Blackstone Mortgage Trust (BXMT) 10-K 12 Feb 25 2024 FY Annual report Financial data

Cover Page

Cover Page - USD ($) $ in Billions	12 Months Ended
	Dec. 31, 2024	Feb. 05, 2025	Jun. 28, 2024
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2024
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	1-14788
Entity Registrant Name	Blackstone Mortgage Trust, Inc.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	94-6181186
Entity Address, Address Line One	345 Park Avenue
Entity Address, Address Line Two	24th Floor
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10154
City Area Code	212
Local Phone Number	655-0220
Title of 12(b) Security	Class A common stock,
Trading Symbol	BXMT
Security Exchange Name	NYSE
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 2.9
Entity Common Stock, Shares Outstanding		171,594,860
Documents Incorporated by Reference	Part III of this annual report on Form 10-K incorporates information by reference from the registrant’s definitive proxy statement with respect to its 2025 annual meeting of stockholders to be filed with the Securities and Exchange Commission within 120 days after the close of the registrant’s fiscal year.
Entity Central Index Key	0001061630
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	FY

Audit Information

Audit Information	12 Months Ended
	Dec. 31, 2024
Audit Information [Abstract]
Auditor Firm ID	34
Auditor Name	Deloitte & Touche LLP
Auditor Location	New York, New York

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	Dec. 31, 2024	Dec. 31, 2023
Assets
Cash and cash equivalents	$ 323,483,000	$ 350,014,000
Loans receivable	19,047,518,000	23,787,012,000
Current expected credit loss reserve	(733,936,000)	(576,936,000)
Loans receivable, net	18,313,582,000	23,210,076,000
Real estate owned, net	588,185,000	0
Investments in unconsolidated entities	4,452,000	0
Other assets	572,253,000	476,088,000
Total Assets	19,801,955,000	24,036,178,000
Liabilities and Equity
Loan participations sold, net	100,064,000	337,179,000
Term loans, net	1,732,073,000	2,101,632,000
Senior secured notes, net	771,035,000	362,763,000
Convertible notes, net	263,616,000	295,847,000
Other liabilities	282,847,000	362,531,000
Total Liabilities	16,007,766,000	19,648,674,000
Commitments and contingencies (Note 22)
Equity
Class A common stock, $0.01 par value, 400,000,000 shares authorized, 172,792,094 and 173,209,933 shares issued and outstanding as of December 31, 2024 and 2023, respectively	1,728,000	1,732,000
Additional paid-in capital	5,511,053,000	5,507,459,000
Accumulated other comprehensive income	8,268,000	9,454,000
Accumulated deficit	(1,733,741,000)	(1,150,934,000)
Total Blackstone Mortgage Trust, Inc. stockholders’ equity	3,787,308,000	4,367,711,000
Non-controlling interests	6,881,000	19,793,000
Total Equity	3,794,189,000	4,387,504,000
Total Liabilities and Equity	19,801,955,000	24,036,178,000
Secured debt, net
Liabilities and Equity
Long-term debt	9,696,334,000	12,683,095,000
Securitized debt obligations, net
Liabilities and Equity
Long-term debt	1,936,956,000	2,505,417,000
Asset-specific debt, net
Liabilities and Equity
Long-term debt	$ 1,224,841,000	$ 1,000,210,000

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	400,000,000	400,000,000
Common stock, shares issued (in shares)	172,792,094	173,209,933
Common stock, shares outstanding (in shares)	172,792,094	173,209,933
Total assets	$ 19,801,955	$ 24,036,178
Total liabilities	16,007,766	19,648,674
VIE
Total assets	2,448,786	2,981,462
Total liabilities	$ 1,950,233	$ 2,513,518

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income from loans and other investments
Interest and related income	$ 1,769,043	$ 2,037,621	$ 1,338,954
Less: Interest and related expenses	1,289,972	1,366,956	710,904
Income from loans and other investments, net	479,071	670,665	628,050
Revenue from real estate owned	13,040	0	0
Gain on extinguishment of debt	5,352	4,616	0
Other income	1,064	0	0
Total net revenues	498,527	675,281	628,050
Expenses
Management and incentive fees	74,792	119,089	110,292
General and administrative expenses	53,922	51,143	52,193
Expenses from real estate owned	22,060	0	0
Other expenses	5,663	0	0
Total expenses	156,437	170,232	162,485
Increase in current expected credit loss reserve	(538,801)	(249,790)	(211,505)
Loss from unconsolidated entities	(2,748)	0	0
(Loss) income before income taxes	(199,459)	255,259	254,060
Income tax provision	2,374	5,362	3,003
Net (loss) income	(201,833)	249,897	251,057
Net income attributable to non-controlling interests	(2,255)	(3,342)	(2,415)
Net (loss) income attributable to Blackstone Mortgage Trust, Inc.	$ (204,088)	$ 246,555	$ 248,642
Net (loss) income per share of common stock, basic and diluted
Basic (in dollars per share)	$ (1.17)	$ 1.43	$ 1.46
Diluted (in dollars per share)	$ (1.17)	$ 1.43	$ 1.46
Weighted-average shares of common stock outstanding, basic and diluted
Basic (in shares)	173,782,523	172,672,038	170,631,410
Diluted (in shares)	173,782,523	172,672,038	170,631,410

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Statement of Comprehensive Income [Abstract]
Net (loss) income	$ (201,833)	$ 249,897	$ 251,057
Other comprehensive (loss) income
Unrealized (loss) gain on foreign currency translation	(89,460)	75,339	(171,652)
Realized and unrealized gain (loss) on derivative financial instruments	88,274	(75,907)	173,366
Other comprehensive (loss) income	(1,186)	(568)	1,714
Comprehensive (loss) income	(203,019)	249,329	252,771
Comprehensive income attributable to non-controlling interests	(2,255)	(3,342)	(2,415)
Comprehensive (loss) income attributable to Blackstone Mortgage Trust, Inc.	$ (205,274)	$ 245,987	$ 250,356

Consolidated Statements of Chan

Consolidated Statements of Changes in Equity - USD ($) $ in Thousands	Total	Cumulative Effect, Period of Adoption, Adjustment	Stockholders' Equity	Stockholders' Equity Cumulative Effect, Period of Adoption, Adjustment	Class A Common Stock	Additional Paid-In Capital	Additional Paid-In Capital Cumulative Effect, Period of Adoption, Adjustment	Accumulated Other Comprehensive Income (Loss)	Accumulated Deficit	Accumulated Deficit Cumulative Effect, Period of Adoption, Adjustment	Non-Controlling Interests
Beginning balance at Dec. 31, 2021	$ 4,618,711	$ (477)	$ 4,588,187	$ (477)	$ 1,682	$ 5,373,029	$ (2,431)	$ 8,308	$ (794,832)	$ 1,954	$ 30,524
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares of class A common stock issued, net	70,651		70,651		23	70,628
Restricted class A common stock earned	32,724		32,724		12	32,712
Dividends reinvested	1,176		1,176			1,176
Deferred directors’ compensation	690		690			690
Net (loss) income	251,057		248,642						248,642		2,415
Other comprehensive income (loss)	1,714		1,714					1,714
Dividends declared on common stock and deferred stock units	(424,513)		(424,513)						(424,513)
Contributions from non-controlling interests	5,040										5,040
Distributions to non-controlling interests	(12,573)										(12,573)
Ending balance at Dec. 31, 2022	4,544,200		4,518,794		1,717	5,475,804		10,022	(968,749)		25,406
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Restricted class A common stock earned	29,975		29,975		15	29,960
Dividends reinvested	1,015		1,015			1,015
Deferred directors’ compensation	680		680			680
Net (loss) income	249,897		246,555						246,555		3,342
Other comprehensive income (loss)	(568)		(568)					(568)
Dividends declared on common stock and deferred stock units	(428,740)		(428,740)						(428,740)
Distributions to non-controlling interests	(8,955)										(8,955)
Ending balance at Dec. 31, 2023	4,387,504		4,367,711		1,732	5,507,459		9,454	(1,150,934)		19,793
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Repurchases of class A common stock	(29,233)		(29,233)		(16)	(29,217)
Restricted class A common stock earned	30,969		30,969		12	30,957
Dividends reinvested	995		995			995
Deferred directors’ compensation	859		859			859
Net (loss) income	(201,833)		(204,088)						(204,088)		2,255
Other comprehensive income (loss)	(1,186)		(1,186)					(1,186)
Dividends declared on common stock and deferred stock units	(378,719)		(378,719)						(378,719)
Contributions from non-controlling interests	1,245										1,245
Distributions to non-controlling interests	(16,412)										(16,412)
Ending balance at Dec. 31, 2024	$ 3,794,189		$ 3,787,308		$ 1,728	$ 5,511,053		$ 8,268	$ (1,733,741)		$ 6,881

Consolidated Statements of Ch_2

Consolidated Statements of Changes in Equity (Parenthetical)	12 Months Ended
	Dec. 31, 2021
Statement of Stockholders' Equity [Abstract]
Accounting Standards Update [Extensible Enumeration]	Accounting Standards Update 2020-06 [Member]

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Cash flows from operating activities
Net (loss) income	$ (201,833)	$ 249,897	$ 251,057
Adjustments to reconcile net (loss) income to net cash provided by operating activities
Non-cash compensation expense	31,828	30,655	33,414
Amortization of deferred fees on loans and debt securities	(64,133)	(78,428)	(81,748)
Amortization of deferred financing costs and premiums/discounts on debt obligations	42,955	54,264	50,020
Payment-in-kind interest, net of interest received	(16,660)	(2,865)	0
Increase in current expected credit loss reserve	538,801	249,790	211,505
Straight-line rental income	151	0	0
Gain on extinguishment of debt	(5,352)	(4,616)	0
Depreciation and amortization of real estate owned	9,407	0	0
Loss from unconsolidated entities	2,748	0	0
Unrealized loss on assets denominated in foreign currencies, net	0	0	(31)
Unrealized (gain) loss on derivative financial instruments, net	(2,075)	2,769	(4,339)
Realized gain on derivative financial instruments, net	(9,987)	(28,202)	(15,609)
Changes in assets and liabilities, net
Other assets	45,170	(20,666)	(106,372)
Other liabilities	(4,567)	6,243	58,928
Net cash provided by operating activities	366,453	458,841	396,825
Cash flows from investing activities
Principal fundings of loans receivable	(1,356,208)	(1,344,130)	(6,810,218)
Principal collections, sales proceeds, and cost-recovery proceeds from loans receivable and debt securities	4,790,510	2,840,467	3,254,595
Origination and other fees received on loans receivable	31,693	17,992	74,930
Payments under derivative financial instruments	(150,027)	(233,544)	(23,057)
Receipts under derivative financial instruments	90,221	163,682	353,325
Collateral deposited under derivative agreements	(191,780)	(352,120)	(217,220)
Return of collateral deposited under derivative agreements	290,470	351,730	114,110
Investment in unconsolidated entities	(7,200)	0	0
Capital expenditures on real estate owned	(590)	0	0
Net cash provided by (used in) investing activities	3,497,089	1,444,077	(3,253,535)
Cash flows from financing activities
Proceeds from sale of loan participations	0	100,692	245,278
Repayments of loan participations	(235,960)	0	0
Net proceeds from term loan borrowings	646,750	0	807,750
Proceeds from issuance of senior secured notes	450,000	0	0
Net proceeds from issuance of convertible notes	0	0	294,000
Payment of deferred financing costs	(30,787)	(23,215)	(45,996)
Contributions from non-controlling interests	1,245	0	5,040
Distributions to non-controlling interests	(16,412)	(8,955)	(12,573)
Net proceeds from issuance of class A common stock	0	0	70,651
Dividends paid on class A common stock	(404,016)	(426,927)	(421,386)
Repurchases of class A common stock	(29,233)	0	0
Net cash used in financing activities	(3,882,684)	(1,847,943)	2,607,224
Net (decrease) increase in cash and cash equivalents	(19,142)	54,975	(249,486)
Cash and cash equivalents at beginning of year	350,014	291,340	551,154
Effects of currency translation on cash and cash equivalents	(7,389)	3,699	(10,328)
Cash and cash equivalents at end of year	323,483	350,014	291,340
Supplemental disclosure of cash flows information
Payments of interest	(1,261,379)	(1,292,598)	(608,259)
Payments of income taxes	(4,483)	(6,668)	(676)
Supplemental disclosure of non-cash investing and financing activities
Dividends declared, not paid	(81,214)	(107,390)	(106,455)
Loan principal payments held by servicer, net	109,457	48,287	7,425
Transfer of senior loan to real estate owned	590,937	0	0
Assumption of other assets and liabilities related to real estate owned	168,249	0	0
Accrued capital expenditures on real estate owned	1,176	0	0
Secured debt, net
Cash flows from financing activities
Borrowings under long-term debt	1,433,578	1,636,899	5,282,882
Repayments and repurchases of long-term debt	(4,176,428)	(2,742,450)	(3,578,806)
Securitized debt obligations, net
Cash flows from financing activities
Repayments and repurchases of long-term debt	(666,004)	(166,027)	(182,084)
Asset-specific debt, net
Cash flows from financing activities
Borrowings under long-term debt	224,014	292,019	770,665
Repayments and repurchases of long-term debt	0	(239,037)	(208,644)
Secured term loans, net
Cash flows from financing activities
Repayments and repurchases of long-term debt	(1,020,785)	(21,997)	(17,053)
Senior secured notes, net
Cash flows from financing activities
Repayments and repurchases of long-term debt	(27,222)	(28,945)	0
Convertible notes, net
Adjustments to reconcile net (loss) income to net cash provided by operating activities
Amortization of deferred financing costs and premiums/discounts on debt obligations	1,227	1,589	2,853
Cash flows from financing activities
Repayments and repurchases of long-term debt	$ (31,424)	$ (220,000)	$ (402,500)

Organization

Organization	12 Months Ended
	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	ORGANIZATION References herein to “Blackstone Mortgage Trust,” “Company,” “we,” “us” or “our” refer to Blackstone Mortgage Trust, Inc., a Maryland corporation, and its subsidiaries unless the context specifically requires otherwise. Blackstone Mortgage Trust is a real estate finance company that originates, acquires, and manages senior loans and other debt or credit-oriented investments collateralized by or relating to commercial real estate in North America, Europe, and Australia. Our portfolio is composed primarily of senior loans secured by high-quality, institutional assets located in major markets, and sponsored by experienced, well-capitalized real estate investment owners and operators. We finance our investments in a variety of ways, including borrowing under our credit facilities, issuing collateralized loan obligations, or CLOs, or single-asset securitizations, asset-specific financings, syndicating senior loan participations, and corporate financing, depending on our view of the most prudent financing option available for each of our investments. We are externally managed by BXMT Advisors L.L.C., or our Manager, a subsidiary of Blackstone Inc., or Blackstone, and are a real estate investment trust, or REIT, traded on the New York Stock Exchange, or NYSE, under the symbol “BXMT.” Our principal executive offices are located at 345 Park Avenue, 24th Floor, New York, New York 10154. We conduct our operations as a REIT for U.S. federal income tax purposes. We generally will not be subject to U.S. federal income taxes on our taxable income to the extent that we annually distribute all of our net taxable income to stockholders and maintain our qualification as a REIT. We also operate our business in a manner that permits us to maintain an exclusion from registration under the Investment Company Act of 1940, as amended. We are organized as a holding company and conduct our business primarily through our various subsidiaries.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2024
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America, or GAAP, and include, on a consolidated basis, our accounts, the accounts of our wholly-owned subsidiaries, majority-owned subsidiaries, and variable interest entities, or VIEs, of which we are the primary beneficiary. All intercompany balances and transactions have been eliminated in consolidation. Principles of Consolidation We consolidate all entities that we control through either majority ownership or voting rights. In addition, we consolidate all VIEs of which we are considered the primary beneficiary. VIEs are defined as entities in which equity investors (i) do not have an interest with the characteristics of a controlling financial interest and/or (ii) do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support from other parties. The entity that consolidates a VIE is known as its primary beneficiary and is generally the entity with (i) the power to direct the activities that most significantly affect the VIE’s economic performance and (ii) the right to receive benefits from the VIE or the obligation to absorb losses of the VIE that could be significant to the VIE. Entities that do not qualify as VIEs are generally considered voting interest entities (“VOEs”) and are evaluated for consolidation under the voting interest model. VOEs are consolidated when we control the entity through a majority voting interest or other means. For consolidated joint ventures, the non-controlling partner’s share of the assets, liabilities, and operations of each joint venture is included in non-controlling interests as a component of total equity. The non-controlling partner’s interest is generally computed as the joint venture partner’s ownership percentage. When the requirements for consolidation are not met and we have significant influence over the operations of the entity, the investment is accounted for under the equity method of accounting. Investments in unconsolidated entities are initially recorded at cost and subsequently adjusted for our pro-rata share of net income, contributions and distributions. We review our investments in unconsolidated entities for impairment each quarter or when there is an event or change in circumstances that indicates a decrease in value. If there is a decrease in value due to a series of operating losses or other factors, the investment is evaluated to determine if the loss in value is considered other than temporary. Although a current fair value below the carrying value of the investment is an indicator of impairment, we will only recognize an impairment if the loss in value is determined to be an other than temporary impairment. If an impairment is determined to be other than temporary, we will record an impairment charge sufficient to reduce the investment’s carrying value to its fair value, which would result in a new cost basis. This new cost basis will be used for future periods when recording subsequent income or loss and cannot be written up to a higher value as a result of increases in fair value. In 2017, we entered into a joint venture, or our Multifamily Joint Venture, with Walker & Dunlop Inc. to originate, hold, and finance multifamily bridge loans. Pursuant to the terms of the agreements governing the joint venture, Walker & Dunlop contributed 15% of the venture’s equity capital and we contributed 85%. We consolidate the Multifamily Joint Venture as we have a controlling financial interest. The non-controlling interests included on our consolidated balance sheets represent the equity interests in our Multifamily Joint Venture that are owned by Walker & Dunlop. A portion of our Multifamily Joint Venture’s consolidated equity and results of operations are allocated to these non-controlling interests based on Walker & Dunlop’s pro rata ownership of our Multifamily Joint Venture. In 2024, we entered into a joint venture, which we refer to as our Net Lease Joint Venture, with a Blackstone-advised investment vehicle to invest in triple net lease properties. We do not consolidate the Net Lease Joint Venture as we do not have a controlling financial interest. Our investment in the Net Lease Joint Venture is accounted for under the equity method, and is recorded in investment in unconsolidated entities on our consolidated balance sheets, and our pro-rata share of income (loss) is recorded in Income (loss) from unconsolidated entities on our consolidated statements of operations. Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results may ultimately differ materially from those estimates. Revenue Recognition Interest income from our loans receivable portfolio is recognized over the life of each loan using the effective interest method and is recorded on the accrual basis. Recognition of fees, premiums, and discounts associated with these investments is deferred and recorded over the term of the loan as an adjustment to yield. Income accrual is generally suspended for loans at the earlier of the date at which payments become 90 days past due or when, in our opinion, recovery of income and principal becomes doubtful. Interest received is then recorded as income or as a reduction in the amortized cost basis, based on the specific facts and circumstances, until accrual is resumed when the loan becomes contractually current and performance is demonstrated to be resumed. In addition, for loans we originate, the related origination expenses are deferred and recognized as a reduction to interest income, however expenses related to loans we acquire are included in general and administrative expenses as incurred. Cash and Cash Equivalents Cash and cash equivalents represent cash held in banks and liquid investments with original maturities of three months or less. We may have bank balances in excess of federally insured amounts; however, we deposit our cash and cash equivalents with high credit-quality institutions to minimize credit risk exposure. We have not experienced, and do not expect, any losses on our cash or cash equivalents. As of both December 31, 2024 and 2023, we had no restricted cash on our consolidated balance sheets. Through our subsidiaries, we have oversight of certain servicing accounts held with third-party servicers, or Servicing Accounts, which relate to borrower escrows and other cash balances aggregating $482.2 million and $640.6 million as of December 31, 2024 and 2023, respectively. This cash is maintained in segregated bank accounts, and these amounts are not included in the assets and liabilities presented in our consolidated balance sheets. Cash in these Servicing Accounts will be transferred by the respective third-party servicer to the borrower or us under the terms of the applicable loan agreement upon occurrence of certain future events. We do not generate any revenue or incur any expenses as a result of these Servicing Accounts. Loans Receivable We originate and purchase commercial real estate debt and related instruments generally to be held as long-term investments at amortized cost. Current Expected Credit Losses Reserve The current expected credit loss, or CECL, reserve required under the Financial Accounting Standards Board, or FASB, Accounting Standards Codification, or ASC, Topic 326 “Financial Instruments – Credit Losses,” or ASC 326, reflects our current estimate of potential credit losses related to our loans and notes receivable included in our consolidated balance sheets. Changes to the CECL reserves are recognized through net income on our consolidated statements of operations. While ASC 326 does not require any particular method for determining the CECL reserves, it does specify the reserves should be based on relevant information about past events, including historical loss experience, current portfolio and market conditions, and reasonable and supportable forecasts for the duration of each respective loan. In addition, other than a few narrow exceptions, ASC 326 requires that all financial instruments subject to the CECL model have some amount of loss reserve to reflect the principle underlying the CECL model that all loans and similar assets have some inherent risk of loss, regardless of credit quality, subordinate capital, or other mitigating factors. We estimate our CECL reserves primarily using the Weighted-Average Remaining Maturity, or WARM method, which has been identified as an acceptable loss-rate method for estimating CECL reserves in FASB Staff Q&A Topic 326, No. 1. The WARM method requires us to reference historic loan loss data across a comparable data set and apply such loss rate to each of our loans over their expected remaining term, taking into consideration expected economic conditions over the relevant timeframe. We apply the WARM method for the majority of our loan portfolio, which consists of loans that share similar risk characteristics. In certain instances, for loans with unique risk characteristics, we may instead use a probability-weighted model that considers the likelihood of default and expected loss given default for each such individual loan. Application of the WARM method to estimate CECL reserves requires judgment, including (i) the appropriate historical loan loss reference data, (ii) the expected timing and amount of future loan fundings and repayments, and (iii) the current credit quality of our portfolio and our expectations of performance and market conditions over the relevant time period. To estimate the historic loan losses relevant to our portfolio, we have augmented our historical loan performance, with market loan loss data licensed from Trepp LLC. This database includes commercial mortgage-backed securities, or CMBS, issued since January 1, 1999 through November 30, 2024. Within this database, we focused our historical loss reference calculations on the most relevant subset of available CMBS data, which we determined based on loan metrics that are most comparable to our loan portfolio including asset type, geography, and origination loan-to-value, or LTV. We believe this CMBS data, which includes month-over-month loan and property performance, is the most relevant, available, and comparable dataset to our portfolio. Our loans typically include commitments to fund incremental proceeds to our borrowers over the life of the loan. These future funding commitments are also subject to the CECL model. The CECL reserve related to future loan fundings is recorded as a component of other liabilities on our consolidated balance sheets. This CECL reserve is estimated using the same process outlined above for our outstanding loan balances, and changes in this component of the CECL reserve will similarly impact our consolidated net income. For both the funded and unfunded portions of our loans, we consider our internal risk rating of each loan as the primary credit quality indicator underlying our assessment. The CECL reserves are measured on a collective basis wherever similar risk characteristics exist within a pool of similar assets. We have identified the following pools and measure the reserve for credit losses using the following methods: • U.S. Loans : WARM method that incorporates a subset of historical loss data, expected weighted-average remaining maturity of our loan pool, and an economic view. • Non-U.S. Loans : WARM method that incorporates a subset of historical loss data, expected weighted-average remaining maturity of our loan pool, and an economic view. • Unique Loans : a probability of default and loss given default model, assessed on an individual basis. • Impaired Loans : impairment is indicated when it is deemed probable that we will not be able to collect all amounts due to us pursuant to the contractual terms of the loan. Determining that a loan is impaired requires significant judgment from management and is based on several factors including (i) the underlying collateral performance, (ii) discussions with the borrower, (iii) borrower events of default, and (iv) other facts that impact the borrower’s ability to pay the contractual amounts due under the terms of the loan. If a loan is determined to be impaired, we record the impairment as a component of our CECL reserves by applying the practical expedient for collateral dependent loans. The CECL reserves are assessed on an individual basis for these loans by comparing the estimated fair value of the underlying collateral, less costs to sell, to the book value of the respective loan. These valuations require significant judgments, which include assumptions regarding capitalization rates, discount rates, leasing, creditworthiness of major tenants, occupancy rates, availability and cost of financing, exit plan, loan sponsorship, actions of other lenders, and other factors deemed relevant by us. Actual losses, if any, could ultimately differ materially from these estimates. We only expect to charge-off the impairment losses in our consolidated financial statements prepared in accordance with GAAP if and when such amounts are deemed non-recoverable. This is generally at the time a loan is repaid or foreclosed. However, non-recoverability may also be concluded if, in our determination, it is nearly certain that all amounts due will not be collected. Contractual Term and Unfunded Loan Commitments Expected credit losses are estimated over the contractual term of each loan, adjusted for expected repayments. As part of our quarterly review of our loan portfolio, we assess the expected repayment date of each loan, which is used to determine the contractual term for purposes of computing our CECL reserves. Additionally, the expected credit losses over the contractual period of our loans are subject to the obligation to extend credit through our unfunded loan commitments. The CECL reserve for unfunded loan commitments is adjusted quarterly, as we consider the expected timing of future funding obligations over the estimated life of the loan. The considerations in estimating our CECL reserve for unfunded loan commitments are similar to those used for the related outstanding loans receivable. Credit Quality Indicator Our risk rating is our primary credit quality indicator in assessing our current expected credit loss reserve. We perform a quarterly risk review of our portfolio of loans, and assign each loan a risk rating based on a variety of factors, including, without limitation, origination LTV, debt yield, property type, geographic and local market dynamics, physical condition, cash flow volatility, leasing and tenant profile, loan structure and exit plan, and project sponsorship. Based on a 5-point scale, our loans are rated “l” through “5,” from less risk to greater risk, relative to our loan portfolio in the aggregate, which ratings are defined as follows: 1 - Very Low Risk 2 - Low Risk 3 - Medium Risk 4 - High Risk/Potential for Loss: A loan that has a risk of realizing a principal loss. 5 - Impaired/Loss Likely: A loan that has a very high risk of realizing a principal loss or has otherwise incurred a principal loss. Estimation of Economic Conditions In addition to the WARM method computations and probability-weighted models described above, our CECL reserves are also adjusted to reflect our estimation of the current and future economic conditions that impact the performance of the commercial real estate assets securing our loans. These estimations include unemployment rates, interest rates, expectations of inflation and/or recession, and other macroeconomic factors impacting the likelihood and magnitude of potential credit losses for our loans during their anticipated term. In addition to the CMBS data we have licensed from Trepp LLC, we have also licensed certain macroeconomic financial forecasts to inform our view of the potential future impact that broader economic conditions may have on our loan portfolio’s performance. We generally also incorporate information from other sources, including information and opinions available to our Manager, to further inform these estimations. This process requires significant judgments about future events that, while based on the information available to us as of the balance sheet date, are ultimately indeterminate and the actual economic condition impacting our portfolio could vary significantly from the estimates we made as of December 31, 2024. Real Estate Owned We may assume legal title or physical possession of the collateral underlying a loan through a foreclosure or the execution of a deed-in-lieu of foreclosure. These real estate acquisitions are classified as real estate owned, or REO, on our consolidated balance sheet and are initially recognized at fair value on the acquisition date in accordance with the ASC Topic 805, “Business Combinations.” Upon acquisition of REO, we assess the fair value of acquired tangible and intangible assets, which may include land, buildings, tenant improvements, “above-market” and “below-market” leases, acquired in-place leases, other identified intangible assets and assumed liabilities, as applicable, and allocate the fair value to the acquired assets and assumed liabilities. We assess and consider fair value based on estimated cash flow projections that utilize discount and/or capitalization rates that we deem appropriate, as well as other available market information. Estimates of future cash flows are based on a number of factors including the historical operating results, known and anticipated trends, and market and economic conditions. We capitalize acquisition-related costs associated with asset acquisitions. Real estate assets held for investment, except for land, are depreciated using the straight-line method over the assets’ estimated useful lives of up to 40 years for buildings and 10 years for tenant improvements. Renovations and/or replacements that improve or extend the life of the asset are capitalized and depreciated over their estimated useful lives. Lease intangibles are amortized over the remaining term of applicable leases on a straight-line basis. The cost of ordinary repairs and maintenance are expensed as incurred. Real estate assets held for investment are assessed for impairment on a quarterly basis. If the depreciated cost basis of the asset exceeds the undiscounted cash flows over the remaining holding period, the asset is considered for impairment. The impairment loss is recognized when the carrying value of the real estate assets exceed their fair value. The evaluation of anticipated future cash flows is highly subjective and is based in part on assumptions regarding future occupancy, rental rates, capital requirements and anticipated holding periods that could differ materially from actual results. Real estate assets are classified as held for sale in the period when they meet the criteria under ASC Topic 360 “Property, Plant, and Equipment.” Once a real estate asset is classified as held for sale, depreciation is suspended and the asset is reported at the lower of its carrying value or fair value less cost to sell. If circumstances arise and we decide not to sell a real estate asset previously classified as held for sale, the real estate asset is reclassified as held for investment. Upon reclassification, the real estate asset is measured at the lower of (i) its carrying amount prior to classification as held for sale, adjusted for depreciation expense that would have been recognized had the real estate been classified as held for investment, and (ii) its estimated fair value at the time of reclassification. As of December 31, 2024, we had seven REO assets which were all classified as held for investment. Agency Multifamily Lending Partnership In the second quarter of 2024, we entered into an agreement with M&T Realty Capital Corporation, or MTRCC, a subsidiary of M&T Bank, that allows our borrowers to access multifamily agency financing through MTRCC’s Fannie Mae DUS and Freddie Mac Optigo lending platforms, or the Agency Multifamily Lending Partnership. We will receive a portion of origination, servicing, and other fees for loans that we refer to MTRCC for origination under both the Fannie Mae and Freddie Mac programs. Additionally, we will share in losses with MTRCC and Fannie Mae on loans that we refer to MTRCC for origination under the Fannie Mae program. Revenue Recognition For loans that we refer to MTRCC for origination under both the Fannie Mae and Freddie Mac programs, we recognize our allocable portion of origination, servicing, and other fees in other income when we have satisfied our performance obligations in accordance with the "Revenue from Contracts with Customers" Topic of the FASB, or ASC 606. Our performance obligations are generally satisfied when the loan is referred by us to MTRCC and subsequently originated and sold under the Fannie Mae and Freddie Mac programs. A portion of the fees recognized, such as servicing fees, are variable and will be reevaluated for collectability on a recurring basis. Loss-sharing Agreement Pursuant to our agreement with MTRCC, we are subject to a loss-sharing obligation with respect to MTRCC’s obligation to partially guarantee the performance of loans that they originate and sell under the Fannie Mae program. This loss-sharing agreement requires us to fund a fixed amount of cash into a segregated account based on the amount MTRCC is required to fund under the Fannie Mae program, with respect to loans we referred to MTRCC. In addition, we will recognize a liability for these loss-sharing obligations. This liability will be initially recognized at fair value with a corresponding expense at inception, and it will subsequently be amortized on a straight-line basis over the life of the loss-sharing obligation. This liability is included within other liabilities in our consolidated balance sheets. Our maximum loss-sharing obligation associated with the loans referred by us to MTRCC under the Fannie Mae program was $3.5 million as of December 31, 2024, and we have recorded a related liability of $20,000 as of December 31, 2024. We had no loss-sharing obligations or related liabilities as of December 31, 2023. There have been no losses incurred as a result of the loss-sharing obligations. Derivative Financial Instruments We classify all derivative financial instruments as either other assets or other liabilities on our consolidated balance sheets at fair value. On the date we enter into a derivative contract, we designate each contract as (i) a hedge of a net investment in a foreign operation, or net investment hedge, (ii) a hedge of a forecasted transaction or of the variability of cash flows to be received or paid related to a recognized asset or liability, or cash flow hedge, (iii) a hedge of a recognized asset or liability, or fair value hedge, or (iv) a derivative instrument not to be designated as a hedging derivative, or non-designated hedge. For all derivatives other than those designated as non-designated hedges, we formally document our hedge relationships and designation at the contract’s inception. This documentation includes the identification of the hedging instruments and the hedged items, its risk management objectives, strategy for undertaking the hedge transaction and our evaluation of the effectiveness of its hedged transaction. On a quarterly basis, we also formally assess whether the derivative we designated in each hedging relationship is expected to be, and has been, highly effective in offsetting changes in the value or cash flows of the hedged items. If it is determined that a derivative is not highly effective at hedging the designated exposure, hedge accounting is discontinued and the changes in fair value of the instrument are included in net income prospectively. Our net investment hedges are assessed using a method based on changes in spot exchange rates. Gains and losses, representing hedge components excluded from the assessment of effectiveness, are recognized in interest income on our consolidated statements of operations over the contractual term of our net investment hedges on a systematic and rational basis, as documented at hedge inception in accordance with our accounting policy election. All other changes in the fair value of our derivative instruments that qualify as hedges are reported as a component of accumulated other comprehensive income (loss) on our consolidated financial statements. Deferred gains and losses are reclassified out of accumulated other comprehensive income (loss) and into net income in the same period or periods during which the hedged transaction affects earnings, and are presented in the same line item as the earnings effect of the hedged item. For cash flow hedges, this is typically when the periodic swap settlements are made, while for net investment hedges, this occurs when the hedged item is sold or substantially liquidated. To the extent a derivative does not qualify for hedge accounting and is deemed a non-designated hedge, the changes in its fair value are included in net income concurrently. Proceeds or payments from periodic settlements of derivative instruments are classified on our consolidated statement of cash flows in the same section as the underlying hedged item. Secured Debt and Asset-Specific Debt We record investments financed with secured debt or asset-specific debt as separate assets and the related borrowings under any secured debt or asset-specific debt are recorded as separate liabilities on our consolidated balance sheets. Interest income earned on the investments and interest expense incurred on the secured debt or asset-specific debt are reported separately on our consolidated statements of operations. Loan Participations Sold In certain instances, we have executed a syndication of a non-recourse loan interest to a third-party. Depending on the particular structure of the syndication, the loan interest may remain on our GAAP balance sheet or, in other cases, the sale will be recognized and the loan interest will no longer be included in our consolidated financial statements. When these sales are not recognized under GAAP we reflect the transaction by recording a loan participation sold liability on our consolidated balance sheet, however this gross presentation does not impact stockholders’ equity or net income. When the sales are recognized, our balance sheet only includes our remaining loan interest, and excludes the interest in the loan that we sold. Term Loans We record our term loans as liabilities on our consolidated balance sheets. Where applicable, any issue discount or transaction expenses are deferred and amortized through the maturity date of the term loans as additional non-cash interest expense. Senior Secured Notes We record our senior secured notes as liabilities on our consolidated balance sheets. Where applicable, any issue discount or transaction expenses are deferred and amortized through the maturity date of the senior secured notes as additional non-cash interest expense. Convertible Notes Convertible note proceeds, unless issued with a substantial premium or an embedded conversion feature, are classified as debt. Additionally, shares issuable under our convertible notes are included in diluted earnings per share in our consolidated financial statements, if the effect is dilutive, using the if-converted method, regardless of settlement intent. Where applicable, any issue discount or transaction expenses are deferred and amortized through the maturity date of the convertible notes as additional non-cash interest expense. Deferred Financing Costs The deferred financing costs that are included as a reduction in the net book value of the related liability on our consolidated balance sheets include issuance and other costs related to our debt obligations. These costs are amortized as interest expense using the effective interest method over the life of the related obligations. Underwriting Commissions and Offering Costs Underwriting commissions and offering costs incurred in connection with common stock offerings are reflected as a reduction of additional paid-in capital. Costs incurred that are not directly associated with the completion of a common stock offering are expensed when incurred. Fair Value of Financial Instruments The “Fair Value Measurements and Disclosures” Topic o f the FASB, or ASC 820, defines fair value, establishes a framework for measuring fair value, and requires certain disclosures about fair value measurements under GAAP. Specifically, this guidance defines fair value based on exit price, or the price that would be received upon the sale of an asset or the transfer of a liability in an orderly transaction between market participants at the measurement date. ASC 820 also establishes a fair value hierarchy that prioritizes and ranks the level of market price observability used in measuring financial instruments. Market price observability is affected by a number of factors, including the type of financial instrument, the characteristics specific to the financial instrument, and the state of the marketplace, including the existence and transparency of transactions between market participants. Financial instruments with readily available quoted prices in active markets generally will have a higher degree of market price observability and a lesser degree of judgment used in measuring fair value. Financial instruments measured and reported at fair value are classified and disclosed based on the observability of inputs used in the determination, as follows: • Level 1: Generally includes only unadjusted quoted prices that are available in active markets for identical financial instruments as of the reporting date. • Level 2: Pricing inputs include quoted prices in active markets for similar instruments, quoted prices in less active or inactive markets for identical or similar instruments where multiple price quotes can be obtained, and other observable inputs, such as interest rates, yield curves, credit risks, and default rates. • Level 3: Pricing inputs are unobservable for the financial instruments and include situations where there is little, if any, market activity for the financial instrument. These inputs require significant judgment or estimation by management of third-parties when determining fair value and generally represent anything that does not meet the criteria of Levels 1 and 2. Certain of our other assets are reported at fair value, as of quarter-end, either (i) on a recurring basis or (ii) on a nonrecurring basis, as a result of impairment or other events. Our assets that are recorded at fair value are discussed further in Note 19. We generally value our assets recorded at fair value by either (i) discounting expected cash flows based on assumptions regarding the collection of principal and interest and estimated market rates, or (ii) obtaining assessments from third-parties. For collateral-dependent loans that are identified as impaired, we measure impairment by comparing our estimation of the fair value of the underlying collateral, less costs to sell, to the book value of the respective loan. These valuations require significant judgments, which include assumptions regarding capitalization rates, discount rates, leasing, creditworthiness of major tenants, occupancy rates, availability and cost of financing, exit plan, loan sponsorship, actions of other lenders, and other factors. As of December 31, 2024, we had an aggregate $580.7 million asset-specific CECL reserve related to 13 of our loans receivable with an aggregate amortized cost basis of $1.8 billion, net of cost-recovery proceeds. The CECL reserve was recorded based on our estimation of the fair value of the loans' aggregate underlying collateral as of December 31, 2024. These loans receivable are therefore measured at fair value on a nonrecurring basis using significant unobservable inputs, and are classified as Level 3 assets in the fair value hierarchy. We estimated the fair value of the collateral underlying the loans receivable by considering a variety of inputs including property performance, market data, and comparable sales, as applicable. The significant unobserva

Loans Receivable, Net

Loans Receivable, Net	12 Months Ended
	Dec. 31, 2024
Receivables [Abstract]
Loans Receivable, Net	LOANS RECEIVABLE, NET The following table details overall statistics for our loans receivable portfolio ($ in thousands): December 31, 2024 December 31, 2023 Number of loans 130 178 Principal balance $ 19,203,126 $ 23,923,719 Net book value $ 18,313,582 $ 23,210,076 Unfunded loan commitments (1) $ 1,263,068 $ 2,430,664 Weighted-average cash coupon (2) + 3.46 % + 3.37 % Weighted-average all-in yield (2) + 3.78 % + 3.71 % Weighted-average maximum maturity (years) (3) 2.1 2.5 (1) Unfunded commitments will primarily be funded to finance our borrowers’ construction or development of real estate-related assets, capital improvements of existing assets, or lease-related expenditures. These commitments will generally be funded over the term of each loan, subject in certain cases to an expiration date. (2) The weighted-average cash coupon and all-in yield are expressed as a spread over the relevant floating benchmark rates, which include SOFR (3) Maximum maturity assumes all extension options are exercised by the borrower, however our loans may be repaid prior to such date. Excludes loans accounted for under the cost-recovery and nonaccrual methods, if any. As of December 31, 2024, 10% of our loans by principal balance were subject to yield maintenance or other prepayment restrictions and 90% were open to repayment by the borrower without penalty. As of December 31, 2023, 14% of our loans by principal balance were subject to yield maintenance or other prepayment restrictions and 86% were open to repayment by the borrower without penalty. The following table details the index rate floors for our loans receivable portfolio as of December 31, 2024 ($ in thousands): Loans Receivable Principal Balance Index Rate Floors USD Non-USD (1) Total Fixed Rate $ 61,750 $ — $ 61,750 0.00% or no floor (2) 3,764,292 4,604,726 8,369,018 0.01% to 1.00% floor 3,928,566 372,619 4,301,185 1.01% to 2.00% floor 1,570,804 905,095 2,475,899 2.01% to 3.00% floor 2,049,477 508,068 2,557,545 3.01% or more floor 1,247,235 190,494 1,437,729 Total (3) $ 12,622,124 $ 6,581,002 $ 19,203,126 (1) Includes Euro, British Pound Sterling, Swedish Krona, Australian Dollar, and Swiss Franc currencies. (2) Includes all impaired loans. (3) As of December 31, 2024, the weighted-average index rate floor of our loans receivable principal balance was 1.02%. Excluding 0.0% index rate floors and loans with no floor, the weighted-average index rate floor was 1.63%. Activity relating to our loans receivable portfolio was as follows ($ in thousands): Principal Balance Deferred Fees / Other Items (1) Net Book Value Loans Receivable, as of December 31, 2022 $ 25,160,343 $ (142,463) $ 25,017,880 Loan fundings 1,344,130 — 1,344,130 Loan repayments, sales, and cost-recovery proceeds (2,871,423) (52,978) (2,924,401) Payment-in-kind interest, net of interest received 2,865 — 2,865 Unrealized gain (loss) on foreign currency translation 287,804 (1,702) 286,102 Deferred fees and other items — (17,992) (17,992) Amortization of fees and other items — 78,428 78,428 Loans Receivable, as of December 31, 2023 $ 23,923,719 $ (136,707) $ 23,787,012 Loan fundings 1,356,208 — 1,356,208 Loan repayments, sales, and cost-recovery proceeds (4,663,293) (87,993) (4,751,286) Charge-offs (419,849) 35,246 (384,603) Transfer to real estate owned (590,937) — (590,937) Transfer to other assets, net (2) (70,248) — (70,248) Payment-in-kind interest, net of interest received 16,660 — 16,660 Unrealized (loss) gain on foreign currency translation (349,134) 1,406 (347,728) Deferred fees and other items — (31,693) (31,693) Amortization of fees and other items — 64,133 64,133 Loans Receivable, as of December 31, 2024 $ 19,203,126 $ (155,608) $ 19,047,518 CECL reserve (733,936) Loans Receivable, net, as of December 31, 2024 $ 18,313,582 (1) Other items primarily consist of purchase and sale discounts or premiums, exit fees, deferred origination expenses, and cost-recovery proceeds. (2) This amount relates to: (i) intangible and other assets recorded in connection with loans that were transferred to REO, net of any liabilities recorded upon acquisition, if any; (ii) a loan that was partially satisfied through the issuance of a note receivable; and (iii) proceeds from loan repayments that are held in escrow, all of which are included within other assets in our consolidated balance sheets. See Note 6 for further information. The tables below detail the property type and geographic distribution of the properties securing the loans in our portfolio ($ in thousands): December 31, 2024 Property Type Number of Loans Net Book Value Total Loan Exposure (1) Net Loan Exposure (2) Net Loan Exposure Percentage of Office 41 $ 7,386,333 $ 7,740,932 $ 5,729,418 33% Multifamily 50 5,091,767 5,309,345 4,934,364 29 Hospitality 16 2,768,374 2,812,485 2,663,349 16 Industrial 11 2,030,627 2,039,069 2,000,831 12 Retail 5 555,553 585,221 532,069 3 Life Sciences / Studio 3 342,817 560,564 337,687 2 Other 4 872,047 872,923 836,585 5 Total loans receivable 130 $ 19,047,518 $ 19,920,539 $ 17,034,303 100% CECL reserve (733,936) Loans receivable, net $ 18,313,582 Geographic Location Number of Loans Net Book Value Total Loan Exposure (1) Net Loan Exposure (2) Net Loan Exposure Percentage of United States Sunbelt 44 $ 4,520,632 $ 4,663,498 $ 4,084,242 24% Northeast 21 4,614,582 4,673,581 3,452,961 20 West 21 1,865,382 2,549,329 1,746,309 10 Midwest 10 997,156 1,006,613 820,858 5 Northwest 4 432,644 435,526 432,794 3 Subtotal 100 12,430,396 13,328,547 10,537,164 62 International United Kingdom 16 2,916,145 2,877,609 2,839,096 17 Ireland 3 1,050,276 1,055,131 1,048,329 6 Australia 3 920,182 925,106 923,507 5 Spain 3 785,368 786,576 744,287 4 Sweden 1 429,084 430,416 429,724 2 Other Europe 3 455,417 456,102 451,245 4 Other International 1 60,650 61,052 60,951 — Subtotal 30 6,617,122 6,591,992 6,497,139 38 Total loans receivable 130 $ 19,047,518 $ 19,920,539 $ 17,034,303 100% CECL reserve (733,936) Loans receivable, net $ 18,313,582 (1) Total loan exposure reflects our aggregate exposure to each loan investment. As of December 31, 2024, total loan exposure, includes (i) loans with an outstanding principal balance of $19.2 billion that are included in our consolidated financial statements, (ii) $817.5 million of non-consolidated senior interests in loans we have sold, which are not included in our consolidated financial statements, and excludes (iii) $100.1 million of junior loan interests that we have sold, but that remain included in our consolidated financial statements. See Note 2 for further discussion of loan participations sold. (2) Net loan exposure reflects the amount of each loan that is subject to risk of credit loss to us as of December 31, 2024, which is our total loan exposure net of (i) $817.5 million of non-consolidated senior interests, (ii) $1.2 billion of asset-specific debt, (iii) $106.7 million of cost-recovery proceeds, and (iv) our total loans receivable CECL reserve of $733.9 million. Our non-consolidated senior interests, asset-specific debt, and loan participations sold are structurally non-recourse and term-matched to the corresponding collateral loans. December 31, 2023 Property Type Number of Net Total Loan Exposure (1) Net Loan Exposure (2) Net Loan Exposure Percentage of Office 54 $ 9,253,609 $ 10,072,963 $ 7,956,472 36% Multifamily 73 5,876,128 5,997,886 5,756,192 26 Hospitality 23 4,161,525 4,194,588 3,804,091 17 Industrial 12 2,189,808 2,201,497 2,190,914 10 Retail 6 814,241 834,825 785,573 4 Life Sciences/Studio 4 385,098 561,517 384,219 2 Other 6 1,106,603 1,107,752 1,074,527 5 Total loans receivable 178 $ 23,787,012 $ 24,971,028 $ 21,951,988 100% CECL reserve (576,936) Loans receivable, net $ 23,210,076 Geographic Location Number of Net Total Loan Exposure (1) Net Loan Exposure (2) Net Loan Exposure Percentage of United States Sunbelt 65 $ 5,658,172 $ 5,786,395 $ 5,402,732 25% Northeast 30 5,386,940 5,426,951 4,340,660 20 West 31 3,088,644 4,108,074 2,910,559 13 Midwest 9 944,132 945,222 913,973 4 Northwest 6 382,591 385,978 383,382 2 Subtotal 141 15,460,479 16,652,620 13,951,306 64 International United Kingdom 20 3,470,120 3,439,678 3,181,489 14 Australia 5 1,429,144 1,437,870 1,432,146 7 Ireland 3 1,191,068 1,197,337 1,188,554 5 Spain 3 1,117,790 1,120,375 1,078,811 5 Sweden 1 474,262 476,718 476,281 2 Other Europe 5 644,149 646,430 643,401 3 Subtotal 37 8,326,533 8,318,408 8,000,682 36 Total loans receivable 178 $ 23,787,012 $ 24,971,028 $ 21,951,988 100% CECL reserve (576,936) Loans receivable, net $ 23,210,076 (1) Total loan exposure reflects our aggregate exposure to each loan investment. As of December 31, 2023, total loan exposure, includes (i) loans with an outstanding principal balance of $23.9 billion that are included in our consolidated financial statements, (ii) $1.1 billion of non-consolidated senior interests in loans we have sold, which are not included in our consolidated financial statements, and excludes (iii) $100.9 million of junior loan interests that we have sold, but that remain included in our consolidated financial statements. See Note 2 for further discussion of loan participations sold. (2) Net loan exposure reflects the amount of each loan that is subject to risk of credit loss to us as of December 31, 2023, which is our total loan exposure net of (i) $1.1 billion of non-consolidated senior interests, (ii) $1.0 billion of asset-specific debt, (iii) $236.8 million of senior loan participations sold, (iv) $53.0 million of cost-recovery proceeds, and (v) our total loans receivable CECL reserve of $576.9 million. Our non-consolidated senior interests, asset-specific debt, and loan participations sold are structurally non-recourse and term-matched to the corresponding collateral loans. Loan Risk Ratings As further described in Note 2, we evaluate our loan portfolio on a quarterly basis. In conjunction with our quarterly loan portfolio review, we assess the risk factors of each loan, and assign a risk rating based on several factors. Factors considered in the assessment include, but are not limited to, risk of loss, origination LTV, debt yield, collateral performance, structure, exit plan, and sponsorship. Loans are rated “1” (less risk) through “5” (greater risk), which ratings are defined in Note 2. The following table allocates the net book value, total loan exposure, and net loan exposure balances based on our internal risk ratings ($ in thousands): December 31, 2024 Risk Rating Number of Loans Net Book Value Total Loan Exposure (1) Net Loan Exposure (2) 1 11 $ 1,919,280 $ 1,921,416 $ 994,056 2 21 3,346,881 3,354,857 3,349,347 3 65 9,246,692 9,462,122 8,818,346 4 20 2,707,104 3,245,102 2,622,877 5 13 1,827,561 1,937,042 1,249,677 Total loans receivable 130 $ 19,047,518 $ 19,920,539 $ 17,034,303 CECL reserve (733,936) Loans receivable, net $ 18,313,582 December 31, 2023 Risk Rating Number of Loans Net Book Value Total Loan Exposure (1) Net Loan Exposure (2) 1 15 $ 763,101 $ 811,217 $ 763,223 2 36 6,143,184 6,618,319 5,095,395 3 99 12,277,518 12,573,282 11,964,620 4 15 2,725,930 3,036,837 2,668,025 5 13 1,877,279 1,931,373 1,460,725 Total loans receivable 178 $ 23,787,012 $ 24,971,028 $ 21,951,988 CECL reserve (576,936) Loans receivable, net $ 23,210,076 (1) Total loan exposure reflects our aggregate exposure to each loan investment. As of December 31, 2024, total loan exposure, includes (i) loans with an outstanding principal balance of $19.2 billion that are included in our consolidated financial statements, (ii) $817.5 million of non-consolidated senior interests in loans we have sold, which are not included in our consolidated financial statements, and excludes (iii) $100.1 million of junior loan interests that we have sold, but that remain included in our consolidated financial statements. As of December 31, 2023, total loan exposure, includes (i) loans with an outstanding principal balance of $23.9 billion that are included in our consolidated financial statements (ii) $1.1 billion of non-consolidated senior interests in loans we have sold, which are not included in our consolidated financial statements, and excludes (iii) $100.9 million of junior loan interests that we have sold, but that remain included in our consolidated financial statements. See Note 2 for further discussion of loan participations sold. (2) Net loan exposure reflects the amount of each loan that is subject to risk of credit loss to us as of December 31, 2024, which is our total loan exposure net of (i) $817.5 million of non-consolidated senior interests, (ii) $1.2 billion of asset-specific debt, (iii) $106.7 million of cost-recovery proceeds, and (iv) our total loans receivable CECL reserve of $733.9 million. Our net loan exposure as of December 31, 2023 is our total loan exposure net of (i) $1.1 billion of non-consolidated senior interests, (ii) $1.0 billion of asset-specific debt, (iii) $236.8 million of senior loan participations sold, and (iv) $53.0 million of cost-recovery proceeds, and (v) our total loans receivable CECL reserve of $576.9 million. Our non-consolidated senior interests, asset-specific debt, and loan participations sold are structurally non-recourse and term-matched to the corresponding collateral loans. Our loan portfolio had a weighted-average risk rating of 3.0 as of both December 31, 2024 and 2023, respectively. Current Expected Credit Loss Reserve The CECL reserves required under GAAP reflect our current estimate of potential credit losses related to the loans included in our consolidated balance sheets. Refer to Note 2 for further discussion of our CECL reserves. The following table presents the activity in our loans receivable CECL reserve by investment pool for the years ended December 31, 2024 and 2023 ($ in thousands): U.S. Loans (1) Non-U.S. Unique Impaired Total Loans Receivable, Net CECL reserves as of December 31, 2023 $ 78,335 $ 31,560 $ 49,371 $ 417,670 $ 576,936 Increase (decrease) in CECL reserves 1,722 (5,419) (2,284) 547,584 541,603 Charge-offs of CECL reserves — — — (384,603) (384,603) CECL reserves as of December 31, 2024 80,057 26,141 47,087 580,651 733,936 CECL reserves as of December 31, 2022 $ 67,880 $ 22,519 $ 45,960 $ 189,778 $ 326,137 Increase in CECL reserves 10,455 9,041 3,411 227,892 250,799 CECL reserves as of December 31, 2023 $ 78,335 $ 31,560 $ 49,371 $ 417,670 $ 576,936 (1) Includes one U.S. dollar-denominated loan that is located in Bermuda. During the year ended December 31, 2024, we recorded a net increase of $157.0 million in the CECL reserves against our loans receivable portfolio, due to a $541.6 million increase in CECL reserves, offset by charge-offs of our CECL reserves of $384.6 million, bringing our total loans receivable CECL reserve to $733.9 million as of December 31, 2024. This increase primarily relates to six additional loans that were impaired but not resolved during the year ended December 31, 2024, all of which were secured by office buildings. The office sector is generally facing reduced tenant and capital markets demand in recent years. These impairments are each determined individually as a result of changes in the specific credit quality factors for such loans. These factors included, among others, (i) the underlying collateral performance, (ii) discussions with the borrower, (iii) borrower events of default, and (iv) other facts that impact the borrower’s ability to pay the contractual amounts due under the terms of the loan. This increase in the CECL reserves were partially offset by the resolution and charge-off of the CECL reserves on 13 impaired loans during the year ended December 31, 2024. Additionally, the income accrual was suspended on one additional loan that was impaired during the three months ended December 31, 2024, as the recovery of income and principal was doubtful. During the three months ended December 31, 2024, we recorded $3.0 million of interest income on this loan. In addition, our general CECL reserves decreased primarily as a result of loan repayments reducing the size of our portfolio during the year ended December 31, 2024. The $384.6 million of charge-offs primarily related to the 13 previously impaired loans that were resolved during the year ended December 31, 2024. As of December 31, 2024, we had an aggregate $580.7 million asset-specific CECL reserve related to 13 of our loans receivable, with an aggregate amortized cost basis of $1.8 billion, net of cost-recovery proceeds. This CECL reserve was recorded based on our estimation of the fair value of each of the loan's underlying collateral as of December 31, 2024. No income was recorded on our impaired loans subsequent to determining that they were impaired. During the year ended December 31, 2024, we received an aggregate $88.0 million of cash proceeds from such loans that were applied as a reduction to the amortized cost basis of each respective loan. As of December 31, 2024, one of our performing loans with an amortized cost basis of $195.0 million, inclusive of a $50.0 million junior loan participation sold, was past its current maturity date, was less than 90 days past due on its interest payment, and had a risk rating of “3.” This loan was not impaired as of December 31, 2024 as the estimated fair value of the underlying collateral exceeded our basis in the loan. As of December 31, 2024, all other borrowers under performing loans were in compliance with the applicable contractual terms of each respective loan, including any required payment of interest. Refer to Note 2 for further discussion of our policies on revenue recognition and our CECL reserves. Our primary credit quality indicator is our risk ratings, which are further discussed above. The following tables present the net book value of our loan portfolio as of December 31, 2024 and 2023, respectively, by year of origination, investment pool, and risk rating ($ in thousands): Net Book Value of Loans Receivable by Year of Origination (1) As of December 31, 2024 Risk Rating 2024 2023 2022 2021 2020 Prior Total U.S. loans 1 $ — $ — $ 151,674 $ 245,289 $ 60,240 $ 1,381,858 $ 1,839,061 2 60,651 — 197,153 1,611,856 — — 1,869,660 3 268,408 — 1,599,604 2,160,837 691,097 392,470 5,112,416 4 — — 236,780 1,019,672 — 726,513 1,982,965 5 — — — — — — — Total U.S. loans $ 329,059 $ — $ 2,185,211 $ 5,037,654 $ 751,337 $ 2,500,841 $ 10,804,102 Non-U.S. loans 1 $ — $ — $ — $ 80,219 $ — $ — $ 80,219 2 — — 500,104 787,660 87,629 101,828 1,477,221 3 — — 594,740 1,126,698 — 1,332,805 3,054,243 4 — — — — — 198,389 198,389 5 — — — — — — — Total Non-U.S. loans $ — $ — $ 1,094,844 $ 1,994,577 $ 87,629 $ 1,633,022 $ 4,810,072 Unique loans 1 $ — $ — $ — $ — $ — $ — $ — 2 — — — — — — — 3 — — 814,225 — — 265,808 1,080,033 4 — — — — — 525,750 525,750 5 — — — — — — — Total unique loans $ — $ — $ 814,225 $ — $ — $ 791,558 $ 1,605,783 Impaired loans 1 $ — $ — $ — $ — $ — $ — $ — 2 — — — — — — — 3 — — — — — — — 4 — — — — — — — 5 — — 170,388 367,030 34,214 1,255,929 1,827,561 Total impaired loans $ — $ — $ 170,388 $ 367,030 $ 34,214 $ 1,255,929 $ 1,827,561 Total loans receivable 1 $ — $ — $ 151,674 $ 325,508 $ 60,240 $ 1,381,858 $ 1,919,280 2 60,651 — 697,257 2,399,516 87,629 101,828 3,346,881 3 268,408 — 3,008,569 3,287,535 691,097 1,991,083 9,246,692 4 — — 236,780 1,019,672 — 1,450,652 2,707,104 5 — — 170,388 367,030 34,214 1,255,929 1,827,561 Total loans receivable $ 329,059 $ — $ 4,264,668 $ 7,399,261 $ 873,180 $ 6,181,350 $ 19,047,518 CECL reserve (733,936) Loans receivable, net $ 18,313,582 Gross charge-offs (2) — — (52,045) (255,005) — (77,553) $ (384,603) (1) Date loan was originated or acquired by us. Origination dates are subsequently updated to reflect material loan modifications. (2) Represents charge-offs by year of origination during the year ended December 31, 2024. Net Book Value of Loans Receivable by Year of Origination (1) As of December 31, 2023 Risk Rating 2023 2022 2021 2020 2019 Prior Total U.S. loans 1 $ — $ 172,575 $ 443,739 $ 39,877 $ 52,939 $ 53,971 $ 763,101 2 — 195,755 1,883,162 32,179 200,917 1,438,175 3,750,188 3 — 1,870,610 3,730,842 613,688 380,726 359,257 6,955,123 4 — 317,665 924,070 — 193,168 679,885 2,114,788 5 — — — — — — — Total U.S. loans $ — $ 2,556,605 $ 6,981,813 $ 685,744 $ 827,750 $ 2,531,288 $ 13,583,200 Non-U.S. loans 1 $ — $ — $ — $ — $ — $ — $ — 2 — 1,034,196 1,230,762 93,423 34,615 — 2,392,996 3 — 643,018 1,084,137 — 2,249,931 — 3,977,086 4 — — — — — — — 5 — — — — — — — Total Non-U.S. loans $ — $ 1,677,214 $ 2,314,899 $ 93,423 $ 2,284,546 $ — $ 6,370,082 Unique loans 1 $ — $ — $ — $ — $ — $ — $ — 2 — — — — — — — 3 — 894,599 — — 264,457 186,253 1,345,309 4 — — — — — 611,142 611,142 5 — — — — — — — Total unique loans $ — $ 894,599 $ — $ — $ 264,457 $ 797,395 $ 1,956,451 Impaired loans 1 $ — $ — $ — $ — $ — $ — $ — 2 — — — — — — — 3 — — — — — — — 4 — — — — — — — 5 — — 508,264 140,000 — 1,229,015 1,877,279 Total impaired loans $ — $ — $ 508,264 $ 140,000 $ — $ 1,229,015 $ 1,877,279 Total loans receivable 1 $ — $ 172,575 $ 443,739 $ 39,877 $ 52,939 $ 53,971 $ 763,101 2 — 1,229,951 3,113,924 125,602 235,532 1,438,175 6,143,184 3 — 3,408,227 4,814,979 613,688 2,895,114 545,510 12,277,518 4 — 317,665 924,070 — 193,168 1,291,027 2,725,930 5 — — 508,264 140,000 — 1,229,015 1,877,279 Total loans receivable $ — $ 5,128,418 $ 9,804,976 $ 919,167 $ 3,376,753 $ 4,557,698 $ 23,787,012 CECL reserve (576,936) Loans receivable, net $ 23,210,076 (1) Date loan was originated or acquired by us. Origination dates are subsequently updated to reflect material loan modifications. Loan Modifications Pursuant to ASC 326 During the year ended December 31, 2024, we entered into seven loan modifications that require disclosure pursuant to ASC 326. Five of these loans were collateralized by office assets, one was collateralized by a hospitality asset, and one was collateralized by a mixed-use asset. Loans with a risk rating of “3” and “4” are included in the determination of our general CECL reserve and loans with a risk rating of “5” have an asset-specific CECL reserve. Loan modifications that allow the option to pay interest in-kind increase our potential economics and the size of our secured claim, as interest is capitalized and added to the outstanding principal balance for applicable loans. As of December 31, 2024, no income was recorded on our loans subsequent to determining that they were impaired and risk rated “5.” Two of the loan modifications included term extensions. For one of the loans, the modification included a term extension of 10 months. The other modification included a term extension of nine The other five loan modifications included term extensions combined with other-than-insignificant payment delays and/or interest rate reductions. The first loan modification included a term extension of 2.5 years, and the loan was bifurcated into a separate senior loan and mezzanine loan. The senior loan is paying interest current while the mezzanine loan is paying interest in-kind. The second modification included a term extension of six months, an additional 3.00% exit fee and the interest rate increased by 4.00%. The third modification included a term extension of two years, a $34.5 million increase in our total loan commitment, and was converted to a fixed coupon rate of 15.00% with interest paid in-kind, inclusive of a senior portion of our loan that accrues interest at a floating rate of SOFR + 2.50%. We are accruing interest on the senior portion of the loan, and deferring interest income recognition on the remaining portion. The fourth loan modification included a term extension of five years, the borrower repaid $6.0 million of principal, and the loan was bifurcated into a separate senior loan and mezzanine loan. We are accruing interest on the senior loan, which is paying interest current, and deferring interest on the mezzanine loan that is paying interest in-kind. The fifth loan had a term extension of 4.8 years, the interest rate decreased by 0.10%, and the loan was bifurcated into a separate senior loan and mezzanine loan. The senior loan is paying interest partially current, and partially in-kind, while the mezzanine loan is paying interest in-kind. We are accruing interest on the portion of the senior loan that is paying current and a portion that is paid in-kind, and deferring interest income recognition on the remaining portion, including the entire mezzanine loan. As of December 31, 2024, the aggregate amortized cost basis of these loans was $509.8 million, or 2.7% of our aggregate loans receivable portfolio, with an aggregate $28.6 million of unfunded commitments. The loans were performing pursuant to their contractual terms as of December 31, 2024. As of December 31, 2024, four of these existing loans had a risk rating of “5,” and one of these existing loans had a risk rating of “4.” Of the three newly bifurcated senior loans, two loans had a risk rating of “4,” and one loan had a risk rating of “3.” The newly bifurcated mezzanine loans all had a risk rating of “5.” Multifamily Joint Venture

Real Estate Owned, Net

Real Estate Owned, Net	12 Months Ended
	Dec. 31, 2024
Real Estate [Abstract]
Real Estate Owned, Net	REAL ESTATE OWNED, NET During the year ended December 31, 2024, we acquired seven REO assets through foreclosure or consolidation, for a total acquisition price of $645.7 million. We allocated $410.2 million to building and building improvements, $180.7 million to land and land improvements, $83.3 million to acquired intangible assets, and $28.5 million to other components of the purchase price. In aggregate, we charged off $228.4 million of CECL reserves relating to these loans, as the loans’ carrying value of $922.9 million at the time of acquisition exceeded the acquisition date fair value noted above. See Note 2 for additional discussion of REO. The acquisition of seven REO assets during the year were accounted for as asset acquisitions under ASC Topic 805 “Business Combinations,” and upon acquisition we recognized each respective property as an REO asset held for investment. The following table presents the REO assets that were acquired during the year ended December 31, 2024 ($ in thousands): Acquisition Date Location Property Type Acquisition Date Fair Value March 2024 Mountain View, CA Office $ 60,203 July 2024 San Antonio, TX Multifamily 33,607 September 2024 Burlington, MA Office 64,628 October 2024 Washington, DC Office 107,016 December 2024 San Francisco, CA Hospitality 201,530 December 2024 El Segundo, CA Office 145,363 December 2024 Denver, CO Office 33,337 Total 645,684 The following table presents the REO assets and liabilities included in our consolidated balance sheets ($ in thousands): December 31, 2024 Assets Building and building improvements $ 410,546 Land and land improvements 181,083 Total $ 591,629 Less: accumulated depreciation (3,444) Real estate owned, net $ 588,185 Intangible real estate assets $ 83,253 Less: accumulated amortization (5,964) Intangible real estate assets, net (1) $ 77,289 Liabilities Intangible real estate liabilities $ (1,420) Less: accumulated amortization 1 Intangible real estate liabilities, net (2) $ (1,421) (1) Included within other assets on our consolidated balance sheets. Refer to Note 6 for additional information. (2) Included within other liabilities on our consolidated balance sheets. Refer to Note 6 for additional information. We recognized revenue from real estate owned of $13.0 million during the year ended December 31, 2024, which is included in revenues from real estate owned in our consolidated statements of operations. We recognized expenses from real estate owned of $22.1 million during the year ended December 31, 2024. These expenses consisted of $9.2 million of depreciation and amortization expense, and $12.8 million of other operating expenses. These expenses are included in expenses from real estate owned in our consolidated statements of operations. There was no income or expense recognized related to REO assets during the years ended December 31, 2023 and 2022. As of December 31, 2023, we did not have any REO assets or liabilities. The following table presents the undiscounted future minimum rents we expect to receive for our office properties as of December 31, 2024. Leases at our multifamily assets are short term, generally 12 months or less, and are therefore not included. ($ in thousands): Future Minimum Rents 2025 $ 47,185 2026 35,141 2027 25,745 2028 19,579 2029 17,199 Thereafter 33,976 Total $ 178,825 The following table presents the amortization of lease intangibles for the year ended December 31, 2024. There was no amortization of lease intangibles during the years ended December 31, 2023 and 2022 ($ in thousands): Year Ended December 31, 2024 In-place lease intangibles (1) $ 5,770 Above-market lease intangibles (2) 194 Below-market lease intangibles (2) (1) Total amortization of lease intangibles 5,963 (1) Included within expenses of real estate owned on our consolidated statements of operations. (2) Included within revenue from real estate owned on our consolidated statements of operations. The following table presents the amortization of lease intangibles for each of the succeeding fiscal years ($ in thousands): In-place lease intangibles Above-market lease intangibles Below-market lease intangibles 2025 $ 27,003 $ 4,973 $ (330) 2026 13,645 2,950 (282) 2027 7,395 2,262 (254) 2028 4,525 1,781 (174) 2029 3,686 1,192 (138) Thereafter 5,662 2,215 (243) Total $ 61,916 $ 15,373 $ (1,421)

Investments in Unconsolidated E

Investments in Unconsolidated Entities	12 Months Ended
	Dec. 31, 2024
Equity Method Investments and Joint Ventures [Abstract]
Investments in Unconsolidated Entities	INVESTMENTS IN UNCONSOLIDATED ENTITIES We hold one investment in the Net Lease Joint Venture, which is accounted for under the equity method of accounting, as our ownership interest in the joint venture does not meet the requirements for consolidation. As of December 31, 2024, the Net Lease Joint Venture did not hold any properties. Refer to Note 2 for additional details.

