Claros Mortgage Trust (CMTG) 10-Q 7 Nov 24 2024 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2024	Nov. 06, 2024
Cover [Abstract]
Entity Registrant Name	Claros Mortgage Trust, Inc.
Entity Central Index Key	0001666291
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Sep. 30, 2024
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Trading Symbol	CMTG
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		139,362,657
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Entity File Number	001-40993
Entity Tax Identification Number	47-4074900
Entity Address, Address Line One	c/o Mack Real Estate Credit Strategies, L.P.
Entity Address, Address Line Two	60 Columbus Circle
Entity Address, Address Line Three	20th Floor
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10023
City Area Code	212
Local Phone Number	484-0050
Title of 12(b) Security	Common Stock, $0.01 par value per share
Security Exchange Name	NYSE
Entity Incorporation, State or Country Code	MD

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) - USD ($)	Sep. 30, 2024	Dec. 31, 2023
Assets
Cash and cash equivalents	$ 113,920,000	$ 187,301,000
Restricted cash	30,466,000	27,588,000
Loan principal payments held by servicer	0	11,000,000
Loans receivable held-for-investment	6,372,017,000	7,020,383,000
Less: current expected credit loss reserve	(229,268,000)	(142,958,000)
Loans receivable held-for-investment, net	6,142,749,000	6,877,425,000
Loans receivable held-for-sale	324,188,000	261,709,000
Equity method investment	42,360,000	42,474,000
Real estate owned, net	516,426,000	522,959,000
Other assets	137,964,000	138,905,000
Total assets	7,308,073,000	8,069,361,000
Liabilities and Equity
Repurchase agreements	3,451,001,000	3,805,678,000
Term participation facility	385,491,000	465,434,000
Loan participations sold, net	0	120,508,000
Notes payable, net	304,058,000	283,341,000
Secured term loan, net	710,477,000	712,576,000
Debt related to real estate owned, net	279,650,000	289,913,000
Other liabilities	41,157,000	47,368,000
Dividends payable	14,190,000	35,328,000
Management fee payable - affiliate	18,090,000	9,315,000
Total liabilities	5,204,114,000	5,769,461,000
Commitments and Contingencies - Note 14
Equity
Common stock, $0.01 par value, 500,000,000 shares authorized, 139,362,657 and 138,745,357 shares issued and 139,362,657 and 138,745,357 shares outstanding at September 30, 2024 and December 31, 2023, respectively	1,394,000	1,387,000
Additional paid-in capital	2,735,189,000	2,725,217,000
Accumulated deficit	(632,624,000)	(426,704,000)
Total equity	2,103,959,000	2,299,900,000
Total liabilities and equity	$ 7,308,073,000	$ 8,069,361,000

Consolidated Balance Sheets (_2

Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Sep. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Common stock par value	$ 0.01	$ 0.01
Common stock authorized	500,000,000	500,000,000
Common stock, shares issued	139,362,657	138,745,357
Common stock outstanding	139,362,657	138,745,357

Consolidated Statements of Oper

Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenue
Interest and related income		$ 152,870	$ 182,044	$ 468,846	$ 526,945
Less: interest and related expense		111,096	123,611	340,252	349,314
Net interest income		41,774	58,433	128,594	177,631
Revenue from real estate owned		23,103	22,120	59,595	52,949
Total net revenue		64,877	80,553	188,189	230,580
Expenses
Management fees - affiliate		9,079	9,541	27,300	28,838
Incentive fees - affiliate					1,558
General and administrative expenses		3,645	3,565	12,367	12,982
Stock-based compensation expense		4,972	4,369	13,324	12,130
Real estate owned:
Operating expenses		14,727	13,706	41,466	34,974
Interest expense		6,900	6,137	20,098	17,446
Depreciation and amortization		2,628	2,558	7,850	6,708
Total expenses		41,951	39,876	122,405	114,636
Gain on sale of loan			575		575
Proceeds from interest rate cap		198	1,691	1,291	4,369
Unrealized loss on interest rate cap		(287)	(1,659)	(1,379)	(3,321)
(Loss) income from equity method investment		(37)	(33)	(114)	635
(Loss) gain on extinguishment of debt		(262)	0	(3,505)	2,217
Provision for current expected credit loss reserve		(78,756)	(110,198)	(182,644)	(148,435)
Net loss		$ (56,218)	$ (68,947)	$ (120,567)	$ (28,016)
Net loss per share of common stock:
Net loss per share of common stock - basic		$ (0.4)	$ (0.5)	$ (0.88)	$ (0.22)
Net loss per share of common stock - diluted		$ (0.4)	$ (0.5)	$ (0.88)	$ (0.22)
Weighted-average shares of common stock outstanding
Weighted-average shares of common stock outstanding - basic	[1]	139,561,491	138,899,168	139,145,099	138,563,355
Weighted-average shares of common stock outstanding - diluted	[1]	139,561,491	138,899,168	139,145,099	138,563,355
[1] Amounts as of September 30, 2024 and 2023 include 95,380 and 37,467 fully vested RSUs.

Consolidated Statements of Chan

Consolidated Statements of Changes in Equity (unaudited) - USD ($) $ in Thousands	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]
Balance at Dec. 31, 2022	$ 2,456,471	$ 1,400	$ 2,712,316	$ (257,245)
Balance (in shares) at Dec. 31, 2022		138,376,144
Stock-based compensation expense	3,409		3,409
Dividends declared	(52,404)			(52,404)
Net Income (Loss)	36,678			36,678
Balance at Mar. 31, 2023	2,444,154	$ 1,400	2,715,725	(272,971)
Balance (in shares) at Mar. 31, 2023		138,376,144
Stock-based compensation expense	4,443		4,443
Stock-based compensation expense, Shares		9,760
Dividends declared	(52,424)			(52,424)
Net Income (Loss)	4,253			4,253
Balance at Jun. 30, 2023	2,400,426	$ 1,400	2,720,168	(321,142)
Balance (in shares) at Jun. 30, 2023		138,385,904
Stock-based compensation expense	4,417		4,417
Stock-based compensation expense, Shares		342,786
Payments for withholding taxes upon delivery of stock-based awards	(3,897)		(3,897)
Dividends declared	(35,330)			(35,330)
Net Income (Loss)	(68,947)			(68,947)
Balance at Sep. 30, 2023	2,296,669	$ 1,400	2,720,688	(425,419)
Balance (in shares) at Sep. 30, 2023		138,728,690
Balance at Dec. 31, 2023	2,299,900	$ 1,387	2,725,217	(426,704)
Balance (in shares) at Dec. 31, 2023		138,745,357
Stock-based compensation expense	4,400		4,400
Stock-based compensation expense, Shares		1,334
Dividends declared	(35,622)			(35,622)
Net Income (Loss)	(52,795)			(52,795)
Balance at Mar. 31, 2024	2,215,883	$ 1,387	2,729,617	(515,121)
Balance (in shares) at Mar. 31, 2024		138,746,691
Stock-based compensation expense	4,049	$ 3	4,046
Stock-based compensation expense, Shares		207,742
Payments for withholding taxes upon delivery of stock-based awards	(1,435)		(1,435)
Dividends declared	(35,541)			(35,541)
Net Income (Loss)	(11,554)			(11,554)
Balance at Jun. 30, 2024	2,171,402	$ 1,390	2,732,228	(562,216)
Balance (in shares) at Jun. 30, 2024		138,954,433
Stock-based compensation expense	5,019	$ 4	5,015
Stock-based compensation expense, Shares		408,224
Payments for withholding taxes upon delivery of stock-based awards	(2,054)		(2,054)
Dividends declared	(14,190)			(14,190)
Net Income (Loss)	(56,218)			(56,218)
Balance at Sep. 30, 2024	$ 2,103,959	$ 1,394	$ 2,735,189	$ (632,624)
Balance (in shares) at Sep. 30, 2024		139,362,657

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Cash flows from operating activities
Net loss	$ (56,218)	$ (68,947)	$ (120,567)	$ (28,016)
Adjustments to reconcile net loss to net cash provided by operating activities:
Accretion of fees and discounts on loans receivable			(15,711)	(17,943)
Amortization of deferred financing costs			17,766	17,564
Non-cash stock-based compensation expense			13,461	12,269
Depreciation and amortization on real estate owned and in-place lease values			7,850	6,708
Amortization of above and below market lease values, net			1,062	354
Unrealized loss on interest rate cap	287	1,659	1,379	3,321
Loss (income) from equity method investment	37	33	114	(635)
Loss (gain) on extinguishment of debt	262	0	3,505	(2,217)
Gain on sale of loan		(575)		(575)
Non-cash advances on loans receivable in lieu of interest			(30,536)	(52,862)
Non-cash advances on secured financings in lieu of interest			6,557	2,279
Repayments of non-cash advances in lieu of interest			21,042	23,111
Provision for current expected credit loss reserve	78,756	110,198	182,644	148,435
Changes in operating assets and liabilities:
Other assets			(27,593)	(28,873)
Other liabilities			(3,560)	1,241
Management fee payable - affiliate			8,775	(326)
Net cash provided by operating activities			66,188	83,835
Cash flows from investing activities
Loan originations, acquisitions and advances, net of fees			(440,139)	(611,985)
Advances on loans receivable held-for-sale			(2,320)
Repayments of loans receivable	7,200		550,525	523,267
Proceeds from sales of loans receivable			435,645	187,440
Extension and exit fees received from loans receivable			3,789	1,704
Cash and restricted cash acquired from assignment-in-lieu of foreclosure of real estate owned				256
Payment of transaction costs from assignment-in-lieu of foreclosure of real estate owned				(7,024)
Reserves and deposits held for loans receivable			(5)	300
Capital expenditures on real estate owned			(716)	(1,487)
Net cash provided by investing activities			546,779	92,471
Cash flows from financing activities
Payments for withholding taxes upon delivery of stock-based awards			(3,489)	(3,897)
Dividends paid			(106,491)	(156,829)
Proceeds from secured financings			1,342,266	736,146
Payment of deferred financing costs			(13,937)	(12,281)
Purchase of interest rate cap			(508)
Repayments of secured financings			(1,885,591)	(732,024)
Repayments of secured term loan			(5,720)	(25,030)
Repayments of debt related to real estate owned			(10,000)
Net cash used in financing activities			(683,470)	(193,915)
Net decrease in cash, cash equivalents and restricted cash			(70,503)	(17,609)
Cash, cash equivalents and restricted cash, beginning of period			214,889	348,159
Cash, cash equivalents and restricted cash, end of period	144,386	330,550	144,386	330,550
Cash and cash equivalents, end of period	113,920	307,367	113,920	307,367
Restricted cash, end of period	30,466	23,183	30,466	23,183
Cash, cash equivalents and restricted cash, end of period	$ 144,386	$ 330,550	144,386	330,550
Supplemental disclosure of cash flow information:
Cash paid for interest			341,971	345,771
Supplemental disclosure of non-cash investing and financing activities:
Dividends accrued			14,190	35,330
Loan principal payments held by servicer				689
Accrued deferred financing costs			$ 161	0
Accrued loan Sale transaction costs				757
Real estate acquired in assignment-in-lieu of foreclosure				124,332
Lease intangibles, net acquired in assignment-in-lieu of foreclosure				20,080
Working capital acquired in assignment-in-lieu of foreclosure				(2,392)
Settlement of loans receivable in assignment-in-lieu of foreclosure				$ (208,797)

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ (56,218)	$ (11,554)	$ (52,795)	$ (68,947)	$ 4,253	$ 36,678

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Sep. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Organization

Organization	9 Months Ended
	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	Note 1. Organization Claros Mortgage Trust, Inc. (referred to throughout this report as the “Company,” “we,” “us” and “our”) is a Maryland Corporation formed on April 29, 2015 for the purpose of creating a diversified portfolio of income-producing loans collateralized by institutional quality commercial real estate. We commenced operations on August 25, 2015 (“Commencement of Operations”) and generally conduct our business through wholly-owned subsidiaries. Unless the context requires otherwise, any references to the Company refers to the Company and its consolidated subsidiaries. The Company is traded on the New York Stock Exchange, or NYSE, under the symbol “CMTG”. We elected and intend to maintain our qualification to be taxed as a real estate investment trust (“REIT”) under the requirements of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), for U.S. federal income tax purposes. As such, we generally are not subject to U.S. federal income tax on that portion of our income that we distribute to stockholders. See Note 13 – Income Taxes for further detail. We are externally managed by Claros REIT Management LP (the “Manager”), our affiliate, through a management agreement (the “Management Agreement”) pursuant to which our Manager provides a management team and other professionals who are responsible for implementing our business strategy, subject to the supervision of our board of directors (the “Board”). In exchange for its services, our Manager is entitled to management fees and, upon the achievement of required performance hurdles, incentive fees. See Note 11 – Related Party Transactions for further detail.

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 and Principles of Consolidation The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). These unaudited 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 U.S. Securities and Exchange Commission (the “SEC”). In the opinion of management, all adjustments (consisting only of normal recurring adjustments) necessary for a fair statement of 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 consolidate all entities that are controlled either through majority ownership or voting rights. We also identify entities for which control is achieved through means other than through voting rights (a variable interest entity or “VIE”) using the analysis as set forth in Accounting Standards Codification (“ASC”) 810, Consolidation of Variable Interest Entities, and determine when and which variable interest holder, if any, should consolidate the VIE. We do not have any consolidated variable interest entities as of September 30, 2024 and December 31, 2023 . All significant intercompany transactions and balances have been eliminated in consolidation. Use of Estimates The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. Estimates that are particularly susceptible to our judgment include, but are not limited to, the adequacy of our current expected credit loss reserve, the determination of the fair value of real estate assets acquired and liabilities assumed, and the impairment of certain assets. Risks and Uncertainties In the normal course of business, we primarily encounter two significant types of economic risk: credit and market. Credit risk is the risk of default on our loans receivable that results from a borrower’s or counterparty’s inability or unwillingness to make contractually required payments. Market risk reflects changes in the value of the loans receivable due to changes in interest rates, spreads or other market factors, including risks that impact the value of the collateral underlying our loans. We believe that the carrying values of our loans receivable are reasonable taking into consideration these risks. Current Expected Credit Losses The current expected credit loss (“CECL”) reserve required under ASC 326, Financial Instruments – Credit Losses, reflects our current estimate of potential credit losses related to our loan portfolio. Changes to the CECL reserve are recognized through a provision for or reversal of current expected credit loss reserve on our consolidated statements of operations. ASC 326 specifies the reserve should be based on relevant information about past events, including historical loss experience, current loan portfolio, market conditions and reasonable and supportable macroeconomic forecasts for the duration of each loan. General CECL Reserve Our loans are typically collateralized by real estate, or in the case of mezzanine loans, by an equity interest in an entity that owns real estate. We consider key credit quality indicators in underwriting loans and estimating credit losses, including: the capitalization of borrowers and sponsors; the expertise of the borrowers and sponsors in a particular real estate sector and geographic market; collateral type; geographic region; use and occupancy of the property; property market value; loan-to-value (“LTV”) ratio; loan amount and lien position; our risk rating for the same and similar loans; and prior experience with the borrower/sponsor. This information is used to assess the financial and operating capability, experience and profitability of the borrower/sponsor. Ultimate repayment of our loans is sensitive to interest rate changes, general economic conditions, liquidity, LTV ratio, existence of a liquid investment sales market for commercial properties, and availability of replacement financing. We regularly evaluate on a loan-by-loan basis, the extent and impact of any credit deterioration associated with the performance and/or value of the underlying collateral property, the financial and operating capability of the borrower/sponsor, the financial strength of loan guarantors, if any, and the overall economic environment, real estate sector, and geographic sub-market in which the borrower operates. Such analyses are completed and reviewed by asset management personnel and evaluated by senior management on at least a quarterly basis, utilizing various data sources, including, to the extent available, (i) periodic financial data such as property occupancy, tenant profile, rental rates, operating expenses, the borrower’s exit plan, and capitalization and discount rates, (ii) site inspections, (iii) sales and financing comparables, (iv) current credit spreads for refinancing and (v) other relevant market data. We arrive at our general CECL reserve using the Weighted Average Remaining Maturity, or WARM method, which is considered an acceptable loss-rate method for estimating CECL reserves by the Financial Accounting Standards Board (“FASB”). The application of the WARM method to estimate a general CECL reserve requires judgment, including the appropriate historical loan loss reference data, the expected timing and amount of future loan fundings and repayments, the current credit quality of our portfolio, and our expectations of performance and market conditions over the relevant time period. The WARM method requires us to reference historical loan loss data from a comparable data set and apply such loss rate to each of our loans over their expected remaining duration, taking into consideration expected economic conditions over the forecasted timeframe. Our general CECL reserve reflects our forecast of the current and future macroeconomic conditions that may impact the performance of the commercial real estate assets securing our loans and the borrower’s ultimate ability to repay. These estimates include unemployment rates, price indices for commercial properties, and market liquidity, all of which may influence the likelihood and magnitude of potential credit losses for our loans during their expected remaining duration. Additionally, further adjustments may be made based upon loan positions senior to ours, the risk rating of a loan, whether a loan is a construction loan, whether the loan’s initial maturity is near-term, or the economic conditions specific to the property type of a loan’s underlying collateral. To estimate an annual historical loss rate, we obtained historical loss rate data for loans most comparable to our loan portfolio from a commercial mortgage-backed securities database licensed by a third party, Trepp, LLC, which contains historical loss data from January 1, 1999 through September 30, 2024. We believe this CMBS data is the most relevant, available, and comparable dataset to our portfolio. When evaluating the current and future macroeconomic environment, we consider the aforementioned macroeconomic factors. Historical data for each metric is compared to historical commercial real estate credit losses in order to determine the relationship between the two variables. We use projections of each macroeconomic factor, obtained from a third party, to approximate the impact the macroeconomic outlook may have on our loss rate. Selections of these economic forecasts require judgment about future events that, while based on the information available to us as of the balance sheet date, are ultimately subjective and uncertain, and the actual economic conditions could vary significantly from the estimates we made. Following a reasonable and supportable forecast period, we use a straight-line method of reverting to the historical loss rate. Additionally, we assess the obligation to extend credit through our unfunded loan commitments through their expected remaining duration, adjusted for projected fundings from interest reserves, if applicable, which is considered in the estimate of the general CECL reserve. For both the funded and unfunded portions of our loans, we consider our internal risk rating of each loan as the primary credit quality indicator underlying our assessment. We evaluate the credit quality of each of our loans receivable on an individual basis and assign a risk rating at least quarterly. We have developed a loan grading system for all of our outstanding loans receivable that are collateralized directly or indirectly by real estate. Grading criteria include, but are not limited to, as-is or as-stabilized debt yield, term of loan, property type, property or collateral location, loan type, structure, collateral cash flow volatility and other more subjective variables that include, but are not limited to, as-is or as-stabilized collateral value, market conditions, industry conditions, borrower/sponsor financial stability, and borrower/sponsor exit plan. While evaluating the credit quality of each loan within our portfolio, we assess these quantitative and qualitative factors as a whole and with no pre-prescribed weight on their impact to our determination of a loan’s risk rating. However, based upon the facts and circumstances for each loan and the overall market conditions, we may consider certain previously mentioned factors more or less relevant than others. We utilize the grading system to determine each loan’s risk of loss and to provide a determination as to whether an individual loan is impaired and whether a specific CECL reserve is necessary. Based on a 5-point scale, the loans are graded “1” through “5,” from less risk to greater risk, which gradings are defined as follows: 1. Very Low Risk 2. Low Risk 3. Medium Risk 4. High Risk/Potential for Loss: A loan that has a risk of realizing a principal loss 5. Impaired/Loss Likely: A loan that has a very high risk of realizing a principal loss or has otherwise incurred a principal loss Specific CECL Reserve In certain circumstances, we may determine that a loan is no longer suited for the WARM method due to its unique risk characteristics or where we have deemed the borrower/sponsor to be experiencing financial difficulty and the repayment of the loan’s principal is collateral-dependent. We may instead elect to employ different methods to estimate credit losses that also conform to ASC 326 and related guidance. For such loans, we would separately measure the specific reserve for each loan by using the estimated fair value of the loan’s collateral. If the estimated fair value of the collateral is less than the carrying value of the loan, an asset-specific reserve is created as a component of our overall current expected credit loss reserve. Specific reserves are equal to the excess of a loan’s carrying value to the estimated fair value of the collateral, less estimated costs to sell, if recovery of our investment is expected from the sale of the collateral and such costs will reduce amounts recovered by us. If we have determined that a loan, a portion of a loan, or accrued interest receivable previously recognized under our revenue recognition policy is uncollectible, we will write off the amount deemed uncollectible through an adjustment to our current expected credit loss reserve. Significant judgment is required in determining impairment and in estimating the resulting credit loss reserve, and actual losses, if any, could materially differ from those estimates. See Note 3 - Loan Portfolio - Current Expected Credit Losses for further detail. Recent Accounting Guidance The FASB issued ASU 2023-09, “Improvements to Income Tax Disclosures” (“ASU 2023-09”). The standard provides improvements to income tax disclosure requiring disaggregated information about a reporting entity’s effective tax rate reconciliation as well as information on income taxes paid. The standard is effective for annual periods beginning after December 15, 2024, with early adoption permitted. The adoption of ASU 2023-09 is not expected to have a material impact on our consolidated financial statements. The FASB issued ASU 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures” (“ASU 2023-07”). The standard provides improvements to reportable segment disclosure requirements for annual and interim reporting, primarily through enhanced disclosures about significant segment expenses. The standard is effective for annual periods beginning after December 15, 2023 and interim periods beginning after December 15, 2024, with early adoption permitted. The adoption of ASU 2023-07 is not expected to have a material impact on our consolidated financial statements.

