v3.26.1
Consolidated Securitization Vehicles (Tables)
6 Months Ended
Jun. 30, 2026
Transfers and Servicing [Abstract]  
Schedule of Loans Held by the Consolidated Securitization Vehicles and the Related Senior Obligations of Consolidated Securitization Vehicles
The following tables detail the real estate loans held by the consolidated securitization vehicles and the related senior obligations of consolidated securitization vehicles ($ in thousands):
June 30, 2026
CountPrincipal
Value
Fair
Value
Wtd. Avg. Yield/Cost(1)
Wtd. Avg. Term(2)
Real estate loans held by consolidated securitization vehicles76$4,114,632 $4,095,346 5.3 %11/9/2027
Senior obligations of consolidated securitization vehicles93,557,976 3,544,320 5.0 %11/2/2027
Real estate loans held by consolidated securitization vehicles in excess of senior obligations of consolidated securitization vehicles
9$556,656 $551,026 7.3 %12/23/2027

December 31, 2025
CountPrincipal
Value
Fair
Value
Wtd. Avg. Yield/Cost(1)
Wtd. Avg. Term(2)
Real estate loans held by consolidated securitization vehicles89$6,476,456 $6,975,460 6.2 %2/21/2027
Senior obligations of consolidated securitization vehicles115,769,088 6,284,112 6.0 %3/03/2027
Real estate loans held by consolidated securitization vehicles in excess of senior obligations of consolidated securitization vehicles
11$707,368 $691,348 8.0 %12/6/2026

(1)The weighted-average yield and cost represent the all-in rate, which includes both fixed and floating rates, as applicable to each securitization vehicle.
(2)Repayments of senior obligations of consolidated securitization vehicles are tied to timing of the related collateral loan asset repayments. The term of these obligations represents the rated final distribution date of the securitizations.