Apollo Commercial Real Estate Finance (ARI) 10-Q 30 Oct 24 2024 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Sep. 30, 2024	Oct. 29, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
Document Transition Report	false
Entity File Number	001-34452
Entity Registrant Name	Apollo Commercial Real Estate Finance, Inc.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	27-0467113
Entity Address, Address Line One	9 West 57th Street
Entity Address, Address Line Two	42nd Floor
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10019
City Area Code	212
Local Phone Number	515–3200
Title of 12(b) Security	Common Stock, $0.01 par value
Trading Symbol	ARI
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Small Business Entity	false
Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		138,174,636
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Entity Central Index Key	0001467760
Current Fiscal Year End Date	--12-31

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands		Sep. 30, 2024	Dec. 31, 2023
Assets:
Cash and cash equivalents		$ 194,287	$ 225,438
Real estate owned, held for investment, net	[1]	708,478	519,498
Other assets		364,136	85,623
Derivative assets, net		577	29,425
Assets related to real estate owned, held for sale		0	78,653
Total Assets		9,098,089	9,296,730
Liabilities:
Debt related to real estate owned, held for investment, net		278,837	161,562
Accounts payable, accrued expenses and other liabilities	[2]	165,850	120,334
Derivative liabilities, net		10,592	0
Total Liabilities		7,229,701	7,087,997
Commitments and Contingencies (see Note 18)
Stockholders' Equity:
Preferred stock, $0.01 par value, 50,000,000 shares authorized, Series B-1, 6,770,393 shares issued and outstanding ($169,260 liquidation preference) in 2024 and 2023 (see Note 17)		68	68
Common stock, $0.01 par value, 450,000,000 shares authorized, 138,169,164 and 141,358,605 shares issued and outstanding in 2024 and 2023, respectively		1,382	1,414
Additional paid-in-capital		2,691,776	2,727,488
Accumulated deficit		(824,838)	(520,237)
Total Stockholders' Equity		1,868,388	2,208,733
Total Liabilities and Stockholders' Equity		9,098,089	9,296,730
Related Party
Liabilities:
Payable to related party		8,803	9,553
Secured Debt
Liabilities:
Secured debt arrangements, net		5,513,945	5,538,476
Senior secures term loans and notes, net		755,441	759,150
Senior Notes
Liabilities:
Senior secures term loans and notes, net		496,233	495,637
Mortgages
Liabilities:
Secured debt arrangements, net		0	3,285
Debt related to real estate owned, held for investment, net		206,400	161,600
Commercial Mortgage Portfolio Segment
Assets:
Mortgage loans on real estate, commercial and consumer, net	[3],[4]	7,456,389	7,925,359
Subordinate Mortgage Portfolio Segment
Assets:
Mortgage loans on real estate, commercial and consumer, net	[4],[5]	$ 374,222	$ 432,734
[1] Includes $ 76,179 and $ 154,048 pledged as collateral under secured debt arrangements in 2024 and 2023 , respectively. Includes $ 3,850 and $ 4,017 of General CECL Allowance related to unfunded commitments on commercial mortgage loans and subordinate loans, net in 2024 and 2023 , respectively. Inclu des carrying value of $ 7,456,389 and $ 7,691,141 pledged as collateral under secured debt arrangements in 2024 and 2023 , respectively. Net of $ 376,692 and $ 219,482 CECL Allowances comprised of $ 342,500 and $ 193,000 Specific CECL Allowance and $ 34,192 and $ 26,482 General CECL Allowance in 2024 and 2023 , respectively. Includes carrying value of $ 232,817 as collateral under secured debt arrangements in 2023 .

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Real estate owned, accumulated depreciation	$ 20,883	$ 10,404
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized	50,000,000	50,000,000
Preferred stock, liquidation preference	$ 169,260	$ 169,260
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	450,000,000	450,000,000
Common stock, shares issued	138,169,164	141,358,605
Common stock, shares outstanding	138,169,164	141,358,605
Collateral pledged under secured debt arrangements	$ 7,864,803	$ 8,384,575
Financing receivable, pledged status	us-gaap:AssetPledgedAsCollateralMember	us-gaap:AssetPledgedAsCollateralMember
CECL allowance	$ 376,692	$ 219,482
Specific CECL Allowance	342,500	193,000
General CECL allowance	34,192	26,482
General CECL allowance on unfunded commitments	$ 3,850	$ 4,017
Series B-1 Preferred Stock
Preferred stock, shares outstanding	6,770,393	6,770,393
Preferred stock, shares issued	6,770,393	6,770,393
Commercial Mortgage Portfolio Segment
Collateral pledged under secured debt arrangements	$ 7,456,389	$ 7,691,141
Subordinate Mortgage Portfolio Segment
Collateral pledged under secured debt arrangements		232,817
Secured Debt Arrangements
Collateral pledged under secured debt arrangements	$ 76,179	$ 154,048

Condensed Consolidated Statemen

Condensed Consolidated Statement of Operations (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Net interest income:
Interest income from commercial mortgage loans	$ 179,921,000	$ 180,441,000	$ 543,025,000	$ 520,712,000
Interest income from subordinate loans and other lending assets	1,210,000	1,599,000	2,901,000	16,416,000
Interest expense	(134,088,000)	(121,817,000)	(390,447,000)	(342,963,000)
Net interest income	47,043,000	60,223,000	155,479,000	194,165,000
Revenue from real estate owned operations	24,530,000	20,934,000	77,737,000	66,273,000
Total net revenue	71,573,000	81,157,000	233,216,000	260,438,000
Operating expenses:
General and administrative expenses (includes equity-based compensation of $4,165 and $12,510 in 2024 and $4,356 and $13,091 in 2023, respectively)	(7,547,000)	(7,664,000)	(22,408,000)	(22,150,000)
Operating expenses related to real estate owned	(19,879,000)	(18,950,000)	(61,539,000)	(52,917,000)
Depreciation and amortization on real estate owned	(2,342,000)	(1,020,000)	(9,285,000)	(7,208,000)
Total operating expenses	(38,569,000)	(37,152,000)	(120,627,000)	(110,700,000)
Other income, net	1,573,000	1,465,000	2,784,000	4,537,000
Decrease (increase) in current expected credit loss allowance, net	899,000	5,833,000	(157,043,000)	(60,205,000)
Foreign currency translation gain (loss)	60,102,000	(44,165,000)	39,177,000	(3,974,000)
Net realized loss on investments	(127,512,000)	0	(128,191,000)	(86,604,000)
Gain on extinguishment of debt	0	30,000	0	495,000
Net income (loss) before taxes	(91,483,000)	46,588,000	(160,008,000)	12,104,000
Income tax provision	(66,000)	(517,000)	(280,000)	(517,000)
Net income (loss)	(91,549,000)	46,071,000	(160,288,000)	11,587,000
Preferred dividends	(3,068,000)	(3,068,000)	(9,204,000)	(9,204,000)
Net income (loss) available to common stockholders	$ (94,617,000)	$ 43,003,000	$ (169,492,000)	$ 2,383,000
Net income (loss) per share of common stock:
Basic	$ (0.69)	$ 0.3	$ (1.23)	$ 0
Diluted	$ (0.69)	$ 0.3	$ (1.23)	$ 0
Basic weighted-average shares of common stock outstanding	138,246,827	141,350,428	140,177,962	141,255,730
Diluted weighted-average shares of common stock outstanding	138,246,827	141,350,428	140,177,962	141,255,730
Dividend declared per share of common stock	$ 0.25	$ 0.35	$ 0.95	$ 1.05
Related Party
Operating expenses:
Management fees to related party	$ (8,801,000)	$ (9,518,000)	$ (27,395,000)	$ (28,425,000)
Foreign Exchange Forward
Operating expenses:
Gain (loss) on sale of derivatives	(59,535,000)	39,490,000	(29,760,000)	8,239,000
Interest rate caps and swaps
Operating expenses:
Gain (loss) on sale of derivatives	$ (14,000)	$ (70,000)	$ 436,000	$ (122,000)

Condensed Consolidated Statem_2

Condensed Consolidated Statement of Operations (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
General and administrative expenses, equity-based compensation	$ 4,165	$ 4,356	$ 12,510	$ 13,091
Foreign currency forward, net
Unrealized loss (gain) on derivatives	(57,621)	28,244	(38,657)	(27,709)
Interest rate caps and swaps
Unrealized loss (gain) on derivatives	$ (562)	$ (70)	$ (1,213)	$ (9,211)

Condensed Consolidated Statem_3

Condensed Consolidated Statement of Changes in Stockholders’ Equity (Unaudited) - USD ($) $ in Thousands	Total	Preferred Stock	Common Stock	Additional Paid-In-Capital	Accumulated Deficit
Stockholders' equity, beginning balance (in shares) at Dec. 31, 2022		6,770,393
Stockholders' equity, beginning balance at Dec. 31, 2022	$ 2,354,504	$ 68	$ 1,406	$ 2,716,907	$ (363,877)
Stockholders' equity, beginning balance (in shares) at Dec. 31, 2022			140,595,995
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Capital increase (decrease) related to Equity Incentive Plan, Shares			670,044
Capital increase (decrease) related to Equity Incentive Plan	(2,345)		$ 7	(2,352)
Net Income (Loss)	48,916				48,916
Dividends declared on preferred stock	(3,068)				(3,068)
Dividends declared on common stock	(50,446)				(50,446)
Stockholders' equity, ending balance (in shares) at Mar. 31, 2023		6,770,393
Stockholders' equity, ending balance at Mar. 31, 2023	2,347,561	$ 68	$ 1,413	2,714,555	(368,475)
Stockholders' equity, ending balance (in shares) at Mar. 31, 2023			141,266,039
Stockholders' equity, beginning balance (in shares) at Dec. 31, 2022		6,770,393
Stockholders' equity, beginning balance at Dec. 31, 2022	2,354,504	$ 68	$ 1,406	2,716,907	(363,877)
Stockholders' equity, beginning balance (in shares) at Dec. 31, 2022			140,595,995
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income (Loss)	11,587
Stockholders' equity, ending balance (in shares) at Sep. 30, 2023		6,770,393
Stockholders' equity, ending balance at Sep. 30, 2023	2,211,782	$ 68	$ 1,414	2,723,170	(512,870)
Stockholders' equity, ending balance (in shares) at Sep. 30, 2023			141,353,133
Stockholders' equity, beginning balance (in shares) at Mar. 31, 2023		6,770,393
Stockholders' equity, beginning balance at Mar. 31, 2023	2,347,561	$ 68	$ 1,413	2,714,555	(368,475)
Stockholders' equity, beginning balance (in shares) at Mar. 31, 2023			141,266,039
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Capital increase (decrease) related to Equity Incentive Plan, Shares			77,138
Capital increase (decrease) related to Equity Incentive Plan	4,365			4,365
Net Income (Loss)	(83,400)				(83,400)
Dividends declared on preferred stock	(3,068)				(3,068)
Dividends declared on common stock	(50,467)				(50,467)
Stockholders' equity, ending balance (in shares) at Jun. 30, 2023		6,770,393
Stockholders' equity, ending balance at Jun. 30, 2023	2,214,991	$ 68	$ 1,413	2,718,920	(505,410)
Stockholders' equity, ending balance (in shares) at Jun. 30, 2023			141,343,177
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Capital increase (decrease) related to Equity Incentive Plan, Shares			9,956
Capital increase (decrease) related to Equity Incentive Plan	4,251		$ 1	4,250
Net Income (Loss)	46,071				46,071
Dividends declared on preferred stock	(3,068)				(3,068)
Dividends declared on common stock	(50,463)				(50,463)
Stockholders' equity, ending balance (in shares) at Sep. 30, 2023		6,770,393
Stockholders' equity, ending balance at Sep. 30, 2023	2,211,782	$ 68	$ 1,414	2,723,170	(512,870)
Stockholders' equity, ending balance (in shares) at Sep. 30, 2023			141,353,133
Stockholders' equity, beginning balance (in shares) at Dec. 31, 2023		6,770,393
Stockholders' equity, beginning balance at Dec. 31, 2023	$ 2,208,733	$ 68	$ 1,414	2,727,488	(520,237)
Stockholders' equity, beginning balance (in shares) at Dec. 31, 2023	141,358,605		141,358,605
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Capital increase (decrease) related to Equity Incentive Plan, Shares			738,110
Capital increase (decrease) related to Equity Incentive Plan	$ (3,086)		$ 7	(3,093)
Net Income (Loss)	(104,524)				(104,524)
Dividends declared on preferred stock	(3,068)				(3,068)
Dividends declared on common stock	(50,620)				(50,620)
Stockholders' equity, ending balance (in shares) at Mar. 31, 2024		6,770,393
Stockholders' equity, ending balance at Mar. 31, 2024	2,047,435	$ 68	$ 1,421	2,724,395	(678,449)
Stockholders' equity, ending balance (in shares) at Mar. 31, 2024			142,096,715
Stockholders' equity, beginning balance (in shares) at Dec. 31, 2023		6,770,393
Stockholders' equity, beginning balance at Dec. 31, 2023	$ 2,208,733	$ 68	$ 1,414	2,727,488	(520,237)
Stockholders' equity, beginning balance (in shares) at Dec. 31, 2023	141,358,605		141,358,605
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income (Loss)	$ (160,288)
Stockholders' equity, ending balance (in shares) at Sep. 30, 2024		6,770,393
Stockholders' equity, ending balance at Sep. 30, 2024	$ 1,868,388	$ 68	$ 1,382	2,691,776	(824,838)
Stockholders' equity, ending balance (in shares) at Sep. 30, 2024	138,169,164		138,169,164
Stockholders' equity, beginning balance (in shares) at Mar. 31, 2024		6,770,393
Stockholders' equity, beginning balance at Mar. 31, 2024	$ 2,047,435	$ 68	$ 1,421	2,724,395	(678,449)
Stockholders' equity, beginning balance (in shares) at Mar. 31, 2024			142,096,715
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Capital increase (decrease) related to Equity Incentive Plan, Shares			65,490
Capital increase (decrease) related to Equity Incentive Plan	4,148		$ 1	4,147
Repurchase of common stock, Shares			(3,723,772)
Repurchase of common stock	(37,919)		$ (37)	(37,882)
Net Income (Loss)	35,785				35,785
Dividends declared on preferred stock	(3,068)				(3,068)
Dividends declared on common stock	(49,333)				(49,333)
Stockholders' equity, ending balance (in shares) at Jun. 30, 2024		6,770,393
Stockholders' equity, ending balance at Jun. 30, 2024	1,997,048	$ 68	$ 1,385	2,690,660	(695,065)
Stockholders' equity, ending balance (in shares) at Jun. 30, 2024			138,438,433
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Capital increase (decrease) related to Equity Incentive Plan, Shares			20,364
Capital increase (decrease) related to Equity Incentive Plan	4,002			4,002
Repurchase of common stock, Shares			(289,633)
Repurchase of common stock	(2,889)		$ (3)	(2,886)
Net Income (Loss)	(91,549)				(91,549)
Dividends declared on preferred stock	(3,068)				(3,068)
Dividends declared on common stock	(35,156)				(35,156)
Stockholders' equity, ending balance (in shares) at Sep. 30, 2024		6,770,393
Stockholders' equity, ending balance at Sep. 30, 2024	$ 1,868,388	$ 68	$ 1,382	$ 2,691,776	$ (824,838)
Stockholders' equity, ending balance (in shares) at Sep. 30, 2024	138,169,164		138,169,164

Condensed Consolidated Statem_4

Condensed Consolidated Statement of Changes in Stockholders’ Equity (Unaudited) (Parenthetical) - $ / shares	3 Months Ended						9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Stockholders' Equity [Abstract]
Dividends declared on preferred stock (in dollars per share)	$ 0.45	$ 0.45	$ 0.45	$ 0.45	$ 0.45	$ 0.45
Dividends declared on common stock (in dollars per share)	$ 0.25	$ 0.35	$ 0.35	$ 0.35	$ 0.35	$ 0.35	$ 0.95	$ 1.05

Condensed Consolidated Statem_5

Condensed Consolidated Statement of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash flows from operating activities:
Net Income (Loss)	$ (160,288)	$ 11,587
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Amortization of discount/premium and payment-in-kind interest	(22,023)	(24,928)
Amortization of deferred financing costs	13,400	11,609
Equity-based compensation	12,510	13,091
Increase in current expected credit loss allowance, net	157,043	60,205
Foreign currency loss (gain)	(34,803)	21,027
Depreciation and amortization on real estate owned	9,285	7,208
Gain on extinguishment of debt	0	(495)
Net realized loss on investment	128,191	86,604
Changes in operating assets and liabilities:
Proceeds received from payment-in-kind interest	0	15,407
Other assets	(14,676)	(2,092)
Payment for interest rate cap	(429)	(2,317)
Accounts payable, accrued expenses and other liabilities	22,995	9,404
Payable to related party	(750)	(213)
Net cash provided by operating activities	150,325	243,017
Cash flows from investing activities:
New funding of commercial mortgage loans	(955,328)	(181,017)
Add-on funding of commercial mortgage loans	(490,864)	(264,769)
Add-on funding of subordinate loans	(39,883)	(77,027)
Proceeds received from the repayment and sale of commercial mortgage loans	1,580,003	749,716
Proceeds received from the repayment of subordinate loans and other lending assets	23,122	75,170
Origination fees, other fees, and cost recovery proceeds received on commercial mortgage loans, and subordinate loans, net	34,468	9,191
Decrease in collateral related to derivative contracts, net	(37,370)	(39,360)
Capital expenditures on real estate assets	(123,275)	(47,187)
Cash received from hotel title assumption	0	569
Net cash provided by (used in) investing activities	(9,127)	225,286
Cash flows from financing activities:
Proceeds from secured debt arrangements	1,683,234	356,333
Proceeds related to financing on real estate owned	117,572	0
Repayments of secured debt arrangements	(1,752,492)	(508,245)
Repayments of senior secured term loan principal	(6,000)	(6,000)
Repayments and repurchases of convertible notes	0	(53,442)
Payment of deferred financing costs	(9,895)	(7,189)
Payment of withholding tax on RSU delivery	(7,446)	(6,820)
Repurchase of common stock	(40,809)	0
Dividends on common stock	(150,793)	(151,556)
Dividends on preferred stock	(9,204)	(9,204)
Net cash used in financing activities	(175,833)	(386,123)
Net increase (decrease) in cash and cash equivalents, including cash classified within assets related to real estate owned, held for sale	(34,635)	82,180
Decrease in cash classified within assets related to real estate owned, held for sale	577	3,376
Net increase (decrease) in cash and cash equivalents	(34,058)	85,556
Cash and cash equivalents beginning of period	225,438	222,030
Effects of foreign currency translation on cash and cash equivalents	2,907	259
Cash and cash equivalents end of period	194,287	307,845
Supplemental disclosure of cash flow information:
Interest paid	374,071	316,819
Income tax paid	34	795
Change in secured debt repayments pending servicer remittance	73,278	0
Change in loan proceeds held by servicer	99,498	129,670
Supplemental disclosure of non-cash investing and financing activities:
Dividend declared, not yet paid	38,224	53,531
Change in participation sold	0	(25,130)
Assumption of real estate	0	75,000
Assumption of other assets related to real estate owned	0	2,827
Assumption of accounts payable, accrued expenses and other liabilities related to real estate owned	0	(3,396)
Transfer of assets to assets related to real estate owned, held for sale	0	79,021
Transfer of assets related to real estate owned, held for sale to assets related to real estate owned held for investment, net	70,688	151,676
Transfer of assets related to real estate owned, held for sale to other assets	2,280	4,357
Transfer of liabilities to liabilities related to real estate owned, held for sale	0	1,438
Transfer of liabilities related to real estate owned, held for sale to accounts payable, accrued expenses and other liabilities	3,937	7,163
Transfer of commercial mortgage loan to other assets	159,667	0
Restructuring of commercial mortgage loan to subordinate loan	74,304	0
Foreign Exchange Forward
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Unrealized loss on interest rate hedging instruments	38,657	27,709
Interest rate caps and swaps
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Unrealized loss on interest rate hedging instruments	$ 1,213	$ 9,211

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ (91,549)	$ 35,785	$ (104,524)	$ 46,071	$ (83,400)	$ 48,916	$ (160,288)	$ 11,587

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Sep. 30, 2024 shares
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	On August 9, 2024 , Stuart Rothstein , President and Chief Executive Officer of the Company and member of our board of directors, terminated a Rule 10b5-1 trading arrangement that was intended to satisfy the affirmative defense of Rule 10b5-1(c) under the Exchange Act. The terminated arrangement was adopted on June 6, 2024 and provided for the sale of up to 119,522 shares of the Company's common stock and up to 150,960 shares of the Company's common stock underlying outstanding restricted stock unit awards held by Mr. Rothstein (net of shares withheld to satisfy the minimum tax withholding obligations in connection with settlement of such outstanding awards). The plan provided for sales in several tranches with the first commencing on November 15, 2024 and sales continuing through December 31, 2025 .
Name	Stuart Rothstein
Title	President and Chief Executive Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	June 6, 2024
Rule 10b5-1 Arrangement Terminated	true
Termination Date	August 9, 2024
Expiration Date	December 31, 2025
Arrangement Duration	411 days
Common Stock
Trading Arrangements, by Individual
Aggregate Available	119,522
Restricted Stock Unit
Trading Arrangements, by Individual
Aggregate Available	150,960

Organization

Organization	9 Months Ended
	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	Note 1 – Organization Apollo Commercial Real Estate Finance, Inc. (together with its consolidated subsidiaries, is referred to throughout this report as the "Company," "ARI," "we," "us" and "our") is a corporation that has elected to be taxed as a real estate investment trust ("REIT") for U.S. federal income tax purposes and primarily originates, acquires, invests in and manages performing commercial first mortgage loans, subordinate financings, and other commercial real estate related debt investments. These asset classes are referred to as our target assets. We were formed in Maryland on June 29, 2009, commenced operations on September 29, 2009 and are externally managed and advised by ACREFI Management, LLC (the "Manager"), an indirect subsidiary of Apollo Global Management, Inc. (together with its subsidiaries, "Apollo"). We elected to be taxed as a REIT under the Internal Revenue Code of 1986, as amended, commencing with the taxable year ended December 31, 2009. To maintain our tax qualification as a REIT, we are required to distribute at least 90% of our taxable income, excluding net capital gains, to stockholders and meet certain other asset, income, and ownership tests.

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2024
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Note 2 – Summary of Significant Accounting Policies Basis of Presentation The accompanying condensed consolidated financial statements include our accounts and those of our consolidated subsidiaries. All intercompany amounts have been eliminated. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America ("GAAP") requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Our most significant estimates include current expected credit loss ("CECL") allowances. Actual results may differ from estimates. These unaudited condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and should be read in conjunction with the consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2023, as filed with the Securities and Exchange Commission (the "SEC"). In the opinion of management, all adjustments (consisting only of normal recurring adjustments) necessary to present fairly our financial position, results of operations and cash flows have been included. Our results of operations for the three and nine months ended September 30, 2024 are not necessarily indicative of the results to be expected for the full year or any other future period. We currently operate in one reporting segment. Equity Method Investments We account for investments in entities under the equity method of accounting where we exercise significant influence over the entity but do not meet the requirements for consolidation. Equity method investments, for which we have not elected a fair value option, are initially recorded at cost a nd subsequently adjusted for our share of net income or loss and cash contributions and distributions each period. We classify distributions received from equity method investees using the cumulative earnings approach. Distributions received up to the cumulative earnings from each equity method investee, including distributions of operating profits, are considered returns on investment and are presented within "Cash flows from operating activities" in our condensed consolidated statement of cash flows. Distributions in excess of cumulative earnings, including those in excess of operating profits, are considered returns of investment and are presented within "Cash flows from investing activities" in our condensed consolidated statement of cash flows. Recent Accounting Pronouncements In November 2023, the Financial Accounting Standards Board ("FASB") issued ASU 2023-07 "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures" ("ASU 2023-07"). ASU 2023-07 intends to improve reportable segment disclosure requirements, enhance interim disclosure requirements and provide new segment disclosure requirements for entities with a single reportable segment. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and for interim periods with fiscal years beginning after December 15, 2024. ASU 2023-07 is to be adopted retrospectively to all prior periods presented. We do not expect a material impact upon adoption. In December 2023, the FASB issued ASU 2023-09 "Improvements to Income Tax Disclosures" ("ASU 2023-09"). ASU 2023-09 intends to improve the transparency of income tax disclosures. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024 and is to be adopted on a prospective basis with the option to apply retrospectively. We are currently assessing the impact of this guidance; however, we do not expect a material impact to our consolidated financial statements.

Fair Value Disclosure

Fair Value Disclosure	9 Months Ended
	Sep. 30, 2024
Fair Value Disclosures [Abstract]
Fair Value Disclosure	Note 3 – Fair Value Disclosure GAAP establishes a hierarchy of valuation techniques based on the observability of the inputs utilized in measuring financial instruments at fair value. Market-based or observable inputs are the preferred source of values, followed by valuation models using management's assumptions in the absence of market-based or observable inputs. The three levels of the hierarchy as noted in Accounting Standards Codification ("ASC") Topic 820, "Fair Value Measurements and Disclosures " ("ASC 820") are described below: Level I — Quoted prices in active markets for identical assets or liabilities. Level II — Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants would use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others. Level III — Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. While we anticipate that our valuation methods are appropriate and consistent with valuation methods used by other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different estimate of fair value at the reporting date. We use inputs that are current as of the measurement date, which may include periods of market dislocation, during which price transparency may be reduced. The fair values of foreign exchange ("Fx") forwards are determined by comparing the contracted forward exchange rate to the current market exchange rate. The current market exchange rates are determined by using market spot rates, forward rates and interest rate curves for the underlying countries. Our Fx forwards are classified as Level II in the fair value hierarchy. The fair values of our interest rate caps are determined by using the market standard methodology of discounting the future expected cash receipts that occur when variable interest rates rise above the strike rates of the interest rate caps. The variable interest rates used in the calculation of projected receipts on the interest rate caps are based on a third-party expert's expectation of future interest rates derived from observable market interest rate curves and volatility. Our interest rate caps are classified as Level II in the fair value hierarchy and manage our exposure to variable cash flows on certain of our borrowings. As of September 30, 2024, we held two interest rate caps: one related to financing on a full service luxury hotel in Washington D.C. ( "D.C. Hotel") which was purchased on June 13, 2024, and one related to our construction financing, which was purchased on September 26, 2023, and extended on September 30, 2024 to October 1, 2025. As of December 31, 2023 , we held one interest rate cap related to our construction financing. Refer to "Note 5 – Real Estate Owned" and "Note 11 – Derivatives" for further detail. The following table summarizes the levels in the fair value hierarchy into which our assets and liabilities with recurring fair value measurements were categorized as of September 30, 2024 and December 31, 2023 ($ in thousands): Fair Value as of September 30, 2024 Fair Value as of December 31, 2023 Level I Level II Level III Total Level I Level II Level III Total Recurring fair value measurements: Foreign currency forward, net $ — $ ( 10,592 ) $ — $ ( 10,592 ) $ — $ 28,065 $ — $ 28,065 Interest rate cap assets — 577 — 577 — 1,360 — 1,360 Total financial instruments $ — $ ( 10,015 ) $ — $ ( 10,015 ) $ — $ 29,425 $ — $ 29,425 Non-recurring Fair Value Measurements Loans Held for Sale Loans are classified as held for sale if there is an intent to sell them in the short-term following the reporting date. These loans are recorded at the lower of amortized cost or fair value, less selling costs, unless the fair value option was elected at the time of origination. If the loan's fair value, less selling costs, is determined to be less than its amortized cost, a nonrecurring fair value adjustment may be recorded through a valuation allowance. The fair value of loans held for sale may be estimated using sales of comparable loans as supported by independent market data, or a contractually negotiated sales price. We consider the inputs used to calculate the fair value of loans held for sale as unobservable inputs. Accordingly, we classify the fair value of loans held for sale within Level III of the fair value hierarchy. In April 2024, we sold a commercial mortgage loan collateralized by a hotel property located in Honolulu, HI. The loan was previously classified as held for sale during the first quarter of 2024, and sold at a price of 99.5 % during the second quarter of 2024. We recorded a realized loss of $ 0.7 million within realized loss on investments on our condensed consolidated statement of operations for the nine months ended September 30, 2024 . There were no loans classified as held for sale as of September 30, 2024. Real Estate Owned Property acquired through foreclosure or deed-in-lieu of foreclosure is classified as real estate owned and recognized at fair value on our condensed consolidated balance sheet upon acquisition in accordance with ASC Topic 805, "Business Combinations" ("ASC 805"). We are required to record real estate owned, a nonfinancial asset, at fair value on a non-recurring basis in accordance with ASC 820. Under ASC 820, we may utilize the income, market or cost approach (or combination thereof) to determine the fair value of real estate owned. We deem the inputs used in these approaches to be significant unobservable inputs. Therefore, we classify the fair value of real estate owned within Level III of the fair value hierarchy. On March 31, 2023, we acquired legal title of a hotel property in Atlanta, GA ("Atlanta Hotel") through a deed-in-lieu of foreclosure. At the time of acquisition, we determined the fair value of the net real estate assets to be $ 75.0 million, using a combination of market and income approaches. We utilized a discount rate and capitalization rate of 10.5 % and 9.5 %, respectively. During the three months ended June 30, 2023, the Atlanta Hotel's assets and liabilities were reclassified to held for sale and the fair value of the net real estate assets, less costs to sell, was in excess of our cost basis. During the three months ended March 31, 2024, we determined that the sale to a third party from whom we received an unsolicited offer was no longer probable, and we are not actively marketing the property for sale. Therefore, as of March 31, 2024, the Atlanta Hotel no longer met the criteria for held for sale and was reclassified to real estate owned, held for investment. No impairments had been recorded as of September 30, 2024 or December 31, 2023. On August 3, 2022, we acquired legal title of a multifamily development property located in downtown Brooklyn, NY ("Brooklyn Development") through a deed-in-lieu of foreclosure. We determined the fair value of the real estate assumed to be $ 270.1 million, based on the market value of the land at the time of acquisition. No impairments had been recorded as of September 30, 2024 or December 31, 2023. On May 24, 2021, we acquired legal title to the D.C. Hotel through a deed-in-lieu of foreclosure. We assumed the D.C. Hotel's assets and liabilities, including a $ 110.0 million mortgage loan which we repaid at par. At the time of acquisition, we determined the fair value of the real estate assets to be $ 154.3 million. No impairments had been recorded as of September 30, 2024 or December 31, 2023. Refer to "Note 5 – Real Estate Owned" for additional discussions.