Loan Portfolio

Loan Portfolio	9 Months Ended
	Sep. 30, 2024
Receivables [Abstract]
Loan Portfolio	Note 3. Loan Portfolio Loans Receivable Our loan receivable held-for-investment portfolio as of September 30, 2024 was comprised of the following loans ($ in thousands, except for number of loans): Number of Loan Commitment (1) Unpaid Principal Balance Carrying (2) Weighted Average Spread (3) Weighted Average Interest Rate (4) Loans receivable held-for-investment: Variable: Senior loans (5) 53 $ 6,836,841 $ 6,252,668 $ 6,129,070 + 3.66% 7.78 % 53 6,836,841 6,252,668 6,129,070 + 3.66% 7.78 % Fixed: Senior loans (5) 2 $ 6,339 $ 6,339 $ 6,558 N/A 8.87 % Subordinate loans 2 125,886 125,886 124,863 N/A 8.44 % 4 132,225 132,225 131,421 8.46 % Total/Weighted Average 57 $ 6,969,066 $ 6,384,893 $ 6,260,491 N/A 7.79 % General CECL reserve ( 117,742 ) Loans receivable held-for-investment, net $ 6,142,749 (1) Loan commitment represents principal outstanding plus remaining unfunded loan commitments. (2) Net of specific CECL reserve s of $ 111.5 million. (3) The weighted average spread is expressed as a spread over the relevant floating benchmark rates. One-month term Secured Overnight Financing Rate (“SOFR”) as of September 30, 2024 was 4.85 % . Weighted average is based on outstanding principal as of September 30, 2024 . For loans placed on non-accrual, the spread used in calculating the weighted average spread is 0 %. (4) Reflects the weighted average interest rate based on the applicable floating benchmark rate (if applicable), including SOFR floors (if applicable). Weighted average is based on outstanding principal as of September 30, 2024 and includes loans on non-accrual status. For loans placed on non-accrual, the spread used in calculating the weighted average interest rate is 0 %. (5) Senior loans include senior mortgages and similar credit quality loans, including related contiguous subordinate loans (if any), and pari passu participations in senior mortgage loans. Our loans receivable held-for-investment portfolio as of December 31, 2023 was comprised of the following loans ($ in thousands, except for number of loans): Number of Loan Commitment (1) Unpaid Principal Balance Carrying (2) Weighted Average Spread (3) Weighted Average Interest Rate (4) Loans receivable held-for-investment: Variable: Senior loans (5) 60 $ 7,952,806 $ 6,875,894 $ 6,779,899 + 3.87% 8.67 % Subordinate loans 1 30,200 30,200 30,313 + 12.86% 18.21 % 61 7,983,006 6,906,094 6,810,212 + 3.91% 8.71 % Fixed: Senior loans (5) 2 $ 12,544 $ 12,544 $ 12,767 N/A 8.49 % Subordinate loans 2 125,886 125,886 124,817 N/A 8.44 % 4 138,430 138,430 137,584 8.44 % Total/Weighted Average 65 $ 8,121,436 $ 7,044,524 $ 6,947,796 N/A 8.70 % General CECL reserve ( 70,371 ) Loans receivable held-for-investment, net $ 6,877,425 (1) Loan commitment represents principal outstanding plus remaining unfunded loan commitments. (2) Net of specific CECL reserves of $ 72.6 million. (3) The weighted average is expressed as a spread over the relevant floating benchmark rates. SOFR as of December 31, 2023 was 5.35 % . Weighted average is based on unpaid principal balance as of December 31, 2023 . For loans placed on non-accrual, the spread used in calculating the weighted average spread is 0 %. (4) Reflects the weighted average interest rate based on the applicable floating benchmark rate (if applicable), including SOFR floors (if applicable). Weighted average is based on unpaid principal balance as of December 31, 2023 and includes loans on non-accrual status. For loans placed on non-accrual, the interest rate used in calculating the weighted average interest rate is 0 %. (5) Senior loans include senior mortgages and similar credit quality loans, including related contiguous subordinate loans (if any), and pari passu participations in senior mortgage loans. Activity relating to our loans receivable held-for-investment portfolio for the nine months ended September 30, 2024 ($ in thousands): Unpaid Principal Balance Deferred Fees and Discounts Specific CECL Reserve Carrying Value (1) Balance at December 31, 2023 $ 7,044,524 $ ( 24,141 ) $ ( 72,587 ) $ 6,947,796 Loan receivable acquired in connection with a full loan repayment 100,007 ( 2,278 ) - 97,729 Advances on existing loans 342,410 - - 342,410 Non-cash advances in lieu of interest 30,536 - - 30,536 Origination fees, discounts, extension fees and exit fees - ( 3,447 ) - ( 3,447 ) Repayments of loans receivable ( 539,525 ) - - ( 539,525 ) Repayments of non-cash advances in lieu of interest ( 21,042 ) - - ( 21,042 ) Accretion of fees and discounts - 15,711 - 15,711 Provision for specific CECL reserve - - ( 113,873 ) ( 113,873 ) Transfer to loans held-for-sale ( 572,017 ) 1,279 74,373 ( 496,365 ) Principal charge-offs - - 561 561 Balance at September 30, 2024 $ 6,384,893 $ ( 12,876 ) $ ( 111,526 ) $ 6,260,491 General CECL reserve ( 117,742 ) Carrying Value $ 6,142,749 (1) Balance at December 31, 2023 does not include general CECL reserve. During the three months ended September 30, 2024 , we received the full repayment of a risk rated 4 office loan with an unpaid principal balance of $ 122.5 million. In connection with this repayment, we received cash proceeds of $ 25.1 million and acquired a loan receivable with a total unpaid principal balance of $ 100.0 million secured by a retail and entertainment property located in New Jersey and other forms of credit support. Sales of Loans Receivable As of September 30, 2024 and December 31, 2023, and during the nine months ended September 30, 2024, we reclassified the following loans to held-for-sale ($ in thousands): Property Type Location Loan Commitment Unpaid Principal Balance Carrying Value Before Principal Charge-Off Principal Held-For-Sale Carrying Value Risk Rating (1) For Sale Condo (2) (4) CA $ 247,260 $ 210,771 $ 210,771 $ ( 28,107 ) $ 182,664 4 Multifamil y (2) (5) CO 115,000 115,000 115,173 ( 3,698 ) 111,475 3 Land (2) (5) FL 30,200 30,200 30,351 ( 302 ) 30,049 3 Multifamily (6) CA 260,899 216,045 214,443 ( 42,827 ) 171,616 4 For Sale Condo (3) FL 160,000 158,180 157,346 - 157,346 2 Multifamily (3) FL 77,115 76,580 76,275 - 76,275 3 Mixed-Use (3) (7) FL 141,791 36,773 35,556 ( 7,468 ) 28,088 3 (1) Reflects risk rating of the loan receivable prior to reclassification to held-for-sale. (2) Loan classified as held-for-sale as of September 30, 2024 . (3) Loan classified as held-for-sale as of December 31, 2023 and sold in January 2024. (4) Upon reclassification to held-for-sale, we recognized an additional $ 23.2 million charge-off of accrued interest receivable. The cumulative charge-offs were attributable to the delinquency of the loan and its $ 36.5 million of remaining unfunded commitments. (5) Loan sold in October 2024. (6) Principal charge-off attributable to the construction status of the loan’s collateral asset and its $ 44.9 million of remaining unfunded commitments. During the three months ended June 30, 2024, we recorded an additional principal charge-off of $ 0.6 million relating to transaction costs incurred. The loan was on non-accrual status effective October 1, 2023. The loan sold in April 2024. (7) Principal charge-off attributable to the construction status of the loan’s collateral asset and its $ 105.0 million of remaining unfunded commitments. During the three months ended September 30, 2023, we sold a senior loan collateralized by a portfolio of multifamily properties located in San Francisco, CA. We obtained a true-sale-at-law opinion and determined the transaction constituted a sale. Concurrent with the sale, we entered into an agreement with the transferee which provides for a share of cash flows from the senior loan upon the transferee meeting certain financial metrics. As of September 30, 2024, we have not recognized any value to this interest on our consolidated financial statements. Modifications of Loans Receivable Held-for-Investment During the three months ended September 30, 2024, we modified a mixed-use loan receivable with an unpaid principal balance of $ 75.5 million, resulting in a $ 7.2 million principal repayment and the remaining $ 68.3 million principal being bifurcated into a $ 30.0 million loan secured by a retail property and a $ 38.3 million unsecured personal loan, both of which are accompanied by credit support. During the three months ended December 31, 2023, we modified a loan with a borrower that was experiencing financial difficulties, resulting in a maturity extension to June 10, 2024. As of September 30, 2024, the loan had total commitments and an amortized cost basis of $ 78.6 million, represents approxi mately 1.3 % of total loans receivable held-for-investment, based on carrying value net of any specific CECL reserves, is current on interest payments, is in maturity default, and is risk rated 4. The loan is considered in determining our general CECL reserve. During the three months ended June 30, 2022, we modified a loan with a borrower that was experiencing financial difficulties, resulting in a decrease in the index rate floor from 1.57 % to 1.00 % and modified extension requirements. During the year ended December 31, 2023 , we further modified this loan to provide for an initial maturity extension to September 18, 2023 . As of September 30, 2024, the loan had total commitments and an amortized cost bas is of $ 87.8 million, represents approximately 1.4 % of total loans receivable held-for-investment, based on carrying value net of any specific CECL reserves, is current on interest payments, is in maturity default, and is risk rated 4. The loan is considered in determining our general CECL reserve. Concentration of Risk The following table presents our loans receivable held-for-investment by loan type, as well as property type and geographic location of the properties collateralizing these loans as of September 30, 2024 and December 31, 2023 ($ in thousands): September 30, 2024 December 31, 2023 Loan Type Carrying Value (1) Percentage Carrying Value (2) Percentage Senior loans (3) $ 6,135,628 98 % $ 6,792,666 98 % Subordinate loans 124,863 2 % 155,130 2 % $ 6,260,491 100 % $ 6,947,796 100 % General CECL reserve ( 117,742 ) ( 70,371 ) $ 6,142,749 $ 6,877,425 Property Type Carrying Value (1) Percentage Carrying Value (2) Percentage Multifamily $ 2,615,355 42 % $ 2,829,436 41 % Hospitality 1,231,157 20 % 1,339,067 19 % Office 853,328 14 % 961,744 14 % Mixed-Use (4) 536,886 8 % 596,919 9 % Other 530,320 8 % 482,582 7 % Land 488,538 8 % 518,252 7 % For Sale Condo 4,907 0 % 219,796 3 % $ 6,260,491 100 % $ 6,947,796 100 % General CECL reserve ( 117,742 ) ( 70,371 ) $ 6,142,749 $ 6,877,425 Geographic Location Carrying Value (1) Percentage Carrying Value (2) Percentage United States West $ 2,037,469 33 % $ 2,518,716 35 % Northeast 1,588,299 25 % 1,861,239 27 % Mid Atlantic 788,734 12 % 761,588 11 % Southeast 722,856 11 % 735,011 11 % Southwest 597,702 10 % 592,324 9 % Midwest 485,435 8 % 477,019 7 % Other 39,996 1 % 1,899 0 % $ 6,260,491 100 % $ 6,947,796 100 % General CECL reserve ( 117,742 ) ( 70,371 ) $ 6,142,749 $ 6,877,425 (1) Net of specific CECL r eserves of $ 111.5 million at September 30, 2024 . (2) Net of specific CECL reserves of $ 72.6 million at December 31, 2023 . (3) Senior loans include senior mortgages and similar credit quality loans, including related contiguous subordinate loans and pari passu participations in senior mortgage loans. (4) At September 30, 2024 , mixed-use comprises of 3 % office, 3 % multifamily, 1 % retail, 1 % hospitality, and immaterial amounts of for sale condo. At December 31, 2023, mixed-use comprises of 3 % office, 2 % retail, 2 % multifamily, 1 % hospitality, and immaterial amounts of for sale condo. Interest Income and Accretion The following table summarizes our interest and accretion income from our loan portfolio and interest on cash balances for the three and nine months ended September 30, 2024 and 2023, respectively ($ in thousands): Three Months Ended Nine Months Ended September 30, 2024 September 30, 2023 September 30, 2024 September 30, 2023 Coupon interest $ 144,500 $ 171,873 $ 445,826 $ 499,507 Interest on cash, cash equivalents, and other income 1,619 2,814 7,309 9,495 Accretion of fees and discounts 6,751 7,357 15,711 17,943 Total interest and related income (1) $ 152,870 $ 182,044 $ 468,846 $ 526,945 (1) For the three months ended September 30, 2024 and 2023, we recognized $ 2.7 million and $ 1.3 million of default interest, late fees, pre-payment penalties, and/or accelerated fees following repayments prior to maturity. For the nine months ended September 30, 2024 and 2023, we recognized $ 4.0 million and $ 1.6 million , respectively, in default interest, late fees, pre-payment penalties, and/or accelerated fees following repayments prior to maturity . Loan Risk Ratings As further described in Note 2 – Summary of Significant Accounting Policies, we evaluate the credit quality of our loan portfolio on a quarterly basis. In conjunction with our quarterly loan portfolio review, we assess the risk factors of each loan and assign a risk rating based on several factors, including, but not limited to, as-is or as-stabilized debt yield, term of loan, property type, property or collateral location, loan type, structure, collateral cash flow volatility and other more subjective variables that include, but are not limited to, as-is or as-stabilized collateral value, market conditions, industry conditions, borrower/sponsor financial stability, and borrower/sponsor exit plan. While evaluating the credit quality of each loan within our portfolio, we assess these quantitative and qualitative factors as a whole and with no pre-prescribed weight on their impact to our determination of a loan’s risk rating. However, based upon the facts and circumstances for each loan and the current market conditions, we may consider certain previously mentioned factors more or less relevant than others. Loans are rated “1” (less risk) through “5” (greater risk), which ratings are defined in Note 2 – Summary of Significant Accounting Policies. The following tables allocate the principal balance and carrying value of our loans receivable held-for-investment based on our internal risk ratings as of September 30, 2024 and December 31, 2023 ($ in thousands): September 30, 2024 Risk Rating Number of Loans Unpaid Principal Balance Carrying Value (1) % of Total of Carrying Value 1 - $ - $ - 0 % 2 - - - 0 % 3 34 3,942,083 3,933,506 63 % 4 15 1,921,006 1,918,234 30 % 5 8 521,804 408,751 7 % 57 $ 6,384,893 $ 6,260,491 100 % General CECL reserve ( 117,742 ) $ 6,142,749 (1) Net of specific CECL reserves of $ 111.5 million . December 31, 2023 Risk Rating Number of Loans Unpaid Principal Balance Carrying Value (1) % of Total of Carrying Value 1 - $ - $ - 0 % 2 - - - 0 % 3 45 5,169,731 5,148,188 74 % 4 15 1,536,748 1,534,829 22 % 5 5 338,045 264,779 4 % 65 $ 7,044,524 $ 6,947,796 100 % General CECL reserve ( 70,371 ) $ 6,877,425 (1) Net of specific CECL reserves of $ 72.6 million. As of September 30, 2024 and December 31, 2023, the average risk rating of our portfolio was 3.5 and 3.3 , respectively, weighted by unpaid principal balance. The following table presents the carrying value and significant characteristics of our loans receivable held-for-investment on non-accrual status as of September 30, 2024 ($ in thousands): Property Type Location Risk Rating Unpaid Principal Balance Carrying Value Before Specific CECL Reserve Specific Net Carrying Value Interest Recognition Method / Land VA 5 $ 152,261 $ 152,261 $ ( 32,161 ) $ 120,100 Cost Recovery / 1/1/2023 Office (1) CA 5 111,542 111,263 ( 20,063 ) 91,200 Cost Recovery / 4/1/2023 Multifamily NV 5 96,529 96,082 ( 16,682 ) 79,400 Cash Basis / 1/1/2024 Office (2) GA 5 69,492 69,094 ( 28,894 ) 40,200 Cost Recovery / 9/1/2023 Multifamily AZ 5 50,164 49,957 ( 7,157 ) 42,800 Cash Basis / 1/1/2024 Multifamily TX 5 39,279 39,085 ( 5,685 ) 33,400 Cash Basis / 1/1/2024 Other (3) Other 5 1,651 1,651 - 1,651 Cost Recovery / 7/1/2020 Other NY 5 886 884 ( 884 ) - Cost Recovery / 6/30/2023 Total risk rated 5 loans 521,804 520,277 ( 111,526 ) 408,751 Multifamily TX 4 136,355 135,840 - 135,840 Cash Basis / 7/1/2024 Office (4) CA 4 96,214 95,827 - 95,827 Cost Recovery / 9/1/2023 Land NY 4 87,741 88,166 - 88,166 Cash Basis / 4/1/2024 Land NY 4 67,000 67,000 - 67,000 Cash Basis / 11/1/2021 Multifamily TX 4 24,865 24,804 - 24,804 Cash Basis / 7/1/2024 Total risk rated 4 loans 412,175 411,637 - 411,637 Total non-accrual (5) $ 933,979 $ 931,914 $ ( 111,526 ) $ 820,388 (1) During the three months ended September 30, 2024 , cost recovery proceeds of $ 0.9 million were received for this loan while on non-accrual status. (2) During the three months ended September 30, 2024 , cost recovery proceeds of $ 2.0 million were received for this loan while on non-accrual status. (3) During the three months ended September 30, 2024 , cost recovery proceeds of $ 0.2 million were received for this loan while on non-accrual status. (4) During the three months ended September 30, 2024 , cost recovery proceeds of $ 2.0 million were received for this loan while on non-accrual status. (5) Loans classified as non-accrual represented 13.1 % of the total loans receivable held-for-investment at September 30, 2024 , based on carrying value net of any specific CECL reserves. Excludes four loans with an aggregate carrying value of $ 394.8 million that are in maturity default but remain on accrual status as the borrower is either current on interest payments or interest is deemed collectible based on the underlying collateral value. Additionally, as of September 30, 2024 , we have two loans with an aggregate carrying value of $ 520.0 million that are delinquent on interest payments but remain on accrual status as the interest is deemed collectible based on the underlying collateral value. The following table presents the carrying value and significant characteristics of our loans receivable held-for-investment on non-accrual status as of December 31, 2023 ($ in thousands): Property Type Location Risk Rating Unpaid Principal Balance Carrying Value Before Specific CECL Reserve Specific Net Carrying Value Interest Recognition Method / Land VA 5 $ 151,326 $ 151,326 $ ( 31,226 ) $ 120,100 Cost recovery / 1/1/2023 Office (1) CA 5 112,442 112,163 ( 20,523 ) 91,640 Cash basis / 4/1/2023 Office GA 5 71,492 71,094 ( 19,954 ) 51,140 Cost recovery / 9/1/2023 Other (2) Other 5 1,899 1,899 - 1,899 Cost recovery / 7/1/2020 Other NY 5 886 884 ( 884 ) - Cost recovery / 6/30/2023 Total risk rated 5 loans 338,045 337,366 ( 72,587 ) 264,779 Multifamily (3) CA 4 214,479 212,877 - 212,877 Cost recovery / 10/1/2023 Office CA 4 98,214 97,827 - 97,827 Cost recovery / 9/1/2023 Land NY 4 67,000 67,000 - 67,000 Cash basis / 11/1/2021 Total risk rated 4 loans 379,693 377,704 - 377,704 Total non-accrual (4) $ 717,738 $ 715,070 $ ( 72,587 ) $ 642,483 (1) During the year ended December 31, 2023 , interest income of $ 0.3 million was recognized on a cash basis for this loan while on non-accrual status. (2) During the year ended December 31, 2023 , cost recovery proceeds of $ 1.6 million were received for this loan while on non-accrual status. (3) This loan was sold in April 2024. During the year ended December 31, 2023 , cost recovery proceeds of $ 0.4 million were received for this loan while on non-accrual status. (4) Loans classified as non-accrual represented 9.2 % of the total loans receivable held-for-investment at December 31, 2023 , based on carrying value net of any specific CECL reserves. Excludes four loans with an aggregate carrying value of $ 490.2 million that are in maturity default but remain on accrual status as the borrower is either current on interest payments or interest is deemed collectible based on the underlying collateral value. Additionally, as of December 31, 2023 , we have one loan with an aggregate carrying value of $ 78.4 million that is delinquent on interest payments but remains on accrual status as the interest is deemed collectible based on the underlying collateral value. Current Expected Credit Losses The current expected credit loss reserve required under GAAP reflects our current estimate of potential credit losses related to our loan commitments. See Note 2 for further detail of our current expected credit loss reserve methodology. The following table illustrates the changes in the current expected credit loss reserve for our loans receivable held-for-investment for the nine months ended September 30, 2024 and 2023, respectively ($ in thousands): Specific CECL Reserve General CECL Reserve Loans Receivable Held-for-Investment Accrued Interest Receivable (1) Total Specific CECL Reserve Loans Receivable Held-for-Investment Unfunded Loan Commitments (1) Total General CECL Reserve Total CECL Reserve Total reserve, December 31, 2022 $ 60,300 $ - $ 60,300 $ 68,347 $ 17,715 $ 86,062 $ 146,362 Reversal - - - ( 1,021 ) ( 2,218 ) ( 3,239 ) ( 3,239 ) Total reserve, March 31, 2023 $ 60,300 $ - $ 60,300 $ 67,326 $ 15,497 $ 82,823 $ 143,123 Provision (reversal) 44,588 - 44,588 ( 1,628 ) ( 1,485 ) ( 3,113 ) 41,475 Charge-offs ( 66,935 ) - ( 66,935 ) - - - ( 66,935 ) Total reserve, June 30, 2023 $ 37,953 $ - $ 37,953 $ 65,698 $ 14,012 $ 79,710 $ 117,663 Provision (reversal) 106,949 - 106,949 4,044 ( 793 ) 3,251 110,200 Charge-offs ( 72,958 ) - ( 72,958 ) - - - ( 72,958 ) Total reserve, September 30, 2023 $ 71,944 $ - $ 71,944 $ 69,742 $ 13,219 $ 82,961 $ 154,905 Total reserve, December 31, 2023 $ 72,587 $ - $ 72,587 $ 70,371 $ 9,726 $ 80,097 $ 152,684 Provision (reversal) 47,285 - 47,285 23,358 ( 683 ) 22,675 69,960 Charge-offs ( 42,266 ) - ( 42,266 ) - - - ( 42,266 ) Total reserve, March 31, 2024 $ 77,606 $ - $ 77,606 $ 93,729 $ 9,043 $ 102,772 $ 180,378 Provision 1,232 - 1,232 31,750 946 32,696 33,928 Charge-offs ( 561 ) - ( 561 ) - - - ( 561 ) Total reserve, June 30, 2024 $ 78,277 $ - $ 78,277 $ 125,479 $ 9,989 $ 135,468 $ 213,745 Provision (reversal) 65,356 23,245 88,601 ( 7,737 ) ( 2,108 ) ( 9,845 ) 78,756 Charge-offs ( 32,107 ) ( 23,245 ) ( 55,352 ) - - - ( 55,352 ) Total reserve, September 30, 2024 $ 111,526 $ - $ 111,526 $ 117,742 $ 7,881 $ 125,623 $ 237,149 Reserve at September 30, 2024 (2) 1.7 % 2.0 % 3.7 % (1) CECL reserve for unfunded commitments is included in other liabilities on the consolidated balance sheets. CECL reserve for accrued interest receivable, if any, is included in other assets on the consolidated balance sheets. (2) Represents CECL reserve as a percent of total unpaid principal balance of loans receivable held-for-investment. As of September 30, 2024 , specific CECL reserves approximated 21.4 % of unpaid principal balance of loans with specific CECL reserves. As of September 30, 2024, general CECL reserves approximated 2.1 % of unpaid principal balance of loans subject to the general CECL reserve. During the nine months ended September 30, 2024, we recorded a provision for current expected credit losses of $ 182.6 million, which consisted of a $ 45.5 million increase in our general CECL reserve and a $ 137.1 million increase in our specific CECL reserve prior to principal and accrued interest receivable charge-offs. The increase in general CECL reserves was primarily attributable to changes in the historical loss rate of the analogous dataset and changes in risk ratings, non-accrual status, and expected remaining duration within our loan portfolio, offset by the reduction in the size of our loan portfolio. As of September 30, 2024, our total current expected credit loss reserve was $ 237.1 million. During the nine months ended September 30, 2023, we recorded a provision for current expected credit losses of $ 148.4 million , which included a $ 151.5 million increase in our specific CECL reserve prior to a principal charge-off and a reversal of $ 3.1 million of general CECL reserves. This reversal of general CECL reserves was primarily attributable to the seasoning of our loan portfolio and a reduction in the size of our loan portfolio, offset by deteriorating macroeconomic conditions. As of September 30, 2023, our total current expected credit loss reserve was $ 154.9 million. Specific CECL Reserves In certain circumstances, we may determine that a loan is no longer suited for the WARM method as we have deemed the borrower to be experiencing financial difficulty and the repayment of the loan’s principal is collateral dependent. The following table presents a summary of our loans receivable held-for-investment with specific CECL reserves as of September 30, 2024 ($ in thousands): Property Type Location Unpaid Principal Balance Carrying Value Before Specific CECL Reserve Specific CECL Reserve Net Carrying Value Land (1) VA $ 152,261 $ 152,261 $ 32,161 $ 120,100 Office (2) CA 111,542 111,263 20,063 91,200 Multifamily (3) NV 96,529 96,082 16,682 79,400 Office (4) GA 69,492 69,094 28,894 40,200 Multifamily (5) AZ 50,164 49,957 7,157 42,800 Multifamily (6) TX 39,279 39,085 5,685 33,400 Other (7) NY 886 884 884 - Total $ 520,153 $ 518,626 $ 111,526 $ 407,100 (1) During the nine months ended September 30, 2024, we recorded additional specific CECL reserves totaling $ 0.9 million as a result of protective advances made. Effective January 1, 2023 , this loan was placed on non-accrual status . As of September 30, 2024 , this loan is in maturity default. (2) During the nine months ended September 30, 2024, we reversed our specific CECL reserve by $ 0.4 million based on changes to the collateral value, offset by cost recovery proceeds received. Effective April 1, 2023 , this loan was placed on non-accrual status. As of September 30, 2024 , this loan is in maturity default. (3) As of September 30, 2024, we recognized a specific CECL reserve of $ 16.7 million . Effective January 1, 2024 , this loan was placed on non-accrual status. (4) During the nine months ended September 30, 2024, we recorded additional specific CECL reserves totaling $ 8.9 million based on changes to the collateral value, offset by cost recovery proceeds received. Effective September 1, 2023 , this loan was placed on non-accrual status. As of September 30, 2024 , this loan is in maturity default. (5) As of September 30, 2024, we recognized a specific CECL reserve of $ 7.2 million . Effective January 1, 2024 , this loan was placed on non-accrual status. (6) As of September 30, 2024, we recognized a specific CECL reserve of $ 5.7 million . Effective January 1, 2024 , this loan was placed on non-accrual status. (7) Effective June 30, 2023 , the loan was placed on non-accrual status. As of September 30, 2024 , this loan is in maturity default. Fair market values used to determine specific CECL reserves are calculated using a discounted cash flow model, a sales comparison approach, or a market capitalization approach. Estimates of fair market values used to determine specific CECL reserves as of September 30, 2024 include assumptions of property specific cash flows over estimated holding periods, assumptions of property redevelopment costs, assumptions of leasing activities, discount rates ranging from 6.0 % to 9.5 %, and market and terminal capitalization rates ranging from 5.25 % to 8.25 %. These assumptions are based upon the nature of the properties, recent sales and lease comparables, recent and projected property cash flows, and anticipated real estate and capital market conditions. Our primary credit quality indicator is our internal risk rating, which is further discussed above. The following table presents the carrying value of our loans receivable held-for-investment as of September 30, 2024 by year of origination and risk rating, and principal charge-offs recognized during the nine months ended September 30, 2024 ($ in thousands): Carrying Value by Origination Year as of September 30, 2024 Risk Rating Number of Loans Carrying Value (1) 2024 (3) 2023 2022 2021 2020 2019 2018 1 - $ - $ - $ - $ - $ - $ - $ - $ - 2 - - - - - - - - - 3 34 3,933,506 98,303 101,196 1,530,442 968,021 - 800,835 434,709 4 15 1,918,234 - - 682,227 571,369 87,750 410,170 166,718 5 8 408,751 - - 155,600 40,200 91,200 1,651 120,100 57 $ 6,260,491 $ 98,303 $ 101,196 $ 2,368,269 $ 1,579,590 $ 178,950 $ 1,212,656 $ 721,527 Principal Charge-offs (2) $ - $ - $ - $ 46,525 $ 302 $ - $ 28,107 $ - (1) Net of specific CECL reserves of $ 111.5 million. (2) Principal charge-off of $ 46.5 million comprised of a principal charge-off of $ 42.8 million recognized in connection with the sale of a senior loan in April 2024 and a principal charge-off of $ 3.7 million recognized in connection with the sale of a senior loan in October 2024. Principal charge-off of $ 0.3 million recognized in connection with the sale of a subordinate loan in October 2024. Principal charge-off of $ 28.1 million recognized in connection with the anticipated sale of a senior loan. (3) Reflects a loan receivable acquired in connection with a full loan repayment during the three months ended September 30, 2024 . The following table details overall statistics for our loans receivable held-for-investment: September 30, 2024 December 31, 2023 Weighted average yield to maturity (1) 8.4 % 9.1 % Weighted average term to initial maturity 0.8 years 1.2 years Weighted average term to fully extended maturity (2) 2.1 years 2.6 years (1) Represents the weighted average annualized yield to initial maturity of each loan, inclusive of coupon, and fees received, based on the applicable floating benchmark rate/floors (if applicable), in place as of September 30, 2024 and December 31, 2023 . For loans placed on non-accrual, the annualized yield to initial maturity used in calculating the weighted average annualized yield to initial maturity is 0 %. (2) Term to fully extended maturity is determined based on the maximum maturity of each of the corresponding loans, assuming all extension options are exercised by the borrower; provided, however, that our loans may be repaid prior to such date.

