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Restricted Cash, Other Assets and Accrued and Other Liabilities (Tables)
 6 Months Ended
Jun. 30, 2025
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]  
Summary of Restricted Cash
The following table presents a summary of restricted cash as of June 30, 2025 and December 31, 2024 (dollars in thousands):
June 30, 2025December 31, 2024
Restricted cash:
Borrower escrow deposits$74,748 $80,132 
Capital expenditure reserves 9,008 11,027 
Working capital and other reserves5,504 2,096 
Real estate escrow reserves5,268 3,167 
Tenant lockboxes2,871 2,014 
Securitization trust unused proceeds(1)
— 50,087 
Total$97,399 $148,523 
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(1)    Refer to Note 7, “Debt” for further discussion.
Summary of Other Assets
The following table presents a summary of other assets as of June 30, 2025 and December 31, 2024 (dollars in thousands):
June 30, 2025December 31, 2024
Other assets:
Right-of-use lease asset$21,554 $23,238 
Tax receivable and deferred tax assets15,877 16,299 
Prepaid expenses and other8,931 6,379 
Deferred financing costs, net - credit facilities 4,769 3,143 
Investments in unconsolidated ventures at fair value2,235 2,235 
Total$53,366 $51,294 
Summary of Other Liabilities
The following table presents a summary of accrued and other liabilities as of June 30, 2025 and December 31, 2024 (dollars in thousands):
June 30, 2025December 31, 2024
Accrued and other liabilities:
Accounts payable, accrued expenses and other liabilities$25,663 $17,830 
Operating lease liability22,433 24,119 
Prepaid rent and unearned revenue12,149 7,852 
Interest payable 6,231 10,046 
Tenant security deposits1,384 1,443 
Unfunded CECL loan allowance593 188 
Current and deferred tax liability— 21,147 
Total$68,453 $82,625