Other Assets and Liabilities |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2026 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Other Assets And Liabilities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Other Assets and Liabilities | OTHER ASSETS AND LIABILITIES Other Assets The following table details the components of our other assets ($ in thousands):
(1)Represents an investment in a significant risk transfer, or SRT, transaction with a UK financial institution structured as a credit-linked note, or the UK Bank Loan Portfolio SRT. The investment constitutes the first-loss tranche of a reference portfolio comprising a diversified, granular portfolio of low-leverage commercial real estate loans held by the UK financial institution. The SRT investment earns a floating-rate cash coupon of SONIA + 7.00%, which is recognized in interest and related income in our consolidated statements of operations. The investment is recorded at fair value, with changes in fair value recognized in other income, net in our consolidated statements of operations. As of June 30, 2026, no realized credit losses have been incurred with respect to the underlying reference loan portfolio. (2)Includes $3.6 million and $55.5 million as of June 30, 2026 and December 31, 2025, respectively, of cash collateral held by our CLOs that was subsequently remitted by the trustee to repay a portion of the outstanding senior CLO securities, or that was subsequently reinvested by purchasing additional collateral into our CLOs. (3)Primarily represents loan principal repayments held by our third-party loan servicers as of the balance sheet date that were remitted to us during the subsequent remittance cycle. Other Liabilities The following table details the components of our other liabilities ($ in thousands):
(1)Represents financing on our retained investment in the European Loan Securitization. Refer to Note 8 for further information. (2)Represents the CECL reserve related to our unfunded loan commitments. (3)Represents pending transfers from our third-party loan servicer that were remitted to our banking counterparties during the subsequent remittance cycle. Current Expected Credit Loss Reserves for Unfunded Loan Commitments As of June 30, 2026, we had aggregate unfunded commitments of $1.1 billion related to 53 loans. The expected credit losses over the contractual period of our loans are impacted by our obligations to extend further credit through our unfunded loan commitments. See Note 2 for further discussion of the CECL reserves related to our unfunded loan commitments, and Note 21 for further discussion of our unfunded loan commitments. During the three months ended June 30, 2026, we recorded a decrease in the CECL reserves related to our unfunded loan commitments of $0.5 million, and during the six months ended June 30, 2026, we recorded an increase in the CECL reserves related to our unfunded loan commitments of $1.0 million, bringing our total unfunded loan commitments CECL reserve to $12.6 million as of June 30, 2026. During the three and six months ended June 30, 2025, we recorded increases in the CECL reserves related to our unfunded loan commitments of $1.2 million and $1.3 million, respectively, bringing our total unfunded loan commitments CECL reserve to $11.7 million as of June 30, 2025.
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