Fair Values (Tables)

12 Months Ended

Dec. 31, 2024

Fair Value Disclosures [Abstract]

Assets and Liabilities Measured at Fair Value on Recurring Basis

The following table summarizes our assets and liabilities measured at fair value on a recurring basis ($ in thousands):

	December 31, 2024								December 31, 2023
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Assets
Derivatives	$	—	$	72,454	$	—	$	72,454	$	—	$	1,890	$	—	$	1,890
Liabilities
Derivatives	$	—	$	5,238	$	—	$	5,238	$	—	$	94,817	$	—	$	94,817

Schedule of Details of Carrying Amount, Face Amount, and Fair Value of Financial Instruments

The following table details the book value, face amount, and fair value of the financial instruments described in Note 2 ($ in thousands):

	December 31, 2024						December 31, 2023
	Book Value		Face  Amount		Fair Value		Book Value		Face  Amount		Fair Value
Financial assets
Cash and cash equivalents	$	323,483	$	323,483	$	323,483	$	350,014	$	350,014	$	350,014
Loans receivable, net	18,313,582		19,203,126		18,288,958		23,210,076		23,923,719		23,015,737
Financial liabilities
Secured debt, net	9,696,334		9,705,529		9,590,400		12,683,095		12,697,058		12,425,609
Securitized debt obligations, net	1,936,956		1,936,967		1,838,089		2,505,417		2,507,514		2,323,441
Asset-specific debt, net	1,224,841		1,228,110		1,218,639		1,000,210		1,004,097		992,357
Loan participations sold, net	100,064		100,064		99,822		337,179		337,721		333,745
Secured term loans, net	1,732,073		1,764,437		1,765,668		2,101,632		2,135,221		2,102,950
Senior secured notes, net	771,035		785,316		780,931		362,763		366,090		327,081
Convertible notes, net	263,616		266,157		257,707		295,847		300,000		272,076