Audit Information |
12 Months Ended |
|---|---|
Dec. 31, 2022 | |
| Audit Information Abstract [Abstract] | |
| Auditor Firm ID | 34 |
| Auditor Name | Deloitte & Touche LLP |
| Auditor Location | New York, New York |
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands |
Dec. 31, 2022 |
Dec. 31, 2021 |
|---|---|---|
| Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
| Common stock, shares authorized (in shares) | 400,000,000 | 400,000,000 |
| Common stock, shares issued (in shares) | 171,695,985 | 168,179,798 |
| Common stock, shares outstanding (in shares) | 171,695,985 | 168,179,798 |
| Total assets | $ 25,353,985 | $ 22,703,289 |
| Total liabilities | 20,809,785 | 18,084,578 |
| VIE | ||
| Total assets | 3,239,915 | 3,502,994 |
| Total liabilities | $ 2,671,244 | $ 2,839,862 |
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
| Income Statement [Abstract] | |||
| Net income | $ 251,057 | $ 422,273 | $ 140,414 |
| Other comprehensive income (loss) | |||
| Unrealized (loss) gain on foreign currency translation | (171,652) | (84,470) | 87,113 |
| Realized and unrealized gain (loss) on derivative financial instruments | 173,366 | 81,608 | (59,710) |
| Other comprehensive income (loss) | 1,714 | (2,862) | 27,403 |
| Comprehensive income | 252,771 | 419,411 | 167,817 |
| Comprehensive income attributable to non-controlling interests | (2,415) | (3,080) | (2,744) |
| Comprehensive income attributable to Blackstone Mortgage Trust, Inc. | $ 250,356 | $ 416,331 | $ 165,073 |
Consolidated Statements of Changes in Equity - USD ($) $ in Thousands |
Total |
Cumulative Effect, Period of Adoption, Adjustment |
Stockholders' Equity |
Stockholders' Equity
Cumulative Effect, Period of Adoption, Adjustment
|
Class A Common Stock |
Additional Paid-In Capital |
Additional Paid-In Capital
Cumulative Effect, Period of Adoption, Adjustment
|
Accumulated Other Comprehensive (Loss) Income |
Accumulated Deficit |
Accumulated Deficit
Cumulative Effect, Period of Adoption, Adjustment
|
Non-Controlling Interests |
Non-Controlling Interests
Cumulative Effect, Period of Adoption, Adjustment
|
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Beginning balance at Dec. 31, 2019 | $ 3,784,681 | $ (17,650) | $ 3,762,583 | $ (17,565) | $ 1,350 | $ 4,370,014 | $ (16,233) | $ (592,548) | $ (17,565) | $ 22,098 | $ (85) | |
| Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||
| Shares of class A common stock issued, net | 297,609 | 297,609 | 118 | 297,491 | ||||||||
| Restricted class A common stock earned | 34,023 | 34,023 | 34,023 | |||||||||
| Dividends reinvested | 736 | 736 | 685 | 51 | ||||||||
| Deferred directors’ compensation | 500 | 500 | 500 | |||||||||
| Net income | 140,414 | 137,670 | 137,670 | 2,744 | ||||||||
| Other comprehensive income (loss) | 27,403 | 27,403 | 27,403 | |||||||||
| Dividends declared on common stock and deferred stock units, $2.48 per share | (356,892) | (356,892) | (356,892) | |||||||||
| Contributions from non-controlling interests | 8,431 | 8,431 | ||||||||||
| Distributions to non-controlling interests | (15,024) | (15,024) | ||||||||||
| Ending balance at Dec. 31, 2020 | 3,904,231 | 3,886,067 | 1,468 | 4,702,713 | 11,170 | (829,284) | 18,164 | |||||
| Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||
| Shares of class A common stock issued, net | 638,016 | 638,016 | 214 | 637,802 | ||||||||
| Restricted class A common stock earned | 31,040 | 31,040 | 31,040 | |||||||||
| Dividends reinvested | 879 | 879 | 879 | |||||||||
| Deferred directors’ compensation | 595 | 595 | 595 | |||||||||
| Net income | 422,273 | 419,193 | 419,193 | 3,080 | ||||||||
| Other comprehensive income (loss) | (2,862) | (2,862) | (2,862) | |||||||||
| Dividends declared on common stock and deferred stock units, $2.48 per share | (384,741) | (384,741) | (384,741) | |||||||||
| Contributions from non-controlling interests | 55,912 | 55,912 | ||||||||||
| Distributions to non-controlling interests | (46,632) | (46,632) | ||||||||||
| Ending balance at Dec. 31, 2021 | $ 4,618,711 | $ (477) | 4,588,187 | $ (477) | 1,682 | 5,373,029 | $ (2,431) | 8,308 | (794,832) | $ 1,954 | 30,524 | |
| Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||
| Accounting Standards Update [Extensible Enumeration] | Accounting Standards Update 2020-06 | |||||||||||
| Shares of class A common stock issued, net | $ 70,651 | 70,651 | 23 | 70,628 | ||||||||
| Restricted class A common stock earned | 32,724 | 32,724 | 12 | 32,712 | ||||||||
| Dividends reinvested | 1,176 | 1,176 | 1,176 | |||||||||
| Deferred directors’ compensation | 690 | 690 | 690 | |||||||||
| Net income | 251,057 | 248,642 | 248,642 | 2,415 | ||||||||
| Other comprehensive income (loss) | 1,714 | 1,714 | 1,714 | |||||||||
| Dividends declared on common stock and deferred stock units, $2.48 per share | (424,513) | (424,513) | (424,513) | |||||||||
| Contributions from non-controlling interests | 5,040 | 5,040 | ||||||||||
| Distributions to non-controlling interests | (12,573) | (12,573) | ||||||||||
| Ending balance at Dec. 31, 2022 | $ 4,544,200 | $ 4,518,794 | $ 1,717 | $ 5,475,804 | $ 10,022 | $ (968,749) | $ 25,406 |
Consolidated Statements of Changes in Equity (Parenthetical) - $ / shares |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
| Statement of Stockholders' Equity [Abstract] | |||
| Dividends declared on common stock and deferred stock units (in dollars per share) | $ 2.48 | $ 2.48 | $ 2.48 |
Organization |
12 Months Ended |
|---|---|
Dec. 31, 2022 | |
| Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
| Organization | ORGANIZATION References herein to “Blackstone Mortgage Trust,” “Company,” “we,” “us” or “our” refer to Blackstone Mortgage Trust, Inc., a Maryland corporation, and its subsidiaries unless the context specifically requires otherwise. Blackstone Mortgage Trust is a real estate finance company that originates senior loans collateralized by commercial real estate in North America, Europe, and Australia. Our portfolio is composed primarily of loans secured by high-quality, institutional assets in major markets, sponsored by experienced, well-capitalized real estate investment owners and operators. These senior loans are capitalized by accessing a variety of financing options, including borrowing under our credit facilities, issuing CLOs or single-asset securitizations, and syndicating senior loan participations, depending on our view of the most prudent financing option available for each of our investments. We are not in the business of buying or trading securities, and the only securities we own are the retained interests from our securitization financing transactions, which we have not financed. We are externally managed by BXMT Advisors L.L.C., or our Manager, a subsidiary of Blackstone Inc., or Blackstone, and are a real estate investment trust, or REIT, traded on the New York Stock Exchange, or NYSE, under the symbol “BXMT.” Our principal executive offices are located at 345 Park Avenue, 24th Floor, New York, New York 10154. We conduct our operations as a REIT for U.S. federal income tax purposes. We generally will not be subject to U.S. federal income taxes on our taxable income to the extent that we annually distribute all of our net taxable income to stockholders and maintain our qualification as a REIT. We also operate our business in a manner that permits us to maintain an exclusion from registration under the Investment Company Act of 1940, as amended. We are organized as a holding company and conduct our business primarily through our various subsidiaries.
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Summary of Significant Accounting Policies |
12 Months Ended |
|---|---|
Dec. 31, 2022 | |
| Accounting Policies [Abstract] | |
| Summary of Significant Accounting Policies | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America, or GAAP, and include, on a consolidated basis, our accounts, the accounts of our wholly-owned subsidiaries, majority-owned subsidiaries, and variable interest entities, or VIEs, of which we are the primary beneficiary. All intercompany balances and transactions have been eliminated in consolidation. Principles of Consolidation We consolidate all entities that we control through either majority ownership or voting rights. In addition, we consolidate all VIEs of which we are considered the primary beneficiary. VIEs are defined as entities in which equity investors (i) do not have the characteristics of a controlling financial interest and/or (ii) do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support from other parties. The entity that consolidates a VIE is known as its primary beneficiary and is generally the entity with (i) the power to direct the activities that most significantly affect the VIE’s economic performance and (ii) the right to receive benefits from the VIE or the obligation to absorb losses of the VIE that could be significant to the VIE. In 2018, we contributed a loan to a single asset securitization vehicle, or the 2018 Single Asset Securitization, which is a VIE, and invested in the related subordinate position. We were not the primary beneficiary of the VIE because we did not have the power to direct the activities that most significantly affected the VIE’s economic performance and, therefore, did not consolidate the 2018 Single Asset Securitization on our balance sheet. We classified the subordinate position we owned as a held-to-maturity debt security that is included in other assets on our consolidated balance sheets. During the year ended December 31, 2022, the 2018 Single Asset Securitization was liquidated upon full repayment of its collateral and all senior securities outstanding. Refer to Note 18 for additional discussion of our VIEs. In 2017, we entered into a joint venture, or our Multifamily Joint Venture, with Walker & Dunlop Inc. to originate, hold, and finance multifamily bridge loans. Pursuant to the terms of the agreements governing the joint venture, Walker & Dunlop contributed 15% of the venture’s equity capital and we contributed 85%. We consolidate the Multifamily Joint Venture as we have a controlling financial interest. The non-controlling interests included on our consolidated balance sheets represent the equity interests in our Multifamily Joint Venture that are owned by Walker & Dunlop. A portion of our Multifamily Joint Venture’s consolidated equity and results of operations are allocated to these non-controlling interests based on Walker & Dunlop’s pro rata ownership of our Multifamily Joint Venture. Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results may ultimately differ materially from those estimates. Revenue Recognition Interest income from our loans receivable portfolio and debt securities is recognized over the life of each investment using the effective interest method and is recorded on the accrual basis. Recognition of fees, premiums, and discounts associated with these investments is deferred and recorded over the term of the loan or debt security as an adjustment to yield. Income accrual is generally suspended for loans at the earlier of the date at which payments become 90 days past due or when, in our opinion, recovery of income and principal becomes doubtful. Interest received is then recorded as a reduction in the outstanding principal balance until accrual is resumed when the loan becomes contractually current and performance is demonstrated to be resumed. In addition, for loans we originate, the related origination expenses are deferred and recognized as a component of interest income, however expenses related to loans we acquire are included in general and administrative expenses as incurred. Cash and Cash Equivalents Cash and cash equivalents represent cash held in banks and liquid investments with original maturities of three months or less. We may have bank balances in excess of federally insured amounts; however, we deposit our cash and cash equivalents with high credit-quality institutions to minimize credit risk exposure. We have not experienced, and do not expect, any losses on our cash or cash equivalents. As of both December 31, 2022 and December 31, 2021, we had no restricted cash on our consolidated balance sheets. Through our subsidiaries, we have oversight of certain servicing accounts held with third-party servicers, or Servicing Accounts, which relate to borrower escrows and other cash balances aggregating $459.6 million and $531.2 million as of December 31, 2022 and December 31, 2021, respectively. This cash is maintained in segregated bank accounts, and these amounts are not included in the assets and liabilities presented in our consolidated balance sheets. Cash in these Servicing Accounts will be transferred by the respective third-party servicer to the borrower or us under the terms of the applicable loan agreement upon occurrence of certain future events. We do not generate any revenue or incur any expenses as a result of these Servicing Accounts. Loans Receivable We originate and purchase commercial real estate debt and related instruments generally to be held as long-term investments at amortized cost. Debt Securities Held-to-Maturity We classify our debt securities as held-to-maturity, as we have the intent and ability to hold these securities until maturity. We include our debt securities in other assets on our consolidated balance sheets at amortized cost. Current Expected Credit Losses Reserve The current expected credit loss, or CECL, reserve required under Accounting Standard Update, or ASU, 2016-13 “Financial Instruments – Credit Losses – Measurement of Credit Losses on Financial Instruments (Topic 326),” or ASU 2016-13, reflects our current estimate of potential credit losses related to our loans and debt securities included in our consolidated balance sheets. Changes to the CECL reserve are recognized through net income on our consolidated statements of operations. While ASU 2016-13 does not require any particular method for determining the CECL reserve, it does specify the reserve should be based on relevant information about past events, including historical loss experience, current portfolio and market conditions, and reasonable and supportable forecasts for the duration of each respective loan. In addition, other than a few narrow exceptions, ASU 2016-13 requires that all financial instruments subject to the CECL model have some amount of loss reserve to reflect the GAAP principal underlying the CECL model that all loans, debt securities, and similar assets have some inherent risk of loss, regardless of credit quality, subordinate capital, or other mitigating factors. We estimate our CECL reserve primarily using the Weighted Average Remaining Maturity, or WARM method, which has been identified as an acceptable loss-rate method for estimating CECL reserves in the Financial Accounting Standards Board, or FASB, Staff Q&A Topic 326, No. 1. The WARM method requires us to reference historic loan loss data across a comparable data set and apply such loss rate to each of our loans over their expected remaining term, taking into consideration expected economic conditions over the relevant timeframe. We apply the WARM method for the majority of our loan portfolio, which loans share similar risk characteristics. In certain instances, for loans with unique risk characteristics, we may instead use a probability-weighted model that considers the likelihood of default and expected loss given default for each such individual loan. Application of the WARM method to estimate a CECL reserve requires judgment, including (i) the appropriate historical loan loss reference data, (ii) the expected timing and amount of future loan fundings and repayments, and (iii) the current credit quality of our portfolio and our expectations of performance and market conditions over the relevant time period. To estimate the historic loan losses relevant to our portfolio, we have augmented our historical loan performance, with market loan loss data licensed from Trepp LLC. This database includes commercial mortgage-backed securities, or CMBS, issued since January 1, 1999 through November 30, 2022. Within this database, we focused our historical loss reference calculations on the most relevant subset of available CMBS data, which we determined based on loan metrics that are most comparable to our loan portfolio including asset type, geography, and origination loan-to-value, or LTV. We believe this CMBS data, which includes month-over-month loan and property performance, is the most relevant, available, and comparable dataset to our portfolio. Our loans typically include commitments to fund incremental proceeds to our borrowers over the life of the loan, which future funding commitments are also subject to the CECL model. The CECL reserve related to future loan fundings is recorded as a component of Other Liabilities on our consolidated balance sheets. This CECL reserve is estimated using the same process outlined above for our outstanding loan balances, and changes in this component of the CECL reserve will similarly impact our consolidated net income. For both the funded and unfunded portions of our loans, we consider our internal risk rating of each loan as the primary credit quality indicator underlying our assessment. The CECL reserve is measured on a collective basis wherever similar risk characteristics exist within a pool of similar assets. We have identified the following pools and measure the reserve for credit losses using the following methods: •U.S. Loans: WARM method that incorporates a subset of historical loss data, expected weighted-average remaining maturity of our loan pool, and an economic view. •Non-U.S. Loans: WARM method that incorporates a subset of historical loss data, expected weighted average remaining maturity of our loan pool, and an economic view. •Unique Loans: a probability of default and loss given default model, assessed on an individual basis. •Impaired Loans: impairment is indicated when it is deemed probable that we will not be able to collect all amounts due to us pursuant to the contractual terms of the loan. Determining that a loan is impaired requires significant judgment from management and is based on several factors including (i) the underlying collateral performance, (ii) discussions with the borrower, (iii) borrower events of default, and (iv) other facts that impact the borrower’s ability to pay the contractual amounts due under the terms of the loan. If a loan is determined to be impaired, we record the impairment as a component of our CECL reserve by applying the practical expedient for collateral dependent loans. The CECL reserve is assessed on an individual basis for these loans by comparing the estimated fair value of the underlying collateral, less costs to sell, to the book value of the respective loan. These valuations require significant judgments, which include assumptions regarding capitalization rates, discount rates, leasing, creditworthiness of major tenants, occupancy rates, availability and cost of financing, exit plan, loan sponsorship, actions of other lenders, and other factors. Actual losses, if any, could ultimately differ materially from these estimates. We only expect to realize the impairment losses if and when such amounts are deemed nonrecoverable upon a realization event. This is generally at the time a loan is repaid, or in the case of foreclosure, when the underlying asset is sold, but non-recoverability may also be concluded if, in our determination, it is nearly certain that all amounts due will not be collected. Contractual Term and Unfunded Loan Commitments Expected credit losses are estimated over the contractual term of each loan, adjusted for expected prepayments. As part of our quarterly review of our loan portfolio, we assess the expected repayment date of each loan, which is used to determine the contractual term for purposes of computing our CECL reserve. Additionally, the expected credit losses over the contractual period of our loans are subject to the obligation to extend credit through our unfunded loan commitments. The CECL reserve for unfunded loan commitments is adjusted quarterly, as we consider the expected timing of future funding obligations over the estimated life of the loan. The considerations in estimating our CECL reserve for unfunded loan commitments are similar to those used for the related outstanding loan receivables. Credit Quality Indicator Our risk rating is our primary credit quality indicator in assessing our current expected credit loss reserve. We perform a quarterly risk review of our portfolio of loans, and assign each loan a risk rating based on a variety of factors, including, without limitation, LTV, 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. Based on a 5-point scale, our loans are rated “l” through “5,” from less risk to greater risk, relative to our loan portfolio in the aggregate, which ratings are defined as follows: 1 -Very Low Risk 2 -Low Risk 3 -Medium Risk 4 -High Risk/Potential for Loss: A loan that has a risk of realizing a principal loss. 5 -Impaired/Loss Likely: A loan that has a very high risk of realizing a principal loss or has otherwise incurred a principal loss. Estimation of Economic Conditions In addition to the WARM method computations and probability-weighted models described above, our CECL reserve is also adjusted to reflect our estimation of the current and future economic conditions that impact the performance of the commercial real estate assets securing our loans. These estimations include unemployment rates, interest rates, expectations of inflation and/or recession, and other macroeconomic factors impacting the likelihood and magnitude of potential credit losses for our loans during their anticipated term. In addition to the CMBS data we have licensed from Trepp LLC, we have also licensed certain macroeconomic financial forecasts to inform our view of the potential future impact that broader economic conditions may have on our loan portfolio’s performance. We may also incorporate information from other sources, including information and opinions available to our Manager, to further inform these estimations. This process requires significant judgments about future events that, while based on the information available to us as of the balance sheet date, are ultimately indeterminate and the actual economic condition impacting our portfolio could vary significantly from the estimates we made as of December 31, 2022. Derivative Financial Instruments We classify all derivative financial instruments as either other assets or other liabilities on our consolidated balance sheets at fair value. On the date we enter into a derivative contract, we designate each contract as (i) a hedge of a net investment in a foreign operation, or net investment hedge, (ii) a hedge of a forecasted transaction or of the variability of cash flows to be received or paid related to a recognized asset or liability, or cash flow hedge, (iii) a hedge of a recognized asset or liability, or fair value hedge, or (iv) a derivative instrument not to be designated as a hedging derivative, or non-designated hedge. For all derivatives other than those designated as non-designated hedges, we formally document our hedge relationships and designation at the contract’s inception. This documentation includes the identification of the hedging instruments and the hedged items, its risk management objectives, strategy for undertaking the hedge transaction and our evaluation of the effectiveness of its hedged transaction. On a quarterly basis, we also formally assess whether the derivative we designated in each hedging relationship is expected to be, and has been, highly effective in offsetting changes in the value or cash flows of the hedged items. If it is determined that a derivative is not highly effective at hedging the designated exposure, hedge accounting is discontinued and the changes in fair value of the instrument are included in net income prospectively. Our net investment hedges are assessed using a method based on changes in spot exchange rates. Gains and losses, representing hedge components excluded from the assessment of effectiveness, are recognized in interest income on our consolidated statements of operations over the contractual term of our net investment hedges on a systematic and rational basis, as documented at hedge inception in accordance with our accounting policy election. All other changes in the fair value of our derivative instruments that qualify as hedges are reported as a component of accumulated other comprehensive income (loss) on our consolidated financial statements. Deferred gains and losses are reclassified out of accumulated other comprehensive income (loss) and into net income in the same period or periods during which the hedged transaction affects earnings, and are presented in the same line item as the earnings effect of the hedged item. For cash flow hedges, this is typically when the periodic swap settlements are made, while for net investment hedges, this occurs when the hedged item is sold or substantially liquidated. To the extent a derivative does not qualify for hedge accounting and is deemed a non-designated hedge, the changes in its fair value