Loans Receivable, Net (Tables)

12 Months Ended

Dec. 31, 2025

Overall Statistics for Loans Receivable Portfolio

The following table details overall statistics for our loans receivable portfolio ($ in thousands):


	December 31, 2025	December 31, 2024
Number of loans	131	130
Principal balance	$18,154,768	$19,203,126
Net book value	$17,784,694	$18,313,582
Unfunded loan commitments(1)	$1,185,004	$1,263,068
Weighted-average cash coupon(2)	+ 3.19%	+ 3.46%
Weighted-average all-in yield(2)	+ 3.39%	+ 3.78%
Weighted-average maximum maturity (years)(3)	2.5	2.1

(1)Unfunded commitments will primarily be funded to finance our borrowers’ construction or development of real

estate-related assets, capital improvements of existing assets, or lease-related expenditures. These commitments will

generally be funded over the term of each loan, subject in certain cases to an expiration date.

(2)The weighted-average cash coupon and all-in yield are expressed as a spread over the relevant floating benchmark

rates, which include SOFR, SONIA, EURIBOR, CORRA, and other indices, as applicable to each loan. As of

December 31, 2025, 97% of our loans by principal balance earned a floating rate of interest, primarily indexed to

SOFR. The remaining 3% of our loans by principal balance earned a fixed rate of interest. As of December 31, 2024,

substantially all of our loans by principal balance earned a floating rate of interest, primarily indexed to SOFR. In

addition to cash coupon, all-in yield includes the amortization of deferred origination and extension fees, loan

origination costs, and purchase discounts, as well as the accrual of exit fees. Excludes loans accounted for under the

cost-recovery and nonaccrual methods, if any.

(3)Maximum maturity assumes all extension options are exercised by the borrower, however our loans may be repaid

prior to such date. Excludes loans accounted for under the cost-recovery and nonaccrual methods, if any. As of

December 31, 2025, 40% of our loans by principal balance were subject to yield maintenance or other prepayment

restrictions and 60% were open to repayment by the borrower without penalty. As of December 31, 2024, 10% of

our loans by principal balance were subject to yield maintenance or other prepayment restrictions and 90% were

open to repayment by the borrower without penalty.

Disclosure Details Of Loan Receivable Portfolio Based On Index Floor Rates

The following table details the index rate floors for our loans receivable portfolio as of December 31, 2025 ($ in

thousands):


	Loans Receivable Principal Balance
Index Rate Floors	USD	Non-USD(1)	Total
Fixed Rate	$348,052	$137,445	$485,497
0.00% or no floor(2)	653,738	4,777,079	5,430,817
0.01% to 1.00% floor	2,549,547	1,137,577	3,687,124
1.01% to 2.00% floor	715,186	1,738,172	2,453,358
2.01% to 3.00% floor	4,452,606	371,727	4,824,333
3.01% or more floor	1,043,783	229,856	1,273,639
Total(3)	$9,762,912	$8,391,856	$18,154,768

(1)Includes Euro, British Pound Sterling, Swedish Krona, Australian Dollar, and Canadian Dollar currencies.

(2)Includes all impaired loans.

(3)As of December 31, 2025, the weighted-average index rate floor of our floating-rate loans receivable principal

balance was 1.31%. Excluding 0.0% index rate floors and loans with no floor, the weighted-average index rate floor

was 1.92%.

Activity Relating to Loans Receivable Portfolio

Activity relating to our loans receivable portfolio was as follows ($ in thousands):


	Principal Balance	Deferred Fees / Other Items(1)	Net Book Value
Loans Receivable, as of December 31, 2023	$23,923,719	$(136,707)	$23,787,012
Loan fundings	1,356,208	—	1,356,208
Loan repayments, sales, and cost-recovery proceeds	(4,663,293)	(87,993)	(4,751,286)
Charge-offs	(419,849)	35,246	(384,603)
Transfer to owned real estate	(590,937)	—	(590,937)
Transfer to other assets, net(2)	(70,248)	—	(70,248)
Payment-in-kind interest, net of interest received	16,660	—	16,660
Unrealized (loss) gain on foreign currency translation	(349,132)	1,406	(347,726)
Deferred fees and other items	—	(31,693)	(31,693)
Amortization of fees and other items	—	64,133	64,133
Loans Receivable, as of December 31, 2024	$19,203,126	$(155,608)	$19,047,518
Loan fundings	5,617,406	—	5,617,406
Loan repayments, sales, and cost-recovery proceeds	(6,106,964)	(26,397)	(6,133,361)
Charge-offs(3)	(667,227)	111,111	(556,116)
Transfer to owned real estate	(565,110)	—	(565,110)
Transfer to other assets, net(2)	(90,197)	—	(90,197)
Payment-in-kind interest, net of interest received	19,535	—	19,535
Unrealized gain (loss) on foreign currency translation	744,199	(2,433)	741,766
Deferred fees and other items	—	(71,728)	(71,728)
Amortization of fees and other items	—	59,421	59,421
Loans Receivable, as of December 31, 2025	$18,154,768	$(85,634)	$18,069,134
CECL reserve			(284,440)
Loans Receivable, net, as of December 31, 2025			$17,784,694

(1)Other items primarily consist of purchase and sale discounts or premiums, exit fees, deferred origination expenses,

and cost-recovery proceeds.

