2 million and $5.5 million of accounts payable and other liabilities on the balance sheet of the Real Estate Owned, Held for Investment at March 31, 2024 and December 31, 2023, respectively. (2) Refer to "Note 4 - Commercial Mortgage Loans, Subordinate Loans and Other Lending Assets, Net" for additional disclosure related to the General CECL Allowance on unfunded commitments as of March 31, 2024 and December 31, 2023, respectively.

Share-Based Payments (Tables)

Share-Based Payments (Tables)	3 Months Ended
Share-Based Payments (Tables)	Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]
Summary of Grants, Exchanges and Forfeitures of Restricted Stock and RSUs	The following table summarizes the grants, vesting and forfeitures of restricted common stock and RSUs during the three months ended March 31, 2024: Type Restricted Stock RSUs Grant Date Fair Value ($ in millions) Outstanding at December 31, 2023 79,088 2,538,332 Granted — — N/A Vested — — N/A Forfeiture — (18,995) N/A Outstanding at March 31, 2024 79,088 2,519,337 Below is a summary of restricted stock and RSU vesting dates as of March 31, 2024 : Vesting Year Restricted Stock RSUs Total Awards 2024 79,088 1,293,354 1,372,442 2025 — 865,113 865,113 2026 — 360,870 360,870 Total 79,088 2,519,337 2,598,425

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	3 Months Ended
Stockholders' Equity (Tables)	Mar. 31, 2024
Equity [Abstract]
Schedule of Dividends Activity	The following table details our dividend activity: Three months ended March 31, Dividends declared per share of: 2024 2023 Common Stock $0.35 $0.35 Series B-1 Preferred Stock $0.45 $0.45

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	3 Months Ended
Fair Value of Financial Instruments (Tables)	Mar. 31, 2024
Fair Value Disclosures [Abstract]
Carrying Value and Estimated Fair Value of Company's Financial Instruments	The following table presents the carrying value and estimated fair value of our financial instruments not carried at fair value on our condensed consolidated balance sheets at March 31, 2024 and December 31, 2023 ($ in thousands): March 31, 2024 December 31, 2023 Carrying Estimated Carrying Estimated Cash and cash equivalents $ 161,190 $ 161,190 $ 225,438 $ 225,438 Commercial mortgage loans, net 7,846,460 7,722,188 7,925,359 7,813,304 Subordinate loans, net 303,965 303,909 432,734 432,458 Secured debt arrangements, net (5,596,967) (5,596,967) (5,538,476) (5,538,476) Term loans, net (757,912) (761,099) (759,150) (754,197) Senior secured notes, net (495,835) (418,125) (495,637) (418,750) Debt related to real estate owned, held for investment, net (161,878) (161,878) (161,586) (161,586)

Net Income (Loss) per Share (Ta

Net Income (Loss) per Share (Tables)	3 Months Ended
Net Income (Loss) per Share (Tables)	Mar. 31, 2024
Earnings Per Share [Abstract]
Basic and Diluted Net Income per Share of Common Stock Using Two-Class Method	The table below presents the computation of basic and diluted net income (loss) per share of common stock for the three months ended March 31, 2024 and 2023 ($ in thousands except per share data): Three months ended March 31, Basic Earnings 2024 2023 Net income (loss) $ (104,524) $ 48,916 Less: Preferred dividends (3,068) (3,068) Less: Earnings attributable to participating securities — — Less: Dividends on participating securities (886) (1,003) Basic Earnings (Loss) $ (108,478) $ 44,845 Dilutive Earnings Basic Earnings (Loss) $ (108,478) $ 44,845 Add: Dividends on participating securities — 1,003 Add: Interest expense on Convertible Notes — 3,445 Diluted Earnings (Loss) $ (108,478) $ 49,293 Number of Shares: Basic weighted-average shares of common stock outstanding 141,869,604 141,072,471 Diluted weighted-average shares of common stock outstanding 141,869,604 155,483,979 Earnings (Loss) Per Share Attributable to Common Stockholders Basic $ (0.76) $ 0.32 Diluted $ (0.76) $ 0.32

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Additional Information (Details)	3 Months Ended
	Mar. 31, 2024 segment
Accounting Policies [Abstract]
Number of business segments	1

Fair Value Disclosure - Summari

Fair Value Disclosure - Summarizes Levels in Fair Value Hierarchy of Financial Instruments (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	$ 47,284	$ 29,425
Estimate of Fair Value \| Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	47,284	29,425
Level I \| Estimate of Fair Value \| Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	0	0
Level II \| Estimate of Fair Value \| Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	47,284	29,425
Level III \| Estimate of Fair Value \| Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	0	0
Foreign currency forward, net \| Estimate of Fair Value \| Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	46,118	28,065
Foreign currency forward, net \| Level I \| Estimate of Fair Value \| Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	0	0
Foreign currency forward, net \| Level II \| Estimate of Fair Value \| Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	46,118	28,065
Foreign currency forward, net \| Level III \| Estimate of Fair Value \| Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	0	0
Interest rate cap \| Estimate of Fair Value \| Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	1,166	1,360
Interest rate cap \| Level I \| Estimate of Fair Value \| Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	0	0
Interest rate cap \| Level II \| Estimate of Fair Value \| Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	1,166	1,360
Interest rate cap \| Level III \| Estimate of Fair Value \| Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	$ 0	$ 0

Fair Value Disclosure - Narrati

Fair Value Disclosure - Narrative (Details)		1 Months Ended	3 Months Ended
Fair Value Disclosure - Narrative (Details)	May 24, 2021 USD ($)	Apr. 29, 2024 USD ($)	Mar. 31, 2024 USD ($) instrument	Mar. 31, 2023 USD ($) ft²	Dec. 31, 2023 USD ($) instrument	Aug. 03, 2022 USD ($)
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Impairment of real estate			$ 0	$ 0
Debt related to real estate owned, held for investment, net			161,878,000		$ 161,562,000
Assumption of real estate	$ 154,300,000		0	75,000,000
Hotel Property Through a deed-in-Lieu of Foreclosure
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Real estate investment property, net				$ 75,000,000
Impairment of real estate			0
Hotel Property Through a deed-in-Lieu of Foreclosure \| Discount Rate
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Real estate investment, measurement input \| ft²				0.105
Hotel Property Through a deed-in-Lieu of Foreclosure \| Measurement Input, Cap Rate
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Real estate investment, measurement input \| ft²				0.095
Deed-In-Lieu Of Foreclosure
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Real estate investment property, net						$ 270,100,000
Impairment of real estate			$ 0	$ 0
Hotel - Washington D.C. \| Subordinate Mortgage Portfolio Segment
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Debt related to real estate owned, held for investment, net	$ 110,000,000
Hotel - Honolulu, Hi
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Loan, mortgage, held-for-sale, price percentage			99.50%
Hotel - Honolulu, Hi \| Mortgage, Amortized cost
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Commercial mortgage loan, held for sale			$ 135,500,000
Hotel - Honolulu, Hi \| Mortgage, Amortized cost \| Subsequent Event
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Valuation allowance, loan held for sale		$ 700,000
Interest rate cap \| Construction Financing
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Number of Contracts \| instrument			1		1

Commercial Mortgage Loans, Su_3

Commercial Mortgage Loans, Subordinate Loans and Other Lending Assets, Net - Loan Portfolio (Details) - USD ($) $ in Thousands		Mar. 31, 2024	Dec. 31, 2023
Financing Receivable, Allowance for Credit Loss [Line Items]
Commercial mortgage loan, held for sale	[1]	$ 135,465	$ 0
Carrying value, net		8,285,890	8,358,093
Commercial Mortgage and Subordinated Portfolio Segment
Financing Receivable, Allowance for Credit Loss [Line Items]
Mortgage loans on real estate, commercial and consumer, net		83,500	95,500
Commercial Mortgage Portfolio Segment
Financing Receivable, Allowance for Credit Loss [Line Items]
Commercial mortgage loan, held for sale		135,465	0
Mortgage loans on real estate, commercial and consumer, net	[2],[3]	7,846,460	7,925,359
Subordinate Mortgage Portfolio Segment
Financing Receivable, Allowance for Credit Loss [Line Items]
Mortgage loans on real estate, commercial and consumer, net	[3],[4]	$ 303,965	$ 432,734

