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Variable Interest Entities | 9 Months Ended
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Sep. 30, 2025
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 the nine months ended months ended September 30, 2025, we modified two loans that included, among other changes, control over decision making at the respective properties. Similarly, during 2024, we modified two other loa ns that included, among other changes, an equit y interest in and/or control over decision-making at the property. As a result of these modifications, our investments in these loans are VIEs. As of September 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):
| September 30, 2025 |  | December 31, 2024
Assets |  |  |
Cash and cash equivalents | $40,299 |  | $9,145
Loans receivable | 2,946,640 |  | 2,338,201
Current expected credit loss reserve | (133,345) |  | (202,400)
Loans receivable, net | 2,813,295 |  | 2,135,801
Real estate owned, net | 525,084 |  | 177,322
Other assets | 234,188 |  | 126,518
Total assets | $3,612,866 |  | $2,448,786
Liabilities |  |  |
Securitized debt obligations, net | $2,470,067 |  | $1,936,956
Other liabilities | 41,177 |  | 13,277
Total liabilities | $2,511,244 |  | $1,950,233
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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- Definition The entire disclosure for a variable interest entity (VIE), including but not limited to, judgments and assumptions in determining whether to consolidate and in identifying the primary beneficiary, gain (loss) recognized on the initial consolidation of the VIE, terms of arrangements, amounts and classification of the VIE's assets and liabilities, and the entity's maximum exposure to loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 810 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/810/tableOfContent + Details
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- References No definition available. + Details
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