(2)This amount relates to: (i) intangible and other assets recorded in connection with loans that were transferred to

owned real estate, net of any liabilities recorded upon acquisition, if any; (ii) a loan that was partially satisfied

through the issuance of a note receivable in 2024; and (iii) proceeds from loan repayments that are held in escrow,

all of which are included within other assets in our consolidated balance sheets. See Note 6 for further information.

(3)Excludes a charge-off of CECL reserves of $6.8 million related to a note receivable issued in 2024 that was deemed

non-recoverable. This amount was previously recorded in other assets on our consolidated balance sheets. See Note

6 for further information.

Property Type and Geographic Distribution of Properties Securing Loans in Our Loans Receivable Portfolio

The tables below detail the property type and geographic distribution of the properties securing the loans in our loans

receivable portfolio ($ in thousands):


December 31, 2025
Property Type	Number of Loans	Net Book Value	Net Loan Exposure(1)	Net Loan Exposure Percentage of Portfolio
Office	37	$4,879,422	$4,556,980	27%
Multifamily	46	4,457,767	4,305,534	26
Industrial	21	4,458,487	4,114,141	24
Hospitality	12	1,940,693	1,827,133	11
Retail	6	674,612	596,204	3
Self-storage	3	659,515	492,376	3
Life Sciences / Studio	4	284,079	277,373	2
Other	2	714,559	676,293	4
Total loans receivable	131	$18,069,134	$16,846,034	100%
CECL reserve		(284,440)
Loans receivable, net		$17,784,694

Geographic Location	Number of Loans	Net Book Value	Net Loan Exposure(1)	Net Loan Exposure Percentage of Portfolio
United States
Sunbelt	45	$4,715,039	$3,918,928	23%
West	23	1,963,032	1,872,531	11
Northeast	17	1,893,877	1,800,387	11
Midwest	6	619,726	609,433	4
Northwest	3	457,215	454,507	3
Subtotal	94	9,648,889	8,655,786	52
International
United Kingdom	19	3,595,424	3,582,983	21
Ireland	3	1,141,770	1,135,749	7
Australia	4	1,104,765	1,110,648	7
Spain	2	684,109	638,112	4
Sweden	1	502,124	500,917	3
Canada	1	455,407	288,504	2
Other Europe	6	875,579	872,527	4
Other International	1	61,067	60,808	—
Subtotal	37	8,420,245	8,190,248	48
Total loans receivable	131	$18,069,134	$16,846,034	100%
CECL reserve		(284,440)
Loans receivable, net		$17,784,694

(1)Net loan exposure reflects the amount of each loan that is subject to risk of credit loss to us as of December 31,

2025, which is our principal balance net of (i) $999.8 million of asset-specific debt, (ii) $24.5 million of cost-

recovery proceeds, and (iii) our total loans receivable CECL reserve of $284.4 million. Our asset-specific debt is

structurally non-recourse and term-matched to the corresponding collateral loans.


December 31, 2024
Property Type	Number of Loans	Net Book Value	Net Loan Exposure(1)	Net Loan Exposure Percentage of Portfolio
Office	41	$7,386,333	$5,729,418	33%
Multifamily	50	5,091,767	4,934,364	29
Hospitality	16	2,768,374	2,663,349	16
Industrial	11	2,030,627	2,000,831	12
Retail	5	555,553	532,069	3
Life Sciences/Studio	3	342,817	337,687	2
Other	4	872,047	836,585	5
Total loans receivable	130	$19,047,518	$17,034,303	100%
CECL reserve		(733,936)
Loans receivable, net		$18,313,582

Geographic Location	Number of Loans	Net Book Value	Net Loan Exposure(1)	Net Loan Exposure Percentage of Portfolio
United States
Sunbelt	44	$4,520,632	$4,084,242	24%
Northeast	21	4,614,582	3,452,961	20
West	21	1,865,382	1,746,309	10
Midwest	10	997,156	820,858	5
Northwest	4	432,644	432,794	3
Subtotal	100	12,430,396	10,537,164	62
International
United Kingdom	16	2,916,145	2,839,096	17
Ireland	3	1,050,276	1,048,329	6
Australia	3	920,182	923,507	5
Spain	3	785,368	744,287	4
Sweden	1	429,084	429,724	2
Other Europe	3	455,417	451,245	4
Other International	1	60,650	60,951	—
Subtotal	30	6,617,122	6,497,139	38
Total loans receivable	130	$19,047,518	$17,034,303	100%
CECL reserve		(733,936)
Loans receivable, net		$18,313,582