[1]Includes $135,465 pledged pledged pledged

Commercial Mortgage Loans, Su_4

Commercial Mortgage Loans, Subordinate Loans and Other Lending Assets, Net - Additional Information (Details) $ in Thousands, € in Millions, £ in Millions	1 Months Ended	3 Months Ended						12 Months Ended
	Apr. 29, 2024 USD ($)	Mar. 31, 2024 USD ($)	Jun. 30, 2023 USD ($)	Mar. 31, 2023 USD ($) loan	Mar. 31, 2023 GBP (£) loan	Jun. 30, 2022 USD ($)	Jun. 30, 2021 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Mar. 31, 2023 GBP (£)	Mar. 31, 2023 EUR (€)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Mortgage loans on real estate, commercial and consumer, percentage of portfolio		100%						100%
Amortized cost of loans in cost recovery		$ 556,000						$ 693,700
Interest received for loans in cost recovery		$ 600		$ 700
Debt instrument, extension term		2 years
Increase in Specific CECL Allowance, net						$ (10,000)	$ 20,000
Write-offs, specific CECL allowance, funded		$ 0						81,890
Interest income from subordinate loans and other lending assets		849		9,707
Proceeds from pre-payment penalties or accelerated fees		100		0
Proceeds received from the repayment and sale of commercial mortgage loans		168,526		435,442
Valuation allowance, commercial mortgage loan held for sale		679		0
Gain on extinguishment of debt		$ 0		(213)
Debt instrument, extension option		6 months
2023 Notes
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gain on extinguishment of debt				(200)
Office - London, United Kingdom
Accounts, Notes, Loans and Financing Receivable [Line Items]
Proceeds from collection of loans receivable				88,400	£ 72.2
Proceeds from interest received				700
Hotel - Honolulu, Hi
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loan, mortgage, held-for-sale, price percentage		99.50%
Past Due 90
Accounts, Notes, Loans and Financing Receivable [Line Items]
Amortized cost of loans in cost recovery		$ 556,000						693,700
Commercial Mortgage and Subordinated Portfolio Segment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for loan and lease losses, real estate and off-balance sheet, credit loss, expense (reversal)		5,684		4,391
Increase in current expected credit loss allowance, net		142,000		$ 0
Mortgage loans on real estate, commercial and consumer, net		83,500						95,500
Increase in Specific CECL Allowance, net		$ 142,000
Write-offs, specific CECL allowance, funded			$ 82,000
Number of commercial mortgage loans \| loan				3	3
Loans and leases receivable, gain (loss) on sales, net				$ 200
Commercial Mortgage and Subordinated Portfolio Segment \| Various Properties In Europe
Accounts, Notes, Loans and Financing Receivable [Line Items]
Mortgage loans on real estate, commercial and consumer, net				219,000							€ 205.7
Mortgage loans on real estate, commercial and consumer, funded, net				122,400							€ 115
Commercial Mortgage and Subordinated Portfolio Segment \| Mixed Use Property - London
Accounts, Notes, Loans and Financing Receivable [Line Items]
Mortgage loans on real estate, commercial and consumer, net \| £										£ 15
Proceeds received from the repayment and sale of commercial mortgage loans				18,200	£ 15
Floating Rate Loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Mortgage loans on real estate, commercial and consumer, percentage of portfolio		99%
Mezzanine Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Amortized cost of loans in cost recovery		$ 27,881
Mortgage loans on real estate, commercial and consumer, net		$ 534,800						$ 674,500
Senior and Junior Mezzanine Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Mortgage loans on real estate, commercial and consumer, percentage of portfolio		6.40%						8%
Junior Mezzanine B Loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Increase in Specific CECL Allowance, net									$ 66,500
Junior Mezzanine A Loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Increase in Specific CECL Allowance, net			$ 126,000
Mortgage, Amortized cost
Accounts, Notes, Loans and Financing Receivable [Line Items]
Amortized cost of loans in cost recovery		$ 99,301
Mortgage, Amortized cost \| Hotel - Honolulu, Hi
Accounts, Notes, Loans and Financing Receivable [Line Items]
Commercial mortgage loan, held for sale		$ 135,500
Mortgage, Amortized cost \| Hotel - Honolulu, Hi \| Subsequent Event
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and leases receivable, gain (loss) on sales, net	$ (700)
Securitization Vehicle
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income from subordinate loans and other lending assets				$ 1,200
Senior Loans \| Subsequent Event
Accounts, Notes, Loans and Financing Receivable [Line Items]
Proceeds from (repayments of) secured debt	$ 108,300

Commercial Mortgage Loans, Su_5

Commercial Mortgage Loans, Subordinate Loans and Other Lending Assets, Net - Activity Relating to Loan Investment Portfolio (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2023
Principal Balance
Principal value, beginning balance	$ 8,384,575
Principal value, ending balance	8,318,448
Specific CECL Allowance
Specific provision for loan loss, beginning	(193,000)
Specific provision for loan loss, ending	(335,000)
Carry Value, Net
Increase in Specific CECL Allowance, net			$ 10,000	$ (20,000)
Valuation allowance, loan held for sale	0	$ (4,624)
General CECL allowance	(32,558)				$ (26,482)
Carrying value, net	8,285,890				$ 8,358,093
Off-balance-sheet, credit loss, liability, amount excluded	3,600
Commercial Mortgage and Subordinated Portfolio Segment
Principal Balance
Principal value, beginning balance	8,610,110
Add-on loan fundings	321,766
Loan repayments	(175,731)
Gain (loss) on foreign currency translation	(72,337)
Valuation allowance, loan held for sale	(679)
Amortization of fees	0
Principal value, ending balance	8,683,129
Deferred Fees/Other Items
Deferred fees/other items, beginning	(32,535)
Gain (loss) on foreign currency translation	289
Valuation allowance, loan held for sale	0
Deferred fees and other items	(4,936)
Amortization of fees	7,501
Deferred fees/other items, ending	(29,681)
Specific CECL Allowance
Specific provision for loan loss, beginning	(193,000)	(133,500)
Specific provision for loan loss, ending	(335,000)	$ (133,500)
Carry Value, Net
Carrying value, beginning balance	8,384,575
Add-on loan fundings	321,766
Loan repayments	(175,731)
Gain (loss) on foreign currency translation	(72,048)
Increase in Specific CECL Allowance, net	(142,000)
Valuation allowance, loan held for sale	(679)
Deferred fees and other items	(4,936)
Amortization of fees	7,501
Carrying value, ending balance	$ 8,318,448

Commercial Mortgage Loans, Su_6

Commercial Mortgage Loans, Subordinate Loans and Other Lending Assets, Net - Statistics for Loan Portfolio (Details) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2024 USD ($) loan	Dec. 31, 2023 USD ($) loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans \| loan	49	50
Principal balance	$ 8,318,448	$ 8,384,575
Carrying value, net	8,285,890	8,358,093
Unfunded loan commitments	$ 555,596	$ 868,582
Weighted-average cash coupon	8.40%	8.30%
Weighted-average remaining fully-extended term	2 years 3 months 18 days	2 years 3 months 18 days
Weighted-average expected term	2 years	1 year 9 months 18 days
Interest rate used in calculating weighted-average cash coupon for non-accrual or cost recovery loans	0%	0%
Principal balance
Accounts, Notes, Loans and Financing Receivable [Line Items]
Principal balance	$ 8,683,129	$ 8,610,110

Commercial Mortgage Loans, Su_7

Commercial Mortgage Loans, Subordinate Loans and Other Lending Assets, Net - Schedule of Mortgage Loans by Property Type and Geographic Distribution (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Value	$ 8,318,448		$ 8,384,575
General CECL allowance	(32,558)		(26,482)
Carrying value, net	$ 8,285,890		$ 8,358,093
Mortgage loans on real estate, commercial and consumer, percentage of portfolio	100%		100%
Off-balance-sheet, credit loss, liability, amount excluded	$ 3,600
United Kingdom
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Value	$ 2,937,602		$ 2,675,097
Mortgage loans on real estate, commercial and consumer, percentage of portfolio	35.30%		31.90%
New York City
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Value	$ 1,597,081		$ 1,736,856
Mortgage loans on real estate, commercial and consumer, percentage of portfolio	19.20%		20.70%
Other Europe
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Value	$ 1,509,453		$ 1,686,425
Mortgage loans on real estate, commercial and consumer, percentage of portfolio	18.20%		20.10%
Germany
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Portfolio	7.30%	7.40%
Italy
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Portfolio	3.30%	4.90%
Spain
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Portfolio	4.10%	4.20%
Sweden
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Portfolio	2.80%	2.90%
Ireland
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Portfolio	0.50%	0.50%
Netherlands
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Portfolio	0.20%	0.20%
Midwest
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Value	$ 519,395		$ 522,137
Mortgage loans on real estate, commercial and consumer, percentage of portfolio	6.20%		6.20%
Southeast
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Value	$ 537,333		$ 535,054
Mortgage loans on real estate, commercial and consumer, percentage of portfolio	6.50%		6.40%
Percentage of Portfolio	1.70%
West
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Value	$ 484,581		$ 484,842
Mortgage loans on real estate, commercial and consumer, percentage of portfolio	5.80%		5.80%
Other
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Value	$ 733,003		$ 744,164
Mortgage loans on real estate, commercial and consumer, percentage of portfolio	8.80%		8.90%
Percentage of Portfolio	1.10%	1.10%
Northeast
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Portfolio	4.90%	5%
Southwest
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Portfolio		1.70%
Mid-Atlantic
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Portfolio	1.10%	1.10%
Hotel
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Value	$ 1,978,794		$ 2,128,256
Mortgage loans on real estate, commercial and consumer, percentage of portfolio	23.70%		25.40%
Office
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Value	$ 1,635,450		$ 1,593,320
Mortgage loans on real estate, commercial and consumer, percentage of portfolio	19.70%		19%
Retail Site
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Value	$ 1,394,228		$ 1,407,764
Mortgage loans on real estate, commercial and consumer, percentage of portfolio	16.80%		16.80%
Residential
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Value	$ 1,099,134		$ 1,247,238
Mortgage loans on real estate, commercial and consumer, percentage of portfolio	13.20%		14.90%
Mixed Use
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Value	$ 696,048		$ 679,303
Mortgage loans on real estate, commercial and consumer, percentage of portfolio	8.40%		8.10%
Health Care
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Value	$ 504,075		$ 511,803
Mortgage loans on real estate, commercial and consumer, percentage of portfolio	6.10%		6.10%
Industrial Property
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Value	$ 276,350		$ 293,133
Mortgage loans on real estate, commercial and consumer, percentage of portfolio	3.30%		3.50%
Other
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Value	$ 734,369		$ 523,758
Mortgage loans on real estate, commercial and consumer, percentage of portfolio	8.80%		6.20%
Pubs
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Portfolio	2.50%
Parking Garage
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Portfolio	2.30%		2.30%
Caravan Park
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Portfolio	2.40%		2.40%
Urban Predevelopment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Portfolio	1.60%		1.50%

