Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) |
Jun. 30, 2025 |
Dec. 31, 2024 |
|---|---|---|
| Investments in unconsolidated entities | $ 55,906,000 | $ 0 |
| Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
| Common stock, shares authorized (in shares) | 400,000,000 | 400,000,000 |
| Common stock, shares issued (in shares) | 171,593,590 | 172,792,094 |
| Common stock, shares outstanding (in shares) | 171,593,590 | 172,792,094 |
| Total assets | $ 20,584,441,000 | $ 19,801,955,000 |
| Total liabilities | 16,960,904,000 | 16,007,766,000 |
| VIE | ||
| Total assets | 3,297,130,000 | 2,448,786,000 |
| Total liabilities | $ 2,508,043,000 | $ 1,950,233,000 |
Consolidated Statements of Operations (Unaudited) - USD ($) |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Jun. 30, 2025 |
Jun. 30, 2024 |
Jun. 30, 2025 |
Jun. 30, 2024 |
|
| Income from loans and other investments | ||||
| Interest and related income | $ 359,537,000 | $ 466,152,000 | $ 691,594,000 | $ 952,275,000 |
| Less: Interest and related expenses | 264,727,000 | 339,380,000 | 506,960,000 | 683,110,000 |
| Income from loans and other investments, net | 94,810,000 | 126,772,000 | 184,634,000 | 269,165,000 |
| Revenue from real estate owned | 38,812,000 | 0 | 75,845,000 | 0 |
| Gain on extinguishment of debt | 0 | 0 | 0 | 2,963,000 |
| Other income | 231,000 | 0 | 321,000 | 0 |
| Total net revenues | 133,853,000 | 126,772,000 | 260,800,000 | 272,128,000 |
| Expenses | ||||
| Management and incentive fees | 17,036,000 | 18,726,000 | 34,271,000 | 37,653,000 |
| General and administrative expenses | 13,526,000 | 13,660,000 | 26,190,000 | 27,388,000 |
| Expenses from real estate owned | 47,796,000 | 963,000 | 94,098,000 | 963,000 |
| Total expenses | 78,358,000 | 33,349,000 | 154,559,000 | 66,004,000 |
| Increase in current expected credit loss reserve | (45,593,000) | (152,408,000) | (95,098,000) | (387,277,000) |
| Loss from unconsolidated entities | (2,015,000) | 0 | (2,889,000) | 0 |
| Income (loss) before income taxes | 7,887,000 | (58,985,000) | 8,254,000 | (181,153,000) |
| Income tax provision | 903,000 | 1,217,000 | 1,621,000 | 2,219,000 |
| Net income (loss) | 6,984,000 | (60,202,000) | 6,633,000 | (183,372,000) |
| Net income attributable to non-controlling interests | (15,000) | (855,000) | (21,000) | (1,523,000) |
| Net income (loss) attributable to Blackstone Mortgage Trust, Inc. | $ 6,969,000 | $ (61,057,000) | $ 6,612,000 | $ (184,895,000) |
| Net income (loss) per share of common stock | ||||
| Basic (in dollars per share) | $ 0.04 | $ (0.35) | $ 0.04 | $ (1.06) |
| Diluted (in dollars per share) | $ 0.04 | $ (0.35) | $ 0.04 | $ (1.06) |
| Weighted Average Number of Shares Outstanding | ||||
| Basic (in shares) | 171,893,905 | 173,967,340 | 171,949,090 | 174,004,464 |
| Diluted (in shares) | 171,893,905 | 173,967,340 | 171,949,090 | 174,004,464 |
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Jun. 30, 2025 |
Jun. 30, 2024 |
Jun. 30, 2025 |
Jun. 30, 2024 |
|
| Statement of Comprehensive Income [Abstract] | ||||
| Net income (loss) | $ 6,984 | $ (60,202) | $ 6,633 | $ (183,372) |
| Other comprehensive income | ||||
| Unrealized gain (loss) on foreign currency translation | 145,481 | 3,668 | 206,382 | (42,064) |
| Realized and unrealized (loss) gain on derivative financial instruments | (143,268) | (3,210) | (203,663) | 42,938 |
| Unrealized loss on derivative financial instruments from unconsolidated entities | (1,006) | 0 | (1,189) | 0 |
| Other comprehensive income | 1,207 | 458 | 1,530 | 874 |
| Comprehensive income (loss) | 8,191 | (59,744) | 8,163 | (182,498) |
| Comprehensive income attributable to non-controlling interests | (15) | (855) | (21) | (1,523) |
| Comprehensive income (loss) attributable to Blackstone Mortgage Trust, Inc. | $ 8,176 | $ (60,599) | $ 8,142 | $ (184,021) |
Consolidated Statements of Changes in Equity (Unaudited) (Parenthetical) - $ / shares |
3 Months Ended | 6 Months Ended | ||||
|---|---|---|---|---|---|---|
Jun. 30, 2025 |
Mar. 31, 2025 |
Jun. 30, 2024 |
Mar. 31, 2024 |
Jun. 30, 2025 |
Jun. 30, 2024 |
|
| Statement of Stockholders' Equity [Abstract] | ||||||
| Dividends declared on common stock and deferred stock units (in dollars per share) | $ 0.47 | $ 0.47 | $ 0.62 | $ 0.62 | $ 0.94 | $ 1.24 |
Organization |
6 Months Ended |
|---|---|
Jun. 30, 2025 | |
| Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
| Organization | ORGANIZATION References herein to “Blackstone Mortgage Trust,” “Company,” “we,” “us” or “our” refer to Blackstone Mortgage Trust, Inc., a Maryland corporation, and its subsidiaries unless the context specifically requires otherwise. Blackstone Mortgage Trust is a real estate finance company that originates, acquires, and manages senior loans and other debt or credit-oriented investments collateralized by or relating to commercial real estate in North America, Europe, and Australia. Our portfolio is composed primarily of senior loans secured by high-quality, institutional assets located in major markets, and sponsored by experienced, well-capitalized real estate investment owners and operators. We finance our investments in a variety of ways, including borrowing under our credit facilities, issuing collateralized loan obligations, or CLOs, or single-asset securitizations, asset-specific financings, syndicating senior loan participations, and corporate financing, depending on our view of the most prudent financing option available for each of our investments. We are externally managed by BXMT Advisors L.L.C., or our Manager, a subsidiary of Blackstone Inc., or Blackstone, and are a real estate investment trust, or REIT, traded on the New York Stock Exchange, or NYSE, under the symbol “BXMT.” Our principal executive offices are located at 345 Park Avenue, 24th Floor, New York, New York 10154. We conduct our operations as a REIT for U.S. federal income tax purposes. We generally will not be subject to U.S. federal income taxes on our taxable income to the extent that we annually distribute all of our net taxable income to stockholders and maintain our qualification as a REIT. We also operate our business in a manner that permits us to maintain an exclusion from registration under the Investment Company Act of 1940, as amended. We are organized as a holding company and conduct our business primarily through our various subsidiaries.
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Summary of Significant Accounting Policies |
6 Months Ended |
|---|---|
Jun. 30, 2025 | |
| Accounting Policies [Abstract] | |
| Summary of Significant Accounting Policies | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America, or GAAP, for interim financial information and the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. The consolidated financial statements, including the notes thereto, are unaudited and exclude some of the disclosures required in audited financial statements. We believe we have made all necessary adjustments, consisting of only normal recurring items, so that the consolidated financial statements are presented fairly and that estimates made in preparing our consolidated financial statements are reasonable and prudent. The operating results presented for interim periods are not necessarily indicative of the results that may be expected for any other interim period or for the entire year. The accompanying unaudited consolidated interim financial statements should be read in conjunction with the audited consolidated financial statements included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024 filed with the Securities and Exchange Commission, or the SEC. Basis of Presentation The accompanying consolidated financial statements include, on a consolidated basis, our accounts, the accounts of our wholly-owned subsidiaries, majority-owned subsidiaries, and variable interest entities, or VIEs, of which we are the primary beneficiary. All intercompany balances and transactions have been eliminated in consolidation. Principles of Consolidation We consolidate all entities that we control through either majority ownership or voting rights. In addition, we consolidate all VIEs of which we are considered the primary beneficiary. VIEs are defined as entities in which equity investors (i) do not have an interest with the characteristics of a controlling financial interest and/or (ii) do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support from other parties. The entity that consolidates a VIE is known as its primary beneficiary and is generally the entity with (i) the power to direct the activities that most significantly affect the VIE’s economic performance and (ii) the right to receive benefits from the VIE or the obligation to absorb losses of the VIE that could be significant to the VIE. Entities that do not qualify as VIEs are generally considered voting interest entities, or VOEs, and are evaluated for consolidation under the voting interest model. VOEs are consolidated when we control the entity through a majority voting interest or other means. For consolidated entities, the non-controlling partner’s share of the assets, liabilities, and operations of each joint venture is included in non-controlling interests as a component of total equity. The non-controlling partner’s interest is generally computed as the joint venture partner’s ownership percentage. When the requirements for consolidation are not met and we have significant influence over the operations of the entity, the investment is accounted for under the equity method of accounting. Investments in unconsolidated entities for which we have not elected the fair value option, or FVO, are initially recorded at cost and subsequently adjusted for our pro-rata share of net income, contributions and distributions. When we elect the FVO, we record our share of the net asset value of the entity and any related unrealized gains and losses. We review our investments in unconsolidated entities for impairment each quarter or when there is an event or change in circumstances that indicates a decrease in value. If there is a decrease in value due to a series of operating losses or other factors, the investment is evaluated to determine if the loss in value is considered other than temporary. Although a current fair value below the carrying value of the investment is an indicator of impairment, we will only recognize an impairment if the loss in value is determined to be an other than temporary impairment. If an impairment is determined to be other than temporary, we will record an impairment charge sufficient to reduce the investment’s carrying value to its fair value, which would result in a new cost basis. This new cost basis will be used for future periods when recording subsequent income or loss and cannot be written up to a higher value as a result of increases in fair value. In 2017, we entered into a joint venture with Walker & Dunlop Inc., or Walker & Dunlop, to originate, hold, and finance multifamily bridge loans, which we refer to as our Multifamily Joint Venture. Pursuant to the terms of the agreements governing the joint venture, Walker & Dunlop contributed 15% of the venture’s equity capital and we contributed 85%. We consolidate our Multifamily Joint Venture as we have a controlling financial interest. The non-controlling interests included on our consolidated balance sheets represent the equity interests in our Multifamily Joint Venture that are owned by Walker & Dunlop. A portion of our Multifamily Joint Venture’s consolidated equity and results of operations are allocated to these non-controlling interests based on Walker & Dunlop’s pro rata ownership of our Multifamily Joint Venture. In 2024, we entered into a joint venture with a Blackstone-advised investment vehicle to invest in triple net lease properties, which we refer to as our Net Lease Joint Venture. We do not consolidate our Net Lease Joint Venture as we do not have a controlling financial interest. Our investment in our Net Lease Joint Venture is accounted for under the equity method, and is recorded in investment in unconsolidated entities on our consolidated balance sheets, and our pro-rata share of income (loss) is recorded in income (loss) from unconsolidated entities on our consolidated statements of operations. In the second quarter of 2025, we entered into a joint venture with a Blackstone-advised investment vehicle that acquired a portfolio of performing commercial mortgage loans, which we refer to as our Bank Loan Portfolio Joint Venture. We do not consolidate our Bank Loan Portfolio Joint Venture as we do not have a controlling financial interest. Our investment in our Bank Loan Portfolio Joint Venture is accounted for using the FVO, and is recorded as an investment in unconsolidated entities on our consolidated balance sheets, and our pro-rata share of any unrealized gains and losses is recorded in income (loss) from unconsolidated entities on our consolidated statements of operations. Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results may ultimately differ materially from those estimates. Revenue Recognition Interest income from our loans receivable portfolio is recognized over the life of each loan using the effective interest method and is recorded on the accrual basis. Recognition of fees, premiums, and discounts associated with these investments is deferred and recorded over the term of the loan as an adjustment to yield. Income accrual is generally suspended for loans at the earlier of the date at which payments become 90 days past due or when, in our opinion, recovery of income and principal becomes doubtful. Interest received is then recorded as income or as a reduction in the amortized cost basis, based on the specific facts and circumstances, until accrual is resumed when the loan becomes contractually current and performance is demonstrated to be resumed. In addition, for loans we originate, the related origination expenses are deferred and recognized as a reduction to interest income, however expenses related to loans we acquire are included in general and administrative expenses as incurred. The sources of revenue from our REO assets, which is included in revenue from real estate owned on our consolidated statements of operations, and the related revenue recognition policies are as follows: Rental income primarily consists of base rent income arising from tenant leases at our office and multifamily properties. Base rent is recognized on a straight-line basis over the life of the lease, including any rent steps or abatement provisions. We begin to recognize revenue upon the acquisition of the related property or when a tenant takes possession of the leased space. Other operating income primarily consists of income from our hospitality properties and tenant reimbursement income. Revenue from our hospitality properties consists primarily of room revenue and food and beverage revenue. Room revenue is recognized when the related room is occupied and other hospitality revenue is recognized when the service is rendered. Tenant reimbursement income primarily consists of amounts due from tenants for costs related to common area maintenance, real estate taxes, and other recoverable costs included in lease agreements. We evaluate the collectibility of receivables related to rental revenue on an individual lease basis and exercise judgment in assessing collectability considering the length of time a receivable has been outstanding, tenant credit-worthiness, payment history, available information about the financial condition of the tenant, and current economic trends, among other factors. Tenant receivables that are deemed uncollectible are recognized as a reduction to rental revenue. Cash and Cash Equivalents Cash and cash equivalents represent cash held in banks and liquid investments with original maturities of three months or less. We may have bank balances in excess of federally insured amounts; however, we deposit our cash and cash equivalents with high credit-quality institutions to minimize credit risk exposure. We have not experienced, and do not expect, any losses on our cash or cash equivalents. As of both June 30, 2025 and December 31, 2024, we had no restricted cash on our consolidated balance sheets. Loans Receivable We originate and purchase commercial real estate debt and related instruments generally to be held as long-term investments at amortized cost. Current Expected Credit Losses Reserve The current expected credit loss, or CECL, reserve required under the Financial Accounting Standards Board, or FASB, Accounting Standards Codification, or ASC, Topic 326 “Financial Instruments – Credit Losses,” or ASC 326, reflects our current estimate of potential credit losses related to our loans and notes receivable included in our consolidated balance sheets. Changes to the CECL reserves are recognized through net income on our consolidated statements of operations. While ASC 326 does not require any particular method for determining the CECL reserves, it does specify the reserves should be based on relevant information about past events, including historical loss experience, current portfolio and market conditions, and reasonable and supportable forecasts for the duration of each respective loan. In addition, other than a few narrow exceptions, ASC 326 requires that all financial instruments subject to the CECL model have some amount of loss reserve to reflect the principle underlying the CECL model that all loans and similar assets have some inherent risk of loss, regardless of credit quality, subordinate capital, or other mitigating factors. We estimate our CECL reserves primarily using the Weighted-Average Remaining Maturity, or WARM method, which has been identified as an acceptable loss-rate method for estimating CECL reserves in FASB Staff Q&A Topic 326, No. 1. The WARM method requires us to reference historic loan loss data across a comparable data set and apply such loss rate to each of our loans over their expected remaining term, taking into consideration expected economic conditions over the relevant time frame. We apply the WARM method for the majority of our loan portfolio, which consists of loans that share similar risk characteristics. In certain instances, for loans with unique risk characteristics, we may instead use a probability- weighted model that considers the likelihood of default and expected loss given default for each such individual loan. Application of the WARM method to estimate CECL reserves requires judgment, including (i) the appropriate historical loan loss reference data, (ii) the expected timing and amount of future loan fundings and repayments, and (iii) the current credit quality of our portfolio and our expectations of performance and market conditions over the relevant time period. To estimate the historic loan losses relevant to our portfolio, we have augmented our historical loan performance, with market loan loss data licensed from Trepp LLC. This database includes commercial mortgage-backed securities, or CMBS, issued since January 1, 1999 through May 31, 2025. Within this database, we focused our historical loss reference calculations on the most relevant subset of available CMBS data, which we determined based on loan metrics that are most comparable to our loan portfolio including asset type, geography, and origination loan-to-value, or LTV. We believe this CMBS data, which includes month-over-month loan and property performance, is the most relevant, available, and comparable dataset to our portfolio. Our loans typically include commitments to fund incremental proceeds to our borrowers over the life of the loan. These future funding commitments are also subject to the CECL model. The CECL reserve related to future loan fundings is recorded as a component of other liabilities on our consolidated balance sheets. This CECL reserve is estimated using the same process outlined above for our outstanding loan balances, and changes in this component of the CECL reserve will similarly impact our consolidated net income. For both the funded and unfunded portions of our loans, we consider our internal risk rating of each loan as the primary credit quality indicator underlying our assessment. The CECL reserves are measured on a collective basis wherever similar risk characteristics exist within a pool of similar assets. We have identified the following pools and measure the reserve for credit losses using the following methods: •U.S. Loans: WARM method that incorporates a subset of historical loss data, expected weighted-average remaining maturity of our loan pool, and an economic view. •Non-U.S. Loans: WARM method that incorporates a subset of historical loss data, expected weighted-average remaining maturity of our loan pool, and an economic view. •Unique Loans: a probability of default and loss given default model, assessed on an individual basis. •Impaired Loans: impairment is indicated when it is deemed probable that we will not be able to collect all amounts due to us pursuant to the contractual terms of the loan. Determining that a loan is impaired requires significant judgment from management and is based on several factors including (i) the underlying collateral performance, (ii) discussions with the borrower, (iii) borrower events of default, and (iv) other facts that impact the borrower’s ability to pay the contractual amounts due under the terms of the loan. If a loan is determined to be impaired, we record the impairment as a component of our CECL reserves by applying the practical expedient for collateral dependent loans. The CECL reserves are assessed on an individual basis for these loans by comparing the estimated fair value of the underlying collateral, less costs to sell, to the book value of the respective loan. These valuations require significant judgments, which include assumptions regarding capitalization rates, discount rates, leasing, creditworthiness of major tenants, occupancy rates, availability and cost of financing, exit plan, loan sponsorship, actions of other lenders, and other factors deemed relevant by us. Actual losses, if any, could ultimately differ materially from these estimates. We only expect to charge off the impairment losses in our consolidated financial statements prepared in accordance with GAAP if and when such amounts are deemed non- recoverable. This is generally at the time a loan is repaid or foreclosed. However, non-recoverability may also be concluded if, in our determination, it is nearly certain that all amounts due will not be collected. Contractual Term and Unfunded Loan Commitments Expected credit losses are estimated over the contractual term of each loan, adjusted for expected repayments. As part of our quarterly review of our loan portfolio, we assess the expected repayment date of each loan, which is used to determine the contractual term for purposes of computing our CECL reserves. Additionally, the expected credit losses over the contractual period of our loans are subject to the obligation to extend credit through our unfunded loan commitments. The CECL reserve for unfunded loan commitments is adjusted quarterly, as we consider the expected timing of future funding obligations over the estimated life of the loan. The considerations in estimating our CECL reserve for unfunded loan commitments are similar to those used for the related outstanding loans receivable. Credit Quality Indicator Our risk rating is our primary credit quality indicator in assessing our current expected credit loss reserve. We perform a quarterly risk review of our portfolio of loans, and assign each loan a risk rating based on a variety of factors, including, without limitation, origination LTV, debt yield, property type, geographic and local market dynamics, physical condition, cash flow volatility, leasing and tenant profile, loan structure and exit plan, and project sponsorship. Based on a 5-point scale, our loans are rated “l” through “5,” from less risk to greater risk, relative to our loan portfolio in the aggregate, which ratings are defined as follows: 1 -Very Low Risk 2 -Low Risk 3 -Medium Risk 4 -High Risk/Potential for Loss: A loan that has a risk of realizing a principal loss. 5 -Impaired/Loss Likely: A loan that has a very high risk of realizing a principal loss or has otherwise incurred a principal loss. Estimation of Economic Conditions In addition to the WARM method computations and probability-weighted models described above, our CECL reserves are also adjusted to reflect our estimation of the current and future economic conditions that impact the performance of the commercial real estate assets securing our loans. These estimations include unemployment rates, interest rates, expectations of inflation and/or recession, and other macroeconomic factors impacting the likelihood and magnitude of potential credit losses for our loans during their anticipated term. In addition to the CMBS data we have licensed from Trepp LLC, we have also licensed certain macroeconomic financial forecasts to inform our view of the potential future impact that broader economic conditions may have on our loan portfolio’s performance. We generally also incorporate information from other sources, including information and opinions available to our Manager, to further inform these estimations. This process requires significant judgments about future events that, while based on the information available to us as of the balance sheet date, are ultimately indeterminate and the actual economic condition impacting our portfolio could vary significantly from the estimates we made as of June 30, 2025. Real Estate Owned We may assume legal title or physical possession of the collateral underlying a loan through a foreclosure, a deed-in-lieu of foreclosure transaction, or a loan modification in which we receive an equity interest in and/or control over decision- making at the property, resulting in us consolidating the real estate assets as VIEs. These real estate acquisitions are classified as real estate owned, or REO, on our consolidated balance sheet and are initially recognized at fair value on the acquisition date in accordance with the ASC Topic 805, “Business Combinations.” Upon acquisition of REO, we assess the fair value of acquired tangible and intangible assets, which may include land, buildings, tenant improvements, “above-market” and “below-market” leases, acquired in-place leases, other identified intangible assets and assumed liabilities, as applicable, and allocate the fair value to the acquired assets and assumed liabilities. We assess and consider fair value based on estimated cash flow projections that utilize discount and/or capitalization rates that we deem appropriate, as well as other available market information. Estimates of future cash flows are based on a number of factors including the historical operating results, known and anticipated trends, and market and economic conditions. We capitalize acquisition-related costs associated with asset acquisitions. Real estate assets held for investment, except for land, are depreciated using the straight-line method over the assets’ estimated useful lives of up to 40 years for buildings and 10 years for tenant improvements. Renovations and/or replacements that improve or extend the life of the asset are capitalized and depreciated over their estimated useful lives. Lease intangibles are amortized over the remaining term of applicable leases on a straight-line basis. The cost of ordinary repairs and maintenance are expensed as incurred. Real estate assets held for investment are assessed for impairment on a quarterly basis. If the depreciated cost basis of the asset exceeds the undiscounted cash flows over the remaining holding period, the asset is considered for impairment. The impairment loss is recognized when the carrying value of the real estate assets exceed their fair value. The evaluation of anticipated future cash flows is highly subjective and is based in part on assumptions regarding future occupancy, rental rates, capital requirements and anticipated holding periods that could differ materially from actual results. Real estate assets are classified as held for sale in the period when they meet the criteria under ASC Topic 360 “Property, Plant, and Equipment.” Once a real estate asset is classified as held for sale, depreciation is suspended and the asset is reported at the lower of its carrying value or fair value less cost to sell. If circumstances arise and we decide not to sell a real estate asset previously classified as held for sale, the real estate asset is reclassified as held for investment. Upon reclassification, the real estate asset is measured at the lower of (i) its carrying amount prior to classification as held for sale, adjusted for depreciation expense that would have been recognized had the real estate been classified as held for investment, and (ii) its estimated fair value at the time of reclassification. As of June 30, 2025, we had eight REO assets which were all classified as held for investment. Agency Multifamily Lending Partnership In the second quarter of 2024, we entered into an agreement with M&T Realty Capital Corporation, or MTRCC, a subsidiary of M&T Bank, that allows our borrowers to access multifamily agency financing through MTRCC’s Fannie Mae DUS and Freddie Mac Optigo lending platforms, or the Agency Multifamily Lending Partnership. We will receive a portion of origination, servicing, and other fees for loans that we refer to MTRCC for origination under both the Fannie Mae and Freddie Mac programs. Additionally, we will share in losses with MTRCC and Fannie Mae on loans that we refer to MTRCC for origination under the Fannie Mae program. Revenue Recognition For loans that we refer to MTRCC for origination under both the Fannie Mae and Freddie Mac programs, we recognize our allocable portion of origination, servicing, and other fees in other income when we have satisfied our performance obligations in accordance with the “Revenue from Contracts with Customers” Topic of the FASB, or ASC 606. Our performance obligations are generally satisfied when the loan is referred by us to MTRCC and subsequently originated and sold under the Fannie Mae and Freddie Mac programs. A portion of the fees recognized, such as servicing fees, are variable and will be reevaluated for collectability on a recurring basis. Loss-sharing Obligation Pursuant to our agreement with MTRCC, we are subject to a loss-sharing obligation with respect to MTRCC’s obligation to partially guarantee the performance of loans that they originate and sell under the Fannie Mae program. This loss- sharing agreement requires us to fund a fixed amount of cash into a segregated account based on the amount MTRCC is required to fund under the Fannie Mae program, with respect to loans we referred to MTRCC. In addition, we will recognize a liability for these loss-sharing obligations. This liability will be initially recognized at fair value with a corresponding expense at inception, and it will subsequently be amortized on a straight-line basis over the life of the loss-sharing obligation. This liability is included within other liabilities in our consolidated balance sheets. As of both June 30, 2025 and December 31, 2024, our maximum loss-sharing obligation associated with the loans referred by us to MTRCC under the Fannie Mae program was $3.5 million, and we have recorded a related liability of $19,000. There have been no losses incurred as a result of the loss-sharing obligations. Derivative Financial Instruments We classify all derivative financial instruments as either other assets or other liabilities on our consolidated balance sheets at fair value. On the date we enter into a derivative contract, we designate each contract as (i) a hedge of a net investment in a foreign operation, or net investment hedge, (ii) a hedge of a forecasted transaction or of the variability of cash flows to be received or paid related to a recognized asset or liability, or cash flow hedge, (iii) a hedge of a recognized asset or liability, or fair value hedge, or (iv) a derivative instrument not to be designated as a hedging derivative, or non-designated hedge. For all derivatives other than those designated as non-designated hedges, we formally document our hedge relationships and designation at the contract’s inception. This documentation includes the identification of the hedging instruments and the hedged items, its risk management objectives, strategy for undertaking the hedge transaction and our evaluation of the effectiveness of its hedged transaction. On a quarterly basis, we also formally assess whether the derivative we designated in each hedging relationship is expected to be, and has been, highly effective in offsetting changes in the value or cash flows of the hedged items. If it is determined that a derivative is not highly effective at hedging the designated exposure, hedge accounting is discontinued and the changes in fair value of the instrument are included in net income prospectively. Our net investment hedges are assessed using a method based on changes in spot exchange rates. Gains and losses, representing hedge components excluded from the assessment of effectiveness, are recognized in interest income on our consolidated statements of operations over the contractual term of our net investment hedges on a systematic and rational basis, as documented at hedge inception in accordance with our accounting policy election. All other changes in the fair value of our derivative instruments that qualify as hedges are reported as a component of accumulated other comprehensive income (loss) on our consolidated financial statements. Deferred gains and losses are reclassified out of accumulated other comprehensive income (loss) and into net income in the same period or periods during which the hedged transaction affects earnings, and are presented in the same line item as the earnings effect of the hedged item. For cash flow hedges, this is typically when the periodic swap settlements are made, while for net investment hedges, this occurs when the hedged item is sold or substantially liquidated. To the extent a derivative does not qualify for hedge accounting and is deemed a non-designated hedge, the changes in its fair value are included in net income concurrently. Proceeds or payments from periodic settlements of derivative instruments are classified on our consolidated statement of cash flows in the same section as the underlying hedged item. Secured Debt and Asset-Specific Debt We record investments financed with secured debt or asset-specific debt as separate assets and the related borrowings under any secured debt or asset-specific debt are recorded as separate liabilities on our consolidated balance sheets. Interest income earned on the investments and interest expense incurred on the secured debt or asset-specific debt are reported separately on our consolidated statements of operations. Loan Participations Sold In certain instances, we have executed a syndication of a non-recourse loan interest to a third party. Depending on the particular structure of the syndication, the loan interest may remain on our GAAP balance sheet or, in other cases, the sale will be recognized and the loan interest will no longer be included in our consolidated financial statements. When these sales are not recognized under GAAP we reflect the transaction by recording a loan participation sold liability on our consolidated balance sheet, however this gross presentation does not impact stockholders’ equity or net income. When the sales are recognized, our balance sheet only includes our remaining loan interest, and excludes the interest in the loan that we sold. Term Loans We record our term loans as liabilities on our consolidated balance sheets. Where applicable, any issue discount or transaction expenses are deferred and amortized through the maturity date of the term loans as additional non-cash interest expense. Senior Secured Notes We record our senior secured notes as liabilities on our consolidated balance sheets. Where applicable, any issue discount or transaction expenses are deferred and amortized through the maturity date of the senior secured notes as additional non- cash interest expense. Convertible Notes Convertible note proceeds, unless issued with a substantial premium or an embedded conversion feature, are classified as debt. Additionally, shares issuable under our convertible notes are included in diluted earnings per share in our consolidated financial statements, if the effect is dilutive, using the if-converted method, regardless of settlement intent. Where applicable, any issue discount or transaction expenses are deferred and amortized through the maturity date of the convertible notes as additional non-cash interest expense. Deferred Financing Costs The deferred financing costs that are included as a reduction in the net book value of the related liability on our consolidated balance sheets include issuance and other costs related to our debt obligations. These costs are amortized as interest expense using the effective interest method over the life of the related obligations. Underwriting Commissions and Offering Costs Underwriting commissions and offering costs incurred in connection with common stock offerings are reflected as a reduction of additional paid-in capital. Costs incurred that are not directly associated with the completion of a common stock offering are expensed when incurred. Fair Value Measurements The “Fair Value Measurements and Disclosures” Topic of the FASB, or ASC 820, defines fair value, establishes a framework for measuring fair value, and requires certain disclosures about fair value measurements under GAAP. Specifically, this guidance defines fair value based on exit price, or the price that would be received upon the sale of an asset or the transfer of a liability in an orderly transaction between market participants at the measurement date. ASC 820 also establishes a fair value hierarchy that prioritizes and ranks the level of market price observability used in measuring financial instruments. Market price observability is affected by a number of factors, including the type of financial instrument, the characteristics specific to the financial instrument, and the state of the marketplace, including the existence and transparency of transactions between market participants. Financial instruments with readily available quoted prices in active markets generally will have a higher degree of market price observability and a lesser degree of judgment used in measuring fair value. Financial instruments measured and reported at fair value are classified and disclosed based on the observability of inputs used in the determination, as follows: •Level 1: Generally includes only unadjusted quoted prices that are available in active markets for identical financial instruments as of the reporting date. •Level 2: Pricing inputs include quoted prices in active markets for similar instruments, quoted prices in less active or inactive markets for identical or similar instruments where multiple price quotes can be obtained, and other observable inputs, such as interest rates, yield curves, credit risks, and default rates. •Level 3: Pricing inputs are unobservable for the financial instruments and include situations where there is little, if any, market activity for the financial instrument. These inputs require significant judgment or estimation by management of third parties when determining fair value and generally represent anything that does not meet the criteria of Levels 1 and 2. Certain of our other assets are reported at fair value, as of quarter-end, either (i) on a recurring basis or (ii) on a nonrecurring basis, as a result of impairment or other events. Our assets that are recorded at fair value are discussed further in Note 19. We generally value our assets recorded at fair value by either (i) discounting expected cash flows based on assumptions regarding the collection of principal and interest and estimated market rates, or (ii) obtaining assessments from third parties. For collateral-dependent loans that are identified as impaired, we measure impairment by comparing our estimation of the fair value of the underlying collateral, less costs to sell, to the book value of the respective loan. These valuations require significant judgments, which include assumptions regarding capitalization rates, discount rates, leasing, creditworthiness of major tenants, occupancy rates, availability and cost of financing, exit plan, loan sponsorship, actions of other lenders, and other factors. We have elected the FVO for one of our investments in an unconsolidated entity, our Bank Loan Portfolio Joint Venture, and therefore report this investment at fair value. Given the fair value of this investment is not readily determinable, the net asset value of the entity is used as a practical expedient. As of June 30, 2025, we had an aggregate $558.8 million asset-specific CECL reserve related to 14 of our loans receivable with an aggregate amortized cost basis of $1.6 billion, net of cost-recovery proceeds. The CECL reserve was recorded based on our estimation of the fair value of the loans' aggregate underlying collateral as of June 30, 2025. These loans receivable are therefore measured at fair value on a nonrecurring basis using significant unobservable inputs, and are classified as Level 3 assets in the fair value hierarchy. We estimated the fair value of the collateral underlying the loans receivable by considering a variety of inputs including property performance, market data, and comparable sales, as applicable. The significant unobservable inputs employed include the exit capitalization rate assumption used to forecast the future sale price of the underlying real estate collateral, which ranged from 6.00% to 8.00%, and the unlevered discount rate assumption, which ranged from 7.00% to 15.00%. During the six months ended June 30, 2025, we acquired legal title to one REO asset through a deed-in-lieu of foreclosure transaction. At the time of acquisition, we determined the fair value of the real estate asset based on a variety of inputs including, but not limited to, estimated cash flow projections, leasing assumptions, required capital expenditures, market data, and comparable sales. The REO asset was measured at fair value on a nonrecurring basis using significant unobservable inputs and is classified as a Level 3 asset in the fair value hierarchy. The significant unobservable inputs employed include (i) the exit capitalization rate assumption of 8.55% used to forecast the future sale price of the asset, and (ii) the unlevered discount rate assumption of 10.55%. Refer to Note 4 and Note 19 for additional information. We are also required by GAAP to disclose fair value information about financial instruments, which are not otherwise reported at fair value in our consolidated balance sheet, to the extent it is practicable to estimate a fair value for those instruments. These disclosure requirements exclude certain financial instruments and all non-financial instruments. The following methods and assumptions are used to estimate the fair value of each class of financial instruments, for which it is practicable to estimate that value: •Cash and cash equivalents: The carrying amount of cash and cash equivalents approximates fair value. •Loans receivable, net: The fair values of these loans were estimated using a discounted cash flow methodology, taking into consideration various factors including capitalization rates, discount rates, leasing, credit worthiness of major tenants, occupancy rates, availability and cost of financing, exit plan, loan sponsorship, actions of other lenders, and other factors. •Derivative financial instruments: The fair value of our foreign currency and interest rate contracts was estimated using advice from a third-party derivative specialist, based on contractual cash flows and observable inputs comprising foreign currency rates and credit spreads. •Secured debt, net: The fair value of these instruments was estimated based on the rate at which a similar credit facility would currently be priced. •Securitized debt obligations, net: The fair value of these instruments was estimated by utilizing third-party pricing service providers. In determining the value of a particular investment, pricing service providers may use broker- dealer quotations, reported trades, or valuation estimates from their internal pricing models to determine the reported price. •Asset-specific debt, net: The fair value of these instruments was estimated based on the rate at which a similar agreement would currently be priced. •Loan participations sold, net: The fair value of these instruments was estimated based on the value of the related loan receivable asset. •Term loans, net: The fair value of these instruments was estimated by utilizing third-party pricing service providers. In determining the value of a particular investment, pricing service providers may use broker-dealer quotations, reported trades, or valuation estimates from their internal pricing models to determine the reported price. •Senior secured notes, net: The fair value of these instruments was estimated by utilizing third-party pricing service providers. In determining the value of a particular investment, pricing service providers may use broker-dealer quotations, reported trades, or valuation estimates from their internal pricing models to determine the reported price. •Convertible notes, net: Each series of the convertible notes is actively traded and their fair values were obtained using quoted market prices. Income Taxes Our financial results generally do not reflect provisions for current or deferred income taxes on our REIT taxable income. We believe that we operate in a manner that will continue to allow us to be taxed as a REIT and, as a result, we generally do not expect to pay substantial corporate level taxes other than those payable by our taxable REIT subsidiaries. If we were to fail to meet these requirements, we may be subject to federal, state, and local income tax on current and past income, and penalties. Refer to Note 17 for additional information. Stock-Based Compensation Our stock-based compensation consists of awards issued to our Manager, certain individuals employed by an affiliate of our Manager, and certain members of our board of directors that vest over the life of the awards, as well as deferred stock units issued to certain members of our board of directors. Stock-based compensation expense is recognized for these awards in net income on a variable basis over the applicable vesting period of the awards, based on the value of our class A common stock. Refer to Note 18 for additional information. Earnings per Share Basic earnings per share, or Basic EPS, is computed in accordance with the two-class method and is based on (i) the net earnings allocable to our class A common stock, including restricted class A common stock and deferred stock units, divided by (ii) the weighted-average number of shares of our class A common stock, including restricted class A common stock and deferred stock units outstanding during the period. Our restricted class A common stock is considered a participating security, as defined by GAAP, and has been included in our Basic EPS under the two-class method as these restricted shares have the same rights as our other shares of class A common stock, including participating in any gains or losses. Diluted earnings per share, or Diluted EPS, is determined using the if-converted method, and is based on (i) the net earnings, adjusted for interest expense incurred on our convertible notes during the relevant period, net of incentive fees, allocable to our class A common stock, including restricted class A common stock and deferred stock units, divided by (ii) the weighted-average number of shares of our class A common stock, including restricted class A common stock, deferred stock units, and shares of class A common stock issuable under our convertible notes. Refer to Note 15 for additional discussion of earnings per share. Foreign Currency In the normal course of business, we enter into transactions not denominated in United States, or U.S., dollars. Foreign exchange gains and losses arising on such transactions are recorded as a gain or loss in our consolidated statements of operations. In addition, we consolidate entities that have a non-U.S. dollar functional currency. Non-U.S. dollar denominated assets and liabilities are translated to U.S. dollars at the exchange rate prevailing at the reporting date and income, expenses, gains, and losses are translated at the average exchange rate over the applicable period. Cumulative translation adjustments arising from the translation of non-U.S. dollar denominated subsidiaries are recorded in other comprehensive income (loss). Recent Accounting Pronouncements In May 2025, the FASB issued Accounting Standards Update, or ASU, 2025-03, which amends the guidance in ASC 805, Business Combinations. This update clarifies the determination of the accounting acquirer in business combinations that are primarily effected through the exchange of equity interests and involve the acquisition of a VIE. Specifically, entities are now required to consider the factors outlined in ASC 805-10-55-12 through 55-15 when determining the accounting acquirer, rather than defaulting to the primary beneficiary of the VIE as the accounting acquirer. ASU 2025-03 is effective for annual periods beginning after December 15, 2026, including interim periods within those annual periods, and early adoption is permitted. We have not early adopted ASU 2025-03 and do not expect the adoption of ASU 2025-03 to have a material impact on our consolidated financial statements. In November 2024, the FASB issued ASU 2024-04 “Debt with Conversion and Other Options (Subtopic 470-20): Induced Conversions of Convertible Debt Instruments,” or ASU 2024-04. ASU 2024-04 clarifies the accounting treatment for settlement of a convertible debt instrument as an induced conversion. ASU 2024-04 is effective on a prospective basis, with the option for retrospective application, for fiscal years beginning after December 15, 2025. We have not early adopted ASU 2024-04 and do not expect the adoption of ASU 2024-04 to have a material impact on our consolidated financial statements. In November 2024, the FASB issued ASU 2024-03 “Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses,” or ASU 2024-03. ASU 2024-03 requires disclosures in the notes to the financial statements on specified information about certain costs and expenses for each interim and annual reporting period. ASU 2024-03 is effective on either a prospective basis, with the option for retrospective application, for annual periods beginning after December 15, 2026, and for interim periods within fiscal years beginning after December 15, 2027, and early adoption is permitted. We have not early adopted ASU 2024-03 and do not expect the adoption of ASU 2024-03 to have a material impact on our consolidated financial statements. In December 2023, the FASB issued ASU 2023-09 “Income Taxes (Topic 740): Improvements to Income Tax Disclosures,” or ASU 2023-09. ASU 2023-09 requires additional disaggregated disclosures on an entity’s effective tax rate reconciliation and additional details on income taxes paid. ASU 2023-09 is effective on a prospective basis, with the option for retrospective application, for annual periods beginning after December 15, 2024 and early adoption is permitted. We have not early adopted ASU 2023-09 and do not expect the adoption of ASU 2023-09 to have a material impact on our consolidated financial statements.
