Cover Page
Cover Page - shares | 6 Months Ended | |
Jun. 30, 2020 | Jul. 22, 2020 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q2 | |
Entity Central Index Key | 0001061630 | |
Current Fiscal Year End Date | --12-31 | |
Document Period End Date | Jun. 30, 2020 | |
Trading Symbol | BXMT | |
Entity Registrant Name | BLACKSTONE MORTGAGE TRUST, INC. | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Common Stock, Shares Outstanding | 146,197,290 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Interactive Data Current | Yes | |
Entity File Number | 1-14788 | |
Entity Tax Identification Number | 94-6181186 | |
Entity Incorporation, State or Country Code | MD | |
Entity Current Reporting Status | Yes | |
Entity Shell Company | false | |
Entity Address, Address Line One | 345 Park Avenue, 42nd Floor | |
Entity Address, City or Town | New York | |
Entity Address, Postal Zip Code | 10154 | |
City Area Code | 212 | |
Local Phone Number | 655-0220 | |
Title of 12(b) Security | Class A common stock | |
Security Exchange Name | NYSE | |
Entity Address, State or Province | NY |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Assets | ||
Cash and cash equivalents | $ 1,259,836 | $ 150,090 |
Loans receivable | 16,339,403 | 16,164,801 |
Current expected credit loss reserve | (178,050) | |
Loans receivable, net | 16,161,353 | 16,164,801 |
Other assets | 241,934 | 236,980 |
Total Assets | 17,663,123 | 16,551,871 |
Liabilities and Equity | ||
Secured debt agreements, net | 9,689,541 | 10,054,930 |
Securitized debt obligations, net | 2,240,612 | 1,187,084 |
Secured term loans, net | 1,045,163 | 736,142 |
Convertible notes, net | 614,710 | 613,071 |
Other liabilities | 177,313 | 175,963 |
Total Liabilities | 13,767,339 | 12,767,190 |
Commitments and contingencies | ||
Equity | ||
Class A common stock, $0.01 par value, 400,000,000 shares authorized and 146,196,662 shares issued and outstanding as of June 30, 2020, and 200,000,000 shares authorized and 135,003,662 shares issued and outstanding as of December 31, 2019 | 1,462 | 1,350 |
Additional paid-in capital | 4,685,159 | 4,370,014 |
Accumulated other comprehensive income (loss) | 8,925 | (16,233) |
Accumulated deficit | (820,783) | (592,548) |
Total Blackstone Mortgage Trust, Inc. stockholders' equity | 3,874,763 | 3,762,583 |
Non-controlling interests | 21,021 | 22,098 |
Total Equity | 3,895,784 | 3,784,681 |
Total Liabilities and Equity | $ 17,663,123 | $ 16,551,871 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Common stock, par value in dollars per share | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 400,000,000 | 200,000,000 |
Common stock, shares issued | 146,196,662 | 135,003,662 |
Common stock, shares outstanding | 146,196,662 | 135,003,662 |
Assets | $ 17,663,123 | $ 16,551,871 |
Liabilities | 13,767,339 | 12,767,190 |
Variable interest entity, consolidated, carrying amount [Member] | ||
Assets | 2,709,080 | 1,401,691 |
Liabilities | $ 2,242,139 | $ 1,188,732 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Income from loans and other investments | ||||
Interest and related income | $ 191,982 | $ 223,369 | $ 396,857 | $ 448,128 |
Less: Interest and related expenses | 84,853 | 116,891 | 189,092 | 235,579 |
Income from loans and other investments, net | 107,129 | 106,478 | 207,765 | 212,549 |
Other expenses | ||||
Management and incentive fees | 20,496 | 20,984 | 39,773 | 40,774 |
General and administrative expenses | 11,286 | 9,897 | 23,078 | 19,210 |
Total other expenses | 31,782 | 30,881 | 62,851 | 59,984 |
Increase in current expected credit loss reserve | (56,819) | (179,521) | ||
Income (loss) before income taxes | 18,528 | 75,597 | (34,607) | 152,565 |
Income tax provision | 23 | 46 | 173 | 147 |
Net income (loss) | 18,505 | 75,551 | (34,780) | 152,418 |
Net income attributable to non-controlling interests | (961) | (377) | (1,028) | (680) |
Net income (loss) attributable to Blackstone Mortgage Trust, Inc. | $ 17,544 | $ 75,174 | $ (35,808) | $ 151,738 |
Net income (loss) per share of common stock basic and diluted | $ 0.13 | $ 0.59 | $ (0.26) | $ 1.21 |
Weighted-average shares of common stock outstanding, basic and diluted | 138,299,418 | 126,475,244 | 136,959,341 | 125,410,064 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Income Statement [Abstract] | ||||
Net income (loss) | $ 18,505 | $ 75,551 | $ (34,780) | $ 152,418 |
Other comprehensive income | ||||
Unrealized gain (loss) on foreign currency translation | 21,342 | (9,578) | (48,166) | (4,164) |
Realized and unrealized (loss) gain on derivative financial instruments | (30,665) | 10,914 | 73,325 | 8,966 |
Other comprehensive (loss) income | (9,323) | 1,336 | 25,159 | 4,802 |
Comprehensive income (loss) | 9,182 | 76,887 | (9,621) | 157,220 |
Comprehensive income attributable to non-controlling interests | (961) | (377) | (1,028) | (680) |
Comprehensive income (loss) attributable to Blackstone Mortgage Trust, Inc. | $ 8,221 | $ 76,510 | $ (10,649) | $ 156,540 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity - USD ($) $ in Thousands | Total | Adoption of ASU 2016-13, see Note 2 [Member] | Class A Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Other Comprehensive (Loss) Income [Member] | Accumulated Deficit [Member] | Accumulated Deficit [Member]Adoption of ASU 2016-13, see Note 2 [Member] | Stockholders' Equity [Member] | Stockholders' Equity [Member]Adoption of ASU 2016-13, see Note 2 [Member] | Non-Controlling Interests [Member] | Non-Controlling Interests [Member]Adoption of ASU 2016-13, see Note 2 [Member] |
Balance at Dec. 31, 2018 | $ 3,374,607 | $ 1,234 | $ 3,966,540 | $ (34,222) | $ (569,428) | $ 3,364,124 | $ 10,483 | ||||
Shares of class A common stock issued, net | 65,381 | 23 | 65,358 | 65,381 | |||||||
Restricted class A common stock earned | 7,639 | 7,639 | 7,639 | ||||||||
Dividends reinvested | 11 | 143 | (132) | 11 | |||||||
Deferred directors' compensation | 125 | 125 | 125 | ||||||||
Other comprehensive income (loss) | 3,466 | 3,466 | 3,466 | ||||||||
Net (loss) income | 76,867 | 76,565 | 76,565 | 302 | |||||||
Dividends declared on common stock, $0.62 per share | (77,913) | (77,913) | (77,913) | ||||||||
Contributions from non-controlling interests | 1,470 | 1,470 | |||||||||
Distributions to non-controlling interests | (64) | (64) | |||||||||
Balance at Mar. 31, 2019 | 3,451,589 | 1,257 | 4,039,805 | (30,756) | (570,908) | 3,439,398 | 12,191 | ||||
Balance at Dec. 31, 2018 | 3,374,607 | 1,234 | 3,966,540 | (34,222) | (569,428) | 3,364,124 | 10,483 | ||||
Other comprehensive income (loss) | 4,802 | ||||||||||
Net (loss) income | 152,418 | ||||||||||
Balance at Jun. 30, 2019 | 3,776,425 | 1,343 | 4,354,571 | (29,420) | (579,131) | 3,747,363 | 29,062 | ||||
Balance at Mar. 31, 2019 | 3,451,589 | 1,257 | 4,039,805 | (30,756) | (570,908) | 3,439,398 | 12,191 | ||||
Shares of class A common stock issued, net | 306,952 | 86 | 306,866 | 306,952 | |||||||
Restricted class A common stock earned | 7,629 | 7,629 | 7,629 | ||||||||
Dividends reinvested | 8 | 146 | (138) | 8 | |||||||
Deferred directors' compensation | 125 | 125 | 125 | ||||||||
Other comprehensive income (loss) | 1,336 | 1,336 | 1,336 | ||||||||
Net (loss) income | 75,551 | 75,174 | 75,174 | 377 | |||||||
Dividends declared on common stock, $0.62 per share | (83,259) | (83,259) | (83,259) | ||||||||
Contributions from non-controlling interests | 17,158 | 17,158 | |||||||||
Distributions to non-controlling interests | (664) | (664) | |||||||||
Balance at Jun. 30, 2019 | 3,776,425 | 1,343 | 4,354,571 | (29,420) | (579,131) | 3,747,363 | 29,062 | ||||
Balance at Dec. 31, 2019 | 3,784,681 | 1,350 | 4,370,014 | (16,233) | (592,548) | 3,762,583 | 22,098 | ||||
Balance (Accounting Standards Update 2016-13 [Member]) at Dec. 31, 2019 | $ (17,650) | $ (17,565) | $ (17,565) | $ (85) | |||||||
Shares of class A common stock issued, net | 4 | 4 | 4 | ||||||||
Restricted class A common stock earned | 8,550 | 8,550 | 8,550 | ||||||||
Dividends reinvested | 12 | 162 | (150) | 12 | |||||||
Deferred directors' compensation | 125 | 125 | 125 | ||||||||
Other comprehensive income (loss) | 34,481 | 34,481 | 34,481 | ||||||||
Net (loss) income | (53,283) | (53,350) | (53,350) | 67 | |||||||
Dividends declared on common stock, $0.62 per share | (83,920) | (83,920) | (83,920) | ||||||||
Contributions from non-controlling interests | 8,108 | 8,108 | |||||||||
Distributions to non-controlling interests | (6,681) | (6,681) | |||||||||
Balance at Mar. 31, 2020 | 3,674,427 | 1,354 | 4,378,851 | 18,248 | (747,533) | 3,650,920 | 23,507 | ||||
Balance at Dec. 31, 2019 | 3,784,681 | 1,350 | 4,370,014 | (16,233) | (592,548) | 3,762,583 | 22,098 | ||||
Balance (Accounting Standards Update 2016-13 [Member]) at Dec. 31, 2019 | $ (17,650) | $ (17,565) | $ (17,565) | $ (85) | |||||||
Other comprehensive income (loss) | 25,159 | ||||||||||
Net (loss) income | (34,780) | ||||||||||
Balance at Jun. 30, 2020 | 3,895,784 | 1,462 | 4,685,159 | 8,925 | (820,783) | 3,874,763 | 21,021 | ||||
Balance at Mar. 31, 2020 | 3,674,427 | 1,354 | 4,378,851 | 18,248 | (747,533) | 3,650,920 | 23,507 | ||||
Shares of class A common stock issued, net | 297,599 | 108 | 297,491 | 297,599 | |||||||
Restricted class A common stock earned | 8,527 | 8,527 | 8,527 | ||||||||
Dividends reinvested | 13 | 165 | (152) | 13 | |||||||
Deferred directors' compensation | 125 | 125 | 125 | ||||||||
Other comprehensive income (loss) | (9,323) | (9,323) | (9,323) | ||||||||
Net (loss) income | 18,505 | 17,544 | 17,544 | 961 | |||||||
Dividends declared on common stock, $0.62 per share | (90,642) | (90,642) | (90,642) | ||||||||
Distributions to non-controlling interests | (3,447) | (3,447) | |||||||||
Balance at Jun. 30, 2020 | $ 3,895,784 | $ 1,462 | $ 4,685,159 | $ 8,925 | $ (820,783) | $ 3,874,763 | $ 21,021 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Equity (Parenthetical) - $ / shares | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2020 | Mar. 31, 2020 | Jun. 30, 2019 | Mar. 31, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Statement of Stockholders' Equity [Abstract] | ||||||
Dividends declared on common stock, per share | $ 0.62 | $ 0.62 | $ 0.62 | $ 0.62 | $ 1.24 | $ 1.24 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Cash flows from operating activities | ||
Net (loss) income | $ (34,780) | $ 152,418 |
Adjustments to reconcile net (loss) income to net cash provided by operating activities | ||
Satisfaction of management and incentive fees in stock | 19,277 | |
Non-cash compensation expense | 17,329 | 15,522 |
Amortization of deferred fees on loans and debt securities | (28,325) | (28,511) |
Amortization of deferred financing costs and premiums/discount on debt obligations | 18,747 | 15,232 |
Increase in current expected credit loss reserve | 179,521 | |
Changes in assets and liabilities, net | ||
Other assets | 7,778 | (1,285) |
Other liabilities | (3,839) | 3,808 |
Net cash provided by operating activities | 175,708 | 157,184 |
Cash flows from investing activities | ||
Origination and fundings of loans receivable | (1,240,642) | (1,922,219) |
Principal collections and sales proceeds from loans receivable and debt securities | 928,348 | 1,807,121 |
Origination and exit fees received on loans receivable | 11,969 | 17,721 |
Receipts under derivative financial instruments | 85,465 | 9,893 |
Payments under derivative financial instruments | (28,488) | (2,941) |
Collateral deposited under derivative agreements | (191,540) | (9,090) |
Return of collateral deposited under derivative agreements | 200,160 | 9,090 |
Net cash used in investing activities | (234,728) | (90,425) |
Cash flows from financing activities | ||
Borrowings under secured debt agreements | 2,200,042 | 1,464,038 |
Repayments under secured debt agreements | (2,486,103) | (2,172,557) |
Proceeds from issuance of collateralized loan obligations | 1,243,125 | |
Repayment of collateralized loan obligations | (179,759) | |
Proceeds from sale of loan participations | 21,346 | |
Repayment of loan participations | 0 | (115,874) |
Net proceeds from issuance of secured term loans | 315,438 | 498,750 |
Repayments of secured term loans | (3,744) | |
Payment of deferred financing costs | (27,906) | (23,323) |
Contributions from non-controlling interests | 8,108 | 18,628 |
Distributions to non-controlling interests | (10,128) | (728) |
Net proceeds from issuance of class A common stock | 278,322 | 372,329 |
Dividends paid on class A common stock | (167,623) | (154,443) |
Net cash provided by (used in) financing activities | 1,169,772 | (91,834) |
Net increase (decrease) in cash, cash equivalents, and restricted cash | 1,110,752 | (25,075) |
Cash and cash equivalents at beginning of period | 150,090 | 105,662 |
Effects of currency translation on cash and cash equivalents | (1,006) | (3) |
Cash and cash equivalents at end of period | 1,259,836 | 80,584 |
Supplemental disclosure of cash flows information | ||
Payments of interest | (173,040) | (219,573) |
Payments of income taxes | (148) | (99) |
Supplemental disclosure of non-cash investing and financing activities | ||
Dividends declared, not paid | (90,642) | (83,259) |
Satisfaction of management and incentive fees in stock | 19,277 | |
Loan principal payments held by servicer, net | $ 81,261 | $ 32,975 |
Organization
Organization | 6 Months Ended |
Jun. 30, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization | 1. ORGANIZATION References herein to “Blackstone Mortgage Trust,” “Company,” “we,” “us” or “our” refer to Blackstone Mortgage Trust, Inc. 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 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 our credit facilities, issuing CLOs or single-asset securitizations, and syndications of 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 The Blackstone Group 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, 42nd Floor, New York, New York 10154. We were incorporated in Maryland in 1998, when we reorganized from a California common law business trust into a Maryland corporation. 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. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2020 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America, or GAAP, for interim financial information and the instructions to Form 10-Q 10-01 S-X. 10-K Basis of Presentation The accompanying consolidated financial statements 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 the third quarter of 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 are not the primary beneficiary of the VIE because we do not have the power to direct the activities that most significantly affect the VIE’s economic performance and, therefore, do not consolidate the 2018 Single Asset Securitization on our balance sheet. We have classified the subordinate position we o w held-to-maturity In April 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. During the first quarter of 2020, there was a global outbreak of a novel coronavirus, or COVID-19, which has spread to over 200 countries and territories, including the United States, and has spread to every state in the United States. The World Health Organization has designated COVID-19 as a pandemic, and numerous countries, including the United States, have declared national emergencies with respect to COVID-19. The global impact of the outbreak has been rapidly evolving, and as cases of COVID-19 have continued to be identified in additional countries, many countries have reacted by instituting quarantines and restrictions on travel, closing financial markets and/or restricting trading, and limiting operations of non-essential offices and retail centers. Such actions are creating disruption in global supply chains, increasing rates of unemployment and adversely impacting many industries. The outbreak could have a continued adverse impact on economic and market conditions and trigger a period of global economic slowdown. The rapid development and fluidity of this situation precludes any prediction as to the ultimate adverse impact of COVID-19 on economic and market conditions. We believe the estimates and assumptions underlying our consolidated financial statements are reasonable and supportable based on the information available as of June 30, 2020, however uncertainty over the ultimate impact COVID-19 COVID-19. 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 the opinion of our Manager, recovery of income and principal becomes doubtful. Income is then recorded on the basis of cash received 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 June 30, 2020 and December 31, 2019, 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 $350.4 million and $450.8 million as of June 30, 2020 and December 31, 2019, 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, 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. The initial CECL reserve recorded on January 1, 2020 is reflected as a direct charge to retained earnings on our consolidated statements of changes in equity; however subsequent changes to the CECL reserve are recognized through net income (loss) o n 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 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, which includes zero realized loan losses since the launch of our senior loan origination business in 2013, with market loan loss data licensed from Trepp LLC. This database includes commercial mortgage-backed securities, or CMBS, issued since January 1, 1999 through May 31, 2020. 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 loan-to-value, Our loans typically include commitments to fund incremental proceeds to our borrowers over t he 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 (loss). 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 • Non-U.S. Loans • Unique Loans • Impaired Loans collateral-dependent We adopted ASU 2016-13 using the modified-retrospective method for all financial assets measured at amortized cost. Prior to our adoption, we had no loan loss provisions on our consolidated balance sheets. We recorded a cumulative-effective adjustment to the opening retained earnings in our consolidated statement of equity as of January 1, 2020. Impact of ASU 2016-13 Adoption Assets: Loans U.S. Loans $ 8,955 Non-U.S. 3,631 Unique Loans 1,356 CECL reserve on loans $ 13,942 CECL reserve on held-to-maturity 445 Liabilities: CECL reserve on unfunded loan commitments 3,263 Total impact of ASU 2016-13 $ 17,650 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. Our Manager performs a quarterly risk review of our portfolio of loans, and assigns 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 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, 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. These estimations require 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 June 30, 2020 . 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 (loss) prospectively. Effective April 1, 2020, 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 (loss) 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 (loss) concurrently. Secured Debt Agreements Where applicable, we record investments financed with secured debt agreements as separate assets and the related borrowings under any secured debt agreements are recorded as separate liabilities on our consolidated balance sheets. Interest income earned on the investments and interest expense incurred on the secured debt agreements 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 (loss). When the sales are recognized, our balance sheet only includes our remaining subordinate loan and not the non-consolidated senior interest we sold. Secured Term Loans We record our secured 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 secured term loans as additional non-cash Convertible Notes The “Debt with Conversion and Other Options” Topic of the Financial Accounting Standards Board, or FASB, Accounting Standards Codification, or ASC, requires the liability and equity components of convertible debt instruments that may be settled in cash upon conversion, including partial cash settlement, to be separately accounted for in a manner that reflects the issuer’s nonconvertible debt borrowing rate. The initial proceeds from the sale of convertible notes are allocated between a liability component and an equity component in a manner that reflects interest expense at the rate of similar nonconvertible debt that could have been issued at such time. The equity component represents the excess initial proceeds received over the fair value of the liability component of the notes as of the date of issuance. We measured the estimated fair value of the debt component of our convertible notes as of the respective issuance dates based on our nonconvertible debt borrowing rate. The equity component of each series of our convertible notes is reflected within additional paid-in non-cash non-cash 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. 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. The estimated value of each asset reported at fair value using Level 3 inputs is determined by an internal committee composed of members of senior management of our Manager, including our Chief Executive Officer, Chief Financial Officer, and other senior officers. 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 14 . 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-party dealers. For collateral-dependent loans that are identified as impaired, we measure impairment by comparing our Manager’s 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 deemed relevant by our Mana During the three months ended June 30, 2020, we recorded an aggregate $69.7 million CECL reserve specifically related to two of our loans receivable with an aggregate outstanding principal balance of $334.2 million. The CECL reserve was recorded based o n our Manager’s e sti of the fair value of the loan’s underlying collateral as of June 30, 2020. 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. The significant unobserva ble inputs used to estimate the fair value of these loans receivable include the exit c apitalization rate assumption used to forecast the future sa 4.25% to 4.80%. 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 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 by our Manager based on a discounted cash flow methodology, taking into consideration various factors including 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 deemed relevant by our Manager. • 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 agreements, 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. • Secured 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. • 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 12 for additional information. Stock-Based Compensation Our stock-based compensation consists of awards issued to our Manager and certain individuals employed by an affiliate of our Manager 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 (loss) 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 13 for additional information. Earnings per Share Basic earnings per share, or Basic EPS, is computed in accordance with the two-class two-class Diluted earnings per share, or Diluted EPS, is determined using the treasury stock method, and is based on the net earnings allocable to our class A common stock, including restricted class A common stock and deferred stock units, divided by the weighted-average number of shares of our class A common stock, including restricted class A common stock and deferred stock units. Refer to Note 10 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. Non-U.S. non-U.S. 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 Recent Accounting Pronouncements In June 2016, the FASB issued ASU 2016-13 2016-13. 2016-13 ( loss 2016-13 available-for-sale 2016-13 In March 2020, the FASB issued ASU 2020-04 2020-04. 2020-04 2020-04 2020-04 2020-04 2020-04 |
Loans Receivable, Net
Loans Receivable, Net | 6 Months Ended |
Jun. 30, 2020 | |
Receivables [Abstract] | |
Loans Receivable, Net | 3. LOANS RECEIVABLE, NET The following table details overall statistics for our loans receivable portfolio ($ in thousands): June 30, 2020 December 31, 2019 Number of loans 128 128 Principal balance $ 16,434,631 $ 16,277,343 Net book value $ 16,161,353 $ 16,164,801 Unfunded loan commitments (1) $ 3,590,868 $ 3,911,868 Weighted-average cash coupon (2) L + 3.17 % L + 3.20 % Weighted-average all-in (2) L + 3.52 % L + 3.55 % Weighted-average maximum maturity (years) (3) 3.5 3.8 (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 all-in (3) Maximum maturity assumes all extension options are exercised by the borrower, however our loans may be repaid prior to such date. As of June 30, 2020, 51% of our loans by principal balance were subject to yield maintenance or other prepayment restrictions and 49% were open to repayment by the borrower without penalty. As of December 31, 2019, 61% of our loans by principal balance were subject to yield maintenance or other prepayment restrictions and 39% were open to repayment by the borrower without penalty. Activity relating to our loans receivable portfolio was as follows ($ in thousands): Principal Deferred Fees / (1) Net Book Loans Receivable, as of December 31, 2019 $ 16,277,343 $ (112,542 ) $ 16,164,801 Loan fundings 1,240,642 — 1,240,642 Loan repayments (953,069 ) — (953,069 ) Unrealized (loss) gain on foreign currency translation (130,285 ) 1,232 (129,053 ) Deferred fees and other items — (11,969 ) (11,969 ) Amortization of fees and other items — 28,051 28,051 Loans Receivable, as of June 30, 2020 $ 16,434,631 $ (95,228 ) $ 16,339,403 CECL reserve (178,050 ) Loans Receivable, net, as of June 30, 2020 $ 16,161,353 (1) Other items primarily consist of purchase 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): June 30, 2020 Property Type Number of Net Book Total Loan Exposure (1)(2) Percentage of Office 60 $ 9,580,065 $ 9,940,103 59% Hospitality 14 2,220,051 2,295,799 13 Multifamily 36 1,881,529 1,947,388 11 Industrial 7 840,065 844,665 5 Retail 4 533,088 544,682 3 Self-Storage 2 289,329 289,441 2 Condominium 2 232,220 233,621 1 Other 3 763,056 1,078,545 6 Total loans receivable 128 $ 16,339,403 $ 17,174,244 100% CECL reserve (178,050 ) Loans receivable, net $ 16,161,353 Geographic Location Number of Net Book Total Loan Exposure (1)(2) Percentage of United States Northeast 27 $ 4,277,301 $ 4,301,875 25% West 28 2,924,455 3,304,345 19 Southeast 25 2,363,782 2,376,630 14 Midwest 9 1,044,542 1,048,537 6 Southwest 12 614,003 616,253 4 Northwest 1 15,515 15,530 — Subtotal 102 11,239,598 11,663,170 68 International United Kingdom 13 1,658,666 1,997,241 12 Ireland 1 1,323,243 1,333,139 8 Spain 2 1,208,597 1,214,209 7 Germany 1 198,675 250,803 1 Australia 2 232,376 233,425 1 Italy 1 186,671 188,510 1 Netherlands 1 96,634 97,731 1 Belgium 1 87,222 87,304 1 Canada 3 75,534 75,684 — France 1 32,187 33,028 — Subtotal 26 5,099,805 5,511,074 32 Total loans receivable 128 $ 16,339,403 $ 17,174,244 100% CECL reserve (178,050 ) Loans receivable, net $ 16,161,353 (1) In certain instances, we finance our loans through the non-recourse non-consolidated (2) Excludes investment exposure to the $857.3 million 2018 Single Asset Securitization. See Note 4 for details of the subordinate position December 31, 2019 Property Type Number of Net Book Total Loan Exposure (1)(2) Percentage of Office 63 $ 9,946,055 $ 10,266,567 61% Hospitality 14 2,199,220 2,281,718 13 Multifamily 36 1,596,333 1,642,664 10 Industrial 5 603,917 607,423 4 Retail 3 373,045 381,040 2 Self-Storage 2 291,994 292,496 2 Condominium 1 232,778 234,260 1 Other 4 921,459 1,259,696 7 128 $ 16,164,801 $ 16,965,864 100% Geographic Location Number of Net Book Total Loan Exposure (1)(2) Percentage of United States Northeast 25 $ 3,789,477 $ 3,815,580 22% West 30 3,143,323 3,451,914 20 Southeast 23 2,321,444 2,334,852 14 Midwest 10 1,174,581 1,180,240 7 Southwest 11 464,989 467,532 3 Northwest 3 52,891 52,989 — Subtotal 102 10,946,705 11,303,107 66 International United Kingdom 13 1,738,536 2,102,501 12 Ireland 1 1,318,196 1,330,647 8 Spain 2 1,231,061 1,237,809 7 Australia 3 360,047 361,763 2 Germany 1 195,081 251,020 1 Italy 1 178,740 180,897 1 Belgium 1 86,807 87,201 1 Canada 3 77,656 77,953 1 France 1 31,972 32,966 1 Subtotal 26 5,218,096 5,662,757 34 Total 128 $ 16,164,801 $ 16,965,864 100% (1) In certain instances, we finance our loans through the non-recourse non-consolidated (2) Excludes investment exposure to the $930.0 million 2018 Single Asset Securitization. See Note 4 for details of the subordinate position Loan Risk Ratings As further described in Note 2, our Manager evaluates our loan portfolio on a quarterly basis. In conjunction with our quarterly loan portfolio review, our Manager assesses the risk factors of each loan, and assigns a risk rating based on several factors. Factors considered in the assessment include, but are not limited to, risk of loss, current LTV, debt yield, collateral performance, structure, exit plan, and sponsorship. Loans are rated “1” (less risk) through “5” (greater risk), which ratings are defined in Note 2. The following table allocates the principal balance and net book value of our loans receivable based on our internal risk ratings ($ in thousands): June 30, 2020 December 31, 2019 Risk Rating Number of Loans Net Book Value Total Loan Exposure (1)(2) Number of Loans Net Book Value Total Loan Exposure (1)(2) 1 6 $ 403,025 $ 404,596 6 $ 376,379 $ 378,427 2 28 3,143,641 3,163,083 30 3,481,123 3,504,972 3 78 9,509,007 10,306,208 89 12,137,963 12,912,722 4 14 2,951,069 2,966,195 3 169,336 169,743 5 2 332,661 334,162 — — — Total loans receivable 128 $ 16,339,403 $ 17,174,244 128 $ 16,164,801 $ 16,965,864 CECL reserve (178,050 ) — Loans receivable, net $ 16,161,353 $ 16,164,801 (1) In certain instances, we finance our loans through the non-recourse non-consolidated (2) Excludes investment exposure to the 2018 Single Asset Securitization of $857.3 million and $930.0 million as of June 30, 2020 and December 31, 2019, respectively. See Note 4 for details of the subordinate position The weighted-average risk rating of our total loan exposure was as of June 30, 2020 and December 31, 2019, respectively. The increase in the risk rating was primarily the result of loans with an aggregate principal balance of $3.1 billion that were downgraded to a or as of June 30, 2020 to reflect the higher risk in loans collateralized by hospitality assets and select other assets that are particularly negatively impacted by the COVID-19 pandemic. 