Commercial Mortgage Loans, Su_8

Commercial Mortgage Loans, Subordinate Loans and Other Lending Assets, Net - Allocation of Carrying Value of Loan Portfolio Based on Internal Risk Ratings (Details) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2024 USD ($) loan	Dec. 31, 2023 USD ($) loan
Financing Receivable, Credit Quality Indicator [Line Items]
Number of Loans \| loan	49	50
Total	$ 8,318,448	$ 8,384,575
Mortgage loans on real estate, commercial and consumer, percentage of portfolio	100%	100%
Year 1	$ 0	$ 440,720
Year 2	642,657	2,707,083
Year 3	2,744,155	2,285,902
Year 4	2,256,534	557,204
Year 5	417,696	1,597,927
Prior	2,257,406	795,739
General CECL Allowance	(32,558)	(26,482)
Carrying value, net	$ 8,285,890	$ 8,358,093
Weighted-Average Risk Rating	3	3
Gross write-offs	$ 0	$ 81,890
Off-balance-sheet, credit loss, liability, amount excluded	$ 3,600
1
Financing Receivable, Credit Quality Indicator [Line Items]
Number of Loans \| loan	0	0
Total	$ 0	$ 0
Mortgage loans on real estate, commercial and consumer, percentage of portfolio	0%	0%
Year 1	$ 0	$ 0
Year 2	0	0
Year 3	0	0
Year 4	0	0
Year 5	0	0
Prior	$ 0	$ 0
2
Financing Receivable, Credit Quality Indicator [Line Items]
Number of Loans \| loan	4	4
Total	$ 447,202	$ 478,440
Mortgage loans on real estate, commercial and consumer, percentage of portfolio	5.40%	5.70%
Year 1	$ 0	$ 0
Year 2	0	280,572
Year 3	332,059	0
Year 4	49,729	0
Year 5	0	132,309
Prior	$ 65,414	$ 65,560
3
Financing Receivable, Credit Quality Indicator [Line Items]
Number of Loans \| loan	41	42
Total	$ 7,658,452	$ 7,548,252
Mortgage loans on real estate, commercial and consumer, percentage of portfolio	92.10%	90%
Year 1	$ 0	$ 440,720
Year 2	642,657	2,426,511
Year 3	2,412,096	2,285,902
Year 4	2,206,805	387,323
Year 5	389,815	1,465,618
Prior	$ 2,007,079	$ 542,177
4
Financing Receivable, Credit Quality Indicator [Line Items]
Number of Loans \| loan	2	2
Total	$ 85,612	$ 88,112
Mortgage loans on real estate, commercial and consumer, percentage of portfolio	1%	1.10%
Year 1	$ 0	$ 0
Year 2	0	0
Year 3	0	0
Year 4	0	0
Year 5	0	0
Prior	$ 85,612	$ 88,112
5
Financing Receivable, Credit Quality Indicator [Line Items]
Number of Loans \| loan	2	2
Total	$ 127,182	$ 269,771
Mortgage loans on real estate, commercial and consumer, percentage of portfolio	1.50%	3.20%
Year 1	$ 0	$ 0
Year 2	0	0
Year 3	0	0
Year 4	0	169,881
Year 5	27,881	0
Prior	$ 99,301	$ 99,890

Commercial Mortgage Loans, Su_9

Commercial Mortgage Loans, Subordinate Loans and Other Lending Assets, Net - CECL Allowance as Percentage of Amortized Cost and Total Commitment (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023	Dec. 31, 2022
Allowance and Provision for Loan Credit Loss [Abstract]
Beginning balance, specific CECL allowance, funded	$ 193,000
Ending balance, specific CECL allowance, funded	335,000
Financing Receivable, Funded, Allowance for Credit Loss [Roll Forward]
Beginning balance, General CECL allowance, funded	26,482	$ 26,224
Allowances (Reversals), net	6,076	4,043
Ending balance, General CECL allowance, funded	32,558	30,267
Financing Receivable, Unfunded, Allowance for Credit Loss [Roll Forward]
Beginning balance, General CECL allowance, unfunded	4,017	4,347
Allowances (Reversals), net	(392)	348
Ending balance, General CECL allowance, unfunded	3,625	4,695
Financing Receivable, General Allowance, Allowance for Credit Loss [Roll Forward]
General CECL Allowance	30,499	30,571
General CECL Allowance	36,183	34,962
Financing Receivable, Total Allowance for Credit Loss [Roll Forward]
Total CECL Allowance	223,499	164,071
Allowances (Reversals), net	147,684	4,391
Total CECL Allowance	$ 371,183	$ 168,462
General CECL allowance, % of amortized cost	0.44%	0.42%	0.38%	0.36%
Total CECL allowance, % of amortized cost	4.29%	1.95%	2.61%	1.86%
Commercial Mortgage and Subordinated Portfolio Segment
Allowance and Provision for Loan Credit Loss [Abstract]
Beginning balance, specific CECL allowance, funded	$ 193,000	$ 133,500
Allowances (Reversals), net	142,000	0
Ending balance, specific CECL allowance, funded	335,000	133,500
Financing Receivable, General Allowance, Allowance for Credit Loss [Roll Forward]
Allowances (Reversals), net	$ 5,684	$ 4,391

Commercial Mortgage Loans, S_10

Commercial Mortgage Loans, Subordinate Loans and Other Lending Assets, Net - Current Expected Credit Losses (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Financing Receivable, Allowance for Credit Loss [Line Items]
Allowance reserve	$ 32,558	$ 26,482
Unfunded commitments	3,625	4,017	$ 4,695	$ 4,347
Total General CECL Allowance	36,183	30,499	$ 34,962	$ 30,571
Commercial Mortgage Portfolio Segment
Financing Receivable, Allowance for Credit Loss [Line Items]
Allowance reserve	31,397	25,723
Subordinate Mortgage Portfolio Segment
Financing Receivable, Allowance for Credit Loss [Line Items]
Allowance reserve	$ 1,161	$ 759

Commercial Mortgage Loans, S_11

Commercial Mortgage Loans, Subordinate Loans and Other Lending Assets, Net - Cost Recovery Loans (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($)	Mar. 31, 2023 USD ($)	Dec. 31, 2023 USD ($)
Financing Receivable, Credit Quality Indicator [Line Items]
Specific CECL allowance	$ 335,000		$ 193,000
Amortized cost	$ 556,000		$ 693,700
Equity contribution rate	90%
Turner Consulting
Financing Receivable, Credit Quality Indicator [Line Items]
Equity contribution rate	10%
Retail Center - Cincinnati, OH
Financing Receivable, Credit Quality Indicator [Line Items]
Payment in kind interest	$ 600	$ 700
Retail Center - Cincinnati, OH \| Capitalization Rate
Financing Receivable, Credit Quality Indicator [Line Items]
Loan collateral, measurement input	0.090
Residential-for-Sale - Manhattan, NY \| Discount Rate
Financing Receivable, Credit Quality Indicator [Line Items]
Loan collateral, measurement input	0.10
Mortgage, Amortized cost
Financing Receivable, Credit Quality Indicator [Line Items]
Amortized cost prior to Specific CECL Allowance	$ 166,301
Specific CECL allowance	67,000
Amortized cost	99,301
Mortgage, Amortized cost \| Retail Center - Cincinnati, OH
Financing Receivable, Credit Quality Indicator [Line Items]
Amortized cost prior to Specific CECL Allowance	166,301
Specific CECL allowance	67,000
Amortized cost	99,301
Mezzanine Loans
Financing Receivable, Credit Quality Indicator [Line Items]
Amortized cost prior to Specific CECL Allowance	295,881
Specific CECL allowance	268,000
Amortized cost	27,881
Mezzanine Loans \| Residential-for-Sale - Manhattan, NY
Financing Receivable, Credit Quality Indicator [Line Items]
Amortized cost prior to Specific CECL Allowance	295,881
Specific CECL allowance	268,000
Amortized cost	27,881
Real Estate and Mezzanine
Financing Receivable, Credit Quality Indicator [Line Items]
Amortized cost prior to Specific CECL Allowance	462,182
Specific CECL allowance	335,000
Amortized cost	$ 127,182

Real Estate Owned - Narrative (

Real Estate Owned - Narrative (Details)	Mar. 31, 2024 property
Real Estate [Abstract]
Number of real estate properties	3

Real Estate Owned - D.C. Hotel

Real Estate Owned - D.C. Hotel (Details) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2024	Mar. 31, 2023	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2023	May 24, 2021
Real Estate [Line Items]
Debt related to real estate owned, held for investment, net		$ 161,878				$ 161,562
Increase in Specific CECL Allowance, net				$ (10,000)	$ 20,000
Depreciation and amortization on real estate owned		4,656	$ 3,986
Real estate owned, held for investment, net	[1]	627,099				519,498
Real estate owned, accumulated depreciation		16,254				10,404
Total net revenue		1,100	$ (1,900)
Discontinued Operations, Held-for-Sale
Real Estate [Line Items]
Depreciation and amortization on real estate owned		4,000
Subordinate Mortgage Portfolio Segment
Real Estate [Line Items]
Mortgage loans on real estate, commercial and consumer, net	[2],[3]	303,965				432,734
Commercial Mortgage and Subordinated Portfolio Segment
Real Estate [Line Items]
Mortgage loans on real estate, commercial and consumer, net		83,500				95,500
Increase in Specific CECL Allowance, net		142,000
Mezzanine Loans
Real Estate [Line Items]
Mortgage loans on real estate, commercial and consumer, net		534,800				674,500
Hotel - Washington D.C.
Real Estate [Line Items]
Net assets acquired		153,500				152,400
Hotel - Washington D.C. \| Building
Real Estate [Line Items]
Real estate owned, held for investment, net		80,100				80,500
Real estate owned, accumulated depreciation		7,200				6,600
Hotel - Washington D.C. \| Furniture Fixtures and Equipment
Real Estate [Line Items]
Real estate owned, held for investment, net		5,900				6,100
Real estate owned, accumulated depreciation		$ 4,200				$ 3,800
Hotel - Washington D.C. \| Subordinate Mortgage Portfolio Segment
Real Estate [Line Items]
Debt related to real estate owned, held for investment, net							$ 110,000