Equity Method Investments

Equity Method Investments	9 Months Ended
	Sep. 30, 2024
Equity Method Investments and Joint Ventures [Abstract]
Equity Method Investment	Note 4. Equity Method Investment As of September 30, 2024 and December 31, 2023 , we hold a 51 % interest in CMTG/TT Mortgage REIT LLC (“CMTG/TT”). We are not deemed to be the primary beneficiary of CMTG/TT in accordance with ASC 810, therefore we do not consolidate this joint venture. During its active investment period, CMTG/TT originated loans collateralized by institutional quality commercial real estate. As of September 30, 2024, the sole remaining loan held by CMTG/TT had an unpaid principal balance of $ 78.5 million and was placed on non-accrual status effective April 1, 2023. As of September 30, 2024 , the carrying value of our 51 % equity interest in CMTG/TT approximated $ 42.4 million. At each reporting period, we assess whether there are any indicators of other-than-temporary impairment of our equity investment. There were no other than temporary impairments of our equity method investment through September 30, 2024 .

Real Estate Owned

Real Estate Owned	9 Months Ended
	Sep. 30, 2024
Real Estate Owned, Disclosure of Detailed Components [Abstract]
Real Estate Owned	Note 5. Real Estate Owned The following table presents detail related to our hotel portfolio and mixed-use real estate owned, net as of September 30, 2024 and December 31, 2023 ($ in thousands): September 30, 2024 December 31, 2023 Land $ 235,998 $ 235,998 Building 295,651 295,651 Capital improvements 5,152 4,436 Tenant improvements 4,414 4,414 Furniture, fixtures and equipment 6,500 6,500 Real estate owned 547,715 546,999 Less: accumulated depreciation ( 31,289 ) ( 24,040 ) Real estate owned, net $ 516,426 $ 522,959 Depreciation expense related to our hotel portfolio and mixed-use real estate owned for the three months ended September 30, 2024 and 2023 was $ 2.4 million and $ 2.4 million , respectively. Depreciation expense related to our hotel portfolio and mixed-use real estate owned for the nine months ended September 30, 2024 and 2023 was $ 7.2 million and $ 6.5 million , respectively. At each reporting period, we assess whether there are any indicators of impairment of our real estate owned assets. There were no impairments of our real estate owned assets through September 30, 2024. The following table presents additional detail related to the revenues and operating expenses of our real estate owned properties ($ in thousands): Three Months Ended Nine Months Ended September 30, 2024 September 30, 2023 September 30, 2024 September 30, 2023 Revenue Hotel portfolio $ 21,250 $ 20,777 $ 53,995 $ 51,606 Mixed-Use property fixed rents 1,985 1,663 6,157 1,663 Mixed-Use property straight-line rent 32 ( 102 ) 95 ( 102 ) Mixed-Use property variable rents 190 136 410 136 Mixed-Use property amortization of ( 354 ) ( 354 ) ( 1,062 ) ( 354 ) Total revenue from real estate owned $ 23,103 $ 22,120 $ 59,595 $ 52,949 Operating expenses Hotel portfolio $ 13,189 $ 12,625 $ 37,458 $ 33,893 Mixed-Use property 1,538 1,081 4,008 1,081 Total operating expenses from $ 14,727 $ 13,706 $ 41,466 $ 34,974 Leases We have non-cancelable operating leases for space in our mixed-use property. These leases provide for fixed rent payments, which we recognize on a straight-line basis, and variable rent payments, including reimbursement of certain operating expenses and miscellaneous fees, which we recognize when earned. As of September 30, 2024 , the future minimum fixed rents under our non-cancellable leases for each of the next five years and thereafter are as follows ($ in thousands): Year Amount 2024 (1) $ 2,078 2025 8,383 2026 8,415 2027 8,432 2028 8,323 Thereafter 27,462 Total $ 63,093 (1) Contractual lease payments due for the remaining three months of 2024. Lease Intangibles Upon acquisition of our mixed-use property on June 30, 2023, $ 20.1 million of the purchase price was allocated to lease related intangible assets including $ 4.8 million to in-place lease values, $ 17.9 million to above market lease values, $ 4.2 million to below market lease values, and $ 1.6 million to other lease related values. As of September 30, 2024 and December 31, 2023, our lease intangibles are comprised of the following ($ in thousands): Intangible September 30, 2024 December 31, 2023 In-place, above market, and other lease values $ 24,289 $ 24,289 Less: accumulated amortization ( 3,240 ) ( 1,296 ) In-place, above market, and other lease values, net $ 21,049 $ 22,993 Below market lease values $ ( 4,209 ) $ ( 4,209 ) Less: accumulated amortization 471 188 Below market lease values, net $ ( 3,738 ) $ ( 4,021 ) Amortization of in-place and other lease values for the three months ended September 30, 2024 and 2023 was $ 0.2 million and $ 0.2 million , respectively. Amortization of in-place and other lease values for the nine months ended September 30, 2024 and 2023 was $ 0.6 million and $ 0.2 million , respectively. Amortization of above market lease values for the three months ended September 30, 2024 and 2023 was $ 0.4 million and $ 0.4 million , respectively. Amortization of above market lease values for the nine months ended September 30, 2024 and 2023 was $ 1.3 million and $ 0.4 million , respectively. Amortization of below market lease values for the three months ended September 30, 2024 and 2023 was $ 0.1 million and $ 0.1 million , respectively. Amortization of below market lease values for the nine months ended September 30, 2024 and 2023 was $ 0.3 million and $ 0.1 million , respectively. As of September 30, 2024, the estimated amortization of these intangibles is approximately as follows ($ in thousands): In-place and Other (1) Above Market (2) Below Market (2) 2024 (3) $ 200 $ ( 448 ) $ 94 2025 802 ( 1,791 ) 377 2026 802 ( 1,791 ) 377 2027 802 ( 1,791 ) 377 2028 769 ( 1,771 ) 377 Thereafter 2,025 ( 8,057 ) 2,136 Total $ 5,400 $ ( 15,649 ) $ 3,738 (1) Amortization of in-place and other lease values is recognized in depreciation and amortization expense on our consolidated statements of operations. (2) Amortization of above and below market lease values, net is recognized in revenue from real estate owned on our consolidated statements of operations. (3) Represents amortization for the remaining three months of 2024. At acquisition, the weighted average amortization period for in-place and other lease values, above-market lease values, and below market lease values was approximately 8.9 years, 10.5 years, and 11.3 years, respectively.