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 three and U.S. Loans Non-U.S. Unique Loans Impaired Loans Total Loans Receivable, Net CECL reserve as of December 31, 2019 $ — $ — $ — $ — $ — Initial CECL reserve on January 1, 2020 8,955 3,631 1,356 — 13,942 Increase in CECL reserve 52,449 16,114 25,884 69,661 164,108 CECL reserve as of June 30, 2020 $ 61,404 $ 19,745 $ 27,240 $ 69,661 $ 178,050 CECL reserve as of March 31, 2020 $ 64,861 $ 21,825 $ 26,008 $ — $ 112,694 (Decrease) increase in CECL reserve (3,457 ) (2,080 ) 1,232 69,661 65,356 CECL reserve as of June 30, 2020 $ 61,404 $ 19,745 $ 27,240 $ 69,661 $ 178,050 Our initial CECL reserve against our loans receivable portfolio of $13.9 million recorded on January 1, 2020 is reflected as a direct charge to retained earnings on our consolidated statements of changes in equity; however subsequent changes to the CECL reserve are recognized through net income (loss) COVID-19 COVID-19. During the first quarter of 2020, we entered into a loan modification related to a multifamily asset in New York City , million CECL reserve on this loan, which had an outstanding principal balance of million as of June 30, 2020. The CECL reserve was recorded based on our Manager’s estimation of the fair value of the loan’s underlying collateral as of June 30, 2020, and to reflect ongoing loan modification discussions. As of June 30, 2020, the borrower was current with all terms of the loan, including payments of interest. As of June 30, 2020, we recorded a $54.9 million CECL reserve on a loan related to a ho spitality as set in New York City $281.4 million as of June 30, 2020. The CECL reserve was recorded based on our Manager’s estimation of the fair value of the loan’s underlying collateral as of June 30, 2020, and to reflect ongoing loan modification discussions. As of June 30, 2020, the borrower was current with all terms of the loan, including payments of interest. Our primary credit quality indicator is our risk ratings, which are further discussed above. The following table presents the net book value of our loan portfolio as of June 30, 2020 by year of origination, investment pool, and risk rating ($ in thousands): Net Book Value of Loans Receivable by Year of Origination (1)(2) As of June 30, 2020 2020 2019 2018 2017 2016 Prior Total U.S. loans 1 $ 20,362 $ 199,351 $ — $ 43,979 $ 22,153 $ — $ 285,845 2 — 86,727 1,907,488 758,791 79,947 223,466 3,056,419 3 586,916 2,404,636 1,625,490 1,116,969 229,517 228,698 6,192,226 4 65,860 165,782 1,042,967 63,212 110,158 — 1,447,979 5 — — — — — — — Total U.S. loans $ 673,138 $ 2,856,496 $ 4,575,945 $ 1,982,951 $ 441,775 $ 452,164 $ 10,982,469 Non-U.S. 1 $ — $ — $ 117,180 $ — $ — $ — $ 117,180 2 — — — 87,222 — — 87,222 3 96,634 2,423,414 430,690 — 103,880 — 3,054,618 4 — 231,923 — — — — 231,923 5 — — — — — — — Total Non-U.S. $ 96,634 $ 2,655,337 $ 547,870 $ 87,222 $ 103,880 $ — $ 3,490,943 Unique loans 1 $ — $ — $ — $ — $ — $ — $ — 2 — — — — — — — 3 — — 178,505 — — 83,658 262,163 4 — 294,492 976,675 — — — 1,271,167 5 — — — — — — — Total unique loans $ — $ 294,492 $ 1,155,180 $ — $ — $ 83,658 $ 1,533,330 Impaired loans 1 $ — $ — $ — $ — $ — $ — $ — 2 — — — — — — — 3 — — — — — — — 4 — — — — — — — 5 — — 279,874 — — 52,787 332,661 Total impaired loans $ — $ — $ 279,874 $ — $ — $ 52,787 $ 332,661 Total loans receivable 1 $ 20,362 $ 199,351 $ 117,180 $ 43,979 $ 22,153 $ — $ 403,025 2 — 86,727 1,907,488 846,013 79,947 223,466 3,143,641 3 683,550 4,828,050 2,234,685 1,116,969 333,397 312,356 9,509,007 4 65,860 692,197 2,019,642 63,212 110,158 — 2,951,069 5 — — 279,874 — — 52,787 332,661 Total loans receivable $ 769,772 $ 5,806,325 $ 6,558,869 $ 2,070,173 $ 545,655 $ 588,609 $ 16,339,403 CECL reserve (178,050 ) Loans receivable, net $ 16,161,353 (1) Date loan was originated or acquired by us. Origination dates are subsequently updated to reflect material loan modifications. (2) Excludes the $75.8 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. Multifamily Joint Venture As discussed in Note 2, we entered into a Multifamily Joint Venture in April 2017. As of June 30, 2020 and December 31, 2019, our Multifamily Joint Venture held $624.1 million and $670.5 million of loans, respectively, which are included in the loan disclosures above. Refer to Note 2 for additional discussion of our Multifamily Joint Venture. |
Other Assets and Liabilities
Other Assets and Liabilities | 6 Months Ended |
Jun. 30, 2020 | |
Text Block [Abstract] | |
Other Assets and Liabilities | 4. OTHER ASSETS AND LIABILITIES Other Assets The following table details the components of our other assets ($ in thousands): June 30, 2020 December 31, 2019 Loan portfolio payments held by servicer (1) $ 81,261 $ 49,584 Debt securities held-to-maturity (2) 79,955 86,638 CECL reserve (4,119 ) — Debt securities held-to-maturity, 75,836 86,638 Accrued interest receivable 60,792 66,649 Collateral deposited under derivative agreements 22,180 30,800 Prepaid taxes 376 376 Prepaid expenses 328 739 Derivative assets 327 1,079 Other 834 1,115 Total $ 241,934 $ 236,980 (1) Represents loan principal and interest payments 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 $857.3 million and $930.0 million as of June 30, 2020 and December 31, 2019, respectively, 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. Refer to Note 15 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 by investment pool for the three and U.S. Loans Non-U.S. Unique Loans Impaired Loans Total Debt Securities Held-To-Maturity CECL reserve as of December 31, 2019 $ — $ — $ — $ — $ — Initial CECL reserve on January 1, 2020 445 — — — 445 Increase in CECL reserve 3,674 — — — 3,674 CECL reserve as of June 30, 2020 $ 4,119 $ — $ — $ — $ 4,119 CECL reserve as of March 31, 2020 $ 5,122 $ — $ — $ — $ 5,122 Decrease in CECL reserve (1,003 ) — — (1,003 ) CECL reserve as of June 30, 2020 $ 4,119 $ — $ — $ — $ 4,119 Our initial CECL reserve against our debt securities held-to-maturity (loss) held-to-maturity, COVID-19 COVID-19. Other Liabilities The following table details the components of our other liabilities ($ in thousands): June 30, 2020 December 31, 2019 Accrued dividends payable $ 90,642 $ 83,702 Derivative liabilities 26,164 42,263 Accrued interest payable 20,895 24,831 Accrued management and incentive fees payable 20,496 20,159 Current expected credit loss reserve for unfunded loan commitments (1) 15,002 — Accounts payable and other liabilities 4,114 5,008 Total $ 177,313 $ 175,963 (1) 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 June 30, 2020, we had unfunded commitments of $3.6 billion related to 91 loans receivable. The expected credit losses over the contractual period of our loans are subject to the obligation to extend credit through our unfunded loan commitments. See Note 2 for further discussion of the CECL reserve related to our unfunded loan commitments, and Note 17 for further discussion of our unfunded loan commitments. The following table presents the activity in the CECL reserve related to our unfunded loan commitments by investment pool for the three and six months ended June 30, 2020 ($ in thousands): U.S. Loans Non-U.S. Unique Loans Impaired Loans Total Unfunded Loan Commitments CECL reserve as of December 31, 2019 $ — $ — $ — $ — $ — Initial CECL reserve on January 1, 2020 2,801 453 9 — 3,263 Increase in CECL reserve 10,035 1,625 79 — 11,739 CECL reserve as of June 30, 2020 $ 12,836 $ 2,078 $ 88 $ — $ 15,002 CECL reserve as of March 31, 2020 $ 19,793 $ 2,672 $ 71 $ — $ 22,536 (Decrease) increase in CECL reserve (6,957 ) (594 ) 17 — (7,534 ) CECL reserve as of June 30, 2020 $ 12,836 $ 2,078 $ 88 $ — $ 15,002 Our initial CECL reserve against our unfunded loan commitments of $3.3 million recorded on January 1, 2020 is reflected as a direct charge to retained earnings on our consolidated statements of changes in equity; however subsequent changes to the CECL reserve are recognized through net income (loss) COVID-19 COVID-19. |
Secured Debt Agreements, Net
Secured Debt Agreements, Net | 6 Months Ended |
Jun. 30, 2020 | |
Debt Disclosure [Abstract] | |
Secured Debt Agreements, Net | 5. SECURED DEBT AGREEMENTS, NET During the three months ended June 30, 2020, we facilities, to temporarily suspend credit mark provisions on certain of their portfolio assets in exchange for: (i) cash repayments; (ii) pledges of additional collateral; and (iii) reductions in our available borrowings. Our secured debt agreements include secured credit facilities, asset-specific financings, and a revolving credit agreement. The following table details our secured debt agreements ($ in thousands): Secured Debt Agreements Borrowings Outstanding June 30, 2020 December 31, 2019 Secured credit facilities $ 9,431,109 $ 9,753,059 Asset-specific financings 285,343 330,879 Revolving credit agreement — — Total secured debt agreements $ 9,716,452 $ 10,083,938 Deferred financing costs (1) (26,911 ) (29,008 ) Net book value of secured debt $ 9,689,541 $ 10,054,930 (1) Costs incurred in connection with our secured debt agreements are recorded on our consolidated balance sheet when incurred and recognized as a component of interest expense over the life of each related agreement. Secured Credit Facilities The following table details our secured credit facilities as of June 30, 2020 ($ in thousands): June 30, 2020 Credit Facility Borrowings Collateral Lender Potential (1) Outstanding Available (1) Assets (2) Deutsche Bank $ 2,011,496 $ 2,011,496 $ — $ 2,673,795 Barclays 1,637,749 1,607,267 30,482 2,110,436 Wells Fargo 1,516,822 1,497,542 19,280 1,960,089 Citibank 916,680 899,627 17,053 1,189,282 Goldman Sachs 582,860 582,854 6 781,016 Bank of America 540,376 540,376 — 750,722 Morgan Stanley 492,293 492,293 — 786,931 MetLife 444,502 444,502 — 556,015 JP Morgan 415,535 388,182 27,353 558,291 Santander 244,607 244,607 — 306,082 Société Générale 236,698 236,698 — 301,932 Goldman Sachs - Multi. JV (3) 234,464 234,464 — 306,555 US Bank - Multi. JV (3) 220,139 217,281 2,858 275,174 Bank of America - Multi. JV (3) 33,920 33,920 — 42,400 $ 9,528,141 $ 9,431,109 $ 97,032 $ 12,598,720 (1) Potential borrowings represents the total amount we could draw under each facility based on collateral already approved and pledged. When undrawn, these amounts are immediately available to us at our sole discretion under the terms of each credit facility. (2) Represents the principal balance of the collateral assets. (3) These facilities finance the loan investments of our consolidated Multifamily Joint Venture. Refer to Note 2 for additional discussion of our Multifamily Joint Venture. The weighted-average outstanding balance of our secured credit facilities was $9.2 billion for the six months ended June 30, 2020. As of June 30, 2020, we had aggregate borrowings of $9.4 billion outstanding under our secured credit facilities, with a weighted-average cash coupon of LIBOR plus 1.62% per annum, a weighted-average all-in The following table details our secured credit facilities as of December 31, 2019 ($ in thousands): December 31, 2019 Credit Facility Borrowings Collateral Lender Potential (1) Outstanding Available (1) Assets (2) Wells Fargo $ 2,056,769 $ 2,018,057 $ 38,712 $ 2,621,806 Deutsche Bank 2,037,795 1,971,860 65,935 2,573,447 Barclays 1,629,551 1,442,083 187,468 2,044,654 Citibank 1,159,888 1,109,837 50,051 1,473,745 Bank of America 603,660 513,660 90,000 775,678 Morgan Stanley 524,162 468,048 56,114 706,080 Goldman Sachs 474,338 450,000 24,338 632,013 MetLife 417,677 417,677 — 536,553 Société Générale 333,473 333,473 — 437,130 US Bank - Multi. JV (3) 279,838 279,552 286 350,034 JP Morgan 303,288 259,062 44,226 386,545 Santander 239,332 239,332 — 299,597 Goldman Sachs - Multi. JV (3) 203,846 203,846 — 261,461 Bank of America - Multi. JV (3) 46,572 46,572 — 58,957 $ 10,310,189 $ 9,753,059 $ 557,130 $ 13,157,700 (1) Potential borrowings represents the total amount we could draw under each facility based on collateral already approved and pledged. When undrawn, these amounts are immediately available to us at our sole discretion under the terms of each credit facility. (2) Represents the principal balance of the collateral assets. (3) These facilities finance the loan investments of our consolidated Multifamily Joint Venture. Refer to Note 2 for additional discussion of our Multifamily Joint Venture. The weighted-average outstanding balance of our secured credit facilities was $8.9 billion for the six months ended December 31, 2019. As of December 31, 2019, we had aggregate borrowings of $9.8 billion outstanding under our secured credit facilities, with a weighted-average cash coupon of LIBOR plus 1.60% per annum, a weighted-average all-in Borrowings under each facility are subject to the initial approval of eligible collateral loans by the lender and the maximum advance rate and pricing rate of individual advances are determined with reference to the attributes of the respective collateral loan. The following tables outline the key terms of our credit facilities as of June 30, 2020: Lender Currency Guarantee (1) Margin Call (2) Term/Maturity Morgan Stanley $ / £ / € 25% Collateral marks only March 1, 2022 Goldman Sachs - Multi. JV (3) $ 25% Collateral marks only July 12, 2022 (6) Bank of America - Multi. JV (3) $ 43% Collateral marks only July 19, 2023 (7) JP Morgan $ / £ 43% Collateral marks only January 7, 2024 (8) Bank of America $ 50% Collateral marks only May 21, 2024 (9) MetLife $ 62% Collateral marks only September 23, 2025 (10) Deutsche Bank $ / € 60% (4) Collateral marks only Term matched (11) Citibank $ / £ / € 25% Collateral marks only Term matched (11) Société Générale $ / £ / € 25% Collateral marks only Term matched (11) Santander € 50% Collateral marks only Term matched (11) Wells Fargo $ / C$ 25% (5) Collateral marks only Term matched (11) US Bank - Multi. JV (3) $ 25% Collateral marks only Term matched (11) Barclays $ / £ / € 25% Collateral marks only Term matched (11) Goldman Sachs $ / £ / € 25% Collateral marks only Term matched (11) (1) Other than amounts guaranteed based on specific collateral asset types, borrowings under our credit facilities are non-recourse (2) Margin call provisions under our credit facilities do not permit valuation adjustments based on capital markets events, and are limited to collateral-specific credit marks. These provisions have been temporarily suspended on certain of our facilities as described above. (3) These facilities finance the loan investments of our consolidated Multifamily Joint Venture. Refer to Note 2 for additional discussion of our Multifamily Joint Venture. (4) Specific borrowings outstanding of $934.7 million are 100 % guaranteed. The remainder of the credit facility borrowings are 25 % guaranteed. (5) In addition to the 25 % guarantee across all borrowings, there is an incremental guarantee of $146.6 million related to $195.4 million of specific borrowings outstanding. (6) Includes a one-year (7) Includes two one-year (8) Includes two one-year (9) Includes two one-year (10) Includes five one-year (11) These secured credit facilities have various availability periods during which new advances can be made and which are generally subject to each lender’s discretion. Maturity dates for advances outstanding are tied to the term of each respective collateral asset. Currency Potential (1) Outstanding (2) Spread Advance (3) $ $ 5,783,708 $ 5,693,741 USD LIBOR L + 1.63% 75.3% € € € EURIBOR E + 1.44% 79.6% £ £ 818,468 £ 818,468 GBP LIBOR L + 1.95% 71.5% A$ A$ 245,254 A$ 245,254 BBSY BBSY + 1.90% 72.5% C$ C$ 78,924 C$ 78,886 CDOR CDOR + 1.80% 78.3% $ 9,528,141 $ 9,431,109 75.6% (1) Potential borrowings represents the total amount we could draw under each facility based on collateral already approved and pledged. When undrawn, these amounts are immediately available to us at our sole discretion under the terms of each credit facility. (2) Floating rate indices are generally matched to the payment timing under the terms of each secured credit facility and its respective collateral assets. (3) Represents weighted-average advance rate based on the approved outstanding principal balance of the collateral assets pledged. Asset-Specific Financings The following tables detail our asset-specific financings ($ in thousands): June 30, 2020 Asset-Specific Financings Count Principal Book Value Wtd. Avg. Yield/Cost (1) Guarantee (2) Wtd. Avg. Term (3) Collateral assets 3 $ 356,679 $ 346,051 L+5.20 % n/a Feb. 2023 Financing provided 3 $ 285,343 $ 279,132 L+3.60 % $ 16,546 Feb. 2023 December 31, 2019 Asset-Specific Financings Count Principal Book Value Wtd. Avg. Yield/Cost (1) Guarantee (2) Wtd. Avg. Term (3) Collateral assets 4 $ 429,983 $ 417,820 L+4.90 % n/a Mar. 2023 Financing provided 4 $ 330,879 $ 323,504 L+3.42 % $ 97,930 Mar. 2023 (1) These floating rate loans and related liabilities are indexed to the various benchmark rates relevant in each arrangement in terms of currency and payment frequency. Therefore the net exposure to each benchmark rate is in direct proportion to our net assets indexed to that rate. In addition to cash coupon, yield/cost includes the amortization of deferred origination fees / financing costs. (2) Other than amounts guaranteed on an asset by asset basis, borrowings under our asset-specific financings are non-recourse to us. (3) The weighted-average term is determined based on the maximum maturity of the corresponding loans, assuming all extension options are exercised by the borrower. Each of our asset-specific financings is term-matched to the corresponding collateral loans. The weighted-average outstanding balance of our asset-specific financings was $312.5 million for the six months ended June 30, 2020 and $262.5 million for the six months ended December 31, 2019. Revolving Credit Agreement We have a $250.0 million full recourse secured revolving credit agreement with Barclays that is designed to finance first mortgage originations for up to nine months as a bridge to term financing or syndication. Advances under the agreement are subject to availability under a specified borrowing base and accrue interest at a per annum pricing rate equal to the sum of (i) an applicable base rate or Eurodollar rate and (ii) an applicable margin, in each case, dependent on the applicable type of loan collateral. The maturity date of the facility is April 4, 2023. During the six months ended June 30, 2020, we had no borrowings under the revolving credit agreement and we recorded interest expense of $901,000, including $459,000 of amortization of deferred fees and expenses. During the six months ended December 31, 2019, we had no borrowings under the revolving credit agreement and we recorded interest expense of $972,000, including $525,000 of amortization of deferred fees and expenses. Debt Covenants The guarantees related to our secured debt agreements contain the following financial covenants: (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 $3.0 billion as of each measurement date plus 75% of the net cash proceeds of future equity issuances subsequent to June 30, 2020; (iii) cash liquidity shall not be less than the greater of (x) $10.0 million or (y) no more than 5% of our recourse indebtedness; and (iv) our indebtedness shall not exceed 83.33% of our total assets. As of June 30, 2020 and December 31, 2019, we were in compliance with these covenants. Refer to Note 7 for information regarding financial covenants contained in the agreements governing our senior secured term loan facility. |
Securitized Debt Obligations, N
Securitized Debt Obligations, Net | 6 Months Ended |
Jun. 30, 2020 | |
Text Block [Abstract] | |
Securitized Debt Obligations, Net | 6. SECURITIZED DEBT OBLIGATIONS, NET In the first quarter of 2020 and the fourth quarter of 2017, we financed certain pools of our loans through collateralized loan obligations, which we refer to as the 2020 CLO and 2017 CLO, respectively, or collectively, the CLOs. We have also financed one of our loans through a single asset securitization vehicle, or the 2017 Single Asset Securitization. The 2020 CLO, 2017 CLO, and the 2017 Single Asset Securitization have issued securitized debt obligations that are non-recourse The following tables detail our securitized debt obligations ($ in thousands): June 30, 2020 Securitized Debt Obligations Count Principal Book Value Wtd. Avg. Yield/Cost (1) Term (2) 2020 Collateralized Loan Obligation Collateral assets 34 $ 1,500,000 $ 1,500,000 L+3.20 % December 2023 Financing provided 1 1,243,125 1,231,872 L+1.42 % February 2038 2017 Collateralized Loan Obligation Collateral assets 16 717,763 717,763 L+3.33 % January 2023 Financing provided 1 535,263 534,120 L+1.77 % June 2035 2017 Single Asset Securitization Collateral assets (3) 1 688,611 687,775 L+3.57 % June 2023 Financing provided 1 474,620 474,620 L+1.63 % June 2033 Total Collateral assets 51 $ 2,906,374 $ 2,905,538 L+3.32 % Financing provided (4) 3 $ 2,253,008 $ 2,240,612 L+1.54 % December 31, 2019 Securitized Debt Obligations Count Principal Book Value Wtd. Avg. Yield/Cost (1) Term (2) 2017 Collateralized Loan Obligation Collateral assets 18 $ 897,522 $ 897,522 L+3.43 % September 2022 Financing provided 1 715,022 712,517 L+1.98 % June 2035 2017 Single Asset Securitization Collateral assets (3) 1 711,738 710,260 L+3.60 % June 2023 Financing provided 1 474,620 474,567 L+1.64 % June 2033 Total Collateral assets 19 $ 1,609,260 $ 1,607,782 L+3.51 % Financing provided (4) 2 $ 1,189,642 $ 1,187,084 L+1.84 % (1) In addition to cash coupon, all-in All-in (2) Loan term represents weighted-average final maturity, 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. (3) The collateral assets for the 2017 Single Asset Securitization include the total loan amount, of which we securitized $500.0 million. (4) During the three and six months ended June 30, 2020, we recorded $10.7 million and $22.7 million, respectively, of interest expense related to our securitized debt obligations. During the three and six months ended June 30, 2019, we recorded $12.5 million and $25.0 million, respectively, of interest expense related to our securitized debt obligations. |
Secured Term Loans, Net
Secured Term Loans, Net | 6 Months Ended |
Jun. 30, 2020 | |
Debt Disclosure [Abstract] | |
Secured Term Loans, Net | 7. SECURED TERM LOANS, NET During the three months ended June 30, 2020 , Term Loans Face Value Interest Rate (1) All-in (1)(2) Maturity 2019 Term Loan $ 743,134 L+2.25 % L+2.52 % April 23, 2026 2020 Term Loan $ 325,000 L+4.75 % L+5.60 % April 23, 2026 (1) The 2020 Term Loan includes a LIBOR floor of 1.00%. (2) Includes issue discount and transaction expenses that are amortized through interest expense over the life of the Secured Term Loans. The 2019 and 2020 Term Loans are partially amortizing, with an amount equal to 1.0% per annum of the aggregate principal balance due in quarterly installments. The issue discount and transaction expenses on the 2019 Term Loan were $1.6 million and $10.1 million, respectively, which will be amortized into interest expense over the life of the 2019 Term Loan. The issue discount and transaction expenses of the 2020 Term Loan were $9.6 million and The following table details the net book value of our Secured Term Loans on our consolidated balance sheets ($ in thousands): June 30, 2020 December 31, 2019 Face value $ 1,068,134 $ 746,878 Unamortized discount (10,739 ) (1,456 ) Deferred financing costs (12,232 ) (9,280 ) Net book value $ 1,045,163 $ 736,142 The guarantee under our Secured Term Loans contains the financial covenant that our indebtedness shall not exceed 83.33% of our total assets. As of June 30, 2020 and December 31, 2019, we were in compliance with this covenant. Refer to Note 2 for additional discussion of our accounting policies for the Secured Term Loans. |
Convertible Notes, Net
Convertible Notes, Net | 6 Months Ended |
Jun. 30, 2020 | |
Text Block [Abstract] | |
Convertible Notes, Net | 8. CONVERTIBLE NOTES, NET As of June 30, 2020, the following convertible senior notes, or Convertible Notes, were outstanding ($ in thousands): Convertible Notes Issuance Face Value Interest Rate All-in (1) Conversion Rate (2) Maturity May 2017 $ 402,500 4.38 % 4.85 % 28.0324 May 5, 2022 March 2018 $ 220,000 4.75 % 5.33 % 27.6052 March 15, 2023 (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 shares of class A common stock per $1,000 principal amount of Convertible Notes, which is equivalent to a conversion price of $35.67 and $36.23 per share of class A common stock, respectively, for the May 2017 and March 2018 convertible notes. The cumulative dividend threshold as defined in the respective May 2017 and March 2018 convertible notes supplemental indentures have not been exceeded as of June 30, 2020. The 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 January 31, 2022 and December 14, 2022 for the May 2017 and March 2018 convertible notes, respectively, at the applicable conversion rate in effect on the conversion date. Thereafter, the Convertible Notes are convertible at the option of the holder at any time until the second scheduled trading day immediately preceding the maturity date. We may not redeem the Convertible Notes prior to maturity. The last reported sale price of our class A common stock of $24.09 on June 30, 2020 was less than the per share conversion price of the May 2017 and March 2018 convertible notes. We have the intent and ability to settle each series of the Convertible Notes in cash and, as a result, the potential conversion of the Convertible Notes did not have any impact on our diluted earnings per share. Upon our issuance of the May 2017 convertible notes, we recorded a $979,000 discount based on the implied value of the conversion option and an assumed effective interest rate of 4.57%, as well as $8.4 million of issue discount and issuance costs. Including the amortization of the discount and issuance costs, our total cost of the May 2017 convertible notes issuance is 4.91% per annum. Upon our issuance of the March 2018 convertible notes, we recorded a $1.5 million discount based on the implied value of the conversion option and an assumed effective interest rate of 5.25%, as well as $5.2 million of issue discount and issuance costs. Including the amortization of the discount and issuance costs, our total cost of the March 2018 convertible notes issuance is 5.49% per annum. The following table details the net book value of our Convertible Notes on our consolidated balance sheets ($ in thousands): June 30, 2020 December 31, 2019 Face value $ 622,500 $ 622,500 Unamortized discount (7,277 ) (8,801 ) Deferred financing costs (513 ) (628 ) Net book value $ 614,710 $ 613,071 The following table details our interest expense related to the Convertible Notes ($ in thousands): Three Months Ended Six Months Ended June 30, June 30, 2020 2019 2020 2019 Cash coupon $ 7,015 $ 7,015 $ 14,030 $ 14,030 Discount and issuance cost amortization 828 788 1,639 1,560 Total interest expense $ 7,843 $ 7,803 $ 15,669 $ 15,590 As of both June 30, 2020 and December 31, 2019, accrued interest payable for the Convertible Notes was $6.0 million. Refer to Note 2 for additional discussion of our accounting policies for the Convertible Notes. |
Derivative Financial Instrument
Derivative Financial Instruments | 6 Months Ended |
