Loans Receivable, net - Summary of Activity in Loan Portfolio (Details) - USD ($) $ in Thousands |
6 Months Ended | |||||
---|---|---|---|---|---|---|
Jun. 30, 2025 |
Jun. 30, 2024 |
Mar. 31, 2025 |
Dec. 31, 2024 |
Mar. 31, 2024 |
Dec. 31, 2023 |
|
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Losses [Roll Forward] | ||||||
Loans receivable at beginning of period | $ 7,496,474 | $ 7,782,219 | ||||
Loan fundings | 793,415 | 633,236 | ||||
Loan repayments | (730,375) | (179,906) | ||||
Amortization of deferred fees on loans | 11,336 | 3,637 | ||||
Exit and extension fees received on loans receivable | (5,249) | (1,854) | ||||
Transfer to investments in real estate, net | (105,000) | 0 | ||||
Total loans receivable | 7,460,601 | 8,237,332 | ||||
CECL reserve | (99,816) | (139,402) | $ (82,805) | $ (93,664) | $ (119,800) | $ (79,851) |
Loans receivable, net | $ 7,360,785 | $ 8,097,930 | $ 7,402,810 |