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| Loans Receivable, Net | LOANS RECEIVABLE, NET The following table details overall statistics for our loans receivable portfolio ($ in thousands):
(1)Unfunded commitments will primarily be funded to finance our borrowers’ construction or development of real estate-related assets, capital improvements of existing assets, or lease-related expenditures. These commitments will generally be funded over the term of each loan, subject in certain cases to an expiration date. (2)The weighted-average cash coupon and all-in yield are expressed as a spread over the relevant floating benchmark rates, which include , SONIA, EURIBOR, CORRA, and other indices, as applicable to each loan. As of June 30, 2025, 98% of our loans by principal balance earned a floating rate of interest, primarily indexed to SOFR. The remaining 2% of our loans by principal balance earned a fixed rate of interest. As of December 31, 2024, substantially all of our loans by principal balance earned a floating rate of interest, primarily indexed to SOFR. In addition to cash coupon, all-in yield includes the amortization of deferred origination and extension fees, loan origination costs, and purchase discounts, as well as the accrual of exit fees. Excludes loans accounted for under the cost-recovery and nonaccrual methods, if any. (3)Maximum maturity assumes all extension options are exercised by the borrower, however our loans may be repaid prior to such date. Excludes loans accounted for under the cost-recovery and nonaccrual methods, if any. As of June 30, 2025, 26% of our loans by principal balance were subject to yield maintenance or other prepayment restrictions and 74% were open to repayment by the borrower without penalty. As of December 31, 2024, 10% of our loans by principal balance were subject to yield maintenance or other prepayment restrictions and 90% were open to repayment by the borrower without penalty. The following table details the index rate floors for our loans receivable portfolio as of June 30, 2025 ($ in thousands):
(1)Includes Euro, British Pound Sterling, Swedish Krona, Australian Dollar, Canadian Dollar, and Swiss Franc currencies. (2)Includes all impaired loans. (3)As of June 30, 2025, the weighted-average index rate floor of our floating-rate loans receivable principal balance was 1.11%. Excluding 0.0% index rate floors and loans with no floor, the weighted-average index rate floor was 1.70%. Activity relating to our loans receivable portfolio was as follows ($ in thousands):
(1)Other items primarily consist of purchase and sale discounts or premiums, exit fees, deferred origination expenses, and cost-recovery proceeds. (2)This amount relates to intangible and other assets recorded in connection with loans that were transferred to REO, net of liabilities recorded upon acquisition, if any, and proceeds from loan repayments that are held in escrow, all of which are included within other assets in our consolidated balance sheets. See Note 6 for further information. The tables below detail the property type and geographic distribution of the properties securing the loans in our portfolio ($ in thousands):
(1)Net loan exposure reflects the amount of each loan that is subject to risk of credit loss to us as of June 30, 2025, which is our principal balance net of (i) $529.9 million of asset-specific debt, (ii) $109.2 million of cost-recovery proceeds, (iii) our total loans receivable CECL reserve of $740.9 million, and (iv) $50.0 million of junior loan interests that we have sold, but that remain included in our consolidated financial statements. See Note 2 for further discussion of loan participations sold. Our asset-specific debt and loan participations sold are structurally non- recourse and term-matched to the corresponding collateral loans.
(1)Net loan exposure reflects the amount of each loan that is subject to risk of credit loss to us as of December 31, 2024, which is our principal balance net of (i) $1.2 billion of asset-specific debt, (ii) $106.7 million of cost-recovery proceeds, (iii) our total loans receivable CECL reserve of $733.9 million, and (iv) $100.1 million of junior loan interests that we have sold, but that remain included in our consolidated financial statements. See Note 2 for further discussion of loan participations sold. Our asset-specific debt and loan participations sold are structurally non- recourse and term-matched to the corresponding collateral loans. Loan Risk Ratings As further described in Note 2, we evaluate our loan portfolio on a quarterly basis. In conjunction with our quarterly loan portfolio review, we assess the risk factors of each loan, and assign a risk rating based on several factors. Factors considered in the assessment include, but are not limited to, risk of loss, origination LTV, debt yield, collateral performance, structure, exit plan, and sponsorship. Loans are rated “1” (less risk) through “5” (greater risk), which ratings are defined in Note 2. The following table allocates the net book value and net loan exposure balances based on our internal risk ratings ($ in thousands):
(1)Net loan exposure reflects the amount of each loan that is subject to risk of credit loss to us as of June 30, 2025, which is our principal balance net of (i) $529.9 million of asset-specific debt, (ii) $109.2 million of cost-recovery proceeds, (iii) our total loans receivable CECL reserve of $740.9 million, and (iv) $50.0 million of junior loan interests that we have sold, but that remain included in our consolidated financial statements. Our net loan exposure as of December 31, 2024 is our principal balance net of (i) $1.2 billion of asset-specific debt, (ii) $106.7 million of cost-recovery proceeds, (iii) our total loans receivable CECL reserve of $733.9 million, and (iv) $100.1 million of junior loan interests that we have sold, but that remain included in our consolidated financial statements. Our asset- specific debt and loan participations sold are structurally non-recourse and term-matched to the corresponding collateral loans. Our loan portfolio had a weighted-average risk rating of 3.1 and 3.0 as of June 30, 2025 and December 31, 2024, respectively. Current Expected Credit Loss Reserve The CECL reserves required under GAAP reflect our current estimate of potential credit losses related to the loans included in our consolidated balance sheets. Refer to Note 2 for further discussion of our CECL reserves. The following table presents the activity in our loans receivable CECL reserve by investment pool for the three and six months ended June 30, 2025 and 2024 ($ in thousands):
(1)Includes one U.S. dollar-denominated loan that is located in Bermuda. During the three months ended June 30, 2025, we recorded a net decrease of $690,000 in the CECL reserves against our loans receivable portfolio, primarily driven by a $48.4 million increase in our asset-specific CECL reserves, offset by a $4.1 million decrease in our general CECL reserves and charge-offs of our CECL reserves of $45.1 million, bringing our total loans receivable CECL reserve to $740.9 million as of June 30, 2025. The increase in our asset-specific CECL reserves was primarily as a result of two additional loans that were impaired during the three months ended June 30, 2025, of which one is secured by a life sciences / studio property and the other is secured by an office asset. The office sector is generally facing reduced tenant and capital markets demand in recent years. Impairments are each determined individually as a result of changes in the specific credit quality factors for such loans. These factors included, among others, (i) the underlying collateral performance, (ii) discussions with the borrower, (iii) borrower events of default, and (iv) other facts that impact the borrower’s ability to pay the contractual amounts due under the terms of the loan. The income accrual was suspended on the two loans that were impaired during the three months ended June 30, 2025, as the recovery of income and principal was doubtful. During the three months ended June 30, 2025, we recorded $5.3 million of interest income on these loans. The charge-off of the CECL reserves was a result of a resolution of one previously impaired loan that was repaid with proceeds from the sale of an office asset in San Jose, CA securing the loan. The decrease in our general CECL reserves was primarily as a result of a continued improvement in the credit quality of our current portfolio as well as macroeconomic conditions. As of June 30, 2025, we had an aggregate $558.8 million asset-specific CECL reserve related to 14 of our loans receivable, with a total amortized cost basis of $1.6 billion, net of cost-recovery proceeds. This CECL reserve was recorded based on our estimation of the fair value of each loan’s underlying collateral as of June 30, 2025. No income was recorded on our impaired loans subsequent to determining that they were impaired. During the three months ended June 30, 2025, we received an aggregate $10.8 million of cash proceeds from such loans that were applied as a reduction to the amortized cost basis of each respective loan. As of June 30, 2025, one of our performing loans with an amortized cost basis of $195.0 million, inclusive of a $50.0 million junior loan participation sold, was past its current maturity date, was greater than 90 days past due on its interest payment, and had a risk rating of “3.” This loan was not impaired as of June 30, 2025 as the estimated fair value of the underlying collateral exceeded our basis in the loan. Subsequent to June 30, 2025, this loan was repaid in full, including the junior loan participation sold, with proceeds from a sale of the collateral securing the loan. As of June 30, 2025, all other borrowers under performing loans were in compliance with the applicable contractual terms of each respective loan, including any required payment of interest. Refer to Note 2 for further discussion of our policies on revenue recognition and our CECL reserves. Our primary credit quality indicator is our risk ratings, which are further discussed above. The following tables present the net book value of our loan portfolio as of June 30, 2025 and December 31, 2024, respectively, by year of origination, investment pool, and risk rating ($ in thousands):
(1)Date loan was originated or acquired by us. Origination dates are subsequently updated to reflect material loan modifications. (2)Represents charge-offs by year of origination during the six months ended June 30, 2025.
(1)Date loan was originated or acquired by us. Origination dates are subsequently updated to reflect material loan modifications. (2)Represents charge-offs by year of origination during the year ended December 31, 2024. Loan Modifications Pursuant to ASC 326 During the twelve months ended June 30, 2025, we entered into five loan modifications that require disclosure pursuant to ASC 326. Four of these loans were collateralized by office assets and one was collateralized by a mixed-use asset. Loans with a risk rating of “3” and “4” are included in the determination of our general CECL reserve and loans with a risk rating of “5” have an asset-specific CECL reserve. Loan modifications that allow the option to pay interest in-kind increase our potential economics and the size of our secured claim, as interest is capitalized and added to the outstanding principal balance for applicable loans. As of June 30, 2025, no income was recorded on our loans subsequent to determining that they were impaired and risk rated “5.” Two of the loan modifications included term extensions combined with other-than-insignificant payment delays. The first loan modification included a term extension of five years, the borrower repaid $6.0 million of principal, and the loan was bifurcated into a separate senior loan and subordinate loan. We are accruing interest on the senior loan, which is paying interest current, and deferring interest on the subordinate loan that is paying interest in-kind. The second loan modification had a term extension of 3.8 years, the loan was bifurcated into a separate senior loan and subordinate loan, and the borrower paid a $1.7 million fee upon closing of the modification. We are accruing interest on the senior loan, which is paying interest current, and deferring interest on the subordinate loan that is paying interest in-kind. As of June 30, 2025, the aggregate amortized cost basis of these loans was $379.1 million, or 1.9% of our aggregate loans receivable portfolio, with an aggregate $4.7 million of unfunded commitments. These loans were in compliance with their modified contractual terms as of June 30, 2025. The other three loan modifications included term extensions combined with other-than-insignificant payment delays and interest rate reductions. The first loan modification included a term extension of 4.8 years, the interest rate decreased by 0.10%, and the loan was bifurcated into a separate senior loan and subordinate loan. The senior loan is paying interest partially current, and partially in-kind, while the subordinate loan is paying interest in-kind. We are accruing interest on the portion of the senior loan that is paying current and a portion that is paid in-kind, and deferring interest income recognition on the remaining portion, including the entire subordinate loan. The second loan modification included a term extension of one year, the interest rate on the senior loan decreased by 2.43%, the borrower repaid $25.0 million upon closing of the modification, and the loan was bifurcated into a separate senior loan and subordinate loan. The senior loan is paying interest partially current, and partially in-kind, while the subordinate loan is paying interest in-kind. We are accruing all of the interest on the senior loan that is paying partially current and partially in-kind, and deferring interest on the subordinate loan that is paying interest in-kind. The third loan modification included a term extension of 4.3 years, the interest rate decreased by 3.56%, and the loan was bifurcated into a separate senior loan and subordinate loan. We are accruing all of the interest on the senior loan that is paying current, and deferring interest income on the subordinate loan, which is paid- in-kind. As of June 30, 2025, the aggregate amortized cost basis of these loans was $508.5 million, or 2.6% of our aggregate loans receivable portfolio, with an aggregate $32.7 million of unfunded commitments. These loans were in compliance with their modified contractual terms as of June 30, 2025. All five of these loans had a risk rating of “5” at the time of modification. In aggregate, these modifications resulted in the bifurcation of all five loans into separate senior and subordinate loans, or ten loans in aggregate. As of June 30, 2025, of the five newly bifurcated senior loans, three loans had a risk rating of “4,” one loan had a risk rating of “3,” and one loan had a risk rating of “2.” The five newly bifurcated subordinate loans all had a risk rating of “5.” Multifamily Joint Venture As discussed in Note 2, we entered into our Multifamily Joint Venture in April 2017. As of both June 30, 2025 and December 31, 2024, our Multifamily Joint Venture held a $43.3 million loan, which is included in the loan disclosures above. As of June 30, 2025 and December 31, 2024, our Multifamily Joint Venture also held an REO asset with a carrying value of $32.2 million and $32.4 million, respectively, which is included in the REO disclosures in Note 4. Refer to Note 2 for additional discussion of our Multifamily Joint Venture.
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Real Estate Owned, Net |
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| Real Estate [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Real Estate Owned, Net | REAL ESTATE OWNED, NET As of June 30, 2025 and December 31, 2024, we had eight and seven REO assets, respectively. During the six months ended June 30, 2025, we acquired one REO asset through a deed-in-lieu of foreclosure transaction, with an acquisition price of $45.0 million. We allocated $19.7 million to building and building improvements, $15.0 million to land and land improvements, $14.5 million to acquired intangible assets, and $(4.2) million to other components of the purchase price. We charged off $41.8 million of CECL reserves relating to the loan that had previously been secured by this asset, as the loan’s carrying value of $86.9 million at the time of REO acquisition exceeded the acquisition date fair value noted above. See Note 2 for additional discussion of REO. The acquisition of one REO asset during the six months ended June 30, 2025 was accounted for as an asset acquisition under ASC Topic 805 “Business Combinations,” and we recognized this property as an REO asset held for investment. The following table presents the REO asset that was acquired during the six months ended June 30, 2025 ($ in thousands):
The following table presents the REO assets and liabilities included in our consolidated balance sheets ($ in thousands):
(1)Included within other assets on our consolidated balance sheets. Refer to Note 6 for additional information. (2)Included within other liabilities on our consolidated balance sheets. Refer to Note 6 for additional information. Revenue and expenses from real estate owned consisted of the following ($ in thousands):
The following table presents the undiscounted future minimum rents we expect to receive for our office properties as of June 30, 2025. Leases at our multifamily assets are short term, generally 12 months or less, and are therefore not included ($ in thousands):
The following table presents the amortization of lease intangibles for each of the succeeding fiscal years ($ in thousands):
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| Investments in Unconsolidated Entities | INVESTMENTS IN UNCONSOLIDATED ENTITIES As of June 30, 2025, we hold certain investments in unconsolidated entities that are accounted for under the equity method of accounting or the FVO, as our ownership interest in each entity does not meet the requirements for consolidation. Refer to Note 2 for additional details. The following tables detail our investments in unconsolidated entities ($ in thousands):
(1)The number of assets represents the number of real estate properties held. (2)The number of assets represents the number of commercial mortgage loans.
During the three months ended June 30, 2025, we contributed $24.5 million to our Net Lease Joint Venture, did not receive any distributions, recorded a $318,000 loss from unconsolidated entities in our consolidated statements of operations, and recorded an unrealized loss of $1.0 million as a component of accumulated other comprehensive income on our consolidated balance sheets. During the six months ended June 30, 2025, we contributed $50.1 million to our Net Lease Joint Venture, did not receive any distributions, recorded a $1.2 million loss from unconsolidated entities in our consolidated statements of operations, and recorded an unrealized loss of $1.2 million as a component of accumulated other comprehensive income on our consolidated balance sheets. During the three and six months ended June 30, 2025, we contributed $57.6 million to the Bank Loan Portfolio Joint Venture, did not receive any distributions, and recorded a $1.7 million loss from unconsolidated entities in our consolidated statements of operations, primarily resulting from transaction costs related to the portfolio acquisition in June 2025. There was no income or loss from unconsolidated entities for the three and six months ended June 30, 2024. During the six months ended June 30, 2025, our Net Lease Joint Venture and Bank Loan Portfolio Joint Venture each entered into derivative agreements where we would be required to make payment for periodic or final settlement of derivative contracts if either our Net Lease Joint Venture or Bank Loan Portfolio Joint Venture, as applicable, is unable to fulfill its respective obligations.
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Other Assets and Liabilities |
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| Other Assets And Liabilities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Other Assets and Liabilities | OTHER ASSETS AND LIABILITIES Other Assets The following table details the components of our other assets ($ in thousands):
(1)Primarily represents loan principal repayments held by our third-party loan servicers as of the balance sheet date that were remitted to us during the subsequent remittance cycle. (2)Includes $46.6 million and $95.5 million as of June 30, 2025 and December 31, 2024, respectively, of cash collateral held by our CLOs that was subsequently remitted by the trustee to repay a portion of the outstanding senior CLO securities. Other Liabilities The following table details the components of our other liabilities ($ in thousands):
(1)Represents pending transfers from our third-party loan servicer that were remitted to our banking counterparties or CLO trustee during the subsequent remittance cycle. (2)Represents the CECL reserve related to our unfunded loan commitments. See Note 2 for further discussion of the CECL reserves. Current Expected Credit Loss Reserves for Unfunded Loan Commitments As of June 30, 2025, we had aggregate unfunded commitments of $1.4 billion related to 58 loans receivable. The expected credit losses over the contractual period of our loans are impacted by our obligations to extend further credit through our unfunded loan commitments. See Note 2 for further discussion of the CECL reserves related to our unfunded loan commitments, and Note 22 for further discussion of our unfunded loan commitments. During the three and six months ended June 30, 2025, we recorded increases in the CECL reserves related to our unfunded loan commitments of $1.2 million and $1.3 million, respectively, bringing our total unfunded loan commitments CECL reserve to $11.7 million as of June 30, 2025. During the three and six months ended June 30, 2024, we recorded decreases in the CECL reserves related to our unfunded loan commitments of $2.7 million and $5.4 million, respectively, bringing our total unfunded loan commitments CECL reserve to $9.9 million as of June 30, 2024.
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| Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Long-Term Debt | SECURED DEBT, NET Our secured debt represents borrowings under our secured credit facilities. During the six months ended June 30, 2025, we closed $2.0 billion of new borrowings against $2.5 billion of collateral assets. The following table details our secured debt ($ in thousands):
(1)Costs incurred in connection with our secured debt are recorded on our consolidated balance sheets when incurred and recognized as a component of interest expense over the life of each related facility. Secured Credit Facilities Our secured credit facilities are bilateral agreements we use to finance diversified pools of senior loan collateral with sufficient flexibility to accommodate our investment and asset management strategy. The facilities are uniformly structured to provide currency, index, and term-matched financing without capital markets based mark-to-market provisions. Our credit facilities are diversified across 14 counterparties, primarily consisting of top global financial institutions to minimize our counterparty risk exposure. The following table details our secured credit facilities as of June 30, 2025 ($ in thousands):
(1)Represents the number of lenders with fundings advanced in each respective currency, as well as the total number of facility lenders. (2)Our secured debt agreements are generally term-matched to their underlying collateral. Therefore, the weighted- average maturity is generally allocated based on the maximum maturity date of the collateral loans, assuming all extension options are exercised by the borrower. In limited instances, the maturity date of the respective secured credit facility is used. (3)Represents the principal balance of the collateral loan assets and the book value of the collateral REO assets. (4)Maximum maturity assumes all extension options are exercised by the borrower, however our loans may be repaid prior to such date. (5)Includes Australian Dollar, Canadian Dollar, Swedish Krona, and Swiss Franc currencies. The availability of funding under our secured credit facilities is based on the amount of approved collateral, which collateral is proposed by us in our discretion and approved by the respective counterparty in its discretion, resulting in a mutually agreed collateral portfolio construction. Certain structural elements of our secured credit facilities, including the limitation on recourse to us and facility economics, are influenced by the specific collateral portfolio construction of each facility, and therefore vary within and among the facilities. The following tables detail the spread of our secured credit facilities as of June 30, 2025 and December 31, 2024 ($ in thousands):
(1)The spread, all-in cost, and all-in yield are expressed over the relevant floating benchmark rates, which include SOFR, SONIA, EURIBOR, CORRA, and other indices as applicable. (2)Represents the amount of new borrowings we closed during the six months ended June 30, 2025 and year ended December 31, 2024, respectively. (3)In addition to spread, the cost includes the associated deferred fees and expenses related to the respective borrowings. In addition to cash coupon, all-in yield includes the amortization of deferred origination and extension fees, loan origination costs, and purchase discounts, as well as the accrual of exit fees. All-in yield excludes loans accounted for under the cost-recovery and nonaccrual methods, if any, and REO assets. (4)Represents the weighted-average all-in cost as of June 30, 2025 and December 31, 2024, respectively, and is not necessarily indicative of the spread applicable to recent or future borrowings. (5)Represents the principal balance of the collateral loan assets and the book value of the collateral REO assets. (6)Represents the difference between the weighted-average all-in yield and weighted-average all-in cost. Our secured credit facilities generally permit us to increase or decrease the amount advanced against the pledged collateral in our discretion within certain maximum/minimum amounts and frequency limitations. As of June 30, 2025, there was an aggregate $697.9 million available to be drawn at our discretion under our credit facilities. Financial Covenants As of June 30, 2025, we are subject to the following financial covenants related to our secured debt: (i) our ratio of earnings before interest, taxes, depreciation, and amortization, or EBITDA, to fixed charges, as defined in the agreements, shall be not less than 1.25 to 1.0; (ii) our tangible net worth, as defined in the agreements, shall not be less than $3.6 billion as of each measurement date plus 75% to 85% of the net cash proceeds of future equity issuances subsequent to June 30, 2025; (iii) cash liquidity shall not be less than the greater of (x) $10.0 million or (y) no more than 5% of our recourse indebtedness; and (iv) our indebtedness shall not exceed 83.33% of our total assets. As of June 30, 2025 and December 31, 2024, we were in compliance with these covenants. During 2024, the financial covenant under each applicable secured debt agreement related to the ratio of our EBITDA to fixed charges, as noted above, was amended so that the ratio shall be not less than 1.25 to 1.0 with respect to each of the four fiscal quarters beginning with the quarter ended September 30, 2024, and shall be not less than 1.3 to 1.0 thereafter. SECURITIZED DEBT OBLIGATIONS, NET We have financed certain pools of our loans through collateralized loan obligations, or CLOs. The CLOs are consolidated in our financial statements and have issued securitized debt obligations that are non-recourse to us. Refer to Note 20 for further discussion of our CLOs. The following tables detail our securitized debt obligations and the underlying collateral assets that are financed by our CLOs ($ in thousands):
(1)The book value of underlying collateral assets excludes any applicable CECL reserves. (2)In addition to cash coupon, all-in yield includes the amortization of deferred origination and extension fees, loan origination costs, purchase discounts, and accrual of exit fees. . All-in yield excludes loans accounted for under the cost-recovery and nonaccrual methods, if any, and REO assets. (4)Underlying Collateral Assets term represents the weighted-average final maturity of such loans, assuming all extension options are exercised by the borrower, and excludes REO assets. Repayments of securitized debt obligations 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. (5)During the three and six months ended June 30, 2025, we recorded $40.3 million and $67.9 million, respectively, of interest expense related to our securitized debt obligations.
(1)The book value of underlying collateral assets excludes any applicable CECL reserves. (2)In addition to cash coupon, all-in yield includes the amortization of deferred origination and extension fees, loan origination costs, purchase discounts, and accrual of exit fees. (3). All-in yield excludes loans accounted for under the cost-recovery and nonaccrual methods, if any. (4)Underlying Collateral Assets term represents the weighted-average final maturity of such loans, assuming all extension options are exercised by the borrower. Repayments of securitized debt obligations 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. (5)During the three and six months ended June 30, 2024, we recorded $40.2 million and $81.7 million, respectively, of interest expense related to our securitized debt obligations. ASSET-SPECIFIC DEBT, NET The following table details our asset-specific debt ($ in thousands):
(1)The book value of underlying collateral assets excludes any applicable CECL reserves. (2) which include SOFR and CORRA, as applicable. These floating rate loans and related liabilities are currency and index-matched to the applicable benchmark rate relevant in each arrangement. In addition to cash coupon, yield/cost includes the amortization of deferred origination fees and financing costs. (3)The weighted-average term is determined based on the maximum maturity of the corresponding loans, assuming all extension options are exercised by the borrower. Our non-recourse, asset-specific debt is term-matched in each case to the corresponding collateral loans. TERM LOANS, NET During the three months ended June 30, 2025, we borrowed an additional $1.0 billion under the B-6 Term Loan. The B-6 Term Loan bears interest at SOFR plus 3.00% and matures in December 2030. The proceeds from the B-6 Term Loan were used to repay $400.0 million of the outstanding B-4 Term Loan and all $648.4 million in principal outstanding under the B-5 Term Loan. The following table details the net book value of each of our senior term loan facilities, or Term Loans, on our consolidated balance sheets ($ in thousands):
(1)The B-4 Term Loan and the B-6 Term Loan borrowings are subject to a floor of 0.50%. The Term Loans are indexed to one-month SOFR. (2)Includes issue discount and transaction expenses that are amortized through interest expense over the life of the Term Loans. The Term Loans are partially amortizing, with an amount equal to 1.0% per annum of the aggregate initial principal balance due in quarterly installments. The following table details our interest expense related to the Term Loans ($ in thousands):
The Term Loans contain the financial covenant that our indebtedness shall not exceed 83.33% of our total assets. As of June 30, 2025 and December 31, 2024, we were in compliance with this covenant. Refer to Note 2 for additional discussion of our accounting policies for the Term Loans. SENIOR SECURED NOTES, NETThe following table details the net book value of our senior secured notes, or Senior Secured Notes, on our consolidated balance sheets ($ in thousands):
(1)Includes transaction expenses that are amortized through interest expense over the life of the Senior Secured Notes. (2)Represents the stated coupon rate of the notes. We have entered into an interest rate swap that effectively converts our fixed rate exposure to a SOFR + 3.95% floating rate exposure. (3)Represents the fair value of an interest rate swap that we entered into to convert the fixed rate exposure of the December 2024 Senior Secured Notes into floating rate. Refer to Note 14 for additional discussion. The following table details our interest expense related to the Senior Secured Notes ($ in thousands):
There was no repurchase activity or gain on debt extinguishment during the six months ended June 30, 2025. During the six months ended June 30, 2024, we repurchased an aggregate principal amount of $26.2 million of the October 2021 Senior Secured Notes at a weighted-average price of 88% of par. This resulted in a gain on extinguishment of debt of $3.0 million during the six months ended June 30, 2024. The Senior Secured Notes contain the financial covenant that our indebtedness shall not exceed 83.33% of our total assets. As of June 30, 2025 and December 31, 2024, we were in compliance with this covenant. Under certain circumstances, we may, at our option, release all of the collateral securing our Senior Secured Notes, in which case we would also be required to maintain a total unencumbered assets to total unsecured indebtedness ratio of 1.20 or greater. This covenant is not currently in effect as the collateral securing our Senior Secured Notes has not been released. CONVERTIBLE NOTES, NET The following table details the net book value of our convertible senior notes, or Convertible Notes, on our consolidated balance sheets ($ in thousands):
(1)Includes issuance costs that are amortized through interest expense over the life of the Convertible Notes using the effective interest method. (2)Represents the price of class A common stock per share based on a conversion rate of 27.5702 for the Convertible Notes. The conversion rate represents the number of shares of class A common stock issuable per $1,000 principal amount of Convertible Notes. The cumulative dividend threshold has not been exceeded as of June 30, 2025. Other than as provided by the optional redemption provisions with respect to our Convertible Notes, we may not redeem the Convertible Notes prior to maturity. The Convertible Notes are convertible at the holders’ option into shares of our class A common stock, only under specific circumstances, prior to the close of business on December 14, 2026 at the applicable conversion rate in effect on the conversion date. Thereafter, the Convertible Notes are convertible at the option of the holder at any time until the second scheduled trading day immediately preceding the maturity date. The last reported sale price of our class A common stock of $19.25 on June 30, 2025, the last trading day in the six months ended June 30, 2025, was less than the per share conversion price of the Convertible Notes. The following table details our interest expense related to the Convertible Notes ($ in thousands):
Accrued interest payable for the Convertible Notes was $4.3 million as of both June 30, 2025 and December 31, 2024. Refer to Note 2 for additional discussion of our accounting policies for the Convertible Notes.
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| Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Long-Term Debt | SECURED DEBT, NET Our secured debt represents borrowings under our secured credit facilities. During the six months ended June 30, 2025, we closed $2.0 billion of new borrowings against $2.5 billion of collateral assets. The following table details our secured debt ($ in thousands):
(1)Costs incurred in connection with our secured debt are recorded on our consolidated balance sheets when incurred and recognized as a component of interest expense over the life of each related facility. Secured Credit Facilities Our secured credit facilities are bilateral agreements we use to finance diversified pools of senior loan collateral with sufficient flexibility to accommodate our investment and asset management strategy. The facilities are uniformly structured to provide currency, index, and term-matched financing without capital markets based mark-to-market provisions. Our credit facilities are diversified across 14 counterparties, primarily consisting of top global financial institutions to minimize our counterparty risk exposure. The following table details our secured credit facilities as of June 30, 2025 ($ in thousands):
(1)Represents the number of lenders with fundings advanced in each respective currency, as well as the total number of facility lenders. (2)Our secured debt agreements are generally term-matched to their underlying collateral. Therefore, the weighted- average maturity is generally allocated based on the maximum maturity date of the collateral loans, assuming all extension options are exercised by the borrower. In limited instances, the maturity date of the respective secured credit facility is used. (3)Represents the principal balance of the collateral loan assets and the book value of the collateral REO assets. (4)Maximum maturity assumes all extension options are exercised by the borrower, however our loans may be repaid prior to such date. (5)Includes Australian Dollar, Canadian Dollar, Swedish Krona, and Swiss Franc currencies. The availability of funding under our secured credit facilities is based on the amount of approved collateral, which collateral is proposed by us in our discretion and approved by the respective counterparty in its discretion, resulting in a mutually agreed collateral portfolio construction. Certain structural elements of our secured credit facilities, including the limitation on recourse to us and facility economics, are influenced by the specific collateral portfolio construction of each facility, and therefore vary within and among the facilities. The following tables detail the spread of our secured credit facilities as of June 30, 2025 and December 31, 2024 ($ in thousands):
(1)The spread, all-in cost, and all-in yield are expressed over the relevant floating benchmark rates, which include SOFR, SONIA, EURIBOR, CORRA, and other indices as applicable. (2)Represents the amount of new borrowings we closed during the six months ended June 30, 2025 and year ended December 31, 2024, respectively. (3)In addition to spread, the cost includes the associated deferred fees and expenses related to the respective borrowings. In addition to cash coupon, all-in yield includes the amortization of deferred origination and extension fees, loan origination costs, and purchase discounts, as well as the accrual of exit fees. All-in yield excludes loans accounted for under the cost-recovery and nonaccrual methods, if any, and REO assets. (4)Represents the weighted-average all-in cost as of June 30, 2025 and December 31, 2024, respectively, and is not necessarily indicative of the spread applicable to recent or future borrowings. (5)Represents the principal balance of the collateral loan assets and the book value of the collateral REO assets. (6)Represents the difference between the weighted-average all-in yield and weighted-average all-in cost. Our secured credit facilities generally permit us to increase or decrease the amount advanced against the pledged collateral in our discretion within certain maximum/minimum amounts and frequency limitations. As of June 30, 2025, there was an aggregate $697.9 million available to be drawn at our discretion under our credit facilities. Financial Covenants As of June 30, 2025, we are subject to the following financial covenants related to our secured debt: (i) our ratio of earnings before interest, taxes, depreciation, and amortization, or EBITDA, to fixed charges, as defined in the agreements, shall be not less than 1.25 to 1.0; (ii) our tangible net worth, as defined in the agreements, shall not be less than $3.6 billion as of each measurement date plus 75% to 85% of the net cash proceeds of future equity issuances subsequent to June 30, 2025; (iii) cash liquidity shall not be less than the greater of (x) $10.0 million or (y) no more than 5% of our recourse indebtedness; and (iv) our indebtedness shall not exceed 83.33% of our total assets. As of June 30, 2025 and December 31, 2024, we were in compliance with these covenants. During 2024, the financial covenant under each applicable secured debt agreement related to the ratio of our EBITDA to fixed charges, as noted above, was amended so that the ratio shall be not less than 1.25 to 1.0 with respect to each of the four fiscal quarters beginning with the quarter ended September 30, 2024, and shall be not less than 1.3 to 1.0 thereafter. SECURITIZED DEBT OBLIGATIONS, NET We have financed certain pools of our loans through collateralized loan obligations, or CLOs. The CLOs are consolidated in our financial statements and have issued securitized debt obligations that are non-recourse to us. Refer to Note 20 for further discussion of our CLOs. The following tables detail our securitized debt obligations and the underlying collateral assets that are financed by our CLOs ($ in thousands):
(1)The book value of underlying collateral assets excludes any applicable CECL reserves. (2)In addition to cash coupon, all-in yield includes the amortization of deferred origination and extension fees, loan origination costs, purchase discounts, and accrual of exit fees. . All-in yield excludes loans accounted for under the cost-recovery and nonaccrual methods, if any, and REO assets. (4)Underlying Collateral Assets term represents the weighted-average final maturity of such loans, assuming all extension options are exercised by the borrower, and excludes REO assets. Repayments of securitized debt obligations 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. (5)During the three and six months ended June 30, 2025, we recorded $40.3 million and $67.9 million, respectively, of interest expense related to our securitized debt obligations.