Jun. 30, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | 9. DERIVATIVE FINANCIAL INSTRUMENTS The sole 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 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. Cash Flow Hedges of Interest Rate Risk Certain of our transactions expose us to interest rate risks, which include a fixed versus floating rate mismatch between our assets and liabilities. We use derivative financial instruments, which include interest rate caps and swaps, and may also include interest rate options, floors, and other interest rate derivative contracts, to hedge interest rate risk. The following tables detail our outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk (notional amount in thousands): June 30, 2020 Interest Rate Derivatives Number of Notional Strike Index Wtd.-Avg. Interest Rate Swaps 2 C$ 17,273 1.0% CDOR 0.2 Interest Rate Caps 1 C$ 21,387 3.0% CDOR 0.5 December 31, 2019 Interest Rate Derivatives Number of Notional Strike Index Wtd.-Avg. Interest Rate Swaps 2 C$ 17,273 1.0% CDOR 0.7 Interest Rate Caps 1 C$ 21,387 3.0% CDOR 1.0 Amounts reported in accumulated other comprehensive income (loss) related to derivatives will be reclassified to interest expense as interest payments are made on our floating rate debt. During the twelve months following June 30, 2020, we estimate that an additional $13,000 will be reclassified from accumulated other comprehensive income (loss) as an increase to interest expense. Net Investment Hedges of Foreign Currency Risk Certain of our international investments expose us to fluctuations in foreign interest rates and currency exchange rates. These fluctuations may impact the value of our cash receipts and payments in terms of our functional currency, the U.S. dollar. We use foreign currency forward contracts to protect the value or fix the amount of certain investments or cash flows in terms of the U.S. dollar. During the three months ended March 31, 2020, we terminated all of our outstanding foreign currency forward contracts, with aggregate notional amounts of € € Designated Hedges of Foreign Currency Risk The following table details our outstanding foreign exchange derivatives that were designated as net investment hedges of foreign currency risk (notional amount in thousands): June 30, 2020 December 31, 2019 Number of Notional Number of Notional Foreign Currency Derivatives Instruments Amount Foreign Currency Derivatives Instruments Amount Buy USD / Sell EUR Forward 7 € 607,690 Buy USD / Sell GBP Forward 4 £ 527,100 Buy USD / Sell GBP Forward 5 £ 385,087 Buy USD / Sell EUR Forward 5 € 525,600 Buy USD / Sell AUD Forward 1 A$ 92,800 Buy USD / Sell AUD Forward 3 A$ 135,600 Buy USD / Sell CAD Forward 2 C$ Buy USD / Sell CAD Forward 1 C$ 23,200 Non-designated The following table details our outstanding foreign exchange derivatives that were non-designated June 30, 2020 December 31, 2019 Number of Notional Number of Notional Non-designated Instruments Amount Non-designated Instruments Amount Buy USD / Sell GBP Forward 1 £ Buy CAD / Sell USD Forward 1 C$ 15,900 Buy USD / Sell EUR Forward 3 € 68,810 Buy USD / Sell CAD Forward 1 C$ 15,900 Buy EUR / Sell USD Forward 2 € 56,100 Buy GBP / Sell EUR Forward 1 € 12,857 Buy AUD / Sell USD Forward 1 A$ 10,000 Buy USD / Sell AUD Forward 1 A$ 10,000 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): Amount of Income (Expense) Recognized from Foreign Exchange Contracts Three Months Six Months Foreign Exchange Contracts Location of Income Ended Ended in Hedging Relationships (Expense) Recognized June 30, 2020 June 30, 2020 Designated Hedges Interest Income (1) $ 509 $ 509 Non-Designated Interest Income (1) 5 5 Non-Designated Interest Expense (2) (361 ) (1,515 ) Total $ 153 $ (1,001 ) (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 USD LIBOR. These forward contracts effectively convert the rate exposure to USD LIBOR, resulting in additional interest income earned in U.S. dollar terms. (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): Fair Value of Derivatives in an Fair Value of Derivatives in a Asset Position (1) Liability Position (2) June 30, 2020 December 31, 2019 June 30, 2020 December 31, 2019 Derivatives designated as hedging instruments: Foreign exchange contracts $ 321 $ — $ 24,706 $ 41,728 Interest rate derivatives — 96 9 — Total $ 321 $ 96 $ 24,715 $ 41,728 Derivatives not designated as hedging instruments: Foreign exchange contracts $ 6 $ 983 $ 1,449 $ 535 Interest rate derivatives — — — — Total $ 6 $ 983 $ 1,449 $ 535 Total Derivatives $ 327 $ 1,079 $ 26,164 $ 42,263 (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): Amount of Gain (Loss) Recognized in OCI on Derivatives Location of Gain Amount of Gain (Loss) Reclassified from OCI into Income Three Months Six Months Reclassified from Three Months Six Months Derivatives in Hedging Relationships Ended Ended Accumulated Ended Ended Net Investment Hedges Foreign exchange contracts (1) $ (30,656 ) $ 73,430 Interest Expense $ — $ — Cash Flow Hedges Interest rate derivatives (18 ) (85 ) Interest Expense (2) (9 ) 20 Total $ (30,674 ) $ 73,345 $ (9 ) $ 20 (1) During the three and six months ended June 30, 2020, we paid net cash settlements of $4.7 million and received net cash settlements of $57.0 million, respectively, on our foreign currency forward contracts. Those amounts are included as a component of accumulated other comprehensive income ( ) our consolidated balance sheets. (2) During the three months ended June 30, 2020, we recorded total interest and related expenses of $84.9 million, which included interest expenses of $9,000 related to our cash flow hedges. During the six months ended June 30, 2020, we recorded total interest and related expenses of $189.1 million, which included $20,000 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 June 30, 2020, we were in a net liability position with each such derivative counterparty and posted collateral of $22.2 million under these derivative contracts. As of December 31, 2019, we were in a net liability position with each such derivative counterparty and posted collateral of $30.8 million under these derivative contracts. |
Equity
Equity | 6 Months Ended |
Jun. 30, 2020 | |
Equity [Abstract] | |
Equity | 10. EQUITY Stock and Stock Equivalents Authorized Capital During the three months ended June 30, 2020, we filed articles of amendment to our charter authorizing Class A Common Stock and Deferred Stock Units Holders of shares of our class A common stock are entitled to vote on all matters submitted to a vote of stockholders and are entitled to receive such dividends as may be authorized by our board of directors and declared by us, in all cases subject to the rights of the holders of shares of outstanding preferred stock, if any. The following table details our issuances ($ in thousands, except share and per share data): Class A Common Stock 2020 Total / May (1) June 2020 Wtd. Avg. Shares issued 840,696 10,000,000 10,840,696 Gross share issue price (2) $ 22.93 $ 28.20 $ 27.79 Net share issue price (3) $ 22.93 $ 27.91 $ 27.52 Net proceeds (4) $ 19,277 $ 278,322 $ 297,599 (1) Represents accrued in 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. (2) Represents the weighted-average gross price per share paid by the underwriters or sales agents, as applicable , in June 2020. (3) Represents the weighted-average net proceeds per share after underwriting or sales discounts and commissions, as applicable , in June 2020. (4) Net proceeds represents proceeds received from the underwriters less applicable transaction costs in June 2020. We also issue restricted class A common stock under our stock-based incentive plans. Refer to Note 13 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 in lieu of cash compensation 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: Six Months Ended June 30, Common Stock Outstanding (1) 2020 2019 Beginning balance 135,263,728 123,664,577 Issuance of class A common stock (2) 10,841,667 10,535,181 Issuance of restricted class A common stock, net 351,333 317,339 Issuance of deferred stock units 21,077 15,697 Ending balance 146,477,805 134,532,794 (1) Includes deferred stock units held by members of our board of directors of 281,143 and 244,536 as of June 30, 2020 and 2019, respectively. (2) Includes 971 and 553 shares issued under our dividend reinvestment program during the six months ended June 30, 2020 and 2019, respectively. Dividend Reinvestment and Direct Stock Purchase Plan On March 25, 2014, we 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 three and six months ended June 30, 2020, we issued 646 shares and 971 shares, respectively, of class A common stock under the dividend reinvestment component of the plan compared to 272 shares and 553 shares, respectively, for the same periods in 2019. As of June 30, 2020, a total of 9,993,053 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 On November 14, 2018, we entered into six equity distribution agreements, or ATM Agreements, pursuant to which we may sell, from time to time, up to an aggregate sales price of $500.0 million of our class A common stock. On July 26, 2019, we amended our existing ATM Agreements and entered into one additional ATM Agreement. 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. We did not sell any shares of our class A common stock under ATM Agreements during the six months ended June 30, 2020. During the six months ended June 30, 2019, we issued and sold 1,909,628 shares of class A common stock under ATM Agreements, generating net proceeds totaling $65.4 million. As of June 30, 2020, sales of our class A common stock with an aggregate sales price of $363.8 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 (loss) 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 June 15, 2020, we declared a dividend of $0.62 per share, or $90.6 million in aggregate, that was paid on July 15, 2020, to stockholders of record as of June 30, 2020. The following table details our dividend activity ($ in thousands, except per share data): Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Dividends declared per share of common stock $ 0.62 $ 0.62 $ 1.24 $ 1.24 Total dividends declared $ $ $ $ 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 (loss) The following table sets forth the calculation of basic and diluted net income (loss) Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Net income (loss) (1) $ 17,544 $ 75,174 $ (35,808 ) $ 151,738 Weighted-average shares outstanding, basic and diluted 138,299,418 126,475,244 136,959,341 125,410,064 Per share amount, basic and diluted $ 0.13 $ 0.59 $ (0.26 ) $ 1.21 (1) Other Balance Sheet Items Accumulated Other Comprehensive Income As of June 30, 2020, total accumulated other comprehensive income was $8.9 million, primarily representing $137.8 million of net realized and unrealized gains related to changes in the fair value of derivative instruments, offset by $128.9 million of cumulative unrealized currency translation adjustments on assets and liabilities denominated in foreign currencies. As of December 31, 2019, total accumulated other comprehensive loss was $16.2 million, primarily representing $80.7 million of cumulative unrealized currency translation adjustments on assets and liabilities denominated in foreign currencies, offset by $64.5 million of net realized and unrealized gains related to changes in the fair value of derivative instruments. Non-Controlling 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 non-controlling non-controlling |
Other Expenses
Other Expenses | 6 Months Ended |
Jun. 30, 2020 | |
Other Income and Expenses [Abstract] | |
Other Expenses | 11. 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 net income (loss) prepared in accordance with GAAP, excluding (i) certain non-cash items, (ii) the net income (loss) related to our legacy portfolio, and (iii) incentive management fees. During the three and six months ended June 30, 2020, we incurred $14.8 million and $29.2 million, respectively, of management fees payable to our Manager, compared to $13.3 million and $26.4 million during the same period in 2019. In addition, during the three and six months ended June 30, 2020, we incurred $5.7 million and $10.5 million, respectively, of incentive fees payable to our Manager, compared to $7.7 million and $14.4 million during the same period in 2019. During the three months ended June 30, 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 ac crued in As of June 30, 2020 and December 31, 2019 we had accrued management and incentive fees payable to our Manager of $20.5 million and $20.2 million, respectively. General and Administrative Expenses General and administrative expenses consisted of the following ($ in thousands): Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Professional services (1) $ 1,752 $ 1,249 $ 3,414 $ 2,439 Operating and other costs (1) 882 894 2,335 1,249 Subtotal 2,634 2,143 5,749 3,688 Non-cash compensation expenses Restricted class A common stock earned 8,527 7,629 17,079 15,272 Director stock-based compensation 125 125 250 250 Subtotal 8,652 7,754 17,329 15,522 Total general and administrative expenses $ 11,286 $ 9,897 $ 23,078 $ 19,210 (1) During the three and six months ended June 30, 2020, we recognized an aggregate $200,000 and $576,000, respectively, of expenses related to our Multifamily Joint Venture. During the three and six months ended June 30, 2019, we recognized an aggregate $164,000 and $333,000, respectively, of expenses related to our Multifamily Joint Venture. |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 12. 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 that we distribute. 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 June 30, 2020 and December 31, 2019, 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 During the three and six months ended June 30, 2020, we recorded a current income tax provision of $23,000 and $173,000, respectively, primarily related to activities of our taxable REIT subsidiaries and various state and local taxes. During the three and six months ended June 30, 2019, we recorded a current income tax provision of $46,000 and $147,000, respectively. We did not have any deferred tax assets or liabilities as of June 30, 2020 or December 31, 2019. 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, 2019, we had estimated NOLs of $159.0 million that will expire in 2029 As of June 30, 2020, tax years 2016 through 2019 |
Stock-Based Incentive Plans
Stock-Based Incentive Plans | 6 Months Ended |
Jun. 30, 2020 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Incentive Plans | 13. STOCK-BASED INCENTIVE PLANS We are externally managed by our Manager and do not currently have any employees. However, as of June 30, 2020, 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. We had stock-based incentive awards outstanding under nine benefit plans as of June 30, 2020. Seven of such benefit plans have expired and no new awards may be issued under them. Under our two current benefit plans, a maximum of 5,000,000 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 June 30, 2020, there were 2,870,936 shares available under our current benefit plans. 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: Restricted Class A Weighted-Average Balance as of December 31, 2019 1,698,582 $ 34.52 Granted 351,582 37.19 Vested (502,638 ) 34.26 Forfeited (249 ) 35.83 Balance as of June 30, 2020 1,547,277 $ 35.21 These shares generally vest in installments over a three-year period, pursuant to the terms of the respective award agreements and the terms of our current benefit plans. The 1,547,277 shares of restricted class A common stock outstanding as of June 30, 2020 will vest as follows: 501,794 shares will vest in 2020; 690,100 shares will vest in 2021; and 355,383 shares will vest in 2022. As of June 30, 2020, total unrecognized compensation cost relating to unvested share-based compensation arrangements was $53.0 million based on the grant date fair value of shares granted subsequent to July 1, 2018. The compensation cost of our share based compensation arrangements for awards granted before July 1, 2018 is based on the closing price of our class A common stock of $31.43 on June 29, 2018, the last trading day prior to July 1, 2018. This cost is expected to be recognized over a weighted-average period of 1.1 years from June 30, 2020. |
Fair Values
Fair Values | 6 Months Ended |
Jun. 30, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Values | 14. FAIR VALUES Assets and Liabilities Measured at Fair Value The following table summarizes our assets and liabilities measured at fair value on a recurring basis ($ in thousands): June 30, 2020 December 31, 2019 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets Derivatives $ — $ 327 $ — $ 327 $ — $ 1,079 $ — $ 1,079 Liabilities Derivatives $ — $ 26,164 $ — $ 26,164 $ — $ 42,263 $ — $ 42,263 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 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): June 30, 2020 December 31, 2019 Book Face Fair Book Face Fair Value Amount Value Value Amount Value Financial assets Cash and cash equivalents $ 1,259,836 $ 1,259,836 $ 1,259,836 $ 150,090 $ 150,090 $ 150,090 Loans receivable, net 16,161,353 16,434,631 16,214,574 16,164,801 16,277,343 16,279,904 Debt securities held-to-maturity (1) 75,836 82,002 68,940 86,638 88,958 88,305 Financial liabilities Secured debt agreements, net 9,689,541 9,716,452 9,716,452 10,054,930 10,083,938 10,083,938 Securitized debt obligations, net 2,240,612 2,253,008 2,172,578 1,187,084 1,189,642 1,189,368 Secured term loans, net 1,045,163 1,068,134 1,012,228 736,142 746,878 750,769 Convertible notes, net 614,710 622,500 580,810 613,071 622,500 665,900 (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, and the secured term loans 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. |
Variable Interest Entities
Variable Interest Entities | 6 Months Ended |
Jun. 30, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Variable Interest Entities | 15. VARIABLE INTEREST ENTITIES Consolidated Variable Interest Entities We have financed a portion of our loans through the CLOs and the 2017 Single Asset Securitization, all of which are VIEs. We are the primary beneficiary of, and therefore consolidate, the CLOs and the 2017 Single Asset Securitization on our balance sheet as we (i) control the relevant interests of the CLOs and the 2017 Single Asset Securitization that give us power to direct the activities that most significantly affect the CLOs and the 2017 Single Asset Securitization, and (ii) have the right to receive benefits and obligation to absorb losses of the CLOs and the 2017 Single Asset Securitization through the subordinate interests we own. The following table details the assets and liabilities of our consolidated CLOs and 2017 Single Asset Securitization VIEs ($ in thousands): June 30, 2020 December 31, 2019 Assets: Loans receivable $ 2,644,344 $ 1,349,903 Current expected credit loss reserve (14,816 ) — Loans receivable, net 2,629,528 1,349,903 Other assets 79,552 51,788 Total assets $ 2,709,080 $ 1,401,691 Liabilities: Securitized debt obligations, net $ 2,240,612 $ 1,187,084 Other liabilities 1,527 1,648 Total liabilities $ 2,242,139 $ 1,188,732 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 (loss). Non-Consolidated 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 are not the primary beneficiary of the VIE because we do not have the power to direct the activities that most significantly affect the VIE’s economic performance and, therefore, do not consolidate the 2018 Single Asset Securitization on our balance sheet. We have classified the subordinate position we o w held-to-maturity We are not obligated to provide, have not provided, and do not intend to provide financial support to these consolidated and non-consolidated |
Transactions With Related Parti
Transactions With Related Parties | 6 Months Ended |
Jun. 30, 2020 | |
Related Party Transactions [Abstract] | |
Transactions With Related Parties | 16. TRANSACTIONS WITH RELATED PARTIES We are managed by our Manager pursuant to the Management Agreement, the current term of which expires on December 19, 2020, and will be automatically renewed for a one-year term upon such date and each anniversary thereafter unless earlier terminated. As of June 30, 2020 and December 31, 2019, our consolidated balance sheets included $20.5 million and $20.2 million of accrued management and incentive fees payable to our Manager, respectively. During the three and six months ended June 30, 2020, we paid aggregate management and incentive fees of $19.3 million and $39.4 million, respectively, to our Manager, compared to $19.8 million and $38.4 million during the same periods of 2019. During the three months ended June 30, 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 . In addition, during the three and six months ended June 30, 2020, we reimbursed our Manager for expenses incurred on our behalf of $205,000 and $423,000, respectively, compared to $242,000 and $430,000 during the same periods of 2019. As of June 30, 2020, our Manager held 768,179 shares of unvested restricted class A common stock, which had an aggregate grant date fair value of $26.3 million, and vest in installments over three years from the date of issuance. During the three and six months ended June 30, 2020, we recorded non-cash 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 six months ended June 30, 2020 or 2019. During the six months ended June 30, 2020, we originated two loans 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 six months ended June 30, 2019. During the three and six months ended June 30, 2020, we incurred $138,000 and $271,000, respectively, of expenses for various administrative, compliance, and capital market data services to third-party service providers that are affiliates of our Manager, compared to $90,000 and $176,000 during the same periods of 2019. In the second quarter of 2020, a Blackstone-advised investment vehicle acquired an aggregate $5.0 million participation, or 2%, of the total 2020 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 $250,000 in such capacity. Both of these transactions were on terms equivalent to those of unaffiliated parties. In the first quarter of 2020, we acquired a $140.0 million interest in a total $421.5 million senior loan to a borrower that is partially owned by a Blackstone-advised investment vehicle. We will forgo all non-economic In the second and fourth quarter of 2019, certain Blackstone-advised investment vehicles acquired an aggregate $60.0 million participation, or 8%, of the total 2019 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 transactions and received aggregate fees of $750,000 in such capacity. Both of these transactions were on terms equivalent to those of unaffiliated parties. In the second quarter of 2019, we originated € € non-economic In the first quarter of 2019, we originated £240.1 million of a total £490.0 million senior loan to a borrower that is wholly owned by a Blackstone-advised investment vehicle. We will forgo all non-economic , majority |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 17. COMMITMENTS AND CONTINGENCIES Impact of COVID-19 As further discussed in Note 2, the full extent of the impact of COVID-19 COVID-19, COVID-19. Unfunded Commitments Under Loans Receivable As of June 30, 2020, we had unfunded commitments of $3.6 billion related to 91 loans receivable. We generally finance the funding of our loan commitments on terms consistent with our overall credit facilities, with an average advance rate of 75.6% for such financed loans, resulting in identified financing for $2.2 billion of our aggregate unfunded loan commitments as of June 30, 2020. Some of our lenders, including substantially all of our financing of construction loans, are contractually obligated to fund their ratable portion of these loan commitments over time, while other lenders have some degree of discretion over future loan funding obligations. We expect to fund our loan COVID-19 Principal Debt Repayments Our contractual principal debt repayments as of June 30, 2020 were as follows ($ in thousands): Payment Timing Total Less Than 1 to 3 3 to 5 More Than Obligation 1 Year Years Years 5 Years Principal repayments under secured debt agreements (1) $ 9,716,452 $ 183,218 $ 3,749,063 $ 5,544,371 $ 239,800 Principal repayments of secured term loans (2) 1,068,134 10,738 21,475 21,475 1,014,446 Principal repayments of convertible notes (3) 622,500 — 622,500 — — Total (4) $ 11,407,086 $ 193,956 $ 4,393,038 $ 5,565,846 $ 1,254,246 (1) The allocation of repayments under our secured debt agreements is based on the earlier of (i) the maturity date of each facility, or (ii) the maximum maturity date of the collateral loans, assuming all extension options are exercised by the borrower. (2) The Secured Term Loans are partially amortizing, with an amount equal to 1.0% per annum of the principal balance due in quarterly installments. Refer to Note 7 for further details on our secured term loans. (3) Reflects the outstanding principal balance of Convertible Notes, excluding any potential conversion premium. Refer to Note 8 for further details on our Convertible Notes. (4) Does not include $739.6 million of non-consolidated Board of Directors’ Compensation As of June 30, 2020, of the eight members of our board of directors, our five independent directors are entitled to annual compensation of $175,000 each, $75,000 of which will be paid in the form of cash and $100,000 in the form of deferred stock units. 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 chair of our audit committee receives additional annual cash compensation of $20,000, (ii) the other members of our audit committee receive additional annual cash compensation of $10,000, and (iii) the chairs of each of our compensation and corporate governance committees receive additional annual cash compensation of $10,000. Litigation From time to time, we may be involved in various claims and legal actions arising in the ordinary course of business. As of June 30, 2020, we were not involved in any material legal proceedings. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2020 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying consolidated financial statements 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 | 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 the third quarter of 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 are not the primary beneficiary of the VIE because we do not have the power to direct the activities that most significantly affect the VIE’s economic performance and, therefore, do not consolidate the 2018 Single Asset Securitization on our balance sheet. We have classified the subordinate position we o w held-to-maturity In April 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 | 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. During the first quarter of 2020, there was a global outbreak of a novel coronavirus, or COVID-19, which has spread to over 200 countries and territories, including the United States, and has spread to every state in the United States. The World Health Organization has designated COVID-19 as a pandemic, and numerous countries, including the United States, have declared national emergencies with respect to COVID-19. The global impact of the outbreak has been rapidly evolving, and as cases of COVID-19 have continued to be identified in additional countries, many countries have reacted by instituting quarantines and restrictions on travel, closing financial markets and/or restricting trading, and limiting operations of non-essential offices and retail centers. Such actions are creating disruption in global supply chains, increasing rates of unemployment and adversely impacting many industries. The outbreak could have a continued adverse impact on economic and market conditions and trigger a period of global economic slowdown. The rapid development and fluidity of this situation precludes any prediction as to the ultimate adverse impact of COVID-19 on economic and market conditions. We believe the estimates and assumptions underlying our consolidated financial statements are reasonable and supportable based on the information available as of June 30, 2020, however uncertainty over the ultimate impact COVID-19 COVID-19. |
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 the opinion of our Manager, recovery of income and principal becomes doubtful. Income is then recorded on the basis of cash received 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 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 June 30, 2020 and December 31, 2019, 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 $350.4 million and $450.8 million as of June 30, 2020 and December 31, 2019, 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 | 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-Maturity We classify our debt securities as held-to-maturity, |
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. The initial CECL reserve recorded on January 1, 2020 is reflected as a direct charge to retained earnings on our consolidated statements of changes in equity; however subsequent changes to the CECL reserve are recognized through net income (loss) o n 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 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, which includes zero realized loan losses since the launch of our senior loan origination business in 2013, with market loan loss data licensed from Trepp LLC. This database includes commercial mortgage-backed securities, or CMBS, issued since January 1, 1999 through May 31, 2020. 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 loan-to-value, Our loans typically include commitments to fund incremental proceeds to our borrowers over t he 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 (loss). 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 • Non-U.S. Loans • Unique Loans • Impaired Loans collateral-dependent We adopted ASU 2016-13 using the modified-retrospective method for all financial assets measured at amortized cost. Prior to our adoption, we had no loan loss provisions on our consolidated balance sheets. We recorded a cumulative-effective adjustment to the opening retained earnings in our consolidated statement of equity as of January 1, 2020. Impact of ASU 2016-13 Adoption Assets: Loans U.S. Loans $ 8,955 Non-U.S. 3,631 Unique Loans 1,356 CECL reserve on loans $ 13,942 CECL reserve on held-to-maturity 445 Liabilities: CECL reserve on unfunded loan commitments 3,263 Total impact of ASU 2016-13 $ 17,650 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. Our Manager performs a quarterly risk review of our portfolio of loans, and assigns 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 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, 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. These estimations require 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 June 30, 2020 . |
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 (loss) prospectively. Effective April 1, 2020, 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 (loss) 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 (loss) concurrently. |