Commercial Mortgage Loans, Subo

Commercial Mortgage Loans, Subordinate Loans and Other Lending Assets, Net	9 Months Ended
	Sep. 30, 2024
Receivables [Abstract]
Commercial Mortgage Loans, Subordinate Loans and Other Lending Assets, Net	Note 4 – Commercial Mortgage Loans, Subordinate Loans and Other Lending Assets, Net Our loan portfolio was comprised of the following at September 30, 2024 and December 31, 2023 ($ in thousands): Loan Type September 30, 2024 December 31, 2023 Commercial mortgage loans, net (1) $ 7,456,389 $ 7,925,359 Subordinate loans, net 374,222 432,734 Carrying value, net $ 7,830,611 $ 8,358,093 (1) Includes $ 8.3 million and $ 95.5 million in 2024 and 2023 , respectively, of contiguous financing structured as subordinate loans. Our loan portfolio consisted of 96 % and 99 % floating rate loans, based on amortized cost, net of Specific CECL Allowance, as of September 30, 2024 and December 31, 2023, respectively. Activity relating to our loan portfolio for the nine months ended September 30, 2024 was as follows ($ in thousands): Principal Deferred Fees/Other Items Specific CECL Allowance Carrying Value, Net December 31, 2023 $ 8,610,110 $ ( 32,535 ) $ ( 193,000 ) $ 8,384,575 New loan fundings 955,328 — — 955,328 Add-on loan fundings (1) 530,747 — — 530,747 Loan repayments and sale ( 1,711,682 ) — — ( 1,711,682 ) Gain (loss) on foreign currency translation 155,874 ( 825 ) — 155,049 Increase in Specific CECL Allowance, net — — ( 149,500 ) ( 149,500 ) Transfer to Other Assets (2) ( 159,667 ) — — ( 159,667 ) Realized loss on investment (3) ( 137,312 ) 9,121 — ( 128,191 ) Deferred fees and other items (4) — ( 34,468 ) — ( 34,468 ) Amortization of fees — 22,612 — 22,612 September 30, 2024 $ 8,243,398 $ ( 36,095 ) $ ( 342,500 ) $ 7,864,803 General CECL Allowance (5) ( 34,192 ) Carrying value, net $ 7,830,611 (1) Represents fundings subsequent to loan closing. (2) Refer to "Massachusetts Healthcare" below for full discussion. (3) Realized loss on investment includes a $ 0.7 million loss on the sale of a commercial mortgage loan collateralized by a hotel property located in Honolulu, HI in April 2024, and a realized loss of $ 127.5 million during the third quarter of 2024 related to Massachusetts Healthcare, discussed below, consisting of a $ 136.6 million write-off of principal, partially offset by $ 9.1 million, reflecting the cost recovery interest received to date and unamortized origination fees. (4) Other items primarily consist of purchase discounts or premiums, cost recovery interest, exit fees, and deferred origination expenses. (5) $ 3.9 million of the General CECL Allowance is excluded from this table because it relates to unfunded commitments and has been recorded as a liability under accounts payable, accrued expenses and other liabilities in our condensed consolidated balance sheet. The following table details overall statistics for our loan portfolio at the dates indicated ($ in thousands): September 30, 2024 December 31, 2023 Number of loans 45 50 Principal balance $ 8,243,398 $ 8,610,110 Carrying value, net $ 7,830,611 $ 8,358,093 Unfunded loan commitments (1) $ 503,858 $ 868,582 Weighted-average cash coupon (2) 8.1 % 8.3 % Weighted-average remaining fully-extended term (3) 2.5 years 2.3 years Weighted-average expected term (4) 1.8 years 1.8 years (1) Unfunded loan commitments are funded to finance construction costs, tenant improvements, leasing commissions, or carrying costs. These future commitments are funded over the term of each loan, subject in certain cases to an expiration date. (2) For floating rate loans, based on applicable benchmark rates as of the specified dates. For loans placed on non-accrual, the interest rate used in calculating weighted-average cash coupon is 0 %. (3) Assumes all extension options are exercised. (4) Expected term represents our estimated timing of repayments as of the specified dates. Excludes risk-rated five loans. Property Type The table below details the property type of the properties securing the loans in our portfolio at the dates indicated ($ in thousands): September 30, 2024 December 31, 2023 Property Type Carrying % of (1) Carrying % of (1) Office $ 1,792,187 22.8 % $ 1,593,320 19.0 % Hotel 1,620,910 20.6 2,128,256 25.4 Retail 1,454,077 18.5 1,407,764 16.8 Residential 1,220,115 15.5 1,247,238 14.9 Mixed Use 433,252 5.5 679,303 8.1 Industrial 418,218 5.3 293,133 3.5 Healthcare 355,474 4.5 511,803 6.1 Other (2) 570,570 7.3 523,758 6.2 Total $ 7,864,803 100.0 % $ 8,384,575 100.0 % General CECL Allowance (3) ( 34,192 ) ( 26,482 ) Carrying value, net $ 7,830,611 $ 8,358,093 (1) Percentage of portfolio calculations are made prior to consideration of General CECL Allowance. (2) Other property types include pubs ( 2.9 % ), caravan parks ( 2.7 % ), and urban predevelopment ( 1.7 %) in 2024 , and caravan parks ( 2.4 %), parking garages ( 2.3 %) and urban predevelopment ( 1.5 %) in 2023. (3) $ 3.9 million and $ 4.0 million of the General CECL Allowance for 2024 and 2023, respectively, is excluded from this table because it relates to unfunded commitments and has been recorded as a liability under accounts payable, accrued expenses and other liabilities in our condensed consolidated balance sheets. Geography The table below details the geographic distribution of the properties securing the loans in our portfolio at the dates indicated ($ in thousands): September 30, 2024 December 31, 2023 Geographic Location Carrying % of (1) Carrying % of (1) United Kingdom $ 3,039,991 38.6 % $ 2,675,097 31.9 % New York City 1,607,723 20.4 1,736,856 20.7 Other Europe (2) 1,335,497 17.0 1,686,425 20.1 Southeast 611,661 7.8 535,054 6.4 West 509,901 6.5 484,842 5.8 Midwest 408,949 5.2 522,137 6.2 Other (3) 351,081 4.5 744,164 8.9 Total $ 7,864,803 100.0 % $ 8,384,575 100.0 % General CECL Allowance (4) ( 34,192 ) ( 26,482 ) Carrying value, net $ 7,830,611 $ 8,358,093 (1) Percentage of portfolio calculations are made prior to consideration of General CECL Allowance. (2) Other Europe includes Germany ( 8.0 %) , Italy ( 2.3 %), Spain ( 3.4 %), Sweden ( 3.1 %) and the Netherlands ( 0.2 %) in 2024 and Germany ( 7.4 %), Italy ( 4.9 %), Spain ( 4.2 %), Sweden ( 2.9 %), Ireland ( 0.5 %) and the Netherlands ( 0.2 %) in 2023. (3) Other includes Northeast ( 0.1 %), Mid-Atlantic ( 1.7 %), Southwest ( 1.5 %) and Other ( 1.2 %) in 2024 and Northeast ( 5.0 %), Mid-Atlantic ( 1.1 %), Southwest ( 1.7 %) and Other ( 1.1 %) in 2023. (4) $ 3.9 million and $ 4.0 million of the General CECL Allowance for 2024 and 2023 , respectively, is excluded from this table because it relates to unfunded commitments and has been recorded as a liability under accounts payable, accrued expenses and other liabilities in our condensed consolidated balance sheets. Risk Rating We assess the risk factors of each loan and assign a risk rating based on a variety of factors, including, without limitation, loan to value ("LTV") ratio, 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. We apply these various factors on a case-by-case basis depending on the facts and circumstances for each loan, and the different factors may be given different weightings in different situations. This review is performed quarterly. Based on a 5-point scale, our loans are rated "1" through "5," from less risk to greater risk, which ratings are defined as follows: 1. Very low risk 2. Low risk 3. Moderate/average 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 high risk of realizing principal loss, has incurred principal loss, or an impairment has been recorded The following tables present the carrying value of our loan portfolio by year of origination and internal risk rating and gross write-offs by year of origination as of September 30, 2024 and December 31, 2023, respectively ($ in thousands): September 30, 2024 Amortized Cost (1) by Year Originated Risk Rating Number of Loans Total % of Portfolio 2024 2023 2022 2021 2020 Prior 1 — $ — — % $ — $ — $ — $ — $ — $ — 2 2 474,460 6.0 % — — 459,782 14,678 — — 3 38 6,966,537 88.6 % 974,717 660,811 1,795,608 1,845,346 406,909 1,283,146 4 2 297,806 3.8 % — — — — — 297,806 5 3 126,000 1.6 % — — — — 27,881 98,119 Total 45 $ 7,864,803 100.0 % 974,717 660,811 2,255,390 1,860,024 434,790 1,679,071 General CECL Allowance (2) ( 34,192 ) Total carrying value, net $ 7,830,611 Weighted-Average Risk Rating 3.0 Gross write-offs $ — $ — $ — $ — $ — $ — $ — December 31, 2023 Amortized Cost (1) by Year Originated Risk Rating Number of Loans Total % of Portfolio 2023 2022 2021 2020 2019 Prior 1 — $ — — % $ — $ — $ — $ — $ — $ — 2 4 478,440 5.7 % — 280,572 — — 132,309 65,560 3 42 7,548,252 90.0 % 440,720 2,426,511 2,285,902 387,323 1,465,618 542,177 4 2 88,112 1.1 % — — — — — 88,112 5 2 269,771 3.2 % — — — 169,881 — 99,890 Total 50 $ 8,384,575 100.0 % $ 440,720 $ 2,707,083 $ 2,285,902 $ 557,204 $ 1,597,927 $ 795,739 General CECL Allowance (2) ( 26,482 ) Total carrying value, net $ 8,358,093 Weighted-Average Risk Rating 3.0 Gross write-offs $ 81,890 $ — $ — $ — $ — $ — $ 81,890 (1) Net of Specific CECL Allowance. (2) $ 3.9 million and $ 4.0 million of the General CECL Allowance for 2024 and 2023 , respectively, is excluded from this table because it relates to unfunded commitments and has been recorded as a liability under accounts payable, accrued expenses and other liabilities in our condensed consolidated balance sheets. CECL In accordance with ASC Topic 326 "Financial Instruments – Credit Losses" ("ASC 326"), which we refer to as the "CECL Standard," we record allowances for loans and held-to-maturity debt securities that are deducted from the carrying amount of the assets to present the net carrying value of the amounts expected to be collected on the assets. We record loan specific allowances as a practical expedient under the CECL Standard ("Specific CECL Allowance"), which we apply to assets that are collateral dependent and where the borrower or sponsor is experiencing financial difficulty. For the remainder of the portfolio, we record a general allowance ("General CECL Allowance," and together with the Specific CECL Allowance, "CECL Allowances") on a collective basis by assets with similar risk characteristics. We have elected to use the weighted-average remaining maturity ("WARM") method in determining a General CECL Allowance for a majority of our portfolio. In the future, we may use other acceptable methods, such as a probability-of-default/loss-given-default method. The following schedule illustrates changes in CECL Allowances for the nine months ended September 30, 2024 ($ in thousands): Specific CECL General CECL Allowance Total CECL CECL Allowance as % of Amortized Cost Allowance (1) Funded Unfunded Total Allowance General (1) Total December 31, 2023 $ 193,000 $ 26,482 $ 4,017 $ 30,499 $ 223,499 0.38 % 2.61 % Changes: Allowances (Reversals), net (2) 142,000 6,076 ( 392 ) 5,684 147,684 March 31, 2024 $ 335,000 $ 32,558 $ 3,625 $ 36,183 $ 371,183 0.44 % 4.29 % Changes: Allowances (Reversals), net (3) 7,500 2,761 ( 3 ) 2,758 10,258 June 30, 2024 $ 342,500 $ 35,319 $ 3,622 $ 38,941 $ 381,441 0.47 % 4.40 % Changes: Allowances (Reversals), net (4)(5) 127,512 ( 1,127 ) 228 ( 899 ) 126,613 Write-offs (5) ( 127,512 ) — — — ( 127,512 ) September 30, 2024 $ 342,500 $ 34,192 $ 3,850 $ 38,042 $ 380,542 0.49 % 4.64 % (1) Loans evaluated for Specific CECL Allowance are excluded from General CECL Allowance pool. (2) During the three months ended March 31, 2024, our General CECL Allowance increased by $ 5.7 million. The increase was primarily related to extending our expected loan repayment dates as well as an increase to the historical loss rate derived from Trepp's data. The increase was partially offset by the favorable impacts of portfolio seasoning. Additionally, during the three months ended March 31, 2024, we recorded an increase of $ 142.0 million to our Specific CECL Allowance. The increase was related to a mezzanine loan secured by the ultra-luxury residential property. Refer to discussion below. (3) During the three months ended June 30, 2024, our General CECL Allowance increased by $ 2.8 million primarily due to new loan originations as well as a more adverse outlook on our office portfolio. The increase was partially offset by the favorable impacts of portfolio seasoning. Additionally, during the three months ended June 30, 2024, we recorded an increase of $ 7.5 million to our Specific CECL Allowance. The increase was related to a mezzanine loan secured by an office building in Troy, MI. Refer to discussion below. (4) During the three months ended September 30, 2024, our General CECL Allowance decreased by $ 0.9 million primarily due to the favorable impacts of portfolio seasoning and earlier than expected loan repayments. The decrease was partially offset by the effects of loan originations and a more adverse macroeconomic outlook associated with our office portfolio. (5) During the three months ended September 30, 2024, we recorded an increase and write-off of $ 127.5 million of our Specific CECL Allowance related to our Massachusetts Healthcare Loan (as defined and discussed below). The $ 127.5 million write-off was recorded as a realized loss within net realized loss on investments in our September 30, 2024 condensed consolidated statement of operations. The following schedule illustrates changes in CECL Allowances for the nine months ended September 30, 2023 ($ in thousands): Specific CECL General CECL Allowance Total CECL CECL Allowance as % of Amortized Cost Allowance (1) Funded Unfunded Total Allowance General (1) Total December 31, 2022 $ 133,500 $ 26,224 $ 4,347 $ 30,571 $ 164,071 0.36 % 1.86 % Changes: Allowances (2) — 4,043 348 4,391 4,391 March 31, 2023 $ 133,500 $ 30,267 $ 4,695 $ 34,962 $ 168,462 0.42 % 1.95 % Changes: Allowances (3) 141,480 2,009 139 2,148 143,628 Write-offs (4) ( 81,980 ) — — — ( 81,980 ) June 30, 2023 $ 193,000 $ 32,276 $ 4,834 $ 37,110 $ 230,110 0.46 % 2.70 % Changes: Reversals (5) — ( 4,971 ) ( 862 ) ( 5,833 ) ( 5,833 ) September 30, 2023 $ 193,000 $ 27,305 $ 3,972 $ 31,277 $ 224,277 0.40 % 2.74 % (1) Loans evaluated for Specific CECL Allowance are excluded from General CECL Allowance pool. (2) During the three months ended March 31, 2023, our General CECL Allowance increased by $ 4.4 million primarily due to an increase in our view of the remaining expected term of our loan portfolio. This increase was partially offset by the impact of portfolio seasoning and loan repayments and sales. (3) During the three months ended June 30, 2023, our General CECL Allowance increased by $ 2.1 million primarily due to a more adverse macroeconomic outlook and an increase in our view of the remaining expected term of certain of our loans. This increase was partially offset by the impact of portfolio seasoning. Additionally, during the three months ended June 30, 2023, we recorded an increase of $ 141.5 million to our Specific CECL Allowance. The increase was related to two mezzanine loans secured by the same ultra-luxury property. Refer to discussion below. (4) As of June 30, 2023, $ 82.0 million related to the most junior mezzanine loan secured by the ultra-luxury residential property was deemed unrecoverable. Accordingly, $ 82.0 million of previously recorded Specific CECL was written-off and recorded as a realized loss within net realized loss on investments in our June 30, 2023 condensed consolidated statement of operations. Refer to "Specific CECL Allowance" section below for further detail. (5) During the three months ended September 30, 2023, our General CECL Allowance decreased by $ 5.8 million, primarily due to loan prepayments and portfolio seasoning. General CECL Allowance In determining the General CECL Allowance using the WARM method, an annual historical loss rate, adjusted for macroeconomic estimates, is applied to the amortized cost of an asset, or pool of assets, over each subsequent period for the assets' remaining expected life. We considered various factors including (i) historical loss experience in the commercial real estate lending market, (ii) timing of expected repayments and satisfactions, (iii) expected future funding, (iv) capital subordinate to us when we are the senior lender, (v) capital senior to us when we are the subordinate lender, and (vi) our current and future view of the macroeconomic environment for a reasonable and supportable forecast period. The CECL Standard requires the use of significant judgment to arrive at an estimated credit loss. There is significant uncertainty related to future macroeconomic conditions, including inflation, labor shortages and interest rates. We derive an annual historical loss rate based on a commercial mortgage-backed securities ("CMBS") database with historical losses from 1998 through the third quarter of 2024 provided by a third party, Trepp LLC ("Trepp"). We apply various filters to arrive at a CMBS dataset most analogous to our current portfolio from which to determine an appropriate historical loss rate. The annual historical loss rate is further adjusted to reflect our expectations of the macroeconomic environment for a reasonable and supportable forecast period of eight quarters. In assessing the macroeconomic environment, we consider macroeconomic factors, including unemployment rate, commercial real estate prices, and market liquidity. We compare the historical data for each metric to historical commercial real estate losses in order to determine the correlation of the data. We use projections, obtained from third-party service providers, of each factor to approximate the impact the macroeconomic outlook may have on our loss rate. The General CECL Allowance on subordinate loans is calculated by incorporating both the loan balance of the position(s) of the structurally senior third-party lender(s) and the balance of our subordinate loan(s). The subordinate loans, by virtue of being the first loss position, are required to absorb losses prior to the senior position(s) being impacted, resulting in a higher percentage allowance attributable to the subordinate loan. The General CECL Allowance on unfunded loan commitments is time-weighted based on our expected commitment to fund such obligations. The General CECL Allowance on unfunded commitments is recorded as a liability on our condensed consolidated balance sheets within accounts payable, accrued expenses and other liabilities. Additionally, we have made an accounting policy election to exclude accrued interest from the amortized cost basis of the related commercial mortgage loans and subordinate loans and other lending assets in determining the General CECL Allowance, as any uncollectible accrued interest receivable is written off in a timely manner. As of September 30, 2024 and December 31, 2023, accrued interest receivable was $ 78.3 million and $ 72.4 million , respectively, and included within other assets on our condensed consolidated balance sheets. Although our secured debt obligations and senior secured term loan financing have a minimum tangible net worth maintenance covenant, the General CECL Allowance has no impact on these covenants as we are permitted to add back the General CECL Allowance for the computation of tangible net worth as defined in the respective agreements. The following schedule sets forth our General CECL Allowance as of September 30, 2024 and December 31, 2023 ($ in thousands): September 30, 2024 December 31, 2023 Commercial mortgage loans, net $ 33,355 $ 25,723 Subordinate loans, net 837 759 Unfunded commitments (1) 3,850 4,017 Total General CECL Allowance $ 38,042 $ 30,499 (1) The General CECL Allowance on unfunded commitments is recorded as a liability on our condensed consolidated balance sheets within accounts payable, accrued expenses and other liabilities. Specific CECL Allowance For collateral-dependent loans where we have deemed the borrower/sponsor to be experiencing financial difficulty and a more than moderate/average risk of realizing a principal loss, we have elected to apply a practical expedient in accordance with the CECL Standard in which the fair value of the underlying collateral is compared to the amortized cost of the loan in determining a Specific CECL Allowance. The Specific CECL Allowance is determined as the difference between the fair value of the underlying collateral and the carrying value of the loan (prior to the Specific CECL Allowance). When the repayment or satisfaction of a loan is dependent on a sale, rather than operations, of the collateral, the fair value is adjusted for the estimated cost to sell the collateral. Collateral-dependent loans evaluated for a Specific CECL Allowance are removed from the General CECL Allowance pool. The fair value of the underlying collateral is determined by using method(s) such as discounted cash flow, the market approach, or direct capitalization approach. The key unobservable inputs used to determine the fair value of the underlying collateral may vary depending on the information available to us and market conditions as of the valuation date. We regularly evaluate the extent and impact of any credit migration associated with the performance and/or value of the underlying collateral property as well as the financial and operating capability of the borrower/sponsor on a loan-by-loan basis. The Specific CECL Allowance is evaluated on a quarterly basis. Specifically, a property's operating results and any cash reserves are analyzed and used to assess (i) whether cash from operations is sufficient to cover the debt service requirements currently and into the future, (ii) the ability of the borrower to refinance the loan and/or (iii) the liquidation value of the underlying collateral. We also evaluate the financial wherewithal of any loan guarantors as well as the borrower's competency in managing and operating the properties. In addition, we consider the overall economic environment, real estate sector and geographic sub-market in which the borrower operates. Such impairment analysis is completed and reviewed by asset management and finance personnel who utilize various data sources, including (i) periodic financial data such as debt service coverage ratio, property occupancy, tenant profile, rental rates, operating expenses, the borrower's exit plan, and capitalization and discount rates, (ii) site inspections and (iii) current credit spreads and discussions with market participants. The following table summarizes our risk rated five loans as of September 30, 2024, which were analyzed for Specific CECL Allowances ($ in thousands): Type Property type Location Amortized cost prior to Specific CECL Allowance Specific CECL Allowance Amortized cost Interest recognition status/ as of date Risk Rating Mortgage Retail (1)(2) Cincinnati, OH $ 165,119 $ 67,000 $ 98,119 Non-Accrual/ 10/1/2019 5 Mezzanine Residential (3) Manhattan, NY 295,881 268,000 27,881 Non-Accrual/ 7/1/2021 5 Mezzanine Office (4) Troy, MI 7,500 7,500 - Non-Accrual/ 6/30/2024 5 Total $ 468,500 $ 342,500 $ 126,000 (1) The fair value of retail collateral was determined by applying a capitalization rate of 9.0 %. (2) In September 2018, we entered a joint venture with Turner Consulting II, LLC ("Turner Consulting"), through an entity which owns the underlying property that secures our loan. Turner Consulting contributed 10 % of the venture's equity and we contributed 90 %. The entity was deemed to be a variable interest entity ("VIE"), and we determined that we are not the primary beneficiary of that VIE as we do not have the power to direct the entity's activities. During the second quarter of 2024, the loan's maturity was extended from September 2024 to September 2025. (3) The fair value of the residential collateral was determined by making certain projections and assumptions with respect to future performance and a discount rate of 10 %. (4) The fair value of the office collateral was determined by applying an exit capitalization rate of 10 % and a discount rate of 20 % For the nine months ended September 30, 2024 , we recorded a net increase in our Specific CECL Allowance of $ 149.5 million. This net increase was comprised of a Specific CECL Allowance and write-off on a commercial mortgage loan and Specific CECL Allowances on two of our subordinate loans. Massachusetts Healthcare In March 2022, we and other Apollo-managed entities co-originated a 55 % loan-to-cost first mortgage loan ("Massachusetts Healthcare Loan") secured by eight hospitals in Massachusetts. Our pro-rata interest in the commercial mortgage loan represente d 41.2 % of the o riginal whole loan amount. The loan was made in connection with the capitalization of a joint venture between two parties and eight property owner subsidiaries of the joint venture (the "Borrowers") to own the hospitals which were leased to Steward Health Care ("Steward"), who served as operator. We and other Apollo-managed entities ("Apollo Co-Lenders") did not lend to Steward and do not have any involvement in Steward's operation of the hospitals or performance under the lease. During the three months ended September 30, 2024, we ceased accruing interest on our loan and debt service payments received in July through September 2024 reduced the carrying value of our loan. During the three months ended September 30, 2024, we recorded a $ 127.5 million Specific CECL Allowance which was written-off on resolution of our loan during the same period. On September 4, 2024, we and Apollo Co-Lenders, through a joint venture, acquired title to one of the eight hospitals that previously secured our loan. On September 26, 2024, the hospital was taken by eminent domain by the Commonwealth of Massachusetts (the "Commonwealth"). In conjunction with this taking, we recorded a realized loss representing the difference between our allocation of the amount to be paid by the Commonwealth for the taking and our allocation of the loan related to the underlying property. We and Apollo Co-Lenders have challenged the Commonwealth's taking of the hospital by eminent domain in Massachusetts court. If our challenge is not successful, we and Apollo Co-Lenders intend to further challenge the valuation of the hospital from which the amount to be paid by the Commonwealth was determined. If successful, we and Apollo Co-Lenders may receive additional recovery of our realized losses. The amount to be paid by the Commonwealth is $ 21.9 million ($ 9.0 million attributable to ARI) , while the 2024 tax assessed value of the hospital was $ 200.8 million . On September 30, 2024, the guarantors made a guaranty payment on the loan and Borrowers transferred the deeds of the remaining seven hospitals into escrow, thereby releasing the Borrowers from their obligation under the loan agreement. Accordingly, we wrote-off the remaining Specific CECL Allowance and recorded a realized loss representing the difference between our loan' s remaining amortized cost basis and our allocation of the fair value of the seven remaining hospitals, less costs to sell, per the executed purchase and sale agreements and appraised values, where applicable, of the properties underlying the deeds in escrow. In aggregate, we recorded a $ 127.5 million realized loss within net realized loss on investments in our September 30, 2024 condensed consolidated statement of operations, and all Specific CECL Allowances related to our loan were written off. As of September 30, 2024, we recorded $ 159.7 million in other assets on our condensed consolidated balance sheet consisting of an equity method interest in the joint venture with other Apollo-managed entities and an interest in the property deeds in escrow. We did not hold title to the underlying properties as of September 30, 2024. Subsequently, on October 1, 2024, five of the seven hospitals were sold to third parties, and the proceeds were allocated among us and other Apollo Co-Lenders based on our pro-rata interests in the commercial mortgage loan. Refer to "Note 21 – Subsequent Events". Michigan Office During the three months ended June 30, 2024, we recorded a Specific CECL Allowance of $ 7.5 million on a subordinate loan secured by our interest in a Class A office building in Troy, MI, which was attributable to low occupancy and limited leasing activity in the property's submarket. The $ 7.5 million Specific CECL Allowance represents a full reserve against the loan’s amortized cost basis. The loan's risk rating was downgraded from a four to a five and the loan was moved to non-accrual status as of June 30, 2024. As discussed further below, we recorded an additional $ 142.0 million Specific CECL Allowance on our Junior Mezzanine A Loan (as defined below), during the three months ended March 31, 2024. Loan Modifications Pursuant to ASC 326 During the twelve months ended September 30, 2024, we provided the following loan modifications that require disclosure pursuant to ASC 326. Cleveland Multifamily In May 2021, we originated a first mortgage loan secured by a multifamily property in Cleveland, OH. In April 2024, we modified our loan to convert from a floating rate of Secured Overnight Financing Rate (" SOFR ") + 3.25 % to a 6.0 % fixed rate, and to provide a two year term extension. These modified terms are included in the determination of our general CECL reserve for the quarter ended September 30, 2024. The loan is performing pursuant to its modified contractual terms and its risk rating remains a three as of September 30, 2024. Manhattan Office In March 2022, we originated a first mortgage loan secured by an office property in Manhattan, NY. In April 2024, we modified our loan to convert from a floating rate of SOFR + 3.92 % to a 5.0 % fixed rate. This modified term is included in the determination of our general CECL reserve for the quarter ended September 30, 2024. The loan is performing pursuant to its modified contractual terms and its risk rating remains a three as of September 30, 2024. Manhattan Residential In August 2022, we refinanced three of our mezzanine loans (a senior mezzanine loan ("Senior Mezzanine Loan") and two junior mezzanine loans ("Junior Mezzanine A Loan" and "Junior Mezzanine B Loan" collectively referred to as "Junior Mezzanine Loan")), and originated a commercial mortgage loan ("Senior Loan") as part of an overall recapitalization. All of the loans are secured by an ultra-luxury residential property in Manhattan, NY. In refinancing the Senior Mezzanine Loan and Junior Mezzanine Loan, we modified the loan terms with the borrower to include an interest rate reduction and two year extension of the term on all three loans. Based on our analysis under ASC Topic 310-20 "Receivables – Nonrefundable Fees and Other Costs" ("ASC 310-20"), we have deemed this refinance to be a continuation of our existing loans. During 2022, sales velocity on the underlying property lagged behind the borrower's business plan and management's expectations. Based on this information and broader uncertainty across the ultra-luxury residential property market, we recorded a total loan Specific CECL Allowance of $ 66.5 million on the Junior Mezzanine B Loan and downgraded its risk rating to a five. As property sales continued to trail behind the borrower's business plan during the first half of 2023, we ceased accruing interest on the Senior Loan and the Senior Mezzanine Loan as of May 1, 2023. During the second quarter of 2023, we deemed the $ 82.0 million Junior Mezzanine B Loan to be unrecoverable and therefore wrote off our mezzanine loan and recorded a realized loss of $ 82.0 million within net realized loss on investments in our condensed consolidated statement of operations. We also recorded a $ 126.0 million Specific CECL Allowance on the Junior Mezzanine A Loan and downgraded its risk rating to a five. During the three months ended March 31, 2024, we recorded an additional $ 142.0 million Specific CECL Allowance on our Junior Mezzanine A Loan. The additional Specific CECL Allowance was primarily attributable to a reduction in list pricing of remaining units and slower sales pace at the property. The slower sales velocity coincided with the continued overall softening in the midtown Manhattan ultra-luxury submarket. Any future change to the Specific CECL Allowance will be based upon a number of factors, including but not limited to the continued assessment of both the potential nominal value of remaining inventory as well as the expected sales velocity. During the three months ended June 30, 2024, our Senior Loan was refinanced by a third party lender, which resulted in a repayment of $ 108.3 million. The remaining Senior Loan balance was restructured into a subordinate loan ("Senior Mezzanine A Loan"),

Real Estate Owned

Real Estate Owned	9 Months Ended
	Sep. 30, 2024
Real Estate [Abstract]
Real Estate Owned	Note 5 – Real Estate Owned Real Estate Owned, Held for Investment As of September 30, 2024 , assets and liabilities related to real estate owned, held for investment consisted of three properties: the D.C. Hotel, a full-service luxury hotel in Washington, D.C., the Brooklyn Development, a multifamily development property located in downtown Brooklyn, NY, and the Atlanta Hotel, a hotel in Atlanta, GA. D.C. Hotel On May 24, 2021, we acquired legal title to the D.C. hotel, which previously secured two subordinate loans, through a deed-in-lieu of foreclosure. In accordance with ASC 805, we consolidated the hotel's assets and liabilities at their respective fair values. Refer to "Note 3 – Fair Value Disclosure" for full discussion of non-recurring fair value measurements. As of March 1, 2022, the hotel assets, comprised of land, building, furniture, fixtures, and equipment ("FF&E"), and accumulated depreciation (collectively "REO Fixed Assets"), and liabilities met the criteria to be classified as held for sale under ASC Topic 360, "Property, Plant, and Equipment" ("ASC 360"). Accordingly, as of March 1, 2022, we ceased recording depreciation on the building and FF&E on the condensed consolidated statement of operations. As of March 1, 2023, due to market conditions, we curtailed active marketing efforts, and reclassified the REO Fixed Assets and liabilities from real estate owned, held for sale to real estate owned, held for investment, net. In accordance with ASC 360, the REO Fixed Assets were reclassified to their carrying value before they were initially classified as held for sale in March of 2022, and all other assets and liabilities were reclassified to the corresponding line items on the condensed consolidated balance sheet. Upon reclassification, we recorded $ 4.0 million of depreciation expense, representing the amount that would have been recorded had the asset remained as held for investment, and included this amount within Depreciation and amortization on real estate owned on our condensed consolidated statement of operations for the six months ended June 30, 2023. No realized gain or loss was recorded in connection with this reclassification. As of September 30, 2024 and December 31, 2023, the value of net real estate assets related to the D.C. Hotel was $ 156.7 million and $ 152.4 million , respectively. As of September 30, 2024, our net real estate assets included depreciable assets of $ 79.4 million , net of $ 8.5 million in accumulated depreciation, attributable to the building, and $ 5.8 million , net of $ 5.1 million in accumulated depreciation, attributable to FF&E. As of December 31, 2023, our net real estate assets included depreciable assets of $ 80.5 million , net of $ 6.6 million in accumulated depreciation, attributable to the building, and $ 6.1 million , net of $ 3.8 million in accumulated depreciation, attributable to FF&E. During the three months ended June 30, 2024, we obtained a $ 73.7 million mortgage secured by the D.C. Hotel. The mortgage includes an interest rate of term one-month SOFR + 3.00 % and current maturity of July 2026, with an option to extend for one year , contingent upon meeting certain conditions. The mortgage agreement contains covenants requiring our unencumbered liquidity be greater than $ 10.0 million and our net worth be greater than $ 200.0 million. Under these covenants, our General CECL Allowance is added back to our net worth calculation. The carrying value of the mortgage included within debt related to real estate owned, held for investment, net on our condensed consolidated balance sheet was $ 72.5 million , net of $ 1.2 million in deferred financing costs. To manage our exposure to variable cash flows on our borrowings under this mortgage, we entered into an interest rate cap on June 13, 2024. As of September 30, 2024, the fair value of the interest rate cap was de minimis. Refer to "Note 11 – Derivatives" for full detail. We recorded net profit from hotel operations of $ 0.1 million and $ 6.0 million for three and nine months ended September 30, 2024, respectively, and net profit of $ 0.5 million and $ 4.3 million for the three and nine months ended September 30, 2023, respectively. Brooklyn Development In 2015, we originated a $ 122.2 million multifamily development commercial mortgage loan secured by an assemblage of properties in downtown Brooklyn, NY. In 2020, the loan went into default, and we recorded a $ 30.0 million Specific CECL Allowance, due to the deterioration of market conditions attributable to COVID-19. As a result of improved market conditions, we reversed $ 20.0 million of Specific CECL Allowance during the second quarter of 2021. In the second quarter of 2022, we reversed the remaining $ 10.0 million Specific CECL Allowance as a result of market rent growth and value created from development activities at the underlying property. On August 3, 2022, we acquired legal title of the property through a deed-in-lieu of foreclosure and accounted for the asset acquisition in accordance with ASC 805. At that time, our amortized cost basis in the commercial mortgage loan was $ 226.5 million. We recorded the real estate assumed at a fair value of $ 270.1 million based on the market value of the property as of the date of acquisition. We recognized a realized gain of $ 43.6 million, recorded within realized gain (loss) on investments on our condensed consolidated statement of operations, which reflects the difference between the fair value of the property and the carrying value of the loan at the time of acquisition. The non-recurring fair value measurement was classified as Level III within the fair value hierarchy due to the use of significant unobser vable inputs, including comparable sales of similar properties in the market. We capitalized construction and financing costs of $ 44.0 million and $ 121.4 million during the three and nine months ended September 30, 2024, respectively, and $ 17.6 million and $ 46.7 million during the three and nine months ended September 30, 2023, respectively. As of September 30, 2024 and December 31, 2023, our cost basis in the property was $ 495.6 million and $ 374.2 million , respectively. As of September 30, 2024 and December 31, 2023, our cost basis included construction costs of $ 274.4 million and $ 152.9 million , respectively. There is no depreciation recorded while the property is under development. Upon taking title, we concurrently contributed the property to a joint venture with a third-party real estate developer. The entity was deemed to be a VIE, of which we were determined to be the primary beneficiary. Through our wholly owned subsidiaries, we hold a 100 % equity ownership interest in the joint venture and our partner is only entitled to profit upon achievement of certain returns under our joint venture agreement. Concurrently with taking title to the property, we obtained $ 164.8 million in construction financing on the property. As of September 30, 2024 and December 31, 2023, the carrying value of the construction financing included within debt related to real estate owned, held for investment, net on our condensed consolidated balance sheets was $ 206.4 million , net of $ 2.3 million in deferred financing costs and $ 161.6 million , net of $ 3.2 million in deferred financing costs, respectively. The construction financing includes a maximum commitment of $ 388.4 million, an interest rate of SOFR + 2.55 %, and current maturity of August 2026, with an option to extend for one year , contingent upon meeting certain conditions. The construction financing agreement contains covenants requiring our unencumbered liquidity be greater than $ 100.0 million and our net worth be greater than $ 600.0 million. Under these covenants, our General CECL Allowance is added back to our net worth calculation. As of both September 30, 2024 and December 31, 2023, we were in compliance with these covenants. To manage our exposure to variable cash flows on our borrowings under this construction financing, we entered into an interest rate cap on September 26, 2023, and extended on September 30, 2024 for an additional year. As of September 30, 2024 and December 31, 2023, the fair value of the interest rate cap was $ 0.6 million and $ 1.4 million , respectively, and recorded within derivative assets, net on our condensed consolidated balance sheet. Refer to "Note 11 – Derivatives" for full detail. Atlanta Hotel In March 2017, we originated a first mortgage loan secured by the Atlanta Hotel. During the second quarter of 2022, due to slower than expected recovery from the COVID-19 pandemic, we deemed the borrower to be experiencing financial difficulty. Accordingly, we ceased accruing interest on the loan and recorded a $ 7.0 million Specific CECL Allowance. During the fourth quarter of 2022, we wrote off the $ 7.0 million previously recorded Specific CECL Allowance and reduced the principal balance of the loan which was recorded as a realized loss within net realized loss on investments in our December 31, 2022 consolidated statement of operations. On March 31, 2023, we acquired legal title of the Atlanta Hotel through a deed-in-lieu of foreclosure and determined the fair value of net real estate assets to be $ 75.0 million in accordance with ASC 820. The fair value of the real estate owned is categorized within Level III of the fair value hierarchy set forth by ASC 820 and includes the use of significant unobservable inputs. See "Note 3 – Fair Value Disclosure" for discussion of our non-recurring fair value measurements. Additionally, we recognized a realized loss of $ 4.8 million, recorded within net realized loss on investments on our condensed consolidated statement of operations. The realized loss represents the difference between the original loan's amortized cost and the fair value of the net assets acquired. During the three months ended June 30, 2023, we received an unsolicited offer from a third party to purchase the Atlanta Hotel. As of June 30, 2023, the hotel's assets and liabilities met the criteria to be classified as held for sale under ASC 360. In accordance with ASC 360, we ceased recording depreciation on the building and FF&E on the condensed consolidated statement of operations and we have reclassified assets and liabilities from their respective condensed consolidated balance sheet line items to Assets related to real estate owned, held for sale and Liabilities related to real estate owned, held for sale. As of March 31, 2024, we determined the sale of the Atlanta Hotel to a third party, from whom we received an unsolicited offer, to be no longer probable, and we are not actively marketing the property for sale to other potential buyers. As such, the Atlanta Hotel no longer met the criteria to be classified as held for sale under ASC 360. In accordance with ASC 360, the REO Fixed Assets were reclassified to their carrying value before classifying as held for sale in June of 2023. On the date of reclassification, March 31, 2024, we recorded $ 3.6 million in depreciation, representing the amount that would have been recorded had the asset remained as held for investment. All other assets and liabilities were reclassified to the corresponding line items on the condensed consolidated balance sheet. No realized gain or loss was recorded in connection with this reclassification. As of September 30, 2024, the value of net real estate assets related to the Atlanta Hotel was $ 68.6 million . As of September 30, 2024, our net real estate assets included depreciable assets of $ 45.5 million , net of $ 4.7 million in accumulated depreciation, attributable to the building, and $ 6.8 million , net of $ 2.6 million in accumulated depreciation, attributable to FF&E. For the three and nine months ended September 30, 2024, we recorded net profit/(loss) from the hotel's operations of $ 0.4 million and ($ 1.2 ) million , respectively. For the three and nine months ended September 30, 2023, we recorded $ 0.5 million and $ 1.9 million of net income from the hotel's operations, respectively. As of December 31, 2023, the hotel's assets and liabilities were classified as held for sale, and the value of net real estate assets related to the Atlanta Hotel was $ 75.4 million . As of December 31, 2023, our net real estate assets included depreciable assets of $ 49.4 million , net of $ 0.8 million in accumulated depreciation, attributable to the building, and $ 8.0 million , net of $ 0.4 million in accumulated depreciation, attributable to FF&E.

Other Assets

Other Assets	9 Months Ended
	Sep. 30, 2024
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Other Assets	Note 6 – Other Assets The following table details the components of our other assets at the dates indicated ($ in thousands): September 30, 2024 December 31, 2023 Interest receivable $ 78,330 $ 72,354 Collateral deposited under derivative agreements 11,550 — Loan proceeds held by servicer (1) 105,769 6,271 Other (2)(3) 168,487 6,998 Total $ 364,136 $ 85,623 (1) Includes loan principal, interest, and other fees held by our third-party servicers as of the balance sheet date and remitted during subsequent remittance cycle. (2) Includes $ 8.4 million and $ 4.6 million of other assets from Real Estate Owned, Held for Investment as of September 30, 2024 and December 31, 2023, respectively. Refer to "Note 5 – Real Estate Owned" for additional information. (3) Includes $ 159.7 million of other assets related to our former Massachusetts Healthcare Loan as discussed in "Note 4 – Commercial Mortgage Loans, Subordinate Loans and Other Lending Assets, Net. "