(1)The book value of underlying collateral assets excludes any applicable CECL reserves. (2)In addition to cash coupon, all-in yield includes the amortization of deferred origination and extension fees, loan origination costs, purchase discounts, and accrual of exit fees. (3). All-in yield excludes loans accounted for under the cost-recovery and nonaccrual methods, if any. (4)Underlying Collateral Assets term represents the weighted-average final maturity of such loans, assuming all extension options are exercised by the borrower. Repayments of securitized debt obligations 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. (5)During the three and six months ended June 30, 2024, we recorded $40.2 million and $81.7 million, respectively, of interest expense related to our securitized debt obligations. ASSET-SPECIFIC DEBT, NET The following table details our asset-specific debt ($ in thousands):
(1)The book value of underlying collateral assets excludes any applicable CECL reserves. (2) which include SOFR and CORRA, as applicable. These floating rate loans and related liabilities are currency and index-matched to the applicable benchmark rate relevant in each arrangement. In addition to cash coupon, yield/cost includes the amortization of deferred origination fees and financing costs. (3)The weighted-average term is determined based on the maximum maturity of the corresponding loans, assuming all extension options are exercised by the borrower. Our non-recourse, asset-specific debt is term-matched in each case to the corresponding collateral loans. TERM LOANS, NET During the three months ended June 30, 2025, we borrowed an additional $1.0 billion under the B-6 Term Loan. The B-6 Term Loan bears interest at SOFR plus 3.00% and matures in December 2030. The proceeds from the B-6 Term Loan were used to repay $400.0 million of the outstanding B-4 Term Loan and all $648.4 million in principal outstanding under the B-5 Term Loan. The following table details the net book value of each of our senior term loan facilities, or Term Loans, on our consolidated balance sheets ($ in thousands):
(1)The B-4 Term Loan and the B-6 Term Loan borrowings are subject to a floor of 0.50%. The Term Loans are indexed to one-month SOFR. (2)Includes issue discount and transaction expenses that are amortized through interest expense over the life of the Term Loans. The Term Loans are partially amortizing, with an amount equal to 1.0% per annum of the aggregate initial principal balance due in quarterly installments. The following table details our interest expense related to the Term Loans ($ in thousands):
The Term Loans contain the financial covenant that our indebtedness shall not exceed 83.33% of our total assets. As of June 30, 2025 and December 31, 2024, we were in compliance with this covenant. Refer to Note 2 for additional discussion of our accounting policies for the Term Loans. SENIOR SECURED NOTES, NETThe following table details the net book value of our senior secured notes, or Senior Secured Notes, on our consolidated balance sheets ($ in thousands):
(1)Includes transaction expenses that are amortized through interest expense over the life of the Senior Secured Notes. (2)Represents the stated coupon rate of the notes. We have entered into an interest rate swap that effectively converts our fixed rate exposure to a SOFR + 3.95% floating rate exposure. (3)Represents the fair value of an interest rate swap that we entered into to convert the fixed rate exposure of the December 2024 Senior Secured Notes into floating rate. Refer to Note 14 for additional discussion. The following table details our interest expense related to the Senior Secured Notes ($ in thousands):
There was no repurchase activity or gain on debt extinguishment during the six months ended June 30, 2025. During the six months ended June 30, 2024, we repurchased an aggregate principal amount of $26.2 million of the October 2021 Senior Secured Notes at a weighted-average price of 88% of par. This resulted in a gain on extinguishment of debt of $3.0 million during the six months ended June 30, 2024. The Senior Secured Notes contain the financial covenant that our indebtedness shall not exceed 83.33% of our total assets. As of June 30, 2025 and December 31, 2024, we were in compliance with this covenant. Under certain circumstances, we may, at our option, release all of the collateral securing our Senior Secured Notes, in which case we would also be required to maintain a total unencumbered assets to total unsecured indebtedness ratio of 1.20 or greater. This covenant is not currently in effect as the collateral securing our Senior Secured Notes has not been released. CONVERTIBLE NOTES, NET The following table details the net book value of our convertible senior notes, or Convertible Notes, on our consolidated balance sheets ($ in thousands):
(1)Includes issuance costs that are amortized through interest expense over the life of the Convertible Notes using the effective interest method. (2)Represents the price of class A common stock per share based on a conversion rate of 27.5702 for the Convertible Notes. The conversion rate represents the number of shares of class A common stock issuable per $1,000 principal amount of Convertible Notes. The cumulative dividend threshold has not been exceeded as of June 30, 2025. Other than as provided by the optional redemption provisions with respect to our Convertible Notes, we may not redeem the Convertible Notes prior to maturity. The Convertible Notes are convertible at the holders’ option into shares of our class A common stock, only under specific circumstances, prior to the close of business on December 14, 2026 at the applicable conversion rate in effect on the conversion date. Thereafter, the Convertible Notes are convertible at the option of the holder at any time until the second scheduled trading day immediately preceding the maturity date. The last reported sale price of our class A common stock of $19.25 on June 30, 2025, the last trading day in the six months ended June 30, 2025, was less than the per share conversion price of the Convertible Notes. The following table details our interest expense related to the Convertible Notes ($ in thousands):
Accrued interest payable for the Convertible Notes was $4.3 million as of both June 30, 2025 and December 31, 2024. Refer to Note 2 for additional discussion of our accounting policies for the Convertible Notes.
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| Long-Term Debt | SECURED DEBT, NET Our secured debt represents borrowings under our secured credit facilities. During the six months ended June 30, 2025, we closed $2.0 billion of new borrowings against $2.5 billion of collateral assets. The following table details our secured debt ($ in thousands):
(1)Costs incurred in connection with our secured debt are recorded on our consolidated balance sheets when incurred and recognized as a component of interest expense over the life of each related facility. Secured Credit Facilities Our secured credit facilities are bilateral agreements we use to finance diversified pools of senior loan collateral with sufficient flexibility to accommodate our investment and asset management strategy. The facilities are uniformly structured to provide currency, index, and term-matched financing without capital markets based mark-to-market provisions. Our credit facilities are diversified across 14 counterparties, primarily consisting of top global financial institutions to minimize our counterparty risk exposure. The following table details our secured credit facilities as of June 30, 2025 ($ in thousands):
(1)Represents the number of lenders with fundings advanced in each respective currency, as well as the total number of facility lenders. (2)Our secured debt agreements are generally term-matched to their underlying collateral. Therefore, the weighted- average maturity is generally allocated based on the maximum maturity date of the collateral loans, assuming all extension options are exercised by the borrower. In limited instances, the maturity date of the respective secured credit facility is used. (3)Represents the principal balance of the collateral loan assets and the book value of the collateral REO assets. (4)Maximum maturity assumes all extension options are exercised by the borrower, however our loans may be repaid prior to such date. (5)Includes Australian Dollar, Canadian Dollar, Swedish Krona, and Swiss Franc currencies. The availability of funding under our secured credit facilities is based on the amount of approved collateral, which collateral is proposed by us in our discretion and approved by the respective counterparty in its discretion, resulting in a mutually agreed collateral portfolio construction. Certain structural elements of our secured credit facilities, including the limitation on recourse to us and facility economics, are influenced by the specific collateral portfolio construction of each facility, and therefore vary within and among the facilities. The following tables detail the spread of our secured credit facilities as of June 30, 2025 and December 31, 2024 ($ in thousands):
(1)The spread, all-in cost, and all-in yield are expressed over the relevant floating benchmark rates, which include SOFR, SONIA, EURIBOR, CORRA, and other indices as applicable. (2)Represents the amount of new borrowings we closed during the six months ended June 30, 2025 and year ended December 31, 2024, respectively. (3)In addition to spread, the cost includes the associated deferred fees and expenses related to the respective borrowings. In addition to cash coupon, all-in yield includes the amortization of deferred origination and extension fees, loan origination costs, and purchase discounts, as well as the accrual of exit fees. All-in yield excludes loans accounted for under the cost-recovery and nonaccrual methods, if any, and REO assets. (4)Represents the weighted-average all-in cost as of June 30, 2025 and December 31, 2024, respectively, and is not necessarily indicative of the spread applicable to recent or future borrowings. (5)Represents the principal balance of the collateral loan assets and the book value of the collateral REO assets. (6)Represents the difference between the weighted-average all-in yield and weighted-average all-in cost. Our secured credit facilities generally permit us to increase or decrease the amount advanced against the pledged collateral in our discretion within certain maximum/minimum amounts and frequency limitations. As of June 30, 2025, there was an aggregate $697.9 million available to be drawn at our discretion under our credit facilities. Financial Covenants As of June 30, 2025, we are subject to the following financial covenants related to our secured debt: (i) our ratio of earnings before interest, taxes, depreciation, and amortization, or EBITDA, to fixed charges, as defined in the agreements, shall be not less than 1.25 to 1.0; (ii) our tangible net worth, as defined in the agreements, shall not be less than $3.6 billion as of each measurement date plus 75% to 85% of the net cash proceeds of future equity issuances subsequent to June 30, 2025; (iii) cash liquidity shall not be less than the greater of (x) $10.0 million or (y) no more than 5% of our recourse indebtedness; and (iv) our indebtedness shall not exceed 83.33% of our total assets. As of June 30, 2025 and December 31, 2024, we were in compliance with these covenants. During 2024, the financial covenant under each applicable secured debt agreement related to the ratio of our EBITDA to fixed charges, as noted above, was amended so that the ratio shall be not less than 1.25 to 1.0 with respect to each of the four fiscal quarters beginning with the quarter ended September 30, 2024, and shall be not less than 1.3 to 1.0 thereafter. SECURITIZED DEBT OBLIGATIONS, NET We have financed certain pools of our loans through collateralized loan obligations, or CLOs. The CLOs are consolidated in our financial statements and have issued securitized debt obligations that are non-recourse to us. Refer to Note 20 for further discussion of our CLOs. The following tables detail our securitized debt obligations and the underlying collateral assets that are financed by our CLOs ($ in thousands):
(1)The book value of underlying collateral assets excludes any applicable CECL reserves. (2)In addition to cash coupon, all-in yield includes the amortization of deferred origination and extension fees, loan origination costs, purchase discounts, and accrual of exit fees. . All-in yield excludes loans accounted for under the cost-recovery and nonaccrual methods, if any, and REO assets. (4)Underlying Collateral Assets term represents the weighted-average final maturity of such loans, assuming all extension options are exercised by the borrower, and excludes REO assets. Repayments of securitized debt obligations 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. (5)During the three and six months ended June 30, 2025, we recorded $40.3 million and $67.9 million, respectively, of interest expense related to our securitized debt obligations.
(1)The book value of underlying collateral assets excludes any applicable CECL reserves. (2)In addition to cash coupon, all-in yield includes the amortization of deferred origination and extension fees, loan origination costs, purchase discounts, and accrual of exit fees. (3). All-in yield excludes loans accounted for under the cost-recovery and nonaccrual methods, if any. (4)Underlying Collateral Assets term represents the weighted-average final maturity of such loans, assuming all extension options are exercised by the borrower. Repayments of securitized debt obligations 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. (5)During the three and six months ended June 30, 2024, we recorded $40.2 million and $81.7 million, respectively, of interest expense related to our securitized debt obligations. ASSET-SPECIFIC DEBT, NET The following table details our asset-specific debt ($ in thousands):
(1)The book value of underlying collateral assets excludes any applicable CECL reserves. (2) which include SOFR and CORRA, as applicable. These floating rate loans and related liabilities are currency and index-matched to the applicable benchmark rate relevant in each arrangement. In addition to cash coupon, yield/cost includes the amortization of deferred origination fees and financing costs. (3)The weighted-average term is determined based on the maximum maturity of the corresponding loans, assuming all extension options are exercised by the borrower. Our non-recourse, asset-specific debt is term-matched in each case to the corresponding collateral loans. TERM LOANS, NET During the three months ended June 30, 2025, we borrowed an additional $1.0 billion under the B-6 Term Loan. The B-6 Term Loan bears interest at SOFR plus 3.00% and matures in December 2030. The proceeds from the B-6 Term Loan were used to repay $400.0 million of the outstanding B-4 Term Loan and all $648.4 million in principal outstanding under the B-5 Term Loan. The following table details the net book value of each of our senior term loan facilities, or Term Loans, on our consolidated balance sheets ($ in thousands):
(1)The B-4 Term Loan and the B-6 Term Loan borrowings are subject to a floor of 0.50%. The Term Loans are indexed to one-month SOFR. (2)Includes issue discount and transaction expenses that are amortized through interest expense over the life of the Term Loans. The Term Loans are partially amortizing, with an amount equal to 1.0% per annum of the aggregate initial principal balance due in quarterly installments. The following table details our interest expense related to the Term Loans ($ in thousands):
The Term Loans contain the financial covenant that our indebtedness shall not exceed 83.33% of our total assets. As of June 30, 2025 and December 31, 2024, we were in compliance with this covenant. Refer to Note 2 for additional discussion of our accounting policies for the Term Loans. SENIOR SECURED NOTES, NETThe following table details the net book value of our senior secured notes, or Senior Secured Notes, on our consolidated balance sheets ($ in thousands):
(1)Includes transaction expenses that are amortized through interest expense over the life of the Senior Secured Notes. (2)Represents the stated coupon rate of the notes. We have entered into an interest rate swap that effectively converts our fixed rate exposure to a SOFR + 3.95% floating rate exposure. (3)Represents the fair value of an interest rate swap that we entered into to convert the fixed rate exposure of the December 2024 Senior Secured Notes into floating rate. Refer to Note 14 for additional discussion. The following table details our interest expense related to the Senior Secured Notes ($ in thousands):
There was no repurchase activity or gain on debt extinguishment during the six months ended June 30, 2025. During the six months ended June 30, 2024, we repurchased an aggregate principal amount of $26.2 million of the October 2021 Senior Secured Notes at a weighted-average price of 88% of par. This resulted in a gain on extinguishment of debt of $3.0 million during the six months ended June 30, 2024. The Senior Secured Notes contain the financial covenant that our indebtedness shall not exceed 83.33% of our total assets. As of June 30, 2025 and December 31, 2024, we were in compliance with this covenant. Under certain circumstances, we may, at our option, release all of the collateral securing our Senior Secured Notes, in which case we would also be required to maintain a total unencumbered assets to total unsecured indebtedness ratio of 1.20 or greater. This covenant is not currently in effect as the collateral securing our Senior Secured Notes has not been released. CONVERTIBLE NOTES, NET The following table details the net book value of our convertible senior notes, or Convertible Notes, on our consolidated balance sheets ($ in thousands):
(1)Includes issuance costs that are amortized through interest expense over the life of the Convertible Notes using the effective interest method. (2)Represents the price of class A common stock per share based on a conversion rate of 27.5702 for the Convertible Notes. The conversion rate represents the number of shares of class A common stock issuable per $1,000 principal amount of Convertible Notes. The cumulative dividend threshold has not been exceeded as of June 30, 2025. Other than as provided by the optional redemption provisions with respect to our Convertible Notes, we may not redeem the Convertible Notes prior to maturity. The Convertible Notes are convertible at the holders’ option into shares of our class A common stock, only under specific circumstances, prior to the close of business on December 14, 2026 at the applicable conversion rate in effect on the conversion date. Thereafter, the Convertible Notes are convertible at the option of the holder at any time until the second scheduled trading day immediately preceding the maturity date. The last reported sale price of our class A common stock of $19.25 on June 30, 2025, the last trading day in the six months ended June 30, 2025, was less than the per share conversion price of the Convertible Notes. The following table details our interest expense related to the Convertible Notes ($ in thousands):
Accrued interest payable for the Convertible Notes was $4.3 million as of both June 30, 2025 and December 31, 2024. Refer to Note 2 for additional discussion of our accounting policies for the Convertible Notes.
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| Loans Participations Sold, Net | LOAN PARTICIPATIONS SOLD, NET The sale of a non-recourse interest in a loan through a participation agreement generally does not qualify for sale accounting under GAAP. For such transactions, we therefore present the whole loan as an asset and the loan participation sold as a liability on our consolidated balance sheet until the loan is repaid. We generally have no obligation to pay principal and interest under these liabilities, and the gross presentation of loan participations sold does not impact our stockholders’ equity or net income. The following table details our loan participations sold ($ in thousands):
(1)The book value of underlying collateral assets excludes any applicable CECL reserves. (2)The weighted-average all-in yield and cost are expressed over the relevant floating benchmark rates, which include SOFR and SONIA, as applicable. This non-debt participation sold structure is inherently matched in terms of currency and interest rate. In addition to cash coupon, yield/cost includes the amortization of deferred fees and financing costs. (3)The term is determined based on the maximum maturity of the loan, assuming all extension options are exercised by the borrower. Our loan participations sold are inherently non-recourse and term-matched to the corresponding loan. (4)During the three and six months ended June 30, 2025, we recorded $2.4 million and $5.4 million, respectively, of interest expense related to our loan participations sold. During the year ended December 31, 2024, we recorded $22.6 million of interest expense related to our loan participations sold
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| Long-Term Debt | SECURED DEBT, NET Our secured debt represents borrowings under our secured credit facilities. During the six months ended June 30, 2025, we closed $2.0 billion of new borrowings against $2.5 billion of collateral assets. The following table details our secured debt ($ in thousands):
(1)Costs incurred in connection with our secured debt are recorded on our consolidated balance sheets when incurred and recognized as a component of interest expense over the life of each related facility. Secured Credit Facilities Our secured credit facilities are bilateral agreements we use to finance diversified pools of senior loan collateral with sufficient flexibility to accommodate our investment and asset management strategy. The facilities are uniformly structured to provide currency, index, and term-matched financing without capital markets based mark-to-market provisions. Our credit facilities are diversified across 14 counterparties, primarily consisting of top global financial institutions to minimize our counterparty risk exposure. The following table details our secured credit facilities as of June 30, 2025 ($ in thousands):
(1)Represents the number of lenders with fundings advanced in each respective currency, as well as the total number of facility lenders. (2)Our secured debt agreements are generally term-matched to their underlying collateral. Therefore, the weighted- average maturity is generally allocated based on the maximum maturity date of the collateral loans, assuming all extension options are exercised by the borrower. In limited instances, the maturity date of the respective secured credit facility is used. (3)Represents the principal balance of the collateral loan assets and the book value of the collateral REO assets. (4)Maximum maturity assumes all extension options are exercised by the borrower, however our loans may be repaid prior to such date. (5)Includes Australian Dollar, Canadian Dollar, Swedish Krona, and Swiss Franc currencies. The availability of funding under our secured credit facilities is based on the amount of approved collateral, which collateral is proposed by us in our discretion and approved by the respective counterparty in its discretion, resulting in a mutually agreed collateral portfolio construction. Certain structural elements of our secured credit facilities, including the limitation on recourse to us and facility economics, are influenced by the specific collateral portfolio construction of each facility, and therefore vary within and among the facilities. The following tables detail the spread of our secured credit facilities as of June 30, 2025 and December 31, 2024 ($ in thousands):
(1)The spread, all-in cost, and all-in yield are expressed over the relevant floating benchmark rates, which include SOFR, SONIA, EURIBOR, CORRA, and other indices as applicable. (2)Represents the amount of new borrowings we closed during the six months ended June 30, 2025 and year ended December 31, 2024, respectively. (3)In addition to spread, the cost includes the associated deferred fees and expenses related to the respective borrowings. In addition to cash coupon, all-in yield includes the amortization of deferred origination and extension fees, loan origination costs, and purchase discounts, as well as the accrual of exit fees. All-in yield excludes loans accounted for under the cost-recovery and nonaccrual methods, if any, and REO assets. (4)Represents the weighted-average all-in cost as of June 30, 2025 and December 31, 2024, respectively, and is not necessarily indicative of the spread applicable to recent or future borrowings. (5)Represents the principal balance of the collateral loan assets and the book value of the collateral REO assets. (6)Represents the difference between the weighted-average all-in yield and weighted-average all-in cost. Our secured credit facilities generally permit us to increase or decrease the amount advanced against the pledged collateral in our discretion within certain maximum/minimum amounts and frequency limitations. As of June 30, 2025, there was an aggregate $697.9 million available to be drawn at our discretion under our credit facilities. Financial Covenants As of June 30, 2025, we are subject to the following financial covenants related to our secured debt: (i) our ratio of earnings before interest, taxes, depreciation, and amortization, or EBITDA, to fixed charges, as defined in the agreements, shall be not less than 1.25 to 1.0; (ii) our tangible net worth, as defined in the agreements, shall not be less than $3.6 billion as of each measurement date plus 75% to 85% of the net cash proceeds of future equity issuances subsequent to June 30, 2025; (iii) cash liquidity shall not be less than the greater of (x) $10.0 million or (y) no more than 5% of our recourse indebtedness; and (iv) our indebtedness shall not exceed 83.33% of our total assets. As of June 30, 2025 and December 31, 2024, we were in compliance with these covenants. During 2024, the financial covenant under each applicable secured debt agreement related to the ratio of our EBITDA to fixed charges, as noted above, was amended so that the ratio shall be not less than 1.25 to 1.0 with respect to each of the four fiscal quarters beginning with the quarter ended September 30, 2024, and shall be not less than 1.3 to 1.0 thereafter. SECURITIZED DEBT OBLIGATIONS, NET We have financed certain pools of our loans through collateralized loan obligations, or CLOs. The CLOs are consolidated in our financial statements and have issued securitized debt obligations that are non-recourse to us. Refer to Note 20 for further discussion of our CLOs. The following tables detail our securitized debt obligations and the underlying collateral assets that are financed by our CLOs ($ in thousands):
(1)The book value of underlying collateral assets excludes any applicable CECL reserves. (2)In addition to cash coupon, all-in yield includes the amortization of deferred origination and extension fees, loan origination costs, purchase discounts, and accrual of exit fees. . All-in yield excludes loans accounted for under the cost-recovery and nonaccrual methods, if any, and REO assets. (4)Underlying Collateral Assets term represents the weighted-average final maturity of such loans, assuming all extension options are exercised by the borrower, and excludes REO assets. Repayments of securitized debt obligations 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. (5)During the three and six months ended June 30, 2025, we recorded $40.3 million and $67.9 million, respectively, of interest expense related to our securitized debt obligations.
(1)The book value of underlying collateral assets excludes any applicable CECL reserves. (2)In addition to cash coupon, all-in yield includes the amortization of deferred origination and extension fees, loan origination costs, purchase discounts, and accrual of exit fees. (3). All-in yield excludes loans accounted for under the cost-recovery and nonaccrual methods, if any. (4)Underlying Collateral Assets term represents the weighted-average final maturity of such loans, assuming all extension options are exercised by the borrower. Repayments of securitized debt obligations 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. (5)During the three and six months ended June 30, 2024, we recorded $40.2 million and $81.7 million, respectively, of interest expense related to our securitized debt obligations. ASSET-SPECIFIC DEBT, NET The following table details our asset-specific debt ($ in thousands):
(1)The book value of underlying collateral assets excludes any applicable CECL reserves. (2) which include SOFR and CORRA, as applicable. These floating rate loans and related liabilities are currency and index-matched to the applicable benchmark rate relevant in each arrangement. In addition to cash coupon, yield/cost includes the amortization of deferred origination fees and financing costs. (3)The weighted-average term is determined based on the maximum maturity of the corresponding loans, assuming all extension options are exercised by the borrower. Our non-recourse, asset-specific debt is term-matched in each case to the corresponding collateral loans. TERM LOANS, NET During the three months ended June 30, 2025, we borrowed an additional $1.0 billion under the B-6 Term Loan. The B-6 Term Loan bears interest at SOFR plus 3.00% and matures in December 2030. The proceeds from the B-6 Term Loan were used to repay $400.0 million of the outstanding B-4 Term Loan and all $648.4 million in principal outstanding under the B-5 Term Loan. The following table details the net book value of each of our senior term loan facilities, or Term Loans, on our consolidated balance sheets ($ in thousands):
(1)The B-4 Term Loan and the B-6 Term Loan borrowings are subject to a floor of 0.50%. The Term Loans are indexed to one-month SOFR. (2)Includes issue discount and transaction expenses that are amortized through interest expense over the life of the Term Loans. The Term Loans are partially amortizing, with an amount equal to 1.0% per annum of the aggregate initial principal balance due in quarterly installments. The following table details our interest expense related to the Term Loans ($ in thousands):
The Term Loans contain the financial covenant that our indebtedness shall not exceed 83.33% of our total assets. As of June 30, 2025 and December 31, 2024, we were in compliance with this covenant. Refer to Note 2 for additional discussion of our accounting policies for the Term Loans. SENIOR SECURED NOTES, NETThe following table details the net book value of our senior secured notes, or Senior Secured Notes, on our consolidated balance sheets ($ in thousands):
(1)Includes transaction expenses that are amortized through interest expense over the life of the Senior Secured Notes. (2)Represents the stated coupon rate of the notes. We have entered into an interest rate swap that effectively converts our fixed rate exposure to a SOFR + 3.95% floating rate exposure. (3)Represents the fair value of an interest rate swap that we entered into to convert the fixed rate exposure of the December 2024 Senior Secured Notes into floating rate. Refer to Note 14 for additional discussion. The following table details our interest expense related to the Senior Secured Notes ($ in thousands):
There was no repurchase activity or gain on debt extinguishment during the six months ended June 30, 2025. During the six months ended June 30, 2024, we repurchased an aggregate principal amount of $26.2 million of the October 2021 Senior Secured Notes at a weighted-average price of 88% of par. This resulted in a gain on extinguishment of debt of $3.0 million during the six months ended June 30, 2024. The Senior Secured Notes contain the financial covenant that our indebtedness shall not exceed 83.33% of our total assets. As of June 30, 2025 and December 31, 2024, we were in compliance with this covenant. Under certain circumstances, we may, at our option, release all of the collateral securing our Senior Secured Notes, in which case we would also be required to maintain a total unencumbered assets to total unsecured indebtedness ratio of 1.20 or greater. This covenant is not currently in effect as the collateral securing our Senior Secured Notes has not been released. CONVERTIBLE NOTES, NET The following table details the net book value of our convertible senior notes, or Convertible Notes, on our consolidated balance sheets ($ in thousands):
(1)Includes issuance costs that are amortized through interest expense over the life of the Convertible Notes using the effective interest method. (2)Represents the price of class A common stock per share based on a conversion rate of 27.5702 for the Convertible Notes. The conversion rate represents the number of shares of class A common stock issuable per $1,000 principal amount of Convertible Notes. The cumulative dividend threshold has not been exceeded as of June 30, 2025. Other than as provided by the optional redemption provisions with respect to our Convertible Notes, we may not redeem the Convertible Notes prior to maturity. The Convertible Notes are convertible at the holders’ option into shares of our class A common stock, only under specific circumstances, prior to the close of business on December 14, 2026 at the applicable conversion rate in effect on the conversion date. Thereafter, the Convertible Notes are convertible at the option of the holder at any time until the second scheduled trading day immediately preceding the maturity date. The last reported sale price of our class A common stock of $19.25 on June 30, 2025, the last trading day in the six months ended June 30, 2025, was less than the per share conversion price of the Convertible Notes. The following table details our interest expense related to the Convertible Notes ($ in thousands):
Accrued interest payable for the Convertible Notes was $4.3 million as of both June 30, 2025 and December 31, 2024. Refer to Note 2 for additional discussion of our accounting policies for the Convertible Notes.
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Senior Secured Notes, Net |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Long-Term Debt | SECURED DEBT, NET Our secured debt represents borrowings under our secured credit facilities. During the six months ended June 30, 2025, we closed $2.0 billion of new borrowings against $2.5 billion of collateral assets. The following table details our secured debt ($ in thousands):
(1)Costs incurred in connection with our secured debt are recorded on our consolidated balance sheets when incurred and recognized as a component of interest expense over the life of each related facility. Secured Credit Facilities Our secured credit facilities are bilateral agreements we use to finance diversified pools of senior loan collateral with sufficient flexibility to accommodate our investment and asset management strategy. The facilities are uniformly structured to provide currency, index, and term-matched financing without capital markets based mark-to-market provisions. Our credit facilities are diversified across 14 counterparties, primarily consisting of top global financial institutions to minimize our counterparty risk exposure. The following table details our secured credit facilities as of June 30, 2025 ($ in thousands):
(1)Represents the number of lenders with fundings advanced in each respective currency, as well as the total number of facility lenders. (2)Our secured debt agreements are generally term-matched to their underlying collateral. Therefore, the weighted- average maturity is generally allocated based on the maximum maturity date of the collateral loans, assuming all extension options are exercised by the borrower. In limited instances, the maturity date of the respective secured credit facility is used. (3)Represents the principal balance of the collateral loan assets and the book value of the collateral REO assets. (4)Maximum maturity assumes all extension options are exercised by the borrower, however our loans may be repaid prior to such date. (5)Includes Australian Dollar, Canadian Dollar, Swedish Krona, and Swiss Franc currencies. The availability of funding under our secured credit facilities is based on the amount of approved collateral, which collateral is proposed by us in our discretion and approved by the respective counterparty in its discretion, resulting in a mutually agreed collateral portfolio construction. Certain structural elements of our secured credit facilities, including the limitation on recourse to us and facility economics, are influenced by the specific collateral portfolio construction of each facility, and therefore vary within and among the facilities. The following tables detail the spread of our secured credit facilities as of June 30, 2025 and December 31, 2024 ($ in thousands):
(1)The spread, all-in cost, and all-in yield are expressed over the relevant floating benchmark rates, which include SOFR, SONIA, EURIBOR, CORRA, and other indices as applicable. (2)Represents the amount of new borrowings we closed during the six months ended June 30, 2025 and year ended December 31, 2024, respectively. (3)In addition to spread, the cost includes the associated deferred fees and expenses related to the respective borrowings. In addition to cash coupon, all-in yield includes the amortization of deferred origination and extension fees, loan origination costs, and purchase discounts, as well as the accrual of exit fees. All-in yield excludes loans accounted for under the cost-recovery and nonaccrual methods, if any, and REO assets. (4)Represents the weighted-average all-in cost as of June 30, 2025 and December 31, 2024, respectively, and is not necessarily indicative of the spread applicable to recent or future borrowings. (5)Represents the principal balance of the collateral loan assets and the book value of the collateral REO assets. (6)Represents the difference between the weighted-average all-in yield and weighted-average all-in cost. Our secured credit facilities generally permit us to increase or decrease the amount advanced against the pledged collateral in our discretion within certain maximum/minimum amounts and frequency limitations. As of June 30, 2025, there was an aggregate $697.9 million available to be drawn at our discretion under our credit facilities. Financial Covenants As of June 30, 2025, we are subject to the following financial covenants related to our secured debt: (i) our ratio of earnings before interest, taxes, depreciation, and amortization, or EBITDA, to fixed charges, as defined in the agreements, shall be not less than 1.25 to 1.0; (ii) our tangible net worth, as defined in the agreements, shall not be less than $3.6 billion as of each measurement date plus 75% to 85% of the net cash proceeds of future equity issuances subsequent to June 30, 2025; (iii) cash liquidity shall not be less than the greater of (x) $10.0 million or (y) no more than 5% of our recourse indebtedness; and (iv) our indebtedness shall not exceed 83.33% of our total assets. As of June 30, 2025 and December 31, 2024, we were in compliance with these covenants. During 2024, the financial covenant under each applicable secured debt agreement related to the ratio of our EBITDA to fixed charges, as noted above, was amended so that the ratio shall be not less than 1.25 to 1.0 with respect to each of the four fiscal quarters beginning with the quarter ended September 30, 2024, and shall be not less than 1.3 to 1.0 thereafter. SECURITIZED DEBT OBLIGATIONS, NET We have financed certain pools of our loans through collateralized loan obligations, or CLOs. The CLOs are consolidated in our financial statements and have issued securitized debt obligations that are non-recourse to us. Refer to Note 20 for further discussion of our CLOs. The following tables detail our securitized debt obligations and the underlying collateral assets that are financed by our CLOs ($ in thousands):
(1)The book value of underlying collateral assets excludes any applicable CECL reserves. (2)In addition to cash coupon, all-in yield includes the amortization of deferred origination and extension fees, loan origination costs, purchase discounts, and accrual of exit fees. . All-in yield excludes loans accounted for under the cost-recovery and nonaccrual methods, if any, and REO assets. (4)Underlying Collateral Assets term represents the weighted-average final maturity of such loans, assuming all extension options are exercised by the borrower, and excludes REO assets. Repayments of securitized debt obligations 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. (5)During the three and six months ended June 30, 2025, we recorded $40.3 million and $67.9 million, respectively, of interest expense related to our securitized debt obligations.
(1)The book value of underlying collateral assets excludes any applicable CECL reserves. (2)In addition to cash coupon, all-in yield includes the amortization of deferred origination and extension fees, loan origination costs, purchase discounts, and accrual of exit fees. (3). All-in yield excludes loans accounted for under the cost-recovery and nonaccrual methods, if any. (4)Underlying Collateral Assets term represents the weighted-average final maturity of such loans, assuming all extension options are exercised by the borrower. Repayments of securitized debt obligations 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. (5)During the three and six months ended June 30, 2024, we recorded $40.2 million and $81.7 million, respectively, of interest expense related to our securitized debt obligations. ASSET-SPECIFIC DEBT, NET The following table details our asset-specific debt ($ in thousands):
(1)The book value of underlying collateral assets excludes any applicable CECL reserves. (2) which include SOFR and CORRA, as applicable. These floating rate loans and related liabilities are currency and index-matched to the applicable benchmark rate relevant in each arrangement. In addition to cash coupon, yield/cost includes the amortization of deferred origination fees and financing costs. (3)The weighted-average term is determined based on the maximum maturity of the corresponding loans, assuming all extension options are exercised by the borrower. Our non-recourse, asset-specific debt is term-matched in each case to the corresponding collateral loans. TERM LOANS, NET During the three months ended June 30, 2025, we borrowed an additional $1.0 billion under the B-6 Term Loan. The B-6 Term Loan bears interest at SOFR plus 3.00% and matures in December 2030. The proceeds from the B-6 Term Loan were used to repay $400.0 million of the outstanding B-4 Term Loan and all $648.4 million in principal outstanding under the B-5 Term Loan. The following table details the net book value of each of our senior term loan facilities, or Term Loans, on our consolidated balance sheets ($ in thousands):
(1)The B-4 Term Loan and the B-6 Term Loan borrowings are subject to a floor of 0.50%. The Term Loans are indexed to one-month SOFR. (2)Includes issue discount and transaction expenses that are amortized through interest expense over the life of the Term Loans. The Term Loans are partially amortizing, with an amount equal to 1.0% per annum of the aggregate initial principal balance due in quarterly installments. The following table details our interest expense related to the Term Loans ($ in thousands):
The Term Loans contain the financial covenant that our indebtedness shall not exceed 83.33% of our total assets. As of June 30, 2025 and December 31, 2024, we were in compliance with this covenant. Refer to Note 2 for additional discussion of our accounting policies for the Term Loans. SENIOR SECURED NOTES, NETThe following table details the net book value of our senior secured notes, or Senior Secured Notes, on our consolidated balance sheets ($ in thousands):
(1)Includes transaction expenses that are amortized through interest expense over the life of the Senior Secured Notes. (2)Represents the stated coupon rate of the notes. We have entered into an interest rate swap that effectively converts our fixed rate exposure to a SOFR + 3.95% floating rate exposure. (3)Represents the fair value of an interest rate swap that we entered into to convert the fixed rate exposure of the December 2024 Senior Secured Notes into floating rate. Refer to Note 14 for additional discussion. The following table details our interest expense related to the Senior Secured Notes ($ in thousands):
There was no repurchase activity or gain on debt extinguishment during the six months ended June 30, 2025. During the six months ended June 30, 2024, we repurchased an aggregate principal amount of $26.2 million of the October 2021 Senior Secured Notes at a weighted-average price of 88% of par. This resulted in a gain on extinguishment of debt of $3.0 million during the six months ended June 30, 2024. The Senior Secured Notes contain the financial covenant that our indebtedness shall not exceed 83.33% of our total assets. As of June 30, 2025 and December 31, 2024, we were in compliance with this covenant. Under certain circumstances, we may, at our option, release all of the collateral securing our Senior Secured Notes, in which case we would also be required to maintain a total unencumbered assets to total unsecured indebtedness ratio of 1.20 or greater. This covenant is not currently in effect as the collateral securing our Senior Secured Notes has not been released. CONVERTIBLE NOTES, NET The following table details the net book value of our convertible senior notes, or Convertible Notes, on our consolidated balance sheets ($ in thousands):
(1)Includes issuance costs that are amortized through interest expense over the life of the Convertible Notes using the effective interest method. (2)Represents the price of class A common stock per share based on a conversion rate of 27.5702 for the Convertible Notes. The conversion rate represents the number of shares of class A common stock issuable per $1,000 principal amount of Convertible Notes. The cumulative dividend threshold has not been exceeded as of June 30, 2025. Other than as provided by the optional redemption provisions with respect to our Convertible Notes, we may not redeem the Convertible Notes prior to maturity. The Convertible Notes are convertible at the holders’ option into shares of our class A common stock, only under specific circumstances, prior to the close of business on December 14, 2026 at the applicable conversion rate in effect on the conversion date. Thereafter, the Convertible Notes are convertible at the option of the holder at any time until the second scheduled trading day immediately preceding the maturity date. The last reported sale price of our class A common stock of $19.25 on June 30, 2025, the last trading day in the six months ended June 30, 2025, was less than the per share conversion price of the Convertible Notes. The following table details our interest expense related to the Convertible Notes ($ in thousands):
Accrued interest payable for the Convertible Notes was $4.3 million as of both June 30, 2025 and December 31, 2024. Refer to Note 2 for additional discussion of our accounting policies for the Convertible Notes.