Secured Debt Agreements | Secured Debt Agreements Where applicable, we record investments financed with secured debt agreements as separate assets and the related borrowings under any secured debt agreements are recorded as separate liabilities on our consolidated balance sheets. Interest income earned on the investments and interest expense incurred on the secured debt agreements 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 (loss). When the sales are recognized, our balance sheet only includes our remaining subordinate loan and not the non-consolidated senior interest we sold. |
Secured Term Loans | Secured Term Loans We record our secured 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 secured term loans as additional non-cash |
Convertible Notes | Convertible Notes The “Debt with Conversion and Other Options” Topic of the Financial Accounting Standards Board, or FASB, Accounting Standards Codification, or ASC, requires the liability and equity components of convertible debt instruments that may be settled in cash upon conversion, including partial cash settlement, to be separately accounted for in a manner that reflects the issuer’s nonconvertible debt borrowing rate. The initial proceeds from the sale of convertible notes are allocated between a liability component and an equity component in a manner that reflects interest expense at the rate of similar nonconvertible debt that could have been issued at such time. The equity component represents the excess initial proceeds received over the fair value of the liability component of the notes as of the date of issuance. We measured the estimated fair value of the debt component of our convertible notes as of the respective issuance dates based on our nonconvertible debt borrowing rate. The equity component of each series of our convertible notes is reflected within additional paid-in non-cash non-cash |
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. |
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. The estimated value of each asset reported at fair value using Level 3 inputs is determined by an internal committee composed of members of senior management of our Manager, including our Chief Executive Officer, Chief Financial Officer, and other senior officers. 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 14 . 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-party dealers. For collateral-dependent loans that are identified as impaired, we measure impairment by comparing our Manager’s 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 deemed relevant by our Mana During the three months ended June 30, 2020, we recorded an aggregate $69.7 million CECL reserve specifically related to two of our loans receivable with an aggregate outstanding principal balance of $334.2 million. The CECL reserve was recorded based o n our Manager’s e sti of the fair value of the loan’s underlying collateral as of June 30, 2020. 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. The significant unobserva ble inputs used to estimate the fair value of these loans receivable include the exit c apitalization rate assumption used to forecast the future sa 4.25% to 4.80%. 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 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 by our Manager based on a discounted cash flow methodology, taking into consideration various factors including 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 deemed relevant by our Manager. • 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 agreements, 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. • Secured 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. • Convertible notes, net: Each series of the convertible notes is actively traded and their fair values were obtained using quoted market prices. |
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 12 for additional information. |
Stock-Based Compensation | Stock-Based Compensation Our stock-based compensation consists of awards issued to our Manager and certain individuals employed by an affiliate of our Manager 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 (loss) 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 13 for additional information. |
Earnings per Share | Earnings per Share Basic earnings per share, or Basic EPS, is computed in accordance with the two-class two-class Diluted earnings per share, or Diluted EPS, is determined using the treasury stock method, and is based on the net earnings allocable to our class A common stock, including restricted class A common stock and deferred stock units, divided by the weighted-average number of shares of our class A common stock, including restricted class A common stock and deferred stock units. Refer to Note 10 for additional discussion of earnings per share. |
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. Non-U.S. non-U.S. |
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 |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In June 2016, the FASB issued ASU 2016-13 2016-13. 2016-13 ( loss 2016-13 available-for-sale 2016-13 In March 2020, the FASB issued ASU 2020-04 2020-04. 2020-04 2020-04 2020-04 2020-04 2020-04 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Accounting Policies [Abstract] | |
Schedule Of Cumulative Effective Adjustment To The Opening Retained Earnings | The following table details the impact of this adoption ($ in thousands): Impact of ASU 2016-13 Adoption Assets: Loans U.S. Loans $ 8,955 Non-U.S. 3,631 Unique Loans 1,356 CECL reserve on loans $ 13,942 CECL reserve on held-to-maturity 445 Liabilities: CECL reserve on unfunded loan commitments 3,263 Total impact of ASU 2016-13 $ 17,650 |
Loans Receivable, Net (Tables)
Loans Receivable, Net (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Receivables [Abstract] | |
Overall Statistics for Loans Receivable Portfolio | The following table details overall statistics for our loans receivable portfolio ($ in thousands): June 30, 2020 December 31, 2019 Number of loans 128 128 Principal balance $ 16,434,631 $ 16,277,343 Net book value $ 16,161,353 $ 16,164,801 Unfunded loan commitments (1) $ 3,590,868 $ 3,911,868 Weighted-average cash coupon (2) L + 3.17 % L + 3.20 % Weighted-average all-in (2) L + 3.52 % L + 3.55 % Weighted-average maximum maturity (years) (3) 3.5 3.8 (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 all-in (3) Maximum maturity assumes all extension options are exercised by the borrower, however our loans may be repaid prior to such date. As of June 30, 2020, 51% of our loans by principal balance were subject to yield maintenance or other prepayment restrictions and 49% were open to repayment by the borrower without penalty. As of December 31, 2019, 61% of our loans by principal balance were subject to yield maintenance or other prepayment restrictions and 39% were open to repayment by the borrower without penalty. |
Activity Relating to Loans Receivable Portfolio | Activity relating to our loans receivable portfolio was as follows ($ in thousands): Principal Deferred Fees / (1) Net Book Loans Receivable, as of December 31, 2019 $ 16,277,343 $ (112,542 ) $ 16,164,801 Loan fundings 1,240,642 — 1,240,642 Loan repayments (953,069 ) — (953,069 ) Unrealized (loss) gain on foreign currency translation (130,285 ) 1,232 (129,053 ) Deferred fees and other items — (11,969 ) (11,969 ) Amortization of fees and other items — 28,051 28,051 Loans Receivable, as of June 30, 2020 $ 16,434,631 $ (95,228 ) $ 16,339,403 CECL reserve (178,050 ) Loans Receivable, net, as of June 30, 2020 $ 16,161,353 (1) Other items primarily consist of purchase discounts or premiums, exit fees, and deferred origination expenses. |
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): June 30, 2020 Property Type Number of Net Book Total Loan Exposure (1)(2) Percentage of Office 60 $ 9,580,065 $ 9,940,103 59% Hospitality 14 2,220,051 2,295,799 13 Multifamily 36 1,881,529 1,947,388 11 Industrial 7 840,065 844,665 5 Retail 4 533,088 544,682 3 Self-Storage 2 289,329 289,441 2 Condominium 2 232,220 233,621 1 Other 3 763,056 1,078,545 6 Total loans receivable 128 $ 16,339,403 $ 17,174,244 100% CECL reserve (178,050 ) Loans receivable, net $ 16,161,353 Geographic Location Number of Net Book Total Loan Exposure (1)(2) Percentage of United States Northeast 27 $ 4,277,301 $ 4,301,875 25% West 28 2,924,455 3,304,345 19 Southeast 25 2,363,782 2,376,630 14 Midwest 9 1,044,542 1,048,537 6 Southwest 12 614,003 616,253 4 Northwest 1 15,515 15,530 — Subtotal 102 11,239,598 11,663,170 68 International United Kingdom 13 1,658,666 1,997,241 12 Ireland 1 1,323,243 1,333,139 8 Spain 2 1,208,597 1,214,209 7 Germany 1 198,675 250,803 1 Australia 2 232,376 233,425 1 Italy 1 186,671 188,510 1 Netherlands 1 96,634 97,731 1 Belgium 1 87,222 87,304 1 Canada 3 75,534 75,684 — France 1 32,187 33,028 — Subtotal 26 5,099,805 5,511,074 32 Total loans receivable 128 $ 16,339,403 $ 17,174,244 100% CECL reserve (178,050 ) Loans receivable, net $ 16,161,353 (1) In certain instances, we finance our loans through the non-recourse non-consolidated (2) Excludes investment exposure to the $857.3 million 2018 Single Asset Securitization. See Note 4 for details of the subordinate position December 31, 2019 Property Type Number of Net Book Total Loan Exposure (1)(2) Percentage of Office 63 $ 9,946,055 $ 10,266,567 61% Hospitality 14 2,199,220 2,281,718 13 Multifamily 36 1,596,333 1,642,664 10 Industrial 5 603,917 607,423 4 Retail 3 373,045 381,040 2 Self-Storage 2 291,994 292,496 2 Condominium 1 232,778 234,260 1 Other 4 921,459 1,259,696 7 128 $ 16,164,801 $ 16,965,864 100% Geographic Location Number of Net Book Total Loan Exposure (1)(2) Percentage of United States Northeast 25 $ 3,789,477 $ 3,815,580 22% West 30 3,143,323 3,451,914 20 Southeast 23 2,321,444 2,334,852 14 Midwest 10 1,174,581 1,180,240 7 Southwest 11 464,989 467,532 3 Northwest 3 52,891 52,989 — Subtotal 102 10,946,705 11,303,107 66 International United Kingdom 13 1,738,536 2,102,501 12 Ireland 1 1,318,196 1,330,647 8 Spain 2 1,231,061 1,237,809 7 Australia 3 360,047 361,763 2 Germany 1 195,081 251,020 1 Italy 1 178,740 180,897 1 Belgium 1 86,807 87,201 1 Canada 3 77,656 77,953 1 France 1 31,972 32,966 1 Subtotal 26 5,218,096 5,662,757 34 Total 128 $ 16,164,801 $ 16,965,864 100% (1) In certain instances, we finance our loans through the non-recourse non-consolidated (2) Excludes investment exposure to the $930.0 million 2018 Single Asset Securitization. See Note 4 for details of the subordinate position |
Principal Balance and Net Book Value of Loans Receivable Based on Internal Risk Ratings | The following table allocates the principal balance and net book value of our loans receivable based on our internal risk ratings ($ in thousands): June 30, 2020 December 31, 2019 Risk Rating Number of Loans Net Book Value Total Loan Exposure (1)(2) Number of Loans Net Book Value Total Loan Exposure (1)(2) 1 6 $ 403,025 $ 404,596 6 $ 376,379 $ 378,427 2 28 3,143,641 3,163,083 30 3,481,123 3,504,972 3 78 9,509,007 10,306,208 89 12,137,963 12,912,722 4 14 2,951,069 2,966,195 3 169,336 169,743 5 2 332,661 334,162 — — — Total loans receivable 128 $ 16,339,403 $ 17,174,244 128 $ 16,164,801 $ 16,965,864 CECL reserve (178,050 ) — Loans receivable, net $ 16,161,353 $ 16,164,801 (1) In certain instances, we finance our loans through the non-recourse non-consolidated (2) Excludes investment exposure to the 2018 Single Asset Securitization of $857.3 million and $930.0 million as of June 30, 2020 and December 31, 2019, respectively. See Note 4 for details of the subordinate position |
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 three and U.S. Loans Non-U.S. Unique Loans Impaired Loans Total Loans Receivable, Net CECL reserve as of December 31, 2019 $ — $ — $ — $ — $ — Initial CECL reserve on January 1, 2020 8,955 3,631 1,356 — 13,942 Increase in CECL reserve 52,449 16,114 25,884 69,661 164,108 CECL reserve as of June 30, 2020 $ 61,404 $ 19,745 $ 27,240 $ 69,661 $ 178,050 CECL reserve as of March 31, 2020 $ 64,861 $ 21,825 $ 26,008 $ — $ 112,694 (Decrease) increase in CECL reserve (3,457 ) (2,080 ) 1,232 69,661 65,356 CECL reserve as of June 30, 2020 $ 61,404 $ 19,745 $ 27,240 $ 69,661 $ 178,050 |
Schedule of Loans Receivable Based On Our Internal Risk Ratings, Separated By Year Of Origination | The following table presents the net book value of our loan portfolio as of June 30, 2020 by year of origination, investment pool, and risk rating ($ in thousands): Net Book Value of Loans Receivable by Year of Origination (1)(2) As of June 30, 2020 2020 2019 2018 2017 2016 Prior Total U.S. loans 1 $ 20,362 $ 199,351 $ — $ 43,979 $ 22,153 $ — $ 285,845 2 — 86,727 1,907,488 758,791 79,947 223,466 3,056,419 3 586,916 2,404,636 1,625,490 1,116,969 229,517 228,698 6,192,226 4 65,860 165,782 1,042,967 63,212 110,158 — 1,447,979 5 — — — — — — — Total U.S. loans $ 673,138 $ 2,856,496 $ 4,575,945 $ 1,982,951 $ 441,775 $ 452,164 $ 10,982,469 Non-U.S. 1 $ — $ — $ 117,180 $ — $ — $ — $ 117,180 2 — — — 87,222 — — 87,222 3 96,634 2,423,414 430,690 — 103,880 — 3,054,618 4 — 231,923 — — — — 231,923 5 — — — — — — — Total Non-U.S. $ 96,634 $ 2,655,337 $ 547,870 $ 87,222 $ 103,880 $ — $ 3,490,943 Unique loans 1 $ — $ — $ — $ — $ — $ — $ — 2 — — — — — — — 3 — — 178,505 — — 83,658 262,163 4 — 294,492 976,675 — — — 1,271,167 5 — — — — — — — Total unique loans $ — $ 294,492 $ 1,155,180 $ — $ — $ 83,658 $ 1,533,330 Impaired loans 1 $ — $ — $ — $ — $ — $ — $ — 2 — — — — — — — 3 — — — — — — — 4 — — — — — — — 5 — — 279,874 — — 52,787 332,661 Total impaired loans $ — $ — $ 279,874 $ — $ — $ 52,787 $ 332,661 Total loans receivable 1 $ 20,362 $ 199,351 $ 117,180 $ 43,979 $ 22,153 $ — $ 403,025 2 — 86,727 1,907,488 846,013 79,947 223,466 3,143,641 3 683,550 4,828,050 2,234,685 1,116,969 333,397 312,356 9,509,007 4 65,860 692,197 2,019,642 63,212 110,158 — 2,951,069 5 — — 279,874 — — 52,787 332,661 Total loans receivable $ 769,772 $ 5,806,325 $ 6,558,869 $ 2,070,173 $ 545,655 $ 588,609 $ 16,339,403 CECL reserve (178,050 ) Loans receivable, net $ 16,161,353 (1) Date loan was originated or acquired by us. Origination dates are subsequently updated to reflect material loan modifications. (2) Excludes the $75.8 million net book value of our held-to-maturity debt securities which represents our subordinate position we own in the 2018 Single Asset Securitization, and is included in other assets on our consolidated balance sheets. See Note 4 for details of the subordinate position we own in the 2018 Single Asset Securitization. |
Other Assets and Liabilities (T
Other Assets and Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Summary of Components of Other Assets | The following table details the components of our other assets ($ in thousands): June 30, 2020 December 31, 2019 Loan portfolio payments held by servicer (1) $ 81,261 $ 49,584 Debt securities held-to-maturity (2) 79,955 86,638 CECL reserve (4,119 ) — Debt securities held-to-maturity, 75,836 86,638 Accrued interest receivable 60,792 66,649 Collateral deposited under derivative agreements 22,180 30,800 Prepaid taxes 376 376 Prepaid expenses 328 739 Derivative assets 327 1,079 Other 834 1,115 Total $ 241,934 $ 236,980 (1) Represents loan principal and interest payments 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 $857.3 million and $930.0 million as of June 30, 2020 and December 31, 2019, respectively, 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. Refer to Note 15 for additional discussion. |
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 three and U.S. Loans Non-U.S. Unique Loans Impaired Loans Total Loans Receivable, Net CECL reserve as of December 31, 2019 $ — $ — $ — $ — $ — Initial CECL reserve on January 1, 2020 8,955 3,631 1,356 — 13,942 Increase in CECL reserve 52,449 16,114 25,884 69,661 164,108 CECL reserve as of June 30, 2020 $ 61,404 $ 19,745 $ 27,240 $ 69,661 $ 178,050 CECL reserve as of March 31, 2020 $ 64,861 $ 21,825 $ 26,008 $ — $ 112,694 (Decrease) increase in CECL reserve (3,457 ) (2,080 ) 1,232 69,661 65,356 CECL reserve as of June 30, 2020 $ 61,404 $ 19,745 $ 27,240 $ 69,661 $ 178,050 |
Summary of Components of Other Liabilities | The following table details the components of our other liabilities ($ in thousands): June 30, 2020 December 31, 2019 Accrued dividends payable $ 90,642 $ 83,702 Derivative liabilities 26,164 42,263 Accrued interest payable 20,895 24,831 Accrued management and incentive fees payable 20,496 20,159 Current expected credit loss reserve for unfunded loan commitments (1) 15,002 — Accounts payable and other liabilities 4,114 5,008 Total $ 177,313 $ 175,963 (1) Represents the CECL reserve related to our unfunded loan commitments. See Note 2 for further discussion of the CECL reserve. |
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 three and six months ended June 30, 2020 ($ in thousands): U.S. Loans Non-U.S. Unique Loans Impaired Loans Total Unfunded Loan Commitments CECL reserve as of December 31, 2019 $ — $ — $ — $ — $ — Initial CECL reserve on January 1, 2020 2,801 453 9 — 3,263 Increase in CECL reserve 10,035 1,625 79 — 11,739 CECL reserve as of June 30, 2020 $ 12,836 $ 2,078 $ 88 $ — $ 15,002 CECL reserve as of March 31, 2020 $ 19,793 $ 2,672 $ 71 $ — $ 22,536 (Decrease) increase in CECL reserve (6,957 ) (594 ) 17 — (7,534 ) CECL reserve as of June 30, 2020 $ 12,836 $ 2,078 $ 88 $ — $ 15,002 |
Held To Maturity Debt Securities [Member] | |
Schedule Of Current Expected Credit Loss Reserve By Pool | The following table presents the activity in our debt securities CECL reserve by investment pool for the three and U.S. Loans Non-U.S. Unique Loans Impaired Loans Total Debt Securities Held-To-Maturity CECL reserve as of December 31, 2019 $ — $ — $ — $ — $ — Initial CECL reserve on January 1, 2020 445 — — — 445 Increase in CECL reserve 3,674 — — — 3,674 CECL reserve as of June 30, 2020 $ 4,119 $ — $ — $ — $ 4,119 CECL reserve as of March 31, 2020 $ 5,122 $ — $ — $ — $ 5,122 Decrease in CECL reserve (1,003 ) — — (1,003 ) CECL reserve as of June 30, 2020 $ 4,119 $ — $ — $ — $ 4,119 |
Secured Debt Agreements, Net (T
Secured Debt Agreements, Net (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Schedule of Secured Debt Agreements | The following table details our secured debt agreements ($ in thousands): Secured Debt Agreements Borrowings Outstanding June 30, 2020 December 31, 2019 Secured credit facilities $ 9,431,109 $ 9,753,059 Asset-specific financings 285,343 330,879 Revolving credit agreement — — Total secured debt agreements $ 9,716,452 $ 10,083,938 Deferred financing costs (1) (26,911 ) (29,008 ) Net book value of secured debt $ 9,689,541 $ 10,054,930 (1) Costs incurred in connection with our secured debt agreements are recorded on our consolidated balance sheet when incurred and recognized as a component of interest expense over the life of each related agreement. |
Credit Facilities | The following table details our secured credit facilities as of June 30, 2020 ($ in thousands): June 30, 2020 Credit Facility Borrowings Collateral Lender Potential (1) Outstanding Available (1) Assets (2) Deutsche Bank $ 2,011,496 $ 2,011,496 $ — $ 2,673,795 Barclays 1,637,749 1,607,267 30,482 2,110,436 Wells Fargo 1,516,822 1,497,542 19,280 1,960,089 Citibank 916,680 899,627 17,053 1,189,282 Goldman Sachs 582,860 582,854 6 781,016 Bank of America 540,376 540,376 — 750,722 Morgan Stanley 492,293 492,293 — 786,931 MetLife 444,502 444,502 — 556,015 JP Morgan 415,535 388,182 27,353 558,291 Santander 244,607 244,607 — 306,082 Société Générale 236,698 236,698 — 301,932 Goldman Sachs - Multi. JV (3) 234,464 234,464 — 306,555 US Bank - Multi. JV (3) 220,139 217,281 2,858 275,174 Bank of America - Multi. JV (3) 33,920 33,920 — 42,400 $ 9,528,141 $ 9,431,109 $ 97,032 $ 12,598,720 (1) Potential borrowings represents the total amount we could draw under each facility based on collateral already approved and pledged. When undrawn, these amounts are immediately available to us at our sole discretion under the terms of each credit facility. (2) Represents the principal balance of the collateral assets. (3) These facilities finance the loan investments of our consolidated Multifamily Joint Venture. Refer to Note 2 for additional discussion of our Multifamily Joint Venture. The following table details our secured credit facilities as of December 31, 2019 ($ in thousands): December 31, 2019 Credit Facility Borrowings Collateral Lender Potential (1) Outstanding Available (1) Assets (2) Wells Fargo $ 2,056,769 $ 2,018,057 $ 38,712 $ 2,621,806 Deutsche Bank 2,037,795 1,971,860 65,935 2,573,447 Barclays 1,629,551 1,442,083 187,468 2,044,654 Citibank 1,159,888 1,109,837 50,051 1,473,745 Bank of America 603,660 513,660 90,000 775,678 Morgan Stanley 524,162 468,048 56,114 706,080 Goldman Sachs 474,338 450,000 24,338 632,013 MetLife 417,677 417,677 — 536,553 Société Générale 333,473 333,473 — 437,130 US Bank - Multi. JV (3) 279,838 279,552 286 350,034 JP Morgan 303,288 259,062 44,226 386,545 Santander 239,332 239,332 — 299,597 Goldman Sachs - Multi. JV (3) 203,846 203,846 — 261,461 Bank of America - Multi. JV (3) 46,572 46,572 — 58,957 $ 10,310,189 $ 9,753,059 $ 557,130 $ 13,157,700 (1) Potential borrowings represents the total amount we could draw under each facility based on collateral already approved and pledged. When undrawn, these amounts are immediately available to us at our sole discretion under the terms of each credit facility. (2) Represents the principal balance of the collateral assets. (3) These facilities finance the loan investments of our consolidated Multifamily Joint Venture. Refer to Note 2 for additional discussion of our Multifamily Joint Venture. |
Summary of Key Terms of Credit Facilities | The following tables outline the key terms of our credit facilities as of June 30, 2020: Lender Currency Guarantee (1) Margin Call (2) Term/Maturity Morgan Stanley $ / £ / € 25% Collateral marks only March 1, 2022 Goldman Sachs - Multi. JV (3) $ 25% Collateral marks only July 12, 2022 (6) Bank of America - Multi. JV (3) $ 43% Collateral marks only July 19, 2023 (7) JP Morgan $ / £ 43% Collateral marks only January 7, 2024 (8) Bank of America $ 50% Collateral marks only May 21, 2024 (9) MetLife $ 62% Collateral marks only September 23, 2025 (10) Deutsche Bank $ / € 60% (4) Collateral marks only Term matched (11) Citibank $ / £ / € 25% Collateral marks only Term matched (11) Société Générale $ / £ / € 25% Collateral marks only Term matched (11) Santander € 50% Collateral marks only Term matched (11) Wells Fargo $ / C$ 25% (5) Collateral marks only Term matched (11) US Bank - Multi. JV (3) $ 25% Collateral marks only Term matched (11) Barclays $ / £ / € 25% Collateral marks only Term matched (11) Goldman Sachs $ / £ / € 25% Collateral marks only Term matched (11) (1) Other than amounts guaranteed based on specific collateral asset types, borrowings under our credit facilities are non-recourse (2) Margin call provisions under our credit facilities do not permit valuation adjustments based on capital markets events, and are limited to collateral-specific credit marks. These provisions have been temporarily suspended on certain of our facilities as described above. (3) These facilities finance the loan investments of our consolidated Multifamily Joint Venture. Refer to Note 2 for additional discussion of our Multifamily Joint Venture. (4) Specific borrowings outstanding of $934.7 million are 100 % guaranteed. The remainder of the credit facility borrowings are 25 % guaranteed. (5) In addition to the 25 % guarantee across all borrowings, there is an incremental guarantee of $146.6 million related to $195.4 million of specific borrowings outstanding. (6) Includes a one-year (7) Includes two one-year (8) Includes two one-year (9) Includes two one-year (10) Includes five one-year (11) These secured credit facilities have various availability periods during which new advances can be made and which are generally subject to each lender’s discretion. Maturity dates for advances outstanding are tied to the term of each respective collateral asset. Currency Potential (1) Outstanding (2) Spread Advance (3) $ $ 5,783,708 $ 5,693,741 USD LIBOR L + 1.63% 75.3% € € € EURIBOR E + 1.44% 79.6% £ £ 818,468 £ 818,468 GBP LIBOR L + 1.95% 71.5% A$ A$ 245,254 A$ 245,254 BBSY BBSY + 1.90% 72.5% C$ C$ 78,924 C$ 78,886 CDOR CDOR + 1.80% 78.3% $ 9,528,141 $ 9,431,109 75.6% (1) Potential borrowings represents the total amount we could draw under each facility based on collateral already approved and pledged. When undrawn, these amounts are immediately available to us at our sole discretion under the terms of each credit facility. (2) Floating rate indices are generally matched to the payment timing under the terms of each secured credit facility and its respective collateral assets. (3) Represents weighted-average advance rate based on the approved outstanding principal balance of the collateral assets pledged. |
Summary of Asset-Specific Financings | The following tables detail our asset-specific financings ($ in thousands): June 30, 2020 Asset-Specific Financings Count Principal Book Value Wtd. Avg. Yield/Cost (1) Guarantee (2) Wtd. Avg. Term (3) Collateral assets 3 $ 356,679 $ 346,051 L+5.20 % n/a Feb. 2023 Financing provided 3 $ 285,343 $ 279,132 L+3.60 % $ 16,546 Feb. 2023 December 31, 2019 Asset-Specific Financings Count Principal Book Value Wtd. Avg. Yield/Cost (1) Guarantee (2) Wtd. Avg. Term (3) Collateral assets 4 $ 429,983 $ 417,820 L+4.90 % n/a Mar. 2023 Financing provided 4 $ 330,879 $ 323,504 L+3.42 % $ 97,930 Mar. 2023 (1) These floating rate loans and related liabilities are indexed to the various benchmark rates relevant in each arrangement in terms of currency and payment frequency. Therefore the net exposure to each benchmark rate is in direct proportion to our net assets indexed to that rate. In addition to cash coupon, yield/cost includes the amortization of deferred origination fees / financing costs. (2) Other than amounts guaranteed on an asset by asset basis, borrowings under our asset-specific financings are non-recourse to us. (3) The weighted-average term is determined based on the maximum maturity of the corresponding loans, assuming all extension options are exercised by the borrower. Each of our asset-specific financings is term-matched to the corresponding collateral loans. |
Securitized Debt Obligations,_2
Securitized Debt Obligations, Net (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Text Block [Abstract] | |
Schedule of Information on Securitized Debt Obligations | The following tables detail our securitized debt obligations ($ in thousands): June 30, 2020 Securitized Debt Obligations Count Principal Book Value Wtd. Avg. Yield/Cost (1) Term (2) 2020 Collateralized Loan Obligation Collateral assets 34 $ 1,500,000 $ 1,500,000 L+3.20 % December 2023 Financing provided 1 1,243,125 1,231,872 L+1.42 % February 2038 2017 Collateralized Loan Obligation Collateral assets 16 717,763 717,763 L+3.33 % January 2023 Financing provided 1 535,263 534,120 L+1.77 % June 2035 2017 Single Asset Securitization Collateral assets (3) 1 688,611 687,775 L+3.57 % June 2023 Financing provided 1 474,620 474,620 L+1.63 % June 2033 Total Collateral assets 51 $ 2,906,374 $ 2,905,538 L+3.32 % Financing provided (4) 3 $ 2,253,008 $ 2,240,612 L+1.54 % December 31, 2019 Securitized Debt Obligations Count Principal Book Value Wtd. Avg. Yield/Cost (1) Term (2) 2017 Collateralized Loan Obligation Collateral assets 18 $ 897,522 $ 897,522 L+3.43 % September 2022 Financing provided 1 715,022 712,517 L+1.98 % June 2035 2017 Single Asset Securitization Collateral assets (3) 1 711,738 710,260 L+3.60 % June 2023 Financing provided 1 474,620 474,567 L+1.64 % June 2033 Total Collateral assets 19 $ 1,609,260 $ 1,607,782 L+3.51 % Financing provided (4) 2 $ 1,189,642 $ 1,187,084 L+1.84 % (1) In addition to cash coupon, all-in All-in (2) Loan term represents weighted-average final maturity, 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. (3) The collateral assets for the 2017 Single Asset Securitization include the total loan amount, of which we securitized $500.0 million. (4) During the three and six months ended June 30, 2020, we recorded $10.7 million and $22.7 million, respectively, of interest expense related to our securitized debt obligations. During the three and six months ended June 30, 2019, we recorded $12.5 million and $25.0 million, respectively, of interest expense related to our securitized debt obligations. |
Secured Term Loans, Net (Tables
Secured Term Loans, Net (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Debt Disclosure [Line Items] | |