Other Assets and Liabilities

Other Assets and Liabilities	12 Months Ended
	Dec. 31, 2024
Other Assets And Liabilities Disclosure [Abstract]
Other Assets and Liabilities	OTHER ASSETS AND LIABILITIES Other Assets The following table details the components of our other assets ($ in thousands): December 31, 2024 December 31, 2023 Accrued interest receivable $ 160,131 $ 214,835 Accounts receivable and other assets (1) 134,030 2,420 Loan portfolio payments held by servicer (2) 113,199 152,423 Real estate intangible assets, net 77,289 — Derivative assets 72,454 1,890 Other real estate assets 9,338 — Collateral deposited under derivative agreements 4,810 103,500 Prepaid expenses 1,002 1,020 Total $ 572,253 $ 476,088 (1) Includes $95.5 million of cash collateral held by our CLOs that will be subsequently remitted by the trustee to repay a portion of the outstanding senior CLO securities. (2) Primarily represents loan principal held by our third-party loan servicer as of the balance sheet date that were remitted to us during the subsequent remittance cycle. Other Liabilities The following table details the components of our other liabilities ($ in thousands): December 31, 2024 December 31, 2023 Accrued dividends payable $ 81,214 $ 107,390 Accrued interest payable 77,855 97,820 Other real estate liabilities 72,018 — Accrued management and incentive fees payable 18,534 26,342 Accounts payable and other liabilities 13,834 7,265 Current expected credit loss reserves for unfunded loan commitments (1) 10,412 15,371 Derivative liabilities 5,238 94,817 Secured debt repayments pending servicer remittance (2) 3,742 13,526 Total $ 282,847 $ 362,531 (1) Represents the CECL reserve related to our unfunded loan commitments. See Note 2 for further discussion of the CECL reserves. (2) Represents pending transfers from our third-party loan servicer that were remitted to our banking counterparties during the subsequent remittance cycle. Current Expected Credit Loss Reserves for Unfunded Loan Commitments

Secured Debt, Net

Secured Debt, Net	12 Months Ended
	Dec. 31, 2024
Debt Disclosure [Abstract]
Long-Term Debt	SECURED DEBT, NET Our secured debt includes our secured credit facilities. During the year ended December 31, 2024, we closed $614.1 million of new borrowings against $808.9 million of collateral assets. The following table details our secured debt ($ in thousands): Secured Debt Borrowings Outstanding December 31, 2024 December 31, 2023 Secured credit facilities $ 9,705,529 $ 12,697,058 Deferred financing costs (1) (9,195) (13,963) Net book value of secured debt $ 9,696,334 $ 12,683,095 (1) Costs incurred in connection with our secured debt are recorded on our consolidated balance sheets when incurred and recognized as a component of interest expense over the life of each related facility. Secured Credit Facilities Our secured credit facilities are bilateral agreements we use to finance diversified pools of senior loan collateral with sufficient flexibility to accommodate our investment and asset management strategy. The facilities are uniformly structured to provide currency, index, and term-matched financing without capital markets based mark-to-market provisions. Our credit facilities are diversified across 14 counterparties, primarily consisting of top global financial institutions to minimize our counterparty risk exposure. The following table details our secured credit facilities as of December 31, 2024 ($ in thousands): December 31, 2024 Recourse Limitation Currency Lenders (1) Borrowings Wtd. Avg. Maturity (2) Loan Count Collateral (3) Wtd. Avg. Maturity (4) Wtd. Avg. Range USD 13 $ 4,796,857 November 2026 85 $ 8,302,871 December 2026 37% 25% - 100% GBP 6 2,161,978 February 2027 16 2,877,608 February 2027 26% 25% - 50% EUR 7 1,653,370 October 2026 10 2,260,687 October 2026 40% 25% - 100% Others (5) 4 1,093,324 April 2028 4 1,366,655 April 2028 25% 25% Total 14 $ 9,705,529 January 2027 115 $ 14,807,821 February 2027 34% 25% - 100% (1) Represents the number of lenders with fundings advanced in each respective currency, as well as the total number of facility lenders. (2) Our secured debt agreements are generally term-matched to their underlying collateral. Therefore, the weighted-average maturity is generally allocated based on the maximum maturity date of the collateral loans, assuming all extension options are exercised by the borrower. In limited instances, the maturity date of the respective secured credit facility is used. (3) Represents the principal balance of the collateral loan assets and the book value of the collateral REO assets. (4) Maximum maturity assumes all extension options are exercised by the borrower, however our loans may be repaid prior to such date. (5) Includes Australian Dollar, Swedish Krona, and Swiss Franc currencies. The availability of funding under our secured credit facilities is based on the amount of approved collateral, which collateral is proposed by us in our discretion and approved by the respective counterparty in its discretion, resulting in a mutually agreed collateral portfolio construction. Certain structural elements of our secured credit facilities, including the limitation on recourse to us and facility economics, are influenced by the specific collateral portfolio construction of each facility, and therefore vary within and among the facilities. The following tables detail the spread of our secured debt as of December 31, 2024 and 2023 ($ in thousands): Year Ended December 31, 2024 December 31, 2024 Spread (1) New Financings (2) Total Borrowings Wtd. Avg. All-in Cost (1)(3)(4) Collateral (5) Wtd. Avg. All-in Yield (1)(3) Net Interest Margin (6) + 1.50% or less $ 165,616 $ 3,976,192 +1.53 % $ 6,185,925 +3.18 % +1.65 % + 1.51% to + 1.75% 74,118 2,238,376 +1.78 % 3,140,937 +3.52 % +1.74 % + 1.76% to + 2.00% — 969,541 +2.09 % 1,802,431 +3.67 % +1.58 % + 2.01% or more 374,407 2,521,420 +2.61 % 3,678,528 +4.31 % +1.70 % Total $ 614,141 $ 9,705,529 +1.92 % $ 14,807,821 +3.58 % +1.66 % Year Ended December 31, 2023 December 31, 2023 Spread (1) New Financings (2) Total Borrowings Wtd. Avg. All-in Cost (1)(3)(4) Collateral (5) Wtd. Avg. All-in Yield (1)(3) Net Interest Margin (6) + 1.50% or less $ — $ 5,647,848 +1.53 % $ 8,341,383 +3.24 % +1.71 % + 1.51% to + 1.75% — 2,679,699 +1.82 % 3,723,365 +3.49 % +1.67 % + 1.76% to + 2.00% 42,908 1,850,809 +2.11 % 2,913,067 +3.92 % +1.81 % + 2.01% or more 69,170 2,518,702 +2.64 % 3,616,503 +4.30 % +1.66 % Total $ 112,078 $ 12,697,058 +1.89 % $ 18,594,318 +3.58 % +1.69 % (1) The spread, all-in cost, and all-in yield are expressed over the relevant floating benchmark rates, which include SOFR, SONIA, EURIBOR, and other indices as applicable. (2) Represents the amount of new borrowings we closed during the years ended December 31, 2024 and 2023, respectively. (3) In addition to spread, the cost includes the associated deferred fees and expenses related to the respective borrowings. In addition to cash coupon, all-in yield includes the amortization of deferred origination and extension fees, loan origination costs, and purchase discounts, as well as the accrual of exit fees. All-in yield excludes loans accounted for under the cost-recovery and nonaccrual methods, if any, and REO assets. (4) Represents the weighted-average all-in cost as of December 31, 2024 and 2023, respectively, and is not necessarily indicative of the spread applicable to recent or future borrowings. (5) Represents the principal balance of the collateral loan assets and the book value of the collateral REO assets. (6) Represents the difference between the weighted-average all-in yield and weighted-average all-in cost. Our secured credit facilities generally permit us to increase or decrease the amount advanced against the pledged collateral in our discretion within certain maximum/minimum amounts and frequency limitations. As of December 31, 2024, there was an aggregate $1.1 billion available to be drawn at our discretion under our credit facilities. Acquisition Facility We previously had a $100.0 million full recourse secured credit facility that was designed to finance eligible first mortgage originations for up to nine months as a bridge to term financing without obtaining discretionary lender approval. The cost of borrowing under the facility was variable, dependent on the type of loan collateral. This facility matured on April 3, 2024. During the years ended December 31, 2024 and 2023, we had no borrowings under the acquisition facility, and we recorded interest expense of $126,000 and $722,000, respectively, including $35,000 and $233,000, respectively of amortization of deferred fees and expenses. Financial Covenants As of December 31, 2024, we are subject to the following financial covenants related to our secured debt: (i) our ratio of earnings before interest, taxes, depreciation, and amortization, or EBITDA, to fixed charges, as defined in the agreements, shall be not less than 1.25 to 1.0; (ii) our tangible net worth, as defined in the agreements, shall not be less than $3.6 billion as of each measurement date plus 75% to 85% of the net cash proceeds of future equity issuances subsequent to December 31, 2024; (iii) cash liquidity shall not be less than the greater of (x) $10.0 million or (y) no more than 5% of our recourse indebtedness; and (iv) our indebtedness shall not exceed 83.33% of our total assets. As of December 31, 2024 and 2023, we were in compliance with these covenants. During the year ended December 31, 2024, the financial covenant under each applicable secured debt agreement related to the ratio of our EBITDA to fixed charges, as noted above, was amended so that the ratio shall be not less than 1.25 to 1.0 with respect to each of the four fiscal quarters beginning with the quarter ended September 30, 2024, and shall be not less than 1.3 to 1.0 thereafter. We have financed certain pools of our loans through collateralized loan obligations, or CLOs. The CLOs are consolidated in our financial statements and have issued securitized debt obligations that are non-recourse to us. Refer to Note 20 for further discussion of our CLOs. The following tables detail our securitized debt obligations and the underlying collateral assets that are financed by our CLOs ($ in thousands): December 31, 2024 Securitized Debt Obligations Count Principal Balance Book Value (1) Wtd. Avg. Yield/Cost (2)(3) Term (4) 2021 FL4 Collateralized Loan Obligation Senior CLO Securities Outstanding 1 $ 785,453 $ 785,442 + 1.39 % May 2038 Underlying Collateral Assets 22 952,764 952,764 + 2.95 % August 2026 2020 FL3 Collateralized Loan Obligation Senior CLO Securities Outstanding 1 552,664 552,663 + 1.92 % November 2037 Underlying Collateral Assets 12 743,914 743,914 + 2.92 % June 2026 2020 FL2 Collateralized Loan Obligation Senior CLO Securities Outstanding 1 598,850 598,851 + 1.50 % February 2038 Underlying Collateral Assets 12 855,725 855,725 + 2.79 % August 2026 Total Senior CLO Securities Outstanding (5) 3 $ 1,936,967 $ 1,936,956 +1.57 % Underlying Collateral Assets 46 $ 2,552,403 $ 2,552,403 + 2.98 % (1) The book value of underlying collateral assets excludes any applicable CECL reserves. (2) In addition to cash coupon, all-in yield includes the amortization of deferred origination and extension fees, loan origination costs, purchase discounts, and accrual of exit fees. (3) The weighted-average all-in yield and cost are expressed as a spread over SOFR. All-in yield excludes loans accounted for under the cost-recovery and nonaccrual methods, if any, and REO assets. (4) Underlying Collateral Assets term represents the weighted-average final maturity of such loans, assuming all extension options are exercised by the borrower, and excludes REO assets. Repayments of securitized debt obligations are tied to timing of the related collateral loan asset repayments. The term of these obligations represents the rated final distribution date of the securitizations. (5) During the year ended December 31, 2024, we recorded $157.0 million of interest expense related to our securitized debt obligations. December 31, 2023 Securitized Debt Obligations Count Principal Balance Book Value (1) Wtd. Avg. Yield/Cost (2)(3) Term (4) 2021 FL4 Collateralized Loan Obligation Senior CLO Securities Outstanding 1 $ 803,750 $ 801,800 + 1.70 % May 2038 Underlying Collateral Assets 26 1,000,000 1,000,000 + 3.28 % December 2025 2020 FL3 Collateralized Loan Obligation Senior CLO Securities Outstanding 1 714,352 714,352 + 2.18 % November 2037 Underlying Collateral Assets 15 905,602 905,602 + 2.87 % September 2025 2020 FL2 Collateralized Loan Obligation Senior CLO Securities Outstanding 1 989,412 989,265 + 1.57 % February 2038 Underlying Collateral Assets 15 1,246,287 1,246,287 + 2.85 % October 2025 Total Senior CLO Securities Outstanding (5) 3 $ 2,507,514 $ 2,505,417 +1.79 % Underlying Collateral Assets 56 $ 3,151,889 $ 3,151,889 +2.99 % (1) The book value of underlying collateral assets excludes any applicable CECL reserves. (2) In addition to cash coupon, all-in yield includes the amortization of deferred origination and extension fees, loan origination costs, purchase discounts, and accrual of exit fees. (3) The weighted-average all-in yield and cost are expressed as a spread over SOFR (4) Underlying Collateral Assets term represents the weighted-average final maturity of such loans, assuming all extension options are exercised by the borrower. Repayments of securitized debt obligations are tied to timing of the related collateral loan asset repayments. The term of these obligations represents the rated final distribution date of the securitizations. (5) During the year ended December 31, 2023, we recorded $171.4 million of interest expense related to our securitized debt obligations. The following table details our asset-specific debt ($ in thousands): December 31, 2024 Asset-Specific Debt Count Principal Balance Book Value (1) Wtd. Avg. Yield/Cost (2) Wtd. Avg. Term (3) Financing provided 2 $ 1,228,110 $ 1,224,841 + 3.20 % June 2026 Collateral assets 2 $ 1,467,185 $ 1,459,864 + 4.03 % June 2026 December 31, 2023 Asset-Specific Debt Count Principal Balance Book Value (1) Wtd. Avg. Yield/Cost (2) Wtd. Avg. Term (3) Financing provided 2 $ 1,004,097 $ 1,000,210 + 3.14 % March 2026 Collateral assets 2 $ 1,194,408 $ 1,186,559 + 3.98 % March 2026 (1) The book value of underlying collateral assets excludes any applicable CECL reserves. (2) The weighted-average all-in yield and cost are expressed as a spread over SOFR. (3) The weighted-average term is determined based on the maximum maturity of the corresponding loans, assuming all extension options are exercised by the borrower. Our non-recourse, asset-specific debt is term-matched in each case to the corresponding collateral loans. During the year ended December 31, 2024, we borrowed an additional $650.0 million under one of our senior term loan facilities, or the B-5 Term Loan. The B-5 Term Loan bears interest at SOFR plus 3.75% and matures in December 2028. The proceeds of the B-5 Term Loan were used to repay in full the $407.8 million outstanding on the B-3 Term Loan and $242.2 million of the B-1 Term Loan. Additionally, we repaid an incremental $350.0 million of the B-1 Term Loan using proceeds from the issuance of the 7.75% senior secured notes due 2029, or the senior secured notes due 2029. As of December 31, 2024, the following senior term loan facilities, or Term Loans, were outstanding ($ in thousands): Term Loans Face Value Interest Rate (1) All-in Cost (1)(2) Maturity B-1 Term Loan $ 309,268 + 2.36 % + 2.53 % April 23, 2026 B-4 Term Loan 805,169 + 3.50 % + 4.11 % May 9, 2029 B-5 Term Loan 650,000 + 3.75 % + 4.27 % December 10, 2028 Total face value $ 1,764,437 (1) The B-4 Term Loan and the B-5 Term Loan borrowings are subject to a floor of 0.50%. The Term Loans are indexed to one-month SOFR. (2) Includes issue discount and transaction expenses that are amortized through interest expense over the life of the Term Loans. The Term Loans are partially amortizing, with an amount equal to 1.0% per annum of the aggregate initial principal balance due in quarterly installments. The issue discount and transaction expenses on the B-1 Term Loan were $3.1 million and $12.6 million, respectively. The issue discount and transaction expenses of the B-4 Term Loan were $17.3 million and $10.3 million, respectively. The issue discount and transaction expenses of the B-5 Term loan were $3.3 million and $5.9 million, respectively. These discounts and expenses are amortized into interest expense over the life of each Term Loan. During the year ended December 31, 2024, we recorded $184.9 million of interest expense related to our Term Loans, including $11.8 million of amortization of deferred fees and expenses. During the year ended December 31, 2024, we repurchased an aggregate principal amount of $2.3 million of the B-1 Term Loan at a weighted-average price of 99%. This resulted in a gain on extinguishment of debt of $25,000 during the year ended December 31, 2024. There was no repurchase activity during the year ended December 31, 2023. The following table details the net book value of our Term Loans on our consolidated balance sheets ($ in thousands): December 31, 2024 December 31, 2023 Face value $ 1,764,437 $ 2,135,221 Deferred financing costs and unamortized discount (32,364) (33,589) Net book value $ 1,732,073 $ 2,101,632 The Term Loans contain the financial covenant that our indebtedness shall not exceed 83.33% of our total assets. As of December 31, 2024 and 2023, we were in compliance with this covenant. Refer to Note 2 for additional discussion of our accounting policies for the Term Loans. During the year ended December 31, 2024, we issued $450.0 million aggregate principal amount of the senior secured notes due 2029. As of December 31, 2024, the following senior secured notes, or Senior Secured Notes, were outstanding ($ in thousands): Senior Secured Notes Issuance Face Value Interest Rate All-in Cost (1) Maturity October 2021 $ 335,316 3.75 % 4.06 % January 15, 2027 December 2024 450,000 7.75 % (2) 8.14 % December 1, 2029 (1) Includes transaction expenses that are amortized through interest expense over the life of the Senior Secured Notes. (2) Represents the stated coupon rate of the notes. We have entered into an interest rate swap that effectively converts our fixed rate exposure to a SOFR + 3.95% floating rate exposure. The transaction expenses on the senior secured notes due 2027, or the October 2021 senior secured notes, were $6.3 million, which are amortized into interest expense over the life of the October 2021 senior secured notes. The transaction expenses on the senior secured notes due 2029 were $7.9 million, which are amortized into interest expense over the life of the senior secured notes due 2029. During the year ended December 31, 2024, we recorded $16.1 million of interest expense related to our Senior Secured Notes, including $1.1 million of amortization of deferred fees and expenses. During the year ended December 31, 2024, we repurchased an aggregate principal amount of $30.8 million of the October 2021 senior secured notes at a weighted-average price of 88%. This resulted in a gain on extinguishment of debt of $3.3 million during the year ended December 31, 2024. During the year ended December 31, 2023, we repurchased an aggregate principal amount of $33.9 million of the October 2021 senior secured notes at a weighted-average price of 85%. This resulted in a gain on extinguishment of debt of $4.6 million during the year ended December 31, 2023. The following table details the net book value of our Senior Secured Notes on our consolidated balance sheets ($ in thousands): December 31, 2024 December 31, 2023 Face value $ 785,316 $ 366,090 Deferred financing costs (9,857) (3,327) Hedging adjustments (1) (4,424) — Net book value $ 771,035 $ 362,763 (1) Represents the fair value of an interest rate swap that we entered into to convert the fixed rate exposure of the senior secured notes due 2029 into floating rate. Refer to Note 14 for additional discussion. The Senior Secured Notes contain the financial covenant that our indebtedness shall not exceed 83.33% of our total assets. As of December 31, 2024 and 2023, we were in compliance with this covenant. Under certain circumstances, we may, at our option, release all of the collateral securing our Senior Secured Notes, in which case we would also be required to maintain a total unencumbered assets to total unsecured indebtedness ratio of 1.20 or greater. This covenant is not currently in effect as the collateral securing our Senior Secured Notes has not been released. As of December 31, 2024, the following convertible senior notes, or Convertible Notes, were outstanding ($ in thousands): Convertible Notes Issuance Face Value Interest Rate All-in Cost (1) Conversion Price (2) Maturity March 2022 convertible notes $ 266,157 5.50% 5.79% $36.27 March 15, 2027 (1) Includes issuance costs that are amortized through interest expense over the life of the Convertible Notes using the effective interest method. (2) Represents the price of class A common stock per share based on a conversion rate of 27.5702 for the Convertible Notes. The conversion rate represents the number of shares of class A common stock issuable per $1,000 principal amount of Convertible Notes. The cumulative dividend threshold has not been exceeded as of December 31, 2024. Other than as provided by the optional redemption provisions with respect to our Convertible Notes, we may not redeem the Convertible Notes prior to maturity. The Convertible Notes are convertible at the holders’ option into shares of our class A common stock, only under specific circumstances, prior to the close of business on December 14, 2026 at the applicable conversion rate in effect on the conversion date. Thereafter, the Convertible Notes are convertible at the option of the holder at any time until the second scheduled trading day immediately preceding the maturity date. The last reported sale price of our class A common stock of $17.41 on December 31, 2024, the last trading day in the year ended December 31, 2024, was less than the per share conversion price of the Convertible Notes. During the year ended December 31, 2024, we repurchased an aggregate principal amount of $33.8 million of the Convertible Notes at a weighted-average price of 93%. This resulted in a gain on extinguishment of debt of $2.0 million during the year ended December 31, 2024. There was no repurchase activity during the year ended December 31, 2023. The following table details the net book value of our Convertible Notes on our consolidated balance sheets ($ in thousands): December 31, 2024 December 31, 2023 Face value $ 266,157 $ 300,000 Deferred financing costs and unamortized discount (2,541) (4,153) Net book value $ 263,616 $ 295,847 The following table details our interest expense related to the Convertible Notes ($ in thousands): Year Ended December 31, 2024 2023 2022 Cash coupon $ 15,784 $ 18,639 $ 28,859 Discount and issuance cost amortization 1,227 1,589 2,853 Total interest expense $ 17,011 $ 20,228 $ 31,712 Accrued interest payable for the Convertible Notes was $4.3 million and $4.9 million

Securitized Debt Obligations, N

Securitized Debt Obligations, Net	12 Months Ended
	Dec. 31, 2024
Debt Disclosure [Abstract]
Long-Term Debt	SECURED DEBT, NET Our secured debt includes our secured credit facilities. During the year ended December 31, 2024, we closed $614.1 million of new borrowings against $808.9 million of collateral assets. The following table details our secured debt ($ in thousands): Secured Debt Borrowings Outstanding December 31, 2024 December 31, 2023 Secured credit facilities $ 9,705,529 $ 12,697,058 Deferred financing costs (1) (9,195) (13,963) Net book value of secured debt $ 9,696,334 $ 12,683,095 (1) Costs incurred in connection with our secured debt are recorded on our consolidated balance sheets when incurred and recognized as a component of interest expense over the life of each related facility. Secured Credit Facilities Our secured credit facilities are bilateral agreements we use to finance diversified pools of senior loan collateral with sufficient flexibility to accommodate our investment and asset management strategy. The facilities are uniformly structured to provide currency, index, and term-matched financing without capital markets based mark-to-market provisions. Our credit facilities are diversified across 14 counterparties, primarily consisting of top global financial institutions to minimize our counterparty risk exposure. The following table details our secured credit facilities as of December 31, 2024 ($ in thousands): December 31, 2024 Recourse Limitation Currency Lenders (1) Borrowings Wtd. Avg. Maturity (2) Loan Count Collateral (3) Wtd. Avg. Maturity (4) Wtd. Avg. Range USD 13 $ 4,796,857 November 2026 85 $ 8,302,871 December 2026 37% 25% - 100% GBP 6 2,161,978 February 2027 16 2,877,608 February 2027 26% 25% - 50% EUR 7 1,653,370 October 2026 10 2,260,687 October 2026 40% 25% - 100% Others (5) 4 1,093,324 April 2028 4 1,366,655 April 2028 25% 25% Total 14 $ 9,705,529 January 2027 115 $ 14,807,821 February 2027 34% 25% - 100% (1) Represents the number of lenders with fundings advanced in each respective currency, as well as the total number of facility lenders. (2) Our secured debt agreements are generally term-matched to their underlying collateral. Therefore, the weighted-average maturity is generally allocated based on the maximum maturity date of the collateral loans, assuming all extension options are exercised by the borrower. In limited instances, the maturity date of the respective secured credit facility is used. (3) Represents the principal balance of the collateral loan assets and the book value of the collateral REO assets. (4) Maximum maturity assumes all extension options are exercised by the borrower, however our loans may be repaid prior to such date. (5) Includes Australian Dollar, Swedish Krona, and Swiss Franc currencies. The availability of funding under our secured credit facilities is based on the amount of approved collateral, which collateral is proposed by us in our discretion and approved by the respective counterparty in its discretion, resulting in a mutually agreed collateral portfolio construction. Certain structural elements of our secured credit facilities, including the limitation on recourse to us and facility economics, are influenced by the specific collateral portfolio construction of each facility, and therefore vary within and among the facilities. The following tables detail the spread of our secured debt as of December 31, 2024 and 2023 ($ in thousands): Year Ended December 31, 2024 December 31, 2024 Spread (1) New Financings (2) Total Borrowings Wtd. Avg. All-in Cost (1)(3)(4) Collateral (5) Wtd. Avg. All-in Yield (1)(3) Net Interest Margin (6) + 1.50% or less $ 165,616 $ 3,976,192 +1.53 % $ 6,185,925 +3.18 % +1.65 % + 1.51% to + 1.75% 74,118 2,238,376 +1.78 % 3,140,937 +3.52 % +1.74 % + 1.76% to + 2.00% — 969,541 +2.09 % 1,802,431 +3.67 % +1.58 % + 2.01% or more 374,407 2,521,420 +2.61 % 3,678,528 +4.31 % +1.70 % Total $ 614,141 $ 9,705,529 +1.92 % $ 14,807,821 +3.58 % +1.66 % Year Ended December 31, 2023 December 31, 2023 Spread (1) New Financings (2) Total Borrowings Wtd. Avg. All-in Cost (1)(3)(4) Collateral (5) Wtd. Avg. All-in Yield (1)(3) Net Interest Margin (6) + 1.50% or less $ — $ 5,647,848 +1.53 % $ 8,341,383 +3.24 % +1.71 % + 1.51% to + 1.75% — 2,679,699 +1.82 % 3,723,365 +3.49 % +1.67 % + 1.76% to + 2.00% 42,908 1,850,809 +2.11 % 2,913,067 +3.92 % +1.81 % + 2.01% or more 69,170 2,518,702 +2.64 % 3,616,503 +4.30 % +1.66 % Total $ 112,078 $ 12,697,058 +1.89 % $ 18,594,318 +3.58 % +1.69 % (1) The spread, all-in cost, and all-in yield are expressed over the relevant floating benchmark rates, which include SOFR, SONIA, EURIBOR, and other indices as applicable. (2) Represents the amount of new borrowings we closed during the years ended December 31, 2024 and 2023, respectively. (3) In addition to spread, the cost includes the associated deferred fees and expenses related to the respective borrowings. In addition to cash coupon, all-in yield includes the amortization of deferred origination and extension fees, loan origination costs, and purchase discounts, as well as the accrual of exit fees. All-in yield excludes loans accounted for under the cost-recovery and nonaccrual methods, if any, and REO assets. (4) Represents the weighted-average all-in cost as of December 31, 2024 and 2023, respectively, and is not necessarily indicative of the spread applicable to recent or future borrowings. (5) Represents the principal balance of the collateral loan assets and the book value of the collateral REO assets. (6) Represents the difference between the weighted-average all-in yield and weighted-average all-in cost. Our secured credit facilities generally permit us to increase or decrease the amount advanced against the pledged collateral in our discretion within certain maximum/minimum amounts and frequency limitations. As of December 31, 2024, there was an aggregate $1.1 billion available to be drawn at our discretion under our credit facilities. Acquisition Facility We previously had a $100.0 million full recourse secured credit facility that was designed to finance eligible first mortgage originations for up to nine months as a bridge to term financing without obtaining discretionary lender approval. The cost of borrowing under the facility was variable, dependent on the type of loan collateral. This facility matured on April 3, 2024. During the years ended December 31, 2024 and 2023, we had no borrowings under the acquisition facility, and we recorded interest expense of $126,000 and $722,000, respectively, including $35,000 and $233,000, respectively of amortization of deferred fees and expenses. Financial Covenants As of December 31, 2024, we are subject to the following financial covenants related to our secured debt: (i) our ratio of earnings before interest, taxes, depreciation, and amortization, or EBITDA, to fixed charges, as defined in the agreements, shall be not less than 1.25 to 1.0; (ii) our tangible net worth, as defined in the agreements, shall not be less than $3.6 billion as of each measurement date plus 75% to 85% of the net cash proceeds of future equity issuances subsequent to December 31, 2024; (iii) cash liquidity shall not be less than the greater of (x) $10.0 million or (y) no more than 5% of our recourse indebtedness; and (iv) our indebtedness shall not exceed 83.33% of our total assets. As of December 31, 2024 and 2023, we were in compliance with these covenants. During the year ended December 31, 2024, the financial covenant under each applicable secured debt agreement related to the ratio of our EBITDA to fixed charges, as noted above, was amended so that the ratio shall be not less than 1.25 to 1.0 with respect to each of the four fiscal quarters beginning with the quarter ended September 30, 2024, and shall be not less than 1.3 to 1.0 thereafter. We have financed certain pools of our loans through collateralized loan obligations, or CLOs. The CLOs are consolidated in our financial statements and have issued securitized debt obligations that are non-recourse to us. Refer to Note 20 for further discussion of our CLOs. The following tables detail our securitized debt obligations and the underlying collateral assets that are financed by our CLOs ($ in thousands): December 31, 2024 Securitized Debt Obligations Count Principal Balance Book Value (1) Wtd. Avg. Yield/Cost (2)(3) Term (4) 2021 FL4 Collateralized Loan Obligation Senior CLO Securities Outstanding 1 $ 785,453 $ 785,442 + 1.39 % May 2038 Underlying Collateral Assets 22 952,764 952,764 + 2.95 % August 2026 2020 FL3 Collateralized Loan Obligation Senior CLO Securities Outstanding 1 552,664 552,663 + 1.92 % November 2037 Underlying Collateral Assets 12 743,914 743,914 + 2.92 % June 2026 2020 FL2 Collateralized Loan Obligation Senior CLO Securities Outstanding 1 598,850 598,851 + 1.50 % February 2038 Underlying Collateral Assets 12 855,725 855,725 + 2.79 % August 2026 Total Senior CLO Securities Outstanding (5) 3 $ 1,936,967 $ 1,936,956 +1.57 % Underlying Collateral Assets 46 $ 2,552,403 $ 2,552,403 + 2.98 % (1) The book value of underlying collateral assets excludes any applicable CECL reserves. (2) In addition to cash coupon, all-in yield includes the amortization of deferred origination and extension fees, loan origination costs, purchase discounts, and accrual of exit fees. (3) The weighted-average all-in yield and cost are expressed as a spread over SOFR. All-in yield excludes loans accounted for under the cost-recovery and nonaccrual methods, if any, and REO assets. (4) Underlying Collateral Assets term represents the weighted-average final maturity of such loans, assuming all extension options are exercised by the borrower, and excludes REO assets. Repayments of securitized debt obligations are tied to timing of the related collateral loan asset repayments. The term of these obligations represents the rated final distribution date of the securitizations. (5) During the year ended December 31, 2024, we recorded $157.0 million of interest expense related to our securitized debt obligations. December 31, 2023 Securitized Debt Obligations Count Principal Balance Book Value (1) Wtd. Avg. Yield/Cost (2)(3) Term (4) 2021 FL4 Collateralized Loan Obligation Senior CLO Securities Outstanding 1 $ 803,750 $ 801,800 + 1.70 % May 2038 Underlying Collateral Assets 26 1,000,000 1,000,000 + 3.28 % December 2025 2020 FL3 Collateralized Loan Obligation Senior CLO Securities Outstanding 1 714,352 714,352 + 2.18 % November 2037 Underlying Collateral Assets 15 905,602 905,602 + 2.87 % September 2025 2020 FL2 Collateralized Loan Obligation Senior CLO Securities Outstanding 1 989,412 989,265 + 1.57 % February 2038 Underlying Collateral Assets 15 1,246,287 1,246,287 + 2.85 % October 2025 Total Senior CLO Securities Outstanding (5) 3 $ 2,507,514 $ 2,505,417 +1.79 % Underlying Collateral Assets 56 $ 3,151,889 $ 3,151,889 +2.99 % (1) The book value of underlying collateral assets excludes any applicable CECL reserves. (2) In addition to cash coupon, all-in yield includes the amortization of deferred origination and extension fees, loan origination costs, purchase discounts, and accrual of exit fees. (3) The weighted-average all-in yield and cost are expressed as a spread over SOFR (4) Underlying Collateral Assets term represents the weighted-average final maturity of such loans, assuming all extension options are exercised by the borrower. Repayments of securitized debt obligations are tied to timing of the related collateral loan asset repayments. The term of these obligations represents the rated final distribution date of the securitizations. (5) During the year ended December 31, 2023, we recorded $171.4 million of interest expense related to our securitized debt obligations. The following table details our asset-specific debt ($ in thousands): December 31, 2024 Asset-Specific Debt Count Principal Balance Book Value (1) Wtd. Avg. Yield/Cost (2) Wtd. Avg. Term (3) Financing provided 2 $ 1,228,110 $ 1,224,841 + 3.20 % June 2026 Collateral assets 2 $ 1,467,185 $ 1,459,864 + 4.03 % June 2026 December 31, 2023 Asset-Specific Debt Count Principal Balance Book Value (1) Wtd. Avg. Yield/Cost (2) Wtd. Avg. Term (3) Financing provided 2 $ 1,004,097 $ 1,000,210 + 3.14 % March 2026 Collateral assets 2 $ 1,194,408 $ 1,186,559 + 3.98 % March 2026 (1) The book value of underlying collateral assets excludes any applicable CECL reserves. (2) The weighted-average all-in yield and cost are expressed as a spread over SOFR. (3) The weighted-average term is determined based on the maximum maturity of the corresponding loans, assuming all extension options are exercised by the borrower. Our non-recourse, asset-specific debt is term-matched in each case to the corresponding collateral loans. During the year ended December 31, 2024, we borrowed an additional $650.0 million under one of our senior term loan facilities, or the B-5 Term Loan. The B-5 Term Loan bears interest at SOFR plus 3.75% and matures in December 2028. The proceeds of the B-5 Term Loan were used to repay in full the $407.8 million outstanding on the B-3 Term Loan and $242.2 million of the B-1 Term Loan. Additionally, we repaid an incremental $350.0 million of the B-1 Term Loan using proceeds from the issuance of the 7.75% senior secured notes due 2029, or the senior secured notes due 2029. As of December 31, 2024, the following senior term loan facilities, or Term Loans, were outstanding ($ in thousands): Term Loans Face Value Interest Rate (1) All-in Cost (1)(2) Maturity B-1 Term Loan $ 309,268 + 2.36 % + 2.53 % April 23, 2026 B-4 Term Loan 805,169 + 3.50 % + 4.11 % May 9, 2029 B-5 Term Loan 650,000 + 3.75 % + 4.27 % December 10, 2028 Total face value $ 1,764,437 (1) The B-4 Term Loan and the B-5 Term Loan borrowings are subject to a floor of 0.50%. The Term Loans are indexed to one-month SOFR. (2) Includes issue discount and transaction expenses that are amortized through interest expense over the life of the Term Loans. The Term Loans are partially amortizing, with an amount equal to 1.0% per annum of the aggregate initial principal balance due in quarterly installments. The issue discount and transaction expenses on the B-1 Term Loan were $3.1 million and $12.6 million, respectively. The issue discount and transaction expenses of the B-4 Term Loan were $17.3 million and $10.3 million, respectively. The issue discount and transaction expenses of the B-5 Term loan were $3.3 million and $5.9 million, respectively. These discounts and expenses are amortized into interest expense over the life of each Term Loan. During the year ended December 31, 2024, we recorded $184.9 million of interest expense related to our Term Loans, including $11.8 million of amortization of deferred fees and expenses. During the year ended December 31, 2024, we repurchased an aggregate principal amount of $2.3 million of the B-1 Term Loan at a weighted-average price of 99%. This resulted in a gain on extinguishment of debt of $25,000 during the year ended December 31, 2024. There was no repurchase activity during the year ended December 31, 2023. The following table details the net book value of our Term Loans on our consolidated balance sheets ($ in thousands): December 31, 2024 December 31, 2023 Face value $ 1,764,437 $ 2,135,221 Deferred financing costs and unamortized discount (32,364) (33,589) Net book value $ 1,732,073 $ 2,101,632 The Term Loans contain the financial covenant that our indebtedness shall not exceed 83.33% of our total assets. As of December 31, 2024 and 2023, we were in compliance with this covenant. Refer to Note 2 for additional discussion of our accounting policies for the Term Loans. During the year ended December 31, 2024, we issued $450.0 million aggregate principal amount of the senior secured notes due 2029. As of December 31, 2024, the following senior secured notes, or Senior Secured Notes, were outstanding ($ in thousands): Senior Secured Notes Issuance Face Value Interest Rate All-in Cost (1) Maturity October 2021 $ 335,316 3.75 % 4.06 % January 15, 2027 December 2024 450,000 7.75 % (2) 8.14 % December 1, 2029 (1) Includes transaction expenses that are amortized through interest expense over the life of the Senior Secured Notes. (2) Represents the stated coupon rate of the notes. We have entered into an interest rate swap that effectively converts our fixed rate exposure to a SOFR + 3.95% floating rate exposure. The transaction expenses on the senior secured notes due 2027, or the October 2021 senior secured notes, were $6.3 million, which are amortized into interest expense over the life of the October 2021 senior secured notes. The transaction expenses on the senior secured notes due 2029 were $7.9 million, which are amortized into interest expense over the life of the senior secured notes due 2029. During the year ended December 31, 2024, we recorded $16.1 million of interest expense related to our Senior Secured Notes, including $1.1 million of amortization of deferred fees and expenses. During the year ended December 31, 2024, we repurchased an aggregate principal amount of $30.8 million of the October 2021 senior secured notes at a weighted-average price of 88%. This resulted in a gain on extinguishment of debt of $3.3 million during the year ended December 31, 2024. During the year ended December 31, 2023, we repurchased an aggregate principal amount of $33.9 million of the October 2021 senior secured notes at a weighted-average price of 85%. This resulted in a gain on extinguishment of debt of $4.6 million during the year ended December 31, 2023. The following table details the net book value of our Senior Secured Notes on our consolidated balance sheets ($ in thousands): December 31, 2024 December 31, 2023 Face value $ 785,316 $ 366,090 Deferred financing costs (9,857) (3,327) Hedging adjustments (1) (4,424) — Net book value $ 771,035 $ 362,763 (1) Represents the fair value of an interest rate swap that we entered into to convert the fixed rate exposure of the senior secured notes due 2029 into floating rate. Refer to Note 14 for additional discussion. The Senior Secured Notes contain the financial covenant that our indebtedness shall not exceed 83.33% of our total assets. As of December 31, 2024 and 2023, we were in compliance with this covenant. Under certain circumstances, we may, at our option, release all of the collateral securing our Senior Secured Notes, in which case we would also be required to maintain a total unencumbered assets to total unsecured indebtedness ratio of 1.20 or greater. This covenant is not currently in effect as the collateral securing our Senior Secured Notes has not been released. As of December 31, 2024, the following convertible senior notes, or Convertible Notes, were outstanding ($ in thousands): Convertible Notes Issuance Face Value Interest Rate All-in Cost (1) Conversion Price (2) Maturity March 2022 convertible notes $ 266,157 5.50% 5.79% $36.27 March 15, 2027 (1) Includes issuance costs that are amortized through interest expense over the life of the Convertible Notes using the effective interest method. (2) Represents the price of class A common stock per share based on a conversion rate of 27.5702 for the Convertible Notes. The conversion rate represents the number of shares of class A common stock issuable per $1,000 principal amount of Convertible Notes. The cumulative dividend threshold has not been exceeded as of December 31, 2024. Other than as provided by the optional redemption provisions with respect to our Convertible Notes, we may not redeem the Convertible Notes prior to maturity. The Convertible Notes are convertible at the holders’ option into shares of our class A common stock, only under specific circumstances, prior to the close of business on December 14, 2026 at the applicable conversion rate in effect on the conversion date. Thereafter, the Convertible Notes are convertible at the option of the holder at any time until the second scheduled trading day immediately preceding the maturity date. The last reported sale price of our class A common stock of $17.41 on December 31, 2024, the last trading day in the year ended December 31, 2024, was less than the per share conversion price of the Convertible Notes. During the year ended December 31, 2024, we repurchased an aggregate principal amount of $33.8 million of the Convertible Notes at a weighted-average price of 93%. This resulted in a gain on extinguishment of debt of $2.0 million during the year ended December 31, 2024. There was no repurchase activity during the year ended December 31, 2023. The following table details the net book value of our Convertible Notes on our consolidated balance sheets ($ in thousands): December 31, 2024 December 31, 2023 Face value $ 266,157 $ 300,000 Deferred financing costs and unamortized discount (2,541) (4,153) Net book value $ 263,616 $ 295,847 The following table details our interest expense related to the Convertible Notes ($ in thousands): Year Ended December 31, 2024 2023 2022 Cash coupon $ 15,784 $ 18,639 $ 28,859 Discount and issuance cost amortization 1,227 1,589 2,853 Total interest expense $ 17,011 $ 20,228 $ 31,712 Accrued interest payable for the Convertible Notes was $4.3 million and $4.9 million

Asset-Specific Debt, Net

Asset-Specific Debt, Net	12 Months Ended
	Dec. 31, 2024
Debt Disclosure [Abstract]
Long-Term Debt	SECURED DEBT, NET Our secured debt includes our secured credit facilities. During the year ended December 31, 2024, we closed $614.1 million of new borrowings against $808.9 million of collateral assets. The following table details our secured debt ($ in thousands): Secured Debt Borrowings Outstanding December 31, 2024 December 31, 2023 Secured credit facilities $ 9,705,529 $ 12,697,058 Deferred financing costs (1) (9,195) (13,963) Net book value of secured debt $ 9,696,334 $ 12,683,095 (1) Costs incurred in connection with our secured debt are recorded on our consolidated balance sheets when incurred and recognized as a component of interest expense over the life of each related facility. Secured Credit Facilities Our secured credit facilities are bilateral agreements we use to finance diversified pools of senior loan collateral with sufficient flexibility to accommodate our investment and asset management strategy. The facilities are uniformly structured to provide currency, index, and term-matched financing without capital markets based mark-to-market provisions. Our credit facilities are diversified across 14 counterparties, primarily consisting of top global financial institutions to minimize our counterparty risk exposure. The following table details our secured credit facilities as of December 31, 2024 ($ in thousands): December 31, 2024 Recourse Limitation Currency Lenders (1) Borrowings Wtd. Avg. Maturity (2) Loan Count Collateral (3) Wtd. Avg. Maturity (4) Wtd. Avg. Range USD 13 $ 4,796,857 November 2026 85 $ 8,302,871 December 2026 37% 25% - 100% GBP 6 2,161,978 February 2027 16 2,877,608 February 2027 26% 25% - 50% EUR 7 1,653,370 October 2026 10 2,260,687 October 2026 40% 25% - 100% Others (5) 4 1,093,324 April 2028 4 1,366,655 April 2028 25% 25% Total 14 $ 9,705,529 January 2027 115 $ 14,807,821 February 2027 34% 25% - 100% (1) Represents the number of lenders with fundings advanced in each respective currency, as well as the total number of facility lenders. (2) Our secured debt agreements are generally term-matched to their underlying collateral. Therefore, the weighted-average maturity is generally allocated based on the maximum maturity date of the collateral loans, assuming all extension options are exercised by the borrower. In limited instances, the maturity date of the respective secured credit facility is used. (3) Represents the principal balance of the collateral loan assets and the book value of the collateral REO assets. (4) Maximum maturity assumes all extension options are exercised by the borrower, however our loans may be repaid prior to such date. (5) Includes Australian Dollar, Swedish Krona, and Swiss Franc currencies. The availability of funding under our secured credit facilities is based on the amount of approved collateral, which collateral is proposed by us in our discretion and approved by the respective counterparty in its discretion, resulting in a mutually agreed collateral portfolio construction. Certain structural elements of our secured credit facilities, including the limitation on recourse to us and facility economics, are influenced by the specific collateral portfolio construction of each facility, and therefore vary within and among the facilities. The following tables detail the spread of our secured debt as of December 31, 2024 and 2023 ($ in thousands): Year Ended December 31, 2024 December 31, 2024 Spread (1) New Financings (2) Total Borrowings Wtd. Avg. All-in Cost (1)(3)(4) Collateral (5) Wtd. Avg. All-in Yield (1)(3) Net Interest Margin (6) + 1.50% or less $ 165,616 $ 3,976,192 +1.53 % $ 6,185,925 +3.18 % +1.65 % + 1.51% to + 1.75% 74,118 2,238,376 +1.78 % 3,140,937 +3.52 % +1.74 % + 1.76% to + 2.00% — 969,541 +2.09 % 1,802,431 +3.67 % +1.58 % + 2.01% or more 374,407 2,521,420 +2.61 % 3,678,528 +4.31 % +1.70 % Total $ 614,141 $ 9,705,529 +1.92 % $ 14,807,821 +3.58 % +1.66 % Year Ended December 31, 2023 December 31, 2023 Spread (1) New Financings (2) Total Borrowings Wtd. Avg. All-in Cost (1)(3)(4) Collateral (5) Wtd. Avg. All-in Yield (1)(3) Net Interest Margin (6) + 1.50% or less $ — $ 5,647,848 +1.53 % $ 8,341,383 +3.24 % +1.71 % + 1.51% to + 1.75% — 2,679,699 +1.82 % 3,723,365 +3.49 % +1.67 % + 1.76% to + 2.00% 42,908 1,850,809 +2.11 % 2,913,067 +3.92 % +1.81 % + 2.01% or more 69,170 2,518,702 +2.64 % 3,616,503 +4.30 % +1.66 % Total $ 112,078 $ 12,697,058 +1.89 % $ 18,594,318 +3.58 % +1.69 % (1) The spread, all-in cost, and all-in yield are expressed over the relevant floating benchmark rates, which include SOFR, SONIA, EURIBOR, and other indices as applicable. (2) Represents the amount of new borrowings we closed during the years ended December 31, 2024 and 2023, respectively. (3) In addition to spread, the cost includes the associated deferred fees and expenses related to the respective borrowings. In addition to cash coupon, all-in yield includes the amortization of deferred origination and extension fees, loan origination costs, and purchase discounts, as well as the accrual of exit fees. All-in yield excludes loans accounted for under the cost-recovery and nonaccrual methods, if any, and REO assets. (4) Represents the weighted-average all-in cost as of December 31, 2024 and 2023, respectively, and is not necessarily indicative of the spread applicable to recent or future borrowings. (5) Represents the principal balance of the collateral loan assets and the book value of the collateral REO assets. (6) Represents the difference between the weighted-average all-in yield and weighted-average all-in cost. Our secured credit facilities generally permit us to increase or decrease the amount advanced against the pledged collateral in our discretion within certain maximum/minimum amounts and frequency limitations. As of December 31, 2024, there was an aggregate $1.1 billion available to be drawn at our discretion under our credit facilities. Acquisition Facility We previously had a $100.0 million full recourse secured credit facility that was designed to finance eligible first mortgage originations for up to nine months as a bridge to term financing without obtaining discretionary lender approval. The cost of borrowing under the facility was variable, dependent on the type of loan collateral. This facility matured on April 3, 2024. During the years ended December 31, 2024 and 2023, we had no borrowings under the acquisition facility, and we recorded interest expense of $126,000 and $722,000, respectively, including $35,000 and $233,000, respectively of amortization of deferred fees and expenses. Financial Covenants As of December 31, 2024, we are subject to the following financial covenants related to our secured debt: (i) our ratio of earnings before interest, taxes, depreciation, and amortization, or EBITDA, to fixed charges, as defined in the agreements, shall be not less than 1.25 to 1.0; (ii) our tangible net worth, as defined in the agreements, shall not be less than $3.6 billion as of each measurement date plus 75% to 85% of the net cash proceeds of future equity issuances subsequent to December 31, 2024; (iii) cash liquidity shall not be less than the greater of (x) $10.0 million or (y) no more than 5% of our recourse indebtedness; and (iv) our indebtedness shall not exceed 83.33% of our total assets. As of December 31, 2024 and 2023, we were in compliance with these covenants. During the year ended December 31, 2024, the financial covenant under each applicable secured debt agreement related to the ratio of our EBITDA to fixed charges, as noted above, was amended so that the ratio shall be not less than 1.25 to 1.0 with respect to each of the four fiscal quarters beginning with the quarter ended September 30, 2024, and shall be not less than 1.3 to 1.0 thereafter. We have financed certain pools of our loans through collateralized loan obligations, or CLOs. The CLOs are consolidated in our financial statements and have issued securitized debt obligations that are non-recourse to us. Refer to Note 20 for further discussion of our CLOs. The following tables detail our securitized debt obligations and the underlying collateral assets that are financed by our CLOs ($ in thousands): December 31, 2024 Securitized Debt Obligations Count Principal Balance Book Value (1) Wtd. Avg. Yield/Cost (2)(3) Term (4) 2021 FL4 Collateralized Loan Obligation Senior CLO Securities Outstanding 1 $ 785,453 $ 785,442 + 1.39 % May 2038 Underlying Collateral Assets 22 952,764 952,764 + 2.95 % August 2026 2020 FL3 Collateralized Loan Obligation Senior CLO Securities Outstanding 1 552,664 552,663 + 1.92 % November 2037 Underlying Collateral Assets 12 743,914 743,914 + 2.92 % June 2026 2020 FL2 Collateralized Loan Obligation Senior CLO Securities Outstanding 1 598,850 598,851 + 1.50 % February 2038 Underlying Collateral Assets 12 855,725 855,725 + 2.79 % August 2026 Total Senior CLO Securities Outstanding (5) 3 $ 1,936,967 $ 1,936,956 +1.57 % Underlying Collateral Assets 46 $ 2,552,403 $ 2,552,403 + 2.98 % (1) The book value of underlying collateral assets excludes any applicable CECL reserves. (2) In addition to cash coupon, all-in yield includes the amortization of deferred origination and extension fees, loan origination costs, purchase discounts, and accrual of exit fees. (3) The weighted-average all-in yield and cost are expressed as a spread over SOFR. All-in yield excludes loans accounted for under the cost-recovery and nonaccrual methods, if any, and REO assets. (4) Underlying Collateral Assets term represents the weighted-average final maturity of such loans, assuming all extension options are exercised by the borrower, and excludes REO assets. Repayments of securitized debt obligations are tied to timing of the related collateral loan asset repayments. The term of these obligations represents the rated final distribution date of the securitizations. (5) During the year ended December 31, 2024, we recorded $157.0 million of interest expense related to our securitized debt obligations. December 31, 2023 Securitized Debt Obligations Count Principal Balance Book Value (1) Wtd. Avg. Yield/Cost (2)(3) Term (4) 2021 FL4 Collateralized Loan Obligation Senior CLO Securities Outstanding 1 $ 803,750 $ 801,800 + 1.70 % May 2038 Underlying Collateral Assets 26 1,000,000 1,000,000 + 3.28 % December 2025 2020 FL3 Collateralized Loan Obligation Senior CLO Securities Outstanding 1 714,352 714,352 + 2.18 % November 2037 Underlying Collateral Assets 15 905,602 905,602 + 2.87 % September 2025 2020 FL2 Collateralized Loan Obligation Senior CLO Securities Outstanding 1 989,412 989,265 + 1.57 % February 2038 Underlying Collateral Assets 15 1,246,287 1,246,287 + 2.85 % October 2025 Total Senior CLO Securities Outstanding (5) 3 $ 2,507,514 $ 2,505,417 +1.79 % Underlying Collateral Assets 56 $ 3,151,889 $ 3,151,889 +2.99 % (1) The book value of underlying collateral assets excludes any applicable CECL reserves. (2) In addition to cash coupon, all-in yield includes the amortization of deferred origination and extension fees, loan origination costs, purchase discounts, and accrual of exit fees. (3) The weighted-average all-in yield and cost are expressed as a spread over SOFR (4) Underlying Collateral Assets term represents the weighted-average final maturity of such loans, assuming all extension options are exercised by the borrower. Repayments of securitized debt obligations are tied to timing of the related collateral loan asset repayments. The term of these obligations represents the rated final distribution date of the securitizations. (5) During the year ended December 31, 2023, we recorded $171.4 million of interest expense related to our securitized debt obligations. The following table details our asset-specific debt ($ in thousands): December 31, 2024 Asset-Specific Debt Count Principal Balance Book Value (1) Wtd. Avg. Yield/Cost (2) Wtd. Avg. Term (3) Financing provided 2 $ 1,228,110 $ 1,224,841 + 3.20 % June 2026 Collateral assets 2 $ 1,467,185 $ 1,459,864 + 4.03 % June 2026 December 31, 2023 Asset-Specific Debt Count Principal Balance Book Value (1) Wtd. Avg. Yield/Cost (2) Wtd. Avg. Term (3) Financing provided 2 $ 1,004,097 $ 1,000,210 + 3.14 % March 2026 Collateral assets 2 $ 1,194,408 $ 1,186,559 + 3.98 % March 2026 (1) The book value of underlying collateral assets excludes any applicable CECL reserves. (2) The weighted-average all-in yield and cost are expressed as a spread over SOFR. (3) The weighted-average term is determined based on the maximum maturity of the corresponding loans, assuming all extension options are exercised by the borrower. Our non-recourse, asset-specific debt is term-matched in each case to the corresponding collateral loans. During the year ended December 31, 2024, we borrowed an additional $650.0 million under one of our senior term loan facilities, or the B-5 Term Loan. The B-5 Term Loan bears interest at SOFR plus 3.75% and matures in December 2028. The proceeds of the B-5 Term Loan were used to repay in full the $407.8 million outstanding on the B-3 Term Loan and $242.2 million of the B-1 Term Loan. Additionally, we repaid an incremental $350.0 million of the B-1 Term Loan using proceeds from the issuance of the 7.75% senior secured notes due 2029, or the senior secured notes due 2029. As of December 31, 2024, the following senior term loan facilities, or Term Loans, were outstanding ($ in thousands): Term Loans Face Value Interest Rate (1) All-in Cost (1)(2) Maturity B-1 Term Loan $ 309,268 + 2.36 % + 2.53 % April 23, 2026 B-4 Term Loan 805,169 + 3.50 % + 4.11 % May 9, 2029 B-5 Term Loan 650,000 + 3.75 % + 4.27 % December 10, 2028 Total face value $ 1,764,437 (1) The B-4 Term Loan and the B-5 Term Loan borrowings are subject to a floor of 0.50%. The Term Loans are indexed to one-month SOFR. (2) Includes issue discount and transaction expenses that are amortized through interest expense over the life of the Term Loans. The Term Loans are partially amortizing, with an amount equal to 1.0% per annum of the aggregate initial principal balance due in quarterly installments. The issue discount and transaction expenses on the B-1 Term Loan were $3.1 million and $12.6 million, respectively. The issue discount and transaction expenses of the B-4 Term Loan were $17.3 million and $10.3 million, respectively. The issue discount and transaction expenses of the B-5 Term loan were $3.3 million and $5.9 million, respectively. These discounts and expenses are amortized into interest expense over the life of each Term Loan. During the year ended December 31, 2024, we recorded $184.9 million of interest expense related to our Term Loans, including $11.8 million of amortization of deferred fees and expenses. During the year ended December 31, 2024, we repurchased an aggregate principal amount of $2.3 million of the B-1 Term Loan at a weighted-average price of 99%. This resulted in a gain on extinguishment of debt of $25,000 during the year ended December 31, 2024. There was no repurchase activity during the year ended December 31, 2023. The following table details the net book value of our Term Loans on our consolidated balance sheets ($ in thousands): December 31, 2024 December 31, 2023 Face value $ 1,764,437 $ 2,135,221 Deferred financing costs and unamortized discount (32,364) (33,589) Net book value $ 1,732,073 $ 2,101,632 The Term Loans contain the financial covenant that our indebtedness shall not exceed 83.33% of our total assets. As of December 31, 2024 and 2023, we were in compliance with this covenant. Refer to Note 2 for additional discussion of our accounting policies for the Term Loans. During the year ended December 31, 2024, we issued $450.0 million aggregate principal amount of the senior secured notes due 2029. As of December 31, 2024, the following senior secured notes, or Senior Secured Notes, were outstanding ($ in thousands): Senior Secured Notes Issuance Face Value Interest Rate All-in Cost (1) Maturity October 2021 $ 335,316 3.75 % 4.06 % January 15, 2027 December 2024 450,000 7.75 % (2) 8.14 % December 1, 2029 (1) Includes transaction expenses that are amortized through interest expense over the life of the Senior Secured Notes. (2) Represents the stated coupon rate of the notes. We have entered into an interest rate swap that effectively converts our fixed rate exposure to a SOFR + 3.95% floating rate exposure. The transaction expenses on the senior secured notes due 2027, or the October 2021 senior secured notes, were $6.3 million, which are amortized into interest expense over the life of the October 2021 senior secured notes. The transaction expenses on the senior secured notes due 2029 were $7.9 million, which are amortized into interest expense over the life of the senior secured notes due 2029. During the year ended December 31, 2024, we recorded $16.1 million of interest expense related to our Senior Secured Notes, including $1.1 million of amortization of deferred fees and expenses. During the year ended December 31, 2024, we repurchased an aggregate principal amount of $30.8 million of the October 2021 senior secured notes at a weighted-average price of 88%. This resulted in a gain on extinguishment of debt of $3.3 million during the year ended December 31, 2024. During the year ended December 31, 2023, we repurchased an aggregate principal amount of $33.9 million of the October 2021 senior secured notes at a weighted-average price of 85%. This resulted in a gain on extinguishment of debt of $4.6 million during the year ended December 31, 2023. The following table details the net book value of our Senior Secured Notes on our consolidated balance sheets ($ in thousands): December 31, 2024 December 31, 2023 Face value $ 785,316 $ 366,090 Deferred financing costs (9,857) (3,327) Hedging adjustments (1) (4,424) — Net book value $ 771,035 $ 362,763 (1) Represents the fair value of an interest rate swap that we entered into to convert the fixed rate exposure of the senior secured notes due 2029 into floating rate. Refer to Note 14 for additional discussion. The Senior Secured Notes contain the financial covenant that our indebtedness shall not exceed 83.33% of our total assets. As of December 31, 2024 and 2023, we were in compliance with this covenant. Under certain circumstances, we may, at our option, release all of the collateral securing our Senior Secured Notes, in which case we would also be required to maintain a total unencumbered assets to total unsecured indebtedness ratio of 1.20 or greater. This covenant is not currently in effect as the collateral securing our Senior Secured Notes has not been released. As of December 31, 2024, the following convertible senior notes, or Convertible Notes, were outstanding ($ in thousands): Convertible Notes Issuance Face Value Interest Rate All-in Cost (1) Conversion Price (2) Maturity March 2022 convertible notes $ 266,157 5.50% 5.79% $36.27 March 15, 2027 (1) Includes issuance costs that are amortized through interest expense over the life of the Convertible Notes using the effective interest method. (2) Represents the price of class A common stock per share based on a conversion rate of 27.5702 for the Convertible Notes. The conversion rate represents the number of shares of class A common stock issuable per $1,000 principal amount of Convertible Notes. The cumulative dividend threshold has not been exceeded as of December 31, 2024. Other than as provided by the optional redemption provisions with respect to our Convertible Notes, we may not redeem the Convertible Notes prior to maturity. The Convertible Notes are convertible at the holders’ option into shares of our class A common stock, only under specific circumstances, prior to the close of business on December 14, 2026 at the applicable conversion rate in effect on the conversion date. Thereafter, the Convertible Notes are convertible at the option of the holder at any time until the second scheduled trading day immediately preceding the maturity date. The last reported sale price of our class A common stock of $17.41 on December 31, 2024, the last trading day in the year ended December 31, 2024, was less than the per share conversion price of the Convertible Notes. During the year ended December 31, 2024, we repurchased an aggregate principal amount of $33.8 million of the Convertible Notes at a weighted-average price of 93%. This resulted in a gain on extinguishment of debt of $2.0 million during the year ended December 31, 2024. There was no repurchase activity during the year ended December 31, 2023. The following table details the net book value of our Convertible Notes on our consolidated balance sheets ($ in thousands): December 31, 2024 December 31, 2023 Face value $ 266,157 $ 300,000 Deferred financing costs and unamortized discount (2,541) (4,153) Net book value $ 263,616 $ 295,847 The following table details our interest expense related to the Convertible Notes ($ in thousands): Year Ended December 31, 2024 2023 2022 Cash coupon $ 15,784 $ 18,639 $ 28,859 Discount and issuance cost amortization 1,227 1,589 2,853 Total interest expense $ 17,011 $ 20,228 $ 31,712 Accrued interest payable for the Convertible Notes was $4.3 million and $4.9 million

Loan Participations Sold, Net

Loan Participations Sold, Net	12 Months Ended
	Dec. 31, 2024
Loan Participations Sold [Abstract]
Loans Participations Sold, Net	LOAN PARTICIPATIONS SOLD, NET The sale of a non-recourse interest in a loan through a participation agreement generally does not qualify for sale accounting under GAAP. For such transactions, we therefore present the whole loan as an asset and the loan participation sold as a liability on our consolidated balance sheet until the loan is repaid. We generally have no obligation to pay principal and interest under these liabilities, and the gross presentation of loan participations sold does not impact our stockholders’ equity or net income. The following table details our loan participations sold ($ in thousands): December 31, 2024 Loan Participations Sold Count Principal Balance Book Value (1) Wtd. Avg. Yield/Cost (2) Term (3) Junior Participations Loan Participation 2 $ 100,064 $ 100,064 + 9.75 % February 2026 Total Loan 2 442,142 442,008 + 6.14 % February 2026 December 31, 2023 Loan Participations Sold Count Principal Book Value (1) Wtd. Avg. Yield/Cost (2) Term (3) Senior Participations Loan Participation 1 $ 236,797 $ 236,499 + 3.22 % March 2027 Total Loan 1 295,996 294,783 + 4.86 % March 2027 Junior Participations Loan Participation 2 $ 100,924 $ 100,680 + 7.50 % February 2026 Total Loan 2 401,569 399,603 + 4.75 % February 2026 Total Loan Participation (4) 3 $ 337,721 $ 337,179 Total Loan 3 $ 697,565 $ 694,386 (1) The book value of underlying collateral assets excludes any applicable CECL reserves. (2) The weighted-average all-in yield and cost are expressed over the relevant floating benchmark rates, which include SOFR and SONIA, as applicable. This non-debt participation sold structure is inherently matched in terms of currency and interest rate. In addition to cash coupon, yield/cost includes the amortization of deferred fees and financing costs. (3) The term is determined based on the maximum maturity of the loan, assuming all extension options are exercised by the borrower. Our loan participations sold are inherently non-recourse and term-matched to the corresponding loan. (4) During the years ended December 31, 2024 and 2023, we recorded $22.6 million and $20.6 million, respectively, of interest expense related to our loan participations sold.