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| Debt Instruments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Long-Term Debt | SECURED DEBT, NET Our secured debt represents borrowings under our secured credit facilities. During the six months ended June 30, 2025, we closed $2.0 billion of new borrowings against $2.5 billion of collateral assets. The following table details our secured debt ($ in thousands):
(1)Costs incurred in connection with our secured debt are recorded on our consolidated balance sheets when incurred and recognized as a component of interest expense over the life of each related facility. Secured Credit Facilities Our secured credit facilities are bilateral agreements we use to finance diversified pools of senior loan collateral with sufficient flexibility to accommodate our investment and asset management strategy. The facilities are uniformly structured to provide currency, index, and term-matched financing without capital markets based mark-to-market provisions. Our credit facilities are diversified across 14 counterparties, primarily consisting of top global financial institutions to minimize our counterparty risk exposure. The following table details our secured credit facilities as of June 30, 2025 ($ in thousands):
(1)Represents the number of lenders with fundings advanced in each respective currency, as well as the total number of facility lenders. (2)Our secured debt agreements are generally term-matched to their underlying collateral. Therefore, the weighted- average maturity is generally allocated based on the maximum maturity date of the collateral loans, assuming all extension options are exercised by the borrower. In limited instances, the maturity date of the respective secured credit facility is used. (3)Represents the principal balance of the collateral loan assets and the book value of the collateral REO assets. (4)Maximum maturity assumes all extension options are exercised by the borrower, however our loans may be repaid prior to such date. (5)Includes Australian Dollar, Canadian Dollar, Swedish Krona, and Swiss Franc currencies. The availability of funding under our secured credit facilities is based on the amount of approved collateral, which collateral is proposed by us in our discretion and approved by the respective counterparty in its discretion, resulting in a mutually agreed collateral portfolio construction. Certain structural elements of our secured credit facilities, including the limitation on recourse to us and facility economics, are influenced by the specific collateral portfolio construction of each facility, and therefore vary within and among the facilities. The following tables detail the spread of our secured credit facilities as of June 30, 2025 and December 31, 2024 ($ in thousands):
(1)The spread, all-in cost, and all-in yield are expressed over the relevant floating benchmark rates, which include SOFR, SONIA, EURIBOR, CORRA, and other indices as applicable. (2)Represents the amount of new borrowings we closed during the six months ended June 30, 2025 and year ended December 31, 2024, respectively. (3)In addition to spread, the cost includes the associated deferred fees and expenses related to the respective borrowings. In addition to cash coupon, all-in yield includes the amortization of deferred origination and extension fees, loan origination costs, and purchase discounts, as well as the accrual of exit fees. All-in yield excludes loans accounted for under the cost-recovery and nonaccrual methods, if any, and REO assets. (4)Represents the weighted-average all-in cost as of June 30, 2025 and December 31, 2024, respectively, and is not necessarily indicative of the spread applicable to recent or future borrowings. (5)Represents the principal balance of the collateral loan assets and the book value of the collateral REO assets. (6)Represents the difference between the weighted-average all-in yield and weighted-average all-in cost. Our secured credit facilities generally permit us to increase or decrease the amount advanced against the pledged collateral in our discretion within certain maximum/minimum amounts and frequency limitations. As of June 30, 2025, there was an aggregate $697.9 million available to be drawn at our discretion under our credit facilities. Financial Covenants As of June 30, 2025, we are subject to the following financial covenants related to our secured debt: (i) our ratio of earnings before interest, taxes, depreciation, and amortization, or EBITDA, to fixed charges, as defined in the agreements, shall be not less than 1.25 to 1.0; (ii) our tangible net worth, as defined in the agreements, shall not be less than $3.6 billion as of each measurement date plus 75% to 85% of the net cash proceeds of future equity issuances subsequent to June 30, 2025; (iii) cash liquidity shall not be less than the greater of (x) $10.0 million or (y) no more than 5% of our recourse indebtedness; and (iv) our indebtedness shall not exceed 83.33% of our total assets. As of June 30, 2025 and December 31, 2024, we were in compliance with these covenants. During 2024, the financial covenant under each applicable secured debt agreement related to the ratio of our EBITDA to fixed charges, as noted above, was amended so that the ratio shall be not less than 1.25 to 1.0 with respect to each of the four fiscal quarters beginning with the quarter ended September 30, 2024, and shall be not less than 1.3 to 1.0 thereafter. SECURITIZED DEBT OBLIGATIONS, NET We have financed certain pools of our loans through collateralized loan obligations, or CLOs. The CLOs are consolidated in our financial statements and have issued securitized debt obligations that are non-recourse to us. Refer to Note 20 for further discussion of our CLOs. The following tables detail our securitized debt obligations and the underlying collateral assets that are financed by our CLOs ($ in thousands):
(1)The book value of underlying collateral assets excludes any applicable CECL reserves. (2)In addition to cash coupon, all-in yield includes the amortization of deferred origination and extension fees, loan origination costs, purchase discounts, and accrual of exit fees. . All-in yield excludes loans accounted for under the cost-recovery and nonaccrual methods, if any, and REO assets. (4)Underlying Collateral Assets term represents the weighted-average final maturity of such loans, assuming all extension options are exercised by the borrower, and excludes REO assets. Repayments of securitized debt obligations 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. (5)During the three and six months ended June 30, 2025, we recorded $40.3 million and $67.9 million, respectively, of interest expense related to our securitized debt obligations.
(1)The book value of underlying collateral assets excludes any applicable CECL reserves. (2)In addition to cash coupon, all-in yield includes the amortization of deferred origination and extension fees, loan origination costs, purchase discounts, and accrual of exit fees. (3). All-in yield excludes loans accounted for under the cost-recovery and nonaccrual methods, if any. (4)Underlying Collateral Assets term represents the weighted-average final maturity of such loans, assuming all extension options are exercised by the borrower. Repayments of securitized debt obligations 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. (5)During the three and six months ended June 30, 2024, we recorded $40.2 million and $81.7 million, respectively, of interest expense related to our securitized debt obligations. ASSET-SPECIFIC DEBT, NET The following table details our asset-specific debt ($ in thousands):
(1)The book value of underlying collateral assets excludes any applicable CECL reserves. (2) which include SOFR and CORRA, as applicable. These floating rate loans and related liabilities are currency and index-matched to the applicable benchmark rate relevant in each arrangement. In addition to cash coupon, yield/cost includes the amortization of deferred origination fees and financing costs. (3)The weighted-average term is determined based on the maximum maturity of the corresponding loans, assuming all extension options are exercised by the borrower. Our non-recourse, asset-specific debt is term-matched in each case to the corresponding collateral loans. TERM LOANS, NET During the three months ended June 30, 2025, we borrowed an additional $1.0 billion under the B-6 Term Loan. The B-6 Term Loan bears interest at SOFR plus 3.00% and matures in December 2030. The proceeds from the B-6 Term Loan were used to repay $400.0 million of the outstanding B-4 Term Loan and all $648.4 million in principal outstanding under the B-5 Term Loan. The following table details the net book value of each of our senior term loan facilities, or Term Loans, on our consolidated balance sheets ($ in thousands):
(1)The B-4 Term Loan and the B-6 Term Loan borrowings are subject to a floor of 0.50%. The Term Loans are indexed to one-month SOFR. (2)Includes issue discount and transaction expenses that are amortized through interest expense over the life of the Term Loans. The Term Loans are partially amortizing, with an amount equal to 1.0% per annum of the aggregate initial principal balance due in quarterly installments. The following table details our interest expense related to the Term Loans ($ in thousands):
The Term Loans contain the financial covenant that our indebtedness shall not exceed 83.33% of our total assets. As of June 30, 2025 and December 31, 2024, we were in compliance with this covenant. Refer to Note 2 for additional discussion of our accounting policies for the Term Loans. SENIOR SECURED NOTES, NETThe following table details the net book value of our senior secured notes, or Senior Secured Notes, on our consolidated balance sheets ($ in thousands):
(1)Includes transaction expenses that are amortized through interest expense over the life of the Senior Secured Notes. (2)Represents the stated coupon rate of the notes. We have entered into an interest rate swap that effectively converts our fixed rate exposure to a SOFR + 3.95% floating rate exposure. (3)Represents the fair value of an interest rate swap that we entered into to convert the fixed rate exposure of the December 2024 Senior Secured Notes into floating rate. Refer to Note 14 for additional discussion. The following table details our interest expense related to the Senior Secured Notes ($ in thousands):
There was no repurchase activity or gain on debt extinguishment during the six months ended June 30, 2025. During the six months ended June 30, 2024, we repurchased an aggregate principal amount of $26.2 million of the October 2021 Senior Secured Notes at a weighted-average price of 88% of par. This resulted in a gain on extinguishment of debt of $3.0 million during the six months ended June 30, 2024. The Senior Secured Notes contain the financial covenant that our indebtedness shall not exceed 83.33% of our total assets. As of June 30, 2025 and December 31, 2024, we were in compliance with this covenant. Under certain circumstances, we may, at our option, release all of the collateral securing our Senior Secured Notes, in which case we would also be required to maintain a total unencumbered assets to total unsecured indebtedness ratio of 1.20 or greater. This covenant is not currently in effect as the collateral securing our Senior Secured Notes has not been released. CONVERTIBLE NOTES, NET The following table details the net book value of our convertible senior notes, or Convertible Notes, on our consolidated balance sheets ($ in thousands):
(1)Includes issuance costs that are amortized through interest expense over the life of the Convertible Notes using the effective interest method. (2)Represents the price of class A common stock per share based on a conversion rate of 27.5702 for the Convertible Notes. The conversion rate represents the number of shares of class A common stock issuable per $1,000 principal amount of Convertible Notes. The cumulative dividend threshold has not been exceeded as of June 30, 2025. Other than as provided by the optional redemption provisions with respect to our Convertible Notes, we may not redeem the Convertible Notes prior to maturity. The Convertible Notes are convertible at the holders’ option into shares of our class A common stock, only under specific circumstances, prior to the close of business on December 14, 2026 at the applicable conversion rate in effect on the conversion date. Thereafter, the Convertible Notes are convertible at the option of the holder at any time until the second scheduled trading day immediately preceding the maturity date. The last reported sale price of our class A common stock of $19.25 on June 30, 2025, the last trading day in the six months ended June 30, 2025, was less than the per share conversion price of the Convertible Notes. The following table details our interest expense related to the Convertible Notes ($ in thousands):
Accrued interest payable for the Convertible Notes was $4.3 million as of both June 30, 2025 and December 31, 2024. Refer to Note 2 for additional discussion of our accounting policies for the Convertible Notes.
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| Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Derivative Financial Instruments | DERIVATIVE FINANCIAL INSTRUMENTS The objective of our use of derivative financial instruments is to minimize the risks and/or costs associated with our investments and/or financing transactions. These derivatives may or may not qualify as net investment, cash flow, or fair value hedges under the hedge accounting requirements of ASC 815 – “Derivatives and Hedging.” Derivatives not designated as hedges are not speculative and are used to manage our exposure to interest rate movements and other identified risks. Refer to Note 2 for additional discussion of the accounting for designated and non-designated hedges. The use of derivative financial instruments involves certain risks, including the risk that the counterparties to these contractual arrangements do not perform as agreed. To mitigate this risk, we only enter into derivative financial instruments with counterparties that have appropriate credit ratings and are major financial institutions with which we and our affiliates also have other financial relationships. Net Investment Hedges of Foreign Currency Risk Certain of our international investments expose us to fluctuations in foreign interest rates and currency exchange rates. These fluctuations may impact the value of our cash receipts and payments in terms of our functional currency, the U.S. dollar. We use foreign currency forward contracts to protect the value or fix the amount of certain investments or cash flows in terms of the U.S. dollar. Designated Hedges of Foreign Currency Risk The following table details our outstanding foreign exchange derivatives that were designated as net investment hedges of foreign currency risk (notional amounts in thousands):
Non-designated Hedges of Foreign Currency Risk The following table details our outstanding foreign exchange derivatives that were non-designated hedges of foreign currency risk (notional amounts in thousands):
Fair Value Hedges of Interest Rate Risk Certain of our corporate financings expose us to fluctuations in the fair value of our outstanding fixed rate debt. We use derivative financial instruments, which include interest rate swaps, to hedge interest rate risk associated with changes in the fair value of our fixed rate debt. The changes in the value of the interest rate swap is recognized in earnings and offset the corresponding changes in the fair value of the debt. Designated Hedges of Interest Rate Risk The following tables detail our outstanding interest rate derivatives that were designated as fair value hedges of interest rate risk (notional amount in thousands):
The following tables detail the carrying amount and cumulative basis adjustments on hedged items designated as fair value hedges ($ in thousands):
Financial Statement Impact of Hedges of Foreign Currency and Interest Rate Risks The following table presents the effect of our derivative financial instruments on our consolidated statements of operations ($ in thousands):
(1)Represents the forward points earned on our foreign currency forward contracts, which reflect the interest rate differentials between the applicable base rate for our foreign currency investments and prevailing U.S. interest rates. These forward contracts effectively convert the foreign currency rate exposure for such investments to USD-equivalent interest rates. (2)Represents the financial statement impact of proceeds (payments) from periodic settlements related to our interest rate swap. (3)Represents the realized loss on an interest rate swap related to our Bank Loan Portfolio Joint Venture that was entered into during the three months ended June 30, 2025 and subsequently terminated, and the spot rate movement in our non-designated foreign currency hedges, which are marked to market and recognized in interest expense. Fair Value Hedges The following table presents the net gains (losses) on derivatives and the related hedged items in fair value hedging relationships for the three and six months ended June 30, 2025 ($ in thousands):
(1)Included within interest and related expenses presented in the consolidated statements of operations. There were no fair value hedges outstanding during the six months ended June 30, 2024. Valuation and Other Comprehensive Income The following table summarizes the fair value of our derivative financial instruments ($ in thousands):
(1)Included in other assets in our consolidated balance sheets. (2)Included in other liabilities in our consolidated balance sheets. The following table presents the effect of our derivative financial instruments on our consolidated statements of comprehensive income and operations ($ in thousands):
(1)During the three months ended June 30, 2025, we paid net cash settlements of $114.1 million on our foreign currency forward contracts. During the six months ended June 30, 2025, we paid net cash settlements of $33.6 million on our foreign currency forward contracts. Those amounts are included as a component of accumulated other comprehensive income on our consolidated balance sheets. There were no cash flow hedges outstanding during the three and six months ended June 30, 2025. Credit–Risk Related Contingent Features We have entered into agreements with certain of our derivative counterparties that contain provisions where if we were to default on any of our indebtedness, including default where repayment of the indebtedness has not been accelerated by the lender, we may also be declared in default on our derivative obligations. In addition, certain of our agreements with our derivative counterparties require that we post collateral to secure net liability positions. As of June 30, 2025, we were in a net liability position with our counterparties related to our foreign exchange hedges and had $86.4 million of collateral posted with two counterparties. As of December 31, 2024, we were in a net asset position with our counterparties related to our foreign exchange hedges and had $4.8 million of collateral posted with one counterparty related to our interest rate swap.
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Equity |
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| Equity | EQUITY Stock and Stock Equivalents Authorized Capital As of June 30, 2025 we had the authority to issue up to 500,000,000 shares of stock, consisting of 400,000,000 shares of class A common stock and 100,000,000 shares of preferred stock. Subject to applicable NYSE listing requirements, our board of directors is authorized to cause us to issue additional shares of authorized stock without stockholder approval. In addition, to the extent not issued, currently authorized stock may be reclassified between class A common stock and preferred stock. As of both June 30, 2025 and December 31, 2024, we did not have any shares of preferred stock issued and outstanding. Share Repurchase Program In July 2024, our board of directors authorized the repurchase of up to $150.0 million of our class A common stock. Under the repurchase program, repurchases may be made from time to time in open market transactions, in privately negotiated transactions, in agreements and arrangements structured in a manner consistent with Rules 10b-18 and 10b5-1 under the Exchange Act or otherwise. The timing and the actual amounts repurchased will depend on a variety of factors, including legal requirements, price and economic and market conditions. The repurchase program may be changed, suspended or discontinued at any time and does not have a specified expiration date. During the six months ended June 30, 2025, we repurchased 1,794,936 shares of class A common stock at a weighted- average price per share of $17.63, for a total cost of $31.6 million. We did not have any repurchases of class A common stock during the six months ended June 30, 2024. As of June 30, 2025, the amount remaining available for repurchases under the program was $89.2 million. Class A Common Stock and Deferred Stock Units Holders of shares of our class A common stock are entitled to vote on all matters submitted to a vote of stockholders and are entitled to receive dividends authorized by our board of directors and declared by us, in all cases subject to the rights of the holders of shares of outstanding preferred stock, if any. We also issue restricted class A common stock under our stock-based incentive plans. Refer to Note 18 for additional discussion of these long-term incentive plans. In addition to our class A common stock, we also issue deferred stock units to certain members of our board of directors for services rendered. These deferred stock units are non-voting, but carry the right to receive dividends in the form of additional deferred stock units in an amount equivalent to the cash dividends paid to holders of shares of class A common stock. Each vested deferred stock unit is settled by delivery of one share of class A common stock upon the non-employee director’s separation from service. The following table details the movement in our outstanding shares of class A common stock, including restricted class A common stock and deferred stock units:
(1)Includes 323,877 and 389,113 deferred stock units held by members of our board of directors as of June 30, 2025 and 2024, respectively. (2)Represents shares issued under our dividend reinvestment program during the six months ended June 30, 2025 and 2024, respectively. (3)Includes 29,140 and 41,282 shares of restricted class A common stock issued to our board of directors during the six months ended June 30, 2025 and 2024, respectively (4)Net of 29,008 and 97,985 shares of restricted class A common stock forfeited under our stock-based incentive plans during the six months ended June 30, 2025 and 2024, respectively. Dividend Reinvestment and Direct Stock Purchase Plan We have adopted a dividend reinvestment and direct stock purchase plan under which an aggregate of 10,000,000 shares of class A common stock are available for sale. Under the dividend reinvestment component of this plan, our class A common stockholders can designate all or a portion of their cash dividends to be reinvested in additional shares of class A common stock. Such shares may, at our option, be newly issued shares from us, shares purchased by the plan administrator on the open market, or a combination thereof. The direct stock purchase component allows stockholders and new investors, subject to our approval, to purchase shares of class A common stock directly from us. During the six months ended June 30, 2025 and 2024, we issued 1,778 shares and 3,165 shares, respectively, of class A common stock under the dividend reinvestment component of the plan. As of June 30, 2025, a total of 9,967,334 shares of class A common stock remained available under the dividend reinvestment and direct stock purchase plan. At the Market Stock Offering Program As of June 30, 2025, we are party to seven equity distribution agreements, or ATM Agreements, pursuant to which we may sell, from time to time, up to an aggregate sales price of $699.1 million of our class A common stock. Sales of class A common stock made pursuant to our ATM Agreements may be made in negotiated transactions or transactions that are deemed to be “at the market” offerings as defined in Rule 415 under the Securities Act of 1933, as amended. Actual sales depend on a variety of factors including market conditions, the trading price of our class A common stock, our capital needs, and our determination of the appropriate sources of funding to meet such needs. During the six months ended June 30, 2025 or June 30, 2024, we did not issue any shares of our class A common stock under ATM Agreements. As of June 30, 2025, sales of our class A common stock with an aggregate sales price of $480.9 million remained available for issuance under our ATM Agreements. Dividends We generally intend to distribute substantially all of our taxable income, which does not necessarily equal net income as calculated in accordance with GAAP, to our stockholders each year to comply with the REIT provisions of the Internal Revenue Code of 1986, as amended, or the Internal Revenue Code. Our dividend policy remains subject to revision at the discretion of our board of directors. All distributions will be made at the discretion of our board of directors and will depend upon our taxable income, our financial condition, our maintenance of REIT status, applicable law, and other factors as our board of directors deems relevant. On June 13, 2025, we declared a dividend of $0.47 per share, or $80.6 million in aggregate, that was paid on July 15, 2025 to stockholders of record as of June 30, 2025. The following table details our dividend activity ($ in thousands, except per share data):
Earnings Per Share We calculate our basic and diluted earnings per share using the two-class method for all periods presented as the unvested shares of our restricted class A common stock qualify as participating securities, as defined by GAAP. These restricted shares have the same rights as our other shares of class A common stock, including participating in any dividends, and therefore have been included in our basic and diluted net income per share calculation. The shares issuable under our Convertible Notes are included in dilutive earnings per share using the if-converted method when the effect is not antidilutive. The following table sets forth the calculation of basic and diluted net income per share of class A common stock based on the weighted-average of both restricted and unrestricted class A common stock outstanding ($ in thousands, except per share data):
(1)Represents net income (loss) attributable to Blackstone Mortgage Trust, Inc. (2)For both the three and six months ended June 30, 2025 and June 30, 2024, our Convertible Notes were not included in the calculation of diluted earnings per share, as the impact is antidilutive. Refer to Note 13 for further discussion of our convertible notes. Other Balance Sheet Items Accumulated Other Comprehensive Income As of June 30, 2025, total accumulated other comprehensive income was $9.8 million, representing $68.4 million of net realized and unrealized gains related to changes in the fair value of derivative instruments and $1.2 million of unrealized losses related to the changes in the fair value of derivative instruments held by unconsolidated entities, offset by $57.5 million of cumulative unrealized currency translation adjustments on assets and liabilities denominated in foreign currencies. As of December 31, 2024, total accumulated other comprehensive income was $8.3 million, primarily representing $272.1 million of net realized and unrealized gains related to changes in the fair value of derivative instruments offset by $263.9 million of cumulative unrealized currency translation adjustments on assets and liabilities denominated in foreign currencies. Non-Controlling Interests The non-controlling interests included on our consolidated balance sheets represent the equity interests in our Multifamily Joint Venture that are not owned by us. A portion of our Multifamily Joint Venture’s consolidated equity and results of operations are allocated to these non-controlling interests based on their pro rata ownership of our Multifamily Joint Venture. As of June 30, 2025, our Multifamily Joint Venture’s total equity was $45.1 million, of which $38.3 million was owned by us, and $6.8 million was allocated to non-controlling interests. As of December 31, 2024, our Multifamily Joint Venture’s total equity was $45.9 million, of which $39.0 million was owned by us, and $6.9 million was allocated to non- controlling interests.
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Other Expenses |
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| Other Expenses | OTHER EXPENSES Our other expenses consist of the management and incentive fees we pay to our Manager and our general and administrative expenses. Management and Incentive Fees Pursuant to a management agreement between our Manager and us, or our Management Agreement, our Manager earns a base management fee in an amount equal to 1.50% per annum multiplied by our Equity, as defined in the Management Agreement. In addition, our Manager is entitled to an incentive fee in an amount equal to the product of (i) 20% and (ii) the excess of (a) our Core Earnings (as defined in our Management Agreement) for the previous 12-month period over (b) an amount equal to 7.00% per annum multiplied by our Equity, provided that our Core Earnings over the prior three-year period is greater than zero. Core Earnings, as defined in our Management Agreement, is generally equal to our GAAP net income (loss), including realized gains and losses not otherwise recognized in current period GAAP net income (loss), and excluding (i) non-cash equity compensation expense, (ii) depreciation and amortization, (iii) unrealized gains (losses), (iv) net income (loss) attributable to our legacy portfolio, (v) certain non-cash items, and (vi) incentive management fees. During the three and six months ended June 30, 2025, we incurred $17.0 million and $34.3 million, respectively, of management fees payable to our Manager compared with $18.7 million and $37.7 million, respectively, during the same periods in 2024. During the three and six months ended June 30, 2025 and 2024, we did not incur any incentive fees payable to our Manager. As of June 30, 2025 and December 31, 2024, we had accrued management fees payable to our Manager of $17.0 million and $18.5 million, respectively. General and Administrative Expenses General and administrative expenses consisted of the following ($ in thousands):
(1)During the three and six months ended June 30, 2025, we recognized an aggregate $106,000 and $192,000, respectively, of expense related to our Multifamily Joint Venture, compared to $320,000 and $543,000, respectively, during the same periods in 2024.
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Income Taxes |
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Jun. 30, 2025 | |
| Income Tax Disclosure [Abstract] | |
| Income Taxes | INCOME TAXES We have elected to be taxed as a REIT under the Internal Revenue Code for U.S. federal income tax purposes. We generally must distribute annually at least 90% of our net taxable income, subject to certain adjustments and excluding any net capital gain, in order for U.S. federal income tax not to apply to our earnings. To the extent that we satisfy this distribution requirement, but distribute less than 100% of our net taxable income, we will be subject to U.S. federal income tax on our undistributed taxable income. In addition, we will be subject to a 4% nondeductible excise tax if the actual amount that we pay out to our stockholders in a calendar year is less than a minimum amount specified under U.S. federal tax laws. Our qualification as a REIT also depends on our ability to meet various other requirements imposed by the Internal Revenue Code, which relate to organizational structure, diversity of stock ownership, and certain restrictions with regard to the nature of our assets and the sources of our income. Even if we qualify as a REIT, we may be subject to certain U.S. federal income and excise taxes and state and local taxes on our income and assets. If we fail to maintain our qualification as a REIT for any taxable year, we may be subject to material penalties as well as federal, state, and local income tax on our taxable income at regular corporate rates and we would not be able to qualify as a REIT for the subsequent four full taxable years. As of June 30, 2025 and December 31, 2024, we were in compliance with all REIT requirements. Securitization transactions could result in the creation of taxable mortgage pools for federal income tax purposes. As a REIT, so long as we own 100% of the equity interests in a taxable mortgage pool, we generally would not be adversely affected by the characterization of the securitization as a taxable mortgage pool. Certain categories of stockholders, however, such as foreign stockholders eligible for treaty or other benefits, stockholders with net operating losses, and certain tax-exempt stockholders that are subject to unrelated business income tax, or UBTI, could be subject to increased taxes on a portion of their dividend income from us that is attributable to the taxable mortgage pool. We have not made UBTI distributions to our common stockholders and do not intend to make such UBTI distributions in the future. During the three and six months ended June 30, 2025, we recorded a current income tax provision of $903,000 and $1.6 million, respectively, primarily related to activities of our U.S. and foreign taxable subsidiaries and various state and local taxes. During the three and six months ended June 30, 2024, we recorded a current income tax provision of $1.2 million and $2.2 million, respectively, primarily related to activities of our U.S. and foreign taxable subsidiaries and various state and local taxes. We did not have any deferred tax assets or liabilities as of June 30, 2025 or December 31, 2024. We have net operating losses, or NOLs, generated by our predecessor business that may be carried forward and utilized in current or future periods. As a result of our issuance of 25,875,000 shares of class A common stock in May 2013, the availability of our NOLs is generally limited to $2.0 million per annum by change of control provisions promulgated by the Internal Revenue Service with respect to the ownership of Blackstone Mortgage Trust. As of June 30, 2025, we had estimated NOLs of $159.0 million that will expire in 2029, unless they are utilized by us prior to expiration. Previously, we recorded a full valuation allowance against such NOLs as we expected that they would expire unutilized. However, although uncertain, we may utilize a portion of NOLs prior to expiration. We do not expect the utilization of NOLs to have a material impact on our consolidated financial statements. We have recorded a full valuation allowance against such NOLs as it is probable that they will expire unutilized. As of June 30, 2025, tax years 2021 through 2024 remain subject to examination by taxing authorities.
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Stock-Based Incentive Plans |
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| Stock-Based Incentive Plans | STOCK-BASED INCENTIVE PLANS We are externally managed by our Manager and do not currently have any employees. However, as of June 30, 2025, our Manager, certain individuals employed by an affiliate of our Manager, and certain members of our board of directors were compensated, in part, through our issuance of stock-based instruments. Under our two current stock incentive plans, a maximum of 10,400,000 shares of our class A common stock may be issued to our Manager, our directors and officers, and certain employees of affiliates of our Manager. As of June 30, 2025, there were 5,973,235 shares available under our current stock incentive plans. The following table details the movement in our outstanding shares of restricted class A common stock and the weighted- average grant date fair value per share:
These shares generally vest in installments over a period of three years, pursuant to the terms of the respective award agreements and the terms of our current stock incentive plans. The 1,933,440 shares of restricted class A common stock outstanding as of June 30, 2025 will vest as follows: 618,973 shares will vest in 2025; 884,967 shares will vest in 2026; and 429,500 shares will vest in 2027. As of June 30, 2025, total unrecognized compensation cost relating to unvested share-based compensation arrangements was $37.5 million based on the grant date fair value of shares granted. This cost is expected to be recognized over a weighted-average period of 1.0 year from June 30, 2025.
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| Fair Values | FAIR VALUES Assets and Liabilities Measured at Fair Value The following table summarizes our assets and liabilities measured at fair value on a recurring basis ($ in thousands):
This table excludes $55.9 million of investments in unconsolidated entities that are measured at fair value using net asset value as a practical expedient and not classified in the fair value hierarchy as June 30, 2025. No assets were measured at fair value using net asset value as a practical expedient as of December 31, 2024. Refer to Note 5 for additional information. Refer to Note 2 for further discussion regarding fair value measurement. Fair Value of Financial Instruments As discussed in Note 2, GAAP requires disclosure of fair value information about financial instruments, whether or not recognized at fair value in the statement of financial position, for which it is practicable to estimate that value. The following table details the book value, face amount, and fair value of the financial instruments described in Note 2 ($ in thousands):
Estimates of fair value for cash and cash equivalents and convertible notes are measured using observable, quoted market prices, or Level 1 inputs. Estimates of fair value for securitized debt obligations, the Term Loans, and the Senior Secured Notes are measured using observable, quoted market prices, in inactive markets, or Level 2 inputs. All other fair value significant estimates are measured using unobservable inputs, or Level 3 inputs. See Note 2 for further discussion regarding fair value measurement of certain of our assets and liabilities.
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Variable Interest Entities |
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| Variable Interest Entity, Primary Beneficiary, Does Not Hold Majority Voting Interest, Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Variable Interest Entities | VARIABLE INTEREST ENTITIES We have financed a portion of our loans through the CLOs, all of which are VIEs. We are the primary beneficiary of, and therefore consolidate, the CLOs on our balance sheet as we (i) control the relevant interests of the CLOs that give us power to direct the activities that most significantly affect the CLOs, and (ii) have the right to receive benefits and obligation to absorb losses of the CLOs through the subordinate interests we own. During 2024, we modified two loans that included, among other changes, an equity interest in and/or control over decision- making at the property. As a result of the modification, our investments in these loans are VIEs. As of June 30, 2025, we are the primary beneficiary of, and therefore consolidated the assets of these VIEs on our balance sheet as we (i) have the power to direct the activities that most significantly affect the property, and (ii) have the right to receive excess sale proceeds upon exit. The following table details the assets and liabilities of our consolidated VIEs ($ in thousands):
Assets held by these VIEs are restricted and can be used only to settle obligations of the VIEs, including the subordinate interests owned by us. The liabilities of these VIEs are non-recourse to us and can only be satisfied from the assets of the VIEs. The consolidation of these VIEs results in an increase in our gross assets, liabilities, revenues and expenses, however it does not affect our stockholders’ equity or net income. We are not obligated to provide, have not provided, and do not intend to provide material financial support to these consolidated VIEs.
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Transactions With Related Parties |
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| Transactions With Related Parties | TRANSACTIONS WITH RELATED PARTIES Our Manager We are managed by our Manager pursuant to the Management Agreement. The current term of the Management Agreement expires on December 19, 2025, and will be automatically renewed for a one-year term upon such date and each anniversary thereafter unless earlier terminated. As of June 30, 2025 and December 31, 2024, our consolidated balance sheets included $17.0 million and $18.5 million, respectively, of accrued management fees payable to our Manager. During the three and six months ended June 30, 2025, we paid management fees of $17.2 million and $35.8 million, respectively, to our Manager, compared to $18.9 million and $45.3 million, respectively, during the same periods in 2024. In addition, during the three and six months ended June 30, 2025, we incurred expenses of $156,000 and $420,000, respectively, that were paid by our Manager and have been or will be reimbursed by us, compared to $829,000 and $1.1 million, respectively, of such expenses during the same periods in 2024. As of June 30, 2025, our Manager held 992,441 shares of unvested restricted class A common stock, which had an aggregate grant date fair value of $20.7 million. These shares vest in installments over three years from the date of issuance. During the three and six months ended June 30, 2025, we recorded non-cash expenses related to shares held by our Manager of $3.6 million and $7.2 million, respectively, compared to $4.2 million and $8.5 million, respectively, during the same periods in 2024. Refer to Note 18 for further details on our restricted class A common stock. As of June 30, 2025, our Manager, its affiliates (including Blackstone and Blackstone-advised investment vehicles), Blackstone employees, and our directors held an aggregate 13,256,488 shares, or 7.7%, of our class A common stock, of which 8,234,581 shares, or 4.8%, were held by Blackstone and its subsidiaries. Additionally, our directors held 323,877 of deferred stock units as of June 30, 2025. Certain of the parties listed above have in the past purchased or sold shares of our class A common stock in open market transactions, and such parties may in the future purchase or sell additional shares of our class A common stock and/or engage in derivatives transactions related to our class A common stock. Any such transactions would be made in the sole discretion of the relevant party based on market conditions and other considerations relevant to such parties. Affiliate Services We have engaged certain portfolio companies owned by Blackstone-advised investment vehicles to provide various services. The following table details the costs incurred for these services ($ in thousands):
(1)As applicable, provides management support, operational support, corporate support, and transaction support services to certain of our investments directly. (2)As applicable, provides management support, operational support, and corporate support services to certain of our REO assets directly. (3)Successor entity to EQ Management, LLC that provides the same services. (4)Provides loan origination services related to certain of our investments. We have engaged affiliates of our Manager to provide various services noted below. The following table details the costs incurred (refunded) for these services ($ in thousands):
(1)Affiliates of our Manager own an interest in the controlling entity of BTIG, LLC, or BTIG. BTIG has been engaged as a broker for repurchases of our Senior Secured Notes and Convertible Notes. During the six months ended June 30, 2025, there was no repurchase activity. During the six months ended June 30, 2024, we repurchased $26.2 million of our October 2021 Senior Secured Notes utilizing BTIG as a broker. Additionally, we have engaged BTIG as a sales agent to sell shares of our class A common stock under one of our ATM Agreements. During the six months ended June 30, 2025 and 2024, we did not sell any shares under our ATM Agreements. Our engagements of BTIG are on terms equivalent to those of unaffiliated third parties under similar arrangements. (2)In the first quarter of 2024, in order to provide insurance for our REO assets, we became a member of Gryphon Mutual Property Americas IC, or Gryphon, a captive insurance company owned by us and other Blackstone-advised investment vehicles. A Blackstone affiliate provides oversight and advisory services to Gryphon and receives fees based on a percentage of premiums paid for such policies. The fees and expenses of Gryphon, including insurance premiums and fees paid to its manager, are paid annually and borne by us and the other Blackstone-advised investment vehicles that are members of Gryphon pro rata based on insurance premiums paid for each party’s respective properties. During the six months ended June 30, 2025 and 2024, we paid $796,000 and $109,000, respectively, to Gryphon for insurance costs, inclusive of premiums, capital surplus contributions, taxes, and our pro rata share of other expenses. Of these amounts, $31,000 and $2,000, respectively, was attributable to the fee paid to a Blackstone affiliate to provide oversight and management services to Gryphon. The amounts included in the table above reflect the amortization of the insurance expense over the relevant periods of the respective policies. (3)Lexington National Land Services, or LNLS, a title agent company owned by Blackstone, acts as an agent for one or more underwriters in issuing title policies and/or providing support services in connection with investments made by us, Blackstone and their affiliates and related parties, and third-parties. LNLS focuses on transactions in rate- regulated states where the cost of title insurance is non-negotiable. LNLS will not perform services in non-regulated states for us, unless (i) in the context of a portfolio transaction that includes properties in rate-regulated states, (ii) as part of a syndicate of title insurance companies where the rate is negotiated by other insurers or their agents, (iii) when a third-party is paying all or a material portion of the premium or (iv) when providing only support services to the underwriter. LNLS earns fees, which would have otherwise been paid to third parties, by providing title agency services and facilitating placement of title insurance with underwriters. Blackstone receives distributions from LNLS in connection with investments made by us based on its equity interest in LNLS. In each case, there will be no related expense offset to us. (4)In the second quarter of 2025, Blackstone Securities Partners L.P., or BSP, an affiliate of our Manager, was engaged as a member of the syndicate for our B-6 Term Loan. This engagement was on terms equivalent to those of unaffiliated third parties. CT Investment Management Co., LLC, or CTIMCO, serves as the special servicer of all of our CLOs, and the Manager serves as the collateral manager and benchmark agent for our FL5 CLO issued in the first quarter of 2025. As of June 30, 2025, three of our assets were in special servicing under the CLOs. CTIMCO and our Manager have waived any fees that would be payable to a third party serving in such roles pursuant to the applicable agreements, and no such fees have been paid or will become payable to CTIMCO or our Manager. Other Transactions During the six months ended June 30, 2025, we invested $562.8 million in three senior loans and $93.6 million in three mezzanine loans to unaffiliated third parties in which Blackstone-advised investment vehicles also invested at the same level of the capital structure on a pari passu basis. In the second quarter of 2025, Blackstone-advised investment vehicles acquired an aggregate $83.9 million participation in our $1.0 billion B-6 Term Loan. In the fourth quarter of 2024, Blackstone-advised investment vehicles acquired (i) an aggregate $62.5 million participation in our $650.0 million B-5 Term Loan, and (ii) an aggregate $80.0 million of our $450.0 million December 2024 Senior Secured Notes. All of these transactions were part of broad syndications led by third-party banks, and were on terms equivalent to those of unaffiliated third parties. BSP, an affiliate of our Manager, was engaged as a member of the syndicate for these transactions. Our engagements of BSP are on terms equivalent to those of unaffiliated parties. See “—Affiliate Services” for more information. In the first quarter of 2025, as part of a broad syndication led by third-party banks, Blackstone-advised investment vehicles acquired an aggregate $75.0 million of notes in our $1.0 billion FL5 CLO offering. All of these transactions were on terms equivalent to those of unaffiliated third parties. In the second quarter of 2025, we entered into our Bank Loan Portfolio Joint Venture with a Blackstone-advised investment vehicle that acquired a $1.4 billion portfolio of performing commercial mortgage loans. In the fourth quarter of 2024, we entered into our Net Lease Joint Venture with a Blackstone-advised investment vehicle to invest in triple net lease properties. We do not consolidate our Bank Loan Portfolio Joint Venture or our Net Lease Joint Venture as we do not have a controlling financial interest. As of June 30, 2025, the aggregate value of our equity investment in our Bank Loan Portfolio Joint Venture was $55.9 million and our ownership interest was 29%, and the aggregate value of our equity investment in the Net Lease Joint Venture was $52.2 million and our ownership interest was 75%. We, these joint ventures, and the Blackstone-advised investment vehicles, together, have engaged and may in the future engage in certain financing, derivative and/or hedging arrangements related to these joint ventures. See Note 5 for further information. In the second quarter of 2025, two of our senior loans to borrowers controlled by a Blackstone-advised investment vehicle were modified. The terms of the modifications (including maturity extensions and additional commitments, among other changes) were negotiated by our third-party co-lenders. We continue to forgo all non-economic rights under the loans, including voting rights, so long as the Blackstone-advised investment vehicle controls the applicable borrower. During the six months ended June 30, 2025, proceeds from four of our loans were used by the unaffiliated third-party borrowers to repay $554.4 million of performing loans held by Blackstone-advised investment vehicles, and proceeds from financing provided by Blackstone-advised investment vehicles were used by the unaffiliated third-party borrower to repay $148.8 million of a performing loan of ours. During the six months ended June 30, 2024, proceeds from a loan held by a Blackstone-advised investment vehicle were used by the unaffiliated third-party borrower to repay $98.6 million of a performing loan of ours, and proceeds from the sale of assets to a Blackstone-advised investment vehicle were used by the unaffiliated third-party borrower to repay $59.0 million of a performing loan of ours to the borrower. These transactions were initiated by the applicable unaffiliated third-party borrowers with the transaction terms and pricing on market terms. In the fourth quarter of 2024, pursuant to our Agency Multifamily Lending Partnership, we referred three loans to MTRCC for origination, where the borrower was a Blackstone-advised investment vehicle. The loan terms and pricing were on market terms negotiated by MTRCC. Pursuant to our Agency Multifamily Lending Partnership, we received $217,000 of origination, servicing, and other fees for referring these loans during the fourth quarter of 2024. In the fourth quarter of 2024, in connection with the modification of one of our senior loans, a Blackstone-advised investment vehicle purchased a pari passu participation in the loan from a third party at a discount to par. In the fourth quarter of 2024, the senior lenders negotiated a discounted payoff of a senior loan in which we held an interest. As part of the discounted payoff, a Blackstone-advised investment vehicle’s mezzanine loan, which had been part of the total financing, received a small repayment. In the third quarter of 2024, we acquired $94.4 million of a total $560.0 million senior loan to an unaffiliated third party. One Blackstone-advised investment vehicle holds a portion of the senior loan and another holds a mezzanine loan. We will forgo all non-economic rights under our loan, including voting rights, so long as any Blackstone-advised investment vehicle controls the mezzanine loan. The intercreditor agreement between the senior loan lender and the mezzanine lender was negotiated on market terms by a third party without our involvement, and our 17% interest in the senior loan was made on such market terms. In 2019 and 2021, we acquired an aggregate participation of €350.0 million in a senior loan to a borrower that is partially owned by a Blackstone-advised investment vehicle. We forgo all non-economic rights under the loan, including voting rights, so long as the Blackstone-advised investment vehicle controls the borrower. The loan was negotiated by third parties on market terms without our involvement, and our interest in the senior loan was subject to such market terms. In the third quarter of 2024, the borrower completed a refinancing transaction involving new lenders and the existing lenders. We elected to sell €232.0 million of our then remaining €347.0 million loan position to the new lenders at par and extend the remainder on modified terms. The terms of the modification (which included, among other changes, an extension of the maturity date, and increase in the interest rate, and additional guarantees) were negotiated by our third-party co-lender. In the fourth quarter of 2018, we originated £148.7 million of a total £303.5 million senior loan to a borrower that is wholly owned by a Blackstone-advised investment vehicle. The loan terms were negotiated by our third-party co-lender, and we will forgo all non-economic rights under the loan, including voting rights, so long as a Blackstone-advised investment vehicle controls the borrower. In the third quarter of 2024, we agreed to a refinancing transaction pursuant to which £46.4 million of our £148.7 million participation in an existing £303.5 million loan to a borrower that is wholly owned by a Blackstone-advised investment vehicle was repaid, and we received a £100.0 million participation in a new loan made to the same borrower that continues to be controlled by a Blackstone-advised investment vehicle, and the terms of the loan were modified to include, among other changes, an expanded collateral pool, an extension of the maturity date and an increase in the interest rate. The transaction, including the terms of the modification, was negotiated by our third-party co- lender.
