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Variable Interest Entities
 12 Months Ended
Dec. 31, 2024
Variable Interest Entity, Primary Beneficiary, Does Not Hold Majority Voting Interest, Disclosures [Abstract]  
Variable Interest Entities VARIABLE INTEREST ENTITIES
We have financed a portion of our loans through the CLOs, all of which are VIEs. We are the primary beneficiary of, and therefore consolidate, the CLOs on our balance sheet as we (i) control the relevant interests of the CLOs that give us power to direct the activities that most significantly affect the CLOs, and (ii) have the right to receive benefits and obligation to absorb losses of the CLOs through the subordinate interests we own.
During 2024, we modified two loans that included, among other changes, an equity interest in and/or control over decision-making at the property. As a result of the modification, our investments in these loans are VIEs. As of December 31, 2024, we are the primary beneficiary of, and therefore consolidated the assets of these VIEs on our balance sheet as we (i) have the power to direct the activities that most significantly affect the property, and (ii) have the right to receive excess sale proceeds upon exit.
The following table details the assets and liabilities of our consolidated VIEs ($ in thousands):
 December 31, 2024December 31, 2023
Assets
Cash and cash equivalents$9,145 $— 
Loans receivable2,338,201 3,061,278 
Current expected credit loss reserve(202,400)(183,508)
Loans receivable, net2,135,801 2,877,770 
Real estate owned, net177,322 — 
Other assets126,518 103,692 
Total assets$2,448,786 $2,981,462 
Liabilities
Securitized debt obligations, net$1,936,956 $2,505,417 
Other liabilities13,277 8,101 
Total liabilities$1,950,233 $2,513,518 
Assets held by these VIEs are restricted and can be used only to settle obligations of the VIEs, including the subordinate interests owned by us. The liabilities of these VIEs are non-recourse to us and can only be satisfied from the assets of the VIEs. The consolidation of these VIEs results in an increase in our gross assets, liabilities, revenues and expenses, however it does not affect our stockholders’ equity or net income. We are not obligated to provide, have not provided, and do not intend to provide material financial support to these consolidated VIEs.