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Fair Value of Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2025

Fair Value Disclosures [Abstract]

Carrying Value and Estimated Fair Value of Company's Financial Instruments

The following table presents the carrying value and estimated fair value of our financial instruments not carried at fair value on our condensed consolidated balance sheets at June 30, 2025 and December 31, 2024 ($ in thousands):

		June 30, 2025								December 31, 2024
		Carrying Value				Estimated Fair Value				Carrying Value				Estimated Fair Value
Cash and cash equivalents		$	177,623			$	177,623			$	317,396			$	317,396
Commercial mortgage loans, net			8,479,438				8,346,330				6,715,347				6,616,694
Subordinate loans, net			145,472				145,472				388,809				388,780
Secured debt arrangements, net			(6,213,188	)			(6,213,188	)			(4,814,973	)			(4,814,973	)
Senior secured term loans, net			(729,416	)			(750,938	)			(754,210	)			(757,772	)
Senior secured notes, net			(496,826	)			(473,750	)			(496,433	)			(432,500	)
Debt related to real estate owned, held for investment, net			(376,504	)			(376,504	)			(324,587	)			(324,587	)

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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://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-11

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- References

No definition available.

+ Details

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