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Commitments and Contingencies |
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Jun. 30, 2025 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Commitments and Contingencies Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Commitments and Contingencies | COMMITMENTS AND CONTINGENCIES Unfunded Commitments Under Loans Receivable As of June 30, 2025, we had aggregate unfunded commitments of $1.4 billion across 58 loans receivable, and $666.1 million of committed or identified financings for those commitments, resulting in net unfunded commitments of $746.0 million. The unfunded loan commitments comprise funding for capital expenditures and construction, leasing costs, and interest and carry costs. Loan funding commitments are generally subject to certain conditions, including, without limitation, the progress of capital projects, leasing, and cash flows at the properties securing our loans. Therefore, the exact timing and amounts of such future loan fundings are uncertain and will depend on the current and future performance of the underlying collateral assets. We expect to fund our loan commitments over the remaining term of the related loans, which have a weighted-average future funding period of 2.6 years. Principal Debt Repayments Our contractual principal debt repayments as of June 30, 2025 were as follows ($ in thousands):
(1)Our secured debt and asset-specific debt agreements are generally term-matched to their underlying collateral. Therefore, the allocation of payments under such agreements is generally allocated based on the maximum maturity date of the collateral loans, assuming all extension options are exercised by the borrower. In limited instances, the maturity date of the respective debt agreement is used. (2)The Term Loans are partially amortizing, with an amount equal to 1.0% per annum of the initial principal balance due in quarterly installments. Refer to Note 11 for further details on our Term Loans. (3)Reflects the outstanding principal balance of Convertible Notes, excluding any potential conversion premium. Refer to Note 13 for further details on our Convertible Notes. (4)Total does not include $2.5 billion of consolidated securitized debt obligations and $50.0 million of loan participations sold, as the satisfaction of these liabilities will not require cash outlays from us. Board of Directors’ Compensation As of June 30, 2025, our six non-employee directors are entitled to annual compensation of $210,000 each, of which $95,000 is paid in cash and $115,000 is paid in the form of deferred stock units or, at their election, shares of restricted common stock. As of June 30, 2025, the other two board members, the chairperson of the board and our chief executive officer, are not compensated by us for their service as directors. In addition, (i) the lead independent director receives additional annual cash compensation of $30,000, (ii) the chairs of our audit, compensation, and corporate governance committees receive additional annual cash compensation of $20,000, $15,000, and $10,000, respectively, and (iii) the members of our audit and investment risk management committees receive additional annual cash compensation of $10,000 and $7,500, respectively. Litigation From time to time, we may be involved in various claims and legal actions arising in the ordinary course of business. As of June 30, 2025, we were not involved in any material legal proceedings.
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Segment Reporting |
6 Months Ended |
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Jun. 30, 2025 | |
| Segment Reporting [Abstract] | |
| Segment Reporting | SEGMENT REPORTING Operating segments are defined as components of a business that can earn revenues and incur expenses for which discrete financial information is available that is evaluated on a regular basis by the chief operating decision maker, or CODM. Our CODM is, collectively, our Chief Executive Officer and Chief Financial Officer, who decide how to allocate resources and assess performance. A single management team reports to the CODM, who manages the entire business. We have determined that we have one reportable segment based on how the CODM reviews and manages the business, which originates and acquires commercial mortgage loans and related investments. Our CODM reviews, among other things, consolidated net income (loss) that is reported on the Consolidated Statements of Operations to make decisions, allocate resources and assess performance and does not evaluate the net income (loss) from any separate geography or product line. The measure of segment assets is reported on the Consolidated Balance Sheets as total consolidated assets.
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Pay vs Performance Disclosure - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
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Jun. 30, 2025 |
Jun. 30, 2024 |
Jun. 30, 2025 |
Jun. 30, 2024 |
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| Pay vs Performance Disclosure | ||||
| Net (loss) income | $ 6,969 | $ (61,057) | $ 6,612 | $ (184,895) |
Insider Trading Arrangements |
3 Months Ended |
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Jun. 30, 2025 | |
| Trading Arrangements, by Individual | |
| Rule 10b5-1 Arrangement Adopted | false |
| Non-Rule 10b5-1 Arrangement Adopted | false |
| Rule 10b5-1 Arrangement Terminated | false |
| Non-Rule 10b5-1 Arrangement Terminated | false |
Summary of Significant Accounting Policies (Policies) |
6 Months Ended |
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Jun. 30, 2025 | |
| Accounting Policies [Abstract] | |
| Basis of Presentation | Basis of Presentation The accompanying consolidated financial statements include, on a consolidated basis, our accounts, the accounts of our wholly-owned subsidiaries, majority-owned subsidiaries, and variable interest entities, or VIEs, of which we are the primary beneficiary. All intercompany balances and transactions have been eliminated in consolidation.
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| Principles of Consolidation | Principles of Consolidation We consolidate all entities that we control through either majority ownership or voting rights. In addition, we consolidate all VIEs of which we are considered the primary beneficiary. VIEs are defined as entities in which equity investors (i) do not have an interest with the characteristics of a controlling financial interest and/or (ii) do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support from other parties. The entity that consolidates a VIE is known as its primary beneficiary and is generally the entity with (i) the power to direct the activities that most significantly affect the VIE’s economic performance and (ii) the right to receive benefits from the VIE or the obligation to absorb losses of the VIE that could be significant to the VIE. Entities that do not qualify as VIEs are generally considered voting interest entities, or VOEs, and are evaluated for consolidation under the voting interest model. VOEs are consolidated when we control the entity through a majority voting interest or other means. For consolidated entities, the non-controlling partner’s share of the assets, liabilities, and operations of each joint venture is included in non-controlling interests as a component of total equity. The non-controlling partner’s interest is generally computed as the joint venture partner’s ownership percentage. When the requirements for consolidation are not met and we have significant influence over the operations of the entity, the investment is accounted for under the equity method of accounting. Investments in unconsolidated entities for which we have not elected the fair value option, or FVO, are initially recorded at cost and subsequently adjusted for our pro-rata share of net income, contributions and distributions. When we elect the FVO, we record our share of the net asset value of the entity and any related unrealized gains and losses. We review our investments in unconsolidated entities for impairment each quarter or when there is an event or change in circumstances that indicates a decrease in value. If there is a decrease in value due to a series of operating losses or other factors, the investment is evaluated to determine if the loss in value is considered other than temporary. Although a current fair value below the carrying value of the investment is an indicator of impairment, we will only recognize an impairment if the loss in value is determined to be an other than temporary impairment. If an impairment is determined to be other than temporary, we will record an impairment charge sufficient to reduce the investment’s carrying value to its fair value, which would result in a new cost basis. This new cost basis will be used for future periods when recording subsequent income or loss and cannot be written up to a higher value as a result of increases in fair value. In 2017, we entered into a joint venture with Walker & Dunlop Inc., or Walker & Dunlop, to originate, hold, and finance multifamily bridge loans, which we refer to as our Multifamily Joint Venture. Pursuant to the terms of the agreements governing the joint venture, Walker & Dunlop contributed 15% of the venture’s equity capital and we contributed 85%. We consolidate our Multifamily Joint Venture as we have a controlling financial interest. The non-controlling interests included on our consolidated balance sheets represent the equity interests in our Multifamily Joint Venture that are owned by Walker & Dunlop. A portion of our Multifamily Joint Venture’s consolidated equity and results of operations are allocated to these non-controlling interests based on Walker & Dunlop’s pro rata ownership of our Multifamily Joint Venture. In 2024, we entered into a joint venture with a Blackstone-advised investment vehicle to invest in triple net lease properties, which we refer to as our Net Lease Joint Venture. We do not consolidate our Net Lease Joint Venture as we do not have a controlling financial interest. Our investment in our Net Lease Joint Venture is accounted for under the equity method, and is recorded in investment in unconsolidated entities on our consolidated balance sheets, and our pro-rata share of income (loss) is recorded in income (loss) from unconsolidated entities on our consolidated statements of operations. In the second quarter of 2025, we entered into a joint venture with a Blackstone-advised investment vehicle that acquired a portfolio of performing commercial mortgage loans, which we refer to as our Bank Loan Portfolio Joint Venture. We do not consolidate our Bank Loan Portfolio Joint Venture as we do not have a controlling financial interest. Our investment in our Bank Loan Portfolio Joint Venture is accounted for using the FVO, and is recorded as an investment in unconsolidated entities on our consolidated balance sheets, and our pro-rata share of any unrealized gains and losses is recorded in income (loss) from unconsolidated entities on our consolidated statements of operations.
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| Use of Estimates | Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results may ultimately differ materially from those estimates.
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| Revenue Recognition | Revenue Recognition Interest income from our loans receivable portfolio is recognized over the life of each loan using the effective interest method and is recorded on the accrual basis. Recognition of fees, premiums, and discounts associated with these investments is deferred and recorded over the term of the loan as an adjustment to yield. Income accrual is generally suspended for loans at the earlier of the date at which payments become 90 days past due or when, in our opinion, recovery of income and principal becomes doubtful. Interest received is then recorded as income or as a reduction in the amortized cost basis, based on the specific facts and circumstances, until accrual is resumed when the loan becomes contractually current and performance is demonstrated to be resumed. In addition, for loans we originate, the related origination expenses are deferred and recognized as a reduction to interest income, however expenses related to loans we acquire are included in general and administrative expenses as incurred. The sources of revenue from our REO assets, which is included in revenue from real estate owned on our consolidated statements of operations, and the related revenue recognition policies are as follows: Rental income primarily consists of base rent income arising from tenant leases at our office and multifamily properties. Base rent is recognized on a straight-line basis over the life of the lease, including any rent steps or abatement provisions. We begin to recognize revenue upon the acquisition of the related property or when a tenant takes possession of the leased space. Other operating income primarily consists of income from our hospitality properties and tenant reimbursement income. Revenue from our hospitality properties consists primarily of room revenue and food and beverage revenue. Room revenue is recognized when the related room is occupied and other hospitality revenue is recognized when the service is rendered. Tenant reimbursement income primarily consists of amounts due from tenants for costs related to common area maintenance, real estate taxes, and other recoverable costs included in lease agreements. We evaluate the collectibility of receivables related to rental revenue on an individual lease basis and exercise judgment in assessing collectability considering the length of time a receivable has been outstanding, tenant credit-worthiness, payment history, available information about the financial condition of the tenant, and current economic trends, among other factors. Tenant receivables that are deemed uncollectible are recognized as a reduction to rental revenue.
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| Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents represent cash held in banks and liquid investments with original maturities of three months or less. We may have bank balances in excess of federally insured amounts; however, we deposit our cash and cash equivalents with high credit-quality institutions to minimize credit risk exposure. We have not experienced, and do not expect, any losses on our cash or cash equivalents. As of both June 30, 2025 and December 31, 2024, we had no restricted cash on our consolidated balance sheets.
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| Loans Receivable | Loans Receivable We originate and purchase commercial real estate debt and related instruments generally to be held as long-term investments at amortized cost.
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| Current Expected Credit Losses Reserve | Current Expected Credit Losses Reserve The current expected credit loss, or CECL, reserve required under the Financial Accounting Standards Board, or FASB, Accounting Standards Codification, or ASC, Topic 326 “Financial Instruments – Credit Losses,” or ASC 326, reflects our current estimate of potential credit losses related to our loans and notes receivable included in our consolidated balance sheets. Changes to the CECL reserves are recognized through net income on our consolidated statements of operations. While ASC 326 does not require any particular method for determining the CECL reserves, it does specify the reserves should be based on relevant information about past events, including historical loss experience, current portfolio and market conditions, and reasonable and supportable forecasts for the duration of each respective loan. In addition, other than a few narrow exceptions, ASC 326 requires that all financial instruments subject to the CECL model have some amount of loss reserve to reflect the principle underlying the CECL model that all loans and similar assets have some inherent risk of loss, regardless of credit quality, subordinate capital, or other mitigating factors. We estimate our CECL reserves primarily using the Weighted-Average Remaining Maturity, or WARM method, which has been identified as an acceptable loss-rate method for estimating CECL reserves in FASB Staff Q&A Topic 326, No. 1. The WARM method requires us to reference historic loan loss data across a comparable data set and apply such loss rate to each of our loans over their expected remaining term, taking into consideration expected economic conditions over the relevant time frame. We apply the WARM method for the majority of our loan portfolio, which consists of loans that share similar risk characteristics. In certain instances, for loans with unique risk characteristics, we may instead use a probability- weighted model that considers the likelihood of default and expected loss given default for each such individual loan. Application of the WARM method to estimate CECL reserves requires judgment, including (i) the appropriate historical loan loss reference data, (ii) the expected timing and amount of future loan fundings and repayments, and (iii) the current credit quality of our portfolio and our expectations of performance and market conditions over the relevant time period. To estimate the historic loan losses relevant to our portfolio, we have augmented our historical loan performance, with market loan loss data licensed from Trepp LLC. This database includes commercial mortgage-backed securities, or CMBS, issued since January 1, 1999 through May 31, 2025. Within this database, we focused our historical loss reference calculations on the most relevant subset of available CMBS data, which we determined based on loan metrics that are most comparable to our loan portfolio including asset type, geography, and origination loan-to-value, or LTV. We believe this CMBS data, which includes month-over-month loan and property performance, is the most relevant, available, and comparable dataset to our portfolio. Our loans typically include commitments to fund incremental proceeds to our borrowers over the life of the loan. These future funding commitments are also subject to the CECL model. The CECL reserve related to future loan fundings is recorded as a component of other liabilities on our consolidated balance sheets. This CECL reserve is estimated using the same process outlined above for our outstanding loan balances, and changes in this component of the CECL reserve will similarly impact our consolidated net income. For both the funded and unfunded portions of our loans, we consider our internal risk rating of each loan as the primary credit quality indicator underlying our assessment. The CECL reserves are measured on a collective basis wherever similar risk characteristics exist within a pool of similar assets. We have identified the following pools and measure the reserve for credit losses using the following methods: •U.S. Loans: WARM method that incorporates a subset of historical loss data, expected weighted-average remaining maturity of our loan pool, and an economic view. •Non-U.S. Loans: WARM method that incorporates a subset of historical loss data, expected weighted-average remaining maturity of our loan pool, and an economic view. •Unique Loans: a probability of default and loss given default model, assessed on an individual basis. •Impaired Loans: impairment is indicated when it is deemed probable that we will not be able to collect all amounts due to us pursuant to the contractual terms of the loan. Determining that a loan is impaired requires significant judgment from management and is based on several factors including (i) the underlying collateral performance, (ii) discussions with the borrower, (iii) borrower events of default, and (iv) other facts that impact the borrower’s ability to pay the contractual amounts due under the terms of the loan. If a loan is determined to be impaired, we record the impairment as a component of our CECL reserves by applying the practical expedient for collateral dependent loans. The CECL reserves are assessed on an individual basis for these loans by comparing the estimated fair value of the underlying collateral, less costs to sell, to the book value of the respective loan. These valuations require significant judgments, which include assumptions regarding capitalization rates, discount rates, leasing, creditworthiness of major tenants, occupancy rates, availability and cost of financing, exit plan, loan sponsorship, actions of other lenders, and other factors deemed relevant by us. Actual losses, if any, could ultimately differ materially from these estimates. We only expect to charge off the impairment losses in our consolidated financial statements prepared in accordance with GAAP if and when such amounts are deemed non- recoverable. This is generally at the time a loan is repaid or foreclosed. However, non-recoverability may also be concluded if, in our determination, it is nearly certain that all amounts due will not be collected. Contractual Term and Unfunded Loan Commitments Expected credit losses are estimated over the contractual term of each loan, adjusted for expected repayments. As part of our quarterly review of our loan portfolio, we assess the expected repayment date of each loan, which is used to determine the contractual term for purposes of computing our CECL reserves. Additionally, the expected credit losses over the contractual period of our loans are subject to the obligation to extend credit through our unfunded loan commitments. The CECL reserve for unfunded loan commitments is adjusted quarterly, as we consider the expected timing of future funding obligations over the estimated life of the loan. The considerations in estimating our CECL reserve for unfunded loan commitments are similar to those used for the related outstanding loans receivable. Credit Quality Indicator Our risk rating is our primary credit quality indicator in assessing our current expected credit loss reserve. We perform a quarterly risk review of our portfolio of loans, and assign each loan a risk rating based on a variety of factors, including, without limitation, origination LTV, debt yield, property type, geographic and local market dynamics, physical condition, cash flow volatility, leasing and tenant profile, loan structure and exit plan, and project sponsorship. Based on a 5-point scale, our loans are rated “l” through “5,” from less risk to greater risk, relative to our loan portfolio in the aggregate, which ratings are defined as follows: 1 -Very Low Risk 2 -Low Risk 3 -Medium Risk 4 -High Risk/Potential for Loss: A loan that has a risk of realizing a principal loss. 5 -Impaired/Loss Likely: A loan that has a very high risk of realizing a principal loss or has otherwise incurred a principal loss. Estimation of Economic Conditions In addition to the WARM method computations and probability-weighted models described above, our CECL reserves are also adjusted to reflect our estimation of the current and future economic conditions that impact the performance of the commercial real estate assets securing our loans. These estimations include unemployment rates, interest rates, expectations of inflation and/or recession, and other macroeconomic factors impacting the likelihood and magnitude of potential credit losses for our loans during their anticipated term. In addition to the CMBS data we have licensed from Trepp LLC, we have also licensed certain macroeconomic financial forecasts to inform our view of the potential future impact that broader economic conditions may have on our loan portfolio’s performance. We generally also incorporate information from other sources, including information and opinions available to our Manager, to further inform these estimations. This process requires significant judgments about future events that, while based on the information available to us as of the balance sheet date, are ultimately indeterminate and the actual economic condition impacting our portfolio could vary significantly from the estimates we made as of June 30, 2025.
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| Real Estate Owned | Real Estate Owned We may assume legal title or physical possession of the collateral underlying a loan through a foreclosure, a deed-in-lieu of foreclosure transaction, or a loan modification in which we receive an equity interest in and/or control over decision- making at the property, resulting in us consolidating the real estate assets as VIEs. These real estate acquisitions are classified as real estate owned, or REO, on our consolidated balance sheet and are initially recognized at fair value on the acquisition date in accordance with the ASC Topic 805, “Business Combinations.” Upon acquisition of REO, we assess the fair value of acquired tangible and intangible assets, which may include land, buildings, tenant improvements, “above-market” and “below-market” leases, acquired in-place leases, other identified intangible assets and assumed liabilities, as applicable, and allocate the fair value to the acquired assets and assumed liabilities. We assess and consider fair value based on estimated cash flow projections that utilize discount and/or capitalization rates that we deem appropriate, as well as other available market information. Estimates of future cash flows are based on a number of factors including the historical operating results, known and anticipated trends, and market and economic conditions. We capitalize acquisition-related costs associated with asset acquisitions. Real estate assets held for investment, except for land, are depreciated using the straight-line method over the assets’ estimated useful lives of up to 40 years for buildings and 10 years for tenant improvements. Renovations and/or replacements that improve or extend the life of the asset are capitalized and depreciated over their estimated useful lives. Lease intangibles are amortized over the remaining term of applicable leases on a straight-line basis. The cost of ordinary repairs and maintenance are expensed as incurred. Real estate assets held for investment are assessed for impairment on a quarterly basis. If the depreciated cost basis of the asset exceeds the undiscounted cash flows over the remaining holding period, the asset is considered for impairment. The impairment loss is recognized when the carrying value of the real estate assets exceed their fair value. The evaluation of anticipated future cash flows is highly subjective and is based in part on assumptions regarding future occupancy, rental rates, capital requirements and anticipated holding periods that could differ materially from actual results. Real estate assets are classified as held for sale in the period when they meet the criteria under ASC Topic 360 “Property, Plant, and Equipment.” Once a real estate asset is classified as held for sale, depreciation is suspended and the asset is reported at the lower of its carrying value or fair value less cost to sell. If circumstances arise and we decide not to sell a real estate asset previously classified as held for sale, the real estate asset is reclassified as held for investment. Upon reclassification, the real estate asset is measured at the lower of (i) its carrying amount prior to classification as held for sale, adjusted for depreciation expense that would have been recognized had the real estate been classified as held for investment, and (ii) its estimated fair value at the time of reclassification.
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| Agency Multifamily Lending Partnership | Agency Multifamily Lending Partnership In the second quarter of 2024, we entered into an agreement with M&T Realty Capital Corporation, or MTRCC, a subsidiary of M&T Bank, that allows our borrowers to access multifamily agency financing through MTRCC’s Fannie Mae DUS and Freddie Mac Optigo lending platforms, or the Agency Multifamily Lending Partnership. We will receive a portion of origination, servicing, and other fees for loans that we refer to MTRCC for origination under both the Fannie Mae and Freddie Mac programs. Additionally, we will share in losses with MTRCC and Fannie Mae on loans that we refer to MTRCC for origination under the Fannie Mae program. Revenue Recognition For loans that we refer to MTRCC for origination under both the Fannie Mae and Freddie Mac programs, we recognize our allocable portion of origination, servicing, and other fees in other income when we have satisfied our performance obligations in accordance with the “Revenue from Contracts with Customers” Topic of the FASB, or ASC 606. Our performance obligations are generally satisfied when the loan is referred by us to MTRCC and subsequently originated and sold under the Fannie Mae and Freddie Mac programs. A portion of the fees recognized, such as servicing fees, are variable and will be reevaluated for collectability on a recurring basis. Loss-sharing Obligation Pursuant to our agreement with MTRCC, we are subject to a loss-sharing obligation with respect to MTRCC’s obligation to partially guarantee the performance of loans that they originate and sell under the Fannie Mae program. This loss- sharing agreement requires us to fund a fixed amount of cash into a segregated account based on the amount MTRCC is required to fund under the Fannie Mae program, with respect to loans we referred to MTRCC. In addition, we will recognize a liability for these loss-sharing obligations. This liability will be initially recognized at fair value with a corresponding expense at inception, and it will subsequently be amortized on a straight-line basis over the life of the loss-sharing obligation. This liability is included within other liabilities in our consolidated balance sheets.
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| Derivative Financial Instruments | Derivative Financial Instruments We classify all derivative financial instruments as either other assets or other liabilities on our consolidated balance sheets at fair value. On the date we enter into a derivative contract, we designate each contract as (i) a hedge of a net investment in a foreign operation, or net investment hedge, (ii) a hedge of a forecasted transaction or of the variability of cash flows to be received or paid related to a recognized asset or liability, or cash flow hedge, (iii) a hedge of a recognized asset or liability, or fair value hedge, or (iv) a derivative instrument not to be designated as a hedging derivative, or non-designated hedge. For all derivatives other than those designated as non-designated hedges, we formally document our hedge relationships and designation at the contract’s inception. This documentation includes the identification of the hedging instruments and the hedged items, its risk management objectives, strategy for undertaking the hedge transaction and our evaluation of the effectiveness of its hedged transaction. On a quarterly basis, we also formally assess whether the derivative we designated in each hedging relationship is expected to be, and has been, highly effective in offsetting changes in the value or cash flows of the hedged items. If it is determined that a derivative is not highly effective at hedging the designated exposure, hedge accounting is discontinued and the changes in fair value of the instrument are included in net income prospectively. Our net investment hedges are assessed using a method based on changes in spot exchange rates. Gains and losses, representing hedge components excluded from the assessment of effectiveness, are recognized in interest income on our consolidated statements of operations over the contractual term of our net investment hedges on a systematic and rational basis, as documented at hedge inception in accordance with our accounting policy election. All other changes in the fair value of our derivative instruments that qualify as hedges are reported as a component of accumulated other comprehensive income (loss) on our consolidated financial statements. Deferred gains and losses are reclassified out of accumulated other comprehensive income (loss) and into net income in the same period or periods during which the hedged transaction affects earnings, and are presented in the same line item as the earnings effect of the hedged item. For cash flow hedges, this is typically when the periodic swap settlements are made, while for net investment hedges, this occurs when the hedged item is sold or substantially liquidated. To the extent a derivative does not qualify for hedge accounting and is deemed a non-designated hedge, the changes in its fair value are included in net income concurrently. Proceeds or payments from periodic settlements of derivative instruments are classified on our consolidated statement of cash flows in the same section as the underlying hedged item.
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| Secured Debt, Asset-Specific Debt, Term Loans, Senior Secured Notes, Convertible Notes and Deferred Financing Costs | Secured Debt and Asset-Specific Debt We record investments financed with secured debt or asset-specific debt as separate assets and the related borrowings under any secured debt or asset-specific debt are recorded as separate liabilities on our consolidated balance sheets. Interest income earned on the investments and interest expense incurred on the secured debt or asset-specific debt are reported separately on our consolidated statements of operations. Term Loans We record our term loans as liabilities on our consolidated balance sheets. Where applicable, any issue discount or transaction expenses are deferred and amortized through the maturity date of the term loans as additional non-cash interest expense. Senior Secured Notes We record our senior secured notes as liabilities on our consolidated balance sheets. Where applicable, any issue discount or transaction expenses are deferred and amortized through the maturity date of the senior secured notes as additional non- cash interest expense. Convertible Notes Convertible note proceeds, unless issued with a substantial premium or an embedded conversion feature, are classified as debt. Additionally, shares issuable under our convertible notes are included in diluted earnings per share in our consolidated financial statements, if the effect is dilutive, using the if-converted method, regardless of settlement intent. Where applicable, any issue discount or transaction expenses are deferred and amortized through the maturity date of the convertible notes as additional non-cash interest expense. Deferred Financing Costs The deferred financing costs that are included as a reduction in the net book value of the related liability on our consolidated balance sheets include issuance and other costs related to our debt obligations. These costs are amortized as interest expense using the effective interest method over the life of the related obligations.
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| Loan Participations Sold | Loan Participations Sold In certain instances, we have executed a syndication of a non-recourse loan interest to a third party. Depending on the particular structure of the syndication, the loan interest may remain on our GAAP balance sheet or, in other cases, the sale will be recognized and the loan interest will no longer be included in our consolidated financial statements. When these sales are not recognized under GAAP we reflect the transaction by recording a loan participation sold liability on our consolidated balance sheet, however this gross presentation does not impact stockholders’ equity or net income. When the sales are recognized, our balance sheet only includes our remaining loan interest, and excludes the interest in the loan that we sold.
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| Underwriting Commissions and Offering Costs | Underwriting Commissions and Offering Costs Underwriting commissions and offering costs incurred in connection with common stock offerings are reflected as a reduction of additional paid-in capital. Costs incurred that are not directly associated with the completion of a common stock offering are expensed when incurred.
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| Fair Value Measurements | Fair Value Measurements The “Fair Value Measurements and Disclosures” Topic of the FASB, or ASC 820, defines fair value, establishes a framework for measuring fair value, and requires certain disclosures about fair value measurements under GAAP. Specifically, this guidance defines fair value based on exit price, or the price that would be received upon the sale of an asset or the transfer of a liability in an orderly transaction between market participants at the measurement date. ASC 820 also establishes a fair value hierarchy that prioritizes and ranks the level of market price observability used in measuring financial instruments. Market price observability is affected by a number of factors, including the type of financial instrument, the characteristics specific to the financial instrument, and the state of the marketplace, including the existence and transparency of transactions between market participants. Financial instruments with readily available quoted prices in active markets generally will have a higher degree of market price observability and a lesser degree of judgment used in measuring fair value. Financial instruments measured and reported at fair value are classified and disclosed based on the observability of inputs used in the determination, as follows: •Level 1: Generally includes only unadjusted quoted prices that are available in active markets for identical financial instruments as of the reporting date. •Level 2: Pricing inputs include quoted prices in active markets for similar instruments, quoted prices in less active or inactive markets for identical or similar instruments where multiple price quotes can be obtained, and other observable inputs, such as interest rates, yield curves, credit risks, and default rates. •Level 3: Pricing inputs are unobservable for the financial instruments and include situations where there is little, if any, market activity for the financial instrument. These inputs require significant judgment or estimation by management of third parties when determining fair value and generally represent anything that does not meet the criteria of Levels 1 and 2. Certain of our other assets are reported at fair value, as of quarter-end, either (i) on a recurring basis or (ii) on a nonrecurring basis, as a result of impairment or other events. Our assets that are recorded at fair value are discussed further in Note 19. We generally value our assets recorded at fair value by either (i) discounting expected cash flows based on assumptions regarding the collection of principal and interest and estimated market rates, or (ii) obtaining assessments from third parties. For collateral-dependent loans that are identified as impaired, we measure impairment by comparing our estimation of the fair value of the underlying collateral, less costs to sell, to the book value of the respective loan. These valuations require significant judgments, which include assumptions regarding capitalization rates, discount rates, leasing, creditworthiness of major tenants, occupancy rates, availability and cost of financing, exit plan, loan sponsorship, actions of other lenders, and other factors. We have elected the FVO for one of our investments in an unconsolidated entity, our Bank Loan Portfolio Joint Venture, and therefore report this investment at fair value. Given the fair value of this investment is not readily determinable, the net asset value of the entity is used as a practical expedient. As of June 30, 2025, we had an aggregate $558.8 million asset-specific CECL reserve related to 14 of our loans receivable with an aggregate amortized cost basis of $1.6 billion, net of cost-recovery proceeds. The CECL reserve was recorded based on our estimation of the fair value of the loans' aggregate underlying collateral as of June 30, 2025. These loans receivable are therefore measured at fair value on a nonrecurring basis using significant unobservable inputs, and are classified as Level 3 assets in the fair value hierarchy. We estimated the fair value of the collateral underlying the loans receivable by considering a variety of inputs including property performance, market data, and comparable sales, as applicable. The significant unobservable inputs employed include the exit capitalization rate assumption used to forecast the future sale price of the underlying real estate collateral, which ranged from 6.00% to 8.00%, and the unlevered discount rate assumption, which ranged from 7.00% to 15.00%. During the six months ended June 30, 2025, we acquired legal title to one REO asset through a deed-in-lieu of foreclosure transaction. At the time of acquisition, we determined the fair value of the real estate asset based on a variety of inputs including, but not limited to, estimated cash flow projections, leasing assumptions, required capital expenditures, market data, and comparable sales. The REO asset was measured at fair value on a nonrecurring basis using significant unobservable inputs and is classified as a Level 3 asset in the fair value hierarchy. The significant unobservable inputs employed include (i) the exit capitalization rate assumption of 8.55% used to forecast the future sale price of the asset, and (ii) the unlevered discount rate assumption of 10.55%. Refer to Note 4 and Note 19 for additional information. We are also required by GAAP to disclose fair value information about financial instruments, which are not otherwise reported at fair value in our consolidated balance sheet, to the extent it is practicable to estimate a fair value for those instruments. These disclosure requirements exclude certain financial instruments and all non-financial instruments. The following methods and assumptions are used to estimate the fair value of each class of financial instruments, for which it is practicable to estimate that value: •Cash and cash equivalents: The carrying amount of cash and cash equivalents approximates fair value. •Loans receivable, net: The fair values of these loans were estimated using a discounted cash flow methodology, taking into consideration various factors including capitalization rates, discount rates, leasing, credit worthiness of major tenants, occupancy rates, availability and cost of financing, exit plan, loan sponsorship, actions of other lenders, and other factors. •Derivative financial instruments: The fair value of our foreign currency and interest rate contracts was estimated using advice from a third-party derivative specialist, based on contractual cash flows and observable inputs comprising foreign currency rates and credit spreads. •Secured debt, net: The fair value of these instruments was estimated based on the rate at which a similar credit facility would currently be priced. •Securitized debt obligations, net: The fair value of these instruments was estimated by utilizing third-party pricing service providers. In determining the value of a particular investment, pricing service providers may use broker- dealer quotations, reported trades, or valuation estimates from their internal pricing models to determine the reported price. •Asset-specific debt, net: The fair value of these instruments was estimated based on the rate at which a similar agreement would currently be priced. •Loan participations sold, net: The fair value of these instruments was estimated based on the value of the related loan receivable asset. •Term loans, net: The fair value of these instruments was estimated by utilizing third-party pricing service providers. In determining the value of a particular investment, pricing service providers may use broker-dealer quotations, reported trades, or valuation estimates from their internal pricing models to determine the reported price. •Senior secured notes, net: The fair value of these instruments was estimated by utilizing third-party pricing service providers. In determining the value of a particular investment, pricing service providers may use broker-dealer quotations, reported trades, or valuation estimates from their internal pricing models to determine the reported price. •Convertible notes, net: Each series of the convertible notes is actively traded and their fair values were obtained using quoted market prices.