Secured Debt Arrangements, Net

Secured Debt Arrangements, Net	9 Months Ended
	Sep. 30, 2024
Debt Disclosure [Abstract]
Senior Secured Notes, Net	Note 7 – Secured Debt Arrangements, Net We utilize secured debt arrangements to finance the origination activity in our loan portfolio. Our secured debt arrangements are comprised of secured credit facilities, a private securitization, and a revolving credit facility. In January 2024, we entered into a new secured credit facility with Goldman Sachs that provided £ 125.6 million ( $ 158.6 million , assuming conversion into USD) of borrowing capacity. During the three months ended September 30, 2024 , we further upsized the facility by £ 242.1 million ( $ 314.6 million , assuming conversion into USD). Additionally, during the nine months ended September 30, 2024, we upsized the Barclays facility by $ 300.0 million and the Atlas Facility by $ 113.5 million . The amendment to upsize the Atlas Facility also included conversion of the facility's term from a six month "evergreen" feature to two-years, with a one-year extension option, reduction to recourse percentages, and an additional pledge of a commercial mortgage loan, among other changes. Furthermore, we have repaid the full amount of borrowings outstanding on both the Goldman Sachs USD and Santander EUR facilities. Our borrowings under secured debt arrangements as of September 30, 2024 and December 31, 2023 are detailed in the following table ($ in thousands): September 30, 2024 December 31, 2023 Maximum (1) Borrowings (1) Maturity (2) Maximum (1) Borrowings (1) Maturity (2) JPMorgan Facility - USD (3)(4) $ 1,500,000 $ 832,657 September 2026 $ 1,482,584 $ 1,043,964 September 2026 JPMorgan Facility - GBP (3)(4) — — N/A 17,416 17,416 September 2026 Deutsche Bank Facility - USD (3) 700,000 183,397 March 2026 700,000 275,815 March 2026 Atlas Facility - USD (5) 800,000 622,788 March 2027 (6) 686,527 669,302 April 2027 (7)(8) HSBC Facility - GBP 403,390 403,390 May 2025 383,967 383,967 May 2025 HSBC Facility - EUR 269,032 269,032 January 2026 (8) 281,401 281,401 January 2026 Goldman Sachs Facility - USD — — N/A (9) 13,437 13,437 November 2025 (9) Goldman Sachs Facility - GBP 491,500 390,163 May 2029 — — N/A Barclays Facility - USD 500,000 353,153 March 2027 (7) 200,000 107,929 June 2027 (7) MUFG Securities Facility - GBP 209,759 194,203 August 2025 (7) 204,690 204,690 June 2025 (7) Churchill Facility - USD 130,000 122,595 April 2026 130,000 126,515 March 2026 Santander Facility - USD 300,000 67,500 February 2026 (7) 300,000 67,500 February 2026 (7) Santander Facility - EUR (10) — — N/A 59,611 55,716 August 2024 Total Secured Credit Facilities 5,303,682 3,438,878 4,459,633 3,247,652 Barclays Private Securitization - GBP, EUR, SEK 2,034,897 2,034,897 December 2026 (8) 2,369,125 2,157,157 June 2026 (8) Revolving Credit Facility - USD (11)(12) 160,000 51,050 March 2026 170,000 147,000 March 2026 Total Secured Debt Arrangements 7,498,579 5,524,825 6,998,758 5,551,809 Less: deferred financing costs N/A ( 10,880 ) N/A ( 13,333 ) Total Secured Debt Arrangements, net (13)(14)(15) $ 7,498,579 $ 5,513,945 $ 6,998,758 $ 5,538,476 (1) As of September 30, 2024, British Pound Sterling("GBP"), Euro ("EUR"), and Swedish Krona ("SEK") borrowings were converted to USD at a rate of 1.34 , 1.11 , and 0.10 , respectively. As of December 31, 2023, GBP, EUR and SEK borrowings were converted to USD at a rate of 1.27 , 1.10 and 0.10 , respectively. (2) Maturity date assumes extensions at our option are exercised with consent of financing providers, where applicable. (3) The JPMorgan Facility and Deutsche Bank Facility enable us to elect to receive advances in USD, GBP, or EUR. (4) The JPMorgan Facility allows for $ 1.5 billion of maximum borrowings in total as of September 30, 2024. (5) The Atlas Facility (as defined below) was formerly the Credit Suisse Facility. See "Atlas Facility" below for additional discussion. (6) The Atlas Facility was amended during March 2024 to convert the facility's maturity from a six month "evergreen" feature to a two-year initial term, with an additional one-year extension option. (7) Assumes financings are extended in line with the underlying loans. (8) Represents weighted-average maturity across various financings with the counterparty. See below for additional details. (9) Facility entered the two-year amortization period during Q4 2023. During the amortization period, the maturity date for current outstanding transactions are extended for a period of up to two years from the November 2023 maturity. The facility was terminated during the nine months ended September 30, 2024, in conjunction with repayment of the underlying loan securing the facility. (10) The facility was terminated during the three months ended June 30, 2024 in conjunction with repayment of the underlying loan securing the facility. (11) The current stated maturity of the Revolving Credit Facility (as defined below) is March 2026. Borrowings under the Revolving Credit Facility bear interest at a per annum rate equal to the sum of (i) a floating rate index and (ii) a fixed margin. Borrowings under the Revolving Credit Facility are full recourse to certain guarantor wholly-owned subsidiaries of the Company. See "Revolving Credit Facility" below for additional discussion. (12) Effective September 30, 2024, the capacity on our Revolving Credit Facility was reduced to $ 160.0 million from $ 170.0 million. (13) Weighted-average borrowing costs as of September 30, 2024 and December 31, 2023 were applicable benchmark rates and credit spread adjustments, plus spreads of USD: + 2.56 % / GBP: + 2.28 % / EUR: + 2.11 % / SEK: + 1.50 % and USD: + 2.49 % / GBP: + 2.21 % / EUR: + 1.86 % / SEK: + 1.50 % , respectively. (14) Weighted-average advance rates based on cost as of September 30, 2024 and December 31, 2023 were 70.9 % ( 65.1 % (USD) / 75.1 % (GBP) / 72.8 % (EUR) / 80.4 % (SEK)) and 68.4 % ( 62.9 % (USD) / 72.5 % (GBP) / 72.1 % (EUR) / 80.4 % (SEK)), respectively. (15) As of September 30, 2024 and December 31, 2023, approximately 48 % and 58 % , respectively, is the outstanding balance under these secured borrowings were recourse to us. Terms of our secured credit facilities are designed to keep each lender's credit exposure generally constant as a percentage of the underlying value of the assets pledged as security to the facility. If the credit of the underlying collateral value decreases, the amount of leverage to us may be reduced. As of September 30, 2024 and December 31, 2023, the weighted-average haircut under our secured debt arrangements was approximately 29.1 % and 31.6 % , respectively. Our secured credit facilities do not contain capital markets-based mark-to-market provisions. Atlas Facility On February 8, 2023, in connection with the acquisition by certain subsidiaries of Atlas, which is a wholly-owned investment of a fund managed by an affiliate of the Manager, the Credit Suisse Facility was acquired by Atlas ("Atlas Facility"). For full discussion of this transaction, refer to "Note 15 – Related Party Transactions." Revolving Credit Facility On March 3, 2023, we entered into the revolving credit facility (the "Revolving Credit Facility") administered by Bank of America, N.A. The Revolving Credit Facility provides up to $ 160.0 million of borrowings secured by qualifying commercial mortgage loans and real property owned assets. As of September 30, 2024, our interest coverage ratio was a minimum of 1.3 :1. See "Debt Covenants" below for additional discussion. The Revolving Credit Facility has a term of three years , maturing in March 2026. The Revolving Credit Facility enables us to borrow on qualifying commercial mortgage loans for up to two years and real property owned assets for up to six months . As of September 30, 2024 and December 31, 2023, we had $ 51.1 million and $ 147.0 million , respectively, outstanding on the Revolving Credit Facility. During the three and nine months ended September 30, 2024, we recorded $ 84.7 thousand and $ 195.3 thousand in unused fees and $ 0.1 million and $ 2.4 million in contractual interest expense, respectively. During the three and nine months ended September 30, 2023, we recorded $ 86.9 thousand and $ 200.2 thousand in unused fees, respectively. Barclays Private Securitization We are party to a private securitization with Barclays Bank plc ("Barclays") (such securitization, the "Barclays Private Securitization"). Commercial mortgage loans currently financed under the Barclays Securitization are denominated in GBP, EUR and SEK. The Barclays Private Securitization does not include daily margining provisions and grants us significant discretion to modify certain terms of the underlying collateral including waiving certain loan-level covenant breaches and deferring or waiving of debt service payments for up to 18 months. The securitization includes loan-to-value based covenants with deleveraging requirements that are based on significant declines in the value of the collateral as determined by an annual third-party (engaged by us) appraisal process tied to the provisions of the underlying loan agreements. We believe this provides us with both cushion and predictability to avoid sudden unexpected outcomes and material repayment requirements. The table below provides principal balances and the carrying value for commercial mortgage loans pledged to the Barclays Private Securitization as of September 30, 2024 and December 31, 2023 ($ in thousands): September 30, 2024 Local Currency Count Outstanding Carrying Value GBP 6 $ 1,745,874 $ 1,726,495 EUR 3 743,480 734,207 SEK 1 244,074 242,893 Total 10 $ 2,733,428 $ 2,703,595 December 31, 2023 Local Currency Count Outstanding Carrying Value GBP 7 $ 1,662,457 $ 1,643,979 EUR 6 1,021,272 1,012,987 SEK 1 248,088 246,220 Total 14 $ 2,931,817 $ 2,903,186 The table below provides the borrowings outstanding (on an as converted basis) and weighted-average fully-extended maturities by currency for the assets financed under the Barclays Private Securitization as of September 30, 2024 ($ in thousands): Borrowings (1) Fully-Extended (2) Total/Weighted-Average GBP $ 1,288,941 August 2026 Total/Weighted-Average EUR 550,425 October 2027 (3) Total/Weighted-Average SEK 195,530 May 2026 Total/Weighted-Average Securitization $ 2,034,897 December 2026 (1) As of September 30, 2024, we had £ 963.7 million , € 494.3 million , and kr 2.0 billion of borrowings outstanding under the Barclays Private Securitization secured by certain of our commercial mortgage loans. (2) Assumes underlying loans extend to fully extended maturity and extensions at our option are exercised. (3) The EUR portion of the Barclays Private Securitization has an "evergreen" feature such that the facility continues for one year and can be terminated by either party on certain dates with, depending on the date of notice, a minimum of nine to twelve months' notice. The table below provides the borrowings outstanding (on an as converted basis) and weighted-average fully-extended maturities by currency for the assets financed under the Barclays Private Securitization as of December 31, 2023 ($ in thousands): Borrowings (1) Fully-Extended (2) Total/Weighted-Average GBP 1,234,740 June 2026 Total/Weighted-Average EUR 723,947 May 2026 (3) Total/Weighted-Average SEK 198,470 May 2026 Total/Weighted-Average Securitization $ 2,157,157 June 2026 (1) As of December 31, 2023, we had £ 969.9 million , € 655.8 million , and kr $ 2.0 billion of borrowings outstanding under the Barclays Private Securitization secured by certain of our commercial mortgage loans. (2) Assumes underlying loans extend to fully extended maturity and extensions at our option are exercised. (3) The EUR portion of the Barclays Private Securitization has an "evergreen" feature such that the facility continues for one year and can be terminated by either party on certain dates with, depending on the date of notice, a minimum of nine to twelve months' notice. The table below provides the assets and liabilities of the Barclays Private Securitization VIE included in our condensed consolidated balance sheets ($ in thousands): September 30, 2024 December 31, 2023 Assets: Cash $ 1,366 $ 924 Commercial mortgage loans, net (1) 2,703,595 2,903,186 Other Assets (2) 142,208 41,180 Total Assets $ 2,847,170 $ 2,945,290 Liabilities: Secured debt arrangements, net (net of deferred financing costs of $ 1.3 million and $ 2.0 million in 2024 and 2023, respectively) $ 2,033,613 $ 2,155,197 Accounts payable, accrued expenses and other liabilities (3)(4) 89,090 9,083 Total Liabilities $ 2,122,703 $ 2,164,280 (1) Net of the General CECL Allowance of $ 12.7 million and $ 8.3 million as of September 30, 2024 and December 31, 2023, respectively. (2) Includes loan principal, interest, and other fees held by our third-party servicers as of the balance sheet date and remitted during subsequent remittance cycle. (3) Includes General CECL Allowance related to unfunded commitments on commercial mortgage loans, net of $ 2.4 million and $ 2.5 million as of September 30, 2024 and December 31, 2023, respectively. (4) Includes pending transfers from our third party loan servicers that were remitted to our secured credit facility counterparties during the subsequent remittance cycle. The table below provides the net income of the Barclays Private Securitization VIE included in our condensed consolidated statement of operations ($ in thousands): Three months ended September 30, Nine months ended September 30, 2024 2023 2024 2023 Net interest income: Interest income from commercial mortgage loans $ 69,455 $ 56,537 $ 197,574 $ 156,295 Interest expense ( 39,343 ) ( 30,379 ) ( 111,445 ) ( 80,753 ) Net interest income $ 30,112 $ 26,158 $ 86,129 $ 75,542 General and administrative expense $ ( 4 ) $ ( 2 ) $ ( 6 ) $ ( 9 ) Decrease (increase) in current expected credit loss allowance, net ( 176 ) 1,744 ( 4,315 ) 1,169 Foreign currency translation gain (loss) 38,209 ( 24,266 ) 24,799 ( 3,555 ) Net income $ 68,141 $ 3,634 $ 106,607 $ 73,147 At September 30, 2024, our borrowings had the following remaining maturities ($ in thousands): Less than 1 to 3 3 to 5 More than Total JPMorgan Facility $ 197,798 $ 634,859 $ — $ — $ 832,657 Deutsche Bank Facility — 183,397 — — 183,397 Atlas Facility 105,109 517,679 — — 622,788 HSBC Facility 527,665 144,757 — — 672,422 Goldman Sachs Facility - GBP — — 390,163 — 390,163 Barclays Facility — 353,153 — — 353,153 MUFG Securities Facility 194,203 — — — 194,203 Churchill Facility — 122,595 — — 122,595 Santander Facility - USD 67,500 — — — 67,500 Barclays Private Securitization 122,275 1,710,368 202,254 — 2,034,897 Revolving Credit Facility 37,500 13,550 — — 51,050 Total $ 1,252,050 $ 3,680,358 $ 592,417 $ — $ 5,524,825 The table above reflects the fully extended maturity date of the facility and assumes facilities with an "evergreen" feature continue to extend through the fully-extended maturity of the underlying asset and assumes underlying loans are extended with consent of financing providers. The table below summarizes the outstanding balances at September 30, 2024, as well as the maximum and average month-end balances for the nine months ended September 30, 2024 for our borrowings under secured debt arrangements ($ in thousands). As of September 30, 2024 For the nine months ended September 30, 2024 Balance Collateral (1) Maximum Average JPMorgan Facility $ 832,657 1,552,582 1,063,261 $ 981,865 Deutsche Bank Facility 183,397 288,425 278,703 213,556 Goldman Sachs Facility - USD — — 11,620 3,871 Goldman Sachs Facility - GBP 390,163 505,785 390,163 209,010 Atlas Facility 622,788 770,590 758,201 693,554 HSBC Facility 672,422 896,872 672,422 657,656 Barclays Facility 353,153 459,048 353,153 213,029 MUFG Securities Facility 194,203 282,548 211,057 203,437 Churchill Facility 122,595 163,416 126,080 124,338 Santander Facility - USD 67,500 99,912 67,500 67,500 Santander Facility - EUR — — 54,677 30,245 Barclays Private Securitization 2,034,897 2,716,314 2,249,538 2,108,953 Revolving Credit Facility 51,050 103,276 150,000 51,728 Total $ 5,524,825 $ 7,838,768 (1) Represents the amortized cost balance of commercial loan collateral assets and the value of net real estate assets of real property owned collateral assets. The table below summarizes the outstanding balances at December 31, 2023, as well as the maximum and average month-end balances for the year ended December 31, 2023 for our borrowings under secured debt arrangements ($ in thousands). As of December 31, 2023 For the year ended December 31, 2023 Balance Collateral (1) Maximum Average JPMorgan Facility $ 1,061,380 $ 1,871,854 $ 1,324,226 $ 1,190,651 Deutsche Bank Facility 275,815 419,170 385,818 322,676 Goldman Sachs Facility 13,437 28,533 70,249 30,482 Atlas Facility 669,302 933,085 688,126 667,794 HSBC Facility 665,368 860,134 667,430 651,758 Barclays Facility 107,929 129,439 111,909 110,729 MUFG Securities Facility 204,690 278,223 206,362 200,447 Churchill Facility 126,515 168,138 130,000 128,094 Santander Facility - USD 67,500 99,648 75,000 68,125 Santander Facility - EUR 55,716 74,288 55,716 54,347 Barclays Private Securitization 2,157,157 2,911,470 2,157,157 1,896,144 Revolving Credit Facility 147,000 319,048 147,000 93,500 Total $ 5,551,809 $ 8,093,030 (1) Represents the amortized cost balance of commercial loan collateral assets and the value of net real estate assets of real property owned collateral assets. Debt Covenants The guarantees related to our secured debt arrangements contain the following financial covenants: (i) tangible net worth must be greater than $ 1.25 billion plus 75 % of the net cash proceeds of any equity issuance after March 31, 2017; (ii) our ratio of total indebtedness to tangible net worth cannot be greater than 3.75 :1 (ratio is 4.00 :1 for the Revolving Credit Facility); and (iii) our liquidity cannot be less than an amount equal to the greater of 5 % of total recourse indebtedness or $ 30.0 million. Under these covenants, our General CECL Allowance is added back to our tangible net worth calculation. The Revolving Credit Facility contains an additional financial covenant to maintain a minimum interest coverage ratio. As of September 30, 2024, the interest coverage ratio shall be not less than 1.3 :1, and shall be not less than 1.4 :1 effective June 30, 2025. We were in compliance with the covenants under each of our secured debt arrangements at September 30, 2024 and December 31, 2023 . The impact of macroeconomic conditions on the commercial real estate markets and global capital markets, including increased interest rates, foreign currency fluctuations, changes to fiscal and monetary policy, slower economic growth or recession, labor shortages, and recent distress in the banking sector, may make it more difficult to meet or satisfy these covenants in the future. In May 2019, we entered into a $ 500.0 million senior secured term loan (the "2026 Term Loan"), which matures in May 2026 and contains restrictions relating to liens, asset sales, indebtedness, and investments in non-wholly owned entities. The 2026 Term Loan was issued at a price of 99.5 %. During the second quarter of 2023, the 2026 Term Loan transitioned from LIBOR to SOFR and currently bears interest at SOFR plus 2.86 %. In March 2021, we entered into an additional $ 300.0 million senior secured term loan, with substantially the same terms as the 2026 Term Loan, (the "2028 Term Loan" and, together with the 2026 Term Loan, the "Term Loans") which matures in March 2028 and contains restrictions relating to liens, asset sales, indebtedness, and investments in non-wholly owned entities. The 2028 Term Loan was issued at a price of 99.0 %. During the second quarter of 2023, the 2028 Term Loan transitioned from LIBOR to SOFR and currently bears interest at SOFR (with a floor of 0.50 %) plus 3.61 %. The Term Loans are amortizing with repayments of 0.25 % per quarter of the total committed principal. During the three and nine months ended September 30, 2024 and 2023, we repaid $ 1.3 million and $ 3.8 million of principal, respectively, related to the 2026 Term Loan. During the three and nine months ended September 30, 2024 and 2023, we repaid $ 750 thousand and $ 2.3 million of principal respectively related to the 2028 Term Loan. The following table summarizes the terms of the Term Loans as of September 30, 2024 ($ in thousands): Principal Amount Unamortized Issuance Discount (1) Deferred Financing Costs (1) Carrying Value Rate Maturity Date 2026 Term Loan $ 473,750 $ ( 565 ) $ ( 3,162 ) $ 470,023 2.86 % 5/15/2026 2028 Term Loan 289,500 ( 1,464 ) ( 2,618 ) 285,418 3.61 % 3/11/2028 Total $ 763,250 $ ( 2,029 ) $ ( 5,780 ) $ 755,441 (1) Unamortized issuance discount and deferred financing costs will be amortized to interest expense over remaining life of respective term loans. The following table summarizes the terms of the Term Loans as of December 31, 2023 ($ in thousands): Principal Amount Unamortized Issuance Discount (1) Deferred Financing Costs (1) Carrying Value Rate Maturity Date 2026 Term Loan $ 477,500 $ ( 833 ) $ ( 4,302 ) $ 472,365 2.86 % 5/15/2026 2028 Term Loan 291,750 ( 1,786 ) ( 3,179 ) 286,785 3.61 % 3/11/2028 Total $ 769,250 $ ( 2,619 ) $ ( 7,481 ) $ 759,150 (1) Unamortized issuance discount and deferred financing costs will be amortized to interest expense over remaining life of respective term loans. Covenants The financial covenants of the Term Loans include the requirements that we maintain: (i) a maximum ratio of total recourse debt to tangible net worth of 4 :1; and (ii) a ratio of total unencumbered assets to total pari-passu indebtedness of at least 2.50 :1. We were in compliance with the covenants under the Term Loans at September 30, 2024 and December 31, 2023. Interest Rate Cap In June 2020, we entered into an interest rate cap to manage our exposure to variable cash flows on our borrowings under our 2026 senior secured term loan by effectively limiting LIBOR from exceeding 0.75 %. This limited the maximum all-in coupon on our 2026 senior secured term loan to 3.50 %. Subsequent to the interest rate cap maturity on June 15, 2023, the effective all-in coupon on our 2026 Term Loan increased to one month SOFR plus the spread of 2.86 %. Refer to "Note 11 – Derivatives" for further detail. Participations sold represented the subordinate interests in loans we originated and subsequently partially sold. We account for participations sold as secured borrowings on our condensed consolidated balance sheet with both assets and non-recourse liabilities because the participations do not qualify as a sale under ASC 860. The income earned on the participations sold is recorded as interest income and an identical amount is recorded as interest expense in our condensed consolidated statements of operations. In December 2020, we sold a £ 6.7 million ($ 8.9 million assuming conversion into USD at time of transfer) interest, at par, in a first mortgage loan collateralized by an office building located in London, United Kingdom that was originated by us in December 2017. In connection with this sale, we transferred our remaining unfunded commitment of £ 19.1 million ($ 25.3 million assuming conversion into USD at time of transfer). The participation interest sold was subordinate to our first mortgage loan and was accounted for as a secured borrowing on our consolidated balance sheet. In January 2023, the first mortgage loan, including participations sold, was fully satisfied, including all contractual and default interest accrued to date. We had no participations sold as of September 30, 2024 or December 31, 2023 .

Senior Secured Term Loan, Net

Senior Secured Term Loan, Net	9 Months Ended
	Sep. 30, 2024
Debt Disclosure [Abstract]
Senior Secured Term Loan, Net	Note 7 – Secured Debt Arrangements, Net We utilize secured debt arrangements to finance the origination activity in our loan portfolio. Our secured debt arrangements are comprised of secured credit facilities, a private securitization, and a revolving credit facility. In January 2024, we entered into a new secured credit facility with Goldman Sachs that provided £ 125.6 million ( $ 158.6 million , assuming conversion into USD) of borrowing capacity. During the three months ended September 30, 2024 , we further upsized the facility by £ 242.1 million ( $ 314.6 million , assuming conversion into USD). Additionally, during the nine months ended September 30, 2024, we upsized the Barclays facility by $ 300.0 million and the Atlas Facility by $ 113.5 million . The amendment to upsize the Atlas Facility also included conversion of the facility's term from a six month "evergreen" feature to two-years, with a one-year extension option, reduction to recourse percentages, and an additional pledge of a commercial mortgage loan, among other changes. Furthermore, we have repaid the full amount of borrowings outstanding on both the Goldman Sachs USD and Santander EUR facilities. Our borrowings under secured debt arrangements as of September 30, 2024 and December 31, 2023 are detailed in the following table ($ in thousands): September 30, 2024 December 31, 2023 Maximum (1) Borrowings (1) Maturity (2) Maximum (1) Borrowings (1) Maturity (2) JPMorgan Facility - USD (3)(4) $ 1,500,000 $ 832,657 September 2026 $ 1,482,584 $ 1,043,964 September 2026 JPMorgan Facility - GBP (3)(4) — — N/A 17,416 17,416 September 2026 Deutsche Bank Facility - USD (3) 700,000 183,397 March 2026 700,000 275,815 March 2026 Atlas Facility - USD (5) 800,000 622,788 March 2027 (6) 686,527 669,302 April 2027 (7)(8) HSBC Facility - GBP 403,390 403,390 May 2025 383,967 383,967 May 2025 HSBC Facility - EUR 269,032 269,032 January 2026 (8) 281,401 281,401 January 2026 Goldman Sachs Facility - USD — — N/A (9) 13,437 13,437 November 2025 (9) Goldman Sachs Facility - GBP 491,500 390,163 May 2029 — — N/A Barclays Facility - USD 500,000 353,153 March 2027 (7) 200,000 107,929 June 2027 (7) MUFG Securities Facility - GBP 209,759 194,203 August 2025 (7) 204,690 204,690 June 2025 (7) Churchill Facility - USD 130,000 122,595 April 2026 130,000 126,515 March 2026 Santander Facility - USD 300,000 67,500 February 2026 (7) 300,000 67,500 February 2026 (7) Santander Facility - EUR (10) — — N/A 59,611 55,716 August 2024 Total Secured Credit Facilities 5,303,682 3,438,878 4,459,633 3,247,652 Barclays Private Securitization - GBP, EUR, SEK 2,034,897 2,034,897 December 2026 (8) 2,369,125 2,157,157 June 2026 (8) Revolving Credit Facility - USD (11)(12) 160,000 51,050 March 2026 170,000 147,000 March 2026 Total Secured Debt Arrangements 7,498,579 5,524,825 6,998,758 5,551,809 Less: deferred financing costs N/A ( 10,880 ) N/A ( 13,333 ) Total Secured Debt Arrangements, net (13)(14)(15) $ 7,498,579 $ 5,513,945 $ 6,998,758 $ 5,538,476 (1) As of September 30, 2024, British Pound Sterling("GBP"), Euro ("EUR"), and Swedish Krona ("SEK") borrowings were converted to USD at a rate of 1.34 , 1.11 , and 0.10 , respectively. As of December 31, 2023, GBP, EUR and SEK borrowings were converted to USD at a rate of 1.27 , 1.10 and 0.10 , respectively. (2) Maturity date assumes extensions at our option are exercised with consent of financing providers, where applicable. (3) The JPMorgan Facility and Deutsche Bank Facility enable us to elect to receive advances in USD, GBP, or EUR. (4) The JPMorgan Facility allows for $ 1.5 billion of maximum borrowings in total as of September 30, 2024. (5) The Atlas Facility (as defined below) was formerly the Credit Suisse Facility. See "Atlas Facility" below for additional discussion. (6) The Atlas Facility was amended during March 2024 to convert the facility's maturity from a six month "evergreen" feature to a two-year initial term, with an additional one-year extension option. (7) Assumes financings are extended in line with the underlying loans. (8) Represents weighted-average maturity across various financings with the counterparty. See below for additional details. (9) Facility entered the two-year amortization period during Q4 2023. During the amortization period, the maturity date for current outstanding transactions are extended for a period of up to two years from the November 2023 maturity. The facility was terminated during the nine months ended September 30, 2024, in conjunction with repayment of the underlying loan securing the facility. (10) The facility was terminated during the three months ended June 30, 2024 in conjunction with repayment of the underlying loan securing the facility. (11) The current stated maturity of the Revolving Credit Facility (as defined below) is March 2026. Borrowings under the Revolving Credit Facility bear interest at a per annum rate equal to the sum of (i) a floating rate index and (ii) a fixed margin. Borrowings under the Revolving Credit Facility are full recourse to certain guarantor wholly-owned subsidiaries of the Company. See "Revolving Credit Facility" below for additional discussion. (12) Effective September 30, 2024, the capacity on our Revolving Credit Facility was reduced to $ 160.0 million from $ 170.0 million. (13) Weighted-average borrowing costs as of September 30, 2024 and December 31, 2023 were applicable benchmark rates and credit spread adjustments, plus spreads of USD: + 2.56 % / GBP: + 2.28 % / EUR: + 2.11 % / SEK: + 1.50 % and USD: + 2.49 % / GBP: + 2.21 % / EUR: + 1.86 % / SEK: + 1.50 % , respectively. (14) Weighted-average advance rates based on cost as of September 30, 2024 and December 31, 2023 were 70.9 % ( 65.1 % (USD) / 75.1 % (GBP) / 72.8 % (EUR) / 80.4 % (SEK)) and 68.4 % ( 62.9 % (USD) / 72.5 % (GBP) / 72.1 % (EUR) / 80.4 % (SEK)), respectively. (15) As of September 30, 2024 and December 31, 2023, approximately 48 % and 58 % , respectively, is the outstanding balance under these secured borrowings were recourse to us. Terms of our secured credit facilities are designed to keep each lender's credit exposure generally constant as a percentage of the underlying value of the assets pledged as security to the facility. If the credit of the underlying collateral value decreases, the amount of leverage to us may be reduced. As of September 30, 2024 and December 31, 2023, the weighted-average haircut under our secured debt arrangements was approximately 29.1 % and 31.6 % , respectively. Our secured credit facilities do not contain capital markets-based mark-to-market provisions. Atlas Facility On February 8, 2023, in connection with the acquisition by certain subsidiaries of Atlas, which is a wholly-owned investment of a fund managed by an affiliate of the Manager, the Credit Suisse Facility was acquired by Atlas ("Atlas Facility"). For full discussion of this transaction, refer to "Note 15 – Related Party Transactions." Revolving Credit Facility On March 3, 2023, we entered into the revolving credit facility (the "Revolving Credit Facility") administered by Bank of America, N.A. The Revolving Credit Facility provides up to $ 160.0 million of borrowings secured by qualifying commercial mortgage loans and real property owned assets. As of September 30, 2024, our interest coverage ratio was a minimum of 1.3 :1. See "Debt Covenants" below for additional discussion. The Revolving Credit Facility has a term of three years , maturing in March 2026. The Revolving Credit Facility enables us to borrow on qualifying commercial mortgage loans for up to two years and real property owned assets for up to six months . As of September 30, 2024 and December 31, 2023, we had $ 51.1 million and $ 147.0 million , respectively, outstanding on the Revolving Credit Facility. During the three and nine months ended September 30, 2024, we recorded $ 84.7 thousand and $ 195.3 thousand in unused fees and $ 0.1 million and $ 2.4 million in contractual interest expense, respectively. During the three and nine months ended September 30, 2023, we recorded $ 86.9 thousand and $ 200.2 thousand in unused fees, respectively. Barclays Private Securitization We are party to a private securitization with Barclays Bank plc ("Barclays") (such securitization, the "Barclays Private Securitization"). Commercial mortgage loans currently financed under the Barclays Securitization are denominated in GBP, EUR and SEK. The Barclays Private Securitization does not include daily margining provisions and grants us significant discretion to modify certain terms of the underlying collateral including waiving certain loan-level covenant breaches and deferring or waiving of debt service payments for up to 18 months. The securitization includes loan-to-value based covenants with deleveraging requirements that are based on significant declines in the value of the collateral as determined by an annual third-party (engaged by us) appraisal process tied to the provisions of the underlying loan agreements. We believe this provides us with both cushion and predictability to avoid sudden unexpected outcomes and material repayment requirements. The table below provides principal balances and the carrying value for commercial mortgage loans pledged to the Barclays Private Securitization as of September 30, 2024 and December 31, 2023 ($ in thousands): September 30, 2024 Local Currency Count Outstanding Carrying Value GBP 6 $ 1,745,874 $ 1,726,495 EUR 3 743,480 734,207 SEK 1 244,074 242,893 Total 10 $ 2,733,428 $ 2,703,595 December 31, 2023 Local Currency Count Outstanding Carrying Value GBP 7 $ 1,662,457 $ 1,643,979 EUR 6 1,021,272 1,012,987 SEK 1 248,088 246,220 Total 14 $ 2,931,817 $ 2,903,186 The table below provides the borrowings outstanding (on an as converted basis) and weighted-average fully-extended maturities by currency for the assets financed under the Barclays Private Securitization as of September 30, 2024 ($ in thousands): Borrowings (1) Fully-Extended (2) Total/Weighted-Average GBP $ 1,288,941 August 2026 Total/Weighted-Average EUR 550,425 October 2027 (3) Total/Weighted-Average SEK 195,530 May 2026 Total/Weighted-Average Securitization $ 2,034,897 December 2026 (1) As of September 30, 2024, we had £ 963.7 million , € 494.3 million , and kr 2.0 billion of borrowings outstanding under the Barclays Private Securitization secured by certain of our commercial mortgage loans. (2) Assumes underlying loans extend to fully extended maturity and extensions at our option are exercised. (3) The EUR portion of the Barclays Private Securitization has an "evergreen" feature such that the facility continues for one year and can be terminated by either party on certain dates with, depending on the date of notice, a minimum of nine to twelve months' notice. The table below provides the borrowings outstanding (on an as converted basis) and weighted-average fully-extended maturities by currency for the assets financed under the Barclays Private Securitization as of December 31, 2023 ($ in thousands): Borrowings (1) Fully-Extended (2) Total/Weighted-Average GBP 1,234,740 June 2026 Total/Weighted-Average EUR 723,947 May 2026 (3) Total/Weighted-Average SEK 198,470 May 2026 Total/Weighted-Average Securitization $ 2,157,157 June 2026 (1) As of December 31, 2023, we had £ 969.9 million , € 655.8 million , and kr $ 2.0 billion of borrowings outstanding under the Barclays Private Securitization secured by certain of our commercial mortgage loans. (2) Assumes underlying loans extend to fully extended maturity and extensions at our option are exercised. (3) The EUR portion of the Barclays Private Securitization has an "evergreen" feature such that the facility continues for one year and can be terminated by either party on certain dates with, depending on the date of notice, a minimum of nine to twelve months' notice. The table below provides the assets and liabilities of the Barclays Private Securitization VIE included in our condensed consolidated balance sheets ($ in thousands): September 30, 2024 December 31, 2023 Assets: Cash $ 1,366 $ 924 Commercial mortgage loans, net (1) 2,703,595 2,903,186 Other Assets (2) 142,208 41,180 Total Assets $ 2,847,170 $ 2,945,290 Liabilities: Secured debt arrangements, net (net of deferred financing costs of $ 1.3 million and $ 2.0 million in 2024 and 2023, respectively) $ 2,033,613 $ 2,155,197 Accounts payable, accrued expenses and other liabilities (3)(4) 89,090 9,083 Total Liabilities $ 2,122,703 $ 2,164,280 (1) Net of the General CECL Allowance of $ 12.7 million and $ 8.3 million as of September 30, 2024 and December 31, 2023, respectively. (2) Includes loan principal, interest, and other fees held by our third-party servicers as of the balance sheet date and remitted during subsequent remittance cycle. (3) Includes General CECL Allowance related to unfunded commitments on commercial mortgage loans, net of $ 2.4 million and $ 2.5 million as of September 30, 2024 and December 31, 2023, respectively. (4) Includes pending transfers from our third party loan servicers that were remitted to our secured credit facility counterparties during the subsequent remittance cycle. The table below provides the net income of the Barclays Private Securitization VIE included in our condensed consolidated statement of operations ($ in thousands): Three months ended September 30, Nine months ended September 30, 2024 2023 2024 2023 Net interest income: Interest income from commercial mortgage loans $ 69,455 $ 56,537 $ 197,574 $ 156,295 Interest expense ( 39,343 ) ( 30,379 ) ( 111,445 ) ( 80,753 ) Net interest income $ 30,112 $ 26,158 $ 86,129 $ 75,542 General and administrative expense $ ( 4 ) $ ( 2 ) $ ( 6 ) $ ( 9 ) Decrease (increase) in current expected credit loss allowance, net ( 176 ) 1,744 ( 4,315 ) 1,169 Foreign currency translation gain (loss) 38,209 ( 24,266 ) 24,799 ( 3,555 ) Net income $ 68,141 $ 3,634 $ 106,607 $ 73,147 At September 30, 2024, our borrowings had the following remaining maturities ($ in thousands): Less than 1 to 3 3 to 5 More than Total JPMorgan Facility $ 197,798 $ 634,859 $ — $ — $ 832,657 Deutsche Bank Facility — 183,397 — — 183,397 Atlas Facility 105,109 517,679 — — 622,788 HSBC Facility 527,665 144,757 — — 672,422 Goldman Sachs Facility - GBP — — 390,163 — 390,163 Barclays Facility — 353,153 — — 353,153 MUFG Securities Facility 194,203 — — — 194,203 Churchill Facility — 122,595 — — 122,595 Santander Facility - USD 67,500 — — — 67,500 Barclays Private Securitization 122,275 1,710,368 202,254 — 2,034,897 Revolving Credit Facility 37,500 13,550 — — 51,050 Total $ 1,252,050 $ 3,680,358 $ 592,417 $ — $ 5,524,825 The table above reflects the fully extended maturity date of the facility and assumes facilities with an "evergreen" feature continue to extend through the fully-extended maturity of the underlying asset and assumes underlying loans are extended with consent of financing providers. The table below summarizes the outstanding balances at September 30, 2024, as well as the maximum and average month-end balances for the nine months ended September 30, 2024 for our borrowings under secured debt arrangements ($ in thousands). As of September 30, 2024 For the nine months ended September 30, 2024 Balance Collateral (1) Maximum Average JPMorgan Facility $ 832,657 1,552,582 1,063,261 $ 981,865 Deutsche Bank Facility 183,397 288,425 278,703 213,556 Goldman Sachs Facility - USD — — 11,620 3,871 Goldman Sachs Facility - GBP 390,163 505,785 390,163 209,010 Atlas Facility 622,788 770,590 758,201 693,554 HSBC Facility 672,422 896,872 672,422 657,656 Barclays Facility 353,153 459,048 353,153 213,029 MUFG Securities Facility 194,203 282,548 211,057 203,437 Churchill Facility 122,595 163,416 126,080 124,338 Santander Facility - USD 67,500 99,912 67,500 67,500 Santander Facility - EUR — — 54,677 30,245 Barclays Private Securitization 2,034,897 2,716,314 2,249,538 2,108,953 Revolving Credit Facility 51,050 103,276 150,000 51,728 Total $ 5,524,825 $ 7,838,768 (1) Represents the amortized cost balance of commercial loan collateral assets and the value of net real estate assets of real property owned collateral assets. The table below summarizes the outstanding balances at December 31, 2023, as well as the maximum and average month-end balances for the year ended December 31, 2023 for our borrowings under secured debt arrangements ($ in thousands). As of December 31, 2023 For the year ended December 31, 2023 Balance Collateral (1) Maximum Average JPMorgan Facility $ 1,061,380 $ 1,871,854 $ 1,324,226 $ 1,190,651 Deutsche Bank Facility 275,815 419,170 385,818 322,676 Goldman Sachs Facility 13,437 28,533 70,249 30,482 Atlas Facility 669,302 933,085 688,126 667,794 HSBC Facility 665,368 860,134 667,430 651,758 Barclays Facility 107,929 129,439 111,909 110,729 MUFG Securities Facility 204,690 278,223 206,362 200,447 Churchill Facility 126,515 168,138 130,000 128,094 Santander Facility - USD 67,500 99,648 75,000 68,125 Santander Facility - EUR 55,716 74,288 55,716 54,347 Barclays Private Securitization 2,157,157 2,911,470 2,157,157 1,896,144 Revolving Credit Facility 147,000 319,048 147,000 93,500 Total $ 5,551,809 $ 8,093,030 (1) Represents the amortized cost balance of commercial loan collateral assets and the value of net real estate assets of real property owned collateral assets. Debt Covenants The guarantees related to our secured debt arrangements contain the following financial covenants: (i) tangible net worth must be greater than $ 1.25 billion plus 75 % of the net cash proceeds of any equity issuance after March 31, 2017; (ii) our ratio of total indebtedness to tangible net worth cannot be greater than 3.75 :1 (ratio is 4.00 :1 for the Revolving Credit Facility); and (iii) our liquidity cannot be less than an amount equal to the greater of 5 % of total recourse indebtedness or $ 30.0 million. Under these covenants, our General CECL Allowance is added back to our tangible net worth calculation. The Revolving Credit Facility contains an additional financial covenant to maintain a minimum interest coverage ratio. As of September 30, 2024, the interest coverage ratio shall be not less than 1.3 :1, and shall be not less than 1.4 :1 effective June 30, 2025. We were in compliance with the covenants under each of our secured debt arrangements at September 30, 2024 and December 31, 2023 . The impact of macroeconomic conditions on the commercial real estate markets and global capital markets, including increased interest rates, foreign currency fluctuations, changes to fiscal and monetary policy, slower economic growth or recession, labor shortages, and recent distress in the banking sector, may make it more difficult to meet or satisfy these covenants in the future. In May 2019, we entered into a $ 500.0 million senior secured term loan (the "2026 Term Loan"), which matures in May 2026 and contains restrictions relating to liens, asset sales, indebtedness, and investments in non-wholly owned entities. The 2026 Term Loan was issued at a price of 99.5 %. During the second quarter of 2023, the 2026 Term Loan transitioned from LIBOR to SOFR and currently bears interest at SOFR plus 2.86 %. In March 2021, we entered into an additional $ 300.0 million senior secured term loan, with substantially the same terms as the 2026 Term Loan, (the "2028 Term Loan" and, together with the 2026 Term Loan, the "Term Loans") which matures in March 2028 and contains restrictions relating to liens, asset sales, indebtedness, and investments in non-wholly owned entities. The 2028 Term Loan was issued at a price of 99.0 %. During the second quarter of 2023, the 2028 Term Loan transitioned from LIBOR to SOFR and currently bears interest at SOFR (with a floor of 0.50 %) plus 3.61 %. The Term Loans are amortizing with repayments of 0.25 % per quarter of the total committed principal. During the three and nine months ended September 30, 2024 and 2023, we repaid $ 1.3 million and $ 3.8 million of principal, respectively, related to the 2026 Term Loan. During the three and nine months ended September 30, 2024 and 2023, we repaid $ 750 thousand and $ 2.3 million of principal respectively related to the 2028 Term Loan. The following table summarizes the terms of the Term Loans as of September 30, 2024 ($ in thousands): Principal Amount Unamortized Issuance Discount (1) Deferred Financing Costs (1) Carrying Value Rate Maturity Date 2026 Term Loan $ 473,750 $ ( 565 ) $ ( 3,162 ) $ 470,023 2.86 % 5/15/2026 2028 Term Loan 289,500 ( 1,464 ) ( 2,618 ) 285,418 3.61 % 3/11/2028 Total $ 763,250 $ ( 2,029 ) $ ( 5,780 ) $ 755,441 (1) Unamortized issuance discount and deferred financing costs will be amortized to interest expense over remaining life of respective term loans. The following table summarizes the terms of the Term Loans as of December 31, 2023 ($ in thousands): Principal Amount Unamortized Issuance Discount (1) Deferred Financing Costs (1) Carrying Value Rate Maturity Date 2026 Term Loan $ 477,500 $ ( 833 ) $ ( 4,302 ) $ 472,365 2.86 % 5/15/2026 2028 Term Loan 291,750 ( 1,786 ) ( 3,179 ) 286,785 3.61 % 3/11/2028 Total $ 769,250 $ ( 2,619 ) $ ( 7,481 ) $ 759,150 (1) Unamortized issuance discount and deferred financing costs will be amortized to interest expense over remaining life of respective term loans. Covenants The financial covenants of the Term Loans include the requirements that we maintain: (i) a maximum ratio of total recourse debt to tangible net worth of 4 :1; and (ii) a ratio of total unencumbered assets to total pari-passu indebtedness of at least 2.50 :1. We were in compliance with the covenants under the Term Loans at September 30, 2024 and December 31, 2023. Interest Rate Cap In June 2020, we entered into an interest rate cap to manage our exposure to variable cash flows on our borrowings under our 2026 senior secured term loan by effectively limiting LIBOR from exceeding 0.75 %. This limited the maximum all-in coupon on our 2026 senior secured term loan to 3.50 %. Subsequent to the interest rate cap maturity on June 15, 2023, the effective all-in coupon on our 2026 Term Loan increased to one month SOFR plus the spread of 2.86 %. Refer to "Note 11 – Derivatives" for further detail. Participations sold represented the subordinate interests in loans we originated and subsequently partially sold. We account for participations sold as secured borrowings on our condensed consolidated balance sheet with both assets and non-recourse liabilities because the participations do not qualify as a sale under ASC 860. The income earned on the participations sold is recorded as interest income and an identical amount is recorded as interest expense in our condensed consolidated statements of operations. In December 2020, we sold a £ 6.7 million ($ 8.9 million assuming conversion into USD at time of transfer) interest, at par, in a first mortgage loan collateralized by an office building located in London, United Kingdom that was originated by us in December 2017. In connection with this sale, we transferred our remaining unfunded commitment of £ 19.1 million ($ 25.3 million assuming conversion into USD at time of transfer). The participation interest sold was subordinate to our first mortgage loan and was accounted for as a secured borrowing on our consolidated balance sheet. In January 2023, the first mortgage loan, including participations sold, was fully satisfied, including all contractual and default interest accrued to date. We had no participations sold as of September 30, 2024 or December 31, 2023 .

