Consolidated Securitization Vehicles (Tables)

6 Months Ended

Jun. 30, 2025

Transfers and Servicing [Abstract]

Schedule of Loans Held by the Consolidated Securitization Vehicles and the Related Senior Obligations of Consolidated Securitization Vehicles

The following tables detail the real estate loans held by the consolidated securitization vehicles and the related senior obligations of consolidated securitization vehicles ($ in thousands):

	June 30, 2025
	Count	Principal Value		Fair Value		Wtd. Avg. Yield/Cost(1)		Wtd. Avg. Term(2)
Real estate loans held by consolidated securitization vehicles	197	$	11,085,145	$	11,512,832	6.0	%	8/17/2026
Senior obligations of consolidated securitization vehicles	17	9,874,221		10,346,961		5.9	%	8/22/2026
Real estate loans held by consolidated securitization vehicles in excess of senior obligations of consolidated securitization vehicles	17	$	1,210,924	$	1,165,871	7.4	%	7/5/2026

	December 31, 2024
	Count	Principal Value		Fair Value		Wtd. Avg. Yield/Cost(1)		Wtd. Avg. Term(2)
Real estate loans held by consolidated securitization vehicles	199	$	13,286,605	$	13,616,526	6.1	%	5/8/2026
Senior obligations of consolidated securitization vehicles	19	11,838,154		12,233,141		5.9	%	5/16/2026
Real estate loans held by consolidated securitization vehicles in excess of senior obligations of consolidated securitization vehicles	19	$	1,448,451	$	1,383,385	7.6	%	3/1/2026

(1)The weighted-average yield and cost represent the all-in rate, which includes both fixed and floating rates, as applicable to each securitization vehicle.

(2)Repayments of senior obligations of consolidated securitization vehicles are tied to timing of the related collateral loan asset repayments. The term of these obligations represents the rated final distribution date of the securitizations.