v3.25.2
LOANS HELD-FOR-INVESTMENT - Schedule of Current Expected Credit Losses (Details) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2025
Mar. 31, 2025
Jun. 30, 2024
Mar. 31, 2024
Jun. 30, 2025
Jun. 30, 2024
Financing Receivable, Allowance for Credit Loss [Roll Forward]            
Beginning balance   $ 3,370,877     $ 3,370,877  
(Reversal of) provision for credit losses         (97,388)  
Charge-offs of CECL     $ (480) $ (1,649) (90,846)  
Ending balance $ 3,220,476       3,220,476  
Gross Credit Losses            
Financing Receivable, Allowance for Credit Loss [Roll Forward]            
Beginning balance 309,643 406,730 208,871 143,158 406,730 $ 143,158
(Reversal of) provision for credit losses 4,242 (6,241) 212,370 67,362    
Charge-offs of CECL   (90,846)        
Ending balance 313,885 309,643 420,761 208,871 313,885 420,761
First Mortgage Loans            
Financing Receivable, Allowance for Credit Loss [Roll Forward]            
Charge-offs of CECL     0 0    
First Mortgage Loans | Gross Credit Losses            
Financing Receivable, Allowance for Credit Loss [Roll Forward]            
Beginning balance 282,428 381,825 186,804 109,240 381,825 109,240
(Reversal of) provision for credit losses 4,240 (11,922) 211,485 77,564    
Charge-offs of CECL   (87,475)        
Ending balance 286,668 282,428 398,289 186,804 286,668 398,289
Unfunded First Mortgage Loans            
Financing Receivable, Allowance for Credit Loss [Roll Forward]            
Charge-offs of CECL     0 0    
Unfunded First Mortgage Loans | Gross Credit Losses            
Financing Receivable, Allowance for Credit Loss [Roll Forward]            
Beginning balance 19,403 13,917 3,409 10,062 13,917 10,062
(Reversal of) provision for credit losses (838) 5,486 7,197 (6,653)    
Charge-offs of CECL   0        
Ending balance 18,565 19,403 10,606 3,409 18,565 10,606
Liquid Corporate Senior Loans            
Financing Receivable, Allowance for Credit Loss [Roll Forward]            
Beginning balance   35,653     35,653  
(Reversal of) provision for credit losses         (3,068)  
Charge-offs of CECL     (480) (1,649) (3,371)  
Ending balance 26,650       26,650  
Liquid Corporate Senior Loans | Gross Credit Losses            
Financing Receivable, Allowance for Credit Loss [Roll Forward]            
Beginning balance 2,441 5,814 14,370 19,738 5,814 19,738
(Reversal of) provision for credit losses 305 (2) (5,963) (3,719)    
Charge-offs of CECL   (3,371)        
Ending balance 2,746 2,441 7,927 14,370 2,746 7,927
Unfunded or Unsettled Liquid Senior Loans            
Financing Receivable, Allowance for Credit Loss [Roll Forward]            
Charge-offs of CECL     0 0    
Unfunded or Unsettled Liquid Senior Loans | Gross Credit Losses            
Financing Receivable, Allowance for Credit Loss [Roll Forward]            
Beginning balance 0 0 2 3 0 3
(Reversal of) provision for credit losses 0 0 (1) (1)    
Charge-offs of CECL   0        
Ending balance 0 0 1 2 0 1
Corporate Senior Loans            
Financing Receivable, Allowance for Credit Loss [Roll Forward]            
Beginning balance   250,120     250,120  
(Reversal of) provision for credit losses         837  
Charge-offs of CECL     0 0 0  
Ending balance 311,897       311,897  
Corporate Senior Loans | Gross Credit Losses            
Financing Receivable, Allowance for Credit Loss [Roll Forward]            
Beginning balance 4,757 4,497 3,869 3,620 4,497 3,620
(Reversal of) provision for credit losses 577 260 (335) 249    
Charge-offs of CECL   0        
Ending balance 5,334 4,757 3,534 3,869 5,334 3,534
Unfunded Corporate Senior Loans            
Financing Receivable, Allowance for Credit Loss [Roll Forward]            
Charge-offs of CECL     0 0    
Unfunded Corporate Senior Loans | Gross Credit Losses            
Financing Receivable, Allowance for Credit Loss [Roll Forward]            
Beginning balance 614 677 417 495 677 495
(Reversal of) provision for credit losses (42) (63) (13) (78)    
Charge-offs of CECL   0        
Ending balance $ 572 $ 614 $ 404 $ 417 $ 572 $ 404