Senior Secured Notes, Net

Senior Secured Notes, Net	9 Months Ended
	Sep. 30, 2024
Receivables [Abstract]
Senior Secured Notes, Net	Note 9 – Senior Secured Notes, Net In June 2021, we issued $ 500.0 million of 4.625 % Senior Secured Notes due 2029 (the "2029 Notes"), for which we received net proceeds of $ 495.0 million, after deducting initial purchasers' discounts and commissions. The 2029 Notes will mature on June 15, 2029, unless earlier repurchased or redeemed. The 2029 Notes are secured by a first-priority lien, and rank pari-passu in right of payment with all of our existing and future first lien obligations, including indebtedness under the Term Loans. The 2029 Notes were issued at par and contain covenants relating to liens, indebtedness, and investments in non-wholly owned entities. The 2029 Notes had a carrying value of $ 496.2 million and $ 495.6 million , net of deferred financing costs of $ 3.8 million and $ 4.4 million , as of September 30, 2024 and December 31, 2023, respectively. Covenants The 2029 Notes include certain covenants including a requirement that we maintain a ratio of total unencumbered assets to total pari-passu indebtedness of at least 1.20 :1. As of September 30, 2024 and December 31, 2023 , we were in compliance with all covenants.

Convertible Senior Notes, Net

Convertible Senior Notes, Net	9 Months Ended
	Sep. 30, 2024
Debt Disclosure [Abstract]
Convertible Senior Notes, Net	Note 10 – Convertible Senior Notes, Net During the fourth quarter of 2018, we issued $ 230.0 million of the 5.375 % Convertible Senior Notes due 2023 (the "2023 Notes" or "Convertible Notes"), for which we received $ 223.7 million after deducting the underwriting discount and offering expenses. During the three and nine months ended September 30, 2023, we repurchased $ 10.0 million and $ 53.9 million of aggregate principal amount of the 2023 Notes at a weighted-average price of 99.7 % and 99.1 %, resp ectively. These transactions happened in the open market as a result of reverse inquiries from investors with no solicitation by us. As a result of this transaction, during the three and nine months ended September 30, 2023, we recorded a gain of $ 30.0 thousand and $ 0.5 million, respectively, within realized gain on extinguishment of debt in our September 30, 2023 condensed consolidated statement of operations. The gain represents the difference between the repurchase price and the carrying amount of the 2023 Notes, net of the proportionate amount of unamortized debt issuance costs. During the fourth quarter of 2023, we repaid the remaining $ 176.1 million outstanding principal of the 2023 Notes in cash at par. All repurchase transactions occurred in the open market as a result of reverse inquiries from investors with no solicitation from us. The aggregate contractual interest expense was approximately $ 2.4 million and $ 8.2 million for the three and nine months ended September 30, 2023 , respectively. With respect to the amortization of the discount on the liability component of the Convertible Notes as well as the amortization of deferred financing costs, we reported additional non-cash interest expense of approximately $ 0.3 million and $ 1.1 million for the three and nine months ended September 30, 2023 , respectively.

Derivatives

Derivatives	9 Months Ended
	Sep. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives	Note 11 – Derivatives We use forward currency contracts to economically hedge interest and principal payments due under our loans denominated in currencies other than USD. We have entered into a series of forward contracts to sell an amount of foreign currency (GBP, EUR and SEK) for an agreed upon amount of USD at various dates through August 2027. These forward contracts were executed to economically fix the USD amounts of foreign denominated cash flows expected to be received by us related to foreign denominated loan investments. The agreements with our derivative counterparties require that we post collateral to secure net liability positions. As of September 30, 2024, we were in a net liability position with our derivative counterparties and posted collateral of $ 11.6 million included within other assets on our condensed consolidated balance sheet. As of December 31, 2023, we were in a net asset position with all of our derivative counterparties and did not have any collateral posted under these derivative contracts. The following table summarizes our non-designated Fx forwards and interest rate cap as of September 30, 2024: September 30, 2024 Type of Derivatives Number of Aggregate Notional Maturity Weighted-Average Fx contracts - GBP 96 734,843 GBP October 2024 - August 2027 0.97 Fx contracts - EUR 61 376,876 EUR October 2024 - August 2026 1.08 Fx contracts - SEK 15 648,530 SEK November 2024 - May 2026 1.54 Interest rate cap 2 238,535 USD July 2025 - October 2025 0.92 The following table summarizes our non-designated Fx forwards and interest rate cap as of December 31, 2023: December 31, 2023 Type of Derivatives Number of Aggregate Notional Maturity Weighted-Average Fx contracts - GBP 97 938,903 GBP January 2024 - February 2027 1.13 Fx contracts - EUR 135 561,441 EUR January 2024 - August 2026 1.08 Fx contracts - SEK 17 690,740 SEK February 2024 - May 2026 2.16 Interest rate cap 1 164,835 USD October 2024 0.75 We have not designated any of our derivative instruments as hedges as defined in ASC 815, "Derivatives and Hedging" and, therefore, changes in the fair value of our derivative instruments are recorded directly in earnings. The following table summarizes the amounts recognized on our condensed consolidated statements of operations related to our forward currency contracts for the three and nine months ended September 30, 2024 and 2023 ($ in thousands): Amount of gain (loss) Amount of gain (loss) Three Months Ended September 30, Nine Months Ended September 30, Location of Gain (Loss) Recognized in Income 2024 2023 2024 2023 Forward currency contracts Unrealized gain (loss) on derivative instruments $ ( 57,621 ) $ 28,244 $ ( 38,657 ) $ ( 27,709 ) Forward currency contracts Realized gain (loss) on derivative instruments ( 1,914 ) 11,246 8,897 35,948 Total $ ( 59,535 ) $ 39,490 $ ( 29,760 ) $ 8,239 In June 2020, we entered into an interest rate cap for approximately $ 1.1 million, which matured on June 15, 2023. Our interest rate cap managed our exposure to variable cash flows on our borrowings under the senior secured term loan by effectively limiting LIBOR from exceeding 0.75 %. This limited the maximum all-in coupon on our senior secured term loan to 3.50 %. The unrealized gain or loss related to the interest rate cap was recorded net under unrealized gain on interest rate hedging instruments in our condensed consolidated statement of operations. During 2023, through the interest rate cap maturity, LIBOR exceeded the cap rate of 0.75 %. As such, during the nine months ended September 30, 2023, we realized a gain from the interest rate cap in the amount of $ 9.1 million , which is included in gain (loss) on interest rate hedging instruments in our condensed consolidated statement of operations. The realized gain was a result of the increase in the current interest rate forward curve, partially offset by the nearing maturity of the cap. As the interest rate cap matured during the second quarter of 2023, there was no realized gain or loss recorded during three months ended September 30, 2023. On September 26, 2023, we entered into an interest rate cap with an original maturity of October 1, 2024 and a notional amount of $ 164.8 million. We use our interest rate cap to hedge our exposure to variable cash flows on our construction financing. The interest rate cap effectively limits SOFR from exceeding 4.00 % which results in the maximum all-in coupon on our construction financing of 6.55 %. The unrealized gain or loss related to the interest rate cap was recorded under gain (loss) on interest rate hedging instruments in our condensed consolidated statement of operations. During the three and nine months ended September 30, 2024 , SOFR exceeded the cap rate of 4.00 %. As such, during the three and nine months ended September 30, 2024, we realized a gain from the interest rate cap in the amount of $ 0.5 million and $ 1.6 million , respectively, which is included in gain (loss) on interest rate hedging instruments in our condensed consolidated statement of operations. On September 30, 2024, we extended our interest rate cap to October 1, 2025. On June 13, 2024, we entered into an interest rate cap that matures on July 1, 2025 with a notional amount of $ 73.7 million. We use our interest rate cap to hedge our exposure to variable cash flows on our floating rate mortgage related to the D.C. Hotel. The interest rate cap effectively limits SOFR from exceeding 6.00 % which results in the maximum all-in coupon on mortgage of 9.00 %. The unrealized gain or loss related to the interest rate cap was recorded under gain (loss) on interest rate hedging instruments in our condensed consolidated statement of operations. During the three and nine months ended September 30, 2024, SOFR did not exceed the cap rate of 6.00 %, and accordingly, no realized gain was recorded. The following table summarizes the amounts recognized on our condensed consolidated statements of operations related to our interest rate caps for the three and nine months ended September 30, 2024 and 2023 ($ in thousands): Amount of gain (loss) Amount of gain (loss) Three Months Ended September 30, Nine Months Ended September 30, Location of Gain (Loss) recognized in Income 2024 2023 2024 2023 Interest rate caps Unrealized gain (loss) on interest rate hedging instruments $ ( 562 ) $ ( 70 ) $ ( 1,213 ) $ ( 9,211 ) Interest rate caps Realized gain on interest rate hedging instruments 548 — 1,649 9,089 Total $ ( 14 ) $ ( 70 ) $ 436 $ ( 122 ) The following tables summarize the gross asset and liability amounts related to our derivatives at September 30, 2024 and December 31, 2023 ($ in thousands): September 30, 2024 December 31, 2023 Gross Gross Net Amounts Gross Gross Net Amounts Forward currency contracts $ 23,334 $ ( 33,926 ) $ ( 10,592 ) $ 55,102 $ ( 27,037 ) $ 28,065 Interest rate caps 577 — 577 1,360 — 1,360 Total derivative assets (liabilities) $ 23,911 $ ( 33,926 ) $ ( 10,015 ) $ 56,462 $ ( 27,037 ) $ 29,425

Participations Sold

Participations Sold	9 Months Ended
	Sep. 30, 2024
Debt Disclosure [Abstract]
Secured Debt Arrangement, Net/Participations Sold	Note 7 – Secured Debt Arrangements, Net We utilize secured debt arrangements to finance the origination activity in our loan portfolio. Our secured debt arrangements are comprised of secured credit facilities, a private securitization, and a revolving credit facility. In January 2024, we entered into a new secured credit facility with Goldman Sachs that provided £ 125.6 million ( $ 158.6 million , assuming conversion into USD) of borrowing capacity. During the three months ended September 30, 2024 , we further upsized the facility by £ 242.1 million ( $ 314.6 million , assuming conversion into USD). Additionally, during the nine months ended September 30, 2024, we upsized the Barclays facility by $ 300.0 million and the Atlas Facility by $ 113.5 million . The amendment to upsize the Atlas Facility also included conversion of the facility's term from a six month "evergreen" feature to two-years, with a one-year extension option, reduction to recourse percentages, and an additional pledge of a commercial mortgage loan, among other changes. Furthermore, we have repaid the full amount of borrowings outstanding on both the Goldman Sachs USD and Santander EUR facilities. Our borrowings under secured debt arrangements as of September 30, 2024 and December 31, 2023 are detailed in the following table ($ in thousands): September 30, 2024 December 31, 2023 Maximum (1) Borrowings (1) Maturity (2) Maximum (1) Borrowings (1) Maturity (2) JPMorgan Facility - USD (3)(4) $ 1,500,000 $ 832,657 September 2026 $ 1,482,584 $ 1,043,964 September 2026 JPMorgan Facility - GBP (3)(4) — — N/A 17,416 17,416 September 2026 Deutsche Bank Facility - USD (3) 700,000 183,397 March 2026 700,000 275,815 March 2026 Atlas Facility - USD (5) 800,000 622,788 March 2027 (6) 686,527 669,302 April 2027 (7)(8) HSBC Facility - GBP 403,390 403,390 May 2025 383,967 383,967 May 2025 HSBC Facility - EUR 269,032 269,032 January 2026 (8) 281,401 281,401 January 2026 Goldman Sachs Facility - USD — — N/A (9) 13,437 13,437 November 2025 (9) Goldman Sachs Facility - GBP 491,500 390,163 May 2029 — — N/A Barclays Facility - USD 500,000 353,153 March 2027 (7) 200,000 107,929 June 2027 (7) MUFG Securities Facility - GBP 209,759 194,203 August 2025 (7) 204,690 204,690 June 2025 (7) Churchill Facility - USD 130,000 122,595 April 2026 130,000 126,515 March 2026 Santander Facility - USD 300,000 67,500 February 2026 (7) 300,000 67,500 February 2026 (7) Santander Facility - EUR (10) — — N/A 59,611 55,716 August 2024 Total Secured Credit Facilities 5,303,682 3,438,878 4,459,633 3,247,652 Barclays Private Securitization - GBP, EUR, SEK 2,034,897 2,034,897 December 2026 (8) 2,369,125 2,157,157 June 2026 (8) Revolving Credit Facility - USD (11)(12) 160,000 51,050 March 2026 170,000 147,000 March 2026 Total Secured Debt Arrangements 7,498,579 5,524,825 6,998,758 5,551,809 Less: deferred financing costs N/A ( 10,880 ) N/A ( 13,333 ) Total Secured Debt Arrangements, net (13)(14)(15) $ 7,498,579 $ 5,513,945 $ 6,998,758 $ 5,538,476 (1) As of September 30, 2024, British Pound Sterling("GBP"), Euro ("EUR"), and Swedish Krona ("SEK") borrowings were converted to USD at a rate of 1.34 , 1.11 , and 0.10 , respectively. As of December 31, 2023, GBP, EUR and SEK borrowings were converted to USD at a rate of 1.27 , 1.10 and 0.10 , respectively. (2) Maturity date assumes extensions at our option are exercised with consent of financing providers, where applicable. (3) The JPMorgan Facility and Deutsche Bank Facility enable us to elect to receive advances in USD, GBP, or EUR. (4) The JPMorgan Facility allows for $ 1.5 billion of maximum borrowings in total as of September 30, 2024. (5) The Atlas Facility (as defined below) was formerly the Credit Suisse Facility. See "Atlas Facility" below for additional discussion. (6) The Atlas Facility was amended during March 2024 to convert the facility's maturity from a six month "evergreen" feature to a two-year initial term, with an additional one-year extension option. (7) Assumes financings are extended in line with the underlying loans. (8) Represents weighted-average maturity across various financings with the counterparty. See below for additional details. (9) Facility entered the two-year amortization period during Q4 2023. During the amortization period, the maturity date for current outstanding transactions are extended for a period of up to two years from the November 2023 maturity. The facility was terminated during the nine months ended September 30, 2024, in conjunction with repayment of the underlying loan securing the facility. (10) The facility was terminated during the three months ended June 30, 2024 in conjunction with repayment of the underlying loan securing the facility. (11) The current stated maturity of the Revolving Credit Facility (as defined below) is March 2026. Borrowings under the Revolving Credit Facility bear interest at a per annum rate equal to the sum of (i) a floating rate index and (ii) a fixed margin. Borrowings under the Revolving Credit Facility are full recourse to certain guarantor wholly-owned subsidiaries of the Company. See "Revolving Credit Facility" below for additional discussion. (12) Effective September 30, 2024, the capacity on our Revolving Credit Facility was reduced to $ 160.0 million from $ 170.0 million. (13) Weighted-average borrowing costs as of September 30, 2024 and December 31, 2023 were applicable benchmark rates and credit spread adjustments, plus spreads of USD: + 2.56 % / GBP: + 2.28 % / EUR: + 2.11 % / SEK: + 1.50 % and USD: + 2.49 % / GBP: + 2.21 % / EUR: + 1.86 % / SEK: + 1.50 % , respectively. (14) Weighted-average advance rates based on cost as of September 30, 2024 and December 31, 2023 were 70.9 % ( 65.1 % (USD) / 75.1 % (GBP) / 72.8 % (EUR) / 80.4 % (SEK)) and 68.4 % ( 62.9 % (USD) / 72.5 % (GBP) / 72.1 % (EUR) / 80.4 % (SEK)), respectively. (15) As of September 30, 2024 and December 31, 2023, approximately 48 % and 58 % , respectively, is the outstanding balance under these secured borrowings were recourse to us. Terms of our secured credit facilities are designed to keep each lender's credit exposure generally constant as a percentage of the underlying value of the assets pledged as security to the facility. If the credit of the underlying collateral value decreases, the amount of leverage to us may be reduced. As of September 30, 2024 and December 31, 2023, the weighted-average haircut under our secured debt arrangements was approximately 29.1 % and 31.6 % , respectively. Our secured credit facilities do not contain capital markets-based mark-to-market provisions. Atlas Facility On February 8, 2023, in connection with the acquisition by certain subsidiaries of Atlas, which is a wholly-owned investment of a fund managed by an affiliate of the Manager, the Credit Suisse Facility was acquired by Atlas ("Atlas Facility"). For full discussion of this transaction, refer to "Note 15 – Related Party Transactions." Revolving Credit Facility On March 3, 2023, we entered into the revolving credit facility (the "Revolving Credit Facility") administered by Bank of America, N.A. The Revolving Credit Facility provides up to $ 160.0 million of borrowings secured by qualifying commercial mortgage loans and real property owned assets. As of September 30, 2024, our interest coverage ratio was a minimum of 1.3 :1. See "Debt Covenants" below for additional discussion. The Revolving Credit Facility has a term of three years , maturing in March 2026. The Revolving Credit Facility enables us to borrow on qualifying commercial mortgage loans for up to two years and real property owned assets for up to six months . As of September 30, 2024 and December 31, 2023, we had $ 51.1 million and $ 147.0 million , respectively, outstanding on the Revolving Credit Facility. During the three and nine months ended September 30, 2024, we recorded $ 84.7 thousand and $ 195.3 thousand in unused fees and $ 0.1 million and $ 2.4 million in contractual interest expense, respectively. During the three and nine months ended September 30, 2023, we recorded $ 86.9 thousand and $ 200.2 thousand in unused fees, respectively. Barclays Private Securitization We are party to a private securitization with Barclays Bank plc ("Barclays") (such securitization, the "Barclays Private Securitization"). Commercial mortgage loans currently financed under the Barclays Securitization are denominated in GBP, EUR and SEK. The Barclays Private Securitization does not include daily margining provisions and grants us significant discretion to modify certain terms of the underlying collateral including waiving certain loan-level covenant breaches and deferring or waiving of debt service payments for up to 18 months. The securitization includes loan-to-value based covenants with deleveraging requirements that are based on significant declines in the value of the collateral as determined by an annual third-party (engaged by us) appraisal process tied to the provisions of the underlying loan agreements. We believe this provides us with both cushion and predictability to avoid sudden unexpected outcomes and material repayment requirements. The table below provides principal balances and the carrying value for commercial mortgage loans pledged to the Barclays Private Securitization as of September 30, 2024 and December 31, 2023 ($ in thousands): September 30, 2024 Local Currency Count Outstanding Carrying Value GBP 6 $ 1,745,874 $ 1,726,495 EUR 3 743,480 734,207 SEK 1 244,074 242,893 Total 10 $ 2,733,428 $ 2,703,595 December 31, 2023 Local Currency Count Outstanding Carrying Value GBP 7 $ 1,662,457 $ 1,643,979 EUR 6 1,021,272 1,012,987 SEK 1 248,088 246,220 Total 14 $ 2,931,817 $ 2,903,186 The table below provides the borrowings outstanding (on an as converted basis) and weighted-average fully-extended maturities by currency for the assets financed under the Barclays Private Securitization as of September 30, 2024 ($ in thousands): Borrowings (1) Fully-Extended (2) Total/Weighted-Average GBP $ 1,288,941 August 2026 Total/Weighted-Average EUR 550,425 October 2027 (3) Total/Weighted-Average SEK 195,530 May 2026 Total/Weighted-Average Securitization $ 2,034,897 December 2026 (1) As of September 30, 2024, we had £ 963.7 million , € 494.3 million , and kr 2.0 billion of borrowings outstanding under the Barclays Private Securitization secured by certain of our commercial mortgage loans. (2) Assumes underlying loans extend to fully extended maturity and extensions at our option are exercised. (3) The EUR portion of the Barclays Private Securitization has an "evergreen" feature such that the facility continues for one year and can be terminated by either party on certain dates with, depending on the date of notice, a minimum of nine to twelve months' notice. The table below provides the borrowings outstanding (on an as converted basis) and weighted-average fully-extended maturities by currency for the assets financed under the Barclays Private Securitization as of December 31, 2023 ($ in thousands): Borrowings (1) Fully-Extended (2) Total/Weighted-Average GBP 1,234,740 June 2026 Total/Weighted-Average EUR 723,947 May 2026 (3) Total/Weighted-Average SEK 198,470 May 2026 Total/Weighted-Average Securitization $ 2,157,157 June 2026 (1) As of December 31, 2023, we had £ 969.9 million , € 655.8 million , and kr $ 2.0 billion of borrowings outstanding under the Barclays Private Securitization secured by certain of our commercial mortgage loans. (2) Assumes underlying loans extend to fully extended maturity and extensions at our option are exercised. (3) The EUR portion of the Barclays Private Securitization has an "evergreen" feature such that the facility continues for one year and can be terminated by either party on certain dates with, depending on the date of notice, a minimum of nine to twelve months' notice. The table below provides the assets and liabilities of the Barclays Private Securitization VIE included in our condensed consolidated balance sheets ($ in thousands): September 30, 2024 December 31, 2023 Assets: Cash $ 1,366 $ 924 Commercial mortgage loans, net (1) 2,703,595 2,903,186 Other Assets (2) 142,208 41,180 Total Assets $ 2,847,170 $ 2,945,290 Liabilities: Secured debt arrangements, net (net of deferred financing costs of $ 1.3 million and $ 2.0 million in 2024 and 2023, respectively) $ 2,033,613 $ 2,155,197 Accounts payable, accrued expenses and other liabilities (3)(4) 89,090 9,083 Total Liabilities $ 2,122,703 $ 2,164,280 (1) Net of the General CECL Allowance of $ 12.7 million and $ 8.3 million as of September 30, 2024 and December 31, 2023, respectively. (2) Includes loan principal, interest, and other fees held by our third-party servicers as of the balance sheet date and remitted during subsequent remittance cycle. (3) Includes General CECL Allowance related to unfunded commitments on commercial mortgage loans, net of $ 2.4 million and $ 2.5 million as of September 30, 2024 and December 31, 2023, respectively. (4) Includes pending transfers from our third party loan servicers that were remitted to our secured credit facility counterparties during the subsequent remittance cycle. The table below provides the net income of the Barclays Private Securitization VIE included in our condensed consolidated statement of operations ($ in thousands): Three months ended September 30, Nine months ended September 30, 2024 2023 2024 2023 Net interest income: Interest income from commercial mortgage loans $ 69,455 $ 56,537 $ 197,574 $ 156,295 Interest expense ( 39,343 ) ( 30,379 ) ( 111,445 ) ( 80,753 ) Net interest income $ 30,112 $ 26,158 $ 86,129 $ 75,542 General and administrative expense $ ( 4 ) $ ( 2 ) $ ( 6 ) $ ( 9 ) Decrease (increase) in current expected credit loss allowance, net ( 176 ) 1,744 ( 4,315 ) 1,169 Foreign currency translation gain (loss) 38,209 ( 24,266 ) 24,799 ( 3,555 ) Net income $ 68,141 $ 3,634 $ 106,607 $ 73,147 At September 30, 2024, our borrowings had the following remaining maturities ($ in thousands): Less than 1 to 3 3 to 5 More than Total JPMorgan Facility $ 197,798 $ 634,859 $ — $ — $ 832,657 Deutsche Bank Facility — 183,397 — — 183,397 Atlas Facility 105,109 517,679 — — 622,788 HSBC Facility 527,665 144,757 — — 672,422 Goldman Sachs Facility - GBP — — 390,163 — 390,163 Barclays Facility — 353,153 — — 353,153 MUFG Securities Facility 194,203 — — — 194,203 Churchill Facility — 122,595 — — 122,595 Santander Facility - USD 67,500 — — — 67,500 Barclays Private Securitization 122,275 1,710,368 202,254 — 2,034,897 Revolving Credit Facility 37,500 13,550 — — 51,050 Total $ 1,252,050 $ 3,680,358 $ 592,417 $ — $ 5,524,825 The table above reflects the fully extended maturity date of the facility and assumes facilities with an "evergreen" feature continue to extend through the fully-extended maturity of the underlying asset and assumes underlying loans are extended with consent of financing providers. The table below summarizes the outstanding balances at September 30, 2024, as well as the maximum and average month-end balances for the nine months ended September 30, 2024 for our borrowings under secured debt arrangements ($ in thousands). As of September 30, 2024 For the nine months ended September 30, 2024 Balance Collateral (1) Maximum Average JPMorgan Facility $ 832,657 1,552,582 1,063,261 $ 981,865 Deutsche Bank Facility 183,397 288,425 278,703 213,556 Goldman Sachs Facility - USD — — 11,620 3,871 Goldman Sachs Facility - GBP 390,163 505,785 390,163 209,010 Atlas Facility 622,788 770,590 758,201 693,554 HSBC Facility 672,422 896,872 672,422 657,656 Barclays Facility 353,153 459,048 353,153 213,029 MUFG Securities Facility 194,203 282,548 211,057 203,437 Churchill Facility 122,595 163,416 126,080 124,338 Santander Facility - USD 67,500 99,912 67,500 67,500 Santander Facility - EUR — — 54,677 30,245 Barclays Private Securitization 2,034,897 2,716,314 2,249,538 2,108,953 Revolving Credit Facility 51,050 103,276 150,000 51,728 Total $ 5,524,825 $ 7,838,768 (1) Represents the amortized cost balance of commercial loan collateral assets and the value of net real estate assets of real property owned collateral assets. The table below summarizes the outstanding balances at December 31, 2023, as well as the maximum and average month-end balances for the year ended December 31, 2023 for our borrowings under secured debt arrangements ($ in thousands). As of December 31, 2023 For the year ended December 31, 2023 Balance Collateral (1) Maximum Average JPMorgan Facility $ 1,061,380 $ 1,871,854 $ 1,324,226 $ 1,190,651 Deutsche Bank Facility 275,815 419,170 385,818 322,676 Goldman Sachs Facility 13,437 28,533 70,249 30,482 Atlas Facility 669,302 933,085 688,126 667,794 HSBC Facility 665,368 860,134 667,430 651,758 Barclays Facility 107,929 129,439 111,909 110,729 MUFG Securities Facility 204,690 278,223 206,362 200,447 Churchill Facility 126,515 168,138 130,000 128,094 Santander Facility - USD 67,500 99,648 75,000 68,125 Santander Facility - EUR 55,716 74,288 55,716 54,347 Barclays Private Securitization 2,157,157 2,911,470 2,157,157 1,896,144 Revolving Credit Facility 147,000 319,048 147,000 93,500 Total $ 5,551,809 $ 8,093,030 (1) Represents the amortized cost balance of commercial loan collateral assets and the value of net real estate assets of real property owned collateral assets. Debt Covenants The guarantees related to our secured debt arrangements contain the following financial covenants: (i) tangible net worth must be greater than $ 1.25 billion plus 75 % of the net cash proceeds of any equity issuance after March 31, 2017; (ii) our ratio of total indebtedness to tangible net worth cannot be greater than 3.75 :1 (ratio is 4.00 :1 for the Revolving Credit Facility); and (iii) our liquidity cannot be less than an amount equal to the greater of 5 % of total recourse indebtedness or $ 30.0 million. Under these covenants, our General CECL Allowance is added back to our tangible net worth calculation. The Revolving Credit Facility contains an additional financial covenant to maintain a minimum interest coverage ratio. As of September 30, 2024, the interest coverage ratio shall be not less than 1.3 :1, and shall be not less than 1.4 :1 effective June 30, 2025. We were in compliance with the covenants under each of our secured debt arrangements at September 30, 2024 and December 31, 2023 . The impact of macroeconomic conditions on the commercial real estate markets and global capital markets, including increased interest rates, foreign currency fluctuations, changes to fiscal and monetary policy, slower economic growth or recession, labor shortages, and recent distress in the banking sector, may make it more difficult to meet or satisfy these covenants in the future. In May 2019, we entered into a $ 500.0 million senior secured term loan (the "2026 Term Loan"), which matures in May 2026 and contains restrictions relating to liens, asset sales, indebtedness, and investments in non-wholly owned entities. The 2026 Term Loan was issued at a price of 99.5 %. During the second quarter of 2023, the 2026 Term Loan transitioned from LIBOR to SOFR and currently bears interest at SOFR plus 2.86 %. In March 2021, we entered into an additional $ 300.0 million senior secured term loan, with substantially the same terms as the 2026 Term Loan, (the "2028 Term Loan" and, together with the 2026 Term Loan, the "Term Loans") which matures in March 2028 and contains restrictions relating to liens, asset sales, indebtedness, and investments in non-wholly owned entities. The 2028 Term Loan was issued at a price of 99.0 %. During the second quarter of 2023, the 2028 Term Loan transitioned from LIBOR to SOFR and currently bears interest at SOFR (with a floor of 0.50 %) plus 3.61 %. The Term Loans are amortizing with repayments of 0.25 % per quarter of the total committed principal. During the three and nine months ended September 30, 2024 and 2023, we repaid $ 1.3 million and $ 3.8 million of principal, respectively, related to the 2026 Term Loan. During the three and nine months ended September 30, 2024 and 2023, we repaid $ 750 thousand and $ 2.3 million of principal respectively related to the 2028 Term Loan. The following table summarizes the terms of the Term Loans as of September 30, 2024 ($ in thousands): Principal Amount Unamortized Issuance Discount (1) Deferred Financing Costs (1) Carrying Value Rate Maturity Date 2026 Term Loan $ 473,750 $ ( 565 ) $ ( 3,162 ) $ 470,023 2.86 % 5/15/2026 2028 Term Loan 289,500 ( 1,464 ) ( 2,618 ) 285,418 3.61 % 3/11/2028 Total $ 763,250 $ ( 2,029 ) $ ( 5,780 ) $ 755,441 (1) Unamortized issuance discount and deferred financing costs will be amortized to interest expense over remaining life of respective term loans. The following table summarizes the terms of the Term Loans as of December 31, 2023 ($ in thousands): Principal Amount Unamortized Issuance Discount (1) Deferred Financing Costs (1) Carrying Value Rate Maturity Date 2026 Term Loan $ 477,500 $ ( 833 ) $ ( 4,302 ) $ 472,365 2.86 % 5/15/2026 2028 Term Loan 291,750 ( 1,786 ) ( 3,179 ) 286,785 3.61 % 3/11/2028 Total $ 769,250 $ ( 2,619 ) $ ( 7,481 ) $ 759,150 (1) Unamortized issuance discount and deferred financing costs will be amortized to interest expense over remaining life of respective term loans. Covenants The financial covenants of the Term Loans include the requirements that we maintain: (i) a maximum ratio of total recourse debt to tangible net worth of 4 :1; and (ii) a ratio of total unencumbered assets to total pari-passu indebtedness of at least 2.50 :1. We were in compliance with the covenants under the Term Loans at September 30, 2024 and December 31, 2023. Interest Rate Cap In June 2020, we entered into an interest rate cap to manage our exposure to variable cash flows on our borrowings under our 2026 senior secured term loan by effectively limiting LIBOR from exceeding 0.75 %. This limited the maximum all-in coupon on our 2026 senior secured term loan to 3.50 %. Subsequent to the interest rate cap maturity on June 15, 2023, the effective all-in coupon on our 2026 Term Loan increased to one month SOFR plus the spread of 2.86 %. Refer to "Note 11 – Derivatives" for further detail. Participations sold represented the subordinate interests in loans we originated and subsequently partially sold. We account for participations sold as secured borrowings on our condensed consolidated balance sheet with both assets and non-recourse liabilities because the participations do not qualify as a sale under ASC 860. The income earned on the participations sold is recorded as interest income and an identical amount is recorded as interest expense in our condensed consolidated statements of operations. In December 2020, we sold a £ 6.7 million ($ 8.9 million assuming conversion into USD at time of transfer) interest, at par, in a first mortgage loan collateralized by an office building located in London, United Kingdom that was originated by us in December 2017. In connection with this sale, we transferred our remaining unfunded commitment of £ 19.1 million ($ 25.3 million assuming conversion into USD at time of transfer). The participation interest sold was subordinate to our first mortgage loan and was accounted for as a secured borrowing on our consolidated balance sheet. In January 2023, the first mortgage loan, including participations sold, was fully satisfied, including all contractual and default interest accrued to date. We had no participations sold as of September 30, 2024 or December 31, 2023 .

Accounts Payable, Accrued Expen

Accounts Payable, Accrued Expenses and Other Liabilities	9 Months Ended
	Sep. 30, 2024
Payables and Accruals [Abstract]
Accounts Payable, Accrued Expenses and Other Liabilities	Note 13 – Accounts Payable, Accrued Expenses and Other Liabilities The following table details the components of our accounts payable, accrued expense and other liabilities ($ in thousands): September 30, 2024 December 31, 2023 Collateral held under derivative agreements $ — $ 25,820 Accrued dividends payable 37,716 53,407 Accrued interest payable 39,715 31,012 Accounts payable and other liabilities (1) 11,291 6,078 Secured debt repayments pending servicer remittance (2) 73,278 — General CECL Allowance on unfunded commitments (3) 3,850 4,017 Total $ 165,850 $ 120,334 (1) Includes $ 10.4 million and $ 5.5 million of accounts payable and other liabilities on the balance sheet of the Real Estate Owned, Held for Investment at September 30, 2024 and December 31, 2023, respectively. (2) Represents pending transfers from our third party loan servicers that were remitted to our secured credit facility counterparties during the subsequent remittance cycle. (3) Refer to "Note 4 – Commercial Mortgage Loans, Subordinate Loans and Other Lending Assets, Net" for additional disclosure related to the General CECL Allowance on unfunded commitments as of September 30, 2024 and December 31, 2023 , respectively.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Note 14 – Income Taxes We have elected to be taxed as a REIT under the Internal Revenue Code of 1986, as amended, commencing with the taxable year ended December 31, 2009. As a REIT, U.S. federal income tax law generally requires us to distribute annually at least 90% of our REIT taxable income, without regard to the deduction for dividends paid and excluding net capital gains, and that we pay tax at regular corporate rates to the extent that we annually distribute less than 100% of our net taxable income. We are also subject to U.S. federal, state and local income taxes on our domestic taxable REIT subsidiaries ("TRS") based on the tax jurisdictions in which they operate. During the three and nine months ended September 30, 2024, we recorded a current income tax provision of $ 66.0 thousand and $ 0.3 million , respectively, related to activities of our taxable REIT subsidiaries. We recorded a current income tax provision of $ 0.5 million during both the three and nine months ended September 30, 2023. There was a $ 0.4 million and $ 0.6 million income tax asset related to the operating activities of our TRS entities as of September 30, 2024 and December 31, 2023, respectively. As of September 30, 2024 and December 31, 2023, there were no material deferred tax assets or liabilities. As of September 30, 2024, we had net operating losses o f $ 13.7 million and capital losses of $ 25.2 million t hat may be carried forward for use in subsequent periods. As of September 30, 2024 , tax years 2019 through 2023 remain subject to examination by taxing authorities.

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 2024
Related Party Transactions [Abstract]
Related Party Transactions	Note 15 – Related Party Transactions Management Agreement In connection with our initial public offering in September 2009, we entered into a management agreement (the "Management Agreement") with the Manager, which describes the services to be provided by the Manager and its compensation for those services. The Manager is responsible for managing our day-to-day operations, subject to the direction and oversight of our board of directors. Pursuant to the terms of the Management Agreement, the Manager is paid a base management fee equal to 1.5 % per annum of our stockholders' equity (as defined in the Management Agreement), calculated and payable (in cash) quarterly in arrears. The term of the Management Agreement was automatically renewed for a successive one-year term on September 29, 2023 and will automatically renew on each anniversary thereafter. The Management Agreement may be terminated upon expiration of the one-year extension term only upon the affirmative vote of at least two-thirds of our independent directors, based upon (1) unsatisfactory performance by the Manager that is materially detrimental to ARI or (2) a determination that the management fee payable to the Manager is not fair, subject to the Manager's right to prevent such a termination based on unfair fees by accepting a mutually acceptable reduction of management fees agreed to by at least two-thirds of our independent directors. The Manager must be provided with written notice of any such termination at least 180 days prior to the expiration of the then existing term and will be paid a termination fee equal to three times the sum of the average annual base management fee during the 24 -month period immediately preceding the date of termination, calculated as of the end of the most recently completed fiscal quarter prior to the date of termination. Following a meeting of our independent directors in March 2024, which included a discussion of the Manager's performance and the level of the management fees thereunder, we determined not to seek termination of the Management Agreement. We incurred approximately $ 8.8 million and $ 27.4 million in base management fees under the Management Agreement for the three and nine months ended September 30, 2024, respectively, as compared to $ 9.5 million and $ 28.4 million for the three and nine months ended September 30, 2023, respectively. In addition to the base management fee, we are also responsible for reimbursing the Manager for certain expenses paid by the Manager on our behalf or for certain services provided by the Manager to us. For the three and nine months ended September 30, 2024 we paid expenses totaling $ 1.1 million and $ 4.9 million , respectively, related to reimbursements for certain expenses paid by the Manager on our behalf under the Management Agreement as compared to $ 0.8 million and $ 2.1 million for three and nine months ended September 30, 2023, respectively. Expenses incurred by the Manager and reimbursed by us are reflected in the respective condensed consolidated statement of operations expense category or our condensed consolidated balance sheets based on the nature of the item. Included in payable to related party on our condensed consolidated balance sheets at September 30, 2024 and December 31, 2023 is approximately $ 8.8 million and $ 9.6 million , respectively, for base management fees incurred but not yet paid under the Management Agreement. Loans receivable During the first quarter of 2023, we transferred interests in, (i) three commercial mortgage loans secured by various properties in Europe, with aggregate commitments of € 205.7 million (of which € 115.0 million was funded at the time of sale), and (ii) a partial interest of £ 15.0 million in a commercial mortgage loan secured by a mixed-use property located in London, United Kingdom. These transfers were made to entities managed by affiliates of the Manager. Refer to "Note 4 – Commercial Mortgage Loans, Subordinate Loans and Other Lending Assets, Net" for additional disclosure. Term Loan In March 2021, Apollo Global Funding, LLC, an affiliate of the Manager, served as one of the eight arrangers for the issuance of our 2028 Term Loan and received $ 0.2 million of arrangement fees. In addition, funds managed by an affiliate of the Manager invested in $ 30.0 million of the 2028 Term Loan. Senior Secured Notes In June 2021, Apollo Global Securities, LLC, an affiliate of the Manager, served as one of the eight initial purchasers in the issuance of our 2029 Notes and received $ 0.4 million of initial purchasers' discounts and commissions. Italian Direct Lending Structure In the fourth quarter of 2021, we formed an Italian closed-end alternative investment fund (the "AIF"), managed by Apollo Investment Management Europe (Luxembourg) S.A R.L, a regulated alternative investment fund manager (the "AIFM"), an affiliate of the Manager. The management fees incurred during the three and nine months ended September 30, 2024 and 2023, respectively were de minimis. As of September 30, 2024 and December 31, 2023, the fees payable to the AIFM were de minimis. Atlas Facility On February 8, 2023, in connection with the acquisition by certain subsidiaries of Atlas, which is a wholly-owned investment of a fund managed by an affiliate of the Manager, the Credit Suisse Facility was acquired by Atlas. In order to effect the assignment of the Credit Suisse Facility and related agreements, the Company and one of its subsidiaries, similar to the other sellers and guarantors party to the subject agreements in the transaction, entered into an Omnibus Assignment, Assumption and Amendment Agreement as well as certain related agreements with Credit Suisse AG and Atlas. At the time of acquisition, we had $ 632.3 million of secured debt on the Credit Suisse Facility consisting of four commercial mortgage loans. As of September 30, 2024 and December 31, 2023, respectively, we had $ 622.8 million and $ 669.3 million of secured debt on the Atlas Facility consisting of five and four commercial mortgage loans. Refer to "Note 7 – Secured Debt Arrangements, Net" for additional discussion. Massachusetts Healthcare On September 4, 2024, we, along with the Apollo Co-Lenders, formed a joint venture of which we held a 41.2 % equity interest. Through this joint venture, we and the Apollo Co-Lenders foreclosed on one of the eight Massachusetts hospitals that previously secured our loan. In accordance with ASC 323, "Investments – Equity Method and Joint Ventures" our 41.2 % interest in the joint venture was deemed an equity method investment. See "Massachusetts Healthcare" within "Note 4 – Commercial Mortgage Loans, Subordinate Loans and Other Lending Assets, Net" for full discussion.