Term Loans, Net

Term Loans, Net	12 Months Ended
	Dec. 31, 2024
Debt Disclosure [Abstract]
Long-Term Debt	SECURED DEBT, NET Our secured debt includes our secured credit facilities. During the year ended December 31, 2024, we closed $614.1 million of new borrowings against $808.9 million of collateral assets. The following table details our secured debt ($ in thousands): Secured Debt Borrowings Outstanding December 31, 2024 December 31, 2023 Secured credit facilities $ 9,705,529 $ 12,697,058 Deferred financing costs (1) (9,195) (13,963) Net book value of secured debt $ 9,696,334 $ 12,683,095 (1) Costs incurred in connection with our secured debt are recorded on our consolidated balance sheets when incurred and recognized as a component of interest expense over the life of each related facility. Secured Credit Facilities Our secured credit facilities are bilateral agreements we use to finance diversified pools of senior loan collateral with sufficient flexibility to accommodate our investment and asset management strategy. The facilities are uniformly structured to provide currency, index, and term-matched financing without capital markets based mark-to-market provisions. Our credit facilities are diversified across 14 counterparties, primarily consisting of top global financial institutions to minimize our counterparty risk exposure. The following table details our secured credit facilities as of December 31, 2024 ($ in thousands): December 31, 2024 Recourse Limitation Currency Lenders (1) Borrowings Wtd. Avg. Maturity (2) Loan Count Collateral (3) Wtd. Avg. Maturity (4) Wtd. Avg. Range USD 13 $ 4,796,857 November 2026 85 $ 8,302,871 December 2026 37% 25% - 100% GBP 6 2,161,978 February 2027 16 2,877,608 February 2027 26% 25% - 50% EUR 7 1,653,370 October 2026 10 2,260,687 October 2026 40% 25% - 100% Others (5) 4 1,093,324 April 2028 4 1,366,655 April 2028 25% 25% Total 14 $ 9,705,529 January 2027 115 $ 14,807,821 February 2027 34% 25% - 100% (1) Represents the number of lenders with fundings advanced in each respective currency, as well as the total number of facility lenders. (2) Our secured debt agreements are generally term-matched to their underlying collateral. Therefore, the weighted-average maturity is generally allocated based on the maximum maturity date of the collateral loans, assuming all extension options are exercised by the borrower. In limited instances, the maturity date of the respective secured credit facility is used. (3) Represents the principal balance of the collateral loan assets and the book value of the collateral REO assets. (4) Maximum maturity assumes all extension options are exercised by the borrower, however our loans may be repaid prior to such date. (5) Includes Australian Dollar, Swedish Krona, and Swiss Franc currencies. The availability of funding under our secured credit facilities is based on the amount of approved collateral, which collateral is proposed by us in our discretion and approved by the respective counterparty in its discretion, resulting in a mutually agreed collateral portfolio construction. Certain structural elements of our secured credit facilities, including the limitation on recourse to us and facility economics, are influenced by the specific collateral portfolio construction of each facility, and therefore vary within and among the facilities. The following tables detail the spread of our secured debt as of December 31, 2024 and 2023 ($ in thousands): Year Ended December 31, 2024 December 31, 2024 Spread (1) New Financings (2) Total Borrowings Wtd. Avg. All-in Cost (1)(3)(4) Collateral (5) Wtd. Avg. All-in Yield (1)(3) Net Interest Margin (6) + 1.50% or less $ 165,616 $ 3,976,192 +1.53 % $ 6,185,925 +3.18 % +1.65 % + 1.51% to + 1.75% 74,118 2,238,376 +1.78 % 3,140,937 +3.52 % +1.74 % + 1.76% to + 2.00% — 969,541 +2.09 % 1,802,431 +3.67 % +1.58 % + 2.01% or more 374,407 2,521,420 +2.61 % 3,678,528 +4.31 % +1.70 % Total $ 614,141 $ 9,705,529 +1.92 % $ 14,807,821 +3.58 % +1.66 % Year Ended December 31, 2023 December 31, 2023 Spread (1) New Financings (2) Total Borrowings Wtd. Avg. All-in Cost (1)(3)(4) Collateral (5) Wtd. Avg. All-in Yield (1)(3) Net Interest Margin (6) + 1.50% or less $ — $ 5,647,848 +1.53 % $ 8,341,383 +3.24 % +1.71 % + 1.51% to + 1.75% — 2,679,699 +1.82 % 3,723,365 +3.49 % +1.67 % + 1.76% to + 2.00% 42,908 1,850,809 +2.11 % 2,913,067 +3.92 % +1.81 % + 2.01% or more 69,170 2,518,702 +2.64 % 3,616,503 +4.30 % +1.66 % Total $ 112,078 $ 12,697,058 +1.89 % $ 18,594,318 +3.58 % +1.69 % (1) The spread, all-in cost, and all-in yield are expressed over the relevant floating benchmark rates, which include SOFR, SONIA, EURIBOR, and other indices as applicable. (2) Represents the amount of new borrowings we closed during the years ended December 31, 2024 and 2023, respectively. (3) In addition to spread, the cost includes the associated deferred fees and expenses related to the respective borrowings. In addition to cash coupon, all-in yield includes the amortization of deferred origination and extension fees, loan origination costs, and purchase discounts, as well as the accrual of exit fees. All-in yield excludes loans accounted for under the cost-recovery and nonaccrual methods, if any, and REO assets. (4) Represents the weighted-average all-in cost as of December 31, 2024 and 2023, respectively, and is not necessarily indicative of the spread applicable to recent or future borrowings. (5) Represents the principal balance of the collateral loan assets and the book value of the collateral REO assets. (6) Represents the difference between the weighted-average all-in yield and weighted-average all-in cost. Our secured credit facilities generally permit us to increase or decrease the amount advanced against the pledged collateral in our discretion within certain maximum/minimum amounts and frequency limitations. As of December 31, 2024, there was an aggregate $1.1 billion available to be drawn at our discretion under our credit facilities. Acquisition Facility We previously had a $100.0 million full recourse secured credit facility that was designed to finance eligible first mortgage originations for up to nine months as a bridge to term financing without obtaining discretionary lender approval. The cost of borrowing under the facility was variable, dependent on the type of loan collateral. This facility matured on April 3, 2024. During the years ended December 31, 2024 and 2023, we had no borrowings under the acquisition facility, and we recorded interest expense of $126,000 and $722,000, respectively, including $35,000 and $233,000, respectively of amortization of deferred fees and expenses. Financial Covenants As of December 31, 2024, we are subject to the following financial covenants related to our secured debt: (i) our ratio of earnings before interest, taxes, depreciation, and amortization, or EBITDA, to fixed charges, as defined in the agreements, shall be not less than 1.25 to 1.0; (ii) our tangible net worth, as defined in the agreements, shall not be less than $3.6 billion as of each measurement date plus 75% to 85% of the net cash proceeds of future equity issuances subsequent to December 31, 2024; (iii) cash liquidity shall not be less than the greater of (x) $10.0 million or (y) no more than 5% of our recourse indebtedness; and (iv) our indebtedness shall not exceed 83.33% of our total assets. As of December 31, 2024 and 2023, we were in compliance with these covenants. During the year ended December 31, 2024, the financial covenant under each applicable secured debt agreement related to the ratio of our EBITDA to fixed charges, as noted above, was amended so that the ratio shall be not less than 1.25 to 1.0 with respect to each of the four fiscal quarters beginning with the quarter ended September 30, 2024, and shall be not less than 1.3 to 1.0 thereafter. We have financed certain pools of our loans through collateralized loan obligations, or CLOs. The CLOs are consolidated in our financial statements and have issued securitized debt obligations that are non-recourse to us. Refer to Note 20 for further discussion of our CLOs. The following tables detail our securitized debt obligations and the underlying collateral assets that are financed by our CLOs ($ in thousands): December 31, 2024 Securitized Debt Obligations Count Principal Balance Book Value (1) Wtd. Avg. Yield/Cost (2)(3) Term (4) 2021 FL4 Collateralized Loan Obligation Senior CLO Securities Outstanding 1 $ 785,453 $ 785,442 + 1.39 % May 2038 Underlying Collateral Assets 22 952,764 952,764 + 2.95 % August 2026 2020 FL3 Collateralized Loan Obligation Senior CLO Securities Outstanding 1 552,664 552,663 + 1.92 % November 2037 Underlying Collateral Assets 12 743,914 743,914 + 2.92 % June 2026 2020 FL2 Collateralized Loan Obligation Senior CLO Securities Outstanding 1 598,850 598,851 + 1.50 % February 2038 Underlying Collateral Assets 12 855,725 855,725 + 2.79 % August 2026 Total Senior CLO Securities Outstanding (5) 3 $ 1,936,967 $ 1,936,956 +1.57 % Underlying Collateral Assets 46 $ 2,552,403 $ 2,552,403 + 2.98 % (1) The book value of underlying collateral assets excludes any applicable CECL reserves. (2) In addition to cash coupon, all-in yield includes the amortization of deferred origination and extension fees, loan origination costs, purchase discounts, and accrual of exit fees. (3) The weighted-average all-in yield and cost are expressed as a spread over SOFR. All-in yield excludes loans accounted for under the cost-recovery and nonaccrual methods, if any, and REO assets. (4) Underlying Collateral Assets term represents the weighted-average final maturity of such loans, assuming all extension options are exercised by the borrower, and excludes REO assets. Repayments of securitized debt obligations are tied to timing of the related collateral loan asset repayments. The term of these obligations represents the rated final distribution date of the securitizations. (5) During the year ended December 31, 2024, we recorded $157.0 million of interest expense related to our securitized debt obligations. December 31, 2023 Securitized Debt Obligations Count Principal Balance Book Value (1) Wtd. Avg. Yield/Cost (2)(3) Term (4) 2021 FL4 Collateralized Loan Obligation Senior CLO Securities Outstanding 1 $ 803,750 $ 801,800 + 1.70 % May 2038 Underlying Collateral Assets 26 1,000,000 1,000,000 + 3.28 % December 2025 2020 FL3 Collateralized Loan Obligation Senior CLO Securities Outstanding 1 714,352 714,352 + 2.18 % November 2037 Underlying Collateral Assets 15 905,602 905,602 + 2.87 % September 2025 2020 FL2 Collateralized Loan Obligation Senior CLO Securities Outstanding 1 989,412 989,265 + 1.57 % February 2038 Underlying Collateral Assets 15 1,246,287 1,246,287 + 2.85 % October 2025 Total Senior CLO Securities Outstanding (5) 3 $ 2,507,514 $ 2,505,417 +1.79 % Underlying Collateral Assets 56 $ 3,151,889 $ 3,151,889 +2.99 % (1) The book value of underlying collateral assets excludes any applicable CECL reserves. (2) In addition to cash coupon, all-in yield includes the amortization of deferred origination and extension fees, loan origination costs, purchase discounts, and accrual of exit fees. (3) The weighted-average all-in yield and cost are expressed as a spread over SOFR (4) Underlying Collateral Assets term represents the weighted-average final maturity of such loans, assuming all extension options are exercised by the borrower. Repayments of securitized debt obligations are tied to timing of the related collateral loan asset repayments. The term of these obligations represents the rated final distribution date of the securitizations. (5) During the year ended December 31, 2023, we recorded $171.4 million of interest expense related to our securitized debt obligations. The following table details our asset-specific debt ($ in thousands): December 31, 2024 Asset-Specific Debt Count Principal Balance Book Value (1) Wtd. Avg. Yield/Cost (2) Wtd. Avg. Term (3) Financing provided 2 $ 1,228,110 $ 1,224,841 + 3.20 % June 2026 Collateral assets 2 $ 1,467,185 $ 1,459,864 + 4.03 % June 2026 December 31, 2023 Asset-Specific Debt Count Principal Balance Book Value (1) Wtd. Avg. Yield/Cost (2) Wtd. Avg. Term (3) Financing provided 2 $ 1,004,097 $ 1,000,210 + 3.14 % March 2026 Collateral assets 2 $ 1,194,408 $ 1,186,559 + 3.98 % March 2026 (1) The book value of underlying collateral assets excludes any applicable CECL reserves. (2) The weighted-average all-in yield and cost are expressed as a spread over SOFR. (3) The weighted-average term is determined based on the maximum maturity of the corresponding loans, assuming all extension options are exercised by the borrower. Our non-recourse, asset-specific debt is term-matched in each case to the corresponding collateral loans. During the year ended December 31, 2024, we borrowed an additional $650.0 million under one of our senior term loan facilities, or the B-5 Term Loan. The B-5 Term Loan bears interest at SOFR plus 3.75% and matures in December 2028. The proceeds of the B-5 Term Loan were used to repay in full the $407.8 million outstanding on the B-3 Term Loan and $242.2 million of the B-1 Term Loan. Additionally, we repaid an incremental $350.0 million of the B-1 Term Loan using proceeds from the issuance of the 7.75% senior secured notes due 2029, or the senior secured notes due 2029. As of December 31, 2024, the following senior term loan facilities, or Term Loans, were outstanding ($ in thousands): Term Loans Face Value Interest Rate (1) All-in Cost (1)(2) Maturity B-1 Term Loan $ 309,268 + 2.36 % + 2.53 % April 23, 2026 B-4 Term Loan 805,169 + 3.50 % + 4.11 % May 9, 2029 B-5 Term Loan 650,000 + 3.75 % + 4.27 % December 10, 2028 Total face value $ 1,764,437 (1) The B-4 Term Loan and the B-5 Term Loan borrowings are subject to a floor of 0.50%. The Term Loans are indexed to one-month SOFR. (2) Includes issue discount and transaction expenses that are amortized through interest expense over the life of the Term Loans. The Term Loans are partially amortizing, with an amount equal to 1.0% per annum of the aggregate initial principal balance due in quarterly installments. The issue discount and transaction expenses on the B-1 Term Loan were $3.1 million and $12.6 million, respectively. The issue discount and transaction expenses of the B-4 Term Loan were $17.3 million and $10.3 million, respectively. The issue discount and transaction expenses of the B-5 Term loan were $3.3 million and $5.9 million, respectively. These discounts and expenses are amortized into interest expense over the life of each Term Loan. During the year ended December 31, 2024, we recorded $184.9 million of interest expense related to our Term Loans, including $11.8 million of amortization of deferred fees and expenses. During the year ended December 31, 2024, we repurchased an aggregate principal amount of $2.3 million of the B-1 Term Loan at a weighted-average price of 99%. This resulted in a gain on extinguishment of debt of $25,000 during the year ended December 31, 2024. There was no repurchase activity during the year ended December 31, 2023. The following table details the net book value of our Term Loans on our consolidated balance sheets ($ in thousands): December 31, 2024 December 31, 2023 Face value $ 1,764,437 $ 2,135,221 Deferred financing costs and unamortized discount (32,364) (33,589) Net book value $ 1,732,073 $ 2,101,632 The Term Loans contain the financial covenant that our indebtedness shall not exceed 83.33% of our total assets. As of December 31, 2024 and 2023, we were in compliance with this covenant. Refer to Note 2 for additional discussion of our accounting policies for the Term Loans. During the year ended December 31, 2024, we issued $450.0 million aggregate principal amount of the senior secured notes due 2029. As of December 31, 2024, the following senior secured notes, or Senior Secured Notes, were outstanding ($ in thousands): Senior Secured Notes Issuance Face Value Interest Rate All-in Cost (1) Maturity October 2021 $ 335,316 3.75 % 4.06 % January 15, 2027 December 2024 450,000 7.75 % (2) 8.14 % December 1, 2029 (1) Includes transaction expenses that are amortized through interest expense over the life of the Senior Secured Notes. (2) Represents the stated coupon rate of the notes. We have entered into an interest rate swap that effectively converts our fixed rate exposure to a SOFR + 3.95% floating rate exposure. The transaction expenses on the senior secured notes due 2027, or the October 2021 senior secured notes, were $6.3 million, which are amortized into interest expense over the life of the October 2021 senior secured notes. The transaction expenses on the senior secured notes due 2029 were $7.9 million, which are amortized into interest expense over the life of the senior secured notes due 2029. During the year ended December 31, 2024, we recorded $16.1 million of interest expense related to our Senior Secured Notes, including $1.1 million of amortization of deferred fees and expenses. During the year ended December 31, 2024, we repurchased an aggregate principal amount of $30.8 million of the October 2021 senior secured notes at a weighted-average price of 88%. This resulted in a gain on extinguishment of debt of $3.3 million during the year ended December 31, 2024. During the year ended December 31, 2023, we repurchased an aggregate principal amount of $33.9 million of the October 2021 senior secured notes at a weighted-average price of 85%. This resulted in a gain on extinguishment of debt of $4.6 million during the year ended December 31, 2023. The following table details the net book value of our Senior Secured Notes on our consolidated balance sheets ($ in thousands): December 31, 2024 December 31, 2023 Face value $ 785,316 $ 366,090 Deferred financing costs (9,857) (3,327) Hedging adjustments (1) (4,424) — Net book value $ 771,035 $ 362,763 (1) Represents the fair value of an interest rate swap that we entered into to convert the fixed rate exposure of the senior secured notes due 2029 into floating rate. Refer to Note 14 for additional discussion. The Senior Secured Notes contain the financial covenant that our indebtedness shall not exceed 83.33% of our total assets. As of December 31, 2024 and 2023, we were in compliance with this covenant. Under certain circumstances, we may, at our option, release all of the collateral securing our Senior Secured Notes, in which case we would also be required to maintain a total unencumbered assets to total unsecured indebtedness ratio of 1.20 or greater. This covenant is not currently in effect as the collateral securing our Senior Secured Notes has not been released. As of December 31, 2024, the following convertible senior notes, or Convertible Notes, were outstanding ($ in thousands): Convertible Notes Issuance Face Value Interest Rate All-in Cost (1) Conversion Price (2) Maturity March 2022 convertible notes $ 266,157 5.50% 5.79% $36.27 March 15, 2027 (1) Includes issuance costs that are amortized through interest expense over the life of the Convertible Notes using the effective interest method. (2) Represents the price of class A common stock per share based on a conversion rate of 27.5702 for the Convertible Notes. The conversion rate represents the number of shares of class A common stock issuable per $1,000 principal amount of Convertible Notes. The cumulative dividend threshold has not been exceeded as of December 31, 2024. Other than as provided by the optional redemption provisions with respect to our Convertible Notes, we may not redeem the Convertible Notes prior to maturity. The Convertible Notes are convertible at the holders’ option into shares of our class A common stock, only under specific circumstances, prior to the close of business on December 14, 2026 at the applicable conversion rate in effect on the conversion date. Thereafter, the Convertible Notes are convertible at the option of the holder at any time until the second scheduled trading day immediately preceding the maturity date. The last reported sale price of our class A common stock of $17.41 on December 31, 2024, the last trading day in the year ended December 31, 2024, was less than the per share conversion price of the Convertible Notes. During the year ended December 31, 2024, we repurchased an aggregate principal amount of $33.8 million of the Convertible Notes at a weighted-average price of 93%. This resulted in a gain on extinguishment of debt of $2.0 million during the year ended December 31, 2024. There was no repurchase activity during the year ended December 31, 2023. The following table details the net book value of our Convertible Notes on our consolidated balance sheets ($ in thousands): December 31, 2024 December 31, 2023 Face value $ 266,157 $ 300,000 Deferred financing costs and unamortized discount (2,541) (4,153) Net book value $ 263,616 $ 295,847 The following table details our interest expense related to the Convertible Notes ($ in thousands): Year Ended December 31, 2024 2023 2022 Cash coupon $ 15,784 $ 18,639 $ 28,859 Discount and issuance cost amortization 1,227 1,589 2,853 Total interest expense $ 17,011 $ 20,228 $ 31,712 Accrued interest payable for the Convertible Notes was $4.3 million and $4.9 million

Senior Secured Notes, Net

Senior Secured Notes, Net	12 Months Ended
	Dec. 31, 2024
Debt Disclosure [Abstract]
Long-Term Debt	SECURED DEBT, NET Our secured debt includes our secured credit facilities. During the year ended December 31, 2024, we closed $614.1 million of new borrowings against $808.9 million of collateral assets. The following table details our secured debt ($ in thousands): Secured Debt Borrowings Outstanding December 31, 2024 December 31, 2023 Secured credit facilities $ 9,705,529 $ 12,697,058 Deferred financing costs (1) (9,195) (13,963) Net book value of secured debt $ 9,696,334 $ 12,683,095 (1) Costs incurred in connection with our secured debt are recorded on our consolidated balance sheets when incurred and recognized as a component of interest expense over the life of each related facility. Secured Credit Facilities Our secured credit facilities are bilateral agreements we use to finance diversified pools of senior loan collateral with sufficient flexibility to accommodate our investment and asset management strategy. The facilities are uniformly structured to provide currency, index, and term-matched financing without capital markets based mark-to-market provisions. Our credit facilities are diversified across 14 counterparties, primarily consisting of top global financial institutions to minimize our counterparty risk exposure. The following table details our secured credit facilities as of December 31, 2024 ($ in thousands): December 31, 2024 Recourse Limitation Currency Lenders (1) Borrowings Wtd. Avg. Maturity (2) Loan Count Collateral (3) Wtd. Avg. Maturity (4) Wtd. Avg. Range USD 13 $ 4,796,857 November 2026 85 $ 8,302,871 December 2026 37% 25% - 100% GBP 6 2,161,978 February 2027 16 2,877,608 February 2027 26% 25% - 50% EUR 7 1,653,370 October 2026 10 2,260,687 October 2026 40% 25% - 100% Others (5) 4 1,093,324 April 2028 4 1,366,655 April 2028 25% 25% Total 14 $ 9,705,529 January 2027 115 $ 14,807,821 February 2027 34% 25% - 100% (1) Represents the number of lenders with fundings advanced in each respective currency, as well as the total number of facility lenders. (2) Our secured debt agreements are generally term-matched to their underlying collateral. Therefore, the weighted-average maturity is generally allocated based on the maximum maturity date of the collateral loans, assuming all extension options are exercised by the borrower. In limited instances, the maturity date of the respective secured credit facility is used. (3) Represents the principal balance of the collateral loan assets and the book value of the collateral REO assets. (4) Maximum maturity assumes all extension options are exercised by the borrower, however our loans may be repaid prior to such date. (5) Includes Australian Dollar, Swedish Krona, and Swiss Franc currencies. The availability of funding under our secured credit facilities is based on the amount of approved collateral, which collateral is proposed by us in our discretion and approved by the respective counterparty in its discretion, resulting in a mutually agreed collateral portfolio construction. Certain structural elements of our secured credit facilities, including the limitation on recourse to us and facility economics, are influenced by the specific collateral portfolio construction of each facility, and therefore vary within and among the facilities. The following tables detail the spread of our secured debt as of December 31, 2024 and 2023 ($ in thousands): Year Ended December 31, 2024 December 31, 2024 Spread (1) New Financings (2) Total Borrowings Wtd. Avg. All-in Cost (1)(3)(4) Collateral (5) Wtd. Avg. All-in Yield (1)(3) Net Interest Margin (6) + 1.50% or less $ 165,616 $ 3,976,192 +1.53 % $ 6,185,925 +3.18 % +1.65 % + 1.51% to + 1.75% 74,118 2,238,376 +1.78 % 3,140,937 +3.52 % +1.74 % + 1.76% to + 2.00% — 969,541 +2.09 % 1,802,431 +3.67 % +1.58 % + 2.01% or more 374,407 2,521,420 +2.61 % 3,678,528 +4.31 % +1.70 % Total $ 614,141 $ 9,705,529 +1.92 % $ 14,807,821 +3.58 % +1.66 % Year Ended December 31, 2023 December 31, 2023 Spread (1) New Financings (2) Total Borrowings Wtd. Avg. All-in Cost (1)(3)(4) Collateral (5) Wtd. Avg. All-in Yield (1)(3) Net Interest Margin (6) + 1.50% or less $ — $ 5,647,848 +1.53 % $ 8,341,383 +3.24 % +1.71 % + 1.51% to + 1.75% — 2,679,699 +1.82 % 3,723,365 +3.49 % +1.67 % + 1.76% to + 2.00% 42,908 1,850,809 +2.11 % 2,913,067 +3.92 % +1.81 % + 2.01% or more 69,170 2,518,702 +2.64 % 3,616,503 +4.30 % +1.66 % Total $ 112,078 $ 12,697,058 +1.89 % $ 18,594,318 +3.58 % +1.69 % (1) The spread, all-in cost, and all-in yield are expressed over the relevant floating benchmark rates, which include SOFR, SONIA, EURIBOR, and other indices as applicable. (2) Represents the amount of new borrowings we closed during the years ended December 31, 2024 and 2023, respectively. (3) In addition to spread, the cost includes the associated deferred fees and expenses related to the respective borrowings. In addition to cash coupon, all-in yield includes the amortization of deferred origination and extension fees, loan origination costs, and purchase discounts, as well as the accrual of exit fees. All-in yield excludes loans accounted for under the cost-recovery and nonaccrual methods, if any, and REO assets. (4) Represents the weighted-average all-in cost as of December 31, 2024 and 2023, respectively, and is not necessarily indicative of the spread applicable to recent or future borrowings. (5) Represents the principal balance of the collateral loan assets and the book value of the collateral REO assets. (6) Represents the difference between the weighted-average all-in yield and weighted-average all-in cost. Our secured credit facilities generally permit us to increase or decrease the amount advanced against the pledged collateral in our discretion within certain maximum/minimum amounts and frequency limitations. As of December 31, 2024, there was an aggregate $1.1 billion available to be drawn at our discretion under our credit facilities. Acquisition Facility We previously had a $100.0 million full recourse secured credit facility that was designed to finance eligible first mortgage originations for up to nine months as a bridge to term financing without obtaining discretionary lender approval. The cost of borrowing under the facility was variable, dependent on the type of loan collateral. This facility matured on April 3, 2024. During the years ended December 31, 2024 and 2023, we had no borrowings under the acquisition facility, and we recorded interest expense of $126,000 and $722,000, respectively, including $35,000 and $233,000, respectively of amortization of deferred fees and expenses. Financial Covenants As of December 31, 2024, we are subject to the following financial covenants related to our secured debt: (i) our ratio of earnings before interest, taxes, depreciation, and amortization, or EBITDA, to fixed charges, as defined in the agreements, shall be not less than 1.25 to 1.0; (ii) our tangible net worth, as defined in the agreements, shall not be less than $3.6 billion as of each measurement date plus 75% to 85% of the net cash proceeds of future equity issuances subsequent to December 31, 2024; (iii) cash liquidity shall not be less than the greater of (x) $10.0 million or (y) no more than 5% of our recourse indebtedness; and (iv) our indebtedness shall not exceed 83.33% of our total assets. As of December 31, 2024 and 2023, we were in compliance with these covenants. During the year ended December 31, 2024, the financial covenant under each applicable secured debt agreement related to the ratio of our EBITDA to fixed charges, as noted above, was amended so that the ratio shall be not less than 1.25 to 1.0 with respect to each of the four fiscal quarters beginning with the quarter ended September 30, 2024, and shall be not less than 1.3 to 1.0 thereafter. We have financed certain pools of our loans through collateralized loan obligations, or CLOs. The CLOs are consolidated in our financial statements and have issued securitized debt obligations that are non-recourse to us. Refer to Note 20 for further discussion of our CLOs. The following tables detail our securitized debt obligations and the underlying collateral assets that are financed by our CLOs ($ in thousands): December 31, 2024 Securitized Debt Obligations Count Principal Balance Book Value (1) Wtd. Avg. Yield/Cost (2)(3) Term (4) 2021 FL4 Collateralized Loan Obligation Senior CLO Securities Outstanding 1 $ 785,453 $ 785,442 + 1.39 % May 2038 Underlying Collateral Assets 22 952,764 952,764 + 2.95 % August 2026 2020 FL3 Collateralized Loan Obligation Senior CLO Securities Outstanding 1 552,664 552,663 + 1.92 % November 2037 Underlying Collateral Assets 12 743,914 743,914 + 2.92 % June 2026 2020 FL2 Collateralized Loan Obligation Senior CLO Securities Outstanding 1 598,850 598,851 + 1.50 % February 2038 Underlying Collateral Assets 12 855,725 855,725 + 2.79 % August 2026 Total Senior CLO Securities Outstanding (5) 3 $ 1,936,967 $ 1,936,956 +1.57 % Underlying Collateral Assets 46 $ 2,552,403 $ 2,552,403 + 2.98 % (1) The book value of underlying collateral assets excludes any applicable CECL reserves. (2) In addition to cash coupon, all-in yield includes the amortization of deferred origination and extension fees, loan origination costs, purchase discounts, and accrual of exit fees. (3) The weighted-average all-in yield and cost are expressed as a spread over SOFR. All-in yield excludes loans accounted for under the cost-recovery and nonaccrual methods, if any, and REO assets. (4) Underlying Collateral Assets term represents the weighted-average final maturity of such loans, assuming all extension options are exercised by the borrower, and excludes REO assets. Repayments of securitized debt obligations are tied to timing of the related collateral loan asset repayments. The term of these obligations represents the rated final distribution date of the securitizations. (5) During the year ended December 31, 2024, we recorded $157.0 million of interest expense related to our securitized debt obligations. December 31, 2023 Securitized Debt Obligations Count Principal Balance Book Value (1) Wtd. Avg. Yield/Cost (2)(3) Term (4) 2021 FL4 Collateralized Loan Obligation Senior CLO Securities Outstanding 1 $ 803,750 $ 801,800 + 1.70 % May 2038 Underlying Collateral Assets 26 1,000,000 1,000,000 + 3.28 % December 2025 2020 FL3 Collateralized Loan Obligation Senior CLO Securities Outstanding 1 714,352 714,352 + 2.18 % November 2037 Underlying Collateral Assets 15 905,602 905,602 + 2.87 % September 2025 2020 FL2 Collateralized Loan Obligation Senior CLO Securities Outstanding 1 989,412 989,265 + 1.57 % February 2038 Underlying Collateral Assets 15 1,246,287 1,246,287 + 2.85 % October 2025 Total Senior CLO Securities Outstanding (5) 3 $ 2,507,514 $ 2,505,417 +1.79 % Underlying Collateral Assets 56 $ 3,151,889 $ 3,151,889 +2.99 % (1) The book value of underlying collateral assets excludes any applicable CECL reserves. (2) In addition to cash coupon, all-in yield includes the amortization of deferred origination and extension fees, loan origination costs, purchase discounts, and accrual of exit fees. (3) The weighted-average all-in yield and cost are expressed as a spread over SOFR (4) Underlying Collateral Assets term represents the weighted-average final maturity of such loans, assuming all extension options are exercised by the borrower. Repayments of securitized debt obligations are tied to timing of the related collateral loan asset repayments. The term of these obligations represents the rated final distribution date of the securitizations. (5) During the year ended December 31, 2023, we recorded $171.4 million of interest expense related to our securitized debt obligations. The following table details our asset-specific debt ($ in thousands): December 31, 2024 Asset-Specific Debt Count Principal Balance Book Value (1) Wtd. Avg. Yield/Cost (2) Wtd. Avg. Term (3) Financing provided 2 $ 1,228,110 $ 1,224,841 + 3.20 % June 2026 Collateral assets 2 $ 1,467,185 $ 1,459,864 + 4.03 % June 2026 December 31, 2023 Asset-Specific Debt Count Principal Balance Book Value (1) Wtd. Avg. Yield/Cost (2) Wtd. Avg. Term (3) Financing provided 2 $ 1,004,097 $ 1,000,210 + 3.14 % March 2026 Collateral assets 2 $ 1,194,408 $ 1,186,559 + 3.98 % March 2026 (1) The book value of underlying collateral assets excludes any applicable CECL reserves. (2) The weighted-average all-in yield and cost are expressed as a spread over SOFR. (3) The weighted-average term is determined based on the maximum maturity of the corresponding loans, assuming all extension options are exercised by the borrower. Our non-recourse, asset-specific debt is term-matched in each case to the corresponding collateral loans. During the year ended December 31, 2024, we borrowed an additional $650.0 million under one of our senior term loan facilities, or the B-5 Term Loan. The B-5 Term Loan bears interest at SOFR plus 3.75% and matures in December 2028. The proceeds of the B-5 Term Loan were used to repay in full the $407.8 million outstanding on the B-3 Term Loan and $242.2 million of the B-1 Term Loan. Additionally, we repaid an incremental $350.0 million of the B-1 Term Loan using proceeds from the issuance of the 7.75% senior secured notes due 2029, or the senior secured notes due 2029. As of December 31, 2024, the following senior term loan facilities, or Term Loans, were outstanding ($ in thousands): Term Loans Face Value Interest Rate (1) All-in Cost (1)(2) Maturity B-1 Term Loan $ 309,268 + 2.36 % + 2.53 % April 23, 2026 B-4 Term Loan 805,169 + 3.50 % + 4.11 % May 9, 2029 B-5 Term Loan 650,000 + 3.75 % + 4.27 % December 10, 2028 Total face value $ 1,764,437 (1) The B-4 Term Loan and the B-5 Term Loan borrowings are subject to a floor of 0.50%. The Term Loans are indexed to one-month SOFR. (2) Includes issue discount and transaction expenses that are amortized through interest expense over the life of the Term Loans. The Term Loans are partially amortizing, with an amount equal to 1.0% per annum of the aggregate initial principal balance due in quarterly installments. The issue discount and transaction expenses on the B-1 Term Loan were $3.1 million and $12.6 million, respectively. The issue discount and transaction expenses of the B-4 Term Loan were $17.3 million and $10.3 million, respectively. The issue discount and transaction expenses of the B-5 Term loan were $3.3 million and $5.9 million, respectively. These discounts and expenses are amortized into interest expense over the life of each Term Loan. During the year ended December 31, 2024, we recorded $184.9 million of interest expense related to our Term Loans, including $11.8 million of amortization of deferred fees and expenses. During the year ended December 31, 2024, we repurchased an aggregate principal amount of $2.3 million of the B-1 Term Loan at a weighted-average price of 99%. This resulted in a gain on extinguishment of debt of $25,000 during the year ended December 31, 2024. There was no repurchase activity during the year ended December 31, 2023. The following table details the net book value of our Term Loans on our consolidated balance sheets ($ in thousands): December 31, 2024 December 31, 2023 Face value $ 1,764,437 $ 2,135,221 Deferred financing costs and unamortized discount (32,364) (33,589) Net book value $ 1,732,073 $ 2,101,632 The Term Loans contain the financial covenant that our indebtedness shall not exceed 83.33% of our total assets. As of December 31, 2024 and 2023, we were in compliance with this covenant. Refer to Note 2 for additional discussion of our accounting policies for the Term Loans. During the year ended December 31, 2024, we issued $450.0 million aggregate principal amount of the senior secured notes due 2029. As of December 31, 2024, the following senior secured notes, or Senior Secured Notes, were outstanding ($ in thousands): Senior Secured Notes Issuance Face Value Interest Rate All-in Cost (1) Maturity October 2021 $ 335,316 3.75 % 4.06 % January 15, 2027 December 2024 450,000 7.75 % (2) 8.14 % December 1, 2029 (1) Includes transaction expenses that are amortized through interest expense over the life of the Senior Secured Notes. (2) Represents the stated coupon rate of the notes. We have entered into an interest rate swap that effectively converts our fixed rate exposure to a SOFR + 3.95% floating rate exposure. The transaction expenses on the senior secured notes due 2027, or the October 2021 senior secured notes, were $6.3 million, which are amortized into interest expense over the life of the October 2021 senior secured notes. The transaction expenses on the senior secured notes due 2029 were $7.9 million, which are amortized into interest expense over the life of the senior secured notes due 2029. During the year ended December 31, 2024, we recorded $16.1 million of interest expense related to our Senior Secured Notes, including $1.1 million of amortization of deferred fees and expenses. During the year ended December 31, 2024, we repurchased an aggregate principal amount of $30.8 million of the October 2021 senior secured notes at a weighted-average price of 88%. This resulted in a gain on extinguishment of debt of $3.3 million during the year ended December 31, 2024. During the year ended December 31, 2023, we repurchased an aggregate principal amount of $33.9 million of the October 2021 senior secured notes at a weighted-average price of 85%. This resulted in a gain on extinguishment of debt of $4.6 million during the year ended December 31, 2023. The following table details the net book value of our Senior Secured Notes on our consolidated balance sheets ($ in thousands): December 31, 2024 December 31, 2023 Face value $ 785,316 $ 366,090 Deferred financing costs (9,857) (3,327) Hedging adjustments (1) (4,424) — Net book value $ 771,035 $ 362,763 (1) Represents the fair value of an interest rate swap that we entered into to convert the fixed rate exposure of the senior secured notes due 2029 into floating rate. Refer to Note 14 for additional discussion. The Senior Secured Notes contain the financial covenant that our indebtedness shall not exceed 83.33% of our total assets. As of December 31, 2024 and 2023, we were in compliance with this covenant. Under certain circumstances, we may, at our option, release all of the collateral securing our Senior Secured Notes, in which case we would also be required to maintain a total unencumbered assets to total unsecured indebtedness ratio of 1.20 or greater. This covenant is not currently in effect as the collateral securing our Senior Secured Notes has not been released. As of December 31, 2024, the following convertible senior notes, or Convertible Notes, were outstanding ($ in thousands): Convertible Notes Issuance Face Value Interest Rate All-in Cost (1) Conversion Price (2) Maturity March 2022 convertible notes $ 266,157 5.50% 5.79% $36.27 March 15, 2027 (1) Includes issuance costs that are amortized through interest expense over the life of the Convertible Notes using the effective interest method. (2) Represents the price of class A common stock per share based on a conversion rate of 27.5702 for the Convertible Notes. The conversion rate represents the number of shares of class A common stock issuable per $1,000 principal amount of Convertible Notes. The cumulative dividend threshold has not been exceeded as of December 31, 2024. Other than as provided by the optional redemption provisions with respect to our Convertible Notes, we may not redeem the Convertible Notes prior to maturity. The Convertible Notes are convertible at the holders’ option into shares of our class A common stock, only under specific circumstances, prior to the close of business on December 14, 2026 at the applicable conversion rate in effect on the conversion date. Thereafter, the Convertible Notes are convertible at the option of the holder at any time until the second scheduled trading day immediately preceding the maturity date. The last reported sale price of our class A common stock of $17.41 on December 31, 2024, the last trading day in the year ended December 31, 2024, was less than the per share conversion price of the Convertible Notes. During the year ended December 31, 2024, we repurchased an aggregate principal amount of $33.8 million of the Convertible Notes at a weighted-average price of 93%. This resulted in a gain on extinguishment of debt of $2.0 million during the year ended December 31, 2024. There was no repurchase activity during the year ended December 31, 2023. The following table details the net book value of our Convertible Notes on our consolidated balance sheets ($ in thousands): December 31, 2024 December 31, 2023 Face value $ 266,157 $ 300,000 Deferred financing costs and unamortized discount (2,541) (4,153) Net book value $ 263,616 $ 295,847 The following table details our interest expense related to the Convertible Notes ($ in thousands): Year Ended December 31, 2024 2023 2022 Cash coupon $ 15,784 $ 18,639 $ 28,859 Discount and issuance cost amortization 1,227 1,589 2,853 Total interest expense $ 17,011 $ 20,228 $ 31,712 Accrued interest payable for the Convertible Notes was $4.3 million and $4.9 million

Convertible Notes, Net

Convertible Notes, Net	12 Months Ended
	Dec. 31, 2024
Debt Instruments [Abstract]
Long-Term Debt	SECURED DEBT, NET Our secured debt includes our secured credit facilities. During the year ended December 31, 2024, we closed $614.1 million of new borrowings against $808.9 million of collateral assets. The following table details our secured debt ($ in thousands): Secured Debt Borrowings Outstanding December 31, 2024 December 31, 2023 Secured credit facilities $ 9,705,529 $ 12,697,058 Deferred financing costs (1) (9,195) (13,963) Net book value of secured debt $ 9,696,334 $ 12,683,095 (1) Costs incurred in connection with our secured debt are recorded on our consolidated balance sheets when incurred and recognized as a component of interest expense over the life of each related facility. Secured Credit Facilities Our secured credit facilities are bilateral agreements we use to finance diversified pools of senior loan collateral with sufficient flexibility to accommodate our investment and asset management strategy. The facilities are uniformly structured to provide currency, index, and term-matched financing without capital markets based mark-to-market provisions. Our credit facilities are diversified across 14 counterparties, primarily consisting of top global financial institutions to minimize our counterparty risk exposure. The following table details our secured credit facilities as of December 31, 2024 ($ in thousands): December 31, 2024 Recourse Limitation Currency Lenders (1) Borrowings Wtd. Avg. Maturity (2) Loan Count Collateral (3) Wtd. Avg. Maturity (4) Wtd. Avg. Range USD 13 $ 4,796,857 November 2026 85 $ 8,302,871 December 2026 37% 25% - 100% GBP 6 2,161,978 February 2027 16 2,877,608 February 2027 26% 25% - 50% EUR 7 1,653,370 October 2026 10 2,260,687 October 2026 40% 25% - 100% Others (5) 4 1,093,324 April 2028 4 1,366,655 April 2028 25% 25% Total 14 $ 9,705,529 January 2027 115 $ 14,807,821 February 2027 34% 25% - 100% (1) Represents the number of lenders with fundings advanced in each respective currency, as well as the total number of facility lenders. (2) Our secured debt agreements are generally term-matched to their underlying collateral. Therefore, the weighted-average maturity is generally allocated based on the maximum maturity date of the collateral loans, assuming all extension options are exercised by the borrower. In limited instances, the maturity date of the respective secured credit facility is used. (3) Represents the principal balance of the collateral loan assets and the book value of the collateral REO assets. (4) Maximum maturity assumes all extension options are exercised by the borrower, however our loans may be repaid prior to such date. (5) Includes Australian Dollar, Swedish Krona, and Swiss Franc currencies. The availability of funding under our secured credit facilities is based on the amount of approved collateral, which collateral is proposed by us in our discretion and approved by the respective counterparty in its discretion, resulting in a mutually agreed collateral portfolio construction. Certain structural elements of our secured credit facilities, including the limitation on recourse to us and facility economics, are influenced by the specific collateral portfolio construction of each facility, and therefore vary within and among the facilities. The following tables detail the spread of our secured debt as of December 31, 2024 and 2023 ($ in thousands): Year Ended December 31, 2024 December 31, 2024 Spread (1) New Financings (2) Total Borrowings Wtd. Avg. All-in Cost (1)(3)(4) Collateral (5) Wtd. Avg. All-in Yield (1)(3) Net Interest Margin (6) + 1.50% or less $ 165,616 $ 3,976,192 +1.53 % $ 6,185,925 +3.18 % +1.65 % + 1.51% to + 1.75% 74,118 2,238,376 +1.78 % 3,140,937 +3.52 % +1.74 % + 1.76% to + 2.00% — 969,541 +2.09 % 1,802,431 +3.67 % +1.58 % + 2.01% or more 374,407 2,521,420 +2.61 % 3,678,528 +4.31 % +1.70 % Total $ 614,141 $ 9,705,529 +1.92 % $ 14,807,821 +3.58 % +1.66 % Year Ended December 31, 2023 December 31, 2023 Spread (1) New Financings (2) Total Borrowings Wtd. Avg. All-in Cost (1)(3)(4) Collateral (5) Wtd. Avg. All-in Yield (1)(3) Net Interest Margin (6) + 1.50% or less $ — $ 5,647,848 +1.53 % $ 8,341,383 +3.24 % +1.71 % + 1.51% to + 1.75% — 2,679,699 +1.82 % 3,723,365 +3.49 % +1.67 % + 1.76% to + 2.00% 42,908 1,850,809 +2.11 % 2,913,067 +3.92 % +1.81 % + 2.01% or more 69,170 2,518,702 +2.64 % 3,616,503 +4.30 % +1.66 % Total $ 112,078 $ 12,697,058 +1.89 % $ 18,594,318 +3.58 % +1.69 % (1) The spread, all-in cost, and all-in yield are expressed over the relevant floating benchmark rates, which include SOFR, SONIA, EURIBOR, and other indices as applicable. (2) Represents the amount of new borrowings we closed during the years ended December 31, 2024 and 2023, respectively. (3) In addition to spread, the cost includes the associated deferred fees and expenses related to the respective borrowings. In addition to cash coupon, all-in yield includes the amortization of deferred origination and extension fees, loan origination costs, and purchase discounts, as well as the accrual of exit fees. All-in yield excludes loans accounted for under the cost-recovery and nonaccrual methods, if any, and REO assets. (4) Represents the weighted-average all-in cost as of December 31, 2024 and 2023, respectively, and is not necessarily indicative of the spread applicable to recent or future borrowings. (5) Represents the principal balance of the collateral loan assets and the book value of the collateral REO assets. (6) Represents the difference between the weighted-average all-in yield and weighted-average all-in cost. Our secured credit facilities generally permit us to increase or decrease the amount advanced against the pledged collateral in our discretion within certain maximum/minimum amounts and frequency limitations. As of December 31, 2024, there was an aggregate $1.1 billion available to be drawn at our discretion under our credit facilities. Acquisition Facility We previously had a $100.0 million full recourse secured credit facility that was designed to finance eligible first mortgage originations for up to nine months as a bridge to term financing without obtaining discretionary lender approval. The cost of borrowing under the facility was variable, dependent on the type of loan collateral. This facility matured on April 3, 2024. During the years ended December 31, 2024 and 2023, we had no borrowings under the acquisition facility, and we recorded interest expense of $126,000 and $722,000, respectively, including $35,000 and $233,000, respectively of amortization of deferred fees and expenses. Financial Covenants As of December 31, 2024, we are subject to the following financial covenants related to our secured debt: (i) our ratio of earnings before interest, taxes, depreciation, and amortization, or EBITDA, to fixed charges, as defined in the agreements, shall be not less than 1.25 to 1.0; (ii) our tangible net worth, as defined in the agreements, shall not be less than $3.6 billion as of each measurement date plus 75% to 85% of the net cash proceeds of future equity issuances subsequent to December 31, 2024; (iii) cash liquidity shall not be less than the greater of (x) $10.0 million or (y) no more than 5% of our recourse indebtedness; and (iv) our indebtedness shall not exceed 83.33% of our total assets. As of December 31, 2024 and 2023, we were in compliance with these covenants. During the year ended December 31, 2024, the financial covenant under each applicable secured debt agreement related to the ratio of our EBITDA to fixed charges, as noted above, was amended so that the ratio shall be not less than 1.25 to 1.0 with respect to each of the four fiscal quarters beginning with the quarter ended September 30, 2024, and shall be not less than 1.3 to 1.0 thereafter. We have financed certain pools of our loans through collateralized loan obligations, or CLOs. The CLOs are consolidated in our financial statements and have issued securitized debt obligations that are non-recourse to us. Refer to Note 20 for further discussion of our CLOs. The following tables detail our securitized debt obligations and the underlying collateral assets that are financed by our CLOs ($ in thousands): December 31, 2024 Securitized Debt Obligations Count Principal Balance Book Value (1) Wtd. Avg. Yield/Cost (2)(3) Term (4) 2021 FL4 Collateralized Loan Obligation Senior CLO Securities Outstanding 1 $ 785,453 $ 785,442 + 1.39 % May 2038 Underlying Collateral Assets 22 952,764 952,764 + 2.95 % August 2026 2020 FL3 Collateralized Loan Obligation Senior CLO Securities Outstanding 1 552,664 552,663 + 1.92 % November 2037 Underlying Collateral Assets 12 743,914 743,914 + 2.92 % June 2026 2020 FL2 Collateralized Loan Obligation Senior CLO Securities Outstanding 1 598,850 598,851 + 1.50 % February 2038 Underlying Collateral Assets 12 855,725 855,725 + 2.79 % August 2026 Total Senior CLO Securities Outstanding (5) 3 $ 1,936,967 $ 1,936,956 +1.57 % Underlying Collateral Assets 46 $ 2,552,403 $ 2,552,403 + 2.98 % (1) The book value of underlying collateral assets excludes any applicable CECL reserves. (2) In addition to cash coupon, all-in yield includes the amortization of deferred origination and extension fees, loan origination costs, purchase discounts, and accrual of exit fees. (3) The weighted-average all-in yield and cost are expressed as a spread over SOFR. All-in yield excludes loans accounted for under the cost-recovery and nonaccrual methods, if any, and REO assets. (4) Underlying Collateral Assets term represents the weighted-average final maturity of such loans, assuming all extension options are exercised by the borrower, and excludes REO assets. Repayments of securitized debt obligations are tied to timing of the related collateral loan asset repayments. The term of these obligations represents the rated final distribution date of the securitizations. (5) During the year ended December 31, 2024, we recorded $157.0 million of interest expense related to our securitized debt obligations. December 31, 2023 Securitized Debt Obligations Count Principal Balance Book Value (1) Wtd. Avg. Yield/Cost (2)(3) Term (4) 2021 FL4 Collateralized Loan Obligation Senior CLO Securities Outstanding 1 $ 803,750 $ 801,800 + 1.70 % May 2038 Underlying Collateral Assets 26 1,000,000 1,000,000 + 3.28 % December 2025 2020 FL3 Collateralized Loan Obligation Senior CLO Securities Outstanding 1 714,352 714,352 + 2.18 % November 2037 Underlying Collateral Assets 15 905,602 905,602 + 2.87 % September 2025 2020 FL2 Collateralized Loan Obligation Senior CLO Securities Outstanding 1 989,412 989,265 + 1.57 % February 2038 Underlying Collateral Assets 15 1,246,287 1,246,287 + 2.85 % October 2025 Total Senior CLO Securities Outstanding (5) 3 $ 2,507,514 $ 2,505,417 +1.79 % Underlying Collateral Assets 56 $ 3,151,889 $ 3,151,889 +2.99 % (1) The book value of underlying collateral assets excludes any applicable CECL reserves. (2) In addition to cash coupon, all-in yield includes the amortization of deferred origination and extension fees, loan origination costs, purchase discounts, and accrual of exit fees. (3) The weighted-average all-in yield and cost are expressed as a spread over SOFR (4) Underlying Collateral Assets term represents the weighted-average final maturity of such loans, assuming all extension options are exercised by the borrower. Repayments of securitized debt obligations are tied to timing of the related collateral loan asset repayments. The term of these obligations represents the rated final distribution date of the securitizations. (5) During the year ended December 31, 2023, we recorded $171.4 million of interest expense related to our securitized debt obligations. The following table details our asset-specific debt ($ in thousands): December 31, 2024 Asset-Specific Debt Count Principal Balance Book Value (1) Wtd. Avg. Yield/Cost (2) Wtd. Avg. Term (3) Financing provided 2 $ 1,228,110 $ 1,224,841 + 3.20 % June 2026 Collateral assets 2 $ 1,467,185 $ 1,459,864 + 4.03 % June 2026 December 31, 2023 Asset-Specific Debt Count Principal Balance Book Value (1) Wtd. Avg. Yield/Cost (2) Wtd. Avg. Term (3) Financing provided 2 $ 1,004,097 $ 1,000,210 + 3.14 % March 2026 Collateral assets 2 $ 1,194,408 $ 1,186,559 + 3.98 % March 2026 (1) The book value of underlying collateral assets excludes any applicable CECL reserves. (2) The weighted-average all-in yield and cost are expressed as a spread over SOFR. (3) The weighted-average term is determined based on the maximum maturity of the corresponding loans, assuming all extension options are exercised by the borrower. Our non-recourse, asset-specific debt is term-matched in each case to the corresponding collateral loans. During the year ended December 31, 2024, we borrowed an additional $650.0 million under one of our senior term loan facilities, or the B-5 Term Loan. The B-5 Term Loan bears interest at SOFR plus 3.75% and matures in December 2028. The proceeds of the B-5 Term Loan were used to repay in full the $407.8 million outstanding on the B-3 Term Loan and $242.2 million of the B-1 Term Loan. Additionally, we repaid an incremental $350.0 million of the B-1 Term Loan using proceeds from the issuance of the 7.75% senior secured notes due 2029, or the senior secured notes due 2029. As of December 31, 2024, the following senior term loan facilities, or Term Loans, were outstanding ($ in thousands): Term Loans Face Value Interest Rate (1) All-in Cost (1)(2) Maturity B-1 Term Loan $ 309,268 + 2.36 % + 2.53 % April 23, 2026 B-4 Term Loan 805,169 + 3.50 % + 4.11 % May 9, 2029 B-5 Term Loan 650,000 + 3.75 % + 4.27 % December 10, 2028 Total face value $ 1,764,437 (1) The B-4 Term Loan and the B-5 Term Loan borrowings are subject to a floor of 0.50%. The Term Loans are indexed to one-month SOFR. (2) Includes issue discount and transaction expenses that are amortized through interest expense over the life of the Term Loans. The Term Loans are partially amortizing, with an amount equal to 1.0% per annum of the aggregate initial principal balance due in quarterly installments. The issue discount and transaction expenses on the B-1 Term Loan were $3.1 million and $12.6 million, respectively. The issue discount and transaction expenses of the B-4 Term Loan were $17.3 million and $10.3 million, respectively. The issue discount and transaction expenses of the B-5 Term loan were $3.3 million and $5.9 million, respectively. These discounts and expenses are amortized into interest expense over the life of each Term Loan. During the year ended December 31, 2024, we recorded $184.9 million of interest expense related to our Term Loans, including $11.8 million of amortization of deferred fees and expenses. During the year ended December 31, 2024, we repurchased an aggregate principal amount of $2.3 million of the B-1 Term Loan at a weighted-average price of 99%. This resulted in a gain on extinguishment of debt of $25,000 during the year ended December 31, 2024. There was no repurchase activity during the year ended December 31, 2023. The following table details the net book value of our Term Loans on our consolidated balance sheets ($ in thousands): December 31, 2024 December 31, 2023 Face value $ 1,764,437 $ 2,135,221 Deferred financing costs and unamortized discount (32,364) (33,589) Net book value $ 1,732,073 $ 2,101,632 The Term Loans contain the financial covenant that our indebtedness shall not exceed 83.33% of our total assets. As of December 31, 2024 and 2023, we were in compliance with this covenant. Refer to Note 2 for additional discussion of our accounting policies for the Term Loans. During the year ended December 31, 2024, we issued $450.0 million aggregate principal amount of the senior secured notes due 2029. As of December 31, 2024, the following senior secured notes, or Senior Secured Notes, were outstanding ($ in thousands): Senior Secured Notes Issuance Face Value Interest Rate All-in Cost (1) Maturity October 2021 $ 335,316 3.75 % 4.06 % January 15, 2027 December 2024 450,000 7.75 % (2) 8.14 % December 1, 2029 (1) Includes transaction expenses that are amortized through interest expense over the life of the Senior Secured Notes. (2) Represents the stated coupon rate of the notes. We have entered into an interest rate swap that effectively converts our fixed rate exposure to a SOFR + 3.95% floating rate exposure. The transaction expenses on the senior secured notes due 2027, or the October 2021 senior secured notes, were $6.3 million, which are amortized into interest expense over the life of the October 2021 senior secured notes. The transaction expenses on the senior secured notes due 2029 were $7.9 million, which are amortized into interest expense over the life of the senior secured notes due 2029. During the year ended December 31, 2024, we recorded $16.1 million of interest expense related to our Senior Secured Notes, including $1.1 million of amortization of deferred fees and expenses. During the year ended December 31, 2024, we repurchased an aggregate principal amount of $30.8 million of the October 2021 senior secured notes at a weighted-average price of 88%. This resulted in a gain on extinguishment of debt of $3.3 million during the year ended December 31, 2024. During the year ended December 31, 2023, we repurchased an aggregate principal amount of $33.9 million of the October 2021 senior secured notes at a weighted-average price of 85%. This resulted in a gain on extinguishment of debt of $4.6 million during the year ended December 31, 2023. The following table details the net book value of our Senior Secured Notes on our consolidated balance sheets ($ in thousands): December 31, 2024 December 31, 2023 Face value $ 785,316 $ 366,090 Deferred financing costs (9,857) (3,327) Hedging adjustments (1) (4,424) — Net book value $ 771,035 $ 362,763 (1) Represents the fair value of an interest rate swap that we entered into to convert the fixed rate exposure of the senior secured notes due 2029 into floating rate. Refer to Note 14 for additional discussion. The Senior Secured Notes contain the financial covenant that our indebtedness shall not exceed 83.33% of our total assets. As of December 31, 2024 and 2023, we were in compliance with this covenant. Under certain circumstances, we may, at our option, release all of the collateral securing our Senior Secured Notes, in which case we would also be required to maintain a total unencumbered assets to total unsecured indebtedness ratio of 1.20 or greater. This covenant is not currently in effect as the collateral securing our Senior Secured Notes has not been released. As of December 31, 2024, the following convertible senior notes, or Convertible Notes, were outstanding ($ in thousands): Convertible Notes Issuance Face Value Interest Rate All-in Cost (1) Conversion Price (2) Maturity March 2022 convertible notes $ 266,157 5.50% 5.79% $36.27 March 15, 2027 (1) Includes issuance costs that are amortized through interest expense over the life of the Convertible Notes using the effective interest method. (2) Represents the price of class A common stock per share based on a conversion rate of 27.5702 for the Convertible Notes. The conversion rate represents the number of shares of class A common stock issuable per $1,000 principal amount of Convertible Notes. The cumulative dividend threshold has not been exceeded as of December 31, 2024. Other than as provided by the optional redemption provisions with respect to our Convertible Notes, we may not redeem the Convertible Notes prior to maturity. The Convertible Notes are convertible at the holders’ option into shares of our class A common stock, only under specific circumstances, prior to the close of business on December 14, 2026 at the applicable conversion rate in effect on the conversion date. Thereafter, the Convertible Notes are convertible at the option of the holder at any time until the second scheduled trading day immediately preceding the maturity date. The last reported sale price of our class A common stock of $17.41 on December 31, 2024, the last trading day in the year ended December 31, 2024, was less than the per share conversion price of the Convertible Notes. During the year ended December 31, 2024, we repurchased an aggregate principal amount of $33.8 million of the Convertible Notes at a weighted-average price of 93%. This resulted in a gain on extinguishment of debt of $2.0 million during the year ended December 31, 2024. There was no repurchase activity during the year ended December 31, 2023. The following table details the net book value of our Convertible Notes on our consolidated balance sheets ($ in thousands): December 31, 2024 December 31, 2023 Face value $ 266,157 $ 300,000 Deferred financing costs and unamortized discount (2,541) (4,153) Net book value $ 263,616 $ 295,847 The following table details our interest expense related to the Convertible Notes ($ in thousands): Year Ended December 31, 2024 2023 2022 Cash coupon $ 15,784 $ 18,639 $ 28,859 Discount and issuance cost amortization 1,227 1,589 2,853 Total interest expense $ 17,011 $ 20,228 $ 31,712 Accrued interest payable for the Convertible Notes was $4.3 million and $4.9 million