are included in net income concurrently. Secured Debt and Asset-Specific Debt We record investments financed with secured debt or asset-specific debt as separate assets and the related borrowings under any secured debt or asset-specific debt are recorded as separate liabilities on our consolidated balance sheets. Interest income earned on the investments and interest expense incurred on the secured debt or asset-specific debt are reported separately on our consolidated statements of operations. Senior Loan Participations In certain instances, we finance our loans through the non-recourse syndication of a senior loan interest to a third-party. Depending on the particular structure of the syndication, the senior loan interest may remain on our GAAP balance sheet or, in other cases, the sale will be recognized and the senior loan interest will no longer be included in our consolidated financial statements. When these sales are not recognized under GAAP we reflect the transaction by recording a loan participations sold liability on our consolidated balance sheet, however this gross presentation does not impact stockholders’ equity or net income. When the sales are recognized, our balance sheet only includes our remaining subordinate loan, and excludes the non-consolidated senior interest in the loan that we sold. Term Loans We record our term loans as liabilities on our consolidated balance sheets. Where applicable, any issue discount or transaction expenses are deferred and amortized through the maturity date of the term loans as additional non-cash interest expense. Senior Secured Notes We record our senior secured notes as liabilities on our consolidated balance sheets. Where applicable, any issue discount or transaction expenses are deferred and amortized through the maturity date of the senior secured notes as additional non-cash interest expense. Convertible Notes In August 2020, the FASB issued ASU 2020-06 “Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity,” or ASU 2020-06. ASU 2020-06 simplified the accounting for convertible debt by eliminating the beneficial conversion and cash conversion accounting models. ASU 2020-06 also updated the earnings per share calculation and required entities to assume share settlement when the convertible debt can be settled in cash or shares. ASU 2020-06 was effective for fiscal years beginning after December 15, 2021, and we adopted ASU 2020-06 on January 1, 2022 using the modified retrospective method of transition. Subsequent to adoption of ASU 2020-06, convertible debt proceeds, unless issued with a substantial premium or an embedded conversion feature, will no longer be allocated between debt and equity components. This reduces the issue discount and results in less non-cash interest expense in our consolidated financial statements. Additionally, subsequent to adoption of ASU 2020-06, shares issuable under our convertible notes are included in diluted earnings per share in our consolidated financial statements, if the effect is dilutive, using the if-converted method, regardless of settlement intent. Where applicable, any issue discount or transaction expenses are deferred and amortized through the maturity date of the convertible notes as additional non-cash interest expense. Deferred Financing Costs The deferred financing costs that are included as a reduction in the net book value of the related liability on our consolidated balance sheets include issuance and other costs related to our debt obligations. These costs are amortized as interest expense using the effective interest method over the life of the related obligations. Underwriting Commissions and Offering Costs Underwriting commissions and offering costs incurred in connection with common stock offerings are reflected as a reduction of additional paid-in capital. Costs incurred that are not directly associated with the completion of a common stock offering are expensed when incurred. Fair Value of Financial Instruments The “Fair Value Measurements and Disclosures” Topic of the FASB, or ASC 820, defines fair value, establishes a framework for measuring fair value, and requires certain disclosures about fair value measurements under GAAP. Specifically, this guidance defines fair value based on exit price, or the price that would be received upon the sale of an asset or the transfer of a liability in an orderly transaction between market participants at the measurement date. ASC 820 also establishes a fair value hierarchy that prioritizes and ranks the level of market price observability used in measuring financial instruments. Market price observability is affected by a number of factors, including the type of financial instrument, the characteristics specific to the financial instrument, and the state of the marketplace, including the existence and transparency of transactions between market participants. Financial instruments with readily available quoted prices in active markets generally will have a higher degree of market price observability and a lesser degree of judgment used in measuring fair value. Financial instruments measured and reported at fair value are classified and disclosed based on the observability of inputs used in the determination, as follows: •Level 1: Generally includes only unadjusted quoted prices that are available in active markets for identical financial instruments as of the reporting date. •Level 2: Pricing inputs include quoted prices in active markets for similar instruments, quoted prices in less active or inactive markets for identical or similar instruments where multiple price quotes can be obtained, and other observable inputs, such as interest rates, yield curves, credit risks, and default rates. •Level 3: Pricing inputs are unobservable for the financial instruments and include situations where there is little, if any, market activity for the financial instrument. These inputs require significant judgment or estimation by management of third-parties when determining fair value and generally represent anything that does not meet the criteria of Levels 1 and 2. Certain of our other assets are reported at fair value, as of quarter-end, either (i) on a recurring basis or (ii) on a nonrecurring basis, as a result of impairment or other events. Our assets that are recorded at fair value are discussed further in Note 17. We generally value our assets recorded at fair value by either (i) discounting expected cash flows based on assumptions regarding the collection of principal and interest and estimated market rates, or (ii) obtaining assessments from third-parties. For collateral-dependent loans that are identified as impaired, we measure impairment by comparing our estimation of the fair value of the underlying collateral, less costs to sell, to the book value of the respective loan. These valuations require significant judgments, which include assumptions regarding capitalization rates, discount rates, leasing, creditworthiness of major tenants, occupancy rates, availability and cost of financing, exit plan, loan sponsorship, actions of other lenders, and other factors. As of December 31, 2022, we had an aggregate $189.8 million CECL reserve specifically related to five of our loans receivable with an aggregate outstanding principal balance of $930.0 million, net of cost-recovery proceeds. The CECL reserve was recorded based on our estimation of the fair value of the loan's underlying collateral as of December 31, 2022. These loans receivable are therefore measured at fair value on a nonrecurring basis using significant unobservable inputs, and are classified as Level 3 assets in the fair value hierarchy. We estimated the fair value of these loan receivables by considering a variety of inputs including property performance, market data, and comparable sales, as applicable. The significant unobservable inputs used include the exit capitalization rate assumption used to forecast the future sale price of the underlying real estate collateral, which ranged from 5.00% to 7.50%, and the unlevered discount rate, which ranged from 7.50% to 9.00%. We are also required by GAAP to disclose fair value information about financial instruments, which are not otherwise reported at fair value in our consolidated balance sheet, to the extent it is practicable to estimate a fair value for those instruments. These disclosure requirements exclude certain financial instruments and all non-financial instruments. The following methods and assumptions are used to estimate the fair value of each class of financial instruments, for which it is practicable to estimate that value: •Cash and cash equivalents: The carrying amount of cash and cash equivalents approximates fair value. •Loans receivable, net: The fair values of these loans were estimated using a discounted cash flow methodology, taking into consideration various factors including capitalization rates, discount rates, leasing, credit worthiness of major tenants, occupancy rates, availability and cost of financing, exit plan, loan sponsorship, actions of other lenders, and other factors. •Debt securities held-to-maturity: The fair value of these instruments was estimated by utilizing third-party pricing service providers assuming the securities are not sold prior to maturity. In determining the value of a particular investment, pricing service providers may use broker-dealer quotations, reported trades, or valuation estimates from their internal pricing models to determine the reported price. •Derivative financial instruments: The fair value of our foreign currency and interest rate contracts was estimated using advice from a third-party derivative specialist, based on contractual cash flows and observable inputs comprising foreign currency rates and credit spreads. •Secured debt, net: The fair value of these instruments was estimated based on the rate at which a similar credit facility would currently be priced. •Securitized debt obligations, net: The fair value of these instruments was estimated by utilizing third-party pricing service providers. In determining the value of a particular investment, pricing service providers may use broker-dealer quotations, reported trades, or valuation estimates from their internal pricing models to determine the reported price. •Asset-specific debt, net: The fair value of these instruments was estimated based on the rate at which a similar agreement would currently be priced. •Loan participations sold, net: The fair value of these instruments was estimated based on the value of the related loan receivable asset. •Term loans, net: The fair value of these instruments was estimated by utilizing third-party pricing service providers. In determining the value of a particular investment, pricing service providers may use broker-dealer quotations, reported trades, or valuation estimates from their internal pricing models to determine the reported price. •Senior secured notes, net: The fair value of these instruments was estimated by utilizing third-party pricing service providers. In determining the value of a particular investment, pricing service providers may use broker-dealer quotations, reported trades, or valuation estimates from their internal pricing models to determine the reported price. •Convertible notes, net: Each series of the convertible notes is actively traded and their fair values were obtained using quoted market prices. Income Taxes Our financial results generally do not reflect provisions for current or deferred income taxes on our REIT taxable income. We believe that we operate in a manner that will continue to allow us to be taxed as a REIT and, as a result, we generally do not expect to pay substantial corporate level taxes other than those payable by our taxable REIT subsidiaries. If we were to fail to meet these requirements, we may be subject to federal, state, and local income tax on current and past income, and penalties. Refer to Note 15 for additional information. Stock-Based Compensation Our stock-based compensation consists of awards issued to our Manager, certain individuals employed by an affiliate of our Manager, and certain members of our board of directors that vest over the life of the awards, as well as deferred stock units issued to certain members of our board of directors. Stock-based compensation expense is recognized for these awards in net income on a variable basis over the applicable vesting period of the awards, based on the value of our class A common stock. Refer to Note 16 for additional information. Earnings per Share Basic earnings per share, or Basic EPS, is computed in accordance with the two-class method and is based on (i) the net earnings allocable to our class A common stock, including restricted class A common stock and deferred stock units, divided by (ii) the weighted-average number of shares of our class A common stock, including restricted class A common stock and deferred stock units outstanding during the period. Our restricted class A common stock is considered a participating security, as defined by GAAP, and has been included in our Basic EPS under the two-class method as these restricted shares have the same rights as our other shares of class A common stock, including participating in any gains or losses. Diluted earnings per share, or Diluted EPS, is determined using the if-converted method, and is based on (i) the net earnings, adjusted for interest expense incurred on our convertible notes during the relevant period, net of incentive fees, allocable to our class A common stock, including restricted class A common stock and deferred stock units, divided by (ii) the weighted-average number of shares of our class A common stock, including restricted class A common stock, deferred stock units, and shares of class A common stock issuable under our convertible notes. Refer to Note 13 for additional discussion of earnings per share. Foreign Currency In the normal course of business, we enter into transactions not denominated in United States, or U.S., dollars. Foreign exchange gains and losses arising on such transactions are recorded as a gain or loss in our consolidated statements of operations. In addition, we consolidate entities that have a non-U.S. dollar functional currency. Non-U.S. dollar denominated assets and liabilities are translated to U.S. dollars at the exchange rate prevailing at the reporting date and income, expenses, gains, and losses are translated at the average exchange rate over the applicable period. Cumulative translation adjustments arising from the translation of non-U.S. dollar denominated subsidiaries are recorded in other comprehensive income (loss). Recent Accounting Pronouncements In March 2022, the FASB issued ASU 2022-02 “Financial Instruments-Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures,” or ASU 2022-02. ASU 2022-02 eliminates the accounting guidance for troubled debt restructurings and requires disclosure of current-period gross write-offs by year of loan origination. Additionally, ASU 2022-02 updates the accounting for credit losses under ASC 326 and adds enhanced disclosures with respect to loan refinancings and restructurings in the form of principal forgiveness, interest rate concessions, other-than-insignificant payment delays, or term extensions when the borrower is experiencing financial difficulties. ASU 2022-02 is effective for fiscal years beginning after December 15, 2022 and early adoption is permitted. The amendments should be applied prospectively, however for the recognition and measurement of troubled debt restructurings, the entity has the option to apply a modified retrospective transition method, resulting in a cumulative-effect adjustment to retained earnings in the period of adoption. Upon adoption of ASU 2022-02 on January 1, 2023, we do not expect it will have a material impact on our consolidated financial statements. In March 2020, the FASB issued ASU 2020-04 “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting,” or ASU 2020-04. ASU 2020-04 provides optional expedients and exceptions to GAAP requirements for modifications on debt instruments, leases, derivatives, and other contracts, related to the market transition from LIBOR, and certain other floating rate benchmark indices, or collectively, IBORs, to alternative reference rates. ASU 2020-04 generally considers contract modifications related to reference rate reform to be an event that does not require contract remeasurement at the modification date nor a reassessment of a previous accounting determination. In January 2021, the FASB issued ASU 2021-01 “Reference Rate Reform (Topic 848): Scope,” or ASU 2021-01. ASU 2021-01 clarifies that the practical expedients in ASU 2020-04 apply to derivatives impacted by changes in the interest rate used for margining, discounting, or contract price alignment. In December 2022, the FASB issued ASU 2022-06 "Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848", or ASU 2022-06. ASU 2022-06 deferred the sunset date of ASU 2020-04 to December 31, 2024. The guidance in ASU 2020-04 is optional and may be elected over time, through December 31, 2024, as reference rate reform activities occur. Once ASU 2020-04 is elected, the guidance must be applied prospectively for all eligible contract modifications. In the first quarter of 2020, we have elected to apply the hedge accounting expedients, related to probability and the assessments of effectiveness, for future IBOR-indexed cash flows, to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. Application of these expedients preserves the presentation of derivatives consistent with our past presentation. We plan to apply the contract modification expedients for our applicable loan and debt modifications that relate to the market transition from IBORs. Therefore, our loan and debt modifications that are in accordance with ASU 2020-04 do not require a remeasurement at the modification date nor a reassessment of a previous accounting determination. The application of the ASU 2020-04 expedients have not had a material impact on our consolidated financial statements. In August 2020, the FASB issued ASU 2020-06, described above under “Convertible Notes.” We adopted ASU 2020-06 on January 1, 2022, using the modified retrospective method of transition, which resulted in an aggregate decrease to our additional paid-in capital of $2.4 million, an aggregate decrease to our accumulated deficit of $2.0 million, and an aggregate increase to our convertible notes, net, of $477,000, as of January 1, 2022. Reference Rate Reform LIBOR and certain other floating rate benchmark indices to which our floating rate loans and other loan agreements are tied, including, without limitation, the Euro Interbank Offered Rate, or EURIBOR, the Stockholm Interbank Offered Rate, or STIBOR, the Australian Bank Bill Swap Reference Rate, or BBSY, the Canadian Dollar Offered Rate, or CDOR, the Swiss Average Rate Overnight, or SARON, and the Copenhagen Interbank Offering Rate, or CIBOR, or collectively, IBORs, have been the subject of national, international and regulatory guidance and proposals for reform. As of December 31, 2021, the ICE Benchmark Association, or IBA, ceased publication of most non-USD LIBOR settings. IBA also previously announced its intention to cease publication of remaining U.S. dollar LIBOR settings immediately after June 30, 2023; however, in November 2022 the U.K. Financial Conduct Authority, which regulates IBA, announced a public consultation regarding whether it should compel IBA to continue publishing “synthetic” USD LIBOR settings from June 2023 to the end of September 2024. Further, on March 15, 2022, the Consolidated Appropriations Act of 2022, which includes the Adjustable Interest Rate (LIBOR) Act, or LIBOR Act, was signed into law in the U.S. This legislation establishes a uniform benchmark replacement process for financial contracts maturing after June 30, 2023 that do not contain clearly defined or practicable fallback provisions. Under the LIBOR Act, such contracts will automatically transition as a matter of law to a Secured Overnight Financing Rate, or SOFR, based replacement rate identified by the Board of Governors of the Federal Reserve System, or Federal Reserve. The legislation also creates a safe harbor that shields lenders from litigation if they choose to utilize a replacement rate recommended by the Federal Reserve. In July 2022, the Federal Reserve issued a notice of proposed rulemaking implementing the LIBOR Act. As of December 31, 2022, no regulations have been promulgated. The Federal Reserve, in conjunction with the Alternative Reference Rates Committee, or ARRC, a steering committee composed of large U.S. financial institutions, identified SOFR, a new index calculated using short-term repurchase agreements backed by U.S. Treasury securities, as its preferred alternative rate for USD LIBOR. According to the ARRC, data from the cash and derivatives markets show continued momentum in the transition from LIBOR to SOFR, and SOFR is currently predominant across cash and derivatives markets. As of December 31, 2022, one-month term SOFR is utilized as the floating benchmark rate on 76 of our loans, the financing provided on the 2020 FL3 and 2020 FL2 CLOs, one of our asset-specific financings, certain borrowings under twelve of our credit facilities, and our B-4 Term Loan. As of December 31, 2022, one-month term SOFR was 4.36% and one-month USD LIBOR was 4.39%. Additionally, market participants have continued to transition from GBP LIBOR to the Sterling Overnight Index Average, or SONIA, in line with guidance from the U.K. regulators. As of December 31, 2022, daily compounded SONIA is utilized as the floating benchmark rate for all of our floating rate British Pound Sterling loans and related financings. As of December 31, 2022, 63.5% of our aggregate loan principal balance has either transitioned to the applicable replacement benchmark rate, or its existing benchmark rate is not expected to be replaced, and we expect to transition the remaining 36.5% in 2023. At this time, it is not possible to predict how markets will respond in the future to SOFR, SONIA, or other alternative reference rates as the transition away from USD LIBOR and GBP LIBOR proceeds. Despite the LIBOR transition in other markets, benchmark rate methodologies in Europe, Australia, Canada, Switzerland and Denmark have been reformed and rates such as EURIBOR, STIBOR, BBSY, CDOR, SARON and CIBOR may persist as International Organization of Securities Commissions, or IOSCO, compliant reference rates moving forward. However, multi-rate environments may persist in these markets as regulators and working groups have suggested market participants adopt alternative reference rates.
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| Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Loans Receivable, Net | LOANS RECEIVABLE, NET The following table details overall statistics for our loans receivable portfolio ($ in thousands):
(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 USD LIBOR, SOFR, SONIA, GBP LIBOR, EURIBOR, and other indices, as applicable to each loan. As of December 31, 2022, substantially all of our loans by principal balance earned a floating rate of interest, primarily indexed to USD LIBOR and SOFR. As of December 31, 2021, 99.5% of our loans by principal balance earned a floating rate of interest, primarily indexed to USD LIBOR. The other 0.5% of our loans earned a fixed rate of interest. 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 method. (3)Maximum maturity assumes all extension options are exercised by the borrower, however our loans may be repaid prior to such date. As of December 31, 2022, 50% of our loans by principal balance were subject to yield maintenance or other prepayment restrictions and 50% were open to repayment by the borrower without penalty. As of December 31, 2021, 56% of our loans by principal balance were subject to yield maintenance or other prepayment restrictions and 44% were open to repayment by the borrower without penalty. The following table details the index rate floors for our loans receivable portfolio as of December 31, 2022 ($ in thousands):
(1)Includes Euro, British Pound Sterling, Swedish Krona, Australian Dollar, Canadian Dollar, Swiss Franc, and Danish Krone currencies. (2)As of December 31, 2022, the weighted-average index rate floor of our loan portfolio was 0.36%. Excluding 0.0% index rate floors and loans with no floor, the weighted-average index rate floor was 0.64%. Activity relating to our loans receivable portfolio was as follows ($ in thousands):
(1)Other items primarily consist of purchase and sale discounts or premiums, exit fees, and deferred origination expenses. The tables below detail the property type and geographic distribution of the properties securing the loans in our portfolio ($ in thousands):
(1)In certain instances, we finance our loans through the non-recourse sale of a senior loan interest that is not included in our consolidated financial statements. See Note 2 for further discussion. Total loan exposure encompasses the entire loan we originated and financed, including $1.6 billion of such non-consolidated senior interests as of December 31, 2022.