Share-Based Payments

Share-Based Payments	9 Months Ended
	Sep. 30, 2024
Share-Based Payment Arrangement [Abstract]
Share-Based Payments	Note 16 – Share-Based Payments On June 17, 2024, our board of directors adopted the Apollo Commercial Real Estate Finance, Inc. 2024 Equity Incentive Plan ("2024 LTIP"). Following the approval of the 2024 LTIP by our stockholders at our 2024 annual meeting of stockholders on June 7, 2024, no additional awards have been or will be granted under the Apollo Commercial Real Estate Finance, Inc. 2019 Equity Incentive Plan ("2019 LTIP," and together with the 2024 LTIP, the "LTIPs" or "Equity Incentive Plans") and all outstanding awards granted under the 2019 LTIP remain in effect in accordance with the terms in the 2019 LTIP. The 2024 LTIP provides for grants of restricted common stock, restricted stock units ("RSUs") and other equity-based awards up to an aggregate of 7,500,000 shares of our common stock. The LTIPs are administered by the compensation committee of our board of directors (the "Compensation Committee") and all grants under the LTIPs must be approved by the Compensation Committee. We recognized stock-based compensation expense related to restricted stock and RSU vesting of $ 4.2 million and $ 12.5 million during the three and nine months ended September 30, 2024, respectively, and $ 4.4 million and $ 13.1 million during the three and nine months ended September 30, 2023, respectively. The following table summarizes the grants, vesting and forfeitures of restricted common stock and RSUs during the nine months ended September 30, 2024: Type Restricted Stock RSUs Grant Date Fair Value ($ in millions) Outstanding at December 31, 2023 79,088 2,538,332 Granted 63,980 — 0.7 Vested ( 79,088 ) ( 46,716 ) N/A Forfeiture — ( 45,390 ) N/A Outstanding at September 30, 2024 63,980 2,446,226 Below is a summary of restricted stock and RSU vesting dates as of September 30, 2024: Vesting Year Restricted Stock RSUs Total Awards 2024 — 1,244,343 1,244,343 2025 63,980 849,208 913,188 2026 352,675 352,675 Total 63,980 2,446,226 2,510,206 At September 30, 2024, we had unrecognized compensation expense of approximately $ 0.4 million and $ 17.9 million related to the vesting of restricted stock awards and RSUs, respectively, noted in the table above. The unrecognized compensation expense related to the vesting of restricted awards and RSUs are expected to be recognized over a weighted-average period of 1.3 years. RSU Deliveries During the nine months ended September 30, 2024 and 2023, we delivered 759,984 and 681,384 shares of common stock for 1,395,966 and 1,255,184 vested RSUs, respectively. We allow RSU participants to settle their tax liabilities with a reduction of their share delivery from the originally granted and vested RSUs. The amount, when agreed to by the participant, results in a cash payment to the Manager related to this tax liability and a corresponding adjustment to additional paid in capital on our condensed consolidated statement of changes in stockholders' equity. The adjustment was $ 7.4 million and $ 6.8 million for the nine months ended September 30, 2024 and 2023 , respectively. The adjustment is a reduction of capital related to our equity incentive plan and is presented net of increases of capital related to our equity incentive plan in our condensed consolidated statement of changes in stockholders' equity.

Stockholders' Equity

Stockholders' Equity	9 Months Ended
	Sep. 30, 2024
Equity [Abstract]
Stockholders' Equity	Note 17 – Stockholders' Equity Our authorized capital stock consists of 450,000,000 shares of common stock, $ 0.01 par value per share and 50,000,000 shares of preferred stock, $ 0.01 par value per share. As of September 30, 2024, 138,169,164 shares of common stock were issued and outstanding and 6,770,393 shares of our 7.25 % Series B-1 Cumulative Redeemable Perpetual Preferred Stock ("Series B-1 Preferred Stock") were issued and outstanding. The Series B-1 Preferred Stock, with a par value $ 0.01 per share, have a liquidation preference of $ 25.00 per share. Dividends. The following table details our dividend activity: Three Months Ended September 30, Nine Months Ended September 30, Dividends declared per share of: 2024 2023 2024 2023 Common Stock $ 0.25 $ 0.35 $ 0.95 $ 1.05 Series B-1 Preferred Stock $ 0.45 $ 0.45 $ 1.35 $ 1.35 Common Stock Repurchases. During the three and nine months ended September 30, 2024, we repurchased 289,633 and 4,013,405 shares, respectively, of our common stock at a weighted-average price of $ 9.96 and $ 10.15 per share, respectively. As of September 30, 2024, the approximate dollar value of shares that may yet be purchased under our stock repurchase program was $ 131.6 million .

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 18 – Commitments and Contingencies Legal Proceedings AmBase Corporation: From time to time, we may be involved in various claims and legal actions arising in the ordinary course of business. On June 28, 2018, AmBase Corporation, 111 West 57th Street Manager Funding LLC and 111 West 57th Investment LLC commenced a now-dismissed action captioned AmBase Corporation et al v. ACREFI Mortgage Lending, LLC et al (No 653251/2018) in New York Supreme Court (the "Apollo Action"). The complaint named as defendants (i) a wholly-owned subsidiary of the Company (the "Subsidiary"), (ii) the Company, and (iii) certain funds managed by Apollo, who were co-lenders on a mezzanine loan against the development of a residential condominium building in Manhattan, New York. The plaintiffs alleged that the defendants tortiously interfered with the plaintiffs' joint venture agreement with the developers of the project, and that the defendants aided and abetted breaches of fiduciary duty by the developers of the project. The plaintiffs alleged the loss of a $ 70.0 million investment plus punitive damages. The defendants' motion to dismiss was granted on October 23, 2019 and the Court entered judgment dismissing the complaint in its entirety on November 8, 2019. Plaintiffs appealed, the parties fully briefed the appeal, and then Plaintiffs dropped the appeal, and the case remains dismissed. Plaintiffs amended the complaint in a separate action in 2021, 111 West 57th Investment LLC v. 111W57 Mezz Investor LLC (No. 655031/2017) also in New York Supreme Court (the "April 2021 Action") to name Apollo Global Management, Inc., the Subsidiary, the Company, and certain funds managed by Apollo as defendants. The April 2021 Action concerns overlapping claims and the same condominium development project that the Apollo Action concerned. The defendants filed a motion to dismiss, which was granted in part and denied in part on December 15, 2022. The Court dismissed the claim against Apollo Global Management, Inc. and the Company. Apollo appealed the decision with respect to the remaining claim. On October 5, 2023, the Appellate Division, First Department granted Apollo's appeal, thereby dismissing the remaining claim against the Apollo entities who were co-lenders on the mezzanine loan, including the Subsidiary. Plaintiffs filed a motion for leave with the Court of Appeals on November 3, 2023 which the Court denied on April 23, 2024. On July 12, 2024, Plaintiffs filed new motions for leave to appeal to the Court of Appeals, despite the earlier ruling. No reasonable estimate of possible loss, if any, can be made at this time. The Company believes the new motions are without merit. Massachusetts Healthcare: On September 4, 2024, Saint Elizabeth LLC, which is indirectly owned by a subsidiary of the Company and certain affiliates of Apollo, filed a lawsuit against the Commonwealth of Massachusetts, as well as Governor Maura Healey and the Massachusetts Secretary of Health and Human Services. The action is pending before the Land Court in Boston, Massachusetts. The lawsuit seeks equitable relief, including declaring that the taking of the real property associated with St. Elizabeth’s Medical Center was void and of no effect. The court has set an expedited schedule, with a trial scheduled to begin on February 18, 2025. The lawsuit is separate from any future action that could be filed over the valuation of the property and any payment received from the Commonwealth in connection with the taking of the property by eminent domain. Loan Commitments As described in "Note 4 – Commercial Mortgage Loans, Subordinate Loans and Other Lending Assets, Net" at September 30, 2024, we had $ 503.9 million of unfunded commitments related to our commercial mortgage and subordinate loans. The timings and amounts of fundings are uncertain as these commitments relate to loans for construction costs, capital expenditures, leasing costs, interest and carry costs, among others. As such, the timings and amounts of future fundings depend on the progress and performance of the underlying assets of our loans. Certain of our lenders are contractually obligated to fund their ratable portion of these loan commitments over time, while other lenders have some degree of discretion over future loan funding obligations. The total unfunded commitment is expected to be funded over the remaining 3.1 years weighted-average tenor of these loans.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	9 Months Ended
	Sep. 30, 2024
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	Note 19 – Fair Value of Financial Instruments The following table presents the carrying value and estimated fair value of our financial instruments not carried at fair value on our condensed consolidated balance sheets at September 30, 2024 and December 31, 2023 ($ in thousands): September 30, 2024 December 31, 2023 Carrying Estimated Carrying Estimated Cash and cash equivalents $ 194,287 $ 194,287 $ 225,438 $ 225,438 Commercial mortgage loans, net 7,456,389 7,373,832 7,925,359 7,813,304 Subordinate loans, net 374,222 374,222 432,734 432,458 Secured debt arrangements, net ( 5,513,945 ) ( 5,513,945 ) ( 5,538,476 ) ( 5,538,476 ) Senior secured term loans, net ( 755,441 ) ( 748,643 ) ( 759,150 ) ( 754,197 ) Senior secured notes, net ( 496,233 ) ( 446,250 ) ( 495,637 ) ( 418,750 ) Debt related to real estate owned, held for investment, net ( 278,837 ) ( 278,837 ) ( 161,586 ) ( 161,586 ) To determine estimated fair values of the financial instruments listed above, market rates of interest, which include credit assumptions, are used to discount contractual cash flows. The estimated fair values are not necessarily indicative of the amount we could realize on disposition of the financial instruments. The use of different market assumptions or estimation methodologies could have a material effect on the estimated fair value amounts. Estimates of fair value for cash and cash equivalents, Senior Secured Notes, net, and Term Loans, net are measured using observable Level I inputs as defined in "Note 3 – Fair Value Disclosure." Estimates of fair value for all other financial instruments in the table above are measured using significant estimates, or unobservable Level III inputs as defined in "Note 3 – Fair Value Disclosure."

Net Income (Loss) per Share

Net Income (Loss) per Share	9 Months Ended
	Sep. 30, 2024
Earnings Per Share [Abstract]
Net Income (Loss) per Share	Note 20 – Net Income (Loss) per Share ASC Topic 260, "Earnings Per Share" requires the use of the two-class method of computing both basic and diluted earnings (loss) per share for all periods presented for each class of common stock and participating securities. Under the two-class method, all earnings (distributed and undistributed) are allocated to common shares and participating securities according to their respective rights to receive dividends. The unvested RSUs granted under our Equity Incentive Plans to certain employees of the Manager qualify as participating securities as RSUs have non-forfeitable rights to participate in dividends. Therefore, unvested RSUs are included in the calculation of basic earnings per share. For the three and nine months ended, September 30, 2024, dilutive earnings per share was calculated under the more dilutive computation of the treasury stock method and the if converted method. Under the treasury stock method, the denominator includes the weighted-average outstanding common shares plus the incremental shares related to participating securities. The incremental shares are determined by subtracting the average unrecognized compensation cost for the period divided by the average stock price from the unvested RSUs. For the three and nine months ended, September 30, 2023, dilutive earnings per share was calculated under the if-converted method for periods with convertible interest expense . The table below presents the computation of basic and diluted net income (loss) per share of common stock for the three and nine months ended September 30, 2024 and 2023 ($ in thousands except per share data): Three Months Ended September 30, Nine Months Ended September 30, Basic Earnings 2024 2023 2024 2023 Net income (loss) $ ( 91,549 ) $ 46,071 $ ( 160,288 ) $ 11,587 Less: Preferred dividends ( 3,068 ) ( 3,068 ) ( 9,204 ) ( 9,204 ) Less: Earnings attributable to participating securities — — — — Less: Dividends on participating securities ( 614 ) ( 989 ) ( 2,380 ) ( 2,989 ) Basic Earnings (Loss) $ ( 95,231 ) $ 42,014 $ ( 171,872 ) $ ( 606 ) Dilutive Earnings Basic Earnings (Loss) $ ( 95,231 ) $ 42,014 $ ( 171,872 ) $ ( 606 ) Add: Dividends on participating securities — — — — Diluted Earnings (Loss) $ ( 95,231 ) $ 42,014 $ ( 171,872 ) $ ( 606 ) Number of Shares: Basic weighted-average shares of common stock outstanding 138,246,827 141,350,428 140,177,962 141,255,730 Diluted weighted-average shares of common stock outstanding 138,246,827 141,350,428 140,177,962 141,255,730 Earnings (Loss) Per Share Attributable to Common Stockholders Basic $ ( 0.69 ) $ 0.30 $ ( 1.23 ) $ — Diluted $ ( 0.69 ) $ 0.30 $ ( 1.23 ) $ — For the three months ended September 30, 2024 , 519,184 incremental shares were excluded in the calculation of diluted net income per share because the effect was anti-dilutive. For the nine months ended September 30, 2024 , 355,339 inc remental shares were excluded in the calculation of diluted net income per share because the effect was anti-dilutive. For the three and nine months ended September 30, 2023 , 8,741,770 and 10,129,968 , respectively, weighted-average potentially issuable shares with respect to the Convertible Notes were excluded in the dilutive earnings per share denominator because the effect was anti-dilutive. For the three and nine months ended September 30, 2023 , 2,832,265 and 2,966,277 weighted-average unvested RSUs were excluded in the calculation of diluted net income per share because the effect was anti-dilutive.

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2024
Subsequent Events [Abstract]
Subsequent Events	Note 21 – Subsequent Events Subsequent to the quarter ended September 30, 2024, the following events took place: Investment Activity: Funded approximately $ 33.1 million for previously closed loans and capitalized an additional $ 9.8 million of construction and financing costs related to our real estate owned, held for investment. Loan Repayments: We received approximately $ 6.3 million from loan repayments. Massachusetts Healthcare: October 1, 2024, five of the seven hospitals were sold to third parties, and the total consideration was allocated among us and other Apollo Co-Lenders based on our pro-rata interests in the commercial mortgage loan. We received consideration of approximately $ 133.1 million, which included a $ 41.2 million promissory note.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying condensed consolidated financial statements include our accounts and those of our consolidated subsidiaries. All intercompany amounts have been eliminated. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America ("GAAP") requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Our most significant estimates include current expected credit loss ("CECL") allowances. Actual results may differ from estimates. These unaudited condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and should be read in conjunction with the consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2023, as filed with the Securities and Exchange Commission (the "SEC"). In the opinion of management, all adjustments (consisting only of normal recurring adjustments) necessary to present fairly our financial position, results of operations and cash flows have been included. Our results of operations for the three and nine months ended September 30, 2024 are not necessarily indicative of the results to be expected for the full year or any other future period. We currently operate in one reporting segment.
Equity Method Investments	Equity Method Investments We account for investments in entities under the equity method of accounting where we exercise significant influence over the entity but do not meet the requirements for consolidation. Equity method investments, for which we have not elected a fair value option, are initially recorded at cost a nd subsequently adjusted for our share of net income or loss and cash contributions and distributions each period. We classify distributions received from equity method investees using the cumulative earnings approach. Distributions received up to the cumulative earnings from each equity method investee, including distributions of operating profits, are considered returns on investment and are presented within "Cash flows from operating activities" in our condensed consolidated statement of cash flows. Distributions in excess of cumulative earnings, including those in excess of operating profits, are considered returns of investment and are presented within "Cash flows from investing activities" in our condensed consolidated statement of cash flows.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In November 2023, the Financial Accounting Standards Board ("FASB") issued ASU 2023-07 "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures" ("ASU 2023-07"). ASU 2023-07 intends to improve reportable segment disclosure requirements, enhance interim disclosure requirements and provide new segment disclosure requirements for entities with a single reportable segment. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and for interim periods with fiscal years beginning after December 15, 2024. ASU 2023-07 is to be adopted retrospectively to all prior periods presented. We do not expect a material impact upon adoption. In December 2023, the FASB issued ASU 2023-09 "Improvements to Income Tax Disclosures" ("ASU 2023-09"). ASU 2023-09 intends to improve the transparency of income tax disclosures. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024 and is to be adopted on a prospective basis with the option to apply retrospectively. We are currently assessing the impact of this guidance; however, we do not expect a material impact to our consolidated financial statements.

Fair Value Disclosure (Tables)

Fair Value Disclosure (Tables)	9 Months Ended
	Sep. 30, 2024
Fair Value Disclosures [Abstract]
Summarizes Levels in Fair Value Hierarchy of Financial Instruments	The following table summarizes the levels in the fair value hierarchy into which our assets and liabilities with recurring fair value measurements were categorized as of September 30, 2024 and December 31, 2023 ($ in thousands): Fair Value as of September 30, 2024 Fair Value as of December 31, 2023 Level I Level II Level III Total Level I Level II Level III Total Recurring fair value measurements: Foreign currency forward, net $ — $ ( 10,592 ) $ — $ ( 10,592 ) $ — $ 28,065 $ — $ 28,065 Interest rate cap assets — 577 — 577 — 1,360 — 1,360 Total financial instruments $ — $ ( 10,015 ) $ — $ ( 10,015 ) $ — $ 29,425 $ — $ 29,425

Commercial Mortgage Loans, Su_2

Commercial Mortgage Loans, Subordinate Loans and Other Lending Assets, Net (Tables)	9 Months Ended
	Sep. 30, 2024
Receivables [Abstract]
Schedule of Loan Portfolio	Our loan portfolio was comprised of the following at September 30, 2024 and December 31, 2023 ($ in thousands): Loan Type September 30, 2024 December 31, 2023 Commercial mortgage loans, net (1) $ 7,456,389 $ 7,925,359 Subordinate loans, net 374,222 432,734 Carrying value, net $ 7,830,611 $ 8,358,093 (1) Includes $ 8.3 million and $ 95.5 million in 2024 and 2023 , respectively, of contiguous financing structured as subordinate loans.
Schedule of Activity Related to Loan Investment Portfolio	Activity relating to our loan portfolio for the nine months ended September 30, 2024 was as follows ($ in thousands): Principal Deferred Fees/Other Items Specific CECL Allowance Carrying Value, Net December 31, 2023 $ 8,610,110 $ ( 32,535 ) $ ( 193,000 ) $ 8,384,575 New loan fundings 955,328 — — 955,328 Add-on loan fundings (1) 530,747 — — 530,747 Loan repayments and sale ( 1,711,682 ) — — ( 1,711,682 ) Gain (loss) on foreign currency translation 155,874 ( 825 ) — 155,049 Increase in Specific CECL Allowance, net — — ( 149,500 ) ( 149,500 ) Transfer to Other Assets (2) ( 159,667 ) — — ( 159,667 ) Realized loss on investment (3) ( 137,312 ) 9,121 — ( 128,191 ) Deferred fees and other items (4) — ( 34,468 ) — ( 34,468 ) Amortization of fees — 22,612 — 22,612 September 30, 2024 $ 8,243,398 $ ( 36,095 ) $ ( 342,500 ) $ 7,864,803 General CECL Allowance (5) ( 34,192 ) Carrying value, net $ 7,830,611 (1) Represents fundings subsequent to loan closing. (2) Refer to "Massachusetts Healthcare" below for full discussion. (3) Realized loss on investment includes a $ 0.7 million loss on the sale of a commercial mortgage loan collateralized by a hotel property located in Honolulu, HI in April 2024, and a realized loss of $ 127.5 million during the third quarter of 2024 related to Massachusetts Healthcare, discussed below, consisting of a $ 136.6 million write-off of principal, partially offset by $ 9.1 million, reflecting the cost recovery interest received to date and unamortized origination fees. (4) Other items primarily consist of purchase discounts or premiums, cost recovery interest, exit fees, and deferred origination expenses. (5) $ 3.9 million of the General CECL Allowance is excluded from this table because it relates to unfunded commitments and has been recorded as a liability under accounts payable, accrued expenses and other liabilities in our condensed consolidated balance sheet.
Schedule of Overall Statistics for the Loan Portfolio	The following table details overall statistics for our loan portfolio at the dates indicated ($ in thousands): September 30, 2024 December 31, 2023 Number of loans 45 50 Principal balance $ 8,243,398 $ 8,610,110 Carrying value, net $ 7,830,611 $ 8,358,093 Unfunded loan commitments (1) $ 503,858 $ 868,582 Weighted-average cash coupon (2) 8.1 % 8.3 % Weighted-average remaining fully-extended term (3) 2.5 years 2.3 years Weighted-average expected term (4) 1.8 years 1.8 years (1) Unfunded loan commitments are funded to finance construction costs, tenant improvements, leasing commissions, or carrying costs. These future commitments are funded over the term of each loan, subject in certain cases to an expiration date. (2) For floating rate loans, based on applicable benchmark rates as of the specified dates. For loans placed on non-accrual, the interest rate used in calculating weighted-average cash coupon is 0 %. (3) Assumes all extension options are exercised. (4) Expected term represents our estimated timing of repayments as of the specified dates. Excludes risk-rated five loans.
Schedule of Mortgage Loans on Real Estate	Property Type The table below details the property type of the properties securing the loans in our portfolio at the dates indicated ($ in thousands): September 30, 2024 December 31, 2023 Property Type Carrying % of (1) Carrying % of (1) Office $ 1,792,187 22.8 % $ 1,593,320 19.0 % Hotel 1,620,910 20.6 2,128,256 25.4 Retail 1,454,077 18.5 1,407,764 16.8 Residential 1,220,115 15.5 1,247,238 14.9 Mixed Use 433,252 5.5 679,303 8.1 Industrial 418,218 5.3 293,133 3.5 Healthcare 355,474 4.5 511,803 6.1 Other (2) 570,570 7.3 523,758 6.2 Total $ 7,864,803 100.0 % $ 8,384,575 100.0 % General CECL Allowance (3) ( 34,192 ) ( 26,482 ) Carrying value, net $ 7,830,611 $ 8,358,093 (1) Percentage of portfolio calculations are made prior to consideration of General CECL Allowance. (2) Other property types include pubs ( 2.9 % ), caravan parks ( 2.7 % ), and urban predevelopment ( 1.7 %) in 2024 , and caravan parks ( 2.4 %), parking garages ( 2.3 %) and urban predevelopment ( 1.5 %) in 2023. (3) $ 3.9 million and $ 4.0 million of the General CECL Allowance for 2024 and 2023, respectively, is excluded from this table because it relates to unfunded commitments and has been recorded as a liability under accounts payable, accrued expenses and other liabilities in our condensed consolidated balance sheets. Geography The table below details the geographic distribution of the properties securing the loans in our portfolio at the dates indicated ($ in thousands): September 30, 2024 December 31, 2023 Geographic Location Carrying % of (1) Carrying % of (1) United Kingdom $ 3,039,991 38.6 % $ 2,675,097 31.9 % New York City 1,607,723 20.4 1,736,856 20.7 Other Europe (2) 1,335,497 17.0 1,686,425 20.1 Southeast 611,661 7.8 535,054 6.4 West 509,901 6.5 484,842 5.8 Midwest 408,949 5.2 522,137 6.2 Other (3) 351,081 4.5 744,164 8.9 Total $ 7,864,803 100.0 % $ 8,384,575 100.0 % General CECL Allowance (4) ( 34,192 ) ( 26,482 ) Carrying value, net $ 7,830,611 $ 8,358,093 (1) Percentage of portfolio calculations are made prior to consideration of General CECL Allowance. (2) Other Europe includes Germany ( 8.0 %) , Italy ( 2.3 %), Spain ( 3.4 %), Sweden ( 3.1 %) and the Netherlands ( 0.2 %) in 2024 and Germany ( 7.4 %), Italy ( 4.9 %), Spain ( 4.2 %), Sweden ( 2.9 %), Ireland ( 0.5 %) and the Netherlands ( 0.2 %) in 2023. (3) Other includes Northeast ( 0.1 %), Mid-Atlantic ( 1.7 %), Southwest ( 1.5 %) and Other ( 1.2 %) in 2024 and Northeast ( 5.0 %), Mid-Atlantic ( 1.1 %), Southwest ( 1.7 %) and Other ( 1.1 %) in 2023. (4) $ 3.9 million and $ 4.0 million of the General CECL Allowance for 2024 and 2023 , respectively, is excluded from this table because it relates to unfunded commitments and has been recorded as a liability under accounts payable, accrued expenses and other liabilities in our condensed consolidated balance sheets.
Schedule of Carrying Value of Loan Portfolio Based on Internal Risk Ratings	The following tables present the carrying value of our loan portfolio by year of origination and internal risk rating and gross write-offs by year of origination as of September 30, 2024 and December 31, 2023, respectively ($ in thousands): September 30, 2024 Amortized Cost (1) by Year Originated Risk Rating Number of Loans Total % of Portfolio 2024 2023 2022 2021 2020 Prior 1 — $ — — % $ — $ — $ — $ — $ — $ — 2 2 474,460 6.0 % — — 459,782 14,678 — — 3 38 6,966,537 88.6 % 974,717 660,811 1,795,608 1,845,346 406,909 1,283,146 4 2 297,806 3.8 % — — — — — 297,806 5 3 126,000 1.6 % — — — — 27,881 98,119 Total 45 $ 7,864,803 100.0 % 974,717 660,811 2,255,390 1,860,024 434,790 1,679,071 General CECL Allowance (2) ( 34,192 ) Total carrying value, net $ 7,830,611 Weighted-Average Risk Rating 3.0 Gross write-offs $ — $ — $ — $ — $ — $ — $ — December 31, 2023 Amortized Cost (1) by Year Originated Risk Rating Number of Loans Total % of Portfolio 2023 2022 2021 2020 2019 Prior 1 — $ — — % $ — $ — $ — $ — $ — $ — 2 4 478,440 5.7 % — 280,572 — — 132,309 65,560 3 42 7,548,252 90.0 % 440,720 2,426,511 2,285,902 387,323 1,465,618 542,177 4 2 88,112 1.1 % — — — — — 88,112 5 2 269,771 3.2 % — — — 169,881 — 99,890 Total 50 $ 8,384,575 100.0 % $ 440,720 $ 2,707,083 $ 2,285,902 $ 557,204 $ 1,597,927 $ 795,739 General CECL Allowance (2) ( 26,482 ) Total carrying value, net $ 8,358,093 Weighted-Average Risk Rating 3.0 Gross write-offs $ 81,890 $ — $ — $ — $ — $ — $ 81,890 (1) Net of Specific CECL Allowance. (2) $ 3.9 million and $ 4.0 million of the General CECL Allowance for 2024 and 2023 , respectively, is excluded from this table because it relates to unfunded commitments and has been recorded as a liability under accounts payable, accrued expenses and other liabilities in our condensed consolidated balance sheets.
Schedule of CECL Reserves	The following schedule illustrates changes in CECL Allowances for the nine months ended September 30, 2024 ($ in thousands): Specific CECL General CECL Allowance Total CECL CECL Allowance as % of Amortized Cost Allowance (1) Funded Unfunded Total Allowance General (1) Total December 31, 2023 $ 193,000 $ 26,482 $ 4,017 $ 30,499 $ 223,499 0.38 % 2.61 % Changes: Allowances (Reversals), net (2) 142,000 6,076 ( 392 ) 5,684 147,684 March 31, 2024 $ 335,000 $ 32,558 $ 3,625 $ 36,183 $ 371,183 0.44 % 4.29 % Changes: Allowances (Reversals), net (3) 7,500 2,761 ( 3 ) 2,758 10,258 June 30, 2024 $ 342,500 $ 35,319 $ 3,622 $ 38,941 $ 381,441 0.47 % 4.40 % Changes: Allowances (Reversals), net (4)(5) 127,512 ( 1,127 ) 228 ( 899 ) 126,613 Write-offs (5) ( 127,512 ) — — — ( 127,512 ) September 30, 2024 $ 342,500 $ 34,192 $ 3,850 $ 38,042 $ 380,542 0.49 % 4.64 % (1) Loans evaluated for Specific CECL Allowance are excluded from General CECL Allowance pool. (2) During the three months ended March 31, 2024, our General CECL Allowance increased by $ 5.7 million. The increase was primarily related to extending our expected loan repayment dates as well as an increase to the historical loss rate derived from Trepp's data. The increase was partially offset by the favorable impacts of portfolio seasoning. Additionally, during the three months ended March 31, 2024, we recorded an increase of $ 142.0 million to our Specific CECL Allowance. The increase was related to a mezzanine loan secured by the ultra-luxury residential property. Refer to discussion below. (3) During the three months ended June 30, 2024, our General CECL Allowance increased by $ 2.8 million primarily due to new loan originations as well as a more adverse outlook on our office portfolio. The increase was partially offset by the favorable impacts of portfolio seasoning. Additionally, during the three months ended June 30, 2024, we recorded an increase of $ 7.5 million to our Specific CECL Allowance. The increase was related to a mezzanine loan secured by an office building in Troy, MI. Refer to discussion below. (4) During the three months ended September 30, 2024, our General CECL Allowance decreased by $ 0.9 million primarily due to the favorable impacts of portfolio seasoning and earlier than expected loan repayments. The decrease was partially offset by the effects of loan originations and a more adverse macroeconomic outlook associated with our office portfolio. (5) During the three months ended September 30, 2024, we recorded an increase and write-off of $ 127.5 million of our Specific CECL Allowance related to our Massachusetts Healthcare Loan (as defined and discussed below). The $ 127.5 million write-off was recorded as a realized loss within net realized loss on investments in our September 30, 2024 condensed consolidated statement of operations. The following schedule illustrates changes in CECL Allowances for the nine months ended September 30, 2023 ($ in thousands): Specific CECL General CECL Allowance Total CECL CECL Allowance as % of Amortized Cost Allowance (1) Funded Unfunded Total Allowance General (1) Total December 31, 2022 $ 133,500 $ 26,224 $ 4,347 $ 30,571 $ 164,071 0.36 % 1.86 % Changes: Allowances (2) — 4,043 348 4,391 4,391 March 31, 2023 $ 133,500 $ 30,267 $ 4,695 $ 34,962 $ 168,462 0.42 % 1.95 % Changes: Allowances (3) 141,480 2,009 139 2,148 143,628 Write-offs (4) ( 81,980 ) — — — ( 81,980 ) June 30, 2023 $ 193,000 $ 32,276 $ 4,834 $ 37,110 $ 230,110 0.46 % 2.70 % Changes: Reversals (5) — ( 4,971 ) ( 862 ) ( 5,833 ) ( 5,833 ) September 30, 2023 $ 193,000 $ 27,305 $ 3,972 $ 31,277 $ 224,277 0.40 % 2.74 % (1) Loans evaluated for Specific CECL Allowance are excluded from General CECL Allowance pool. (2) During the three months ended March 31, 2023, our General CECL Allowance increased by $ 4.4 million primarily due to an increase in our view of the remaining expected term of our loan portfolio. This increase was partially offset by the impact of portfolio seasoning and loan repayments and sales. (3) During the three months ended June 30, 2023, our General CECL Allowance increased by $ 2.1 million primarily due to a more adverse macroeconomic outlook and an increase in our view of the remaining expected term of certain of our loans. This increase was partially offset by the impact of portfolio seasoning. Additionally, during the three months ended June 30, 2023, we recorded an increase of $ 141.5 million to our Specific CECL Allowance. The increase was related to two mezzanine loans secured by the same ultra-luxury property. Refer to discussion below. (4) As of June 30, 2023, $ 82.0 million related to the most junior mezzanine loan secured by the ultra-luxury residential property was deemed unrecoverable. Accordingly, $ 82.0 million of previously recorded Specific CECL was written-off and recorded as a realized loss within net realized loss on investments in our June 30, 2023 condensed consolidated statement of operations. Refer to "Specific CECL Allowance" section below for further detail. (5) During the three months ended September 30, 2023, our General CECL Allowance decreased by $ 5.8 million, primarily due to loan prepayments and portfolio seasoning. The following schedule sets forth our General CECL Allowance as of September 30, 2024 and December 31, 2023 ($ in thousands): September 30, 2024 December 31, 2023 Commercial mortgage loans, net $ 33,355 $ 25,723 Subordinate loans, net 837 759 Unfunded commitments (1) 3,850 4,017 Total General CECL Allowance $ 38,042 $ 30,499 (1) The General CECL Allowance on unfunded commitments is recorded as a liability on our condensed consolidated balance sheets within accounts payable, accrued expenses and other liabilities.
Financing Receivable Cost Recovery	The following table summarizes our risk rated five loans as of September 30, 2024, which were analyzed for Specific CECL Allowances ($ in thousands): Type Property type Location Amortized cost prior to Specific CECL Allowance Specific CECL Allowance Amortized cost Interest recognition status/ as of date Risk Rating Mortgage Retail (1)(2) Cincinnati, OH $ 165,119 $ 67,000 $ 98,119 Non-Accrual/ 10/1/2019 5 Mezzanine Residential (3) Manhattan, NY 295,881 268,000 27,881 Non-Accrual/ 7/1/2021 5 Mezzanine Office (4) Troy, MI 7,500 7,500 - Non-Accrual/ 6/30/2024 5 Total $ 468,500 $ 342,500 $ 126,000 (1) The fair value of retail collateral was determined by applying a capitalization rate of 9.0 %. (2) In September 2018, we entered a joint venture with Turner Consulting II, LLC ("Turner Consulting"), through an entity which owns the underlying property that secures our loan. Turner Consulting contributed 10 % of the venture's equity and we contributed 90 %. The entity was deemed to be a variable interest entity ("VIE"), and we determined that we are not the primary beneficiary of that VIE as we do not have the power to direct the entity's activities. During the second quarter of 2024, the loan's maturity was extended from September 2024 to September 2025. (3) The fair value of the residential collateral was determined by making certain projections and assumptions with respect to future performance and a discount rate of 10 %. (4) The fair value of the office collateral was determined by applying an exit capitalization rate of 10 % and a discount rate of 20 %

Other Assets (Tables)

Other Assets (Tables)	9 Months Ended
	Sep. 30, 2024
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Schedule of Components of Other Assets	The following table details the components of our other assets at the dates indicated ($ in thousands): September 30, 2024 December 31, 2023 Interest receivable $ 78,330 $ 72,354 Collateral deposited under derivative agreements 11,550 — Loan proceeds held by servicer (1) 105,769 6,271 Other (2)(3) 168,487 6,998 Total $ 364,136 $ 85,623 (1) Includes loan principal, interest, and other fees held by our third-party servicers as of the balance sheet date and remitted during subsequent remittance cycle. (2) Includes $ 8.4 million and $ 4.6 million of other assets from Real Estate Owned, Held for Investment as of September 30, 2024 and December 31, 2023, respectively. Refer to "Note 5 – Real Estate Owned" for additional information. (3) Includes $ 159.7 million of other assets related to our former Massachusetts Healthcare Loan as discussed in "Note 4 – Commercial Mortgage Loans, Subordinate Loans and Other Lending Assets, Net. "