Derivative Financial Instrument

Derivative Financial Instruments	12 Months Ended
	Dec. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Financial Instruments	DERIVATIVE FINANCIAL INSTRUMENTS The objective of our use of derivative financial instruments is to minimize the risks and/or costs associated with our investments and/or financing transactions. These derivatives may or may not qualify as net investment, cash flow, or fair value hedges under the hedge accounting requirements of ASC 815 – “Derivatives and Hedging.” Derivatives not designated as hedges are not speculative and are used to manage our exposure to interest rate movements and other identified risks. Refer to Note 2 for additional discussion of the accounting for designated and non-designated hedges. The use of derivative financial instruments involves certain risks, including the risk that the counterparties to these contractual arrangements do not perform as agreed. To mitigate this risk, we only enter into derivative financial instruments with counterparties that have appropriate credit ratings and are major financial institutions with which we and our affiliates also have other financial relationships. Net Investment Hedges of Foreign Currency Risk Certain of our international investments expose us to fluctuations in foreign interest rates and currency exchange rates. These fluctuations may impact the value of our cash receipts and payments in terms of our functional currency, the U.S. dollar. We use foreign currency forward contracts to protect the value or fix the amount of certain investments or cash flows in terms of the U.S. dollar. Designated Hedges of Foreign Currency Risk The following table details our outstanding foreign exchange derivatives that were designated as net investment hedges of foreign currency risk (notional amounts in thousands): December 31, 2024 December 31, 2023 Foreign Currency Derivatives Number of Instruments Notional Amount Foreign Currency Derivatives Number of Instruments Notional Amount Buy USD / Sell SEK Forward 2 kr 971,180 Buy USD / Sell SEK Forward 2 kr 973,246 Buy USD / Sell GBP Forward 5 £ 604,739 Buy USD / Sell GBP Forward 7 £ 696,919 Buy USD / Sell EUR Forward 8 € 603,910 Buy USD / Sell EUR Forward 8 € 673,644 Buy USD / Sell AUD Forward 6 A$ 355,703 Buy USD / Sell AUD Forward 10 A$ 471,989 Buy USD / Sell CHF Forward 1 CHF 6,752 Buy USD / Sell DKK Forward 2 kr. 195,674 Buy USD / Sell CHF Forward 4 CHF 8,352 Non-designated Hedges of Foreign Currency Risk The following table details our outstanding foreign exchange derivatives that were non-designated hedges of foreign currency risk as of December 31, 2023 (notional amounts in thousands): December 31, 2024 December 31, 2023 Non-designated Hedges Number of Instruments Notional Amount Non-designated Hedges Number of Instruments Notional Amount Buy GBP / Sell USD Forward 3 £ 54,400 Buy SEK / Sell USD Forward 1 kr 30,800 Buy USD / Sell GBP Forward 3 £ 54,400 Buy USD / Sell SEK Forward 1 kr 30,800 Buy GBP / Sell USD Forward 2 £ 26,900 Buy USD / Sell GBP Forward 2 £ 26,900 Buy AUD / Sell USD Forward 1 A$ 7,600 Buy USD / Sell AUD Forward 1 A$ 7,600 Cash Flow Hedges of Interest Rate Risk Certain of our financing transactions expose us to a fixed versus floating rate mismatch between our assets and liabilities. We use derivative financial instruments, which include interest rate swaps, and may also include interest rate caps, interest rate options, floors, and other interest rate derivative contracts, to hedge interest rate risk associated with our borrowings where there is potential for an index mismatch. No cash flow hedges of interest rate risk were outstanding as of December 31, 2024. The following table details our outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk as of December 31, 2023 (notional amount in thousands): December 31, 2023 Interest Rate Derivatives Number of Instruments Notional Amount Fixed Rate Index Maturity (Years) Interest Rate Swaps 1 $ 229,858 4.60% SOFR 0.9 Fair Value Hedges of Interest Rate Risk Certain of our corporate financings expose us to fluctuations in the fair value of our outstanding fixed rate debt. We use derivative financial instruments, which include interest rate swaps, to hedge interest rate risk associated with changes in the fair value of our fixed rate debt. The changes in the value of the interest rate swap is recognized in earnings and offset the corresponding changes in the fair value of the debt. The following table details our outstanding interest rate derivatives that were designated as fair value hedges of interest rate risk (notional amount in thousands): December 31, 2024 Interest Rate Derivatives Number of Instruments Notional Amount Fixed Rate Index Maturity (Years) Interest Rate Swaps 1 $ 450,000 3.81% SOFR 4.9 The following table details the carrying amount and cumulative basis adjustments on hedged items designated as fair value hedges for the year ended December 31, 2024. December 31, 2024 Line Item in the Consolidated Balance Sheets in which the Hedged Item is Included Carrying Amount of the Hedged Assets/ Liabilities Cumulative Amount of Fair Value Hedging Adjustment Included in Carrying Amount Senior secured notes, net $ 437,759 $ (4,424) No fair value hedges of interest rate risk were outstanding as of December 31, 2023. Financial Statement Impact of Hedges of Foreign Currency and Interest Rate Risks The following table presents the effect of our derivative financial instruments on our consolidated statements of operations ($ in thousands): Increase (Decrease) to Net Interest Income Recognized from Derivatives Year Ended December 31, Derivatives in Hedging Relationships Location of Income (Expense) Recognized 2024 2023 2022 Designated Hedges Interest Income (1) $ 16,490 $ 25,439 $ 19,910 Designated Hedges Interest Expense (2) 1,119 893 — Non-Designated Hedges Interest Income (1) (44) 65 (62) Non-Designated Hedges Interest Expense (3) 4 (71) 100 Total $ 17,569 $ 26,326 $ 19,948 (1) Represents the forward points earned on our foreign currency forward contracts, which reflect the interest rate differentials between the applicable base rate for our foreign currency investments and prevailing US interest rates. These forward contracts effectively convert the foreign currency rate exposure for such investments to USD-equivalent interest rates. (2) Represents the financial statement impact of proceeds (payments) from periodic settlements related to our interest rate swap. (3) Represents the spot rate movement in our non-designated foreign currency hedges, which are marked-to-market and recognized in interest expense. Fair Value Hedges The following table presents the net gains (losses) on derivatives and the related hedged items in fair value hedging relationships for the year ended December 31, 2024 ($ in thousands): Year Ended December 31, 2024 Total interest and related expenses presented in the consolidated statement of operations $ 1,289,972 Gains (losses) on fair value hedging relationships: Total gain (loss) on derivative instruments $ (4,386) Fair value basis adjustment on hedged items 4,424 Derivative settlements and accruals (232) Net Gains (Losses) on Fair Value Hedging Relationships (1) $ (194) (1) Included within interest and related expenses presented in the consolidated statement of operations. Valuation and Other Comprehensive Income The following table summarizes the fair value of our derivative financial instruments ($ in thousands): Fair Value of Derivatives in an Asset Position (1) as of Fair Value of Derivatives in a Liability Position (2) as of December 31, 2024 December 31, 2023 December 31, 2024 December 31, 2023 Derivatives designated as hedging instruments: Foreign exchange contracts $ 69,433 $ 30 $ — $ 92,922 Interest rate derivatives — 317 4,386 — Total derivatives designated as hedging instruments $ 69,433 $ 347 $ 4,386 $ 92,922 Derivatives not designated as hedging instruments: Foreign exchange contracts $ 3,021 $ 1,543 $ 852 $ 1,895 Interest rate derivatives — — — — Total derivatives not designated as hedging instruments $ 3,021 $ 1,543 $ 852 $ 1,895 Total Derivatives $ 72,454 $ 1,890 $ 5,238 $ 94,817 (1) Included in other assets in our consolidated balance sheets (2) Included in other liabilities in our consolidated balance sheets. The following table presents the effect of our derivative financial instruments on our consolidated statements of comprehensive income and operations ($ in thousands): Derivatives in Hedging Relationships Amount of Gain (Loss) Recognized in OCI on Derivatives Location of Amount of Gain (Loss) Reclassified from Accumulated OCI into Income Year Ended December 31, Year Ended December 31, 2024 2023 2022 2024 2023 2022 Net Investment Hedges Foreign exchange contracts (1) $ 88,591 $ (76,224) $ 173,362 Interest Expense $ — $ — $ — Cash Flow Hedges Interest rate derivatives 998 1,210 — Interest Expense (2) 1,315 893 (4) Total $ 89,589 $ (75,014) $ 173,362 $ 1,315 $ 893 $ (4) (1) During the year ended December 31, 2024, we paid net cash settlements of $59.8 million on our foreign currency forward contracts. During the year ended December 31, 2023, we paid net cash settlements of $69.9 million on our foreign currency forward contracts. During the year ended December 31, 2022, we received net cash settlements of $330.3 million on our foreign currency forward contracts. (2) During the year ended December 31, 2024, we recorded total interest and related expenses of $1.3 billion which was reduced by $1.3 million related to income generated by our cash flow hedges. During the years ended December 31, 2023 and 2022, we recorded total interest and related expenses of $1.4 billion and $710.9 million, respectively, which included $893,000 and $4,000, respectively, related to our cash flow hedges. Credit-Risk Related Contingent Features We have entered into agreements with certain of our derivative counterparties that contain provisions where if we were to default on any of our indebtedness, including default where repayment of the indebtedness has not been accelerated by the lender, we may also be declared in default on our derivative obligations. In addition, certain of our agreements with our derivative counterparties require that we post collateral to secure net liability positions. As of December 31, 2024, we were in a net asset position with our counterparties related to our foreign exchange hedges, and had $4.8 million of collateral posted with one counterparty related to our interest rate swap. As of December 31, 2023, we were in a net liability position with our counterparties, and had $103.5 million of collateral posted with our counterparties.

Equity

Equity	12 Months Ended
	Dec. 31, 2024
Equity [Abstract]
Equity	EQUITY Stock and Stock Equivalents Authorized Capital As of December 31, 2024 we had the authority to issue up to 500,000,000 shares of stock, consisting of 400,000,000 shares of class A common stock and 100,000,000 shares of preferred stock. Subject to applicable NYSE listing requirements, our board of directors is authorized to cause us to issue additional shares of authorized stock without stockholder approval. In addition, to the extent not issued, currently authorized stock may be reclassified between class A common stock and preferred stock. We did not have any shares of preferred stock issued and outstanding as of December 31, 2024 and 2023. Share Repurchase Program In July 2024, our board of directors authorized the repurchase of up to $150.0 million of our class A common stock. Under the repurchase program, repurchases may be made from time to time in open market transactions, in privately negotiated transactions, in agreements and arrangements structured in a manner consistent with Rules 10b-18 and 10b5-1 under the Exchange Act or otherwise. The timing and the actual amounts repurchased will depend on a variety of factors, including legal requirements, price and economic and market conditions. The repurchase program may be changed, suspended or discontinued at any time and does not have a specified expiration date. During the year ended December 31, 2024, we repurchased 1,646,034 shares of class A common stock at a weighted-average share price of $17.74, for a total cost of $29.2 million. We did not have any repurchases of class A common stock during the year ended December 31, 2023. As of December 31, 2024, the amount remaining available for repurchases under the program was $120.8 million. Class A Common Stock and Deferred Stock Units Holders of shares of our class A common stock are entitled to vote on all matters submitted to a vote of stockholders and are entitled to receive dividends authorized by our board of directors and declared by us, in all cases subject to the rights of the holders of shares of outstanding preferred stock, if any. We did not issue any class A common stock in underwritten public offerings during the years ended December 31, 2024 and 2023. The following table details our issuance of class A common stock during the year ended December 31, 2022 ($ in thousands, except per share data): Class A Common Stock Offerings 2022 (1) Shares issued 2,303,469 Gross / net issue price per share (2) 31.23 / 30.92 Net proceeds (3) $ 70,651 (1) Represents shares issued under our at-the-market program. (2) Represents the gross price per share issued, as well as the net proceeds per share after underwriting or sales discounts and commissions. (3) Net proceeds represent proceeds received from the underwriters less applicable transaction costs. We also issue restricted class A common stock under our stock-based incentive plans. Refer to Note 18 for additional discussion of these long-term incentive plans. In addition to our class A common stock, we also issue deferred stock units to certain members of our board of directors for services rendered. These deferred stock units are non-voting, but carry the right to receive dividends in the form of additional deferred stock units in an amount equivalent to the cash dividends paid to holders of shares of class A common stock. The following table details the movement in our outstanding shares of class A common stock, including restricted class A common stock and deferred stock units: Year Ended December 31, Common Stock Outstanding (1) 2024 2023 2022 Beginning balance 173,569,397 172,106,593 168,543,370 Issuance of class A common stock (2) 5,849 6,587 2,311,711 Repurchase of class A common stock (1,646,034) — — Issuance of restricted class A common stock, net (3)(4) 1,222,346 1,402,329 1,204,476 Issuance of deferred stock units 52,632 53,888 47,036 Ending balance 173,204,190 173,569,397 172,106,593 (1) Includes 412,096, 359,464, and 410,608 deferred stock units held by members of our board of directors as of December 31, 2024, 2023, and 2022, respectively. (2) Includes 5,849, 6,587, and 8,242 shares issued under our dividend reinvestment program during the years ended December 31, 2024, 2023, and 2022, respectively. (3) Includes 41,282, 25,482, and 13,197 shares of restricted class A common stock issued to our board of directors during the years ended December 31, 2024, 2023, and 2022, respectively. (4) Net of 102,484, 15,477, and 39,655 shares of restricted class A common stock forfeited under our stock-based incentive plans during the years ended December 31, 2024, 2023, and 2022, respectively. Dividend Reinvestment and Direct Stock Purchase Plan We have adopted a dividend reinvestment and direct stock purchase plan under which we registered and reserved for issuance, in the aggregate, 10,000,000 shares of class A common stock. Under the dividend reinvestment component of this plan, our class A common stockholders can designate all or a portion of their cash dividends to be reinvested in additional shares of class A common stock. The direct stock purchase component allows stockholders and new investors, subject to our approval, to purchase shares of class A common stock directly from us. During the years ended December 31, 2024, 2023, and 2022, we issued 5,849 shares, 6,587 shares, and 8,242 respectively, of class A common stock under the dividend reinvestment component of the plan. As of December 31, 2024, a total of 9,969,112 shares of class A common stock remained available for issuance under the dividend reinvestment and direct stock purchase plan. At the Market Stock Offering Program As of December 31, 2024, we are party to seven equity distribution agreements, or ATM Agreements, pursuant to which we may sell, from time to time, up to an aggregate sales price of $699.1 million of our class A common stock. Sales of class A common stock made pursuant to our ATM Agreements may be made in negotiated transactions or transactions that are deemed to be “at the market” offerings as defined in Rule 415 under the Securities Act of 1933, as amended. Actual sales depend on a variety of factors including market conditions, the trading price of our class A common stock, our capital needs, and our determination of the appropriate sources of funding to meet such needs. During the years ended December 31, 2024 and 2023, we did not issue any shares of our class A common stock under ATM Agreements. During the year ended December 31, 2022, we issued and sold 2,303,469 shares of class A common stock under ATM Agreements, generating net proceeds totaling $70.7 million. As of December 31, 2024, sales of our class A common stock with an aggregate sales price of $480.9 million remained available for issuance under our ATM Agreements. Dividends We generally intend to distribute substantially all of our taxable income, which does not necessarily equal net income as calculated in accordance with GAAP, to our stockholders each year to comply with the REIT provisions of the Internal Revenue Code of 1986, as amended, or the Internal Revenue Code. Our dividend policy remains subject to revision at the discretion of our board of directors. All distributions will be made at the discretion of our board of directors and will depend upon our taxable income, our financial condition, our maintenance of REIT status, applicable law, and other factors as our board of directors deems relevant. On December 13, 2024, we declared a dividend of $0.47 per share, or $81.2 million in aggregate, that was paid on January 15, 2025 to stockholders of record as of December 31, 2024. The following table details our dividend activity ($ in thousands, except per share data): Year Ended December 31, 2024 2023 2022 Dividends declared per share of common stock $ 2.18 $ 2.48 $ 2.48 Percent taxable as ordinary dividends 100.00 % 100.00 % 100.00 % Percent taxable as capital gain dividends — % — % — % 100.00 % 100.00 % 100.00 % Class A common stock dividends declared $ 377,837 $ 427,862 $ 423,568 Deferred stock unit dividends declared 882 878 945 $ 378,719 $ 428,740 $ 424,513 Earnings Per Share We calculate our basic and diluted earnings per share using the two-class method for all periods presented as the unvested shares of our restricted class A common stock qualify as participating securities, as defined by GAAP. These restricted shares have the same rights as our other shares of class A common stock, including participating in any dividends, and therefore have been included in our basic and diluted net income per share calculation. The shares issuable under our Convertible Notes are included in dilutive earnings per share using the if-converted method. The following table sets forth the calculation of basic and diluted net income per share of class A common stock based on the weighted-average of both restricted and unrestricted class A common stock outstanding ($ in thousands, except per share data): Year Ended December 31, 2024 2023 2022 Net (loss) income (1) $ (204,088) $ 246,555 $ 248,642 Weighted-average shares outstanding, basic and diluted (2) 173,782,523 172,672,038 170,631,410 Per share amount, basic and diluted (2) $ (1.17) $ 1.43 $ 1.46 (1) Represents net (loss) income attributable to Blackstone Mortgage Trust, Inc. (2) For the years ended December 31, 2024, 2023, and 2022, our Convertible Notes were not included in the calculation of diluted earnings per share, as the impact is antidilutive. Refer to Note 13 for further discussion of our convertible notes. Other Balance Sheet Items Accumulated Other Comprehensive Income As of December 31, 2024, total accumulated other comprehensive income was $8.3 million, primarily representing $272.1 million of net realized and unrealized gains related to changes in the fair value of derivative instruments offset by $263.9 million of cumulative unrealized currency translation adjustments on assets and liabilities denominated in foreign currencies. As of December 31, 2023, total accumulated other comprehensive income was $9.5 million, primarily representing $183.9 million of net realized and unrealized gains related to changes in the fair value of derivative instruments offset by $174.4 million of cumulative unrealized currency translation adjustments on assets and liabilities denominated in foreign currencies. Non-Controlling Interests The non-controlling interests included on our consolidated balance sheets represent the equity interests in our Multifamily Joint Venture that are not owned by us. A portion of our Multifamily Joint Venture’s consolidated equity and results of operations are allocated to these non-controlling interests based on their pro rata ownership of our Multifamily Joint Venture. As of December 31, 2024, our Multifamily Joint Venture’s total equity was $45.9 million, of which $39.0 million was owned by us, and $6.9 million was allocated to non-controlling interests. As of December 31, 2023, our Multifamily Joint Venture’s total equity was $132.0 million, of which $112.2 million was owned by us, and $19.8 million was allocated to non-controlling interests.

Other Expenses

Other Expenses	12 Months Ended
	Dec. 31, 2024
Other Income and Expenses [Abstract]
Other Expenses	OTHER EXPENSES Our other expenses consist of the management and incentive fees we pay to our Manager and our general and administrative expenses. Management and Incentive Fees Pursuant to a management agreement between our Manager and us, or our Management Agreement, our Manager earns a base management fee in an amount equal to 1.50% per annum multiplied by our Equity, as defined in the Management Agreement. In addition, our Manager is entitled to an incentive fee in an amount equal to the product of (i) 20% and (ii) the excess of (a) our Core Earnings (as defined in our Management Agreement) for the previous 12-month period over (b) an amount equal to 7.00% per annum multiplied by our Equity, provided that our Core Earnings over the prior three-year period is greater than zero. Core Earnings, as defined in our Management Agreement, is generally equal to our GAAP net income (loss), including realized gains and losses not otherwise recognized in current period GAAP net income (loss), and excluding (i) non-cash equity compensation expense, (ii) depreciation and amortization, (iii) unrealized gains (losses), (iv) net income (loss) attributable to our legacy portfolio, (v) certain non-cash items, and (vi) incentive management fees. During the years ended December 31, 2024, 2023, and 2022, we incurred $74.8 million, $74.8 million, and $73.0 million, respectively, of management fees payable to our Manager. During the year ended December 31, 2024, we did not incur any incentive fees payable to our Manager. During the years ended December 31, 2023 and 2022, we incurred $44.2 million and $37.3 million, respectively, of incentive fees payable to our Manager. As of December 31, 2024, we had accrued management fees payable to our Manager of $18.5 million. As of December 31, 2023, we had accrued management and incentive fees payable to our Manager of $26.3 million. General and Administrative Expenses General and administrative expenses consisted of the following ($ in thousands): Year Ended December 31, 2024 2023 2022 Professional services $ 15,176 $ 13,269 $ 10,924 Operating and other costs 6,918 7,219 7,855 Subtotal (1) 22,094 20,488 18,779 Non-cash compensation expenses Restricted class A common stock earned 30,969 29,975 32,724 Director stock-based compensation 859 680 690 Subtotal 31,828 30,655 33,414 Total general and administrative expenses $ 53,922 $ 51,143 $ 52,193 (1) During the years ended December 31, 2024, 2023, and 2022, we recognized an aggregate $743,000, $1.2 million, and $1.1 million, respectively, of expenses related to our Multifamily Joint Venture.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2024
Income Tax Disclosure [Abstract]
Income Taxes	INCOME TAXES We have elected to be taxed as a REIT under the Internal Revenue Code for U.S. federal income tax purposes. We generally must distribute annually at least 90% of our net taxable income, subject to certain adjustments and excluding any net capital gain, in order for U.S. federal income tax not to apply to our earnings. To the extent that we satisfy this distribution requirement, but distribute less than 100% of our net taxable income, we will be subject to U.S. federal income tax on our undistributed taxable income. In addition, we will be subject to a 4% nondeductible excise tax if the actual amount that we pay out to our stockholders in a calendar year is less than a minimum amount specified under U.S. federal tax laws. Our qualification as a REIT also depends on our ability to meet various other requirements imposed by the Internal Revenue Code, which relate to organizational structure, diversity of stock ownership, and certain restrictions with regard to the nature of our assets and the sources of our income. Even if we qualify as a REIT, we may be subject to certain U.S. federal income and excise taxes and state and local taxes on our income and assets. If we fail to maintain our qualification as a REIT for any taxable year, we may be subject to material penalties as well as federal, state, and local income tax on our taxable income at regular corporate rates and we would not be able to qualify as a REIT for the subsequent four full taxable years. As of December 31, 2024 and 2023, we were in compliance with all REIT requirements. Securitization transactions could result in the creation of taxable mortgage pools for federal income tax purposes. As a REIT, so long as we own 100% of the equity interests in a taxable mortgage pool, we generally would not be adversely affected by the characterization of the securitization as a taxable mortgage pool. Certain categories of stockholders, however, such as foreign stockholders eligible for treaty or other benefits, stockholders with net operating losses, and certain tax-exempt stockholders that are subject to unrelated business income tax, or UBTI, could be subject to increased taxes on a portion of their dividend income from us that is attributable to the taxable mortgage pool. We have not made UBTI distributions to our common stockholders and do not intend to make such UBTI distributions in the future. During the years ended December 31, 2024, 2023, and 2022, we recorded a current income tax provision of $2.4 million, $5.4 million, and $3.0 million, respectively, primarily related to activities of our U.S. and foreign taxable subsidiaries and various state and local taxes. We did not have any deferred tax assets or liabilities as of December 31, 2024 or December 31, 2023. We have net operating losses, or NOLs, generated by our predecessor business that may be carried forward and utilized in current or future periods. As a result of our issuance of 25,875,000 shares of class A common stock in May 2013, the availability of our NOLs is generally limited to $2.0 million per annum by change of control provisions promulgated by the Internal Revenue Service with respect to the ownership of Blackstone Mortgage Trust. As of December 31, 2024, we had estimated NOLs of $159.0 million that will expire in 2029, unless they are utilized by us prior to expiration. Previously, we recorded a full valuation allowance against such NOLs as we expected that they would expire unutilized. However, although uncertain, we may utilize a portion of NOLs prior to expiration. We do not expect the utilization of NOLs to have a material impact on our consolidated financial statements. We have recorded a full valuation allowance against such NOLs as it is probable that they will expire unutilized.

Stock-Based Incentive Plans

Stock-Based Incentive Plans	12 Months Ended
	Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]
Stock-Based Incentive Plans	STOCK-BASED INCENTIVE PLANS We are externally managed by our Manager and do not currently have any employees. However, as of December 31, 2024, our Manager, certain individuals employed by an affiliate of our Manager, and certain members of our board of directors were compensated, in part, through our issuance of stock-based instruments. Under our two current stock incentive plans, a maximum of 10,400,000 shares of our class A common stock may be issued to our Manager, our directors and officers, and certain employees of affiliates of our Manager. As of December 31, 2024, there were 6,479,670 shares available under our current stock incentive plans. Prior to the adoption and shareholder approval of our new stock incentive plans in June 2022, we had stock-based incentive awards outstanding under nine stock incentive plans. In connection with the adoption of our new stock incentive plans, we consolidated all outstanding deferred stock units, or DSUs, under the new plans and retired the seven remaining historical plans. As such, no new awards may be issued under these expired plans, although our 2018 plans will continue to govern outstanding awards, other than DSUs, previously issued thereunder until such awards become vested or expire. The following table details the movement in our outstanding shares of restricted class A common stock and the weighted-average grant date fair value per share: Restricted Class A Common Stock Weighted-Average Grant Date Fair Value Per Share Balance as of December 31, 2022 1,883,784 $ 27.90 Granted 1,417,806 22.07 Vested (1,105,932) 27.35 Forfeited (15,477) 24.55 Balance as of December 31, 2023 2,180,181 $ 24.41 Granted 1,324,830 19.88 Vested (1,259,768) 25.24 Forfeited (102,484) 24.18 Balance as of December 31, 2024 2,142,759 $ 21.13 These shares generally vest in installments over a period of three years, pursuant to the terms of the respective award agreements and the terms of our current benefit plans. The 2,142,759 shares of restricted class A common stock outstanding as of December 31, 2024 will vest as follows: 1,155,244 shares will vest in 2025; 714,034 shares will vest in 2026; and 273,481 shares will vest in 2027. As of December 31, 2024, total unrecognized compensation cost relating to unvested share-based compensation arrangements was $43.5 million based on the grant date fair value of shares granted. This cost is expected to be recognized over a weighted-average period of 1.2 years from December 31, 2024.

Fair Values

Fair Values	12 Months Ended
	Dec. 31, 2024
Fair Value Disclosures [Abstract]
Fair Values	FAIR VALUES Assets and Liabilities Measured at Fair Value The following table summarizes our assets and liabilities measured at fair value on a recurring basis ($ in thousands): December 31, 2024 December 31, 2023 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets Derivatives $ — $ 72,454 $ — $ 72,454 $ — $ 1,890 $ — $ 1,890 Liabilities Derivatives $ — $ 5,238 $ — $ 5,238 $ — $ 94,817 $ — $ 94,817 Refer to Note 2 for further discussion regarding fair value measurement. Fair Value of Financial Instruments As discussed in Note 2, GAAP requires disclosure of fair value information about financial instruments, whether or not recognized at fair value in the statement of financial position, for which it is practicable to estimate that value. The following table details the book value, face amount, and fair value of the financial instruments described in Note 2 ($ in thousands): December 31, 2024 December 31, 2023 Book Value Face Amount Fair Value Book Value Face Amount Fair Value Financial assets Cash and cash equivalents $ 323,483 $ 323,483 $ 323,483 $ 350,014 $ 350,014 $ 350,014 Loans receivable, net 18,313,582 19,203,126 18,288,958 23,210,076 23,923,719 23,015,737 Financial liabilities Secured debt, net 9,696,334 9,705,529 9,590,400 12,683,095 12,697,058 12,425,609 Securitized debt obligations, net 1,936,956 1,936,967 1,838,089 2,505,417 2,507,514 2,323,441 Asset-specific debt, net 1,224,841 1,228,110 1,218,639 1,000,210 1,004,097 992,357 Loan participations sold, net 100,064 100,064 99,822 337,179 337,721 333,745 Secured term loans, net 1,732,073 1,764,437 1,765,668 2,101,632 2,135,221 2,102,950 Senior secured notes, net 771,035 785,316 780,931 362,763 366,090 327,081 Convertible notes, net 263,616 266,157 257,707 295,847 300,000 272,076 Estimates of fair value for cash and cash equivalents and convertible notes are measured using observable, quoted market prices, or Level 1 inputs. Estimates of fair value for securitized debt obligations, the Term Loans, and the Senior Secured notes are measured using observable, quoted market prices, in inactive markets, or Level 2 inputs. All other fair value significant estimates are measured using unobservable inputs, or Level 3 inputs. See Note 2 for further discussion regarding fair value measurement of certain of our assets and liabilities.

Variable Interest Entities

Variable Interest Entities	12 Months Ended
	Dec. 31, 2024
Variable Interest Entity, Primary Beneficiary, Does Not Hold Majority Voting Interest, Disclosures [Abstract]
Variable Interest Entities	VARIABLE INTEREST ENTITIES We have financed a portion of our loans through the CLOs, all of which are VIEs. We are the primary beneficiary of, and therefore consolidate, the CLOs on our balance sheet as we (i) control the relevant interests of the CLOs that give us power to direct the activities that most significantly affect the CLOs, and (ii) have the right to receive benefits and obligation to absorb losses of the CLOs through the subordinate interests we own. During 2024, we modified two loans that included, among other changes, an equity interest in and/or control over decision-making at the property. As a result of the modification, our investments in these loans are VIEs. As of December 31, 2024, we are the primary beneficiary of, and therefore consolidated the assets of these VIEs on our balance sheet as we (i) have the power to direct the activities that most significantly affect the property, and (ii) have the right to receive excess sale proceeds upon exit. The following table details the assets and liabilities of our consolidated VIEs ($ in thousands): December 31, 2024 December 31, 2023 Assets Cash and cash equivalents $ 9,145 $ — Loans receivable 2,338,201 3,061,278 Current expected credit loss reserve (202,400) (183,508) Loans receivable, net 2,135,801 2,877,770 Real estate owned, net 177,322 — Other assets 126,518 103,692 Total assets $ 2,448,786 $ 2,981,462 Liabilities Securitized debt obligations, net $ 1,936,956 $ 2,505,417 Other liabilities 13,277 8,101 Total liabilities $ 1,950,233 $ 2,513,518 Assets held by these VIEs are restricted and can be used only to settle obligations of the VIEs, including the subordinate interests owned by us. The liabilities of these VIEs are non-recourse to us and can only be satisfied from the assets of the VIEs. The consolidation of these VIEs results in an increase in our gross assets, liabilities, revenues and expenses, however it does not affect our stockholders’ equity or net income. We are not obligated to provide, have not provided, and do not intend to provide material financial support to these consolidated VIEs.

Transactions With Related Parti

Transactions With Related Parties	12 Months Ended
	Dec. 31, 2024
Related Party Transactions [Abstract]
Transactions With Related Parties	TRANSACTIONS WITH RELATED PARTIES Our Manager We are managed by our Manager pursuant to the Management Agreement. The current term of the Management Agreement expires on December 19, 2025, and will be automatically renewed for a one-year term upon such date and each anniversary thereafter unless earlier terminated. As of December 31, 2024, our consolidated balance sheet included $18.5 million of accrued management fees payable to our Manager. As of December 31, 2023, our consolidated balance sheet included $26.3 million of accrued management and incentive fees payable to our Manager. During the years ended December 31, 2024, 2023 and 2022, we paid aggregate management and incentive fees of $82.6 million, $126.6 million, and $104.8 million, respectively, to our Manager. In addition, during the years ended December 31, 2024, 2023 and 2022, we incurred expenses of $1.6 million, $3.4 million and $896,000, respectively, that were paid by our Manager and have been or will be reimbursed by us. As of December 31, 2024, our Manager held 1,320,898 shares of unvested restricted class A common stock, which had an aggregate grant date fair value of $28.0 million. These shares vest in installments over three years from the date of issuance. During the years ended December 31, 2024, 2023 and 2022, we recorded non-cash expenses related to shares held by our Manager of $16.6 million, $14.6 million and $16.6 million , respectively. Refer to Note 18 for further details on our restricted class A common stock. As of December 31, 2024, our Manager, its affiliates (including Blackstone), Blackstone employees, and our directors held an aggregate 13,136,754 shares, or 7.6%, of our class A common stock, of which 8,234,581 shares, or 4.8%, were held by Blackstone and its subsidiaries. Additionally, our directors held 412,096 of deferred stock units as of December 31, 2024. Certain of the parties listed above have in the past purchased or sold shares of our class A common stock in open market transactions, and such parties may in the future purchase or sell additional shares of our class A common stock. Any such transactions would be made in the sole discretion of the relevant party based on market conditions and other considerations relevant to such parties. Affiliate Service Providers We have engaged certain portfolio companies owned by Blackstone-advised investment vehicles, to provide management, operational and corporate support services. The following table details the amounts incurred for affiliate service provides ($ in thousands): Year Ended December 31, Asset class 2024 2023 2022 Revantage Corporate Services, LLC and Revantage Global Services Europe S.à r.l. (1) n/a $ 1,270 $ 658 $ 524 EQ Management, LLC (2) Office 796 — — LivCor, LLC (2) Multifamily 59 — — BRE Hotels & Resorts, LLC (2) Hospitality — — — $ 2,125 $ 658 $ 524 (1) As applicable, provides corporate support services, operational services, and management services to certain of our investments directly. (2) As applicable, provides management, operational, and corporate support services to certain of our REO assets directly. Affiliates of our Manager We have engaged affiliates of our Manager to provide various services noted below. The following table details the amounts incurred for these affiliates of our manager ($ in thousands): Year Ended December 31, 2024 2023 2022 BTIG, LLC (1) $ 124 $ 1 $ 191 Gryphon Mutual Property Americas IC (2) 320 — — Blackstone Internal audit services 95 95 95 CT Investment Management Co., LLC (3) — — — Lexington National Land Services (4) 67 — — Blackstone Securities Partners L.P. (5) 515 — 825 Total $ 1,121 — $ 96 $ 1,111 (1) Affiliates of our Manager own an interest in the controlling entity of BTIG, LLC, or BTIG. BTIG was utilized as a broker to engage third-parties to facilitate our repurchase of our Senior Secured Notes and Convertible Notes. During the years ended December 31, 2024 and 2023, we repurchased $33.8 million and $500,000 of our Senior Secured Notes and Convertible Notes, respectively, utilizing BTIG as a broker. During the year ended 2022, we did not utilize BTIG as a broker. Additionally, we engaged BTIG as a sales agent to sell shares of our class A common stock under our ATM Agreements. During the year ended December 31, 2022, BTIG sold shares under our ATM agreements. During the years ended December 31, 2024 and 2023, we did not sell any shares under our ATM agreements. These engagements were on terms equivalent to those of third parties under similar arrangements. (2) In the first quarter of 2024, in order to provide insurance for our REO assets, we became a member of Gryphon Mutual Property Americas IC, or Gryphon, a captive insurance company owned by us and other Blackstone-advised investment vehicles. A Blackstone affiliate provides oversight and advisory services to Gryphon and receives fees based on a percentage of premiums paid for such policies. The fees and expenses of Gryphon, including insurance premiums and fees paid to its manager, are paid annually and borne by us and the other Blackstone-advised investment vehicles that are members of Gryphon pro rata based on insurance premiums paid for each party’s respective properties. During the year ended December 31, 2024, we paid $660,000 to Gryphon for insurance costs, inclusive of premiums, capital surplus contributions, taxes, and our pro rata share of other expenses. Of this amount, $13,000 was attributable to the fee paid to a Blackstone affiliate to provide oversight and management services to Gryphon. The amounts included in the table above reflect the amortization of the insurance expense over the period of the respective policies. (3) CT Investment Management Co., LLC is the special servicer of the CLOs. As of December 31, 2024, two of our assets were in special servicing under the CLOs. CTIMCO has waived any fees that would be payable to a special servicer pursuant to the applicable servicing agreements, and no such fees have been paid or will become payable to CTIMCO. (4) Lexington National Land Services, or LNLS, a title agent company owned by Blackstone, acts as an agent for one or more underwriters in issuing title policies and/or providing support services in connection with investments by us, Blackstone and their affiliates and related parties, and third-parties. LNLS focuses on transactions in rate-regulated states where the cost of title insurance is non-negotiable. LNLS will not perform services in non-regulated states for us, unless (i) in the context of a portfolio transaction that includes properties in rate-regulated states, (ii) as part of a syndicate of title insurance companies where the rate is negotiated by other insurers or their agents, (iii) when a third-party is paying all or a material portion of the premium or (iv) when providing only support services to the underwriter. LNLS earns fees, which would have otherwise been paid to third parties, by providing title agency services and facilitating placement of title insurance with underwriters. Blackstone receives distributions from LNLS in connection with investments by us based on its equity interest in LNLS. In each case, there will be no related expense offset to us. The costs included above were capitalized into REO assets on our consolidated balance sheet. (5) In the fourth quarter of 2024, Blackstone Securities Partners L.P., or BSP, an affiliate of our Manager, was engaged as a member of the syndicate for our B-5 Term Loan and our 2024 Senior Secured Notes. These engagements were on terms equivalent to those of unaffiliated parties. Affiliate Transactions In the fourth quarter of 2024, pursuant to our Agency Multifamily Lending Partnership, we referred three loans to MTRCC for origination, where the borrower was a Blackstone-advised investment vehicle. The loan terms and pricing were on market terms negotiated by MTRCC. Pursuant to our Agency Multifamily Lending Partnership, we received $217,000 of origination and servicing fees for referring these loans. In the fourth quarter of 2024, as part of broad syndications led by a third party, Blackstone-advised investment vehicles acquired (i) an aggregate $62.5 million participation in our $650.0 million B-5 Term Loan, and (ii) an aggregate $80.0 million of our $450.0 million senior secured notes due 2029. In the second and fourth quarter of 2022, a Blackstone-advised investment vehicle acquired an aggregate $33.0 million participation, or 4%, of the aggregate B-4 Term Loan as a part of a broad syndication lead-arranged by a third-party. All of these transactions were on terms equivalent to those of unaffiliated parties. BSP was engaged as a member of the syndicate for both transactions. See “—Affiliates of our Manager” for more information. In the fourth quarter of 2024, in connection with the modification of one of our senior loans, a Blackstone-advised investment vehicle purchased a pari passu participation in the loan from a third party at a discount to par. In the fourth quarter of 2024, the senior lenders negotiated a discounted payoff of a senior loan in which we held an interest. As part of the discounted payoff, a Blackstone-advised investment vehicle’s mezzanine loan, which had been part of the total financing, received a small repayment. In the third quarter of 2024, we acquired $94.4 million of a total $560.0 million senior loan to an unaffiliated third party. One Blackstone-advised investment vehicle holds a portion of the senior loan and another holds a mezzanine loan. We will forgo all non-economic rights under our loan, including voting rights, so long as any Blackstone-advised investment vehicle controls the mezzanine loan. The intercreditor agreement between the senior loan lender and the mezzanine lender was negotiated on market terms by a third party without our involvement, and our 17% interest in the senior loan was made on such market terms. In 2019 and 2021, we acquired an aggregate participation of €350.0 million of a senior loan to a borrower that is partially owned by a Blackstone-advised investment vehicle. We forgo all non-economic rights under the loan, including voting rights, so long as the Blackstone-advised investment vehicle controls the borrower. The loan was negotiated by third parties on market terms without our involvement, and our interest in the senior loan was subject to such market terms. In the third quarter of 2024, the borrower under a senior loan to the same borrower in which we held a minority position completed a refinancing transaction involving new lenders and the existing lenders. We elected to sell €232.0 million of our then remaining €347.0 million loan position to the new lenders at par and extend the remainder on modified terms. The terms of the modification (which included, among other changes, an extension of the maturity date, and increase in the interest rate, and additional guarantees) were negotiated by our third-party co-lender. In the fourth quarter of 2018, we originated £148.7 million of a total £303.5 million senior loan to a borrower that is wholly owned by a Blackstone-advised investment vehicle. The loan terms were negotiated by our third-party co-lender, and we will forgo all non-economic rights under the loan, including voting rights, so long as a Blackstone-advised investment vehicle controls the borrower. In the third quarter of 2024, we agreed to a refinancing transaction pursuant to which £46.4 million of our £148.7 million participation in an existing £303.5 million loan to a borrower that is wholly owned by a Blackstone-advised investment vehicle was repaid, and we received a £100.0 million participation in a new loan made to the same borrower that continues to be controlled by a Blackstone-advised investment vehicle, and the terms of the loan were modified to include, among other changes, an expanded collateral pool, an extension of the maturity date and an increase in the interest rate. The transaction, including the terms of the modification, was negotiated by our third-party co-lender. In the second quarter of 2024, a Blackstone-advised investment vehicle acquired a portfolio of assets from an unaffiliated third-party borrower. The proceeds of this transaction repaid a £46.5 million performing junior loan owned by us, and a £186.0 million performing senior loan owned by an unaffiliated third-party, both of which were included in our consolidated balance sheets, with the senior loan also recorded as a loan participation sold liability. The transaction was initiated by the third-party borrower with the sale pricing on market terms and the repayment completed in accordance with the loan agreements between the lenders and the unaffiliated third-party borrower. In the first quarter of 2024, a Blackstone-advised investment vehicle originated a loan to one of our unaffiliated third-party borrowers, the proceeds of which repaid a $98.6 million performing senior loan owned by us. The transaction was initiated by the third-party borrower with the loan terms and pricing on market terms. In the first quarter of 2019, we originated £240.1 million of a total £490.0 million senior loan to a borrower that is wholly owned by a Blackstone-advised investment vehicle. The loan terms were negotiated by our third-party co-lender, and we forgo all non-economic rights under the loan, including voting rights, so long as a Blackstone-advised investment vehicle controls the borrower. In the second quarter of 2023, the loan was modified to include, among other changes, an extension of the loan's maturity date, an additional borrower equity contribution and partial repayment, and an increase in the loan’s contractual interest rate (a portion of which is paid-in-kind). The terms of the modification were negotiated by our third-party co-lender, and we agreed to the modification on such terms.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	COMMITMENTS AND CONTINGENCIES Unfunded Commitments Under Loans Receivable As of December 31, 2024, we had aggregate unfunded commitments of $1.3 billion across 60 loans receivable, and $605.9 million of committed or identified financings for those commitments, resulting in net unfunded commitments of $657.2 million. The unfunded loan commitments comprise funding for capital expenditures and construction, leasing costs, and interest and carry costs. Loan funding commitments are generally subject to certain conditions, including, without limitation, the progress of capital projects, leasing, and cash flows at the properties securing our loans. Therefore, the exact timing and amounts of such future loan fundings are uncertain and will depend on the current and future performance of the underlying collateral assets. We expect to fund our loan commitments over the remaining term of the related loans, which have a weighted-average future funding period of 2.2 years. Principal Debt Repayments Our contractual principal debt repayments as of December 31, 2024 were as follows ($ in thousands): Year Secured Debt (1) Asset-Specific Debt (1) Term Loans (2) Senior Secured Notes Convertible Notes (3) Total (4) 2025 1,385,568 924,162 14,758 — — 2,324,488 2026 3,464,203 — 324,026 — — 3,788,229 2027 3,411,700 — 14,758 335,316 266,157 4,027,931 2028 525,006 — 638,758 — — 1,163,764 2029 840,479 303,948 772,137 450,000 — 2,366,564 Thereafter 78,573 — — — — 78,573 Total obligation $ 9,705,529 $ 1,228,110 $ 1,764,437 $ 785,316 $ 266,157 $ 13,749,549 (1) Our secured debt and asset-specific debt agreements are generally term-matched to their underlying collateral. Therefore, the allocation of payments under such agreements is generally allocated based on the maximum maturity date of the collateral loans, assuming all extension options are exercised by the borrower. In limited instances, the maturity date of the respective debt agreement is used. (2) The Term Loans are partially amortizing, with an amount equal to 1.0% per annum of the initial principal balance due in quarterly installments. Refer to Note 11 for further details on our Term Loans. (3) Reflects the outstanding principal balance of Convertible Notes, excluding any potential conversion premium. Refer to Note 13 for further details on our Convertible Notes. (4) Total does not include $1.9 billion of consolidated securitized debt obligations, $817.5 million of non-consolidated senior interests, and $100.1 million of loan participations sold, as the satisfaction of these liabilities will not require cash outlays from us. Board of Directors’ Compensation As of December 31, 2024, of the nine members of our board of directors, our seven non-employee directors are entitled to annual compensation of $210,000 each, of which $95,000 is paid in cash and $115,000 is paid in the form of deferred stock units or, at their election, shares of restricted common stock. As of December 31, 2024, the other two board members, the chairperson of the board and our chief executive officer, are not compensated by us for their service as directors. In addition, (i) the lead independent director receives additional annual cash compensation of $30,000, (ii) the chairs of our audit, compensation, and corporate governance committees receive additional annual cash compensation of $20,000, $15,000, and $10,000, respectively, and (ii) the members of our audit and investment risk management committees receive additional annual cash compensation of $10,000 and $7,500, respectively. Litigation

Segment Reporting

Segment Reporting	12 Months Ended
	Dec. 31, 2024
Segment Reporting [Abstract]
Segment Reporting	SEGMENT REPORTING Operating segments are defined as components of a business that can earn revenues and incur expenses for which discrete financial information is available that is evaluated on a regular basis by the chief operating decision maker, or CODM. Our CODM is, collectively, our Chief Executive Officer and Chief Financial Officer, who decide how to allocate resources and assess performance. A single management team reports to the CODM, who manages the entire business. We have determined that we have one reportable segment based on how the CODM reviews and manages the business, which originates and acquires commercial mortgage loans and related investments. Our CODM reviews, among other things, consolidated net income (loss) that is reported on the Consolidated Statements of Operations to make decisions, allocate resources and assess performance and does not evaluate the net income (loss) from any separate geography or product line. The measure of segment assets is reported on the Consolidated Balance Sheets as total consolidated assets.