[1]Includes $154,048 pledged pledged

Real Estate Owned - Brooklyn De

Real Estate Owned - Brooklyn Development (Details) - USD ($) $ in Thousands			3 Months Ended				12 Months Ended
		Aug. 03, 2022	Mar. 31, 2024	Mar. 31, 2023	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2023	Dec. 31, 2020	Jun. 30, 2020	Dec. 31, 2015
Real Estate [Line Items]
Debt related to real estate owned, held for investment, net			$ 161,878				$ 161,562
Increase in Specific CECL Allowance, net					$ 10,000	$ (20,000)
Valuation allowance, loan held for sale			0	$ (4,624)
Debt instrument, covenant, unencumbered liquidity, threshold			100,000
Debt instrument, covenant, net worth threshold			600,000
Interest rate cap
Real Estate [Line Items]
Aggregate Notional Amount (in thousands)									$ 1,100
Interest rate cap \| Not Designated as Hedging Instrument
Real Estate [Line Items]
Aggregate Notional Amount (in thousands)			164,835				164,835
Derivative Financial Instruments, Assets \| Interest rate cap \| Not Designated as Hedging Instrument
Real Estate [Line Items]
Aggregate Notional Amount (in thousands)			$ 1,200
Secured Overnight Financing Rate
Real Estate [Line Items]
Interest rate for repurchase facility			2.55%
Letter of Credit
Real Estate [Line Items]
Maximum amount of borrowings			$ 388,400
Line of credit facility, option to extend, period			1 year
Mortgages
Real Estate [Line Items]
Debt related to real estate owned, held for investment, net			$ 161,900				161,600
Less: deferred financing costs			3,000				3,200
JV Partner
Real Estate [Line Items]
Financing receivable, loan in process		$ 164,800
JV Partner \| Joint venture
Real Estate [Line Items]
Equity method investment, ownership percentage		100%
Subordinate Mortgage Portfolio Segment
Real Estate [Line Items]
Mortgage loans on real estate, commercial and consumer, net	[1],[2]		303,965				432,734
Multifamily Development - Brooklyn, NY \| Subordinate Mortgage Portfolio Segment
Real Estate [Line Items]
Debt related to real estate owned, held for investment, net										$ 122,200
Increase in Specific CECL Allowance, net								$ (30,000)
Deed-In-Lieu Of Foreclosure
Real Estate [Line Items]
Mortgage loans on real estate, commercial and consumer, net		$ 226,500	411,700				374,200
Real estate investment property, net		270,100
Valuation allowance, loan held for sale		$ 43,600
Financing receivable, construction and finance costs capitalized			37,500				13,900
Construction costs			$ 190,400				$ 152,900

[1]Includes $246,725 and $232,991 pledged

Real Estate Owned - Atlanta Hot

Real Estate Owned - Atlanta Hotel (Details) - USD ($) $ in Thousands		3 Months Ended				12 Months Ended
		Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2022	Jun. 30, 2022	Dec. 31, 2023
Real Estate [Line Items]
Write-offs, specific CECL allowance, funded		$ 0				$ 81,890
Real estate owned, held for investment, net	[1]	627,099				519,498
Real estate owned, accumulated depreciation		16,254				10,404
Total net revenue		1,100	$ (1,900)
Hotel Through a Died-in-Lieu Foreclosure
Real Estate [Line Items]
Financing receivable, loan specific, realized gain (loss) on writeoff			4,800
Residential-for-Sale - Manhattan, NY
Real Estate [Line Items]
Write-offs, specific CECL allowance, funded				$ 7,000	$ 7,000
Hotel - Atlanta, GA
Real Estate [Line Items]
Real estate investment property, net		72,100	$ 75,000			75,400
Total net revenue		(1,800)
Depreciation		3,600
Hotel - Atlanta, GA \| Building
Real Estate [Line Items]
Real estate owned, held for investment, net		47,000				49,400
Real estate owned, accumulated depreciation		3,100				800
Hotel - Atlanta, GA \| Furniture Fixtures and Equipment
Real Estate [Line Items]
Real estate owned, held for investment, net		7,000				8,000
Real estate owned, accumulated depreciation		$ 1,700				$ 400

[1]Includes $154,048 pledged

Other Assets (Details)

Other Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Debt Securities, Available-for-sale [Line Items]
Interest receivable	$ 85,072	$ 72,354
Loan proceeds held by servicer	7,820	6,271
Other	10,637	6,998
Total	103,529	85,623
Real Estate Owned, Held for Investment
Debt Securities, Available-for-sale [Line Items]
Other Real Estate	$ 8,400	$ 4,600

Secured Debt Arrangements, Ne_2

Secured Debt Arrangements, Net - Additional Information (Details)		3 Months Ended		12 Months Ended
	Mar. 03, 2023 USD ($)	Mar. 31, 2024 USD ($) loan	Mar. 31, 2023 USD ($)	Dec. 31, 2023 USD ($)	Feb. 08, 2023 loan
Line of Credit Facility [Line Items]
Weighted average haircut under repurchase agreements		31.90%		31.60%
Debt instrument, covenant, interest coverage ratio, minimum		1.4		1.5
Maximum interest coverage ratio		3.75
Debt instrument, extension term		2 years
Barclays Securitization \| Line of Credit \| VIE
Line of Credit Facility [Line Items]
Deferring or waiving debt service payments, term		18 months
Two Existing Credit Facilities \| Atlas Facility \| Line of Credit
Line of Credit Facility [Line Items]
Line of credit facility, increase (decrease), net		$ 113,500,000
Atlas Facility
Line of Credit Facility [Line Items]
Number of loans \| loan		5			1
Debt interest rate cap		2 years
Revolving Credit Facility
Line of Credit Facility [Line Items]
Maximum interest coverage ratio		4
Revolving Credit Facility \| Line of Credit
Line of Credit Facility [Line Items]
Long-term line of credit		$ 94,000,000		$ 147,000,000
Revolving Credit Facility \| 2023 Revolving Credit Facility \| Line of Credit
Line of Credit Facility [Line Items]
Recourse, percentage		5%
Minimum unrestricted cash		$ 30,000,000
Net cash proceeds of additional equity issuances, amount		$ 1,250,000,000
Tangible net worth, percentage		75%
Revolving Credit Facility \| 2023 Revolving Credit Facility \| Bank of America, N.A. \| Line of Credit
Line of Credit Facility [Line Items]
Maximum amount of borrowings	$ 170,000,000
Maturity term	3 years
Line of credit facility, qualifying commercial loan borrowings, term	2 years
Line of credit facility, real property owned asset borrowings, term	6 months
Line of credit facility, commitment fee amount		$ 33,600,000	$ 27,400
Line of credit facility, periodic payment, interest		1,900,000
Line of Credit
Line of Credit Facility [Line Items]
Maximum amount of borrowings		6,943,566,000		6,998,758,000
Line of Credit \| Barclays Securitization \| VIE
Line of Credit Facility [Line Items]
Maximum amount of borrowings		2,056,364,000		$ 2,369,125,000
Line of Credit \| Goldman Sachs Repurchase Facility
Line of Credit Facility [Line Items]
Maximum amount of borrowings		$ 158,600,000
Line of Credit \| Credit Suisse Facility
Line of Credit Facility [Line Items]
Debt interest rate cap		2 years		6 months
Debt instrument, extension term		1 year
Secured Debt \| Atlas Facility \| Line of Credit
Line of Credit Facility [Line Items]
Line of credit facility, increase (decrease), other, net		$ 115,500,000