Debt Obligations

Debt Obligations	9 Months Ended
	Sep. 30, 2024
Debt Disclosure [Abstract]
Debt Obligations	Note 6. Debt Obligations As of September 30, 2024 and December 31, 2023, we financed certain of our loans receivable using repurchase agreements, a term participation facility, the sale of loan participations, and/or notes payable. Further, we have a secured term loan and debt related to real estate owned. Our financings bear interest at a rate equal to SOFR plus a credit spread. The following table summarizes our financings as of September 30, 2024 and December 31, 2023 ($ in thousands): September 30, 2024 December 31, 2023 Capacity Borrowing Outstanding Weighted (1) Capacity Borrowing Outstanding Weighted (1) Repurchase agreements and term (2) $ 5,368,772 $ 3,836,492 + 2.73 % $ 5,709,907 $ 4,271,112 + 2.76 % Loan participations sold - - - 120,634 120,634 + 4.15 % Notes payable 380,830 306,994 + 3.77 % 419,867 286,827 + 3.10 % Secured term loan 719,731 719,731 + 4.50 % 725,452 725,452 + 4.50 % Debt related to real estate owned 280,000 280,000 + 2.90 % 290,000 290,000 + 2.83 % Total/Weighted Average $ 6,749,333 $ 5,143,217 + 3.05 % $ 7,265,860 $ 5,694,025 + 3.03 % (1) Weighted average spread over the applicable benchmark rate is based on unpaid principal balance. SOFR as of September 30, 2024 and December 31, 2023 was 4.85 % and 5.35 % , respectively. (2) The repurchase agreements and term participation facility are partially recourse to us. As of September 30, 2024 and December 31, 2023 , the weighted average recourse on both our repurchase agreements and term participation facility was 30 % and 30 %, respectively. Repurchase Agreements and Term Participation Facility Repurchase Agreements The following table summarizes our repurchase agreements by lender as of September 30, 2024 ($ in thousands): Lender Initial Maturity Fully (1) Maximum Borrowing Undrawn Carrying Value of Collateral (2) JP Morgan Chase Bank, N.A. 7/28/2026 7/28/2028 $ 2,404,480 $ 2,219,163 $ 185,317 $ 3,249,421 Morgan Stanley Bank, N.A. 1/26/2025 1/27/2028 750,000 454,403 295,597 697,242 Goldman Sachs Bank USA 5/31/2025 5/31/2027 500,000 145,268 354,732 187,443 Barclays Bank PLC 12/20/2024 12/20/2025 500,000 - 500,000 - Wells Fargo Bank, N.A. 11/29/2024 9/29/2026 750,000 632,167 117,833 871,079 Total $ 4,904,480 $ 3,451,001 $ 1,453,479 $ 5,005,185 (1) Facility maturity dates may be extended , subject to meeting prescribed conditions . (2) Net of specific CECL reserves, if any. The Deutsche Bank AG, New York Branch repurchase agreement reached its maturity in June 2024, upon which the facility was terminated. The following table summarizes our repurchase agreements by lender as of December 31, 2023 ($ in thousands): Lender Initial Maturity Fully (1) Maximum Borrowing Undrawn Carrying Value of Collateral (2) JP Morgan Chase Bank, N.A. 7/28/2026 7/28/2028 $ 1,905,465 $ 1,672,878 $ 232,587 $ 2,257,442 Morgan Stanley Bank, N.A 1/26/2024 1/26/2025 1,000,000 735,393 264,607 1,023,295 Goldman Sachs Bank USA 5/31/2025 (3) 5/31/2027 500,000 175,755 324,245 286,623 Barclays Bank PLC 12/20/2024 12/20/2025 500,000 135,129 364,871 250,823 Deutsche Bank AG, 6/26/2024 6/26/2026 400,000 359,646 40,354 611,741 Wells Fargo Bank, N.A. 9/29/2024 9/29/2026 750,000 726,877 23,123 939,628 Total $ 5,055,465 $ 3,805,678 $ 1,249,787 $ 5,369,552 (1) Facility maturity dates may be extended, subject to meeting prescribed conditions. (2) Net of specific CECL reserves, if any. (3) Assumes as of right extension is exercised, subject to meeting prescribed conditions. Term Participation Facility On November 4, 2022, we entered into a master participation and administration agreement to finance certain of our mortgage loans. As of September 30, 2024, the facility had $ 464.3 million in financing commitments of which $ 385.5 million was outstanding. As of December 31, 2023 , the facility had $ 654.4 million in financing commitments of which $ 465.4 million was outstanding. Our term participation facility as of September 30, 2024 is summarized as follows ($ in thousands): Contractual Maturity Date Borrowing Outstanding Carrying Value Carrying Value 10/11/2028 $ 385,491 $ 385,491 $ 640,881 Our term participation facility as of December 31, 2023 is summarized as follows ($ in thousands): Contractual Maturity Date Borrowing Outstanding Carrying Value Carrying Value 10/11/2028 $ 465,434 $ 465,434 $ 797,335 Loan Participations Sold As of September 30, 2024 , we have no loan participations sold. Our loan participations sold as of December 31, 2023 are summarized as follows ($ in thousands): Contractual Maximum Borrowing Outstanding Carrying Carrying Value 10/18/2024 (1) 10/18/2024 $ 100,634 $ 100,508 $ 182,723 12/31/2024 12/31/2025 20,000 20,000 157,346 Total $ 120,634 $ 120,508 $ 340,069 (1) Carrying value of collateral includes cash reserve balances held by our financing counterparty. Notes Payable Our notes payable as of September 30, 2024 are summarized as follows ($ in thousands): Contractual Maximum Borrowing Outstanding Carrying Carrying Value 9/2/2026 9/2/2027 $ 92,270 $ 91,227 $ 129,822 7/15/2027 7/15/2027 85,000 84,336 183,359 5/13/2026 5/13/2027 73,573 72,972 126,220 2/2/2026 2/2/2027 56,151 55,523 70,318 Total $ 306,994 $ 304,058 $ 509,719 Our notes payable as of December 31, 2023 are summarized as follows ($ in thousands): Contractual Maximum Borrowing Outstanding Carrying Carrying Value 12/31/2024 12/31/2025 $ 110,714 $ 110,152 $ 157,346 2/2/2026 2/2/2027 50,418 49,576 61,941 9/2/2026 9/2/2027 46,267 45,063 64,270 10/13/2025 10/13/2026 39,924 39,313 65,637 11/22/2024 11/24/2026 39,504 39,237 52,662 Total $ 286,827 $ 283,341 $ 401,856 Secured Term Loan, Net On August 9, 2019, we entered into a $ 450.0 million secured term loan which, on December 1, 2020, was modified to increase the aggregate principal amount by $ 325.0 million, increase the interest rate, and to increase the quarterly amortization payment. On December 2, 2021, we further modified our secured term loan to reduce the interest rate to the greater of (i) SOFR plus a 0.10 % credit spread adjustment, and (ii) 0.50 %, plus a credit spread of 4.50 %. Our secured term loan is collateralized by a pledge of equity in certain subsidiaries and their related assets. The secured term loan as of September 30, 2024 is summarized as follows ($ in thousands): Contractual Maturity Date Stated Rate (1) Interest Rate Borrowing Outstanding Carrying Value 8/9/2026 S + 4.50% 9.45 % $ 719,731 $ 710,477 (1) SOFR at September 30, 2024 was 4.85 % . The secured term loan as of December 31, 2023 is summarized as follows ($ in thousands): Contractual Maturity Date Stated Rate (1) Interest Rate Borrowing Outstanding Carrying Value 8/9/2026 S + 4.50% 9.95 % $ 725,452 $ 712,576 (1) SOFR at December 31, 2023 was 5.35 % . Debt Related to Real Estate Owned, Net On February 8, 2021 we assumed a $ 300.0 million securitized senior mortgage in connection with a foreclosure of a hotel portfolio. On February 7, 2024, we modified our debt related to real estate owned to provide for, among other things, an extension of the contractual maturity date to November 9, 2024 , a $ 10.0 million principal paydown, and the designation of a portion of the loan becoming partial recourse to us. Concurrent with this modification, we purchased an interest rate cap with a notional amount of $ 280.0 million and a strike rate of 5.00 % through the extended contractual maturity date for $ 0.5 million. Our debt related to real estate owned as of September 30, 2024 is summarized as follows ($ in thousands): Contractual Maturity Date Stated Rate (1) Net Interest Rate (1) Borrowing Outstanding Carrying Value 11/9/2024 S + 2.90 % 7.75 % $ 280,000 $ 279,650 (1) SOFR at September 30, 2024 was 4.85 % , which is lower than the 5.00 % ceiling provided by our interest rate cap. See Note 7 - Derivatives for further detail. Our debt related to real estate owned as of December 31, 2023 is summarized as follows ($ in thousands): Contractual Maturity Date Stated Rate (1) Net Interest Rate (1) Borrowing Outstanding Carrying Value 2/9/2024 S + 2.83 % 5.83 % $ 290,000 $ 289,913 (1) SOFR at December 31, 2023 was 5.35 % , which exceeded the 3.00 % ceiling provided by our interest rate cap. See Note 7 – Derivatives for further detail. Short-Term Funding Facility On June 29, 2022, we entered into a full recourse revolving credit facility with $ 150.0 million in capacity, which generally provided interim financing for eligible loans for up to 180 days at an initial advance rate of up to 75 %. As of December 31, 2023 , we had no outstanding balance on the facility. On September 25, 2024 , we terminated this facility, at which point we had no outstanding balance. Interest Expense and Amortization The following table summarizes our interest and amortization expense on our secured financings, debt related to real estate owned and secured term loan for the three and nine months ended September 30, 2024 and 2023, respectively ($ in thousands): Three Months Ended Nine Months Ended September 30, 2024 September 30, 2023 September 30, 2024 September 30, 2023 Interest expense on secured financings $ 87,141 $ 99,773 $ 270,314 $ 278,583 Interest expense on secured term loan 18,292 18,378 54,711 53,561 Amortization of deferred financing costs 5,663 5,460 15,227 17,170 Interest and related expense 111,096 123,611 340,252 349,314 Interest expense on debt related to real estate owned (1) 6,900 6,137 20,098 17,446 Total interest and related expense $ 117,996 $ 129,748 $ 360,350 $ 366,760 (1) For the three months ended September 30, 2024 and 2023, interest on debt related to real estate owned includes $ 1.1 million and $ 131,000 of amortization of deferred financing costs, respectively. For the nine months ended September 30, 2024 and 2023, interest on debt related to real estate owned includes $ 2.5 million and $ 394,000 of amortization of financing costs, respectively. Financial Covenants Our financing agreements generally contain certain financial covenants. For example, our ratio of earnings before interest, taxes, depreciation, and amortization to interest charges (“Interest Coverage Ratio”), as defined in our repurchase agreements and term participation facility shall not be less than 1.3 to 1.0, wh ereas our ratio of earnings before interest, taxes, depreciation, and amortization to interest charges as defined in our secured term loan shall not be less than 1.5 to 1.0. Further, (i) our tangible net worth, as defined in the agreements, shall not be less than $ 1.86 billion as of each measurement date; (ii) cash liquidity shall not be less than the greater of (x) $ 50 million or (y) 5 % of our recourse indebtedness (which includes our secured term loan); and (iii) our indebtedness shall not exceed 77.8 % of our total assets. As of September 30, 2024 , we are in compliance with all covenants under our financing agreements. The requirements set forth in (i) through (iii) above are based upon the most restrictive financial covenants in place as of the reporting date. Further, we have modified the Interest Coverage Ratio in our repurchase agreements and term participation facility to provide that for the quarters ended June 30, 2024 through September 30, 2025, our Interest Coverage Ratio shall not be less than 1.1 to 1.0. Future compliance with our financial covenants is dependent upon the results of our operating activities, our financial condition, and the overall market conditions in which we and our borrowers operate. The impact of macroeconomic conditions on the commercial real estate and capital markets, including high benchmark interest rates compared to recent historical standards, may make it more difficult for us to satisfy these covenants in the future. Non-compliance with financial covenants may result in our lenders exercising their rights and remedies as provided for in the respective agreements. As market conditions evolve, we may continue to work with our counterparties on modifying financial covenants as needed; however, there is no assurance that our counterparties will agree to such modifications.

Derivatives

Derivatives	9 Months Ended
	Sep. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives	Note 7. Derivatives On June 2, 2021 and in connection with our debt related to real estate owned, we acquired an interest rate cap with a notional amount of $ 290.0 million, a strike rate of 3.00 %, and a maturity date of February 15, 2024 for $ 0.3 million. Such interest rate cap effectively limited the maximum interest rate of our debt related to real estate owned to 5.83 % through its maturity. On February 7, 2024 and in connection with the modification of our debt related to real estate owned, we acquired an interest rate cap with a notional amount of $ 280.0 million, a strike rate of 5.00 %, and a maturity date of November 15, 2024 for $ 0.5 million. Such interest rate cap effectively limits the maximum interest rate of our debt related to real estate owned to 7.90 % through its maturity. Changes in the fair value of our interest rate cap are recorded as an unrealized gain or loss on interest rate cap on our consolidated statements of operations and the fair value is recorded in other assets on our consolidated balance sheets. Proceeds received from our counterparty related to the interest rate cap are recorded as proceeds from interest rate cap on our consolidated statements of operations. As of September 30, 2024 the fair value of our interest rate cap was de minimis, and as of December 31, 2023, the fair value of our interest rate cap was $ 0.9 million. During the three months ended September 30, 2024 and 2023, we recognized $ 0.2 million and $ 1.7 million , respectively, of proceeds from interest rate cap. During the nine months ended September 30, 2024 and 2023, we recognized $ 1.3 million and $ 4.4 million , respectively, of proceeds from interest rate cap.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2024
Fair Value Disclosures [Abstract]
Fair Value Measurements	Note 8. Fair Value Measurements ASC 820, “ Fair Value Measurements and Disclosures ” establishes a framework for measuring fair value as well as disclosures about fair value measurements. It emphasizes that fair value is a market-based measurement, not an entity-specific measurement. Therefore, a fair value measurement should be determined based on the assumptions that market participants would use when pricing an asset or liability. As a basis for considering market participant assumptions in fair value measurements, the standards establish a fair value hierarchy that distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity (observable inputs that are classified within Levels 1 and 2 of the hierarchy) and the reporting entity’s own assumptions about market participant assumptions (unobservable inputs classified within Level 3 of the hierarchy). Level 1 inputs utilize unadjusted quoted prices in active markets for identical assets or liabilities that we have the ability to access. Level 2 inputs are inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs may include quoted prices for similar assets and liabilities in active markets, as well as inputs that are observable for the asset or liability other than quoted prices, such as interest rates, foreign exchange rates, and yield curves that are observable at commonly quoted intervals. Level 3 inputs are unobservable inputs for the asset or liability which are typically based on an entity’s own assumptions, as there is little, if any, related market activity. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement fall is based on the lowest level input that is significant to the fair value measurement in its entirety. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. Financial Instruments Reported at Fair Value The fair value of our interest rate cap is determined by using the market standard methodology of discounting the future expected cash receipts that would occur if variable interest rates rise above the strike rate of the interest rate cap. The variable interest rates used in the calculation of projected receipts on the interest rate cap are based on a third-party expert’s expectation of future interest rates derived from observable market interest rate curves and volatilities. Our interest rate cap is classified as Level 2 in the fair value hierarchy. As of September 30, 2024 the fair value of our interest rate cap was de minimis, and as of December 31, 2023, the fair value of our interest rate cap was $ 0.9 million . Financial Instruments Not Reported at Fair Value The carrying value and estimated fair value of financial instruments not recorded at fair value on a recurring basis but required to be disclosed at fair value were as follows ($ in thousands): September 30, 2024 Carrying Unpaid Principal Fair Value Hierarchy Level Value Balance Fair Value Level 1 Level 2 Level 3 Loans receivable held-for-investment, net $ 6,142,749 $ 6,384,893 $ 6,146,384 $ - $ - $ 6,146,384 Loans receivable held-for-sale 324,188 355,971 324,188 - - 324,188 Repurchase agreements 3,451,001 3,451,001 3,451,001 - - 3,451,001 Term participation facility 385,491 385,491 384,589 - - 384,589 Notes payable, net 304,058 306,994 304,115 - - 304,115 Secured term loan, net 710,477 719,731 687,343 - - 687,343 Debt related to real estate owned, net 279,650 280,000 279,473 - - 279,473 December 31, 2023 Carrying Unpaid Principal Fair Value Hierarchy Level Value Balance Fair Value Level 1 Level 2 Level 3 Loans receivable held-for-investment, net $ 6,877,425 $ 7,044,524 $ 6,875,377 $ - $ - $ 6,875,377 Loans receivable held-for-sale 261,709 264,065 261,709 - - 261,709 Repurchase agreements 3,805,678 3,805,678 3,805,678 - - 3,805,678 Term participation facility 465,434 465,434 463,010 - - 463,010 Loan participations sold, net 120,508 120,634 120,000 - - 120,000 Notes payable, net 283,341 286,827 284,904 - - 284,904 Secured term loan, net 712,576 725,452 694,620 - - 694,620 Debt related to real estate owned, net 289,913 290,000 289,422 - - 289,422

Equity

Equity	9 Months Ended
	Sep. 30, 2024
Equity [Abstract]
Equity	Note 9. Equity Common Stock Our charter provides for the issuance of up to 500,000,000 shares of common stock with a par value of $ 0.01 per share. We had 139,362,657 and 138,745,357 shares of common stock issued and 139,362,657 and 138,745,357 shares of common stock outstanding as of September 30, 2024 and December 31, 2023, respectively. The following table provides a summary of the number of shares of common stock outstanding during the nine months ended September 30, 2024 and 2023, respectively: Nine Months Ended Common Stock Outstanding September 30, 2024 September 30, 2023 Beginning balance 138,745,357 138,376,144 Issuance of common stock in exchange for fully vested RSUs 617,300 352,546 Ending balance 139,362,657 138,728,690 At the Market Stock Offering Program On May 10, 2024, we entered into an equity distribution agreement with certain sales agents, pursuant to which we may sell, from time to time, up to an aggregate sales price of $ 150.0 million of our common stock pursuant to a continuous offering program (the “ATM Agreement”) under our in place effective shelf registration statement (the “Shelf”) with the SEC. Sales of our common stock made pursuant to the ATM Agreement may be made in negotiated transactions or transactions that are deemed to be “at the market” offerings as defined in Rule 415 under the Securities Act of 1933, as amended. The timing and amount of actual sales will depend on a variety of factors including market conditions, the trading price of our common stock, our capital needs, and our determination of the appropriate sources of funding to meet such needs. During the nine months ended September 30, 2024 , we did no t issue any shares of our common stock pursuant to the ATM Agreement, and we incurred $ 0.5 million of professional and legal fees to establish the program which are included in general and administrative expense on our consolidated statement of operations. As of September 30, 2024 , the ATM Agreement has not been utilized, and $ 150.0 million remained available for issuance of our common stock pursuant to the ATM Agreement. Dividends The following tables detail our dividend activity for common stock ($ in thousands, except per share data): For the Quarter Ended March 31, 2024 June 30, 2024 September 30, 2024 Amount Per Share Amount Per Share Amount Per Share Dividends declared - common stock $ 34,687 $ 0.25 $ 34,739 $ 0.25 $ 13,936 $ 0.10 Record Date - common stock March 29, 2024 June 28, 2024 September 30, 2024 Payment Date - common stock April 15, 2024 July 15, 2024 October 15, 2024 For the Quarter Ended March 31, 2023 June 30, 2023 September 30, 2023 Amount Per Share Amount Per Share Amount Per Share Dividends declared - common stock $ 51,199 $ 0.37 $ 51,203 $ 0.37 $ 34,682 $ 0.25 Record Date - common stock March 31, 2023 June 30, 2023 September 29, 2023 Payment Date - common stock April 14, 2023 July 14, 2023 October 13, 2023

Earnings per Share

Earnings per Share	9 Months Ended
	Sep. 30, 2024
Earnings Per Share [Abstract]
Earnings per Share	Note 10. Earnings Per Share We calculate basic earnings per share (“EPS”) using the two-class method, which defines unvested share-based payment awards that contain nonforfeitable rights to dividends as participating securities. Under the two-class method, both distributed and undistributed earnings are allocated to common stock and participating securities based on their respective rights. Basic EPS is calculated by dividing our net income (loss) less participating securities’ share in earnings by the weighted average number of shares of common stock outstanding during each period. Diluted EPS is calculated under the more dilutive of the treasury stock or the two-class method. Under the treasury stock method, diluted EPS is calculated by dividing net income (loss) by the weighted average number of shares of common stock outstanding plus the incremental potential shares of common stock assumed issued during the period if they are dilutive. As of September 30, 2024 and 2023, we ha d no dilutive securities. As a r esult, basic and diluted EPS are the same. The calculation of basic and diluted EPS is as follows ($ in thousands, except for share and per share data): Three Months Ended Nine Months Ended September 30, 2024 September 30, 2023 September 30, 2024 September 30, 2023 Net loss $ ( 56,218 ) $ ( 68,947 ) $ ( 120,567 ) $ ( 28,016 ) Dividends on participating securities (1) ( 245 ) ( 648 ) ( 1,949 ) ( 3,074 ) Participating securities’ share in earnings - - - - Basic loss $ ( 56,463 ) $ ( 69,595 ) $ ( 122,516 ) $ ( 31,090 ) Weighted average shares of common stock outstanding, (2) 139,561,491 138,899,168 139,145,099 138,563,355 Net loss per share of common stock, basic and diluted $ ( 0.40 ) $ ( 0.50 ) $ ( 0.88 ) $ ( 0.22 ) (1) For the three months ended September 30, 2024 and 2023, dividends on participating securities excludes $ 9,000 and $ 9,000 of dividends on fully vested restricted stock units (“RSU”). For the nine months ended September 30, 2024 and 2023, dividends on participating securities excludes $ 42,000 and $ 24,000 of dividends on fully vested RSUs. (2) Amounts as of September 30, 2024 and 2023 include 95,380 and 37,467 fully vested RSUs. For the three months ended September 30, 2024 and 2023 , 2,459,978 and 2,569,993 of weighted average unvested RSUs, respectively, were excluded from the calculation of diluted EPS because the effect was anti-dilutive. For the nine months ended September 30, 2024 and 2023, 2,755,785 and 2,668,889 weighted average RSUs, respectively, were excluded from the calculation of diluted EPS because the effect was anti-dilutive.