Schedule IV - Mortgage Loans on

Schedule IV - Mortgage Loans on Real Estate	12 Months Ended
	Dec. 31, 2024
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract]
Schedule IV - Mortgage Loans on Real Estate	Type of Loan/Borrower Description / Location Interest Payment Rates (2) Maximum Maturity Date (3) Periodic Payment Terms (4) Prior Liens (5) Face Amount of Loans Carrying Amount of Loans (6) Principal Amount of Loans Subject to Delinquent Principal or Interest (7) Senior Mortgage Loans (1) Senior loans in excess of 3% of the carrying amount of total loans Borrower A Office / New York + 4.17% 2027 I/O $ — $ 1,329,829 $ 1,327,886 $ — Borrower B Mixed-Use / Dublin, IE + 3.20% 2025 I/O — 860,102 855,764 — Borrower C Hospitality / Australia + 4.75% 2029 I/O — 818,672 814,225 — Senior loans less than 3% of the carrying amount of total loans Senior Mortgage Loans Office / Diversified -1.30% – 4.62% Fixed 6.00% 2024 – 2030 I/O — 4,658,555 4,607,433 330,699 Senior Mortgage Loans Multifamily / Diversified +1.71% – 8.86% 2025 – 2029 I/O & P/I — 4,960,975 4,947,380 195,000 Senior Mortgage Loans Hospitality / Diversified +3.11% – 4.95% 2025 – 2029 I/O & P/I — 1,893,271 1,854,663 — Senior Mortgage Loans Mixed-Use / Diversified +2.76% – 4.60% 2025 – 2029 I/O — 1,860,795 1,847,567 — Senior Mortgage Loans Industrial / Diversified +2.71% – 4.60% 2025 – 2030 I/O & P/I — 1,380,784 1,376,442 — Senior Mortgage Loans Other / Diversified +3.25% – 5.11% 2026 – 2028 I/O — 472,118 471,427 — Senior Mortgage Loans Retail / Diversified +2.95% – 3.33% 2025 – 2027 I/O & P/I — 335,784 335,213 — Senior Mortgage Loans Life Sciences/Studio / Diversified +3.66% – 3.75% 2026 – 2026 I/O — 288,724 288,484 — — 15,851,006 15,728,609 525,699 Total senior mortgage loans $ — $ 18,859,609 $ 18,726,484 $ 525,699 Subordinate Loans (8) Subordinate loans less than 3% of the carrying amount of total loans Subordinate loans Various / Diversified +3.70% – 4.75% 2025 – 2028 I/O 817,477 343,515 321,034 — Total subordinate loans $ 817,477 $ 343,515 $ 321,034 $ 525,699 Total loans $ 817,477 $ 19,203,126 $ 19,047,518 $ 525,699 CECL reserve (8) (733,936) Total loans, net $ 18,313,582 (1) Includes senior mortgages and similar credit quality loans, including related contiguous subordinate loans, and pari passu participations in senior mortgage loans. (2) The interest payment rates are expressed as a spread over the relevant floating benchmark rates, which include SOFR, SONIA, EURIBOR, and other indices, as applicable to each loan. Excludes loans accounted for under the cost-recovery and nonaccrual methods, if any . (3) Maximum maturity date assumes all extension options are exercised. (4) I/O = interest only, P/I = principal and interest. (5) Represents only third party liens. (6) The tax basis of the loans included above is $18.6 billion as of December 31, 2024. (7) Such loans are generally risk rated “5” with asset-specific CECL reserves, other than one loan that was risk rated “3” and not impaired as of December 31, 2024, as the estimated fair value of the underlying collateral exceeded our basis in the loan. (8) Includes loans in which we have previously originated a whole loan and sold a senior mortgage interest to a third-party, resulting in these subordinate interests in mortgages, and mezzanine loans. (9) As of December 31, 2024, we had a total loans receivable CECL reserve of $733.9 million, of which $580.7 million is specifically related to 13 of our loans receivable with an aggregate amortized cost basis of $1.8 billion as of December 31, 2024. Refer to Note 3 for additional information on our CECL reserves. Reconciliation of Mortgage Loans on Real Estate: The following table reconciles mortgage loans on real estate for the years ended: 2024 2023 2022 Balance at January 1, $ 23,787,012 $ 25,017,880 $ 22,003,017 Additions during period: Loan fundings 1,356,208 1,344,130 6,810,218 Payment-in-kind interest, net of interest received 16,660 2,865 — Amortization of fees and other items 64,133 78,428 80,632 Deductions during period: Loan repayments, sales, and cost-recovery proceeds (4,751,286) (2,924,401) (3,168,155) Charge-offs (384,603) — — Transfer to real estate owned (590,937) — — Transfer to other assets, net (70,248) — — Unrealized gain (loss) on foreign currency translation (347,728) 286,102 (632,902) Deferred fees and other items (31,693) (17,992) (74,930) Balance at December 31, $ 19,047,518 $ 23,787,012 $ 25,017,880 CECL reserve (733,936) (576,936) (326,137) Net balance at December 31, $ 18,313,582 $ 23,210,076 $ 24,691,743

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Pay vs Performance Disclosure
Net (loss) income	$ (204,088)	$ 246,555	$ 248,642

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Dec. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Insider Trading Policies and Pr

Insider Trading Policies and Procedures	12 Months Ended
	Dec. 31, 2024
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Cybersecurity Risk Management a

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
	Dec. 31, 2024
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	As an externally managed company, our day-to-day operations are managed by our Manager and our executive officers under the oversight of our board of directors. Our executive officers are senior Blackstone Real Estate professionals and our Manager is a subsidiary of Blackstone. As such, we are reliant on Blackstone for assessing, identifying and managing material risks to our business from cybersecurity threats. Below are details Blackstone has provided to us regarding its cybersecurity program that are relevant to us. Blackstone maintains a comprehensive cybersecurity program, including policies and procedures designed to protect its systems, operations, and the data utilized and entrusted to it, including by us, from anticipated threats or hazards. Blackstone utilizes a variety of protective measures as a part of its cybersecurity program. These measures include, where appropriate, physical and digital access controls, patch management, identity verification and mobile device management software, new hire and annual employee cybersecurity awareness and best practices training programs, security baselines and tools to report anomalous activity, and monitoring of data usage, hardware and software. Blackstone tests its cybersecurity defenses regularly through automated and manual vulnerability scanning, to identify and remediate critical vulnerabilities. In addition, it conducts annual “white hat” penetration tests to validate its security posture. Blackstone examines its cybersecurity program every two to three years with third parties, evaluating its effectiveness in part by considering industry standards and established frameworks, such as the National Institute of Standards and Technology and Center for Internet Security, as guidelines. Further, Blackstone engages in cybersecurity incident tabletop exercises and scenario planning exercises involving hypothetical cybersecurity incidents to test its cybersecurity incident response processes. Blackstone’s Chief Security Officer, or CSO, and members of Blackstone’s senior management, Legal and Compliance, Technology and Innovations, or BXTI, and Global Corporate Affairs participate in these exercises. Learnings from these tabletop exercises and any cybersecurity events Blackstone experiences are reviewed, discussed, and incorporated into its incident response processes, as appropriate. In addition to Blackstone’s internal exercises to test aspects of its cybersecurity program, Blackstone periodically engages independent third parties to assess the risks associated with its information technology resources and information assets. Among other matters, these third parties analyze data on the interactions of users of Blackstone information technology resources, including Blackstone employees, and conduct penetration tests and scanning exercises to assess the performance of Blackstone’s cybersecurity systems and processes. Blackstone has a comprehensive Security Incident Response Plan, the IRP, designed to inform the proper escalation (including, as appropriate, to our executive officers and other representatives of our Manager or its affiliates) of non-routine suspected or confirmed information security or cybersecurity events based on the expected risk an event presents. As appropriate, a Security Incident Response Team composed of individuals from several internal technical and managerial functions may be formed to investigate and remediate the event and determine the extent of external advisor support required, including from external counsel, forensic investigators, and/or law enforcement. The IRP sets out ongoing monitoring or remediating actions to be taken after resolution of an incident. The IRP is reviewed at least annually. Blackstone maintains a formal cybersecurity risk management process and cybersecurity risk register, designed to identify, track and treat cybersecurity risks at the firm, and integrates these processes into the firm’s overall risk management practices described above. Blackstone’s CSO periodically discusses and reviews cybersecurity risks and related mitigants with its enterprise risk committee and incorporates relevant cybersecurity risk updates and metrics in the semi-annual enterprise-wide risk management report. Blackstone has a process designed to assess the cybersecurity risks associated with the engagement of third-party vendors, including those of companies externally managed by Blackstone. This assessment is conducted on the basis of, among other factors, the types of services provided and the extent and type of Blackstone data accessed or processed by a third-party vendor. On the basis of its preliminary risk assessment of a third-party vendor, Blackstone may conduct further cybersecurity reviews or request remediation of, or contractual protections related to, any actual or potential identified cybersecurity risks. In addition, where appropriate, Blackstone seeks to include in its contractual arrangements with certain of its third-party vendors provisions addressing its requirements and industry best practices with respect to data and cybersecurity, as well as the right to assess, monitor, audit and test such vendors’ cybersecurity programs and practices. Blackstone also utilizes a number of digital controls, which are reviewed at least annually, to monitor and manage third-party access to its internal systems and data. For a discussion of how risks from cybersecurity threats affect our business, and our reliance on Blackstone in managing these risks, see “Part 1. Item 1A. Risk Factors – Risks Related to Our Company – Cybersecurity risks and data protection could result in the loss of data, interruptions in our business, damage to our reputation, and subject us to regulatory actions, increased costs and financial losses, each of which could have a material adverse effect on our business and results of operations ” in this Annual Report on Form 10-K.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	Blackstone maintains a comprehensive cybersecurity program, including policies and procedures designed to protect its systems, operations, and the data utilized and entrusted to it, including by us, from anticipated threats or hazards. Blackstone utilizes a variety of protective measures as a part of its cybersecurity program. These measures include, where appropriate, physical and digital access controls, patch management, identity verification and mobile device management software, new hire and annual employee cybersecurity awareness and best practices training programs, security baselines and tools to report anomalous activity, and monitoring of data usage, hardware and software.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	Blackstone has a dedicated cybersecurity team, led by Blackstone’s CSO, who works closely with Blackstone senior management, including Blackstone’s Chief Technology Officer, or CTO, to develop and advance the firm’s cybersecurity program strategy, which applies to us.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	Blackstone has a dedicated cybersecurity team, led by Blackstone’s CSO, who works closely with Blackstone senior management, including Blackstone’s Chief Technology Officer, or CTO, to develop and advance the firm’s cybersecurity program strategy, which applies to us.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	Blackstone has a dedicated cybersecurity team, led by Blackstone’s CSO, who works closely with Blackstone senior management, including Blackstone’s Chief Technology Officer, or CTO, to develop and advance the firm’s cybersecurity program strategy, which applies to us. Blackstone’s CSO and CTO have extensive experience in cybersecurity and technology, respectively. Blackstone’s CSO is a Senior Managing Director in BXTI and is responsible for all aspects of cyber and physical security across Blackstone. He has over 25 years of information security, technology and engineering experience, including having previously led the international security organization at a large credit bureau.
Cybersecurity Risk Role of Management [Text Block]	Blackstone has a dedicated cybersecurity team, led by Blackstone’s CSO, who works closely with Blackstone senior management, including Blackstone’s Chief Technology Officer, or CTO, to develop and advance the firm’s cybersecurity program strategy, which applies to us. Blackstone’s CSO and CTO have extensive experience in cybersecurity and technology, respectively. Blackstone’s CSO is a Senior Managing Director in BXTI and is responsible for all aspects of cyber and physical security across Blackstone. He has over 25 years of information security, technology and engineering experience, including having previously led the international security organization at a large credit bureau. Blackstone’s CTO is a Senior Managing Director and the head of BXTI. Our CTO has over 23 years of information security, technology and engineering experience, including having previously served as the Chief Technology and Chief Innovation Officer at a large financial institution. Our CTO is responsible for all aspects of technology across Blackstone, advises Blackstone’s investment teams and acts as a resource to Blackstone portfolio companies, and externally managed companies, such as us, on technology-related matters. BXTI conducts periodic cybersecurity risk assessments, including assessments or audits of third-party vendors, and assists with the management and mitigation of identified cybersecurity risks. The CSO and CTO are responsible for the review of Blackstone’s cybersecurity framework annually as well as on an event-driven basis as necessary. The CSO and CTO also review the scope of Blackstone’s cybersecurity measures periodically, including in the event of a change in business practices that may implicate the security or integrity of Blackstone’s information and systems. Our board of directors is responsible for understanding the primary risks to our business. The audit committee of our board of directors is responsible for reviewing our and our Manger’s IT security controls with management and evaluating the adequacy of our and our Manager’s IT security program, compliance and controls with management.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	The CSO and CTO are responsible for the review of Blackstone’s cybersecurity framework annually as well as on an event-driven basis as necessary. The CSO and CTO also review the scope of Blackstone’s cybersecurity measures periodically, including in the event of a change in business practices that may implicate the security or integrity of Blackstone’s information and systems.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	Blackstone’s CSO and CTO have extensive experience in cybersecurity and technology, respectively. Blackstone’s CSO is a Senior Managing Director in BXTI and is responsible for all aspects of cyber and physical security across Blackstone. He has over 25 years of information security, technology and engineering experience, including having previously led the international security organization at a large credit bureau.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	Blackstone’s CSO reports to both our executive officers as well as our board of directors and/or the audit committee annually on cybersecurity matters, including risks facing us and our Manager and, as applicable, certain incidents. In addition to such annual reports, our board of directors and/or audit committee receive periodic updates from Blackstone on the primary cybersecurity risks facing us and our Manager and the measures we and our Manager are taking to mitigate such risks, as well as on changes to our and our Manager’s cybersecurity risk profile or certain newly identified risks.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America, or GAAP, and include, on a consolidated basis, our accounts, the accounts of our wholly-owned subsidiaries, majority-owned subsidiaries, and variable interest entities, or VIEs, of which we are the primary beneficiary. All intercompany balances and transactions have been eliminated in consolidation.
Principles of Consolidation	Principles of Consolidation We consolidate all entities that we control through either majority ownership or voting rights. In addition, we consolidate all VIEs of which we are considered the primary beneficiary. VIEs are defined as entities in which equity investors (i) do not have an interest with the characteristics of a controlling financial interest and/or (ii) do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support from other parties. The entity that consolidates a VIE is known as its primary beneficiary and is generally the entity with (i) the power to direct the activities that most significantly affect the VIE’s economic performance and (ii) the right to receive benefits from the VIE or the obligation to absorb losses of the VIE that could be significant to the VIE. Entities that do not qualify as VIEs are generally considered voting interest entities (“VOEs”) and are evaluated for consolidation under the voting interest model. VOEs are consolidated when we control the entity through a majority voting interest or other means. For consolidated joint ventures, the non-controlling partner’s share of the assets, liabilities, and operations of each joint venture is included in non-controlling interests as a component of total equity. The non-controlling partner’s interest is generally computed as the joint venture partner’s ownership percentage. When the requirements for consolidation are not met and we have significant influence over the operations of the entity, the investment is accounted for under the equity method of accounting. Investments in unconsolidated entities are initially recorded at cost and subsequently adjusted for our pro-rata share of net income, contributions and distributions. We review our investments in unconsolidated entities for impairment each quarter or when there is an event or change in circumstances that indicates a decrease in value. If there is a decrease in value due to a series of operating losses or other factors, the investment is evaluated to determine if the loss in value is considered other than temporary. Although a current fair value below the carrying value of the investment is an indicator of impairment, we will only recognize an impairment if the loss in value is determined to be an other than temporary impairment. If an impairment is determined to be other than temporary, we will record an impairment charge sufficient to reduce the investment’s carrying value to its fair value, which would result in a new cost basis. This new cost basis will be used for future periods when recording subsequent income or loss and cannot be written up to a higher value as a result of increases in fair value. In 2017, we entered into a joint venture, or our Multifamily Joint Venture, with Walker & Dunlop Inc. to originate, hold, and finance multifamily bridge loans. Pursuant to the terms of the agreements governing the joint venture, Walker & Dunlop contributed 15% of the venture’s equity capital and we contributed 85%. We consolidate the Multifamily Joint Venture as we have a controlling financial interest. The non-controlling interests included on our consolidated balance sheets represent the equity interests in our Multifamily Joint Venture that are owned by Walker & Dunlop. A portion of our Multifamily Joint Venture’s consolidated equity and results of operations are allocated to these non-controlling interests based on Walker & Dunlop’s pro rata ownership of our Multifamily Joint Venture.
Use of Estimates	Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results may ultimately differ materially from those estimates.
Revenue Recognition	Revenue Recognition Interest income from our loans receivable portfolio is recognized over the life of each loan using the effective interest method and is recorded on the accrual basis. Recognition of fees, premiums, and discounts associated with these investments is deferred and recorded over the term of the loan as an adjustment to yield. Income accrual is generally suspended for loans at the earlier of the date at which payments become 90 days past due or when, in our opinion, recovery of income and principal becomes doubtful. Interest received is then recorded as income or as a reduction in the amortized cost basis, based on the specific facts and circumstances, until accrual is resumed when the loan becomes contractually current and performance is demonstrated to be resumed. In addition, for loans we originate, the related origination expenses are deferred and recognized as a reduction to interest income, however expenses related to loans we acquire are included in general and administrative expenses as incurred.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents represent cash held in banks and liquid investments with original maturities of three months or less. We may have bank balances in excess of federally insured amounts; however, we deposit our cash and cash equivalents with high credit-quality institutions to minimize credit risk exposure. We have not experienced, and do not expect, any losses on our cash or cash equivalents. As of both December 31, 2024 and 2023, we had no restricted cash on our consolidated balance sheets. Through our subsidiaries, we have oversight of certain servicing accounts held with third-party servicers, or Servicing Accounts, which relate to borrower escrows and other cash balances aggregating $482.2 million and $640.6 million as of December 31, 2024 and 2023, respectively. This cash is maintained in segregated bank accounts, and these amounts are not included in the assets and liabilities presented in our consolidated balance sheets. Cash in these Servicing Accounts will be transferred by the respective third-party servicer to the borrower or us under the terms of the applicable loan agreement upon occurrence of certain future events. We do not generate any revenue or incur any expenses as a result of these Servicing Accounts.
Loans Receivable	Loans Receivable
Current Expected Credit Losses Reserve	Current Expected Credit Losses Reserve The current expected credit loss, or CECL, reserve required under the Financial Accounting Standards Board, or FASB, Accounting Standards Codification, or ASC, Topic 326 “Financial Instruments – Credit Losses,” or ASC 326, reflects our current estimate of potential credit losses related to our loans and notes receivable included in our consolidated balance sheets. Changes to the CECL reserves are recognized through net income on our consolidated statements of operations. While ASC 326 does not require any particular method for determining the CECL reserves, it does specify the reserves should be based on relevant information about past events, including historical loss experience, current portfolio and market conditions, and reasonable and supportable forecasts for the duration of each respective loan. In addition, other than a few narrow exceptions, ASC 326 requires that all financial instruments subject to the CECL model have some amount of loss reserve to reflect the principle underlying the CECL model that all loans and similar assets have some inherent risk of loss, regardless of credit quality, subordinate capital, or other mitigating factors. We estimate our CECL reserves primarily using the Weighted-Average Remaining Maturity, or WARM method, which has been identified as an acceptable loss-rate method for estimating CECL reserves in FASB Staff Q&A Topic 326, No. 1. The WARM method requires us to reference historic loan loss data across a comparable data set and apply such loss rate to each of our loans over their expected remaining term, taking into consideration expected economic conditions over the relevant timeframe. We apply the WARM method for the majority of our loan portfolio, which consists of loans that share similar risk characteristics. In certain instances, for loans with unique risk characteristics, we may instead use a probability-weighted model that considers the likelihood of default and expected loss given default for each such individual loan. Application of the WARM method to estimate CECL reserves requires judgment, including (i) the appropriate historical loan loss reference data, (ii) the expected timing and amount of future loan fundings and repayments, and (iii) the current credit quality of our portfolio and our expectations of performance and market conditions over the relevant time period. To estimate the historic loan losses relevant to our portfolio, we have augmented our historical loan performance, with market loan loss data licensed from Trepp LLC. This database includes commercial mortgage-backed securities, or CMBS, issued since January 1, 1999 through November 30, 2024. Within this database, we focused our historical loss reference calculations on the most relevant subset of available CMBS data, which we determined based on loan metrics that are most comparable to our loan portfolio including asset type, geography, and origination loan-to-value, or LTV. We believe this CMBS data, which includes month-over-month loan and property performance, is the most relevant, available, and comparable dataset to our portfolio. Our loans typically include commitments to fund incremental proceeds to our borrowers over the life of the loan. These future funding commitments are also subject to the CECL model. The CECL reserve related to future loan fundings is recorded as a component of other liabilities on our consolidated balance sheets. This CECL reserve is estimated using the same process outlined above for our outstanding loan balances, and changes in this component of the CECL reserve will similarly impact our consolidated net income. For both the funded and unfunded portions of our loans, we consider our internal risk rating of each loan as the primary credit quality indicator underlying our assessment. The CECL reserves are measured on a collective basis wherever similar risk characteristics exist within a pool of similar assets. We have identified the following pools and measure the reserve for credit losses using the following methods: • U.S. Loans : WARM method that incorporates a subset of historical loss data, expected weighted-average remaining maturity of our loan pool, and an economic view. • Non-U.S. Loans : WARM method that incorporates a subset of historical loss data, expected weighted-average remaining maturity of our loan pool, and an economic view. • Unique Loans : a probability of default and loss given default model, assessed on an individual basis. • Impaired Loans : impairment is indicated when it is deemed probable that we will not be able to collect all amounts due to us pursuant to the contractual terms of the loan. Determining that a loan is impaired requires significant judgment from management and is based on several factors including (i) the underlying collateral performance, (ii) discussions with the borrower, (iii) borrower events of default, and (iv) other facts that impact the borrower’s ability to pay the contractual amounts due under the terms of the loan. If a loan is determined to be impaired, we record the impairment as a component of our CECL reserves by applying the practical expedient for collateral dependent loans. The CECL reserves are assessed on an individual basis for these loans by comparing the estimated fair value of the underlying collateral, less costs to sell, to the book value of the respective loan. These valuations require significant judgments, which include assumptions regarding capitalization rates, discount rates, leasing, creditworthiness of major tenants, occupancy rates, availability and cost of financing, exit plan, loan sponsorship, actions of other lenders, and other factors deemed relevant by us. Actual losses, if any, could ultimately differ materially from these estimates. We only expect to charge-off the impairment losses in our consolidated financial statements prepared in accordance with GAAP if and when such amounts are deemed non-recoverable. This is generally at the time a loan is repaid or foreclosed. However, non-recoverability may also be concluded if, in our determination, it is nearly certain that all amounts due will not be collected. Contractual Term and Unfunded Loan Commitments Expected credit losses are estimated over the contractual term of each loan, adjusted for expected repayments. As part of our quarterly review of our loan portfolio, we assess the expected repayment date of each loan, which is used to determine the contractual term for purposes of computing our CECL reserves. Additionally, the expected credit losses over the contractual period of our loans are subject to the obligation to extend credit through our unfunded loan commitments. The CECL reserve for unfunded loan commitments is adjusted quarterly, as we consider the expected timing of future funding obligations over the estimated life of the loan. The considerations in estimating our CECL reserve for unfunded loan commitments are similar to those used for the related outstanding loans receivable. Credit Quality Indicator Our risk rating is our primary credit quality indicator in assessing our current expected credit loss reserve. We perform a quarterly risk review of our portfolio of loans, and assign each loan a risk rating based on a variety of factors, including, without limitation, origination LTV, debt yield, property type, geographic and local market dynamics, physical condition, cash flow volatility, leasing and tenant profile, loan structure and exit plan, and project sponsorship. Based on a 5-point scale, our loans are rated “l” through “5,” from less risk to greater risk, relative to our loan portfolio in the aggregate, which ratings are defined as follows: 1 - Very Low Risk 2 - Low Risk 3 - Medium Risk 4 - High Risk/Potential for Loss: A loan that has a risk of realizing a principal loss. 5 - Impaired/Loss Likely: A loan that has a very high risk of realizing a principal loss or has otherwise incurred a principal loss. Estimation of Economic Conditions
Real Estate Owned	Real Estate Owned We may assume legal title or physical possession of the collateral underlying a loan through a foreclosure or the execution of a deed-in-lieu of foreclosure. These real estate acquisitions are classified as real estate owned, or REO, on our consolidated balance sheet and are initially recognized at fair value on the acquisition date in accordance with the ASC Topic 805, “Business Combinations.” Upon acquisition of REO, we assess the fair value of acquired tangible and intangible assets, which may include land, buildings, tenant improvements, “above-market” and “below-market” leases, acquired in-place leases, other identified intangible assets and assumed liabilities, as applicable, and allocate the fair value to the acquired assets and assumed liabilities. We assess and consider fair value based on estimated cash flow projections that utilize discount and/or capitalization rates that we deem appropriate, as well as other available market information. Estimates of future cash flows are based on a number of factors including the historical operating results, known and anticipated trends, and market and economic conditions. We capitalize acquisition-related costs associated with asset acquisitions. Real estate assets held for investment, except for land, are depreciated using the straight-line method over the assets’ estimated useful lives of up to 40 years for buildings and 10 years for tenant improvements. Renovations and/or replacements that improve or extend the life of the asset are capitalized and depreciated over their estimated useful lives. Lease intangibles are amortized over the remaining term of applicable leases on a straight-line basis. The cost of ordinary repairs and maintenance are expensed as incurred. Real estate assets held for investment are assessed for impairment on a quarterly basis. If the depreciated cost basis of the asset exceeds the undiscounted cash flows over the remaining holding period, the asset is considered for impairment. The impairment loss is recognized when the carrying value of the real estate assets exceed their fair value. The evaluation of anticipated future cash flows is highly subjective and is based in part on assumptions regarding future occupancy, rental rates, capital requirements and anticipated holding periods that could differ materially from actual results. Real estate assets are classified as held for sale in the period when they meet the criteria under ASC Topic 360 “Property, Plant, and Equipment.” Once a real estate asset is classified as held for sale, depreciation is suspended and the asset is reported at the lower of its carrying value or fair value less cost to sell. If circumstances arise and we decide not to sell a real estate asset previously classified as held for sale, the real estate asset is reclassified as held for investment. Upon reclassification, the real estate asset is measured at the lower of (i) its carrying amount prior to classification as held for sale, adjusted for depreciation expense that would have been recognized had the real estate been classified as held for investment, and (ii) its estimated fair value at the time of reclassification.
Agency Multifamily Lending Partnership	Agency Multifamily Lending Partnership In the second quarter of 2024, we entered into an agreement with M&T Realty Capital Corporation, or MTRCC, a subsidiary of M&T Bank, that allows our borrowers to access multifamily agency financing through MTRCC’s Fannie Mae DUS and Freddie Mac Optigo lending platforms, or the Agency Multifamily Lending Partnership. We will receive a portion of origination, servicing, and other fees for loans that we refer to MTRCC for origination under both the Fannie Mae and Freddie Mac programs. Additionally, we will share in losses with MTRCC and Fannie Mae on loans that we refer to MTRCC for origination under the Fannie Mae program. Revenue Recognition For loans that we refer to MTRCC for origination under both the Fannie Mae and Freddie Mac programs, we recognize our allocable portion of origination, servicing, and other fees in other income when we have satisfied our performance obligations in accordance with the "Revenue from Contracts with Customers" Topic of the FASB, or ASC 606. Our performance obligations are generally satisfied when the loan is referred by us to MTRCC and subsequently originated and sold under the Fannie Mae and Freddie Mac programs. A portion of the fees recognized, such as servicing fees, are variable and will be reevaluated for collectability on a recurring basis. Loss-sharing Agreement Pursuant to our agreement with MTRCC, we are subject to a loss-sharing obligation with respect to MTRCC’s obligation to partially guarantee the performance of loans that they originate and sell under the Fannie Mae program. This loss-sharing agreement requires us to fund a fixed amount of cash into a segregated account based on the amount MTRCC is required to fund under the Fannie Mae program, with respect to loans we referred to MTRCC.
Derivative Financial Instruments	Derivative Financial Instruments We classify all derivative financial instruments as either other assets or other liabilities on our consolidated balance sheets at fair value. On the date we enter into a derivative contract, we designate each contract as (i) a hedge of a net investment in a foreign operation, or net investment hedge, (ii) a hedge of a forecasted transaction or of the variability of cash flows to be received or paid related to a recognized asset or liability, or cash flow hedge, (iii) a hedge of a recognized asset or liability, or fair value hedge, or (iv) a derivative instrument not to be designated as a hedging derivative, or non-designated hedge. For all derivatives other than those designated as non-designated hedges, we formally document our hedge relationships and designation at the contract’s inception. This documentation includes the identification of the hedging instruments and the hedged items, its risk management objectives, strategy for undertaking the hedge transaction and our evaluation of the effectiveness of its hedged transaction. On a quarterly basis, we also formally assess whether the derivative we designated in each hedging relationship is expected to be, and has been, highly effective in offsetting changes in the value or cash flows of the hedged items. If it is determined that a derivative is not highly effective at hedging the designated exposure, hedge accounting is discontinued and the changes in fair value of the instrument are included in net income prospectively. Our net investment hedges are assessed using a method based on changes in spot exchange rates. Gains and losses, representing hedge components excluded from the assessment of effectiveness, are recognized in interest income on our consolidated statements of operations over the contractual term of our net investment hedges on a systematic and rational basis, as documented at hedge inception in accordance with our accounting policy election. All other changes in the fair value of our derivative instruments that qualify as hedges are reported as a component of accumulated other comprehensive income (loss) on our consolidated financial statements. Deferred gains and losses are reclassified out of accumulated other comprehensive income (loss) and into net income in the same period or periods during which the hedged transaction affects earnings, and are presented in the same line item as the earnings effect of the hedged item. For cash flow hedges, this is typically when the periodic swap settlements are made, while for net investment hedges, this occurs when the hedged item is sold or substantially liquidated. To the extent a derivative does not qualify for hedge accounting and is deemed a non-designated hedge, the changes in its fair value are included in net income concurrently.
Secured Debt, Asset-Specific Debt, Term Loans, Senior Secured Notes, Convertible Notes and Deferred Financing Costs	Secured Debt and Asset-Specific Debt We record investments financed with secured debt or asset-specific debt as separate assets and the related borrowings under any secured debt or asset-specific debt are recorded as separate liabilities on our consolidated balance sheets. Interest income earned on the investments and interest expense incurred on the secured debt or asset-specific debt are reported separately on our consolidated statements of operations. Term Loans We record our term loans as liabilities on our consolidated balance sheets. Where applicable, any issue discount or transaction expenses are deferred and amortized through the maturity date of the term loans as additional non-cash interest expense. Senior Secured Notes We record our senior secured notes as liabilities on our consolidated balance sheets. Where applicable, any issue discount or transaction expenses are deferred and amortized through the maturity date of the senior secured notes as additional non-cash interest expense. Convertible Notes Convertible note proceeds, unless issued with a substantial premium or an embedded conversion feature, are classified as debt. Additionally, shares issuable under our convertible notes are included in diluted earnings per share in our consolidated financial statements, if the effect is dilutive, using the if-converted method, regardless of settlement intent. Where applicable, any issue discount or transaction expenses are deferred and amortized through the maturity date of the convertible notes as additional non-cash interest expense. Deferred Financing Costs
Loan Participations Sold	Loan Participations Sold
Underwriting Commissions and Offering Costs	Underwriting Commissions and Offering Costs
Fair Value of Financial Instruments	Fair Value of Financial Instruments The “Fair Value Measurements and Disclosures” Topic o f the FASB, or ASC 820, defines fair value, establishes a framework for measuring fair value, and requires certain disclosures about fair value measurements under GAAP. Specifically, this guidance defines fair value based on exit price, or the price that would be received upon the sale of an asset or the transfer of a liability in an orderly transaction between market participants at the measurement date. ASC 820 also establishes a fair value hierarchy that prioritizes and ranks the level of market price observability used in measuring financial instruments. Market price observability is affected by a number of factors, including the type of financial instrument, the characteristics specific to the financial instrument, and the state of the marketplace, including the existence and transparency of transactions between market participants. Financial instruments with readily available quoted prices in active markets generally will have a higher degree of market price observability and a lesser degree of judgment used in measuring fair value. Financial instruments measured and reported at fair value are classified and disclosed based on the observability of inputs used in the determination, as follows: • Level 1: Generally includes only unadjusted quoted prices that are available in active markets for identical financial instruments as of the reporting date. • Level 2: Pricing inputs include quoted prices in active markets for similar instruments, quoted prices in less active or inactive markets for identical or similar instruments where multiple price quotes can be obtained, and other observable inputs, such as interest rates, yield curves, credit risks, and default rates. • Level 3: Pricing inputs are unobservable for the financial instruments and include situations where there is little, if any, market activity for the financial instrument. These inputs require significant judgment or estimation by management of third-parties when determining fair value and generally represent anything that does not meet the criteria of Levels 1 and 2. Certain of our other assets are reported at fair value, as of quarter-end, either (i) on a recurring basis or (ii) on a nonrecurring basis, as a result of impairment or other events. Our assets that are recorded at fair value are discussed further in Note 19. We generally value our assets recorded at fair value by either (i) discounting expected cash flows based on assumptions regarding the collection of principal and interest and estimated market rates, or (ii) obtaining assessments from third-parties. For collateral-dependent loans that are identified as impaired, we measure impairment by comparing our estimation of the fair value of the underlying collateral, less costs to sell, to the book value of the respective loan. These valuations require significant judgments, which include assumptions regarding capitalization rates, discount rates, leasing, creditworthiness of major tenants, occupancy rates, availability and cost of financing, exit plan, loan sponsorship, actions of other lenders, and other factors. As of December 31, 2024, we had an aggregate $580.7 million asset-specific CECL reserve related to 13 of our loans receivable with an aggregate amortized cost basis of $1.8 billion, net of cost-recovery proceeds. The CECL reserve was recorded based on our estimation of the fair value of the loans' aggregate underlying collateral as of December 31, 2024. These loans receivable are therefore measured at fair value on a nonrecurring basis using significant unobservable inputs, and are classified as Level 3 assets in the fair value hierarchy. We estimated the fair value of the collateral underlying the loans receivable by considering a variety of inputs including property performance, market data, and comparable sales, as applicable. The significant unobservable inputs used include the exit capitalization rate assumption used to forecast the future sale price of the underlying real estate collateral, which ranged from 6.00% to 8.55%, and the unlevered discount rate, which ranged from 7.72% to 15.00%. In the year ended December 31, 2024, we acquired legal title or otherwise consolidated seven REO assets. At the time of each acquisition or consolidation, we determined the fair value of each real estate asset based on a variety of inputs including, but not limited to, estimated cash flow projections, leasing assumptions, required capital expenditures, market data, and comparable sales. The REO assets were measured at fair value on a nonrecurring basis using significant unobservable inputs and are classified as Level 3 assets in the fair value hierarchy. The significant unobservable inputs used include the exit capitalization rate assumptions used to forecast the future sale price of the assets, which ranged from 6.00% to 8.00%, as well as the discount rate, which ranged from 7.50% to 10.00%. Refer to Note 4 and Note 19 for additional information. We are also required by GAAP to disclose fair value information about financial instruments, which are not otherwise reported at fair value in our consolidated balance sheet, to the extent it is practicable to estimate a fair value for those instruments. These disclosure requirements exclude certain financial instruments and all non-financial instruments. The following methods and assumptions are used to estimate the fair value of each class of financial instruments, for which it is practicable to estimate that value: • Cash and cash equivalents: The carrying amount of cash and cash equivalents approximates fair value. • Loans receivable, net: The fair values of these loans were estimated using a discounted cash flow methodology, taking into consideration various factors including capitalization rates, discount rates, leasing, credit worthiness of major tenants, occupancy rates, availability and cost of financing, exit plan, loan sponsorship, actions of other lenders, and other factors. • Derivative financial instruments: The fair value of our foreign currency and interest rate contracts was estimated using advice from a third-party derivative specialist, based on contractual cash flows and observable inputs comprising foreign currency rates and credit spreads. • Secured debt, net: The fair value of these instruments was estimated based on the rate at which a similar credit facility would currently be priced. • Securitized debt obligations, net: The fair value of these instruments was estimated by utilizing third-party pricing service providers. In determining the value of a particular investment, pricing service providers may use broker-dealer quotations, reported trades, or valuation estimates from their internal pricing models to determine the reported price. • Asset-specific debt, net: The fair value of these instruments was estimated based on the rate at which a similar agreement would currently be priced. • Loan participations sold, net: The fair value of these instruments was estimated based on the value of the related loan receivable asset. • Term loans, net: The fair value of these instruments was estimated by utilizing third-party pricing service providers. In determining the value of a particular investment, pricing service providers may use broker-dealer quotations, reported trades, or valuation estimates from their internal pricing models to determine the reported price. • Senior secured notes, net: The fair value of these instruments was estimated by utilizing third-party pricing service providers. In determining the value of a particular investment, pricing service providers may use broker-dealer quotations, reported trades, or valuation estimates from their internal pricing models to determine the reported price. •
Income Taxes	Income Taxes Our financial results generally do not reflect provisions for current or deferred income taxes on our REIT taxable income. We believe that we operate in a manner that will continue to allow us to be taxed as a REIT and, as a result, we generally do not expect to pay substantial corporate level taxes other than those payable by our taxable REIT subsidiaries. If we were to fail to meet these requirements, we may be subject to federal, state, and local income tax on current and past income, and penalties. Refer to Note 17 for additional information.
Stock-Based Compensation	Stock-Based Compensation Our stock-based compensation consists of awards issued to our Manager, certain individuals employed by an affiliate of our Manager, and certain members of our board of directors that vest over the life of the awards, as well as deferred stock units issued to certain members of our board of directors. Stock-based compensation expense is recognized for these awards in net income on a variable basis over the applicable vesting period of the awards, based on the value of our class A common stock. Refer to Note 18 for additional information.
Earnings per Share	Earnings per Share Basic earnings per share, or Basic EPS, is computed in accordance with the two-class method and is based on (i) the net earnings allocable to our class A common stock, including restricted class A common stock and deferred stock units, divided by (ii) the weighted-average number of shares of our class A common stock, including restricted class A common stock and deferred stock units outstanding during the period. Our restricted class A common stock is considered a participating security, as defined by GAAP, and has been included in our Basic EPS under the two-class method as these restricted shares have the same rights as our other shares of class A common stock, including participating in any gains or losses.
Foreign Currency	Foreign Currency
Recent Accounting Pronouncements	Recent Accounting Pronouncements In November 2024, the FASB issued Account Standards Update, or ASU, 2024-04 “Debt with Conversion and Other Options (Subtopic 470-20): Induced Conversions of Convertible Debt Instruments,”, or ASU 2024-04. ASU 2024-04 clarifies the accounting treatment for settlement of a convertible debt instrument as an induced conversion. ASU 2024-04 is effective on a prospective basis, with the option for retrospective application, for fiscal years beginning after December 15, 2025.We have not early adopted ASU 2024-04 and do not expect the adoption of ASU 2024-04 to have a material impact on our consolidated financial statements. In November 2024, the FASB issued ASU, 2024-03 “Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses,”, or ASU 2024-03. ASU 2024-03 requires disclosures in the notes to the financial statements on specified information about certain costs and expenses for each interim and annual reporting period. ASU 2024-03 is effective on either a prospective basis, with the option for retrospective application, for annual periods beginning after December 15, 2026, for interim periods within fiscal years beginning after December 15, 2027, and early adoption is permitted. We have not early adopted ASU 2024-03 and do not expect the adoption of ASU 2024-03 to have a material impact on our consolidated financial statements. In December 2023, the FASB issued ASU 2023-09 “Income Taxes (Topic 740): Improvements to Income Tax Disclosures,” or ASU 2023-09. ASU 2023-09 requires additional disaggregated disclosures on an entity’s effective tax rate reconciliation and additional details on income taxes paid. ASU 2023-09 is effective on a prospective basis, with the option for retrospective application, for annual periods beginning after December 15, 2024 and early adoption is permitted. We have not early adopted ASU 2023-09 and do not expect the adoption of ASU 2023-09 to have a material impact on our consolidated financial statements.

Loans Receivable, Net (Tables)

Loans Receivable, Net (Tables)	12 Months Ended
	Dec. 31, 2024
Receivables [Abstract]
Overall Statistics for Loans Receivable Portfolio	The following table details overall statistics for our loans receivable portfolio ($ in thousands): December 31, 2024 December 31, 2023 Number of loans 130 178 Principal balance $ 19,203,126 $ 23,923,719 Net book value $ 18,313,582 $ 23,210,076 Unfunded loan commitments (1) $ 1,263,068 $ 2,430,664 Weighted-average cash coupon (2) + 3.46 % + 3.37 % Weighted-average all-in yield (2) + 3.78 % + 3.71 % Weighted-average maximum maturity (years) (3) 2.1 2.5 (1) Unfunded commitments will primarily be funded to finance our borrowers’ construction or development of real estate-related assets, capital improvements of existing assets, or lease-related expenditures. These commitments will generally be funded over the term of each loan, subject in certain cases to an expiration date. (2) The weighted-average cash coupon and all-in yield are expressed as a spread over the relevant floating benchmark rates, which include SOFR (3) Maximum maturity assumes all extension options are exercised by the borrower, however our loans may be repaid prior to such date. Excludes loans accounted for under the cost-recovery and nonaccrual methods, if any. As of December 31, 2024, 10% of our loans by principal balance were subject to yield maintenance or other prepayment restrictions and 90% were open to repayment by the borrower without penalty. As of December 31, 2023, 14% of our loans by principal balance were subject to yield maintenance or other prepayment restrictions and 86% were open to repayment by the borrower without penalty.
Disclosure Details Of Loan Receivable Portfolio Based On Index Floor Rates	The following table details the index rate floors for our loans receivable portfolio as of December 31, 2024 ($ in thousands): Loans Receivable Principal Balance Index Rate Floors USD Non-USD (1) Total Fixed Rate $ 61,750 $ — $ 61,750 0.00% or no floor (2) 3,764,292 4,604,726 8,369,018 0.01% to 1.00% floor 3,928,566 372,619 4,301,185 1.01% to 2.00% floor 1,570,804 905,095 2,475,899 2.01% to 3.00% floor 2,049,477 508,068 2,557,545 3.01% or more floor 1,247,235 190,494 1,437,729 Total (3) $ 12,622,124 $ 6,581,002 $ 19,203,126 (1) Includes Euro, British Pound Sterling, Swedish Krona, Australian Dollar, and Swiss Franc currencies. (2) Includes all impaired loans. (3) As of December 31, 2024, the weighted-average index rate floor of our loans receivable principal balance was 1.02%. Excluding 0.0% index rate floors and loans with no floor, the weighted-average index rate floor was 1.63%.
Activity Relating to Loans Receivable Portfolio	Activity relating to our loans receivable portfolio was as follows ($ in thousands): Principal Balance Deferred Fees / Other Items (1) Net Book Value Loans Receivable, as of December 31, 2022 $ 25,160,343 $ (142,463) $ 25,017,880 Loan fundings 1,344,130 — 1,344,130 Loan repayments, sales, and cost-recovery proceeds (2,871,423) (52,978) (2,924,401) Payment-in-kind interest, net of interest received 2,865 — 2,865 Unrealized gain (loss) on foreign currency translation 287,804 (1,702) 286,102 Deferred fees and other items — (17,992) (17,992) Amortization of fees and other items — 78,428 78,428 Loans Receivable, as of December 31, 2023 $ 23,923,719 $ (136,707) $ 23,787,012 Loan fundings 1,356,208 — 1,356,208 Loan repayments, sales, and cost-recovery proceeds (4,663,293) (87,993) (4,751,286) Charge-offs (419,849) 35,246 (384,603) Transfer to real estate owned (590,937) — (590,937) Transfer to other assets, net (2) (70,248) — (70,248) Payment-in-kind interest, net of interest received 16,660 — 16,660 Unrealized (loss) gain on foreign currency translation (349,134) 1,406 (347,728) Deferred fees and other items — (31,693) (31,693) Amortization of fees and other items — 64,133 64,133 Loans Receivable, as of December 31, 2024 $ 19,203,126 $ (155,608) $ 19,047,518 CECL reserve (733,936) Loans Receivable, net, as of December 31, 2024 $ 18,313,582 (1) Other items primarily consist of purchase and sale discounts or premiums, exit fees, deferred origination expenses, and cost-recovery proceeds. (2) This amount relates to: (i) intangible and other assets recorded in connection with loans that were transferred to REO, net of any liabilities recorded upon acquisition, if any; (ii) a loan that was partially satisfied through the issuance of a note receivable; and (iii) proceeds from loan repayments that are held in escrow, all of which are included within other assets in our consolidated balance sheets. See Note 6 for further information.
Property Type and Geographic Distribution of Properties Securing Loans in Portfolio	The tables below detail the property type and geographic distribution of the properties securing the loans in our portfolio ($ in thousands): December 31, 2024 Property Type Number of Loans Net Book Value Total Loan Exposure (1) Net Loan Exposure (2) Net Loan Exposure Percentage of Office 41 $ 7,386,333 $ 7,740,932 $ 5,729,418 33% Multifamily 50 5,091,767 5,309,345 4,934,364 29 Hospitality 16 2,768,374 2,812,485 2,663,349 16 Industrial 11 2,030,627 2,039,069 2,000,831 12 Retail 5 555,553 585,221 532,069 3 Life Sciences / Studio 3 342,817 560,564 337,687 2 Other 4 872,047 872,923 836,585 5 Total loans receivable 130 $ 19,047,518 $ 19,920,539 $ 17,034,303 100% CECL reserve (733,936) Loans receivable, net $ 18,313,582 Geographic Location Number of Loans Net Book Value Total Loan Exposure (1) Net Loan Exposure (2) Net Loan Exposure Percentage of United States Sunbelt 44 $ 4,520,632 $ 4,663,498 $ 4,084,242 24% Northeast 21 4,614,582 4,673,581 3,452,961 20 West 21 1,865,382 2,549,329 1,746,309 10 Midwest 10 997,156 1,006,613 820,858 5 Northwest 4 432,644 435,526 432,794 3 Subtotal 100 12,430,396 13,328,547 10,537,164 62 International United Kingdom 16 2,916,145 2,877,609 2,839,096 17 Ireland 3 1,050,276 1,055,131 1,048,329 6 Australia 3 920,182 925,106 923,507 5 Spain 3 785,368 786,576 744,287 4 Sweden 1 429,084 430,416 429,724 2 Other Europe 3 455,417 456,102 451,245 4 Other International 1 60,650 61,052 60,951 — Subtotal 30 6,617,122 6,591,992 6,497,139 38 Total loans receivable 130 $ 19,047,518 $ 19,920,539 $ 17,034,303 100% CECL reserve (733,936) Loans receivable, net $ 18,313,582 (1) Total loan exposure reflects our aggregate exposure to each loan investment. As of December 31, 2024, total loan exposure, includes (i) loans with an outstanding principal balance of $19.2 billion that are included in our consolidated financial statements, (ii) $817.5 million of non-consolidated senior interests in loans we have sold, which are not included in our consolidated financial statements, and excludes (iii) $100.1 million of junior loan interests that we have sold, but that remain included in our consolidated financial statements. See Note 2 for further discussion of loan participations sold. (2) Net loan exposure reflects the amount of each loan that is subject to risk of credit loss to us as of December 31, 2024, which is our total loan exposure net of (i) $817.5 million of non-consolidated senior interests, (ii) $1.2 billion of asset-specific debt, (iii) $106.7 million of cost-recovery proceeds, and (iv) our total loans receivable CECL reserve of $733.9 million. Our non-consolidated senior interests, asset-specific debt, and loan participations sold are structurally non-recourse and term-matched to the corresponding collateral loans. December 31, 2023 Property Type Number of Net Total Loan Exposure (1) Net Loan Exposure (2) Net Loan Exposure Percentage of Office 54 $ 9,253,609 $ 10,072,963 $ 7,956,472 36% Multifamily 73 5,876,128 5,997,886 5,756,192 26 Hospitality 23 4,161,525 4,194,588 3,804,091 17 Industrial 12 2,189,808 2,201,497 2,190,914 10 Retail 6 814,241 834,825 785,573 4 Life Sciences/Studio 4 385,098 561,517 384,219 2 Other 6 1,106,603 1,107,752 1,074,527 5 Total loans receivable 178 $ 23,787,012 $ 24,971,028 $ 21,951,988 100% CECL reserve (576,936) Loans receivable, net $ 23,210,076 Geographic Location Number of Net Total Loan Exposure (1) Net Loan Exposure (2) Net Loan Exposure Percentage of United States Sunbelt 65 $ 5,658,172 $ 5,786,395 $ 5,402,732 25% Northeast 30 5,386,940 5,426,951 4,340,660 20 West 31 3,088,644 4,108,074 2,910,559 13 Midwest 9 944,132 945,222 913,973 4 Northwest 6 382,591 385,978 383,382 2 Subtotal 141 15,460,479 16,652,620 13,951,306 64 International United Kingdom 20 3,470,120 3,439,678 3,181,489 14 Australia 5 1,429,144 1,437,870 1,432,146 7 Ireland 3 1,191,068 1,197,337 1,188,554 5 Spain 3 1,117,790 1,120,375 1,078,811 5 Sweden 1 474,262 476,718 476,281 2 Other Europe 5 644,149 646,430 643,401 3 Subtotal 37 8,326,533 8,318,408 8,000,682 36 Total loans receivable 178 $ 23,787,012 $ 24,971,028 $ 21,951,988 100% CECL reserve (576,936) Loans receivable, net $ 23,210,076 (1) Total loan exposure reflects our aggregate exposure to each loan investment. As of December 31, 2023, total loan exposure, includes (i) loans with an outstanding principal balance of $23.9 billion that are included in our consolidated financial statements, (ii) $1.1 billion of non-consolidated senior interests in loans we have sold, which are not included in our consolidated financial statements, and excludes (iii) $100.9 million of junior loan interests that we have sold, but that remain included in our consolidated financial statements. See Note 2 for further discussion of loan participations sold. (2) Net loan exposure reflects the amount of each loan that is subject to risk of credit loss to us as of December 31, 2023, which is our total loan exposure net of (i) $1.1 billion of non-consolidated senior interests, (ii) $1.0 billion of asset-specific debt, (iii) $236.8 million of senior loan participations sold, (iv) $53.0 million of cost-recovery proceeds, and (v) our total loans receivable CECL reserve of $576.9 million. Our non-consolidated senior interests, asset-specific debt, and loan participations sold are structurally non-recourse and term-matched to the corresponding collateral loans.
Net Book Value, Total Loan Exposure and Net Loan Exposure of Loans Receivable Based on Internal Risk Ratings and Credit Quality Indicators	The following table allocates the net book value, total loan exposure, and net loan exposure balances based on our internal risk ratings ($ in thousands): December 31, 2024 Risk Rating Number of Loans Net Book Value Total Loan Exposure (1) Net Loan Exposure (2) 1 11 $ 1,919,280 $ 1,921,416 $ 994,056 2 21 3,346,881 3,354,857 3,349,347 3 65 9,246,692 9,462,122 8,818,346 4 20 2,707,104 3,245,102 2,622,877 5 13 1,827,561 1,937,042 1,249,677 Total loans receivable 130 $ 19,047,518 $ 19,920,539 $ 17,034,303 CECL reserve (733,936) Loans receivable, net $ 18,313,582 December 31, 2023 Risk Rating Number of Loans Net Book Value Total Loan Exposure (1) Net Loan Exposure (2) 1 15 $ 763,101 $ 811,217 $ 763,223 2 36 6,143,184 6,618,319 5,095,395 3 99 12,277,518 12,573,282 11,964,620 4 15 2,725,930 3,036,837 2,668,025 5 13 1,877,279 1,931,373 1,460,725 Total loans receivable 178 $ 23,787,012 $ 24,971,028 $ 21,951,988 CECL reserve (576,936) Loans receivable, net $ 23,210,076 (1) Total loan exposure reflects our aggregate exposure to each loan investment. As of December 31, 2024, total loan exposure, includes (i) loans with an outstanding principal balance of $19.2 billion that are included in our consolidated financial statements, (ii) $817.5 million of non-consolidated senior interests in loans we have sold, which are not included in our consolidated financial statements, and excludes (iii) $100.1 million of junior loan interests that we have sold, but that remain included in our consolidated financial statements. As of December 31, 2023, total loan exposure, includes (i) loans with an outstanding principal balance of $23.9 billion that are included in our consolidated financial statements (ii) $1.1 billion of non-consolidated senior interests in loans we have sold, which are not included in our consolidated financial statements, and excludes (iii) $100.9 million of junior loan interests that we have sold, but that remain included in our consolidated financial statements. See Note 2 for further discussion of loan participations sold. (2) Net loan exposure reflects the amount of each loan that is subject to risk of credit loss to us as of December 31, 2024, which is our total loan exposure net of (i) $817.5 million of non-consolidated senior interests, (ii) $1.2 billion of asset-specific debt, (iii) $106.7 million of cost-recovery proceeds, and (iv) our total loans receivable CECL reserve of $733.9 million. Our net loan exposure as of December 31, 2023 is our total loan exposure net of (i) $1.1 billion of non-consolidated senior interests, (ii) $1.0 billion of asset-specific debt, (iii) $236.8 million of senior loan participations sold, and (iv) $53.0 million of cost-recovery proceeds, and (v) our total loans receivable CECL reserve of $576.9 million. Our non-consolidated senior interests, asset-specific debt, and loan participations sold are structurally non-recourse and term-matched to the corresponding collateral loans. Our primary credit quality indicator is our risk ratings, which are further discussed above. The following tables present the net book value of our loan portfolio as of December 31, 2024 and 2023, respectively, by year of origination, investment pool, and risk rating ($ in thousands): Net Book Value of Loans Receivable by Year of Origination (1) As of December 31, 2024 Risk Rating 2024 2023 2022 2021 2020 Prior Total U.S. loans 1 $ — $ — $ 151,674 $ 245,289 $ 60,240 $ 1,381,858 $ 1,839,061 2 60,651 — 197,153 1,611,856 — — 1,869,660 3 268,408 — 1,599,604 2,160,837 691,097 392,470 5,112,416 4 — — 236,780 1,019,672 — 726,513 1,982,965 5 — — — — — — — Total U.S. loans $ 329,059 $ — $ 2,185,211 $ 5,037,654 $ 751,337 $ 2,500,841 $ 10,804,102 Non-U.S. loans 1 $ — $ — $ — $ 80,219 $ — $ — $ 80,219 2 — — 500,104 787,660 87,629 101,828 1,477,221 3 — — 594,740 1,126,698 — 1,332,805 3,054,243 4 — — — — — 198,389 198,389 5 — — — — — — — Total Non-U.S. loans $ — $ — $ 1,094,844 $ 1,994,577 $ 87,629 $ 1,633,022 $ 4,810,072 Unique loans 1 $ — $ — $ — $ — $ — $ — $ — 2 — — — — — — — 3 — — 814,225 — — 265,808 1,080,033 4 — — — — — 525,750 525,750 5 — — — — — — — Total unique loans $ — $ — $ 814,225 $ — $ — $ 791,558 $ 1,605,783 Impaired loans 1 $ — $ — $ — $ — $ — $ — $ — 2 — — — — — — — 3 — — — — — — — 4 — — — — — — — 5 — — 170,388 367,030 34,214 1,255,929 1,827,561 Total impaired loans $ — $ — $ 170,388 $ 367,030 $ 34,214 $ 1,255,929 $ 1,827,561 Total loans receivable 1 $ — $ — $ 151,674 $ 325,508 $ 60,240 $ 1,381,858 $ 1,919,280 2 60,651 — 697,257 2,399,516 87,629 101,828 3,346,881 3 268,408 — 3,008,569 3,287,535 691,097 1,991,083 9,246,692 4 — — 236,780 1,019,672 — 1,450,652 2,707,104 5 — — 170,388 367,030 34,214 1,255,929 1,827,561 Total loans receivable $ 329,059 $ — $ 4,264,668 $ 7,399,261 $ 873,180 $ 6,181,350 $ 19,047,518 CECL reserve (733,936) Loans receivable, net $ 18,313,582 Gross charge-offs (2) — — (52,045) (255,005) — (77,553) $ (384,603) (1) Date loan was originated or acquired by us. Origination dates are subsequently updated to reflect material loan modifications. (2) Represents charge-offs by year of origination during the year ended December 31, 2024. Net Book Value of Loans Receivable by Year of Origination (1) As of December 31, 2023 Risk Rating 2023 2022 2021 2020 2019 Prior Total U.S. loans 1 $ — $ 172,575 $ 443,739 $ 39,877 $ 52,939 $ 53,971 $ 763,101 2 — 195,755 1,883,162 32,179 200,917 1,438,175 3,750,188 3 — 1,870,610 3,730,842 613,688 380,726 359,257 6,955,123 4 — 317,665 924,070 — 193,168 679,885 2,114,788 5 — — — — — — — Total U.S. loans $ — $ 2,556,605 $ 6,981,813 $ 685,744 $ 827,750 $ 2,531,288 $ 13,583,200 Non-U.S. loans 1 $ — $ — $ — $ — $ — $ — $ — 2 — 1,034,196 1,230,762 93,423 34,615 — 2,392,996 3 — 643,018 1,084,137 — 2,249,931 — 3,977,086 4 — — — — — — — 5 — — — — — — — Total Non-U.S. loans $ — $ 1,677,214 $ 2,314,899 $ 93,423 $ 2,284,546 $ — $ 6,370,082 Unique loans 1 $ — $ — $ — $ — $ — $ — $ — 2 — — — — — — — 3 — 894,599 — — 264,457 186,253 1,345,309 4 — — — — — 611,142 611,142 5 — — — — — — — Total unique loans $ — $ 894,599 $ — $ — $ 264,457 $ 797,395 $ 1,956,451 Impaired loans 1 $ — $ — $ — $ — $ — $ — $ — 2 — — — — — — — 3 — — — — — — — 4 — — — — — — — 5 — — 508,264 140,000 — 1,229,015 1,877,279 Total impaired loans $ — $ — $ 508,264 $ 140,000 $ — $ 1,229,015 $ 1,877,279 Total loans receivable 1 $ — $ 172,575 $ 443,739 $ 39,877 $ 52,939 $ 53,971 $ 763,101 2 — 1,229,951 3,113,924 125,602 235,532 1,438,175 6,143,184 3 — 3,408,227 4,814,979 613,688 2,895,114 545,510 12,277,518 4 — 317,665 924,070 — 193,168 1,291,027 2,725,930 5 — — 508,264 140,000 — 1,229,015 1,877,279 Total loans receivable $ — $ 5,128,418 $ 9,804,976 $ 919,167 $ 3,376,753 $ 4,557,698 $ 23,787,012 CECL reserve (576,936) Loans receivable, net $ 23,210,076 (1) Date loan was originated or acquired by us. Origination dates are subsequently updated to reflect material loan modifications.
Schedule Of Current Expected Credit Loss Reserve By Pool	The following table presents the activity in our loans receivable CECL reserve by investment pool for the years ended December 31, 2024 and 2023 ($ in thousands): U.S. Loans (1) Non-U.S. Unique Impaired Total Loans Receivable, Net CECL reserves as of December 31, 2023 $ 78,335 $ 31,560 $ 49,371 $ 417,670 $ 576,936 Increase (decrease) in CECL reserves 1,722 (5,419) (2,284) 547,584 541,603 Charge-offs of CECL reserves — — — (384,603) (384,603) CECL reserves as of December 31, 2024 80,057 26,141 47,087 580,651 733,936 CECL reserves as of December 31, 2022 $ 67,880 $ 22,519 $ 45,960 $ 189,778 $ 326,137 Increase in CECL reserves 10,455 9,041 3,411 227,892 250,799 CECL reserves as of December 31, 2023 $ 78,335 $ 31,560 $ 49,371 $ 417,670 $ 576,936 (1)

Real Estate Owned, Net (Tables)

Real Estate Owned, Net (Tables)	12 Months Ended
	Dec. 31, 2024
Real Estate [Abstract]
Asset Acquisition	The following table presents the REO assets that were acquired during the year ended December 31, 2024 ($ in thousands): Acquisition Date Location Property Type Acquisition Date Fair Value March 2024 Mountain View, CA Office $ 60,203 July 2024 San Antonio, TX Multifamily 33,607 September 2024 Burlington, MA Office 64,628 October 2024 Washington, DC Office 107,016 December 2024 San Francisco, CA Hospitality 201,530 December 2024 El Segundo, CA Office 145,363 December 2024 Denver, CO Office 33,337 Total 645,684
Real Estate Owned Assets	The following table presents the REO assets and liabilities included in our consolidated balance sheets ($ in thousands): December 31, 2024 Assets Building and building improvements $ 410,546 Land and land improvements 181,083 Total $ 591,629 Less: accumulated depreciation (3,444) Real estate owned, net $ 588,185 Intangible real estate assets $ 83,253 Less: accumulated amortization (5,964) Intangible real estate assets, net (1) $ 77,289 Liabilities Intangible real estate liabilities $ (1,420) Less: accumulated amortization 1 Intangible real estate liabilities, net (2) $ (1,421) (1) Included within other assets on our consolidated balance sheets. Refer to Note 6 for additional information. (2) Included within other liabilities on our consolidated balance sheets. Refer to Note 6 for additional information.
Schedule of Undiscounted Future Minimum Rental Income	The following table presents the undiscounted future minimum rents we expect to receive for our office properties as of December 31, 2024. Leases at our multifamily assets are short term, generally 12 months or less, and are therefore not included. ($ in thousands): Future Minimum Rents 2025 $ 47,185 2026 35,141 2027 25,745 2028 19,579 2029 17,199 Thereafter 33,976 Total $ 178,825
Schedule of Finite-Lived Intangible Assets	The following table presents the amortization of lease intangibles for the year ended December 31, 2024. There was no amortization of lease intangibles during the years ended December 31, 2023 and 2022 ($ in thousands): Year Ended December 31, 2024 In-place lease intangibles (1) $ 5,770 Above-market lease intangibles (2) 194 Below-market lease intangibles (2) (1) Total amortization of lease intangibles 5,963 (1) Included within expenses of real estate owned on our consolidated statements of operations. (2)
Below Market Lease, Future Amortization Income	The following table presents the amortization of lease intangibles for each of the succeeding fiscal years ($ in thousands): In-place lease intangibles Above-market lease intangibles Below-market lease intangibles 2025 $ 27,003 $ 4,973 $ (330) 2026 13,645 2,950 (282) 2027 7,395 2,262 (254) 2028 4,525 1,781 (174) 2029 3,686 1,192 (138) Thereafter 5,662 2,215 (243) Total $ 61,916 $ 15,373 $ (1,421)
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense	The following table presents the amortization of lease intangibles for each of the succeeding fiscal years ($ in thousands): In-place lease intangibles Above-market lease intangibles Below-market lease intangibles 2025 $ 27,003 $ 4,973 $ (330) 2026 13,645 2,950 (282) 2027 7,395 2,262 (254) 2028 4,525 1,781 (174) 2029 3,686 1,192 (138) Thereafter 5,662 2,215 (243) Total $ 61,916 $ 15,373 $ (1,421)

Other Assets and Liabilities (T

Other Assets and Liabilities (Tables)	12 Months Ended
	Dec. 31, 2024
Other Assets And Liabilities Disclosure [Abstract]
Summary of Components of Other Assets	The following table details the components of our other assets ($ in thousands): December 31, 2024 December 31, 2023 Accrued interest receivable $ 160,131 $ 214,835 Accounts receivable and other assets (1) 134,030 2,420 Loan portfolio payments held by servicer (2) 113,199 152,423 Real estate intangible assets, net 77,289 — Derivative assets 72,454 1,890 Other real estate assets 9,338 — Collateral deposited under derivative agreements 4,810 103,500 Prepaid expenses 1,002 1,020 Total $ 572,253 $ 476,088 (1) Includes $95.5 million of cash collateral held by our CLOs that will be subsequently remitted by the trustee to repay a portion of the outstanding senior CLO securities. (2)
Summary of Components of Other Liabilities	The following table details the components of our other liabilities ($ in thousands): December 31, 2024 December 31, 2023 Accrued dividends payable $ 81,214 $ 107,390 Accrued interest payable 77,855 97,820 Other real estate liabilities 72,018 — Accrued management and incentive fees payable 18,534 26,342 Accounts payable and other liabilities 13,834 7,265 Current expected credit loss reserves for unfunded loan commitments (1) 10,412 15,371 Derivative liabilities 5,238 94,817 Secured debt repayments pending servicer remittance (2) 3,742 13,526 Total $ 282,847 $ 362,531 (1) Represents the CECL reserve related to our unfunded loan commitments. See Note 2 for further discussion of the CECL reserves. (2)

Secured Debt, Net (Tables)