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| Income Taxes | Income Taxes Our financial results generally do not reflect provisions for current or deferred income taxes on our REIT taxable income. We believe that we operate in a manner that will continue to allow us to be taxed as a REIT and, as a result, we generally do not expect to pay substantial corporate level taxes other than those payable by our taxable REIT subsidiaries. If we were to fail to meet these requirements, we may be subject to federal, state, and local income tax on current and past income, and penalties. Refer to Note 17 for additional information.
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| Stock-Based Compensation | Stock-Based Compensation Our stock-based compensation consists of awards issued to our Manager, certain individuals employed by an affiliate of our Manager, and certain members of our board of directors that vest over the life of the awards, as well as deferred stock units issued to certain members of our board of directors. Stock-based compensation expense is recognized for these awards in net income on a variable basis over the applicable vesting period of the awards, based on the value of our class A common stock. Refer to Note 18 for additional information.
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| Earnings per Share | Earnings per Share Basic earnings per share, or Basic EPS, is computed in accordance with the two-class method and is based on (i) the net earnings allocable to our class A common stock, including restricted class A common stock and deferred stock units, divided by (ii) the weighted-average number of shares of our class A common stock, including restricted class A common stock and deferred stock units outstanding during the period. Our restricted class A common stock is considered a participating security, as defined by GAAP, and has been included in our Basic EPS under the two-class method as these restricted shares have the same rights as our other shares of class A common stock, including participating in any gains or losses. Diluted earnings per share, or Diluted EPS, is determined using the if-converted method, and is based on (i) the net earnings, adjusted for interest expense incurred on our convertible notes during the relevant period, net of incentive fees, allocable to our class A common stock, including restricted class A common stock and deferred stock units, divided by (ii) the weighted-average number of shares of our class A common stock, including restricted class A common stock, deferred stock units, and shares of class A common stock issuable under our convertible notes. Refer to Note 15 for additional discussion of earnings per share.
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| Foreign Currency | Foreign Currency In the normal course of business, we enter into transactions not denominated in United States, or U.S., dollars. Foreign exchange gains and losses arising on such transactions are recorded as a gain or loss in our consolidated statements of operations. In addition, we consolidate entities that have a non-U.S. dollar functional currency. Non-U.S. dollar denominated assets and liabilities are translated to U.S. dollars at the exchange rate prevailing at the reporting date and income, expenses, gains, and losses are translated at the average exchange rate over the applicable period. Cumulative translation adjustments arising from the translation of non-U.S. dollar denominated subsidiaries are recorded in other comprehensive income (loss).
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| Recent Accounting Pronouncements | Recent Accounting Pronouncements In May 2025, the FASB issued Accounting Standards Update, or ASU, 2025-03, which amends the guidance in ASC 805, Business Combinations. This update clarifies the determination of the accounting acquirer in business combinations that are primarily effected through the exchange of equity interests and involve the acquisition of a VIE. Specifically, entities are now required to consider the factors outlined in ASC 805-10-55-12 through 55-15 when determining the accounting acquirer, rather than defaulting to the primary beneficiary of the VIE as the accounting acquirer. ASU 2025-03 is effective for annual periods beginning after December 15, 2026, including interim periods within those annual periods, and early adoption is permitted. We have not early adopted ASU 2025-03 and do not expect the adoption of ASU 2025-03 to have a material impact on our consolidated financial statements. In November 2024, the FASB issued ASU 2024-04 “Debt with Conversion and Other Options (Subtopic 470-20): Induced Conversions of Convertible Debt Instruments,” or ASU 2024-04. ASU 2024-04 clarifies the accounting treatment for settlement of a convertible debt instrument as an induced conversion. ASU 2024-04 is effective on a prospective basis, with the option for retrospective application, for fiscal years beginning after December 15, 2025. We have not early adopted ASU 2024-04 and do not expect the adoption of ASU 2024-04 to have a material impact on our consolidated financial statements. In November 2024, the FASB issued ASU 2024-03 “Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses,” or ASU 2024-03. ASU 2024-03 requires disclosures in the notes to the financial statements on specified information about certain costs and expenses for each interim and annual reporting period. ASU 2024-03 is effective on either a prospective basis, with the option for retrospective application, for annual periods beginning after December 15, 2026, and for interim periods within fiscal years beginning after December 15, 2027, and early adoption is permitted. We have not early adopted ASU 2024-03 and do not expect the adoption of ASU 2024-03 to have a material impact on our consolidated financial statements. In December 2023, the FASB issued ASU 2023-09 “Income Taxes (Topic 740): Improvements to Income Tax Disclosures,” or ASU 2023-09. ASU 2023-09 requires additional disaggregated disclosures on an entity’s effective tax rate reconciliation and additional details on income taxes paid. ASU 2023-09 is effective on a prospective basis, with the option for retrospective application, for annual periods beginning after December 15, 2024 and early adoption is permitted. We have not early adopted ASU 2023-09 and do not expect the adoption of ASU 2023-09 to have a material impact on our consolidated financial statements.
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| Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Overall Statistics for Loans Receivable Portfolio | The following table details overall statistics for our loans receivable portfolio ($ in thousands):
(1)Unfunded commitments will primarily be funded to finance our borrowers’ construction or development of real estate-related assets, capital improvements of existing assets, or lease-related expenditures. These commitments will generally be funded over the term of each loan, subject in certain cases to an expiration date. (2)The weighted-average cash coupon and all-in yield are expressed as a spread over the relevant floating benchmark rates, which include , SONIA, EURIBOR, CORRA, and other indices, as applicable to each loan. As of June 30, 2025, 98% of our loans by principal balance earned a floating rate of interest, primarily indexed to SOFR. The remaining 2% of our loans by principal balance earned a fixed rate of interest. As of December 31, 2024, substantially all of our loans by principal balance earned a floating rate of interest, primarily indexed to SOFR. In addition to cash coupon, all-in yield includes the amortization of deferred origination and extension fees, loan origination costs, and purchase discounts, as well as the accrual of exit fees. Excludes loans accounted for under the cost-recovery and nonaccrual methods, if any. (3)Maximum maturity assumes all extension options are exercised by the borrower, however our loans may be repaid prior to such date. Excludes loans accounted for under the cost-recovery and nonaccrual methods, if any. As of June 30, 2025, 26% of our loans by principal balance were subject to yield maintenance or other prepayment restrictions and 74% were open to repayment by the borrower without penalty. As of December 31, 2024, 10% of our loans by principal balance were subject to yield maintenance or other prepayment restrictions and 90% were open to repayment by the borrower without penalty.
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| Disclosure Details Of Loan Receivable Portfolio Based On Index Floor Rates | The following table details the index rate floors for our loans receivable portfolio as of June 30, 2025 ($ in thousands):
(1)Includes Euro, British Pound Sterling, Swedish Krona, Australian Dollar, Canadian Dollar, and Swiss Franc currencies. (2)Includes all impaired loans. (3)As of June 30, 2025, the weighted-average index rate floor of our floating-rate loans receivable principal balance was 1.11%. Excluding 0.0% index rate floors and loans with no floor, the weighted-average index rate floor was 1.70%.
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| Activity Relating to Loans Receivable Portfolio | Activity relating to our loans receivable portfolio was as follows ($ in thousands):
(1)Other items primarily consist of purchase and sale discounts or premiums, exit fees, deferred origination expenses, and cost-recovery proceeds. (2)This amount relates to intangible and other assets recorded in connection with loans that were transferred to REO, net of liabilities recorded upon acquisition, if any, and proceeds from loan repayments that are held in escrow, all of which are included within other assets in our consolidated balance sheets. See Note 6 for further information.
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| Property Type and Geographic Distribution of Properties Securing Loans in Portfolio | The tables below detail the property type and geographic distribution of the properties securing the loans in our portfolio ($ in thousands):
(1)Net loan exposure reflects the amount of each loan that is subject to risk of credit loss to us as of June 30, 2025, which is our principal balance net of (i) $529.9 million of asset-specific debt, (ii) $109.2 million of cost-recovery proceeds, (iii) our total loans receivable CECL reserve of $740.9 million, and (iv) $50.0 million of junior loan interests that we have sold, but that remain included in our consolidated financial statements. See Note 2 for further discussion of loan participations sold. Our asset-specific debt and loan participations sold are structurally non- recourse and term-matched to the corresponding collateral loans.
(1)Net loan exposure reflects the amount of each loan that is subject to risk of credit loss to us as of December 31, 2024, which is our principal balance net of (i) $1.2 billion of asset-specific debt, (ii) $106.7 million of cost-recovery proceeds, (iii) our total loans receivable CECL reserve of $733.9 million, and (iv) $100.1 million of junior loan interests that we have sold, but that remain included in our consolidated financial statements. See Note 2 for further discussion of loan participations sold. Our asset-specific debt and loan participations sold are structurally non- recourse and term-matched to the corresponding collateral loans. |
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| Net Book Value, Total Loan Exposure and Net Loan Exposure of Loans Receivable Based on Internal Risk Ratings and Credit Quality Indicators | The following table allocates the net book value and net loan exposure balances based on our internal risk ratings ($ in thousands):
(1)Net loan exposure reflects the amount of each loan that is subject to risk of credit loss to us as of June 30, 2025, which is our principal balance net of (i) $529.9 million of asset-specific debt, (ii) $109.2 million of cost-recovery proceeds, (iii) our total loans receivable CECL reserve of $740.9 million, and (iv) $50.0 million of junior loan interests that we have sold, but that remain included in our consolidated financial statements. Our net loan exposure as of December 31, 2024 is our principal balance net of (i) $1.2 billion of asset-specific debt, (ii) $106.7 million of cost-recovery proceeds, (iii) our total loans receivable CECL reserve of $733.9 million, and (iv) $100.1 million of junior loan interests that we have sold, but that remain included in our consolidated financial statements. Our asset- specific debt and loan participations sold are structurally non-recourse and term-matched to the corresponding collateral loans. Our primary credit quality indicator is our risk ratings, which are further discussed above. The following tables present the net book value of our loan portfolio as of June 30, 2025 and December 31, 2024, respectively, by year of origination, investment pool, and risk rating ($ in thousands):
(1)Date loan was originated or acquired by us. Origination dates are subsequently updated to reflect material loan modifications. (2)Represents charge-offs by year of origination during the six months ended June 30, 2025.
(1)Date loan was originated or acquired by us. Origination dates are subsequently updated to reflect material loan modifications. (2)Represents charge-offs by year of origination during the year ended December 31, 2024. |
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| Schedule Of Current Expected Credit Loss Reserve By Pool | The following table presents the activity in our loans receivable CECL reserve by investment pool for the three and six months ended June 30, 2025 and 2024 ($ in thousands):
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Real Estate Owned, Net (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Real Estate [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Asset Acquisition | The following table presents the REO asset that was acquired during the six months ended June 30, 2025 ($ in thousands):
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| Real Estate Owned Assets | The following table presents the REO assets and liabilities included in our consolidated balance sheets ($ in thousands):
(1)Included within other assets on our consolidated balance sheets. Refer to Note 6 for additional information. (2)Included within other liabilities on our consolidated balance sheets. Refer to Note 6 for additional information.
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| Schedule of Revenue and Expenses From Real Estate Owned | Revenue and expenses from real estate owned consisted of the following ($ in thousands):
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| Schedule of Undiscounted Future Minimum Rental Income | The following table presents the undiscounted future minimum rents we expect to receive for our office properties as of June 30, 2025. Leases at our multifamily assets are short term, generally 12 months or less, and are therefore not included ($ in thousands):
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| Below Market Lease, Future Amortization Income | The following table presents the amortization of lease intangibles for each of the succeeding fiscal years ($ in thousands):
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| Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | The following table presents the amortization of lease intangibles for each of the succeeding fiscal years ($ in thousands):
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Investments in Unconsolidated Entities (Tables) |
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Jun. 30, 2025 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Equity Method Investments and Joint Ventures [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Investment in Unconsolidated Entities | The following tables detail our investments in unconsolidated entities ($ in thousands):
(1)The number of assets represents the number of real estate properties held. (2)The number of assets represents the number of commercial mortgage loans.
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Other Assets and Liabilities (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||
| Other Assets And Liabilities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Components of Other Assets | The following table details the components of our other assets ($ in thousands):
(1)Primarily represents loan principal repayments held by our third-party loan servicers as of the balance sheet date that were remitted to us during the subsequent remittance cycle. (2)Includes $46.6 million and $95.5 million as of June 30, 2025 and December 31, 2024, respectively, of cash collateral held by our CLOs that was subsequently remitted by the trustee to repay a portion of the outstanding senior CLO securities.
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| Summary of Components of Other Liabilities | The following table details the components of our other liabilities ($ in thousands):
(1)Represents pending transfers from our third-party loan servicer that were remitted to our banking counterparties or CLO trustee during the subsequent remittance cycle. (2)Represents the CECL reserve related to our unfunded loan commitments. See Note 2 for further discussion of the CECL reserves.
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Secured Debt, Net (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Long-Term Debt | The following table details our secured debt ($ in thousands):
(1)Costs incurred in connection with our secured debt are recorded on our consolidated balance sheets when incurred and recognized as a component of interest expense over the life of each related facility.The following table details our secured credit facilities as of June 30, 2025 ($ in thousands):
(1)Represents the number of lenders with fundings advanced in each respective currency, as well as the total number of facility lenders. (2)Our secured debt agreements are generally term-matched to their underlying collateral. Therefore, the weighted- average maturity is generally allocated based on the maximum maturity date of the collateral loans, assuming all extension options are exercised by the borrower. In limited instances, the maturity date of the respective secured credit facility is used. (3)Represents the principal balance of the collateral loan assets and the book value of the collateral REO assets. (4)Maximum maturity assumes all extension options are exercised by the borrower, however our loans may be repaid prior to such date. (5)Includes Australian Dollar, Canadian Dollar, Swedish Krona, and Swiss Franc currencies. The following tables detail the spread of our secured credit facilities as of June 30, 2025 and December 31, 2024 ($ in thousands):
(1)The spread, all-in cost, and all-in yield are expressed over the relevant floating benchmark rates, which include SOFR, SONIA, EURIBOR, CORRA, and other indices as applicable. (2)Represents the amount of new borrowings we closed during the six months ended June 30, 2025 and year ended December 31, 2024, respectively. (3)In addition to spread, the cost includes the associated deferred fees and expenses related to the respective borrowings. In addition to cash coupon, all-in yield includes the amortization of deferred origination and extension fees, loan origination costs, and purchase discounts, as well as the accrual of exit fees. All-in yield excludes loans accounted for under the cost-recovery and nonaccrual methods, if any, and REO assets. (4)Represents the weighted-average all-in cost as of June 30, 2025 and December 31, 2024, respectively, and is not necessarily indicative of the spread applicable to recent or future borrowings. (5)Represents the principal balance of the collateral loan assets and the book value of the collateral REO assets. (6)Represents the difference between the weighted-average all-in yield and weighted-average all-in cost. The following tables detail our securitized debt obligations and the underlying collateral assets that are financed by our CLOs ($ in thousands):
(1)The book value of underlying collateral assets excludes any applicable CECL reserves. (2)In addition to cash coupon, all-in yield includes the amortization of deferred origination and extension fees, loan origination costs, purchase discounts, and accrual of exit fees. . All-in yield excludes loans accounted for under the cost-recovery and nonaccrual methods, if any, and REO assets. (4)Underlying Collateral Assets term represents the weighted-average final maturity of such loans, assuming all extension options are exercised by the borrower, and excludes REO assets. Repayments of securitized debt obligations 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. (5)During the three and six months ended June 30, 2025, we recorded $40.3 million and $67.9 million, respectively, of interest expense related to our securitized debt obligations.
(1)The book value of underlying collateral assets excludes any applicable CECL reserves. (2)In addition to cash coupon, all-in yield includes the amortization of deferred origination and extension fees, loan origination costs, purchase discounts, and accrual of exit fees. (3). All-in yield excludes loans accounted for under the cost-recovery and nonaccrual methods, if any. (4)Underlying Collateral Assets term represents the weighted-average final maturity of such loans, assuming all extension options are exercised by the borrower. Repayments of securitized debt obligations 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. (5)During the three and six months ended June 30, 2024, we recorded $40.2 million and $81.7 million, respectively, of interest expense related to our securitized debt obligations. The following table details our asset-specific debt ($ in thousands):
(1)The book value of underlying collateral assets excludes any applicable CECL reserves. (2) which include SOFR and CORRA, as applicable. These floating rate loans and related liabilities are currency and index-matched to the applicable benchmark rate relevant in each arrangement. In addition to cash coupon, yield/cost includes the amortization of deferred origination fees and financing costs. (3)The weighted-average term is determined based on the maximum maturity of the corresponding loans, assuming all extension options are exercised by the borrower. Our non-recourse, asset-specific debt is term-matched in each case to the corresponding collateral loans. ($ in thousands):
(1)The B-4 Term Loan and the B-6 Term Loan borrowings are subject to a floor of 0.50%. The Term Loans are indexed to one-month SOFR. (2)Includes issue discount and transaction expenses that are amortized through interest expense over the life of the Term Loans. The following table details our interest expense related to the Term Loans ($ in thousands):
balance sheets ($ in thousands):
(1)Includes transaction expenses that are amortized through interest expense over the life of the Senior Secured Notes. (2)Represents the stated coupon rate of the notes. We have entered into an interest rate swap that effectively converts our fixed rate exposure to a SOFR + 3.95% floating rate exposure. (3)Represents the fair value of an interest rate swap that we entered into to convert the fixed rate exposure of the December 2024 Senior Secured Notes into floating rate. Refer to Note 14 for additional discussion. The following table details our interest expense related to the Senior Secured Notes ($ in thousands):
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Securitized Debt Obligations, Net (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Long-Term Debt | The following table details our secured debt ($ in thousands):
(1)Costs incurred in connection with our secured debt are recorded on our consolidated balance sheets when incurred and recognized as a component of interest expense over the life of each related facility.The following table details our secured credit facilities as of June 30, 2025 ($ in thousands):
(1)Represents the number of lenders with fundings advanced in each respective currency, as well as the total number of facility lenders. (2)Our secured debt agreements are generally term-matched to their underlying collateral. Therefore, the weighted- average maturity is generally allocated based on the maximum maturity date of the collateral loans, assuming all extension options are exercised by the borrower. In limited instances, the maturity date of the respective secured credit facility is used. (3)Represents the principal balance of the collateral loan assets and the book value of the collateral REO assets. (4)Maximum maturity assumes all extension options are exercised by the borrower, however our loans may be repaid prior to such date. (5)Includes Australian Dollar, Canadian Dollar, Swedish Krona, and Swiss Franc currencies. The following tables detail the spread of our secured credit facilities as of June 30, 2025 and December 31, 2024 ($ in thousands):
(1)The spread, all-in cost, and all-in yield are expressed over the relevant floating benchmark rates, which include SOFR, SONIA, EURIBOR, CORRA, and other indices as applicable. (2)Represents the amount of new borrowings we closed during the six months ended June 30, 2025 and year ended December 31, 2024, respectively. (3)In addition to spread, the cost includes the associated deferred fees and expenses related to the respective borrowings. In addition to cash coupon, all-in yield includes the amortization of deferred origination and extension fees, loan origination costs, and purchase discounts, as well as the accrual of exit fees. All-in yield excludes loans accounted for under the cost-recovery and nonaccrual methods, if any, and REO assets. (4)Represents the weighted-average all-in cost as of June 30, 2025 and December 31, 2024, respectively, and is not necessarily indicative of the spread applicable to recent or future borrowings. (5)Represents the principal balance of the collateral loan assets and the book value of the collateral REO assets. (6)Represents the difference between the weighted-average all-in yield and weighted-average all-in cost. The following tables detail our securitized debt obligations and the underlying collateral assets that are financed by our CLOs ($ in thousands):
(1)The book value of underlying collateral assets excludes any applicable CECL reserves. (2)In addition to cash coupon, all-in yield includes the amortization of deferred origination and extension fees, loan origination costs, purchase discounts, and accrual of exit fees. . All-in yield excludes loans accounted for under the cost-recovery and nonaccrual methods, if any, and REO assets. (4)Underlying Collateral Assets term represents the weighted-average final maturity of such loans, assuming all extension options are exercised by the borrower, and excludes REO assets. Repayments of securitized debt obligations 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. (5)During the three and six months ended June 30, 2025, we recorded $40.3 million and $67.9 million, respectively, of interest expense related to our securitized debt obligations.
(1)The book value of underlying collateral assets excludes any applicable CECL reserves. (2)In addition to cash coupon, all-in yield includes the amortization of deferred origination and extension fees, loan origination costs, purchase discounts, and accrual of exit fees. (3). All-in yield excludes loans accounted for under the cost-recovery and nonaccrual methods, if any. (4)Underlying Collateral Assets term represents the weighted-average final maturity of such loans, assuming all extension options are exercised by the borrower. Repayments of securitized debt obligations 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. (5)During the three and six months ended June 30, 2024, we recorded $40.2 million and $81.7 million, respectively, of interest expense related to our securitized debt obligations. The following table details our asset-specific debt ($ in thousands):
(1)The book value of underlying collateral assets excludes any applicable CECL reserves. (2) which include SOFR and CORRA, as applicable. These floating rate loans and related liabilities are currency and index-matched to the applicable benchmark rate relevant in each arrangement. In addition to cash coupon, yield/cost includes the amortization of deferred origination fees and financing costs. (3)The weighted-average term is determined based on the maximum maturity of the corresponding loans, assuming all extension options are exercised by the borrower. Our non-recourse, asset-specific debt is term-matched in each case to the corresponding collateral loans. ($ in thousands):
(1)The B-4 Term Loan and the B-6 Term Loan borrowings are subject to a floor of 0.50%. The Term Loans are indexed to one-month SOFR. (2)Includes issue discount and transaction expenses that are amortized through interest expense over the life of the Term Loans. The following table details our interest expense related to the Term Loans ($ in thousands):
balance sheets ($ in thousands):
(1)Includes transaction expenses that are amortized through interest expense over the life of the Senior Secured Notes. (2)Represents the stated coupon rate of the notes. We have entered into an interest rate swap that effectively converts our fixed rate exposure to a SOFR + 3.95% floating rate exposure. (3)Represents the fair value of an interest rate swap that we entered into to convert the fixed rate exposure of the December 2024 Senior Secured Notes into floating rate. Refer to Note 14 for additional discussion. The following table details our interest expense related to the Senior Secured Notes ($ in thousands):
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Asset-Specific Debt, Net (Tables) |
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| Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Long-Term Debt | The following table details our secured debt ($ in thousands):
(1)Costs incurred in connection with our secured debt are recorded on our consolidated balance sheets when incurred and recognized as a component of interest expense over the life of each related facility.The following table details our secured credit facilities as of June 30, 2025 ($ in thousands):
(1)Represents the number of lenders with fundings advanced in each respective currency, as well as the total number of facility lenders. (2)Our secured debt agreements are generally term-matched to their underlying collateral. Therefore, the weighted- average maturity is generally allocated based on the maximum maturity date of the collateral loans, assuming all extension options are exercised by the borrower. In limited instances, the maturity date of the respective secured credit facility is used. (3)Represents the principal balance of the collateral loan assets and the book value of the collateral REO assets. (4)Maximum maturity assumes all extension options are exercised by the borrower, however our loans may be repaid prior to such date. (5)Includes Australian Dollar, Canadian Dollar, Swedish Krona, and Swiss Franc currencies. The following tables detail the spread of our secured credit facilities as of June 30, 2025 and December 31, 2024 ($ in thousands):
(1)The spread, all-in cost, and all-in yield are expressed over the relevant floating benchmark rates, which include SOFR, SONIA, EURIBOR, CORRA, and other indices as applicable. (2)Represents the amount of new borrowings we closed during the six months ended June 30, 2025 and year ended December 31, 2024, respectively. (3)In addition to spread, the cost includes the associated deferred fees and expenses related to the respective borrowings. In addition to cash coupon, all-in yield includes the amortization of deferred origination and extension fees, loan origination costs, and purchase discounts, as well as the accrual of exit fees. All-in yield excludes loans accounted for under the cost-recovery and nonaccrual methods, if any, and REO assets. (4)Represents the weighted-average all-in cost as of June 30, 2025 and December 31, 2024, respectively, and is not necessarily indicative of the spread applicable to recent or future borrowings. (5)Represents the principal balance of the collateral loan assets and the book value of the collateral REO assets. (6)Represents the difference between the weighted-average all-in yield and weighted-average all-in cost. The following tables detail our securitized debt obligations and the underlying collateral assets that are financed by our CLOs ($ in thousands):
(1)The book value of underlying collateral assets excludes any applicable CECL reserves. (2)In addition to cash coupon, all-in yield includes the amortization of deferred origination and extension fees, loan origination costs, purchase discounts, and accrual of exit fees. . All-in yield excludes loans accounted for under the cost-recovery and nonaccrual methods, if any, and REO assets. (4)Underlying Collateral Assets term represents the weighted-average final maturity of such loans, assuming all extension options are exercised by the borrower, and excludes REO assets. Repayments of securitized debt obligations 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. (5)During the three and six months ended June 30, 2025, we recorded $40.3 million and $67.9 million, respectively, of interest expense related to our securitized debt obligations.
(1)The book value of underlying collateral assets excludes any applicable CECL reserves. (2)In addition to cash coupon, all-in yield includes the amortization of deferred origination and extension fees, loan origination costs, purchase discounts, and accrual of exit fees. (3). All-in yield excludes loans accounted for under the cost-recovery and nonaccrual methods, if any. (4)Underlying Collateral Assets term represents the weighted-average final maturity of such loans, assuming all extension options are exercised by the borrower. Repayments of securitized debt obligations 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. (5)During the three and six months ended June 30, 2024, we recorded $40.2 million and $81.7 million, respectively, of interest expense related to our securitized debt obligations. The following table details our asset-specific debt ($ in thousands):
(1)The book value of underlying collateral assets excludes any applicable CECL reserves. (2) which include SOFR and CORRA, as applicable. These floating rate loans and related liabilities are currency and index-matched to the applicable benchmark rate relevant in each arrangement. In addition to cash coupon, yield/cost includes the amortization of deferred origination fees and financing costs. (3)The weighted-average term is determined based on the maximum maturity of the corresponding loans, assuming all extension options are exercised by the borrower. Our non-recourse, asset-specific debt is term-matched in each case to the corresponding collateral loans. ($ in thousands):
(1)The B-4 Term Loan and the B-6 Term Loan borrowings are subject to a floor of 0.50%. The Term Loans are indexed to one-month SOFR. (2)Includes issue discount and transaction expenses that are amortized through interest expense over the life of the Term Loans. The following table details our interest expense related to the Term Loans ($ in thousands):
balance sheets ($ in thousands):
(1)Includes transaction expenses that are amortized through interest expense over the life of the Senior Secured Notes. (2)Represents the stated coupon rate of the notes. We have entered into an interest rate swap that effectively converts our fixed rate exposure to a SOFR + 3.95% floating rate exposure. (3)Represents the fair value of an interest rate swap that we entered into to convert the fixed rate exposure of the December 2024 Senior Secured Notes into floating rate. Refer to Note 14 for additional discussion. The following table details our interest expense related to the Senior Secured Notes ($ in thousands):
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Loan Participations Sold, Net (Tables) |
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| Loan Participations Sold [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule Of Loan Participations Sold | The following table details our loan participations sold ($ in thousands):
(1)The book value of underlying collateral assets excludes any applicable CECL reserves. (2)The weighted-average all-in yield and cost are expressed over the relevant floating benchmark rates, which include SOFR and SONIA, as applicable. This non-debt participation sold structure is inherently matched in terms of currency and interest rate. In addition to cash coupon, yield/cost includes the amortization of deferred fees and financing costs. (3)The term is determined based on the maximum maturity of the loan, assuming all extension options are exercised by the borrower. Our loan participations sold are inherently non-recourse and term-matched to the corresponding loan. (4)During the three and six months ended June 30, 2025, we recorded $2.4 million and $5.4 million, respectively, of interest expense related to our loan participations sold. During the year ended December 31, 2024, we recorded $22.6 million of interest expense related to our loan participations sold.
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Term Loans, Net (Tables) |
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Jun. 30, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Long-Term Debt | The following table details our secured debt ($ in thousands):
(1)Costs incurred in connection with our secured debt are recorded on our consolidated balance sheets when incurred and recognized as a component of interest expense over the life of each related facility.The following table details our secured credit facilities as of June 30, 2025 ($ in thousands):
(1)Represents the number of lenders with fundings advanced in each respective currency, as well as the total number of facility lenders. (2)Our secured debt agreements are generally term-matched to their underlying collateral. Therefore, the weighted- average maturity is generally allocated based on the maximum maturity date of the collateral loans, assuming all extension options are exercised by the borrower. In limited instances, the maturity date of the respective secured credit facility is used. (3)Represents the principal balance of the collateral loan assets and the book value of the collateral REO assets. (4)Maximum maturity assumes all extension options are exercised by the borrower, however our loans may be repaid prior to such date. (5)Includes Australian Dollar, Canadian Dollar, Swedish Krona, and Swiss Franc currencies. The following tables detail the spread of our secured credit facilities as of June 30, 2025 and December 31, 2024 ($ in thousands):
(1)The spread, all-in cost, and all-in yield are expressed over the relevant floating benchmark rates, which include SOFR, SONIA, EURIBOR, CORRA, and other indices as applicable. (2)Represents the amount of new borrowings we closed during the six months ended June 30, 2025 and year ended December 31, 2024, respectively. (3)In addition to spread, the cost includes the associated deferred fees and expenses related to the respective borrowings. In addition to cash coupon, all-in yield includes the amortization of deferred origination and extension fees, loan origination costs, and purchase discounts, as well as the accrual of exit fees. All-in yield excludes loans accounted for under the cost-recovery and nonaccrual methods, if any, and REO assets. (4)Represents the weighted-average all-in cost as of June 30, 2025 and December 31, 2024, respectively, and is not necessarily indicative of the spread applicable to recent or future borrowings. (5)Represents the principal balance of the collateral loan assets and the book value of the collateral REO assets. (6)Represents the difference between the weighted-average all-in yield and weighted-average all-in cost. The following tables detail our securitized debt obligations and the underlying collateral assets that are financed by our CLOs ($ in thousands):
(1)The book value of underlying collateral assets excludes any applicable CECL reserves. (2)In addition to cash coupon, all-in yield includes the amortization of deferred origination and extension fees, loan origination costs, purchase discounts, and accrual of exit fees. . All-in yield excludes loans accounted for under the cost-recovery and nonaccrual methods, if any, and REO assets. (4)Underlying Collateral Assets term represents the weighted-average final maturity of such loans, assuming all extension options are exercised by the borrower, and excludes REO assets. Repayments of securitized debt obligations 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. (5)During the three and six months ended June 30, 2025, we recorded $40.3 million and $67.9 million, respectively, of interest expense related to our securitized debt obligations.
(1)The book value of underlying collateral assets excludes any applicable CECL reserves. (2)In addition to cash coupon, all-in yield includes the amortization of deferred origination and extension fees, loan origination costs, purchase discounts, and accrual of exit fees. (3). All-in yield excludes loans accounted for under the cost-recovery and nonaccrual methods, if any. (4)Underlying Collateral Assets term represents the weighted-average final maturity of such loans, assuming all extension options are exercised by the borrower. Repayments of securitized debt obligations 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. (5)During the three and six months ended June 30, 2024, we recorded $40.2 million and $81.7 million, respectively, of interest expense related to our securitized debt obligations. The following table details our asset-specific debt ($ in thousands):
(1)The book value of underlying collateral assets excludes any applicable CECL reserves. (2) which include SOFR and CORRA, as applicable. These floating rate loans and related liabilities are currency and index-matched to the applicable benchmark rate relevant in each arrangement. In addition to cash coupon, yield/cost includes the amortization of deferred origination fees and financing costs. (3)The weighted-average term is determined based on the maximum maturity of the corresponding loans, assuming all extension options are exercised by the borrower. Our non-recourse, asset-specific debt is term-matched in each case to the corresponding collateral loans. ($ in thousands):
(1)The B-4 Term Loan and the B-6 Term Loan borrowings are subject to a floor of 0.50%. The Term Loans are indexed to one-month SOFR. (2)Includes issue discount and transaction expenses that are amortized through interest expense over the life of the Term Loans. The following table details our interest expense related to the Term Loans ($ in thousands):
balance sheets ($ in thousands):
(1)Includes transaction expenses that are amortized through interest expense over the life of the Senior Secured Notes. (2)Represents the stated coupon rate of the notes. We have entered into an interest rate swap that effectively converts our fixed rate exposure to a SOFR + 3.95% floating rate exposure. (3)Represents the fair value of an interest rate swap that we entered into to convert the fixed rate exposure of the December 2024 Senior Secured Notes into floating rate. Refer to Note 14 for additional discussion. The following table details our interest expense related to the Senior Secured Notes ($ in thousands):
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Senior Secured Notes, Net (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Long-Term Debt | The following table details our secured debt ($ in thousands):
(1)Costs incurred in connection with our secured debt are recorded on our consolidated balance sheets when incurred and recognized as a component of interest expense over the life of each related facility.The following table details our secured credit facilities as of June 30, 2025 ($ in thousands):
(1)Represents the number of lenders with fundings advanced in each respective currency, as well as the total number of facility lenders. (2)Our secured debt agreements are generally term-matched to their underlying collateral. Therefore, the weighted- average maturity is generally allocated based on the maximum maturity date of the collateral loans, assuming all extension options are exercised by the borrower. In limited instances, the maturity date of the respective secured credit facility is used. (3)Represents the principal balance of the collateral loan assets and the book value of the collateral REO assets. (4)Maximum maturity assumes all extension options are exercised by the borrower, however our loans may be repaid prior to such date. (5)Includes Australian Dollar, Canadian Dollar, Swedish Krona, and Swiss Franc currencies. The following tables detail the spread of our secured credit facilities as of June 30, 2025 and December 31, 2024 ($ in thousands):
(1)The spread, all-in cost, and all-in yield are expressed over the relevant floating benchmark rates, which include SOFR, SONIA, EURIBOR, CORRA, and other indices as applicable. (2)Represents the amount of new borrowings we closed during the six months ended June 30, 2025 and year ended December 31, 2024, respectively. (3)In addition to spread, the cost includes the associated deferred fees and expenses related to the respective borrowings. In addition to cash coupon, all-in yield includes the amortization of deferred origination and extension fees, loan origination costs, and purchase discounts, as well as the accrual of exit fees. All-in yield excludes loans accounted for under the cost-recovery and nonaccrual methods, if any, and REO assets. (4)Represents the weighted-average all-in cost as of June 30, 2025 and December 31, 2024, respectively, and is not necessarily indicative of the spread applicable to recent or future borrowings. (5)Represents the principal balance of the collateral loan assets and the book value of the collateral REO assets. (6)Represents the difference between the weighted-average all-in yield and weighted-average all-in cost. The following tables detail our securitized debt obligations and the underlying collateral assets that are financed by our CLOs ($ in thousands):
(1)The book value of underlying collateral assets excludes any applicable CECL reserves. (2)In addition to cash coupon, all-in yield includes the amortization of deferred origination and extension fees, loan origination costs, purchase discounts, and accrual of exit fees. . All-in yield excludes loans accounted for under the cost-recovery and nonaccrual methods, if any, and REO assets. (4)Underlying Collateral Assets term represents the weighted-average final maturity of such loans, assuming all extension options are exercised by the borrower, and excludes REO assets. Repayments of securitized debt obligations 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. (5)During the three and six months ended June 30, 2025, we recorded $40.3 million and $67.9 million, respectively, of interest expense related to our securitized debt obligations.
