v3.26.3
Debt Obligations - Summary of Interest Expense and Amortization (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Sep. 30, 2026
Sep. 30, 2025
Debt Disclosure [Abstract]        
Interest expense on secured financings $ 22,821 $ 49,442 $ 81,313 $ 177,667
Interest expense on secured term loan 13,364 16,320 39,118 48,543
Amortization of deferred financing costs 3,263 6,077 15,102 16,851
Amortization of discount on secured term loan 843   2,255  
Interest and related expense 40,291 71,839 137,788 243,061
Interest expense on debt related to real estate owned hotel portfolio [1] 4,825 5,203 14,320 19,388
Interest expense on multifamily real estate owned properties [2] 3,863 4,213 12,491 4,746
Total interest and related expense $ 48,979 $ 81,255 $ 164,599 $ 267,195
[1] For the three months ended September 30, 2026 and 2025, interest expense on debt related to real estate owned hotel portfolio includes $0.7 million and $0.7 million, respectively, of amortization of deferred financing costs. For the nine months ended September 30, 2026 and 2025, interest expense on debt related to real estate owned hotel portfolio includes $2.1 million and $1.6 million, respectively, of amortization of deferred financing costs.
[2] Our multifamily real estate owned assets are pledged to certain of our repurchase agreements. Thus, amount excludes any allocation of amortization of deferred financing costs related to such repurchase agreement.