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v3.25.2

Secured Debt Arrangements, Net - Schedule of Net Income from VIE (Details) - USD ($) $ 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
Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items] |  |  |  |  |  |
Interest income from commercial mortgage loans | $ 166,691 |  | $ 179,388 |  | $ 310,676 | $ 363,104
Interest expense | (124,178) |  | (128,472) |  | (229,235) | (256,359)
Net interest income | 43,070 |  | 51,758 |  | 82,555 | 108,436
General and administrative expense | (6,561) |  | (7,488) |  | (13,213) | (14,861)
Decrease (increase) in current expected credit loss allowance, net | (3,113) |  | (10,258) |  | (7,121) | (157,942)
Foreign currency translation gain (loss) | 73,705 |  | (1,362) |  | 114,263 | (20,925)
Net income (loss) | 20,739 | $ 25,991 | 35,785 | $ (104,524) | 46,730 | (68,739)
VIE |  |  |  |  |  |
Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items] |  |  |  |  |  |
Interest income from commercial mortgage loans | 49,050 |  | 63,596 |  | 95,440 | 128,119
Interest expense | (27,378) |  | (36,019) |  | (52,574) | (72,102)
Net interest income | 21,672 |  | 27,577 |  | 42,866 | 56,017
General and administrative expense | (163) |  | (2) |  | (163) | (2)
Decrease (increase) in current expected credit loss allowance, net | (293) |  | (1,574) |  | 1,053 | (4,139)
Foreign currency translation gain (loss) | 43,437 |  | (487) |  | 69,070 | (13,410)
Net income (loss) | $ 64,653 |  | $ 25,514 |  | $ 112,826 | $ 38,466

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