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Fair Value of Financial Instruments (Tables) | 9 Months Ended
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Sep. 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 September 30, 2025 and December 31, 2024 ($ in thousands):
|  | September 30, 2025 |  |  | December 31, 2024 |
|  | Carrying Value |  |  | Estimated Fair Value |  |  | Carrying Value |  |  | Estimated Fair Value |
Cash and cash equivalents |  | $ | 245,856 |  |  | $ | 245,856 |  |  | $ | 317,396 |  |  | $ | 317,396 |
Commercial mortgage loans, net |  |  | 8,149,855 |  |  |  | 8,034,179 |  |  |  | 6,715,347 |  |  |  | 6,616,694 |
Subordinate loans, net |  |  | 153,790 |  |  |  | 153,790 |  |  |  | 388,809 |  |  |  | 388,780 |
Secured debt arrangements, net |  |  | (5,896,015 | ) |  |  | (5,896,015 | ) |  |  | (4,814,973 | ) |  |  | (4,814,973 | )
Senior secured term loans, net |  |  | (728,358 | ) |  |  | (751,866 | ) |  |  | (754,210 | ) |  |  | (757,772 | )
Senior secured notes, net |  |  | (497,026 | ) |  |  | (478,750 | ) |  |  | (496,433 | ) |  |  | (432,500 | )
Debt related to real estate owned, held for investment, net |  |  | (402,945 | ) |  |  | (402,945 | ) |  |  | (324,587 | ) |  |  | (324,587 | )

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