(1)In certain instances, we finance our loans through the non-recourse sale of a senior loan interest that is not included in our consolidated financial statements. See Note 2 for further discussion. Total loan exposure encompasses the entire loan we originated and financed, including $1.5 billion of such non-consolidated senior interests as of December 31, 2021. (2)Excludes investment exposure to the $379.3 million 2018 Single Asset Securitization. See Note 4 for details of the subordinate position we own in the 2018 Single Asset Securitization. Loan Risk Ratings As further described in Note 2, we evaluate our loan portfolio on a quarterly basis. In conjunction with our quarterly loan portfolio review, we assess the risk factors of each loan, and assign a risk rating based on several factors. Factors considered in the assessment include, but are not limited to, risk of loss, current LTV, debt yield, collateral performance, structure, exit plan, and sponsorship. Loans are rated “1” (less risk) through “5” (greater risk), which ratings are defined in Note 2. The following table allocates the principal balance and net book value of our loans receivable based on our internal risk ratings ($ in thousands):
(1)In certain instances, we finance our loans through the non-recourse sale of a senior loan interest that is not included in our consolidated financial statements. See Note 2 for further discussion. Total loan exposure encompasses the entire loan we originated and financed, including $1.6 billion and $1.5 billion of such non-consolidated senior interests as of December 31, 2022 and December 31, 2021, respectively. (2)Excludes investment exposure to the 2018 Single Asset Securitization of $379.3 million as of December 31, 2021. See Note 4 for details of the subordinate position we own in the 2018 Single Asset Securitization. The weighted-average risk rating of our total loan exposure was 2.8 as of both December 31, 2022 and December 31, 2021. Current Expected Credit Loss Reserve The CECL reserve required under GAAP reflects our current estimate of potential credit losses related to the loans and debt securities included in our consolidated balance sheets. Refer to Note 2 for further discussion of our CECL reserve. The following table presents the activity in our loans receivable CECL reserve by investment pool for the year ended December 31, 2022 and 2021 ($ in thousands):
(1) Includes Canadian loans, which have similar risk characteristics as U.S. loans. During the year ended December 31, 2022, we recorded an increase of $201.5 million in the CECL reserve against our loans receivable portfolio, bringing our total loans receivable CECL reserve to $326.1 million as of December 31, 2022. This CECL reserve reflects certain loans assessed for impairment in our portfolio, as well as macroeconomic conditions, including inflationary pressures and market volatility. During the year ended December 31, 2022, we recorded an increase of $134.9 million in the CECL reserve specifically related to four of our loans receivable with an aggregate net book value of $644.3 million as of December 31, 2022. As of December 31, 2022, the income accrual was suspended on these four loans as recovery of income and principal was doubtful. During the three months ended December 31, 2022, we recorded $11.3 million of interest income on these loans. As of December 31, 2022, we had an aggregate $189.8 million CECL reserve specifically related to five of our loans receivable, with an aggregate net book value of $929.1 million. This CECL reserve was recorded based on our estimation of the fair value of each of the loan’s underlying collateral as of December 31, 2022. As of December 31, 2021, we had a $54.9 million CECL reserve specifically related to one of our loans receivable, with a net book value of $284.8 million. No income was recorded on this loan during the years ended December 31, 2022 and 2021. As of December 31, 2022, all borrowers were current with all contractual terms of each respective loan, including payments of interest. Refer to Note 2 for further discussion of our revenue recognition policy and CECL reserve. During the fourth quarter of 2022, we entered into a loan modification related to an office asset in New York City, which is classified as a troubled debt restructuring under GAAP. This modification included, among other changes, a reduction in the loan's contractual interest payments, an incremental exit fee, and an extension of the loan's maturity date. This loan has an outstanding principal balance of $193.6 million, with commitments to fund an additional $8.2 million, at our discretion, as of December 31, 2022. As of December 31, 2022, this loan was deemed impaired and we recorded an asset-specific CECL reserve against this loan. Previously, we entered into loan modifications related to a multifamily asset in New York City, which were classified as troubled debt restructurings under GAAP. During the three months ended December 31, 2021, the borrower committed significant additional capital to the property and engaged new management to oversee property operations, and we reduced the loan's outstanding principal balance to $37.5 million. As a result of the modification, during the three months ended December 31, 2021, we charged-off $14.4 million of the $14.8 million asset-specific CECL reserve we recorded on this loan, and reversed the remaining $360,000 CECL reserve. As of December 31, 2022, this loan has an outstanding principal balance of $38.2 million, net of cost-recovery proceeds. As of December 31, 2022, this loan was deemed impaired and we recorded an asset-specific CECL reserve against this loan. Previously, we entered into a loan modification related to a hospitality asset in New York City, which is classified as a troubled debt restructuring under GAAP. As of December 31, 2022, this loan has an outstanding principal balance of $286.3 million, net of cost-recovery proceeds. As of June 30, 2020 this loan was deemed impaired and we recorded an asset-specific CECL reserve against this loan. This asset-specific CECL reserve has not changed as of December 31, 2022. Our primary credit quality indicator is our risk ratings, which are further discussed above. The following tables present the net book value of our loan portfolio as of December 31, 2022 and December 31, 2021, respectively, by year of origination, investment pool, and risk rating ($ in thousands):
(1)Date loan was originated or acquired by us. Origination dates are subsequently updated to reflect material loan modifications. (2)Includes Canadian loans, which have similar risk characteristics as U.S. loans.
(1)Date loan was originated or acquired by us. Origination dates are subsequently updated to reflect material loan modifications. (2)Excludes the $78.0 million net book value of our held-to-maturity debt securities which represents our subordinate position we own in the 2018 Single Asset Securitization, and is included in other assets on our consolidated balance sheets. See Note 4 for details of the subordinate position we own in the 2018 Single Asset Securitization. (3)Includes Canadian loans, which have similar risk characteristics as U.S. loans. Multifamily Joint Venture As discussed in Note 2, we entered into a Multifamily Joint Venture in April 2017. As of December 31, 2022 and December 31, 2021, our Multifamily Joint Venture held $795.6 million and $746.9 million of loans, respectively, which are included in the loan disclosures above. Refer to Note 2 for additional discussion of our Multifamily Joint Venture.
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Other Assets and Liabilities |
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| Deferred Costs, Capitalized, Prepaid, Other Assets and Other Liabilities Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Other Assets and Liabilities | OTHER ASSETS AND LIABILITIES Other Assets The following table details the components of our other assets ($ in thousands):
(1)Primarily represents loan principal held by our third-party loan servicer as of the balance sheet date which were remitted to us during the subsequent remittance cycle. (2)Represents the subordinate position we own in the 2018 Single Asset Securitization, which held aggregate loan assets of $379.3 million as of December 31, 2021, with a yield to full maturity of L+10.0% and a maximum maturity date of June 9, 2025, assuming all extension options are exercised by the borrower. During the year ended December 31, 2022, the 2018 Single Asset Securitization was liquidated upon full repayment of its collateral and all senior securities outstanding. Refer to Note 18 for additional discussion. Current Expected Credit Loss Reserve The CECL reserve required under GAAP reflects our current estimate of potential credit losses related to the loans and debt securities included in our consolidated balance sheets. Refer to Note 2 for further discussion of our CECL reserve. The following table presents the activity in our debt securities CECL reserve for the year ended December 31, 2022 and 2021 ($ in thousands):
Other Liabilities The following table details the components of our other liabilities ($ in thousands):
(1)Represents pending transfers from our third-party loan servicer that were remitted to our banking counterparties during the subsequent remittance cycle. (2)Represents the CECL reserve related to our unfunded loan commitments. See Note 2 for further discussion of the CECL reserve. Current Expected Credit Loss Reserve for Unfunded Loan Commitments As of December 31, 2022, we had unfunded commitments of $3.8 billion related to 121 loans receivable. The expected credit losses over the contractual period of our loans is impacted by our obligation to extend further credit through our unfunded loan commitments. See Note 2 for further discussion of the CECL reserve related to our unfunded loan commitments, and Note 20 for further discussion of our unfunded loan commitments. The following table presents the activity in the CECL reserve related to our unfunded loan commitments by investment pool for the year ended December 31, 2022 and 2021 ($ in thousands):
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Secured Debt, Net |
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| Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Secured Debt, Net | SECURED DEBT, NET Our secured debt includes our secured credit facilities and our acquisition facility. During the year ended December 31, 2022, we obtained approval for $4.6 billion of new borrowings against $5.9 billion of collateral assets. Additionally, during the year ended December 31, 2022, we (i) entered into two new secured credit facilities providing an aggregate $2.2 billion of credit capacity and (ii) we increased the size of six existing secured credit facilities providing an aggregate $1.4 billion of additional credit capacity. The following table details our secured debt ($ in thousands):
(1)Costs incurred in connection with our secured debt are recorded on our consolidated balance sheets when incurred and recognized as a component of interest expense over the life of each related facility. Secured Credit Facilities Our secured credit facilities are bilateral agreements we use to finance diversified pools of senior loan collateral with sufficient flexibility to accommodate our investment and asset management strategy. The facilities are uniformly structured to provide currency, index, and term-matched financing without capital markets based mark-to-market provisions. The following table details our secured credit facilities by spread over the applicable base rates as of December 31, 2022 ($ in thousands):
(1)Represents the number of lenders with fundings advanced in each respective currency, as well as the total number of facility lenders. (2)Our secured debt agreements are generally term-matched to their underlying collateral. Therefore, the weighted average maturity is generally allocated based on the maximum maturity date of the collateral loans, assuming all extension options are exercised by the borrower. In limited instances, the maturity date of the respective secured credit facility is used. (3)Represents the principal balance of the collateral assets. (4)Maximum maturity assumes all extension options are exercised by the borrower, however our loans may be repaid prior to such date. (5)Includes Australian Dollar, Canadian Dollar, Danish Krone, Swedish Krona, and Swiss Franc currencies. The availability of funding under our secured credit facilities is based on the amount of approved collateral, which collateral is proposed by us in our discretion and approved by the respective counterparty in its discretion, resulting in a mutually agreed collateral portfolio construction. Certain structural elements of our secured credit facilities, including the limitation on recourse to us and facility economics are influenced by the specific collateral portfolio construction of each facility, and therefore vary within and among the facilities. The following tables detail the spread of our secured debt as of December 31, 2022 and December 31, 2021 ($ in thousands):
(1)The spread, all-in cost, and all-in yield are expressed over the relevant floating benchmark rates, which include USD LIBOR, SOFR, SONIA, GBP LIBOR, EURIBOR, and other indices as applicable. (2)Represents borrowings outstanding as of December 31, 2022 and December 31, 2021, respectively, for new financings during the year ended December 31, 2022 and December 31, 2021, respectively, based on the date collateral was initially pledged to each credit facility. (3)In addition to spread, the cost includes the associated deferred fees and expenses related to the respective borrowings. 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. (4)Represents the weighted-average all-in cost as of December 31, 2022 and December 31, 2021, respectively, and is not necessarily indicative of the spread applicable to recent or future borrowings. (5)Represents the principal balance of the collateral assets. (6)Represents the difference between the weighted-average all-in yield and weighted-average all-in cost. Our secured credit facilities generally permit us to increase or decrease the amount advanced against the pledged collateral in our discretion within certain maximum/minimum amounts and frequency limitations. As of December 31, 2022, there was an aggregate $1.5 billion available to be drawn at our discretion under our credit facilities. Acquisition Facility We have a $250.0 million full recourse secured credit facility that is designed to finance eligible first mortgage originations for up to nine months as a bridge to term financing without obtaining discretionary lender approval. The cost of borrowing under the facility is variable, dependent on the type of loan collateral, and its maturity date is April 4, 2023. During the year ended December 31, 2022, we had no borrowings under the acquisition facility and we recorded interest expense of $1.2 million, including $333,000 of amortization of deferred fees and expenses. During the year ended December 31, 2021, we had no borrowings under the acquisition facility and we recorded interest expense of $1.2 million, including $354,000 of amortization of deferred fees and expenses. As of December 31, 2021, we had one asset pledged to our acquisition facility and there was an aggregate $147.5 million available to be drawn at our discretion. Financial Covenants We are subject to the following financial covenants related to our secured debt: (i) our ratio of earnings before interest, taxes, depreciation, and amortization, or EBITDA, to fixed charges, as defined in the agreements, shall be not less than 1.4 to 1.0; (ii) our tangible net worth, as defined in the agreements, shall not be less than $3.6 billion as of each measurement date plus 75% to 85% of the net cash proceeds of future equity issuances subsequent to December 31, 2022; (iii) cash liquidity shall not be less than the greater of (x) $10.0 million or (y) no more than 5% of our recourse indebtedness; and (iv) our indebtedness shall not exceed 83.33% of our total assets. As of December 31, 2022 and December 31, 2021, we were in compliance with these covenants.
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Securitized Debt Obligations, Net |
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| Loans Managed, Securitized or Asset-Backed Financing Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Securitized Debt Obligations, Net | SECURITIZED DEBT OBLIGATIONS, NET We have financed certain pools of our loans through collateralized loan obligations, which include the 2021 FL4 CLO, 2020 FL3 CLO, and 2020 FL2 CLO or collectively, the CLOs. The CLOs are consolidated in our financial statements and have issued securitized debt obligations that are non-recourse to us. Refer to Note 18 for further discussion of our CLOs. The following tables detail our securitized debt obligations and the underlying collateral assets that are financed ($ in thousands):
(1)In addition to cash coupon, all-in yield includes the amortization of deferred origination and extension fees, loan origination costs, purchase discounts, and accrual of exit fees. (2)The weighted-average all-in yield and cost are expressed as a spread over the relevant floating benchmark rates, which include USD LIBOR and SOFR, as applicable to each securitized debt obligation. As of December 31, 2022, the floating benchmark rate for the financing provided on the 2020 FL3 and 2020 FL2 CLOs is one-month SOFR. As of December 31, 2022, one-month SOFR was 4.36% and one-month USD LIBOR was 4.39%. Excludes loans accounted for under the cost recovery method. (3)Underlying Collateral Assets term represents the weighted-average final maturity of such loans, assuming all extension options are exercised by the borrower. Repayments of securitized debt obligations are tied to timing of the related collateral loan asset repayments. The term of these obligations represents the rated final distribution date of the securitizations. (4)During the year ended December 31, 2022, we recorded $87.6 million of interest expense related to our securitized debt obligations.
(1)In addition to cash coupon, all-in yield includes the amortization of deferred origination and extension fees, loan origination costs, purchase discounts, and accrual of exit fees. (2)The weighted-average all-in yield and cost are expressed as a spread over the relevant floating benchmark rates, which include USD LIBOR and SOFR, as applicable to each securitized debt obligation. As of December 31, 2021, the floating benchmark rate for the financing provided on the 2020 FL3 and 2020 FL2 CLOs is one-month SOFR. As of December 31, 2021, one-month SOFR was 0.05% and one-month USD LIBOR was 0.10%. (3)Underlying Collateral Assets term represents the weighted-average final maturity of such loans, assuming all extension options are exercised by the borrower. Repayments of securitized debt obligations are tied to timing of the related collateral loan asset repayments. The term of these obligations represents the rated final distribution date of the securitizations. (4)During the year ended December 31, 2021, we recorded $46.0 million of interest expense related to our securitized debt obligations.
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Asset-Specific Debt, Net |
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| Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Asset-Specific Debt, Net | ASSET-SPECIFIC DEBT, NET The following tables detail our asset-specific debt ($ in thousands):
(1)These floating rate loans and related liabilities are currency and indexed matched to the applicable benchmark rate relevant in each arrangement. In addition to cash coupon, yield/cost includes the amortization of deferred origination fees and financing costs. (2)The weighted-average term is determined based on the maximum maturity of the corresponding loans, assuming all extension options are exercised by the borrower. Our asset-specific debt is term-matched in each case to the corresponding collateral loans.
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Loan Participations Sold, Net |
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| Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Loans Participations Sold, Net | LOAN PARTICIPATIONS SOLD, NET The financing of a loan by the non-recourse sale of a senior interest in the loan through a participation agreement generally does not qualify as a sale under GAAP. Therefore, in the instance of such sales, we present the whole loan as an asset and the loan participation sold as a liability on our consolidated balance sheet until the loan is repaid. The obligation to pay principal and interest on these liabilities is generally based on the performance of the related loan obligation, and does not require an actual cash outlay from us. The gross presentation of loan participations sold does not impact stockholders’ equity or net income. The following table details our loan participations sold ($ in thousands):
(1)This non-debt participation sold structure is inherently matched in terms of currency and interest rate. In addition to cash coupon, yield/cost includes the amortization of deferred fees and financing costs. (2)The term is determined based on the maximum maturity of the loan, assuming all extension options are exercised by the borrower. Our loan participation sold is term-matched to the corresponding collateral loan. (3)During the year ended December 31, 2022, we recorded $7.9 million of interest expense related to our loan participations sold. We did not have any loan participations sold as of December 31, 2021.
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Term Loans, Net |
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| Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Term Loans, Net | TERM LOANS, NET During the year ended December 31, 2022, we borrowed an additional $825.0 million under our term loan facilities, or the B-4 Term Loan. The B-4 Term Loan bears interest at SOFR plus 3.50% and matures in May 2029. As of December 31, 2022, the following senior term loan facilities, or Term Loans, were outstanding ($ in thousands):
(1)The B-3 Term Loan and the B-4 Term Loan borrowings are subject to a floor of 0.50%. The B-1 Term Loan and B-3 Term Loan are indexed to one-month USD LIBOR and the B-4 Term Loan is indexed to one-month SOFR. (2)Includes issue discount and transaction expenses that are amortized through interest expense over the life of the Term Loans. The Term Loans are partially amortizing, with an amount equal to 1.0% per annum of the aggregate initial principal balance due in quarterly installments. The issue discount and transaction expenses on the B-1 Term Loan were $3.1 million and $12.6 million, respectively. The issue discount and transaction expenses of the B-3 Term Loan were $9.6 million and $5.4 million, respectively. The issue discount and transaction expenses of the B-4 Term Loan were $17.3 million and $10.2 million, respectively. These discounts and expenses will be amortized into interest expense over the life of each Term Loan. During the year ended December 31, 2022, we recorded $86.6 million of interest expense related to our Term Loans, including $6.7 million of amortization of deferred fees and expenses. The following table details the net book value of our Term Loans on our consolidated balance sheets ($ in thousands):
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Senior Secured Notes, Net |
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| Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Senior Secured Notes, Net | SENIOR SECURED NOTES, NET As of December 31, 2022, the following Senior Secured Notes, were outstanding ($ in thousands):
(1)Includes transaction expenses that are amortized through interest expense over the life of the Senior Secured Notes. The transaction expenses on the Senior Secured Notes were $6.3 million, which will be amortized into interest expense over the life of the Senior Secured Notes. During the year ended December 31, 2022, we recorded $16.2 million of interest expense related to our Senior Secured Notes, including $1.2 million of amortization of deferred fees and expenses. The following table details the net book value of our Senior Secured Notes on our consolidated balance sheets ($ in thousands):
The covenants under our Senior Secured Notes require us to maintain a total debt to total assets ratio, as defined in the agreements, of not greater than 83.33% and, in certain circumstances, a total unencumbered assets to total unsecured indebtedness ratio, as defined in the agreements, of 1.20 or greater. As of December 31, 2022 and December 31, 2021, we were in compliance with these covenants.
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Convertible Notes, Net |
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| Debt Instruments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Convertible Notes, Net | CONVERTIBLE NOTES, NET During the year ended December 31, 2022, we issued $300.0 million aggregate principal amount of 5.50% convertible senior notes due 2027, or the March 2022 convertible notes. In connection with this offering, we repurchased $64.7 million aggregate principal amount of our May 2017 convertible senior notes at a price of 100.25% per $1,000 principal amount. We repaid the remaining $337.9 million aggregate principal amount of our May 2017 convertible senior notes at maturity on May 5, 2022. As of December 31, 2022, the following convertible senior notes, or Convertible Notes, were outstanding ($ in thousands):
(1)Includes issuance costs that are amortized through interest expense over the life of the Convertible Notes using the effective interest method. (2)Represents the price of class A common stock per share based on a conversion rate of 27.6052 and 27.5702, respectively, for the March 2018 and March 2022 convertible notes. The conversion rate represents the number of shares of class A common stock issuable per $1,000 principal amount of Convertible Notes. The cumulative dividend threshold as defined in the respective March 2018 and March 2022 convertible notes supplemental indentures have not been exceeded as of December 31, 2022. Other than as provided by the optional redemption provisions with respect to our March 2022 convertible notes, we may not redeem the Convertible Notes prior to maturity. The March 2022 convertible notes are convertible at the holders’ option into shares of our class A common stock, only under specific circumstances, prior to the close of business on December 14, 2026 at the applicable conversion rate in effect on the conversion date. Thereafter, the March 2022 convertible notes are convertible at the option of the holder at any time until the second scheduled trading day immediately preceding the maturity date. The March 2018 convertible notes are currently convertible at the option of the holder at any time until the second scheduled trading day immediately preceding the maturity date. We have elected to settle the March 2018 convertible notes in cash for any conversions that occur during the final conversion period. The last reported sale price of our class A common stock of $21.17 on December 30, 2022, the last trading day in the year ended December 31, 2022, was less than the per share conversion price of the March 2018 and March 2022 convertible notes. We adopted ASU 2020-06 on January 1, 2022, using the modified retrospective method of transition, which resulted in an aggregate decrease to our additional paid-in capital of $2.4 million, an aggregate decrease to our accumulated deficit of $2.0 million, and an aggregate increase to our convertible notes, net, balance of $477,000, as of January 1, 2022. Subsequent to adoption of ASU 2020-06, convertible debt proceeds, unless issued with a substantial premium or an embedded conversion feature, will no longer be allocated between debt and equity components. This reduces the issue discount and results in less non-cash interest expense in our consolidated financial statements. Additionally, ASU 2020-06 results in the reporting of diluted earnings per share for shares issuable under our convertible notes in our consolidated financial statements, if the effect is dilutive, regardless of our settlement intent. Refer to Note 2 and Note 13 for additional discussion of ASU 2020-06 and our earnings per share calculation, respectively. The following table details the net book value of our Convertible Notes on our consolidated balance sheets ($ in thousands):
The following table details our interest expense related to the Convertible Notes ($ in thousands):
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Derivative Financial Instruments |
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| Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Derivative Financial Instruments | DERIVATIVE FINANCIAL INSTRUMENTS The objective of our use of derivative financial instruments is to minimize the risks and/or costs associated with our investments and/or financing transactions. These derivatives may or may not qualify as net investment, cash flow, or fair value hedges under the hedge accounting requirements of ASC 815 – “Derivatives and Hedging.” Derivatives not designated as hedges are not speculative and are used to manage our exposure to interest rate movements and other identified risks. Refer to Note 2 for additional discussion of the accounting for designated and non-designated hedges. The use of derivative financial instruments involves certain risks, including the risk that the counterparties to these contractual arrangements do not perform as agreed. To mitigate this risk, we only enter into derivative financial instruments with counterparties that have appropriate credit ratings and are major financial institutions with which we and our affiliates may also have other financial relationships. Net Investment Hedges of Foreign Currency Risk Certain of our international investments expose us to fluctuations in foreign interest rates and currency exchange rates. These fluctuations may impact the value of our cash receipts and payments in terms of our functional currency, the U.S. dollar. We use foreign currency forward contracts to protect the value or fix the amount of certain investments or cash flows in terms of the U.S. dollar. Designated Hedges of Foreign Currency Risk The following table details our outstanding foreign exchange derivatives that were designated as net investment hedges of foreign currency risk (notional amount in thousands):
Non-designated Hedges of Foreign Currency Risk The following table details our outstanding foreign exchange derivatives that were non-designated hedges of foreign currency risk (notional amount in thousands):
Financial Statement Impact of Hedges of Foreign Currency Risk The following table presents the effect of our derivative financial instruments on our consolidated statements of operations ($ in thousands):
(1)Represents the forward points earned on our foreign currency forward contracts, which reflect the interest rate differentials between the applicable base rate for our foreign currency investments and prevailing US interest rates. These forward contracts effectively convert the foreign currency rate exposure for such investments to USD-equivalent interest rates. (2)Represents the spot rate movement in our non-designated hedges, which are marked-to-market and recognized in interest expense. Valuation and Other Comprehensive Income The following table summarizes the fair value of our derivative financial instruments ($ in thousands):
(1)Included in other assets in our consolidated balance sheets. (2)Included in other liabilities in our consolidated balance sheets. The following table presents the effect of our derivative financial instruments on our consolidated statements of operations ($ in thousands):
(1)During the year ended December 31, 2022, we received net cash settlements of $330.3 million on our foreign currency forward contracts. During the years ended December 31, 2021, and 2020, we paid net cash settlements of $1.4 million and $43.0 million on our foreign currency contracts. Those amounts are included as a component of accumulated other comprehensive income on our consolidated balance sheets. (2)During the year ended December 31, 2022, and 2021, we recorded total interest and related expenses of $710.9 million and $340.2 million, respectively, which included $4,000 and $10,000, respectively, related to our cash flow hedges. During the year ended December 31, 2020, we recorded total interest and related expenses of $347.5 million, which was reduced by $7,000 related to income generated by our cash flow hedges. Credit-Risk Related Contingent Features We have entered into agreements with certain of our derivative counterparties that contain provisions where if we were to default on any of our indebtedness, including default where repayment of the indebtedness has not been accelerated by the lender, we may also be declared in default on our derivative obligations. In addition, certain of our agreements with our derivative counterparties require that we post collateral to secure net liability positions. As of December 31, 2022, we were in a net liability position with one of our counterparties and in a net asset position with our other counterparty. As of December 31, 2022 we had collateral posted of $103.1 million. As of December 31, 2021, we were in a net asset position with both of our derivative counterparties and did not have any collateral posted under these derivative contracts.
