v3.25.2
Variable Interest Entities (Details)
$ in Thousands
 6 Months Ended
Jun. 30, 2025
USD ($)
entity
Dec. 31, 2024
USD ($)
Jun. 30, 2024
USD ($)
Dec. 31, 2023
USD ($)
Assets:        
Restricted cash $ 90,944 $ 156,376 $ 218,228 $ 608,233
Loans and investments, net 11,333,023 11,033,997    
Other assets 475,546 481,448    
Total assets [1] 13,563,039 13,490,981    
Liabilities:        
Securitized debt 3,510,865 4,622,489    
Other liabilities 251,621 280,198    
Total liabilities [1] 10,469,176 10,339,011    
CLOs and Debt Fund        
Assets:        
Restricted cash 63,712 131,381    
Loans and investments, net 4,711,084 5,898,102    
Other assets 77,344 95,442    
Total assets 4,852,140 6,124,925    
Liabilities:        
Securitized debt 3,510,865 4,622,489    
Other liabilities 9,332 15,255    
Total liabilities 3,520,197 $ 4,637,744    
Unconsolidated VIEs        
Assets:        
Total assets $ 1,843,974      
Liabilities:        
Number of VIEs where the reporting entity is not VIE's primary beneficiary and VIEs have variable interest | entity 63      
Carrying amount of loans and investments before reserves related to VIEs $ 252,100      
Loan loss reserves related to VIEs 90,700      
Exposure to real estate debt 4,810,000      
Unconsolidated VIEs | Loans        
Assets:        
Total assets 1,639,936      
Unconsolidated VIEs | APL certificates        
Assets:        
Total assets 139,365      
Unconsolidated VIEs | Equity investments        
Assets:        
Total assets 33,390      
Unconsolidated VIEs | B Piece bonds        
Assets:        
Total assets 31,214      
Unconsolidated VIEs | Agency interest only strips        
Assets:        
Total assets $ 69      
[1] Our consolidated balance sheets include assets and liabilities of consolidated variable interest entities, or VIEs, as we are the primary beneficiary of these VIEs. At June 30, 2025 and December 31, 2024, assets of our consolidated VIEs totaled $4,852,140 and $6,124,925, respectively, and the liabilities of our consolidated VIEs totaled $3,520,197 and $4,637,744, respectively. See Note 15 for discussion of our VIEs.