v3.25.2
Variable Interest Entities and Collateralized Loan Obligations - Schedule of Borrowings and Corresponding Collateral (Details)
$ in Thousands
3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2025
USD ($)
loan
Jun. 30, 2024
USD ($)
Jun. 30, 2025
USD ($)
loan
Jun. 30, 2024
USD ($)
Dec. 31, 2024
USD ($)
loan
Debt Instrument [Line Items]          
Count (in loans) | loan 49   49   45
Interest expense $ 45,524 $ 50,588 $ 88,667 $ 105,969  
Amortization of debt issuance costs and discounts     3,344 4,820  
Collateralized loan obligations          
Debt Instrument [Line Items]          
Interest expense 39,900 35,700 67,500 71,900  
Amortization of deferred financing costs 700 $ 1,500   $ 2,900  
Amortization of debt issuance costs and discounts     1,300    
Collateralized loan obligations | Collateral Assets          
Debt Instrument [Line Items]          
Outstanding principal balance 2,970,346   2,970,346   $ 2,254,612
Carrying value $ 2,883,890   $ 2,883,890   $ 2,033,754
Collateralized loan obligations | Collateral loan and REO investments          
Debt Instrument [Line Items]          
Count (in loans) | loan 65   65   50
Wtd. avg. credit spread 3.58%   3.58%   3.75%
Wtd. avg. maturity     2 years 4 months 24 days   2 years
Collateralized loan obligations | Debt          
Debt Instrument [Line Items]          
Count (in loans) | loan 3   3   3
Outstanding principal balance $ 2,452,377   $ 2,452,377   $ 1,682,288
Carrying value $ 2,442,868   $ 2,442,868   $ 1,681,660
Wtd. avg. credit spread 1.94%   1.94%   2.02%
Wtd. avg. maturity     14 years 9 months 18 days   13 years 4 months 24 days
Collateralized loan obligations | TRTX 2019-FL3 | Collateral Assets          
Debt Instrument [Line Items]          
Outstanding principal balance         $ 311,381
Carrying value         $ 203,427
Collateralized loan obligations | TRTX 2019-FL3 | Collateral loan and REO investments          
Debt Instrument [Line Items]          
Count (in loans) | loan         5
Wtd. avg. credit spread         3.68%
Wtd. avg. maturity         1 year
Loans held for investment, aggregate unpaid principal balance percentage         9.50%
Collateralized loan obligations | TRTX 2019-FL3 | Debt          
Debt Instrument [Line Items]          
Count (in loans) | loan         1
Outstanding principal balance         $ 119,526
Carrying value         $ 119,526
Wtd. avg. credit spread         2.46%
Wtd. avg. maturity         9 years 9 months 18 days
Collateralized loan obligations | TRTX 2021-FL4 | Collateral Assets          
Debt Instrument [Line Items]          
Outstanding principal balance $ 861,275   $ 861,275   $ 886,409
Carrying value $ 811,738   $ 811,738   $ 796,552
Collateralized loan obligations | TRTX 2021-FL4 | Collateral loan and REO investments          
Debt Instrument [Line Items]          
Count (in loans) | loan 20   20   19
Wtd. avg. credit spread 3.81%   3.81%   3.84%
Wtd. avg. maturity     1 year 9 months 18 days   2 years
Loans held for investment, aggregate unpaid principal balance percentage 19.60%   19.60%   27.00%
Collateralized loan obligations | TRTX 2021-FL4 | Debt          
Debt Instrument [Line Items]          
Count (in loans) | loan 1   1   1
Outstanding principal balance $ 648,775   $ 648,775   $ 673,909
Carrying value $ 648,721   $ 648,721   $ 673,909
Wtd. avg. credit spread 1.96%   1.96%   1.93%
Wtd. avg. maturity     12 years 8 months 12 days   13 years 2 months 12 days
Collateralized loan obligations | TRTX 2022-FL5 | Collateral Assets          
Debt Instrument [Line Items]          
Outstanding principal balance $ 1,009,071   $ 1,009,071    
Carrying value $ 986,611   $ 986,611    
Collateralized loan obligations | TRTX 2022-FL5 | Collateralized loan obligations          
Debt Instrument [Line Items]          
Outstanding principal balance         $ 1,056,822
Carrying value         $ 1,033,775
Collateralized loan obligations | TRTX 2022-FL5 | Collateral loan and REO investments          
Debt Instrument [Line Items]          
Count (in loans) | loan         26
Wtd. avg. credit spread         3.70%
Wtd. avg. maturity         2 years 1 month 6 days
Loans held for investment, aggregate unpaid principal balance percentage         32.20%
Collateralized loan obligations | TRTX 2022-FL5 | Collateral loan investments          
Debt Instrument [Line Items]          
Count (in loans) | loan 25   25    
Wtd. avg. credit spread 3.67%   3.67%    
Wtd. avg. maturity     1 year 9 months 18 days    
Loans held for investment, aggregate unpaid principal balance percentage 26.70%   26.70%    
Collateralized loan obligations | TRTX 2022-FL5 | Debt          
Debt Instrument [Line Items]          
Count (in loans) | loan 1   1   1
Outstanding principal balance $ 841,102   $ 841,102   $ 888,853
Carrying value $ 841,102   $ 841,102   $ 888,225
Wtd. avg. credit spread 2.04%   2.04%   2.02%
Wtd. avg. maturity     13 years 7 months 6 days   14 years 1 month 6 days
Collateralized loan obligations | TRTX 2025-FL6 | Collateralized loan obligations          
Debt Instrument [Line Items]          
Outstanding principal balance $ 1,100,000   $ 1,100,000    
Carrying value $ 1,085,541   $ 1,085,541    
Collateralized loan obligations | TRTX 2025-FL6 | Collateral loan investments          
Debt Instrument [Line Items]          
Count (in loans) | loan 20   20    
Wtd. avg. credit spread 3.34%   3.34%    
Wtd. avg. maturity     3 years 3 months 18 days    
Loans held for investment, aggregate unpaid principal balance percentage 29.00%   29.00%    
Collateralized loan obligations | TRTX 2025-FL6 | Debt          
Debt Instrument [Line Items]          
Count (in loans) | loan 1   1    
Outstanding principal balance $ 962,500   $ 962,500    
Carrying value $ 953,045   $ 953,045    
Wtd. avg. credit spread 1.83%   1.83%    
Wtd. avg. maturity     17 years 2 months 12 days