v3.25.2
Fair Value Measurements - Schedule of Fair Value of Financial Assets and Liabilities (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Financial assets    
Total unpaid principal balance $ 3,783,609 $ 3,284,510
Financial liabilities    
Principal balance 3,037,239 2,571,655
Estimate of Fair Value Measurement | Fair Value Measurements Nonrecurring | Collateralized loan obligations    
Financial liabilities    
Principal balance 2,452,377 1,682,288
Fair value of financial liabilities 2,442,868 1,681,660
Estimate of Fair Value Measurement | Fair Value Measurements Nonrecurring | Secured credit agreements    
Financial liabilities    
Principal balance 156,711 585,042
Fair value of financial liabilities 156,346 584,235
Estimate of Fair Value Measurement | Fair Value Measurements Nonrecurring | Asset-specific financing arrangements    
Financial liabilities    
Principal balance 29,110 186,500
Fair value of financial liabilities 29,097 185,741
Estimate of Fair Value Measurement | Fair Value Measurements Nonrecurring | Secured revolving credit facility    
Financial liabilities    
Principal balance 367,841 86,625
Fair value of financial liabilities 364,641 86,492
Estimate of Fair Value Measurement | Fair Value Measurements Nonrecurring | Mortgage loan payable    
Financial liabilities    
Principal balance 31,200 31,200
Fair value of financial liabilities 30,766 30,695
Estimate of Fair Value Measurement | Fair Value Measurements Nonrecurring | Level I | Collateralized loan obligations    
Financial liabilities    
Fair value of financial liabilities 0 0
Estimate of Fair Value Measurement | Fair Value Measurements Nonrecurring | Level I | Secured credit agreements    
Financial liabilities    
Fair value of financial liabilities 0 0
Estimate of Fair Value Measurement | Fair Value Measurements Nonrecurring | Level I | Asset-specific financing arrangements    
Financial liabilities    
Fair value of financial liabilities 0 0
Estimate of Fair Value Measurement | Fair Value Measurements Nonrecurring | Level I | Secured revolving credit facility    
Financial liabilities    
Fair value of financial liabilities 0 0
Estimate of Fair Value Measurement | Fair Value Measurements Nonrecurring | Level I | Mortgage loan payable    
Financial liabilities    
Fair value of financial liabilities 0 0
Estimate of Fair Value Measurement | Fair Value Measurements Nonrecurring | Level II | Collateralized loan obligations    
Financial liabilities    
Fair value of financial liabilities 0 0
Estimate of Fair Value Measurement | Fair Value Measurements Nonrecurring | Level II | Secured credit agreements    
Financial liabilities    
Fair value of financial liabilities 0 0
Estimate of Fair Value Measurement | Fair Value Measurements Nonrecurring | Level II | Asset-specific financing arrangements    
Financial liabilities    
Fair value of financial liabilities 0 0
Estimate of Fair Value Measurement | Fair Value Measurements Nonrecurring | Level II | Secured revolving credit facility    
Financial liabilities    
Fair value of financial liabilities 0 0
Estimate of Fair Value Measurement | Fair Value Measurements Nonrecurring | Level II | Mortgage loan payable    
Financial liabilities    
Fair value of financial liabilities 0 0
Estimate of Fair Value Measurement | Fair Value Measurements Nonrecurring | Level III | Collateralized loan obligations    
Financial liabilities    
Fair value of financial liabilities 2,433,348 1,661,615
Estimate of Fair Value Measurement | Fair Value Measurements Nonrecurring | Level III | Secured credit agreements    
Financial liabilities    
Fair value of financial liabilities 155,445 580,921
Estimate of Fair Value Measurement | Fair Value Measurements Nonrecurring | Level III | Asset-specific financing arrangements    
Financial liabilities    
Fair value of financial liabilities 29,073 186,006
Estimate of Fair Value Measurement | Fair Value Measurements Nonrecurring | Level III | Secured revolving credit facility    
Financial liabilities    
Fair value of financial liabilities 367,841 86,625
Estimate of Fair Value Measurement | Fair Value Measurements Nonrecurring | Level III | Mortgage loan payable    
Financial liabilities    
Fair value of financial liabilities 31,200 31,200
Estimate of Fair Value Measurement | Fair Value Measurements Nonrecurring | Loans held for investment    
Financial assets    
Total unpaid principal balance 3,783,609 3,284,510
Fair value of financial assets 3,707,729 3,217,030
Estimate of Fair Value Measurement | Fair Value Measurements Nonrecurring | Loans held for investment | Level I    
Financial assets    
Fair value of financial assets 0 0
Estimate of Fair Value Measurement | Fair Value Measurements Nonrecurring | Loans held for investment | Level II    
Financial assets    
Fair value of financial assets 0 0
Estimate of Fair Value Measurement | Fair Value Measurements Nonrecurring | Loans held for investment | Level III    
Financial assets    
Fair value of financial assets $ 3,744,664 $ 3,258,017