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 2024
Related Party Transactions [Abstract]
Related Party Transactions	Note 11. Related Party Transactions Our activities are managed by our Manager. Pursuant to the terms of the Management Agreement, our Manager is responsible for originating investment opportunities, providing asset management services and administering our day-to-day operations. Our Manager is entitled to receive a management fee, an incentive fee, and a termination fee as defined below. The following table summarizes our management and incentive fees ($ in thousands): Three Months Ended Nine Months Ended September 30, 2024 September 30, 2023 September 30, 2024 September 30, 2023 Management fees $ 9,079 $ 9,541 $ 27,300 $ 28,838 Incentive fees - - - 1,558 Total $ 9,079 $ 9,541 $ 27,300 $ 30,396 Management Fees Effective October 1, 2015, our Manager earns a base management fee in an amount equal to 1.50 % per annum of Stockholders’ Equity, as defined in the Management Agreement. Management fees are reduced by our pro rata share of any management fees and incentive fees (if incentive fees are not incurred by us) incurred to our Manager by CMTG/TT. Management fees are paid quarterly, in arrears, and $ 18.1 million and $ 9.3 million were accrued and were included in management fee payable – affiliate, on our consolidated balance sheets at September 30, 2024 and December 31, 2023 , respectively. Incentive Fees Our Manager is entitled to an incentive fee equal to 20 % of the excess of our Core Earnings on a rolling four-quarter basis, as defined in the Management Agreement, over a 7.00 % return on Stockholders’ Equity. Incentive fees are reduced by our pro rata share of any incentive fees incurred to our Manager by CMTG/TT. There were no accrued incentive fees on our consolidated balance sheets as of September 30, 2024 and December 31, 2023. Termination Fees If we elect to terminate the Management Agreement, we are required to pay our Manager a termination fee equal to three times the sum of the average total annual amount of management fees and the average annual incentive fee paid by us over the prior two years. Reimbursable Expenses Our Manager or its affiliates are entitled to reimbursement for certain documented costs and expenses incurred by them on our behalf, as set forth in the Management Agreement, excluding any expenses specifically required to be borne by our Manager under the Management Agreement. For the three months ended September 30, 2024 and 2023, we incurred $ 1.0 million and $ 1.1 million respectively, of reimbursable expenses incurred on our behalf by our Manager which are included in general and administrative expenses on our consolidated statements of operations. For the nine months ended September 30, 2024 and 2023, we incurred $ 3.2 million and $ 3.0 million of reimbursable expenses incurred on our behalf by our Manager. As of September 30, 2024 and December 31, 2023, $ 2.0 million and $ 1.0 million , respectively, of reimbursable expenses incurred on our behalf and due to our Manager are included in other liabilities on our consolidated balance sheets.

Stock-Based Compensation

Stock-Based Compensation	9 Months Ended
	Sep. 30, 2024
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation	Note 12. Stock-Based Compensation Incentive Award Plan We are externally managed and do not currently have any employees. On March 30, 2016, we adopted the 2016 Incentive Award Plan (the “Plan”) to promote the success and enhance the value of the Company by linking the individual interests of employees of our Manager and its affiliates to those of our stockholders. As of September 30, 2024, the maximum remaining number of shares that may be issued under the Plan is 3,977,252 shares. Awards granted under the Plan may be granted with the right to receive dividend equivalents and generally vest in equal installments on the specified anniversaries of the grant. Deferred Compensation Plan On May 24, 2022, we adopted the Deferred Compensation Plan to provide our directors and certain executives with an opportunity to defer payment of their stock-based compensation or RSUs and director cash fees, if applicable, pursuant to the terms of the Deferred Compensation Plan. Under our Deferred Compensation Plan, certain of our Board members elected to receive the annual fees and/or time-based RSUs to which they are entitled under our Non-Employee Director Compensation Program in the form of deferred RSUs. Accordingly, for the three months ended September 30, 2024 and 2023 , we issued 6,098 and 4,210 , respectively, of deferred RSUs in lieu of cash fees to such directors and recognized a related expense of approximately $ 47,000 and $ 48,000 , respectively. For the nine months ended September 30, 2024 and 2023, we issued 14,576 and 11,097 , respectively, of deferred RSUs in lieu of cash fees to such directors and recognized a related expense of approximately $ 144,000 and $ 139,000 , respectively. Such related expense is included in general and administrative expenses on our consolidated statements of operations. Non-Employee Director Compensation Program The Board awards time-based RSUs to eligible non-employee Board members on an annual basis as part of such Board members’ annual compensation in accordance with the Non-Employee Director Compensation Program. The time-based awards are generally issued in the second quarter on the date of the annual meeting of our stockholders, in conjunction with the director’s election to the Board, and the awards vest on the earlier of (x) the one-year anniversary of the grant date and (y) the date of the next annual meeting of our stockholders following the grant date, subject to the applicable participants’ continued service through such vesting date. Effective January 1, 2024, our Non-Employee Director Compensation Program was amended to increase the value of the annual director grants and increase the annual retainer fees payable to the chair and members of the Nominating and Corporate Governing Committee, members of the Compensation Committee and the Lead Independent Director, as set forth in the Non-Employee Director Compensation Program. Eligible non-executive members of the Board were granted the time-based RSUs under the Plan. Each RSU was granted with the right to receive dividend equivalents. Additionally, certain directors elected to defer their RSUs pursuant to the terms of the Deferred Compensation Plan. Such deferred awards will become payable on the earliest to occur of the participant’s separation from service or a change in control. The following table details the time-based RSUs granted to non-executive members of the Board: Date of Grant Total RSU Grant Grant Date Fair Value Per Share 6/1/2024 89,214 $ 8.07 6/1/2023 58,536 $ 10.25 6/1/2022 29,280 $ 20.49 Stock-Based Compensation Expense For the three months ended September 30, 2024 and 2023, we recognized $ 5.0 million and $ 4.4 million , respectively, of stock-based compensation expense related to the RSUs. For the nine months ended September 30, 2024 and 2023, we recognized $ 13.3 million and $ 12.1 million , respectively, of stock-based compensation expense related to the RSUs. Such expense is considered a non-cash expense. Stock-based compensation expense is recognized in earnings on a straight-line basis over the applicable award’s vesting period. Forfeitures of stock-based compensation awards are recognized as they occur. As of September 30, 2024, total unrecognized compensation expense was $ 24.0 million based on the grant date fair value of RSUs granted. This expense is expected to be recognized over a remaining period of 1.6 years from September 30, 2024. We may allow participants of the Plan to settle their tax liabilities through a reduction of their vested RSU delivery. Such amount will result in a corresponding adjustment to additional paid-in capital and a cash payment to our Manager or its affiliates in order to remit the required statutory tax withholding to each respective taxing authority. During the three months ended September 30, 2024, we delivered a total of 408,224 shares of our common stock for 652,425 vested RSUs and concurrently recorded a $ 2.1 million adjustment to additional paid-in capital on our consolidated statement of changes in equity. During the nine months ended September 30, 2024, we delivered a total of 596,454 shares of our common stock for 1,012,741 vested RSUs and concurrently recorded a $ 3.5 million adjustment to additional paid-in capital on our consolidated statement of changes in equity. During the three and nine months ended September 30, 2023, we delivered a total of 342,786 shares of our common stock for 703,318 vested RSUs and concurrently recorded a $ 3.9 million adjustment to additional paid-in capital on our consolidated statement of changes in equity. The following tables detail the time-based RSU activity during the nine months ended September 30, 2024 and 2023: Nine Months Ended September 30, 2024 Nine Months Ended September 30, 2023 Number of Restricted Share Units Weighted Average Grant Date Fair Value Per Share Number of Restricted Share Units Weighted Average Grant Date Fair Value Per Share Unvested, beginning of period 2,526,202 $ 15.31 2,159,280 $ 18.74 Granted 1,269,544 9.53 1,167,354 11.25 Vested ( 1,072,611 ) 15.74 ( 732,598 ) 18.79 Forfeited ( 277,505 ) 12.67 ( 38,500 ) 16.31 Unvested, end of period 2,445,630 12.42 2,555,536 15.34

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Note 13. Income Taxes We have elected to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code commencing with our taxable year ended December 31, 2015 and expect to continue to operate so as to qualify as a REIT. As a result, we will generally not be subject to federal and state income tax on that portion of our income that we distribute to stockholders if we (i) distribute at least 90 % of our taxable income, determined without regard to the deduction for dividends paid and excluding any net capital gains, and (ii) comply with certain other requirements to qualify as a REIT. Since Commencement of Operations, we have been in compliance with all REIT requirements and we plan to continue to operate so that we meet the requirements for taxation as a REIT. Therefore, other than amounts relating to our taxable REIT subsidiary (“TRS”), as described below, we have not provided for current income tax expense related to our REIT taxable income for the three and nine months ended September 30, 2024 and 2023, respectively. Additionally, no provision has been made for federal or state income taxes in the accompanying financial statements, as we believe we have met the prescribed requisite requirements. Our real estate owned hotel portfolio is held in a TRS. A TRS is a corporation that is owned directly or indirectly by a REIT and has jointly elected with the REIT to be treated as a TRS for tax purposes. Given the TRS’s history of generating taxable losses, we are not able to conclude that it is more likely than not that we will realize the future benefit of the TRS’s deferred tax assets and therefore recorded a full valuation allowance. Given the full valuation allowance, we did not record a provision for income taxes for the three and nine months ended September 30, 2024 and 2023 , and we did no t have any deferred tax assets or deferred tax liabilities as of September 30, 2024 and December 31, 2023. The deferred tax asset and valuation allowance at September 30, 2024 wer e $ 28.0 million, respectively. The deferred tax asset and valuation allowance at December 31, 2023 were $ 21.7 million, respectively. We recognize tax benefits for uncertain tax positions only if it is more likely than not that the position is sustainable based on its technical merits. Interest and penalties on uncertain tax positions, if applicable, are included as a component of the provision for income taxes in our consolidated statements of operations. As of September 30, 2024 and December 31, 2023 , we have no t recorded any amounts for uncertain tax positions. Our tax returns are subject to audit by taxing authorities. As of the date of this filing, tax years 2021 and onward remain open to examination by major taxing jurisdictions in which we are subject to taxes.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 14. Commitments and Contingencies We hold a 51 % interest in CMTG/TT as a result of committing to invest $ 124.9 million in CMTG/TT. Distributions representing repayment proceeds from CMTG/TT’s loans may be recalled by CMTG/TT, if the repayment occurred at least six months prior to the loan’s initial maturity date. As of September 30, 2024 and December 31, 2023, we have contributed $ 163.1 million to CMTG/TT and have received return of capital distributions of $ 123.3 million, of which $ 111.1 million were recallable. As of September 30, 2024 and December 31, 2023, our remaining capital commitment to CMTG/TT was $ 72.9 million. As of September 30, 2024 and December 31, 2023, we had aggregate unfunded loan commitments of $ 584.2 million and $ 1.1 billion respectively, which amounts will generally be funded to finance construction or leasing related expenditures by our borrowers, subject to them achieving certain conditions precedent to such funding. These future commitments will expire over the remaining term of the loans, none of which exceed five years . Our contractual payments due under all financings were as follows as of September 30, 2024 ($ in thousands): Year Initial (2) Fully Extended (3) 2024 (1) $ 1,676,409 $ 858,012 2025 1,800,073 491,820 2026 1,666,735 2,067,342 2027 - 1,348,593 2028 - 377,450 Total $ 5,143,217 $ 5,143,217 (1) Includes financings outstanding of $ 354.1 million related to seven loans in maturity default with aggregate unpaid principal balance of $ 734.8 million. (2) Initial maturity is based on the earlier of the initial maturity date of each individual corresponding loan receivable or the maximum maturity date under the respective financing agreement, assuming conditions to extend are met. (3) Fully extended maturity is based on the earlier of the fully extended maturity date of each individual corresponding loan receivable or the maximum maturity date under the respective financing agreement, assuming conditions to extend are met. In the normal course of business, we may enter into contracts that contain a variety of representations and provide for general indemnifications. Our maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against us that have not yet occurred. However, based on experience, we expect the risk of loss to be remote.