(1)The book value of underlying collateral assets excludes any applicable CECL reserves. (2)In addition to cash coupon, all-in yield includes the amortization of deferred origination and extension fees, loan origination costs, purchase discounts, and accrual of exit fees. (3). All-in yield excludes loans accounted for under the cost-recovery and nonaccrual methods, if any. (4)Underlying Collateral Assets term represents the weighted-average final maturity of such loans, assuming all extension options are exercised by the borrower. Repayments of securitized debt obligations 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. (5)During the three and six months ended June 30, 2024, we recorded $40.2 million and $81.7 million, respectively, of interest expense related to our securitized debt obligations. The following table details our asset-specific debt ($ in thousands):
(1)The book value of underlying collateral assets excludes any applicable CECL reserves. (2) which include SOFR and CORRA, as applicable. These floating rate loans and related liabilities are currency and index-matched to the applicable benchmark rate relevant in each arrangement. In addition to cash coupon, yield/cost includes the amortization of deferred origination fees and financing costs. (3)The weighted-average term is determined based on the maximum maturity of the corresponding loans, assuming all extension options are exercised by the borrower. Our non-recourse, asset-specific debt is term-matched in each case to the corresponding collateral loans. ($ in thousands):
(1)The B-4 Term Loan and the B-6 Term Loan borrowings are subject to a floor of 0.50%. The Term Loans are indexed to one-month SOFR. (2)Includes issue discount and transaction expenses that are amortized through interest expense over the life of the Term Loans. The following table details our interest expense related to the Term Loans ($ in thousands):
balance sheets ($ in thousands):
(1)Includes transaction expenses that are amortized through interest expense over the life of the Senior Secured Notes. (2)Represents the stated coupon rate of the notes. We have entered into an interest rate swap that effectively converts our fixed rate exposure to a SOFR + 3.95% floating rate exposure. (3)Represents the fair value of an interest rate swap that we entered into to convert the fixed rate exposure of the December 2024 Senior Secured Notes into floating rate. Refer to Note 14 for additional discussion. The following table details our interest expense related to the Senior Secured Notes ($ in thousands):
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Convertible Notes, Net (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Debt Instruments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Convertible Debt | The following table details the net book value of our convertible senior notes, or Convertible Notes, on our consolidated balance sheets ($ in thousands):
(1)Includes issuance costs that are amortized through interest expense over the life of the Convertible Notes using the effective interest method. (2)Represents the price of class A common stock per share based on a conversion rate of 27.5702 for the Convertible Notes. The conversion rate represents the number of shares of class A common stock issuable per $1,000 principal amount of Convertible Notes. The cumulative dividend threshold has not been exceeded as of June 30, 2025. The following table details our interest expense related to the Convertible Notes ($ in thousands):
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Derivative Financial Instruments (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Outstanding Foreign Exchange Derivatives | The following table details our outstanding foreign exchange derivatives that were designated as net investment hedges of foreign currency risk (notional amounts in thousands):
currency risk (notional amounts in thousands):
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| Summary of Outstanding Interest Rate Derivatives Designated as Cash Flow Hedges of Interest Rate Risk | The following tables detail our outstanding interest rate derivatives that were designated as fair value hedges of interest rate risk (notional amount in thousands):
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| Schedule of Carrying Amount and Cumulative Basis Adjustments on Hedged Items Designated as Fair Value Hedges | The following tables detail the carrying amount and cumulative basis adjustments on hedged items designated as fair value hedges ($ in thousands):
relationships for the three and six months ended June 30, 2025 ($ in thousands):
(1)Included within interest and related expenses presented in the consolidated statements of operations.
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| Schedule of Derivative Instruments in Statement of Operations | The following table presents the effect of our derivative financial instruments on our consolidated statements of operations ($ in thousands):
(1)Represents the forward points earned on our foreign currency forward contracts, which reflect the interest rate differentials between the applicable base rate for our foreign currency investments and prevailing U.S. interest rates. These forward contracts effectively convert the foreign currency rate exposure for such investments to USD-equivalent interest rates. (2)Represents the financial statement impact of proceeds (payments) from periodic settlements related to our interest rate swap. (3)Represents the realized loss on an interest rate swap related to our Bank Loan Portfolio Joint Venture that was entered into during the three months ended June 30, 2025 and subsequently terminated, and the spot rate movement in our non-designated foreign currency hedges, which are marked to market and recognized in interest expense.
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| Summary of Fair Value of Derivative Financial Instruments | The following table summarizes the fair value of our derivative financial instruments ($ in thousands):
(1)Included in other assets in our consolidated balance sheets. (2)Included in other liabilities in our consolidated balance sheets.
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| Summary of Effect of Derivative Financial Instruments on Consolidated Statements of Comprehensive Income And Operations | The following table presents the effect of our derivative financial instruments on our consolidated statements of comprehensive income and operations ($ in thousands):
(1)During the three months ended June 30, 2025, we paid net cash settlements of $114.1 million on our foreign currency forward contracts. During the six months ended June 30, 2025, we paid net cash settlements of $33.6 million on our foreign currency forward contracts. Those amounts are included as a component of accumulated other comprehensive income on our consolidated balance sheets.
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Equity (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Movement in Outstanding Shares of Class A Common Stock, Restricted Class A Common Stock and Deferred Stock Units | The following table details the movement in our outstanding shares of class A common stock, including restricted class A common stock and deferred stock units:
(1)Includes 323,877 and 389,113 deferred stock units held by members of our board of directors as of June 30, 2025 and 2024, respectively. (2)Represents shares issued under our dividend reinvestment program during the six months ended June 30, 2025 and 2024, respectively. (3)Includes 29,140 and 41,282 shares of restricted class A common stock issued to our board of directors during the six months ended June 30, 2025 and 2024, respectively (4)Net of 29,008 and 97,985 shares of restricted class A common stock forfeited under our stock-based incentive plans during the six months ended June 30, 2025 and 2024, respectively.
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| Schedule of Dividend Activity | The following table details our dividend activity ($ in thousands, except per share data):
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| Schedule of Basic and Diluted Earnings Per Share, or EPS, Based on Weighted-Average of Both Restricted and Unrestricted Class A Common Stock Outstanding | The following table sets forth the calculation of basic and diluted net income per share of class A common stock based on the weighted-average of both restricted and unrestricted class A common stock outstanding ($ in thousands, except per share data):
(1)Represents net income (loss) attributable to Blackstone Mortgage Trust, Inc. (2)For both the three and six months ended June 30, 2025 and June 30, 2024, our Convertible Notes were not included in the calculation of diluted earnings per share, as the impact is antidilutive. Refer to Note 13 for further discussion of our convertible notes.
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Other Expenses (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Other Income and Expenses [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of General and Administrative Expenses | General and administrative expenses consisted of the following ($ in thousands):
(1)During the three and six months ended June 30, 2025, we recognized an aggregate $106,000 and $192,000, respectively, of expense related to our Multifamily Joint Venture, compared to $320,000 and $543,000, respectively, during the same periods in 2024.
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Stock-Based Incentive Plans (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||
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Jun. 30, 2025 | |||||||||||||||||||||||||||||
| Share-Based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||
| Movement in Outstanding Shares of Restricted Class A Common Stock and Weighted-Average Grant Date Fair Value Per Share | The following table details the movement in our outstanding shares of restricted class A common stock and the weighted- average grant date fair value per share:
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Fair Values (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Assets and Liabilities Measured at Fair Value on Recurring Basis | The following table summarizes our assets and liabilities measured at fair value on a recurring basis ($ in thousands):
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| Schedule of Details of Carrying Amount, Face Amount, and Fair Value of Financial Instruments | The following table details the book value, face amount, and fair value of the financial instruments described in Note 2 ($ in thousands):
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Variable Interest Entities (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Variable Interest Entity, Primary Beneficiary, Does Not Hold Majority Voting Interest, Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Assets and Liabilities of Consolidated VIE | The following table details the assets and liabilities of our consolidated VIEs ($ in thousands):
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Transactions With Related Parties (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Related Party Transactions [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Incurred Amounts by Related Parties | The following table details the costs incurred for these services ($ in thousands):
(1)As applicable, provides management support, operational support, corporate support, and transaction support services to certain of our investments directly. (2)As applicable, provides management support, operational support, and corporate support services to certain of our REO assets directly. (3)Successor entity to EQ Management, LLC that provides the same services. (4)Provides loan origination services related to certain of our investments. The following table details the costs incurred (refunded) for these services ($ in thousands):
(1)Affiliates of our Manager own an interest in the controlling entity of BTIG, LLC, or BTIG. BTIG has been engaged as a broker for repurchases of our Senior Secured Notes and Convertible Notes. During the six months ended June 30, 2025, there was no repurchase activity. During the six months ended June 30, 2024, we repurchased $26.2 million of our October 2021 Senior Secured Notes utilizing BTIG as a broker. Additionally, we have engaged BTIG as a sales agent to sell shares of our class A common stock under one of our ATM Agreements. During the six months ended June 30, 2025 and 2024, we did not sell any shares under our ATM Agreements. Our engagements of BTIG are on terms equivalent to those of unaffiliated third parties under similar arrangements. (2)In the first quarter of 2024, in order to provide insurance for our REO assets, we became a member of Gryphon Mutual Property Americas IC, or Gryphon, a captive insurance company owned by us and other Blackstone-advised investment vehicles. A Blackstone affiliate provides oversight and advisory services to Gryphon and receives fees based on a percentage of premiums paid for such policies. The fees and expenses of Gryphon, including insurance premiums and fees paid to its manager, are paid annually and borne by us and the other Blackstone-advised investment vehicles that are members of Gryphon pro rata based on insurance premiums paid for each party’s respective properties. During the six months ended June 30, 2025 and 2024, we paid $796,000 and $109,000, respectively, to Gryphon for insurance costs, inclusive of premiums, capital surplus contributions, taxes, and our pro rata share of other expenses. Of these amounts, $31,000 and $2,000, respectively, was attributable to the fee paid to a Blackstone affiliate to provide oversight and management services to Gryphon. The amounts included in the table above reflect the amortization of the insurance expense over the relevant periods of the respective policies. (3)Lexington National Land Services, or LNLS, a title agent company owned by Blackstone, acts as an agent for one or more underwriters in issuing title policies and/or providing support services in connection with investments made by us, Blackstone and their affiliates and related parties, and third-parties. LNLS focuses on transactions in rate- regulated states where the cost of title insurance is non-negotiable. LNLS will not perform services in non-regulated states for us, unless (i) in the context of a portfolio transaction that includes properties in rate-regulated states, (ii) as part of a syndicate of title insurance companies where the rate is negotiated by other insurers or their agents, (iii) when a third-party is paying all or a material portion of the premium or (iv) when providing only support services to the underwriter. LNLS earns fees, which would have otherwise been paid to third parties, by providing title agency services and facilitating placement of title insurance with underwriters. Blackstone receives distributions from LNLS in connection with investments made by us based on its equity interest in LNLS. In each case, there will be no related expense offset to us. (4)In the second quarter of 2025, Blackstone Securities Partners L.P., or BSP, an affiliate of our Manager, was engaged as a member of the syndicate for our B-6 Term Loan. This engagement was on terms equivalent to those of unaffiliated third parties.
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Commitments and Contingencies (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2025 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Commitments and Contingencies Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Principal Contractual Obligations | Our contractual principal debt repayments as of June 30, 2025 were as follows ($ in thousands):
(1)Our secured debt and asset-specific debt agreements are generally term-matched to their underlying collateral. Therefore, the allocation of payments under such agreements is generally allocated based on the maximum maturity date of the collateral loans, assuming all extension options are exercised by the borrower. In limited instances, the maturity date of the respective debt agreement is used. (2)The Term Loans are partially amortizing, with an amount equal to 1.0% per annum of the initial principal balance due in quarterly installments. Refer to Note 11 for further details on our Term Loans. (3)Reflects the outstanding principal balance of Convertible Notes, excluding any potential conversion premium. Refer to Note 13 for further details on our Convertible Notes. (4)Total does not include $2.5 billion of consolidated securitized debt obligations and $50.0 million of loan participations sold, as the satisfaction of these liabilities will not require cash outlays from us.
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Loans Receivable, Net - Overall Statistics for Loans Receivable Portfolio (Detail) $ in Thousands |
6 Months Ended | 12 Months Ended | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|
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Jun. 30, 2025
USD ($)
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Jun. 30, 2025
USD ($)
loan
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Jun. 30, 2025
USD ($)
security_loan
|
Jun. 30, 2025
USD ($)
|
Dec. 31, 2024
USD ($)
|
Dec. 31, 2024
USD ($)
loan
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Dec. 31, 2024
USD ($)
security_loan
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Dec. 31, 2024
USD ($)
|
Dec. 31, 2023 |
Jun. 30, 2024
USD ($)
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| Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
| Number of loans | 144 | 144 | 130 | 130 | ||||||
| Principal balance | $ 19,874,340 | $ 19,874,340 | $ 19,874,340 | $ 19,874,340 | $ 19,203,126 | $ 19,203,126 | $ 19,203,126 | $ 19,203,126 | ||
| Net book value | 18,965,254 | 18,965,254 | 18,965,254 | 18,965,254 | 18,313,582 | 18,313,582 | 18,313,582 | 18,313,582 | ||
| Unfunded loan commitments | $ 11,713 | $ 11,713 | $ 11,713 | $ 11,713 | $ 10,412 | $ 10,412 | $ 10,412 | $ 10,412 | $ 9,900 | |
| Weighted-average cash coupon (percentage) | 3.30% | 3.30% | 3.30% | 3.30% | 3.46% | 3.46% | 3.46% | 3.46% | ||
| Weighted-average all-in yield (percentage) | 3.57% | 3.78% | ||||||||
| Weighted-average maximum maturity (years) | 2 years 4 months 24 days | 2 years 1 month 6 days | ||||||||
| Debt instrument, variable interest rate, type [Extensible Enumeration] | Secured Overnight Financing Rate (SOFR) | Secured Overnight Financing Rate (SOFR) | Secured Overnight Financing Rate (SOFR) | |||||||
| Percentage of loans by principal balance, floating rate | 98.00% | 98.00% | 98.00% | 98.00% | ||||||
| Percentage of loans by principal balance, fixed rate | 2.00% | 2.00% | 2.00% | 2.00% | ||||||
| Percent of loans subject to prepayment restrictions | 26.00% | 26.00% | 26.00% | 26.00% | 10.00% | 10.00% | 10.00% | 10.00% | ||
| Percent of loans not subject to prepayment restrictions | 74.00% | 74.00% | 74.00% | 74.00% | 90.00% | 90.00% | 90.00% | 90.00% | ||
| Unfunded Loan Commitment | ||||||||||
| Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
| Number of loans | loan | 58 | |||||||||
| Unfunded loan commitments | $ 1,412,084 | $ 1,412,084 | $ 1,412,084 | $ 1,412,084 | $ 1,263,068 | $ 1,263,068 | $ 1,263,068 | $ 1,263,068 | ||
Loans Receivable, Net - Net Book Value, Total Loan Exposure and Net Loan Exposure of Loans Receivable Based on Internal Risk Ratings (Detail) $ in Thousands |
6 Months Ended | 12 Months Ended | ||||||
|---|---|---|---|---|---|---|---|---|
|
Jun. 30, 2025
USD ($)
loan
|
Jun. 30, 2025
USD ($)
security_loan
|
Dec. 31, 2024
USD ($)
loan
|
Dec. 31, 2024
USD ($)
security_loan
|
Mar. 31, 2025
USD ($)
|
Jun. 30, 2024
USD ($)
|
Mar. 31, 2024
USD ($)
|
Dec. 31, 2023
USD ($)
|
|
| Financing Receivable, Credit Quality Indicator [Line Items] | ||||||||
| Number of loans | 144 | 144 | 130 | 130 | ||||
| Net book value | $ 19,706,105 | $ 19,706,105 | $ 19,047,518 | $ 19,047,518 | ||||
| CECL reserve | (740,851) | (740,851) | (733,936) | (733,936) | $ (741,541) | $ (893,938) | $ (751,370) | $ (576,936) |
| Loans receivable, net | 18,965,254 | 18,965,254 | 18,313,582 | 18,313,582 | ||||
| Net loan exposure | 18,444,416 | 18,444,416 | 17,034,303 | 17,034,303 | ||||
| Cost-recovery proceeds | 109,200 | 109,200 | 106,700 | 106,700 | ||||
| Loan participations sold | 50,000 | 50,000 | 100,064 | 100,064 | ||||
| Junior Loan Participation | ||||||||
| Financing Receivable, Credit Quality Indicator [Line Items] | ||||||||
| Loan participations sold | 50,000 | 50,000 | 100,064 | 100,064 | ||||
| Asset-specific debt, net | ||||||||
| Financing Receivable, Credit Quality Indicator [Line Items] | ||||||||
| Principal balance | $ 529,867 | 529,867 | $ 1,228,110 | 1,228,110 | ||||
| 1 | ||||||||
| Financing Receivable, Credit Quality Indicator [Line Items] | ||||||||
| Number of loans | loan | 8 | 11 | ||||||
| Net book value | $ 476,141 | 476,141 | $ 1,919,280 | 1,919,280 | ||||
| Net loan exposure | $ 475,273 | 475,273 | $ 994,056 | 994,056 | ||||
| 2 | ||||||||
| Financing Receivable, Credit Quality Indicator [Line Items] | ||||||||
| Number of loans | loan | 17 | 21 | ||||||
| Net book value | $ 2,942,069 | 2,942,069 | $ 3,346,881 | 3,346,881 | ||||
| Net loan exposure | $ 2,773,722 | 2,773,722 | $ 3,349,347 | 3,349,347 | ||||
| 3 | ||||||||
| Financing Receivable, Credit Quality Indicator [Line Items] | ||||||||
| Number of loans | loan | 87 | 65 | ||||||
| Net book value | $ 11,908,048 | 11,908,048 | $ 9,246,692 | 9,246,692 | ||||
| Net loan exposure | $ 11,477,440 | 11,477,440 | $ 8,818,346 | 8,818,346 | ||||
| 4 | ||||||||
| Financing Receivable, Credit Quality Indicator [Line Items] | ||||||||
| Number of loans | loan | 18 | 20 | ||||||
| Net book value | $ 2,788,227 | 2,788,227 | $ 2,707,104 | 2,707,104 | ||||
| Net loan exposure | $ 2,682,712 | 2,682,712 | $ 2,622,877 | 2,622,877 | ||||
| 5 | ||||||||
| Financing Receivable, Credit Quality Indicator [Line Items] | ||||||||
| Number of loans | loan | 14 | 13 | ||||||
| Net book value | $ 1,591,620 | 1,591,620 | $ 1,827,561 | 1,827,561 | ||||
| Net loan exposure | $ 1,035,269 | $ 1,035,269 | $ 1,249,677 | $ 1,249,677 | ||||
Loans Receivable, Net - Schedule Of Current Expected Credit Loss Reserve By Pool (Detail) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | 12 Months Ended | |||
|---|---|---|---|---|---|---|
Jun. 30, 2025 |
Mar. 31, 2025 |
Jun. 30, 2024 |
Mar. 31, 2024 |
Jun. 30, 2025 |
Dec. 31, 2024 |
|
| Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | ||||||
| Beginning balance | $ 741,541 | $ 733,936 | $ 751,370 | $ 576,936 | $ 733,936 | $ 576,936 |
| (Decrease) increase in CECL reserves | 44,367 | 49,429 | 155,105 | 235,447 | ||
| Charge-offs of CECL reserves | (45,057) | (41,824) | (12,537) | (61,013) | (86,881) | (384,603) |
| Ending balance | 740,851 | 741,541 | 893,938 | 751,370 | 740,851 | 733,936 |
| US Loans | ||||||
| Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | ||||||
| Beginning balance | 97,661 | 80,057 | 74,528 | 78,335 | 80,057 | 78,335 |
| (Decrease) increase in CECL reserves | (6,759) | 17,604 | (11,997) | (3,807) | ||
| Charge-offs of CECL reserves | 0 | 0 | 0 | 0 | ||
| Ending balance | 90,902 | 97,661 | 62,531 | 74,528 | 90,902 | 80,057 |
| Non-U.S. Loans | ||||||
| Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | ||||||
| Beginning balance | 39,937 | 26,141 | 30,790 | 31,560 | 26,141 | 31,560 |
| (Decrease) increase in CECL reserves | (1,568) | 13,796 | (2,639) | (770) | ||
| Charge-offs of CECL reserves | 0 | 0 | 0 | 0 | ||
| Ending balance | 38,369 | 39,937 | 28,151 | 30,790 | 38,369 | 26,141 |
| Unique Loans | ||||||
| Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | ||||||
| Beginning balance | 48,564 | 47,087 | 43,453 | 49,371 | 47,087 | 49,371 |
| (Decrease) increase in CECL reserves | 4,249 | 1,477 | 423 | (5,918) | ||
| Charge-offs of CECL reserves | 0 | 0 | 0 | 0 | ||
| Ending balance | 52,813 | 48,564 | 43,876 | 43,453 | 52,813 | 47,087 |
| Impaired loans | ||||||
| Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | ||||||
| Beginning balance | 555,379 | 580,651 | 602,599 | 417,670 | 580,651 | 417,670 |
| (Decrease) increase in CECL reserves | 48,445 | 16,552 | 169,318 | 245,942 | ||
| Charge-offs of CECL reserves | (45,057) | (41,824) | (12,537) | (61,013) | ||
| Ending balance | $ 558,767 | $ 555,379 | $ 759,380 | $ 602,599 | $ 558,767 | $ 580,651 |
Loans Receivable, Net - Loans Receivable Based On Our Internal Risk Ratings, Separated By Year Of Origination (Detail) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
|---|---|---|---|---|---|---|---|
Jun. 30, 2025 |
Mar. 31, 2025 |
Jun. 30, 2024 |
Mar. 31, 2024 |
Jun. 30, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Total loans receivable | |||||||
| Loans receivable | $ 19,706,105 | $ 19,706,105 | $ 19,047,518 | ||||
| CECL reserve | (740,851) | $ (741,541) | $ (893,938) | $ (751,370) | (740,851) | (733,936) | $ (576,936) |
| Loans receivable, net | 18,965,254 | 18,965,254 | 18,313,582 | ||||
| Gross charge-offs | |||||||
| Year one | 0 | 0 | |||||
| Year two | 0 | 0 | |||||
| Year three | 0 | (52,045) | |||||
| Year four | (166) | (255,005) | |||||
| Year five | (44,891) | 0 | |||||
| Prior | (41,824) | (77,553) | |||||
| Charge-offs | (45,057) | (41,824) | (12,537) | (61,013) | (86,881) | (384,603) | |
| Total loans receivable | |||||||
| Total loans receivable | |||||||
| Year one | 3,208,838 | 3,208,838 | 329,059 | ||||
| Year two | 332,202 | 332,202 | 0 | ||||
| Year three | 0 | 0 | 4,264,668 | ||||
| Year four | 4,007,691 | 4,007,691 | 7,399,261 | ||||
| Year five | 6,609,388 | 6,609,388 | 873,180 | ||||
| Prior | 5,547,986 | 5,547,986 | 6,181,350 | ||||
| Loans receivable | 19,706,105 | 19,706,105 | 19,047,518 | ||||
| Unique Loans | |||||||
| Total loans receivable | |||||||
| Year one | 0 | 0 | 0 | ||||
| Year two | 0 | 0 | 0 | ||||
| Year three | 0 | 0 | 814,225 | ||||
| Year four | 864,675 | 864,675 | 0 | ||||
| Year five | 0 | 0 | 0 | ||||
| Prior | 858,567 | 858,567 | 791,558 | ||||
| Loans receivable | 1,723,242 | 1,723,242 | 1,605,783 | ||||
| CECL reserve | (52,813) | (48,564) | (43,876) | (43,453) | (52,813) | (47,087) | (49,371) |
| Gross charge-offs | |||||||
| Charge-offs | 0 | 0 | 0 | 0 | |||
| Impaired loans | |||||||
| Total loans receivable | |||||||
| Year one | 0 | 0 | 0 | ||||
| Year two | 0 | 0 | 0 | ||||
| Year three | 0 | 0 | 170,388 | ||||
| Year four | 166,893 | 166,893 | 367,030 | ||||
| Year five | 604,448 | 604,448 | 34,214 | ||||
| Prior | 820,279 | 820,279 | 1,255,929 | ||||
| Loans receivable | 1,591,620 | 1,591,620 | 1,827,561 | ||||
| CECL reserve | (558,767) | (555,379) | (759,380) | (602,599) | (558,767) | (580,651) | $ (417,670) |
| Gross charge-offs | |||||||
| Charge-offs | (45,057) | $ (41,824) | $ (12,537) | $ (61,013) | |||
| U.S. loans | |||||||
| Total loans receivable | |||||||
| Year one | 954,362 | 954,362 | 329,059 | ||||
| Year two | 332,202 | 332,202 | 0 | ||||
| Year three | 0 | 0 | 2,185,211 | ||||
| Year four | 2,299,242 | 2,299,242 | 5,037,654 | ||||
| Year five | 3,967,690 | 3,967,690 | 751,337 | ||||
| Prior | 2,137,066 | 2,137,066 | 2,500,841 | ||||
| Loans receivable | 9,690,562 | 9,690,562 | 10,804,102 | ||||
| Non-U.S. loans | |||||||
| Total loans receivable | |||||||
| Year one | 2,254,476 | 2,254,476 | 0 | ||||
| Year two | 0 | 0 | 0 | ||||
| Year three | 0 | 0 | 1,094,844 | ||||
| Year four | 676,881 | 676,881 | 1,994,577 | ||||
| Year five | 2,037,250 | 2,037,250 | 87,629 | ||||
| Prior | 1,732,074 | 1,732,074 | 1,633,022 | ||||
| Loans receivable | 6,700,681 | 6,700,681 | 4,810,072 | ||||
| 1 | |||||||
| Total loans receivable | |||||||
| Loans receivable | 476,141 | 476,141 | 1,919,280 | ||||
| 1 | Total loans receivable | |||||||
| Total loans receivable | |||||||
| Year one | 0 | 0 | 0 | ||||
| Year two | 0 | 0 | 0 | ||||
| Year three | 0 | 0 | 151,674 | ||||
| Year four | 151,479 | 151,479 | 325,508 | ||||
| Year five | 238,468 | 238,468 | 60,240 | ||||
| Prior | 86,194 | 86,194 | 1,381,858 | ||||
| Loans receivable | 476,141 | 476,141 | 1,919,280 | ||||
| 1 | Unique Loans | |||||||
| Total loans receivable | |||||||
| Year one | 0 | 0 | 0 | ||||
| Year two | 0 | 0 | 0 | ||||
| Year three | 0 | 0 | 0 | ||||
| Year four | 0 | 0 | 0 | ||||
| Year five | 0 | 0 | 0 | ||||
| Prior | 0 | 0 | 0 | ||||
| Loans receivable | 0 | 0 | 0 | ||||
| 1 | Impaired loans | |||||||
| Total loans receivable | |||||||
| Year one | 0 | 0 | 0 | ||||
| Year two | 0 | 0 | 0 | ||||
| Year three | 0 | 0 | 0 | ||||
| Year four | 0 | 0 | 0 | ||||
| Year five | 0 | 0 | 0 | ||||
| Prior | 0 | 0 | 0 | ||||
| Loans receivable | 0 | 0 | 0 | ||||
| 1 | U.S. loans | |||||||
| Total loans receivable | |||||||
| Year one | 0 | 0 | 0 | ||||
| Year two | 0 | 0 | 0 | ||||
| Year three | 0 | 0 | 151,674 | ||||
| Year four | 151,479 | 151,479 | 245,289 | ||||
| Year five | 238,468 | 238,468 | 60,240 | ||||
| Prior | 86,194 | 86,194 | 1,381,858 | ||||
| Loans receivable | 476,141 | 476,141 | 1,839,061 | ||||
| 1 | Non-U.S. loans | |||||||
| Total loans receivable | |||||||
| Year one | 0 | 0 | 0 | ||||
| Year two | 0 | 0 | 0 | ||||
| Year three | 0 | 0 | 0 | ||||
| Year four | 0 | 0 | 80,219 | ||||
| Year five | 0 | 0 | 0 | ||||
| Prior | 0 | 0 | 0 | ||||
| Loans receivable | 0 | 0 | 80,219 | ||||
| 2 | |||||||
| Total loans receivable | |||||||
| Loans receivable | 2,942,069 | 2,942,069 | 3,346,881 | ||||
| 2 | Total loans receivable | |||||||
| Total loans receivable | |||||||
| Year one | 559,630 | 559,630 | 60,651 | ||||
| Year two | 60,858 | 60,858 | 0 | ||||
| Year three | 0 | 0 | 697,257 | ||||
| Year four | 774,171 | 774,171 | 2,399,516 | ||||
| Year five | 1,285,586 | 1,285,586 | 87,629 | ||||
| Prior | 261,824 | 261,824 | 101,828 | ||||
| Loans receivable | 2,942,069 | 2,942,069 | 3,346,881 | ||||
| 2 | Unique Loans | |||||||
| Total loans receivable | |||||||
| Year one | 0 | 0 | 0 | ||||
| Year two | 0 | 0 | 0 | ||||
| Year three | 0 | 0 | 0 | ||||
| Year four | 0 | 0 | 0 | ||||
| Year five | 0 | 0 | 0 | ||||
| Prior | 0 | 0 | 0 | ||||
| Loans receivable | 0 | 0 | 0 | ||||
| 2 | Impaired loans | |||||||
| Total loans receivable | |||||||
| Year one | 0 | 0 | 0 | ||||
| Year two | 0 | 0 | 0 | ||||
| Year three | 0 | 0 | 0 | ||||
| Year four | 0 | 0 | 0 | ||||
| Year five | 0 | 0 | 0 | ||||
| Prior | 0 | 0 | 0 | ||||
| Loans receivable | 0 | 0 | 0 | ||||
| 2 | U.S. loans | |||||||
| Total loans receivable | |||||||
| Year one | 0 | 0 | 60,651 | ||||
| Year two | 60,858 | 60,858 | 0 | ||||
| Year three | 0 | 0 | 197,153 | ||||
| Year four | 197,143 | 197,143 | 1,611,856 | ||||
| Year five | 627,773 | 627,773 | 0 | ||||
| Prior | 261,824 | 261,824 | 0 | ||||
| Loans receivable | 1,147,598 | 1,147,598 | 1,869,660 | ||||
| 2 | Non-U.S. loans | |||||||
| Total loans receivable | |||||||
| Year one | 559,630 | 559,630 | 0 | ||||
| Year two | 0 | 0 | 0 | ||||
| Year three | 0 | 0 | 500,104 | ||||
| Year four | 577,028 | 577,028 | 787,660 | ||||
| Year five | 657,813 | 657,813 | 87,629 | ||||
| Prior | 0 | 0 | 101,828 | ||||
| Loans receivable | 1,794,471 | 1,794,471 | 1,477,221 | ||||
| 3 | |||||||
| Total loans receivable | |||||||
| Loans receivable | 11,908,048 | 11,908,048 | 9,246,692 | ||||
| 3 | Total loans receivable | |||||||
| Total loans receivable | |||||||
| Year one | 2,649,208 | 2,649,208 | 268,408 | ||||
| Year two | 271,344 | 271,344 | 0 | ||||
| Year three | 0 | 0 | 3,008,569 | ||||
| Year four | 2,550,514 | 2,550,514 | 3,287,535 | ||||
| Year five | 3,980,786 | 3,980,786 | 691,097 | ||||
| Prior | 2,456,196 | 2,456,196 | 1,991,083 | ||||
| Loans receivable | 11,908,048 | 11,908,048 | 9,246,692 | ||||
| 3 | Unique Loans | |||||||
| Total loans receivable | |||||||
| Year one | 0 | 0 | 0 | ||||
| Year two | 0 | 0 | 0 | ||||
| Year three | 0 | 0 | 814,225 | ||||
| Year four | 864,675 | 864,675 | 0 | ||||
| Year five | 0 | 0 | 0 | ||||
| Prior | 295,307 | 295,307 | 265,808 | ||||
| Loans receivable | 1,159,982 | 1,159,982 | 1,080,033 | ||||
| 3 | Impaired loans | |||||||
| Total loans receivable | |||||||
| Year one | 0 | 0 | 0 | ||||
| Year two | 0 | 0 | 0 | ||||
| Year three | 0 | 0 | 0 | ||||
| Year four | 0 | 0 | 0 | ||||
| Year five | 0 | 0 | 0 | ||||
| Prior | 0 | 0 | 0 | ||||
| Loans receivable | 0 | 0 | 0 | ||||
| 3 | U.S. loans | |||||||
| Total loans receivable | |||||||
| Year one | 954,362 | 954,362 | 268,408 | ||||
| Year two | 271,344 | 271,344 | 0 | ||||
| Year three | 0 | 0 | 1,599,604 | ||||
| Year four | 1,585,986 | 1,585,986 | 2,160,837 | ||||
| Year five | 2,601,349 | 2,601,349 | 691,097 | ||||
| Prior | 794,940 | 794,940 | 392,470 | ||||
| Loans receivable | 6,207,981 | 6,207,981 | 5,112,416 | ||||
| 3 | Non-U.S. loans | |||||||
| Total loans receivable | |||||||
| Year one | 1,694,846 | 1,694,846 | 0 | ||||
| Year two | 0 | 0 | 0 | ||||
| Year three | 0 | 0 | 594,740 | ||||
| Year four | 99,853 | 99,853 | 1,126,698 | ||||
| Year five | 1,379,437 | 1,379,437 | 0 | ||||
| Prior | 1,365,949 | 1,365,949 | 1,332,805 | ||||
| Loans receivable | 4,540,085 | 4,540,085 | 3,054,243 | ||||
| 4 | |||||||
| Total loans receivable | |||||||