Secured Debt Arrangements, Net

Secured Debt Arrangements, Net (Tables)	9 Months Ended
	Sep. 30, 2024
Debt Disclosure [Abstract]
Schedule of Weighted Average Maturities and Interest Rates of Borrowings	Our borrowings under secured debt arrangements as of September 30, 2024 and December 31, 2023 are detailed in the following table ($ in thousands): September 30, 2024 December 31, 2023 Maximum (1) Borrowings (1) Maturity (2) Maximum (1) Borrowings (1) Maturity (2) JPMorgan Facility - USD (3)(4) $ 1,500,000 $ 832,657 September 2026 $ 1,482,584 $ 1,043,964 September 2026 JPMorgan Facility - GBP (3)(4) — — N/A 17,416 17,416 September 2026 Deutsche Bank Facility - USD (3) 700,000 183,397 March 2026 700,000 275,815 March 2026 Atlas Facility - USD (5) 800,000 622,788 March 2027 (6) 686,527 669,302 April 2027 (7)(8) HSBC Facility - GBP 403,390 403,390 May 2025 383,967 383,967 May 2025 HSBC Facility - EUR 269,032 269,032 January 2026 (8) 281,401 281,401 January 2026 Goldman Sachs Facility - USD — — N/A (9) 13,437 13,437 November 2025 (9) Goldman Sachs Facility - GBP 491,500 390,163 May 2029 — — N/A Barclays Facility - USD 500,000 353,153 March 2027 (7) 200,000 107,929 June 2027 (7) MUFG Securities Facility - GBP 209,759 194,203 August 2025 (7) 204,690 204,690 June 2025 (7) Churchill Facility - USD 130,000 122,595 April 2026 130,000 126,515 March 2026 Santander Facility - USD 300,000 67,500 February 2026 (7) 300,000 67,500 February 2026 (7) Santander Facility - EUR (10) — — N/A 59,611 55,716 August 2024 Total Secured Credit Facilities 5,303,682 3,438,878 4,459,633 3,247,652 Barclays Private Securitization - GBP, EUR, SEK 2,034,897 2,034,897 December 2026 (8) 2,369,125 2,157,157 June 2026 (8) Revolving Credit Facility - USD (11)(12) 160,000 51,050 March 2026 170,000 147,000 March 2026 Total Secured Debt Arrangements 7,498,579 5,524,825 6,998,758 5,551,809 Less: deferred financing costs N/A ( 10,880 ) N/A ( 13,333 ) Total Secured Debt Arrangements, net (13)(14)(15) $ 7,498,579 $ 5,513,945 $ 6,998,758 $ 5,538,476 (1) As of September 30, 2024, British Pound Sterling("GBP"), Euro ("EUR"), and Swedish Krona ("SEK") borrowings were converted to USD at a rate of 1.34 , 1.11 , and 0.10 , respectively. As of December 31, 2023, GBP, EUR and SEK borrowings were converted to USD at a rate of 1.27 , 1.10 and 0.10 , respectively. (2) Maturity date assumes extensions at our option are exercised with consent of financing providers, where applicable. (3) The JPMorgan Facility and Deutsche Bank Facility enable us to elect to receive advances in USD, GBP, or EUR. (4) The JPMorgan Facility allows for $ 1.5 billion of maximum borrowings in total as of September 30, 2024. (5) The Atlas Facility (as defined below) was formerly the Credit Suisse Facility. See "Atlas Facility" below for additional discussion. (6) The Atlas Facility was amended during March 2024 to convert the facility's maturity from a six month "evergreen" feature to a two-year initial term, with an additional one-year extension option. (7) Assumes financings are extended in line with the underlying loans. (8) Represents weighted-average maturity across various financings with the counterparty. See below for additional details. (9) Facility entered the two-year amortization period during Q4 2023. During the amortization period, the maturity date for current outstanding transactions are extended for a period of up to two years from the November 2023 maturity. The facility was terminated during the nine months ended September 30, 2024, in conjunction with repayment of the underlying loan securing the facility. (10) The facility was terminated during the three months ended June 30, 2024 in conjunction with repayment of the underlying loan securing the facility. (11) The current stated maturity of the Revolving Credit Facility (as defined below) is March 2026. Borrowings under the Revolving Credit Facility bear interest at a per annum rate equal to the sum of (i) a floating rate index and (ii) a fixed margin. Borrowings under the Revolving Credit Facility are full recourse to certain guarantor wholly-owned subsidiaries of the Company. See "Revolving Credit Facility" below for additional discussion. (12) Effective September 30, 2024, the capacity on our Revolving Credit Facility was reduced to $ 160.0 million from $ 170.0 million. (13) Weighted-average borrowing costs as of September 30, 2024 and December 31, 2023 were applicable benchmark rates and credit spread adjustments, plus spreads of USD: + 2.56 % / GBP: + 2.28 % / EUR: + 2.11 % / SEK: + 1.50 % and USD: + 2.49 % / GBP: + 2.21 % / EUR: + 1.86 % / SEK: + 1.50 % , respectively. (14) Weighted-average advance rates based on cost as of September 30, 2024 and December 31, 2023 were 70.9 % ( 65.1 % (USD) / 75.1 % (GBP) / 72.8 % (EUR) / 80.4 % (SEK)) and 68.4 % ( 62.9 % (USD) / 72.5 % (GBP) / 72.1 % (EUR) / 80.4 % (SEK)), respectively. (15) As of September 30, 2024 and December 31, 2023, approximately 48 % and 58 % , respectively, is the outstanding balance under these secured borrowings were recourse to us.
Schedule of Assets Under the Private Barclays Securitization	The table below provides principal balances and the carrying value for commercial mortgage loans pledged to the Barclays Private Securitization as of September 30, 2024 and December 31, 2023 ($ in thousands): September 30, 2024 Local Currency Count Outstanding Carrying Value GBP 6 $ 1,745,874 $ 1,726,495 EUR 3 743,480 734,207 SEK 1 244,074 242,893 Total 10 $ 2,733,428 $ 2,703,595 December 31, 2023 Local Currency Count Outstanding Carrying Value GBP 7 $ 1,662,457 $ 1,643,979 EUR 6 1,021,272 1,012,987 SEK 1 248,088 246,220 Total 14 $ 2,931,817 $ 2,903,186 The table below provides the borrowings outstanding (on an as converted basis) and weighted-average fully-extended maturities by currency for the assets financed under the Barclays Private Securitization as of September 30, 2024 ($ in thousands): Borrowings (1) Fully-Extended (2) Total/Weighted-Average GBP $ 1,288,941 August 2026 Total/Weighted-Average EUR 550,425 October 2027 (3) Total/Weighted-Average SEK 195,530 May 2026 Total/Weighted-Average Securitization $ 2,034,897 December 2026 (1) As of September 30, 2024, we had £ 963.7 million , € 494.3 million , and kr 2.0 billion of borrowings outstanding under the Barclays Private Securitization secured by certain of our commercial mortgage loans. (2) Assumes underlying loans extend to fully extended maturity and extensions at our option are exercised. (3) The EUR portion of the Barclays Private Securitization has an "evergreen" feature such that the facility continues for one year and can be terminated by either party on certain dates with, depending on the date of notice, a minimum of nine to twelve months' notice. The table below provides the borrowings outstanding (on an as converted basis) and weighted-average fully-extended maturities by currency for the assets financed under the Barclays Private Securitization as of December 31, 2023 ($ in thousands): Borrowings (1) Fully-Extended (2) Total/Weighted-Average GBP 1,234,740 June 2026 Total/Weighted-Average EUR 723,947 May 2026 (3) Total/Weighted-Average SEK 198,470 May 2026 Total/Weighted-Average Securitization $ 2,157,157 June 2026 (1) As of December 31, 2023, we had £ 969.9 million , € 655.8 million , and kr $ 2.0 billion of borrowings outstanding under the Barclays Private Securitization secured by certain of our commercial mortgage loans. (2) Assumes underlying loans extend to fully extended maturity and extensions at our option are exercised. (3) The EUR portion of the Barclays Private Securitization has an "evergreen" feature such that the facility continues for one year and can be terminated by either party on certain dates with, depending on the date of notice, a minimum of nine to twelve months' notice. The following table summarizes the terms of the Term Loans as of September 30, 2024 ($ in thousands): Principal Amount Unamortized Issuance Discount (1) Deferred Financing Costs (1) Carrying Value Rate Maturity Date 2026 Term Loan $ 473,750 $ ( 565 ) $ ( 3,162 ) $ 470,023 2.86 % 5/15/2026 2028 Term Loan 289,500 ( 1,464 ) ( 2,618 ) 285,418 3.61 % 3/11/2028 Total $ 763,250 $ ( 2,029 ) $ ( 5,780 ) $ 755,441 (1) Unamortized issuance discount and deferred financing costs will be amortized to interest expense over remaining life of respective term loans. The following table summarizes the terms of the Term Loans as of December 31, 2023 ($ in thousands): Principal Amount Unamortized Issuance Discount (1) Deferred Financing Costs (1) Carrying Value Rate Maturity Date 2026 Term Loan $ 477,500 $ ( 833 ) $ ( 4,302 ) $ 472,365 2.86 % 5/15/2026 2028 Term Loan 291,750 ( 1,786 ) ( 3,179 ) 286,785 3.61 % 3/11/2028 Total $ 769,250 $ ( 2,619 ) $ ( 7,481 ) $ 759,150 (1) Unamortized issuance discount and deferred financing costs will be amortized to interest expense over remaining life of respective term loans.
Schedule of Assets and Liabilities	The table below provides the assets and liabilities of the Barclays Private Securitization VIE included in our condensed consolidated balance sheets ($ in thousands): September 30, 2024 December 31, 2023 Assets: Cash $ 1,366 $ 924 Commercial mortgage loans, net (1) 2,703,595 2,903,186 Other Assets (2) 142,208 41,180 Total Assets $ 2,847,170 $ 2,945,290 Liabilities: Secured debt arrangements, net (net of deferred financing costs of $ 1.3 million and $ 2.0 million in 2024 and 2023, respectively) $ 2,033,613 $ 2,155,197 Accounts payable, accrued expenses and other liabilities (3)(4) 89,090 9,083 Total Liabilities $ 2,122,703 $ 2,164,280 (1) Net of the General CECL Allowance of $ 12.7 million and $ 8.3 million as of September 30, 2024 and December 31, 2023, respectively. (2) Includes loan principal, interest, and other fees held by our third-party servicers as of the balance sheet date and remitted during subsequent remittance cycle. (3) Includes General CECL Allowance related to unfunded commitments on commercial mortgage loans, net of $ 2.4 million and $ 2.5 million as of September 30, 2024 and December 31, 2023, respectively. (4) Includes pending transfers from our third party loan servicers that were remitted to our secured credit facility counterparties during the subsequent remittance cycle.
Schedule of Net Income from VIE	The table below provides the net income of the Barclays Private Securitization VIE included in our condensed consolidated statement of operations ($ in thousands): Three months ended September 30, Nine months ended September 30, 2024 2023 2024 2023 Net interest income: Interest income from commercial mortgage loans $ 69,455 $ 56,537 $ 197,574 $ 156,295 Interest expense ( 39,343 ) ( 30,379 ) ( 111,445 ) ( 80,753 ) Net interest income $ 30,112 $ 26,158 $ 86,129 $ 75,542 General and administrative expense $ ( 4 ) $ ( 2 ) $ ( 6 ) $ ( 9 ) Decrease (increase) in current expected credit loss allowance, net ( 176 ) 1,744 ( 4,315 ) 1,169 Foreign currency translation gain (loss) 38,209 ( 24,266 ) 24,799 ( 3,555 ) Net income $ 68,141 $ 3,634 $ 106,607 $ 73,147
Schedule of Remaining Maturities of Borrowings	At September 30, 2024, our borrowings had the following remaining maturities ($ in thousands): Less than 1 to 3 3 to 5 More than Total JPMorgan Facility $ 197,798 $ 634,859 $ — $ — $ 832,657 Deutsche Bank Facility — 183,397 — — 183,397 Atlas Facility 105,109 517,679 — — 622,788 HSBC Facility 527,665 144,757 — — 672,422 Goldman Sachs Facility - GBP — — 390,163 — 390,163 Barclays Facility — 353,153 — — 353,153 MUFG Securities Facility 194,203 — — — 194,203 Churchill Facility — 122,595 — — 122,595 Santander Facility - USD 67,500 — — — 67,500 Barclays Private Securitization 122,275 1,710,368 202,254 — 2,034,897 Revolving Credit Facility 37,500 13,550 — — 51,050 Total $ 1,252,050 $ 3,680,358 $ 592,417 $ — $ 5,524,825
Schedule of Outstanding, Maximum and Average Balances of Debt	The table below summarizes the outstanding balances at September 30, 2024, as well as the maximum and average month-end balances for the nine months ended September 30, 2024 for our borrowings under secured debt arrangements ($ in thousands). As of September 30, 2024 For the nine months ended September 30, 2024 Balance Collateral (1) Maximum Average JPMorgan Facility $ 832,657 1,552,582 1,063,261 $ 981,865 Deutsche Bank Facility 183,397 288,425 278,703 213,556 Goldman Sachs Facility - USD — — 11,620 3,871 Goldman Sachs Facility - GBP 390,163 505,785 390,163 209,010 Atlas Facility 622,788 770,590 758,201 693,554 HSBC Facility 672,422 896,872 672,422 657,656 Barclays Facility 353,153 459,048 353,153 213,029 MUFG Securities Facility 194,203 282,548 211,057 203,437 Churchill Facility 122,595 163,416 126,080 124,338 Santander Facility - USD 67,500 99,912 67,500 67,500 Santander Facility - EUR — — 54,677 30,245 Barclays Private Securitization 2,034,897 2,716,314 2,249,538 2,108,953 Revolving Credit Facility 51,050 103,276 150,000 51,728 Total $ 5,524,825 $ 7,838,768 (1) Represents the amortized cost balance of commercial loan collateral assets and the value of net real estate assets of real property owned collateral assets. The table below summarizes the outstanding balances at December 31, 2023, as well as the maximum and average month-end balances for the year ended December 31, 2023 for our borrowings under secured debt arrangements ($ in thousands). As of December 31, 2023 For the year ended December 31, 2023 Balance Collateral (1) Maximum Average JPMorgan Facility $ 1,061,380 $ 1,871,854 $ 1,324,226 $ 1,190,651 Deutsche Bank Facility 275,815 419,170 385,818 322,676 Goldman Sachs Facility 13,437 28,533 70,249 30,482 Atlas Facility 669,302 933,085 688,126 667,794 HSBC Facility 665,368 860,134 667,430 651,758 Barclays Facility 107,929 129,439 111,909 110,729 MUFG Securities Facility 204,690 278,223 206,362 200,447 Churchill Facility 126,515 168,138 130,000 128,094 Santander Facility - USD 67,500 99,648 75,000 68,125 Santander Facility - EUR 55,716 74,288 55,716 54,347 Barclays Private Securitization 2,157,157 2,911,470 2,157,157 1,896,144 Revolving Credit Facility 147,000 319,048 147,000 93,500 Total $ 5,551,809 $ 8,093,030 (1) Represents the amortized cost balance of commercial loan collateral assets and the value of net real estate assets of real property owned collateral assets.

Senior Secured Term Loan, Net (

Senior Secured Term Loan, Net (Tables)	9 Months Ended
	Sep. 30, 2024
Debt Disclosure [Abstract]
Schedule of Long-term Debt Instruments	The table below provides principal balances and the carrying value for commercial mortgage loans pledged to the Barclays Private Securitization as of September 30, 2024 and December 31, 2023 ($ in thousands): September 30, 2024 Local Currency Count Outstanding Carrying Value GBP 6 $ 1,745,874 $ 1,726,495 EUR 3 743,480 734,207 SEK 1 244,074 242,893 Total 10 $ 2,733,428 $ 2,703,595 December 31, 2023 Local Currency Count Outstanding Carrying Value GBP 7 $ 1,662,457 $ 1,643,979 EUR 6 1,021,272 1,012,987 SEK 1 248,088 246,220 Total 14 $ 2,931,817 $ 2,903,186 The table below provides the borrowings outstanding (on an as converted basis) and weighted-average fully-extended maturities by currency for the assets financed under the Barclays Private Securitization as of September 30, 2024 ($ in thousands): Borrowings (1) Fully-Extended (2) Total/Weighted-Average GBP $ 1,288,941 August 2026 Total/Weighted-Average EUR 550,425 October 2027 (3) Total/Weighted-Average SEK 195,530 May 2026 Total/Weighted-Average Securitization $ 2,034,897 December 2026 (1) As of September 30, 2024, we had £ 963.7 million , € 494.3 million , and kr 2.0 billion of borrowings outstanding under the Barclays Private Securitization secured by certain of our commercial mortgage loans. (2) Assumes underlying loans extend to fully extended maturity and extensions at our option are exercised. (3) The EUR portion of the Barclays Private Securitization has an "evergreen" feature such that the facility continues for one year and can be terminated by either party on certain dates with, depending on the date of notice, a minimum of nine to twelve months' notice. The table below provides the borrowings outstanding (on an as converted basis) and weighted-average fully-extended maturities by currency for the assets financed under the Barclays Private Securitization as of December 31, 2023 ($ in thousands): Borrowings (1) Fully-Extended (2) Total/Weighted-Average GBP 1,234,740 June 2026 Total/Weighted-Average EUR 723,947 May 2026 (3) Total/Weighted-Average SEK 198,470 May 2026 Total/Weighted-Average Securitization $ 2,157,157 June 2026 (1) As of December 31, 2023, we had £ 969.9 million , € 655.8 million , and kr $ 2.0 billion of borrowings outstanding under the Barclays Private Securitization secured by certain of our commercial mortgage loans. (2) Assumes underlying loans extend to fully extended maturity and extensions at our option are exercised. (3) The EUR portion of the Barclays Private Securitization has an "evergreen" feature such that the facility continues for one year and can be terminated by either party on certain dates with, depending on the date of notice, a minimum of nine to twelve months' notice. The following table summarizes the terms of the Term Loans as of September 30, 2024 ($ in thousands): Principal Amount Unamortized Issuance Discount (1) Deferred Financing Costs (1) Carrying Value Rate Maturity Date 2026 Term Loan $ 473,750 $ ( 565 ) $ ( 3,162 ) $ 470,023 2.86 % 5/15/2026 2028 Term Loan 289,500 ( 1,464 ) ( 2,618 ) 285,418 3.61 % 3/11/2028 Total $ 763,250 $ ( 2,029 ) $ ( 5,780 ) $ 755,441 (1) Unamortized issuance discount and deferred financing costs will be amortized to interest expense over remaining life of respective term loans. The following table summarizes the terms of the Term Loans as of December 31, 2023 ($ in thousands): Principal Amount Unamortized Issuance Discount (1) Deferred Financing Costs (1) Carrying Value Rate Maturity Date 2026 Term Loan $ 477,500 $ ( 833 ) $ ( 4,302 ) $ 472,365 2.86 % 5/15/2026 2028 Term Loan 291,750 ( 1,786 ) ( 3,179 ) 286,785 3.61 % 3/11/2028 Total $ 769,250 $ ( 2,619 ) $ ( 7,481 ) $ 759,150 (1) Unamortized issuance discount and deferred financing costs will be amortized to interest expense over remaining life of respective term loans.

Derivatives (Tables)

Derivatives (Tables)	9 Months Ended
	Sep. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Non-Designated Foreign Exchange Forwards	The following table summarizes our non-designated Fx forwards and interest rate cap as of September 30, 2024: September 30, 2024 Type of Derivatives Number of Aggregate Notional Maturity Weighted-Average Fx contracts - GBP 96 734,843 GBP October 2024 - August 2027 0.97 Fx contracts - EUR 61 376,876 EUR October 2024 - August 2026 1.08 Fx contracts - SEK 15 648,530 SEK November 2024 - May 2026 1.54 Interest rate cap 2 238,535 USD July 2025 - October 2025 0.92 The following table summarizes our non-designated Fx forwards and interest rate cap as of December 31, 2023: December 31, 2023 Type of Derivatives Number of Aggregate Notional Maturity Weighted-Average Fx contracts - GBP 97 938,903 GBP January 2024 - February 2027 1.13 Fx contracts - EUR 135 561,441 EUR January 2024 - August 2026 1.08 Fx contracts - SEK 17 690,740 SEK February 2024 - May 2026 2.16 Interest rate cap 1 164,835 USD October 2024 0.75
Schedule of Amounts Recognized on Consolidated Statements of Operations Related to Company's Derivatives	The following table summarizes the amounts recognized on our condensed consolidated statements of operations related to our forward currency contracts for the three and nine months ended September 30, 2024 and 2023 ($ in thousands): Amount of gain (loss) Amount of gain (loss) Three Months Ended September 30, Nine Months Ended September 30, Location of Gain (Loss) Recognized in Income 2024 2023 2024 2023 Forward currency contracts Unrealized gain (loss) on derivative instruments $ ( 57,621 ) $ 28,244 $ ( 38,657 ) $ ( 27,709 ) Forward currency contracts Realized gain (loss) on derivative instruments ( 1,914 ) 11,246 8,897 35,948 Total $ ( 59,535 ) $ 39,490 $ ( 29,760 ) $ 8,239 The following table summarizes the amounts recognized on our condensed consolidated statements of operations related to our interest rate caps for the three and nine months ended September 30, 2024 and 2023 ($ in thousands): Amount of gain (loss) Amount of gain (loss) Three Months Ended September 30, Nine Months Ended September 30, Location of Gain (Loss) recognized in Income 2024 2023 2024 2023 Interest rate caps Unrealized gain (loss) on interest rate hedging instruments $ ( 562 ) $ ( 70 ) $ ( 1,213 ) $ ( 9,211 ) Interest rate caps Realized gain on interest rate hedging instruments 548 — 1,649 9,089 Total $ ( 14 ) $ ( 70 ) $ 436 $ ( 122 )
Schedule of Gross Asset and Liability Amounts Related to Derivatives	The following tables summarize the gross asset and liability amounts related to our derivatives at September 30, 2024 and December 31, 2023 ($ in thousands): September 30, 2024 December 31, 2023 Gross Gross Net Amounts Gross Gross Net Amounts Forward currency contracts $ 23,334 $ ( 33,926 ) $ ( 10,592 ) $ 55,102 $ ( 27,037 ) $ 28,065 Interest rate caps 577 — 577 1,360 — 1,360 Total derivative assets (liabilities) $ 23,911 $ ( 33,926 ) $ ( 10,015 ) $ 56,462 $ ( 27,037 ) $ 29,425

Accounts Payable, Accrued Exp_2

Accounts Payable, Accrued Expenses and Other Liabilities (Tables)	9 Months Ended
	Sep. 30, 2024
Payables and Accruals [Abstract]
Components of our Accounts Payable, Accrued Expense and Other Liabilities	The following table details the components of our accounts payable, accrued expense and other liabilities ($ in thousands): September 30, 2024 December 31, 2023 Collateral held under derivative agreements $ — $ 25,820 Accrued dividends payable 37,716 53,407 Accrued interest payable 39,715 31,012 Accounts payable and other liabilities (1) 11,291 6,078 Secured debt repayments pending servicer remittance (2) 73,278 — General CECL Allowance on unfunded commitments (3) 3,850 4,017 Total $ 165,850 $ 120,334 (1) Includes $ 10.4 million and $ 5.5 million of accounts payable and other liabilities on the balance sheet of the Real Estate Owned, Held for Investment at September 30, 2024 and December 31, 2023, respectively. (2) Represents pending transfers from our third party loan servicers that were remitted to our secured credit facility counterparties during the subsequent remittance cycle. (3) Refer to "Note 4 – Commercial Mortgage Loans, Subordinate Loans and Other Lending Assets, Net" for additional disclosure related to the General CECL Allowance on unfunded commitments as of September 30, 2024 and December 31, 2023 , respectively.

Share-Based Payments (Tables)

Share-Based Payments (Tables)	9 Months Ended
	Sep. 30, 2024
Share-Based Payment Arrangement [Abstract]
Summary of Grants, Exchanges and Forfeitures of Restricted Stock and RSUs	The following table summarizes the grants, vesting and forfeitures of restricted common stock and RSUs during the nine months ended September 30, 2024: Type Restricted Stock RSUs Grant Date Fair Value ($ in millions) Outstanding at December 31, 2023 79,088 2,538,332 Granted 63,980 — 0.7 Vested ( 79,088 ) ( 46,716 ) N/A Forfeiture — ( 45,390 ) N/A Outstanding at September 30, 2024 63,980 2,446,226 Below is a summary of restricted stock and RSU vesting dates as of September 30, 2024: Vesting Year Restricted Stock RSUs Total Awards 2024 — 1,244,343 1,244,343 2025 63,980 849,208 913,188 2026 352,675 352,675 Total 63,980 2,446,226 2,510,206

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	9 Months Ended
	Sep. 30, 2024
Equity [Abstract]
Schedule of Dividends Activity	The following table details our dividend activity: Three Months Ended September 30, Nine Months Ended September 30, Dividends declared per share of: 2024 2023 2024 2023 Common Stock $ 0.25 $ 0.35 $ 0.95 $ 1.05 Series B-1 Preferred Stock $ 0.45 $ 0.45 $ 1.35 $ 1.35

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	9 Months Ended
	Sep. 30, 2024
Fair Value Disclosures [Abstract]
Carrying Value and Estimated Fair Value of Company's Financial Instruments	The following table presents the carrying value and estimated fair value of our financial instruments not carried at fair value on our condensed consolidated balance sheets at September 30, 2024 and December 31, 2023 ($ in thousands): September 30, 2024 December 31, 2023 Carrying Estimated Carrying Estimated Cash and cash equivalents $ 194,287 $ 194,287 $ 225,438 $ 225,438 Commercial mortgage loans, net 7,456,389 7,373,832 7,925,359 7,813,304 Subordinate loans, net 374,222 374,222 432,734 432,458 Secured debt arrangements, net ( 5,513,945 ) ( 5,513,945 ) ( 5,538,476 ) ( 5,538,476 ) Senior secured term loans, net ( 755,441 ) ( 748,643 ) ( 759,150 ) ( 754,197 ) Senior secured notes, net ( 496,233 ) ( 446,250 ) ( 495,637 ) ( 418,750 ) Debt related to real estate owned, held for investment, net ( 278,837 ) ( 278,837 ) ( 161,586 ) ( 161,586 )

Net Income (Loss) per Share (Ta

Net Income (Loss) per Share (Tables)	9 Months Ended
	Sep. 30, 2024
Earnings Per Share [Abstract]
Basic and Diluted Net Income per Share of Common Stock Using Two-Class Method	The table below presents the computation of basic and diluted net income (loss) per share of common stock for the three and nine months ended September 30, 2024 and 2023 ($ in thousands except per share data): Three Months Ended September 30, Nine Months Ended September 30, Basic Earnings 2024 2023 2024 2023 Net income (loss) $ ( 91,549 ) $ 46,071 $ ( 160,288 ) $ 11,587 Less: Preferred dividends ( 3,068 ) ( 3,068 ) ( 9,204 ) ( 9,204 ) Less: Earnings attributable to participating securities — — — — Less: Dividends on participating securities ( 614 ) ( 989 ) ( 2,380 ) ( 2,989 ) Basic Earnings (Loss) $ ( 95,231 ) $ 42,014 $ ( 171,872 ) $ ( 606 ) Dilutive Earnings Basic Earnings (Loss) $ ( 95,231 ) $ 42,014 $ ( 171,872 ) $ ( 606 ) Add: Dividends on participating securities — — — — Diluted Earnings (Loss) $ ( 95,231 ) $ 42,014 $ ( 171,872 ) $ ( 606 ) Number of Shares: Basic weighted-average shares of common stock outstanding 138,246,827 141,350,428 140,177,962 141,255,730 Diluted weighted-average shares of common stock outstanding 138,246,827 141,350,428 140,177,962 141,255,730 Earnings (Loss) Per Share Attributable to Common Stockholders Basic $ ( 0.69 ) $ 0.30 $ ( 1.23 ) $ — Diluted $ ( 0.69 ) $ 0.30 $ ( 1.23 ) $ —

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Additional Information (Details)	9 Months Ended
	Sep. 30, 2024 Segment
Accounting Policies [Abstract]
Number of business segments	1

Fair Value Disclosure - Additio

Fair Value Disclosure - Additional Information (Details)		3 Months Ended	9 Months Ended		12 Months Ended
	May 24, 2021 USD ($)	Jun. 30, 2024	Sep. 30, 2024 USD ($) Instrument	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($) Instrument	Mar. 31, 2023 USD ($) ft²	Aug. 03, 2022 USD ($)
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Impairment of real estate			$ 0		$ 0
Debt related to real estate owned, held for investment, net			278,837,000		161,562,000
Assumption of real estate	$ 154,300,000		0	$ 75,000,000
Realized loss on investments			700,000
Loans classified as held for sale			0
Hotel Property Through a deed-in-Lieu of Foreclosure
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Real estate investment property, net						$ 75,000,000
Impairment of real estate			0		0
Hotel Property Through a deed-in-Lieu of Foreclosure | Discount Rate
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Real estate investment, measurement input | ft²						0.105
Hotel Property Through a deed-in-Lieu of Foreclosure | Measurement Input, Cap Rate
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Real estate investment, measurement input | ft²						0.095
Deed-In-Lieu Of Foreclosure
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Real estate investment property, net							$ 270,100,000
Impairment of real estate			$ 0		$ 0
Hotel - Washington D.C. | Subordinate Mortgage Portfolio Segment
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Debt related to real estate owned, held for investment, net	$ 110,000,000
Hotel - Honolulu, HI
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Loan, mortgage, held-for-sale, price percentage		99.50%
Interest rate caps
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Number of Contracts | Instrument			2
Interest rate caps | Hotel - Washington D.C.
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Number of Contracts | Instrument			1
Interest rate caps | Construction Financing
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Number of Contracts | Instrument					1

Fair Value Disclosure - Summari

Fair Value Disclosure - Summarizes Levels in Fair Value Hierarchy of Financial Instruments (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	$ 577	$ 29,425
Estimate of Fair Value | Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets (liabilities)	(10,015)	29,425
Level I | Estimate of Fair Value | Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets (liabilities)	0	0
Level II | Estimate of Fair Value | Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets (liabilities)	(10,015)	29,425
Level III | Estimate of Fair Value | Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets (liabilities)	0	0
Foreign currency forward, net | Estimate of Fair Value | Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets (liabilities)	(10,592)	28,065
Foreign currency forward, net | Level I | Estimate of Fair Value | Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets (liabilities)	0	0
Foreign currency forward, net | Level II | Estimate of Fair Value | Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets (liabilities)	(10,592)	28,065
Foreign currency forward, net | Level III | Estimate of Fair Value | Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets (liabilities)	0	0
Interest rate caps | Estimate of Fair Value | Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets (liabilities)	577	1,360
Interest rate caps | Level I | Estimate of Fair Value | Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets (liabilities)	0	0
Interest rate caps | Level II | Estimate of Fair Value | Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets (liabilities)	577	1,360
Interest rate caps | Level III | Estimate of Fair Value | Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets (liabilities)	$ 0	$ 0

Commercial Mortgage Loans, Su_3

Commercial Mortgage Loans, Subordinate Loans and Other Lending Assets, Net - Schedule of Loan Portfolio (Details) - USD ($) $ in Thousands		Sep. 30, 2024	Dec. 31, 2023
Financing Receivable, Allowance for Credit Loss [Line Items]
Carrying value, net		$ 7,830,611	$ 8,358,093
Commercial Mortgage Portfolio Segment
Financing Receivable, Allowance for Credit Loss [Line Items]
Mortgage loans on real estate, commercial and consumer, net	[1],[2]	7,456,389	7,925,359
Subordinate Mortgage Portfolio Segment
Financing Receivable, Allowance for Credit Loss [Line Items]
Mortgage loans on real estate, commercial and consumer, net	[2],[3]	$ 374,222	$ 432,734
[1] Inclu des carrying value of $ 7,456,389 and $ 7,691,141 pledged as collateral under secured debt arrangements in 2024 and 2023 , respectively. Net of $ 376,692 and $ 219,482 CECL Allowances comprised of $ 342,500 and $ 193,000 Specific CECL Allowance and $ 34,192 and $ 26,482 General CECL Allowance in 2024 and 2023 , respectively. Includes carrying value of $ 232,817 as collateral under secured debt arrangements in 2023 .

Commercial Mortgage Loans, Su_4

Commercial Mortgage Loans, Subordinate Loans and Other Lending Assets, Net - Schedule of Loan Portfolio (Parenthetical) (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Commercial Mortgage and Subordinated Portfolio Segment
Financing Receivable, Allowance for Credit Loss [Line Items]
Mortgage loans on real estate, commercial and consumer, net	$ 8.3	$ 95.5

Commercial Mortgage Loans, Su_5

Commercial Mortgage Loans, Subordinate Loans and Other Lending Assets, Net - Additional Information (Details) € in Millions, £ in Millions	1 Months Ended		3 Months Ended							9 Months Ended		12 Months Ended
	Apr. 30, 2024 USD ($)	Mar. 31, 2022	Sep. 30, 2024 USD ($)	Jun. 30, 2024 USD ($)	Mar. 31, 2024 USD ($)	Sep. 30, 2023 USD ($)	Jun. 30, 2023 USD ($)	Mar. 31, 2023 USD ($) Loan	Mar. 31, 2023 GBP (£) Loan	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Sep. 26, 2024 USD ($)	Mar. 31, 2023 GBP (£)	Mar. 31, 2023 EUR (€)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Mortgage loans on real estate, commercial and consumer, percentage of portfolio										100%		100%
Interest receivable			$ 78,330,000							$ 78,330,000		$ 72,354,000
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]										Secured Overnight Financing Rate [Member]
Amortized cost of loans in cost recovery			473,200,000							$ 473,200,000		693,700,000
Interest received for loans in cost recovery			7,000,000			$ 600,000				8,300,000	$ 1,900,000
Unfunded commitments			3,850,000							3,850,000		4,017,000
Write-offs, specific CECL allowance, funded										0		81,890,000
Assessed tax value										200,800,000
Interest income from subordinate loans and other lending assets			1,210,000			1,599,000				2,901,000	16,416,000
Proceeds from pre-payment penalties or accelerated fees			4,200,000			200,000				5,100,000	400,000
Proceeds received from the repayment and sale of commercial mortgage loans										1,580,003,000	749,716,000
Gain on extinguishment of debt			0			(30,000)				0	(495,000)
Commonwealth
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loss contingency receivable														$ 21,900,000
Loss contingency receivable attributable to ARI														$ 9,000,000
Office - London, United Kingdom
Accounts, Notes, Loans and Financing Receivable [Line Items]
Proceeds from collection of loans receivable								$ 88,400,000	£ 72.2
Proceeds from interest received								700,000
Office Property - New York City
Accounts, Notes, Loans and Financing Receivable [Line Items]
Floating rate	3.92%
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]	Secured Overnight Financing Rate (SOFR) [Member]
Fixed rate	5%
Hotel - Honolulu, Hi
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and leases receivable, gain (loss) on sales, net	$ (700,000)
Loan, mortgage, held-for-sale, price percentage				99.50%
Massachusetts Healthcare
Accounts, Notes, Loans and Financing Receivable [Line Items]
Equity method interest in joint venture			159,700,000							159,700,000
Loans and leases receivable, gain (loss) on sales, net			(127,500,000)
Past Due 90
Accounts, Notes, Loans and Financing Receivable [Line Items]
Amortized cost of loans in cost recovery			473,200,000							473,200,000		693,700,000
Commercial Mortgage and Subordinated Portfolio Segment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Increase in current expected credit loss allowance, net			127,512,000	$ 7,500,000	$ 142,000,000	0	$ 141,480,000	$ 0
Specific CECL allowance increased			127,500,000	7,500,000	142,000,000		141,500,000			149,500,000
Unfunded commitments			17,300,000							17,300,000		0
Mortgage loans on real estate, commercial and consumer, net			8,300,000							$ 8,300,000		$ 95,500,000
Write-offs, specific CECL allowance, funded			127,512,000				81,980,000
Number of commercial mortgage loans | Loan								3	3
Loans and leases receivable, gain (loss) on sales, net											200,000
Commercial Mortgage and Subordinated Portfolio Segment | Various Properties In Europe
Accounts, Notes, Loans and Financing Receivable [Line Items]
Mortgage loans on real estate, commercial and consumer, net								$ 219,000,000								€ 205.7
Mortgage loans on real estate, commercial and consumer, funded, net								122,400,000								€ 115
Commercial Mortgage and Subordinated Portfolio Segment | Mixed Use Property - London
Accounts, Notes, Loans and Financing Receivable [Line Items]
Mortgage loans on real estate, commercial and consumer, net | £															£ 15
Proceeds received from the repayment and sale of commercial mortgage loans								$ 18,200,000	£ 15
Commercial Mortgage and Subordinated Portfolio Segment | Massachusetts Healthcare
Accounts, Notes, Loans and Financing Receivable [Line Items]
Specific CECL allowance increased			127,500,000
Write-offs, specific CECL allowance, funded			127,500,000
Commercial Mortgage and Subordinated Portfolio Segment | Michigan Office
Accounts, Notes, Loans and Financing Receivable [Line Items]
Specific CECL allowance increased				7,500,000	$ 142,000,000
Specific allowance for credit loss reserve on amortized cost basis				7,500,000
Floating Rate Loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Mortgage loans on real estate, commercial and consumer, percentage of portfolio										96%		99%
Mezzanine Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Mortgage loans on real estate, commercial and consumer, net			$ 700,400,000							$ 700,400,000		$ 674,500,000
Senior and Junior Mezzanine Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Mortgage loans on real estate, commercial and consumer, percentage of portfolio										8.90%		8%
Junior Mezzanine B Loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Increase in Specific CECL Allowance, net													$ 66,500,000
Junior Mezzanine A Loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Increase in Specific CECL Allowance, net							$ 126,000,000
Mortgage, Amortized cost | Hotel - Honolulu, Hi
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and leases receivable, gain (loss) on sales, net										$ 700,000
Securitization Vehicle
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income from subordinate loans and other lending assets						$ 500,000					$ 3,100,000
Senior Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Proceeds from (repayments of) secured debt				$ 108,300,000
Cleveland Multifamily
Accounts, Notes, Loans and Financing Receivable [Line Items]
Floating rate	3.25%
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]	Secured Overnight Financing Rate (SOFR) [Member]
Fixed rate	6%
Debt instrument, extension term										2 years
First Mortgage Loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage representing original whoile loan amount		41.20%
First Mortgage Loan | Eight Hospitals in Massachusetts
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loan to cost percentage		55%

Commercial Mortgage Loans, Su_6

Commercial Mortgage Loans, Subordinate Loans and Other Lending Assets, Net - Schedule of Activity Relating to Loan Portfolio (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Principal Balance
Principal value, beginning balance	$ 8,384,575
New loan fundings	955,328	$ 181,017
Principal value, ending balance	7,864,803
Specific CECL Allowance
Specific provision for loan loss, beginning	(26,482)
Specific provision for loan loss, ending	(34,192)
Carry Value, Net
Valuation allowance, loan held for sale	(128,191)	(86,604)
General CECL allowance	(34,192)		$ (26,482)
Carrying value, net	7,830,611		$ 8,358,093
Commercial Mortgage and Subordinated Portfolio Segment
Principal Balance
Principal value, beginning balance	8,610,110
New loan fundings	955,328
Add-on loan fundings	530,747
Loan repayments and sale	(1,711,682)
Gain (loss) on foreign currency translation	155,874
Transfer to Other Assets	(159,667)
Valuation allowance, loan held for sale	(137,312)
Principal value, ending balance	8,243,398
Deferred Fees/Other Items
Deferred fees/other items, beginning	(32,535)
Gain (loss) on foreign currency translation	(825)
Valuation allowance, loan held for sale	9,121
Deferred fees and other items	(34,468)
Amortization of fees	22,612
Deferred fees/other items, ending	(36,095)
Specific CECL Allowance
Specific provision for loan loss, beginning	(193,000)	(133,500)
Increase in Specific CECL Allowance, net	(149,500)
Specific provision for loan loss, ending	(342,500)	$ (193,000)
Carry Value, Net
Carrying value, beginning balance	8,384,575
Add-on loan fundings	530,747
Loan repayments	(1,711,682)
Gain (loss) on foreign currency translation	155,049
Transfer to Other Assets	(159,667)
Valuation allowance, loan held for sale	(128,191)
Deferred fees and other items	(34,468)
Amortization of fees	22,612
Carrying value, ending balance	$ 7,864,803

