v3.25.2
Fair Value of Financial Instruments - Summary of Carrying Amount, Face Amount, and Fair Value of Financial Instruments (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Financial Liabilities    
Collateralized loan obligations $ 3,135,910 $ 3,696,034
Book Value    
Financial Assets    
Cash, cash equivalents and restricted cash 140,754 90,540
Loans receivable, held-for-investment 7,360,785 7,402,810
Mortgage-backed securities held-to-maturity 30,024 78,131
Financial Liabilities    
Repurchase agreements 1,787,524 1,079,758
Credit facilities 840,147 837,894
Collateralized loan obligations 3,135,910 3,696,034
Mortgage note payable 124,700 124,368
Face Amount    
Financial Assets    
Cash, cash equivalents and restricted cash 140,754 90,540
Loans receivable, held-for-investment 7,468,417 7,507,083
Mortgage-backed securities held-to-maturity 30,000 80,300
Financial Liabilities    
Repurchase agreements 1,792,194 1,082,669
Credit facilities 850,037 850,000
Collateralized loan obligations 3,152,847 3,715,375
Mortgage note payable 124,700 124,700
Fair Value    
Financial Assets    
Cash, cash equivalents and restricted cash 140,754 90,540
Loans receivable, held-for-investment 7,419,394 7,421,414
Mortgage-backed securities held-to-maturity 29,724 77,107
Financial Liabilities    
Repurchase agreements 1,792,194 1,082,669
Credit facilities 850,037 850,000
Collateralized loan obligations 3,152,847 3,715,375
Mortgage note payable $ 124,700 $ 124,700