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Fair Values (Tables) | 9 Months Ended
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Sep. 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):
| September 30, 2025 |  | December 31, 2024
| Level 1 |  | Level 2 |  | Level 3 |  | Total |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivatives | $— |  | $19,505 |  | $— |  | $19,505 |  | $— |  | $72,454 |  | $— |  | $72,454
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivatives | $— |  | $2,557 |  | $— |  | $2,557 |  | $— |  | $5,238 |  | $— |  | $5,238
Schedule of Details of Carrying Amount, Face Amount, and Fair Value of Financial Instruments | The following table details the book value, face amount, and fair value of the financial instruments described in Note 2 ($ in thousands):
| September 30, 2025 |  | December 31, 2024
| Book Value |  | Face Amount |  | Fair Value |  | Book Value |  | Face Amount |  | Fair Value
Financial assets |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $377,921 |  | $377,921 |  | $377,921 |  | $323,483 |  | $323,483 |  | $323,483
Loans receivable, net | 17,371,200 |  | 18,188,534 |  | 17,407,513 |  | 18,313,582 |  | 19,203,126 |  | 18,288,958
Financial liabilities |  |  |  |  |  |  |  |  |  |  |
Secured debt, net | 9,540,224 |  | 9,548,332 |  | 9,450,250 |  | 9,696,334 |  | 9,705,529 |  | 9,590,400
Securitized debt obligations, net | 2,470,067 |  | 2,479,417 |  | 2,455,101 |  | 1,936,956 |  | 1,936,967 |  | 1,838,089
Asset-specific debt, net | 627,916 |  | 629,890 |  | 619,599 |  | 1,224,841 |  | 1,228,110 |  | 1,218,639
Loan participations sold, net | — |  | — |  | — |  | 100,064 |  | 100,064 |  | 99,822
Secured term loans, net | 1,774,913 |  | 1,808,127 |  | 1,812,573 |  | 1,732,073 |  | 1,764,437 |  | 1,765,668
Senior secured notes, net | 785,215 |  | 785,316 |  | 801,487 |  | 771,035 |  | 785,316 |  | 780,931
Convertible notes, net | 264,463 |  | 266,157 |  | 262,899 |  | 263,616 |  | 266,157 |  | 257,707

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- Definition Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Name Accounting Standards Codification -Section 55 -Paragraph 10 -SubTopic 10 -Topic 825 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482881/825-10-55-10 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 825 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482907/825-10-50-13 Reference 3: http://www.xbrl.org/2003/role/exampleRef -Topic 825 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 12 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482881/825-10-55-12 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 825 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482907/825-10-50-12 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 825 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 11 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482907/825-10-50-11 + Details
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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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