Commercial Mortgage Loans, Su_7

Commercial Mortgage Loans, Subordinate Loans and Other Lending Assets, Net - Schedule of Activity Relating to Loan Portfolio (Parenthetical) (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended
	Apr. 30, 2024	Sep. 30, 2024
Accounts, Notes, Loans and Financing Receivable [Line Items]
Credit loss allowance liability on unfunded commitments		$ 3.9
Hotel - Honolulu, Hi
Accounts, Notes, Loans and Financing Receivable [Line Items]
Realized loss from sale of mortgage loan receivable	$ 0.7
Massachusetts Healthcare
Accounts, Notes, Loans and Financing Receivable [Line Items]
Realized loss from sale of mortgage loan receivable		127.5
Loans and leases receivable of written off		136.6
Loans and leases receivable of interest received and unamortized origination fees		$ 9.1

Commercial Mortgage Loans, Su_8

Commercial Mortgage Loans, Subordinate Loans and Other Lending Assets, Net - Schedule of Overall Statistics for Loan Portfolio (Details) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2024 USD ($) Loan	Dec. 31, 2023 USD ($) Loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans | Loan	45	50
Principal balance	$ 7,864,803	$ 8,384,575
Carrying value, net	7,830,611	8,358,093
Unfunded loan commitments	$ 503,858	$ 868,582
Weighted-average cash coupon	8.10%	8.30%
Weighted-average remaining fully-extended term	2 years 6 months	2 years 3 months 18 days
Weighted-average expected term	1 year 9 months 18 days	1 year 9 months 18 days
Principal Balance
Accounts, Notes, Loans and Financing Receivable [Line Items]
Principal balance	$ 8,243,398	$ 8,610,110

Commercial Mortgage Loans, Su_9

Commercial Mortgage Loans, Subordinate Loans and Other Lending Assets, Net - Schedule of Overall Statistics for Loan Portfolio (Parenthetical) (Details)	Sep. 30, 2024	Dec. 31, 2023
Receivables [Abstract]
Interest rate used in calculating weighted-average cash coupon for non-accrual or cost recovery loans	0%	0%

Commercial Mortgage Loans, S_10

Commercial Mortgage Loans, Subordinate Loans and Other Lending Assets, Net - Schedule of Mortgage Loans by Property Type and Geographic Distribution (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Value	$ 7,864,803	$ 8,384,575
General CECL Allowance	(34,192)	(26,482)
Carrying value, net	$ 7,830,611	$ 8,358,093
Mortgage loans on real estate, commercial and consumer, percentage of portfolio	100%	100%
General CECL allowance on unfunded commitments	$ 3,850	$ 4,017
United Kingdom
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Value	$ 3,039,991	$ 2,675,097
Mortgage loans on real estate, commercial and consumer, percentage of portfolio	38.60%	31.90%
New York City
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Value	$ 1,607,723	$ 1,736,856
Mortgage loans on real estate, commercial and consumer, percentage of portfolio	20.40%	20.70%
Other Europe
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Value	$ 1,335,497	$ 1,686,425
Mortgage loans on real estate, commercial and consumer, percentage of portfolio	17%	20.10%
Germany
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Portfolio	8%	7.40%
Italy
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Portfolio	2.30%	4.90%
Spain
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Portfolio	3.40%	4.20%
Sweden
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Portfolio	3.10%	2.90%
Ireland
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Portfolio		0.50%
Netherlands
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Portfolio	0.20%	0.20%
Southeast
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Value	$ 611,661	$ 535,054
Mortgage loans on real estate, commercial and consumer, percentage of portfolio	7.80%	6.40%
West
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Value	$ 509,901	$ 484,842
Mortgage loans on real estate, commercial and consumer, percentage of portfolio	6.50%	5.80%
Midwest
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Value	$ 408,949	$ 522,137
Mortgage loans on real estate, commercial and consumer, percentage of portfolio	5.20%	6.20%
Other
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Value	$ 351,081	$ 744,164
Mortgage loans on real estate, commercial and consumer, percentage of portfolio	4.50%	8.90%
Percentage of Portfolio	1.20%	1.10%
Northeast
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Portfolio	0.10%	5%
Southwest
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Portfolio	1.50%	1.70%
Mid-Atlantic
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Portfolio	1.70%	1.10%
Hotel
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Value	$ 1,620,910	$ 2,128,256
Mortgage loans on real estate, commercial and consumer, percentage of portfolio	20.60%	25.40%
Office
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Value	$ 1,792,187	$ 1,593,320
Mortgage loans on real estate, commercial and consumer, percentage of portfolio	22.80%	19%
Retail
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Value	$ 1,454,077	$ 1,407,764
Mortgage loans on real estate, commercial and consumer, percentage of portfolio	18.50%	16.80%
Residential
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Value	$ 1,220,115	$ 1,247,238
Mortgage loans on real estate, commercial and consumer, percentage of portfolio	15.50%	14.90%
Mixed Use
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Value	$ 433,252	$ 679,303
Mortgage loans on real estate, commercial and consumer, percentage of portfolio	5.50%	8.10%
Health Care
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Value	$ 355,474	$ 511,803
Mortgage loans on real estate, commercial and consumer, percentage of portfolio	4.50%	6.10%
Industrial Property
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Value	$ 418,218	$ 293,133
Mortgage loans on real estate, commercial and consumer, percentage of portfolio	5.30%	3.50%
Other
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Value	$ 570,570	$ 523,758
Mortgage loans on real estate, commercial and consumer, percentage of portfolio	7.30%	6.20%
Pubs
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Portfolio	2.90%
Parking Garage
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Portfolio		2.30%
Caravan Park
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Portfolio	2.70%	2.40%
Urban Predevelopment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Portfolio	1.70%	1.50%

Commercial Mortgage Loans, S_11

Commercial Mortgage Loans, Subordinate Loans and Other Lending Assets, Net - Schedule of Mortgage Loans by Property Type and Geographic Distribution (Parenthetical) (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]
General allowance for credit loss liability on unfunded	$ 3,900	$ 4,000
General CECL allowance on unfunded commitments	$ 3,850	$ 4,017
Germany
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Portfolio	8%	7.40%
Italy
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Portfolio	2.30%	4.90%
Spain
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Portfolio	3.40%	4.20%
Sweden
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Portfolio	3.10%	2.90%
Ireland
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Portfolio		0.50%
Netherlands
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Portfolio	0.20%	0.20%
Other
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Portfolio	1.20%	1.10%
Northeast
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Portfolio	0.10%	5%
Southwest
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Portfolio	1.50%	1.70%
Mid-Atlantic
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Portfolio	1.70%	1.10%
Pubs
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Portfolio	2.90%
Parking Garage
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Portfolio		2.30%
Caravan Park
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Portfolio	2.70%	2.40%
Urban Predevelopment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Portfolio	1.70%	1.50%

Commercial Mortgage Loans, S_12

Commercial Mortgage Loans, Subordinate Loans and Other Lending Assets, Net - Allocation of Carrying Value of Loan Portfolio Based on Internal Risk Ratings (Details) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2024 USD ($) Loan	Dec. 31, 2023 USD ($) Loan
Financing Receivable, Credit Quality Indicator [Line Items]
Number of Loans | Loan	45	50
Total	$ 7,864,803	$ 8,384,575
Mortgage loans on real estate, commercial and consumer, percentage of portfolio	100%	100%
Year 1	$ 974,717	$ 440,720
Year 2	660,811	2,707,083
Year 3	2,255,390	2,285,902
Year 4	1,860,024	557,204
Year 5	434,790	1,597,927
Prior	1,679,071	795,739
General CECL Allowance	(34,192)	(26,482)
Carrying value, net	$ 7,830,611	$ 8,358,093
Weighted-Average Risk Rating	3	3
Gross write-offs	$ 0	$ 81,890
1
Financing Receivable, Credit Quality Indicator [Line Items]
Number of Loans | Loan	0	0
Total	$ 0	$ 0
Mortgage loans on real estate, commercial and consumer, percentage of portfolio	0%	0%
Year 1	$ 0	$ 0
Year 2	0	0
Year 3	0	0
Year 4	0	0
Year 5	0	0
Prior	$ 0	$ 0
2
Financing Receivable, Credit Quality Indicator [Line Items]
Number of Loans | Loan	2	4
Total	$ 474,460	$ 478,440
Mortgage loans on real estate, commercial and consumer, percentage of portfolio	6%	5.70%
Year 1	$ 0	$ 0
Year 2	0	280,572
Year 3	459,782	0
Year 4	14,678	0
Year 5	0	132,309
Prior	$ 0	$ 65,560
3
Financing Receivable, Credit Quality Indicator [Line Items]
Number of Loans | Loan	38	42
Total	$ 6,966,537	$ 7,548,252
Mortgage loans on real estate, commercial and consumer, percentage of portfolio	88.60%	90%
Year 1	$ 974,717	$ 440,720
Year 2	660,811	2,426,511
Year 3	1,795,608	2,285,902
Year 4	1,845,346	387,323
Year 5	406,909	1,465,618
Prior	$ 1,283,146	$ 542,177
4
Financing Receivable, Credit Quality Indicator [Line Items]
Number of Loans | Loan	2	2
Total	$ 297,806	$ 88,112
Mortgage loans on real estate, commercial and consumer, percentage of portfolio	3.80%	1.10%
Year 1	$ 0	$ 0
Year 2	0	0
Year 3	0	0
Year 4	0	0
Year 5	0	0
Prior	$ 297,806	$ 88,112
5
Financing Receivable, Credit Quality Indicator [Line Items]
Number of Loans | Loan	3	2
Total	$ 126,000	$ 269,771
Mortgage loans on real estate, commercial and consumer, percentage of portfolio	1.60%	3.20%
Year 1	$ 0	$ 0
Year 2	0	0
Year 3	0	0
Year 4	0	169,881
Year 5	27,881	0
Prior	$ 98,119	$ 99,890

Commercial Mortgage Loans, S_13

Commercial Mortgage Loans, Subordinate Loans and Other Lending Assets, Net - Allocation of Carrying Value of Loan Portfolio Based on Internal Risk Ratings (Parenthetical) (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Receivables [Abstract]
General allowance for credit loss liability on unfunded	$ 3,900	$ 4,000
General CECL allowance on unfunded commitments	$ 3,850	$ 4,017

Commercial Mortgage Loans, S_14

Commercial Mortgage Loans, Subordinate Loans and Other Lending Assets, Net - CECL Allowance as Percentage of Amortized Cost and Total Commitment (Details) - USD ($) $ in Thousands	3 Months Ended								9 Months Ended	12 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Jun. 30, 2022	Sep. 30, 2024	Dec. 31, 2023
Allowance and Provision for Loan Credit Loss [Abstract]
Beginning balance, specific CECL allowance, funded			$ 26,482						$ 26,482
Write-offs, specific CECL allowance, funded									0	$ (81,890)
Ending balance, specific CECL allowance, funded	$ 34,192								34,192	26,482
Financing Receivable, Funded, Allowance for Credit Loss [Roll Forward]
Beginning balance, General CECL allowance, funded	35,319	$ 32,558	26,482	$ 32,276	$ 30,267	$ 26,224			26,482	26,224
Allowances (Reversals), net	(1,127)	2,761	6,076	(4,971)	2,009	4,043
Quarter writeoff, General CECL allowance, funded	0				0
Ending balance, General CECL allowance, funded	34,192	35,319	32,558	27,305	32,276	30,267	$ 26,224		34,192	26,482
Financing Receivable, Unfunded, Allowance for Credit Loss [Roll Forward]
Beginning balance, General CECL allowance, unfunded	3,622	3,625	4,017	4,834	4,695	4,347			4,017	4,347
Allowances (Reversals), net	228	(3)	(392)	(862)	139	348
Quarter writeoff, General CECL allowance, unfunded	0				0
Ending balance, General CECL allowance, unfunded	3,850	3,622	3,625	3,972	4,834	4,695	4,347		3,850	4,017
Financing Receivable, General Allowance, Allowance for Credit Loss [Roll Forward]
General CECL Allowance	38,941	36,183	30,499	37,110	34,962	30,571			30,499	30,571
Allowances (Reversals), net	(899)	2,758	5,684	(5,833)	2,148	4,391
General CECL Allowance	38,042	38,941	36,183	31,277	37,110	34,962	30,571		38,042	30,499
Financing Receivable, Total Allowance for Credit Loss [Roll Forward]
Total CECL Allowance	381,441	371,183	223,499	230,110	168,462	164,071			223,499	164,071
Allowances (Reversals), net	126,613	10,258	147,684	(5,833)	143,628	4,391
Total CECL Allowance, writeoff	(127,512)				(81,980)
Total CECL Allowance	$ 380,542	$ 381,441	$ 371,183	$ 224,277	$ 230,110	$ 168,462	$ 164,071		$ 380,542	$ 223,499
General CECL allowance, % of amortized cost	0.49%	0.47%	0.44%	0.40%	0.46%	0.42%	0.36%		0.49%	0.38%
Total CECL allowance, % of amortized cost	4.64%	4.40%	4.29%	2.74%	2.70%	1.95%	1.86%		4.64%	2.61%
Residential-for-Sale - Manhattan, NY
Allowance and Provision for Loan Credit Loss [Abstract]
Write-offs, specific CECL allowance, funded							$ (7,000)	$ (7,000)
Commercial Mortgage and Subordinated Portfolio Segment
Allowance and Provision for Loan Credit Loss [Abstract]
Beginning balance, specific CECL allowance, funded	$ 342,500	$ 335,000	$ 193,000	$ 193,000	$ 133,500	$ 133,500			$ 193,000	$ 133,500
Allowances (Reversals), net	127,512	7,500	142,000	0	141,480	0
Write-offs, specific CECL allowance, funded	(127,512)				(81,980)
Ending balance, specific CECL allowance, funded	342,500	$ 342,500	$ 335,000	$ 193,000	193,000	$ 133,500	$ 133,500		$ 342,500	$ 193,000
Financing Receivable, General Allowance, Allowance for Credit Loss [Roll Forward]
General CECL Allowance writeoff	$ 0				$ 0

Commercial Mortgage Loans, S_15

Commercial Mortgage Loans, Subordinate Loans and Other Lending Assets, Net - CECL Allowance as Percentage of Amortized Cost and Total Commitment (Parenthetical) (Details) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended	12 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Dec. 31, 2023
Financing Receivable, Allowance for Credit Loss [Line Items]
Write-offs, specific CECL allowance, funded							$ 0	$ 81,890
General CECL allowance increased				$ (5,800)	$ 2,100	$ 4,400
Commercial Mortgage and Subordinated Portfolio Segment
Financing Receivable, Allowance for Credit Loss [Line Items]
Increase in current expected credit loss allowance, net	$ 127,512	$ 7,500	$ 142,000	$ 0	141,480	$ 0
Write-offs, specific CECL allowance, funded	127,512				81,980
General CECL allowance increased	900	2,800	5,700
Specific CECL allowance increased	127,500	$ 7,500	$ 142,000		$ 141,500		$ 149,500
Specific CECL allowance writeoff	$ 127,500

Commercial Mortgage Loans, S_16

Commercial Mortgage Loans, Subordinate Loans and Other Lending Assets, Net - Current Expected Credit Losses (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Financing Receivable, Allowance for Credit Loss [Line Items]
Allowance reserve	$ 34,192	$ 26,482
Unfunded commitments	3,850	4,017
Total General CECL Allowance	38,042	30,499
Commercial Mortgage Portfolio Segment
Financing Receivable, Allowance for Credit Loss [Line Items]
Allowance reserve	33,355	25,723
Subordinate Mortgage Portfolio Segment
Financing Receivable, Allowance for Credit Loss [Line Items]
Allowance reserve	$ 837	$ 759

Commercial Mortgage Loans, S_17

Commercial Mortgage Loans, Subordinate Loans and Other Lending Assets, Net - Cost Recovery Loans (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Financing Receivable, Credit Quality Indicator [Line Items]
Specific CECL allowance	$ 34,192	$ 26,482
Mortgage, Amortized cost | Retail Center - Cincinnati, OH
Financing Receivable, Credit Quality Indicator [Line Items]
Amortized cost prior to Specific CECL Allowance	165,119
Specific CECL allowance	67,000
Amortized cost	98,119
Mezzanine Loans | Residential-for-Sale - Manhattan, NY
Financing Receivable, Credit Quality Indicator [Line Items]
Amortized cost prior to Specific CECL Allowance	295,881
Specific CECL allowance	268,000
Amortized cost	27,881
Mezzanine Loans | Office - Troy, MI
Financing Receivable, Credit Quality Indicator [Line Items]
Amortized cost prior to Specific CECL Allowance	7,500
Specific CECL allowance	7,500
Amortized cost	0
Real Estate and Mezzanine
Financing Receivable, Credit Quality Indicator [Line Items]
Amortized cost prior to Specific CECL Allowance	468,500
Specific CECL allowance	342,500
Amortized cost	$ 126,000

Commercial Mortgage Loans, S_18

Commercial Mortgage Loans, Subordinate Loans and Other Lending Assets, Net - Cost Recovery Loans (Parenthetical) (Details)	Sep. 30, 2024
Financing Receivable, Credit Quality Indicator [Line Items]
Equity contribution rate	90%
Turner Consulting
Financing Receivable, Credit Quality Indicator [Line Items]
Equity contribution rate	10%
Retail Center - Cincinnati, OH | Capitalization Rate
Financing Receivable, Credit Quality Indicator [Line Items]
Loan collateral, measurement input	0.09
Residential-for-Sale - Manhattan, NY | Discount Rate
Financing Receivable, Credit Quality Indicator [Line Items]
Loan collateral, measurement input	0.10
Office - Troy, MI | Capitalization Rate
Financing Receivable, Credit Quality Indicator [Line Items]
Loan collateral, measurement input	0.10
Office - Troy, MI | Discount Rate
Financing Receivable, Credit Quality Indicator [Line Items]
Loan collateral, measurement input	0.20

Real Estate Owned - Additional

Real Estate Owned - Additional Information (Details)	Sep. 30, 2024 Property
Real Estate [Abstract]
Number of real estate properties	3

Real Estate Owned - D.C. Hotel

Real Estate Owned - D.C. Hotel - Additional Information (Details) - USD ($) $ in Thousands		3 Months Ended			9 Months Ended
		Sep. 30, 2024	Jun. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023	May 24, 2021
Real Estate [Line Items]
Debt related to real estate owned, held for investment, net		$ 278,837			$ 278,837		$ 161,562
Depreciation and amortization on real estate owned		2,342		$ 1,020	9,285	$ 7,208
Real estate owned, accumulated depreciation		20,883			$ 20,883		10,404
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]					Secured Overnight Financing Rate [Member]
Debt instrument, covenant, unencumbered liquidity, threshold		100,000			$ 100,000
Debt instrument, covenant, net worth threshold		600,000			600,000
Total net revenue		100		$ 500	6,000	$ 4,300
Discontinued Operations, Held-for-Sale
Real Estate [Line Items]
Depreciation expense					4,000
Subordinate Mortgage Portfolio Segment
Real Estate [Line Items]
Mortgage loans on real estate, commercial and consumer, net	[1],[2]	374,222			374,222		432,734
Commercial Mortgage and Subordinated Portfolio Segment
Real Estate [Line Items]
Mortgage loans on real estate, commercial and consumer, net		8,300			8,300		95,500
Letter of Credit
Real Estate [Line Items]
Maximum amount of borrowings		388,400			$ 388,400
Line of credit facility, option to extend, period					1 year
Mortgages
Real Estate [Line Items]
Debt related to real estate owned, held for investment, net		206,400			$ 206,400		161,600
Deferred financing costs		2,300			2,300		3,200
Mezzanine Loans
Real Estate [Line Items]
Mortgage loans on real estate, commercial and consumer, net		700,400			700,400		674,500
Hotel - Washington D.C.
Real Estate [Line Items]
Net assets acquired		156,700			156,700		152,400
Interest rate for repurchase facility			3%
Debt instrument, covenant, unencumbered liquidity, threshold			$ 10,000
Debt instrument, covenant, net worth threshold			200,000
Hotel - Washington D.C. | Building
Real Estate [Line Items]
Real estate owned, held for investment, net		79,400			79,400		80,500
Real estate owned, accumulated depreciation		8,500			8,500		6,600
Hotel - Washington D.C. | Furniture Fixtures and Equipment
Real Estate [Line Items]
Real estate owned, held for investment, net		5,800			5,800		6,100
Real estate owned, accumulated depreciation		5,100			5,100		$ 3,800
Hotel - Washington D.C. | Subordinate Mortgage Portfolio Segment
Real Estate [Line Items]
Debt related to real estate owned, held for investment, net								$ 110,000
Debt related to real estate owned, held for investment, gross of deferred financing costs			$ 73,700
Hotel - Washington D.C. | Letter of Credit
Real Estate [Line Items]
Line of credit facility, option to extend, period			1 year
Hotel - Washington D.C. | Mortgages
Real Estate [Line Items]
Debt related to real estate owned, held for investment, net		72,500			72,500
Deferred financing costs		$ 1,200			$ 1,200
[1] Includes carrying value of $ 232,817 as collateral under secured debt arrangements in 2023 . Net of $ 376,692 and $ 219,482 CECL Allowances comprised of $ 342,500 and $ 193,000 Specific CECL Allowance and $ 34,192 and $ 26,482 General CECL Allowance in 2024 and 2023 , respectively.

Real Estate Owned - Brooklyn De

Real Estate Owned - Brooklyn Development - Additional Information (Details) - USD ($) $ in Thousands			3 Months Ended				9 Months Ended		12 Months Ended
		Aug. 03, 2022	Sep. 30, 2024	Sep. 30, 2023	Jun. 30, 2022	Jun. 30, 2021	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2020	Jun. 13, 2024	Dec. 31, 2023	Jun. 30, 2020	Dec. 31, 2015
Real Estate [Line Items]
Debt related to real estate owned, held for investment, net			$ 278,837				$ 278,837				$ 161,562
Increase in Specific CECL Allowance, net					$ (10,000)	$ (20,000)
Realized gain (loss) on investments							$ (128,191)	$ (86,604)
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]							Secured Overnight Financing Rate [Member]
Debt instrument, covenant, unencumbered liquidity, threshold			100,000				$ 100,000
Debt instrument, covenant, net worth threshold			600,000				600,000
Aggregate Notional Amount (in thousands)										$ 73,700
Interest rate caps
Real Estate [Line Items]
Aggregate Notional Amount (in thousands)												$ 1,100
Interest rate caps | Not Designated as Hedging Instrument
Real Estate [Line Items]
Aggregate Notional Amount (in thousands)			238,535				238,535				164,835
Derivative Financial Instruments, Assets | Interest rate caps | Not Designated as Hedging Instrument
Real Estate [Line Items]
Aggregate Notional Amount (in thousands)			600				600				1,400
Letter of Credit
Real Estate [Line Items]
Maximum amount of borrowings			388,400				$ 388,400
Line of credit facility, option to extend, period							1 year
Mortgages
Real Estate [Line Items]
Debt related to real estate owned, held for investment, net			206,400				$ 206,400				161,600
Less: deferred financing costs			2,300				2,300				3,200
JV Partner
Real Estate [Line Items]
Financing receivable, loan in process		$ 164,800
JV Partner | Joint venture
Real Estate [Line Items]
Equity method investment, ownership percentage		100%
Subordinate Mortgage Portfolio Segment
Real Estate [Line Items]
Mortgage loans on real estate, commercial and consumer, net	[1],[2]		374,222				$ 374,222				432,734
Multifamily Development - Brooklyn, NY
Real Estate [Line Items]
Interest rate for repurchase facility							2.55%
Multifamily Development - Brooklyn, NY | Subordinate Mortgage Portfolio Segment
Real Estate [Line Items]
Debt related to real estate owned, held for investment, net													$ 122,200
Increase in Specific CECL Allowance, net									$ (30,000)
Deed-In-Lieu Of Foreclosure
Real Estate [Line Items]
Mortgage loans on real estate, commercial and consumer, net		$ 226,500	495,600				$ 495,600				374,200
Real estate investment property, net		270,100
Realized gain (loss) on investments		$ 43,600
Financing receivable, construction and finance costs capitalized			44,000	$ 17,600			121,400	$ 46,700
Construction costs			$ 274,400				$ 274,400				$ 152,900
[1] Includes carrying value of $ 232,817 as collateral under secured debt arrangements in 2023 . Net of $ 376,692 and $ 219,482 CECL Allowances comprised of $ 342,500 and $ 193,000 Specific CECL Allowance and $ 34,192 and $ 26,482 General CECL Allowance in 2024 and 2023 , respectively.

Real Estate Owned - Atlanta Hot

Real Estate Owned - Atlanta Hotel - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended		12 Months Ended
	Sep. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Jun. 30, 2022	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Real Estate [Line Items]
Write-offs, specific CECL allowance, funded							$ 0		$ 81,890
Real estate owned, accumulated depreciation	$ 20,883						20,883		10,404
Total net revenue	100		$ 500				6,000	$ 4,300
Hotel Through a Died-in-Lieu Foreclosure
Real Estate [Line Items]
Financing receivable, loan specific, realized gain (loss) on writeoff				$ 4,800
Residential-for-Sale - Manhattan, NY
Real Estate [Line Items]
Write-offs, specific CECL allowance, funded					$ 7,000	$ 7,000
Hotel - Atlanta, GA
Real Estate [Line Items]
Real estate investment property, net	68,600			$ 75,000			68,600		75,400
Total net revenue	400		$ 500				(1,200)	$ 1,900
Depreciation		$ 3,600
Hotel - Atlanta, GA | Building
Real Estate [Line Items]
Real estate owned, held for investment, net	45,500						45,500		49,400
Real estate owned, accumulated depreciation	4,700						4,700		800
Hotel - Atlanta, GA | Furniture Fixtures and Equipment
Real Estate [Line Items]
Real estate owned, held for investment, net	6,800						6,800		8,000
Real estate owned, accumulated depreciation	$ 2,600						$ 2,600		$ 400

Other Assets - Schedule of Comp

Other Assets - Schedule of Components of Other Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Interest receivable	$ 78,330	$ 72,354
Collateral deposited under derivative agreements	11,550	0
Loan proceeds held by servicer	105,769	6,271
Other	168,487	6,998
Total	$ 364,136	$ 85,623

Other Assets - Schedule of Co_2

Other Assets - Schedule of Components of Other Assets (Parenthetical) (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Massachusetts Healthcare
Debt Securities, Available-for-Sale [Line Items]
Equity method interest in joint venture	$ 159.7
Real Estate Owned, Held for Investment
Debt Securities, Available-for-Sale [Line Items]
Other Real Estate	$ 8.4	$ 4.6

Secured Debt Arrangements, Ne_2

Secured Debt Arrangements, Net - Additional Information (Details) £ in Millions	3 Months Ended			9 Months Ended
	Sep. 30, 2024 USD ($)	Sep. 30, 2024 GBP (£)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Jun. 30, 2025	Oct. 30, 2024	Jun. 30, 2024 USD ($)	Jan. 31, 2024 USD ($)	Jan. 31, 2024 GBP (£)	Dec. 31, 2023 USD ($)
Line of Credit Facility [Line Items]
Weighted average haircut under repurchase agreements	29.10%			29.10%							31.60%
Long-term line of credit	$ 622,800,000			$ 622,800,000							$ 669,300,000
Debt instrument, covenant, interest coverage ratio, minimum	1.3			1.3
Maximum interest coverage ratio	3.75			3.75
Forecast
Line of Credit Facility [Line Items]
Debt instrument, covenant, interest coverage ratio, minimum						1.4
Subsequent Event
Line of Credit Facility [Line Items]
Debt instrument, covenant, interest coverage ratio, minimum							1.3
Barclays Securitization | Line of Credit | VIE
Line of Credit Facility [Line Items]
Deferring or waiving debt service payments, term				18 months
Goldman Sachs Repurchase Facility | Line of Credit
Line of Credit Facility [Line Items]
Maximum amount of borrowings									$ 158,600,000	£ 125.6
Line of credit facility, increase (decrease), net	$ 314,600,000	£ 242.1
Revolving Credit Facility
Line of Credit Facility [Line Items]
Maximum interest coverage ratio	4			4
Revolving Credit Facility | Line of Credit
Line of Credit Facility [Line Items]
Long-term line of credit	$ 51,100,000			$ 51,100,000							$ 147,000,000
Line of credit facility, commitment fee amount	$ 84,700			$ 195,300
Revolving Credit Facility | 2023 Revolving Credit Facility | Line of Credit
Line of Credit Facility [Line Items]
Recourse, percentage	5%			5%
Minimum unrestricted cash	$ 30,000,000			$ 30,000,000
Net cash proceeds of additional equity issuances, amount	$ 1,250,000,000			$ 1,250,000,000
Tangible net worth, percentage	75%			75%
Revolving Credit Facility | 2023 Revolving Credit Facility | Bank of America, N.A.
Line of Credit Facility [Line Items]
Maximum amount of borrowings	$ 160,000,000			$ 160,000,000				$ 170,000,000
Revolving Credit Facility | 2023 Revolving Credit Facility | Bank of America, N.A. | Line of Credit
Line of Credit Facility [Line Items]
Maximum amount of borrowings	160,000,000			$ 160,000,000
Maturity term				3 years
Line of credit facility, qualifying commercial loan borrowings, term				2 years
Line of credit facility, real property owned asset borrowings, term				6 months
Line of credit facility, commitment fee amount	$ 100,000		$ 86,900
Line of credit facility, periodic payment, interest				$ 2,400,000	$ 200,200
Atlas Facility | Two Existing Credit Facilities | Line of Credit
Line of Credit Facility [Line Items]
Line of credit facility, increase (decrease), net				113,500,000
Barclays Facility | Two Existing Credit Facilities | Line of Credit
Line of Credit Facility [Line Items]
Line of credit facility, increase (decrease), net				$ 300,000,000

Secured Debt Arrangements, Ne_3

Secured Debt Arrangements, Net - Weighted Average Maturities and Interest Rates of Borrowings (Details) - Line of Credit € in Thousands, £ in Thousands, $ in Thousands, kr in Billions	Sep. 30, 2024 USD ($)	Sep. 30, 2024 GBP (£)	Sep. 30, 2024 EUR (€)	Sep. 30, 2024 SEK (kr)	Dec. 31, 2023 USD ($)	Dec. 31, 2023 GBP (£)	Dec. 31, 2023 EUR (€)	Dec. 31, 2023 SEK (kr)
Debt Instrument [Line Items]
Maximum amount of borrowings	$ 7,498,579				$ 6,998,758
Borrowings outstanding	5,513,945				5,538,476
Less: deferred financing costs	(10,880)				(13,333)
JP Morgan Chase, DB Repurchase Facility, Goldman Sachs, Credit Suisse and HSBC Facilities
Debt Instrument [Line Items]
Maximum amount of borrowings	5,303,682				4,459,633
Borrowings outstanding	3,438,878				3,247,652
JP Morgan Facility
Debt Instrument [Line Items]
Borrowings outstanding	832,657				1,061,380
JP Morgan Facility | Amended and Restated JPMorgan Facility
Debt Instrument [Line Items]
Maximum amount of borrowings	1,500,000
Deutsche Bank Repurchase Facility
Debt Instrument [Line Items]
Borrowings outstanding	183,397				275,815
Credit Suisse Facility
Debt Instrument [Line Items]
Borrowings outstanding	622,788				669,302
HSBC Facility
Debt Instrument [Line Items]
Borrowings outstanding	672,422				665,368
Goldman Facility
Debt Instrument [Line Items]
Borrowings outstanding					13,437
Barclays Facility
Debt Instrument [Line Items]
Borrowings outstanding	353,153				107,929
MUFG Facility
Debt Instrument [Line Items]
Borrowings outstanding	194,203				204,690
Barclays Securitization
Debt Instrument [Line Items]
Borrowings outstanding	2,034,897	£ 963,700	€ 494,300	kr 2	2,157,157	£ 969,900	€ 655,800	kr 2
Churchill
Debt Instrument [Line Items]
Borrowings outstanding	122,595
JP Morgan Chase, DB Repurchase Facility, Goldman Sachs, Credit Suisse, Barclays Facility, HSBC Facilities And Barclays Securitization
Debt Instrument [Line Items]
Maximum amount of borrowings	7,498,579				6,998,758
Borrowings outstanding	5,524,825				5,551,809
USD
Debt Instrument [Line Items]
Maximum amount of borrowings	160,000				170,000
Borrowings outstanding	51,050				147,000
USD | JP Morgan Facility
Debt Instrument [Line Items]
Maximum amount of borrowings	1,500,000				1,482,584
Borrowings outstanding	832,657				1,043,964
USD | Deutsche Bank Repurchase Facility
Debt Instrument [Line Items]
Maximum amount of borrowings	700,000				700,000
Borrowings outstanding	183,397				275,815
USD | Credit Suisse Facility
Debt Instrument [Line Items]
Maximum amount of borrowings	800,000				686,527
Borrowings outstanding	622,788				669,302
USD | Goldman Facility
Debt Instrument [Line Items]
Maximum amount of borrowings	0				13,437
Borrowings outstanding	0				13,437
USD | Barclays Facility
Debt Instrument [Line Items]
Maximum amount of borrowings	500,000				200,000
Borrowings outstanding	353,153				107,929
USD | Santander Facility
Debt Instrument [Line Items]
Maximum amount of borrowings	300,000				300,000
Borrowings outstanding	67,500				67,500
USD | Churchill
Debt Instrument [Line Items]
Maximum amount of borrowings	130,000				130,000
Borrowings outstanding	122,595				126,515
Fx contracts - GBP | JP Morgan Facility
Debt Instrument [Line Items]
Maximum amount of borrowings | £		0				17,416
Borrowings outstanding | £		0				17,416
Fx contracts - GBP | HSBC Facility
Debt Instrument [Line Items]
Maximum amount of borrowings | £		403,390				383,967
Borrowings outstanding | £		403,390				383,967
Fx contracts - GBP | Goldman Facility
Debt Instrument [Line Items]
Maximum amount of borrowings | £		491,500				0
Borrowings outstanding	390,163	390,163				0
Fx contracts - GBP | MUFG Facility
Debt Instrument [Line Items]
Maximum amount of borrowings | £		209,759				204,690
Borrowings outstanding | £		£ 194,203				£ 204,690
Fx contracts - EUR | HSBC Facility
Debt Instrument [Line Items]
Maximum amount of borrowings | €			269,032				281,401
Borrowings outstanding | €			€ 269,032				€ 281,401
Fx contracts - EUR | Santander Facility
Debt Instrument [Line Items]
Maximum amount of borrowings	0				59,611
Borrowings outstanding	0				55,716
VIE | Barclays Securitization
Debt Instrument [Line Items]
Maximum amount of borrowings	2,034,897				2,369,125
Borrowings outstanding	2,034,897				2,157,157
VIE | Barclays Securitization | Weighted Average
Debt Instrument [Line Items]
Borrowings outstanding	2,034,897				2,157,157
VIE | Fx contracts - GBP | Barclays Securitization | Weighted Average
Debt Instrument [Line Items]
Borrowings outstanding	1,288,941				1,234,740
VIE | Fx contracts - EUR | Barclays Securitization | Weighted Average
Debt Instrument [Line Items]
Borrowings outstanding	550,425				723,947
VIE | SEK | Barclays Securitization | Weighted Average
Debt Instrument [Line Items]
Borrowings outstanding	$ 195,530				$ 198,470

Secured Debt Arrangements, Ne_4

Secured Debt Arrangements, Net - Weighted Average Maturities and Interest Rates of Borrowings (Parenthetical) (Details) £ in Thousands, $ in Thousands	3 Months Ended	9 Months Ended	12 Months Ended
	Mar. 31, 2024	Sep. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)	Sep. 30, 2024 GBP (£)	Jun. 30, 2024 USD ($)	Dec. 31, 2023 GBP (£)
Debt Instrument [Line Items]
Debt instrument, amortization period	2 years
Percentage of secured debt that is recourse debt		48%	58%	48%		58%
Line of Credit
Debt Instrument [Line Items]
Maximum amount of borrowings		$ 7,498,579	$ 6,998,758
Line of Credit | JP Morgan Facility | Amended and Restated JPMorgan Facility
Debt Instrument [Line Items]
Maximum amount of borrowings		$ 1,500,000
Line of Credit | Credit Suisse Facility
Debt Instrument [Line Items]
Debt interest rate cap		2 years	6 months
Debt instrument, extension term		1 year
Line of Credit | Weighted Average
Debt Instrument [Line Items]
Weighted average advance rate		70.90%	68.40%
Revolving Credit Facility | Bank of America, N.A. | 2023 Revolving Credit Facility
Debt Instrument [Line Items]
Maximum amount of borrowings		$ 160,000			$ 170,000
Fx contracts - GBP | Line of Credit
Debt Instrument [Line Items]
Currency conversion rate		1.34	1.27	1.34		1.27
Fx contracts - GBP | Line of Credit | JP Morgan Facility
Debt Instrument [Line Items]
Maximum amount of borrowings | £				£ 0		£ 17,416
Fx contracts - GBP | Line of Credit | Weighted Average
Debt Instrument [Line Items]
Weighted average rate		2.28%	2.21%
Weighted average advance rate		75.10%	72.50%
Fx contracts - EUR | Line of Credit
Debt Instrument [Line Items]
Currency conversion rate		1.11	1.1	1.11		1.1
Fx contracts - EUR | Line of Credit | Weighted Average
Debt Instrument [Line Items]
Weighted average rate		2.11%	1.86%
Weighted average advance rate		72.80%	72.10%
SEK | Line of Credit
Debt Instrument [Line Items]
Currency conversion rate		0.1	0.1	0.1		0.1
SEK | Line of Credit | Weighted Average
Debt Instrument [Line Items]
Weighted average rate		1.50%	1.50%
Weighted average advance rate		80.40%	80.40%
USD | Line of Credit
Debt Instrument [Line Items]
Maximum amount of borrowings		$ 160,000	$ 170,000
USD | Line of Credit | JP Morgan Facility
Debt Instrument [Line Items]
Maximum amount of borrowings		1,500,000	1,482,584
USD | Line of Credit | Credit Suisse Facility
Debt Instrument [Line Items]
Maximum amount of borrowings		$ 800,000	$ 686,527
USD | Line of Credit | Weighted Average
Debt Instrument [Line Items]
Weighted average rate		2.56%	2.49%
Weighted average advance rate		65.10%	62.90%