Secured Debt Arrangements, Ne_3

Secured Debt Arrangements, Net - Weighted Average Maturities and Interest Rates of Borrowings (Details) kr in Thousands, € in Millions, £ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Mar. 31, 2024 SEK (kr)	Mar. 31, 2024 GBP (£)	Mar. 31, 2024 EUR (€)	Dec. 31, 2023 SEK (kr)	Dec. 31, 2023 GBP (£)	Dec. 31, 2023 EUR (€)	Nov. 30, 2019 USD ($)
Debt Instrument [Line Items]
Debt instrument, extension term	2 years
Debt instrument, amortization period	2 years
Debt instrument, extended maturity period	2 years
Percentage of secured debt that is recourse debt	52.20%	58.30%	52.20%	52.20%	52.20%	58.30%	58.30%	58.30%
Line of Credit
Debt Instrument [Line Items]
Maximum amount of borrowings	$ 6,943,566,000	$ 6,998,758,000
Borrowings outstanding	5,596,967,000	5,538,476,000
Less: deferred financing costs	$ (13,524,000)	$ (13,333,000)
Line of Credit \| Weighted Average
Debt Instrument [Line Items]
Weighted average advance rate	68.10%	68.40%
Line of Credit \| Secured Overnight Financing Rate (SOFR) \| Weighted Average
Debt Instrument [Line Items]
Weighted average rate	2.64%	2.49%
Line of Credit \| GBP London Interbank Offered Rate (LIBOR) \| Weighted Average
Debt Instrument [Line Items]
Weighted average rate	2.25%	2.21%
Line of Credit \| EUR London Interbank Offered Rate (LIBOR) \| Weighted Average
Debt Instrument [Line Items]
Weighted average rate	1.86%	1.86%
Line of Credit \| SEK London Interbank Offered Rate (LIBOR) \| Weighted Average
Debt Instrument [Line Items]
Weighted average rate	1.50%	1.50%
Line of Credit \| JP Morgan Chase, DB Repurchase Facility, Goldman Sachs, Credit Suisse and HSBC Facilities
Debt Instrument [Line Items]
Maximum amount of borrowings	$ 4,717,202,000	$ 4,459,633,000
Borrowings outstanding	$ 3,460,127,000	$ 3,247,652,000
Line of Credit \| JP Morgan Facility \| Amended and Restated JPMorgan Facility
Debt Instrument [Line Items]
Maximum amount of borrowings									$ 1,500,000,000
Line of Credit \| Credit Suisse Facility
Debt Instrument [Line Items]
Debt interest rate cap	2 years	6 months
Debt instrument, extension term	1 year
Line of Credit \| Goldman Facility
Debt Instrument [Line Items]
Maximum amount of borrowings	$ 158,600,000
Line of Credit \| Barclays Securitization
Debt Instrument [Line Items]
Borrowings outstanding			kr 2,000,000	£ 998.9	€ 565	kr 2,000,000	£ 969.9	€ 655.8
Line of Credit \| JP Morgan Chase, DB Repurchase Facility, Goldman Sachs, Credit Suisse, Barclays Facility, HSBC Facilities And Barclays Securitization
Debt Instrument [Line Items]
Maximum amount of borrowings	6,943,566,000	$ 6,998,758,000
Borrowings outstanding	5,610,491,000	5,551,809,000
USD \| Line of Credit
Debt Instrument [Line Items]
Maximum amount of borrowings	170,000,000	170,000,000
Borrowings outstanding	$ 94,000,000	$ 147,000,000
USD \| Line of Credit \| Weighted Average
Debt Instrument [Line Items]
Weighted average advance rate	62.40%	62.90%
USD \| Line of Credit \| JP Morgan Facility
Debt Instrument [Line Items]
Maximum amount of borrowings	$ 1,482,730,000	$ 1,482,584,000
Borrowings outstanding	1,036,803,000	1,043,964,000
USD \| Line of Credit \| Deutsche Bank Repurchase Facility
Debt Instrument [Line Items]
Maximum amount of borrowings	700,000,000	700,000,000
Borrowings outstanding	278,703,000	275,815,000
USD \| Line of Credit \| Credit Suisse Facility
Debt Instrument [Line Items]
Maximum amount of borrowings	800,000,000	686,527,000
Borrowings outstanding	751,207,000	669,302,000
USD \| Line of Credit \| Goldman Facility
Debt Instrument [Line Items]
Maximum amount of borrowings	11,605,000	13,437,000
Borrowings outstanding	11,605,000	13,437,000
USD \| Line of Credit \| Barclays Facility
Debt Instrument [Line Items]
Maximum amount of borrowings	200,000,000	200,000,000
Borrowings outstanding	99,817,000	107,929,000
USD \| Line of Credit \| Santander Facility
Debt Instrument [Line Items]
Maximum amount of borrowings	300,000,000	300,000,000
Borrowings outstanding	67,500,000	67,500,000
USD \| Line of Credit \| Churchill
Debt Instrument [Line Items]
Maximum amount of borrowings	130,000,000	130,000,000
Borrowings outstanding	$ 125,209,000	$ 126,515,000
Fx contracts - GBP \| Line of Credit
Debt Instrument [Line Items]
Currency conversion rate	1.26	1.27	1.26	1.26	1.26	1.27	1.27	1.27
Fx contracts - GBP \| Line of Credit \| Weighted Average
Debt Instrument [Line Items]
Weighted average advance rate	71.70%	72.50%
Fx contracts - GBP \| Line of Credit \| JP Morgan Facility
Debt Instrument [Line Items]
Maximum amount of borrowings	$ 17,270,000	$ 17,416,000
Borrowings outstanding	17,270,000	17,416,000
Fx contracts - GBP \| Line of Credit \| HSBC Facility
Debt Instrument [Line Items]
Maximum amount of borrowings	380,740,000	383,967,000
Borrowings outstanding	380,740,000	383,967,000
Fx contracts - GBP \| Line of Credit \| Goldman Facility
Debt Instrument [Line Items]
Maximum amount of borrowings	158,599,000	0
Borrowings outstanding	158,599,000	0
Fx contracts - GBP \| Line of Credit \| MUFG Facility
Debt Instrument [Line Items]
Maximum amount of borrowings	202,970,000	204,690,000
Borrowings outstanding	$ 202,970,000	$ 204,690,000
Fx contracts - EUR \| Line of Credit
Debt Instrument [Line Items]
Currency conversion rate	1.08	1.10	1.08	1.08	1.08	1.10	1.10	1.10
Fx contracts - EUR \| Line of Credit \| Weighted Average
Debt Instrument [Line Items]
Weighted average advance rate	72.20%	72.10%
Fx contracts - EUR \| Line of Credit \| HSBC Facility
Debt Instrument [Line Items]
Maximum amount of borrowings	$ 275,027,000	$ 281,401,000
Borrowings outstanding	275,027,000	281,401,000
Fx contracts - EUR \| Line of Credit \| Santander Facility
Debt Instrument [Line Items]
Maximum amount of borrowings	58,261,000	59,611,000
Borrowings outstanding	$ 54,677,000	$ 55,716,000
SEK \| Line of Credit
Debt Instrument [Line Items]
Currency conversion rate	0.09	0.10	0.09	0.09	0.09	0.10	0.10	0.10
SEK \| Line of Credit \| Weighted Average
Debt Instrument [Line Items]
Weighted average advance rate	80.40%	80.40%
VIE \| Line of Credit \| Barclays Securitization
Debt Instrument [Line Items]
Maximum amount of borrowings	$ 2,056,364,000	$ 2,369,125,000
Borrowings outstanding	2,056,364,000	2,157,157,000
VIE \| Line of Credit \| Barclays Securitization \| Weighted Average
Debt Instrument [Line Items]
Borrowings outstanding	2,056,364,000	2,157,157,000
VIE \| Fx contracts - GBP \| Line of Credit \| Barclays Securitization \| Weighted Average
Debt Instrument [Line Items]
Borrowings outstanding	1,261,051,000	1,234,740,000
VIE \| Fx contracts - EUR \| Line of Credit \| Barclays Securitization \| Weighted Average
Debt Instrument [Line Items]
Borrowings outstanding	$ 609,619,000	$ 723,947,000
VIE \| SEK \| Line of Credit \| Barclays Securitization \| Weighted Average
Debt Instrument [Line Items]
Borrowings outstanding \| kr			kr 185,694			kr 198,470

Secured Debt Arrangements, Ne_4

Secured Debt Arrangements, Net - Commercial Mortgage Loans Pledged to the Barclays Private Securitization (Details) $ in Thousands	Mar. 31, 2024 USD ($) contract	Dec. 31, 2023 USD ($) contract
Line of Credit
Line of Credit Facility [Line Items]
Balance	$ 5,610,491	$ 5,551,809
Line of Credit \| Barclays Securitization
Line of Credit Facility [Line Items]
Balance	2,056,364	2,157,157
VIE
Line of Credit Facility [Line Items]
Mortgage loans on real estate, commercial and consumer, net	$ 2,775,504	$ 2,903,186
VIE \| Line of Credit \| Barclays Securitization
Line of Credit Facility [Line Items]
Count \| contract	13	14
Balance	$ 2,803,986,000	$ 2,931,817,000
Mortgage loans on real estate, commercial and consumer, net	$ 2,775,504,000	$ 2,903,186,000
VIE \| Fx contracts - GBP \| Line of Credit \| Barclays Securitization
Line of Credit Facility [Line Items]
Count \| contract	7	7
Balance	$ 1,704,318,000	$ 1,662,457,000
Mortgage loans on real estate, commercial and consumer, net	$ 1,685,240,000	$ 1,643,979,000
VIE \| Fx contracts - EUR \| Line of Credit \| Barclays Securitization
Line of Credit Facility [Line Items]
Count \| contract	5	6
Balance	$ 867,551,000	$ 1,021,272,000
Mortgage loans on real estate, commercial and consumer, net	$ 859,740,000	$ 1,012,987,000
VIE \| SEK \| Line of Credit \| Barclays Securitization
Line of Credit Facility [Line Items]
Count \| contract	1	1
Balance	$ 232,117,000	$ 248,088,000
Mortgage loans on real estate, commercial and consumer, net	$ 230,524,000	$ 246,220,000

Secured Debt Arrangements, Ne_5

Secured Debt Arrangements, Net - Assets Under Barclays Private Securitization (Details) kr in Thousands, $ in Thousands, € in Millions, £ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($)	Mar. 31, 2024 SEK (kr)	Mar. 31, 2024 GBP (£)	Mar. 31, 2024 EUR (€)	Dec. 31, 2023 USD ($)	Dec. 31, 2023 SEK (kr)	Dec. 31, 2023 GBP (£)	Dec. 31, 2023 EUR (€)
Debt Instrument [Line Items]
Debt instrument, facility feature, period	1 year
Line of Credit
Debt Instrument [Line Items]
Borrowings outstanding	$ 5,596,967				$ 5,538,476
Barclays Securitization \| Line of Credit
Debt Instrument [Line Items]
Borrowings outstanding		kr 2,000,000	£ 998.9	€ 565		kr 2,000,000	£ 969.9	€ 655.8
VIE \| Barclays Securitization \| Line of Credit
Debt Instrument [Line Items]
Borrowings outstanding	2,056,364				2,157,157
Weighted Average \| VIE \| Barclays Securitization \| Line of Credit
Debt Instrument [Line Items]
Borrowings outstanding	2,056,364				2,157,157
Weighted Average \| VIE \| Fx contracts - GBP \| Barclays Securitization \| Line of Credit
Debt Instrument [Line Items]
Borrowings outstanding	1,261,051				1,234,740
Weighted Average \| VIE \| Fx contracts - EUR \| Barclays Securitization \| Line of Credit
Debt Instrument [Line Items]
Borrowings outstanding	$ 609,619				$ 723,947
Weighted Average \| VIE \| SEK \| Barclays Securitization \| Line of Credit
Debt Instrument [Line Items]
Borrowings outstanding \| kr		kr 185,694				kr 198,470

Secured Debt Arrangements, Ne_6

Secured Debt Arrangements, Net - Schedule of Assets and Liabilities (Details) - USD ($) $ in Thousands		Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Assets:
Cash and cash equivalents		$ 161,190	$ 225,438
Other assets		103,529	85,623
Total Assets		9,224,992	9,296,730
Liabilities:
Total Liabilities		7,177,557	7,087,997
Allowance reserve		32,558	26,482
Off-balance sheet, credit loss, liability		3,625	4,017	$ 4,695	$ 4,347
Commercial Mortgage Portfolio Segment
Assets:
Carrying value, net	[1],[2]	7,846,460	7,925,359
Liabilities:
Allowance reserve		31,397	25,723
VIE
Assets:
Cash and cash equivalents		327	924
Carrying value, net		2,775,504	2,903,186
Other assets		46,490	41,180
Total Assets		2,822,321	2,945,290
Liabilities:
Secured debt arrangements, net (net of deferred financing costs of $1.7 million and $2.0 million in 2024 and 2023, respectively)		2,054,681	2,155,197
Accounts payable, accrued expenses and other liabilities		11,328	9,083
Total Liabilities		2,066,009	2,164,280
Deferred financing costs		1,700	2,000
VIE \| Commercial Mortgage Portfolio Segment
Liabilities:
Allowance reserve		10,800	8,300
Off-balance sheet, credit loss, liability		$ 2,600	$ 2,500

