XML 119 R104.htm IDEA: XBRL DOCUMENT v3.25.0.1
Variable Interest Entity (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
USD ($)
entity
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Assets:        
Restricted cash $ 156,376 $ 608,233 $ 713,808 $ 486,690
Loans and investments, net 11,033,997 12,377,806 $ 14,254,674 $ 11,981,048
Other assets 481,448 403,290    
Total assets [1] 13,490,981 15,738,636    
Liabilities:        
Securitized debt 4,622,489 6,935,010    
Other liabilities 280,198 298,733    
Total liabilities [1] 10,339,011 12,484,031    
Carrying amount of loans and investments before reserves related to VIEs 11,304,956      
CLOs and Debt Fund        
Assets:        
Restricted cash 131,381 593,956    
Loans and investments, net 5,898,102 7,826,793    
Other assets 95,442 193,822    
Total assets 6,124,925 8,614,571    
Liabilities:        
Securitized debt 4,622,489 6,935,010    
Other liabilities 15,255 32,867    
Total liabilities 4,637,744 $ 6,967,877    
Unconsolidated VIEs        
Assets:        
Total assets $ 1,224,854      
Liabilities:        
Number of VIEs where the reporting entity is not VIE's primary beneficiary and VIEs have variable interest | entity 50      
Carrying amount of loans and investments before reserves related to VIEs $ 202,900      
Loan loss reserves related to VIEs 90,500      
Exposure to real estate debt 4,330,000      
Loans | Unconsolidated VIEs        
Assets:        
Total assets 1,023,169      
APL certificates | Unconsolidated VIEs        
Assets:        
Total assets 136,492      
B Piece bonds | Unconsolidated VIEs        
Assets:        
Total assets 31,508      
Equity investments | Unconsolidated VIEs        
Assets:        
Total assets 33,591      
Agency interest only strips | Unconsolidated VIEs        
Assets:        
Total assets $ 94      
[1] Our consolidated balance sheets include assets and liabilities of consolidated variable interest entities, or VIEs, as we are the primary beneficiary of these VIEs. At December 31, 2024 and 2023, assets of our consolidated VIEs totaled $6,124,925 and $8,614,571, respectively, and the liabilities of our consolidated VIEs totaled $4,637,744 and $6,967,877, respectively. See Note 16 for discussion of our VIEs.