v3.26.1
Commercial Mortgage Loans, Subordinate Loans and Other Lending Assets, Net - Schedule of Activity Relating to Loan Portfolio (Details) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Principal Balance    
Principal value, beginning balance $ 8,812,970  
New loan fundings 299,900 $ 1,376,101
Specific CECL Allowance    
Specific provision for loan loss, beginning (38,754)  
Commercial Mortgage and Subordinated Portfolio Segment    
Principal Balance    
Principal value, beginning balance 9,204,060  
New loan fundings 299,900  
Add-on loan fundings [1] 373,806  
Loan repayments and sale (9,500,444)  
Net realized loss on investments [2] (387,561)  
Gain (loss) on foreign currency translation 5,615  
Amortization of fees 4,624  
Principal value, ending balance 0  
Deferred Fees/Other Items    
Deferred fees/other items, beginning (53,090)  
Gain (loss) on foreign currency translation (205)  
Net realized loss on investments [2] 48,474  
Deferred fees and other items [3] (4,493)  
Amortization of fees 9,314  
Deferred fees/other items, ending 0  
Specific CECL Allowance    
Specific provision for loan loss, beginning (338,000) [4] (342,500) [5]
Decrease in Specific CECL Allowance [6] 338,000  
Specific provision for loan loss, ending 0 [4] $ (342,500) [5]
Carry Value, Net    
Carrying value, beginning balance 8,812,970  
Add-on loan fundings [1] 373,806  
Loan repayments (9,500,444)  
Gain (loss) on foreign currency translation 5,410  
Decrease in Specific CECL Allowance [6] 338,000  
Deferred fees and other items [3] (4,493)  
Amortization of fees 13,938  
Carrying value, ending balance $ 0  
[1] Represents fundings subsequent to loan closing.
[2] A net realized loss on investments of $339.1 million was recorded during the six months ended June 30, 2026. On the Closing Date, we wrote off $335.0 million of previously recorded Specific CECL Allowance on loans that were included in the Asset sale. We recognized an additional net realized loss of $2.6 million resulting from the discount on the Asset Sale compared to our loan’s cost basis. An additional net realized loss of $1.5 million was recognized upon the discounted repayment of the Chicago Hotel Loan.
[3] Other items primarily consist of purchase discounts or premiums, cost recovery interest, exit fees, and deferred origination expenses.
[4] Loans evaluated for Specific CECL Allowance are excluded from General CECL Allowance pool.
[5] Loans evaluated for Specific CECL Allowance are excluded from General CECL Allowance pool.
[6] We wrote off $335.0 million of previously recorded Specific CECL Allowance on the Closing Date. Upon the discounted repayment of the Chicago Hotel Loan, we wrote off an additional $1.5 million of previously recorded Specific CECL Allowance and reversed the remaining $1.5 million Specific CECL Allowance. See additional detail below.