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2024
Subsequent Events [Abstract]
Subsequent Events	Note 15. Subsequent Events We have evaluated subsequent events through the filing of this Quarterly Report on Form 10-Q and determined that the following events have occurred: 1. In October 2024, we sold two loans . After the repayment of senior financing and transaction costs, the sales generated net liquidity of $ 51.0 million. See Note 3 - Loan Portfolio for further information.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2024
Accounting Policies [Abstract]
Basis of Presentation and Principles of Consolidation	Basis of Presentation and Principles of Consolidation The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). These unaudited 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 U.S. Securities and Exchange Commission (the “SEC”). In the opinion of management, all adjustments (consisting only of normal recurring adjustments) necessary for a fair statement of 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 consolidate all entities that are controlled either through majority ownership or voting rights. We also identify entities for which control is achieved through means other than through voting rights (a variable interest entity or “VIE”) using the analysis as set forth in Accounting Standards Codification (“ASC”) 810, Consolidation of Variable Interest Entities, and determine when and which variable interest holder, if any, should consolidate the VIE. We do not have any consolidated variable interest entities as of September 30, 2024 and December 31, 2023 . All significant intercompany transactions and balances have been eliminated in consolidation.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. Estimates that are particularly susceptible to our judgment include, but are not limited to, the adequacy of our current expected credit loss reserve, the determination of the fair value of real estate assets acquired and liabilities assumed, and the impairment of certain assets.
Risks and Uncertainties	Risks and Uncertainties In the normal course of business, we primarily encounter two significant types of economic risk: credit and market. Credit risk is the risk of default on our loans receivable that results from a borrower’s or counterparty’s inability or unwillingness to make contractually required payments. Market risk reflects changes in the value of the loans receivable due to changes in interest rates, spreads or other market factors, including risks that impact the value of the collateral underlying our loans. We believe that the carrying values of our loans receivable are reasonable taking into consideration these risks.
Current Expected Credit Losses	Current Expected Credit Losses The current expected credit loss (“CECL”) reserve required under ASC 326, Financial Instruments – Credit Losses, reflects our current estimate of potential credit losses related to our loan portfolio. Changes to the CECL reserve are recognized through a provision for or reversal of current expected credit loss reserve on our consolidated statements of operations. ASC 326 specifies the reserve should be based on relevant information about past events, including historical loss experience, current loan portfolio, market conditions and reasonable and supportable macroeconomic forecasts for the duration of each loan. General CECL Reserve Our loans are typically collateralized by real estate, or in the case of mezzanine loans, by an equity interest in an entity that owns real estate. We consider key credit quality indicators in underwriting loans and estimating credit losses, including: the capitalization of borrowers and sponsors; the expertise of the borrowers and sponsors in a particular real estate sector and geographic market; collateral type; geographic region; use and occupancy of the property; property market value; loan-to-value (“LTV”) ratio; loan amount and lien position; our risk rating for the same and similar loans; and prior experience with the borrower/sponsor. This information is used to assess the financial and operating capability, experience and profitability of the borrower/sponsor. Ultimate repayment of our loans is sensitive to interest rate changes, general economic conditions, liquidity, LTV ratio, existence of a liquid investment sales market for commercial properties, and availability of replacement financing. We regularly evaluate on a loan-by-loan basis, the extent and impact of any credit deterioration associated with the performance and/or value of the underlying collateral property, the financial and operating capability of the borrower/sponsor, the financial strength of loan guarantors, if any, and the overall economic environment, real estate sector, and geographic sub-market in which the borrower operates. Such analyses are completed and reviewed by asset management personnel and evaluated by senior management on at least a quarterly basis, utilizing various data sources, including, to the extent available, (i) periodic financial data such as property occupancy, tenant profile, rental rates, operating expenses, the borrower’s exit plan, and capitalization and discount rates, (ii) site inspections, (iii) sales and financing comparables, (iv) current credit spreads for refinancing and (v) other relevant market data. We arrive at our general CECL reserve using the Weighted Average Remaining Maturity, or WARM method, which is considered an acceptable loss-rate method for estimating CECL reserves by the Financial Accounting Standards Board (“FASB”). The application of the WARM method to estimate a general CECL reserve requires judgment, including the appropriate historical loan loss reference data, the expected timing and amount of future loan fundings and repayments, the current credit quality of our portfolio, and our expectations of performance and market conditions over the relevant time period. The WARM method requires us to reference historical loan loss data from a comparable data set and apply such loss rate to each of our loans over their expected remaining duration, taking into consideration expected economic conditions over the forecasted timeframe. Our general CECL reserve reflects our forecast of the current and future macroeconomic conditions that may impact the performance of the commercial real estate assets securing our loans and the borrower’s ultimate ability to repay. These estimates include unemployment rates, price indices for commercial properties, and market liquidity, all of which may influence the likelihood and magnitude of potential credit losses for our loans during their expected remaining duration. Additionally, further adjustments may be made based upon loan positions senior to ours, the risk rating of a loan, whether a loan is a construction loan, whether the loan’s initial maturity is near-term, or the economic conditions specific to the property type of a loan’s underlying collateral. To estimate an annual historical loss rate, we obtained historical loss rate data for loans most comparable to our loan portfolio from a commercial mortgage-backed securities database licensed by a third party, Trepp, LLC, which contains historical loss data from January 1, 1999 through September 30, 2024. We believe this CMBS data is the most relevant, available, and comparable dataset to our portfolio. When evaluating the current and future macroeconomic environment, we consider the aforementioned macroeconomic factors. Historical data for each metric is compared to historical commercial real estate credit losses in order to determine the relationship between the two variables. We use projections of each macroeconomic factor, obtained from a third party, to approximate the impact the macroeconomic outlook may have on our loss rate. Selections of these economic forecasts require judgment about future events that, while based on the information available to us as of the balance sheet date, are ultimately subjective and uncertain, and the actual economic conditions could vary significantly from the estimates we made. Following a reasonable and supportable forecast period, we use a straight-line method of reverting to the historical loss rate. Additionally, we assess the obligation to extend credit through our unfunded loan commitments through their expected remaining duration, adjusted for projected fundings from interest reserves, if applicable, which is considered in the estimate of the general CECL reserve. For both the funded and unfunded portions of our loans, we consider our internal risk rating of each loan as the primary credit quality indicator underlying our assessment. We evaluate the credit quality of each of our loans receivable on an individual basis and assign a risk rating at least quarterly. We have developed a loan grading system for all of our outstanding loans receivable that are collateralized directly or indirectly by real estate. Grading criteria include, but are not limited to, as-is or as-stabilized debt yield, term of loan, property type, property or collateral location, loan type, structure, collateral cash flow volatility and other more subjective variables that include, but are not limited to, as-is or as-stabilized collateral value, market conditions, industry conditions, borrower/sponsor financial stability, and borrower/sponsor exit plan. While evaluating the credit quality of each loan within our portfolio, we assess these quantitative and qualitative factors as a whole and with no pre-prescribed weight on their impact to our determination of a loan’s risk rating. However, based upon the facts and circumstances for each loan and the overall market conditions, we may consider certain previously mentioned factors more or less relevant than others. We utilize the grading system to determine each loan’s risk of loss and to provide a determination as to whether an individual loan is impaired and whether a specific CECL reserve is necessary. Based on a 5-point scale, the loans are graded “1” through “5,” from less risk to greater risk, which gradings are defined as follows: 1. Very Low Risk 2. Low Risk 3. Medium Risk 4. High Risk/Potential for Loss: A loan that has a risk of realizing a principal loss 5. Impaired/Loss Likely: A loan that has a very high risk of realizing a principal loss or has otherwise incurred a principal loss Specific CECL Reserve In certain circumstances, we may determine that a loan is no longer suited for the WARM method due to its unique risk characteristics or where we have deemed the borrower/sponsor to be experiencing financial difficulty and the repayment of the loan’s principal is collateral-dependent. We may instead elect to employ different methods to estimate credit losses that also conform to ASC 326 and related guidance. For such loans, we would separately measure the specific reserve for each loan by using the estimated fair value of the loan’s collateral. If the estimated fair value of the collateral is less than the carrying value of the loan, an asset-specific reserve is created as a component of our overall current expected credit loss reserve. Specific reserves are equal to the excess of a loan’s carrying value to the estimated fair value of the collateral, less estimated costs to sell, if recovery of our investment is expected from the sale of the collateral and such costs will reduce amounts recovered by us. If we have determined that a loan, a portion of a loan, or accrued interest receivable previously recognized under our revenue recognition policy is uncollectible, we will write off the amount deemed uncollectible through an adjustment to our current expected credit loss reserve. Significant judgment is required in determining impairment and in estimating the resulting credit loss reserve, and actual losses, if any, could materially differ from those estimates. See Note 3 - Loan Portfolio - Current Expected Credit Losses for further detail.
Recent Accounting Guidance	Recent Accounting Guidance The FASB issued ASU 2023-09, “Improvements to Income Tax Disclosures” (“ASU 2023-09”). The standard provides improvements to income tax disclosure requiring disaggregated information about a reporting entity’s effective tax rate reconciliation as well as information on income taxes paid. The standard is effective for annual periods beginning after December 15, 2024, with early adoption permitted. The adoption of ASU 2023-09 is not expected to have a material impact on our consolidated financial statements. The FASB issued ASU 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures” (“ASU 2023-07”). The standard provides improvements to reportable segment disclosure requirements for annual and interim reporting, primarily through enhanced disclosures about significant segment expenses. The standard is effective for annual periods beginning after December 15, 2023 and interim periods beginning after December 15, 2024, with early adoption permitted. The adoption of ASU 2023-07 is not expected to have a material impact on our consolidated financial statements.

Loans Portfolio (Tables)

Loans Portfolio (Tables)	9 Months Ended
	Sep. 30, 2024
Receivables [Abstract]
Schedule of Loan Receivable Held-for-Investment Portfolio	Our loan receivable held-for-investment portfolio as of September 30, 2024 was comprised of the following loans ($ in thousands, except for number of loans): Number of Loan Commitment (1) Unpaid Principal Balance Carrying (2) Weighted Average Spread (3) Weighted Average Interest Rate (4) Loans receivable held-for-investment: Variable: Senior loans (5) 53 $ 6,836,841 $ 6,252,668 $ 6,129,070 + 3.66% 7.78 % 53 6,836,841 6,252,668 6,129,070 + 3.66% 7.78 % Fixed: Senior loans (5) 2 $ 6,339 $ 6,339 $ 6,558 N/A 8.87 % Subordinate loans 2 125,886 125,886 124,863 N/A 8.44 % 4 132,225 132,225 131,421 8.46 % Total/Weighted Average 57 $ 6,969,066 $ 6,384,893 $ 6,260,491 N/A 7.79 % General CECL reserve ( 117,742 ) Loans receivable held-for-investment, net $ 6,142,749 (1) Loan commitment represents principal outstanding plus remaining unfunded loan commitments. (2) Net of specific CECL reserve s of $ 111.5 million. (3) The weighted average spread is expressed as a spread over the relevant floating benchmark rates. One-month term Secured Overnight Financing Rate (“SOFR”) as of September 30, 2024 was 4.85 % . Weighted average is based on outstanding principal as of September 30, 2024 . For loans placed on non-accrual, the spread used in calculating the weighted average spread is 0 %. (4) Reflects the weighted average interest rate based on the applicable floating benchmark rate (if applicable), including SOFR floors (if applicable). Weighted average is based on outstanding principal as of September 30, 2024 and includes loans on non-accrual status. For loans placed on non-accrual, the spread used in calculating the weighted average interest rate is 0 %. (5) Senior loans include senior mortgages and similar credit quality loans, including related contiguous subordinate loans (if any), and pari passu participations in senior mortgage loans. Our loans receivable held-for-investment portfolio as of December 31, 2023 was comprised of the following loans ($ in thousands, except for number of loans): Number of Loan Commitment (1) Unpaid Principal Balance Carrying (2) Weighted Average Spread (3) Weighted Average Interest Rate (4) Loans receivable held-for-investment: Variable: Senior loans (5) 60 $ 7,952,806 $ 6,875,894 $ 6,779,899 + 3.87% 8.67 % Subordinate loans 1 30,200 30,200 30,313 + 12.86% 18.21 % 61 7,983,006 6,906,094 6,810,212 + 3.91% 8.71 % Fixed: Senior loans (5) 2 $ 12,544 $ 12,544 $ 12,767 N/A 8.49 % Subordinate loans 2 125,886 125,886 124,817 N/A 8.44 % 4 138,430 138,430 137,584 8.44 % Total/Weighted Average 65 $ 8,121,436 $ 7,044,524 $ 6,947,796 N/A 8.70 % General CECL reserve ( 70,371 ) Loans receivable held-for-investment, net $ 6,877,425 (1) Loan commitment represents principal outstanding plus remaining unfunded loan commitments. (2) Net of specific CECL reserves of $ 72.6 million. (3) The weighted average is expressed as a spread over the relevant floating benchmark rates. SOFR as of December 31, 2023 was 5.35 % . Weighted average is based on unpaid principal balance as of December 31, 2023 . For loans placed on non-accrual, the spread used in calculating the weighted average spread is 0 %. (4) Reflects the weighted average interest rate based on the applicable floating benchmark rate (if applicable), including SOFR floors (if applicable). Weighted average is based on unpaid principal balance as of December 31, 2023 and includes loans on non-accrual status. For loans placed on non-accrual, the interest rate used in calculating the weighted average interest rate is 0 %. (5) Senior loans include senior mortgages and similar credit quality loans, including related contiguous subordinate loans (if any), and pari passu participations in senior mortgage loans.
Schedule of Loans Receivable Held-for-Investment Portfolio	Activity relating to our loans receivable held-for-investment portfolio for the nine months ended September 30, 2024 ($ in thousands): Unpaid Principal Balance Deferred Fees and Discounts Specific CECL Reserve Carrying Value (1) Balance at December 31, 2023 $ 7,044,524 $ ( 24,141 ) $ ( 72,587 ) $ 6,947,796 Loan receivable acquired in connection with a full loan repayment 100,007 ( 2,278 ) - 97,729 Advances on existing loans 342,410 - - 342,410 Non-cash advances in lieu of interest 30,536 - - 30,536 Origination fees, discounts, extension fees and exit fees - ( 3,447 ) - ( 3,447 ) Repayments of loans receivable ( 539,525 ) - - ( 539,525 ) Repayments of non-cash advances in lieu of interest ( 21,042 ) - - ( 21,042 ) Accretion of fees and discounts - 15,711 - 15,711 Provision for specific CECL reserve - - ( 113,873 ) ( 113,873 ) Transfer to loans held-for-sale ( 572,017 ) 1,279 74,373 ( 496,365 ) Principal charge-offs - - 561 561 Balance at September 30, 2024 $ 6,384,893 $ ( 12,876 ) $ ( 111,526 ) $ 6,260,491 General CECL reserve ( 117,742 ) Carrying Value $ 6,142,749 (1) Balance at December 31, 2023 does not include general CECL reserve. Loan Participations Sold As of September 30, 2024 , we have no loan participations sold. Our loan participations sold as of December 31, 2023 are summarized as follows ($ in thousands): Contractual Maximum Borrowing Outstanding Carrying Carrying Value 10/18/2024 (1) 10/18/2024 $ 100,634 $ 100,508 $ 182,723 12/31/2024 12/31/2025 20,000 20,000 157,346 Total $ 120,634 $ 120,508 $ 340,069 (1) Carrying value of collateral includes cash reserve balances held by our financing counterparty.
Schedule of Loans Receivable Held-for-sale	As of September 30, 2024 and December 31, 2023, and during the nine months ended September 30, 2024, we reclassified the following loans to held-for-sale ($ in thousands): Property Type Location Loan Commitment Unpaid Principal Balance Carrying Value Before Principal Charge-Off Principal Held-For-Sale Carrying Value Risk Rating (1) For Sale Condo (2) (4) CA $ 247,260 $ 210,771 $ 210,771 $ ( 28,107 ) $ 182,664 4 Multifamil y (2) (5) CO 115,000 115,000 115,173 ( 3,698 ) 111,475 3 Land (2) (5) FL 30,200 30,200 30,351 ( 302 ) 30,049 3 Multifamily (6) CA 260,899 216,045 214,443 ( 42,827 ) 171,616 4 For Sale Condo (3) FL 160,000 158,180 157,346 - 157,346 2 Multifamily (3) FL 77,115 76,580 76,275 - 76,275 3 Mixed-Use (3) (7) FL 141,791 36,773 35,556 ( 7,468 ) 28,088 3 (1) Reflects risk rating of the loan receivable prior to reclassification to held-for-sale. (2) Loan classified as held-for-sale as of September 30, 2024 . (3) Loan classified as held-for-sale as of December 31, 2023 and sold in January 2024. (4) Upon reclassification to held-for-sale, we recognized an additional $ 23.2 million charge-off of accrued interest receivable. The cumulative charge-offs were attributable to the delinquency of the loan and its $ 36.5 million of remaining unfunded commitments. (5) Loan sold in October 2024. (6) Principal charge-off attributable to the construction status of the loan’s collateral asset and its $ 44.9 million of remaining unfunded commitments. During the three months ended June 30, 2024, we recorded an additional principal charge-off of $ 0.6 million relating to transaction costs incurred. The loan was on non-accrual status effective October 1, 2023. The loan sold in April 2024. (7) Principal charge-off attributable to the construction status of the loan’s collateral asset and its $ 105.0 million of remaining unfunded commitments.
Schedule of Loans Receivable Held-for-investment by Loan Type	The following table presents our loans receivable held-for-investment by loan type, as well as property type and geographic location of the properties collateralizing these loans as of September 30, 2024 and December 31, 2023 ($ in thousands): September 30, 2024 December 31, 2023 Loan Type Carrying Value (1) Percentage Carrying Value (2) Percentage Senior loans (3) $ 6,135,628 98 % $ 6,792,666 98 % Subordinate loans 124,863 2 % 155,130 2 % $ 6,260,491 100 % $ 6,947,796 100 % General CECL reserve ( 117,742 ) ( 70,371 ) $ 6,142,749 $ 6,877,425 Property Type Carrying Value (1) Percentage Carrying Value (2) Percentage Multifamily $ 2,615,355 42 % $ 2,829,436 41 % Hospitality 1,231,157 20 % 1,339,067 19 % Office 853,328 14 % 961,744 14 % Mixed-Use (4) 536,886 8 % 596,919 9 % Other 530,320 8 % 482,582 7 % Land 488,538 8 % 518,252 7 % For Sale Condo 4,907 0 % 219,796 3 % $ 6,260,491 100 % $ 6,947,796 100 % General CECL reserve ( 117,742 ) ( 70,371 ) $ 6,142,749 $ 6,877,425 Geographic Location Carrying Value (1) Percentage Carrying Value (2) Percentage United States West $ 2,037,469 33 % $ 2,518,716 35 % Northeast 1,588,299 25 % 1,861,239 27 % Mid Atlantic 788,734 12 % 761,588 11 % Southeast 722,856 11 % 735,011 11 % Southwest 597,702 10 % 592,324 9 % Midwest 485,435 8 % 477,019 7 % Other 39,996 1 % 1,899 0 % $ 6,260,491 100 % $ 6,947,796 100 % General CECL reserve ( 117,742 ) ( 70,371 ) $ 6,142,749 $ 6,877,425 (1) Net of specific CECL r eserves of $ 111.5 million at September 30, 2024 . (2) Net of specific CECL reserves of $ 72.6 million at December 31, 2023 . (3) Senior loans include senior mortgages and similar credit quality loans, including related contiguous subordinate loans and pari passu participations in senior mortgage loans. (4) At September 30, 2024 , mixed-use comprises of 3 % office, 3 % multifamily, 1 % retail, 1 % hospitality, and immaterial amounts of for sale condo. At December 31, 2023, mixed-use comprises of 3 % office, 2 % retail, 2 % multifamily, 1 % hospitality, and immaterial amounts of for sale condo.
Summarizes of Interest and Accretion Income from Loan Portfolio	The following table summarizes our interest and accretion income from our loan portfolio and interest on cash balances for the three and nine months ended September 30, 2024 and 2023, respectively ($ in thousands): Three Months Ended Nine Months Ended September 30, 2024 September 30, 2023 September 30, 2024 September 30, 2023 Coupon interest $ 144,500 $ 171,873 $ 445,826 $ 499,507 Interest on cash, cash equivalents, and other income 1,619 2,814 7,309 9,495 Accretion of fees and discounts 6,751 7,357 15,711 17,943 Total interest and related income (1) $ 152,870 $ 182,044 $ 468,846 $ 526,945 (1) For the three months ended September 30, 2024 and 2023, we recognized $ 2.7 million and $ 1.3 million of default interest, late fees, pre-payment penalties, and/or accelerated fees following repayments prior to maturity. For the nine months ended September 30, 2024 and 2023, we recognized $ 4.0 million and $ 1.6 million , respectively, in default interest, late fees, pre-payment penalties, and/or accelerated fees following repayments prior to maturity .
Market Internal Risk Rating Benefit Activity	The following tables allocate the principal balance and carrying value of our loans receivable held-for-investment based on our internal risk ratings as of September 30, 2024 and December 31, 2023 ($ in thousands): September 30, 2024 Risk Rating Number of Loans Unpaid Principal Balance Carrying Value (1) % of Total of Carrying Value 1 - $ - $ - 0 % 2 - - - 0 % 3 34 3,942,083 3,933,506 63 % 4 15 1,921,006 1,918,234 30 % 5 8 521,804 408,751 7 % 57 $ 6,384,893 $ 6,260,491 100 % General CECL reserve ( 117,742 ) $ 6,142,749 (1) Net of specific CECL reserves of $ 111.5 million . December 31, 2023 Risk Rating Number of Loans Unpaid Principal Balance Carrying Value (1) % of Total of Carrying Value 1 - $ - $ - 0 % 2 - - - 0 % 3 45 5,169,731 5,148,188 74 % 4 15 1,536,748 1,534,829 22 % 5 5 338,045 264,779 4 % 65 $ 7,044,524 $ 6,947,796 100 % General CECL reserve ( 70,371 ) $ 6,877,425 (1) Net of specific CECL reserves of $ 72.6 million.
Summary of Carrying Value and Significant Characteristics of Loans Receivable on Non-accrual Status	The following table presents the carrying value and significant characteristics of our loans receivable held-for-investment on non-accrual status as of September 30, 2024 ($ in thousands): Property Type Location Risk Rating Unpaid Principal Balance Carrying Value Before Specific CECL Reserve Specific Net Carrying Value Interest Recognition Method / Land VA 5 $ 152,261 $ 152,261 $ ( 32,161 ) $ 120,100 Cost Recovery / 1/1/2023 Office (1) CA 5 111,542 111,263 ( 20,063 ) 91,200 Cost Recovery / 4/1/2023 Multifamily NV 5 96,529 96,082 ( 16,682 ) 79,400 Cash Basis / 1/1/2024 Office (2) GA 5 69,492 69,094 ( 28,894 ) 40,200 Cost Recovery / 9/1/2023 Multifamily AZ 5 50,164 49,957 ( 7,157 ) 42,800 Cash Basis / 1/1/2024 Multifamily TX 5 39,279 39,085 ( 5,685 ) 33,400 Cash Basis / 1/1/2024 Other (3) Other 5 1,651 1,651 - 1,651 Cost Recovery / 7/1/2020 Other NY 5 886 884 ( 884 ) - Cost Recovery / 6/30/2023 Total risk rated 5 loans 521,804 520,277 ( 111,526 ) 408,751 Multifamily TX 4 136,355 135,840 - 135,840 Cash Basis / 7/1/2024 Office (4) CA 4 96,214 95,827 - 95,827 Cost Recovery / 9/1/2023 Land NY 4 87,741 88,166 - 88,166 Cash Basis / 4/1/2024 Land NY 4 67,000 67,000 - 67,000 Cash Basis / 11/1/2021 Multifamily TX 4 24,865 24,804 - 24,804 Cash Basis / 7/1/2024 Total risk rated 4 loans 412,175 411,637 - 411,637 Total non-accrual (5) $ 933,979 $ 931,914 $ ( 111,526 ) $ 820,388 (1) During the three months ended September 30, 2024 , cost recovery proceeds of $ 0.9 million were received for this loan while on non-accrual status. (2) During the three months ended September 30, 2024 , cost recovery proceeds of $ 2.0 million were received for this loan while on non-accrual status. (3) During the three months ended September 30, 2024 , cost recovery proceeds of $ 0.2 million were received for this loan while on non-accrual status. (4) During the three months ended September 30, 2024 , cost recovery proceeds of $ 2.0 million were received for this loan while on non-accrual status. (5) Loans classified as non-accrual represented 13.1 % of the total loans receivable held-for-investment at September 30, 2024 , based on carrying value net of any specific CECL reserves. Excludes four loans with an aggregate carrying value of $ 394.8 million that are in maturity default but remain on accrual status as the borrower is either current on interest payments or interest is deemed collectible based on the underlying collateral value. Additionally, as of September 30, 2024 , we have two loans with an aggregate carrying value of $ 520.0 million that are delinquent on interest payments but remain on accrual status as the interest is deemed collectible based on the underlying collateral value. The following table presents the carrying value and significant characteristics of our loans receivable held-for-investment on non-accrual status as of December 31, 2023 ($ in thousands): Property Type Location Risk Rating Unpaid Principal Balance Carrying Value Before Specific CECL Reserve Specific Net Carrying Value Interest Recognition Method / Land VA 5 $ 151,326 $ 151,326 $ ( 31,226 ) $ 120,100 Cost recovery / 1/1/2023 Office (1) CA 5 112,442 112,163 ( 20,523 ) 91,640 Cash basis / 4/1/2023 Office GA 5 71,492 71,094 ( 19,954 ) 51,140 Cost recovery / 9/1/2023 Other (2) Other 5 1,899 1,899 - 1,899 Cost recovery / 7/1/2020 Other NY 5 886 884 ( 884 ) - Cost recovery / 6/30/2023 Total risk rated 5 loans 338,045 337,366 ( 72,587 ) 264,779 Multifamily (3) CA 4 214,479 212,877 - 212,877 Cost recovery / 10/1/2023 Office CA 4 98,214 97,827 - 97,827 Cost recovery / 9/1/2023 Land NY 4 67,000 67,000 - 67,000 Cash basis / 11/1/2021 Total risk rated 4 loans 379,693 377,704 - 377,704 Total non-accrual (4) $ 717,738 $ 715,070 $ ( 72,587 ) $ 642,483 (1) During the year ended December 31, 2023 , interest income of $ 0.3 million was recognized on a cash basis for this loan while on non-accrual status. (2) During the year ended December 31, 2023 , cost recovery proceeds of $ 1.6 million were received for this loan while on non-accrual status. (3) This loan was sold in April 2024. During the year ended December 31, 2023 , cost recovery proceeds of $ 0.4 million were received for this loan while on non-accrual status. (4) Loans classified as non-accrual represented 9.2 % of the total loans receivable held-for-investment at December 31, 2023 , based on carrying value net of any specific CECL reserves. Excludes four loans with an aggregate carrying value of $ 490.2 million that are in maturity default but remain on accrual status as the borrower is either current on interest payments or interest is deemed collectible based on the underlying collateral value. Additionally, as of December 31, 2023 , we have one loan with an aggregate carrying value of $ 78.4 million that is delinquent on interest payments but remains on accrual status as the interest is deemed collectible based on the underlying collateral value.
Schedule of Activity In Allowance For Loan Losses	The following table illustrates the changes in the current expected credit loss reserve for our loans receivable held-for-investment for the nine months ended September 30, 2024 and 2023, respectively ($ in thousands): Specific CECL Reserve General CECL Reserve Loans Receivable Held-for-Investment Accrued Interest Receivable (1) Total Specific CECL Reserve Loans Receivable Held-for-Investment Unfunded Loan Commitments (1) Total General CECL Reserve Total CECL Reserve Total reserve, December 31, 2022 $ 60,300 $ - $ 60,300 $ 68,347 $ 17,715 $ 86,062 $ 146,362 Reversal - - - ( 1,021 ) ( 2,218 ) ( 3,239 ) ( 3,239 ) Total reserve, March 31, 2023 $ 60,300 $ - $ 60,300 $ 67,326 $ 15,497 $ 82,823 $ 143,123 Provision (reversal) 44,588 - 44,588 ( 1,628 ) ( 1,485 ) ( 3,113 ) 41,475 Charge-offs ( 66,935 ) - ( 66,935 ) - - - ( 66,935 ) Total reserve, June 30, 2023 $ 37,953 $ - $ 37,953 $ 65,698 $ 14,012 $ 79,710 $ 117,663 Provision (reversal) 106,949 - 106,949 4,044 ( 793 ) 3,251 110,200 Charge-offs ( 72,958 ) - ( 72,958 ) - - - ( 72,958 ) Total reserve, September 30, 2023 $ 71,944 $ - $ 71,944 $ 69,742 $ 13,219 $ 82,961 $ 154,905 Total reserve, December 31, 2023 $ 72,587 $ - $ 72,587 $ 70,371 $ 9,726 $ 80,097 $ 152,684 Provision (reversal) 47,285 - 47,285 23,358 ( 683 ) 22,675 69,960 Charge-offs ( 42,266 ) - ( 42,266 ) - - - ( 42,266 ) Total reserve, March 31, 2024 $ 77,606 $ - $ 77,606 $ 93,729 $ 9,043 $ 102,772 $ 180,378 Provision 1,232 - 1,232 31,750 946 32,696 33,928 Charge-offs ( 561 ) - ( 561 ) - - - ( 561 ) Total reserve, June 30, 2024 $ 78,277 $ - $ 78,277 $ 125,479 $ 9,989 $ 135,468 $ 213,745 Provision (reversal) 65,356 23,245 88,601 ( 7,737 ) ( 2,108 ) ( 9,845 ) 78,756 Charge-offs ( 32,107 ) ( 23,245 ) ( 55,352 ) - - - ( 55,352 ) Total reserve, September 30, 2024 $ 111,526 $ - $ 111,526 $ 117,742 $ 7,881 $ 125,623 $ 237,149 Reserve at September 30, 2024 (2) 1.7 % 2.0 % 3.7 % (1) CECL reserve for unfunded commitments is included in other liabilities on the consolidated balance sheets. CECL reserve for accrued interest receivable, if any, is included in other assets on the consolidated balance sheets. (2) Represents CECL reserve as a percent of total unpaid principal balance of loans receivable held-for-investment. As of September 30, 2024 , specific CECL reserves approximated 21.4 % of unpaid principal balance of loans with specific CECL reserves. As of September 30, 2024, general CECL reserves approximated 2.1 % of unpaid principal balance of loans subject to the general CECL reserve.
Summary of Loans Receivable Held-for-investment With Specific CECL Reserves	The following table presents a summary of our loans receivable held-for-investment with specific CECL reserves as of September 30, 2024 ($ in thousands): Property Type Location Unpaid Principal Balance Carrying Value Before Specific CECL Reserve Specific CECL Reserve Net Carrying Value Land (1) VA $ 152,261 $ 152,261 $ 32,161 $ 120,100 Office (2) CA 111,542 111,263 20,063 91,200 Multifamily (3) NV 96,529 96,082 16,682 79,400 Office (4) GA 69,492 69,094 28,894 40,200 Multifamily (5) AZ 50,164 49,957 7,157 42,800 Multifamily (6) TX 39,279 39,085 5,685 33,400 Other (7) NY 886 884 884 - Total $ 520,153 $ 518,626 $ 111,526 $ 407,100 (1) During the nine months ended September 30, 2024, we recorded additional specific CECL reserves totaling $ 0.9 million as a result of protective advances made. Effective January 1, 2023 , this loan was placed on non-accrual status . As of September 30, 2024 , this loan is in maturity default. (2) During the nine months ended September 30, 2024, we reversed our specific CECL reserve by $ 0.4 million based on changes to the collateral value, offset by cost recovery proceeds received. Effective April 1, 2023 , this loan was placed on non-accrual status. As of September 30, 2024 , this loan is in maturity default. (3) As of September 30, 2024, we recognized a specific CECL reserve of $ 16.7 million . Effective January 1, 2024 , this loan was placed on non-accrual status. (4) During the nine months ended September 30, 2024, we recorded additional specific CECL reserves totaling $ 8.9 million based on changes to the collateral value, offset by cost recovery proceeds received. Effective September 1, 2023 , this loan was placed on non-accrual status. As of September 30, 2024 , this loan is in maturity default. (5) As of September 30, 2024, we recognized a specific CECL reserve of $ 7.2 million . Effective January 1, 2024 , this loan was placed on non-accrual status. (6) As of September 30, 2024, we recognized a specific CECL reserve of $ 5.7 million . Effective January 1, 2024 , this loan was placed on non-accrual status. (7) Effective June 30, 2023 , the loan was placed on non-accrual status. As of September 30, 2024 , this loan is in maturity default.
Schedule of Carrying Value of Loan Portfolio Based on Internal Risk Ratings	Our primary credit quality indicator is our internal risk rating, which is further discussed above. The following table presents the carrying value of our loans receivable held-for-investment as of September 30, 2024 by year of origination and risk rating, and principal charge-offs recognized during the nine months ended September 30, 2024 ($ in thousands): Carrying Value by Origination Year as of September 30, 2024 Risk Rating Number of Loans Carrying Value (1) 2024 (3) 2023 2022 2021 2020 2019 2018 1 - $ - $ - $ - $ - $ - $ - $ - $ - 2 - - - - - - - - - 3 34 3,933,506 98,303 101,196 1,530,442 968,021 - 800,835 434,709 4 15 1,918,234 - - 682,227 571,369 87,750 410,170 166,718 5 8 408,751 - - 155,600 40,200 91,200 1,651 120,100 57 $ 6,260,491 $ 98,303 $ 101,196 $ 2,368,269 $ 1,579,590 $ 178,950 $ 1,212,656 $ 721,527 Principal Charge-offs (2) $ - $ - $ - $ 46,525 $ 302 $ - $ 28,107 $ - (1) Net of specific CECL reserves of $ 111.5 million. (2) Principal charge-off of $ 46.5 million comprised of a principal charge-off of $ 42.8 million recognized in connection with the sale of a senior loan in April 2024 and a principal charge-off of $ 3.7 million recognized in connection with the sale of a senior loan in October 2024. Principal charge-off of $ 0.3 million recognized in connection with the sale of a subordinate loan in October 2024. Principal charge-off of $ 28.1 million recognized in connection with the anticipated sale of a senior loan. (3) Reflects a loan receivable acquired in connection with a full loan repayment during the three months ended September 30, 2024 .
Schedule of Overall Statistics for Loans Receivable and Interests in Loans Receivable Portfolio	The following table details overall statistics for our loans receivable held-for-investment: September 30, 2024 December 31, 2023 Weighted average yield to maturity (1) 8.4 % 9.1 % Weighted average term to initial maturity 0.8 years 1.2 years Weighted average term to fully extended maturity (2) 2.1 years 2.6 years (1) Represents the weighted average annualized yield to initial maturity of each loan, inclusive of coupon, and fees received, based on the applicable floating benchmark rate/floors (if applicable), in place as of September 30, 2024 and December 31, 2023 . For loans placed on non-accrual, the annualized yield to initial maturity used in calculating the weighted average annualized yield to initial maturity is 0 %.