Secured Debt, Net (Tables)	12 Months Ended
	Dec. 31, 2024
Debt Disclosure [Abstract]
Schedule of Long-Term Debt	The following table details our secured debt ($ in thousands): Secured Debt Borrowings Outstanding December 31, 2024 December 31, 2023 Secured credit facilities $ 9,705,529 $ 12,697,058 Deferred financing costs (1) (9,195) (13,963) Net book value of secured debt $ 9,696,334 $ 12,683,095 (1) The following table details our secured credit facilities as of December 31, 2024 ($ in thousands): December 31, 2024 Recourse Limitation Currency Lenders (1) Borrowings Wtd. Avg. Maturity (2) Loan Count Collateral (3) Wtd. Avg. Maturity (4) Wtd. Avg. Range USD 13 $ 4,796,857 November 2026 85 $ 8,302,871 December 2026 37% 25% - 100% GBP 6 2,161,978 February 2027 16 2,877,608 February 2027 26% 25% - 50% EUR 7 1,653,370 October 2026 10 2,260,687 October 2026 40% 25% - 100% Others (5) 4 1,093,324 April 2028 4 1,366,655 April 2028 25% 25% Total 14 $ 9,705,529 January 2027 115 $ 14,807,821 February 2027 34% 25% - 100% (1) Represents the number of lenders with fundings advanced in each respective currency, as well as the total number of facility lenders. (2) Our secured debt agreements are generally term-matched to their underlying collateral. Therefore, the weighted-average maturity is generally allocated based on the maximum maturity date of the collateral loans, assuming all extension options are exercised by the borrower. In limited instances, the maturity date of the respective secured credit facility is used. (3) Represents the principal balance of the collateral loan assets and the book value of the collateral REO assets. (4) Maximum maturity assumes all extension options are exercised by the borrower, however our loans may be repaid prior to such date. (5) Includes Australian Dollar, Swedish Krona, and Swiss Franc currencies. The following tables detail the spread of our secured debt as of December 31, 2024 and 2023 ($ in thousands): Year Ended December 31, 2024 December 31, 2024 Spread (1) New Financings (2) Total Borrowings Wtd. Avg. All-in Cost (1)(3)(4) Collateral (5) Wtd. Avg. All-in Yield (1)(3) Net Interest Margin (6) + 1.50% or less $ 165,616 $ 3,976,192 +1.53 % $ 6,185,925 +3.18 % +1.65 % + 1.51% to + 1.75% 74,118 2,238,376 +1.78 % 3,140,937 +3.52 % +1.74 % + 1.76% to + 2.00% — 969,541 +2.09 % 1,802,431 +3.67 % +1.58 % + 2.01% or more 374,407 2,521,420 +2.61 % 3,678,528 +4.31 % +1.70 % Total $ 614,141 $ 9,705,529 +1.92 % $ 14,807,821 +3.58 % +1.66 % Year Ended December 31, 2023 December 31, 2023 Spread (1) New Financings (2) Total Borrowings Wtd. Avg. All-in Cost (1)(3)(4) Collateral (5) Wtd. Avg. All-in Yield (1)(3) Net Interest Margin (6) + 1.50% or less $ — $ 5,647,848 +1.53 % $ 8,341,383 +3.24 % +1.71 % + 1.51% to + 1.75% — 2,679,699 +1.82 % 3,723,365 +3.49 % +1.67 % + 1.76% to + 2.00% 42,908 1,850,809 +2.11 % 2,913,067 +3.92 % +1.81 % + 2.01% or more 69,170 2,518,702 +2.64 % 3,616,503 +4.30 % +1.66 % Total $ 112,078 $ 12,697,058 +1.89 % $ 18,594,318 +3.58 % +1.69 % (1) The spread, all-in cost, and all-in yield are expressed over the relevant floating benchmark rates, which include SOFR, SONIA, EURIBOR, and other indices as applicable. (2) Represents the amount of new borrowings we closed during the years ended December 31, 2024 and 2023, respectively. (3) In addition to spread, the cost includes the associated deferred fees and expenses related to the respective borrowings. In addition to cash coupon, all-in yield includes the amortization of deferred origination and extension fees, loan origination costs, and purchase discounts, as well as the accrual of exit fees. All-in yield excludes loans accounted for under the cost-recovery and nonaccrual methods, if any, and REO assets. (4) Represents the weighted-average all-in cost as of December 31, 2024 and 2023, respectively, and is not necessarily indicative of the spread applicable to recent or future borrowings. (5) Represents the principal balance of the collateral loan assets and the book value of the collateral REO assets. (6) Represents the difference between the weighted-average all-in yield and weighted-average all-in cost. December 31, 2024 Securitized Debt Obligations Count Principal Balance Book Value (1) Wtd. Avg. Yield/Cost (2)(3) Term (4) 2021 FL4 Collateralized Loan Obligation Senior CLO Securities Outstanding 1 $ 785,453 $ 785,442 + 1.39 % May 2038 Underlying Collateral Assets 22 952,764 952,764 + 2.95 % August 2026 2020 FL3 Collateralized Loan Obligation Senior CLO Securities Outstanding 1 552,664 552,663 + 1.92 % November 2037 Underlying Collateral Assets 12 743,914 743,914 + 2.92 % June 2026 2020 FL2 Collateralized Loan Obligation Senior CLO Securities Outstanding 1 598,850 598,851 + 1.50 % February 2038 Underlying Collateral Assets 12 855,725 855,725 + 2.79 % August 2026 Total Senior CLO Securities Outstanding (5) 3 $ 1,936,967 $ 1,936,956 +1.57 % Underlying Collateral Assets 46 $ 2,552,403 $ 2,552,403 + 2.98 % (1) The book value of underlying collateral assets excludes any applicable CECL reserves. (2) In addition to cash coupon, all-in yield includes the amortization of deferred origination and extension fees, loan origination costs, purchase discounts, and accrual of exit fees. (3) The weighted-average all-in yield and cost are expressed as a spread over SOFR. All-in yield excludes loans accounted for under the cost-recovery and nonaccrual methods, if any, and REO assets. (4) Underlying Collateral Assets term represents the weighted-average final maturity of such loans, assuming all extension options are exercised by the borrower, and excludes REO assets. Repayments of securitized debt obligations are tied to timing of the related collateral loan asset repayments. The term of these obligations represents the rated final distribution date of the securitizations. (5) During the year ended December 31, 2024, we recorded $157.0 million of interest expense related to our securitized debt obligations. December 31, 2023 Securitized Debt Obligations Count Principal Balance Book Value (1) Wtd. Avg. Yield/Cost (2)(3) Term (4) 2021 FL4 Collateralized Loan Obligation Senior CLO Securities Outstanding 1 $ 803,750 $ 801,800 + 1.70 % May 2038 Underlying Collateral Assets 26 1,000,000 1,000,000 + 3.28 % December 2025 2020 FL3 Collateralized Loan Obligation Senior CLO Securities Outstanding 1 714,352 714,352 + 2.18 % November 2037 Underlying Collateral Assets 15 905,602 905,602 + 2.87 % September 2025 2020 FL2 Collateralized Loan Obligation Senior CLO Securities Outstanding 1 989,412 989,265 + 1.57 % February 2038 Underlying Collateral Assets 15 1,246,287 1,246,287 + 2.85 % October 2025 Total Senior CLO Securities Outstanding (5) 3 $ 2,507,514 $ 2,505,417 +1.79 % Underlying Collateral Assets 56 $ 3,151,889 $ 3,151,889 +2.99 % (1) The book value of underlying collateral assets excludes any applicable CECL reserves. (2) In addition to cash coupon, all-in yield includes the amortization of deferred origination and extension fees, loan origination costs, purchase discounts, and accrual of exit fees. (3) The weighted-average all-in yield and cost are expressed as a spread over SOFR (4) Underlying Collateral Assets term represents the weighted-average final maturity of such loans, assuming all extension options are exercised by the borrower. Repayments of securitized debt obligations are tied to timing of the related collateral loan asset repayments. The term of these obligations represents the rated final distribution date of the securitizations. (5) During the year ended December 31, 2023, we recorded $171.4 million of interest expense related to our securitized debt obligations. The following table details our asset-specific debt ($ in thousands): December 31, 2024 Asset-Specific Debt Count Principal Balance Book Value (1) Wtd. Avg. Yield/Cost (2) Wtd. Avg. Term (3) Financing provided 2 $ 1,228,110 $ 1,224,841 + 3.20 % June 2026 Collateral assets 2 $ 1,467,185 $ 1,459,864 + 4.03 % June 2026 December 31, 2023 Asset-Specific Debt Count Principal Balance Book Value (1) Wtd. Avg. Yield/Cost (2) Wtd. Avg. Term (3) Financing provided 2 $ 1,004,097 $ 1,000,210 + 3.14 % March 2026 Collateral assets 2 $ 1,194,408 $ 1,186,559 + 3.98 % March 2026 (1) The book value of underlying collateral assets excludes any applicable CECL reserves. (2) The weighted-average all-in yield and cost are expressed as a spread over SOFR. (3) The weighted-average term is determined based on the maximum maturity of the corresponding loans, assuming all extension options are exercised by the borrower. Our non-recourse, asset-specific debt is term-matched in each case to the corresponding collateral loans. Term Loans Face Value Interest Rate (1) All-in Cost (1)(2) Maturity B-1 Term Loan $ 309,268 + 2.36 % + 2.53 % April 23, 2026 B-4 Term Loan 805,169 + 3.50 % + 4.11 % May 9, 2029 B-5 Term Loan 650,000 + 3.75 % + 4.27 % December 10, 2028 Total face value $ 1,764,437 (1) The B-4 Term Loan and the B-5 Term Loan borrowings are subject to a floor of 0.50%. The Term Loans are indexed to one-month SOFR. (2) Includes issue discount and transaction expenses that are amortized through interest expense over the life of the Term Loans. The following table details the net book value of our Term Loans on our consolidated balance sheets ($ in thousands): December 31, 2024 December 31, 2023 Face value $ 1,764,437 $ 2,135,221 Deferred financing costs and unamortized discount (32,364) (33,589) Net book value $ 1,732,073 $ 2,101,632 Senior Secured Notes Issuance Face Value Interest Rate All-in Cost (1) Maturity October 2021 $ 335,316 3.75 % 4.06 % January 15, 2027 December 2024 450,000 7.75 % (2) 8.14 % December 1, 2029 (1) Includes transaction expenses that are amortized through interest expense over the life of the Senior Secured Notes. (2) Represents the stated coupon rate of the notes. We have entered into an interest rate swap that effectively converts our fixed rate exposure to a SOFR + 3.95% floating rate exposure. The following table details the net book value of our Senior Secured Notes on our consolidated balance sheets ($ in thousands): December 31, 2024 December 31, 2023 Face value $ 785,316 $ 366,090 Deferred financing costs (9,857) (3,327) Hedging adjustments (1) (4,424) — Net book value $ 771,035 $ 362,763 (1)

Securitized Debt Obligations,_2

Securitized Debt Obligations, Net (Tables)	12 Months Ended
	Dec. 31, 2024
Debt Disclosure [Abstract]
Schedule of Long-Term Debt	The following table details our secured debt ($ in thousands): Secured Debt Borrowings Outstanding December 31, 2024 December 31, 2023 Secured credit facilities $ 9,705,529 $ 12,697,058 Deferred financing costs (1) (9,195) (13,963) Net book value of secured debt $ 9,696,334 $ 12,683,095 (1) The following table details our secured credit facilities as of December 31, 2024 ($ in thousands): December 31, 2024 Recourse Limitation Currency Lenders (1) Borrowings Wtd. Avg. Maturity (2) Loan Count Collateral (3) Wtd. Avg. Maturity (4) Wtd. Avg. Range USD 13 $ 4,796,857 November 2026 85 $ 8,302,871 December 2026 37% 25% - 100% GBP 6 2,161,978 February 2027 16 2,877,608 February 2027 26% 25% - 50% EUR 7 1,653,370 October 2026 10 2,260,687 October 2026 40% 25% - 100% Others (5) 4 1,093,324 April 2028 4 1,366,655 April 2028 25% 25% Total 14 $ 9,705,529 January 2027 115 $ 14,807,821 February 2027 34% 25% - 100% (1) Represents the number of lenders with fundings advanced in each respective currency, as well as the total number of facility lenders. (2) Our secured debt agreements are generally term-matched to their underlying collateral. Therefore, the weighted-average maturity is generally allocated based on the maximum maturity date of the collateral loans, assuming all extension options are exercised by the borrower. In limited instances, the maturity date of the respective secured credit facility is used. (3) Represents the principal balance of the collateral loan assets and the book value of the collateral REO assets. (4) Maximum maturity assumes all extension options are exercised by the borrower, however our loans may be repaid prior to such date. (5) Includes Australian Dollar, Swedish Krona, and Swiss Franc currencies. The following tables detail the spread of our secured debt as of December 31, 2024 and 2023 ($ in thousands): Year Ended December 31, 2024 December 31, 2024 Spread (1) New Financings (2) Total Borrowings Wtd. Avg. All-in Cost (1)(3)(4) Collateral (5) Wtd. Avg. All-in Yield (1)(3) Net Interest Margin (6) + 1.50% or less $ 165,616 $ 3,976,192 +1.53 % $ 6,185,925 +3.18 % +1.65 % + 1.51% to + 1.75% 74,118 2,238,376 +1.78 % 3,140,937 +3.52 % +1.74 % + 1.76% to + 2.00% — 969,541 +2.09 % 1,802,431 +3.67 % +1.58 % + 2.01% or more 374,407 2,521,420 +2.61 % 3,678,528 +4.31 % +1.70 % Total $ 614,141 $ 9,705,529 +1.92 % $ 14,807,821 +3.58 % +1.66 % Year Ended December 31, 2023 December 31, 2023 Spread (1) New Financings (2) Total Borrowings Wtd. Avg. All-in Cost (1)(3)(4) Collateral (5) Wtd. Avg. All-in Yield (1)(3) Net Interest Margin (6) + 1.50% or less $ — $ 5,647,848 +1.53 % $ 8,341,383 +3.24 % +1.71 % + 1.51% to + 1.75% — 2,679,699 +1.82 % 3,723,365 +3.49 % +1.67 % + 1.76% to + 2.00% 42,908 1,850,809 +2.11 % 2,913,067 +3.92 % +1.81 % + 2.01% or more 69,170 2,518,702 +2.64 % 3,616,503 +4.30 % +1.66 % Total $ 112,078 $ 12,697,058 +1.89 % $ 18,594,318 +3.58 % +1.69 % (1) The spread, all-in cost, and all-in yield are expressed over the relevant floating benchmark rates, which include SOFR, SONIA, EURIBOR, and other indices as applicable. (2) Represents the amount of new borrowings we closed during the years ended December 31, 2024 and 2023, respectively. (3) In addition to spread, the cost includes the associated deferred fees and expenses related to the respective borrowings. In addition to cash coupon, all-in yield includes the amortization of deferred origination and extension fees, loan origination costs, and purchase discounts, as well as the accrual of exit fees. All-in yield excludes loans accounted for under the cost-recovery and nonaccrual methods, if any, and REO assets. (4) Represents the weighted-average all-in cost as of December 31, 2024 and 2023, respectively, and is not necessarily indicative of the spread applicable to recent or future borrowings. (5) Represents the principal balance of the collateral loan assets and the book value of the collateral REO assets. (6) Represents the difference between the weighted-average all-in yield and weighted-average all-in cost. December 31, 2024 Securitized Debt Obligations Count Principal Balance Book Value (1) Wtd. Avg. Yield/Cost (2)(3) Term (4) 2021 FL4 Collateralized Loan Obligation Senior CLO Securities Outstanding 1 $ 785,453 $ 785,442 + 1.39 % May 2038 Underlying Collateral Assets 22 952,764 952,764 + 2.95 % August 2026 2020 FL3 Collateralized Loan Obligation Senior CLO Securities Outstanding 1 552,664 552,663 + 1.92 % November 2037 Underlying Collateral Assets 12 743,914 743,914 + 2.92 % June 2026 2020 FL2 Collateralized Loan Obligation Senior CLO Securities Outstanding 1 598,850 598,851 + 1.50 % February 2038 Underlying Collateral Assets 12 855,725 855,725 + 2.79 % August 2026 Total Senior CLO Securities Outstanding (5) 3 $ 1,936,967 $ 1,936,956 +1.57 % Underlying Collateral Assets 46 $ 2,552,403 $ 2,552,403 + 2.98 % (1) The book value of underlying collateral assets excludes any applicable CECL reserves. (2) In addition to cash coupon, all-in yield includes the amortization of deferred origination and extension fees, loan origination costs, purchase discounts, and accrual of exit fees. (3) The weighted-average all-in yield and cost are expressed as a spread over SOFR. All-in yield excludes loans accounted for under the cost-recovery and nonaccrual methods, if any, and REO assets. (4) Underlying Collateral Assets term represents the weighted-average final maturity of such loans, assuming all extension options are exercised by the borrower, and excludes REO assets. Repayments of securitized debt obligations are tied to timing of the related collateral loan asset repayments. The term of these obligations represents the rated final distribution date of the securitizations. (5) During the year ended December 31, 2024, we recorded $157.0 million of interest expense related to our securitized debt obligations. December 31, 2023 Securitized Debt Obligations Count Principal Balance Book Value (1) Wtd. Avg. Yield/Cost (2)(3) Term (4) 2021 FL4 Collateralized Loan Obligation Senior CLO Securities Outstanding 1 $ 803,750 $ 801,800 + 1.70 % May 2038 Underlying Collateral Assets 26 1,000,000 1,000,000 + 3.28 % December 2025 2020 FL3 Collateralized Loan Obligation Senior CLO Securities Outstanding 1 714,352 714,352 + 2.18 % November 2037 Underlying Collateral Assets 15 905,602 905,602 + 2.87 % September 2025 2020 FL2 Collateralized Loan Obligation Senior CLO Securities Outstanding 1 989,412 989,265 + 1.57 % February 2038 Underlying Collateral Assets 15 1,246,287 1,246,287 + 2.85 % October 2025 Total Senior CLO Securities Outstanding (5) 3 $ 2,507,514 $ 2,505,417 +1.79 % Underlying Collateral Assets 56 $ 3,151,889 $ 3,151,889 +2.99 % (1) The book value of underlying collateral assets excludes any applicable CECL reserves. (2) In addition to cash coupon, all-in yield includes the amortization of deferred origination and extension fees, loan origination costs, purchase discounts, and accrual of exit fees. (3) The weighted-average all-in yield and cost are expressed as a spread over SOFR (4) Underlying Collateral Assets term represents the weighted-average final maturity of such loans, assuming all extension options are exercised by the borrower. Repayments of securitized debt obligations are tied to timing of the related collateral loan asset repayments. The term of these obligations represents the rated final distribution date of the securitizations. (5) During the year ended December 31, 2023, we recorded $171.4 million of interest expense related to our securitized debt obligations. The following table details our asset-specific debt ($ in thousands): December 31, 2024 Asset-Specific Debt Count Principal Balance Book Value (1) Wtd. Avg. Yield/Cost (2) Wtd. Avg. Term (3) Financing provided 2 $ 1,228,110 $ 1,224,841 + 3.20 % June 2026 Collateral assets 2 $ 1,467,185 $ 1,459,864 + 4.03 % June 2026 December 31, 2023 Asset-Specific Debt Count Principal Balance Book Value (1) Wtd. Avg. Yield/Cost (2) Wtd. Avg. Term (3) Financing provided 2 $ 1,004,097 $ 1,000,210 + 3.14 % March 2026 Collateral assets 2 $ 1,194,408 $ 1,186,559 + 3.98 % March 2026 (1) The book value of underlying collateral assets excludes any applicable CECL reserves. (2) The weighted-average all-in yield and cost are expressed as a spread over SOFR. (3) The weighted-average term is determined based on the maximum maturity of the corresponding loans, assuming all extension options are exercised by the borrower. Our non-recourse, asset-specific debt is term-matched in each case to the corresponding collateral loans. Term Loans Face Value Interest Rate (1) All-in Cost (1)(2) Maturity B-1 Term Loan $ 309,268 + 2.36 % + 2.53 % April 23, 2026 B-4 Term Loan 805,169 + 3.50 % + 4.11 % May 9, 2029 B-5 Term Loan 650,000 + 3.75 % + 4.27 % December 10, 2028 Total face value $ 1,764,437 (1) The B-4 Term Loan and the B-5 Term Loan borrowings are subject to a floor of 0.50%. The Term Loans are indexed to one-month SOFR. (2) Includes issue discount and transaction expenses that are amortized through interest expense over the life of the Term Loans. The following table details the net book value of our Term Loans on our consolidated balance sheets ($ in thousands): December 31, 2024 December 31, 2023 Face value $ 1,764,437 $ 2,135,221 Deferred financing costs and unamortized discount (32,364) (33,589) Net book value $ 1,732,073 $ 2,101,632 Senior Secured Notes Issuance Face Value Interest Rate All-in Cost (1) Maturity October 2021 $ 335,316 3.75 % 4.06 % January 15, 2027 December 2024 450,000 7.75 % (2) 8.14 % December 1, 2029 (1) Includes transaction expenses that are amortized through interest expense over the life of the Senior Secured Notes. (2) Represents the stated coupon rate of the notes. We have entered into an interest rate swap that effectively converts our fixed rate exposure to a SOFR + 3.95% floating rate exposure. The following table details the net book value of our Senior Secured Notes on our consolidated balance sheets ($ in thousands): December 31, 2024 December 31, 2023 Face value $ 785,316 $ 366,090 Deferred financing costs (9,857) (3,327) Hedging adjustments (1) (4,424) — Net book value $ 771,035 $ 362,763 (1)

Asset-Specific Debt, Net (Table

Asset-Specific Debt, Net (Tables)	12 Months Ended
	Dec. 31, 2024
Debt Disclosure [Abstract]
Schedule of Long-Term Debt	The following table details our secured debt ($ in thousands): Secured Debt Borrowings Outstanding December 31, 2024 December 31, 2023 Secured credit facilities $ 9,705,529 $ 12,697,058 Deferred financing costs (1) (9,195) (13,963) Net book value of secured debt $ 9,696,334 $ 12,683,095 (1) The following table details our secured credit facilities as of December 31, 2024 ($ in thousands): December 31, 2024 Recourse Limitation Currency Lenders (1) Borrowings Wtd. Avg. Maturity (2) Loan Count Collateral (3) Wtd. Avg. Maturity (4) Wtd. Avg. Range USD 13 $ 4,796,857 November 2026 85 $ 8,302,871 December 2026 37% 25% - 100% GBP 6 2,161,978 February 2027 16 2,877,608 February 2027 26% 25% - 50% EUR 7 1,653,370 October 2026 10 2,260,687 October 2026 40% 25% - 100% Others (5) 4 1,093,324 April 2028 4 1,366,655 April 2028 25% 25% Total 14 $ 9,705,529 January 2027 115 $ 14,807,821 February 2027 34% 25% - 100% (1) Represents the number of lenders with fundings advanced in each respective currency, as well as the total number of facility lenders. (2) Our secured debt agreements are generally term-matched to their underlying collateral. Therefore, the weighted-average maturity is generally allocated based on the maximum maturity date of the collateral loans, assuming all extension options are exercised by the borrower. In limited instances, the maturity date of the respective secured credit facility is used. (3) Represents the principal balance of the collateral loan assets and the book value of the collateral REO assets. (4) Maximum maturity assumes all extension options are exercised by the borrower, however our loans may be repaid prior to such date. (5) Includes Australian Dollar, Swedish Krona, and Swiss Franc currencies. The following tables detail the spread of our secured debt as of December 31, 2024 and 2023 ($ in thousands): Year Ended December 31, 2024 December 31, 2024 Spread (1) New Financings (2) Total Borrowings Wtd. Avg. All-in Cost (1)(3)(4) Collateral (5) Wtd. Avg. All-in Yield (1)(3) Net Interest Margin (6) + 1.50% or less $ 165,616 $ 3,976,192 +1.53 % $ 6,185,925 +3.18 % +1.65 % + 1.51% to + 1.75% 74,118 2,238,376 +1.78 % 3,140,937 +3.52 % +1.74 % + 1.76% to + 2.00% — 969,541 +2.09 % 1,802,431 +3.67 % +1.58 % + 2.01% or more 374,407 2,521,420 +2.61 % 3,678,528 +4.31 % +1.70 % Total $ 614,141 $ 9,705,529 +1.92 % $ 14,807,821 +3.58 % +1.66 % Year Ended December 31, 2023 December 31, 2023 Spread (1) New Financings (2) Total Borrowings Wtd. Avg. All-in Cost (1)(3)(4) Collateral (5) Wtd. Avg. All-in Yield (1)(3) Net Interest Margin (6) + 1.50% or less $ — $ 5,647,848 +1.53 % $ 8,341,383 +3.24 % +1.71 % + 1.51% to + 1.75% — 2,679,699 +1.82 % 3,723,365 +3.49 % +1.67 % + 1.76% to + 2.00% 42,908 1,850,809 +2.11 % 2,913,067 +3.92 % +1.81 % + 2.01% or more 69,170 2,518,702 +2.64 % 3,616,503 +4.30 % +1.66 % Total $ 112,078 $ 12,697,058 +1.89 % $ 18,594,318 +3.58 % +1.69 % (1) The spread, all-in cost, and all-in yield are expressed over the relevant floating benchmark rates, which include SOFR, SONIA, EURIBOR, and other indices as applicable. (2) Represents the amount of new borrowings we closed during the years ended December 31, 2024 and 2023, respectively. (3) In addition to spread, the cost includes the associated deferred fees and expenses related to the respective borrowings. In addition to cash coupon, all-in yield includes the amortization of deferred origination and extension fees, loan origination costs, and purchase discounts, as well as the accrual of exit fees. All-in yield excludes loans accounted for under the cost-recovery and nonaccrual methods, if any, and REO assets. (4) Represents the weighted-average all-in cost as of December 31, 2024 and 2023, respectively, and is not necessarily indicative of the spread applicable to recent or future borrowings. (5) Represents the principal balance of the collateral loan assets and the book value of the collateral REO assets. (6) Represents the difference between the weighted-average all-in yield and weighted-average all-in cost. December 31, 2024 Securitized Debt Obligations Count Principal Balance Book Value (1) Wtd. Avg. Yield/Cost (2)(3) Term (4) 2021 FL4 Collateralized Loan Obligation Senior CLO Securities Outstanding 1 $ 785,453 $ 785,442 + 1.39 % May 2038 Underlying Collateral Assets 22 952,764 952,764 + 2.95 % August 2026 2020 FL3 Collateralized Loan Obligation Senior CLO Securities Outstanding 1 552,664 552,663 + 1.92 % November 2037 Underlying Collateral Assets 12 743,914 743,914 + 2.92 % June 2026 2020 FL2 Collateralized Loan Obligation Senior CLO Securities Outstanding 1 598,850 598,851 + 1.50 % February 2038 Underlying Collateral Assets 12 855,725 855,725 + 2.79 % August 2026 Total Senior CLO Securities Outstanding (5) 3 $ 1,936,967 $ 1,936,956 +1.57 % Underlying Collateral Assets 46 $ 2,552,403 $ 2,552,403 + 2.98 % (1) The book value of underlying collateral assets excludes any applicable CECL reserves. (2) In addition to cash coupon, all-in yield includes the amortization of deferred origination and extension fees, loan origination costs, purchase discounts, and accrual of exit fees. (3) The weighted-average all-in yield and cost are expressed as a spread over SOFR. All-in yield excludes loans accounted for under the cost-recovery and nonaccrual methods, if any, and REO assets. (4) Underlying Collateral Assets term represents the weighted-average final maturity of such loans, assuming all extension options are exercised by the borrower, and excludes REO assets. Repayments of securitized debt obligations are tied to timing of the related collateral loan asset repayments. The term of these obligations represents the rated final distribution date of the securitizations. (5) During the year ended December 31, 2024, we recorded $157.0 million of interest expense related to our securitized debt obligations. December 31, 2023 Securitized Debt Obligations Count Principal Balance Book Value (1) Wtd. Avg. Yield/Cost (2)(3) Term (4) 2021 FL4 Collateralized Loan Obligation Senior CLO Securities Outstanding 1 $ 803,750 $ 801,800 + 1.70 % May 2038 Underlying Collateral Assets 26 1,000,000 1,000,000 + 3.28 % December 2025 2020 FL3 Collateralized Loan Obligation Senior CLO Securities Outstanding 1 714,352 714,352 + 2.18 % November 2037 Underlying Collateral Assets 15 905,602 905,602 + 2.87 % September 2025 2020 FL2 Collateralized Loan Obligation Senior CLO Securities Outstanding 1 989,412 989,265 + 1.57 % February 2038 Underlying Collateral Assets 15 1,246,287 1,246,287 + 2.85 % October 2025 Total Senior CLO Securities Outstanding (5) 3 $ 2,507,514 $ 2,505,417 +1.79 % Underlying Collateral Assets 56 $ 3,151,889 $ 3,151,889 +2.99 % (1) The book value of underlying collateral assets excludes any applicable CECL reserves. (2) In addition to cash coupon, all-in yield includes the amortization of deferred origination and extension fees, loan origination costs, purchase discounts, and accrual of exit fees. (3) The weighted-average all-in yield and cost are expressed as a spread over SOFR (4) Underlying Collateral Assets term represents the weighted-average final maturity of such loans, assuming all extension options are exercised by the borrower. Repayments of securitized debt obligations are tied to timing of the related collateral loan asset repayments. The term of these obligations represents the rated final distribution date of the securitizations. (5) During the year ended December 31, 2023, we recorded $171.4 million of interest expense related to our securitized debt obligations. The following table details our asset-specific debt ($ in thousands): December 31, 2024 Asset-Specific Debt Count Principal Balance Book Value (1) Wtd. Avg. Yield/Cost (2) Wtd. Avg. Term (3) Financing provided 2 $ 1,228,110 $ 1,224,841 + 3.20 % June 2026 Collateral assets 2 $ 1,467,185 $ 1,459,864 + 4.03 % June 2026 December 31, 2023 Asset-Specific Debt Count Principal Balance Book Value (1) Wtd. Avg. Yield/Cost (2) Wtd. Avg. Term (3) Financing provided 2 $ 1,004,097 $ 1,000,210 + 3.14 % March 2026 Collateral assets 2 $ 1,194,408 $ 1,186,559 + 3.98 % March 2026 (1) The book value of underlying collateral assets excludes any applicable CECL reserves. (2) The weighted-average all-in yield and cost are expressed as a spread over SOFR. (3) The weighted-average term is determined based on the maximum maturity of the corresponding loans, assuming all extension options are exercised by the borrower. Our non-recourse, asset-specific debt is term-matched in each case to the corresponding collateral loans. Term Loans Face Value Interest Rate (1) All-in Cost (1)(2) Maturity B-1 Term Loan $ 309,268 + 2.36 % + 2.53 % April 23, 2026 B-4 Term Loan 805,169 + 3.50 % + 4.11 % May 9, 2029 B-5 Term Loan 650,000 + 3.75 % + 4.27 % December 10, 2028 Total face value $ 1,764,437 (1) The B-4 Term Loan and the B-5 Term Loan borrowings are subject to a floor of 0.50%. The Term Loans are indexed to one-month SOFR. (2) Includes issue discount and transaction expenses that are amortized through interest expense over the life of the Term Loans. The following table details the net book value of our Term Loans on our consolidated balance sheets ($ in thousands): December 31, 2024 December 31, 2023 Face value $ 1,764,437 $ 2,135,221 Deferred financing costs and unamortized discount (32,364) (33,589) Net book value $ 1,732,073 $ 2,101,632 Senior Secured Notes Issuance Face Value Interest Rate All-in Cost (1) Maturity October 2021 $ 335,316 3.75 % 4.06 % January 15, 2027 December 2024 450,000 7.75 % (2) 8.14 % December 1, 2029 (1) Includes transaction expenses that are amortized through interest expense over the life of the Senior Secured Notes. (2) Represents the stated coupon rate of the notes. We have entered into an interest rate swap that effectively converts our fixed rate exposure to a SOFR + 3.95% floating rate exposure. The following table details the net book value of our Senior Secured Notes on our consolidated balance sheets ($ in thousands): December 31, 2024 December 31, 2023 Face value $ 785,316 $ 366,090 Deferred financing costs (9,857) (3,327) Hedging adjustments (1) (4,424) — Net book value $ 771,035 $ 362,763 (1)

Loan Participations Sold, Net (

Loan Participations Sold, Net (Tables)	12 Months Ended
	Dec. 31, 2024
Loan Participations Sold [Abstract]
Schedule Of Loan Participations Sold	The following table details our loan participations sold ($ in thousands): December 31, 2024 Loan Participations Sold Count Principal Balance Book Value (1) Wtd. Avg. Yield/Cost (2) Term (3) Junior Participations Loan Participation 2 $ 100,064 $ 100,064 + 9.75 % February 2026 Total Loan 2 442,142 442,008 + 6.14 % February 2026 December 31, 2023 Loan Participations Sold Count Principal Book Value (1) Wtd. Avg. Yield/Cost (2) Term (3) Senior Participations Loan Participation 1 $ 236,797 $ 236,499 + 3.22 % March 2027 Total Loan 1 295,996 294,783 + 4.86 % March 2027 Junior Participations Loan Participation 2 $ 100,924 $ 100,680 + 7.50 % February 2026 Total Loan 2 401,569 399,603 + 4.75 % February 2026 Total Loan Participation (4) 3 $ 337,721 $ 337,179 Total Loan 3 $ 697,565 $ 694,386 (1) The book value of underlying collateral assets excludes any applicable CECL reserves. (2) The weighted-average all-in yield and cost are expressed over the relevant floating benchmark rates, which include SOFR and SONIA, as applicable. This non-debt participation sold structure is inherently matched in terms of currency and interest rate. In addition to cash coupon, yield/cost includes the amortization of deferred fees and financing costs. (3) The term is determined based on the maximum maturity of the loan, assuming all extension options are exercised by the borrower. Our loan participations sold are inherently non-recourse and term-matched to the corresponding loan. (4) During the years ended December 31, 2024 and 2023, we recorded $22.6 million and $20.6 million, respectively, of interest expense related to our loan participations sold.

Term Loans, Net (Tables)

Term Loans, Net (Tables)	12 Months Ended
	Dec. 31, 2024
Debt Disclosure [Abstract]
Schedule of Long-Term Debt	The following table details our secured debt ($ in thousands): Secured Debt Borrowings Outstanding December 31, 2024 December 31, 2023 Secured credit facilities $ 9,705,529 $ 12,697,058 Deferred financing costs (1) (9,195) (13,963) Net book value of secured debt $ 9,696,334 $ 12,683,095 (1) The following table details our secured credit facilities as of December 31, 2024 ($ in thousands): December 31, 2024 Recourse Limitation Currency Lenders (1) Borrowings Wtd. Avg. Maturity (2) Loan Count Collateral (3) Wtd. Avg. Maturity (4) Wtd. Avg. Range USD 13 $ 4,796,857 November 2026 85 $ 8,302,871 December 2026 37% 25% - 100% GBP 6 2,161,978 February 2027 16 2,877,608 February 2027 26% 25% - 50% EUR 7 1,653,370 October 2026 10 2,260,687 October 2026 40% 25% - 100% Others (5) 4 1,093,324 April 2028 4 1,366,655 April 2028 25% 25% Total 14 $ 9,705,529 January 2027 115 $ 14,807,821 February 2027 34% 25% - 100% (1) Represents the number of lenders with fundings advanced in each respective currency, as well as the total number of facility lenders. (2) Our secured debt agreements are generally term-matched to their underlying collateral. Therefore, the weighted-average maturity is generally allocated based on the maximum maturity date of the collateral loans, assuming all extension options are exercised by the borrower. In limited instances, the maturity date of the respective secured credit facility is used. (3) Represents the principal balance of the collateral loan assets and the book value of the collateral REO assets. (4) Maximum maturity assumes all extension options are exercised by the borrower, however our loans may be repaid prior to such date. (5) Includes Australian Dollar, Swedish Krona, and Swiss Franc currencies. The following tables detail the spread of our secured debt as of December 31, 2024 and 2023 ($ in thousands): Year Ended December 31, 2024 December 31, 2024 Spread (1) New Financings (2) Total Borrowings Wtd. Avg. All-in Cost (1)(3)(4) Collateral (5) Wtd. Avg. All-in Yield (1)(3) Net Interest Margin (6) + 1.50% or less $ 165,616 $ 3,976,192 +1.53 % $ 6,185,925 +3.18 % +1.65 % + 1.51% to + 1.75% 74,118 2,238,376 +1.78 % 3,140,937 +3.52 % +1.74 % + 1.76% to + 2.00% — 969,541 +2.09 % 1,802,431 +3.67 % +1.58 % + 2.01% or more 374,407 2,521,420 +2.61 % 3,678,528 +4.31 % +1.70 % Total $ 614,141 $ 9,705,529 +1.92 % $ 14,807,821 +3.58 % +1.66 % Year Ended December 31, 2023 December 31, 2023 Spread (1) New Financings (2) Total Borrowings Wtd. Avg. All-in Cost (1)(3)(4) Collateral (5) Wtd. Avg. All-in Yield (1)(3) Net Interest Margin (6) + 1.50% or less $ — $ 5,647,848 +1.53 % $ 8,341,383 +3.24 % +1.71 % + 1.51% to + 1.75% — 2,679,699 +1.82 % 3,723,365 +3.49 % +1.67 % + 1.76% to + 2.00% 42,908 1,850,809 +2.11 % 2,913,067 +3.92 % +1.81 % + 2.01% or more 69,170 2,518,702 +2.64 % 3,616,503 +4.30 % +1.66 % Total $ 112,078 $ 12,697,058 +1.89 % $ 18,594,318 +3.58 % +1.69 % (1) The spread, all-in cost, and all-in yield are expressed over the relevant floating benchmark rates, which include SOFR, SONIA, EURIBOR, and other indices as applicable. (2) Represents the amount of new borrowings we closed during the years ended December 31, 2024 and 2023, respectively. (3) In addition to spread, the cost includes the associated deferred fees and expenses related to the respective borrowings. In addition to cash coupon, all-in yield includes the amortization of deferred origination and extension fees, loan origination costs, and purchase discounts, as well as the accrual of exit fees. All-in yield excludes loans accounted for under the cost-recovery and nonaccrual methods, if any, and REO assets. (4) Represents the weighted-average all-in cost as of December 31, 2024 and 2023, respectively, and is not necessarily indicative of the spread applicable to recent or future borrowings. (5) Represents the principal balance of the collateral loan assets and the book value of the collateral REO assets. (6) Represents the difference between the weighted-average all-in yield and weighted-average all-in cost. December 31, 2024 Securitized Debt Obligations Count Principal Balance Book Value (1) Wtd. Avg. Yield/Cost (2)(3) Term (4) 2021 FL4 Collateralized Loan Obligation Senior CLO Securities Outstanding 1 $ 785,453 $ 785,442 + 1.39 % May 2038 Underlying Collateral Assets 22 952,764 952,764 + 2.95 % August 2026 2020 FL3 Collateralized Loan Obligation Senior CLO Securities Outstanding 1 552,664 552,663 + 1.92 % November 2037 Underlying Collateral Assets 12 743,914 743,914 + 2.92 % June 2026 2020 FL2 Collateralized Loan Obligation Senior CLO Securities Outstanding 1 598,850 598,851 + 1.50 % February 2038 Underlying Collateral Assets 12 855,725 855,725 + 2.79 % August 2026 Total Senior CLO Securities Outstanding (5) 3 $ 1,936,967 $ 1,936,956 +1.57 % Underlying Collateral Assets 46 $ 2,552,403 $ 2,552,403 + 2.98 % (1) The book value of underlying collateral assets excludes any applicable CECL reserves. (2) In addition to cash coupon, all-in yield includes the amortization of deferred origination and extension fees, loan origination costs, purchase discounts, and accrual of exit fees. (3) The weighted-average all-in yield and cost are expressed as a spread over SOFR. All-in yield excludes loans accounted for under the cost-recovery and nonaccrual methods, if any, and REO assets. (4) Underlying Collateral Assets term represents the weighted-average final maturity of such loans, assuming all extension options are exercised by the borrower, and excludes REO assets. Repayments of securitized debt obligations are tied to timing of the related collateral loan asset repayments. The term of these obligations represents the rated final distribution date of the securitizations. (5) During the year ended December 31, 2024, we recorded $157.0 million of interest expense related to our securitized debt obligations. December 31, 2023 Securitized Debt Obligations Count Principal Balance Book Value (1) Wtd. Avg. Yield/Cost (2)(3) Term (4) 2021 FL4 Collateralized Loan Obligation Senior CLO Securities Outstanding 1 $ 803,750 $ 801,800 + 1.70 % May 2038 Underlying Collateral Assets 26 1,000,000 1,000,000 + 3.28 % December 2025 2020 FL3 Collateralized Loan Obligation Senior CLO Securities Outstanding 1 714,352 714,352 + 2.18 % November 2037 Underlying Collateral Assets 15 905,602 905,602 + 2.87 % September 2025 2020 FL2 Collateralized Loan Obligation Senior CLO Securities Outstanding 1 989,412 989,265 + 1.57 % February 2038 Underlying Collateral Assets 15 1,246,287 1,246,287 + 2.85 % October 2025 Total Senior CLO Securities Outstanding (5) 3 $ 2,507,514 $ 2,505,417 +1.79 % Underlying Collateral Assets 56 $ 3,151,889 $ 3,151,889 +2.99 % (1) The book value of underlying collateral assets excludes any applicable CECL reserves. (2) In addition to cash coupon, all-in yield includes the amortization of deferred origination and extension fees, loan origination costs, purchase discounts, and accrual of exit fees. (3) The weighted-average all-in yield and cost are expressed as a spread over SOFR (4) Underlying Collateral Assets term represents the weighted-average final maturity of such loans, assuming all extension options are exercised by the borrower. Repayments of securitized debt obligations are tied to timing of the related collateral loan asset repayments. The term of these obligations represents the rated final distribution date of the securitizations. (5) During the year ended December 31, 2023, we recorded $171.4 million of interest expense related to our securitized debt obligations. The following table details our asset-specific debt ($ in thousands): December 31, 2024 Asset-Specific Debt Count Principal Balance Book Value (1) Wtd. Avg. Yield/Cost (2) Wtd. Avg. Term (3) Financing provided 2 $ 1,228,110 $ 1,224,841 + 3.20 % June 2026 Collateral assets 2 $ 1,467,185 $ 1,459,864 + 4.03 % June 2026 December 31, 2023 Asset-Specific Debt Count Principal Balance Book Value (1) Wtd. Avg. Yield/Cost (2) Wtd. Avg. Term (3) Financing provided 2 $ 1,004,097 $ 1,000,210 + 3.14 % March 2026 Collateral assets 2 $ 1,194,408 $ 1,186,559 + 3.98 % March 2026 (1) The book value of underlying collateral assets excludes any applicable CECL reserves. (2) The weighted-average all-in yield and cost are expressed as a spread over SOFR. (3) The weighted-average term is determined based on the maximum maturity of the corresponding loans, assuming all extension options are exercised by the borrower. Our non-recourse, asset-specific debt is term-matched in each case to the corresponding collateral loans. Term Loans Face Value Interest Rate (1) All-in Cost (1)(2) Maturity B-1 Term Loan $ 309,268 + 2.36 % + 2.53 % April 23, 2026 B-4 Term Loan 805,169 + 3.50 % + 4.11 % May 9, 2029 B-5 Term Loan 650,000 + 3.75 % + 4.27 % December 10, 2028 Total face value $ 1,764,437 (1) The B-4 Term Loan and the B-5 Term Loan borrowings are subject to a floor of 0.50%. The Term Loans are indexed to one-month SOFR. (2) Includes issue discount and transaction expenses that are amortized through interest expense over the life of the Term Loans. The following table details the net book value of our Term Loans on our consolidated balance sheets ($ in thousands): December 31, 2024 December 31, 2023 Face value $ 1,764,437 $ 2,135,221 Deferred financing costs and unamortized discount (32,364) (33,589) Net book value $ 1,732,073 $ 2,101,632 Senior Secured Notes Issuance Face Value Interest Rate All-in Cost (1) Maturity October 2021 $ 335,316 3.75 % 4.06 % January 15, 2027 December 2024 450,000 7.75 % (2) 8.14 % December 1, 2029 (1) Includes transaction expenses that are amortized through interest expense over the life of the Senior Secured Notes. (2) Represents the stated coupon rate of the notes. We have entered into an interest rate swap that effectively converts our fixed rate exposure to a SOFR + 3.95% floating rate exposure. The following table details the net book value of our Senior Secured Notes on our consolidated balance sheets ($ in thousands): December 31, 2024 December 31, 2023 Face value $ 785,316 $ 366,090 Deferred financing costs (9,857) (3,327) Hedging adjustments (1) (4,424) — Net book value $ 771,035 $ 362,763 (1)

Senior Secured Notes, Net (Tabl

Senior Secured Notes, Net (Tables)	12 Months Ended
	Dec. 31, 2024
Debt Disclosure [Abstract]
Schedule of Long-Term Debt	The following table details our secured debt ($ in thousands): Secured Debt Borrowings Outstanding December 31, 2024 December 31, 2023 Secured credit facilities $ 9,705,529 $ 12,697,058 Deferred financing costs (1) (9,195) (13,963) Net book value of secured debt $ 9,696,334 $ 12,683,095 (1) The following table details our secured credit facilities as of December 31, 2024 ($ in thousands): December 31, 2024 Recourse Limitation Currency Lenders (1) Borrowings Wtd. Avg. Maturity (2) Loan Count Collateral (3) Wtd. Avg. Maturity (4) Wtd. Avg. Range USD 13 $ 4,796,857 November 2026 85 $ 8,302,871 December 2026 37% 25% - 100% GBP 6 2,161,978 February 2027 16 2,877,608 February 2027 26% 25% - 50% EUR 7 1,653,370 October 2026 10 2,260,687 October 2026 40% 25% - 100% Others (5) 4 1,093,324 April 2028 4 1,366,655 April 2028 25% 25% Total 14 $ 9,705,529 January 2027 115 $ 14,807,821 February 2027 34% 25% - 100% (1) Represents the number of lenders with fundings advanced in each respective currency, as well as the total number of facility lenders. (2) Our secured debt agreements are generally term-matched to their underlying collateral. Therefore, the weighted-average maturity is generally allocated based on the maximum maturity date of the collateral loans, assuming all extension options are exercised by the borrower. In limited instances, the maturity date of the respective secured credit facility is used. (3) Represents the principal balance of the collateral loan assets and the book value of the collateral REO assets. (4) Maximum maturity assumes all extension options are exercised by the borrower, however our loans may be repaid prior to such date. (5) Includes Australian Dollar, Swedish Krona, and Swiss Franc currencies. The following tables detail the spread of our secured debt as of December 31, 2024 and 2023 ($ in thousands): Year Ended December 31, 2024 December 31, 2024 Spread (1) New Financings (2) Total Borrowings Wtd. Avg. All-in Cost (1)(3)(4) Collateral (5) Wtd. Avg. All-in Yield (1)(3) Net Interest Margin (6) + 1.50% or less $ 165,616 $ 3,976,192 +1.53 % $ 6,185,925 +3.18 % +1.65 % + 1.51% to + 1.75% 74,118 2,238,376 +1.78 % 3,140,937 +3.52 % +1.74 % + 1.76% to + 2.00% — 969,541 +2.09 % 1,802,431 +3.67 % +1.58 % + 2.01% or more 374,407 2,521,420 +2.61 % 3,678,528 +4.31 % +1.70 % Total $ 614,141 $ 9,705,529 +1.92 % $ 14,807,821 +3.58 % +1.66 % Year Ended December 31, 2023 December 31, 2023 Spread (1) New Financings (2) Total Borrowings Wtd. Avg. All-in Cost (1)(3)(4) Collateral (5) Wtd. Avg. All-in Yield (1)(3) Net Interest Margin (6) + 1.50% or less $ — $ 5,647,848 +1.53 % $ 8,341,383 +3.24 % +1.71 % + 1.51% to + 1.75% — 2,679,699 +1.82 % 3,723,365 +3.49 % +1.67 % + 1.76% to + 2.00% 42,908 1,850,809 +2.11 % 2,913,067 +3.92 % +1.81 % + 2.01% or more 69,170 2,518,702 +2.64 % 3,616,503 +4.30 % +1.66 % Total $ 112,078 $ 12,697,058 +1.89 % $ 18,594,318 +3.58 % +1.69 % (1) The spread, all-in cost, and all-in yield are expressed over the relevant floating benchmark rates, which include SOFR, SONIA, EURIBOR, and other indices as applicable. (2) Represents the amount of new borrowings we closed during the years ended December 31, 2024 and 2023, respectively. (3) In addition to spread, the cost includes the associated deferred fees and expenses related to the respective borrowings. In addition to cash coupon, all-in yield includes the amortization of deferred origination and extension fees, loan origination costs, and purchase discounts, as well as the accrual of exit fees. All-in yield excludes loans accounted for under the cost-recovery and nonaccrual methods, if any, and REO assets. (4) Represents the weighted-average all-in cost as of December 31, 2024 and 2023, respectively, and is not necessarily indicative of the spread applicable to recent or future borrowings. (5) Represents the principal balance of the collateral loan assets and the book value of the collateral REO assets. (6) Represents the difference between the weighted-average all-in yield and weighted-average all-in cost. December 31, 2024 Securitized Debt Obligations Count Principal Balance Book Value (1) Wtd. Avg. Yield/Cost (2)(3) Term (4) 2021 FL4 Collateralized Loan Obligation Senior CLO Securities Outstanding 1 $ 785,453 $ 785,442 + 1.39 % May 2038 Underlying Collateral Assets 22 952,764 952,764 + 2.95 % August 2026 2020 FL3 Collateralized Loan Obligation Senior CLO Securities Outstanding 1 552,664 552,663 + 1.92 % November 2037 Underlying Collateral Assets 12 743,914 743,914 + 2.92 % June 2026 2020 FL2 Collateralized Loan Obligation Senior CLO Securities Outstanding 1 598,850 598,851 + 1.50 % February 2038 Underlying Collateral Assets 12 855,725 855,725 + 2.79 % August 2026 Total Senior CLO Securities Outstanding (5) 3 $ 1,936,967 $ 1,936,956 +1.57 % Underlying Collateral Assets 46 $ 2,552,403 $ 2,552,403 + 2.98 % (1) The book value of underlying collateral assets excludes any applicable CECL reserves. (2) In addition to cash coupon, all-in yield includes the amortization of deferred origination and extension fees, loan origination costs, purchase discounts, and accrual of exit fees. (3) The weighted-average all-in yield and cost are expressed as a spread over SOFR. All-in yield excludes loans accounted for under the cost-recovery and nonaccrual methods, if any, and REO assets. (4) Underlying Collateral Assets term represents the weighted-average final maturity of such loans, assuming all extension options are exercised by the borrower, and excludes REO assets. Repayments of securitized debt obligations are tied to timing of the related collateral loan asset repayments. The term of these obligations represents the rated final distribution date of the securitizations. (5) During the year ended December 31, 2024, we recorded $157.0 million of interest expense related to our securitized debt obligations. December 31, 2023 Securitized Debt Obligations Count Principal Balance Book Value (1) Wtd. Avg. Yield/Cost (2)(3) Term (4) 2021 FL4 Collateralized Loan Obligation Senior CLO Securities Outstanding 1 $ 803,750 $ 801,800 + 1.70 % May 2038 Underlying Collateral Assets 26 1,000,000 1,000,000 + 3.28 % December 2025 2020 FL3 Collateralized Loan Obligation Senior CLO Securities Outstanding 1 714,352 714,352 + 2.18 % November 2037 Underlying Collateral Assets 15 905,602 905,602 + 2.87 % September 2025 2020 FL2 Collateralized Loan Obligation Senior CLO Securities Outstanding 1 989,412 989,265 + 1.57 % February 2038 Underlying Collateral Assets 15 1,246,287 1,246,287 + 2.85 % October 2025 Total Senior CLO Securities Outstanding (5) 3 $ 2,507,514 $ 2,505,417 +1.79 % Underlying Collateral Assets 56 $ 3,151,889 $ 3,151,889 +2.99 % (1) The book value of underlying collateral assets excludes any applicable CECL reserves. (2) In addition to cash coupon, all-in yield includes the amortization of deferred origination and extension fees, loan origination costs, purchase discounts, and accrual of exit fees. (3) The weighted-average all-in yield and cost are expressed as a spread over SOFR (4) Underlying Collateral Assets term represents the weighted-average final maturity of such loans, assuming all extension options are exercised by the borrower. Repayments of securitized debt obligations are tied to timing of the related collateral loan asset repayments. The term of these obligations represents the rated final distribution date of the securitizations. (5) During the year ended December 31, 2023, we recorded $171.4 million of interest expense related to our securitized debt obligations. The following table details our asset-specific debt ($ in thousands): December 31, 2024 Asset-Specific Debt Count Principal Balance Book Value (1) Wtd. Avg. Yield/Cost (2) Wtd. Avg. Term (3) Financing provided 2 $ 1,228,110 $ 1,224,841 + 3.20 % June 2026 Collateral assets 2 $ 1,467,185 $ 1,459,864 + 4.03 % June 2026 December 31, 2023 Asset-Specific Debt Count Principal Balance Book Value (1) Wtd. Avg. Yield/Cost (2) Wtd. Avg. Term (3) Financing provided 2 $ 1,004,097 $ 1,000,210 + 3.14 % March 2026 Collateral assets 2 $ 1,194,408 $ 1,186,559 + 3.98 % March 2026 (1) The book value of underlying collateral assets excludes any applicable CECL reserves. (2) The weighted-average all-in yield and cost are expressed as a spread over SOFR. (3) The weighted-average term is determined based on the maximum maturity of the corresponding loans, assuming all extension options are exercised by the borrower. Our non-recourse, asset-specific debt is term-matched in each case to the corresponding collateral loans. Term Loans Face Value Interest Rate (1) All-in Cost (1)(2) Maturity B-1 Term Loan $ 309,268 + 2.36 % + 2.53 % April 23, 2026 B-4 Term Loan 805,169 + 3.50 % + 4.11 % May 9, 2029 B-5 Term Loan 650,000 + 3.75 % + 4.27 % December 10, 2028 Total face value $ 1,764,437 (1) The B-4 Term Loan and the B-5 Term Loan borrowings are subject to a floor of 0.50%. The Term Loans are indexed to one-month SOFR. (2) Includes issue discount and transaction expenses that are amortized through interest expense over the life of the Term Loans. The following table details the net book value of our Term Loans on our consolidated balance sheets ($ in thousands): December 31, 2024 December 31, 2023 Face value $ 1,764,437 $ 2,135,221 Deferred financing costs and unamortized discount (32,364) (33,589) Net book value $ 1,732,073 $ 2,101,632 Senior Secured Notes Issuance Face Value Interest Rate All-in Cost (1) Maturity October 2021 $ 335,316 3.75 % 4.06 % January 15, 2027 December 2024 450,000 7.75 % (2) 8.14 % December 1, 2029 (1) Includes transaction expenses that are amortized through interest expense over the life of the Senior Secured Notes. (2) Represents the stated coupon rate of the notes. We have entered into an interest rate swap that effectively converts our fixed rate exposure to a SOFR + 3.95% floating rate exposure. The following table details the net book value of our Senior Secured Notes on our consolidated balance sheets ($ in thousands): December 31, 2024 December 31, 2023 Face value $ 785,316 $ 366,090 Deferred financing costs (9,857) (3,327) Hedging adjustments (1) (4,424) — Net book value $ 771,035 $ 362,763 (1)

Convertible Notes, Net (Tables)

Convertible Notes, Net (Tables)	12 Months Ended
	Dec. 31, 2024
Debt Instruments [Abstract]
Summary of Convertible Debt	As of December 31, 2024, the following convertible senior notes, or Convertible Notes, were outstanding ($ in thousands): Convertible Notes Issuance Face Value Interest Rate All-in Cost (1) Conversion Price (2) Maturity March 2022 convertible notes $ 266,157 5.50% 5.79% $36.27 March 15, 2027 (1) Includes issuance costs that are amortized through interest expense over the life of the Convertible Notes using the effective interest method. (2) Represents the price of class A common stock per share based on a conversion rate of 27.5702 for the Convertible Notes. The conversion rate represents the number of shares of class A common stock issuable per $1,000 principal amount of Convertible Notes. The cumulative dividend threshold has not been exceeded as of December 31, 2024. The following table details the net book value of our Convertible Notes on our consolidated balance sheets ($ in thousands): December 31, 2024 December 31, 2023 Face value $ 266,157 $ 300,000 Deferred financing costs and unamortized discount (2,541) (4,153) Net book value $ 263,616 $ 295,847 The following table details our interest expense related to the Convertible Notes ($ in thousands): Year Ended December 31, 2024 2023 2022 Cash coupon $ 15,784 $ 18,639 $ 28,859 Discount and issuance cost amortization 1,227 1,589 2,853 Total interest expense $ 17,011 $ 20,228 $ 31,712

Derivative Financial Instrume_2

Derivative Financial Instruments (Tables)	12 Months Ended
	Dec. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Summary of Outstanding Foreign Exchange Derivatives	The following table details our outstanding foreign exchange derivatives that were designated as net investment hedges of foreign currency risk (notional amounts in thousands): December 31, 2024 December 31, 2023 Foreign Currency Derivatives Number of Instruments Notional Amount Foreign Currency Derivatives Number of Instruments Notional Amount Buy USD / Sell SEK Forward 2 kr 971,180 Buy USD / Sell SEK Forward 2 kr 973,246 Buy USD / Sell GBP Forward 5 £ 604,739 Buy USD / Sell GBP Forward 7 £ 696,919 Buy USD / Sell EUR Forward 8 € 603,910 Buy USD / Sell EUR Forward 8 € 673,644 Buy USD / Sell AUD Forward 6 A$ 355,703 Buy USD / Sell AUD Forward 10 A$ 471,989 Buy USD / Sell CHF Forward 1 CHF 6,752 Buy USD / Sell DKK Forward 2 kr. 195,674 Buy USD / Sell CHF Forward 4 CHF 8,352 The following table details our outstanding foreign exchange derivatives that were non-designated hedges of foreign currency risk as of December 31, 2023 (notional amounts in thousands): December 31, 2024 December 31, 2023 Non-designated Hedges Number of Instruments Notional Amount Non-designated Hedges Number of Instruments Notional Amount Buy GBP / Sell USD Forward 3 £ 54,400 Buy SEK / Sell USD Forward 1 kr 30,800 Buy USD / Sell GBP Forward 3 £ 54,400 Buy USD / Sell SEK Forward 1 kr 30,800 Buy GBP / Sell USD Forward 2 £ 26,900 Buy USD / Sell GBP Forward 2 £ 26,900 Buy AUD / Sell USD Forward 1 A$ 7,600 Buy USD / Sell AUD Forward 1 A$ 7,600
Summary of Outstanding Interest Rate Derivatives Designated as Cash Flow Hedges of Interest Rate Risk	The following table details our outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk as of December 31, 2023 (notional amount in thousands): December 31, 2023 Interest Rate Derivatives Number of Instruments Notional Amount Fixed Rate Index Maturity (Years) Interest Rate Swaps 1 $ 229,858 4.60% SOFR 0.9 The following table details our outstanding interest rate derivatives that were designated as fair value hedges of interest rate risk (notional amount in thousands): December 31, 2024 Interest Rate Derivatives Number of Instruments Notional Amount Fixed Rate Index Maturity (Years) Interest Rate Swaps 1 $ 450,000 3.81% SOFR 4.9
Schedule of Carrying Amount and Cumulative Basis Adjustments on Hedged Items Designated as Fair Value Hedges	The following table details the carrying amount and cumulative basis adjustments on hedged items designated as fair value hedges for the year ended December 31, 2024. December 31, 2024 Line Item in the Consolidated Balance Sheets in which the Hedged Item is Included Carrying Amount of the Hedged Assets/ Liabilities Cumulative Amount of Fair Value Hedging Adjustment Included in Carrying Amount Senior secured notes, net $ 437,759 $ (4,424) The following table presents the net gains (losses) on derivatives and the related hedged items in fair value hedging relationships for the year ended December 31, 2024 ($ in thousands): Year Ended December 31, 2024 Total interest and related expenses presented in the consolidated statement of operations $ 1,289,972 Gains (losses) on fair value hedging relationships: Total gain (loss) on derivative instruments $ (4,386) Fair value basis adjustment on hedged items 4,424 Derivative settlements and accruals (232) Net Gains (Losses) on Fair Value Hedging Relationships (1) $ (194) (1) Included within interest and related expenses presented in the consolidated statement of operations.
Schedule of Derivative Instruments in Statement of Operations	The following table presents the effect of our derivative financial instruments on our consolidated statements of operations ($ in thousands): Increase (Decrease) to Net Interest Income Recognized from Derivatives Year Ended December 31, Derivatives in Hedging Relationships Location of Income (Expense) Recognized 2024 2023 2022 Designated Hedges Interest Income (1) $ 16,490 $ 25,439 $ 19,910 Designated Hedges Interest Expense (2) 1,119 893 — Non-Designated Hedges Interest Income (1) (44) 65 (62) Non-Designated Hedges Interest Expense (3) 4 (71) 100 Total $ 17,569 $ 26,326 $ 19,948 (1) Represents the forward points earned on our foreign currency forward contracts, which reflect the interest rate differentials between the applicable base rate for our foreign currency investments and prevailing US interest rates. These forward contracts effectively convert the foreign currency rate exposure for such investments to USD-equivalent interest rates. (2) Represents the financial statement impact of proceeds (payments) from periodic settlements related to our interest rate swap. (3) Represents the spot rate movement in our non-designated foreign currency hedges, which are marked-to-market and recognized in interest expense.
Summary of Fair Value of Derivative Financial Instruments	The following table summarizes the fair value of our derivative financial instruments ($ in thousands): Fair Value of Derivatives in an Asset Position (1) as of Fair Value of Derivatives in a Liability Position (2) as of December 31, 2024 December 31, 2023 December 31, 2024 December 31, 2023 Derivatives designated as hedging instruments: Foreign exchange contracts $ 69,433 $ 30 $ — $ 92,922 Interest rate derivatives — 317 4,386 — Total derivatives designated as hedging instruments $ 69,433 $ 347 $ 4,386 $ 92,922 Derivatives not designated as hedging instruments: Foreign exchange contracts $ 3,021 $ 1,543 $ 852 $ 1,895 Interest rate derivatives — — — — Total derivatives not designated as hedging instruments $ 3,021 $ 1,543 $ 852 $ 1,895 Total Derivatives $ 72,454 $ 1,890 $ 5,238 $ 94,817 (1) Included in other assets in our consolidated balance sheets (2) Included in other liabilities in our consolidated balance sheets.
Summary of Effect of Derivative Financial Instruments on Consolidated Statements of Comprehensive Income And Operations	The following table presents the effect of our derivative financial instruments on our consolidated statements of comprehensive income and operations ($ in thousands): Derivatives in Hedging Relationships Amount of Gain (Loss) Recognized in OCI on Derivatives Location of Amount of Gain (Loss) Reclassified from Accumulated OCI into Income Year Ended December 31, Year Ended December 31, 2024 2023 2022 2024 2023 2022 Net Investment Hedges Foreign exchange contracts (1) $ 88,591 $ (76,224) $ 173,362 Interest Expense $ — $ — $ — Cash Flow Hedges Interest rate derivatives 998 1,210 — Interest Expense (2) 1,315 893 (4) Total $ 89,589 $ (75,014) $ 173,362 $ 1,315 $ 893 $ (4) (1) During the year ended December 31, 2024, we paid net cash settlements of $59.8 million on our foreign currency forward contracts. During the year ended December 31, 2023, we paid net cash settlements of $69.9 million on our foreign currency forward contracts. During the year ended December 31, 2022, we received net cash settlements of $330.3 million on our foreign currency forward contracts. (2) During the year ended December 31, 2024, we recorded total interest and related expenses of $1.3 billion which was reduced by $1.3 million related to income generated by our cash flow hedges. During the years ended December 31, 2023 and 2022, we recorded total interest and related expenses of $1.4 billion and $710.9 million, respectively, which included $893,000 and $4,000, respectively, related to our cash flow hedges.

Equity (Tables)

Equity (Tables)	12 Months Ended
	Dec. 31, 2024
Equity [Abstract]
Summary of Class A Common Stock Issuances	The following table details our issuance of class A common stock during the year ended December 31, 2022 ($ in thousands, except per share data): Class A Common Stock Offerings 2022 (1) Shares issued 2,303,469 Gross / net issue price per share (2) 31.23 / 30.92 Net proceeds (3) $ 70,651 (1) Represents shares issued under our at-the-market program. (2) Represents the gross price per share issued, as well as the net proceeds per share after underwriting or sales discounts and commissions. (3)
Schedule of Movement in Outstanding Shares of Class A Common Stock, Restricted Class A Common Stock and Deferred Stock Units	The following table details the movement in our outstanding shares of class A common stock, including restricted class A common stock and deferred stock units: Year Ended December 31, Common Stock Outstanding (1) 2024 2023 2022 Beginning balance 173,569,397 172,106,593 168,543,370 Issuance of class A common stock (2) 5,849 6,587 2,311,711 Repurchase of class A common stock (1,646,034) — — Issuance of restricted class A common stock, net (3)(4) 1,222,346 1,402,329 1,204,476 Issuance of deferred stock units 52,632 53,888 47,036 Ending balance 173,204,190 173,569,397 172,106,593 (1) Includes 412,096, 359,464, and 410,608 deferred stock units held by members of our board of directors as of December 31, 2024, 2023, and 2022, respectively. (2) Includes 5,849, 6,587, and 8,242 shares issued under our dividend reinvestment program during the years ended December 31, 2024, 2023, and 2022, respectively. (3) Includes 41,282, 25,482, and 13,197 shares of restricted class A common stock issued to our board of directors during the years ended December 31, 2024, 2023, and 2022, respectively. (4) Net of 102,484, 15,477, and 39,655 shares of restricted class A common stock forfeited under our stock-based incentive plans during the years ended December 31, 2024, 2023, and 2022, respectively.
Schedule of Dividend Activity	The following table details our dividend activity ($ in thousands, except per share data): Year Ended December 31, 2024 2023 2022 Dividends declared per share of common stock $ 2.18 $ 2.48 $ 2.48 Percent taxable as ordinary dividends 100.00 % 100.00 % 100.00 % Percent taxable as capital gain dividends — % — % — % 100.00 % 100.00 % 100.00 % Class A common stock dividends declared $ 377,837 $ 427,862 $ 423,568 Deferred stock unit dividends declared 882 878 945 $ 378,719 $ 428,740 $ 424,513
Schedule of Basic and Diluted Earnings Per Share, or EPS, Based on Weighted-Average of Both Restricted and Unrestricted Class A Common Stock Outstanding	The following table sets forth the calculation of basic and diluted net income per share of class A common stock based on the weighted-average of both restricted and unrestricted class A common stock outstanding ($ in thousands, except per share data): Year Ended December 31, 2024 2023 2022 Net (loss) income (1) $ (204,088) $ 246,555 $ 248,642 Weighted-average shares outstanding, basic and diluted (2) 173,782,523 172,672,038 170,631,410 Per share amount, basic and diluted (2) $ (1.17) $ 1.43 $ 1.46 (1) Represents net (loss) income attributable to Blackstone Mortgage Trust, Inc. (2) For the years ended December 31, 2024, 2023, and 2022, our Convertible Notes were not included in the calculation of diluted earnings per share, as the impact is antidilutive. Refer to Note 13 for further discussion of our convertible notes.