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| Equity | EQUITY Stock and Stock Equivalents Authorized Capital As of December 31, 2022, we had the authority to issue up to 500,000,000 shares of stock, consisting of 400,000,000 shares of class A common stock and 100,000,000 shares of preferred stock. Subject to applicable NYSE listing requirements, our board of directors is authorized to cause us to issue additional shares of authorized stock without stockholder approval. In addition, to the extent not issued, currently authorized stock may be reclassified between class A common stock and preferred stock. We did not have any shares of preferred stock issued and outstanding as of December 31, 2022 and December 31, 2021. Class A Common Stock and Deferred Stock Units Holders of shares of our class A common stock are entitled to vote on all matters submitted to a vote of stockholders and are entitled to receive dividends authorized by our board of directors and declared by us, in all cases subject to the rights of the holders of shares of outstanding preferred stock, if any. The following table details our issuance of class A common stock during the years ended December 31, 2022, 2021 and 2020 ($ in thousands, except per share data):
(1)Represents shares issued under our at-the-market program. (2)Issuance includes 296,901 shares issued under our at-the-market program, with a weighted-average gross share issue price of $33.67. (3)Includes 840,696 shares issued to our Manager in satisfaction of the management and incentive fees accrued in the first quarter of 2020, with a share issue price of $22.93. The per share price was calculated based on the volume-weighted average price on the NYSE of our class A common stock over the five trading days following our April 29, 2020 first quarter 2020 earnings conference call. (4)Represents the gross price per share issued, as well as the net proceeds per share after underwriting or sales discounts and commissions. (5)Net proceeds represent proceeds received from the underwriters less applicable transaction costs. For the year ended December 31, 2020, includes $19.3 million of net proceeds related to 840,696 shares issued to our Manager in satisfaction of the management and incentives fees accrued in the first quarter of 2020. We also issue restricted class A common stock under our stock-based incentive plans. Refer to Note 16 for additional discussion of these long-term incentive plans. In addition to our class A common stock, we also issue deferred stock units to certain members of our board of directors for services rendered. These deferred stock units are non-voting, but carry the right to receive dividends in the form of additional deferred stock units in an amount equivalent to the cash dividends paid to holders of shares of class A common stock. The following table details the movement in our outstanding shares of class A common stock, including restricted class A common stock and deferred stock units:
(1)Includes 410,608, 363,572 and 306,691 deferred stock units held by members of our board of directors as of December 31, 2022, 2021, and 2020, respectively. (2)Includes 8,242, 2,184, and 2,050 shares issued under our dividend reinvestment program during the years ended December 31, 2022, 2021, and 2020, respectively. (3)Includes 13,197 restricted shares issued to our board of directors during the year ended December 31, 2022. (4)Net of 39,655 shares, 29,580 shares, and 879 shares of restricted class A common stock forfeited under our stock-based incentive plans during the years ended December 31, 2022, 2021, and 2020, respectively. See Note 16 for further discussion of our stock-based incentive plans. Dividend Reinvestment and Direct Stock Purchase Plan We have adopted a dividend reinvestment and direct stock purchase plan under which we registered and reserved for issuance, in the aggregate, 10,000,000 shares of class A common stock. Under the dividend reinvestment component of this plan, our class A common stockholders can designate all or a portion of their cash dividends to be reinvested in additional shares of class A common stock. The direct stock purchase component allows stockholders and new investors, subject to our approval, to purchase shares of class A common stock directly from us. During the years ended December 31, 2022, 2021, and 2020, we issued 8,242 shares, 2,184 shares, and 2,050 shares, respectively, of class A common stock under the dividend reinvestment component of the plan. As of December 31, 2022, a total of 9,981,548 shares of class A common stock remained available for issuance under the dividend reinvestment and direct stock purchase plan. At the Market Stock Offering Program As of December 31, 2022, we are party to seven equity distribution agreements, or ATM Agreements, pursuant to which we may sell, from time to time, up to an aggregate sales price of $699.1 million of our class A common stock. Sales of class A common stock made pursuant to our ATM Agreements may be made in negotiated transactions or transactions that are deemed to be “at the market” offerings as defined in Rule 415 under the Securities Act of 1933, as amended. Actual sales depend on a variety of factors including market conditions, the trading price of our class A common stock, our capital needs, and our determination of the appropriate sources of funding to meet such needs. During the year ended December 31, 2022, we issued and sold 2,303,469 shares of class A common stock under ATM Agreements, generating net proceeds totaling $70.7 million. During the year ended December 31, 2021, we issued and sold 296,901 shares of class A common stock under ATM Agreements, generating net proceeds totaling $9.9 million. During the year ended December 31, 2020, we did not issue any shares of our class A common stock under ATM Agreements. As of December 31, 2022, sales of our class A common stock with an aggregate sales price of $480.9 million remained available for issuance under our ATM Agreements. Dividends We generally intend to distribute substantially all of our taxable income, which does not necessarily equal net income as calculated in accordance with GAAP, to our stockholders each year to comply with the REIT provisions of the Internal Revenue Code of 1986, as amended, or the Internal Revenue Code. Our dividend policy remains subject to revision at the discretion of our board of directors. All distributions will be made at the discretion of our board of directors and will depend upon our taxable income, our financial condition, our maintenance of REIT status, applicable law, and other factors as our board of directors deems relevant. On December 15, 2022, we declared a dividend of $0.62 per share, or $106.5 million in aggregate, that was paid on January 13, 2023 to stockholders of record as of December 30, 2022. The following table details our dividend activity ($ in thousands, except per share data):
Earnings Per Share We calculate our basic and diluted earnings per share using the two-class method for all periods presented as the unvested shares of our restricted class A common stock qualify as participating securities, as defined by GAAP. These restricted shares have the same rights as our other shares of class A common stock, including participating in any dividends, and therefore have been included in our basic and diluted net income per share calculation. The shares issuable under our Convertible Notes are included in dilutive earnings per share using the if-converted method. The following table sets forth the calculation of basic and diluted net income per share of class A common stock based on the weighted-average of both restricted and unrestricted class A common stock outstanding ($ in thousands, except per share data):
(1)Represents net income attributable to Blackstone Mortgage Trust. (2)For the year ended December 31, 2022, our Convertible Notes were not included in the calculation of diluted earnings per share, as the impact is antidilutive. Our Convertible Notes could dilute earnings per share in future periods. For the years ended December 31, 2021 and 2020, prior to the adoption of ASU 2020-06, our convertible notes were not assessed for dilution as we had the intent and ability to settle the convertible notes in cash. Refer to Note 2 and Note 11 for further discussion of ASU 2020-06 and our convertible notes, respectively. Other Balance Sheet Items Accumulated Other Comprehensive Income As of December 31, 2022, total accumulated other comprehensive income was $10.0 million, primarily representing $259.8 million of net realized and unrealized gains related to changes in the fair value of derivative instruments offset by $249.8 million of cumulative unrealized currency translation adjustments on assets and liabilities denominated in foreign currencies. As of December 31, 2021, total accumulated other comprehensive income was $8.3 million, primarily representing $86.4 million of net realized and unrealized gains related to changes in the fair value of derivative instruments offset by $78.1 million of cumulative unrealized currency translation adjustments on assets and liabilities denominated in foreign currencies. Non-Controlling Interests The non-controlling interests included on our consolidated balance sheets represent the equity interests in our Multifamily Joint Venture that are not owned by us. A portion of our Multifamily Joint Venture’s consolidated equity and results of operations are allocated to these non-controlling interests based on their pro rata ownership of our Multifamily Joint Venture. As of December 31, 2022, our Multifamily Joint Venture’s total equity was $169.4 million, of which $144.0 million was owned by us, and $25.4 million was allocated to non-controlling interests. As of December 31, 2021, our Multifamily Joint Venture’s total equity was $203.5 million, of which $173.0 million was owned by us, and $30.5 million was allocated to non-controlling interests.
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| Other Expenses | OTHER EXPENSES Our other expenses consist of the management and incentive fees we pay to our Manager and our general and administrative expenses. Management and Incentive Fees Pursuant to a management agreement between our Manager and us, or our Management Agreement, our Manager earns a base management fee in an amount equal to 1.50% per annum multiplied by our outstanding equity balance, as defined in the Management Agreement. In addition, our Manager is entitled to an incentive fee in an amount equal to the product of (i) 20% and (ii) the excess of (a) our Core Earnings (as defined in our Management Agreement) for the previous 12-month period over (b) an amount equal to 7.00% per annum multiplied by our outstanding Equity, provided that our Core Earnings over the prior three-year period is greater than zero. Core Earnings, as defined in our Management Agreement, is generally equal to our GAAP net income (loss), including realized gains and losses not otherwise recognized in current period GAAP net income (loss), and excluding (i) non-cash equity compensation expense, (ii) depreciation and amortization, (iii) unrealized gains (losses), (iv) net income (loss) attributable to our legacy portfolio, (v) certain non-cash items, and (vi) incentive management fees. During the years ended December 31, 2022, 2021, and 2020, we incurred $73.0 million, $64.2 million, and $60.4 million, respectively, of management fees payable to our manager. In addition, during the years ended December 31, 2022, 2021, and 2020, we incurred $37.3 million, $24.3 million, and $17.5 million, respectively, of incentive fees payable to our Manager. During the year ended December 31, 2020, we issued 840,696 shares of class A common stock to our Manager in satisfaction of our aggregate $19.3 million of management and incentive fees accrued in the first quarter of 2020. As of December 31, 2022 and 2021 we had accrued management and incentive fees payable to our Manager of $33.8 million and $28.4 million, respectively. General and Administrative Expenses General and administrative expenses consisted of the following ($ in thousands):
(1)During the years ended December 31, 2022, 2021, and 2020, we recognized an aggregate $1.1 million, $748,000, and $1.1 million, respectively, of expenses related to our Multifamily Joint Venture.
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Income Taxes |
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| Income Tax Disclosure [Abstract] | |
| Income Taxes | INCOME TAXES We have elected to be taxed as a REIT under the Internal Revenue Code for U.S. federal income tax purposes. We generally must distribute annually at least 90% of our net taxable income, subject to certain adjustments and excluding any net capital gain, in order for U.S. federal income tax not to apply to our earnings. To the extent that we satisfy this distribution requirement, but distribute less than 100% of our net taxable income, we will be subject to U.S. federal income tax on our undistributed taxable income. In addition, we will be subject to a 4% nondeductible excise tax if the actual amount that we pay out to our stockholders in a calendar year is less than a minimum amount specified under U.S. federal tax laws. Our qualification as a REIT also depends on our ability to meet various other requirements imposed by the Internal Revenue Code, which relate to organizational structure, diversity of stock ownership, and certain restrictions with regard to the nature of our assets and the sources of our income. Even if we qualify as a REIT, we may be subject to certain U.S. federal income and excise taxes and state and local taxes on our income and assets. If we fail to maintain our qualification as a REIT for any taxable year, we may be subject to material penalties as well as federal, state, and local income tax on our taxable income at regular corporate rates and we would not be able to qualify as a REIT for the subsequent four full taxable years. As of December 31, 2022 and 2021, we were in compliance with all REIT requirements. Securitization transactions could result in the creation of taxable mortgage pools for federal income tax purposes. As a REIT, so long as we own 100% of the equity interests in a taxable mortgage pool, we generally would not be adversely affected by the characterization of the securitization as a taxable mortgage pool. Certain categories of stockholders, however, such as foreign stockholders eligible for treaty or other benefits, stockholders with net operating losses, and certain tax-exempt stockholders that are subject to unrelated business income tax, or UBTI, could be subject to increased taxes on a portion of their dividend income from us that is attributable to the taxable mortgage pool. We have not made UBTI distributions to our common stockholders and do not intend to make such UBTI distributions in the future. During the years ended December 31, 2022, 2021 and 2020, we recorded a current income tax provision of $3.0 million, $423,000, and $323,000, respectively, primarily related to activities of our taxable REIT subsidiaries and various state and local taxes. We did not have any deferred tax assets or liabilities as of December 31, 2022 or December 31, 2021. We have net operating losses, or NOLs, generated by our predecessor business that may be carried forward and utilized in current or future periods. As a result of our issuance of 25,875,000 shares of class A common stock in May 2013, the availability of our NOLs is generally limited to $2.0 million per annum by change of control provisions promulgated by the Internal Revenue Service with respect to the ownership of Blackstone Mortgage Trust. As of December 31, 2022, we had estimated NOLs of $159.0 million that will expire in 2029, unless they are utilized by us prior to expiration. We have recorded a full valuation allowance against such NOLs as it is probable that they will expire unutilized. As of December 31, 2022, tax years 2019 through 2022 remain subject to examination by taxing authorities.
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Stock-Based Incentive Plans |
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| Stock-Based Incentive Plans | STOCK-BASED INCENTIVE PLANS We are externally managed by our Manager and do not currently have any employees. However, as of December 31, 2022, our Manager, certain individuals employed by an affiliate of our Manager, and certain members of our board of directors were compensated, in part, through our issuance of stock-based instruments. Under our two current stock incentive plans, a maximum of 10,400,000 shares of our class A common stock may be issued to our Manager, our directors and officers, and certain employees of affiliates of our Manager. As of December 31, 2022, there were 9,210,865 shares available under our current stock incentive plans. Prior to the adoption and shareholder approval of our new stock incentive plans, we had stock-based incentive awards outstanding under nine stock incentive plans. In connection with the adoption of our new stock incentive plans, we consolidated all outstanding DSUs under the new plans and retired the seven remaining historical plans. As such, no new awards may be issued under these expired plans, although our 2018 plans will continue to govern outstanding awards, other than DSUs, previously issued thereunder until such awards become vested or expire. The following table details the movement in our outstanding shares of restricted class A common stock and the weighted-average grant date fair value per share:
These shares generally vest in installments over a period of three years, pursuant to the terms of the respective award agreements and the terms of our current benefit plans. The 1,883,784 shares of restricted class A common stock outstanding as of December 31, 2022 will vest as follows: 948,494 shares will vest in 2023; 667,525 shares will vest in 2024; and 267,765 will vest in 2025. As of December 31, 2022, total unrecognized compensation cost relating to unvested share-based compensation arrangements was $50.7 million based on the grant date fair value of shares granted. This cost is expected to be recognized over a weighted-average period of 1.2 years from December 31, 2022.
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Fair Values |
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| Fair Values | FAIR VALUES Assets and Liabilities Measured at Fair Value The following table summarizes our assets and liabilities measured at fair value on a recurring basis ($ in thousands):
Refer to Note 2 for further discussion regarding fair value measurement. Fair Value of Financial Instruments As discussed in Note 2, GAAP requires disclosure of fair value information about financial instruments, whether or not recognized at fair value in the statement of financial position, for which it is practicable to estimate that value. The following table details the book value, face amount, and fair value of the financial instruments described in Note 2 ($ in thousands):
(1)Included in other assets on our consolidated balance sheets. Estimates of fair value for cash and cash equivalents and convertible notes are measured using observable, quoted market prices, or Level 1 inputs. Estimates of fair value for debt securities held-to-maturity, securitized debt obligations, the term loans, and the senior secured notes are measured using observable, quoted market prices, in inactive markets, or Level 2 inputs. All other fair value significant estimates are measured using unobservable inputs, or Level 3 inputs. See Note 2 for further discussion regarding fair value measurement of certain of our assets and liabilities.
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Variable Interest Entities |
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| Variable Interest Entity, Primary Beneficiary, Does Not Hold Majority Voting Interest, Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Variable Interest Entities | VARIABLE INTEREST ENTITIES Consolidated Variable Interest Entities We have financed a portion of our loans through the CLOs, all of which are VIEs. We are the primary beneficiary of, and therefore consolidate, the CLOs on our balance sheet as we (i) control the relevant interests of the CLOs that give us power to direct the activities that most significantly affect the CLOs, and (ii) have the right to receive benefits and obligation to absorb losses of the CLOs through the subordinate interests we own. The following table details the assets and liabilities of our consolidated VIEs ($ in thousands):
Assets held by these VIEs are restricted and can be used only to settle obligations of the VIEs, including the subordinate interests owned by us. The liabilities of these VIEs are non-recourse to us and can only be satisfied from the assets of the VIEs. The consolidation of these VIEs results in an increase in our gross assets, liabilities, interest income and interest expense, however it does not affect our stockholders’ equity or net income. Non-Consolidated Variable Interest Entities During the year ended December 31, 2022, the 2018 Single Asset Securitization was liquidated upon full repayment of its collateral and all senior securities outstanding. In the third quarter of 2018, we contributed a $517.5 million loan to the $1.0 billion 2018 Single Asset Securitization, which is a VIE, and invested in the related $99.0 million subordinate position. We were not the primary beneficiary of the VIE because we did not have the power to direct the activities that most significantly affected the VIE’s economic performance and, therefore, did not consolidate the 2018 Single Asset Securitization on our balance sheet. We classified the subordinate position we owned as a held-to-maturity debt security that was included in other assets on our consolidated balance sheets. We are not obligated to provide, have not provided, and do not intend to provide financial support to these consolidated and non-consolidated VIEs.