Schedule of Debt | The following table details our secured credit facilities as of June 30, 2020 ($ in thousands): June 30, 2020 Credit Facility Borrowings Collateral Lender Potential (1) Outstanding Available (1) Assets (2) Deutsche Bank $ 2,011,496 $ 2,011,496 $ — $ 2,673,795 Barclays 1,637,749 1,607,267 30,482 2,110,436 Wells Fargo 1,516,822 1,497,542 19,280 1,960,089 Citibank 916,680 899,627 17,053 1,189,282 Goldman Sachs 582,860 582,854 6 781,016 Bank of America 540,376 540,376 — 750,722 Morgan Stanley 492,293 492,293 — 786,931 MetLife 444,502 444,502 — 556,015 JP Morgan 415,535 388,182 27,353 558,291 Santander 244,607 244,607 — 306,082 Société Générale 236,698 236,698 — 301,932 Goldman Sachs - Multi. JV (3) 234,464 234,464 — 306,555 US Bank - Multi. JV (3) 220,139 217,281 2,858 275,174 Bank of America - Multi. JV (3) 33,920 33,920 — 42,400 $ 9,528,141 $ 9,431,109 $ 97,032 $ 12,598,720 (1) Potential borrowings represents the total amount we could draw under each facility based on collateral already approved and pledged. When undrawn, these amounts are immediately available to us at our sole discretion under the terms of each credit facility. (2) Represents the principal balance of the collateral assets. (3) These facilities finance the loan investments of our consolidated Multifamily Joint Venture. Refer to Note 2 for additional discussion of our Multifamily Joint Venture. The following table details our secured credit facilities as of December 31, 2019 ($ in thousands): December 31, 2019 Credit Facility Borrowings Collateral Lender Potential (1) Outstanding Available (1) Assets (2) Wells Fargo $ 2,056,769 $ 2,018,057 $ 38,712 $ 2,621,806 Deutsche Bank 2,037,795 1,971,860 65,935 2,573,447 Barclays 1,629,551 1,442,083 187,468 2,044,654 Citibank 1,159,888 1,109,837 50,051 1,473,745 Bank of America 603,660 513,660 90,000 775,678 Morgan Stanley 524,162 468,048 56,114 706,080 Goldman Sachs 474,338 450,000 24,338 632,013 MetLife 417,677 417,677 — 536,553 Société Générale 333,473 333,473 — 437,130 US Bank - Multi. JV (3) 279,838 279,552 286 350,034 JP Morgan 303,288 259,062 44,226 386,545 Santander 239,332 239,332 — 299,597 Goldman Sachs - Multi. JV (3) 203,846 203,846 — 261,461 Bank of America - Multi. JV (3) 46,572 46,572 — 58,957 $ 10,310,189 $ 9,753,059 $ 557,130 $ 13,157,700 (1) Potential borrowings represents the total amount we could draw under each facility based on collateral already approved and pledged. When undrawn, these amounts are immediately available to us at our sole discretion under the terms of each credit facility. (2) Represents the principal balance of the collateral assets. (3) These facilities finance the loan investments of our consolidated Multifamily Joint Venture. Refer to Note 2 for additional discussion of our Multifamily Joint Venture. |
Schedule of Net Book Value of Our Secured Term Loans on Our Consolidated Balance Sheets | The following table details the net book value of our Convertible Notes on our consolidated balance sheets ($ in thousands): June 30, 2020 December 31, 2019 Face value $ 622,500 $ 622,500 Unamortized discount (7,277 ) (8,801 ) Deferred financing costs (513 ) (628 ) Net book value $ 614,710 $ 613,071 |
Secured Debt [Member] | |
Debt Disclosure [Line Items] | |
Schedule of Debt | As of June 30, 2020, the following senior secured term loan facilities, or Secured Term Loans, were outstanding ($ in thousands): Term Loans Face Value Interest Rate (1) All-in (1)(2) Maturity 2019 Term Loan $ 743,134 L+2.25 % L+2.52 % April 23, 2026 2020 Term Loan $ 325,000 L+4.75 % L+5.60 % April 23, 2026 (1) The 2020 Term Loan includes a LIBOR floor of 1.00%. (2) Includes issue discount and transaction expenses that are amortized through interest expense over the life of the Secured Term Loans. |
Secured Term Loan [Member] | |
Debt Disclosure [Line Items] | |
Schedule of Net Book Value of Our Secured Term Loans on Our Consolidated Balance Sheets | The following table details the net book value of our Secured Term Loans on our consolidated balance sheets ($ in thousands): June 30, 2020 December 31, 2019 Face value $ 1,068,134 $ 746,878 Unamortized discount (10,739 ) (1,456 ) Deferred financing costs (12,232 ) (9,280 ) Net book value $ 1,045,163 $ 736,142 |
Convertible Notes, Net (Tables)
Convertible Notes, Net (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Text Block [Abstract] | |
Summary of Outstanding Convertible Senior Notes | As of June 30, 2020, the following convertible senior notes, or Convertible Notes, were outstanding ($ in thousands): Convertible Notes Issuance Face Value Interest Rate All-in (1) Conversion Rate (2) Maturity May 2017 $ 402,500 4.38 % 4.85 % 28.0324 May 5, 2022 March 2018 $ 220,000 4.75 % 5.33 % 27.6052 March 15, 2023 (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 shares of class A common stock per $1,000 principal amount of Convertible Notes, which is equivalent to a conversion price of $35.67 and $36.23 per share of class A common stock, respectively, for the May 2017 and March 2018 convertible notes. The cumulative dividend threshold as defined in the respective May 2017 and March 2018 convertible notes supplemental indentures have not been exceeded as of June 30, 2020. |
Summary of Details of Net Book Value of Convertible Note | The following table details the net book value of our Convertible Notes on our consolidated balance sheets ($ in thousands): June 30, 2020 December 31, 2019 Face value $ 622,500 $ 622,500 Unamortized discount (7,277 ) (8,801 ) Deferred financing costs (513 ) (628 ) Net book value $ 614,710 $ 613,071 |
Summary of Details about Interest Expense | The following table details our interest expense related to the Convertible Notes ($ in thousands): Three Months Ended Six Months Ended June 30, June 30, 2020 2019 2020 2019 Cash coupon $ 7,015 $ 7,015 $ 14,030 $ 14,030 Discount and issuance cost amortization 828 788 1,639 1,560 Total interest expense $ 7,843 $ 7,803 $ 15,669 $ 15,590 |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Summary of Outstanding Interest Rate Derivatives Designated as Cash Flow Hedges of Interest Rate Risk | The following tables detail our outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk (notional amount in thousands): June 30, 2020 Interest Rate Derivatives Number of Notional Strike Index Wtd.-Avg. Interest Rate Swaps 2 C$ 17,273 1.0% CDOR 0.2 Interest Rate Caps 1 C$ 21,387 3.0% CDOR 0.5 December 31, 2019 Interest Rate Derivatives Number of Notional Strike Index Wtd.-Avg. Interest Rate Swaps 2 C$ 17,273 1.0% CDOR 0.7 Interest Rate Caps 1 C$ 21,387 3.0% CDOR 1.0 |
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): June 30, 2020 December 31, 2019 Number of Notional Number of Notional Foreign Currency Derivatives Instruments Amount Foreign Currency Derivatives Instruments Amount Buy USD / Sell EUR Forward 7 € 607,690 Buy USD / Sell GBP Forward 4 £ 527,100 Buy USD / Sell GBP Forward 5 £ 385,087 Buy USD / Sell EUR Forward 5 € 525,600 Buy USD / Sell AUD Forward 1 A$ 92,800 Buy USD / Sell AUD Forward 3 A$ 135,600 Buy USD / Sell CAD Forward 2 C$ Buy USD / Sell CAD Forward 1 C$ 23,200 |
Summary of Non-designated Hedges | The following table details our outstanding foreign exchange derivatives that were non-designated June 30, 2020 December 31, 2019 Number of Notional Number of Notional Non-designated Instruments Amount Non-designated Instruments Amount Buy USD / Sell GBP Forward 1 £ Buy CAD / Sell USD Forward 1 C$ 15,900 Buy USD / Sell EUR Forward 3 € 68,810 Buy USD / Sell CAD Forward 1 C$ 15,900 Buy EUR / Sell USD Forward 2 € 56,100 Buy GBP / Sell EUR Forward 1 € 12,857 Buy AUD / Sell USD Forward 1 A$ 10,000 Buy USD / Sell AUD Forward 1 A$ 10,000 |
Schedule of Derivative Instruments Gain Loss in Statement of Operations | The following table presents the effect of our derivative financial instruments on our consolidated statements of operations ($ in thousands): Amount of Income (Expense) Recognized from Foreign Exchange Contracts Three Months Six Months Foreign Exchange Contracts Location of Income Ended Ended in Hedging Relationships (Expense) Recognized June 30, 2020 June 30, 2020 Designated Hedges Interest Income (1) $ 509 $ 509 Non-Designated Interest Income (1) 5 5 Non-Designated Interest Expense (2) (361 ) (1,515 ) Total $ 153 $ (1,001 ) (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 USD LIBOR. These forward contracts effectively convert the rate exposure to USD LIBOR, resulting in additional interest income earned in U.S. dollar terms. (2) Represents the spot rate movement in our non-designated hedges, which are marked-to-market and recognized in interest expense. |
Summary of Fair Value of Derivative Financial Instruments | The following table summarizes the fair value of our derivative financial instruments ($ in thousands): Fair Value of Derivatives in an Fair Value of Derivatives in a Asset Position (1) Liability Position (2) June 30, 2020 December 31, 2019 June 30, 2020 December 31, 2019 Derivatives designated as hedging instruments: Foreign exchange contracts $ 321 $ — $ 24,706 $ 41,728 Interest rate derivatives — 96 9 — Total $ 321 $ 96 $ 24,715 $ 41,728 Derivatives not designated as hedging instruments: Foreign exchange contracts $ 6 $ 983 $ 1,449 $ 535 Interest rate derivatives — — — — Total $ 6 $ 983 $ 1,449 $ 535 Total Derivatives $ 327 $ 1,079 $ 26,164 $ 42,263 (1) Included in other assets in our consolidated balance sheets. (2) Included in other liabilities in our consolidated balance sheets. |
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): Amount of Gain (Loss) Recognized in OCI on Derivatives Location of Gain Amount of Gain (Loss) Reclassified from OCI into Income Three Months Six Months Reclassified from Three Months Six Months Derivatives in Hedging Relationships Ended Ended Accumulated Ended Ended Net Investment Hedges Foreign exchange contracts (1) $ (30,656 ) $ 73,430 Interest Expense $ — $ — Cash Flow Hedges Interest rate derivatives (18 ) (85 ) Interest Expense (2) (9 ) 20 Total $ (30,674 ) $ 73,345 $ (9 ) $ 20 (1) During the three and six months ended June 30, 2020, we paid net cash settlements of $4.7 million and received net cash settlements of $57.0 million, respectively, on our foreign currency forward contracts. Those amounts are included as a component of accumulated other comprehensive income ( ) our consolidated balance sheets. (2) During the three months ended June 30, 2020, we recorded total interest and related expenses of $84.9 million, which included interest expenses of $9,000 related to our cash flow hedges. During the six months ended June 30, 2020, we recorded total interest and related expenses of $189.1 million, which included $20,000 related to income generated by our cash flow hedges |
Equity (Tables)
Equity (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Equity [Abstract] | |
Summary of Class A Common Stock Issuances | The following table details our issuances ($ in thousands, except share and per share data): Class A Common Stock 2020 Total / May (1) June 2020 Wtd. Avg. Shares issued 840,696 10,000,000 10,840,696 Gross share issue price (2) $ 22.93 $ 28.20 $ 27.79 Net share issue price (3) $ 22.93 $ 27.91 $ 27.52 Net proceeds (4) $ 19,277 $ 278,322 $ 297,599 (1) Represents accrued in 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. (2) Represents the weighted-average gross price per share paid by the underwriters or sales agents, as applicable , in June 2020. (3) Represents the weighted-average net proceeds per share after underwriting or sales discounts and commissions, as applicable , in June 2020. (4) Net proceeds represents proceeds received from the underwriters less applicable transaction costs in June 2020. |
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: Six Months Ended June 30, Common Stock Outstanding (1) 2020 2019 Beginning balance 135,263,728 123,664,577 Issuance of class A common stock (2) 10,841,667 10,535,181 Issuance of restricted class A common stock, net 351,333 317,339 Issuance of deferred stock units 21,077 15,697 Ending balance 146,477,805 134,532,794 (1) Includes deferred stock units held by members of our board of directors of 281,143 and 244,536 as of June 30, 2020 and 2019, respectively. (2) Includes 971 and 553 shares issued under our dividend reinvestment program during the six months ended June 30, 2020 and 2019, respectively. |
Schedule of Dividend Activity | The following table details our dividend activity ($ in thousands, except per share data): Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Dividends declared per share of common stock $ 0.62 $ 0.62 $ 1.24 $ 1.24 Total dividends declared $ $ $ $ |
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 (loss) Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Net income (loss) (1) $ 17,544 $ 75,174 $ (35,808 ) $ 151,738 Weighted-average shares outstanding, basic and diluted 138,299,418 126,475,244 136,959,341 125,410,064 Per share amount, basic and diluted $ 0.13 $ 0.59 $ (0.26 ) $ 1.21 (1) |
Other Expenses (Tables)
Other Expenses (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Other Income and Expenses [Abstract] | |
Schedule of General and Administrative Expenses | General and administrative expenses consisted of the following ($ in thousands): Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Professional services (1) $ 1,752 $ 1,249 $ 3,414 $ 2,439 Operating and other costs (1) 882 894 2,335 1,249 Subtotal 2,634 2,143 5,749 3,688 Non-cash compensation expenses Restricted class A common stock earned 8,527 7,629 17,079 15,272 Director stock-based compensation 125 125 250 250 Subtotal 8,652 7,754 17,329 15,522 Total general and administrative expenses $ 11,286 $ 9,897 $ 23,078 $ 19,210 (1) During the three and six months ended June 30, 2020, we recognized an aggregate $200,000 and $576,000, respectively, of expenses related to our Multifamily Joint Venture. During the three and six months ended June 30, 2019, we recognized an aggregate $164,000 and $333,000, respectively, of expenses related to our Multifamily Joint Venture. |
Stock-Based Incentive Plans (Ta
Stock-Based Incentive Plans (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Disclosure of Compensation Related Costs, Share-based Payments [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: Restricted Class A Weighted-Average Balance as of December 31, 2019 1,698,582 $ 34.52 Granted 351,582 37.19 Vested (502,638 ) 34.26 Forfeited (249 ) 35.83 Balance as of June 30, 2020 1,547,277 $ 35.21 |
Fair Values (Tables)
Fair Values (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
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): June 30, 2020 December 31, 2019 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets Derivatives $ — $ 327 $ — $ 327 $ — $ 1,079 $ — $ 1,079 Liabilities Derivatives $ — $ 26,164 $ — $ 26,164 $ — $ 42,263 $ — $ 42,263 |
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): June 30, 2020 December 31, 2019 Book Face Fair Book Face Fair Value Amount Value Value Amount Value Financial assets Cash and cash equivalents $ 1,259,836 $ 1,259,836 $ 1,259,836 $ 150,090 $ 150,090 $ 150,090 Loans receivable, net 16,161,353 16,434,631 16,214,574 16,164,801 16,277,343 16,279,904 Debt securities held-to-maturity (1) 75,836 82,002 68,940 86,638 88,958 88,305 Financial liabilities Secured debt agreements, net 9,689,541 9,716,452 9,716,452 10,054,930 10,083,938 10,083,938 Securitized debt obligations, net 2,240,612 2,253,008 2,172,578 1,187,084 1,189,642 1,189,368 Secured term loans, net 1,045,163 1,068,134 1,012,228 736,142 746,878 750,769 Convertible notes, net 614,710 622,500 580,810 613,071 622,500 665,900 (1) Included in other assets on our consolidated balance sheets. |
Variable Interest Entities (Tab
Variable Interest Entities (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Summary of Assets and Liabilities of Consolidated CLO and Single Asset Securitization VIE | The following table details the assets and liabilities of our consolidated CLOs and 2017 Single Asset Securitization VIEs ($ in thousands): June 30, 2020 December 31, 2019 Assets: Loans receivable $ 2,644,344 $ 1,349,903 Current expected credit loss reserve (14,816 ) — Loans receivable, net 2,629,528 1,349,903 Other assets 79,552 51,788 Total assets $ 2,709,080 $ 1,401,691 Liabilities: Securitized debt obligations, net $ 2,240,612 $ 1,187,084 Other liabilities 1,527 1,648 Total liabilities $ 2,242,139 $ 1,188,732 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Principal Contractual Obligations | Our contractual principal debt repayments as of June 30, 2020 were as follows ($ in thousands): Payment Timing Total Less Than 1 to 3 3 to 5 More Than Obligation 1 Year Years Years 5 Years Principal repayments under secured debt agreements (1) $ 9,716,452 $ 183,218 $ 3,749,063 $ 5,544,371 $ 239,800 Principal repayments of secured term loans (2) 1,068,134 10,738 21,475 21,475 1,014,446 Principal repayments of convertible notes (3) 622,500 — 622,500 — — Total (4) $ 11,407,086 $ 193,956 $ 4,393,038 $ 5,565,846 $ 1,254,246 (1) The allocation of repayments under our secured debt agreements is based on the earlier of (i) the maturity date of each facility, or (ii) the maximum maturity date of the collateral loans, assuming all extension options are exercised by the borrower. (2) The Secured Term Loans are partially amortizing, with an amount equal to 1.0% per annum of the principal balance due in quarterly installments. Refer to Note 7 for further details on our secured term loans. (3) Reflects the outstanding principal balance of Convertible Notes, excluding any potential conversion premium. Refer to Note 8 for further details on our Convertible Notes. (4) Does not include $739.6 million of non-consolidated |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Additional Information (Detail) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020USD ($) | Jun. 30, 2020USD ($)Countries | Dec. 31, 2019USD ($) | Apr. 30, 2017 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Joint venture capital contribution percentage | 85.00% | |||
Income accrual, description | Income accrual is generally suspended for loans at the earlier of the date at which payments become 90 days past due or when, in the opinion of our Manager, recovery of income and principal becomes doubtful. | |||
Cash and cash equivalents, description | Cash and cash equivalents represent cash held in banks and liquid investments with original maturities of three months or less. | |||
Borrower Escrows | $ 350,400,000 | $ 350,400,000 | $ 450,800,000 | |
Restricted cash | 0 | $ 0 | 0 | |
Number Of Countries | Countries | 200 | |||
Cumulative-effect adjustment to retained earnings | (820,783,000) | $ (820,783,000) | $ (592,548,000) | |
Impaired Loans [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Increase in CECL reserve | 69,700,000 | |||
Level 3 [Member] | Fair Value, Nonrecurring [Member] | Impaired Loans [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans and lease receivable | $ 334,200,000 | $ 334,200,000 | ||
Level 3 [Member] | Minimum [Member] | Measurement Input, Cap Rate [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Capitalisation rate of loans receivable | 4.25% | 4.25% | ||
Level 3 [Member] | Maximum [Member] | Measurement Input, Cap Rate [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Capitalisation rate of loans receivable | 4.80% | 4.80% | ||
Accounting Standards Update 2016-13 [Member] | Adoption of ASU 2016-13 [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Cumulative-effect adjustment to retained earnings | $ 17,700,000 | $ 17,700,000 | ||
Walker and Dunlop [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Joint venture capital contribution percentage | 15.00% |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Schedule of Impact of this Adoption (Detail) - USD ($) | Jun. 30, 2020 | Mar. 31, 2020 | Jan. 01, 2020 | Dec. 31, 2019 |
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Current expected credit loss reserve | $ 178,050,000 | $ 112,694,000 | $ 0 | |
Current expected credit loss reserve | 4,119,000 | 5,122,000 | 0 | |
Impact of ASU 2016-13 Adoption [Member] | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Current expected credit loss reserve | $ 13,942,000 | |||
Current expected credit loss reserve | 445,000 | 445,000 | ||
Impact of ASU 2016-13 Adoption [Member] | Adoption of ASU 2016-13 [Member] | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Current expected credit loss reserve | 17,650,000 | |||
Current expected credit loss reserve | 445,000 | |||
CECL reserve on unfunded loan commitments [Member] | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Current expected credit loss reserve | 15,002,000 | 22,536,000 | 0 | |
CECL reserve on unfunded loan commitments [Member] | Impact of ASU 2016-13 Adoption [Member] | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Current expected credit loss reserve | 3,300,000 | 3,263,000 | ||
CECL reserve on unfunded loan commitments [Member] | Impact of ASU 2016-13 Adoption [Member] | Adoption of ASU 2016-13 [Member] | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Current expected credit loss reserve | 3,263,000 | |||
U.S. Loans [Member] | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Current expected credit loss reserve | 61,404,000 | 64,861,000 | 0 | |
Current expected credit loss reserve | 4,119,000 | 5,122,000 | 0 | |
U.S. Loans [Member] | Impact of ASU 2016-13 Adoption [Member] | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Current expected credit loss reserve | 8,955,000 | |||
Current expected credit loss reserve | 445,000 | |||
U.S. Loans [Member] | Impact of ASU 2016-13 Adoption [Member] | Adoption of ASU 2016-13 [Member] | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Current expected credit loss reserve | 8,955,000 | |||
U.S. Loans [Member] | CECL reserve on unfunded loan commitments [Member] | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Current expected credit loss reserve | 12,836,000 | 19,793,000 | 0 | |
U.S. Loans [Member] | CECL reserve on unfunded loan commitments [Member] | Impact of ASU 2016-13 Adoption [Member] | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Current expected credit loss reserve | 2,801,000 | |||
Non-U.S. Loans [Member] | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Current expected credit loss reserve | 19,745,000 | 21,825,000 | 0 | |
Current expected credit loss reserve | 0 | 0 | 0 | |
Non-U.S. Loans [Member] | Impact of ASU 2016-13 Adoption [Member] | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Current expected credit loss reserve | 3,631,000 | |||
Current expected credit loss reserve | 0 | |||
Non-U.S. Loans [Member] | Impact of ASU 2016-13 Adoption [Member] | Adoption of ASU 2016-13 [Member] | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Current expected credit loss reserve | 3,631,000 | |||
Non-U.S. Loans [Member] | CECL reserve on unfunded loan commitments [Member] | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Current expected credit loss reserve | 2,078,000 | 2,672,000 | 0 | |
Non-U.S. Loans [Member] | CECL reserve on unfunded loan commitments [Member] | Impact of ASU 2016-13 Adoption [Member] | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Current expected credit loss reserve | 453,000 | |||
Unique Loans [Member] | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Current expected credit loss reserve | 27,240,000 | 26,008,000 | 0 | |
Current expected credit loss reserve | 0 | 0 | 0 | |
Unique Loans [Member] | Impact of ASU 2016-13 Adoption [Member] | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Current expected credit loss reserve | 1,356,000 | |||
Current expected credit loss reserve | 0 | |||
Unique Loans [Member] | Impact of ASU 2016-13 Adoption [Member] | Adoption of ASU 2016-13 [Member] | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Current expected credit loss reserve | 1,356,000 | |||
Unique Loans [Member] | CECL reserve on unfunded loan commitments [Member] | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Current expected credit loss reserve | 88,000 | $ 71,000 | $ 0 | |
Unique Loans [Member] | CECL reserve on unfunded loan commitments [Member] | Impact of ASU 2016-13 Adoption [Member] | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Current expected credit loss reserve | $ 9,000 | |||
CECL reserve on loans [Member] | Impact of ASU 2016-13 Adoption [Member] | Adoption of ASU 2016-13 [Member] | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Current expected credit loss reserve | $ 13,942,000 |
Loans Receivable, Net - Overall
Loans Receivable, Net - Overall Statistics for Loans Receivable Portfolio (Detail) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2020USD ($)SecurityLoan | Dec. 31, 2019USD ($)SecurityLoan | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Number of Loans | SecurityLoan | 128 | 128 |
Principal balance | $ 16,434,631 | $ 16,277,343 |
Net book value | 16,161,353 | 16,164,801 |
Unfunded loan commitments | $ 16,339,403 | $ 16,164,801 |
Loans Receivable [Member] | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Number of Loans | SecurityLoan | 128 | 128 |
Principal balance | $ 16,434,631 | $ 16,277,343 |
Net book value | 16,161,353 | $ 16,164,801 |
Unfunded loan commitments | $ 16,339,403 | |
Weighted-average maximum maturity (years) | 3 years 6 months | 3 years 9 months 18 days |
Loans Receivable [Member] | Unfunded Loan Commitment [Member] | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Unfunded loan commitments | $ 3,590,868 | $ 3,911,868 |
Loans Receivable [Member] | LIBOR [Member] | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Weighted-average cash coupon, rate | 3.17% | 3.20% |
Weighted-average all-in yield, rate | 3.52% | 3.55% |
Weighted-average cash coupon, rate description | L + 3.17 | L + 3.20 |
Weighted-average all-in yield, rate description | L + 3.52 | L + 3.55 |
Loans Receivable, Net - Overa_2
Loans Receivable, Net - Overall Statistics for Loans Receivable Portfolio (Parenthetical) (Detail) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Percentage of Portfolio | 100.00% | 100.00% |
Additional loan receivable of floating rate | $ 16,339,403 | $ 16,164,801 |
Prepayment Restrictions Including Yield Maintenance Lock Out Provisions [Member] | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Percentage of Portfolio | 51.00% | 61.00% |
Without Prepayment Restrictions [Member] | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Percentage of Portfolio | 49.00% | 39.00% |
Floating Rate Mortgage [Member] | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Percentage of Portfolio | 99.00% | 99.00% |
Fixed Rate Mortgage [Member] | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Percentage of Portfolio | 1.00% | |
Above Applicable Index Rate [Member] | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Additional loan receivable of floating rate | $ 12,600,000 | $ 6,100,000 |
Loans Receivable, Net - Activit
Loans Receivable, Net - Activity Relating to Loans Receivable Portfolio (Detail) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||
Loans Receivable, Beginning Balance Principal Balance | $ 16,277,343 | ||
Loan fundings Principal Balance | 1,240,642 | ||
Loans repayments Principal Balance | (953,069) | ||
Unrealized (loss) gain on foreign currency translation Principal Balance | (130,285) | ||
Loans Receivable, Ending Balance Principal Balance | 16,434,631 | ||
Loans Receivable, Beginning Balance Deferred Fees/ Other Items | (112,542) | ||
Unrealized (loss) gain on foreign currency translation Deferred Fees/ Other Items | 1,232 | ||
Amortization of fees and other items Deferred Fees/ Other Items | 28,051 | ||
Loans Receivable, Ending Balance Deferred Fees/ Other Items | (95,228) | ||
Loans Receivable, Beginning Balance Net Book Value | 16,164,801 | ||
Loan fundings Net Book Value | 1,240,642 | ||
Loans repayments Principal Balance | (953,069) | ||
Unrealized (loss) gain on foreign currency translation Net Book Value | (129,053) | ||
Deferred fees and other items | (11,969) | ||
Amortization of fees and other items Net Book Value | 28,051 | ||
Loans Receivable, Ending Balance Net Book Value | 16,339,403 | ||
CECL reserve | (178,050) | $ (112,694) | $ 0 |
Net book value of restructured loan | $ 16,161,353 | $ 16,164,801 |
Loans Receivable, Net - Propert
Loans Receivable, Net - Property Type and Geographic Distribution of Properties Securing Loans in Portfolio (Detail) $ in Thousands | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2020USD ($)SecurityLoan | Dec. 31, 2019USD ($)SecurityLoan | Mar. 31, 2020USD ($) | Dec. 31, 2018USD ($) | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Number of Loans | SecurityLoan | 128 | 128 | ||
Net Book Value | $ 16,339,403 | $ 16,164,801 | ||
Total Loan Exposure | $ 17,174,244 | $ 16,965,864 | $ 16,164,801 | |
Percentage of Portfolio | 100.00% | 100.00% | ||
CECL reserve | $ (178,050) | $ 0 | $ (112,694) | |
Net book value of restructured loan | $ 16,161,353 | $ 16,164,801 | ||
Office [Member] | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Number of Loans | SecurityLoan | 60 | 63 | ||
Net Book Value | $ 9,580,065 | $ 9,946,055 | ||
Total Loan Exposure | $ 9,940,103 | $ 10,266,567 | ||
Percentage of Portfolio | 59.00% | 61.00% | ||
Hospitality [Member] | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Number of Loans | SecurityLoan | 14 | 14 | ||
Net Book Value | $ 2,220,051 | $ 2,199,220 | ||
Total Loan Exposure | $ 2,295,799 | $ 2,281,718 | ||
Percentage of Portfolio | 13.00% | 13.00% | ||
Multifamily [Member] | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Number of Loans | SecurityLoan | 36 | 36 | ||
Net Book Value | $ 1,881,529 | $ 1,596,333 | ||
Total Loan Exposure | $ 1,947,388 | $ 1,642,664 | ||
Percentage of Portfolio | 11.00% | 10.00% | ||
Industrial [Member] | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Number of Loans | SecurityLoan | 7 | 5 | ||
Net Book Value | $ 840,065 | $ 603,917 | ||
Total Loan Exposure | $ 844,665 | $ 607,423 | ||
Percentage of Portfolio | 5.00% | 4.00% | ||
Retail [Member] | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Number of Loans | SecurityLoan | 4 | 3 | ||
Net Book Value | $ 533,088 | $ 373,045 | ||
Total Loan Exposure | $ 544,682 | $ 381,040 | ||
Percentage of Portfolio | 3.00% | 2.00% | ||
Self-Storage [Member] | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Number of Loans | SecurityLoan | 2 | 2 | ||
Net Book Value | $ 289,329 | $ 291,994 | ||
Total Loan Exposure | $ 289,441 | $ 292,496 | ||
Percentage of Portfolio | 2.00% | 2.00% | ||
Condominium [Member] | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Number of Loans | SecurityLoan | 2 | 1 | ||