Other Expenses (Tables)

Other Expenses (Tables)	12 Months Ended
	Dec. 31, 2024
Other Income and Expenses [Abstract]
Schedule of General and Administrative Expenses	General and administrative expenses consisted of the following ($ in thousands): Year Ended December 31, 2024 2023 2022 Professional services $ 15,176 $ 13,269 $ 10,924 Operating and other costs 6,918 7,219 7,855 Subtotal (1) 22,094 20,488 18,779 Non-cash compensation expenses Restricted class A common stock earned 30,969 29,975 32,724 Director stock-based compensation 859 680 690 Subtotal 31,828 30,655 33,414 Total general and administrative expenses $ 53,922 $ 51,143 $ 52,193 (1) During the years ended December 31, 2024, 2023, and 2022, we recognized an aggregate $743,000, $1.2 million, and $1.1 million, respectively, of expenses related to our Multifamily Joint Venture.

Stock-Based Incentive Plans (Ta

Stock-Based Incentive Plans (Tables)	12 Months Ended
	Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]
Movement in Outstanding Shares of Restricted Class A Common Stock and Weighted-Average Grant Date Fair Value Per Share	The following table details the movement in our outstanding shares of restricted class A common stock and the weighted-average grant date fair value per share: Restricted Class A Common Stock Weighted-Average Grant Date Fair Value Per Share Balance as of December 31, 2022 1,883,784 $ 27.90 Granted 1,417,806 22.07 Vested (1,105,932) 27.35 Forfeited (15,477) 24.55 Balance as of December 31, 2023 2,180,181 $ 24.41 Granted 1,324,830 19.88 Vested (1,259,768) 25.24 Forfeited (102,484) 24.18 Balance as of December 31, 2024 2,142,759 $ 21.13

Fair Values (Tables)

Fair Values (Tables)	12 Months Ended
	Dec. 31, 2024
Fair Value Disclosures [Abstract]
Assets and Liabilities Measured at Fair Value on Recurring Basis	The following table summarizes our assets and liabilities measured at fair value on a recurring basis ($ in thousands): December 31, 2024 December 31, 2023 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets Derivatives $ — $ 72,454 $ — $ 72,454 $ — $ 1,890 $ — $ 1,890 Liabilities Derivatives $ — $ 5,238 $ — $ 5,238 $ — $ 94,817 $ — $ 94,817
Schedule of Details of Carrying Amount, Face Amount, and Fair Value of Financial Instruments	The following table details the book value, face amount, and fair value of the financial instruments described in Note 2 ($ in thousands): December 31, 2024 December 31, 2023 Book Value Face Amount Fair Value Book Value Face Amount Fair Value Financial assets Cash and cash equivalents $ 323,483 $ 323,483 $ 323,483 $ 350,014 $ 350,014 $ 350,014 Loans receivable, net 18,313,582 19,203,126 18,288,958 23,210,076 23,923,719 23,015,737 Financial liabilities Secured debt, net 9,696,334 9,705,529 9,590,400 12,683,095 12,697,058 12,425,609 Securitized debt obligations, net 1,936,956 1,936,967 1,838,089 2,505,417 2,507,514 2,323,441 Asset-specific debt, net 1,224,841 1,228,110 1,218,639 1,000,210 1,004,097 992,357 Loan participations sold, net 100,064 100,064 99,822 337,179 337,721 333,745 Secured term loans, net 1,732,073 1,764,437 1,765,668 2,101,632 2,135,221 2,102,950 Senior secured notes, net 771,035 785,316 780,931 362,763 366,090 327,081 Convertible notes, net 263,616 266,157 257,707 295,847 300,000 272,076

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	12 Months Ended
	Dec. 31, 2024
Variable Interest Entity, Primary Beneficiary, Does Not Hold Majority Voting Interest, Disclosures [Abstract]
Summary of Assets and Liabilities of Consolidated VIE	The following table details the assets and liabilities of our consolidated VIEs ($ in thousands): December 31, 2024 December 31, 2023 Assets Cash and cash equivalents $ 9,145 $ — Loans receivable 2,338,201 3,061,278 Current expected credit loss reserve (202,400) (183,508) Loans receivable, net 2,135,801 2,877,770 Real estate owned, net 177,322 — Other assets 126,518 103,692 Total assets $ 2,448,786 $ 2,981,462 Liabilities Securitized debt obligations, net $ 1,936,956 $ 2,505,417 Other liabilities 13,277 8,101 Total liabilities $ 1,950,233 $ 2,513,518

Transactions With Related Par_2

Transactions With Related Parties (Tables)	12 Months Ended
	Dec. 31, 2024
Related Party Transactions [Abstract]
Incurred Amounts by Related Parties	The following table details the amounts incurred for affiliate service provides ($ in thousands): Year Ended December 31, Asset class 2024 2023 2022 Revantage Corporate Services, LLC and Revantage Global Services Europe S.à r.l. (1) n/a $ 1,270 $ 658 $ 524 EQ Management, LLC (2) Office 796 — — LivCor, LLC (2) Multifamily 59 — — BRE Hotels & Resorts, LLC (2) Hospitality — — — $ 2,125 $ 658 $ 524 (1) As applicable, provides corporate support services, operational services, and management services to certain of our investments directly. (2) As applicable, provides management, operational, and corporate support services to certain of our REO assets directly. Year Ended December 31, 2024 2023 2022 BTIG, LLC (1) $ 124 $ 1 $ 191 Gryphon Mutual Property Americas IC (2) 320 — — Blackstone Internal audit services 95 95 95 CT Investment Management Co., LLC (3) — — — Lexington National Land Services (4) 67 — — Blackstone Securities Partners L.P. (5) 515 — 825 Total $ 1,121 — $ 96 $ 1,111 (1) Affiliates of our Manager own an interest in the controlling entity of BTIG, LLC, or BTIG. BTIG was utilized as a broker to engage third-parties to facilitate our repurchase of our Senior Secured Notes and Convertible Notes. During the years ended December 31, 2024 and 2023, we repurchased $33.8 million and $500,000 of our Senior Secured Notes and Convertible Notes, respectively, utilizing BTIG as a broker. During the year ended 2022, we did not utilize BTIG as a broker. Additionally, we engaged BTIG as a sales agent to sell shares of our class A common stock under our ATM Agreements. During the year ended December 31, 2022, BTIG sold shares under our ATM agreements. During the years ended December 31, 2024 and 2023, we did not sell any shares under our ATM agreements. These engagements were on terms equivalent to those of third parties under similar arrangements. (2) In the first quarter of 2024, in order to provide insurance for our REO assets, we became a member of Gryphon Mutual Property Americas IC, or Gryphon, a captive insurance company owned by us and other Blackstone-advised investment vehicles. A Blackstone affiliate provides oversight and advisory services to Gryphon and receives fees based on a percentage of premiums paid for such policies. The fees and expenses of Gryphon, including insurance premiums and fees paid to its manager, are paid annually and borne by us and the other Blackstone-advised investment vehicles that are members of Gryphon pro rata based on insurance premiums paid for each party’s respective properties. During the year ended December 31, 2024, we paid $660,000 to Gryphon for insurance costs, inclusive of premiums, capital surplus contributions, taxes, and our pro rata share of other expenses. Of this amount, $13,000 was attributable to the fee paid to a Blackstone affiliate to provide oversight and management services to Gryphon. The amounts included in the table above reflect the amortization of the insurance expense over the period of the respective policies. (3) CT Investment Management Co., LLC is the special servicer of the CLOs. As of December 31, 2024, two of our assets were in special servicing under the CLOs. CTIMCO has waived any fees that would be payable to a special servicer pursuant to the applicable servicing agreements, and no such fees have been paid or will become payable to CTIMCO. (4) Lexington National Land Services, or LNLS, a title agent company owned by Blackstone, acts as an agent for one or more underwriters in issuing title policies and/or providing support services in connection with investments by us, Blackstone and their affiliates and related parties, and third-parties. LNLS focuses on transactions in rate-regulated states where the cost of title insurance is non-negotiable. LNLS will not perform services in non-regulated states for us, unless (i) in the context of a portfolio transaction that includes properties in rate-regulated states, (ii) as part of a syndicate of title insurance companies where the rate is negotiated by other insurers or their agents, (iii) when a third-party is paying all or a material portion of the premium or (iv) when providing only support services to the underwriter. LNLS earns fees, which would have otherwise been paid to third parties, by providing title agency services and facilitating placement of title insurance with underwriters. Blackstone receives distributions from LNLS in connection with investments by us based on its equity interest in LNLS. In each case, there will be no related expense offset to us. The costs included above were capitalized into REO assets on our consolidated balance sheet. (5) In the fourth quarter of 2024, Blackstone Securities Partners L.P., or BSP, an affiliate of our Manager, was engaged as a member of the syndicate for our B-5 Term Loan and our 2024 Senior Secured Notes. These engagements were on terms equivalent to those of unaffiliated parties.

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Schedule of Principal Contractual Obligations	Our contractual principal debt repayments as of December 31, 2024 were as follows ($ in thousands): Year Secured Debt (1) Asset-Specific Debt (1) Term Loans (2) Senior Secured Notes Convertible Notes (3) Total (4) 2025 1,385,568 924,162 14,758 — — 2,324,488 2026 3,464,203 — 324,026 — — 3,788,229 2027 3,411,700 — 14,758 335,316 266,157 4,027,931 2028 525,006 — 638,758 — — 1,163,764 2029 840,479 303,948 772,137 450,000 — 2,366,564 Thereafter 78,573 — — — — 78,573 Total obligation $ 9,705,529 $ 1,228,110 $ 1,764,437 $ 785,316 $ 266,157 $ 13,749,549 (1) Our secured debt and asset-specific debt agreements are generally term-matched to their underlying collateral. Therefore, the allocation of payments under such agreements is generally allocated based on the maximum maturity date of the collateral loans, assuming all extension options are exercised by the borrower. In limited instances, the maturity date of the respective debt agreement is used. (2) The Term Loans are partially amortizing, with an amount equal to 1.0% per annum of the initial principal balance due in quarterly installments. Refer to Note 11 for further details on our Term Loans. (3) Reflects the outstanding principal balance of Convertible Notes, excluding any potential conversion premium. Refer to Note 13 for further details on our Convertible Notes. (4)

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Details)	12 Months Ended
	Dec. 31, 2024 USD ($) real_estate_owned_asset	Dec. 31, 2024 USD ($) real_estate_owned_asset loan	Dec. 31, 2024 USD ($) real_estate_owned_asset security_loan	Dec. 31, 2023 USD ($) loan	Dec. 31, 2023 USD ($) security_loan	Dec. 31, 2022 USD ($)	Dec. 31, 2017
Accounts, Notes, Loans and Financing Receivable [Line Items]
Restricted cash	$ 0	$ 0	$ 0	$ 0	$ 0
Borrower escrows	$ 482,200,000	$ 482,200,000	$ 482,200,000	640,600,000	640,600,000
Number of REO assets classified as held for sale investment | real_estate_owned_asset	7	7	7
Maximum guarantee	$ 3,500,000	$ 3,500,000	$ 3,500,000
Guarantee liability	20,000	20,000	20,000	0	0
CECL reserve	733,936,000	$ 733,936,000	$ 733,936,000	$ 576,936,000	$ 576,936,000	$ 326,137,000
Number of loans		130	130	178	178
Principal balance	$ 19,047,518,000	$ 19,047,518,000	$ 19,047,518,000	$ 23,787,012,000	$ 23,787,012,000	$ 25,017,880,000
Number of properties acquired | real_estate_owned_asset	7	7	7
Level 3 | Minimum | Capitalization rate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Measurement input	0.0600	0.0600	0.0600
Level 3 | Minimum | Discount rate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Measurement input	0.0772	0.0772	0.0772
Level 3 | Maximum | Capitalization rate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Measurement input	0.0855	0.0855	0.0855
Level 3 | Maximum | Discount rate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Measurement input	0.1500	0.1500	0.1500
Level 3 | Fair Value, Nonrecurring
Accounts, Notes, Loans and Financing Receivable [Line Items]
CECL reserve	$ 580,700,000	$ 580,700,000	$ 580,700,000
Number of loans | loan		13
Principal balance	$ 1,800,000,000	$ 1,800,000,000	$ 1,800,000,000
Level 3 | Fair Value, Nonrecurring | Minimum | Capitalization rate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Real estate owned, measurement input	0.0600	0.0600	0.0600
Level 3 | Fair Value, Nonrecurring | Minimum | Discount rate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Real estate owned, measurement input	0.0750	0.0750	0.0750
Level 3 | Fair Value, Nonrecurring | Maximum | Capitalization rate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Real estate owned, measurement input	0.0800	0.0800	0.0800
Level 3 | Fair Value, Nonrecurring | Maximum | Discount rate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Real estate owned, measurement input	0.1000	0.1000	0.1000
Building
Accounts, Notes, Loans and Financing Receivable [Line Items]
Estimated useful lives (in years)	40 years
Leasehold Improvements
Accounts, Notes, Loans and Financing Receivable [Line Items]
Estimated useful lives (in years)	10 years
Multifamily Joint Venture
Accounts, Notes, Loans and Financing Receivable [Line Items]
Ownership percentage							85%
Multifamily Joint Venture | Walker & Dunlop
Accounts, Notes, Loans and Financing Receivable [Line Items]
Minority participation in senior term facility							15%

Loans Receivable, Net - Overall

Loans Receivable, Net - Overall Statistics for Loans Receivable Portfolio (Detail) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($)	Dec. 31, 2024 USD ($) loan	Dec. 31, 2024 USD ($) security_loan	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2023 USD ($) loan	Dec. 31, 2023 USD ($) security_loan	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans		130	130			178	178
Principal balance	$ 19,203,126	$ 19,203,126	$ 19,203,126	$ 19,203,126	$ 23,923,719	$ 23,923,719	$ 23,923,719	$ 23,923,719	$ 25,160,343
Net book value	18,313,582	18,313,582	18,313,582	18,313,582	23,210,076	23,210,076	23,210,076	23,210,076
Unfunded loan commitments	$ 10,412	$ 10,412	$ 10,412	$ 10,412	$ 15,371	$ 15,371	$ 15,371	$ 15,371
Weighted-average cash coupon (percentage)	3.46%	3.46%	3.46%	3.46%	3.37%	3.37%	3.37%	3.37%
Weighted-average all-in yield (percentage)				3.78%				3.71%
Weighted-average maximum maturity (years)	2 years 1 month 6 days				2 years 6 months
Debt instrument, variable interest rate, type [Extensible Enumeration]	Secured Overnight Financing Rate (SOFR)				Secured Overnight Financing Rate (SOFR)
Percentage of loans by principal balance, floating rate					99%	99%	99%	99%
Percentage of loans by principal balance, fixed rate					1%	1%	1%	1%
Percent of loans subject to prepayment restrictions	10%	10%	10%	10%	14%	14%	14%	14%
Percent of loans not subject to prepayment restrictions	90%	90%	90%	90%	86%	86%	86%	86%
Interest Rate Swaps
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notional amount					$ 229,900	$ 229,900	$ 229,900	$ 229,900
Unfunded Loan Commitment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans | loan		60
Unfunded loan commitments	$ 1,263,068	$ 1,263,068	$ 1,263,068	$ 1,263,068	$ 2,430,664	$ 2,430,664	$ 2,430,664	$ 2,430,664

Loans Receivable, Net - Schedul

Loans Receivable, Net - Schedule Of Loan Receivable Portfolio Based On Floor Rate (Detail) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable	$ 19,203,126	$ 23,923,719	$ 25,160,343
Fixed Rate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable	61,750
0.00% or no floor
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable	8,369,018
0.01% to 1.00% floor
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable	4,301,185
1.01% to 2.00% floor
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable	2,475,899
2.01% to 3.00% floor
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable	2,557,545
3.01% or more floor
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable	$ 1,437,729
Weighted Average
Accounts, Notes, Loans and Financing Receivable [Line Items]
Weighted-average index rate floor	1.02%
Excluding 0.0% index rate floors, weighted-average index rate floor	1.63%
USD
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable	$ 12,622,124
USD | Fixed Rate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable	61,750
USD | 0.00% or no floor
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable	3,764,292
USD | 0.01% to 1.00% floor
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable	3,928,566
USD | 1.01% to 2.00% floor
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable	1,570,804
USD | 2.01% to 3.00% floor
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable	2,049,477
USD | 3.01% or more floor
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable	1,247,235
Non-USD
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable	6,581,002
Non-USD | Fixed Rate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable	0
Non-USD | 0.00% or no floor
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable	4,604,726
Non-USD | 0.01% to 1.00% floor
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable	372,619
Non-USD | 1.01% to 2.00% floor
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable	905,095
Non-USD | 2.01% to 3.00% floor
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable	508,068
Non-USD | 3.01% or more floor
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable	$ 190,494

Loans Receivable, Net - Activit

Loans Receivable, Net - Activity Relating to Loans Receivable Portfolio (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Principal Balance
Beginning balance	$ 23,923,719	$ 25,160,343
Loan fundings	1,356,208	1,344,130
Loan repayments, sales, and cost-recovery proceeds	(4,663,293)	(2,871,423)
Charge-offs	(419,849)
Transfer to real estate owned	(590,937)	0	$ 0
Transfer to other assets, net	(70,248)	0	0
Payment-in-kind interest, net of interest received	16,660	2,865
Unrealized (loss) gain on foreign currency translation	(349,134)	287,804
Ending balance	19,203,126	23,923,719	25,160,343
Deferred Fees / Other Items
Beginning balance	(136,707)	(142,463)
Loan repayments, sales, and cost-recovery proceeds	(87,993)	(52,978)
Charge-offs	35,246
Unrealized (loss) gain on foreign currency translation	1,406	(1,702)
Deferred fees and other items	(31,693)	(17,992)
Amortization of fees and other items	64,133	78,428	81,748
Ending balance	(155,608)	(136,707)	(142,463)
Net Book Value
Beginning balance	23,787,012	25,017,880
Loan fundings	1,356,208	1,344,130
Loan repayments, sales, and cost-recovery proceeds	(4,751,286)	(2,924,401)
Charge-offs	(384,603)
Transfer to real estate owned	(590,937)	0	0
Transfer to other assets	(70,248)	0	0
Payment-in-kind interest, net of interest received	16,660	2,865
Unrealized (loss) gain on foreign currency translation	(347,728)	286,102
Deferred fees and other items	(31,693)	(17,992)
Amortization of fees and other items	64,133	78,428	81,748
Ending balance	19,047,518	23,787,012	25,017,880
CECL reserve	(733,936)	(576,936)	$ (326,137)
Loans receivable, net	$ 18,313,582	$ 23,210,076

Loans Receivable, Net - Propert

Loans Receivable, Net - Property Type and Geographic Distribution of Properties Securing Loans in Portfolio (Detail) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($) loan	Dec. 31, 2024 USD ($) security_loan	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($) loan	Dec. 31, 2023 USD ($) security_loan	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of Loans	130	130		178	178
Net book value	$ 19,047,518	$ 19,047,518	$ 19,047,518	$ 23,787,012	$ 23,787,012	$ 23,787,012	$ 25,017,880
CECL reserve	(733,936)	(733,936)	(733,936)	(576,936)	(576,936)	(576,936)	(326,137)
Loans receivable, net	18,313,582	18,313,582	18,313,582	23,210,076	23,210,076	23,210,076
Total Loan Exposure	19,920,539	19,920,539	19,920,539	24,971,028	24,971,028	24,971,028
Net Loan Exposure	17,034,303	17,034,303	17,034,303	21,951,988	21,951,988	21,951,988
Principal balance	19,203,126	19,203,126	19,203,126	23,923,719	23,923,719	23,923,719	$ 25,160,343
Total loan exposure including non-consolidated senior interests	817,500	817,500	817,500	1,100,000	1,100,000	1,100,000
Loan participations sold	100,064	100,064	100,064	337,721	337,721	337,721
Cost-recovery proceeds	106,700	106,700	106,700	53,000	53,000	53,000
Asset-specific debt, net
Accounts, Notes, Loans and Financing Receivable [Line Items]
Long-term debt	1,224,841	1,224,841	1,224,841	1,000,210	1,000,210	1,000,210
Junior Loan Participation
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loan participations sold	$ 100,064	100,064	$ 100,064	100,924	100,924	100,924
Senior Participations
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loan participations sold				$ 236,797	236,797	$ 236,797
Loan Exposure Risk | Financing Receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Net Loan Exposure Percentage of Portfolio			100%			100%
Subtotal
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of Loans | loan	100			141
Net book value	$ 12,430,396	12,430,396	$ 12,430,396	$ 15,460,479	15,460,479	$ 15,460,479
Total Loan Exposure	13,328,547	13,328,547	13,328,547	16,652,620	16,652,620	16,652,620
Net Loan Exposure	$ 10,537,164	10,537,164	$ 10,537,164	$ 13,951,306	13,951,306	$ 13,951,306
Subtotal | Loan Exposure Risk | Financing Receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Net Loan Exposure Percentage of Portfolio			62%			64%
Sunbelt
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of Loans | loan	44			65
Net book value	$ 4,520,632	4,520,632	$ 4,520,632	$ 5,658,172	5,658,172	$ 5,658,172
Total Loan Exposure	4,663,498	4,663,498	4,663,498	5,786,395	5,786,395	5,786,395
Net Loan Exposure	$ 4,084,242	4,084,242	$ 4,084,242	$ 5,402,732	5,402,732	$ 5,402,732
Sunbelt | Loan Exposure Risk | Financing Receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Net Loan Exposure Percentage of Portfolio			24%			25%
Northeast
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of Loans | loan	21			30
Net book value	$ 4,614,582	4,614,582	$ 4,614,582	$ 5,386,940	5,386,940	$ 5,386,940
Total Loan Exposure	4,673,581	4,673,581	4,673,581	5,426,951	5,426,951	5,426,951
Net Loan Exposure	$ 3,452,961	3,452,961	$ 3,452,961	$ 4,340,660	4,340,660	$ 4,340,660
Northeast | Loan Exposure Risk | Financing Receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Net Loan Exposure Percentage of Portfolio			20%			20%
West
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of Loans | loan	21			31
Net book value	$ 1,865,382	1,865,382	$ 1,865,382	$ 3,088,644	3,088,644	$ 3,088,644
Total Loan Exposure	2,549,329	2,549,329	2,549,329	4,108,074	4,108,074	4,108,074
Net Loan Exposure	$ 1,746,309	1,746,309	$ 1,746,309	$ 2,910,559	2,910,559	$ 2,910,559
West | Loan Exposure Risk | Financing Receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Net Loan Exposure Percentage of Portfolio			10%			13%
Midwest
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of Loans | loan	10			9
Net book value	$ 997,156	997,156	$ 997,156	$ 944,132	944,132	$ 944,132
Total Loan Exposure	1,006,613	1,006,613	1,006,613	945,222	945,222	945,222
Net Loan Exposure	$ 820,858	820,858	$ 820,858	$ 913,973	913,973	$ 913,973
Midwest | Loan Exposure Risk | Financing Receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Net Loan Exposure Percentage of Portfolio			5%			4%
Northwest
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of Loans | loan	4			6
Net book value	$ 432,644	432,644	$ 432,644	$ 382,591	382,591	$ 382,591
Total Loan Exposure	435,526	435,526	435,526	385,978	385,978	385,978
Net Loan Exposure	$ 432,794	432,794	$ 432,794	$ 383,382	383,382	$ 383,382
Northwest | Loan Exposure Risk | Financing Receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Net Loan Exposure Percentage of Portfolio			3%			2%
Subtotal
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of Loans | loan	30			37
Net book value	$ 6,617,122	6,617,122	$ 6,617,122	$ 8,326,533	8,326,533	$ 8,326,533
Total Loan Exposure	6,591,992	6,591,992	6,591,992	8,318,408	8,318,408	8,318,408
Net Loan Exposure	$ 6,497,139	6,497,139	$ 6,497,139	$ 8,000,682	8,000,682	$ 8,000,682
Subtotal | Loan Exposure Risk | Financing Receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Net Loan Exposure Percentage of Portfolio			38%			36%
United Kingdom
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of Loans | loan	16			20
Net book value	$ 2,916,145	2,916,145	$ 2,916,145	$ 3,470,120	3,470,120	$ 3,470,120
Total Loan Exposure	2,877,609	2,877,609	2,877,609	3,439,678	3,439,678	3,439,678
Net Loan Exposure	$ 2,839,096	2,839,096	$ 2,839,096	$ 3,181,489	3,181,489	$ 3,181,489
United Kingdom | Loan Exposure Risk | Financing Receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Net Loan Exposure Percentage of Portfolio			17%			14%
Australia
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of Loans | loan	3			5
Net book value	$ 920,182	920,182	$ 920,182	$ 1,429,144	1,429,144	$ 1,429,144
Total Loan Exposure	925,106	925,106	925,106	1,437,870	1,437,870	1,437,870
Net Loan Exposure	$ 923,507	923,507	$ 923,507	$ 1,432,146	1,432,146	$ 1,432,146
Australia | Loan Exposure Risk | Financing Receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Net Loan Exposure Percentage of Portfolio			5%			7%
Ireland
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of Loans | loan	3			3
Net book value	$ 1,050,276	1,050,276	$ 1,050,276	$ 1,191,068	1,191,068	$ 1,191,068
Total Loan Exposure	1,055,131	1,055,131	1,055,131	1,197,337	1,197,337	1,197,337
Net Loan Exposure	$ 1,048,329	1,048,329	$ 1,048,329	$ 1,188,554	1,188,554	$ 1,188,554
Ireland | Loan Exposure Risk | Financing Receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Net Loan Exposure Percentage of Portfolio			6%			5%
Spain
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of Loans | loan	3			3
Net book value	$ 785,368	785,368	$ 785,368	$ 1,117,790	1,117,790	$ 1,117,790
Total Loan Exposure	786,576	786,576	786,576	1,120,375	1,120,375	1,120,375
Net Loan Exposure	$ 744,287	744,287	$ 744,287	$ 1,078,811	1,078,811	$ 1,078,811
Spain | Loan Exposure Risk | Financing Receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Net Loan Exposure Percentage of Portfolio			4%			5%
Sweden
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of Loans | loan	1			1
Net book value	$ 429,084	429,084	$ 429,084	$ 474,262	474,262	$ 474,262
Total Loan Exposure	430,416	430,416	430,416	476,718	476,718	476,718
Net Loan Exposure	$ 429,724	429,724	$ 429,724	$ 476,281	476,281	$ 476,281
Sweden | Loan Exposure Risk | Financing Receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Net Loan Exposure Percentage of Portfolio			2%			2%
Other Europe
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of Loans | loan	3			5
Net book value	$ 455,417	455,417	$ 455,417	$ 644,149	644,149	$ 644,149
Total Loan Exposure	456,102	456,102	456,102	646,430	646,430	646,430
Net Loan Exposure	$ 451,245	451,245	$ 451,245	$ 643,401	643,401	$ 643,401
Other Europe | Loan Exposure Risk | Financing Receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Net Loan Exposure Percentage of Portfolio			4%			3%
Other International
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of Loans | loan	1
Net book value	$ 60,650	60,650	$ 60,650
Total Loan Exposure	61,052	61,052	61,052
Net Loan Exposure	$ 60,951	60,951	$ 60,951
Other International | Loan Exposure Risk | Financing Receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Net Loan Exposure Percentage of Portfolio			0%
Office
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of Loans | loan	41			54
Net book value	$ 7,386,333	7,386,333	$ 7,386,333	$ 9,253,609	9,253,609	$ 9,253,609
Total Loan Exposure	7,740,932	7,740,932	7,740,932	10,072,963	10,072,963	10,072,963
Net Loan Exposure	$ 5,729,418	5,729,418	$ 5,729,418	$ 7,956,472	7,956,472	$ 7,956,472
Office | Loan Exposure Risk | Financing Receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Net Loan Exposure Percentage of Portfolio			33%			36%
Multifamily
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of Loans | loan	50			73
Net book value	$ 5,091,767	5,091,767	$ 5,091,767	$ 5,876,128	5,876,128	$ 5,876,128
Total Loan Exposure	5,309,345	5,309,345	5,309,345	5,997,886	5,997,886	5,997,886
Net Loan Exposure	$ 4,934,364	4,934,364	$ 4,934,364	$ 5,756,192	5,756,192	$ 5,756,192
Multifamily | Loan Exposure Risk | Financing Receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Net Loan Exposure Percentage of Portfolio			29%			26%
Hospitality
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of Loans | loan	16			23
Net book value	$ 2,768,374	2,768,374	$ 2,768,374	$ 4,161,525	4,161,525	$ 4,161,525
Total Loan Exposure	2,812,485	2,812,485	2,812,485	4,194,588	4,194,588	4,194,588
Net Loan Exposure	$ 2,663,349	2,663,349	$ 2,663,349	$ 3,804,091	3,804,091	$ 3,804,091
Hospitality | Loan Exposure Risk | Financing Receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Net Loan Exposure Percentage of Portfolio			16%			17%
Industrial
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of Loans | loan	11			12
Net book value	$ 2,030,627	2,030,627	$ 2,030,627	$ 2,189,808	2,189,808	$ 2,189,808
Total Loan Exposure	2,039,069	2,039,069	2,039,069	2,201,497	2,201,497	2,201,497
Net Loan Exposure	$ 2,000,831	2,000,831	$ 2,000,831	$ 2,190,914	2,190,914	$ 2,190,914
Industrial | Loan Exposure Risk | Financing Receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Net Loan Exposure Percentage of Portfolio			12%			10%
Retail
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of Loans | loan	5			6
Net book value	$ 555,553	555,553	$ 555,553	$ 814,241	814,241	$ 814,241
Total Loan Exposure	585,221	585,221	585,221	834,825	834,825	834,825
Net Loan Exposure	$ 532,069	532,069	$ 532,069	$ 785,573	785,573	$ 785,573
Retail | Loan Exposure Risk | Financing Receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Net Loan Exposure Percentage of Portfolio			3%			4%
Life Sciences / Studio
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of Loans | loan	3			4
Net book value	$ 342,817	342,817	$ 342,817	$ 385,098	385,098	$ 385,098
Total Loan Exposure	560,564	560,564	560,564	561,517	561,517	561,517
Net Loan Exposure	$ 337,687	337,687	$ 337,687	$ 384,219	384,219	$ 384,219
Life Sciences / Studio | Loan Exposure Risk | Financing Receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Net Loan Exposure Percentage of Portfolio			2%			2%
Other
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of Loans | loan	4			6
Net book value	$ 872,047	872,047	$ 872,047	$ 1,106,603	1,106,603	$ 1,106,603
Total Loan Exposure	872,923	872,923	872,923	1,107,752	1,107,752	1,107,752
Net Loan Exposure	$ 836,585	$ 836,585	$ 836,585	$ 1,074,527	$ 1,074,527	$ 1,074,527
Other | Loan Exposure Risk | Financing Receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Net Loan Exposure Percentage of Portfolio			5%			5%

Loans Receivable, Net - Net Boo

Loans Receivable, Net - Net Book Value, Total Loan Exposure and Net Loan Exposure of Loans Receivable Based on Internal Risk Ratings (Detail) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($) loan	Dec. 31, 2024 USD ($) security_loan	Dec. 31, 2023 USD ($) loan	Dec. 31, 2023 USD ($) security_loan	Dec. 31, 2022 USD ($)
Financing Receivable, Credit Quality Indicator [Line Items]
Number of loans	130	130	178	178
Net book value	$ 19,047,518	$ 19,047,518	$ 23,787,012	$ 23,787,012	$ 25,017,880
CECL reserve	(733,936)	(733,936)	(576,936)	(576,936)	(326,137)
Loans receivable, net	18,313,582	18,313,582	23,210,076	23,210,076
Total loan exposure	19,920,539	19,920,539	24,971,028	24,971,028
Net loan exposure	17,034,303	17,034,303	21,951,988	21,951,988
Principal balance	19,203,126	19,203,126	23,923,719	23,923,719	$ 25,160,343
Total loan exposure including non-consolidated senior interests	817,500	817,500	1,100,000	1,100,000
Loan participations sold	100,064	100,064	337,721	337,721
Cost-recovery proceeds	106,700	106,700	53,000	53,000
Junior Loan Participation
Financing Receivable, Credit Quality Indicator [Line Items]
Loan participations sold	100,064	100,064	100,924	100,924
Senior Participations
Financing Receivable, Credit Quality Indicator [Line Items]
Loan participations sold			236,797	236,797
Asset-specific debt, net
Financing Receivable, Credit Quality Indicator [Line Items]
Securitized debt obligations, net	$ 1,224,841	1,224,841	$ 1,000,210	1,000,210
1
Financing Receivable, Credit Quality Indicator [Line Items]
Number of loans | loan	11		15
Net book value	$ 1,919,280	1,919,280	$ 763,101	763,101
Total loan exposure	1,921,416	1,921,416	811,217	811,217
Net loan exposure	$ 994,056	994,056	$ 763,223	763,223
2
Financing Receivable, Credit Quality Indicator [Line Items]
Number of loans | loan	21		36
Net book value	$ 3,346,881	3,346,881	$ 6,143,184	6,143,184
Total loan exposure	3,354,857	3,354,857	6,618,319	6,618,319
Net loan exposure	$ 3,349,347	3,349,347	$ 5,095,395	5,095,395
3
Financing Receivable, Credit Quality Indicator [Line Items]
Number of loans | loan	65		99
Net book value	$ 9,246,692	9,246,692	$ 12,277,518	12,277,518
Total loan exposure	9,462,122	9,462,122	12,573,282	12,573,282
Net loan exposure	$ 8,818,346	8,818,346	$ 11,964,620	11,964,620
4
Financing Receivable, Credit Quality Indicator [Line Items]
Number of loans | loan	20		15
Net book value	$ 2,707,104	2,707,104	$ 2,725,930	2,725,930
Total loan exposure	3,245,102	3,245,102	3,036,837	3,036,837
Net loan exposure	$ 2,622,877	2,622,877	$ 2,668,025	2,668,025
5
Financing Receivable, Credit Quality Indicator [Line Items]
Number of loans | loan	13		13
Net book value	$ 1,827,561	1,827,561	$ 1,877,279	1,877,279
Total loan exposure	1,937,042	1,937,042	1,931,373	1,931,373
Net loan exposure	$ 1,249,677	$ 1,249,677	$ 1,460,725	$ 1,460,725

Loans Receivable, Net - Additio

Loans Receivable, Net - Additional Information (Detail)	3 Months Ended	12 Months Ended							15 Months Ended
	Dec. 31, 2024 USD ($) loan	Dec. 31, 2024 USD ($)	Dec. 31, 2024 USD ($) loan	Dec. 31, 2024 USD ($) security_loan	Dec. 31, 2023 USD ($)	Dec. 31, 2023 USD ($) loan	Dec. 31, 2023 USD ($) security_loan	Dec. 31, 2022 USD ($)	Dec. 31, 2024 USD ($) loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Weighted-average risk rating	3	3	3	3	3	3	3		3
Increase in net CECL reserve		$ 157,000,000
Increase (decrease) in CECL reserves		541,603,000			$ 250,799,000
Amount charged off		384,603,000
CECL reserve	$ 733,936,000	733,936,000	$ 733,936,000	$ 733,936,000	576,936,000	$ 576,936,000	$ 576,936,000	$ 326,137,000	$ 733,936,000
Number of loans			130	130		178	178
Interest and related income		1,769,043,000			2,037,621,000			1,338,954,000
Principal balance	19,047,518,000	19,047,518,000	$ 19,047,518,000	$ 19,047,518,000	23,787,012,000	$ 23,787,012,000	$ 23,787,012,000	25,017,880,000	19,047,518,000
Net book value	18,313,582,000	18,313,582,000	$ 18,313,582,000	18,313,582,000	23,210,076,000	23,210,076,000	23,210,076,000		18,313,582,000
Number of loan modifications | loan			7
Real estate owned, net	588,185,000	588,185,000	$ 588,185,000	588,185,000	0	0	0		588,185,000
Joint Venture
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loan exposure	43,300,000	43,300,000	43,300,000	43,300,000	612,900,000	612,900,000	612,900,000		43,300,000
Real estate owned, net	32,400,000	32,400,000	$ 32,400,000	32,400,000	0	$ 0	0		32,400,000
5
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans | loan			13			13
Principal balance	1,827,561,000	1,827,561,000	$ 1,827,561,000	1,827,561,000	1,877,279,000	$ 1,877,279,000	1,877,279,000		1,827,561,000
4
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans | loan			20			15
Principal balance	2,707,104,000	2,707,104,000	$ 2,707,104,000	2,707,104,000	2,725,930,000	$ 2,725,930,000	2,725,930,000		2,707,104,000
3
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans | loan			65			99
Principal balance	9,246,692,000	9,246,692,000	$ 9,246,692,000	9,246,692,000	12,277,518,000	$ 12,277,518,000	12,277,518,000		$ 9,246,692,000
Payment Deferral
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loan modifications | loan									2
Aggregate amortized cost basis of loans									$ 446,200,000
Percentage to aggregate loans receivable portfolio									2.30%
Extended Maturity, Modification One
Accounts, Notes, Loans and Financing Receivable [Line Items]
Extension term									10 months
Extended Maturity, Modification Two
Accounts, Notes, Loans and Financing Receivable [Line Items]
Extension term									9 months
Extended Maturity
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loan modifications | loan									5
Aggregate amortized cost basis of loans									$ 509,800,000
Percentage to aggregate loans receivable portfolio									2.70%
Extended Maturity | 5
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loan modifications | loan			4
Extended Maturity | 4
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loan modifications | loan			1
Extended Maturity, Loan One
Accounts, Notes, Loans and Financing Receivable [Line Items]
Extension term									2 years 6 months
Extended Maturity, Loan Two
Accounts, Notes, Loans and Financing Receivable [Line Items]
Extension term									6 months
Exit fee percentage									3%
Increase (decrease) in rate									4%
Extended Maturity, Loan Three
Accounts, Notes, Loans and Financing Receivable [Line Items]
Extension term									2 years
Increase to loan commitment									$ 34,500,000
Fixed coupon rate									15%
Floating rate									2.50%
Extended Maturity, Loan Four
Accounts, Notes, Loans and Financing Receivable [Line Items]
Extension term									5 years
Proceeds from repayment of loan									$ 6,000,000
Extended Maturity, Loan Five
Accounts, Notes, Loans and Financing Receivable [Line Items]
Extension term									4 years 9 months 18 days
Increase (decrease) in rate									(0.10%)
Extended Maturity, Senior Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loan modifications | loan			3
Extended Maturity, Senior Loans | 4
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loan modifications | loan			2
Extended Maturity, Senior Loans | 3
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loan modifications | loan			1
Office
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans | loan			41			54
Principal balance	7,386,333,000	7,386,333,000	$ 7,386,333,000	7,386,333,000	9,253,609,000	$ 9,253,609,000	9,253,609,000		$ 7,386,333,000
Number of loan modifications | loan			5
Hospitality
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans | loan			16			23
Principal balance	2,768,374,000	2,768,374,000	$ 2,768,374,000	2,768,374,000	4,161,525,000	$ 4,161,525,000	4,161,525,000		2,768,374,000
Number of loan modifications | loan			1
Mixed Use Asset
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loan modifications | loan			1
Seventeen Loans | Impaired loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Cash proceeds	88,000,000
One Loan Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans | loan			1
Net book value	195,000,000	195,000,000	$ 195,000,000	195,000,000					195,000,000
One Loan Past Due | Junior Loan Participation
Accounts, Notes, Loans and Financing Receivable [Line Items]
Net book value	50,000,000	50,000,000	50,000,000	50,000,000					50,000,000
Impaired loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Increase (decrease) in CECL reserves		547,584,000			227,892,000
Amount charged off		384,603,000
CECL reserve	$ 580,651,000	580,651,000	$ 580,651,000	580,651,000	417,670,000	417,670,000	417,670,000	$ 189,778,000	580,651,000
Number of new loans impaired | loan	1		6
Number of loans | loan			13
Interest and related income	$ 3,000,000
Principal balance	1,827,561,000	1,827,561,000	$ 1,827,561,000	1,827,561,000	1,877,279,000	1,877,279,000	1,877,279,000		1,827,561,000
Impaired loans | 5
Accounts, Notes, Loans and Financing Receivable [Line Items]
Principal balance	1,827,561,000	1,827,561,000	1,827,561,000	1,827,561,000	1,877,279,000	1,877,279,000	1,877,279,000		1,827,561,000
Impaired loans | 4
Accounts, Notes, Loans and Financing Receivable [Line Items]
Principal balance	0	0	0	0	0	0	0		0
Impaired loans | 3
Accounts, Notes, Loans and Financing Receivable [Line Items]
Principal balance	0	0	$ 0	0	$ 0	$ 0	$ 0		0
Unfunded Loan Commitment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans | loan			60
Unfunded Loan Commitment | Payment Deferral
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unfunded loan commitments	23,900,000	23,900,000	$ 23,900,000	23,900,000					23,900,000
Unfunded Loan Commitment | Extended Maturity
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unfunded loan commitments	$ 28,600,000	$ 28,600,000	$ 28,600,000	$ 28,600,000					$ 28,600,000

Loans Receivable, Net - Sched_2

Loans Receivable, Net - Schedule Of Current Expected Credit Loss Reserve By Pool (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 576,936	$ 326,137
Increase (decrease) in CECL reserves	541,603	250,799
Charge-offs of CECL reserves	(384,603)
Ending balance	733,936	576,936
US Loans
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Beginning balance	78,335	67,880
Increase (decrease) in CECL reserves	1,722	10,455
Charge-offs of CECL reserves	0
Ending balance	80,057	78,335
Non-U.S. Loans
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Beginning balance	31,560	22,519
Increase (decrease) in CECL reserves	(5,419)	9,041
Charge-offs of CECL reserves	0
Ending balance	26,141	31,560
Unique Loans
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Beginning balance	49,371	45,960
Increase (decrease) in CECL reserves	(2,284)	3,411
Charge-offs of CECL reserves	0
Ending balance	47,087	49,371
Impaired loans
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Beginning balance	417,670	189,778
Increase (decrease) in CECL reserves	547,584	227,892
Charge-offs of CECL reserves	(384,603)
Ending balance	$ 580,651	$ 417,670

Loans Receivable, Net - Loans R

Loans Receivable, Net - Loans Receivable Based On Our Internal Risk Ratings, Separated By Year Of Origination (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Total loans receivable
Loans receivable	$ 19,047,518	$ 23,787,012	$ 25,017,880
CECL reserve	(733,936)	(576,936)	(326,137)
Loans receivable, net	18,313,582	23,210,076
Gross charge-offs
Year one	0
Year two	0
Year three	(52,045)
Year four	(255,005)
Year five	0
Prior	(77,553)
Charge-offs	(384,603)
Total loans receivable
Total loans receivable
Year one	329,059	0
Year two	0	5,128,418
Year three	4,264,668	9,804,976
Year four	7,399,261	919,167
Year five	873,180	3,376,753
Prior	6,181,350	4,557,698
Loans receivable	19,047,518	23,787,012
Unique Loans
Total loans receivable
Year one	0	0
Year two	0	894,599
Year three	814,225	0
Year four	0	0
Year five	0	264,457
Prior	791,558	797,395
Loans receivable	1,605,783	1,956,451
CECL reserve	(47,087)	(49,371)	(45,960)
Gross charge-offs
Charge-offs	0
Impaired loans
Total loans receivable
Year one	0	0
Year two	0	0
Year three	170,388	508,264
Year four	367,030	140,000
Year five	34,214	0
Prior	1,255,929	1,229,015
Loans receivable	1,827,561	1,877,279
CECL reserve	(580,651)	(417,670)	$ (189,778)
Gross charge-offs
Charge-offs	(384,603)
U.S. loans
Total loans receivable
Year one	329,059	0
Year two	0	2,556,605
Year three	2,185,211	6,981,813
Year four	5,037,654	685,744
Year five	751,337	827,750
Prior	2,500,841	2,531,288
Loans receivable	10,804,102	13,583,200
Non-U.S. loans
Total loans receivable
Year one	0	0
Year two	0	1,677,214
Year three	1,094,844	2,314,899
Year four	1,994,577	93,423
Year five	87,629	2,284,546
Prior	1,633,022	0
Loans receivable	4,810,072	6,370,082
1
Total loans receivable
Loans receivable	1,919,280	763,101
1 | Total loans receivable
Total loans receivable
Year one	0	0
Year two	0	172,575
Year three	151,674	443,739
Year four	325,508	39,877
Year five	60,240	52,939
Prior	1,381,858	53,971
Loans receivable	1,919,280	763,101
1 | Unique Loans
Total loans receivable
Year one	0	0
Year two	0	0
Year three	0	0
Year four	0	0
Year five	0	0
Prior	0	0
Loans receivable	0	0
1 | Impaired loans
Total loans receivable
Year one	0	0
Year two	0	0
Year three	0	0
Year four	0	0
Year five	0	0
Prior	0	0
Loans receivable	0	0
1 | U.S. loans
Total loans receivable
Year one	0	0
Year two	0	172,575
Year three	151,674	443,739
Year four	245,289	39,877
Year five	60,240	52,939
Prior	1,381,858	53,971
Loans receivable	1,839,061	763,101
1 | Non-U.S. loans
Total loans receivable
Year one	0	0
Year two	0	0
Year three	0	0
Year four	80,219	0
Year five	0	0
Prior	0	0
Loans receivable	80,219	0
2
Total loans receivable
Loans receivable	3,346,881	6,143,184
2 | Total loans receivable
Total loans receivable
Year one	60,651	0
Year two	0	1,229,951
Year three	697,257	3,113,924
Year four	2,399,516	125,602
Year five	87,629	235,532
Prior	101,828	1,438,175
Loans receivable	3,346,881	6,143,184
2 | Unique Loans
Total loans receivable
Year one	0	0
Year two	0	0
Year three	0	0
Year four	0	0
Year five	0	0
Prior	0	0
Loans receivable	0	0
2 | Impaired loans
Total loans receivable
Year one	0	0
Year two	0	0
Year three	0	0
Year four	0	0
Year five	0	0
Prior	0	0
Loans receivable	0	0
2 | U.S. loans
Total loans receivable
Year one	60,651	0
Year two	0	195,755
Year three	197,153	1,883,162
Year four	1,611,856	32,179
Year five	0	200,917
Prior	0	1,438,175
Loans receivable	1,869,660	3,750,188
2 | Non-U.S. loans
Total loans receivable
Year one	0	0
Year two	0	1,034,196
Year three	500,104	1,230,762
Year four	787,660	93,423
Year five	87,629	34,615
Prior	101,828	0
Loans receivable	1,477,221	2,392,996
3
Total loans receivable
Loans receivable	9,246,692	12,277,518
3 | Total loans receivable
Total loans receivable
Year one	268,408	0
Year two	0	3,408,227
Year three	3,008,569	4,814,979
Year four	3,287,535	613,688
Year five	691,097	2,895,114
Prior	1,991,083	545,510
Loans receivable	9,246,692	12,277,518
3 | Unique Loans
Total loans receivable
Year one	0	0
Year two	0	894,599
Year three	814,225	0
Year four	0	0
Year five	0	264,457
Prior	265,808	186,253
Loans receivable	1,080,033	1,345,309
3 | Impaired loans
Total loans receivable
Year one	0	0
Year two	0	0
Year three	0	0
Year four	0	0
Year five	0	0
Prior	0	0
Loans receivable	0	0
3 | U.S. loans
Total loans receivable
Year one	268,408	0
Year two	0	1,870,610
Year three	1,599,604	3,730,842
Year four	2,160,837	613,688
Year five	691,097	380,726
Prior	392,470	359,257
Loans receivable	5,112,416	6,955,123
3 | Non-U.S. loans
Total loans receivable
Year one	0	0
Year two	0	643,018
Year three	594,740	1,084,137
Year four	1,126,698	0
Year five	0	2,249,931
Prior	1,332,805	0
Loans receivable	3,054,243	3,977,086
4
Total loans receivable
Loans receivable	2,707,104	2,725,930
4 | Total loans receivable
Total loans receivable
Year one	0	0
Year two	0	317,665
Year three	236,780	924,070
Year four	1,019,672	0
Year five	0	193,168
Prior	1,450,652	1,291,027
Loans receivable	2,707,104	2,725,930
4 | Unique Loans
Total loans receivable
Year one	0	0
Year two	0	0
Year three	0	0
Year four	0	0
Year five	0	0
Prior	525,750	611,142
Loans receivable	525,750	611,142
4 | Impaired loans
Total loans receivable
Year one	0	0
Year two	0	0
Year three	0	0
Year four	0	0
Year five	0	0
Prior	0	0
Loans receivable	0	0
4 | U.S. loans
Total loans receivable
Year one	0	0
Year two	0	317,665
Year three	236,780	924,070
Year four	1,019,672	0
Year five	0	193,168
Prior	726,513	679,885
Loans receivable	1,982,965	2,114,788
4 | Non-U.S. loans
Total loans receivable
Year one	0	0
Year two	0	0
Year three	0	0
Year four	0	0
Year five	0	0
Prior	198,389	0
Loans receivable	198,389	0
5
Total loans receivable
Loans receivable	1,827,561	1,877,279
5 | Total loans receivable
Total loans receivable
Year one	0	0
Year two	0	0
Year three	170,388	508,264
Year four	367,030	140,000
Year five	34,214	0
Prior	1,255,929	1,229,015
Loans receivable	1,827,561	1,877,279
5 | Unique Loans
Total loans receivable
Year one	0	0
Year two	0	0
Year three	0	0
Year four	0	0
Year five	0	0
Prior	0	0
Loans receivable	0	0
5 | Impaired loans
Total loans receivable
Year one	0	0
Year two	0	0
Year three	170,388	508,264
Year four	367,030	140,000
Year five	34,214	0
Prior	1,255,929	1,229,015
Loans receivable	1,827,561	1,877,279
5 | U.S. loans
Total loans receivable
Year one	0	0
Year two	0	0
Year three	0	0
Year four	0	0
Year five	0	0
Prior	0	0
Loans receivable	0	0
5 | Non-U.S. loans
Total loans receivable
Year one	0	0
Year two	0	0
Year three	0	0
Year four	0	0
Year five	0	0
Prior	0	0
Loans receivable	$ 0	$ 0

Real Estate Owned, Net - Additi

Real Estate Owned, Net - Additional Information (Detail) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($) real_estate_owned_asset	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Real Estate [Line Items]
Number of real estate owned assets | real_estate_owned_asset	7
Total acquisition price	$ 645,700
Building and building improvements	410,200
Land and land improvements	180,700
Acquired intangible assets	83,300
Other components	(28,500)
Revenue from real estate owned	13,040	$ 0	$ 0
Expenses from real estate owned	22,060	$ 0	$ 0
Depreciation and amortization expense	9,200
Other operating expense	12,800
Amount charged off	384,603
Commercial Real Estate
Real Estate [Line Items]
Amount charged off	$ 228,400

Real Estate Owned, Net - Schedu

Real Estate Owned, Net - Schedule of Real Estate Owned Asset Acquired (Detail) - USD ($)	Dec. 31, 2024	Dec. 31, 2023
Real Estate [Line Items]
Acquisition Date Fair Value	$ 591,629,000
Real estate owned, net	588,185,000	$ 0
7 Real Estate Owned Assets
Real Estate [Line Items]
Real estate owned, net	922,900,000
Office, Multifamily, Hospitality | 7 Real Estate Owned Assets
Real Estate [Line Items]
Acquisition Date Fair Value	645,684,000
Office | Mountain View, CA | 7 Real Estate Owned Assets
Real Estate [Line Items]
Acquisition Date Fair Value	60,203,000
Office | Burlington, MA | 7 Real Estate Owned Assets
Real Estate [Line Items]
Acquisition Date Fair Value	64,628,000
Office | Washington, DC | 7 Real Estate Owned Assets
Real Estate [Line Items]
Acquisition Date Fair Value	107,016,000
Office | El Segundo, CA | 7 Real Estate Owned Assets
Real Estate [Line Items]
Acquisition Date Fair Value	145,363,000
Office | Denver, CO | 7 Real Estate Owned Assets
Real Estate [Line Items]
Acquisition Date Fair Value	33,337,000
Multifamily | San Antonio, TX | 7 Real Estate Owned Assets
Real Estate [Line Items]
Acquisition Date Fair Value	33,607,000
Hospitality | San Francisco, CA | 7 Real Estate Owned Assets
Real Estate [Line Items]
Acquisition Date Fair Value	$ 201,530,000

Real Estate Owned, Net - Real E

Real Estate Owned, Net - Real Estate Owned Assets (Detail) - USD ($)	Dec. 31, 2024	Dec. 31, 2023
Assets
Building and building improvements	$ 410,546,000
Land and land improvements	181,083,000
Total	591,629,000
Less: accumulated depreciation	(3,444,000)
Real estate owned, net	588,185,000	$ 0
Intangible real estate assets	83,253,000
Less: accumulated amortization	(5,964,000)
Intangible real estate assets, net	77,289,000	$ 0
Intangible real estate liabilities	(1,420,000)
Less: accumulated amortization	1,000
Intangible real estate liabilities, net	$ (1,421,000)

Real Estate Owned, Net - Sche_2

Real Estate Owned, Net - Schedule of Undiscounted Future Minimum Rental Income (Detail) $ in Thousands	Dec. 31, 2024 USD ($)
Real Estate [Abstract]
2025	$ 47,185
2026	35,141
2027	25,745
2028	19,579
2029	17,199
Thereafter	33,976
Total	$ 178,825

Real Estate Owned, Net - Amorti

Real Estate Owned, Net - Amortization of Lease Intangibles (Detail) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($)
Finite-Lived Intangible Assets [Line Items]
Below-market lease intangibles(2)	$ (1)
Total amortization of lease intangibles	5,963
In-place lease intangibles(1)
Finite-Lived Intangible Assets [Line Items]
Amortization of Intangible Assets	5,770
Above-market lease intangibles(2)
Finite-Lived Intangible Assets [Line Items]
Amortization of Intangible Assets	$ 194

Real Estate Owned, Net - Sche_3

Real Estate Owned, Net - Schedule of Amortization of Lease Intangibles (Detail) $ in Thousands	Dec. 31, 2024 USD ($)
Below-Market Lease Intangible Assets [Abstract]
2025	$ (330)
2026	(282)
2027	(254)
2028	(174)
2029	(138)
Thereafter	(243)
Total	(1,421)
In-place lease intangibles(1)
Finite-Lived Intangible Assets [Line Items]
2025	27,003
2026	13,645
2027	7,395
2028	4,525
2029	3,686
Thereafter	5,662
Total	61,916
Above-market lease intangibles(2)
Finite-Lived Intangible Assets [Line Items]
2025	4,973
2026	2,950
2027	2,262
2028	1,781
2029	1,192
Thereafter	2,215
Total	$ 15,373

Investments in Unconsolidated_2

Investments in Unconsolidated Entities (Details) - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Schedule of Equity Method Investments [Line Items]
Investment in unconsolidated entities	$ 7,200,000	$ 0	$ 0
Gain (loss) from unconsolidated entities	(2,748,000)	0	0
Investments in unconsolidated entities	4,452,000	0
NNN Joint Venture
Schedule of Equity Method Investments [Line Items]
Investment in unconsolidated entities	7,200,000
Distributions from unconsolidated entities	0
Gain (loss) from unconsolidated entities	(2,700,000)	0	$ 0
Investments in unconsolidated entities	$ 4,500,000	$ 0

Other Assets and Liabilities -

Other Assets and Liabilities - Summary of Components of Other Assets (Detail) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Other Assets And Liabilities Disclosure [Abstract]
Accrued interest receivable	$ 160,131	$ 214,835
Accounts receivable and other assets	134,030	2,420
Loan portfolio payments held by servicer	113,199	152,423
Real estate intangible assets, net	77,289	0
Derivative assets	72,454	1,890
Other Real Estate Assets	9,338	0
Collateral deposited under derivative agreements	4,810	103,500
Prepaid expenses	1,002	1,020
Total	572,253	$ 476,088
Cash collateral	$ 95,500

Other Assets and Liabilities _2

Other Assets and Liabilities - Summary of Components of Other Liabilities (Detail) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Other Assets And Liabilities Disclosure [Abstract]
Accrued dividends payable	$ 81,214	$ 107,390	$ 106,455
Accrued interest payable	77,855	97,820
Other real estate liabilities	72,018	0
Accrued management and incentive fees payable	18,534	26,342
Accounts payable and other liabilities	13,834	7,265
Current expected credit loss reserves for unfunded loan commitments	10,412	15,371
Derivative liabilities	5,238	94,817
Secured debt repayments pending servicer remittance	3,742	13,526
Other liabilities	$ 282,847	$ 362,531

Other Assets and Liabilities _3

Other Assets and Liabilities - Additional Information (Detail) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($) loan	Dec. 31, 2024 USD ($) security_loan	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($) loan	Dec. 31, 2023 USD ($) security_loan	Dec. 31, 2023 USD ($)
Financing Receivable, Allowance for Credit Loss [Line Items]
Current expected credit loss reserves for unfunded loan commitments	$ 10,412	$ 10,412	$ 10,412	$ 15,371	$ 15,371	$ 15,371
Number of loans	130	130		178	178
Increase (decrease) in reserve			(5,000)			(1,000)
Unfunded Loan Commitments
Financing Receivable, Allowance for Credit Loss [Line Items]
Current expected credit loss reserves for unfunded loan commitments	$ 1,263,068	$ 1,263,068	$ 1,263,068	$ 2,430,664	$ 2,430,664	$ 2,430,664
Number of loans | loan	60

Secured Debt, Net - Additional

Secured Debt, Net - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2024 USD ($) lender	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Oct. 01, 2024	Apr. 03, 2024 USD ($)
Debt Instrument [Line Items]
Total secured debt	$ 13,749,549,000
Less: Interest and related expenses	$ 1,289,972,000	$ 1,366,956,000	$ 710,904,000
Line of Credit
Debt Instrument [Line Items]
Covenants, EBITDA to fixed charges, in percent	1.25			1.3
Covenants, minimum tangible net worth	$ 3,600,000,000
Covenants, minimum cash liquidity amount	$ 10,000,000
Covenants, percentage of recourse indebtedness	0.05
Covenants, indebtedness to total assets, in percent	0.8333
Line of Credit | Minimum
Debt Instrument [Line Items]
Covenants, percentage of tangible assets on cash proceeds from equity issuances	0.75
Line of Credit | Maximum
Debt Instrument [Line Items]
Covenants, percentage of tangible assets on cash proceeds from equity issuances	0.85
Secured debt, net | Line of Credit
Debt Instrument [Line Items]
New borrowings	$ 614,100,000
Collateral	808,900,000
Secured debt, net | Line of Credit | Secured credit facilities
Debt Instrument [Line Items]
New borrowings	614,141,000	112,078,000
Collateral	$ 14,807,821,000	18,594,318,000
Number of lenders | lender	14
Remaining borrowing capacity	$ 1,100,000,000
Maximum borrowing capacity					$ 100,000,000
Total secured debt	9,705,529,000	12,697,058,000
Secured debt, net | Line of Credit | Acquisition facility
Debt Instrument [Line Items]
Total secured debt	0	0
Less: Interest and related expenses	126,000	722,000
Amortization of deferred fees and expenses	$ 35,000	$ 233,000

Secured Debt, Net - Schedule of

Secured Debt, Net - Schedule of Secured Debt Agreements (Detail) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Total secured debt	$ 13,749,549
Secured debt, net | Line of Credit
Debt Instrument [Line Items]
Deferred financing costs	(9,195)	$ (13,963)
Net book value	9,696,334	12,683,095
Secured debt, net | Line of Credit | Secured credit facilities
Debt Instrument [Line Items]
Total secured debt	$ 9,705,529	$ 12,697,058