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Transactions With Related Parties |
12 Months Ended |
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Dec. 31, 2022 | |
| Related Party Transactions [Abstract] | |
| Transactions With Related Parties | TRANSACTIONS WITH RELATED PARTIES We are managed by our Manager pursuant to the Management Agreement, the current term of which expires on December 19, 2023, and will be automatically renewed for a one year term upon such date and each anniversary thereafter unless earlier terminated. As of December 31, 2022 and 2021, our consolidated balance sheets included $33.8 million and $28.4 million of accrued management and incentive fees payable to our Manager, respectively. During the years ended December 31, 2022, 2021, and 2020, we paid aggregate management and incentive fees of $104.8 million, $79.3 million, and $78.9 million, respectively, to our Manager. During the year ended December 31, 2020, we issued 840,696 shares of class A common stock to our Manager in satisfaction of our aggregate $19.3 million of management and incentive fees accrued in the first quarter of 2020. The per share price with respect to such issuance was calculated based on the volume-weighted average price on the NYSE of our class A common stock over the five trading days following our April 29, 2020 first quarter 2020 earnings conference call. In addition, during the years ended December 31, 2022, 2021, and 2020, we incurred expenses of $896,000, $601,000, and $1.0 million, respectively, that were paid by our Manager and will be reimbursed by us. As of December 31, 2022, our Manager held 1,178,855 shares of unvested restricted class A common stock, which had an aggregate grant date fair value of $32.3 million, and vest in installments over three years from the date of issuance. During the years ended December 31, 2022, 2021, and 2020, we recorded non-cash expenses related to shares held by our Manager of $16.6 million, $15.3 million, and $17.0 million, respectively. Refer to Note 16 for further details on our restricted class A common stock. An affiliate of our Manager is the special servicer of the CLOs. This affiliate did not earn any special servicing fees related to the CLOs during the years ended December 31, 2022, 2021 or 2020. During the years ended December 31, 2021 and 2020, we originated three loans and two loans, respectively, whereby the respective borrowers engaged an affiliate of our Manager to act as title insurance agent in connection with these transactions. We did not incur any expenses or receive any revenues as a result of these transactions. There were no similar transactions during the year ended December 31, 2022. During the years ended December 31, 2022, 2021, and 2020, we incurred $524,000, $385,000, and $487,000, respectively, of expenses for various administrative and operations services to third-party service providers that are affiliates of our Manager. Affiliates of our Manager own interests in the controlling entity of BTIG, LLC. We engaged BTIG, LLC as a sales agent to sell shares of our class A common stock under our ATM Agreements. During the year ended December 31, 2022, BTIG, LLC received aggregate fees of $191,000 in such capacity. The fees paid were on terms equivalent to those of other sales agents engaged to sell shares under our ATM Agreements. In the second quarter of 2022, we participated in AUD 1.3 billion, or 24.5%, of an aggregate AUD 5.4 billion senior loan that was originated by an unaffiliated third party to a borrower that is wholly-owned by Blackstone-advised investment vehicles. Another Blackstone-advised investment vehicle participated in an additional AUD 1.3 billion, or 24.5%, of the loan. We will forgo all non-economic rights under the loan, including voting rights, so long as we are an affiliate of the borrower. The senior loan terms were negotiated by a third-party without our involvement and our 24.5% interest in the senior loan was made on such market terms. In the second quarter of 2022, we co-originated £250.0 million of an aggregate £500.0 million senior loan to an unaffiliated third-party. A Blackstone-advised investment vehicle co-originated the additional pari passu £250.0 million of the loan. In the second and fourth quarters of 2022, a Blackstone-advised investment vehicle acquired an aggregate $33.0 million participation, or 4%, of the initial aggregate B-4 Term Loan as a part of a broad syndication lead-arranged by JP Morgan. Blackstone Securities Partners L.P., an affiliate of our Manager, was engaged as a book-runner for the transaction and received aggregate fees of $825,000 in such capacity. Both of these transactions were on terms equivalent to those of unaffiliated parties. In the fourth quarter of 2021, we co-originated A$450.0 million of an aggregate A$900.0 million senior loan to an unaffiliated third-party. A Blackstone-advised investment vehicle co-originated the additional pari passu A$450.0 million of the loan. In the fourth quarter of 2021, we issued $400.0 million aggregate principal amount of 3.75% Senior Secured Notes. The Senior Secured Notes were issued at par and have a maturity date of January 15, 2027. Blackstone Securities Partners L.P., an affiliate of our Manager, participated in the offering of the Senior Secured Notes and received compensation of $400,000 in connection therewith. This transaction was on terms equivalent to those of unaffiliated parties. In the third quarter of 2021, we participated in $246.6 million, or 49.0%, of a total $503.3 million senior loan that was originated by an unaffiliated third party, which was part of a total financing that included a mezzanine loan originated by a Blackstone-advised investment vehicle. We will forgo all non-economic rights under our loan, including voting rights, so long as any Blackstone-advised investment vehicle controls the mezzanine loan. The senior loan terms, with respect to the mezzanine lender, were negotiated by a third party without our involvement and our 49.0% interest in the senior loan was made on such market terms. The borrower is an unaffiliated third party. In the third quarter of 2021, we acquired an aggregate £186.0 million, or 49.0%, of a total £379.6 million senior loan to a borrower that is majority owned by a Blackstone-advised investment vehicle. We will forgo all non-economic rights under the loan, including voting rights, so long as the Blackstone-advised investment vehicle controls the borrower. The senior loan terms were negotiated by the original lender prior to our acquisition of the loan without our involvement, and we acquired the loan on such market terms. In the third quarter of 2021, we participated in $243.6 million, or 25.0%, of an aggregate $974.5 million senior loan that was originated by an unaffiliated third party as part of a broadly marketed process. A Blackstone-advised investment vehicle participated in an additional $243.6 million, or 25.0%, of the loan. The loan proceeds were used by the borrower to repay an existing loan previously owned by us. In the third and fourth quarter of 2019, we acquired €250.0 million of a total €1.6 billion senior loan to a borrower that is partially owned by a Blackstone-advised investment vehicle. We will forgo all non-economic rights under the loan, including voting rights, so long as the Blackstone-advised investment vehicle controls the borrower. The senior loan terms were negotiated by third parties without our involvement and our 16% interest in the senior loan was made on such market terms. In the second quarter of 2021, we acquired an additional €100.0 million interest in the senior loan from an unaffiliated lender, bringing our total interest to 22% of the aggregate senior loan. In the second quarter of 2021, we acquired an aggregate €50.0 million of a total €491.0 million senior loan to a borrower that is majority owned by a Blackstone-advised investment vehicle. We will forgo all non-economic rights under the loan, including voting rights, so long as the Blackstone-advised investment vehicle controls the borrower. The senior loan terms were negotiated by the original lenders prior to our acquisition of the loan without our involvement. In the second quarter of 2021 and 2020, certain Blackstone-advised investment vehicles acquired an aggregate $20.0 million participation, or 15%, of the initial aggregate B-3 Term Loan as a part of a broad syndication lead-arranged by JP Morgan. Blackstone Securities Partners L.P., an affiliate of our Manager, was engaged as a book-runner for the transaction and received aggregate fees of $350,000 in such capacity. Both of these transactions were on terms equivalent to those of unaffiliated parties. In the first quarter of 2021, we acquired an SEK 5.0 billion interest in a total SEK 10.2 billion senior loan to a borrower that is wholly owned by a Blackstone-advised investment vehicle. We will forgo all non-economic rights under the loan, including voting rights, so long as we are an affiliate of the borrower. The senior loan terms were negotiated by a third party without our involvement and our 49% interest in the senior loan was made on such market terms. In the first quarter of 2021, a Blackstone-advised investment vehicle acquired an aggregate $5.5 million participation, or 3%, of the $200 million increase to our B-1 Term Loan as a part of a broad syndication lead-arranged by JP Morgan. Blackstone Securities Partners L.P., an affiliate of our Manager, was engaged as a book-runner for the transaction and received aggregate fees of $200,000 in such capacity. Both of these transactions were on terms equivalent to those of unaffiliated parties.
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Commitments and Contingencies |
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| Commitments and Contingencies Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Commitments and Contingencies | COMMITMENTS AND CONTINGENCIES Unfunded Commitments Under Loans Receivable As of December 31, 2022, we had aggregate unfunded commitments of $3.8 billion across 121 loans receivable, and $2.4 billion of committed or identified financings for those commitments, resulting in net unfunded commitments of $1.4 billion. The unfunded loan commitments comprise funding for capital expenditures and construction, leasing costs, and interest and carry costs, and their fundability varies depending on the progress of capital projects, leasing, and cash flows at the properties securing our loans. Therefore, the exact timing and amounts of such future loan fundings are uncertain and will depend on the current and future performance of the underlying collateral assets. We expect to fund our loan commitments over the remaining term of the related loans, which have a weighted-average future funding period of 3.0 years. Principal Debt Repayments Our contractual principal debt repayments as of December 31, 2022 were as follows ($ in thousands):
(1)Our secured debt and asset-specific debt agreements are generally term-matched to their underlying collateral. Therefore, the allocation of payments under such agreements is generally allocated based on the maximum maturity date of the collateral loans, assuming all extension options are exercised by the borrower. In limited instances, the maturity date of the respective debt agreement is used. (2)The Term Loans are partially amortizing, with an amount equal to 1.0% per annum of the initial principal balance due in quarterly installments. Refer to Note 9 for further details on our term loans. (3)Reflects the outstanding principal balance of Convertible Notes, excluding any potential conversion premium. Refer to Note 11 for further details on our Convertible Notes. (4)Total does not include $2.7 billion of consolidated securitized debt obligations, $1.6 billion of non-consolidated senior interests, and $224.7 million of loan participations sold, as the satisfaction of these liabilities will not require cash outlays from us. Board of Directors’ Compensation As of December 31, 2022, of the nine members of our board of directors, our six independent directors are entitled to annual compensation of $210,000 each, of which $95,000 is paid in cash and $115,000 is paid in the form of deferred stock units or, at their election, shares of restricted common stock. The other three board members, including our chairman and our chief executive officer, are not compensated by us for their service as directors. In addition, (i) the chairs of our audit, compensation, and corporate governance committees receive additional annual cash compensation of $20,000, $15,000, and $10,000, respectively and (ii) the members of our audit and investment risk management committees receive additional annual cash compensation of $10,000 and $7,500, respectively. Litigation From time to time, we may be involved in various claims and legal actions arising in the ordinary course of business. As of December 31, 2022, we were not involved in any material legal proceedings.
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Schedule IV - Mortgage Loans on Real Estate |
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| SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule IV - Mortgage Loans on Real Estate | Blackstone Mortgage Trust, Inc. Schedule IV – Mortgage Loans on Real Estate As of December 31, 2022 (in thousands)
continued… Blackstone Mortgage Trust, Inc. Schedule IV – Mortgage Loans on Real Estate As of December 31, 2022 (in thousands)
(1)Includes senior mortgages and similar credit quality loans, including related contiguous subordinate loans, and pari passu participations in senior mortgage loans. (2)The interest payment rates are expressed as a spread over the relevant floating benchmark rates, which include USD LIBOR, SOFR, SONIA, EURIBOR, and other indices, as applicable to each loan. (3)Maximum maturity date assumes all extension options are exercised. (4)I/O = interest only, P/I = principal and interest. (5)Represents only third party liens. (6)As of December 31, 2022, there were no loans with delinquent principal or interest. (7)The tax basis of the loans included above is $23.6 billion as of December 31, 2022. (8)Includes subordinate interests in mortgages and mezzanine loans. (9)As of December 31, 2022, we had a total CECL reserve of $326.1 million on our loans receivable, of which $189.8 million is specifically related to five of our loans receivable with an aggregate outstanding principal balance of $930.0 million as of December 31, 2022. This CECL reserve reflects certain loans assessed for impairment in our portfolio, as well as macroeconomic conditions, including inflationary pressures and market volatility. Refer to Note 3 for additional information on our CECL reserve. Reconciliation of Mortgage Loans on Real Estate: The following table reconciles mortgage loans on real estate for the years ended:
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Summary of Significant Accounting Policies (Policies) |
12 Months Ended |
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Dec. 31, 2022 | |
| Accounting Policies [Abstract] | |
| Basis of Presentation | Basis of Presentation The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America, or GAAP, and include, on a consolidated basis, our accounts, the accounts of our wholly-owned subsidiaries, majority-owned subsidiaries, and variable interest entities, or VIEs, of which we are the primary beneficiary. All intercompany balances and transactions have been eliminated in consolidation.
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| Principles of Consolidation | Principles of Consolidation We consolidate all entities that we control through either majority ownership or voting rights. In addition, we consolidate all VIEs of which we are considered the primary beneficiary. VIEs are defined as entities in which equity investors (i) do not have the characteristics of a controlling financial interest and/or (ii) do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support from other parties. The entity that consolidates a VIE is known as its primary beneficiary and is generally the entity with (i) the power to direct the activities that most significantly affect the VIE’s economic performance and (ii) the right to receive benefits from the VIE or the obligation to absorb losses of the VIE that could be significant to the VIE. In 2018, we contributed a loan to a single asset securitization vehicle, or the 2018 Single Asset Securitization, which is a VIE, and invested in the related subordinate position. We were not the primary beneficiary of the VIE because we did not have the power to direct the activities that most significantly affected the VIE’s economic performance and, therefore, did not consolidate the 2018 Single Asset Securitization on our balance sheet. We classified the subordinate position we owned as a held-to-maturity debt security that is included in other assets on our consolidated balance sheets. During the year ended December 31, 2022, the 2018 Single Asset Securitization was liquidated upon full repayment of its collateral and all senior securities outstanding. Refer to Note 18 for additional discussion of our VIEs. In 2017, we entered into a joint venture, or our Multifamily Joint Venture, with Walker & Dunlop Inc. to originate, hold, and finance multifamily bridge loans. Pursuant to the terms of the agreements governing the joint venture, Walker & Dunlop contributed 15% of the venture’s equity capital and we contributed 85%. We consolidate the Multifamily Joint Venture as we have a controlling financial interest. The non-controlling interests included on our consolidated balance sheets represent the equity interests in our Multifamily Joint Venture that are owned by Walker & Dunlop. A portion of our Multifamily Joint Venture’s consolidated equity and results of operations are allocated to these non-controlling interests based on Walker & Dunlop’s pro rata ownership of our Multifamily Joint Venture.
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| Use of Estimates | Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results may ultimately differ materially from those estimates.
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| Revenue Recognition | Revenue Recognition Interest income from our loans receivable portfolio and debt securities is recognized over the life of each investment using the effective interest method and is recorded on the accrual basis. Recognition of fees, premiums, and discounts associated with these investments is deferred and recorded over the term of the loan or debt security as an adjustment to yield. Income accrual is generally suspended for loans at the earlier of the date at which payments become 90 days past due or when, in our opinion, recovery of income and principal becomes doubtful. Interest received is then recorded as a reduction in the outstanding principal balance until accrual is resumed when the loan becomes contractually current and performance is demonstrated to be resumed. In addition, for loans we originate, the related origination expenses are deferred and recognized as a component of interest income, however expenses related to loans we acquire are included in general and administrative expenses as incurred.
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| Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents represent cash held in banks and liquid investments with original maturities of three months or less. We may have bank balances in excess of federally insured amounts; however, we deposit our cash and cash equivalents with high credit-quality institutions to minimize credit risk exposure. We have not experienced, and do not expect, any losses on our cash or cash equivalents. As of both December 31, 2022 and December 31, 2021, we had no restricted cash on our consolidated balance sheets. Through our subsidiaries, we have oversight of certain servicing accounts held with third-party servicers, or Servicing Accounts, which relate to borrower escrows and other cash balances aggregating $459.6 million and $531.2 million as of December 31, 2022 and December 31, 2021, respectively. This cash is maintained in segregated bank accounts, and these amounts are not included in the assets and liabilities presented in our consolidated balance sheets. Cash in these Servicing Accounts will be transferred by the respective third-party servicer to the borrower or us under the terms of the applicable loan agreement upon occurrence of certain future events. We do not generate any revenue or incur any expenses as a result of these Servicing Accounts.
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| Loans Receivable | Loans Receivable We originate and purchase commercial real estate debt and related instruments generally to be held as long-term investments at amortized cost. |
| Debt Securities Held-to-Maturity | Debt Securities Held-to-MaturityWe classify our debt securities as held-to-maturity, as we have the intent and ability to hold these securities until maturity. We include our debt securities in other assets on our consolidated balance sheets at amortized cost. |
| Current Expected Credit Losses Reserve | Current Expected Credit Losses Reserve The current expected credit loss, or CECL, reserve required under Accounting Standard Update, or ASU, 2016-13 “Financial Instruments – Credit Losses – Measurement of Credit Losses on Financial Instruments (Topic 326),” or ASU 2016-13, reflects our current estimate of potential credit losses related to our loans and debt securities included in our consolidated balance sheets. Changes to the CECL reserve are recognized through net income on our consolidated statements of operations. While ASU 2016-13 does not require any particular method for determining the CECL reserve, it does specify the reserve should be based on relevant information about past events, including historical loss experience, current portfolio and market conditions, and reasonable and supportable forecasts for the duration of each respective loan. In addition, other than a few narrow exceptions, ASU 2016-13 requires that all financial instruments subject to the CECL model have some amount of loss reserve to reflect the GAAP principal underlying the CECL model that all loans, debt securities, and similar assets have some inherent risk of loss, regardless of credit quality, subordinate capital, or other mitigating factors. We estimate our CECL reserve primarily using the Weighted Average Remaining Maturity, or WARM method, which has been identified as an acceptable loss-rate method for estimating CECL reserves in the Financial Accounting Standards Board, or FASB, Staff Q&A Topic 326, No. 1. The WARM method requires us to reference historic loan loss data across a comparable data set and apply such loss rate to each of our loans over their expected remaining term, taking into consideration expected economic conditions over the relevant timeframe. We apply the WARM method for the majority of our loan portfolio, which loans share similar risk characteristics. In certain instances, for loans with unique risk characteristics, we may instead use a probability-weighted model that considers the likelihood of default and expected loss given default for each such individual loan. Application of the WARM method to estimate a CECL reserve requires judgment, including (i) the appropriate historical loan loss reference data, (ii) the expected timing and amount of future loan fundings and repayments, and (iii) the current credit quality of our portfolio and our expectations of performance and market conditions over the relevant time period. To estimate the historic loan losses relevant to our portfolio, we have augmented our historical loan performance, with market loan loss data licensed from Trepp LLC. This database includes commercial mortgage-backed securities, or CMBS, issued since January 1, 1999 through November 30, 2022. Within this database, we focused our historical loss reference calculations on the most relevant subset of available CMBS data, which we determined based on loan metrics that are most comparable to our loan portfolio including asset type, geography, and origination loan-to-value, or LTV. We believe this CMBS data, which includes month-over-month loan and property performance, is the most relevant, available, and comparable dataset to our portfolio. Our loans typically include commitments to fund incremental proceeds to our borrowers over the life of the loan, which future funding commitments are also subject to the CECL model. The CECL reserve related to future loan fundings is recorded as a component of Other Liabilities on our consolidated balance sheets. This CECL reserve is estimated using the same process outlined above for our outstanding loan balances, and changes in this component of the CECL reserve will similarly impact our consolidated net income. For both the funded and unfunded portions of our loans, we consider our internal risk rating of each loan as the primary credit quality indicator underlying our assessment. The CECL reserve is measured on a collective basis wherever similar risk characteristics exist within a pool of similar assets. We have identified the following pools and measure the reserve for credit losses using the following methods: •U.S. Loans: WARM method that incorporates a subset of historical loss data, expected weighted-average remaining maturity of our loan pool, and an economic view. •Non-U.S. Loans: WARM method that incorporates a subset of historical loss data, expected weighted average remaining maturity of our loan pool, and an economic view. •Unique Loans: a probability of default and loss given default model, assessed on an individual basis. •Impaired Loans: impairment is indicated when it is deemed probable that we will not be able to collect all amounts due to us pursuant to the contractual terms of the loan. Determining that a loan is impaired requires significant judgment from management and is based on several factors including (i) the underlying collateral performance, (ii) discussions with the borrower, (iii) borrower events of default, and (iv) other facts that impact the borrower’s ability to pay the contractual amounts due under the terms of the loan. If a loan is determined to be impaired, we record the impairment as a component of our CECL reserve by applying the practical expedient for collateral dependent loans. The CECL reserve is assessed on an individual basis for these loans by comparing the estimated fair value of the underlying collateral, less costs to sell, to the book value of the respective loan. These valuations require significant judgments, which include assumptions regarding capitalization rates, discount rates, leasing, creditworthiness of major tenants, occupancy rates, availability and cost of financing, exit plan, loan sponsorship, actions of other lenders, and other factors. Actual losses, if any, could ultimately differ materially from these estimates. We only expect to realize the impairment losses if and when such amounts are deemed nonrecoverable upon a realization event. This is generally at the time a loan is repaid, or in the case of foreclosure, when the underlying asset is sold, but non-recoverability may also be concluded if, in our determination, it is nearly certain that all amounts due will not be collected. Contractual Term and Unfunded Loan Commitments Expected credit losses are estimated over the contractual term of each loan, adjusted for expected prepayments. As part of our quarterly review of our loan portfolio, we assess the expected repayment date of each loan, which is used to determine the contractual term for purposes of computing our CECL reserve. Additionally, the expected credit losses over the contractual period of our loans are subject to the obligation to extend credit through our unfunded loan commitments. The CECL reserve for unfunded loan commitments is adjusted quarterly, as we consider the expected timing of future funding obligations over the estimated life of the loan. The considerations in estimating our CECL reserve for unfunded loan commitments are similar to those used for the related outstanding loan receivables. Credit Quality Indicator Our risk rating is our primary credit quality indicator in assessing our current expected credit loss reserve. We perform a quarterly risk review of our portfolio of loans, and assign each loan a risk rating based on a variety of factors, including, without limitation, LTV, 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. Based on a 5-point scale, our loans are rated “l” through “5,” from less risk to greater risk, relative to our loan portfolio in the aggregate, which ratings are defined as follows: 1 -Very Low Risk 2 -Low Risk 3 -Medium Risk 4 -High Risk/Potential for Loss: A loan that has a risk of realizing a principal loss. 5 -Impaired/Loss Likely: A loan that has a very high risk of realizing a principal loss or has otherwise incurred a principal loss. Estimation of Economic Conditions In addition to the WARM method computations and probability-weighted models described above, our CECL reserve is also adjusted to reflect our estimation of the current and future economic conditions that impact the performance of the commercial real estate assets securing our loans. These estimations include unemployment rates, interest rates, expectations of inflation and/or recession, and other macroeconomic factors impacting the likelihood and magnitude of potential credit losses for our loans during their anticipated term. In addition to the CMBS data we have licensed from Trepp LLC, we have also licensed certain macroeconomic financial forecasts to inform our view of the potential future impact that broader economic conditions may have on our loan portfolio’s performance. We may also incorporate information from other sources, including information and opinions available to our Manager, to further inform these estimations. This process requires significant judgments about future events that, while based on the information available to us as of the balance sheet date, are ultimately indeterminate and the actual economic condition impacting our portfolio could vary significantly from the estimates we made as of December 31, 2022.
