v3.25.2
Debt Obligations - Collateralized Loan Obligations (Details)
$ in Thousands
1 Months Ended 6 Months Ended 12 Months Ended
May 31, 2025
USD ($)
Jun. 30, 2025
USD ($)
loan
Dec. 31, 2024
USD ($)
loan
Debt Obligations      
Debt, Carrying Value   $ 3,510,865 $ 4,622,489
Debt, Wtd. Avg. Rate   6.66%  
Total securitized debt      
Debt Obligations      
Debt, Face Value   $ 3,523,470 4,632,015
Debt, Carrying Value   $ 3,510,865 $ 4,622,489
Debt, Wtd. Avg. Rate   6.38% 6.35%
Collateral, Loans, UPB   $ 4,715,650 $ 5,901,442
Collateral, Loans, Carrying Value   4,711,084 5,898,103
Collateral, Cash, Restricted Cash   $ 0 $ 88,000
Weighted average note rate including certain fees and costs, percentage   6.71% 6.59%
Collateralized loan obligations      
Debt Obligations      
Debt, Face Value   $ 3,485,520 $ 4,581,374
Debt, Carrying Value   $ 3,472,959 $ 4,572,055
Debt, Wtd. Avg. Rate   6.38% 6.35%
Collateral, Loans, UPB   $ 4,633,210 $ 5,806,502
Collateral, Loans, Carrying Value   4,628,651 5,803,208
Collateral, Cash, Restricted Cash   0 88,000
Deferred financing fees   $ 12,600 $ 9,500
Number of loans under the loan portfolio | loan   45 46
Collateral at risk   $ 1,880,000 $ 1,600,000
Proceeds from issuance of collateralized loan obligations for acquiring additional loan obligations   63,700 43,400
BTR CLO 1      
Debt Obligations      
Debt, Face Value $ 682,600 491,416  
Debt, Carrying Value $ 41,000 $ 482,655  
Debt, Wtd. Avg. Rate   6.98%  
Collateral, Loans, UPB   $ 598,690  
Collateral, Loans, Carrying Value   596,343  
Collateral, Cash, Restricted Cash   0  
Weighted average note rate including certain fees and costs, percentage 2.48%    
Proceeds from issuance of collateralized loan obligations for acquiring additional loan obligations $ 50,000    
CLO 19      
Debt Obligations      
Debt, Face Value     753,987
Debt, Carrying Value     $ 751,364
Debt, Wtd. Avg. Rate     7.02%
Collateral, Loans, UPB     $ 912,935
Collateral, Loans, Carrying Value     912,392
Collateral, Cash, Restricted Cash     0
CLO 18      
Debt Obligations      
Debt, Face Value   1,165,068 1,335,647
Debt, Carrying Value   $ 1,163,440 $ 1,332,950
Debt, Wtd. Avg. Rate   6.50% 6.47%
Collateral, Loans, UPB   $ 1,555,321 $ 1,684,765
Collateral, Loans, Carrying Value   1,553,807 1,684,285
Collateral, Cash, Restricted Cash   0 37,090
CLO 17      
Debt Obligations      
Debt, Face Value   1,271,526 1,482,657
Debt, Carrying Value   $ 1,270,345 $ 1,480,495
Debt, Wtd. Avg. Rate   6.21% 6.15%
Collateral, Loans, UPB   $ 1,659,345 $ 1,811,391
Collateral, Loans, Carrying Value   1,659,134 1,810,463
Collateral, Cash, Restricted Cash   0 50,910
CLO 16      
Debt Obligations      
Debt, Face Value   557,510 682,845
Debt, Carrying Value   $ 556,519 $ 681,008
Debt, Wtd. Avg. Rate   6.02% 5.93%
Collateral, Loans, UPB   $ 819,854 $ 944,660
Collateral, Loans, Carrying Value   819,367 943,542
Collateral, Cash, Restricted Cash   0 0
CLO 14      
Debt Obligations      
Debt, Face Value     326,238
Debt, Carrying Value     $ 326,238
Debt, Wtd. Avg. Rate     6.11%
Collateral, Loans, UPB     $ 452,751
Collateral, Loans, Carrying Value     452,526
Collateral, Cash, Restricted Cash     0
Q Series securitization      
Debt Obligations      
Debt, Face Value   37,950 50,641
Debt, Carrying Value   $ 37,906 $ 50,434
Debt, Wtd. Avg. Rate   6.45% 6.49%
Collateral, Loans, UPB   $ 82,440 $ 94,940
Collateral, Loans, Carrying Value   82,433 94,895
Collateral, Cash, Restricted Cash   $ 0 $ 0
Weighted average note rate including certain fees and costs, percentage   7.52% 7.46%