Real Estate Owned (Tables)

Real Estate Owned (Tables)	9 Months Ended
	Sep. 30, 2024
Real Estate Owned, Disclosure of Detailed Components [Abstract]
Summary of Additional Detail Related to the Company's Hotel Portfolio and Mixed-use Real Estate Owned, Net	The following table presents detail related to our hotel portfolio and mixed-use real estate owned, net as of September 30, 2024 and December 31, 2023 ($ in thousands): September 30, 2024 December 31, 2023 Land $ 235,998 $ 235,998 Building 295,651 295,651 Capital improvements 5,152 4,436 Tenant improvements 4,414 4,414 Furniture, fixtures and equipment 6,500 6,500 Real estate owned 547,715 546,999 Less: accumulated depreciation ( 31,289 ) ( 24,040 ) Real estate owned, net $ 516,426 $ 522,959
Schedule of Revenues and Operating Expenses of Real Estate Owned Properties	The following table presents additional detail related to the revenues and operating expenses of our real estate owned properties ($ in thousands): Three Months Ended Nine Months Ended September 30, 2024 September 30, 2023 September 30, 2024 September 30, 2023 Revenue Hotel portfolio $ 21,250 $ 20,777 $ 53,995 $ 51,606 Mixed-Use property fixed rents 1,985 1,663 6,157 1,663 Mixed-Use property straight-line rent 32 ( 102 ) 95 ( 102 ) Mixed-Use property variable rents 190 136 410 136 Mixed-Use property amortization of ( 354 ) ( 354 ) ( 1,062 ) ( 354 ) Total revenue from real estate owned $ 23,103 $ 22,120 $ 59,595 $ 52,949 Operating expenses Hotel portfolio $ 13,189 $ 12,625 $ 37,458 $ 33,893 Mixed-Use property 1,538 1,081 4,008 1,081 Total operating expenses from $ 14,727 $ 13,706 $ 41,466 $ 34,974
Schedule of Future Minimum Fixed Rents under Non-Cancellable Leases	the future minimum fixed rents under our non-cancellable leases for each of the next five years and thereafter are as follows ($ in thousands): Year Amount 2024 (1) $ 2,078 2025 8,383 2026 8,415 2027 8,432 2028 8,323 Thereafter 27,462 Total $ 63,093 (1) Contractual lease payments due for the remaining three months of 2024.
Schedule of Lease Intangibles	As of September 30, 2024 and December 31, 2023, our lease intangibles are comprised of the following ($ in thousands): Intangible September 30, 2024 December 31, 2023 In-place, above market, and other lease values $ 24,289 $ 24,289 Less: accumulated amortization ( 3,240 ) ( 1,296 ) In-place, above market, and other lease values, net $ 21,049 $ 22,993 Below market lease values $ ( 4,209 ) $ ( 4,209 ) Less: accumulated amortization 471 188 Below market lease values, net $ ( 3,738 ) $ ( 4,021 )
Estimated Amortization of Intangibles for Next Five Years	As of September 30, 2024, the estimated amortization of these intangibles is approximately as follows ($ in thousands): In-place and Other (1) Above Market (2) Below Market (2) 2024 (3) $ 200 $ ( 448 ) $ 94 2025 802 ( 1,791 ) 377 2026 802 ( 1,791 ) 377 2027 802 ( 1,791 ) 377 2028 769 ( 1,771 ) 377 Thereafter 2,025 ( 8,057 ) 2,136 Total $ 5,400 $ ( 15,649 ) $ 3,738 (1) Amortization of in-place and other lease values is recognized in depreciation and amortization expense on our consolidated statements of operations. (2) Amortization of above and below market lease values, net is recognized in revenue from real estate owned on our consolidated statements of operations. (3) Represents amortization for the remaining three months of 2024.

Debt Obligations (Tables)