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| Derivative Financial Instruments | Derivative Financial Instruments We classify all derivative financial instruments as either other assets or other liabilities on our consolidated balance sheets at fair value. On the date we enter into a derivative contract, we designate each contract as (i) a hedge of a net investment in a foreign operation, or net investment hedge, (ii) a hedge of a forecasted transaction or of the variability of cash flows to be received or paid related to a recognized asset or liability, or cash flow hedge, (iii) a hedge of a recognized asset or liability, or fair value hedge, or (iv) a derivative instrument not to be designated as a hedging derivative, or non-designated hedge. For all derivatives other than those designated as non-designated hedges, we formally document our hedge relationships and designation at the contract’s inception. This documentation includes the identification of the hedging instruments and the hedged items, its risk management objectives, strategy for undertaking the hedge transaction and our evaluation of the effectiveness of its hedged transaction. On a quarterly basis, we also formally assess whether the derivative we designated in each hedging relationship is expected to be, and has been, highly effective in offsetting changes in the value or cash flows of the hedged items. If it is determined that a derivative is not highly effective at hedging the designated exposure, hedge accounting is discontinued and the changes in fair value of the instrument are included in net income prospectively. Our net investment hedges are assessed using a method based on changes in spot exchange rates. Gains and losses, representing hedge components excluded from the assessment of effectiveness, are recognized in interest income on our consolidated statements of operations over the contractual term of our net investment hedges on a systematic and rational basis, as documented at hedge inception in accordance with our accounting policy election. All other changes in the fair value of our derivative instruments that qualify as hedges are reported as a component of accumulated other comprehensive income (loss) on our consolidated financial statements. Deferred gains and losses are reclassified out of accumulated other comprehensive income (loss) and into net income in the same period or periods during which the hedged transaction affects earnings, and are presented in the same line item as the earnings effect of the hedged item. For cash flow hedges, this is typically when the periodic swap settlements are made, while for net investment hedges, this occurs when the hedged item is sold or substantially liquidated. To the extent a derivative does not qualify for hedge accounting and is deemed a non-designated hedge, the changes in its fair value are included in net income concurrently.
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| Secured Debt and Asset-Specific Debt | Secured Debt and Asset-Specific DebtWe record investments financed with secured debt or asset-specific debt as separate assets and the related borrowings under any secured debt or asset-specific debt are recorded as separate liabilities on our consolidated balance sheets. Interest income earned on the investments and interest expense incurred on the secured debt or asset-specific debt are reported separately on our consolidated statements of operations. |
| Senior Loan Participations | Senior Loan Participations In certain instances, we finance our loans through the non-recourse syndication of a senior loan interest to a third-party. Depending on the particular structure of the syndication, the senior loan interest may remain on our GAAP balance sheet or, in other cases, the sale will be recognized and the senior loan interest will no longer be included in our consolidated financial statements. When these sales are not recognized under GAAP we reflect the transaction by recording a loan participations sold liability on our consolidated balance sheet, however this gross presentation does not impact stockholders’ equity or net income. When the sales are recognized, our balance sheet only includes our remaining subordinate loan, and excludes the non-consolidated senior interest in the loan that we sold. |
| Term Loans and Senior Secured Notes | Term Loans We record our term loans as liabilities on our consolidated balance sheets. Where applicable, any issue discount or transaction expenses are deferred and amortized through the maturity date of the term loans as additional non-cash interest expense. Senior Secured Notes We record our senior secured notes as liabilities on our consolidated balance sheets. Where applicable, any issue discount or transaction expenses are deferred and amortized through the maturity date of the senior secured notes as additional non-cash interest expense.
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| Convertible Notes | Convertible Notes In August 2020, the FASB issued ASU 2020-06 “Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity,” or ASU 2020-06. ASU 2020-06 simplified the accounting for convertible debt by eliminating the beneficial conversion and cash conversion accounting models. ASU 2020-06 also updated the earnings per share calculation and required entities to assume share settlement when the convertible debt can be settled in cash or shares. ASU 2020-06 was effective for fiscal years beginning after December 15, 2021, and we adopted ASU 2020-06 on January 1, 2022 using the modified retrospective method of transition. Subsequent to adoption of ASU 2020-06, convertible debt proceeds, unless issued with a substantial premium or an embedded conversion feature, will no longer be allocated between debt and equity components. This reduces the issue discount and results in less non-cash interest expense in our consolidated financial statements. Additionally, subsequent to adoption of ASU 2020-06, shares issuable under our convertible notes are included in diluted earnings per share in our consolidated financial statements, if the effect is dilutive, using the if-converted method, regardless of settlement intent. Where applicable, any issue discount or transaction expenses are deferred and amortized through the maturity date of the convertible notes as additional non-cash interest expense.
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| Deferred Financing Costs | Deferred Financing Costs The deferred financing costs that are included as a reduction in the net book value of the related liability on our consolidated balance sheets include issuance and other costs related to our debt obligations. These costs are amortized as interest expense using the effective interest method over the life of the related obligations. |
| Underwriting Commissions and Offering Costs | Underwriting Commissions and Offering Costs Underwriting commissions and offering costs incurred in connection with common stock offerings are reflected as a reduction of additional paid-in capital. Costs incurred that are not directly associated with the completion of a common stock offering are expensed when incurred. |
| Fair Value of Financial Instruments | Fair Value of Financial Instruments The “Fair Value Measurements and Disclosures” Topic of the FASB, or ASC 820, defines fair value, establishes a framework for measuring fair value, and requires certain disclosures about fair value measurements under GAAP. Specifically, this guidance defines fair value based on exit price, or the price that would be received upon the sale of an asset or the transfer of a liability in an orderly transaction between market participants at the measurement date. ASC 820 also establishes a fair value hierarchy that prioritizes and ranks the level of market price observability used in measuring financial instruments. Market price observability is affected by a number of factors, including the type of financial instrument, the characteristics specific to the financial instrument, and the state of the marketplace, including the existence and transparency of transactions between market participants. Financial instruments with readily available quoted prices in active markets generally will have a higher degree of market price observability and a lesser degree of judgment used in measuring fair value. Financial instruments measured and reported at fair value are classified and disclosed based on the observability of inputs used in the determination, as follows: •Level 1: Generally includes only unadjusted quoted prices that are available in active markets for identical financial instruments as of the reporting date. •Level 2: Pricing inputs include quoted prices in active markets for similar instruments, quoted prices in less active or inactive markets for identical or similar instruments where multiple price quotes can be obtained, and other observable inputs, such as interest rates, yield curves, credit risks, and default rates. •Level 3: Pricing inputs are unobservable for the financial instruments and include situations where there is little, if any, market activity for the financial instrument. These inputs require significant judgment or estimation by management of third-parties when determining fair value and generally represent anything that does not meet the criteria of Levels 1 and 2. Certain of our other assets are reported at fair value, as of quarter-end, either (i) on a recurring basis or (ii) on a nonrecurring basis, as a result of impairment or other events. Our assets that are recorded at fair value are discussed further in Note 17. We generally value our assets recorded at fair value by either (i) discounting expected cash flows based on assumptions regarding the collection of principal and interest and estimated market rates, or (ii) obtaining assessments from third-parties. For collateral-dependent loans that are identified as impaired, we measure impairment by comparing our estimation of the fair value of the underlying collateral, less costs to sell, to the book value of the respective loan. These valuations require significant judgments, which include assumptions regarding capitalization rates, discount rates, leasing, creditworthiness of major tenants, occupancy rates, availability and cost of financing, exit plan, loan sponsorship, actions of other lenders, and other factors. As of December 31, 2022, we had an aggregate $189.8 million CECL reserve specifically related to five of our loans receivable with an aggregate outstanding principal balance of $930.0 million, net of cost-recovery proceeds. The CECL reserve was recorded based on our estimation of the fair value of the loan's underlying collateral as of December 31, 2022. These loans receivable are therefore measured at fair value on a nonrecurring basis using significant unobservable inputs, and are classified as Level 3 assets in the fair value hierarchy. We estimated the fair value of these loan receivables by considering a variety of inputs including property performance, market data, and comparable sales, as applicable. The significant unobservable inputs used include the exit capitalization rate assumption used to forecast the future sale price of the underlying real estate collateral, which ranged from 5.00% to 7.50%, and the unlevered discount rate, which ranged from 7.50% to 9.00%. We are also required by GAAP to disclose fair value information about financial instruments, which are not otherwise reported at fair value in our consolidated balance sheet, to the extent it is practicable to estimate a fair value for those instruments. These disclosure requirements exclude certain financial instruments and all non-financial instruments. The following methods and assumptions are used to estimate the fair value of each class of financial instruments, for which it is practicable to estimate that value: •Cash and cash equivalents: The carrying amount of cash and cash equivalents approximates fair value. •Loans receivable, net: The fair values of these loans were estimated using a discounted cash flow methodology, taking into consideration various factors including capitalization rates, discount rates, leasing, credit worthiness of major tenants, occupancy rates, availability and cost of financing, exit plan, loan sponsorship, actions of other lenders, and other factors. •Debt securities held-to-maturity: The fair value of these instruments was estimated by utilizing third-party pricing service providers assuming the securities are not sold prior to maturity. In determining the value of a particular investment, pricing service providers may use broker-dealer quotations, reported trades, or valuation estimates from their internal pricing models to determine the reported price. •Derivative financial instruments: The fair value of our foreign currency and interest rate contracts was estimated using advice from a third-party derivative specialist, based on contractual cash flows and observable inputs comprising foreign currency rates and credit spreads. •Secured debt, net: The fair value of these instruments was estimated based on the rate at which a similar credit facility would currently be priced. •Securitized debt obligations, net: The fair value of these instruments was estimated by utilizing third-party pricing service providers. In determining the value of a particular investment, pricing service providers may use broker-dealer quotations, reported trades, or valuation estimates from their internal pricing models to determine the reported price. •Asset-specific debt, net: The fair value of these instruments was estimated based on the rate at which a similar agreement would currently be priced. •Loan participations sold, net: The fair value of these instruments was estimated based on the value of the related loan receivable asset. •Term loans, net: The fair value of these instruments was estimated by utilizing third-party pricing service providers. In determining the value of a particular investment, pricing service providers may use broker-dealer quotations, reported trades, or valuation estimates from their internal pricing models to determine the reported price. •Senior secured notes, net: The fair value of these instruments was estimated by utilizing third-party pricing service providers. In determining the value of a particular investment, pricing service providers may use broker-dealer quotations, reported trades, or valuation estimates from their internal pricing models to determine the reported price. •Convertible notes, net: Each series of the convertible notes is actively traded and their fair values were obtained using quoted market prices.
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| Income Taxes | Income Taxes Our financial results generally do not reflect provisions for current or deferred income taxes on our REIT taxable income. We believe that we operate in a manner that will continue to allow us to be taxed as a REIT and, as a result, we generally do not expect to pay substantial corporate level taxes other than those payable by our taxable REIT subsidiaries. If we were to fail to meet these requirements, we may be subject to federal, state, and local income tax on current and past income, and penalties. Refer to Note 15 for additional information.
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| Stock-Based Compensation | Stock-Based Compensation Our stock-based compensation consists of awards issued to our Manager, certain individuals employed by an affiliate of our Manager, and certain members of our board of directors that vest over the life of the awards, as well as deferred stock units issued to certain members of our board of directors. Stock-based compensation expense is recognized for these awards in net income on a variable basis over the applicable vesting period of the awards, based on the value of our class A common stock. Refer to Note 16 for additional information.
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| Earnings per Share | Earnings per Share Basic earnings per share, or Basic EPS, is computed in accordance with the two-class method and is based on (i) the net earnings allocable to our class A common stock, including restricted class A common stock and deferred stock units, divided by (ii) the weighted-average number of shares of our class A common stock, including restricted class A common stock and deferred stock units outstanding during the period. Our restricted class A common stock is considered a participating security, as defined by GAAP, and has been included in our Basic EPS under the two-class method as these restricted shares have the same rights as our other shares of class A common stock, including participating in any gains or losses. Diluted earnings per share, or Diluted EPS, is determined using the if-converted method, and is based on (i) the net earnings, adjusted for interest expense incurred on our convertible notes during the relevant period, net of incentive fees, allocable to our class A common stock, including restricted class A common stock and deferred stock units, divided by (ii) the weighted-average number of shares of our class A common stock, including restricted class A common stock, deferred stock units, and shares of class A common stock issuable under our convertible notes. Refer to Note 13 for additional discussion of earnings per share.
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| Foreign Currency | Foreign Currency In the normal course of business, we enter into transactions not denominated in United States, or U.S., dollars. Foreign exchange gains and losses arising on such transactions are recorded as a gain or loss in our consolidated statements of operations. In addition, we consolidate entities that have a non-U.S. dollar functional currency. Non-U.S. dollar denominated assets and liabilities are translated to U.S. dollars at the exchange rate prevailing at the reporting date and income, expenses, gains, and losses are translated at the average exchange rate over the applicable period. Cumulative translation adjustments arising from the translation of non-U.S. dollar denominated subsidiaries are recorded in other comprehensive income (loss). |
| Recent Accounting Pronouncements | Recent Accounting Pronouncements In March 2022, the FASB issued ASU 2022-02 “Financial Instruments-Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures,” or ASU 2022-02. ASU 2022-02 eliminates the accounting guidance for troubled debt restructurings and requires disclosure of current-period gross write-offs by year of loan origination. Additionally, ASU 2022-02 updates the accounting for credit losses under ASC 326 and adds enhanced disclosures with respect to loan refinancings and restructurings in the form of principal forgiveness, interest rate concessions, other-than-insignificant payment delays, or term extensions when the borrower is experiencing financial difficulties. ASU 2022-02 is effective for fiscal years beginning after December 15, 2022 and early adoption is permitted. The amendments should be applied prospectively, however for the recognition and measurement of troubled debt restructurings, the entity has the option to apply a modified retrospective transition method, resulting in a cumulative-effect adjustment to retained earnings in the period of adoption. Upon adoption of ASU 2022-02 on January 1, 2023, we do not expect it will have a material impact on our consolidated financial statements. In March 2020, the FASB issued ASU 2020-04 “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting,” or ASU 2020-04. ASU 2020-04 provides optional expedients and exceptions to GAAP requirements for modifications on debt instruments, leases, derivatives, and other contracts, related to the market transition from LIBOR, and certain other floating rate benchmark indices, or collectively, IBORs, to alternative reference rates. ASU 2020-04 generally considers contract modifications related to reference rate reform to be an event that does not require contract remeasurement at the modification date nor a reassessment of a previous accounting determination. In January 2021, the FASB issued ASU 2021-01 “Reference Rate Reform (Topic 848): Scope,” or ASU 2021-01. ASU 2021-01 clarifies that the practical expedients in ASU 2020-04 apply to derivatives impacted by changes in the interest rate used for margining, discounting, or contract price alignment. In December 2022, the FASB issued ASU 2022-06 "Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848", or ASU 2022-06. ASU 2022-06 deferred the sunset date of ASU 2020-04 to December 31, 2024. The guidance in ASU 2020-04 is optional and may be elected over time, through December 31, 2024, as reference rate reform activities occur. Once ASU 2020-04 is elected, the guidance must be applied prospectively for all eligible contract modifications. In the first quarter of 2020, we have elected to apply the hedge accounting expedients, related to probability and the assessments of effectiveness, for future IBOR-indexed cash flows, to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. Application of these expedients preserves the presentation of derivatives consistent with our past presentation. We plan to apply the contract modification expedients for our applicable loan and debt modifications that relate to the market transition from IBORs. Therefore, our loan and debt modifications that are in accordance with ASU 2020-04 do not require a remeasurement at the modification date nor a reassessment of a previous accounting determination. The application of the ASU 2020-04 expedients have not had a material impact on our consolidated financial statements. In August 2020, the FASB issued ASU 2020-06, described above under “Convertible Notes.” We adopted ASU 2020-06 on January 1, 2022, using the modified retrospective method of transition, which resulted in an aggregate decrease to our additional paid-in capital of $2.4 million, an aggregate decrease to our accumulated deficit of $2.0 million, and an aggregate increase to our convertible notes, net, of $477,000, as of January 1, 2022.
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Loans Receivable, Net (Tables) |
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| Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Overall Statistics for Loans Receivable Portfolio | The following table details overall statistics for our loans receivable portfolio ($ in thousands):
(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 USD LIBOR, SOFR, SONIA, GBP LIBOR, EURIBOR, and other indices, as applicable to each loan. As of December 31, 2022, substantially all of our loans by principal balance earned a floating rate of interest, primarily indexed to USD LIBOR and SOFR. As of December 31, 2021, 99.5% of our loans by principal balance earned a floating rate of interest, primarily indexed to USD LIBOR. The other 0.5% of our loans earned a fixed rate of interest. 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 method. (3)Maximum maturity assumes all extension options are exercised by the borrower, however our loans may be repaid prior to such date. As of December 31, 2022, 50% of our loans by principal balance were subject to yield maintenance or other prepayment restrictions and 50% were open to repayment by the borrower without penalty. As of December 31, 2021, 56% of our loans by principal balance were subject to yield maintenance or other prepayment restrictions and 44% were open to repayment by the borrower without penalty.
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| 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, 2022 ($ in thousands):
(1)Includes Euro, British Pound Sterling, Swedish Krona, Australian Dollar, Canadian Dollar, Swiss Franc, and Danish Krone currencies. (2)As of December 31, 2022, the weighted-average index rate floor of our loan portfolio was 0.36%. Excluding 0.0% index rate floors and loans with no floor, the weighted-average index rate floor was 0.64%.
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| Activity Relating to Loans Receivable Portfolio | Activity relating to our loans receivable portfolio was as follows ($ in thousands):
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| Property Type and Geographic Distribution of Properties Securing Loans in Portfolio | The tables below detail the property type and geographic distribution of the properties securing the loans in our portfolio ($ in thousands):
(1)In certain instances, we finance our loans through the non-recourse sale of a senior loan interest that is not included in our consolidated financial statements. See Note 2 for further discussion. Total loan exposure encompasses the entire loan we originated and financed, including $1.6 billion of such non-consolidated senior interests as of December 31, 2022.
(1)In certain instances, we finance our loans through the non-recourse sale of a senior loan interest that is not included in our consolidated financial statements. See Note 2 for further discussion. Total loan exposure encompasses the entire loan we originated and financed, including $1.5 billion of such non-consolidated senior interests as of December 31, 2021. (2)Excludes investment exposure to the $379.3 million 2018 Single Asset Securitization. See Note 4 for details of the subordinate position we own in the 2018 Single Asset Securitization.
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| Principal Balance and Net Book Value of Loans Receivable Based on Internal Risk Ratings | The following table allocates the principal balance and net book value of our loans receivable based on our internal risk ratings ($ in thousands):
(1)In certain instances, we finance our loans through the non-recourse sale of a senior loan interest that is not included in our consolidated financial statements. See Note 2 for further discussion. Total loan exposure encompasses the entire loan we originated and financed, including $1.6 billion and $1.5 billion of such non-consolidated senior interests as of December 31, 2022 and December 31, 2021, respectively. (2)Excludes investment exposure to the 2018 Single Asset Securitization of $379.3 million as of December 31, 2021. See Note 4 for details of the subordinate position we own in the 2018 Single Asset Securitization.
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| Schedule Of Current Expected Credit Loss Reserve By Pool | The following table presents the activity in our loans receivable CECL reserve by investment pool for the year ended December 31, 2022 and 2021 ($ in thousands):
(1) Includes Canadian loans, which have similar risk characteristics as U.S. loans.
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| Schedule of Net Book Value of Loan Portfolio By Year of Origination, Investment Pool and Risk Rating | The following tables present the net book value of our loan portfolio as of December 31, 2022 and December 31, 2021, respectively, by year of origination, investment pool, and risk rating ($ in thousands):
(1)Date loan was originated or acquired by us. Origination dates are subsequently updated to reflect material loan modifications. (2)Includes Canadian loans, which have similar risk characteristics as U.S. loans.
(1)Date loan was originated or acquired by us. Origination dates are subsequently updated to reflect material loan modifications. (2)Excludes the $78.0 million net book value of our held-to-maturity debt securities which represents our subordinate position we own in the 2018 Single Asset Securitization, and is included in other assets on our consolidated balance sheets. See Note 4 for details of the subordinate position we own in the 2018 Single Asset Securitization. (3)Includes Canadian loans, which have similar risk characteristics as U.S. loans.
