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Secured Debt Arrangements, Net - Schedule of Net Income from VIE (Details) - USD ($) $ in Thousands | 12 Months Ended
--- | ---
Dec. 31, 2024 | Dec. 31, 2023 | Dec. 31, 2022
Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items] |  |  |
Interest income from commercial mortgage loans | $ 699,389 | $ 701,002 | $ 456,513
Net interest income | 198,982 | 252,172 | 241,578
General and administrative expense | (29,649) | (29,520) | (29,662)
Decrease (increase) in current expected credit loss allowance, net | (155,784) | (59,428) | 17,623
Foreign currency translation gain (loss) | (37,476) | 52,031 | (116,399)
Net income (loss) | (119,636) | 58,127 | 265,232
VIE |  |  |
Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items] |  |  |
Interest income from commercial mortgage loans | 252,391 | 217,132 | 126,847
Interest expense | (141,010) | (113,910) | (51,487)
Net interest income | 111,381 | 103,222 | 75,360
General and administrative expense | (6) | (16) | 0
Decrease (increase) in current expected credit loss allowance, net | (2,131) | 277 | 1,101
Foreign currency translation gain (loss) | (22,802) | 29,425 | (62,058)
Net income (loss) | $ 86,442 | $ 132,908 | $ 14,403

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