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Secured Financings of Investments in Real Estate Debt (Tables)
 12 Months Ended
Dec. 31, 2023
Disclosure of Repurchase Agreements [Abstract]  
Summary of Secured Financings on Investments in Real Estate Debt
The following tables detail the Company’s secured financings of investments in real estate debt ($ in thousands):
 December 31, 2023
Collateral TypeBorrowings Outstanding
Collateral Assets(1)
Weighted Average
Interest Rate (2)
Weighted Average Maturity Date
CMBS$4,018,216 $6,385,599 
+1.4%
1/17/2025
Commercial real estate loans146,172 226,672 
+1.8%
4/21/2024
RMBS140,061 214,124 
+1.3%
10/29/2024
Corporate bonds63,820 84,744 
+1.1%
11/6/2024
$4,368,269 $6,911,139 
+1.4%
 December 31, 2022
Collateral TypeBorrowings Outstanding
Collateral Assets(1)
Weighted Average
Interest Rate (2)
Weighted Average Maturity Date
CMBS$4,482,728 $7,447,672 
+1.3%
12/27/2023
Commercial real estate loans220,694 294,337 
+1.1%
11/18/2023
Corporate bonds163,547 259,224 
+1.9%
3/23/2024
RMBS99,716 137,084 
+1.1%
10/5/2023
$4,966,685 $8,138,317 
+1.3%
(1)Represents the fair value of the Company’s investments in real estate debt that serve as collateral.
(2)“+” refers to the relevant floating benchmark rates, which include SOFR, EURIBOR, and SONIA, as applicable to each secured financing. As of December 31, 2023 and December 31, 2022, the Company had interest rate swaps outstanding with a notional value of $0.6 billion and $1.4 billion, respectively, that effectively converts a portion of its fixed rate investments in real estate debt to floating rates to mitigate its exposure to potential future interest rate increases under its floating-rate debt. Total weighted average interest rate does not include the impact of such interest rate swaps or other derivatives.