[1]Includes $7,642,848 and $7,705,491 pledged

Secured Debt Arrangements, Ne_7

Secured Debt Arrangements, Net - Schedule of Net Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items]
Interest income from commercial mortgage loans	$ 183,716	$ 166,147
Interest expense	(127,887)	(104,868)
Net interest income	56,678	70,986
Decrease (increase) in current expected credit loss allowance, net	(147,684)	(4,390)
Foreign currency translation gain (loss)	(19,563)	18,634
Net income (loss)	(104,524)	48,916
VIE
Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items]
Interest income from commercial mortgage loans	64,523	46,977
Interest expense	(36,083)	(23,133)
Net interest income	28,440	23,844
Decrease (increase) in current expected credit loss allowance, net	(2,565)	199
Foreign currency translation gain (loss)	(12,923)	10,002
Net income (loss)	$ 12,952	$ 34,045

Secured Debt Arrangements, Ne_8

Secured Debt Arrangements, Net - Remaining Maturities of Borrowings (Details) - Line of Credit $ in Thousands	Mar. 31, 2024 USD ($)
Line of Credit Facility [Line Items]
Less than 1 year	$ 701,284
1 to 3 years	4,454,334
3 to 5 years	454,872
More than 5 years	0
Total	5,610,491
JPMorgan
Line of Credit Facility [Line Items]
Less than 1 year	27,271
1 to 3 years	1,026,802
3 to 5 years	0
More than 5 years	0
Total	1,054,073
DB
Line of Credit Facility [Line Items]
Less than 1 year	95,686
1 to 3 years	183,017
3 to 5 years	0
More than 5 years	0
Total	278,703
Goldman \| USD
Line of Credit Facility [Line Items]
Less than 1 year	0
1 to 3 years	11,605
3 to 5 years	0
More than 5 years	0
Total	11,605
Goldman \| Fx contracts - GBP
Line of Credit Facility [Line Items]
Less than 1 year	0
1 to 3 years	0
3 to 5 years	158,599
More than 5 years	0
Total	158,599
CS Facility
Line of Credit Facility [Line Items]
Less than 1 year	0
1 to 3 years	751,207
3 to 5 years
More than 5 years	0
Total	751,207
HSBC Facility
Line of Credit Facility [Line Items]
Less than 1 year	0
1 to 3 years	655,767
3 to 5 years	0
More than 5 years	0
Total	655,767
Barclays Facility
Line of Credit Facility [Line Items]
Less than 1 year	0
1 to 3 years	0
3 to 5 years	99,817
More than 5 years	0
Total	99,817
MUFG Facility
Line of Credit Facility [Line Items]
Less than 1 year	0
1 to 3 years	202,970
3 to 5 years	0
More than 5 years	0
Total	202,970
Churchill
Line of Credit Facility [Line Items]
Less than 1 year	0
1 to 3 years	125,209
3 to 5 years	0
More than 5 years	0
Total	125,209
Santander Facility \| USD
Line of Credit Facility [Line Items]
Less than 1 year	67,500
1 to 3 years
3 to 5 years	0
More than 5 years	0
Total	67,500
Santander Facility \| Fx contracts - EUR
Line of Credit Facility [Line Items]
Less than 1 year	54,677
1 to 3 years	0
3 to 5 years	0
More than 5 years	0
Total	54,677
Barclays Securitization
Line of Credit Facility [Line Items]
Less than 1 year	379,765
1 to 3 years	1,480,142
3 to 5 years	196,456
More than 5 years	0
Total	2,056,364
Revolving Credit Facility
Line of Credit Facility [Line Items]
Less than 1 year	76,385
1 to 3 years	17,615
3 to 5 years	0
More than 5 years	0
Total	$ 94,000

Secured Debt Arrangements, Ne_9

Secured Debt Arrangements, Net - Summary of Outstanding Balances, Maximum and Average Balances of Borrowings (Details) - Line of Credit - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Line of Credit Facility [Line Items]
Balance	$ 5,610,491	$ 5,551,809
Collateral	8,179,086	8,093,030
JPMorgan
Line of Credit Facility [Line Items]
Balance	1,054,073	1,061,380
Collateral	1,869,057	1,871,854
Maximum Month-End Balance	1,063,261	1,324,226
Average Month-End Balance	1,058,968	1,190,651
DB
Line of Credit Facility [Line Items]
Balance	278,703	275,815
Collateral	421,949	419,170
Maximum Month-End Balance	278,703	385,818
Average Month-End Balance	277,741	322,676
Goldman
Line of Credit Facility [Line Items]
Balance		13,437
Collateral		28,533
Maximum Month-End Balance		70,249
Average Month-End Balance		30,482
Goldman \| USD
Line of Credit Facility [Line Items]
Balance	11,605
Collateral	25,242
Maximum Month-End Balance	11,620
Average Month-End Balance	11,612
Goldman \| Fx contracts - GBP
Line of Credit Facility [Line Items]
Balance	158,599
Collateral	209,523
Maximum Month-End Balance	159,403
Average Month-End Balance	158,872
CS Facility
Line of Credit Facility [Line Items]
Balance	751,207	669,302
Collateral	1,098,342	933,085
Maximum Month-End Balance	751,207	688,126
Average Month-End Balance	676,229	667,794
HSBC Facility
Line of Credit Facility [Line Items]
Balance	655,767	665,368
Collateral	849,268	860,134
Maximum Month-End Balance	658,434	667,430
Average Month-End Balance	656,800	651,758
Barclays Facility
Line of Credit Facility [Line Items]
Balance	99,817	107,929
Collateral	124,107	129,439
Maximum Month-End Balance	102,598	111,909
Average Month-End Balance	101,671	110,729
MUFG Facility
Line of Credit Facility [Line Items]
Balance	202,970	204,690
Collateral	275,579	278,223
Maximum Month-End Balance	203,999	206,362
Average Month-End Balance	203,318	200,447
Churchill
Line of Credit Facility [Line Items]
Balance	125,209
Collateral	166,563
Maximum Month-End Balance	126,080
Average Month-End Balance	125,644
Santander Facility \| USD
Line of Credit Facility [Line Items]
Balance	67,500	67,500
Collateral	99,736	99,648
Maximum Month-End Balance	67,500	75,000
Average Month-End Balance	67,500	68,125
Santander Facility \| Fx contracts - EUR
Line of Credit Facility [Line Items]
Balance	54,677	55,716
Collateral	72,302	74,288
Maximum Month-End Balance	54,677	55,716
Average Month-End Balance	54,666	54,347
Barclays Securitization
Line of Credit Facility [Line Items]
Balance	2,056,364	2,157,157
Collateral	2,786,288	2,911,470
Maximum Month-End Balance	2,146,965	2,157,157
Average Month-End Balance	2,085,304	1,896,144
Revolving Credit Facility
Line of Credit Facility [Line Items]
Balance	94,000	147,000
Collateral	181,130	319,048
Maximum Month-End Balance	150,000	147,000
Average Month-End Balance	$ 112,667	93,500
Churchill Facility \| USD
Line of Credit Facility [Line Items]
Balance		126,515
Collateral		168,138
Maximum Month-End Balance		130,000
Average Month-End Balance		$ 128,094

Senior Secured Term Loan, Net -

Senior Secured Term Loan, Net - Narrative (Details) - USD ($)	1 Months Ended	3 Months Ended		12 Months Ended
	May 31, 2019	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023	Mar. 31, 2021	Jun. 30, 2020
Debt Instrument [Line Items]
Repayments of senior secured term loan principal		$ 2,000,000	$ 2,000,000
Interest rate cap
Debt Instrument [Line Items]
Realized (gain) loss on derivative instruments - interest rate swap realized			4,700,000
2026 Term Loan
Debt Instrument [Line Items]
Weighted average rate		2.86%		2.86%
Repayments of secured debt, amortizing percent		0.25%
Repayments of senior secured term loan principal		$ 1,300,000	1,300,000
2028 Term Loan
Debt Instrument [Line Items]
Weighted average rate		3.61%		3.61%
Repayments of secured debt, amortizing percent		0.25%
Repayments of senior secured term loan principal		$ 800,000	$ 800,000
Secured Debt
Debt Instrument [Line Items]
Debt instrument, face amount	$ 500,000,000				$ 300,000,000
Debt instrument, covenant, non-recourse debt to tangible net worth ratio, maximum		400%
Debt instrument, covenant, unencumbered assets to pari-passu indebtedness ratio, maximum		250%
Effective Rate						3.50%
Secured Debt \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Weighted average rate	2.86%
Secured Debt \| Secured Overnight Financing Rate (SOFR) \| Minimum
Debt Instrument [Line Items]
Weighted average rate		0.50%
Secured Debt \| Secured Overnight Financing Rate (SOFR) \| Maximum
Debt Instrument [Line Items]
Weighted average rate		3.61%
Secured Debt \| 2026 Term Loan
Debt Instrument [Line Items]
Debt instrument, issuance price as a percentage	99.50%
Secured Debt \| 2028 Term Loan
Debt Instrument [Line Items]
Debt instrument, issuance price as a percentage					99%

Senior Secured Term Loan, Net_2

Senior Secured Term Loan, Net - Term Loans (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Total Term Loans
Debt Instrument [Line Items]
Principal Amount	$ 767,250	$ 769,250
Unamortized issuance discount	(2,422)	(2,619)
Less: deferred financing costs	(6,916)	(7,481)
Carrying Value	757,912	759,150
2026 Term Loan
Debt Instrument [Line Items]
Principal Amount	476,250	477,500
Unamortized issuance discount	(743)	(833)
Less: deferred financing costs	(3,923)	(4,302)
Carrying Value	$ 471,584	$ 472,365
Weighted average rate	2.86%	2.86%
2028 Term Loan
Debt Instrument [Line Items]
Principal Amount	$ 291,000	$ 291,750
Unamortized issuance discount	(1,679)	(1,786)
Less: deferred financing costs	(2,993)	(3,179)
Carrying Value	$ 286,328	$ 286,785
Weighted average rate	3.61%	3.61%