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Other Assets and Liabilities (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| Deferred Costs, Capitalized, Prepaid, Other Assets and Other Liabilities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Components of Other Assets | The following table details the components of our other assets ($ in thousands):
(1)Primarily represents loan principal held by our third-party loan servicer as of the balance sheet date which were remitted to us during the subsequent remittance cycle. (2)Represents the subordinate position we own in the 2018 Single Asset Securitization, which held aggregate loan assets of $379.3 million as of December 31, 2021, with a yield to full maturity of L+10.0% and a maximum maturity date of June 9, 2025, assuming all extension options are exercised by the borrower. During the year ended December 31, 2022, the 2018 Single Asset Securitization was liquidated upon full repayment of its collateral and all senior securities outstanding. Refer to Note 18 for additional discussion.
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| Schedule of Debt Securities, Held-to-maturity, Allowance for Credit Loss | The following table presents the activity in our debt securities CECL reserve for the year ended December 31, 2022 and 2021 ($ in thousands):
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| Summary of Components of Other Liabilities | The following table details the components of our other liabilities ($ in thousands):
(1)Represents pending transfers from our third-party loan servicer that were remitted to our banking counterparties during the subsequent remittance cycle. (2)Represents the CECL reserve related to our unfunded loan commitments. See Note 2 for further discussion of the CECL reserve.
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| Schedule of Unfunded Loan Commitments Reserve | The following table presents the activity in the CECL reserve related to our unfunded loan commitments by investment pool for the year ended December 31, 2022 and 2021 ($ in thousands):
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Secured Debt, Net (Tables) |
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| Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Secured Debt Agreements | The following table details our secured debt ($ in thousands):
As of December 31, 2022, the following Senior Secured Notes, were outstanding ($ in thousands):
(1)Includes transaction expenses that are amortized through interest expense over the life of the Senior Secured Notes. The following table details the net book value of our Senior Secured Notes on our consolidated balance sheets ($ in thousands):
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| Credit Facilities | The following table details our secured credit facilities by spread over the applicable base rates as of December 31, 2022 ($ in thousands):
(1)Represents the number of lenders with fundings advanced in each respective currency, as well as the total number of facility lenders. (2)Our secured debt agreements are generally term-matched to their underlying collateral. Therefore, the weighted average maturity is generally allocated based on the maximum maturity date of the collateral loans, assuming all extension options are exercised by the borrower. In limited instances, the maturity date of the respective secured credit facility is used. (3)Represents the principal balance of the collateral assets. (4)Maximum maturity assumes all extension options are exercised by the borrower, however our loans may be repaid prior to such date. (5)Includes Australian Dollar, Canadian Dollar, Danish Krone, Swedish Krona, and Swiss Franc currencies. As of December 31, 2022, the following senior term loan facilities, or Term Loans, were outstanding ($ in thousands):
(1)The B-3 Term Loan and the B-4 Term Loan borrowings are subject to a floor of 0.50%. The B-1 Term Loan and B-3 Term Loan are indexed to one-month USD LIBOR and the B-4 Term Loan is indexed to one-month SOFR. (2)Includes issue discount and transaction expenses that are amortized through interest expense over the life of the Term Loans.
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| Schedule Of All In Cost Of Secured Credit Facilities | The following tables detail the spread of our secured debt as of December 31, 2022 and December 31, 2021 ($ in thousands):
(1)The spread, all-in cost, and all-in yield are expressed over the relevant floating benchmark rates, which include USD LIBOR, SOFR, SONIA, GBP LIBOR, EURIBOR, and other indices as applicable. (2)Represents borrowings outstanding as of December 31, 2022 and December 31, 2021, respectively, for new financings during the year ended December 31, 2022 and December 31, 2021, respectively, based on the date collateral was initially pledged to each credit facility. (3)In addition to spread, the cost includes the associated deferred fees and expenses related to the respective borrowings. 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. (4)Represents the weighted-average all-in cost as of December 31, 2022 and December 31, 2021, respectively, and is not necessarily indicative of the spread applicable to recent or future borrowings. (5)Represents the principal balance of the collateral assets. (6)Represents the difference between the weighted-average all-in yield and weighted-average all-in cost.
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Securitized Debt Obligations, Net (Tables) |
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| Loans Managed, Securitized or Asset-Backed Financing Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Information on Securitized Debt Obligations | The following tables detail our securitized debt obligations and the underlying collateral assets that are financed ($ in thousands):
(1)In addition to cash coupon, all-in yield includes the amortization of deferred origination and extension fees, loan origination costs, purchase discounts, and accrual of exit fees. (2)The weighted-average all-in yield and cost are expressed as a spread over the relevant floating benchmark rates, which include USD LIBOR and SOFR, as applicable to each securitized debt obligation. As of December 31, 2022, the floating benchmark rate for the financing provided on the 2020 FL3 and 2020 FL2 CLOs is one-month SOFR. As of December 31, 2022, one-month SOFR was 4.36% and one-month USD LIBOR was 4.39%. Excludes loans accounted for under the cost recovery method. (3)Underlying Collateral Assets term represents the weighted-average final maturity of such loans, assuming all extension options are exercised by the borrower. Repayments of securitized debt obligations are tied to timing of the related collateral loan asset repayments. The term of these obligations represents the rated final distribution date of the securitizations. (4)During the year ended December 31, 2022, we recorded $87.6 million of interest expense related to our securitized debt obligations.
(1)In addition to cash coupon, all-in yield includes the amortization of deferred origination and extension fees, loan origination costs, purchase discounts, and accrual of exit fees. (2)The weighted-average all-in yield and cost are expressed as a spread over the relevant floating benchmark rates, which include USD LIBOR and SOFR, as applicable to each securitized debt obligation. As of December 31, 2021, the floating benchmark rate for the financing provided on the 2020 FL3 and 2020 FL2 CLOs is one-month SOFR. As of December 31, 2021, one-month SOFR was 0.05% and one-month USD LIBOR was 0.10%. (3)Underlying Collateral Assets term represents the weighted-average final maturity of such loans, assuming all extension options are exercised by the borrower. Repayments of securitized debt obligations are tied to timing of the related collateral loan asset repayments. The term of these obligations represents the rated final distribution date of the securitizations. (4)During the year ended December 31, 2021, we recorded $46.0 million of interest expense related to our securitized debt obligations.
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Asset-Specific Debt, Net (Tables) |
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| Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Asset-Specific Financings | The following tables detail our asset-specific debt ($ in thousands):
(1)These floating rate loans and related liabilities are currency and indexed matched to the applicable benchmark rate relevant in each arrangement. In addition to cash coupon, yield/cost includes the amortization of deferred origination fees and financing costs. (2)The weighted-average term is determined based on the maximum maturity of the corresponding loans, assuming all extension options are exercised by the borrower. Our asset-specific debt is term-matched in each case to the corresponding collateral loans.
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Loan Participations Sold, Net (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Loan Participations Sold | The following table details our loan participations sold ($ in thousands):
(1)This non-debt participation sold structure is inherently matched in terms of currency and interest rate. In addition to cash coupon, yield/cost includes the amortization of deferred fees and financing costs. (2)The term is determined based on the maximum maturity of the loan, assuming all extension options are exercised by the borrower. Our loan participation sold is term-matched to the corresponding collateral loan. (3)During the year ended December 31, 2022, we recorded $7.9 million of interest expense related to our loan participations sold.
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Term Loans, Net (Tables) |
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| Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Debt | The following table details our secured credit facilities by spread over the applicable base rates as of December 31, 2022 ($ in thousands):
(1)Represents the number of lenders with fundings advanced in each respective currency, as well as the total number of facility lenders. (2)Our secured debt agreements are generally term-matched to their underlying collateral. Therefore, the weighted average maturity is generally allocated based on the maximum maturity date of the collateral loans, assuming all extension options are exercised by the borrower. In limited instances, the maturity date of the respective secured credit facility is used. (3)Represents the principal balance of the collateral assets. (4)Maximum maturity assumes all extension options are exercised by the borrower, however our loans may be repaid prior to such date. (5)Includes Australian Dollar, Canadian Dollar, Danish Krone, Swedish Krona, and Swiss Franc currencies. As of December 31, 2022, the following senior term loan facilities, or Term Loans, were outstanding ($ in thousands):
(1)The B-3 Term Loan and the B-4 Term Loan borrowings are subject to a floor of 0.50%. The B-1 Term Loan and B-3 Term Loan are indexed to one-month USD LIBOR and the B-4 Term Loan is indexed to one-month SOFR. (2)Includes issue discount and transaction expenses that are amortized through interest expense over the life of the Term Loans.
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| Schedule of Net Book Value of Term Loans on Consolidated Balance Sheets | The following table details the net book value of our Term Loans on our consolidated balance sheets ($ in thousands):
The following table details the net book value of our Convertible Notes on our consolidated balance sheets ($ in thousands):
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Senior Secured Notes, Net (Tables) |
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| Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Senior Secured Notes, Net | The following table details our secured debt ($ in thousands):
As of December 31, 2022, the following Senior Secured Notes, were outstanding ($ in thousands):
(1)Includes transaction expenses that are amortized through interest expense over the life of the Senior Secured Notes. The following table details the net book value of our Senior Secured Notes on our consolidated balance sheets ($ in thousands):
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Convertible Notes, Net (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| Debt Instruments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Outstanding Convertible Senior Notes | As of December 31, 2022, the following convertible senior notes, or Convertible Notes, were outstanding ($ in thousands):
(1)Includes issuance costs that are amortized through interest expense over the life of the Convertible Notes using the effective interest method. (2)Represents the price of class A common stock per share based on a conversion rate of 27.6052 and 27.5702, respectively, for the March 2018 and March 2022 convertible notes. The conversion rate represents the number of shares of class A common stock issuable per $1,000 principal amount of Convertible Notes. The cumulative dividend threshold as defined in the respective March 2018 and March 2022 convertible notes supplemental indentures have not been exceeded as of December 31, 2022.
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| Summary of Details of Net Book Value of Convertible Note | The following table details the net book value of our Term Loans on our consolidated balance sheets ($ in thousands):
The following table details the net book value of our Convertible Notes on our consolidated balance sheets ($ in thousands):
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| Summary of Details about Interest Expense | The following table details our interest expense related to the Convertible Notes ($ in thousands):
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Derivative Financial Instruments (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Outstanding Foreign Exchange Derivatives Designated as Net Investment Hedges of Foreign Currency Risk | The following table details our outstanding foreign exchange derivatives that were designated as net investment hedges of foreign currency risk (notional amount in thousands):
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| Summary of Non-designated Hedges | The following table details our outstanding foreign exchange derivatives that were non-designated hedges of foreign currency risk (notional amount in thousands):
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| Schedule of Derivative Instruments in Statement of Operations | The following table presents the effect of our derivative financial instruments on our consolidated statements of operations ($ in thousands):
(1)Represents the forward points earned on our foreign currency forward contracts, which reflect the interest rate differentials between the applicable base rate for our foreign currency investments and prevailing US interest rates. These forward contracts effectively convert the foreign currency rate exposure for such investments to USD-equivalent interest rates. (2)Represents the spot rate movement in our non-designated hedges, which are marked-to-market and recognized in interest expense.
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| Summary of Fair Value of Derivative Financial Instruments | The following table summarizes the fair value of our derivative financial instruments ($ in thousands):
(1)Included in other assets in our consolidated balance sheets. (2)Included in other liabilities in our consolidated balance sheets.
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| Summary of Effect of Derivative Financial Instruments on Consolidated Statements of Operations | The following table presents the effect of our derivative financial instruments on our consolidated statements of operations ($ in thousands):
(1)During the year ended December 31, 2022, we received net cash settlements of $330.3 million on our foreign currency forward contracts. During the years ended December 31, 2021, and 2020, we paid net cash settlements of $1.4 million and $43.0 million on our foreign currency contracts. Those amounts are included as a component of accumulated other comprehensive income on our consolidated balance sheets. (2)During the year ended December 31, 2022, and 2021, we recorded total interest and related expenses of $710.9 million and $340.2 million, respectively, which included $4,000 and $10,000, respectively, related to our cash flow hedges. During the year ended December 31, 2020, we recorded total interest and related expenses of $347.5 million, which was reduced by $7,000 related to income generated by our cash flow hedges.
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Equity (Tables) |
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Dec. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Class A Common Stock Issuances | The following table details our issuance of class A common stock during the years ended December 31, 2022, 2021 and 2020 ($ in thousands, except per share data):
(1)Represents shares issued under our at-the-market program. (2)Issuance includes 296,901 shares issued under our at-the-market program, with a weighted-average gross share issue price of $33.67. (3)Includes 840,696 shares issued to our Manager in satisfaction of the management and incentive fees accrued in the first quarter of 2020, with a share issue price of $22.93. The per share price was calculated based on the volume-weighted average price on the NYSE of our class A common stock over the five trading days following our April 29, 2020 first quarter 2020 earnings conference call. (4)Represents the gross price per share issued, as well as the net proceeds per share after underwriting or sales discounts and commissions. (5)Net proceeds represent proceeds received from the underwriters less applicable transaction costs. For the year ended December 31, 2020, includes $19.3 million of net proceeds related to 840,696 shares issued to our Manager in satisfaction of the management and incentives fees accrued in the first quarter of 2020.
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| Schedule of Movement in Outstanding Shares of Class A Common Stock, Restricted Class A Common Stock and Deferred Stock Units | The following table details the movement in our outstanding shares of class A common stock, including restricted class A common stock and deferred stock units:
(1)Includes 410,608, 363,572 and 306,691 deferred stock units held by members of our board of directors as of December 31, 2022, 2021, and 2020, respectively. (2)Includes 8,242, 2,184, and 2,050 shares issued under our dividend reinvestment program during the years ended December 31, 2022, 2021, and 2020, respectively. (3)Includes 13,197 restricted shares issued to our board of directors during the year ended December 31, 2022. (4)Net of 39,655 shares, 29,580 shares, and 879 shares of restricted class A common stock forfeited under our stock-based incentive plans during the years ended December 31, 2022, 2021, and 2020, respectively. See Note 16 for further discussion of our stock-based incentive plans.
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| Schedule of Dividend Activity | The following table details our dividend activity ($ in thousands, except per share data):
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| Schedule of Basic and Diluted Earnings Per Share, or EPS, Based on Weighted-Average of Both Restricted and Unrestricted Class A Common Stock Outstanding | The following table sets forth the calculation of basic and diluted net income per share of class A common stock based on the weighted-average of both restricted and unrestricted class A common stock outstanding ($ in thousands, except per share data):
(1)Represents net income attributable to Blackstone Mortgage Trust. (2)For the year ended December 31, 2022, our Convertible Notes were not included in the calculation of diluted earnings per share, as the impact is antidilutive. Our Convertible Notes could dilute earnings per share in future periods. For the years ended December 31, 2021 and 2020, prior to the adoption of ASU 2020-06, our convertible notes were not assessed for dilution as we had the intent and ability to settle the convertible notes in cash. Refer to Note 2 and Note 11 for further discussion of ASU 2020-06 and our convertible notes, respectively.
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Other Expenses (Tables) |
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| Other Income and Expenses [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of General and Administrative Expenses | General and administrative expenses consisted of the following ($ in thousands):
(1)During the years ended December 31, 2022, 2021, and 2020, we recognized an aggregate $1.1 million, $748,000, and $1.1 million, respectively, of expenses related to our Multifamily Joint Venture.
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Stock-Based Incentive Plans (Tables) |
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| Share-Based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Movement in Outstanding Shares of Restricted Class A Common Stock and Weighted-Average Grant Date Fair Value Per Share | The following table details the movement in our outstanding shares of restricted class A common stock and the weighted-average grant date fair value per share:
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Fair Values (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Assets and Liabilities Measured at Fair Value on Recurring Basis | The following table summarizes our assets and liabilities measured at fair value on a recurring basis ($ in thousands):
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| Schedule of Details of Carrying Amount, Face Amount, and Fair Value of Financial Instruments | The following table details the book value, face amount, and fair value of the financial instruments described in Note 2 ($ in thousands):
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Variable Interest Entities (Tables) |
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| Variable Interest Entity, Primary Beneficiary, Does Not Hold Majority Voting Interest, Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Assets and Liabilities of Consolidated VIE | The following table details the assets and liabilities of our consolidated VIEs ($ in thousands):
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Commitments and Contingencies (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Commitments and Contingencies Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Principal Contractual Obligations | Our contractual principal debt repayments as of December 31, 2022 were as follows ($ in thousands):
(1)Our secured debt and asset-specific debt agreements are generally term-matched to their underlying collateral. Therefore, the allocation of payments under such agreements is generally allocated based on the maximum maturity date of the collateral loans, assuming all extension options are exercised by the borrower. In limited instances, the maturity date of the respective debt agreement is used. (2)The Term Loans are partially amortizing, with an amount equal to 1.0% per annum of the initial principal balance due in quarterly installments. Refer to Note 9 for further details on our term loans. (3)Reflects the outstanding principal balance of Convertible Notes, excluding any potential conversion premium. Refer to Note 11 for further details on our Convertible Notes. (4)Total does not include $2.7 billion of consolidated securitized debt obligations, $1.6 billion of non-consolidated senior interests, and $224.7 million of loan participations sold, as the satisfaction of these liabilities will not require cash outlays from us.
