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Debt (Tables)
 6 Months Ended
Jun. 30, 2025
Debt Disclosure [Abstract]  
Summary of Debt
The following table presents debt as of June 30, 2025 and December 31, 2024 (dollars in thousands):
June 30, 2025December 31, 2024
Capacity ($)
Recourse vs. Non-Recourse(1)
Final
Maturity		Contractual
Interest Rate
Principal
Amount(2)
Carrying Value(2)
Principal
Amount(2)
Carrying Value(2)
Securitization bonds payable, net
    BRSP 2024-FL2(3)
Non-recourseAug-37
 SOFR + 2.47%
$583,875 $577,666 $583,875 $576,577 
    BRSP 2021-FL1(3)
      Non-recourseAug-38
SOFR + 1.71%
404,532 404,532 510,497 510,497 
Subtotal securitization bonds payable, net988,407 982,198 1,094,372 1,087,074 
Mortgage and other notes payable, net
Net lease 1Non-recourseSep-334.77%200,000 199,019 200,000 198,963 
Net lease 2(4)
Non-recourse
(4)
(4)
— — 132,879 133,152 
Net lease 3Non-recourseAug-264.08%28,306 28,255 28,671 28,599 
Net lease 4Non-recourseOct-274.45%21,051 21,051 21,368 21,368 
Net lease 5(5)
Non-recourseNov-264.45%16,444 16,338 16,663 16,521 
Net lease 5(6)
Non-recourseMar-287.25%10,893 10,456 11,007 10,570 
Net lease 6Non-recourseNov-264.45%6,533 6,492 6,620 6,564 
Net lease 8Non-recourseNov-264.45%3,028 3,009 3,069 3,043 
Other real estate 1Non-recourse
Dec-28(7)
4.47%98,159 97,242 99,224 98,124 
Other real estate 2Non-recourse
Jan-25(8)
4.30%66,856 66,856 67,699 67,685 
Loan 1(9)
Non-recourse
Jul-25(9)
5.50%
34,391 34,391 34,466 34,466 
Subtotal mortgage and other notes payable, net485,661 483,109 621,666 619,055 
Bank credit facility
Bank credit facility$165,000 Recourse
Jan-27 (10)
SOFR + 2.25%
— — — — 
Subtotal bank credit facility— — — — 
Master repurchase facilities
Bank 1600,000 
Limited Recourse(11)
Apr-27
SOFR + 2.43%
(12)346,923 346,923 422,438 422,438 
Bank 2600,000 
Limited Recourse(11)
Apr-30(13)
SOFR + 2.01%
(12)159,128 159,128 160,847 160,847 
Bank 3400,000 
Limited Recourse(14)
June-30(15)
SOFR + 1.71%
(12)235,466 235,466 177,466 177,466 
Bank 4400,000 
Limited Recourse(11)
Nov-29(16)
SOFR + 1.79%
(12)48,212 48,212 24,432 24,432 
Subtotal master repurchase facilities$2,000,000 789,729 789,729 785,183 785,183 
Subtotal credit facilities789,729 789,729 785,183 785,183 
Total$2,263,797 $2,255,036 $2,501,221 $2,491,312 
_________________________________________
(1)Subject to customary non-recourse carveouts.
(2)Difference between principal amount and carrying value of securitization bonds payable, net and mortgage and other notes payable, net is attributable to deferred financing costs, net and premium/discount on mortgage notes payable.
(3)The Company, through indirect Cayman subsidiaries, securitized commercial mortgage loans originated by the Company. Senior notes issued by the securitization trusts were generally sold to third parties and subordinated notes retained by the Company. These securitizations are accounted for as secured financing with the underlying mortgage loans pledged as collateral. Principal payments from underlying collateral loans must be applied to repay the notes until fully paid off, irrespective of the contractual maturities on the notes. Underlying collateral loans have initial terms of two to three years.
(4)During the second quarter of 2025, the mortgage note payable balance collateralized by Net lease 2 was deconsolidated from the Company’s consolidated balance sheet. Refer to Note 4, “Real Estate, net and Real Estate Held for Sale” for further discussion.
(5)Payment terms are periodic payment of principal and interest for debt on two properties and periodic payment of interest only with principal at maturity (except for principal repayments to release collateral properties disposed) for debt on one property.
(6)Represents a mortgage note collateralized by three properties. In April 2025, the contractual interest rate on Net lease 5 was modified to 7.25%.
(7)The current maturity date is December 2027, with a one-year extension available, subject to satisfaction of certain customary conditions set forth in the governing documents.
(8)The mortgage payable collateralized by Other real estate 2 is in maturity default as of January 2025. Subsequent to June 30, 2025, the mortgage note payable was deconsolidated from the Company’s consolidated balance sheet in the third quarter of 2025. Refer to Note 4, “Real Estate, net and Real Estate Held for Sale” for further discussion.
(9)The current maturity date of the note payable is July 2025, with no extension options remaining, Subsequent to June 30, 2025, the Company acquired legal title to the multifamily construction/development project collateralizing the note payable through a deed-in-lieu of foreclosure. Additionally, the Company refinanced the note payable, with a two-year initial term plus one one-year extension option. The principal balance and spread of the note payable did not change. Refer to Note 4, “Real Estate, net and Real Estate Held for Sale” for further discussion.
(10)On January 28, 2022, the Company, through its subsidiaries, including the OP, entered into an Amended and Restated Credit Agreement. Refer to “Bank Credit Facility” within this note for more details.
(11)Recourse solely with respect to 25.0% of the financed amount.
(12)Represents the weighted average spread as of June 30, 2025. The contractual interest rate depends upon asset type and characteristics and ranges from SOFR plus 1.50% to 2.75%.
(13)The current maturity date is April 2028, with two one-year extensions available at the option of the Company, which may be exercised upon the satisfaction of certain customary conditions set forth in the governing documents.
(14)Recourse is either 25.0% or 50.0% depending on loan metrics.
(15)The current maturity date is June 2028, with two one-year extensions available at the option of the Company, which may be exercised upon the satisfaction of certain customary conditions set forth in the governing documents.
(16)The current maturity date is November 2026, with three one-year extensions available at the option of the Company, which may be exercised upon the satisfaction of certain customary conditions set forth in the governing documents.
Schedule of Scheduled Principal on Debt
The following table summarizes future scheduled minimum principal payments at June 30, 2025 based on initial maturity dates or extended maturity dates to the extent criteria are met and the extension option is at the borrower’s discretion (dollars in thousands):
TotalSecuritization Bonds Payable, NetMortgage and Other Notes Payable, NetCredit Facilities
Remainder of 2025(1)
$102,413 $— $102,413 $— 
202654,564 — 54,564 — 
2027367,287 — 20,364 346,923 
2028108,320 — 108,320 — 
202948,212 — — 48,212 
2030 and thereafter1,583,001 988,407 200,000 394,594 
Total$2,263,797 $988,407 $485,661 $789,729 
________________________________________
(1)Mortgage and other notes payable, net includes Other real estate 2, which is in maturity default as of January 2025. Subsequent to June 30, 2025, the mortgage note payable was deconsolidated from the Company’s consolidated balance sheet in the third quarter of 2025.