XML 37 R14.htm IDEA: XBRL DOCUMENT v3.25.2
Other Assets and Liabilities
 6 Months Ended
Jun. 30, 2025
Other Assets And Liabilities Disclosure [Abstract]  
Other Assets and Liabilities OTHER ASSETS AND LIABILITIES
Other Assets
The following table details the components of our other assets ($ in thousands):
June 30, 2025
December 31, 2024
Accrued interest receivable
$169,849
$160,131
Loan portfolio payments held by servicer(1)
94,322
113,199
Collateral deposited under derivative agreements
86,420
4,810
Real estate intangible assets, net
71,124
77,289
Accounts receivable and other assets(2)
57,725
134,030
Other real estate assets
15,492
9,338
Derivative assets
12,267
72,454
Prepaid expenses
635
1,002
Total
$507,834
$572,253
(1)Primarily represents loan principal repayments held by our third-party loan servicers as of the balance sheet date that
were remitted to us during the subsequent remittance cycle.
(2)Includes $46.6 million and $95.5 million as of June 30, 2025 and December 31, 2024, respectively, of cash collateral
held by our CLOs that was subsequently remitted by the trustee to repay a portion of the outstanding senior CLO
securities.
Other Liabilities
The following table details the components of our other liabilities ($ in thousands):
June 30, 2025
December 31, 2024
Derivative liabilities
$95,700
$5,238
Other real estate liabilities
80,818
72,018
Accrued dividends payable
80,649
81,214
Accrued interest payable
80,024
77,855
Debt repayments pending servicer remittance(1)
48,902
3,742
Accrued management and incentive fees payable
17,036
18,534
Accounts payable and other liabilities
16,816
13,834
Current expected credit loss reserves for unfunded loan commitments(2)
11,713
10,412
Total
$431,658
$282,847
(1)Represents pending transfers from our third-party loan servicer that were remitted to our banking counterparties or
CLO trustee during the subsequent remittance cycle.
(2)Represents the CECL reserve related to our unfunded loan commitments. See Note 2 for further discussion of the
CECL reserves.
Current Expected Credit Loss Reserves for Unfunded Loan Commitments
As of June 30, 2025, we had aggregate unfunded commitments of $1.4 billion related to 58 loans receivable. The expected
credit losses over the contractual period of our loans are impacted by our obligations to extend further credit through our
unfunded loan commitments. See Note 2 for further discussion of the CECL reserves related to our unfunded loan
commitments, and Note 22 for further discussion of our unfunded loan commitments. During the three and six months
ended June 30, 2025, we recorded increases in the CECL reserves related to our unfunded loan commitments of
$1.2 million and $1.3 million, respectively, bringing our total unfunded loan commitments CECL reserve to $11.7 million
as of June 30, 2025. During the three and six months ended June 30, 2024, we recorded decreases in the CECL reserves
related to our unfunded loan commitments of $2.7 million and $5.4 million, respectively, bringing our total unfunded loan
commitments CECL reserve to $9.9 million as of June 30, 2024.