Secured Financings On Investments In Real Estate Debt (Tables)

6 Months Ended

Jun. 30, 2025

Secured Financings On Investments In Real Estate Debt [Abstract]

Schedule of Secured Financings on Investments in Real Estate Debt Transactions

For financial statement purposes, the Company does not offset its secured financings on investments in real estate debt and securities lending transactions because the conditions for netting as specified by GAAP are not met. Although not offset on the Company’s Condensed Consolidated Balance Sheets, these transactions are summarized in the following tables ($ in thousands):

			June 30, 2025
Indebtedness	Maturity Date	Coupon	Collateral Assets(1)		Outstanding Balance
Syndicated RA II (2)	June 2030	BBSY + 2.65%	$	901,164	$	541,450
			$	901,164	$	541,450

			December 31, 2024
Indebtedness	Maturity Date	Coupon	Collateral Assets(1)		Outstanding Balance
Syndicated RA(2)	June 2027	BBSY + 2.82%	$	852,461	$	467,988
			$	852,461	$	467,988

__________

(1)Represents the fair value of the Company’s investment in real estate debt.

(2)As of December 31, 2024, the outstanding balance is reflected net of $0.9 million of unamortized deferred financing costs. As of June 30, 2025, there were no remaining unamortized deferring financing costs on secured financings on investments in real estate debt.