| Loans receivable | 2,788,227 | 2,788,227 | 2,707,104 | ||||
| 4 | Total loans receivable | |||||||
| Total loans receivable | |||||||
| Year one | 0 | 0 | 0 | ||||
| Year two | 0 | 0 | 0 | ||||
| Year three | 0 | 0 | 236,780 | ||||
| Year four | 364,634 | 364,634 | 1,019,672 | ||||
| Year five | 500,100 | 500,100 | 0 | ||||
| Prior | 1,923,493 | 1,923,493 | 1,450,652 | ||||
| Loans receivable | 2,788,227 | 2,788,227 | 2,707,104 | ||||
| 4 | Unique Loans | |||||||
| Total loans receivable | |||||||
| Year one | 0 | 0 | 0 | ||||
| Year two | 0 | 0 | 0 | ||||
| Year three | 0 | 0 | 0 | ||||
| Year four | 0 | 0 | 0 | ||||
| Year five | 0 | 0 | 0 | ||||
| Prior | 563,260 | 563,260 | 525,750 | ||||
| Loans receivable | 563,260 | 563,260 | 525,750 | ||||
| 4 | Impaired loans | |||||||
| Total loans receivable | |||||||
| Year one | 0 | 0 | 0 | ||||
| Year two | 0 | 0 | 0 | ||||
| Year three | 0 | 0 | 0 | ||||
| Year four | 0 | 0 | 0 | ||||
| Year five | 0 | 0 | 0 | ||||
| Prior | 0 | 0 | 0 | ||||
| Loans receivable | 0 | 0 | 0 | ||||
| 4 | U.S. loans | |||||||
| Total loans receivable | |||||||
| Year one | 0 | 0 | 0 | ||||
| Year two | 0 | 0 | 0 | ||||
| Year three | 0 | 0 | 236,780 | ||||
| Year four | 364,634 | 364,634 | 1,019,672 | ||||
| Year five | 500,100 | 500,100 | 0 | ||||
| Prior | 994,108 | 994,108 | 726,513 | ||||
| Loans receivable | 1,858,842 | 1,858,842 | 1,982,965 | ||||
| 4 | Non-U.S. loans | |||||||
| Total loans receivable | |||||||
| Year one | 0 | 0 | 0 | ||||
| Year two | 0 | 0 | 0 | ||||
| Year three | 0 | 0 | 0 | ||||
| Year four | 0 | 0 | 0 | ||||
| Year five | 0 | 0 | 0 | ||||
| Prior | 366,125 | 366,125 | 198,389 | ||||
| Loans receivable | 366,125 | 366,125 | 198,389 | ||||
| 5 | |||||||
| Total loans receivable | |||||||
| Loans receivable | 1,591,620 | 1,591,620 | 1,827,561 | ||||
| 5 | Total loans receivable | |||||||
| Total loans receivable | |||||||
| Year one | 0 | 0 | 0 | ||||
| Year two | 0 | 0 | 0 | ||||
| Year three | 0 | 0 | 170,388 | ||||
| Year four | 166,893 | 166,893 | 367,030 | ||||
| Year five | 604,448 | 604,448 | 34,214 | ||||
| Prior | 820,279 | 820,279 | 1,255,929 | ||||
| Loans receivable | 1,591,620 | 1,591,620 | 1,827,561 | ||||
| 5 | Unique Loans | |||||||
| Total loans receivable | |||||||
| Year one | 0 | 0 | 0 | ||||
| Year two | 0 | 0 | 0 | ||||
| Year three | 0 | 0 | 0 | ||||
| Year four | 0 | 0 | 0 | ||||
| Year five | 0 | 0 | 0 | ||||
| Prior | 0 | 0 | 0 | ||||
| Loans receivable | 0 | 0 | 0 | ||||
| 5 | Impaired loans | |||||||
| Total loans receivable | |||||||
| Year one | 0 | 0 | 0 | ||||
| Year two | 0 | 0 | 0 | ||||
| Year three | 0 | 0 | 170,388 | ||||
| Year four | 166,893 | 166,893 | 367,030 | ||||
| Year five | 604,448 | 604,448 | 34,214 | ||||
| Prior | 820,279 | 820,279 | 1,255,929 | ||||
| Loans receivable | 1,591,620 | 1,591,620 | 1,827,561 | ||||
| 5 | U.S. loans | |||||||
| Total loans receivable | |||||||
| Year one | 0 | 0 | 0 | ||||
| Year two | 0 | 0 | 0 | ||||
| Year three | 0 | 0 | 0 | ||||
| Year four | 0 | 0 | 0 | ||||
| Year five | 0 | 0 | 0 | ||||
| Prior | 0 | 0 | 0 | ||||
| Loans receivable | 0 | 0 | 0 | ||||
| 5 | Non-U.S. loans | |||||||
| Total loans receivable | |||||||
| Year one | 0 | 0 | 0 | ||||
| Year two | 0 | 0 | 0 | ||||
| Year three | 0 | 0 | 0 | ||||
| Year four | 0 | 0 | 0 | ||||
| Year five | 0 | 0 | 0 | ||||
| Prior | 0 | 0 | 0 | ||||
| Loans receivable | $ 0 | $ 0 | $ 0 | ||||
Real Estate Owned, Net - Additional Information (Detail) |
3 Months Ended | 6 Months Ended | 12 Months Ended | |||
|---|---|---|---|---|---|---|
|
Jun. 30, 2025
USD ($)
real_estate_owned_asset
|
Mar. 31, 2025
USD ($)
|
Jun. 30, 2024
USD ($)
|
Mar. 31, 2024
USD ($)
|
Jun. 30, 2025
USD ($)
real_estate_owned_asset
|
Dec. 31, 2024
USD ($)
real_estate_owned_asset
|
|
| Real Estate [Line Items] | ||||||
| Number of REO assets classified as held for sale investment | real_estate_owned_asset | 8 | 8 | 7 | |||
| Number of real estate owned assets | real_estate_owned_asset | 1 | |||||
| Total acquisition price | $ 45,000,000.0 | |||||
| Building and building improvements | $ 19,700,000 | 19,700,000 | ||||
| Land and land improvements | 15,000,000 | 15,000,000 | ||||
| Acquired intangible assets | 14,500,000 | 14,500,000 | ||||
| Other components | (4,200,000) | (4,200,000) | ||||
| Amount charged off | 45,057,000 | $ 41,824,000 | $ 12,537,000 | $ 61,013,000 | 86,881,000 | $ 384,603,000 |
| Real estate owned, net | 615,217,000 | 615,217,000 | $ 588,185,000 | |||
| 7 Real Estate Owned Assets | ||||||
| Real Estate [Line Items] | ||||||
| Real estate owned, net | $ 86,900,000 | 86,900,000 | ||||
| Commercial Real Estate | ||||||
| Real Estate [Line Items] | ||||||
| Amount charged off | $ 41,800,000 | |||||
Real Estate Owned, Net - Schedule of Real Estate Owned Asset Acquired (Detail) - USD ($) $ in Thousands |
Jun. 30, 2025 |
Dec. 31, 2024 |
|---|---|---|
| Real Estate [Line Items] | ||
| Acquisition Date Fair Value | $ 632,756 | $ 591,629 |
| Office | Chicago, IL | 1 Real Estate Owned Assets | ||
| Real Estate [Line Items] | ||
| Acquisition Date Fair Value | $ 45,045 |
Real Estate Owned, Net - Real Estate Owned Assets (Detail) - USD ($) $ in Thousands |
Jun. 30, 2025 |
Dec. 31, 2024 |
|---|---|---|
| Assets | ||
| Building and building improvements | $ 431,825 | $ 410,546 |
| Land and land improvements | 200,931 | 181,083 |
| Total | 632,756 | 591,629 |
| Less: accumulated depreciation | (17,539) | (3,444) |
| Real estate owned, net | 615,217 | 588,185 |
| Intangible real estate assets | 95,568 | 83,253 |
| Less: accumulated amortization | (24,444) | (5,964) |
| Intangible real estate assets, net | 71,124 | 77,289 |
| Intangible real estate liabilities | 1,479 | 1,422 |
| Less: accumulated amortization | (233) | (1) |
| Intangible real estate liabilities, net | $ 1,246 | $ 1,421 |
Real Estate Owned, Net - Revenue and Expenses From Real Estate Owned (Detail) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Jun. 30, 2025 |
Jun. 30, 2024 |
Jun. 30, 2025 |
Jun. 30, 2024 |
|
| Real Estate [Abstract] | ||||
| Rental income | $ 16,207 | $ 0 | $ 30,541 | $ 0 |
| Other operating income | 22,605 | 0 | 45,304 | 0 |
| Revenue from real estate owned | 38,812 | 0 | 75,845 | 0 |
| Operating expense | 31,089 | 778 | 61,177 | 778 |
| Depreciation and amortization expense | 16,707 | 185 | 32,921 | 185 |
| Total expenses from real estate owned | 47,796 | 963 | 94,098 | 963 |
| Net loss from real estate owned | $ (8,984) | $ (963) | $ (18,253) | $ (963) |
Real Estate Owned, Net - Schedule of Undiscounted Future Minimum Rental Income (Detail) $ in Thousands |
Jun. 30, 2025
USD ($)
|
|---|---|
| Real Estate [Abstract] | |
| 2025 (remaining) | $ 29,993 |
| 2026 | 43,290 |
| 2027 | 31,627 |
| 2028 | 24,867 |
| 2029 | 21,009 |
| Thereafter | 40,400 |
| Total | $ 191,186 |
Real Estate Owned, Net - Schedule of Amortization of Lease Intangibles (Detail) $ in Thousands |
Jun. 30, 2025
USD ($)
|
|---|---|
| Below-Market Lease Intangible Assets [Abstract] | |
| 2025 (remaining) | $ (159) |
| 2026 | (281) |
| 2027 | (253) |
| 2028 | (114) |
| 2029 | (138) |
| Thereafter | (301) |
| Total | (1,246) |
| In-place lease intangibles | |
| Finite-Lived Intangible Assets [Line Items] | |
| 2025 (remaining) | 14,621 |
| 2026 | 17,156 |
| 2027 | 8,969 |
| 2028 | 5,788 |
| 2029 | 4,343 |
| Thereafter | 6,202 |
| Total | 57,079 |
| Above market lease intangibles | |
| Finite-Lived Intangible Assets [Line Items] | |
| 2025 (remaining) | 2,666 |
| 2026 | 3,447 |
| 2027 | 2,445 |
| 2028 | 1,933 |
| 2029 | 1,304 |
| Thereafter | 2,250 |
| Total | $ 14,045 |
Investments in Unconsolidated Entities - Schedule of Investment in Unconsolidated Entities (Details) $ in Thousands |
Jun. 30, 2025
USD ($)
property
|
Dec. 31, 2024
USD ($)
property
|
|---|---|---|
| Schedule of Equity Method Investments [Line Items] | ||
| Number of Assets | property | 224 | 0 |
| Book Value | $ | $ 108,087 | $ 4,452 |
| Equity Method Investments, Carried At Historical Cost | ||
| Schedule of Equity Method Investments [Line Items] | ||
| Number of Assets | property | 53 | 0 |
| Book Value | $ | $ 52,181 | $ 4,452 |
| Net Lease Joint Venture | ||
| Schedule of Equity Method Investments [Line Items] | ||
| Number of Assets | property | 53 | 0 |
| Ownership Interest | 75.00% | 75.00% |
| Book Value | $ | $ 52,181 | $ 4,452 |
| Equity Method Investments, Carried At Fair Value | ||
| Schedule of Equity Method Investments [Line Items] | ||
| Number of Assets | property | 171 | |
| Book Value | $ | $ 55,906 | |
| Bank Loan Portfolio Joint Venture | ||
| Schedule of Equity Method Investments [Line Items] | ||
| Number of Assets | property | 171 | |
| Ownership Interest | 29.00% | |
| Book Value | $ | $ 55,906 |
Investments in Unconsolidated Entities (Details) - USD ($) |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Jun. 30, 2025 |
Jun. 30, 2024 |
Jun. 30, 2025 |
Jun. 30, 2024 |
|
| Schedule of Equity Method Investments [Line Items] | ||||
| Unrealized loss on derivative financial instruments from unconsolidated entities | $ 1,006,000 | $ 0 | $ 1,189,000 | $ 0 |
| Gain (loss) from unconsolidated entities | (2,015,000) | $ 0 | (2,889,000) | $ 0 |
| Net Lease Joint Venture | ||||
| Schedule of Equity Method Investments [Line Items] | ||||
| Equity method contribution | 24,500,000 | 50,100,000 | ||
| Unrealized loss on derivative financial instruments from unconsolidated entities | 1,000,000.0 | 1,200,000 | ||
| Distributions from unconsolidated entities | 0 | 0 | ||
| Gain (loss) from unconsolidated entities | (318,000) | (1,200,000) | ||
| Bank Loan Portfolio Joint Venture | ||||
| Schedule of Equity Method Investments [Line Items] | ||||
| Equity method contribution | 57,600,000 | 57,600,000 | ||
| Distributions from unconsolidated entities | 0 | 0 | ||
| Gain (loss) from unconsolidated entities | $ (1,700,000) | $ (1,700,000) | ||
Other Assets and Liabilities - Summary of Components of Other Assets (Detail) - USD ($) $ in Thousands |
Jun. 30, 2025 |
Dec. 31, 2024 |
|---|---|---|
| Other Assets And Liabilities Disclosure [Abstract] | ||
| Accrued interest receivable | $ 169,849 | $ 160,131 |
| Loan portfolio payments held by servicer | 94,322 | 113,199 |
| Collateral deposited under derivative agreements | 86,420 | 4,810 |
| Real estate intangible assets, net | 71,124 | 77,289 |
| Accounts receivable and other assets | 57,725 | 134,030 |
| Other real estate assets | 15,492 | 9,338 |
| Derivative assets | 12,267 | 72,454 |
| Prepaid expenses | 635 | 1,002 |
| Total | 507,834 | 572,253 |
| Cash collateral | $ 46,600 | $ 95,500 |
Other Assets and Liabilities - Summary of Components of Other Liabilities (Detail) - USD ($) $ in Thousands |
Jun. 30, 2025 |
Dec. 31, 2024 |
Jun. 30, 2024 |
|---|---|---|---|
| Other Assets And Liabilities Disclosure [Abstract] | |||
| Other real estate liabilities | $ 80,818 | $ 72,018 | |
| Accrued dividends payable | 80,649 | 81,214 | $ 107,664 |
| Derivative liabilities | 95,700 | 5,238 | |
| Accrued interest payable | 80,024 | 77,855 | |
| Debt repayments pending servicer remittance | 48,902 | 3,742 | |
| Accrued management and incentive fees payable | 17,036 | 18,534 | |
| Accounts payable and other liabilities | 16,816 | 13,834 | |
| Current expected credit loss reserves for unfunded loan commitments | 11,713 | 10,412 | $ 9,900 |
| Other liabilities | $ 431,658 | $ 282,847 |
Other Assets and Liabilities - Additional Information (Detail) $ in Thousands |
3 Months Ended | 6 Months Ended | 12 Months Ended | |||||
|---|---|---|---|---|---|---|---|---|
|
Jun. 30, 2025
USD ($)
|
Jun. 30, 2024
USD ($)
|
Jun. 30, 2025
USD ($)
loan
|
Jun. 30, 2025
USD ($)
security_loan
|
Jun. 30, 2025
USD ($)
|
Jun. 30, 2024
USD ($)
|
Dec. 31, 2024
USD ($)
loan
|
Dec. 31, 2024
USD ($)
security_loan
|
|
| Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||||
| Current expected credit loss reserves for unfunded loan commitments | $ 11,713 | $ 9,900 | $ 11,713 | $ 11,713 | $ 11,713 | $ 9,900 | $ 10,412 | $ 10,412 |
| Number of loans | 144 | 144 | 130 | 130 | ||||
| Increase (decrease) in reserve | 1,200 | $ (2,700) | 1,300 | $ (5,400) | ||||
| Unfunded Loan Commitments | ||||||||
| Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||||
| Current expected credit loss reserves for unfunded loan commitments | $ 1,412,084 | $ 1,412,084 | $ 1,412,084 | $ 1,412,084 | $ 1,263,068 | $ 1,263,068 | ||
| Number of loans | loan | 58 | |||||||
Secured Debt, Net - Schedule of Secured Debt Agreements (Detail) - USD ($) $ in Thousands |
Jun. 30, 2025 |
Dec. 31, 2024 |
|---|---|---|
| Debt Instrument [Line Items] | ||
| Total face value | $ 14,035,684 | |
| Secured debt, net | ||
| Debt Instrument [Line Items] | ||
| Net book value | 10,683,320 | $ 9,696,334 |
| Secured debt, net | Secured debt, net | ||
| Debt Instrument [Line Items] | ||
| Deferred financing costs | (10,276) | (9,195) |
| Net book value | 10,683,320 | 9,696,334 |
| Secured debt, net | Secured debt, net | Secured credit facilities | ||
| Debt Instrument [Line Items] | ||
| Total face value | $ 10,693,596 | $ 9,705,529 |
Asset-Specific Debt, Net (Detail) $ in Thousands |
6 Months Ended | 12 Months Ended | |
|---|---|---|---|
|
Jun. 30, 2025
USD ($)
loan
|
Dec. 31, 2024
USD ($)
loan
|
Dec. 31, 2023 |
|
| Debt Instrument [Line Items] | |||
| Debt instrument, variable interest rate, type [Extensible Enumeration] | Secured Overnight Financing Rate (SOFR) | Secured Overnight Financing Rate (SOFR) | Secured Overnight Financing Rate (SOFR) |
| Asset-specific debt, net | |||
| Debt Instrument [Line Items] | |||
| Count, financing provided | loan | 2 | 2 | |
| Count, collateral assets | loan | 2 | 2 | |
| Principal balance | $ 529,867 | $ 1,228,110 | |
| Principal Balance, collateral assets | 656,019 | 1,467,185 | |
| Book Value | 528,224 | 1,224,841 | |
| Book Value, collateral assets | $ 650,846 | $ 1,459,864 | |
| Wtd. Avg. Yield/Cost, financing provided | 3.36% | 3.20% | |
| Wtd. Avg. Yield/Cost, collateral assets | 4.58% | 4.03% | |
Loan Participations Sold, Net (Detail) $ in Thousands |
3 Months Ended | 6 Months Ended | 12 Months Ended | ||
|---|---|---|---|---|---|
|
Jun. 30, 2025
USD ($)
|
Jun. 30, 2024
USD ($)
|
Jun. 30, 2025
USD ($)
loan
|
Jun. 30, 2024
USD ($)
|
Dec. 31, 2024
USD ($)
loan
|
|
| Loan Participations Sold [Line Items] | |||||
| Principal Balance, loan participation | $ 50,000 | $ 50,000 | $ 100,064 | ||
| Book Value, loan participation | 50,000 | 50,000 | $ 100,064 | ||
| Interest expense | 264,727 | $ 339,380 | $ 506,960 | $ 683,110 | |
| Junior Loan Participation | |||||
| Loan Participations Sold [Line Items] | |||||
| Count | loan | 1 | 2 | |||
| Principal Balance, loan participation | 50,000 | $ 50,000 | $ 100,064 | ||
| Book Value, loan participation | $ 50,000 | $ 50,000 | $ 100,064 | ||
| Wtd. Avg. Yield/Cost | 6.50% | 6.50% | 9.75% | ||
| Total Loan | |||||
| Loan Participations Sold [Line Items] | |||||
| Count | loan | 1 | 2 | |||
| Principal Balance, total loan | $ 195,000 | $ 195,000 | $ 442,142 | ||
| Book Value, total loan | $ 195,000 | $ 195,000 | $ 442,008 | ||
| Wtd. Avg. Yield/Cost | 8.86% | 8.86% | 6.14% | ||
| Loan Participations Sold | |||||
| Loan Participations Sold [Line Items] | |||||
| Interest expense | $ 2,400 | $ 5,400 | $ 22,600 | ||
Term Loans, Net - Additional Information (Detail) - Secured term loans, net $ in Thousands |
3 Months Ended | 6 Months Ended | |||
|---|---|---|---|---|---|
|
Jun. 30, 2025
USD ($)
|
Jun. 30, 2024
USD ($)
|
Jun. 30, 2025
USD ($)
|
Jun. 30, 2024
USD ($)
|
Dec. 31, 2024
USD ($)
|
|
| Debt Instrument [Line Items] | |||||
| Amortization percentage | 1.00% | ||||
| Interest expense on debt | $ 35,982 | $ 46,525 | $ 72,212 | $ 93,231 | |
| Total debt to total assets ratio | 0.8333 | 0.8333 | 0.8333 | ||
| B-4 Term Loan | |||||
| Debt Instrument [Line Items] | |||||
| Repayment of debt | $ 400,000 | ||||
| B-5 Term Loan | |||||
| Debt Instrument [Line Items] | |||||
| Maximum borrowing capacity | $ 650,000 | ||||
| Repayment of debt | 648,400 | ||||
| B-6 Term Loan | |||||
| Debt Instrument [Line Items] | |||||
| Maximum borrowing capacity | $ 1,000,000 | $ 1,000,000 | |||
Term Loans, Net - Schedule Of Interest Expense, Debt (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Jun. 30, 2025 |
Jun. 30, 2024 |
Jun. 30, 2025 |
Jun. 30, 2024 |
|
| Debt Instrument [Line Items] | ||||
| Discount and issuance cost amortization | $ 18,962 | $ 21,494 | ||
| Secured term loans, net | ||||
| Debt Instrument [Line Items] | ||||
| Cash coupon | $ 34,096 | $ 44,242 | 68,144 | 88,666 |
| Discount and issuance cost amortization | 1,886 | 2,283 | 4,068 | 4,565 |
| Total interest expense | $ 35,982 | $ 46,525 | $ 72,212 | $ 93,231 |
Senior Secured Notes, Net - Schedule of Senior Secured Notes (Detail) - USD ($) $ in Thousands |
Jun. 30, 2025 |
Dec. 31, 2024 |
|---|---|---|
| Debt Instrument [Line Items] | ||
| Total face value | $ 14,035,684 | |
| Hedging adjustments | 7,340 | $ (4,424) |
| Senior secured notes, net | ||
| Debt Instrument [Line Items] | ||
| Total face value | 785,316 | 785,316 |
| Deferred financing costs and unamortized discounts | (8,590) | (9,857) |
| Hedging adjustments | 7,340 | (4,424) |
| Net book value | 784,066 | 771,035 |
| Senior secured notes, net | October 2021 | ||
| Debt Instrument [Line Items] | ||
| Total face value | $ 335,316 | 335,316 |
| Interest Rate | 3.75% | |
| All-in cost | 4.06% | |
| Senior secured notes, net | December 2024 | ||
| Debt Instrument [Line Items] | ||
| Face Value | 450,000 | |
| Total face value | $ 450,000 | $ 450,000 |
| Interest Rate | 7.75% | |
| All-in cost | 8.14% | |
| Floating rate | 3.95% |
Senior Secured Notes, Net (Detail) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Jun. 30, 2025 |
Jun. 30, 2024 |
Jun. 30, 2025 |
Jun. 30, 2024 |
|
| Debt Instrument [Line Items] | ||||
| Discount and issuance cost amortization | $ 18,962 | $ 21,494 | ||
| Senior secured notes, net | ||||
| Debt Instrument [Line Items] | ||||
| Cash coupon | $ 11,862 | $ 3,187 | 23,725 | 6,541 |
| Discount and issuance cost amortization | 651 | 254 | 1,349 | 521 |
| Total interest expense | $ 12,513 | $ 3,441 | $ 25,074 | $ 7,062 |
Senior Secured Notes, Net - Additional Information (Detail) |
3 Months Ended | 6 Months Ended | |||
|---|---|---|---|---|---|
|
Jun. 30, 2025
USD ($)
|
Jun. 30, 2024
USD ($)
|
Jun. 30, 2025
USD ($)
|
Jun. 30, 2024
USD ($)
|
Dec. 31, 2024 |
|
| Debt Instrument [Line Items] | |||||
| Gain on extinguishment of debt | $ 0 | $ 0 | $ 0 | $ 2,963,000 | |
| Senior secured notes, net | |||||
| Debt Instrument [Line Items] | |||||
| Total debt to total assets ratio | 0.8333 | 0.8333 | 0.8333 | ||
| Total unencumbered assets to total unsecured debt ratio | 1.20 | 1.20 | |||
| Senior secured notes, net | October 2021 | |||||
| Debt Instrument [Line Items] | |||||
| Repurchase of aggregate principal amount | $ 0 | $ 26,200,000 | |||
| Repurchase weighted-average price, percentage | 88.00% | ||||
| Gain on extinguishment of debt | $ 3,000,000 | ||||
Convertible Notes, Net - Summary of Outstanding Convertible Senior Notes (Detail) $ / shares in Units, $ in Thousands |
6 Months Ended | |
|---|---|---|
|
Jun. 30, 2025
USD ($)
$ / shares
|
Dec. 31, 2024
USD ($)
|
|
| Debt Instrument [Line Items] | ||
| Total face value | $ 14,035,684 | |
| Convertible notes, net | ||
| Debt Instrument [Line Items] | ||
| Total face value | 266,157 | $ 266,157 |
| Deferred financing costs and unamortized discount | (1,976) | (2,541) |
| Securitized debt obligations, net | 264,181 | 263,616 |
| Convertible notes, net | Convertible Senior Notes Due 2027 | ||
| Debt Instrument [Line Items] | ||
| Total face value | $ 266,157 | $ 266,157 |
| Interest Rate | 5.50% | |
| All-in cost | 5.79% | |
| Conversion price (in dollars per share) | $ / shares | $ 36.27 | |
| Conversion rate | 0.0275702 |
Convertible Notes, Net - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands |
Jun. 30, 2025 |
Dec. 31, 2024 |
|---|---|---|
| Debt Instrument [Line Items] | ||
| Share price (in dollars per share) | $ 19.25 | |
| Accrued interest payable | $ 80,024 | $ 77,855 |
| Convertible notes, net | ||
| Debt Instrument [Line Items] | ||
| Accrued interest payable | $ 4,300 | $ 4,300 |
Convertible Notes, Net - Summary of Details about Interest Expense (Detail) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Jun. 30, 2025 |
Jun. 30, 2024 |
Jun. 30, 2025 |
Jun. 30, 2024 |
|
| Debt Instrument [Line Items] | ||||
| Discount and issuance cost amortization | $ 18,962 | $ 21,494 | ||
| Convertible notes, net | ||||
| Debt Instrument [Line Items] | ||||
| Cash coupon | $ 3,660 | $ 4,125 | 7,319 | 8,250 |
| Discount and issuance cost amortization | 282 | 319 | 565 | 639 |
| Total interest expense | $ 3,942 | $ 4,444 | $ 7,884 | $ 8,889 |
Derivative Financial Instruments - Summary of Outstanding Foreign Exchange Derivatives Designated as Net Investment Hedges of Foreign Currency Risk (Detail) - Designated Hedges - Net Investment Hedges € in Thousands, £ in Thousands, kr in Thousands, SFr in Thousands, $ in Thousands, $ in Thousands |
Jun. 30, 2025
SEK (kr)
derivative_instrument
|
Jun. 30, 2025
GBP (£)
derivative_instrument
|
Jun. 30, 2025
EUR (€)
derivative_instrument
|
Jun. 30, 2025
AUD ($)
derivative_instrument
|
Jun. 30, 2025
CAD ($)
derivative_instrument
|
Jun. 30, 2025
CHF (SFr)
derivative_instrument
|
Dec. 31, 2024
SEK (kr)
derivative_instrument
|
Dec. 31, 2024
GBP (£)
derivative_instrument
|
Dec. 31, 2024
EUR (€)
derivative_instrument
|
Dec. 31, 2024
AUD ($)
derivative_instrument
|
Dec. 31, 2024
CHF (SFr)
derivative_instrument
|
|---|---|---|---|---|---|---|---|---|---|---|---|
| Buy USD / Sell SEK Forward | |||||||||||
| Derivative [Line Items] | |||||||||||
| Number of instruments | 3 | 3 | 3 | 3 | 3 | 3 | 2 | 2 | 2 | 2 | 2 |
| Notional amount | kr | kr 990,635 | kr 971,180 | |||||||||
| Buy USD / Sell GBP Forward | |||||||||||
| Derivative [Line Items] | |||||||||||
| Number of instruments | 13 | 13 | 13 | 13 | 13 | 13 | 5 | 5 | 5 | 5 | 5 |
| Notional amount | £ | £ 655,443 | £ 604,739 | |||||||||
| Buy USD / Sell EUR Forward | |||||||||||
| Derivative [Line Items] | |||||||||||
| Number of instruments | 10 | 10 | 10 | 10 | 10 | 10 | 8 | 8 | 8 | 8 | 8 |
| Notional amount | € | € 677,316 | € 603,910 | |||||||||
| Buy USD / Sell AUD Forward | |||||||||||
| Derivative [Line Items] | |||||||||||
| Number of instruments | 4 | 4 | 4 | 4 | 4 | 4 | 6 | 6 | 6 | 6 | 6 |
| Notional amount | $ | $ 349,343 | $ 355,703 | |||||||||
| Buy USD / Sell CAD Forward | |||||||||||
| Derivative [Line Items] | |||||||||||
| Number of instruments | 3 | 3 | 3 | 3 | 3 | 3 | |||||
| Notional amount | $ | $ 121,887 | ||||||||||
| Buy USD / Sell CHF Forward | |||||||||||
| Derivative [Line Items] | |||||||||||
| Number of instruments | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| Notional amount | SFr | SFr 6,752 | SFr 6,752 |
Derivative Financial Instruments - Summary of Outstanding Interest Rate Derivatives Designated as Hedges of Interest Rate Risk (Detail) - Fair Value Hedging - Designated Hedges - Interest rate swap $ in Thousands |
6 Months Ended | 12 Months Ended |
|---|---|---|
|
Jun. 30, 2025
USD ($)
derivative_instrument
|
Dec. 31, 2024
USD ($)
derivative_instrument
|
|
| Derivative [Line Items] | ||
| Number of instruments | derivative_instrument | 1 | 1 |
| Notional amount | $ | $ 450,000 | $ 450,000 |
| Fixed Rate | 3.81% | 3.81% |
| Maturity (Years) | 4 years 4 months 24 days | 4 years 10 months 24 days |
Derivative Financial Instruments - Carrying Amount and Cumulative Basis Adjustments (Detail) - USD ($) $ in Thousands |
Jun. 30, 2025 |
Dec. 31, 2024 |
|---|---|---|
| Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
| Carrying Amount of the Hedged Assets/ Liabilities | $ 450,292 | $ 437,759 |
| Cumulative Amount of Fair Value Hedging Adjustment Included in Carrying Amount | $ 7,340 | $ (4,424) |
Derivative Financial Instruments - Net Gains (Losses) on Fair Value Hedging Relationships (Detail) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Jun. 30, 2025 |
Jun. 30, 2024 |
Jun. 30, 2025 |
Jun. 30, 2024 |
|
| Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||
| Total interest and related expenses presented in the consolidated statements of operations | $ 264,727 | $ 339,380 | $ 506,960 | $ 683,110 |
| Total gain on derivative instruments | 9,124 | 12,288 | ||
| Fair value basis adjustment on hedged items | (4,231) | (7,340) | ||
| Derivative settlements and accruals | 624 | 1,442 | ||
| Net Gain on Fair Value Hedging Relationships(1) | $ 5,517 | $ 6,390 | ||
Derivative Financial Instruments - Summary of Effect of Derivative Financial Instruments on Consolidated Statements of Comprehensive Income And Operations (Detail) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | |
|---|---|---|---|
Jun. 30, 2025 |
Jun. 30, 2025 |
Jun. 30, 2024 |
|
| Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
| Foreign exchange contracts | $ (143,268) | $ (203,663) | |
| Total | (143,268) | (203,663) | |
| Foreign exchange contracts | 0 | 0 | |
| Total | 0 | 0 | |
| Payments under derivative financial instruments | 127,982 | $ 77,368 | |
| Net Investment Hedges | Foreign exchange contracts | |||
| Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
| Payments under derivative financial instruments | $ 114,100 | ||
| Payments under derivative financial instruments, net of adjustments | $ 33,600 | ||
Derivative Financial Instruments - Additional Information (Detail) - USD ($) $ in Thousands |
Jun. 30, 2025 |
Dec. 31, 2024 |
|---|---|---|
| Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
| Collateral deposited under derivative agreements | $ 86,420 | $ 4,810 |
Equity - Schedule of Dividend Activity (Detail) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 6 Months Ended | ||||
|---|---|---|---|---|---|---|
Jun. 30, 2025 |
Mar. 31, 2025 |
Jun. 30, 2024 |
Mar. 31, 2024 |
Jun. 30, 2025 |
Jun. 30, 2024 |
|
| Class of Stock [Line Items] | ||||||
| Dividends declared on common stock and deferred stock units (in dollars per share) | $ 0.47 | $ 0.47 | $ 0.62 | $ 0.62 | $ 0.94 | $ 1.24 |
| Class A common stock dividends declared | $ 80,600 | |||||
| Deferred stock unit dividends declared | 147 | $ 229 | $ 340 | $ 452 | ||
| Dividends, total | 80,796 | $ 80,837 | 107,873 | $ 107,901 | 161,633 | 215,774 |
| Class A Common Stock | ||||||
| Class of Stock [Line Items] | ||||||
| Class A common stock dividends declared | $ 80,649 | $ 107,644 | $ 161,293 | $ 215,322 | ||
Equity - Schedule of Basic and Diluted Earnings Per Share on Weighted-Average of Both Restricted and Unrestricted Class A Common Stock Outstanding (Detail) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Jun. 30, 2025 |
Jun. 30, 2024 |
Jun. 30, 2025 |
Jun. 30, 2024 |
|
| Equity [Abstract] | ||||
| Net (loss) income | $ 6,969 | $ (61,057) | $ 6,612 | $ (184,895) |
| Weighted-average shares outstanding, basic (in shares) | 171,893,905 | 173,967,340 | 171,949,090 | 174,004,464 |
| Weighted-average shares outstanding, diluted (in shares) | 171,893,905 | 173,967,340 | 171,949,090 | 174,004,464 |
| Per share amount, basic (in dollars per share) | $ 0.04 | $ (0.35) | $ 0.04 | $ (1.06) |
| Per share amount, diluted (in dollars per share) | $ 0.04 | $ (0.35) | $ 0.04 | $ (1.06) |
| Effect of dilutive securities - convertible notes (in shares) | 0 | 0 | 0 | 0 |
Other Expenses - Additional Information (Detail) - USD ($) |
3 Months Ended | 6 Months Ended | |||
|---|---|---|---|---|---|
Jun. 30, 2025 |
Jun. 30, 2024 |
Jun. 30, 2025 |
Jun. 30, 2024 |
Dec. 31, 2024 |
|
| Related Party Transaction [Line Items] | |||||
| Management base fee percentage | 1.50% | ||||
| Management incentive fee percentage | 20.00% | ||||
| Management core earnings fee percentage | 7.00% | 7.00% | |||
| Management core earnings fee measurement period (in years) | 3 years | ||||
| Management core earnings fee minimum threshold | 0.00% | ||||
| Management fees | $ 17,036,000 | $ 18,726,000 | $ 34,271,000 | $ 37,653,000 | |
| Accrued management and incentive fees payable | 17,000,000 | 17,000,000 | $ 18,500,000 | ||
| Related Party | |||||
| Related Party Transaction [Line Items] | |||||
| Total incentive compensation payments | $ 0 | $ 0 | $ 0 | $ 0 | |
Other Expenses - Schedule of General and Administrative Expenses (Detail) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Jun. 30, 2025 |
Jun. 30, 2024 |
Jun. 30, 2025 |
Jun. 30, 2024 |
|
| Schedule of Equity Method Investments [Line Items] | ||||
| Professional services | $ 4,281 | $ 3,817 | $ 8,192 | $ 7,957 |
| Operating and other costs | 1,942 | 1,881 | 3,730 | 3,357 |
| Subtotal | 6,223 | 5,698 | 11,922 | 11,314 |
| Non-cash compensation expense | ||||
| Restricted class A common stock earned | 7,131 | 7,761 | 13,923 | 15,672 |
| Director stock-based compensation | 172 | 201 | 345 | 402 |
| Subtotal | 7,303 | 7,962 | 14,268 | 16,074 |
| Total general and administrative expenses | 13,526 | 13,660 | 26,190 | 27,388 |
| Multifamily Joint Venture | ||||
| Schedule of Equity Method Investments [Line Items] | ||||
| Subtotal | $ 106 | $ 320 | $ 192 | $ 543 |
Income Taxes (Detail) - USD ($) $ in Thousands |
1 Months Ended | 3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|---|
May 31, 2013 |
Jun. 30, 2025 |
Jun. 30, 2024 |
Jun. 30, 2025 |
Jun. 30, 2024 |
|
| Income Tax Disclosure [Abstract] | |||||
| Income tax provision | $ 903 | $ 1,217 | $ 1,621 | $ 2,219 | |
| Shares issued (in shares) | 25,875,000 | 1,778 | 3,165 | ||
| NOL limitation per annum | $ 2,000 | ||||
| Net operating losses carried forward | $ 159,000 | $ 159,000 | |||
Stock-Based Incentive Plans - Movement in Outstanding Shares of Restricted Class A Common Stock and Weighted-Average Grant Date Fair Value Per Share (Detail) - Restricted Class A Common Stock |
6 Months Ended |
|---|---|
|
Jun. 30, 2025
$ / shares
shares
| |
| Restricted Class A Common Stock | |
| Beginning balance (in shares) | shares | 2,142,759 |
| Granted (in shares) | shares | 511,012 |
| Vested (in shares) | shares | (691,323) |
| Forfeited (in shares) | shares | (29,008) |
| Ending balance (in shares) | shares | 1,933,440 |
| Weighted-Average Grant Date Fair Value Per Share | |
| Beginning balance (in dollars per share) | $ / shares | $ 21.13 |
| Granted (in dollars per share) | $ / shares | 17.88 |
| Vested (in dollars per share) | $ / shares | 21.14 |
| Forfeited (in dollars per share) | $ / shares | 19.75 |
| Ending balance (in dollars per share) | $ / shares | $ 20.29 |
Fair Values - Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands |
Jun. 30, 2025 |
Dec. 31, 2024 |
|---|---|---|
| Assets | ||
| Derivatives | $ 12,267 | $ 72,454 |
| Liabilities | ||
| Derivatives | 95,700 | 5,238 |
| Level 1 | ||
| Assets | ||
| Derivatives | 0 | 0 |
| Liabilities | ||
| Derivatives | 0 | 0 |
| Level 2 | ||
| Assets | ||
| Derivatives | 12,267 | 72,454 |
| Liabilities | ||
| Derivatives | 95,700 | 5,238 |
| Level 3 | ||
| Assets | ||
| Derivatives | 0 | 0 |
| Liabilities | ||
| Derivatives | $ 0 | $ 0 |
Fair Values - Additional Information (Details) - USD ($) |
Jun. 30, 2025 |
Dec. 31, 2024 |
|---|---|---|
| Fair Value Disclosures [Abstract] | ||
| Investments in unconsolidated entities | $ 55,906,000 | $ 0 |
Variable Interest Entities - Additional Information (Detail) |
12 Months Ended |
|---|---|
|
Dec. 31, 2024
loan
| |
| Variable Interest Entity, Primary Beneficiary, Does Not Hold Majority Voting Interest, Disclosures [Abstract] | |
| Number of loans modified | 2 |
Variable Interest Entities - Assets and Liabilities of Consolidated VIEs (Detail) - USD ($) $ in Thousands |
Jun. 30, 2025 |
Mar. 31, 2025 |
Dec. 31, 2024 |
Jun. 30, 2024 |
Mar. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Cash and cash equivalents | $ 388,049 | $ 323,483 | ||||
| Loans receivable | 19,706,105 | 19,047,518 | ||||
| Current expected credit loss reserve | (740,851) | $ (741,541) | (733,936) | $ (893,938) | $ (751,370) | $ (576,936) |
| Loans receivable, net | 18,965,254 | 18,313,582 | ||||
| Real estate owned, net | 615,217 | 588,185 | ||||
| Other assets | 507,834 | 572,253 | ||||
| Total Assets | 20,584,441 | 19,801,955 | ||||
| Liabilities | ||||||
| Other liabilities | 431,658 | 282,847 | ||||
| Total Liabilities | 16,960,904 | 16,007,766 | ||||
| Securitized debt obligations, net | ||||||
| Liabilities | ||||||
| Securitized debt obligations, net | 2,493,011 | 1,936,956 | ||||
| VIE | ||||||
| Assets | ||||||
| Cash and cash equivalents | 16,188 | 9,145 | ||||
| Loans receivable | 3,095,480 | 2,338,201 | ||||
| Current expected credit loss reserve | (154,384) | (202,400) | ||||
| Loans receivable, net | 2,941,096 | 2,135,801 | ||||
| Real estate owned, net | 212,658 | 177,322 | ||||
| Other assets | 127,188 | 126,518 | ||||
| Total Assets | 3,297,130 | 2,448,786 | ||||
| Liabilities | ||||||
| Other liabilities | 15,032 | 13,277 | ||||
| Total Liabilities | 2,508,043 | 1,950,233 | ||||
| VIE | Securitized debt obligations, net | ||||||
| Liabilities | ||||||
| Securitized debt obligations, net | $ 2,493,011 | $ 1,936,956 |
Segment Reporting (Details) |
6 Months Ended |
|---|---|
|
Jun. 30, 2025
segment
| |
| Segment Reporting [Abstract] | |
| Number of reporting segments | 1 |
| Number of operating segments | 1 |