Secured Debt, Net - Schedule _2

Secured Debt, Net - Schedule of Secured Credit Facilities (Detail) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($) lender loan	Dec. 31, 2023 USD ($)
Schedule Of Secured Credit Facilities [Line Items]
Total secured debt	$ 13,749,549
Secured debt, net | Line of Credit
Schedule Of Secured Credit Facilities [Line Items]
Collateral	$ 808,900
Secured debt, net | Line of Credit | Secured credit facilities
Schedule Of Secured Credit Facilities [Line Items]
Lenders | lender	14
Total secured debt	$ 9,705,529	$ 12,697,058
Loan Count | loan	115
Collateral	$ 14,807,821	$ 18,594,318
Secured debt, net | Weighted Average | Line of Credit | Secured credit facilities
Schedule Of Secured Credit Facilities [Line Items]
Recourse Limitation	34%
Secured debt, net | Minimum | Line of Credit | Secured credit facilities
Schedule Of Secured Credit Facilities [Line Items]
Recourse Limitation	25%
Secured debt, net | Maximum | Line of Credit | Secured credit facilities
Schedule Of Secured Credit Facilities [Line Items]
Recourse Limitation	100%
Secured debt, net | USD | Line of Credit | Secured credit facilities
Schedule Of Secured Credit Facilities [Line Items]
Lenders | lender	13
Total secured debt	$ 4,796,857
Loan Count | loan	85
Collateral	$ 8,302,871
Secured debt, net | USD | Weighted Average | Line of Credit | Secured credit facilities
Schedule Of Secured Credit Facilities [Line Items]
Recourse Limitation	37%
Secured debt, net | USD | Minimum | Line of Credit | Secured credit facilities
Schedule Of Secured Credit Facilities [Line Items]
Recourse Limitation	25%
Secured debt, net | USD | Maximum | Line of Credit | Secured credit facilities
Schedule Of Secured Credit Facilities [Line Items]
Recourse Limitation	100%
Secured debt, net | GBP | Line of Credit | Secured credit facilities
Schedule Of Secured Credit Facilities [Line Items]
Lenders | lender	6
Total secured debt	$ 2,161,978
Loan Count | loan	16
Collateral	$ 2,877,608
Secured debt, net | GBP | Weighted Average | Line of Credit | Secured credit facilities
Schedule Of Secured Credit Facilities [Line Items]
Recourse Limitation	26%
Secured debt, net | GBP | Minimum | Line of Credit | Secured credit facilities
Schedule Of Secured Credit Facilities [Line Items]
Recourse Limitation	25%
Secured debt, net | GBP | Maximum | Line of Credit | Secured credit facilities
Schedule Of Secured Credit Facilities [Line Items]
Recourse Limitation	50%
Secured debt, net | EUR | Line of Credit | Secured credit facilities
Schedule Of Secured Credit Facilities [Line Items]
Lenders | lender	7
Total secured debt	$ 1,653,370
Loan Count | loan	10
Collateral	$ 2,260,687
Secured debt, net | EUR | Weighted Average | Line of Credit | Secured credit facilities
Schedule Of Secured Credit Facilities [Line Items]
Recourse Limitation	40%
Secured debt, net | EUR | Minimum | Line of Credit | Secured credit facilities
Schedule Of Secured Credit Facilities [Line Items]
Recourse Limitation	25%
Secured debt, net | EUR | Maximum | Line of Credit | Secured credit facilities
Schedule Of Secured Credit Facilities [Line Items]
Recourse Limitation	100%
Secured debt, net | Others | Line of Credit | Secured credit facilities
Schedule Of Secured Credit Facilities [Line Items]
Lenders | lender	4
Total secured debt	$ 1,093,324
Loan Count | loan	4
Collateral	$ 1,366,655
Recourse Limitation	25%
Secured debt, net | Others | Weighted Average | Line of Credit | Secured credit facilities
Schedule Of Secured Credit Facilities [Line Items]
Recourse Limitation	25%

Secured Debt, Net - Schedule _3

Secured Debt, Net - Schedule of All in Cost of Secured Credit Facilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Schedule Of All In Cost Of Secured Credit Facilities [Line Items]
Face value	$ 13,749,549
Secured debt, net | Line of Credit
Schedule Of All In Cost Of Secured Credit Facilities [Line Items]
New Financings	614,100
Collateral	808,900
Secured debt, net | Line of Credit | Secured credit facilities
Schedule Of All In Cost Of Secured Credit Facilities [Line Items]
New Financings	614,141	$ 112,078
Face value	$ 9,705,529	$ 12,697,058
Wtd. avg. all-in cost (percentage)	1.92%	1.89%
Collateral	$ 14,807,821	$ 18,594,318
Wtd. avg. all-in yield (percentage)	3.58%	3.58%
Net interest margin (percentage)	1.66%	1.69%
Secured debt, net | Line of Credit | Secured credit facilities | + 1.50% or less
Schedule Of All In Cost Of Secured Credit Facilities [Line Items]
New Financings	$ 165,616	$ 0
Face value	$ 3,976,192	$ 5,647,848
Wtd. avg. all-in cost (percentage)	1.53%	1.53%
Collateral	$ 6,185,925	$ 8,341,383
Wtd. avg. all-in yield (percentage)	3.18%	3.24%
Net interest margin (percentage)	1.65%	1.71%
Secured debt, net | Line of Credit | Secured credit facilities | + 1.51% to + 1.75%
Schedule Of All In Cost Of Secured Credit Facilities [Line Items]
New Financings	$ 74,118	$ 0
Face value	$ 2,238,376	$ 2,679,699
Wtd. avg. all-in cost (percentage)	1.78%	1.82%
Collateral	$ 3,140,937	$ 3,723,365
Wtd. avg. all-in yield (percentage)	3.52%	3.49%
Net interest margin (percentage)	1.74%	1.67%
Secured debt, net | Line of Credit | Secured credit facilities | + 1.76% to + 2.00%
Schedule Of All In Cost Of Secured Credit Facilities [Line Items]
New Financings	$ 0	$ 42,908
Face value	$ 969,541	$ 1,850,809
Wtd. avg. all-in cost (percentage)	2.09%	2.11%
Collateral	$ 1,802,431	$ 2,913,067
Wtd. avg. all-in yield (percentage)	3.67%	3.92%
Net interest margin (percentage)	1.58%	1.81%
Secured debt, net | Line of Credit | Secured credit facilities | + 2.01% or more
Schedule Of All In Cost Of Secured Credit Facilities [Line Items]
New Financings	$ 374,407	$ 69,170
Face value	$ 2,521,420	$ 2,518,702
Wtd. avg. all-in cost (percentage)	2.61%	2.64%
Collateral	$ 3,678,528	$ 3,616,503
Wtd. avg. all-in yield (percentage)	4.31%	4.30%
Net interest margin (percentage)	1.70%	1.66%

Securitized Debt Obligations,_3

Securitized Debt Obligations, Net (Detail) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($) loan	Dec. 31, 2023 USD ($) loan
Debt Instrument [Line Items]
Debt instrument, variable interest rate, type [Extensible Enumeration]	Secured Overnight Financing Rate (SOFR)	Secured Overnight Financing Rate (SOFR)
Securitized debt obligations, net
Debt Instrument [Line Items]
Count | loan	3	3
Count | loan	46	56
Principal balance	$ 1,936,967	$ 2,507,514
Principal Balance, collateral assets	2,552,403	3,151,889
Book Value	1,936,956	2,505,417
Book Value, collateral assets	$ 2,552,403	$ 3,151,889
Wtd. Avg. Yield/Cost, loan obligation	1.57%	1.79%
Wtd. Avg. Yield/Cost, collateral assets	2.98%	2.99%
Interest expense on debt	$ 157,000	$ 171,400
2021 FL4 Senior Collateralized Loan Obligation | Securitized debt obligations, net
Debt Instrument [Line Items]
Count | loan	1	1
Principal balance	$ 785,453	$ 803,750
Book Value	$ 785,442	$ 801,800
Wtd. Avg. Yield/Cost, loan obligation	1.39%	1.70%
2021 FL4 Underlying Collateral Assets | Securitized debt obligations, net
Debt Instrument [Line Items]
Count | loan	22	26
Principal Balance, collateral assets	$ 952,764	$ 1,000,000
Book Value, collateral assets	$ 952,764	$ 1,000,000
Wtd. Avg. Yield/Cost, collateral assets	2.95%	3.28%
2020 FL3 Senior Collateralized Loan Obligation | Securitized debt obligations, net
Debt Instrument [Line Items]
Count | loan	1	1
Principal balance	$ 552,664	$ 714,352
Book Value	$ 552,663	$ 714,352
Wtd. Avg. Yield/Cost, loan obligation	1.92%	2.18%
2020 FL3 Underlying Collateral Assets | Securitized debt obligations, net
Debt Instrument [Line Items]
Count | loan	12	15
Principal Balance, collateral assets	$ 743,914	$ 905,602
Book Value, collateral assets	$ 743,914	$ 905,602
Wtd. Avg. Yield/Cost, collateral assets	2.92%	2.87%
2020 FL2 Senior Collateralized Loan Obligation | Securitized debt obligations, net
Debt Instrument [Line Items]
Count | loan	1	1
Principal balance	$ 598,850	$ 989,412
Book Value	$ 598,851	$ 989,265
Wtd. Avg. Yield/Cost, loan obligation	1.50%	1.57%
2020 FL2 Underlying Collateral Assets | Securitized debt obligations, net
Debt Instrument [Line Items]
Count | loan	12	15
Principal Balance, collateral assets	$ 855,725	$ 1,246,287
Book Value, collateral assets	$ 855,725	$ 1,246,287
Wtd. Avg. Yield/Cost, collateral assets	2.79%	2.85%

Asset-Specific Debt, Net (Detai

Asset-Specific Debt, Net (Detail) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($) loan	Dec. 31, 2023 USD ($) loan
Debt Instrument [Line Items]
Debt instrument, variable interest rate, type [Extensible Enumeration]	Secured Overnight Financing Rate (SOFR)	Secured Overnight Financing Rate (SOFR)
Asset-specific debt, net
Debt Instrument [Line Items]
Count, financing provided | loan	2	2
Count, collateral assets | loan	2	2
Principal balance	$ 1,228,110	$ 1,004,097
Principal Balance, collateral assets	1,467,185	1,194,408
Book Value	1,224,841	1,000,210
Book Value, collateral assets	$ 1,459,864	$ 1,186,559
Wtd. Avg. Yield/Cost, financing provided	3.20%	3.14%
Wtd. Avg. Yield/Cost, collateral assets	4.03%	3.98%

Loan Participations Sold, Net_2

Loan Participations Sold, Net (Detail) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($) loan	Dec. 31, 2023 USD ($) loan	Dec. 31, 2022 USD ($)
Loan Participations Sold [Line Items]
Principal Balance, loan participation	$ 100,064	$ 337,721
Principal Balance, total loan		697,565
Book Value, loan participation	100,064	337,179
Book Value, total loan		694,386
Interest expense	$ 1,289,972	$ 1,366,956	$ 710,904
Loan Participation
Loan Participations Sold [Line Items]
Count | loan		3
Senior Participations
Loan Participations Sold [Line Items]
Count | loan		1
Principal Balance, loan participation		$ 236,797
Book Value, loan participation		$ 236,499
Junior Loan Participation
Loan Participations Sold [Line Items]
Count | loan	2	2
Principal Balance, loan participation	$ 100,064	$ 100,924
Book Value, loan participation	$ 100,064	$ 100,680
Total Loan
Loan Participations Sold [Line Items]
Count | loan		3
Total Senior Loan Participation
Loan Participations Sold [Line Items]
Count | loan		1
Principal Balance, total loan		$ 295,996
Book Value, total loan		$ 294,783
Total Junior Loan Participation
Loan Participations Sold [Line Items]
Count | loan	2	2
Principal Balance, total loan	$ 442,142	$ 401,569
Book Value, total loan	442,008	399,603
Loan Participations Sold
Loan Participations Sold [Line Items]
Interest expense	$ 22,600	$ 20,600
SOFR And SONIA | Junior Loan Participation
Loan Participations Sold [Line Items]
Wtd. Avg. Yield/Cost	9.75%	7.50%
SOFR And SONIA | Total Junior Loan Participation
Loan Participations Sold [Line Items]
Wtd. Avg. Yield/Cost	6.14%	4.75%
SONIA | Senior Participations
Loan Participations Sold [Line Items]
Wtd. Avg. Yield/Cost		3.22%
SONIA | Total Senior Loan Participation
Loan Participations Sold [Line Items]
Wtd. Avg. Yield/Cost		4.86%

Term Loans, Net - Additional In

Term Loans, Net - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Gain on extinguishment of debt	$ 5,352	$ 4,616	$ 0
Secured term loans, net
Debt Instrument [Line Items]
Face Value	1,764,437
Reduction in outstanding principal balance of loan	$ 1,020,785	21,997	$ 17,053
Amortization percentage	1%
Interest expense on debt	$ 184,900
Amortization of deferred fees and expenses	$ 11,800
Total debt to total assets ratio	0.8333
B-5 Term Loan | Secured term loans, net
Debt Instrument [Line Items]
Face Value	$ 650,000
Discount upon issuance of secured term loan	3,300
Transaction expenses	5,900
B-3 Term Loan | Secured term loans, net
Debt Instrument [Line Items]
Reduction in outstanding principal balance of loan	407,800
B-1 Term Loan | Secured term loans, net
Debt Instrument [Line Items]
Face Value	309,268
Reduction in outstanding principal balance of loan	242,200
Discount upon issuance of secured term loan	3,100
Transaction expenses	12,600
Repayment of debt	2,300	$ 0
Additional repayment	$ 350,000
Repurchase weighted-average price, percentage	99%
Gain on extinguishment of debt	$ 25
B-4 Term Loan | Secured term loans, net
Debt Instrument [Line Items]
Face Value	805,169
Discount upon issuance of secured term loan	17,300
Transaction expenses	$ 10,300
Senior Secured Notes, Due 2029 | Senior Secured Notes
Debt Instrument [Line Items]
Interest Rate	7.75%

Term Loans, Net - Schedule of D

Term Loans, Net - Schedule of Debt (Detail) - Secured term loans, net $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($)
Debt Instrument [Line Items]
Face Value	$ 1,764,437
B-1 Term Loan
Debt Instrument [Line Items]
Face Value	309,268
B-4 Term Loan
Debt Instrument [Line Items]
Face Value	805,169
B-5 Term Loan
Debt Instrument [Line Items]
Face Value	$ 650,000
Secured Overnight Financing Rate (SOFR) | B-1 Term Loan
Debt Instrument [Line Items]
Interest rate and all-in cost	2.36%
Secured Overnight Financing Rate (SOFR) | B-4 Term Loan
Debt Instrument [Line Items]
Interest rate and all-in cost	3.50%
Variable rate floor	0.50%
Secured Overnight Financing Rate (SOFR) | B-5 Term Loan
Debt Instrument [Line Items]
Interest rate and all-in cost	3.75%
Variable rate floor	0.50%
Secured Overnight Financing Rate (SOFR), All-In Cost | B-1 Term Loan
Debt Instrument [Line Items]
Interest rate and all-in cost	2.53%
Secured Overnight Financing Rate (SOFR), All-In Cost | B-4 Term Loan
Debt Instrument [Line Items]
Interest rate and all-in cost	4.11%
Secured Overnight Financing Rate (SOFR), All-In Cost | B-5 Term Loan
Debt Instrument [Line Items]
Interest rate and all-in cost	4.27%

Term Loans, Net - Schedule of N

Term Loans, Net - Schedule of Net Book Value of Our Secured Term Loans on Our Consolidated Balance Sheets (Detail) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Face value	$ 13,749,549
Net book value	1,732,073	$ 2,101,632
Secured term loans, net
Debt Instrument [Line Items]
Face value	1,764,437	2,135,221
Deferred financing costs and unamortized discount	(32,364)	(33,589)
Net book value	$ 1,732,073	$ 2,101,632

Senior Secured Notes, Net - Add

Senior Secured Notes, Net - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Gain on extinguishment of debt	$ 5,352	$ 4,616	$ 0
Senior secured notes, net
Debt Instrument [Line Items]
Transaction expenses	9,857	3,327
Interest expense on debt	16,100
Amortization of deferred fees and expenses	$ 1,100
Total debt to total assets ratio	0.8333
Total unencumbered assets to total unsecured debt ratio	1.20
Senior secured notes, net | December 2024
Debt Instrument [Line Items]
Principal balance	$ 450,000
Interest Rate	7.75%
Transaction expenses	$ 7,900
Senior secured notes, net | October 2021
Debt Instrument [Line Items]
Principal balance	$ 335,316
Interest Rate	3.75%
Repurchase of aggregate principal amount	$ 30,800	$ 33,900
Repurchase weighted-average price, percentage	88%	85%
Gain on extinguishment of debt	$ 3,300	$ 4,600
Transaction expenses	$ 6,300

Senior Secured Notes, Net - Sch

Senior Secured Notes, Net - Schedule of Senior Secured Notes (Detail) - Senior secured notes, net $ in Thousands	Dec. 31, 2024 USD ($)
October 2021
Debt Instrument [Line Items]
Face Value	$ 335,316
Interest Rate	3.75%
All-in cost	4.06%
December 2024
Debt Instrument [Line Items]
Face Value	$ 450,000
Interest Rate	7.75%
All-in cost	8.14%

Senior Secured Notes, Net - S_2

Senior Secured Notes, Net - Schedule of Net Book Value (Detail) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Face value	$ 13,749,549
Cumulative Amount of Fair Value Hedging Adjustment Included in Carrying Amount	$ (4,424)
Hedged Liability, Statement of Financial Position [Extensible Enumeration]	Senior secured notes, net	Senior secured notes, net
Senior secured notes, net
Debt Instrument [Line Items]
Face value	$ 785,316	$ 366,090
Deferred financing costs	(9,857)	(3,327)
Cumulative Amount of Fair Value Hedging Adjustment Included in Carrying Amount	(4,424)	0
Net book value	$ 771,035	$ 362,763

Convertible Notes, Net - Summar

Convertible Notes, Net - Summary of Outstanding Convertible Senior Notes (Detail) - Convertible notes, net - Convertible Senior Notes Due 2027 $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($) $ / shares
Debt Instrument [Line Items]
Face Value | $	$ 266,157
Interest Rate	5.50%
All-in cost	5.79%
Conversion price (in dollars per share) | $ / shares	$ 36.27
Conversion rate	0

Convertible Notes, Net - Additi

Convertible Notes, Net - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Share price (in dollars per share)	$ 17.41
Gain on extinguishment of debt	$ 5,352,000	$ 4,616,000	$ 0
Accrued interest payable	77,855,000	97,820,000
Convertible notes, net
Debt Instrument [Line Items]
Accrued interest payable	4,300,000	4,900,000
Convertible notes, net | Convertible Notes Due 2027
Debt Instrument [Line Items]
Repurchase of aggregate principal amount	$ 33,800,000	$ 0
Repurchase weighted-average price, percentage	93%
Gain on extinguishment of debt	$ 2,000,000

Convertible Notes, Net - Summ_2

Convertible Notes, Net - Summary of Details of Net Book Value of Convertible Note (Detail) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Face value	$ 13,749,549
Convertible notes, net
Debt Instrument [Line Items]
Face value	266,157	$ 300,000
Deferred financing costs and unamortized discount	(2,541)	(4,153)
Net book value	$ 263,616	$ 295,847

Convertible Notes, Net - Summ_3

Convertible Notes, Net - Summary of Details about Interest Expense (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Discount and issuance cost amortization	$ 42,955	$ 54,264	$ 50,020
Convertible notes, net
Debt Instrument [Line Items]
Cash coupon	15,784	18,639	28,859
Discount and issuance cost amortization	1,227	1,589	2,853
Total interest expense	$ 17,011	$ 20,228	$ 31,712

Derivative Financial Instrume_3

Derivative Financial Instruments - Summary of Outstanding Foreign Exchange Derivatives Designated as Net Investment Hedges of Foreign Currency Risk (Detail) - Designated Hedges - Net Investment Hedges € in Thousands, £ in Thousands, kr in Thousands, kr in Thousands, SFr in Thousands, $ in Thousands	Dec. 31, 2024 SEK (kr) derivative_instrument	Dec. 31, 2024 GBP (£) derivative_instrument	Dec. 31, 2024 EUR (€) derivative_instrument	Dec. 31, 2024 AUD ($) derivative_instrument	Dec. 31, 2024 CHF (SFr) derivative_instrument	Dec. 31, 2023 SEK (kr) derivative_instrument	Dec. 31, 2023 GBP (£) derivative_instrument	Dec. 31, 2023 EUR (€) derivative_instrument	Dec. 31, 2023 AUD ($) derivative_instrument	Dec. 31, 2023 CHF (SFr) derivative_instrument	Dec. 31, 2023 DKK (kr) derivative_instrument
Buy USD / Sell SEK Forward
Derivative [Line Items]
Number of Instruments	2	2	2	2	2	2	2	2	2	2	2
Notional Amount | kr	kr 971,180					kr 973,246
Buy USD / Sell GBP Forward
Derivative [Line Items]
Number of Instruments	5	5	5	5	5	7	7	7	7	7	7
Notional Amount | £		£ 604,739					£ 696,919
Buy USD / Sell EUR Forward
Derivative [Line Items]
Number of Instruments	8	8	8	8	8	8	8	8	8	8	8
Notional Amount | €			€ 603,910					€ 673,644
Buy USD / Sell AUD Forward
Derivative [Line Items]
Number of Instruments	6	6	6	6	6	10	10	10	10	10	10
Notional Amount | $				$ 355,703					$ 471,989
Buy USD / Sell SEK Forward
Derivative [Line Items]
Number of Instruments	1	1	1	1	1	4	4	4	4	4	4
Notional Amount | SFr					SFr 6,752					SFr 8,352
Buy USD / Sell DKK Forward
Derivative [Line Items]
Number of Instruments						2	2	2	2	2	2
Notional Amount | kr											kr 195,674

Derivative Financial Instrume_4

Derivative Financial Instruments - Summary of Non-designated Hedges (Detail) - Derivatives not designated as hedging instruments £ in Thousands, kr in Thousands, $ in Thousands	Dec. 31, 2024 GBP (£) derivative_instrument	Dec. 31, 2023 SEK (kr) derivative_instrument	Dec. 31, 2023 GBP (£) derivative_instrument	Dec. 31, 2023 AUD ($) derivative_instrument
Buy GBP / Sell USD Forward
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Number of Instruments	3	2	2	2
Notional Amount | £	£ 54,400		£ 26,900
Buy USD / Sell GBP Forward
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Number of Instruments	3	2	2	2
Notional Amount | £	£ 54,400		£ 26,900
Buy AUD / Sell USD Forward
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Number of Instruments		1	1	1
Notional Amount | $				$ 7,600
Buy USD / Sell AUD Forward
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Number of Instruments		1	1	1
Notional Amount | $				$ 7,600
Buy SEK / Sell USD Forward
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Number of Instruments		1	1	1
Notional Amount | kr		kr 30,800
Buy USD / Sell SEK Forward
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Number of Instruments		1	1	1
Notional Amount | kr		kr 30,800

Derivative Financial Instrume_5

Derivative Financial Instruments - Summary of Outstanding Interest Rate Derivatives Designated as Hedges of Interest Rate Risk (Detail) - Interest Rate Swaps $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($) derivative_instrument	Dec. 31, 2023 USD ($) derivative_instrument
Derivative [Line Items]
Notional Amount		$ 229,900
Cash Flow Hedges | Designated Hedges
Derivative [Line Items]
Number of Instruments | derivative_instrument		1
Notional Amount		$ 229,858
Fixed Rate		4.60%
Wtd. Avg. Maturity (Years)		10 months 24 days
Fair Value Hedging | Designated Hedges
Derivative [Line Items]
Number of Instruments | derivative_instrument	1
Notional Amount	$ 450,000
Fixed Rate	3.81%
Wtd. Avg. Maturity (Years)	4 years 10 months 24 days

Derivative Financial Instrume_6

Derivative Financial Instruments - Carrying Amount and Cumulative Basis Adjustments (Detail) - USD ($)	Dec. 31, 2024	Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Hedging adjustments	$ 437,759,000	$ 0
Cumulative Amount of Fair Value Hedging Adjustment Included in Carrying Amount	$ (4,424,000)

Derivative Financial Instrume_7

Derivative Financial Instruments - Schedule of Derivative Instruments in Statement of Operations (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Derivative Instruments, Gain (Loss) [Line Items]
Increase (Decrease) to Net Interest Income Recognized from Derivatives	$ 2,075	$ (2,769)	$ 4,339
Foreign Exchange Forward
Derivative Instruments, Gain (Loss) [Line Items]
Increase (Decrease) to Net Interest Income Recognized from Derivatives	17,569	26,326	19,948
Designated Hedges | Foreign Exchange Forward | Interest Income
Derivative Instruments, Gain (Loss) [Line Items]
Increase (Decrease) to Net Interest Income Recognized from Derivatives	16,490	25,439	19,910
Designated Hedges | Foreign Exchange Forward | Interest Expense
Derivative Instruments, Gain (Loss) [Line Items]
Increase (Decrease) to Net Interest Income Recognized from Derivatives	1,119	893	0
Non-Designated Hedges | Foreign Exchange Forward | Interest Income
Derivative Instruments, Gain (Loss) [Line Items]
Increase (Decrease) to Net Interest Income Recognized from Derivatives	(44)	65	(62)
Non-Designated Hedges | Foreign Exchange Forward | Interest Expense
Derivative Instruments, Gain (Loss) [Line Items]
Increase (Decrease) to Net Interest Income Recognized from Derivatives	$ 4	$ (71)	$ 100

Derivative Financial Instrume_8

Derivative Financial Instruments - Net Gains (Losses) on Fair Value Hedging Relationships (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Total interest and related expenses presented in the consolidated statement of operations	$ 1,289,972	$ 1,366,956	$ 710,904
Total gain (loss) on derivative instruments	(4,386)
Fair value basis adjustment on hedged items	4,424
Derivative settlements and accruals	(232)
Net Gains (Losses) on Fair Value Hedging Relationships(1)	$ (194)

Derivative Financial Instrume_9

Derivative Financial Instruments - Summary of Fair Value of Derivative Financial Instruments (Detail) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative assets	$ 72,454	$ 1,890
Derivative liabilities	5,238	94,817
Derivatives designated as hedging instruments
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative assets	69,433	347
Derivative liabilities	4,386	92,922
Derivatives designated as hedging instruments | Foreign exchange contracts
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative assets	69,433	30
Derivative liabilities	0	92,922
Derivatives designated as hedging instruments | Interest rate derivatives
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative assets	0	317
Derivative liabilities	4,386	0
Derivatives not designated as hedging instruments
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative assets	3,021	1,543
Derivative liabilities	852	1,895
Derivatives not designated as hedging instruments | Foreign exchange contracts
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative assets	3,021	1,543
Derivative liabilities	852	1,895
Derivatives not designated as hedging instruments | Interest rate derivatives
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative assets	0	0
Derivative liabilities	$ 0	$ 0

Derivative Financial Instrum_10

Derivative Financial Instruments - Summary of Effect of Derivative Financial Instruments on Consolidated Statements of Comprehensive Income And Operations (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Foreign exchange contracts	$ 88,591	$ (76,224)	$ 173,362
Interest rate derivatives	998	1,210	0
Total	89,589	(75,014)	173,362
Foreign exchange contracts	0	0	0
Interest rate derivatives	1,315	893	(4)
Total	1,315	893	(4)
Payments under derivative financial instruments	150,027	233,544	23,057
Receipts under derivative financial instruments	90,221	163,682	353,325
Interest expense	1,289,972	1,366,956	710,904
Net Investment Hedges | Foreign exchange contracts
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Payments under derivative financial instruments	59,800	69,900
Receipts under derivative financial instruments			330,300
Cash Flow Hedges | Interest rate derivatives
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Interest expense	$ 1,300	$ 893	$ 4

Derivative Financial Instrum_11

Derivative Financial Instruments - Additional Information (Detail) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Collateral deposited under derivative agreements	$ 4,810	$ 103,500

Equity - Additional Information

Equity - Additional Information (Detail) $ / shares in Units, $ in Thousands	1 Months Ended	3 Months Ended	12 Months Ended
	May 31, 2013 shares	Dec. 31, 2024 USD ($) $ / shares shares	Dec. 31, 2024 USD ($) agreement $ / shares shares	Dec. 31, 2023 USD ($) $ / shares shares	Dec. 31, 2022 USD ($) $ / shares shares	Jul. 31, 2024 USD ($)	Dec. 31, 2021 USD ($)
Class of Stock [Line Items]
Shares authorized (in shares) | shares		500,000,000	500,000,000
Common stock, shares authorized (in shares) | shares		400,000,000	400,000,000	400,000,000
Preferred stock, shares authorized (in shares) | shares		100,000,000	100,000,000
Preferred stock, shares outstanding (in shares) | shares		0	0	0
Preferred stock, shares issued (in shares) | shares		0	0	0
Share repurchase program, authorized, amount		$ 29,200	$ 29,200			$ 150,000
Repurchases of class A common stock (in shares) | shares			1,646,034	0	0
Weighted average price per share (in dollars per share) | $ / shares		$ 17.74	$ 17.74
Repurchases of class A common stock			$ 29,233
Share repurchase program, remaining authorized, amount		$ 120,800	$ 120,800
Shares issued (in shares) | shares	25,875,000		5,849	6,587	2,311,711
Common shares reserved for issuance (in shares) | shares		10,000,000	10,000,000
Common stock, shares issued under dividend reinvestment program (in shares) | shares			5,849	6,587	8,242
Number of shares available for future issuance (in shares) | shares		9,969,112	9,969,112
Number of equity distribution agreements | agreement			7
Aggregate sales price			$ 699,100
Number of shares sold (in shares) | shares			0	0
Aggregate sales price remaining available		$ 480,900	$ 480,900
Dividends declared on common stock and deferred stock units (in dollars per share) | $ / shares		$ 0.47	$ 2.18	$ 2.48	$ 2.48
Class A common stock dividends declared		$ 81,200
Accumulated other comprehensive income		8,268	$ 8,268	$ 9,454
Net realized and unrealized gains related to changes in fair value of derivative instruments		272,100	272,100	183,900
Cumulative unrealized currency translation adjustment on assets and liabilities denominated in foreign currencies		263,900	263,900	174,400
Change in equity		3,794,189	3,794,189	4,387,504	$ 4,544,200		$ 4,618,711
Multifamily Joint Venture
Class of Stock [Line Items]
Change in equity		45,900	45,900	$ 132,000
ATM Agreement
Class of Stock [Line Items]
Number of shares sold (in shares) | shares					2,303,469
Shares sold					$ 70,700
Class A Common Stock
Class of Stock [Line Items]
Repurchases of class A common stock			$ 16
Shares issued (in shares) | shares			0	0	2,303,469
Change in equity		1,728	$ 1,728	$ 1,732	$ 1,717		1,682
Stockholders' Equity
Class of Stock [Line Items]
Repurchases of class A common stock			29,233
Change in equity		3,787,308	3,787,308	4,367,711	4,518,794		4,588,187
Stockholders' Equity | Multifamily Joint Venture
Class of Stock [Line Items]
Change in equity		39,000	39,000	112,200
Non-Controlling Interests
Class of Stock [Line Items]
Change in equity		6,881	6,881	19,793	$ 25,406		$ 30,524
Non-Controlling Interests | Multifamily Joint Venture
Class of Stock [Line Items]
Change in equity		$ 6,900	$ 6,900	$ 19,800

Equity - Summary of Class A Com

Equity - Summary of Class A Common Stock Issuances (Detail) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	12 Months Ended
	May 31, 2013	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Class of Stock [Line Items]
Shares issued (in shares)	25,875,000	5,849	6,587	2,311,711
Net proceeds from issuance of class A common stock		$ 0	$ 0	$ 70,651
Class A Common Stock
Class of Stock [Line Items]
Shares issued (in shares)		0	0	2,303,469
Gross issue price per share (in dollars per share)				$ 31.23
Net issue price per share (in dollars per share)				$ 30.92
Net proceeds from issuance of class A common stock				$ 70,651

Equity - Schedule of Movement i

Equity - Schedule of Movement in Outstanding Shares of Class A Common Stock, Restricted Class A Common Stock and Deferred Stock Units (Detail) - shares	1 Months Ended	12 Months Ended
	May 31, 2013	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)		173,569,397	172,106,593	168,543,370
Issuance of class A common stock (in shares)	25,875,000	5,849	6,587	2,311,711
Repurchase of class A common stock (in shares)		(1,646,034)	0	0
Issuance of restricted class A common stock, net (in shares)		1,222,346	1,402,329	1,204,476
Issuance of deferred stock units (in shares)		52,632	53,888	47,036
Ending balance (in shares)		173,204,190	173,569,397	172,106,593
Shares forfeited (in shares)		102,484		39,655
Director
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of restricted class A common stock, net (in shares)		41,282	25,482	13,197
Deferred Stock Units
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Number of shares of restricted class A common stock outstanding (in shares)		412,096	359,464	410,608

Equity - Schedule of Dividend A

Equity - Schedule of Dividend Activity (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Class of Stock [Line Items]
Dividends declared on common stock and deferred stock units (in dollars per share)	$ 0.47	$ 2.18	$ 2.48	$ 2.48
Percent taxable as ordinary dividends		100%	100%	100%
Percent taxable as capital gain dividends		0%	0%	0%
Percent taxable as dividends		100%	100%	100%
Class A common stock dividends declared	$ 81,200
Deferred stock unit dividends declared		$ 882	$ 878	$ 945
Dividends, total		378,719	428,740	424,513
Class A Common Stock
Class of Stock [Line Items]
Class A common stock dividends declared		$ 377,837	$ 427,862	$ 423,568

Equity - Schedule of Basic and

Equity - Schedule of Basic and Diluted Earnings Per Share on Weighted-Average of Both Restricted and Unrestricted Class A Common Stock Outstanding (Detail) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Equity [Abstract]
Net (loss) income	$ (204,088)	$ 246,555	$ 248,642
Weighted-average shares outstanding, basic (in shares)	173,782,523	172,672,038	170,631,410
Weighted-average common shares outstanding, diluted (in shares)	173,782,523	172,672,038	170,631,410
Per share amount, basic (in dollars per share)	$ (1.17)	$ 1.43	$ 1.46
Per share amount, diluted (in dollars per share)	$ (1.17)	$ 1.43	$ 1.46
Effect of dilutive securities - convertible notes (in shares)	0	0	0

Other Expenses - Additional Inf

Other Expenses - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Related Party Transaction [Line Items]
Management base fee percentage	1.50%
Management incentive fee percentage	20%
Management core earnings fee percentage	7%
Management core earnings fee measurement period (in years)	3 years
Management core earnings fee minimum threshold	0%
Management fees	$ 74,792	$ 119,089	$ 110,292
Accrued management and incentive fees payable	18,500	26,300
Related Party
Related Party Transaction [Line Items]
Management fees	74,800	74,800	73,000
Total incentive compensation payments	$ 0	$ 44,200	$ 37,300

Other Expenses - Schedule of Ge

Other Expenses - Schedule of General and Administrative Expenses (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Schedule of Equity Method Investments [Line Items]
Professional services	$ 15,176	$ 13,269	$ 10,924
Operating and other costs	6,918	7,219	7,855
Subtotal	22,094	20,488	18,779
Non-cash compensation expense
Restricted class A common stock earned	30,969	29,975	32,724
Director stock-based compensation	859	680	690
Subtotal	31,828	30,655	33,414
Total general and administrative expenses	53,922	51,143	52,193
Multifamily Joint Venture
Schedule of Equity Method Investments [Line Items]
Subtotal	$ 743	$ 1,200	$ 1,100

Income Taxes (Detail)

Income Taxes (Detail) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	May 31, 2013	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Income tax provision		$ 2,374	$ 5,362	$ 3,003
Shares issued (in shares)	25,875,000	5,849	6,587	2,311,711
NOL limitation per annum	$ 2,000
Net operating losses carried forward		$ 159,000

Stock-Based Incentive Plans - A

Stock-Based Incentive Plans - Additional Information (Detail) $ in Millions	12 Months Ended
	Dec. 31, 2024 USD ($) plan shares	Dec. 31, 2023 shares	Dec. 31, 2022 shares	Jun. 30, 2022 plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of benefit plans | plan	2			9
Number of expired benefit plans | plan				7
Restricted Class A Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted shares, vesting period (in years)	3 years
Number of shares of restricted class A common stock outstanding (in shares)	2,142,759	2,180,181	1,883,784
Unrecognized compensation cost relating to nonvested share-based compensation | $	$ 43.5
Unrecognized compensation cost expected to be recognized over weighted average period (in years)	1 year 2 months 12 days
Restricted Class A Common Stock | Vest in 2025
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares of restricted class A common stock outstanding (in shares)	1,155,244
Restricted Class A Common Stock | Vest in 2026
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares of restricted class A common stock outstanding (in shares)	714,034
Restricted Class A Common Stock | Vest in 2027
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares of restricted class A common stock outstanding (in shares)	273,481
Class A Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum number of shares available under plan (in shares)	10,400,000
Number of shares available under plan (in shares)	6,479,670

Stock-Based Incentive Plans - M

Stock-Based Incentive Plans - Movement in Outstanding Shares of Restricted Class A Common Stock and Weighted-Average Grant Date Fair Value Per Share (Detail) - Restricted Class A Common Stock - $ / shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Restricted Class A Common Stock
Beginning balance (in shares)	2,180,181	1,883,784
Granted (in shares)	1,324,830	1,417,806
Vested (in shares)	(1,259,768)	(1,105,932)
Forfeited (in shares)	(102,484)	(15,477)
Ending balance (in shares)	2,142,759	2,180,181
Weighted-Average Grant Date Fair Value Per Share
Beginning balance (in dollars per share)	$ 24.41	$ 27.90
Granted (in dollars per share)	19.88	22.07
Vested (in dollars per share)	25.24	27.35
Forfeited (in dollars per share)	24.18	24.55
Ending balance (in dollars per share)	$ 21.13	$ 24.41

Fair Values - Assets and Liabil

Fair Values - Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Assets
Derivatives	$ 72,454	$ 1,890
Liabilities
Derivatives	5,238	94,817
Level 1
Assets
Derivatives	0	0
Liabilities
Derivatives	0	0
Level 2
Assets
Derivatives	72,454	1,890
Liabilities
Derivatives	5,238	94,817
Level 3
Assets
Derivatives	0	0
Liabilities
Derivatives	$ 0	$ 0

Fair Values - Schedule of Detai

Fair Values - Schedule of Details of Book Value, Face Amount, and Fair Value of Financial Instruments (Detail) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Financial assets
Cash and cash equivalents, book value	$ 323,483	$ 350,014
Cash and cash equivalents, fair value	323,483	350,014
Loans receivable, net, book value	18,313,582	23,210,076
Loan receivable, net, face amount	19,203,126	23,923,719	$ 25,160,343
Loan receivable, net, fair value	18,288,958	23,015,737
Financial liabilities
Long-term debt, face amount	13,749,549
Loan participations sold, net, book value	100,064	337,179
Loan participations sold, net, face amount	100,064	337,721
Loan participations sold, net, fair value	99,822	333,745
Secured debt, net
Financial liabilities
Long-term debt	9,696,334	12,683,095
Long-term debt, face amount	9,705,529	12,697,058
Long-term debt, fair value	9,590,400	12,425,609
Securitized debt obligations, net
Financial liabilities
Long-term debt	1,936,956	2,505,417
Long-term debt, face amount	1,936,967	2,507,514
Long-term debt, fair value	1,838,089	2,323,441
Asset-specific debt, net
Financial liabilities
Long-term debt	1,224,841	1,000,210
Long-term debt, face amount	1,228,110	1,004,097
Long-term debt, fair value	1,218,639	992,357
Secured term loans, net
Financial liabilities
Long-term debt	1,732,073	2,101,632
Long-term debt, face amount	1,764,437	2,135,221
Long-term debt, fair value	1,765,668	2,102,950
Senior secured notes, net
Financial liabilities
Long-term debt	771,035	362,763
Long-term debt, face amount	785,316	366,090
Long-term debt, fair value	780,931	327,081
Convertible notes, net
Financial liabilities
Long-term debt	263,616	295,847
Long-term debt, face amount	266,157	300,000
Long-term debt, fair value	$ 257,707	$ 272,076

Variable Interest Entities - Ad

Variable Interest Entities - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2024 loan
Variable Interest Entity, Primary Beneficiary, Does Not Hold Majority Voting Interest, Disclosures [Abstract]
Number of loans modified	2

Variable Interest Entities - As

Variable Interest Entities - Assets and Liabilities of Consolidated VIEs (Detail) - USD ($)	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Assets
Cash and cash equivalents	$ 323,483,000	$ 350,014,000
Loans receivable	19,047,518,000	23,787,012,000	$ 25,017,880,000
Current expected credit loss reserve	(733,936,000)	(576,936,000)	$ (326,137,000)
Loans receivable, net	18,313,582,000	23,210,076,000
Real estate owned, net	588,185,000	0
Other assets	572,253,000	476,088,000
Total Assets	19,801,955,000	24,036,178,000
Liabilities
Other liabilities	282,847,000	362,531,000
Total Liabilities	16,007,766,000	19,648,674,000
Securitized debt obligations, net
Liabilities
Securitized debt obligations, net	1,936,956,000	2,505,417,000
VIE
Assets
Cash and cash equivalents	9,145,000	0
Loans receivable	2,338,201,000	3,061,278,000
Current expected credit loss reserve	(202,400,000)	(183,508,000)
Loans receivable, net	2,135,801,000	2,877,770,000
Real estate owned, net	177,322,000	0
Other assets	126,518,000	103,692,000
Total Assets	2,448,786,000	2,981,462,000
Liabilities
Other liabilities	13,277,000	8,101,000
Total Liabilities	1,950,233,000	2,513,518,000
VIE | Securitized debt obligations, net
Liabilities
Securitized debt obligations, net	$ 1,936,956,000	$ 2,505,417,000

Transactions With Related Par_3

Transactions With Related Parties - Our Manager (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Related Party Transaction [Line Items]
Accrued management and incentive fees payable	$ 18,500	$ 26,300
Non-cash compensation expense	$ 31,828	$ 30,655	$ 33,414
Common stock, shares outstanding (in shares)	172,792,094	173,209,933
Restricted Class A Common Stock
Related Party Transaction [Line Items]
Number of shares of restricted class A common stock outstanding (in shares)	2,142,759	2,180,181	1,883,784
Restricted shares, vesting period (in years)	3 years
Related Party
Related Party Transaction [Line Items]
Common stock, shares outstanding (in shares)	13,136,754
Percentage of stock	7.60%
Subsidiary of Common Parent
Related Party Transaction [Line Items]
Common stock, shares outstanding (in shares)	8,234,581
Percentage of stock	4.80%
Director | Deferred Stock Units
Related Party Transaction [Line Items]
Number of shares of restricted class A common stock outstanding (in shares)	412,096
BXMT Advisors Limited Liability Company and Affiliates | Related Party
Related Party Transaction [Line Items]
Management fee payable	$ 18,500
Accrued management and incentive fees payable		$ 26,300
Manager | Related Party
Related Party Transaction [Line Items]
Renewal term (in years)	1 year
Management fees paid to manager	$ 82,600	126,600	$ 104,800
Expenses	$ 1,600	3,400	896
Manager | Related Party | Restricted Class A Common Stock
Related Party Transaction [Line Items]
Number of shares of restricted class A common stock outstanding (in shares)	1,320,898
Aggregate grant fair value	$ 28,000
Restricted shares, vesting period (in years)	3 years
Non-cash compensation expense	$ 16,600	$ 14,600	$ 16,600

Transactions With Related Par_4

Transactions With Related Parties - Incurred Amounts by Related Parties (Detail) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($) asset	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
October 2021 | Senior secured notes, net
Related Party Transaction [Line Items]
Repurchase of aggregate principal amount	$ 30,800	$ 33,900
Revantage Corporate Services, LLC and Revantage Global Services Europe S.à r.l, EQ Management, LLC, BRE Hotels & Resorts, LLC LivCor, LLC, NNN PortCo - Reliant | Related Party
Related Party Transaction [Line Items]
Related party transaction	2,125	658	$ 524
Revantage Corporate Services, LLC And Revantage Global Services Europe S.à r.l. | Related Party
Related Party Transaction [Line Items]
Related party transaction	1,270	658	524
EQ Management, LLC | Related Party
Related Party Transaction [Line Items]
Related party transaction	796	0	0
LivCor LLC | Related Party
Related Party Transaction [Line Items]
Related party transaction	59	0	0
BRE Hotels & Resorts, LLC | Related Party
Related Party Transaction [Line Items]
Related party transaction	0	0	0
Total | Related Party
Related Party Transaction [Line Items]
Related party transaction	1,121	96	1,111
BTIG, LLC | Related Party
Related Party Transaction [Line Items]
Related party transaction	124	1	191
BTIG, LLC | Related Party | Convertible Senior Notes Due 2027 | Convertible notes, net
Related Party Transaction [Line Items]
Repurchase of aggregate principal amount		500
BTIG, LLC | Related Party | October 2021 | Senior secured notes, net
Related Party Transaction [Line Items]
Repurchase of aggregate principal amount	33,800
Gryphon Mutual Property Americas IC | Related Party
Related Party Transaction [Line Items]
Related party transaction	320	0	0
Insurance costs inclusive of premiums, capital surplus contributions, taxes and pro rata share of expenses	660
Gryphon Mutual Property Americas IC | Affiliates of Manager
Related Party Transaction [Line Items]
Management fees paid to manager	13
Blackstone Internal audit services | Related Party
Related Party Transaction [Line Items]
Related party transaction	95	95	95
CT Investment Management Co., LLC | Related Party
Related Party Transaction [Line Items]
Related party transaction	$ 0	0	0
Number of assets in special servicing under CLOs | asset	2
Lexington National Land Services | Related Party
Related Party Transaction [Line Items]
Related party transaction	$ 67	0	0
Blackstone Securities Partners L.P | Related Party
Related Party Transaction [Line Items]
Related party transaction	$ 515	$ 0	$ 825

Transactions With Related Par_5

Transactions With Related Parties - Affiliate Transactions (Details) $ in Thousands, € in Millions, £ in Millions

3 Months Ended

12 Months Ended

Dec. 31, 2024 USD ($) loan

Sep. 30, 2024 EUR (€)

Sep. 30, 2024 GBP (£)

Jun. 30, 2024 GBP (£)

Mar. 31, 2024 USD ($)

Dec. 31, 2024 USD ($)

Dec. 31, 2023 USD ($)

Dec. 31, 2022 USD ($)

Dec. 31, 2024 GBP (£)

Sep. 30, 2024 USD ($)

Sep. 30, 2024 EUR (€)

Sep. 30, 2024 GBP (£)

Jun. 30, 2022 USD ($)

Dec. 31, 2021 EUR (€)

Dec. 31, 2019 EUR (€)

Mar. 31, 2019 GBP (£)

Dec. 31, 2018 GBP (£)

Related Party Transaction [Line Items]

Origination and other fees received on loans receivable

$ 31,693

$ 17,992

$ 74,930

Face amount of loans

$ 19,203,126

19,203,126

Repayment of loan participations

235,960

0

0

Principal collections, sales proceeds, and cost-recovery proceeds from loans receivable and debt securities

4,790,510

$ 2,840,467

$ 3,254,595

Related Party

Related Party Transaction [Line Items]

Face amount of loans

£ 490

$ 94,400

£ 303.5

€ 350

€ 350

£ 240.1

£ 148.7

Related party transaction, interest in loan, percentage

17%

17%

Selling loan amount | €

€ 232

Remaining loan amount in new lenders | €

€ 347

Repayment of loan participations | £

£ 46.4

Principal collections, sales proceeds, and cost-recovery proceeds from loans receivable and debt securities

$ 98,600

Related Party | Senior Loans

Related Party Transaction [Line Items]

Face amount of loans

$ 560,000

Related Party | Senior Participations

Related Party Transaction [Line Items]

Repayment of loan participations | £

£ 186

Proceeds of loan participations | £

£ 100

Related Party | Junior Loan Participation

Related Party Transaction [Line Items]

Repayment of loan participations | £

£ 46.5

Secured term loans, net

Related Party Transaction [Line Items]

Face Value

1,764,437

1,764,437

B-5 Term Loan | Secured term loans, net

Related Party Transaction [Line Items]

Face Value

650,000

650,000

December 2024 | Senior Secured Notes [Member]

Related Party Transaction [Line Items]

Face Value

450,000

450,000

B-4 Term Loan | Secured term loans, net

Related Party Transaction [Line Items]

Face Value

805,169

805,169

Blackstone-Advised Investment Vehicles, or the Funds | B-5 Term Loan | Secured term loans, net | Related Party

Related Party Transaction [Line Items]

Face Value

62,500

62,500

Blackstone-Advised Investment Vehicles, or the Funds | December 2024 | Senior Secured Notes [Member] | Related Party

Related Party Transaction [Line Items]

Face Value

$ 80,000

$ 80,000

Blackstone-Advised Investment Vehicles, or the Funds | B-4 Term Loan | Related Party

Related Party Transaction [Line Items]

Percentage of total secured term loans

4%

4%

Blackstone-Advised Investment Vehicles, or the Funds | B-4 Term Loan | Secured term loans, net | Related Party

Related Party Transaction [Line Items]

Face Value

$ 33,000

$ 33,000

Agency Multifamily Lending Partnership | Related Party

Related Party Transaction [Line Items]

Number of loans referred | loan

3

Origination and other fees received on loans receivable

$ 217

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2024 USD ($)	Dec. 31, 2024 USD ($) loan	Dec. 31, 2024 USD ($) security_loan	Dec. 31, 2024 USD ($)	Dec. 31, 2024 USD ($) director	Dec. 31, 2023 USD ($) loan	Dec. 31, 2023 USD ($) security_loan
Financing Receivable, Allowance for Credit Loss [Line Items]
Current expected credit loss reserves for unfunded loan commitments	$ 10,412,000	$ 10,412,000	$ 10,412,000	$ 10,412,000	$ 10,412,000	$ 15,371,000	$ 15,371,000
Number of loans		130	130			178	178
Number of members of board of directors | director					9
Number of non-employee directors eligible for annual compensation | director					7
Number of directors not eligible for compensation | director					2
Board of Directors
Financing Receivable, Allowance for Credit Loss [Line Items]
Annual cash compensation				210,000
Annual cash compensation paid in cash				95,000
Annual cash compensation paid in the form of deferred stock units				115,000
Annual cash compensation				30,000
Audit Committee
Financing Receivable, Allowance for Credit Loss [Line Items]
Annual cash compensation				20,000
Compensation Committee
Financing Receivable, Allowance for Credit Loss [Line Items]
Annual cash compensation				15,000
Corporate Governance Committee
Financing Receivable, Allowance for Credit Loss [Line Items]
Annual cash compensation				10,000
Audit Committee Members
Financing Receivable, Allowance for Credit Loss [Line Items]
Annual cash compensation				10,000
Investment risk management committee
Financing Receivable, Allowance for Credit Loss [Line Items]
Annual cash compensation				7,500
Unfunded Loan Commitment
Financing Receivable, Allowance for Credit Loss [Line Items]
Current expected credit loss reserves for unfunded loan commitments	1,263,068,000	$ 1,263,068,000	$ 1,263,068,000	1,263,068,000	$ 1,263,068,000	$ 2,430,664,000	$ 2,430,664,000
Number of loans | loan		60
Aggregate unfunded loan commitments	605,900,000	$ 605,900,000	605,900,000	605,900,000	605,900,000
Net unfunded commitments	$ 657,200,000	$ 657,200,000	$ 657,200,000	$ 657,200,000	$ 657,200,000
Weighted-average future funding period (in years)	2 years 2 months 12 days

Commitments and Contingencies_2

Commitments and Contingencies - Schedule of Principal Debt Repayments (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
2025	$ 2,324,488
2026	3,788,229
2027	4,027,931
2028	1,163,764
2029	2,366,564
Thereafter	78,573
Net book value	13,749,549
Total loan exposure including non-consolidated senior interests	817,500	$ 1,100,000
Loan participations sold, net, face amount	100,064	337,721
Secured debt, net
Debt Instrument [Line Items]
2025	1,385,568
2026	3,464,203
2027	3,411,700
2028	525,006
2029	840,479
Thereafter	78,573
Net book value	9,705,529	12,697,058
Long-term debt	9,696,334	12,683,095
Asset-specific debt, net
Debt Instrument [Line Items]
2025	924,162
2026	0
2027	0
2028	0
2029	303,948
Thereafter	0
Net book value	1,228,110	1,004,097
Long-term debt	1,224,841	1,000,210
Term Loans
Debt Instrument [Line Items]
2025	14,758
2026	324,026
2027	14,758
2028	638,758
2029	772,137
Thereafter	0
Net book value	$ 1,764,437	2,135,221
Amortization percentage	1%
Long-term debt	$ 1,732,073	2,101,632
Senior secured notes, net
Debt Instrument [Line Items]
2025	0
2026	0
2027	335,316
2028	0
2029	450,000
Thereafter	0
Net book value	785,316	366,090
Long-term debt	771,035	362,763
Convertible Notes
Debt Instrument [Line Items]
2025	0
2026	0
2027	266,157
2028	0
2029	0
Thereafter	0
Net book value	266,157	300,000
Long-term debt	263,616	295,847
Securitized debt obligations, net
Debt Instrument [Line Items]
Net book value	1,936,967	2,507,514
Long-term debt	$ 1,936,956	$ 2,505,417

Segment Reporting (Details)

Segment Reporting (Details)	12 Months Ended
	Dec. 31, 2024 segment
Segment Reporting [Abstract]
Number of reporting segments	1
Number of operating segments	1

Schedule IV - Mortgage Loans _2

Schedule IV - Mortgage Loans on Real Estate (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Prior Liens	$ 817,477
Face amount of loans	19,203,126
Carrying amount of loans	19,047,518	$ 23,787,012	$ 25,017,880	$ 22,003,017
Principal Amount of Loans Subject to Delinquent Principal or Interest	525,699
CECL reserve	(733,936)	(576,936)	(326,137)
Total Loans, Net	18,313,582	23,210,076	24,691,743
Charge-offs	(384,603)	$ 0	$ 0
First Mortgage
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Prior Liens	0
Face amount of loans	18,859,609
Carrying amount of loans	18,726,484
Principal Amount of Loans Subject to Delinquent Principal or Interest	525,699
Second Mortgage
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Prior Liens	0
Face amount of loans	15,851,006
Carrying amount of loans	15,728,609
Principal Amount of Loans Subject to Delinquent Principal or Interest	525,699
Subordinated Debt
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Prior Liens	817,477
Face amount of loans	343,515
Carrying amount of loans	321,034
Principal Amount of Loans Subject to Delinquent Principal or Interest	$ 525,699
Office | First Mortgage
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Payment Rates	4.17%
Prior Liens	$ 0
Face amount of loans	1,329,829
Carrying amount of loans	1,327,886
Principal Amount of Loans Subject to Delinquent Principal or Interest	0
Office | Second Mortgage
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Prior Liens	0
Face amount of loans	4,658,555
Carrying amount of loans	4,607,433
Principal Amount of Loans Subject to Delinquent Principal or Interest	$ 330,699
Interest Payment Rates, Fixed	6%
Mixed Use | First Mortgage
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Payment Rates	3.20%
Prior Liens	$ 0
Face amount of loans	860,102
Carrying amount of loans	855,764
Principal Amount of Loans Subject to Delinquent Principal or Interest	0
Mixed Use | Second Mortgage
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Prior Liens	0
Face amount of loans	1,860,795
Carrying amount of loans	1,847,567
Principal Amount of Loans Subject to Delinquent Principal or Interest	$ 0
Hospitality | First Mortgage
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Payment Rates	4.75%
Prior Liens	$ 0
Face amount of loans	818,672
Carrying amount of loans	814,225
Principal Amount of Loans Subject to Delinquent Principal or Interest	0
Hospitality | Second Mortgage
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Prior Liens	0
Face amount of loans	1,893,271
Carrying amount of loans	1,854,663
Principal Amount of Loans Subject to Delinquent Principal or Interest	0
Multifamily | Second Mortgage
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Prior Liens	0
Face amount of loans	4,960,975
Carrying amount of loans	4,947,380
Principal Amount of Loans Subject to Delinquent Principal or Interest	195,000
Industrial | Second Mortgage
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Prior Liens	0
Face amount of loans	1,380,784
Carrying amount of loans	1,376,442
Principal Amount of Loans Subject to Delinquent Principal or Interest	0
Other | Second Mortgage
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Prior Liens	0
Face amount of loans	472,118
Carrying amount of loans	471,427
Principal Amount of Loans Subject to Delinquent Principal or Interest	0
Retail | Second Mortgage
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Prior Liens	0
Face amount of loans	335,784
Carrying amount of loans	335,213
Principal Amount of Loans Subject to Delinquent Principal or Interest	0
Life Sciences / Studio | Second Mortgage
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Prior Liens	0
Face amount of loans	288,724
Carrying amount of loans	288,484
Principal Amount of Loans Subject to Delinquent Principal or Interest	0
Various | Subordinated Debt
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Prior Liens	817,477
Face amount of loans	343,515
Carrying amount of loans	321,034
Principal Amount of Loans Subject to Delinquent Principal or Interest	$ 0
Minimum | Office | Second Mortgage
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Payment Rate, subject to floor	(1.30%)
Minimum | Mixed Use | Second Mortgage
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Payment Rates	2.76%
Minimum | Hospitality | Second Mortgage
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Payment Rates	3.11%
Minimum | Multifamily | Second Mortgage
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Payment Rates	1.71%
Minimum | Industrial | Second Mortgage
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Payment Rates	2.71%
Minimum | Other | Second Mortgage
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Payment Rates	3.25%
Minimum | Retail | Second Mortgage
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Payment Rates	2.95%
Minimum | Life Sciences / Studio | Second Mortgage
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Payment Rates	3.66%
Minimum | Various | Subordinated Debt
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Payment Rates	3.70%
Maximum | Office | Second Mortgage
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Payment Rate, subject to floor	4.62%
Maximum | Mixed Use | Second Mortgage
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Payment Rates	4.60%
Maximum | Hospitality | Second Mortgage
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Payment Rates	4.95%
Maximum | Multifamily | Second Mortgage
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Payment Rates	8.86%
Maximum | Industrial | Second Mortgage
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Payment Rates	4.60%
Maximum | Other | Second Mortgage
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Payment Rates	5.11%
Maximum | Retail | Second Mortgage
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Payment Rates	3.33%
Maximum | Life Sciences / Studio | Second Mortgage
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Payment Rates	3.75%
Maximum | Various | Subordinated Debt
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Payment Rates	4.75%

Schedule IV - Mortgage Loans _3

Schedule IV - Mortgage Loans on Real Estate Footnotes (Detail) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($) loan	Dec. 31, 2024 USD ($) security_loan	Dec. 31, 2023 USD ($) loan	Dec. 31, 2023 USD ($) security_loan	Dec. 31, 2022 USD ($)
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Tax basis of loans	$ 18,600,000	$ 18,600,000
Aggregate CECL Reserve	$ 733,936	$ 733,936	$ 576,936	$ 576,936	$ 326,137
Number of loans	130	130	178	178
Principal balance	$ 19,047,518	$ 19,047,518	$ 23,787,012	$ 23,787,012	$ 25,017,880
Level 3 | Fair Value, Nonrecurring
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of loans | loan	13
Principal balance	$ 1,800,000	1,800,000
Impaired loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Aggregate CECL Reserve	$ 580,700	580,700
Number of loans | loan	13
Principal balance	$ 1,827,561	$ 1,827,561	$ 1,877,279	$ 1,877,279

Schedule IV - Reconciliation of

Schedule IV - Reconciliation of Mortgage Loans on Real Estate (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
SEC Schedule, 12-29, Real Estate Companies, Investment in Movement in Mortgage Loans on Real Estate [Roll Forward]
Balance at January 1,	$ 23,787,012	$ 25,017,880	$ 22,003,017
Additions during period:
Loan fundings	1,356,208	1,344,130	6,810,218
Payment-in-kind interest, net of interest received	16,660	2,865	0
Amortization of fees and other items	64,133	78,428	80,632
Deductions during period:
Loan repayments, sales, and cost-recovery proceeds	(4,751,286)	(2,924,401)	(3,168,155)
Charge-offs	(384,603)	0	0
Transfer to real estate owned	(590,937)	0	0
Transfer to other assets, net	(70,248)	0	0
Unrealized gain (loss) on foreign currency translation	(347,728)	286,102	(632,902)
Deferred fees and other items	(31,693)	(17,992)	(74,930)
Net balance at December 31,	19,047,518	23,787,012	25,017,880
CECL reserve	(733,936)	(576,936)	(326,137)
Total Loans, Net	$ 18,313,582	$ 23,210,076	$ 24,691,743