Net Book Value | $ 232,220 | $ 232,778 | ||
Total Loan Exposure | $ 233,621 | $ 234,260 | ||
Percentage of Portfolio | 1.00% | 1.00% | ||
Other [Member] | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Number of Loans | SecurityLoan | 3 | 4 | ||
Net Book Value | $ 763,056 | $ 921,459 | ||
Total Loan Exposure | $ 1,078,545 | $ 1,259,696 | ||
Percentage of Portfolio | 6.00% | 7.00% | ||
United States Northeast [Member] | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Number of Loans | SecurityLoan | 27 | 25 | ||
Net Book Value | $ 4,277,301 | $ 3,789,477 | ||
Total Loan Exposure | $ 4,301,875 | $ 3,815,580 | ||
Percentage of Portfolio | 25.00% | 22.00% | ||
United States West [Member] | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Number of Loans | SecurityLoan | 28 | 30 | ||
Net Book Value | $ 2,924,455 | $ 3,143,323 | ||
Total Loan Exposure | $ 3,304,345 | $ 3,451,914 | ||
Percentage of Portfolio | 19.00% | 20.00% | ||
United States Southeast [Member] | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Number of Loans | SecurityLoan | 25 | 23 | ||
Net Book Value | $ 2,363,782 | $ 2,321,444 | ||
Total Loan Exposure | $ 2,376,630 | $ 2,334,852 | ||
Percentage of Portfolio | 14.00% | 14.00% | ||
United States Midwest [Member] | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Number of Loans | SecurityLoan | 9 | 10 | ||
Net Book Value | $ 1,044,542 | $ 1,174,581 | ||
Total Loan Exposure | $ 1,048,537 | $ 1,180,240 | ||
Percentage of Portfolio | 6.00% | 7.00% | ||
United States Southwest [Member] | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Number of Loans | SecurityLoan | 12 | 11 | ||
Net Book Value | $ 614,003 | $ 464,989 | ||
Total Loan Exposure | $ 616,253 | $ 467,532 | ||
Percentage of Portfolio | 4.00% | 3.00% | ||
United States Northwest [Member] | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Number of Loans | SecurityLoan | 1 | 3 | ||
Net Book Value | $ 15,515 | $ 52,891 | ||
Total Loan Exposure | $ 15,530 | $ 52,989 | ||
Percentage of Portfolio | 0.00% | |||
United States [Member] | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Number of Loans | SecurityLoan | 102 | 102 | ||
Net Book Value | $ 11,239,598 | $ 10,946,705 | ||
Total Loan Exposure | $ 11,663,170 | $ 11,303,107 | ||
Percentage of Portfolio | 68.00% | 66.00% | ||
United Kingdom [Member] | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Number of Loans | SecurityLoan | 13 | 13 | ||
Net Book Value | $ 1,658,666 | $ 1,738,536 | ||
Total Loan Exposure | $ 1,997,241 | $ 2,102,501 | ||
Percentage of Portfolio | 12.00% | 12.00% | ||
Ireland [Member] | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Number of Loans | SecurityLoan | 1 | 1 | ||
Net Book Value | $ 1,323,243 | $ 1,318,196 | ||
Total Loan Exposure | $ 1,333,139 | $ 1,330,647 | ||
Percentage of Portfolio | 8.00% | 8.00% | ||
Spain [Member] | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Number of Loans | SecurityLoan | 2 | 2 | ||
Net Book Value | $ 1,208,597 | $ 1,231,061 | ||
Total Loan Exposure | $ 1,214,209 | $ 1,237,809 | ||
Percentage of Portfolio | 7.00% | 7.00% | ||
Germany [Member] | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Number of Loans | SecurityLoan | 1 | 1 | ||
Net Book Value | $ 198,675 | $ 195,081 | ||
Total Loan Exposure | $ 250,803 | $ 251,020 | ||
Percentage of Portfolio | 1.00% | 1.00% | ||
Australia [Member] | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Number of Loans | SecurityLoan | 2 | 3 | ||
Net Book Value | $ 232,376 | $ 360,047 | ||
Total Loan Exposure | $ 233,425 | $ 361,763 | ||
Percentage of Portfolio | 1.00% | 2.00% | ||
Italy [Member] | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Number of Loans | SecurityLoan | 1 | 1 | ||
Net Book Value | $ 186,671 | $ 178,740 | ||
Total Loan Exposure | $ 188,510 | $ 180,897 | ||
Percentage of Portfolio | 1.00% | 1.00% | ||
Netherlands [Member] | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Number of Loans | SecurityLoan | 1 | |||
Net Book Value | $ 96,634 | |||
Total Loan Exposure | $ 97,731 | |||
Percentage of Portfolio | 1.00% | |||
Belgium [Member] | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Number of Loans | SecurityLoan | 1 | 1 | ||
Net Book Value | $ 87,222 | $ 86,807 | ||
Total Loan Exposure | $ 87,304 | $ 87,201 | ||
Percentage of Portfolio | 1.00% | 1.00% | ||
Canada [Member] | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Number of Loans | SecurityLoan | 3 | 3 | ||
Net Book Value | $ 75,534 | $ 77,656 | ||
Total Loan Exposure | $ 75,684 | $ 77,953 | ||
Percentage of Portfolio | 0.00% | 1.00% | ||
France [Member] | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Number of Loans | SecurityLoan | 1 | 1 | ||
Net Book Value | $ 32,187 | $ 31,972 | ||
Total Loan Exposure | $ 33,028 | $ 32,966 | ||
Percentage of Portfolio | 0.00% | 1.00% | ||
International [Member] | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Number of Loans | SecurityLoan | 26 | 26 | ||
Net Book Value | $ 5,099,805 | $ 5,218,096 | ||
Total Loan Exposure | $ 5,511,074 | $ 5,662,757 | ||
Percentage of Portfolio | 32.00% | 34.00% |
Loans Receivable, Net - Prope_2
Loans Receivable, Net - Property Type and Geographic Distribution of Properties Securing Loans in Portfolio (Parenthetical) (Detail) - USD ($) $ in Millions | Jun. 30, 2020 | Dec. 31, 2019 |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Total loan exposure including senior interests | $ 739.6 | $ 688.5 |
2018 Single Asset Securitization [Member] | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Single asset securitization principal amount | $ 857.3 | $ 930 |
Loans Receivable, Net - Princip
Loans Receivable, Net - Principal Balance and Net Book Value of Loans Receivable Based on Internal Risk Ratings (Detail) $ in Thousands | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2020USD ($)SecurityLoan | Dec. 31, 2019USD ($)SecurityLoan | Mar. 31, 2020USD ($) | Dec. 31, 2018USD ($) | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Number of Loans | SecurityLoan | 128 | 128 | ||
Net Book Value | $ 16,339,403 | $ 16,164,801 | ||
Total Loan Exposure | 17,174,244 | 16,965,864 | $ 16,164,801 | |
CECL reserve | (178,050) | 0 | $ (112,694) | |
Net book value of restructured loan | $ 16,161,353 | $ 16,164,801 | ||
Risk Rating 1 [Member] | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Number of Loans | SecurityLoan | 6 | 6 | ||
Net Book Value | $ 403,025 | $ 376,379 | ||
Total Loan Exposure | $ 404,596 | $ 378,427 | ||
Risk Rating 2 [Member] | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Number of Loans | SecurityLoan | 28 | 30 | ||
Net Book Value | $ 3,143,641 | $ 3,481,123 | ||
Total Loan Exposure | $ 3,163,083 | $ 3,504,972 | ||
Risk Rating 3 [Member] | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Number of Loans | SecurityLoan | 78 | 89 | ||
Net Book Value | $ 9,509,007 | $ 12,137,963 | ||
Total Loan Exposure | $ 10,306,208 | $ 12,912,722 | ||
Risk Rating 4 [Member] | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Number of Loans | SecurityLoan | 14 | 3 | ||
Net Book Value | $ 2,951,069 | $ 169,336 | ||
Total Loan Exposure | $ 2,966,195 | $ 169,743 | ||
Risk Rating 5 [Member] | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Number of Loans | SecurityLoan | 2 | |||
Net Book Value | $ 332,661 | |||
Total Loan Exposure | $ 334,162 |
Loans Receivable, Net - Princ_2
Loans Receivable, Net - Principal Balance and Net Book Value of Loans Receivable Based on Internal Risk Ratings (Parenthetical) (Detail) - USD ($) $ in Millions | Jun. 30, 2020 | Dec. 31, 2019 |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Total loan exposure including senior interests | $ 739.6 | $ 688.5 |
2018 Single Asset Securitization [Member] | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Single asset securitization principal amount | $ 857.3 | $ 930 |
Loans Receivable, Net - Additio
Loans Receivable, Net - Additional Information (Detail) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2020USD ($) | Jun. 30, 2020USD ($) | Mar. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||||
Weighted-average risk rating on loan exposure | 3 | 3 | 2.8 | ||
Loans held | $ 17,174,244,000 | $ 17,174,244,000 | $ 16,965,864,000 | $ 16,164,801,000 | |
Net book value of restructured loan | 16,161,353,000 | 16,161,353,000 | 16,164,801,000 | ||
CECL reserve | 178,050,000 | 178,050,000 | $ 112,694,000 | 0 | |
Increase in CECL reserve | 65,356,000 | 164,108,000 | |||
CECL Troubled Debt Restructuring Principal Amount Due Is 52.8 Million Dollars [Member] | Reduction In Loan Spread And Extension In Maturity Date [Member] | |||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||||
Increase in CECL reserve | 14,800,000 | ||||
Financing receivable troubled debt restructuring premodification recorded investment | 52,800,000 | ||||
CECL Troubled Debt Restructuring Principal Amount Due Is 54.9 Million Dollars [Member] | Reduction In Loan Spread And Extension In Maturity Date [Member] | |||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||||
Increase in CECL reserve | 54,900,000 | ||||
Financing receivable troubled debt restructuring premodification recorded investment | 281,400,000 | ||||
COVID-19 pandemic [Member] | |||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||||
Loans held | 3,100,000,000 | 3,100,000,000 | |||
Net book value of restructured loan | 178,100,000 | 178,100,000 | |||
CECL reserve | 13,900,000 | 13,900,000 | |||
Increase in CECL reserve | $ 65,400,000 | $ 164,100,000 | |||
COVID-19 pandemic [Member] | Risk One [Member] | |||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||||
Weighted-average risk rating on loan exposure | 4 | 4 | |||
COVID-19 pandemic [Member] | Risk Two [Member] | |||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||||
Weighted-average risk rating on loan exposure | 5 | 5 | |||
Multifamily [Member] | |||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||||
Loans held | $ 1,947,388,000 | $ 1,947,388,000 | 1,642,664,000 | ||
Joint Venture [Member] | Multifamily [Member] | |||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||||
Loans held | $ 624,100,000 | $ 624,100,000 | $ 670,500,000 |
Loans Receivable, Net - Schedul
Loans Receivable, Net - Schedule Of Current Expected Credit Loss Reserve By Pool (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Jan. 01, 2020 | Dec. 31, 2019 | |
Loans Receivable, Net | |||||
CECL reserve | $ 178,050 | $ 178,050 | $ 112,694 | $ 0 | |
Increase in CECL reserve | 65,356 | 164,108 | |||
U.S. Loans [Member] | |||||
Loans Receivable, Net | |||||
CECL reserve | 61,404 | 61,404 | 64,861 | 0 | |
Increase in CECL reserve | (3,457) | 52,449 | |||
Non-U.S. Loans [Member] | |||||
Loans Receivable, Net | |||||
CECL reserve | 19,745 | 19,745 | 21,825 | 0 | |
Increase in CECL reserve | (2,080) | 16,114 | |||
Unique Loans [Member] | |||||
Loans Receivable, Net | |||||
CECL reserve | 27,240 | 27,240 | 26,008 | 0 | |
Increase in CECL reserve | 1,232 | 25,884 | |||
Impaired Loans [Member] | |||||
Loans Receivable, Net | |||||
CECL reserve | 69,661 | 69,661 | $ 0 | $ 0 | |
Increase in CECL reserve | $ 69,661 | $ 69,661 | |||
Accounting Standards Update 2016-13 [Member] | |||||
Loans Receivable, Net | |||||
CECL reserve | $ 13,942 | ||||
Accounting Standards Update 2016-13 [Member] | U.S. Loans [Member] | |||||
Loans Receivable, Net | |||||
CECL reserve | 8,955 | ||||
Accounting Standards Update 2016-13 [Member] | Non-U.S. Loans [Member] | |||||
Loans Receivable, Net | |||||
CECL reserve | 3,631 | ||||
Accounting Standards Update 2016-13 [Member] | Unique Loans [Member] | |||||
Loans Receivable, Net | |||||
CECL reserve | 1,356 | ||||
Accounting Standards Update 2016-13 [Member] | Impaired Loans [Member] | |||||
Loans Receivable, Net | |||||
CECL reserve | $ 0 |
Loans Receivable, Net - Loans R
Loans Receivable, Net - Loans Receivable Based On Our Internal Risk Ratings, Separated By Year Of Origination (Detail) - USD ($) $ in Thousands | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Jun. 30, 2019 | Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 |
Loans receivable | $ 16,339,403 | $ 16,164,801 | |||||
CECL reserve | (178,050) | $ (112,694) | 0 | ||||
Loans receivable, net | 16,161,353 | 16,164,801 | |||||
Loans Receivable [Member] | |||||||
Financing receivable, originated in current fiscal year | 769,772 | ||||||
Financing receivable, originated in fiscal year before latest fiscal year | $ 5,806,325 | ||||||
Financing receivable, originated two years before latest fiscal year | $ 6,558,869 | ||||||
Financing receivable, originated three years before latest fiscal year | $ 2,070,173 | ||||||
Financing receivable, originated four years before latest fiscal year | $ 545,655 | ||||||
Financing receivable, originated five or more years before latest fiscal year | 588,609 | ||||||
Loans receivable | 16,339,403 | ||||||
Loans receivable, net | 16,161,353 | 16,164,801 | |||||
U.S. Loans [Member] | |||||||
Financing receivable, originated in current fiscal year | 673,138 | ||||||
Financing receivable, originated in fiscal year before latest fiscal year | 2,856,496 | ||||||
Financing receivable, originated two years before latest fiscal year | 4,575,945 | ||||||
Financing receivable, originated three years before latest fiscal year | 1,982,951 | ||||||
Financing receivable, originated four years before latest fiscal year | 441,775 | ||||||
Financing receivable, originated five or more years before latest fiscal year | 452,164 | ||||||
Loans receivable | 10,982,469 | ||||||
Non-U.S. Loans [Member] | |||||||
Financing receivable, originated in current fiscal year | 96,634 | ||||||
Financing receivable, originated in fiscal year before latest fiscal year | 2,655,337 | ||||||
Financing receivable, originated two years before latest fiscal year | 547,870 | ||||||
Financing receivable, originated three years before latest fiscal year | 87,222 | ||||||
Financing receivable, originated four years before latest fiscal year | 103,880 | ||||||
Loans receivable | 3,490,943 | ||||||
Unique Loans [Member] | |||||||
Financing receivable, originated in fiscal year before latest fiscal year | 294,492 | ||||||
Financing receivable, originated two years before latest fiscal year | 1,155,180 | ||||||
Financing receivable, originated five or more years before latest fiscal year | 83,658 | ||||||
Loans receivable | 1,533,330 | ||||||
CECL reserve | (27,240) | (26,008) | 0 | ||||
Impaired Loans [Member] | |||||||
Financing receivable, originated two years before latest fiscal year | 279,874 | ||||||
Financing receivable, originated five or more years before latest fiscal year | 52,787 | ||||||
Loans receivable | 332,661 | ||||||
CECL reserve | (69,661) | $ 0 | 0 | ||||
Risk Rating One [Member] | |||||||
Loans receivable | 403,025 | 376,379 | |||||
Risk Rating One [Member] | Loans Receivable [Member] | |||||||
Financing receivable, originated in current fiscal year | 20,362 | ||||||
Financing receivable, originated in fiscal year before latest fiscal year | 199,351 | ||||||
Financing receivable, originated two years before latest fiscal year | 117,180 | ||||||
Financing receivable, originated three years before latest fiscal year | 43,979 | ||||||
Financing receivable, originated four years before latest fiscal year | 22,153 | ||||||
Loans receivable | 403,025 | ||||||
Risk Rating One [Member] | U.S. Loans [Member] | |||||||
Financing receivable, originated in current fiscal year | 20,362 | ||||||
Financing receivable, originated in fiscal year before latest fiscal year | 199,351 | ||||||
Financing receivable, originated three years before latest fiscal year | 43,979 | ||||||
Financing receivable, originated four years before latest fiscal year | 22,153 | ||||||
Loans receivable | 285,845 | ||||||
Risk Rating One [Member] | Non-U.S. Loans [Member] | |||||||
Financing receivable, originated two years before latest fiscal year | 117,180 | ||||||
Loans receivable | 117,180 | ||||||
Risk Rating Two [Member] | |||||||
Loans receivable | 3,143,641 | 3,481,123 | |||||
Risk Rating Two [Member] | Loans Receivable [Member] | |||||||
Financing receivable, originated in fiscal year before latest fiscal year | 86,727 | ||||||
Financing receivable, originated two years before latest fiscal year | 1,907,488 | ||||||
Financing receivable, originated three years before latest fiscal year | 846,013 | ||||||
Financing receivable, originated four years before latest fiscal year | 79,947 | ||||||
Financing receivable, originated five or more years before latest fiscal year | 223,466 | ||||||
Loans receivable | 3,143,641 | ||||||
Risk Rating Two [Member] | U.S. Loans [Member] | |||||||
Financing receivable, originated in fiscal year before latest fiscal year | 86,727 | ||||||
Financing receivable, originated two years before latest fiscal year | 1,907,488 | ||||||
Financing receivable, originated three years before latest fiscal year | 758,791 | ||||||
Financing receivable, originated four years before latest fiscal year | 79,947 | ||||||
Financing receivable, originated five or more years before latest fiscal year | 223,466 | ||||||
Loans receivable | 3,056,419 | ||||||
Risk Rating Two [Member] | Non-U.S. Loans [Member] | |||||||
Financing receivable, originated three years before latest fiscal year | 87,222 | ||||||
Loans receivable | 87,222 | ||||||
Risk Rating Three [Member] | |||||||
Loans receivable | 9,509,007 | 12,137,963 | |||||
Risk Rating Three [Member] | Loans Receivable [Member] | |||||||
Financing receivable, originated in current fiscal year | 683,550 | ||||||
Financing receivable, originated in fiscal year before latest fiscal year | 4,828,050 | ||||||
Financing receivable, originated two years before latest fiscal year | 2,234,685 | ||||||
Financing receivable, originated three years before latest fiscal year | 1,116,969 | ||||||
Financing receivable, originated four years before latest fiscal year | 333,397 | ||||||
Financing receivable, originated five or more years before latest fiscal year | 312,356 | ||||||
Loans receivable | 9,509,007 | ||||||
Risk Rating Three [Member] | U.S. Loans [Member] | |||||||
Financing receivable, originated in current fiscal year | 586,916 | ||||||
Financing receivable, originated in fiscal year before latest fiscal year | 2,404,636 | ||||||
Financing receivable, originated two years before latest fiscal year | 1,625,490 | ||||||
Financing receivable, originated three years before latest fiscal year | 1,116,969 | ||||||
Financing receivable, originated four years before latest fiscal year | 229,517 | ||||||
Financing receivable, originated five or more years before latest fiscal year | 228,698 | ||||||
Loans receivable | 6,192,226 | ||||||
Risk Rating Three [Member] | Non-U.S. Loans [Member] | |||||||
Financing receivable, originated in current fiscal year | 96,634 | ||||||
Financing receivable, originated in fiscal year before latest fiscal year | 2,423,414 | ||||||
Financing receivable, originated two years before latest fiscal year | 430,690 | ||||||
Financing receivable, originated four years before latest fiscal year | 103,880 | ||||||
Loans receivable | 3,054,618 | ||||||
Risk Rating Three [Member] | Unique Loans [Member] | |||||||
Financing receivable, originated two years before latest fiscal year | 178,505 | ||||||
Financing receivable, originated five or more years before latest fiscal year | 83,658 | ||||||
Loans receivable | 262,163 | ||||||
Risk Rating Four [Member] | |||||||
Loans receivable | 2,951,069 | $ 169,336 | |||||
Risk Rating Four [Member] | Loans Receivable [Member] | |||||||
Financing receivable, originated in current fiscal year | 65,860 | ||||||
Financing receivable, originated in fiscal year before latest fiscal year | 692,197 | ||||||
Financing receivable, originated two years before latest fiscal year | 2,019,642 | ||||||
Financing receivable, originated three years before latest fiscal year | 63,212 | ||||||
Financing receivable, originated four years before latest fiscal year | 110,158 | ||||||
Loans receivable | 2,951,069 | ||||||
Risk Rating Four [Member] | U.S. Loans [Member] | |||||||
Financing receivable, originated in current fiscal year | 65,860 | ||||||
Financing receivable, originated in fiscal year before latest fiscal year | 165,782 | ||||||
Financing receivable, originated two years before latest fiscal year | 1,042,967 | ||||||
Financing receivable, originated three years before latest fiscal year | $ 63,212 | ||||||
Financing receivable, originated four years before latest fiscal year | $ 110,158 | ||||||
Loans receivable | 1,447,979 | ||||||
Risk Rating Four [Member] | Non-U.S. Loans [Member] | |||||||
Financing receivable, originated in fiscal year before latest fiscal year | 231,923 | ||||||
Loans receivable | 231,923 | ||||||
Risk Rating Four [Member] | Unique Loans [Member] | |||||||
Financing receivable, originated in fiscal year before latest fiscal year | $ 294,492 | ||||||
Financing receivable, originated two years before latest fiscal year | 976,675 | ||||||
Loans receivable | 1,271,167 | ||||||
Risk Rating Five [Member] | Loans Receivable [Member] | |||||||
Financing receivable, originated two years before latest fiscal year | 279,874 | ||||||
Financing receivable, originated five or more years before latest fiscal year | 52,787 | ||||||
Loans receivable | 332,661 | ||||||
Risk Rating Five [Member] | Impaired Loans [Member] | |||||||
Financing receivable, originated two years before latest fiscal year | $ 279,874 | ||||||
Financing receivable, originated five or more years before latest fiscal year | 52,787 | ||||||
Loans receivable | $ 332,661 |
Loans Receivable, Net - Loans_2
Loans Receivable, Net - Loans Receivable Based On Our Internal Risk Ratings, Separated By Year Of Origination (Parenthetical) (Detail) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Debt Securities, Held-to-maturity | $ 75,836 | $ 86,638 |
Two Thousand And Eighteen Single Asset Securitization [Member] | ||
Debt Securities, Held-to-maturity | $ 75,800 |
Other Assets and Liabilities -
Other Assets and Liabilities - Summary of Components of Other Assets (Detail) - USD ($) $ in Thousands | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 |
Debt Securities, Held-to-maturity, Past Due [Line Items] | |||
Loan portfolio payments held by servicer | $ 81,261 | $ 49,584 | |
Debt securities held-to-maturity | 79,955 | 86,638 | |
CECL reserve | (4,119) | $ (5,122) | 0 |
Debt securities held-to-maturity, net | 75,836 | 86,638 | |
Accrued interest receivable | 60,792 | 66,649 | |
Collateral deposited under derivative agreements | 22,180 | 30,800 | |
Prepaid taxes | 376 | 376 | |
Prepaid expenses | 328 | 739 | |
Derivative assets | 327 | 1,079 | |
Other | 834 | 1,115 | |
Total | $ 241,934 | $ 236,980 |
Other Assets and Liabilities _2
Other Assets and Liabilities - Summary of Components of Other Assets (Parenthetical) (Detail) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2020 | Dec. 31, 2019 | |
Schedule Of Other Assets [Line Items] | ||
Percentage of yield in subordinate risk retention interest | 10.00% | |
2018 Single Asset Securitization [Member] | ||
Schedule Of Other Assets [Line Items] | ||
Single asset securitization principal amount | $ 857.3 | $ 930 |
Single asset securitization maximum maturity date | Jun. 9, 2025 |
Other Assets and Liabilities _3
Other Assets and Liabilities - Summary Of Current Expected Credit Loss Reserve By Pool (Detail) - USD ($) | 3 Months Ended | 6 Months Ended |
Jun. 30, 2020 | Jun. 30, 2020 | |
Current Expected Credit Loss Reserve | $ 5,122,000 | $ 0 |
Increase (Decrease) in current expected credit loss reserve | (1,003,000) | 3,674,000 |
Current Expected Credit Loss Reserve | 4,119,000 | 4,119,000 |
U.S. Loans [Member] | ||
Current Expected Credit Loss Reserve | 5,122,000 | 0 |
Increase (Decrease) in current expected credit loss reserve | (1,003,000) | 3,674,000 |
Current Expected Credit Loss Reserve | 4,119,000 | 4,119,000 |
Non-U.S. Loans [Member] | ||
Current Expected Credit Loss Reserve | 0 | 0 |
Increase (Decrease) in current expected credit loss reserve | 0 | 0 |
Current Expected Credit Loss Reserve | 0 | 0 |
Unique Loans [Member] | ||
Current Expected Credit Loss Reserve | 0 | 0 |
Increase (Decrease) in current expected credit loss reserve | 0 | 0 |
Current Expected Credit Loss Reserve | 0 | 0 |
Impaired Loans [Member] | ||
Current Expected Credit Loss Reserve | 0 | 0 |
Increase (Decrease) in current expected credit loss reserve | 0 | |
Current Expected Credit Loss Reserve | 0 | 0 |
Accounting Standards Update 2016-13 [Member] | ||
Current Expected Credit Loss Reserve | 445,000 | |
Current Expected Credit Loss Reserve | $ 445,000 | 445,000 |
Accounting Standards Update 2016-13 [Member] | U.S. Loans [Member] | ||
Current Expected Credit Loss Reserve | 445,000 | |
Accounting Standards Update 2016-13 [Member] | Non-U.S. Loans [Member] | ||
Current Expected Credit Loss Reserve | 0 | |
Accounting Standards Update 2016-13 [Member] | Unique Loans [Member] | ||
Current Expected Credit Loss Reserve | 0 | |
Accounting Standards Update 2016-13 [Member] | Impaired Loans [Member] | ||
Current Expected Credit Loss Reserve | $ 0 |
Other Assets and Liabilities _4
Other Assets and Liabilities - Additional Information (Detail) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2020USD ($)Loans | Jun. 30, 2020USD ($)Loans | Mar. 31, 2020USD ($) | Jan. 01, 2020USD ($) | Dec. 31, 2019USD ($) | |
CECL reserve | $ 178,050,000 | $ 178,050,000 | $ 112,694,000 | $ 0 | |
Increase (Decrease) in current expected credit loss reserve | (1,003,000) | 3,674,000 | |||
Current expected credit loss reserve | $ 4,119,000 | $ 4,119,000 | 5,122,000 | 0 | |
Number of loans receivable | Loans | 91 | 91 | |||
Credit Loss Reserve [Member] | |||||
CECL reserve | $ 4,100,000 | $ 4,100,000 | |||
Increase (Decrease) in current expected credit loss reserve | 1,000,000 | 3,700,000 | |||
Unfunded Loan Commitments [Member] | |||||
CECL reserve | 15,002,000 | 15,002,000 | $ 22,536,000 | 0 | |
Increase (Decrease) in current expected credit loss reserve | $ 7,500,000 | $ 11,700,000 | |||
Number of loans receivable | Loans | 91 | 91 | |||
Unfunded loan commitments | $ 3,600,000,000 | $ 3,600,000,000 | |||
Accounting Standards Update 2016-13 [Member] | |||||
CECL reserve | $ 13,942,000 | ||||
Current expected credit loss reserve | 445,000 | 445,000 | $ 445,000 | ||
Accounting Standards Update 2016-13 [Member] | Unfunded Loan Commitments [Member] | |||||
CECL reserve | $ 3,300,000 | 3,300,000 | $ 3,263,000 | ||
Increase (Decrease) in current expected credit loss reserve | $ 15,000,000 |
Other Assets and Liabilities _5
Other Assets and Liabilities - Summary of Components of Other Liabilities (Detail) - USD ($) $ in Thousands | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 |
Accrued dividends payable | $ 90,642 | $ 83,702 | |
Derivative liabilities | 26,164 | 42,263 | |
Accrued interest payable | 20,895 | 24,831 | |
Accrued management and incentive fees payable | 20,496 | 20,159 | |
Current expected credit loss reserve for unfunded loan commitments | 178,050 | $ 112,694 | 0 |
Accounts payable and other liabilities | 4,114 | 5,008 | |
Total | 177,313 | 175,963 | |
Unfunded Loan Commitments [Member] | |||
Current expected credit loss reserve for unfunded loan commitments | $ 15,002 | $ 22,536 | $ 0 |
Other Assets and Liabilities _6
Other Assets and Liabilities - Summary of Unfunded Loan Commitement (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Jan. 01, 2020 | Dec. 31, 2019 | |
CECL reserve | $ 178,050 | $ 178,050 | $ 112,694 | $ 0 | |
(Decrease) Increase in CECL reserve | 65,356 | 164,108 | |||
U.S. Loans [Member] | |||||
CECL reserve | 61,404 | 61,404 | 64,861 | 0 | |
(Decrease) Increase in CECL reserve | (3,457) | 52,449 | |||
Non-U.S. Loans [Member] | |||||
CECL reserve | 19,745 | 19,745 | 21,825 | 0 | |
(Decrease) Increase in CECL reserve | (2,080) | 16,114 | |||
Unfunded Loan Commitment [Member] | |||||
CECL reserve | 15,002 | 15,002 | 22,536 | 0 | |
(Decrease) Increase in CECL reserve | (7,534) | 11,739 | |||
Unfunded Loan Commitment [Member] | U.S. Loans [Member] | |||||
CECL reserve | 12,836 | 12,836 | 19,793 | 0 | |
(Decrease) Increase in CECL reserve | (6,957) | 10,035 | |||
Unfunded Loan Commitment [Member] | Non-U.S. Loans [Member] | |||||
CECL reserve | 2,078 | 2,078 | 2,672 | 0 | |
(Decrease) Increase in CECL reserve | (594) | 1,625 | |||
Accounting Standards Update 2016-13 [Member] | |||||
CECL reserve | $ 13,942 | ||||
Accounting Standards Update 2016-13 [Member] | U.S. Loans [Member] | |||||
CECL reserve | 8,955 | ||||
Accounting Standards Update 2016-13 [Member] | Non-U.S. Loans [Member] | |||||
CECL reserve | 3,631 | ||||
Accounting Standards Update 2016-13 [Member] | Unfunded Loan Commitment [Member] | |||||
CECL reserve | 3,300 | 3,300 | 3,263 | ||
Accounting Standards Update 2016-13 [Member] | Unfunded Loan Commitment [Member] | U.S. Loans [Member] | |||||
CECL reserve | 2,801 | ||||
Accounting Standards Update 2016-13 [Member] | Unfunded Loan Commitment [Member] | Non-U.S. Loans [Member] | |||||
CECL reserve | 453 | ||||
Unique Loans [Member] | |||||
CECL reserve | 27,240 | 27,240 | 26,008 | 0 | |
(Decrease) Increase in CECL reserve | 1,232 | 25,884 | |||
Unique Loans [Member] | Unfunded Loan Commitment [Member] | |||||
CECL reserve | 88 | 88 | 71 | 0 | |
(Decrease) Increase in CECL reserve | 17 | 79 | |||
Unique Loans [Member] | Accounting Standards Update 2016-13 [Member] | |||||
CECL reserve | 1,356 | ||||
Unique Loans [Member] | Accounting Standards Update 2016-13 [Member] | Unfunded Loan Commitment [Member] | |||||
CECL reserve | 9 | ||||
Impaired Loans [Member] | |||||
CECL reserve | 69,661 | 69,661 | $ 0 | $ 0 | |
(Decrease) Increase in CECL reserve | 69,661 | 69,661 | |||