(1)Net loan exposure reflects the amount of each loan that is subject to risk of credit loss to us as of December 31,

2024, which is our principal balance net of (i) $1.2 billion of asset-specific debt, (ii) $106.7 million of cost-recovery

proceeds, (iii) our total loans receivable CECL reserve of $733.9 million, and (iv) $100.1 million of junior loan

interests that we have sold, but that remain included in our consolidated financial statements. See Note 2 for further

discussion of loan participations sold. Our asset-specific debt and loan participations sold are structurally non-

recourse and term-matched to the corresponding collateral loans.

Net Book Value, Total Loan Exposure and Net Loan Exposure of Loans Receivable Based on Internal Risk Ratings and Credit Quality Indicators

The following tables allocate the net book value and net loan exposure balances based on our internal risk ratings ($ in

thousands):


	December 31, 2025
Risk Rating	Number of Loans	Net Book Value	Net Loan Exposure(1)
1	3	$303,971	$302,564
2	20	2,875,870	2,704,222
3	85	11,907,947	11,045,913
4	17	2,806,758	2,705,706
5	6	174,588	87,629
Total loans receivable	131	$18,069,134	$16,846,034
CECL reserve		(284,440)
Loans receivable, net		$17,784,694

	December 31, 2024
Risk Rating	Number of Loans	Net Book Value	Net Loan Exposure(1)
1	11	$1,919,280	$994,056
2	21	3,346,881	3,349,347
3	65	9,246,692	8,818,346
4	20	2,707,104	2,622,877
5	13	1,827,561	1,249,677
Total loans receivable	130	$19,047,518	$17,034,303
CECL reserve		(733,936)
Loans receivable, net		$18,313,582

(1)Net loan exposure reflects the amount of each loan that is subject to risk of credit loss to us as of December 31,

2025, which is our principal balance net of (i) $999.8 million of asset-specific debt, (ii) $24.5 million of cost-

recovery proceeds, and (iii) our total loans receivable CECL reserve of $284.4 million. Our net loan exposure as of

December 31, 2024 is our principal balance net of (i) $1.2 billion of asset-specific debt, (ii) $106.7 million of cost-

recovery proceeds, (iii) our total loans receivable CECL reserve of $733.9 million, and (iv) $100.1 million of junior

loan interests that we have sold, but that remain included in our consolidated financial statements. Our asset-specific

debt and loan participations sold are structurally non-recourse and term-matched to the corresponding collateral

loans.

Our primary credit quality indicator is our risk ratings, which are further discussed above. The following tables present the

net book value of our loan portfolio as of December 31, 2025 and December 31, 2024, respectively, by year of origination,

investment pool, and risk rating ($ in thousands):


	Net Book Value of Loans Receivable by Year of Origination(1)
	As of December 31, 2025
Risk Rating	2025	2024	2023	2022	2021	Prior	Total
U.S. loans
1	$—	$—	$—	$151,674	$98,329	$53,968	$303,971
2	140,513	61,068	—	105,447	611,866	170,012	1,088,906
3	1,870,372	274,866	—	1,714,538	1,928,118	456,963	6,244,857
4	—	—	—	367,804	582,317	961,346	1,911,467
5	—	—	—	—	—	—	—
Total U.S. loans	$2,010,885	$335,934	$—	$2,339,463	$3,220,630	$1,642,289	$9,549,201
Non-U.S. loans
1	$—	$—	$—	$—	$—	$—	$—
2	652,289	—	—	480,619	654,056	—	1,786,964
3	2,465,305	—	—	—	941,669	1,084,707	4,491,681
4	—	—	—	—	—	366,658	366,658
5	—	—	—	—	—	—	—
Total Non-U.S. loans	$3,117,594	$—	$—	$480,619	$1,595,725	$1,451,365	$6,645,303
Unique loans
1	$—	$—	$—	$—	$—	$—	$—
2	—	—	—	—	—	—	—
3	—	—	—	877,908	—	293,501	1,171,409
4	—	—	—	—	—	528,633	528,633
5	—	—	—	—	—	—	—
Total unique loans	$—	$—	$—	$877,908	$—	$822,134	$1,700,042
Impaired loans
1	$—	$—	$—	$—	$—	$—	$—
2	—	—	—	—	—	—	—
3	—	—	—	—	—	—	—
4	—	—	—	—	—	—	—
5	—	—	—	—	31,700	142,888	174,588
Total impaired loans	$—	$—	$—	$—	$31,700	$142,888	$174,588
Total loans receivable
1	$—	$—	$—	$151,674	$98,329	$53,968	$303,971
2	792,802	61,068	—	586,066	1,265,922	170,012	2,875,870
3	4,335,677	274,866	—	2,592,446	2,869,787	1,835,171	11,907,947
4	—	—	—	367,804	582,317	1,856,637	2,806,758
5	—	—	—	—	31,700	142,888	174,588
Total loans receivable	$5,128,479	$335,934	$—	$3,697,990	$4,848,055	$4,058,676	$18,069,134
CECL reserve							(284,440)
Loans receivable, net							$17,784,694