Senior Secured Notes, Net (Deta

Senior Secured Notes, Net (Details)	1 Months Ended
Senior Secured Notes, Net (Details)	Jun. 30, 2021 USD ($)	Mar. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Derivative [Line Items]
Debt instrument, pariu-passu, ratio		1.20
Senior Notes
Derivative [Line Items]
Senior notes		$ 495,835,000	$ 495,637,000
2029 Notes \| Senior Notes
Derivative [Line Items]
Debt instrument, face amount	$ 500,000,000
Debt instrument, interest rate, stated percentage	4.625%
Proceeds from issuance of senior secured notes	$ 495,000,000
Senior notes		495,800,000	495,600,000
Less: deferred financing costs		$ 4,200,000	$ 4,400,000

Convertible Senior Notes, Net -

Convertible Senior Notes, Net - Narrative (Details) - USD ($)	3 Months Ended
	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2018	Dec. 31, 2023
Debt Instrument [Line Items]
Gain on extinguishment of debt	$ 0			$ 213,000
Convertible Debt
Debt Instrument [Line Items]
Interest expense				3,000,000
Non-cash interest expense				400,000
2023 Notes
Debt Instrument [Line Items]
Debt instrument, repurchase amount		$ 10,000,000	$ 36,800,000	$ 7,100,000
Debt instrument, redemption price, percentage		99.70%	99.30%	97%
Gain on extinguishment of debt				$ 200,000
2023 Notes \| Convertible Debt
Debt Instrument [Line Items]
Debt instrument, face amount					$ 230,000,000	$ 176,100,000
Debt instrument, interest rate, stated percentage					5.375%
Proceeds from issuance of senior secured notes					$ 223,700,000

Derivatives - Summary of Non-De

Derivatives - Summary of Non-Designated Foreign Exchange Forwards (Details) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2024 USD ($) contract	Dec. 31, 2023 USD ($) contract	Jun. 30, 2020 USD ($)
Interest rate cap
Derivative [Line Items]
Aggregate Notional Amount (in thousands)			$ 1,100
Not Designated as Hedging Instrument \| Interest rate cap
Derivative [Line Items]
Number of Contracts \| contract	1	1
Aggregate Notional Amount (in thousands)	$ 164,835	$ 164,835
Weighted-Average Years to Maturity	6 months	9 months
Fx contracts - GBP \| Not Designated as Hedging Instrument \| Foreign currency forward, net
Derivative [Line Items]
Number of Contracts \| contract	111	97
Aggregate Notional Amount (in thousands)	$ 1,013,469	$ 938,903
Weighted-Average Years to Maturity	1 year 3 days	1 year 1 month 17 days
Fx contracts - EUR \| Not Designated as Hedging Instrument \| Foreign currency forward, net
Derivative [Line Items]
Number of Contracts \| contract	130	135
Aggregate Notional Amount (in thousands)	$ 519,322	$ 561,441
Weighted-Average Years to Maturity	10 months 24 days	1 year 29 days
SEK \| Not Designated as Hedging Instrument \| Foreign currency forward, net
Derivative [Line Items]
Number of Contracts \| contract	17	17
Aggregate Notional Amount (in thousands)	$ 678,464	$ 690,740
Weighted-Average Years to Maturity	1 year 11 months 15 days	2 years 1 month 28 days

Derivatives - Summary of Amount

Derivatives - Summary of Amounts Recognized on Consolidated Statements of Operations Related to Company's Derivatives (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Sep. 26, 2023
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, gain (loss), statement of income or comprehensive income	Gain (loss) on sale of derivatives	Gain (loss) on sale of derivatives
Foreign Exchange Forward
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized loss (gain) on foreign currency contracts	$ 18,053	$ (35,851)
Realized (gain) loss on derivative instruments - interest rate swap realized	5,345	21,716
Gain (loss) on sale of derivatives	23,398	(14,135)
Interest rate cap and swaps
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized loss (gain) on foreign currency contracts	(194)	(4,813)
Realized (gain) loss on derivative instruments - interest rate swap realized	550	4,706
Gain (loss) on sale of derivatives	356	$ (107)
Interest rate cap and swaps \| Not Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Realized (gain) loss on derivative instruments - interest rate swap realized	$ 600
Aggregate Notional Amount (in thousands)			$ 164,800

Derivatives - Additional Inform

Derivatives - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023	Sep. 26, 2023	Jun. 30, 2020
Derivative [Line Items]
Derivative, cap interest rate			6.55%
Secured Debt
Derivative [Line Items]
Effective interest rate					3.50%
Interest rate cap
Derivative [Line Items]
Derivative notional amount					$ 1,100
Realized (gain) loss on derivative instruments - interest rate swap realized		$ 4,700
Interest rate cap \| Not Designated as Hedging Instrument
Derivative [Line Items]
Derivative notional amount	$ 164,835		$ 164,835
Interest rate cap and swaps
Derivative [Line Items]
Realized (gain) loss on derivative instruments - interest rate swap realized	550	$ 4,706
Interest rate cap and swaps \| Not Designated as Hedging Instrument
Derivative [Line Items]
Derivative notional amount				$ 164,800
Realized (gain) loss on derivative instruments - interest rate swap realized	$ 600
London Interbank Offered Rate (LIBOR) \| Interest rate cap
Derivative [Line Items]
Cap interest rate		0.75%			0.75%
Secured Overnight Financing Rate (SOFR)
Derivative [Line Items]
Derivative, cap interest rate			4%

Derivatives - Summarizes Gross

Derivatives - Summarizes Gross Asset and Liability Amounts Related to Derivatives (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Derivative [Line Items]
Gross Amount of Recognized Assets	$ 67,402	$ 56,462
Gross Amounts Offset in our Condensed Consolidated Balance Sheet	(20,118)	(27,037)
Net Amounts of Assets Presented in our Condensed Consolidated Balance Sheet	47,284	29,425
Foreign currency forward, net
Derivative [Line Items]
Gross Amount of Recognized Assets	67,402	55,102
Gross Amounts Offset in our Condensed Consolidated Balance Sheet	(21,284)	(27,037)
Net Amounts of Assets Presented in our Condensed Consolidated Balance Sheet	46,118	28,065
Interest rate cap
Derivative [Line Items]
Gross Amount of Recognized Assets	0	1,360
Gross Amounts Offset in our Condensed Consolidated Balance Sheet	1,166	0
Net Amounts of Assets Presented in our Condensed Consolidated Balance Sheet	$ 1,166	$ 1,360

Participations Sold (Details)

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

Accounts Payable, Accrued Exp_3

Accounts Payable, Accrued Expenses and Other Liabilities (Details) - USD ($) $ in Thousands		Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Payables and Accruals [Abstract]
Collateral held under derivative agreements		$ 45,840	$ 25,820
Accrued dividends payable		53,180	53,407
Accrued interest payable		42,072	31,012
Accounts payable and other liabilities		10,825	6,078
General CECL allowance on unfunded commitments		3,625	4,017	$ 4,695	$ 4,347
Total	[1]	155,542	120,334
Accounts payable, accrued expenses and other liabilities		$ 10,200	$ 5,500

[1]Includes $3,625 and $4,017 of General CECL Allowance related to unfunded commitments on commercial mortgage loans and subordinate loans, net in 2024 and 2023, respectively.

Income Taxes (Details)

Income Taxes (Details) - USD ($)	3 Months Ended
Income Taxes (Details) - USD ($)	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Income Tax Examination [Line Items]
Income tax provision	$ 114,000	$ 0
General Business Tax Credit Carryforward
Income Tax Examination [Line Items]
Operating loss carryforwards	13,700,000
Capital Loss Carryforward
Income Tax Examination [Line Items]
Operating loss carryforwards	25,200,000
TRS Entities
Income Tax Examination [Line Items]
Deferred tax assets, net of valuation allowance	$ 500,000		$ 600,000

Related Party Transactions (Det

Related Party Transactions (Details) € in Millions, £ in Millions, $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2024 USD ($) loan Rate	Mar. 31, 2023 USD ($) loan	Dec. 31, 2023 USD ($)	Mar. 31, 2023 EUR (€)	Mar. 31, 2023 GBP (£)	Feb. 08, 2023 USD ($) loan	Jun. 30, 2021 USD ($)	Mar. 31, 2021 USD ($)
Related Party Transaction [Line Items]
Termination fee, percent fee of base management fee	3
Number of independent directors required \| Rate	66.60%
Atlas Facility
Related Party Transaction [Line Items]
Number of loans \| loan	5					1
Debt interest rate cap	2 years
Secured Debt \| Credit Suisse Facility \| Line of Credit
Related Party Transaction [Line Items]
Line of credit facility, current borrowing capacity						$ 632.3
Secured Debt \| Atlas Facility \| Line of Credit
Related Party Transaction [Line Items]
Line of credit facility, increase (decrease), other, net	$ 115.5
Line of Credit \| Credit Suisse Facility
Related Party Transaction [Line Items]
Debt interest rate cap	2 years		6 months
Commercial Mortgage and Subordinated Portfolio Segment
Related Party Transaction [Line Items]
Number of commercial mortgage loans \| loan		3
Mortgage loans on real estate, commercial and consumer, net	$ 83.5		$ 95.5
Debt interest rate cap	2 years 9 months 18 days
Mixed Use Property - London \| Commercial Mortgage and Subordinated Portfolio Segment
Related Party Transaction [Line Items]
Mortgage loans on real estate, commercial and consumer, net \| £					£ 15
Various Properties In Europe \| Commercial Mortgage and Subordinated Portfolio Segment
Related Party Transaction [Line Items]
Mortgage loans on real estate, commercial and consumer, net		$ 219		€ 205.7
Mortgage loans on real estate, commercial and consumer, funded, net		122.4		€ 115
Arrangement fees
Related Party Transaction [Line Items]
Incentive Fee Payable							$ 0.4	$ 0.2
Limited Liability Company
Related Party Transaction [Line Items]
Rate of management fees	1.50%
Extension period	1 year
Period of termination	180 days
Termination fee calculation period	24 months
Limited Liability Company \| Atlas Facility
Related Party Transaction [Line Items]
Extension period	1 year
Limited Liability Company \| Management Agreement
Related Party Transaction [Line Items]
Payable to related party	$ 9.4		$ 9.6
Affiliated Entity
Related Party Transaction [Line Items]
Debt instrument, face amount								$ 30
Affiliated Entity \| Management Agreement
Related Party Transaction [Line Items]
Management fees to related party	9.4	9.5
Professional and Contract Services Expense	$ 1.8	$ 1.2