Impaired Loans [Member] | Unfunded Loan Commitment [Member] | |||||
CECL reserve | 0 | 0 | |||
(Decrease) Increase in CECL reserve | $ 0 | $ 0 | |||
Impaired Loans [Member] | Accounting Standards Update 2016-13 [Member] | |||||
CECL reserve | 0 | ||||
Impaired Loans [Member] | Accounting Standards Update 2016-13 [Member] | Unfunded Loan Commitment [Member] | |||||
CECL reserve | $ 0 |
Secured Debt Agreements, Net -
Secured Debt Agreements, Net - Additional Information (Detail) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2020USD ($)Lenders | Jun. 30, 2019USD ($) | Jun. 30, 2020USD ($) | Dec. 31, 2019USD ($) | Jun. 30, 2019USD ($) | Dec. 31, 2019USD ($) | |
Debt Instrument [Line Items] | ||||||
Aggregate borrowings | $ 9,431,109,000 | $ 9,431,109,000 | $ 9,753,059,000 | $ 9,753,059,000 | ||
Interest expense | 84,853,000 | $ 116,891,000 | 189,092,000 | $ 235,579,000 | ||
Covenants, minimum tangible net worth | $ 3,000,000,000 | $ 3,000,000,000 | ||||
Covenants, percentage of tangible assets on cash proceeds from equity issuances | 75.00% | |||||
Covenants, percentage of recourse indebtedness | 5.00% | 5.00% | ||||
Maximum [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Covenants, indebtedness to total assets, in percent | 83.33% | 83.33% | ||||
Minimum [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Covenants, EBITDA to fixed charges, in percent | 1.40% | |||||
Covenants, minimum cash liquidity amount | $ 10,000,000 | $ 10,000,000 | ||||
Revolving Credit Facility [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Interest expense | 901,000,000,000 | 972,000,000,000 | ||||
Amortization of deferred fees and expenses | 459,000,000,000 | 525,000,000,000 | ||||
Revolving Credit Facility [Member] | Barclays [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Maximum Facility Size | $ 250,000,000 | 250,000,000 | ||||
Credit Facilities [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Number of lenders | Lenders | 7 | |||||
Additional credit capacity | $ 7,900,000,000 | |||||
Weighted-average outstanding balance | 9,200,000,000 | 8,900,000,000 | ||||
Aggregate borrowings | 9,431,109,000 | $ 9,431,109,000 | 9,800,000,000 | $ 9,800,000,000 | ||
Basis spread on debt obligation, in percent | 1.60% | |||||
Weighted-average advance rate | 75.60% | 79.40% | ||||
Weighted-average future funding period | 3 years 4 months 24 days | 3 years 7 months 6 days | ||||
Credit Facilities [Member] | Barclays [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Aggregate borrowings | $ 1,607,267,000 | $ 1,607,267,000 | 1,442,083,000 | $ 1,442,083,000 | ||
Asset-Specific Financings [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Weighted-average outstanding balance | $ 312,500,000 | $ 262,500,000 | ||||
LIBOR [Member] | Credit Facilities [Member] | Weighted-Average Cash Coupon [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread on debt obligation, in percent | 1.62% | |||||
LIBOR [Member] | Credit Facilities [Member] | Weighted-Average All-in Cost of Credit [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread on debt obligation, in percent | 1.82% | 1.79% |
Secured Debt Agreements, Net _2
Secured Debt Agreements, Net - Schedule of Secured Debt Agreements (Detail) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Debt Instrument [Line Items] | ||
Secured debt agreements borrowings outstanding | $ 9,716,452 | $ 10,083,938 |
Deferred financing costs | (26,911) | (29,008) |
Net book value of secured debt | 9,689,541 | 10,054,930 |
Secured Debt [Member] | ||
Debt Instrument [Line Items] | ||
Secured debt agreements borrowings outstanding | 9,431,109 | 9,753,059 |
Asset-Specific Financings [Member] | ||
Debt Instrument [Line Items] | ||
Secured debt agreements borrowings outstanding | 285,343 | $ 330,879 |
Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Secured debt agreements borrowings outstanding |
Secured Debt Agreements, Net _3
Secured Debt Agreements, Net - Credit Facilities (Detail) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Line of Credit Facility [Line Items] | ||
Potential | $ 9,528,141 | $ 10,310,189 |
Repurchase Borrowings Outstanding | 9,431,109 | 9,753,059 |
Available | 97,032 | 557,130 |
Collateral Assets | 12,598,720 | 13,157,700 |
Credit Facilities [Member] | ||
Line of Credit Facility [Line Items] | ||
Potential | 9,528,141 | |
Repurchase Borrowings Outstanding | 9,431,109 | 9,800,000 |
Deutsche Bank [Member] | ||
Line of Credit Facility [Line Items] | ||
Repurchase Borrowings Outstanding | 934,700 | |
Deutsche Bank [Member] | Credit Facilities [Member] | ||
Line of Credit Facility [Line Items] | ||
Potential | 2,011,496 | 2,037,795 |
Repurchase Borrowings Outstanding | 2,011,496 | 1,971,860 |
Available | 65,935 | |
Collateral Assets | 2,673,795 | 2,573,447 |
Barclays [Member] | Credit Facilities [Member] | ||
Line of Credit Facility [Line Items] | ||
Potential | 1,637,749 | 1,629,551 |
Repurchase Borrowings Outstanding | 1,607,267 | 1,442,083 |
Available | 30,482 | 187,468 |
Collateral Assets | 2,110,436 | 2,044,654 |
Wells Fargo [Member] | ||
Line of Credit Facility [Line Items] | ||
Repurchase Borrowings Outstanding | 146,600 | 195,400 |
Wells Fargo [Member] | Credit Facilities [Member] | ||
Line of Credit Facility [Line Items] | ||
Potential | 1,516,822 | 2,056,769 |
Repurchase Borrowings Outstanding | 1,497,542 | 2,018,057 |
Available | 19,280 | 38,712 |
Collateral Assets | 1,960,089 | 2,621,806 |
Citibank [Member] | Credit Facilities [Member] | ||
Line of Credit Facility [Line Items] | ||
Potential | 916,680 | 1,159,888 |
Repurchase Borrowings Outstanding | 899,627 | 1,109,837 |
Available | 17,053 | 50,051 |
Collateral Assets | 1,189,282 | 1,473,745 |
Goldman Sachs [Member] | Credit Facilities [Member] | ||
Line of Credit Facility [Line Items] | ||
Potential | 582,860 | 474,338 |
Repurchase Borrowings Outstanding | 582,854 | 450,000 |
Available | 6 | 24,338 |
Collateral Assets | 781,016 | 632,013 |
Bank of America [Member] | Credit Facilities [Member] | ||
Line of Credit Facility [Line Items] | ||
Potential | 540,376 | 603,660 |
Repurchase Borrowings Outstanding | 540,376 | 513,660 |
Available | 90,000 | |
Collateral Assets | 750,722 | 775,678 |
Morgan Stanley [Member] | Credit Facilities [Member] | ||
Line of Credit Facility [Line Items] | ||
Potential | 492,293 | 524,162 |
Repurchase Borrowings Outstanding | 492,293 | 468,048 |
Available | 56,114 | |
Collateral Assets | 786,931 | 706,080 |
MetLife [Member] | Credit Facilities [Member] | ||
Line of Credit Facility [Line Items] | ||
Potential | 444,502 | 417,677 |
Repurchase Borrowings Outstanding | 444,502 | 417,677 |
Collateral Assets | 556,015 | 536,553 |
JP Morgan [Member] | Credit Facilities [Member] | ||
Line of Credit Facility [Line Items] | ||
Potential | 415,535 | 303,288 |
Repurchase Borrowings Outstanding | 388,182 | 259,062 |
Available | 27,353 | 44,226 |
Collateral Assets | 558,291 | 386,545 |
US Bank - Multi. JV [Member] | Credit Facilities [Member] | ||
Line of Credit Facility [Line Items] | ||
Potential | 220,139 | 279,838 |
Repurchase Borrowings Outstanding | 217,281 | 279,552 |
Available | 2,858 | 286 |
Collateral Assets | 275,174 | 350,034 |
Goldman Sachs - Multi. JV [Member] | Credit Facilities [Member] | ||
Line of Credit Facility [Line Items] | ||
Potential | 234,464 | 203,846 |
Repurchase Borrowings Outstanding | 234,464 | 203,846 |
Collateral Assets | 306,555 | 261,461 |
Societe Generale [Member] | Credit Facilities [Member] | ||
Line of Credit Facility [Line Items] | ||
Potential | 236,698 | 333,473 |
Repurchase Borrowings Outstanding | 236,698 | 333,473 |
Collateral Assets | 301,932 | 437,130 |
Santander [Member] | Credit Facilities [Member] | ||
Line of Credit Facility [Line Items] | ||
Potential | 244,607 | 239,332 |
Repurchase Borrowings Outstanding | 244,607 | 239,332 |
Collateral Assets | 306,082 | 299,597 |
Bank of America - Multi. JV [Member] | Credit Facilities [Member] | ||
Line of Credit Facility [Line Items] | ||
Potential | 33,920 | 46,572 |
Repurchase Borrowings Outstanding | 33,920 | 46,572 |
Collateral Assets | $ 42,400 | $ 58,957 |
Secured Debt Agreements, Net _4
Secured Debt Agreements, Net - Summary of Key Terms of Credit Facilities (Detail) € in Thousands, £ in Thousands, $ in Thousands, $ in Thousands, $ in Thousands | 6 Months Ended | 12 Months Ended | ||||
Jun. 30, 2020USD ($) | Dec. 31, 2019USD ($) | Jun. 30, 2020EUR (€) | Jun. 30, 2020GBP (£) | Jun. 30, 2020AUD ($) | Jun. 30, 2020CAD ($) | |
Line of Credit Facility [Line Items] | ||||||
Guarantee | 100.00% | |||||
Potential Borrowings | $ 9,528,141 | $ 10,310,189 | ||||
Outstanding Borrowings | $ 9,431,109 | 9,753,059 | ||||
Morgan Stanley [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Term/Maturity | Mar. 1, 2022 | |||||
Goldman Sachs - Multi. JV [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Term/Maturity | Jul. 12, 2022 | |||||
Bank of America - Multi. JV [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Term/Maturity | Jul. 19, 2023 | |||||
JP Morgan [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Term/Maturity | Jan. 7, 2024 | |||||
Bank of America [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Term/Maturity | May 21, 2024 | |||||
MetLife [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Term/Maturity | Sep. 23, 2025 | |||||
Deutsche Bank [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Guarantee | 25.00% | |||||
Outstanding Borrowings | $ 934,700 | |||||
Wells Fargo [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Guarantee | 25.00% | |||||
Outstanding Borrowings | $ 146,600 | 195,400 | ||||
Credit Facilities [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Potential Borrowings | 9,528,141 | |||||
Outstanding Borrowings | $ 9,431,109 | $ 9,800,000 | ||||
Spread | INDEX + 1.62% | |||||
Average Rate | 75.60% | 79.40% | ||||
Credit Facilities [Member] | USD LIBOR | ||||||
Line of Credit Facility [Line Items] | ||||||
Potential Borrowings | $ 5,783,708 | |||||
Outstanding Borrowings | $ 5,693,741 | |||||
Spread | L + 1.63% | |||||
Average Rate | 75.30% | |||||
Credit Facilities [Member] | EUR LIBOR | ||||||
Line of Credit Facility [Line Items] | ||||||
Potential Borrowings | € | € 2,227,183 | |||||
Outstanding Borrowings | € | € 2,220,917 | |||||
Spread | E + 1.44% | |||||
Average Rate | 79.60% | |||||
Credit Facilities [Member] | GBP LIBOR | ||||||
Line of Credit Facility [Line Items] | ||||||
Potential Borrowings | £ | £ 818,468 | |||||
Outstanding Borrowings | £ | £ 818,468 | |||||
Spread | L + 1.95% | |||||
Average Rate | 71.50% | |||||
Credit Facilities [Member] | BBSY | ||||||
Line of Credit Facility [Line Items] | ||||||
Potential Borrowings | $ 245,254 | |||||
Outstanding Borrowings | $ 245,254 | |||||
Spread | BBSY + 1.90% | |||||
Average Rate | 72.50% | |||||
Credit Facilities [Member] | CDOR | ||||||
Line of Credit Facility [Line Items] | ||||||
Potential Borrowings | $ 78,924 | |||||
Outstanding Borrowings | $ 78,886 | |||||
Spread | CDOR + 1.80% | |||||
Average Rate | 78.30% | |||||
Credit Facilities [Member] | Morgan Stanley [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Guarantee | 25.00% | |||||
Margin Call | Collateral marks only | |||||
Potential Borrowings | $ 492,293 | $ 524,162 | ||||
Outstanding Borrowings | $ 492,293 | 468,048 | ||||
Credit Facilities [Member] | Goldman Sachs - Multi. JV [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Guarantee | 25.00% | |||||
Margin Call | Collateral marks only | |||||
Potential Borrowings | $ 234,464 | 203,846 | ||||
Outstanding Borrowings | $ 234,464 | 203,846 | ||||
Credit Facilities [Member] | Bank of America - Multi. JV [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Guarantee | 43.00% | |||||
Margin Call | Collateral marks only | |||||
Potential Borrowings | $ 33,920 | 46,572 | ||||
Outstanding Borrowings | $ 33,920 | 46,572 | ||||
Credit Facilities [Member] | JP Morgan [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Guarantee | 43.00% | |||||
Margin Call | Collateral marks only | |||||
Potential Borrowings | $ 415,535 | 303,288 | ||||
Outstanding Borrowings | $ 388,182 | 259,062 | ||||
Credit Facilities [Member] | Bank of America [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Guarantee | 50.00% | |||||
Margin Call | Collateral marks only | |||||
Potential Borrowings | $ 540,376 | 603,660 | ||||
Outstanding Borrowings | $ 540,376 | 513,660 | ||||
Credit Facilities [Member] | Barclays [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Guarantee | 25.00% | |||||
Margin Call | Collateral marks only | |||||
Term/Maturity | Term matched | |||||
Potential Borrowings | $ 1,637,749 | 1,629,551 | ||||
Outstanding Borrowings | $ 1,607,267 | 1,442,083 | ||||
Credit Facilities [Member] | Goldman Sachs [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Guarantee | 25.00% | |||||
Margin Call | Collateral marks only | |||||
Term/Maturity | Term matched | |||||
Potential Borrowings | $ 582,860 | 474,338 | ||||
Outstanding Borrowings | $ 582,854 | 450,000 | ||||
Credit Facilities [Member] | MetLife [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Guarantee | 62.00% | |||||
Margin Call | Collateral marks only | |||||
Potential Borrowings | $ 444,502 | 417,677 | ||||
Outstanding Borrowings | $ 444,502 | 417,677 | ||||
Credit Facilities [Member] | Deutsche Bank [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Guarantee | 60.00% | |||||
Margin Call | Collateral marks only | |||||
Term/Maturity | Term matched | |||||
Potential Borrowings | $ 2,011,496 | 2,037,795 | ||||
Outstanding Borrowings | $ 2,011,496 | 1,971,860 | ||||
Credit Facilities [Member] | Citibank [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Guarantee | 25.00% | |||||
Margin Call | Collateral marks only | |||||
Term/Maturity | Term matched | |||||
Potential Borrowings | $ 916,680 | 1,159,888 | ||||
Outstanding Borrowings | $ 899,627 | 1,109,837 | ||||
Credit Facilities [Member] | Societe Generale [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Guarantee | 25.00% | |||||
Margin Call | Collateral marks only | |||||
Term/Maturity | Term matched | |||||
Potential Borrowings | $ 236,698 | 333,473 | ||||
Outstanding Borrowings | $ 236,698 | 333,473 | ||||
Credit Facilities [Member] | Santander [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Guarantee | 50.00% | |||||
Margin Call | Collateral marks only | |||||
Term/Maturity | Term matched | |||||
Potential Borrowings | $ 244,607 | 239,332 | ||||
Outstanding Borrowings | $ 244,607 | 239,332 | ||||
Credit Facilities [Member] | Wells Fargo [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Guarantee | 25.00% | |||||
Margin Call | Collateral marks only | |||||
Term/Maturity | Term matched | |||||
Potential Borrowings | $ 1,516,822 | 2,056,769 | ||||
Outstanding Borrowings | $ 1,497,542 | 2,018,057 | ||||
Credit Facilities [Member] | US Bank - Multi. JV [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Guarantee | 25.00% | |||||
Margin Call | Collateral marks only | |||||
Term/Maturity | Term matched | |||||
Potential Borrowings | $ 220,139 | 279,838 | ||||
Outstanding Borrowings | $ 217,281 | $ 279,552 |
Secured Debt Agreements, Net _5
Secured Debt Agreements, Net - Summary of Asset-Specific Financings (Detail) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2020USD ($)SecurityLoan | Dec. 31, 2019USD ($)SecurityLoan | |
Participating Mortgage Loans [Line Items] | ||
Financing provided | 2023-02 | 2023-03 |
Financing provided, Principal Balance | $ 9,716,452 | $ 10,083,938 |
Collateral Assets [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Count | SecurityLoan | 3 | 4 |
LIBOR [Member] | Collateral Assets [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Weighted Average Yield/Cost Rate | 5.20% | 4.90% |
Asset-Specific Financings [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Financing provided | 2023-02 | 2023-03 |
Guarantee | $ 16,546 | $ 97,930 |
Collateral assets, Book Value | 346,051 | 417,820 |
Financing provided, Book Value | 279,132 | 323,504 |
Collateral assets, Principal Balance | 356,679 | 429,983 |
Financing provided, Principal Balance | $ 285,343 | $ 330,879 |
Count | SecurityLoan | 3 | 4 |
Asset-Specific Financings [Member] | LIBOR [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Weighted Average Yield/Cost Rate | 3.60% | 3.42% |
Securitized Debt Obligations,_3
Securitized Debt Obligations, Net - Schedule of Information on Securitized Debt Obligations (Detail) $ in Thousands | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2020USD ($)Loans | Dec. 31, 2019USD ($)Loans | ||
Financing Provided [Member] | |||
Debt Instrument [Line Items] | |||
Count | Loans | [1] | 3 | 2 |
Principal Balance | [1] | $ 2,253,008 | $ 1,189,642 |
Book Value | [1] | $ 2,240,612 | $ 1,187,084 |
Financing Provided [Member] | 2020 Collateralized Loan Obligation [Member] | |||
Debt Instrument [Line Items] | |||
Count | Loans | 1 | ||
Principal Balance | $ 1,243,125 | ||
Book Value | $ 1,231,872 | ||
Financing Provided [Member] | 2017 Collateralized Loan Obligations [Member] | |||
Debt Instrument [Line Items] | |||
Count | Loans | 1 | 1 | |
Principal Balance | $ 535,263 | $ 715,022 | |
Book Value | $ 534,120 | $ 712,517 | |
Financing Provided [Member] | Single Asset Securitization [Member] | |||
Debt Instrument [Line Items] | |||
Count | Loans | 1 | 1 | |
Principal Balance | $ 474,620 | $ 474,620 | |
Book Value | $ 474,620 | $ 474,567 | |
Collateral Assets [Member] | |||
Debt Instrument [Line Items] | |||
Count | Loans | 51 | 19 | |
Principal Balance | $ 2,906,374 | $ 1,609,260 | |
Book Value | $ 2,905,538 | $ 1,607,782 | |
Collateral Assets [Member] | 2020 Collateralized Loan Obligation [Member] | |||
Debt Instrument [Line Items] | |||
Count | Loans | 34 | ||
Principal Balance | $ 1,500,000 | ||
Book Value | $ 1,500,000 | ||
Collateral Assets [Member] | 2017 Collateralized Loan Obligations [Member] | |||
Debt Instrument [Line Items] | |||
Count | Loans | 16 | 18 | |
Principal Balance | $ 717,763 | $ 897,522 | |
Book Value | $ 717,763 | $ 897,522 | |
Collateral Assets [Member] | Single Asset Securitization [Member] | |||
Debt Instrument [Line Items] | |||
Count | Loans | [2] | 1 | 1 |
Principal Balance | [2] | $ 688,611 | $ 711,738 |
Book Value | [2] | $ 687,775 | $ 710,260 |
LIBOR [Member] | Financing Provided [Member] | |||
Debt Instrument [Line Items] | |||
Wtd. Avg. Yield/Cost | [1],[3] | 1.54% | 1.84% |
LIBOR [Member] | Financing Provided [Member] | 2020 Collateralized Loan Obligation [Member] | |||
Debt Instrument [Line Items] | |||
Wtd. Avg. Yield/Cost | [3] | 1.42% | |
Term | [4] | 2038-02 | |
LIBOR [Member] | Financing Provided [Member] | 2017 Collateralized Loan Obligations [Member] | |||
Debt Instrument [Line Items] | |||
Wtd. Avg. Yield/Cost | [3] | 1.77% | 1.98% |
Term | [4] | 2035-06 | 2035-06 |
LIBOR [Member] | Financing Provided [Member] | Single Asset Securitization [Member] | |||
Debt Instrument [Line Items] | |||
Wtd. Avg. Yield/Cost | [3] | 1.63% | 1.64% |
Term | [4] | 2033-06 | 2033-06 |
LIBOR [Member] | Collateral Assets [Member] | |||
Debt Instrument [Line Items] | |||
Wtd. Avg. Yield/Cost | [3] | 3.32% | 3.51% |
LIBOR [Member] | Collateral Assets [Member] | 2020 Collateralized Loan Obligation [Member] | |||
Debt Instrument [Line Items] | |||
Wtd. Avg. Yield/Cost | [3] | 3.20% | |
Term | [4] | 2023-12 | |
LIBOR [Member] | Collateral Assets [Member] | 2017 Collateralized Loan Obligations [Member] | |||
Debt Instrument [Line Items] | |||
Wtd. Avg. Yield/Cost | [3] | 3.33% | 3.43% |
Term | [4] | 2023-01 | 2022-09 |
LIBOR [Member] | Collateral Assets [Member] | Single Asset Securitization [Member] | |||
Debt Instrument [Line Items] | |||
Wtd. Avg. Yield/Cost | [2],[3] | 3.57% | 3.60% |
Term | [2],[4] | 2023-06 | 2023-06 |
[1] | During the three and six months ended June 30, 2020, we recorded $10.7 million and $22.7 million, respectively, of interest expense related to our securitized debt obligations. During the three and six months ended June 30, 2019, we recorded $12.5 million and $25.0 million, respectively, of interest expense related to our securitized debt obligations. | ||
[2] | The collateral assets for the 2017 Single Asset Securitization include the total loan amount, of which we securitized $500.0 million. | ||
[3] | In addition to cash coupon, all-in yield includes the amortization of deferred origination and extension fees, loan origination costs, purchase discounts, and accrual of exit fees. All-in yield for the total portfolio assume applicable floating benchmark rates for weighted-average calculation. | ||
[4] | Loan term represents weighted-average final maturity, assuming all extension options are exercised by the borrower. Repayments of securitized debt obligations are tied to timing of the related collateral loan asset repayments. The term of these obligations represents the rated final distribution date of the securitizations. |
Securitized Debt Obligations,_4
Securitized Debt Obligations, Net - Schedule of Information on Securitized Debt Obligations (Parenthetical) (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Debt Instrument [Line Items] | ||||
Interest expense on securitized debt obligations | $ 10.7 | $ 12.5 | $ 22.7 | $ 25 |
Collateral Assets [Member] | Single Asset Securitization [Member] | ||||
Debt Instrument [Line Items] | ||||
Total loan amount, securitized | $ 500 | $ 500 |
Secured Term Loans, Net - Addit
Secured Term Loans, Net - Additional Information (Detail) $ in Thousands | 6 Months Ended |
Jun. 30, 2020USD ($) | |
Secured term loan percentage of partially amortizing | 1.00% |
Secured term loan covenant description | The guarantee under our Secured Term Loans contains the financial covenant that our indebtedness shall not exceed 83.33% of our total assets. |
2019 Term Loan | |
Secured term loan facility face value | $ 743,134 |
Secured term loan percentage of partially amortizing | 1.00% |
Discount upon issuance of Secured term loan | $ 1,600 |
Secured term loan transaction expenses | 10,100 |
2020 Term Loan | |
Secured term loan facility face value | $ 325,000 |
Secured term loan percentage of partially amortizing | 1.00% |
Discount upon issuance of Secured term loan | $ 9,600 |
Secured term loan transaction expenses | $ 3,800 |
Secured Term Loans, Net - Sched
Secured Term Loans, Net - Schedule of Debt (Detail) $ in Thousands | 6 Months Ended |
Jun. 30, 2020USD ($) | |
2019 Term Loan | |
Face Value | $ 743,134 |
Interest rate | L+2.25 |
All-in Cost | L+2.52 |
Maturity | Apr. 23, 2026 |
2020 Term Loan | |
Face Value | $ 325,000 |
Interest rate | L+4.75 |
All-in Cost | L+5.60 |
Maturity | Apr. 23, 2026 |
Secured Term Loans, Net - Sch_2
Secured Term Loans, Net - Schedule of Debt (Parenthetical) (Detail) | 6 Months Ended |
Jun. 30, 2020 | |
2020 Term Loan | |
Debt Instrument [Line Items] | |
Basis spread on debt obligation, in percent | 1.00% |
Secured Term Loans, Net - Sch_3
Secured Term Loans, Net - Schedule of Net Book Value of Our Secured Term Loans on Our Consolidated Balance Sheets (Detail) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Deferred financing costs | $ (26,911) | $ (29,008) |
Net book value | 1,045,163 | 736,142 |
Secured Term Loan | ||
Face value | 1,068,134 | 746,878 |
Unamortized discount | (10,739) | (1,456) |
Deferred financing costs | (12,232) | (9,280) |
Net book value | $ 1,045,163 | $ 736,142 |
Convertible Notes, Net - Summar
Convertible Notes, Net - Summary of Outstanding Convertible Senior Notes (Detail) $ in Thousands | 6 Months Ended |
Jun. 30, 2020USD ($) | |
4.38% Convertible Senior Notes [Member] | |
Debt Instrument [Line Items] | |
Convertible Note Issuance | 2017-05 |
Face Value | $ 402,500 |
Interest Rate | 4.38% |
All-in Cost | 4.85% |
Conversion Rate | 28.0324 |
Maturity | May 5, 2022 |
4.75% Convertible Senior Notes [Member] | |
Debt Instrument [Line Items] | |
Convertible Note Issuance | 2018-03 |
Face Value | $ 220,000 |
Interest Rate | 4.75% |
All-in Cost | 5.33% |
Conversion Rate | 27.6052 |
Maturity | Mar. 15, 2023 |
Convertible Notes, Net - Summ_2
Convertible Notes, Net - Summary of Outstanding Convertible Senior Notes (Parenthetical) (Detail) | 6 Months Ended |
Jun. 30, 2020USD ($)$ / shares | |
5.25% Convertible Senior Notes [Member] | |
Debt Instrument [Line Items] | |
Debt instrument, conversion price | $ 24.09 |
5.25% Convertible Senior Notes [Member] | Class A Common Stock [Member] | |
Debt Instrument [Line Items] | |
Convertible Notes, debt conversion, principal amount | $ | $ 1,000 |
Debt instrument, conversion price | $ 0 |
4.38% Convertible Senior Notes [Member] | Class A Common Stock [Member] | |
Debt Instrument [Line Items] | |
Convertible Notes, debt conversion, principal amount | $ | $ 1,000 |
Debt instrument, conversion price | $ 0 |
4.75% Convertible Senior Notes Issued In March 2018 [Member] | Class A Common Stock [Member] | |
Debt Instrument [Line Items] | |
Debt instrument, conversion price | 36.23 |
Debt instrument, conversion price | 0 |
4.38% Convertible Senior Notes Issued in May 2017 [Member] | Class A Common Stock [Member] | |
Debt Instrument [Line Items] | |
Debt instrument, conversion price | 35.67 |
Debt instrument, conversion price | $ 0 |
Convertible Notes, Net - Additi
Convertible Notes, Net - Additional Information (Detail) - USD ($) | 6 Months Ended | |||
Jun. 30, 2020 | Dec. 31, 2019 | Mar. 31, 2018 | May 31, 2017 | |
Debt Instrument [Line Items] | ||||
Accrued interest payable | $ 20,895,000 | $ 24,831,000 | ||
5.25% Convertible Senior Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Description of Convertible Notes conversion | The 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 January 31, 2022 and December 14, 2022 for the May 2017 and March 2018 convertible notes, respectively, at the applicable conversion rate in effect on the conversion date. | |||
Debt instrument, conversion price | $ 24.09 | |||
Discount upon issuance of Convertible Notes | $ 1,500,000 | |||
Debt issuance costs | $ 5,200,000 | |||
Convertible Notes, assumed effective interest rate | 5.25% | |||
Convertible Senior Notes, Interest rate including amortization of discount upon issuance | 5.49% | |||
Accrued interest payable | $ 6,000,000 | $ 6,000,000 | ||
4.38% Convertible Senior Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Discount upon issuance of Convertible Notes | $ 979,000 | |||
Debt issuance costs | $ 8,400,000 | |||
Convertible Notes, assumed effective interest rate | 4.57% | |||
Convertible Senior Notes, Interest rate including amortization of discount upon issuance | 4.91% |
Convertible Notes, Net - Summ_3
Convertible Notes, Net - Summary of Details of Net Book Value of Convertible Note (Detail) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Debt Instrument [Line Items] | ||
Deferred financing costs | $ (26,911) | $ (29,008) |
Net book value | 614,710 | 613,071 |
Convertible Senior Note [Member] | ||
Debt Instrument [Line Items] | ||
Face Value | 622,500 | 622,500 |
Unamortized discount | (7,277) | (8,801) |
Deferred financing costs | (513) | (628) |
Net book value | $ 614,710 | $ 613,071 |
Convertible Notes, Net - Summ_4
Convertible Notes, Net - Summary of Details about Interest Expense (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Debt Instrument [Line Items] | ||||
Discount and issuance cost amortization | $ 18,747 | $ 15,232 | ||
Convertible Senior Note [Member] | ||||
Debt Instrument [Line Items] | ||||
Cash coupon | $ 7,015 | $ 7,015 | 14,030 | 14,030 |
Discount and issuance cost amortization | 828 | 788 | 1,639 | 1,560 |
Total interest expense | $ 7,843 | $ 7,803 | $ 15,669 | $ 15,590 |
Derivative Financial Instrume_3
Derivative Financial Instruments - Summary of Outstanding Interest Rate Derivatives Designated as Cash Flow Hedges of Interest Rate Risk (Detail) - Cash Flow Hedges [Member] - Designated as Hedging Instrument [Member] - CAD [Member] - CDOR [Member] $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2020CAD ($)DerivativeInstrument | Dec. 31, 2019CAD ($)DerivativeInstrument | |
Interest Rate Caps [Member] | ||
Derivative [Line Items] | ||
Number of Instruments | DerivativeInstrument | 1 | 1 |
Notional Amount | $ | $ 21,387 | $ 21,387 |
Strike | 3.00% | 3.00% |
Wtd. Avg. Maturity (Years) | 6 months | 1 year |
Interest Rate Swaps [Member] | ||
Derivative [Line Items] | ||
Number of Instruments | DerivativeInstrument | 2 | 2 |
Notional Amount | $ | $ 17,273 | $ 17,273 |
Strike | 1.00% | 1.00% |
Wtd. Avg. Maturity (Years) | 2 months 12 days | 8 months 12 days |
Derivative Financial Instrume_4
Derivative Financial Instruments - Additional Information (Detail) € in Millions, £ in Millions, $ in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||||||||
Jun. 30, 2020EUR (€) | Jun. 30, 2020GBP (£) | Jun. 30, 2020AUD ($) | Jun. 30, 2020CAD ($) | Mar. 31, 2020EUR (€) | Mar. 31, 2020GBP (£) | Mar. 31, 2020AUD ($) | Mar. 31, 2020CAD ($) | Jun. 30, 2020USD ($) | Dec. 31, 2019USD ($) | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||||||||
Amount of collateral posted for the net assets/liability positions | $ 22,180,000 | $ 30,800,000 | ||||||||
Interest Rate Swaps/Derivatives [Member] | ||||||||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||||||||
Reclassification from accumulated other comprehensive income (loss) as increase to interest income | $ 13,000 | |||||||||
Foreign Currency Contracts [Member] | EUR [Member] | ||||||||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||||||||
Foreign currency derivatives cancelled | € | € 620.4 | € 552.1 | ||||||||
Foreign Currency Contracts [Member] | GBP [Member] | ||||||||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||||||||
Foreign currency derivatives cancelled | £ | £ 530.2 | £ 365.5 | ||||||||