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Other Assets and Liabilities - Summary of Components of Other Assets (Detail) - USD ($) $ in Thousands |
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|---|---|---|---|
| Schedule Of Other Assets [Line Items] | |||
| Accrued interest receivable | $ 189,569 | $ 86,101 | |
| Collateral deposited under derivative agreements | 103,110 | 0 | |
| Loan portfolio payments held by servicer | 68,489 | 77,624 | |
| Derivative assets | 7,349 | 30,531 | |
| Accounts receivable and other assets | 1,318 | 572 | |
| Prepaid expenses | 1,067 | 956 | |
| Debt securities held-to-maturity | 0 | 78,083 | |
| CECL reserve | 0 | (70) | $ (1,723) |
| Debt securities held-to-maturity, net | 0 | 78,013 | |
| Total | $ 370,902 | 273,797 | |
| 2018 Single Asset Securitization | |||
| Schedule Of Other Assets [Line Items] | |||
| Total loan amount, securitized | $ 379,300 |
Other Assets and Liabilities - Summary Of Current Expected Credit Loss Reserve By Pool (Detail) - USD ($) $ in Thousands |
12 Months Ended | |
|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| Debt Securities, Held-to-Maturity, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | ||
| Beginning balance | $ 70 | $ 1,723 |
| Decrease in CECL reserve | (70) | (1,653) |
| Ending balance | $ 0 | $ 70 |
Other Assets and Liabilities - Additional Information (Detail) - Unfunded Loan Commitments $ in Thousands |
Dec. 31, 2022
USD ($)
loan
|
Dec. 31, 2021
USD ($)
|
|---|---|---|
| Financing Receivable, Allowance for Credit Loss [Line Items] | ||
| Unfunded loan commitments | $ | $ 3,806,153 | $ 4,180,128 |
| Number of loans receivable | loan | 121 |
Other Assets and Liabilities - Summary of Components of Other Liabilities (Detail) - USD ($) $ in Thousands |
Dec. 31, 2022 |
Dec. 31, 2021 |
|---|---|---|
| Deferred Costs, Capitalized, Prepaid, Other Assets and Other Liabilities Disclosure [Abstract] | ||
| Derivative liabilities | $ 119,665 | $ 5,890 |
| Accrued dividends payable | 106,455 | 104,271 |
| Accrued interest payable | 80,263 | 29,851 |
| Secured debt repayments pending servicer remittance | 60,585 | 47,664 |
| Accrued management and incentive fees payable | 33,830 | 28,373 |
| Current expected credit loss reserve for unfunded loan commitments | 16,380 | 6,263 |
| Accounts payable and other liabilities | 9,726 | 9,046 |
| Total | $ 426,904 | $ 231,358 |
Secured Debt, Net - Schedule of Secured Debt Agreements (Detail) - USD ($) $ in Thousands |
Dec. 31, 2022 |
Dec. 31, 2021 |
|---|---|---|
| Debt Instrument [Line Items] | ||
| Net book value | $ 17,577,244 | |
| Line of Credit | ||
| Debt Instrument [Line Items] | ||
| Total secured debt | 13,549,748 | $ 12,299,580 |
| Debt Issuance Costs, Net | (21,584) | (19,538) |
| Net book value | 13,528,164 | 12,280,042 |
| Secured credit facilities | Line of Credit | ||
| Debt Instrument [Line Items] | ||
| Total secured debt | 13,549,748 | 12,299,580 |
| Acquisition facility | Line of Credit | ||
| Debt Instrument [Line Items] | ||
| Total secured debt | $ 0 | $ 0 |
Asset-Specific Debt, Net (Detail) $ in Thousands |
12 Months Ended | |
|---|---|---|
|
Dec. 31, 2022
USD ($)
SecurityLoan
|
Dec. 31, 2021
USD ($)
SecurityLoan
|
|
| Financing provided | ||
| Participating Mortgage Loans [Line Items] | ||
| Count | SecurityLoan | 4 | 4 |
| Financing provided, Principal Balance | $ 950,278 | $ 400,699 |
| Financing provided, Book Value | $ 942,503 | $ 393,824 |
| Financing provided | LIBOR | ||
| Participating Mortgage Loans [Line Items] | ||
| Wtd. Avg. Yield/Cost | 3.29% | 2.78% |
| Collateral assets | ||
| Participating Mortgage Loans [Line Items] | ||
| Count | SecurityLoan | 4 | 4 |
| Collateral assets, Principal Balance | $ 1,094,450 | $ 446,276 |
| Collateral assets, Book Value | $ 1,081,035 | $ 435,727 |
| Collateral assets | LIBOR | ||
| Participating Mortgage Loans [Line Items] | ||
| Wtd. Avg. Yield/Cost | 4.73% | 4.04% |
Loan Participations Sold, Net (Details) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
|
Dec. 31, 2022
USD ($)
SecurityLoan
|
Dec. 31, 2021
USD ($)
|
Dec. 31, 2020
USD ($)
|
|
| Participating Mortgage Loans [Line Items] | |||
| Principal Balance | $ 224,744 | $ 0 | |
| Book Value | 224,232 | 0 | |
| Interest expense | $ 710,904 | $ 340,223 | $ 347,471 |
| Senior Participation | |||
| Participating Mortgage Loans [Line Items] | |||
| Count | SecurityLoan | 1 | ||
| Principal Balance | $ 224,744 | ||
| Book Value | 224,232 | ||
| Interest expense | $ 7,900 | ||
| Senior Participation | LIBOR | |||
| Participating Mortgage Loans [Line Items] | |||
| Weighted Average Yield/Cost Rate | 3.22% | ||
| Total Loan | |||
| Participating Mortgage Loans [Line Items] | |||
| Count | SecurityLoan | 1 | ||
| Principal Balance | $ 280,930 | ||
| Book Value | $ 278,843 | ||
| Total Loan | LIBOR | |||
| Participating Mortgage Loans [Line Items] | |||
| Weighted Average Yield/Cost Rate | 4.86% | ||
Term Loans, Net - Schedule of Debt (Detail) $ in Thousands |
12 Months Ended |
|---|---|
|
Dec. 31, 2022
USD ($)
| |
| B-1 Term Loan | |
| Debt Instrument [Line Items] | |
| Face value | $ 920,365 |
| All-in Cost | 2.53% |
| B-1 Term Loan | LIBOR | |
| Debt Instrument [Line Items] | |
| Interest Rate | 2.25% |
| B-3 Term Loan | |
| Debt Instrument [Line Items] | |
| Face value | $ 415,168 |
| Interest Rate | 0.50% |
| All-in Cost | 3.42% |
| B-3 Term Loan | LIBOR | |
| Debt Instrument [Line Items] | |
| Interest Rate | 2.75% |
| B-4 Term Loan | |
| Debt Instrument [Line Items] | |
| Face value | $ 821,685 |
| Interest Rate | 0.50% |
| All-in Cost | 4.11% |
| B-4 Term Loan | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | |
| Debt Instrument [Line Items] | |
| Interest Rate | 3.50% |
Term Loans, Net - Schedule of Net Book Value of Our Secured Term Loans on Our Consolidated Balance Sheets (Detail) - Secured term loans, net - USD ($) $ in Thousands |
Dec. 31, 2022 |
Dec. 31, 2021 |
|---|---|---|
| Debt Instrument [Line Items] | ||
| Face Value | $ 2,157,218 | $ 1,349,271 |
| Deferred financing costs and unamortized discount | (42,669) | (21,865) |
| Net book value | $ 2,114,549 | $ 1,327,406 |
Senior Secured Notes, Net - Schedule of Senior Secured Notes (Details) - Senior Secured Notes - USD ($) |
Dec. 31, 2022 |
Dec. 31, 2021 |
|---|---|---|
| Debt Instrument [Line Items] | ||
| Face Value | $ 400,000,000 | $ 400,000,000 |
| Senior Secured Notes Due 2027 | ||
| Debt Instrument [Line Items] | ||
| Face Value | $ 400,000,000 | |
| Interest Rate | 3.75% | |
| All-in Cost | 4.04% |
Senior Secured Notes, Net - Additional Information (Details) - Senior Secured Notes - Senior Secured Notes Due 2027 $ in Millions |
12 Months Ended |
|---|---|
|
Dec. 31, 2022
USD ($)
| |
| Debt Instrument [Line Items] | |
| Transaction expenses | $ 6.3 |
| Interest expense on debt | 16.2 |
| Amortization of deferred fees and expenses | $ 1.2 |
| Total debt to total assets ratio | 0.8333 |
| Total unencumbered assets to total unsecured debt ratio | 1.20 |
Senior Secured Notes, Net - Schedule of Net Book Value (Details) - USD ($) $ in Thousands |
Dec. 31, 2022 |
Dec. 31, 2021 |
|---|---|---|
| Debt Instrument [Line Items] | ||
| Net book value | $ 17,577,244 | |
| Senior Secured Notes | ||
| Debt Instrument [Line Items] | ||
| Net book value | 400,000 | |
| Senior Secured Notes | Senior Secured Notes Due 2027 | ||
| Debt Instrument [Line Items] | ||
| Face value | 400,000 | $ 400,000 |
| Deferred financing costs | (4,834) | (5,990) |
| Net book value | $ 395,166 | $ 394,010 |
Convertible Notes, Net - Summary of Outstanding Convertible Senior Notes (Detail) |
12 Months Ended |
|---|---|
|
Dec. 31, 2022
USD ($)
$ / shares
| |
| 4.75% Convertible Senior Notes | |
| Debt Instrument [Line Items] | |
| Face Value | $ 220,000,000 |
| Interest Rate | 4.75% |
| All-in Cost | 5.33% |
| Conversion Rate | 27.6052 |
| 4.75% Convertible Senior Notes | Class A Common Stock | |
| Debt Instrument [Line Items] | |
| Debt instrument conversion price (in dollars per share) | $ / shares | $ 36.23 |
| Debt conversion, principal amount | $ 1,000 |
| 5.50% Convertible Senior Notes | |
| Debt Instrument [Line Items] | |
| Face Value | $ 300,000,000.0 |
| Interest Rate | 5.50% |
| All-in Cost | 5.94% |
| Conversion Rate | 27.5702 |
| 5.50% Convertible Senior Notes | Class A Common Stock | |
| Debt Instrument [Line Items] | |
| Debt instrument conversion price (in dollars per share) | $ / shares | $ 36.27 |
| Debt conversion, principal amount | $ 1,000 |
| 4.38% Convertible Senior Notes | Class A Common Stock | |
| Debt Instrument [Line Items] | |
| Debt conversion, principal amount | $ 1,000 |
Convertible Notes, Net - Summary of Details of Net Book Value of Convertible Note (Detail) - Convertible notes, net - USD ($) $ in Thousands |
Dec. 31, 2022 |
Dec. 31, 2021 |
|---|---|---|
| Debt Instrument [Line Items] | ||
| Face Value | $ 520,000 | $ 622,500 |
| Deferred financing costs and unamortized discount | (5,743) | (2,624) |
| Net book value | $ 514,257 | $ 619,876 |
Convertible Notes, Net - Summary of Details about Interest Expense (Detail) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
| Debt Instrument [Line Items] | |||
| Discount and issuance cost amortization | $ 50,020 | $ 41,002 | $ 37,403 |
| Convertible notes, net | |||
| Debt Instrument [Line Items] | |||
| Cash coupon | 28,859 | 28,059 | 28,059 |
| Discount and issuance cost amortization | 2,853 | 3,486 | 3,319 |
| Total interest expense | $ 31,712 | $ 31,545 | $ 31,378 |
Derivative Financial Instruments - Summary of Outstanding Foreign Exchange Derivatives Designated as Net Investment Hedges of Foreign Currency Risk (Detail) - Designated Hedges - Net Investment Hedges € in Thousands, £ in Thousands, kr in Thousands, kr in Thousands, SFr in Thousands, $ in Thousands, $ in Thousands |
Dec. 31, 2022
SEK (kr)
DerivativeInstrument
|
Dec. 31, 2022
EUR (€)
DerivativeInstrument
|
Dec. 31, 2022
GBP (£)
DerivativeInstrument
|
Dec. 31, 2022
AUD ($)
DerivativeInstrument
|
Dec. 31, 2022
DKK (kr)
DerivativeInstrument
|
Dec. 31, 2022
CAD ($)
DerivativeInstrument
|
Dec. 31, 2022
CHF (SFr)
DerivativeInstrument
|
Dec. 31, 2021
SEK (kr)
DerivativeInstrument
|
Dec. 31, 2021
EUR (€)
DerivativeInstrument
|
Dec. 31, 2021
GBP (£)
DerivativeInstrument
|
Dec. 31, 2021
AUD ($)
DerivativeInstrument
|
Dec. 31, 2021
CAD ($)
DerivativeInstrument
|
Dec. 31, 2021
CHF (SFr)
DerivativeInstrument
|
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Buy USD / Sell SEK Forward | |||||||||||||
| Derivative [Line Items] | |||||||||||||
| Number of Instruments | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 1 | 1 | 1 | 1 | 1 | 1 |
| Notional Amount | kr | kr 1,003,626 | kr 999,500 | |||||||||||
| Buy USD / Sell EUR Forward | |||||||||||||
| Derivative [Line Items] | |||||||||||||
| Number of Instruments | 8 | 8 | 8 | 8 | 8 | 8 | 8 | 7 | 7 | 7 | 7 | 7 | 7 |
| Notional Amount | € | € 722,311 | € 731,182 | |||||||||||
| Buy USD / Sell GBP Forward | |||||||||||||
| Derivative [Line Items] | |||||||||||||
| Number of Instruments | 6 | 6 | 6 | 6 | 6 | 6 | 6 | 2 | 2 | 2 | 2 | 2 | 2 |
| Notional Amount | £ | £ 690,912 | £ 489,204 | |||||||||||
| Buy USD / Sell AUD Forward | |||||||||||||
| Derivative [Line Items] | |||||||||||||
| Number of Instruments | 8 | 8 | 8 | 8 | 8 | 8 | 8 | 3 | 3 | 3 | 3 | 3 | 3 |
| Notional Amount | $ | $ 541,813 | $ 188,600 | |||||||||||
| Buy USD / Sell DKK Forward | |||||||||||||
| Derivative [Line Items] | |||||||||||||
| Number of Instruments | 3 | 3 | 3 | 3 | 3 | 3 | 3 | ||||||
| Notional Amount | kr | kr 195,019 | ||||||||||||
| Buy USD / Sell CAD Forward | |||||||||||||
| Derivative [Line Items] | |||||||||||||
| Number of Instruments | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 |
| Notional Amount | $ | $ 22,187 | $ 22,100 | |||||||||||
| Buy USD / Sell CHF Forward | |||||||||||||
| Derivative [Line Items] | |||||||||||||
| Number of Instruments | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 1 | 1 | 1 | 1 | 1 | 1 |
| Notional Amount | SFr | SFr 5,263 | SFr 5,200 |
Derivative Financial Instruments - Summary of Fair Value of Derivative Financial Instruments (Detail) - USD ($) $ in Thousands |
Dec. 31, 2022 |
Dec. 31, 2021 |
|---|---|---|
| Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
| Derivative assets | $ 7,349 | $ 30,531 |
| Derivative liabilities | 119,665 | 5,890 |
| Designated Hedges | Foreign Exchange Contracts | ||
| Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
| Derivative assets | 501 | 23,423 |
| Derivative liabilities | 111,573 | 1,383 |
| Non-designated Hedges | Foreign Exchange Contracts | ||
| Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
| Derivative assets | 6,848 | 7,108 |
| Derivative liabilities | $ 8,092 | $ 4,507 |
Derivative Financial Instruments - Additional Information (Detail) - USD ($) $ in Thousands |
Dec. 31, 2022 |
Dec. 31, 2021 |
|---|---|---|
| Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
| Collateral deposited under derivative agreements | $ 103,110 | $ 0 |
Equity - Schedule of Dividend Activity (Detail) - $ / shares |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
| Class of Stock [Line Items] | |||
| Dividends declared per share of common stock (in dollars per share) | $ 2.48 | $ 2.48 | $ 2.48 |
| Percent taxable as ordinary dividends | 100.00% | 100.00% | 100.00% |
| Percent taxable as capital gain dividends | 0.00% | 0.00% | 0.00% |
| Percent taxable as dividends | 100.00% | 100.00% | 100.00% |
Equity - Schedule of Basic and Diluted Earnings Per Share on Weighted-Average of Both Restricted and Unrestricted Class A Common Stock Outstanding (Detail) - USD ($) $ / shares in Units, $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
| Equity [Abstract] | |||
| Net income | $ 248,642 | $ 419,193 | $ 137,670 |
| Weighted-average shares outstanding, basic (in shares) | 170,631,410 | 151,521,941 | 141,795,977 |
| Weighted-average shares outstanding, diluted (in shares) | 170,631,410 | 151,521,941 | 141,795,977 |
| Per share amount, basic (in dollars per share) | $ 1.46 | $ 2.77 | $ 0.97 |
| Per share amount, diluted (in dollars per share) | $ 1.46 | $ 2.77 | $ 0.97 |
Other Expenses - Additional Information (Detail) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
| Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
| Management fees | $ 110,292 | $ 88,467 | $ 77,916 |
| Shares issued for management and incentive fees | 19,300 | ||
| Manager | |||
| Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
| Management base fee percentage | 1.50% | ||
| Management incentive fee percentage | 20.00% | ||
| Management core earnings fee percentage | 7.00% | ||
| Management core earnings fee measurement period (in years) | 3 years | ||
| Management core earnings fee minimum threshold | 0.00% | ||
| Management fees | $ 73,000 | 64,200 | 60,400 |
| Total incentive compensation payments | 37,300 | 24,300 | $ 17,500 |
| Shares issued for management and incentive fees (in shares) | 840,696 | ||
| Shares issued for management and incentive fees | $ 19,300 | ||
| Accrued management and incentive fees payable | $ 33,800 | $ 28,400 | |
Other Expenses - Schedule of General and Administrative Expenses (Detail) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
| Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
| Professional services | $ 10,924 | $ 7,759 | $ 7,324 |
| Operating and other costs | 7,855 | 3,762 | 4,015 |
| Subtotal | 18,779 | 11,521 | 11,339 |
| Non-cash compensation expenses | |||
| Restricted class A common stock earned | 32,724 | 31,052 | 34,032 |
| Director stock-based compensation | 690 | 595 | 500 |
| Subtotal | 33,414 | 31,647 | 34,532 |
| Total general and administrative expenses | 52,193 | 43,168 | 45,871 |
| Multifamily | Joint Venture | |||
| Non-cash compensation expenses | |||
| Expenses related to multifamily joint venture | $ 1,100 | $ 748 | $ 1,100 |
Income Taxes (Detail) - USD ($) $ in Thousands |
1 Months Ended | 12 Months Ended | ||
|---|---|---|---|---|
May 31, 2013 |
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
| Income Tax Disclosure [Abstract] | ||||
| Income tax provision | $ 3,003 | $ 423 | $ 323 | |
| Shares issued (in shares) | 25,875,000 | 2,311,711 | 20,363,592 | 10,842,746 |
| NOL limitation per annum | $ 2,000 | |||
| Net operating losses carried forward | $ 159,000 | |||
Stock-Based Incentive Plans - Movement in Outstanding Shares of Restricted Class A Common Stock and Weighted-Average Grant Date Fair Value Per Share (Detail) - Restricted Class A Common Stock - $ / shares |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
| Restricted Class A Common Stock | |||
| Beginning balance (in shares) | 1,706,121 | 1,627,890 | |
| Granted (in shares) | 1,244,131 | 1,065,755 | |
| Vested (in shares) | (1,026,813) | (957,944) | |
| Forfeited (in shares) | (39,655) | (29,580) | (879) |
| Ending balance (in shares) | 1,883,784 | 1,706,121 | 1,627,890 |
| Weighted-Average Grant Date Fair Value Per Share | |||
| Beginning balance (in dollars per share) | $ 31.19 | $ 33.14 | |
| Granted (in dollars per share) | 26.92 | 29.93 | |
| Vested (in dollars per share) | 32.06 | 33.08 | |
| Forfeited (in dollars per share) | 30.76 | 31.52 | |
| Ending balance (in dollars per share) | $ 27.90 | $ 31.19 | $ 33.14 |
Fair Values - Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands |
Dec. 31, 2022 |
Dec. 31, 2021 |
|---|---|---|
| Assets | ||
| Derivatives | $ 7,349 | $ 30,531 |
| Liabilities | ||
| Derivatives | 119,665 | 5,890 |
| Recurring | ||
| Assets | ||
| Derivatives | 7,349 | 30,531 |
| Liabilities | ||
| Derivatives | 119,665 | 5,890 |
| Level 1 | Recurring | ||
| Assets | ||
| Derivatives | 0 | 0 |
| Liabilities | ||
| Derivatives | 0 | 0 |
| Level 2 | Recurring | ||
| Assets | ||
| Derivatives | 7,349 | 30,531 |
| Liabilities | ||
| Derivatives | 119,665 | 5,890 |
| Level 3 | Recurring | ||
| Assets | ||
| Derivatives | 0 | 0 |
| Liabilities | ||
| Derivatives | $ 0 | $ 0 |
Variable Interest Entities - Summary of Assets and Liabilities of Consolidated VIE (Detail) - USD ($) $ in Thousands |
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|---|---|---|---|
| Assets | |||
| Loans receivable | $ 25,017,880 | $ 22,003,017 | $ 16,572,715 |
| Current expected credit loss reserve | (326,137) | (124,679) | $ (173,549) |
| Loans receivable, net | 24,691,743 | 21,878,338 | |
| Other assets | 370,902 | 273,797 | |
| Total assets | 25,353,985 | 22,703,289 | |
| Liabilities | |||
| Securitized debt obligations, net | 2,664,010 | 2,838,062 | |
| Other liabilities | 426,904 | 231,358 | |
| Total liabilities | 20,809,785 | 18,084,578 | |
| VIE | |||
| Assets | |||
| Loans receivable | 3,317,316 | 3,486,750 | |
| Current expected credit loss reserve | (93,396) | (4,502) | |
| Loans receivable, net | 3,223,920 | 3,482,248 | |
| Other assets | 15,995 | 20,746 | |
| Total assets | 3,239,915 | 3,502,994 | |
| Liabilities | |||
| Securitized debt obligations, net | 2,664,010 | 2,838,062 | |
| Other liabilities | 7,234 | 1,800 | |
| Total liabilities | $ 2,671,244 | $ 2,839,862 |
Variable Interest Entities - Additional Information (Detail) - 2018 Single Asset Securitization $ in Millions |
3 Months Ended |
|---|---|
|
Sep. 30, 2018
USD ($)
| |
| Variable Interest Entity [Line Items] | |
| Loan contributed to securitization | $ 517.5 |
| Subordinate risk retention interest notional amount | 1,000.0 |
| Subordinate position | $ 99.0 |
Schedule IV - Mortgage Loans on Real Estate Footnotes (Detail) $ in Thousands |
Dec. 31, 2022
USD ($)
loan
|
Dec. 31, 2021
USD ($)
|
Dec. 31, 2020
USD ($)
|
|---|---|---|---|
| SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||
| Tax basis of loans | $ 23,600,000 | ||
| CECL reserve | $ 326,137 | $ 124,679 | $ 173,549 |
| Number of loans accounted for under cost-recovery method, floating rate | loan | 5 | ||
| Principal balance | $ 25,017,880 | $ 22,003,017 | $ 16,572,715 |
| Level 3 | Fair Value, Nonrecurring | |||
| SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||
| Number of loans accounted for under cost-recovery method, floating rate | loan | 5 | ||
| Principal balance | $ 930,000 | ||
| Hospitality Asset in New York City | |||
| SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||
| CECL reserve | $ 189,800 |
Schedule IV - Reconciliation of Mortgage Loans on Real Estate (Detail) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
| SEC Schedule, 12-29, Real Estate Companies, Investment in Movement in Mortgage Loans on Real Estate [Roll Forward] | |||
| Balance at January 1, | $ 22,003,017 | $ 16,572,715 | $ 16,164,801 |
| Additions during period: | |||
| Loan fundings | 6,810,218 | 12,550,463 | 1,896,276 |
| Amortization of fees and other items | 80,632 | 68,267 | 56,279 |
| Deductions during period: | |||
| Loan repayments and sales proceeds | (3,168,155) | (6,733,105) | (1,862,955) |
| Principal charge-offs | 0 | (14,427) | 0 |
| Unrealized (loss) gain on foreign currency translation | (632,902) | (297,894) | 340,260 |
| Deferred fees and other items | (74,930) | (143,002) | (21,946) |
| Net balance at December 31, | 25,017,880 | 22,003,017 | 16,572,715 |
| CECL reserve | (326,137) | (124,679) | (173,549) |
| Total Loans, Net | $ 24,691,743 | $ 21,878,338 | $ 16,399,166 |
| Label | Element | Value |
|---|---|---|
| Accounting Standards Update [Extensible Enumeration] | us-gaap_AccountingStandardsUpdateExtensibleList | Accounting Standards Update 2016-13 [Member] |