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Loan Portfolio - Schedule of Loans Receivable (Details)
$ in Thousands
6 Months Ended 12 Months Ended
Jun. 30, 2024
USD ($)
Loan
Dec. 31, 2023
USD ($)
Loan
Schedule Of Loans Receivables Past Due [Line Items]    
Loan Commitment $ 7,677,264 [1] $ 8,121,436 [2]
Unpaid Principal Balance 6,928,274 7,044,524
Loans receivable held-for-investment $ 6,834,996 [3] $ 6,947,796 [4]
Number of Loans | Loan 62 65
Weighted Average Spread 0 0
Weighted Average Interest Rate 8.53% [5] 8.70% [6]
General CECL reserve $ (125,479) [3],[7] $ (70,371) [4],[8]
Loans receivable held-for-investment, net 6,709,517 [3] 6,877,425 [4]
Variable Senior Loans    
Schedule Of Loans Receivables Past Due [Line Items]    
Loan Commitment 7,513,581 [1],[9] 7,952,806 [2],[10]
Unpaid Principal Balance 6,764,591 [9] 6,875,894 [10]
Loans receivable held-for-investment $ 6,671,989 [3],[9] $ 6,779,899 [4],[10]
Number of Loans | Loan 57 [9] 60 [10]
Weighted Average Interest Rate 8.49% [5],[9] 8.67% [6],[10]
Variable Senior Loans | Secured Overnight Financing Rate (SOFR)    
Schedule Of Loans Receivables Past Due [Line Items]    
Weighted Average Spread + 3.76% [9],[11] + 3.87% [10],[12]
Variable Subordinate Loans    
Schedule Of Loans Receivables Past Due [Line Items]    
Loan Commitment $ 30,200 [1] $ 30,200 [2]
Unpaid Principal Balance 30,200 30,200
Loans receivable held-for-investment $ 30,351 [3] $ 30,313 [4]
Number of Loans | Loan 1 1
Weighted Average Interest Rate 18.20% [5] 18.21% [6]
Variable Subordinate Loans | Secured Overnight Financing Rate (SOFR)    
Schedule Of Loans Receivables Past Due [Line Items]    
Weighted Average Spread + 12.86% [11] + 12.86% [12]
Variable Loan    
Schedule Of Loans Receivables Past Due [Line Items]    
Loan Commitment $ 7,543,781 [1] $ 7,983,006 [2]
Unpaid Principal Balance 6,794,791 6,906,094
Loans receivable held-for-investment $ 6,702,340 [3] $ 6,810,212 [4]
Number of Loans | Loan 58 61
Weighted Average Interest Rate 8.53% [5] 8.71% [6]
Variable Loan | Secured Overnight Financing Rate (SOFR)    
Schedule Of Loans Receivables Past Due [Line Items]    
Weighted Average Spread + 3.80% [11] + 3.91% [12]
Fixed Senior Loans    
Schedule Of Loans Receivables Past Due [Line Items]    
Loan Commitment $ 7,597 [1],[9] $ 12,544 [2],[10]
Unpaid Principal Balance 7,597 [9] 12,544 [10]
Loans receivable held-for-investment $ 7,809 [3],[9] $ 12,767 [4],[10]
Number of Loans | Loan 2 [9] 2 [10]
Weighted Average Interest Rate 8.25% [5],[9] 8.49% [6],[10]
Fixed Subordinate Loans    
Schedule Of Loans Receivables Past Due [Line Items]    
Loan Commitment $ 125,886 [1] $ 125,886 [2]
Unpaid Principal Balance 125,886 125,886
Loans receivable held-for-investment $ 124,847 [3] $ 124,817 [4]
Number of Loans | Loan 2 2
Weighted Average Interest Rate 8.44% [5] 8.44% [6]
Fixed Loan    
Schedule Of Loans Receivables Past Due [Line Items]    
Loan Commitment $ 133,483 [1] $ 138,430 [2]
Unpaid Principal Balance 133,483 138,430
Loans receivable held-for-investment $ 132,656 [3] $ 137,584 [4]
Number of Loans | Loan 4 4
Weighted Average Interest Rate 8.43% [5] 8.44% [6]
[1] Loan commitment represents principal outstanding plus remaining unfunded loan commitments.
[2] Loan commitment represents principal outstanding plus remaining unfunded loan commitments.
[3] Net of specific CECL reserves of $78.3 million.
[4] Net of specific CECL reserves of $72.6 million.
[5] Reflects the weighted average interest rate based on the applicable floating benchmark rate (if applicable), including SOFR floors (if applicable). Weighted average is based on outstanding principal as of June 30, 2024 and includes loans on non-accrual status. For loans placed on non-accrual, the spread used in calculating the weighted average interest rate is 0%.
[6] Reflects the weighted average interest rate based on the applicable floating benchmark rate (if applicable), including SOFR floors (if applicable). Weighted average is based on unpaid principal balance as of December 31, 2023 and includes loans on non-accrual status. For loans placed on non-accrual, the interest rate used in calculating the weighted average interest rate is 0%.
[7] Net of specific CECL reserves of $78.3 million.
[8] Net of specific CECL reserves of $72.6 million.
[9] Senior loans include senior mortgages and similar credit quality loans, including related contiguous subordinate loans (if any), and pari passu participations in senior mortgage loans.
[10] Senior loans include senior mortgages and similar credit quality loans, including related contiguous subordinate loans (if any), and pari passu participations in senior mortgage loans.
[11] The weighted average spread is expressed as a spread over the relevant floating benchmark rates. One-month term Secured Overnight Financing Rate (“SOFR”) as of June 30, 2024 was 5.34%. Weighted average is based on outstanding principal as of June 30, 2024. For loans placed on non-accrual, the spread used in calculating the weighted average spread is 0%.
[12] The weighted average is expressed as a spread over the relevant floating benchmark rates. SOFR as of December 31, 2023 was 5.35%. Weighted average is based on unpaid principal balance as of December 31, 2023. For loans placed on non-accrual, the spread used in calculating the weighted average spread is 0%.