Foreign Currency Contracts [Member] | AUD [Member] | ||||||||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||||||||
Foreign currency derivatives cancelled | $ 92.8 | $ 134.8 | ||||||||
Foreign Currency Contracts [Member] | CAD [Member] | ||||||||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||||||||
Foreign currency derivatives cancelled | $ 24.4 | $ 23.7 |
Derivative Financial Instrume_5
Derivative Financial Instruments - Summary of Outstanding Foreign Exchange Derivatives Designated as Net Investment Hedges of Foreign Currency Risk (Detail) - Designated as Hedging Instrument [Member] - Net Investment Hedges [Member] € in Thousands, £ in Thousands, $ in Thousands, $ in Thousands | Jun. 30, 2020CAD ($)DerivativeInstrument | Jun. 30, 2020EUR (€)DerivativeInstrument | Jun. 30, 2020GBP (£)DerivativeInstrument | Jun. 30, 2020AUD ($)DerivativeInstrument | Dec. 31, 2019CAD ($)DerivativeInstrument | Dec. 31, 2019EUR (€)DerivativeInstrument | Dec. 31, 2019GBP (£)DerivativeInstrument | Dec. 31, 2019AUD ($)DerivativeInstrument |
Buy USD / Sell EUR Forward [Member] | EUR [Member] | ||||||||
Derivative [Line Items] | ||||||||
Number of Instruments | 7 | 7 | 7 | 7 | ||||
Notional Amount | € | € 607,690 | |||||||
Buy USD / Sell EUR Forward [Member] | GBP [Member] | ||||||||
Derivative [Line Items] | ||||||||
Number of Instruments | 5 | 5 | 5 | 5 | ||||
Notional Amount | € | € 525,600 | |||||||
Buy USD / Sell GBP Forward [Member] | EUR [Member] | ||||||||
Derivative [Line Items] | ||||||||
Number of Instruments | 4 | 4 | 4 | 4 | ||||
Notional Amount | £ | £ 527,100 | |||||||
Buy USD / Sell GBP Forward [Member] | GBP [Member] | ||||||||
Derivative [Line Items] | ||||||||
Number of Instruments | 5 | 5 | 5 | 5 | ||||
Notional Amount | £ | £ 385,087 | |||||||
Buy USD / Sell AUD Forward [Member] | AUD [Member] | ||||||||
Derivative [Line Items] | ||||||||
Number of Instruments | 1 | 1 | 1 | 1 | 3 | 3 | 3 | 3 |
Notional Amount | $ | $ 92,800 | $ 135,600 | ||||||
Buy USD / Sell CAD Forward [Member] | CAD [Member] | ||||||||
Derivative [Line Items] | ||||||||
Number of Instruments | 2 | 2 | 2 | 2 | 1 | 1 | 1 | 1 |
Notional Amount | $ | $ 24,400 | $ 23,200 |
Derivative Financial Instrume_6
Derivative Financial Instruments - Summary of Non-designated Hedges (Detail) - Not Designated as Hedging Instrument [Member] € in Thousands, £ in Thousands, $ in Thousands, $ in Thousands | Jun. 30, 2020EUR (€)DerivativeInstrument | Jun. 30, 2020GBP (£)DerivativeInstrument | Dec. 31, 2019CAD ($)DerivativeInstrument | Dec. 31, 2019EUR (€)DerivativeInstrument | Dec. 31, 2019AUD ($)DerivativeInstrument |
CAD [Member] | Buy USD / Sell CAD Forward [Member] | |||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||
Number of Instruments | 1 | 1 | 1 | ||
Notional Amount | $ | $ 15,900 | ||||
GBP [Member] | Buy USD / Sell GBP Forward [Member] | |||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||
Number of Instruments | 1 | 1 | |||
Notional Amount | £ | £ 145,113 | ||||
EUR [Member] | Buy GBP / Sell EUR Forward [Member] | |||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||
Number of Instruments | 1 | 1 | 1 | ||
Notional Amount | € | € 12,857 | ||||
EUR [Member] | Buy USD / Sell EUR Forward [Member] | |||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||
Number of Instruments | 3 | 3 | |||
Notional Amount | € | € 68,810 | ||||
AUD [Member] | Buy USD / Sell AUD Forward [Member] | |||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||
Number of Instruments | 1 | 1 | 1 | ||
Notional Amount | $ | $ 10,000 | ||||
USD [Member] | Buy CAD / Sell USD Forward [Member] | |||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||
Number of Instruments | 1 | 1 | 1 | ||
Notional Amount | $ | $ 15,900 | ||||
USD [Member] | Buy AUD / Sell USD Forward [Member] | |||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||
Number of Instruments | 1 | 1 | 1 | ||
Notional Amount | $ | $ 10,000 | ||||
USD [Member] | Buy EUR / Sell USD Forward [Member] | |||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||
Number of Instruments | 2 | 2 | |||
Notional Amount | € | € 56,100 |
Derivative Financial Instrume_7
Derivative Financial Instruments - Schedule of Derivative Instruments Gain Loss in Statement of Operations (Detail) - Foreign Exchange Forward [Member] - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended |
Jun. 30, 2020 | Jun. 30, 2020 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative, Gain (Loss) on Derivative, Net | $ 153 | $ (1,001) |
Designated as Hedging Instrument [Member] | Interest Income [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative, Gain (Loss) on Derivative, Net | 509 | 509 |
Not Designated as Hedging Instrument [Member] | Interest Income [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative, Gain (Loss) on Derivative, Net | 5 | 5 |
Not Designated as Hedging Instrument [Member] | Interest Expense [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative, Gain (Loss) on Derivative, Net | $ (361) | $ (1,515) |
Derivative Financial Instrume_8
Derivative Financial Instruments - Summary of Fair Value of Derivative Financial Instruments (Detail) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Fair Value of Derivatives in an Asset Position | $ 327 | $ 1,079 |
Fair Value of Derivatives in a Liability Position | 26,164 | 42,263 |
Designated as Hedging Instrument [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Fair Value of Derivatives in an Asset Position | 321 | 96 |
Fair Value of Derivatives in a Liability Position | 24,715 | 41,728 |
Designated as Hedging Instrument [Member] | Interest Rate Swaps/Derivatives [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Fair Value of Derivatives in an Asset Position | 96 | |
Fair Value of Derivatives in a Liability Position | 9 | |
Designated as Hedging Instrument [Member] | Foreign Currency Contracts [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Fair Value of Derivatives in an Asset Position | 321 | |
Fair Value of Derivatives in a Liability Position | 24,706 | 41,728 |
Not Designated as Hedging Instrument [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Fair Value of Derivatives in an Asset Position | 6 | 983 |
Fair Value of Derivatives in a Liability Position | 1,449 | 535 |
Not Designated as Hedging Instrument [Member] | Foreign Currency Contracts [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Fair Value of Derivatives in an Asset Position | 6 | 983 |
Fair Value of Derivatives in a Liability Position | $ 1,449 | $ 535 |
Derivative Financial Instrume_9
Derivative Financial Instruments - Summary of Effect of Derivative Financial Instruments on Consolidated Statements of Operations (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended |
Jun. 30, 2020 | Jun. 30, 2020 | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Amount of Gain (Loss) Recognized in OCI on Derivatives | $ (30,674) | $ 73,345 |
Amount of Gain (Loss) Reclassified from Accumulated OCI into Income | (9) | 20 |
Net Investment [Member] | Foreign Currency Contracts [Member] | Interest Expense [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Amount of Gain (Loss) Recognized in OCI on Derivatives | (30,656) | 73,430 |
Cash Flow Hedges [Member] | Interest Rate Swaps/Derivatives [Member] | Interest Expense [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Amount of Gain (Loss) Recognized in OCI on Derivatives | (18) | (85) |
Amount of Gain (Loss) Reclassified from Accumulated OCI into Income | $ (9) | $ 20 |
Derivative Financial Instrum_10
Derivative Financial Instruments - Summary of Effect of Derivative Financial Instruments on Consolidated Statements of Operations (Parenthetical) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Interest and related expenses | $ 84,853 | $ 116,891 | $ 189,092 | $ 235,579 |
Amount of Gain (Loss) Reclassified from Accumulated OCI into Income | (9) | 20 | ||
Interest Rate Swaps/Derivatives [Member] | Cash Flow Hedges [Member] | Interest Income [Member] | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Amount of Gain (Loss) Reclassified from Accumulated OCI into Income | 9 | 20 | ||
Foreign Currency Contracts [Member] | Net Investment Hedges [Member] | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Net cash settlements on our foreign currency forward contracts | 4,700 | 4,700 | ||
Net cash settlements received | $ 57,000 | $ 57,000 |
Equity - Additional Information
Equity - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | Jul. 15, 2020 | Nov. 14, 2018 | May 31, 2020 | May 31, 2013 | Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | Mar. 25, 2014 |
Class of Stock [Line Items] | ||||||||||
Total stock, shares authorized | 500,000,000 | 500,000,000 | ||||||||
Common stock, shares authorized | 400,000,000 | 400,000,000 | 200,000,000 | |||||||
Number of shares sold during period | 25,875,000 | 10,841,667 | 10,535,181 | |||||||
Date of dividend paid | Jul. 15, 2020 | |||||||||
Date of dividend declared | Jun. 15, 2020 | |||||||||
Record date of dividend paid | Jun. 30, 2020 | |||||||||
Accumulated other comprehensive income (loss) | $ 8,925 | $ 8,925 | $ (16,233) | |||||||
Net realized and unrealized gains related to changes in fair value of derivative instruments | 128,900 | 128,900 | 64,500 | |||||||
Cumulative unrealized currency translation adjustment on assets and liabilities denominated in foreign currencies | 137,800 | 137,800 | 80,700 | |||||||
Net proceeds from issuance of class A common stock | 278,322 | $ 372,329 | ||||||||
Subsequent Event [Member] | ||||||||||
Class of Stock [Line Items] | ||||||||||
Dividends paid | $ 90,600 | |||||||||
Dividends paid per common stock | $ 0.62 | |||||||||
Multifamily [Member] | Joint Venture [Member] | ||||||||||
Class of Stock [Line Items] | ||||||||||
Total equity | 140,100 | 140,100 | 147,300 | |||||||
Equity interests owned by Blackstone Mortgage Trust, Inc. | 119,100 | 119,100 | 125,200 | |||||||
Non-controlling interests | $ 21,000 | $ 21,000 | $ 22,100 | |||||||
Dividend Reinvestment and Direct Stock Purchase Plan [Member] | ||||||||||
Class of Stock [Line Items] | ||||||||||
Reserved for issuance of class A common stock | 9,993,053 | 9,993,053 | 10,000,000 | |||||||
Class A Common Stock [Member] | ||||||||||
Class of Stock [Line Items] | ||||||||||
Preferred stock, shares authorized | 100,000,000 | 100,000,000 | ||||||||
Common stock, shares issued under dividend reinvestment program | 646 | 272 | 971 | 553 | ||||||
Number of shares sold during period | 840,696 | 10,000,000 | ||||||||
Net proceeds from issuance of class A common stock | $ 19,277 | $ 278,322 | ||||||||
Class A Common Stock [Member] | Dividend Reinvestment and Direct Stock Purchase Plan [Member] | ||||||||||
Class of Stock [Line Items] | ||||||||||
Common stock, shares issued under dividend reinvestment program | 971 | 553 | ||||||||
Class A Common Stock [Member] | ATM Agreements [Member] | ||||||||||
Class of Stock [Line Items] | ||||||||||
Aggregate sales price | $ 500,000 | |||||||||
Aggregate sales price remaining available | $ 363,800 | $ 363,800 | ||||||||
Class A Common Stock [Member] | BXMT At The Market Agreement [Member] | ||||||||||
Class of Stock [Line Items] | ||||||||||
Number of shares sold during period | 1,909,628 | |||||||||
Net proceeds from issuance of class A common stock | $ 65,400 |
Equity - Summary of Class A Com
Equity - Summary of Class A Common Stock Issuances (Detail) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 6 Months Ended | ||
May 31, 2020 | May 31, 2013 | Jun. 30, 2020 | Jun. 30, 2019 | |
Class of Stock [Line Items] | ||||
Shares issued | 25,875,000 | 10,841,667 | 10,535,181 | |
Net proceeds | $ 278,322 | $ 372,329 | ||
Shares issued, Wtd. Avg. | 10,840,696 | |||
Gross share issue price, Wtd. Avg. | $ 27.79 | |||
Net share issue price, Wtd. Avg. | $ 27.52 | |||
Net proceeds,Wtd. Avg. | $ 297,599 | |||
Class A Common Stock [Member] | ||||
Class of Stock [Line Items] | ||||
Shares issued | 840,696 | 10,000,000 | ||
Gross share issue price | $ 22.93 | $ 28.20 | ||
Net share issue price | $ 22.93 | $ 27.91 | ||
Net proceeds | $ 19,277 | $ 278,322 |
Equity - Schedule of Movement i
Equity - Schedule of Movement in Outstanding Shares of Class A Common Stock, Restricted Class A Common Stock and Deferred Stock Units (Detail) - shares | 1 Months Ended | 6 Months Ended | |
May 31, 2013 | Jun. 30, 2020 | Jun. 30, 2019 | |
Equity [Abstract] | |||
Beginning balance | 135,263,728 | 123,664,577 | |
Issuance of class A common stock | 25,875,000 | 10,841,667 | 10,535,181 |
Issuance of restricted class A common stock, net | 351,333 | 317,339 | |
Issuance of deferred stock units | 21,077 | 15,697 | |
Ending balance | 146,477,805 | 134,532,794 |
Equity - Schedule of Movement_2
Equity - Schedule of Movement in Outstanding Shares of Class A Common Stock, Restricted Class A Common Stock and Deferred Stock Units (Parenthetical) (Detail) - Class A Common Stock [Member] - shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Class of Stock [Line Items] | ||||
Deferred stock units held by directors | 281,143 | 244,536 | 281,143 | 244,536 |
Common stock, shares issued under dividend reinvestment program | 646 | 272 | 971 | 553 |
Equity - Schedule of Dividend A
Equity - Schedule of Dividend Activity (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2020 | Mar. 31, 2020 | Jun. 30, 2019 | Mar. 31, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Equity [Abstract] | ||||||
Dividends declared per share of common stock | $ 0.62 | $ 0.62 | $ 0.62 | $ 0.62 | $ 1.24 | $ 1.24 |
Total dividends declared | $ 90,642 | $ 83,259 | $ 174,562 | $ 161,172 |
Equity - Schedule of Basic and
Equity - Schedule of Basic and Diluted Earnings Per Share, or EPS, Based on Weighted-Average of Both Restricted and Unrestricted Class A Common Stock Outstanding (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Earnings Per Share [Abstract] | ||||
Net income (loss) | $ 17,544 | $ 75,174 | $ (35,808) | $ 151,738 |
Weighted-average shares outstanding, basic and diluted | 138,299,418 | 126,475,244 | 136,959,341 | 125,410,064 |
Per share amount, basic and diluted | $ 0.13 | $ 0.59 | $ (0.26) | $ 1.21 |
Other Expenses - Additional Inf
Other Expenses - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2020 | Mar. 31, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||||
Management fee - percent of outstanding equity balance | 1.50% | |||||
Incentive fee computation-percent of the product per agreement | 20.00% | |||||
Incentive fee computation-percent of outstanding Equity per annum | 7.00% | |||||
Management fees description | 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 net income (loss) prepared in accordance with GAAP, excluding (i) certain non-cash items, (ii) the net income (loss) related to our legacy portfolio, and (iii) incentive management fees. | |||||
Management fees | $ 20,496 | $ 20,984 | $ 39,773 | $ 40,774 | ||
Manager [Member] | ||||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||||
Management fees | 14,800 | 13,300 | 29,200 | 26,400 | ||
Total incentive compensation payments | 5,700 | $ 7,700 | 10,500 | $ 14,400 | ||
Accrued management and incentive fees payable | 20,500 | $ 20,500 | $ 20,200 | |||
Manager [Member] | Class A Common Stock [Member] | ||||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||||
Stock Issued During Period, Value, Issued for Services | $ 19,300 | |||||
Stock Issued During Period, Shares, Issued for Services | 840,696 | 840,696 |
Other Expenses - Schedule of Ge
Other Expenses - Schedule of General and Administrative Expenses (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Professional services | $ 1,752 | $ 1,249 | $ 3,414 | $ 2,439 |
Operating and other costs | 882 | 894 | 2,335 | 1,249 |
Subtotal | 2,634 | 2,143 | 5,749 | 3,688 |
Non-cash compensation expenses | ||||
Restricted class A common stock earned | 8,527 | 7,629 | 17,079 | 15,272 |
Director stock-based compensation | 125 | 125 | 250 | 250 |
Subtotal | 8,652 | 7,754 | 17,329 | 15,522 |
Total general and administrative expenses | $ 11,286 | $ 9,897 | $ 23,078 | $ 19,210 |
Other Expenses - Schedule of _2
Other Expenses - Schedule of General and Administrative Expenses (Parenthetical) (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Mar. 31, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Multifamily [Member] | Joint Venture [Member] | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Expenses related Multifamily Joint Venture. | $ 200,000 | $ 164,000 | $ 576,000 | $ 333,000 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
May 31, 2013 | Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | |
Tax Credit Carryforward [Line Items] | ||||||
Annual distribution of net taxable income for U.S. federal income tax not to apply to our earnings that we distribute (percent) | 90.00% | |||||
Net taxable income subject to distribution (percent) | 100.00% | |||||
Excise tax rate | 4.00% | |||||
Income tax provision (benefit) | $ 23,000 | $ 46,000 | $ 173,000 | $ 147,000 | ||
Deferred tax assets | 0 | 0 | $ 0 | |||
Deferred tax liabilities | 0 | $ 0 | 0 | |||
Common stock, shares issued | 25,875,000 | 10,841,667 | 10,535,181 | |||
Net operating losses carried forward | $ 159,000,000 | |||||
NOLs expiration date | Dec. 31, 2029 | |||||
Open tax year | 2016 2017 2018 2019 | |||||
Internal Revenue Service [Member] | ||||||
Tax Credit Carryforward [Line Items] | ||||||
Net operating losses limit per annum | $ 2,000,000 | $ 2,000,000 | ||||
Net operating losses limitations | the availability of our NOLs is generally limited to $2.0 million per annum |
Stock-Based Incentive Plans - A
Stock-Based Incentive Plans - Additional Information (Detail) $ / shares in Units, $ in Millions | 6 Months Ended | ||
Jun. 30, 2020USD ($)Plansshares | Dec. 31, 2019shares | Jun. 29, 2018$ / shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of benefit plans | Plans | 9 | ||
Restricted Class A Common Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted shares, vesting period | 3 years | ||
Number of shares of restricted class A common stock outstanding | 1,547,277 | 1,698,582 | |
Unrecognized compensation cost relating to nonvested share-based compensation | $ | $ 53 | ||
Nonvested share-based compensation, closing price | $ / shares | $ 31.43 | ||
Unrecognized compensation cost expected to be recognized over weighted average period | 1 year 1 month 6 days | ||
Expired Plans [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of shares available under plan | 0 | ||
Vest in 2019 [Member] | Restricted Class A Common Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of shares of restricted class A common stock outstanding | 501,794 | ||
Vest in 2020 [Member] | Restricted Class A Common Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of shares of restricted class A common stock outstanding | 690,100 | ||
Vest in 2022 [Member] | Restricted Class A Common Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of shares of restricted class A common stock outstanding | 355,383 | ||
Class A Common Stock [Member] | Stock Incentive Current Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of shares available under plan | 2,870,936 | ||
Maximum number of shares available under plan | 5,000,000 |
Stock-Based Incentive Plans - M
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 [Member] | 6 Months Ended |
Jun. 30, 2020$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Restricted Class A Common Stock, Beginning Balance | shares | 1,698,582 |
Restricted Class A Common Stock, Granted | shares | 351,582 |
Restricted Class A Common Stock, Vested | shares | (502,638) |
Restricted Class A Common Stock, Forfeited | shares | (249) |
Restricted Class A Common Stock, Ending Balance | shares | 1,547,277 |
Weighted-Average Grant Date Fair Value Per Share, Beginning Balance | $ / shares | $ 34.52 |
Weighted-Average Grant Date Fair Value Per Share, Granted | $ / shares | 37.19 |
Weighted-Average Grant Date Fair Value Per Share, Vested | $ / shares | 34.26 |
Weighted-Average Grant Date Fair Value Per Share, Forfeited | $ / shares | 35.83 |
Weighted-Average Grant Date Fair Value Per Share, Ending Balance | $ / shares | $ 35.21 |
Fair Values - Assets and Liabil
Fair Values - Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Assets | ||
Derivatives | $ 327 | $ 1,079 |
Liabilities | ||
Derivatives | 26,164 | 42,263 |
Recurring [Member] | ||
Assets | ||
Derivatives | 327 | 1,079 |
Liabilities | ||
Derivatives | 26,164 | 42,263 |
Level 2 [Member] | Recurring [Member] | ||
Assets | ||
Derivatives | 327 | 1,079 |
Liabilities | ||
Derivatives | $ 26,164 | $ 42,263 |
Fair Values - Schedule of Detai
Fair Values - Schedule of Details of Book Value, Face Amount, and Fair Value of Financial Instruments (Detail) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Financial assets | ||
Cash and cash equivalents | $ 1,259,836 | $ 150,090 |
Loans receivable, net | 16,434,631 | 16,277,343 |
Debt securities held-to-maturity | 82,002 | 88,958 |
Financial liabilities | ||
Secured debt agreements, net, face amount | 9,716,452 | 10,083,938 |
Securitized debt obligations, net | 2,240,612 | 1,187,084 |
Securitized debt obligations, net,face amount | 2,253,008 | 1,189,642 |
Secured term loans, net | 1,068,134 | 746,878 |
Book Value [Member] | ||
Financial assets | ||
Cash and cash equivalents | 1,259,836 | 150,090 |
Loans receivable, net | 16,161,353 | 16,164,801 |
Debt securities held-to-maturity | 75,836 | 86,638 |
Financial liabilities | ||
Secured debt agreements, net | 9,689,541 | 10,054,930 |
Securitized debt obligations, net | 2,240,612 | 1,187,084 |
Secured term loans, net | 1,045,163 | 736,142 |
Convertible notes, net | 614,710 | 613,071 |
Fair Value [Member] | ||
Financial assets | ||
Cash and cash equivalents | 1,259,836 | 150,090 |
Loans receivable, net | 16,214,574 | 16,279,904 |
Debt securities held-to-maturity | 68,940 | 88,305 |
Financial liabilities | ||
Secured debt agreements, net | 9,716,452 | 10,083,938 |
Securitized debt obligations, net | 2,172,578 | 1,189,368 |
Secured term loans, net | 1,012,228 | 750,769 |
Convertible notes, net | 580,810 | 665,900 |
Convertible Senior Note [Member] | ||
Financial liabilities | ||
Convertible notes, net, face amount | $ 622,500 | $ 622,500 |
Variable Interest Entities - Su
Variable Interest Entities - Summary of Assets and Liabilities of Consolidated CLO and Single Asset Securitization VIE (Detail) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Assets: | ||
Assets | $ 17,663,123 | $ 16,551,871 |
Liabilities: | ||
Liabilities | 13,767,339 | 12,767,190 |
VIE [Member] | ||
Assets: | ||
Assets | 2,709,080 | 1,401,691 |
Liabilities: | ||
Liabilities | 2,242,139 | 1,188,732 |
VIE [Member] | Loans Receivable [Member] | ||
Assets: | ||
Assets | 2,644,344 | 1,349,903 |
Loans receivable, net | 2,629,528 | 1,349,903 |
VIE [Member] | Current Expected Credit Loss Reserve [Member] | ||
Assets: | ||
Assets | (14,816) | |
VIE [Member] | Other Assets [Member] | ||
Assets: | ||
Assets | 79,552 | 51,788 |
VIE [Member] | Securitized Debt Obligations, Net [Member] | ||
Liabilities: | ||
Liabilities | 2,240,612 | 1,187,084 |
VIE [Member] | Other Liabilities [Member] | ||
Liabilities: | ||
Liabilities | $ 1,527 | $ 1,648 |
Variable Interest Entities - Ad
Variable Interest Entities - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Sep. 30, 2018 | Jun. 30, 2020 | |
Variable Interest Entity [Line Items] | ||
Subordinate risk retention interest notional amount | $ 99 | |
Loans Receivable [Member] | ||
Variable Interest Entity [Line Items] | ||
Loan contributed to securitization | 517.5 | |
2018 Single Asset Securitization [Member] | ||
Variable Interest Entity [Line Items] | ||
Single asset securitization principal amount | $ 1,000 | |
Maximum exposure to loss | $ 75.8 |
Transactions with Related Par_2
Transactions with Related Parties - Additional Information (Detail) € in Millions, £ in Millions | 3 Months Ended | 6 Months Ended | ||||||
Jun. 30, 2020USD ($)shares | Mar. 31, 2020USD ($)shares | Jun. 30, 2019USD ($) | Jun. 30, 2020USD ($)shares | Jun. 30, 2019USD ($) | Dec. 31, 2019USD ($)shares | Jun. 30, 2019EUR (€) | Mar. 31, 2019GBP (£) | |
Related Party Transaction [Line Items] | ||||||||
Non-cash expenses | $ 17,329,000 | $ 15,522,000 | ||||||
Loan face amount | $ 16,434,631,000 | 16,434,631,000 | $ 16,277,343,000 | |||||
Twenty Nineteen Term Loan [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Debt Securities | $ 60,000,000 | $ 60,000,000 | ||||||
percentage of total secured term loans | 8.00% | 8.00% | 8.00% | |||||
Twenty Twenty Term Loan [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Debt Securities | $ 5,000,000 | $ 5,000,000 | ||||||
percentage of total secured term loans | 2.00% | 2.00% | ||||||
Restricted Class A Common Stock [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Shares held | shares | 1,547,277 | 1,547,277 | 1,698,582 | |||||
Senior Term Facility [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Minority participation in senior term facility | 49.00% | 49.00% | 49.00% | 49.00% | ||||
Manager [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Management Agreement renewal term, description | the current term of which expires on December 19, 2020, and will be automatically renewed for a one-year term upon such date and each anniversary thereafter unless earlier terminated. | |||||||
Accrued management and incentive fees payable | $ 20,500,000 | $ 20,500,000 | $ 20,200,000 | |||||
Management fees paid to Manager | 19,300,000 | $ 19,800,000 | 39,400,000 | $ 38,400,000 | ||||
Expenses reimbursed to Manager | $ 205,000 | 242,000 | $ 423,000 | 430,000 | ||||
Manager [Member] | Class A Common Stock [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Stock Issued During Period, Shares, Issued for Services | shares | 840,696 | 840,696 | ||||||
Management fees paid to Manager | $ 19,300,000 | |||||||
Manager [Member] | Class A Common Stock [Member] | Restricted Class A Common Stock [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Shares held | shares | 768,179 | 768,179 | ||||||
Non-cash expenses | $ 4,200,000 | 3,900,000 | $ 8,500,000 | |||||
Manager [Member] | Class A Common Stock [Member] | Restricted Class A Common Stock [Member] | Manager [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Non-cash expenses | 26,300,000 | 7,700,000 | ||||||
Affiliates of Manager [Member] | Third-Party Service Provider [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Administrative services expenses incurred | 138,000 | $ 90,000 | $ 271,000 | $ 176,000 | ||||
BXMT Advisors Limited Liability Company and Affiliates [Member] | Twenty Nineteen Term Loan [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Total incentive compensation payments | 750,000 | |||||||
BXMT Advisors Limited Liability Company and Affiliates [Member] | Twenty Twenty Term Loan [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Total incentive compensation payments | $ 250,000 | |||||||
Blackstone-Advised Investment Vehicles, or the Funds [Member] | Senior Term Facility [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Loan face amount | 421,500,000 | € 391.3 | £ 490 | |||||
Senior term facility | $ 140,000,000 | € 191.8 | £ 240.1 | |||||
Minority participation in senior term facility | 33.00% |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) | 6 Months Ended |
Jun. 30, 2020USD ($)LoansDirectors | |
Commitments And Contingencies [Line Items] | |
Number of loans receivable | Loans | 91 |
Number of independent directors entitled to annual compensation | Directors | 5 |
Loans Receivable [Member] | |
Commitments And Contingencies [Line Items] | |
Unfunded loan commitments | $ 3,600,000,000 |
Average Rate | 75.60% |
Aggregate unfunded loan commitments | $ 2,200,000,000 |
Weighted-average future funding period | 3 years 10 months 24 days |
Five Independent Board of Directors [Member] | |
Commitments And Contingencies [Line Items] | |
Annual cash compensation | $ 175,000 |
Annual cash compensation paid in the form of deferred stock units | 100,000 |
Annual cash compensation paid in cash | 75,000 |
Chairperson of Audit Committee [Member] | |
Commitments And Contingencies [Line Items] | |
Annual cash compensation | 20,000 |
Audit Committee Members [Member] | |
Commitments And Contingencies [Line Items] | |
Annual cash compensation | 10,000 |
Compensation and Corporate Governance Committees [Member] | |
Commitments And Contingencies [Line Items] | |
Annual cash compensation | $ 10,000 |
Commitments and Contingencies_2
Commitments and Contingencies - Schedule of Principal Debt Repayments (Detail) $ in Thousands | Jun. 30, 2020USD ($) |
Debt Instrument [Line Items] | |
Total Obligation | $ 11,407,086 |
Less Than 1 Year | 193,956 |
1 to 3 Years | 4,393,038 |
3 to 5 Years | 5,565,846 |
More Than 5 Years | 1,254,246 |
Secured Debt agreements[Member] | |
Debt Instrument [Line Items] | |
Total Obligation | 9,716,452 |
Less Than 1 Year | 183,218 |
1 to 3 Years | 3,749,063 |
3 to 5 Years | 5,544,371 |
More Than 5 Years | 239,800 |
Secured Term Loans [Member] | |
Debt Instrument [Line Items] | |
Total Obligation | 1,068,134 |
Less Than 1 Year | 10,738 |
1 to 3 Years | 21,475 |
3 to 5 Years | 21,475 |
More Than 5 Years | 1,014,446 |
Convertible Notes [Member] | |
Debt Instrument [Line Items] | |
Total Obligation | 622,500 |
1 to 3 Years | $ 622,500 |
Commitments and Contingencies_3
Commitments and Contingencies - Schedule of Principal Debt Repayments (Parenthetical) (Detail) $ in Millions | 6 Months Ended |
Jun. 30, 2020USD ($) | |
Debt Instrument [Line Items] | |
Non-consolidated senior interests excluded from contractual obligations | $ 739.6 |
Securitized debt obligations excluded from contractual obligations | $ 2,300 |
Debt Instrument Amortization Percentage | 1.00% |