Share-Based Payments - Addition

Share-Based Payments - Additional Information (Details) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Apr. 16, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Recognized stock-based compensation expense	$ 4,188,000	$ 4,358,000
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized stock-based compensation expense	$ 12,800
Share-based payment arrangement, nonvested award, cost not yet recognized, period for recognition	1 year 6 months
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized stock-based compensation expense	$ 26,200,000
LTIP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized (in shares)			7,000,000
Common stock, shares delivered (in shares)	738,110	670,044
LTIP \| RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock units vested (in shares)	1,358,418	1,233,711
Adjustments to additional paid in capital, income tax deficiency from share-based compensation	$ 7,300,000	$ 6,700,000

Share-Based Payments - Summary

Share-Based Payments - Summary of Grants, Exchanges and Forfeitures of Restricted Stock and RSUs (Details) - LTIP	3 Months Ended
	Mar. 31, 2024 shares
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Outstanding, beginning balance (in shares)	79,088
Granted (in shares)	0
Vested (in shares)	0
Forfeitures (in shares)	0
Outstanding, ending balance (in shares)	79,088
RSUs
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Outstanding, beginning balance (in shares)	2,538,332
Granted (in shares)	0
Vested (in shares)	0
Forfeitures (in shares)	(18,995)
Outstanding, ending balance (in shares)	2,519,337

Share-Based Payments - Summar_2

Share-Based Payments - Summary of Restricted Stock and RSU Vesting Dates (Details) - LTIP	Mar. 31, 2024 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares vesting	2,598,425
2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares vesting	1,372,442
2025
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares vesting	865,113
2026
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares vesting	360,870
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares vesting	79,088
Restricted Stock \| 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares vesting	79,088
Restricted Stock \| 2025
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares vesting	0
Restricted Stock \| 2026
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares vesting	0
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares vesting	2,519,337
RSUs \| 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares vesting	1,293,354
RSUs \| 2025
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares vesting	865,113
RSUs \| 2026
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares vesting	360,870

Stockholders' Equity - Addition

Stockholders' Equity - Additional Information (Details) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023	Jul. 15, 2021
Class of Stock [Line Items]
Common stock, shares authorized	450,000,000		450,000,000
Common stock, par value (in dollars per share)	$ 0.01		$ 0.01
Preferred stock, shares authorized	50,000,000		50,000,000
Preferred stock, par value (in dollars per share)	$ 0.01		$ 0.01
Common stock, shares outstanding	142,096,715		140,595,995
Common stock, shares issued	142,096,715		140,595,995
Treasury stock, value, acquired, cost method	$ 0	$ 0
Remaining authorized repurchase amount	$ 172,200,000
Series B Preferred Stock
Class of Stock [Line Items]
Preferred stock, shares outstanding	6,770,393
Series B-1 Preferred Stock
Class of Stock [Line Items]
Preferred stock, par value (in dollars per share)				$ 0.01
Preferred stock, shares outstanding	6,770,393		6,770,393
Preferred stock dividend percentage	7.25%
Preferred stock, liquidation preference per share (in dollars per share)				$ 25

Stockholders' Equity - Dividend

Stockholders' Equity - Dividends Declared (Details) - $ / shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Class of Stock [Line Items]
Dividends declared on common stock (in dollars per share)	$ 0.35	$ 0.35
Dividends declared (in dollars per share)	0.45	0.45
Common Stock
Class of Stock [Line Items]
Dividends declared on common stock (in dollars per share)	0.35	0.35
Series B-1 Preferred Stock
Class of Stock [Line Items]
Dividends declared (in dollars per share)	$ 0.45	$ 0.45

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($) $ in Thousands		3 Months Ended
	Jun. 28, 2018	Mar. 31, 2024	Dec. 31, 2023
Schedule of Equity Method Investments [Line Items]
Total damages including punitive	$ 70,000
Unfunded loan commitments		$ 555,596	$ 868,582
Commercial Mortgage and Subordinated Portfolio Segment
Schedule of Equity Method Investments [Line Items]
Unfunded loan commitments		$ 555,600
Term of unfunded loan commitment		2 years 9 months 18 days

Fair Value of Financial Instr_3

Fair Value of Financial Instruments - Carrying Value and Estimated Fair Value of Company's Financial Instruments (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Carrying Value
Accounts, Notes, Loans and Financing Receivable [Line Items]
Cash and cash equivalents	$ 161,190	$ 225,438
Carrying Value \| Level III
Accounts, Notes, Loans and Financing Receivable [Line Items]
Secured debt arrangements, net	(5,596,967)	(5,538,476)
Debt related to real estate owned, held for investment, net	(161,878)	(161,586)
Carrying Value \| Level III \| Secured Debt
Accounts, Notes, Loans and Financing Receivable [Line Items]
Term loans, net	(757,912)	(759,150)
Carrying Value \| Level III \| Senior Notes
Accounts, Notes, Loans and Financing Receivable [Line Items]
Term loans, net	(495,835)	(495,637)
Carrying Value \| Level III \| Commercial Mortgage Portfolio Segment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Commercial mortgage loans, net	7,846,460	7,925,359
Carrying Value \| Level III \| Subordinate Mortgage Portfolio Segment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Commercial mortgage loan, held for sale	303,965	432,734
Estimate of Fair Value Measurement
Accounts, Notes, Loans and Financing Receivable [Line Items]
Cash and cash equivalents	161,190	225,438
Estimate of Fair Value Measurement \| Level III
Accounts, Notes, Loans and Financing Receivable [Line Items]
Secured debt arrangements, net	(5,596,967)	(5,538,476)
Debt related to real estate owned, held for investment, net	(161,878)	(161,586)
Estimate of Fair Value Measurement \| Level III \| Secured Debt
Accounts, Notes, Loans and Financing Receivable [Line Items]
Term loans, net	(761,099)	(754,197)
Estimate of Fair Value Measurement \| Level III \| Senior Notes
Accounts, Notes, Loans and Financing Receivable [Line Items]
Term loans, net	(418,125)	(418,750)
Estimate of Fair Value Measurement \| Level III \| Commercial Mortgage Portfolio Segment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Commercial mortgage loans, net	7,722,188	7,813,304
Estimate of Fair Value Measurement \| Level III \| Subordinate Mortgage Portfolio Segment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Commercial mortgage loan, held for sale	$ 303,909	$ 432,458

Net Income (Loss) per Share - B

Net Income (Loss) per Share - Basic and Diluted Net Income per Share of Common Stock Using Two-Class Method (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Basic Earnings
Net income (loss)	$ (104,524)	$ 48,916
Less: Preferred dividends	(3,068)	(3,068)
Less: Earnings attributable to participating securities	0	0
Less: Dividends on participating securities	(886)	(1,003)
Basic Earnings (Loss)	(108,478)	44,845
Dilutive Earnings
Basic Earnings (Loss)	(108,478)	44,845
Add: Dividends on participating securities	0	1,003
Add: Interest expense on Convertible Notes	0	3,445
Diluted Earnings (Loss)	$ (108,478)	$ 49,293
Number of Shares:
Basic weighted-average shares of common stock outstanding	141,869,604	141,072,471
Diluted weighted-average shares of common stock outstanding	141,869,604	155,483,979
Earnings (Loss) Per Share Attributable to Common Stockholders
Basic (in dollars per share)	$ (0.76)	$ 0.32
Diluted (in dollars per share)	$ (0.76)	$ 0.32

Net Income (Loss) per Share - A

Net Income (Loss) per Share - Additional Information (Details) - shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Shares excluded from calculation of diluted net income per share (in shares)	423,784
Effect of dilutive securities - potentially issuable shares (in shares)		11,189,949
RSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Effect of dilutive securities - convertible notes (in shares)		3,221,559

Subsequent Events (Details)

Subsequent Events (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		12 Months Ended
Subsequent Events (Details) - USD ($) $ in Thousands	Apr. 29, 2024	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Subsequent Event [Line Items]
Loans funded		$ 0	$ 181,017
Realized loss from sale of mortgage loan receivable		0		$ (81,890)
Mortgage, Amortized cost \| Hotel - Honolulu, Hi
Subsequent Event [Line Items]
Commercial mortgage loan, held for sale		135,500
Senior Mezzanine A Loans and Junior Mezzanine A Loans
Subsequent Event [Line Items]
Specific CECL Allowance		$ 456,700
Subsequent Event
Subsequent Event [Line Items]
Loans funded	$ 41,300
Commercial real estate loans held for sale construction and financing costs capitalized	13,900
Loan proceeds	269,300
Subsequent Event \| Mortgage, Amortized cost \| Luxury Multifamily - Emeryville CA
Subsequent Event [Line Items]
Mortgage loans on real estate, commercial and consumer, net	157,500
Subsequent Event \| Mortgage, Amortized cost \| Hotel - Honolulu, Hi
Subsequent Event [Line Items]
Realized loss from sale of mortgage loan receivable	700
Subsequent Event \| Senior Loans
Subsequent Event [Line Items]
Proceeds from (repayments of) secured debt	108,300
Subsequent Event \| Senior Mezzanine A Loans and Junior Mezzanine A Loans
Subsequent Event [Line Items]
Specific CECL Allowance	$ 356,900