Secured Debt Arrangements, Ne_5

Secured Debt Arrangements, Net - Commercial Mortgage Loans Pledged to the Barclays Private Securitization (Details) - VIE $ in Thousands	Sep. 30, 2024 USD ($) Contract	Dec. 31, 2023 USD ($) Contract
Line of Credit Facility [Line Items]
Mortgage loans on real estate, commercial and consumer, net	$ 2,703,595	$ 2,903,186
Line of Credit | Barclays Securitization
Line of Credit Facility [Line Items]
Count | Contract	10	14
Balance	$ 2,733,428	$ 2,931,817
Mortgage loans on real estate, commercial and consumer, net	$ 2,703,595	$ 2,903,186
Fx contracts - GBP | Line of Credit | Barclays Securitization
Line of Credit Facility [Line Items]
Count | Contract	6	7
Balance	$ 1,745,874	$ 1,662,457
Mortgage loans on real estate, commercial and consumer, net	$ 1,726,495	$ 1,643,979
Fx contracts - EUR | Line of Credit | Barclays Securitization
Line of Credit Facility [Line Items]
Count | Contract	3	6
Balance	$ 743,480	$ 1,021,272
Mortgage loans on real estate, commercial and consumer, net	$ 734,207	$ 1,012,987
SEK | Line of Credit | Barclays Securitization
Line of Credit Facility [Line Items]
Count | Contract	1	1
Balance	$ 244,074	$ 248,088
Mortgage loans on real estate, commercial and consumer, net	$ 242,893	$ 246,220

Secured Debt Arrangements, Ne_6

Secured Debt Arrangements, Net - Assets Under Barclays Private Securitization (Details) - Line of Credit $ in Thousands, € in Millions, £ in Millions, kr in Billions	Sep. 30, 2024 USD ($)	Sep. 30, 2024 GBP (£)	Sep. 30, 2024 EUR (€)	Sep. 30, 2024 SEK (kr)	Dec. 31, 2023 USD ($)	Dec. 31, 2023 GBP (£)	Dec. 31, 2023 EUR (€)	Dec. 31, 2023 SEK (kr)
Debt Instrument [Line Items]
Borrowings outstanding	$ 5,513,945				$ 5,538,476
Barclays Securitization
Debt Instrument [Line Items]
Borrowings outstanding	2,034,897	£ 963.7	€ 494.3	kr 2	2,157,157	£ 969.9	€ 655.8	kr 2
VIE | Barclays Securitization
Debt Instrument [Line Items]
Borrowings outstanding	2,034,897				2,157,157
Weighted Average | VIE | Barclays Securitization
Debt Instrument [Line Items]
Borrowings outstanding	2,034,897				2,157,157
Weighted Average | VIE | Fx contracts - GBP | Barclays Securitization
Debt Instrument [Line Items]
Borrowings outstanding	1,288,941				1,234,740
Weighted Average | VIE | Fx contracts - EUR | Barclays Securitization
Debt Instrument [Line Items]
Borrowings outstanding	550,425				723,947
Weighted Average | VIE | SEK | Barclays Securitization
Debt Instrument [Line Items]
Borrowings outstanding	$ 195,530				$ 198,470

Secured Debt Arrangements, Ne_7

Secured Debt Arrangements, Net - Assets Under Barclays Private Securitization (Parenthetical) (Details) $ in Thousands, € in Millions, £ in Millions, kr in Billions	9 Months Ended	12 Months Ended
	Sep. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)	Sep. 30, 2024 GBP (£)	Sep. 30, 2024 EUR (€)	Sep. 30, 2024 SEK (kr)	Dec. 31, 2023 GBP (£)	Dec. 31, 2023 EUR (€)	Dec. 31, 2023 SEK (kr)
Debt Instrument [Line Items]
Debt instrument, facility feature, period	1 year	1 year
Line of Credit
Debt Instrument [Line Items]
Borrowings outstanding	$ 5,513,945	$ 5,538,476
Barclays Securitization | Line of Credit
Debt Instrument [Line Items]
Borrowings outstanding	$ 2,034,897	$ 2,157,157	£ 963.7	€ 494.3	kr 2	£ 969.9	€ 655.8	kr 2

Secured Debt Arrangements, Ne_8

Secured Debt Arrangements, Net - Schedule of Assets and Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Assets:
Cash and cash equivalents	$ 194,287	$ 225,438
Other assets	364,136	85,623
Total Assets	9,098,089	9,296,730
Liabilities:
Total Liabilities	7,229,701	7,087,997
VIE
Assets:
Cash and cash equivalents	1,366	924
Carrying value, net	2,703,595	2,903,186
Other assets	142,208	41,180
Total Assets	2,847,170	2,945,290
Liabilities:
Secured debt arrangements, net (net of deferred financing costs of $1.3 million and $2.0 million in 2024 and 2023, respectively)	2,033,613	2,155,197
Accounts payable, accrued expenses and other liabilities	89,090	9,083
Total Liabilities	$ 2,122,703	$ 2,164,280

Secured Debt Arrangements, Ne_9

Secured Debt Arrangements, Net - Schedule of Assets and Liabilities (Parenthetical) (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Securitization or Asset-Backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items]
Allowance reserve	$ 34,192	$ 26,482
Commercial Mortgage Portfolio Segment
Securitization or Asset-Backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items]
Allowance reserve	33,355	25,723
VIE
Securitization or Asset-Backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items]
Deferred financing costs	1,300	2,000
VIE | Commercial Mortgage Portfolio Segment
Securitization or Asset-Backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items]
Allowance reserve	12,700	8,300
General CECL allowance on unfunded commitments	$ 2,400	$ 2,500

Secured Debt Arrangements, N_10

Secured Debt Arrangements, Net - Schedule of Net Income from VIE (Details) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items]
Interest income from commercial mortgage loans	$ 179,921			$ 180,441			$ 543,025	$ 520,712
Net interest income	47,043			60,223			155,479	194,165
General and administrative expense	(7,547)			(7,664)			(22,408)	(22,150)
Decrease (increase) in current expected credit loss allowance, net	899			5,833			(157,043)	(60,205)
Foreign currency translation gain (loss)	60,102			(44,165)			39,177	(3,974)
Net income (loss)	(91,549)	$ 35,785	$ (104,524)	46,071	$ (83,400)	$ 48,916	(160,288)	11,587
VIE
Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items]
Interest income from commercial mortgage loans	69,455			56,537			197,574	156,295
Interest expense	(39,343)			(30,379)			(111,445)	(80,753)
Net interest income	30,112			26,158			86,129	75,542
General and administrative expense	(4)			(2)			(6)	(9)
Decrease (increase) in current expected credit loss allowance, net	(176)			1,744			(4,315)	1,169
Foreign currency translation gain (loss)	38,209			(24,266)			24,799	(3,555)
Net income (loss)	$ 68,141			$ 3,634			$ 106,607	$ 73,147

Secured Debt Arrangements, N_11

Secured Debt Arrangements, Net - Remaining Maturities of Borrowings (Details) - Line of Credit $ in Thousands	Sep. 30, 2024 USD ($)
Line of Credit Facility [Line Items]
Less than 1 year	$ 1,252,050
1 to 3 years	3,680,358
3 to 5 years	592,417
More than 5 years	0
Total	5,524,825
JPMorgan
Line of Credit Facility [Line Items]
Less than 1 year	197,798
1 to 3 years	634,859
3 to 5 years	0
More than 5 years	0
Total	832,657
DB
Line of Credit Facility [Line Items]
Less than 1 year	0
1 to 3 years	183,397
3 to 5 years	0
More than 5 years	0
Total	183,397
Goldman | Fx contracts - GBP
Line of Credit Facility [Line Items]
Less than 1 year	0
1 to 3 years	0
3 to 5 years	390,163
More than 5 years	0
Total	390,163
CS Facility
Line of Credit Facility [Line Items]
Less than 1 year	105,109
1 to 3 years	517,679
3 to 5 years	0
More than 5 years	0
Total	622,788
HSBC Facility
Line of Credit Facility [Line Items]
Less than 1 year	527,665
1 to 3 years	144,757
3 to 5 years	0
More than 5 years	0
Total	672,422
Barclays Facility
Line of Credit Facility [Line Items]
Less than 1 year	0
1 to 3 years	353,153
3 to 5 years	0
More than 5 years	0
Total	353,153
MUFG Facility
Line of Credit Facility [Line Items]
Less than 1 year	194,203
1 to 3 years	0
3 to 5 years	0
More than 5 years	0
Total	194,203
Churchill
Line of Credit Facility [Line Items]
Less than 1 year	0
1 to 3 years	122,595
3 to 5 years	0
More than 5 years	0
Total	122,595
Santander Facility | USD
Line of Credit Facility [Line Items]
Less than 1 year	67,500
1 to 3 years	0
3 to 5 years	0
More than 5 years	0
Total	67,500
Barclays Securitization
Line of Credit Facility [Line Items]
Less than 1 year	122,275
1 to 3 years	1,710,368
3 to 5 years	202,254
More than 5 years	0
Total	2,034,897
Revolving Credit Facility
Line of Credit Facility [Line Items]
Less than 1 year	37,500
1 to 3 years	13,550
3 to 5 years	0
More than 5 years	0
Total	$ 51,050

Secured Debt Arrangements, N_12

Secured Debt Arrangements, Net - Summary of Outstanding Balances, Maximum and Average Balances of Borrowings (Details) - Line of Credit € in Thousands, £ in Thousands, $ in Thousands, kr in Billions	9 Months Ended	12 Months Ended
	Sep. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)	Sep. 30, 2024 GBP (£)	Sep. 30, 2024 EUR (€)	Sep. 30, 2024 SEK (kr)	Dec. 31, 2023 GBP (£)	Dec. 31, 2023 EUR (€)	Dec. 31, 2023 SEK (kr)
Line of Credit Facility [Line Items]
Balance	$ 5,513,945	$ 5,538,476
Collateral	7,838,768	8,093,030
USD
Line of Credit Facility [Line Items]
Balance	51,050	147,000
JPMorgan
Line of Credit Facility [Line Items]
Balance	832,657	1,061,380
Collateral	1,552,582	1,871,854
Maximum Month-End Balance	1,063,261	1,324,226
Average Month-End Balance	981,865	1,190,651
JPMorgan | USD
Line of Credit Facility [Line Items]
Balance	832,657	1,043,964
JPMorgan | Fx contracts - GBP
Line of Credit Facility [Line Items]
Balance | £			£ 0			£ 17,416
DB
Line of Credit Facility [Line Items]
Balance	183,397	275,815
Collateral	288,425	419,170
Maximum Month-End Balance	278,703	385,818
Average Month-End Balance	213,556	322,676
DB | USD
Line of Credit Facility [Line Items]
Balance	183,397	275,815
Goldman
Line of Credit Facility [Line Items]
Balance		13,437
Collateral		28,533
Maximum Month-End Balance		70,249
Average Month-End Balance		30,482
Goldman | USD
Line of Credit Facility [Line Items]
Balance	0	13,437
Collateral	0
Maximum Month-End Balance	11,620
Average Month-End Balance	3,871
Goldman | Fx contracts - GBP
Line of Credit Facility [Line Items]
Balance	390,163		390,163			0
Collateral	505,785
Maximum Month-End Balance	390,163
Average Month-End Balance	209,010
CS Facility
Line of Credit Facility [Line Items]
Balance	622,788	669,302
Collateral	770,590	933,085
Maximum Month-End Balance	758,201	688,126
Average Month-End Balance	693,554	667,794
CS Facility | USD
Line of Credit Facility [Line Items]
Balance	622,788	669,302
HSBC Facility
Line of Credit Facility [Line Items]
Balance	672,422	665,368
Collateral	896,872	860,134
Maximum Month-End Balance	672,422	667,430
Average Month-End Balance	657,656	651,758
HSBC Facility | Fx contracts - GBP
Line of Credit Facility [Line Items]
Balance | £			403,390			383,967
HSBC Facility | Fx contracts - EUR
Line of Credit Facility [Line Items]
Balance | €				€ 269,032			€ 281,401
Barclays Facility
Line of Credit Facility [Line Items]
Balance	353,153	107,929
Collateral	459,048	129,439
Maximum Month-End Balance	353,153	111,909
Average Month-End Balance	213,029	110,729
Barclays Facility | USD
Line of Credit Facility [Line Items]
Balance	353,153	107,929
MUFG Facility
Line of Credit Facility [Line Items]
Balance	194,203	204,690
Collateral	282,548	278,223
Maximum Month-End Balance	211,057	206,362
Average Month-End Balance	203,437	200,447
MUFG Facility | Fx contracts - GBP
Line of Credit Facility [Line Items]
Balance | £			194,203			204,690
Churchill
Line of Credit Facility [Line Items]
Balance	122,595
Collateral	163,416
Maximum Month-End Balance	126,080
Average Month-End Balance	124,338
Churchill | USD
Line of Credit Facility [Line Items]
Balance	122,595	126,515
Santander Facility | USD
Line of Credit Facility [Line Items]
Balance	67,500	67,500
Collateral	99,912	99,648
Maximum Month-End Balance	67,500	75,000
Average Month-End Balance	67,500	68,125
Santander Facility | Fx contracts - EUR
Line of Credit Facility [Line Items]
Balance	0	55,716
Collateral	0	74,288
Maximum Month-End Balance	54,677	55,716
Average Month-End Balance	30,245	54,347
Barclays Securitization
Line of Credit Facility [Line Items]
Balance	2,034,897	2,157,157	£ 963,700	€ 494,300	kr 2	£ 969,900	€ 655,800	kr 2
Collateral	2,716,314	2,911,470
Maximum Month-End Balance	2,249,538	2,157,157
Average Month-End Balance	2,108,953	1,896,144
Revolving Credit Facility
Line of Credit Facility [Line Items]
Balance	51,050	147,000
Collateral	103,276	319,048
Maximum Month-End Balance	150,000	147,000
Average Month-End Balance	51,728	93,500
Churchill Facility
Line of Credit Facility [Line Items]
Balance		126,515
Collateral		168,138
Maximum Month-End Balance		130,000
Average Month-End Balance		128,094
JP Morgan Chase, DB Repurchase Facility, Goldman Sachs, Credit Suisse, Barclays Facility, HSBC Facilities And Barclays Securitization
Line of Credit Facility [Line Items]
Balance	$ 5,524,825	$ 5,551,809

Senior Secured Term Loan, Net -

Senior Secured Term Loan, Net - Additional Information (Details) - USD ($)	3 Months Ended			9 Months Ended		12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Jun. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023	Mar. 31, 2021	Jun. 30, 2020	May 31, 2019
Debt Instrument [Line Items]
Repayments of senior secured term loan principal				$ 1,752,492,000	$ 508,245,000
Interest rate caps
Debt Instrument [Line Items]
Realized (gain) loss on derivative instruments - interest rate swap realized		$ 0			9,100,000
London Interbank Offered Rate (LIBOR) | Interest rate caps
Debt Instrument [Line Items]
Cap interest rate						0.75%		0.75%
2026 Term Loan
Debt Instrument [Line Items]
Weighted average rate				2.86%		2.86%
Repayments of secured debt, amortizing percent	0.25%
Repayments of senior secured term loan principal	$ 1,300,000	3,800,000		$ 1,300,000	3,800,000
2028 Term Loan
Debt Instrument [Line Items]
Weighted average rate				3.61%		3.61%
Repayments of secured debt, amortizing percent	0.25%
Repayments of senior secured term loan principal	$ 750,000	$ 2,300,000		$ 750,000	$ 2,300,000
Secured Debt
Debt Instrument [Line Items]
Debt instrument, face amount							$ 300,000,000		$ 500,000,000
Debt instrument, covenant, non-recourse debt to tangible net worth ratio, maximum	400%			400%
Debt instrument, covenant, unencumbered assets to pari-passu indebtedness ratio, maximum	250%			250%
Effective Rate								3.50%
Secured Debt | Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Weighted average rate			2.86%
Secured Debt | Secured Overnight Financing Rate (SOFR) | Minimum
Debt Instrument [Line Items]
Weighted average rate			0.50%
Secured Debt | Secured Overnight Financing Rate (SOFR) | Maximum
Debt Instrument [Line Items]
Weighted average rate			3.61%
Secured Debt | 2026 Term Loan
Debt Instrument [Line Items]
Debt instrument, issuance price as a percentage									99.50%
Secured Debt | 2028 Term Loan
Debt Instrument [Line Items]
Debt instrument, issuance price as a percentage							99%

Senior Secured Term Loan, Net_2

Senior Secured Term Loan, Net - Summarizes the Terms of the Term Loans (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Total Term Loans
Debt Instrument [Line Items]
Principal Amount	$ 763,250	$ 769,250
Unamortized Issuance Discount	(2,029)	(2,619)
Deferred Financing Costs	(5,780)	(7,481)
Carrying Value	755,441	759,150
2026 Term Loan
Debt Instrument [Line Items]
Principal Amount	473,750	477,500
Unamortized Issuance Discount	(565)	(833)
Deferred Financing Costs	(3,162)	(4,302)
Carrying Value	$ 470,023	$ 472,365
Floating rate	2.86%	2.86%
Maturity Date	May 15, 2026	May 15, 2026
2028 Term Loan
Debt Instrument [Line Items]
Principal Amount	$ 289,500	$ 291,750
Unamortized Issuance Discount	(1,464)	(1,786)
Deferred Financing Costs	(2,618)	(3,179)
Carrying Value	$ 285,418	$ 286,785
Floating rate	3.61%	3.61%
Maturity Date	Mar. 11, 2028	Mar. 11, 2028

Senior Secured Notes, Net - Add

Senior Secured Notes, Net - Additional Information (Details) $ in Thousands	1 Months Ended
	Jun. 30, 2021 USD ($)	Sep. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)
Derivative [Line Items]
Unencumbered assets to pariu passau ratio		0.012
Senior Notes
Derivative [Line Items]
Senior notes		$ 496,233	$ 495,637
2029 Notes | Senior Notes
Derivative [Line Items]
Debt instrument, face amount	$ 500,000
Debt instrument, interest rate, stated percentage	4.625%
Proceeds from issuance of senior secured notes	$ 495,000
Senior notes		496,200	495,600
Less: deferred financing costs		3,800	4,400
2026 Term Loan
Derivative [Line Items]
Less: deferred financing costs		$ 3,162	$ 4,302

Convertible Senior Notes, Net -

Convertible Senior Notes, Net - Additional Information (Details) - USD ($)	3 Months Ended			9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2018	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Debt Instrument [Line Items]
Gain on extinguishment of debt	$ 0	$ 30,000		$ 0	$ 495,000
Convertible Debt
Debt Instrument [Line Items]
Interest expense		2,400,000			8,200,000
Non-cash interest expense		300,000			1,100,000
2023 Notes
Debt Instrument [Line Items]
Debt instrument, repurchase principal amount		$ 10,000,000			$ 53,900,000
Debt weighted-average price		99.70%			99.10%
Gain on extinguishment of debt		$ 30,000			$ 500,000
2023 Notes | Convertible Debt
Debt Instrument [Line Items]
Debt instrument, face amount			$ 230,000,000			$ 176,100,000
Debt instrument, interest rate, stated percentage			5.375%
Proceeds from issuance of senior secured notes			$ 223,700,000

Derivatives - Summary of Non-De

Derivatives - Summary of Non-Designated Foreign Exchange Forwards (Details) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2024 USD ($) Contract	Dec. 31, 2023 USD ($) Contract	Jun. 13, 2024 USD ($)	Jun. 30, 2020 USD ($)
Derivative [Line Items]
Aggregate Notional Amount (in thousands)			$ 73,700
Interest rate caps
Derivative [Line Items]
Aggregate Notional Amount (in thousands)				$ 1,100
Not Designated as Hedging Instrument | Interest rate caps
Derivative [Line Items]
Number of Contracts | Contract	2	1
Aggregate Notional Amount (in thousands)	$ 238,535	$ 164,835
Weighted-Average Years to Maturity	11 months 1 day	9 months
Fx contracts - GBP | Not Designated as Hedging Instrument | Foreign currency forward, net
Derivative [Line Items]
Number of Contracts | Contract	96	97
Aggregate Notional Amount (in thousands)	$ 734,843	$ 938,903
Weighted-Average Years to Maturity	11 months 19 days	1 year 1 month 17 days
Fx contracts - EUR | Not Designated as Hedging Instrument | Foreign currency forward, net
Derivative [Line Items]
Number of Contracts | Contract	61	135
Aggregate Notional Amount (in thousands)	$ 376,876	$ 561,441
Weighted-Average Years to Maturity	1 year 29 days	1 year 29 days
SEK | Not Designated as Hedging Instrument | Foreign currency forward, net
Derivative [Line Items]
Number of Contracts | Contract	15	17
Aggregate Notional Amount (in thousands)	$ 648,530	$ 690,740
Weighted-Average Years to Maturity	1 year 6 months 14 days	2 years 1 month 28 days

Derivatives - Summary of Amount

Derivatives - Summary of Amounts Recognized on Consolidated Statements of Operations Related to Company's Derivatives (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Jun. 13, 2024	Sep. 26, 2023
Derivative Instruments, Gain (Loss) [Line Items]
Aggregate Notional Amount (in thousands)					$ 73,700
Derivative, gain (loss), statement of income or comprehensive income	Gain (loss) on sale of derivatives	Gain (loss) on sale of derivatives	Gain (loss) on sale of derivatives	Gain (loss) on sale of derivatives
Foreign Exchange Forward
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized loss (gain) on foreign currency contracts	$ (57,621)	$ 28,244	$ (38,657)	$ (27,709)
Realized (gain) loss on derivative instruments - interest rate swap realized	(1,914)	11,246	8,897	35,948
Gain (loss) on sale of derivatives	(59,535)	39,490	(29,760)	8,239
Interest rate caps and swaps
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized loss (gain) on foreign currency contracts	(562)	(70)	(1,213)	(9,211)
Realized (gain) loss on derivative instruments - interest rate swap realized	548	0	1,649	9,089
Gain (loss) on sale of derivatives	(14)	$ (70)	436	$ (122)
Interest rate caps and swaps | Not Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Realized (gain) loss on derivative instruments - interest rate swap realized	$ 500		$ 1,600
Aggregate Notional Amount (in thousands)						$ 164,800

Derivatives - Additional Inform

Derivatives - Additional Information (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Jun. 13, 2024	Dec. 31, 2023	Sep. 26, 2023	Jun. 30, 2020
Derivative [Line Items]
Derivative notional amount					$ 73,700,000
Derivative net liability position	$ 11,600,000		$ 11,600,000
Maximum | Construction Financing
Derivative [Line Items]
Derivative, interest rate						6.55%
Maximum | Hotel - Washington D.C. | Construction Financing
Derivative [Line Items]
Derivative, interest rate					9%
Secured Debt
Derivative [Line Items]
Effective interest rate								3.50%
Interest rate caps
Derivative [Line Items]
Derivative notional amount								$ 1,100,000
Realized (gain) loss on derivative instruments - interest rate swap realized		$ 0		$ 9,100,000
Interest rate caps | Not Designated as Hedging Instrument
Derivative [Line Items]
Derivative notional amount	238,535,000		238,535,000			$ 164,835,000
Interest rate caps and swaps
Derivative [Line Items]
Realized (gain) loss on derivative instruments - interest rate swap realized	548,000	$ 0	1,649,000	$ 9,089,000
Interest rate caps and swaps | Not Designated as Hedging Instrument
Derivative [Line Items]
Derivative notional amount							$ 164,800,000
Realized (gain) loss on derivative instruments - interest rate swap realized	$ 500,000		$ 1,600,000
London Interbank Offered Rate (LIBOR) | Interest rate caps
Derivative [Line Items]
Cap interest rate						0.75%		0.75%
Secured Overnight Financing Rate (SOFR)
Derivative [Line Items]
Derivative, cap interest rate	4%		4%			4%
Secured Overnight Financing Rate (SOFR) | Hotel - Washington D.C.
Derivative [Line Items]
Derivative, cap interest rate	6%		6%
Secured Overnight Financing Rate (SOFR) | Interest rate caps | Hotel - Washington D.C.
Derivative [Line Items]
Derivative, cap interest rate					6%

Derivatives - Summarizes Gross

Derivatives - Summarizes Gross Asset and Liability Amounts Related to Derivatives (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Derivative [Line Items]
Gross Amount of Recognized Assets	$ 23,911	$ 56,462
Gross Amounts Offset in our Condensed Consolidated Balance Sheet	(33,926)	(27,037)
Net Amounts of Assets Presented in our Condensed Consolidated Balance Sheet	(10,015)	29,425
Foreign currency forward, net
Derivative [Line Items]
Gross Amount of Recognized Assets	23,334	55,102
Gross Amounts Offset in our Condensed Consolidated Balance Sheet	(33,926)	(27,037)
Net Amounts of Assets Presented in our Condensed Consolidated Balance Sheet	(10,592)	28,065
Interest rate caps
Derivative [Line Items]
Gross Amount of Recognized Assets	577	1,360
Gross Amounts Offset in our Condensed Consolidated Balance Sheet	0	0
Net Amounts of Assets Presented in our Condensed Consolidated Balance Sheet	$ 577	$ 1,360

Participations Sold - Additiona

Participations Sold - Additional Information (Details) - Dec. 31, 2020 - Mezzanine Loans - Office Building - London £ in Millions, $ in Millions	USD ($)	GBP (£)
Participating Mortgage Loans [Line Items]
Debt instrument, face amount	$ 8.9	£ 6.7
Remaining unfunded commitment	$ 25.3	£ 19.1

Accounts Payable, Accrued Exp_3

Accounts Payable, Accrued Expenses and Other Liabilities - Components of our Accounts Payable, Accrued Expense and Other Liabilities (Details) - USD ($) $ in Thousands		Sep. 30, 2024	Dec. 31, 2023
Payables and Accruals [Abstract]
Collateral held under derivative agreements		$ 0	$ 25,820
Accrued dividends payable		37,716	53,407
Accrued interest payable		39,715	31,012
Accounts payable and other liabilities		11,291	6,078
Secured debt repayments pending servicer remittance		73,278	0
General CECL Allowance on unfunded commitments		3,850	4,017
Total	[1]	$ 165,850	$ 120,334
[1] Includes $ 3,850 and $ 4,017 of General CECL Allowance related to unfunded commitments on commercial mortgage loans and subordinate loans, net in 2024 and 2023 , respectively.

Accounts Payable, Accrued Exp_4

Accounts Payable, Accrued Expenses and Other Liabilities - Components of our Accounts Payable, Accrued Expense and Other Liabilities (Parenthetical) (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Payables and Accruals [Abstract]
Accounts payable, accrued expenses and other liabilities	$ 10.4	$ 5.5

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Income Tax Examination [Line Items]
Income tax provision	$ 66,000	$ 517,000	$ 280,000	$ 517,000
General Business Tax Credit Carryforward
Income Tax Examination [Line Items]
Operating loss carryforwards	13,700,000		13,700,000
Capital Loss Carryforward
Income Tax Examination [Line Items]
Operating loss carryforwards	25,200,000		25,200,000
TRS Entities
Income Tax Examination [Line Items]
Deferred tax assets, net of valuation allowance	$ 400,000		$ 400,000		$ 600,000

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Details) € in Millions, £ in Millions, $ in Millions

3 Months Ended

9 Months Ended

Sep. 30, 2024 USD ($) Loan

Sep. 30, 2023 USD ($)

Mar. 31, 2023 USD ($) Loan

Sep. 30, 2024 USD ($) Loan

Sep. 30, 2023 USD ($)

Sep. 04, 2024

Dec. 31, 2023 USD ($) Loan

Mar. 31, 2023 EUR (€)

Mar. 31, 2023 GBP (£)

Feb. 08, 2023 USD ($)

Jun. 30, 2021 USD ($)

Mar. 31, 2021 USD ($)

Related Party Transaction [Line Items]

Termination fee, percent fee of base management fee

3

3

Outstanding amount

$ 622.8

$ 622.8

$ 669.3

Joint venture | Eight Hospitals in Massachusetts

Related Party Transaction [Line Items]

Equity method investment, ownership percentage

41.20%

Atlas Facility

Related Party Transaction [Line Items]

Number of loans | Loan

5

5

4

Secured Debt | Credit Suisse Facility | Line of Credit

Related Party Transaction [Line Items]

Outstanding amount

$ 632.3

Commercial Mortgage and Subordinated Portfolio Segment

Related Party Transaction [Line Items]

Number of commercial mortgage loans | Loan

3

Mortgage loans on real estate, commercial and consumer, net

$ 8.3

$ 8.3

$ 95.5

Mixed Use Property - London | Commercial Mortgage and Subordinated Portfolio Segment

Related Party Transaction [Line Items]

Mortgage loans on real estate, commercial and consumer, net | £

£ 15

Various Properties In Europe | Commercial Mortgage and Subordinated Portfolio Segment

Related Party Transaction [Line Items]

Mortgage loans on real estate, commercial and consumer, net

$ 219

€ 205.7

Mortgage loans on real estate, commercial and consumer, funded, net

$ 122.4

€ 115

Arrangement fees

Related Party Transaction [Line Items]

Incentive Fee Payable

$ 0.4

$ 0.2

Limited Liability Company

Related Party Transaction [Line Items]

Rate of management fees

1.50%

Extension period

1 year

Period of termination

180 days

Termination fee calculation period

24 months

Limited Liability Company | Management Agreement

Related Party Transaction [Line Items]

Payable to related party

8.8

$ 8.8

$ 9.6

Affiliated Entity

Related Party Transaction [Line Items]

Debt instrument, face amount

$ 30

Affiliated Entity | Management Agreement

Related Party Transaction [Line Items]

Management fees to related party

8.8

$ 9.5

27.4

$ 28.4

Professional and Contract Services Expense

$ 1.1

$ 0.8

$ 4.9

$ 2.1

Share-Based Payments - Addition

Share-Based Payments - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
General and administrative expenses, equity-based compensation	$ 4.2	$ 4.4	$ 12.5	$ 13.1
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized stock-based compensation expense	0.4		$ 0.4
Share-based payment arrangement, nonvested award, cost not yet recognized, period for recognition			1 year 3 months 18 days
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized stock-based compensation expense	$ 17.9		$ 17.9
LTIP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized (in shares)	7,500,000		7,500,000
Common stock, shares delivered (in shares)			759,984	681,384
LTIP | RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock units vested (in shares)			1,395,966	1,255,184
Adjustments to additional paid in capital, income tax deficiency from share-based compensation			$ 7.4	$ 6.8

Share-Based Payments - Summary

Share-Based Payments - Summary of Grants, Exchanges and Forfeitures of Restricted Stock and RSUs (Details) - LTIP $ in Millions	9 Months Ended
	Sep. 30, 2024 USD ($) shares
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Additional Disclosures [Abstract]
Granted | $	$ 0.7
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Outstanding, beginning balance (in shares)	79,088
Granted (in shares)	63,980
Vested (in shares)	(79,088)
Forfeitures (in shares)	0
Outstanding, ending balance (in shares)	63,980
RSUs
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Outstanding, beginning balance (in shares)	2,538,332
Granted (in shares)	0
Vested (in shares)	(46,716)
Forfeitures (in shares)	(45,390)
Outstanding, ending balance (in shares)	2,446,226

Share-Based Payments - Summar_2

Share-Based Payments - Summary of Restricted Stock and RSU Vesting Dates (Details) - LTIP	Sep. 30, 2024 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares vesting	2,510,206
2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares vesting	1,244,343
2025
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares vesting	913,188
2026
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares vesting	352,675
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares vesting	63,980
Restricted Stock | 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares vesting	0
Restricted Stock | 2025
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares vesting	63,980
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares vesting	2,446,226
RSUs | 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares vesting	1,244,343
RSUs | 2025
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares vesting	849,208
RSUs | 2026
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares vesting	352,675

Stockholders' Equity - Addition

Stockholders' Equity - Additional Information (Details) - USD ($)	3 Months Ended	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2024	Dec. 31, 2023	Jul. 15, 2021
Class of Stock [Line Items]
Common stock, shares authorized	450,000,000	450,000,000	450,000,000
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01	$ 0.01
Preferred stock, shares authorized	50,000,000	50,000,000	50,000,000
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01	$ 0.01
Common stock, shares outstanding	138,169,164	138,169,164	141,358,605
Common stock, shares issued	138,169,164	138,169,164	141,358,605
Treasury stock, value, acquired, cost method	$ 289,633	$ 4,013,405
Repurchase of common stock, weighted-average price per share	$ 9.96	$ 10.15
Remaining authorized repurchase amount	$ 131,600,000	$ 131,600,000
Series B Preferred Stock
Class of Stock [Line Items]
Preferred stock, shares outstanding	6,770,393	6,770,393
Series B-1 Preferred Stock
Class of Stock [Line Items]
Preferred stock, par value (in dollars per share)				$ 0.01
Preferred stock, shares outstanding	6,770,393	6,770,393	6,770,393
Preferred stock dividend percentage		7.25%
Preferred stock, liquidation preference per share (in dollars per share)				$ 25

Stockholders' Equity - Schedule

Stockholders' Equity - Schedule of Dividends Activity (Details) - $ / shares	3 Months Ended						9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Class of Stock [Line Items]
Dividends declared on common stock (in dollars per share)	$ 0.25	$ 0.35	$ 0.35	$ 0.35	$ 0.35	$ 0.35	$ 0.95	$ 1.05
Dividends declared (in dollars per share)	0.45	$ 0.45	$ 0.45	0.45	$ 0.45	$ 0.45
Common Stock
Class of Stock [Line Items]
Dividends declared on common stock (in dollars per share)	0.25			0.35			0.95	1.05
Series B-1 Preferred Stock
Class of Stock [Line Items]
Dividends declared (in dollars per share)	$ 0.45			$ 0.45			$ 1.35	$ 1.35

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Thousands		9 Months Ended
	Jun. 28, 2018	Sep. 30, 2024	Dec. 31, 2023
Schedule of Equity Method Investments [Line Items]
Total damages including punitive	$ 70,000
Unfunded loan commitments		$ 503,858	$ 868,582
Commercial Mortgage and Subordinated Portfolio Segment
Schedule of Equity Method Investments [Line Items]
Unfunded loan commitments		$ 503,900
Term of unfunded loan commitment		3 years 1 month 6 days

Fair Value of Financial Instr_3

Fair Value of Financial Instruments - Carrying Value and Estimated Fair Value of Company's Financial Instruments (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Carrying Value
Accounts, Notes, Loans and Financing Receivable [Line Items]
Cash and cash equivalents	$ 194,287	$ 225,438
Carrying Value | Level III
Accounts, Notes, Loans and Financing Receivable [Line Items]
Secured debt arrangements, net	(5,513,945)	(5,538,476)
Debt related to real estate owned, held for investment, net	(278,837)	(161,586)
Carrying Value | Level III | Secured Debt
Accounts, Notes, Loans and Financing Receivable [Line Items]
Term loans, net	(755,441)	(759,150)
Carrying Value | Level III | Senior Notes
Accounts, Notes, Loans and Financing Receivable [Line Items]
Term loans, net	(496,233)	(495,637)
Carrying Value | Level III | Commercial Mortgage Portfolio Segment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Commercial mortgage loans, net	7,456,389	7,925,359
Carrying Value | Level III | Subordinate Mortgage Portfolio Segment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Commercial mortgage loan, held for sale	374,222	432,734
Estimate of Fair Value Measurement
Accounts, Notes, Loans and Financing Receivable [Line Items]
Cash and cash equivalents	194,287	225,438
Estimate of Fair Value Measurement | Level III
Accounts, Notes, Loans and Financing Receivable [Line Items]
Secured debt arrangements, net	(5,513,945)	(5,538,476)
Debt related to real estate owned, held for investment, net	(278,837)	(161,586)
Estimate of Fair Value Measurement | Level III | Secured Debt
Accounts, Notes, Loans and Financing Receivable [Line Items]
Term loans, net	(748,643)	(754,197)
Estimate of Fair Value Measurement | Level III | Senior Notes
Accounts, Notes, Loans and Financing Receivable [Line Items]
Term loans, net	(446,250)	(418,750)
Estimate of Fair Value Measurement | Level III | Commercial Mortgage Portfolio Segment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Commercial mortgage loans, net	7,373,832	7,813,304
Estimate of Fair Value Measurement | Level III | Subordinate Mortgage Portfolio Segment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Commercial mortgage loan, held for sale	$ 374,222	$ 432,458

Net Income (Loss) per Share - B

Net Income (Loss) per Share - Basic and Diluted Net Income per Share of Common Stock Using Two-Class Method (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Basic Earnings
Net Income (Loss)	$ (91,549)	$ 35,785	$ (104,524)	$ 46,071	$ (83,400)	$ 48,916	$ (160,288)	$ 11,587
Less: Preferred dividends	(3,068)			(3,068)			(9,204)	(9,204)
Less: Earnings attributable to participating securities	0			0			0	0
Less: Dividends on participating securities	(614)			(989)			(2,380)	(2,989)
Basic Earnings (Loss)	(95,231)			42,014			(171,872)	(606)
Dilutive Earnings
Basic Earnings (Loss)	(95,231)			42,014			(171,872)	(606)
Add: Dividends on participating securities	0			0			0	0
Diluted Earnings (Loss)	$ (95,231)			$ 42,014			$ (171,872)	$ (606)
Number of Shares:
Basic weighted-average shares of common stock outstanding	138,246,827			141,350,428			140,177,962	141,255,730
Diluted weighted-average shares of common stock outstanding	138,246,827			141,350,428			140,177,962	141,255,730
Earnings (Loss) Per Share Attributable to Common Stockholders
Basic	$ (0.69)			$ 0.3			$ (1.23)	$ 0
Diluted	$ (0.69)			$ 0.3			$ (1.23)	$ 0

Net Income (Loss) per Share - A

Net Income (Loss) per Share - Additional Information (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Shares from calculation of diluted net income per share (in shares)	519,184		355,339
Effect of dilutive securities - potentially issuable shares (in shares)		8,741,770		10,129,968
RSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Effect of dilutive securities - convertible notes (in shares)		2,832,265		2,966,277

Subsequent Events - Additional

Subsequent Events - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions		1 Months Ended	3 Months Ended	9 Months Ended	12 Months Ended
	Oct. 01, 2024	Oct. 30, 2024	Sep. 30, 2024	Sep. 30, 2024	Dec. 31, 2023
Subsequent Event [Line Items]
Mortgage loans on real estate, commercial and consumer, percentage of portfolio				100%	100%
Repurchase of common stock, weighted-average price per share			$ 9.96	$ 10.15
Remaining authorized repurchase amount			$ 131.6	$ 131.6
Subsequent Event
Subsequent Event [Line Items]
Loans funded		$ 33.1
Commercial real estate loans held for sale construction and financing costs capitalized		9.8
Proceeds from loan repayments		$ 6.3
Consideration received	$ 133.1
Subsequent Event | Promissory Note
Subsequent Event [Line Items]
Consideration received	$ 41.2