Gross charge-offs(2)	—	—	—	(54,404)	(214,796)	(286,916)	$(556,116)

(1)Date loan was originated or acquired by us. Origination dates are subsequently updated to reflect material loan

modifications.

(2)Represents charge-offs by year of origination during the year ended December 31, 2025.


	Net Book Value of Loans Receivable by Year of Origination(1)
	As of December 31, 2024
Risk Rating	2024	2023	2022	2021	2020	Prior	Total
U.S. loans
1	$—	$—	$151,674	$245,289	$60,240	$1,381,858	$1,839,061
2	60,651	—	197,153	1,611,856	—	—	1,869,660
3	268,408	—	1,599,604	2,160,837	691,097	392,470	5,112,416
4	—	—	236,780	1,019,672	—	726,513	1,982,965
5	—	—	—	—	—	—	—
Total U.S. loans	$329,059	$—	$2,185,211	$5,037,654	$751,337	$2,500,841	$10,804,102
Non-U.S. loans
1	$—	$—	$—	$80,219	$—	$—	$80,219
2	—	—	500,104	787,660	87,629	101,828	1,477,221
3	—	—	594,740	1,126,698	—	1,332,805	3,054,243
4	—	—	—	—	—	198,389	198,389
5	—	—	—	—	—	—	—
Total Non-U.S. loans	$—	$—	$1,094,844	$1,994,577	$87,629	$1,633,022	$4,810,072
Unique loans
1	$—	$—	$—	$—	$—	$—	$—
2	—	—	—	—	—	—	—
3	—	—	814,225	—	—	265,808	1,080,033
4	—	—	—	—	—	525,750	525,750
5	—	—	—	—	—	—	—
Total unique loans	$—	$—	$814,225	$—	$—	$791,558	$1,605,783
Impaired loans
1	$—	$—	$—	$—	$—	$—	$—
2	—	—	—	—	—	—	—
3	—	—	—	—	—	—	—
4	—	—	—	—	—	—	—
5	—	—	170,388	367,030	34,214	1,255,929	1,827,561
Total impaired loans	$—	$—	$170,388	$367,030	$34,214	$1,255,929	$1,827,561
Total loans receivable
1	$—	$—	$151,674	$325,508	$60,240	$1,381,858	$1,919,280
2	60,651	—	697,257	2,399,516	87,629	101,828	3,346,881
3	268,408	$—	3,008,569	3,287,535	691,097	1,991,083	9,246,692
4	—	—	236,780	1,019,672	—	1,450,652	2,707,104
5	—	—	170,388	367,030	34,214	1,255,929	1,827,561
Total loans receivable	$329,059	$—	$4,264,668	$7,399,261	$873,180	$6,181,350	$19,047,518
CECL reserve							(733,936)
Loans receivable, net							$18,313,582

Gross charge-offs(2)	—	—	(52,045)	(255,005)	—	(77,553)	$(384,603)

(1)Date loan was originated or acquired by us. Origination dates are subsequently updated to reflect material loan

modifications.

(2)Represents charge-offs by year of origination during the year ended December 31, 2024.

Schedule Of Current Expected Credit Loss Reserve By Pool

The following table

presents the activity in our loans receivable CECL reserve by investment pool for the years ended December 31, 2025 and

2024 ($ in thousands):


	U.S. Loans(1)	Non-U.S. Loans	Unique Loans	Impaired Loans	Total
Loans Receivable, Net
CECL reserves as of December 31, 2024	$80,057	$26,141	$47,087	$580,651	$733,936
Increase in CECL reserves	21,123	19,329	3,378	62,790	106,620
Charge-offs of CECL reserves	—	—	—	(556,116)	(556,116)
CECL reserves as of December 31, 2025	101,180	45,470	50,465	87,325	284,440

CECL reserves as of December 31, 2023	$78,335	$31,560	$49,371	$417,670	$576,936
Increase (decrease) in CECL reserves	1,722	(5,419)	(2,284)	547,584	541,603
Charge-offs of CECL reserves	—	—	—	(384,603)	(384,603)
CECL reserves as of December 31, 2024	$80,057	$26,141	$47,087	$580,651	$733,936

(1)Includes one U.S. dollar-denominated loan that is located in Bermuda.