Debt Obligations (Tables)	9 Months Ended
	Sep. 30, 2024
Debt Disclosure [Abstract]
Summary of Financings	The following table summarizes our financings as of September 30, 2024 and December 31, 2023 ($ in thousands): September 30, 2024 December 31, 2023 Capacity Borrowing Outstanding Weighted (1) Capacity Borrowing Outstanding Weighted (1) Repurchase agreements and term (2) $ 5,368,772 $ 3,836,492 + 2.73 % $ 5,709,907 $ 4,271,112 + 2.76 % Loan participations sold - - - 120,634 120,634 + 4.15 % Notes payable 380,830 306,994 + 3.77 % 419,867 286,827 + 3.10 % Secured term loan 719,731 719,731 + 4.50 % 725,452 725,452 + 4.50 % Debt related to real estate owned 280,000 280,000 + 2.90 % 290,000 290,000 + 2.83 % Total/Weighted Average $ 6,749,333 $ 5,143,217 + 3.05 % $ 7,265,860 $ 5,694,025 + 3.03 % (1) Weighted average spread over the applicable benchmark rate is based on unpaid principal balance. SOFR as of September 30, 2024 and December 31, 2023 was 4.85 % and 5.35 % , respectively. (2) The repurchase agreements and term participation facility are partially recourse to us. As of September 30, 2024 and December 31, 2023 , the weighted average recourse on both our repurchase agreements and term participation facility was 30 % and 30 %, respectively.
Summary of Repurchase Agreements	The following table summarizes our repurchase agreements by lender as of September 30, 2024 ($ in thousands): Lender Initial Maturity Fully (1) Maximum Borrowing Undrawn Carrying Value of Collateral (2) JP Morgan Chase Bank, N.A. 7/28/2026 7/28/2028 $ 2,404,480 $ 2,219,163 $ 185,317 $ 3,249,421 Morgan Stanley Bank, N.A. 1/26/2025 1/27/2028 750,000 454,403 295,597 697,242 Goldman Sachs Bank USA 5/31/2025 5/31/2027 500,000 145,268 354,732 187,443 Barclays Bank PLC 12/20/2024 12/20/2025 500,000 - 500,000 - Wells Fargo Bank, N.A. 11/29/2024 9/29/2026 750,000 632,167 117,833 871,079 Total $ 4,904,480 $ 3,451,001 $ 1,453,479 $ 5,005,185 (1) Facility maturity dates may be extended , subject to meeting prescribed conditions . (2) Net of specific CECL reserves, if any. The Deutsche Bank AG, New York Branch repurchase agreement reached its maturity in June 2024, upon which the facility was terminated. The following table summarizes our repurchase agreements by lender as of December 31, 2023 ($ in thousands): Lender Initial Maturity Fully (1) Maximum Borrowing Undrawn Carrying Value of Collateral (2) JP Morgan Chase Bank, N.A. 7/28/2026 7/28/2028 $ 1,905,465 $ 1,672,878 $ 232,587 $ 2,257,442 Morgan Stanley Bank, N.A 1/26/2024 1/26/2025 1,000,000 735,393 264,607 1,023,295 Goldman Sachs Bank USA 5/31/2025 (3) 5/31/2027 500,000 175,755 324,245 286,623 Barclays Bank PLC 12/20/2024 12/20/2025 500,000 135,129 364,871 250,823 Deutsche Bank AG, 6/26/2024 6/26/2026 400,000 359,646 40,354 611,741 Wells Fargo Bank, N.A. 9/29/2024 9/29/2026 750,000 726,877 23,123 939,628 Total $ 5,055,465 $ 3,805,678 $ 1,249,787 $ 5,369,552 (1) Facility maturity dates may be extended, subject to meeting prescribed conditions. (2) Net of specific CECL reserves, if any. (3) Assumes as of right extension is exercised, subject to meeting prescribed conditions.
Schedule of Loans Receivable Held-for-Investment Portfolio	Activity relating to our loans receivable held-for-investment portfolio for the nine months ended September 30, 2024 ($ in thousands): Unpaid Principal Balance Deferred Fees and Discounts Specific CECL Reserve Carrying Value (1) Balance at December 31, 2023 $ 7,044,524 $ ( 24,141 ) $ ( 72,587 ) $ 6,947,796 Loan receivable acquired in connection with a full loan repayment 100,007 ( 2,278 ) - 97,729 Advances on existing loans 342,410 - - 342,410 Non-cash advances in lieu of interest 30,536 - - 30,536 Origination fees, discounts, extension fees and exit fees - ( 3,447 ) - ( 3,447 ) Repayments of loans receivable ( 539,525 ) - - ( 539,525 ) Repayments of non-cash advances in lieu of interest ( 21,042 ) - - ( 21,042 ) Accretion of fees and discounts - 15,711 - 15,711 Provision for specific CECL reserve - - ( 113,873 ) ( 113,873 ) Transfer to loans held-for-sale ( 572,017 ) 1,279 74,373 ( 496,365 ) Principal charge-offs - - 561 561 Balance at September 30, 2024 $ 6,384,893 $ ( 12,876 ) $ ( 111,526 ) $ 6,260,491 General CECL reserve ( 117,742 ) Carrying Value $ 6,142,749 (1) Balance at December 31, 2023 does not include general CECL reserve. Loan Participations Sold As of September 30, 2024 , we have no loan participations sold. Our loan participations sold as of December 31, 2023 are summarized as follows ($ in thousands): Contractual Maximum Borrowing Outstanding Carrying Carrying Value 10/18/2024 (1) 10/18/2024 $ 100,634 $ 100,508 $ 182,723 12/31/2024 12/31/2025 20,000 20,000 157,346 Total $ 120,634 $ 120,508 $ 340,069 (1) Carrying value of collateral includes cash reserve balances held by our financing counterparty.
Schedule of Term Participation Facility	Our term participation facility as of September 30, 2024 is summarized as follows ($ in thousands): Contractual Maturity Date Borrowing Outstanding Carrying Value Carrying Value 10/11/2028 $ 385,491 $ 385,491 $ 640,881 Our term participation facility as of December 31, 2023 is summarized as follows ($ in thousands): Contractual Maturity Date Borrowing Outstanding Carrying Value Carrying Value 10/11/2028 $ 465,434 $ 465,434 $ 797,335
Summary of Notes Payable	Our notes payable as of September 30, 2024 are summarized as follows ($ in thousands): Contractual Maximum Borrowing Outstanding Carrying Carrying Value 9/2/2026 9/2/2027 $ 92,270 $ 91,227 $ 129,822 7/15/2027 7/15/2027 85,000 84,336 183,359 5/13/2026 5/13/2027 73,573 72,972 126,220 2/2/2026 2/2/2027 56,151 55,523 70,318 Total $ 306,994 $ 304,058 $ 509,719 Our notes payable as of December 31, 2023 are summarized as follows ($ in thousands): Contractual Maximum Borrowing Outstanding Carrying Carrying Value 12/31/2024 12/31/2025 $ 110,714 $ 110,152 $ 157,346 2/2/2026 2/2/2027 50,418 49,576 61,941 9/2/2026 9/2/2027 46,267 45,063 64,270 10/13/2025 10/13/2026 39,924 39,313 65,637 11/22/2024 11/24/2026 39,504 39,237 52,662 Total $ 286,827 $ 283,341 $ 401,856
Summary of Secured Term Loan	The secured term loan as of September 30, 2024 is summarized as follows ($ in thousands): Contractual Maturity Date Stated Rate (1) Interest Rate Borrowing Outstanding Carrying Value 8/9/2026 S + 4.50% 9.45 % $ 719,731 $ 710,477 (1) SOFR at September 30, 2024 was 4.85 % . The secured term loan as of December 31, 2023 is summarized as follows ($ in thousands): Contractual Maturity Date Stated Rate (1) Interest Rate Borrowing Outstanding Carrying Value 8/9/2026 S + 4.50% 9.95 % $ 725,452 $ 712,576 (1) SOFR at December 31, 2023 was 5.35 % .
Summary of additional detail related to the company's real estate portfolio	Our debt related to real estate owned as of September 30, 2024 is summarized as follows ($ in thousands): Contractual Maturity Date Stated Rate (1) Net Interest Rate (1) Borrowing Outstanding Carrying Value 11/9/2024 S + 2.90 % 7.75 % $ 280,000 $ 279,650 (1) SOFR at September 30, 2024 was 4.85 % , which is lower than the 5.00 % ceiling provided by our interest rate cap. See Note 7 - Derivatives for further detail. Our debt related to real estate owned as of December 31, 2023 is summarized as follows ($ in thousands): Contractual Maturity Date Stated Rate (1) Net Interest Rate (1) Borrowing Outstanding Carrying Value 2/9/2024 S + 2.83 % 5.83 % $ 290,000 $ 289,913 (1) SOFR at December 31, 2023 was 5.35 % , which exceeded the 3.00 % ceiling provided by our interest rate cap. See Note 7 – Derivatives for further detail.
Summary of Interest Expense and Amortization	The following table summarizes our interest and amortization expense on our secured financings, debt related to real estate owned and secured term loan for the three and nine months ended September 30, 2024 and 2023, respectively ($ in thousands): Three Months Ended Nine Months Ended September 30, 2024 September 30, 2023 September 30, 2024 September 30, 2023 Interest expense on secured financings $ 87,141 $ 99,773 $ 270,314 $ 278,583 Interest expense on secured term loan 18,292 18,378 54,711 53,561 Amortization of deferred financing costs 5,663 5,460 15,227 17,170 Interest and related expense 111,096 123,611 340,252 349,314 Interest expense on debt related to real estate owned (1) 6,900 6,137 20,098 17,446 Total interest and related expense $ 117,996 $ 129,748 $ 360,350 $ 366,760 (1) For the three months ended September 30, 2024 and 2023, interest on debt related to real estate owned includes $ 1.1 million and $ 131,000 of amortization of deferred financing costs, respectively. For the nine months ended September 30, 2024 and 2023, interest on debt related to real estate owned includes $ 2.5 million and $ 394,000 of amortization of financing costs, respectively.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2024
Fair Value Disclosures [Abstract]
Schedule of Financial Instruments Measured at Carrying And Estimated Fair Value	The carrying value and estimated fair value of financial instruments not recorded at fair value on a recurring basis but required to be disclosed at fair value were as follows ($ in thousands): September 30, 2024 Carrying Unpaid Principal Fair Value Hierarchy Level Value Balance Fair Value Level 1 Level 2 Level 3 Loans receivable held-for-investment, net $ 6,142,749 $ 6,384,893 $ 6,146,384 $ - $ - $ 6,146,384 Loans receivable held-for-sale 324,188 355,971 324,188 - - 324,188 Repurchase agreements 3,451,001 3,451,001 3,451,001 - - 3,451,001 Term participation facility 385,491 385,491 384,589 - - 384,589 Notes payable, net 304,058 306,994 304,115 - - 304,115 Secured term loan, net 710,477 719,731 687,343 - - 687,343 Debt related to real estate owned, net 279,650 280,000 279,473 - - 279,473 December 31, 2023 Carrying Unpaid Principal Fair Value Hierarchy Level Value Balance Fair Value Level 1 Level 2 Level 3 Loans receivable held-for-investment, net $ 6,877,425 $ 7,044,524 $ 6,875,377 $ - $ - $ 6,875,377 Loans receivable held-for-sale 261,709 264,065 261,709 - - 261,709 Repurchase agreements 3,805,678 3,805,678 3,805,678 - - 3,805,678 Term participation facility 465,434 465,434 463,010 - - 463,010 Loan participations sold, net 120,508 120,634 120,000 - - 120,000 Notes payable, net 283,341 286,827 284,904 - - 284,904 Secured term loan, net 712,576 725,452 694,620 - - 694,620 Debt related to real estate owned, net 289,913 290,000 289,422 - - 289,422

Equity (Tables)

Equity (Tables)	9 Months Ended
	Sep. 30, 2024
Equity [Abstract]
Schedule of Common Stock Outstanding	The following table provides a summary of the number of shares of common stock outstanding during the nine months ended September 30, 2024 and 2023, respectively: Nine Months Ended Common Stock Outstanding September 30, 2024 September 30, 2023 Beginning balance 138,745,357 138,376,144 Issuance of common stock in exchange for fully vested RSUs 617,300 352,546 Ending balance 139,362,657 138,728,690
Summary of Dividends Declared For Common And Preferred Stock.	The following tables detail our dividend activity for common stock ($ in thousands, except per share data): For the Quarter Ended March 31, 2024 June 30, 2024 September 30, 2024 Amount Per Share Amount Per Share Amount Per Share Dividends declared - common stock $ 34,687 $ 0.25 $ 34,739 $ 0.25 $ 13,936 $ 0.10 Record Date - common stock March 29, 2024 June 28, 2024 September 30, 2024 Payment Date - common stock April 15, 2024 July 15, 2024 October 15, 2024 For the Quarter Ended March 31, 2023 June 30, 2023 September 30, 2023 Amount Per Share Amount Per Share Amount Per Share Dividends declared - common stock $ 51,199 $ 0.37 $ 51,203 $ 0.37 $ 34,682 $ 0.25 Record Date - common stock March 31, 2023 June 30, 2023 September 29, 2023 Payment Date - common stock April 14, 2023 July 14, 2023 October 13, 2023

Earnings per Share (Tables)

Earnings per Share (Tables)	9 Months Ended
	Sep. 30, 2024
Earnings Per Share [Abstract]
Schedule of Basic and Diluted Earning per Share	As of September 30, 2024 and 2023, we ha d no dilutive securities. As a r esult, basic and diluted EPS are the same. The calculation of basic and diluted EPS is as follows ($ in thousands, except for share and per share data): Three Months Ended Nine Months Ended September 30, 2024 September 30, 2023 September 30, 2024 September 30, 2023 Net loss $ ( 56,218 ) $ ( 68,947 ) $ ( 120,567 ) $ ( 28,016 ) Dividends on participating securities (1) ( 245 ) ( 648 ) ( 1,949 ) ( 3,074 ) Participating securities’ share in earnings - - - - Basic loss $ ( 56,463 ) $ ( 69,595 ) $ ( 122,516 ) $ ( 31,090 ) Weighted average shares of common stock outstanding, (2) 139,561,491 138,899,168 139,145,099 138,563,355 Net loss per share of common stock, basic and diluted $ ( 0.40 ) $ ( 0.50 ) $ ( 0.88 ) $ ( 0.22 ) (1) For the three months ended September 30, 2024 and 2023, dividends on participating securities excludes $ 9,000 and $ 9,000 of dividends on fully vested restricted stock units (“RSU”). For the nine months ended September 30, 2024 and 2023, dividends on participating securities excludes $ 42,000 and $ 24,000 of dividends on fully vested RSUs. (2) Amounts as of September 30, 2024 and 2023 include 95,380 and 37,467 fully vested RSUs.

Related Party Transactions (Tab

Related Party Transactions (Tables)	9 Months Ended
	Sep. 30, 2024
Related Party Transactions [Abstract]
Summary of Management and Incentive Fees	The following table summarizes our management and incentive fees ($ in thousands): Three Months Ended Nine Months Ended September 30, 2024 September 30, 2023 September 30, 2024 September 30, 2023 Management fees $ 9,079 $ 9,541 $ 27,300 $ 28,838 Incentive fees - - - 1,558 Total $ 9,079 $ 9,541 $ 27,300 $ 30,396

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2024
Share-Based Payment Arrangement [Abstract]
Summary of Time-based RSUs Granted to Non-executive Members of the Board	The following table details the time-based RSUs granted to non-executive members of the Board: Date of Grant Total RSU Grant Grant Date Fair Value Per Share 6/1/2024 89,214 $ 8.07 6/1/2023 58,536 $ 10.25 6/1/2022 29,280 $ 20.49
Summary of Time-Based Restricted Stock Units Activity	The following tables detail the time-based RSU activity during the nine months ended September 30, 2024 and 2023: Nine Months Ended September 30, 2024 Nine Months Ended September 30, 2023 Number of Restricted Share Units Weighted Average Grant Date Fair Value Per Share Number of Restricted Share Units Weighted Average Grant Date Fair Value Per Share Unvested, beginning of period 2,526,202 $ 15.31 2,159,280 $ 18.74 Granted 1,269,544 9.53 1,167,354 11.25 Vested ( 1,072,611 ) 15.74 ( 732,598 ) 18.79 Forfeited ( 277,505 ) 12.67 ( 38,500 ) 16.31 Unvested, end of period 2,445,630 12.42 2,555,536 15.34

Commitments and Contingencies (

Commitments and Contingencies (Table)	9 Months Ended
	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Schedule of Contractual Maturity Payment	Our contractual payments due under all financings were as follows as of September 30, 2024 ($ in thousands): Year Initial (2) Fully Extended (3) 2024 (1) $ 1,676,409 $ 858,012 2025 1,800,073 491,820 2026 1,666,735 2,067,342 2027 - 1,348,593 2028 - 377,450 Total $ 5,143,217 $ 5,143,217 (1) Includes financings outstanding of $ 354.1 million related to seven loans in maturity default with aggregate unpaid principal balance of $ 734.8 million. (2) Initial maturity is based on the earlier of the initial maturity date of each individual corresponding loan receivable or the maximum maturity date under the respective financing agreement, assuming conditions to extend are met. (3) Fully extended maturity is based on the earlier of the fully extended maturity date of each individual corresponding loan receivable or the maximum maturity date under the respective financing agreement, assuming conditions to extend are met.

Loan Portfolio - Schedule of Lo

Loan Portfolio - Schedule of Loan Receivable Held-for-Investment Portfolio (Details) $ in Thousands		9 Months Ended		12 Months Ended
		Sep. 30, 2024 USD ($) Loan		Dec. 31, 2023 USD ($) Loan
Schedule Of Loans Receivables Past Due [Line Items]
Loan Commitment		$ 6,969,066	[1]	$ 8,121,436	[2]
Unpaid Principal Balance		6,384,893		7,044,524
Loans receivable held-for-investment		$ 6,260,491	[3]	$ 6,947,796	[4]
Number of Loans | Loan		57		65
Weighted Average Spread		0		0
Weighted Average Interest Rate		7.79%	[5]	8.70%	[6]
General CECL reserve		$ (117,742)	[3],[7]	$ (70,371)	[4],[8]
Loans receivable held-for-investment, net		6,142,749	[3]	6,877,425	[4]
Variable Senior Loans
Schedule Of Loans Receivables Past Due [Line Items]
Loan Commitment		6,836,841	[1],[9]	7,952,806	[2],[10]
Unpaid Principal Balance		6,252,668	[9]	6,875,894	[10]
Loans receivable held-for-investment		$ 6,129,070	[3],[9]	$ 6,779,899	[4],[10]
Number of Loans | Loan		53	[9]	60	[10]
Weighted Average Interest Rate		7.78%	[5],[9]	8.67%	[6],[10]
Variable Senior Loans | Secured Overnight Financing Rate (SOFR)
Schedule Of Loans Receivables Past Due [Line Items]
Weighted Average Spread		+ 3.66%	[9],[11]	+ 3.87%	[10],[12]
Variable Subordinate Loans
Schedule Of Loans Receivables Past Due [Line Items]
Loan Commitment	[2]			$ 30,200
Unpaid Principal Balance				30,200
Loans receivable held-for-investment	[4]			$ 30,313
Number of Loans | Loan				1
Weighted Average Interest Rate	[6]			18.21%
Variable Subordinate Loans | Secured Overnight Financing Rate (SOFR)
Schedule Of Loans Receivables Past Due [Line Items]
Weighted Average Spread	[12]			+ 12.86%
Variable Loan
Schedule Of Loans Receivables Past Due [Line Items]
Loan Commitment		$ 6,836,841	[1]	$ 7,983,006	[2]
Unpaid Principal Balance		6,252,668		6,906,094
Loans receivable held-for-investment		$ 6,129,070	[3]	$ 6,810,212	[4]
Number of Loans | Loan		53		61
Weighted Average Interest Rate		7.78%	[5]	8.71%	[6]
Variable Loan | Secured Overnight Financing Rate (SOFR)
Schedule Of Loans Receivables Past Due [Line Items]
Weighted Average Spread		+ 3.66%	[11]	+ 3.91%	[12]
Fixed Senior Loans
Schedule Of Loans Receivables Past Due [Line Items]
Loan Commitment		$ 6,339	[1],[9]	$ 12,544	[2],[10]
Unpaid Principal Balance		6,339	[9]	12,544	[10]
Loans receivable held-for-investment		$ 6,558	[3],[9]	$ 12,767	[4],[10]
Number of Loans | Loan		2	[9]	2	[10]
Weighted Average Interest Rate		8.87%	[5],[9]	8.49%	[6],[10]
Fixed Subordinate Loans
Schedule Of Loans Receivables Past Due [Line Items]
Loan Commitment		$ 125,886	[1]	$ 125,886	[2]
Unpaid Principal Balance		125,886		125,886
Loans receivable held-for-investment		$ 124,863	[3]	$ 124,817	[4]
Number of Loans | Loan		2		2
Weighted Average Interest Rate		8.44%	[5]	8.44%	[6]
Fixed Loan
Schedule Of Loans Receivables Past Due [Line Items]
Loan Commitment		$ 132,225	[1]	$ 138,430	[2]
Unpaid Principal Balance		132,225		138,430
Loans receivable held-for-investment		$ 131,421	[3]	$ 137,584	[4]
Number of Loans | Loan		4		4
Weighted Average Interest Rate		8.46%	[5]	8.44%	[6]
[1] Loan commitment represents principal outstanding plus remaining unfunded loan commitments. Loan commitment represents principal outstanding plus remaining unfunded loan commitments. Net of specific CECL reserve s of $ 111.5 million. Net of specific CECL reserves of $ 72.6 million. Reflects the weighted average interest rate based on the applicable floating benchmark rate (if applicable), including SOFR floors (if applicable). Weighted average is based on outstanding principal as of September 30, 2024 and includes loans on non-accrual status. For loans placed on non-accrual, the spread used in calculating the weighted average interest rate is 0 %. Reflects the weighted average interest rate based on the applicable floating benchmark rate (if applicable), including SOFR floors (if applicable). Weighted average is based on unpaid principal balance as of December 31, 2023 and includes loans on non-accrual status. For loans placed on non-accrual, the interest rate used in calculating the weighted average interest rate is 0 %. Net of specific CECL reserves of $ 111.5 million . Net of specific CECL reserves of $ 72.6 million. Senior loans include senior mortgages and similar credit quality loans, including related contiguous subordinate loans (if any), and pari passu participations in senior mortgage loans. Senior loans include senior mortgages and similar credit quality loans, including related contiguous subordinate loans (if any), and pari passu participations in senior mortgage loans. The weighted average spread is expressed as a spread over the relevant floating benchmark rates. One-month term Secured Overnight Financing Rate (“SOFR”) as of September 30, 2024 was 4.85 % . Weighted average is based on outstanding principal as of September 30, 2024 . For loans placed on non-accrual, the spread used in calculating the weighted average spread is 0 %. The weighted average is expressed as a spread over the relevant floating benchmark rates. SOFR as of December 31, 2023 was 5.35 % . Weighted average is based on unpaid principal balance as of December 31, 2023 . For loans placed on non-accrual, the spread used in calculating the weighted average spread is 0 %.

Loan Portfolio - Schedule of _2

Loan Portfolio - Schedule of Loan Receivable Held-for-Investment Portfolio (Parenthetical) (Details) - USD ($) $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Schedule Of Loans Receivables Past Due [Line Items]
Specific CECL reserves	$ 111.5	$ 72.6
Weighted Average Spread	0	0
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Schedule Of Loans Receivables Past Due [Line Items]
One-month SOFR	4.85%	5.35%

Loan Portfolio - Additional Inf

Loan Portfolio - Additional Information (Details) $ in Thousands	3 Months Ended	9 Months Ended		12 Months Ended
	Sep. 30, 2024 USD ($) Loan	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)	Jun. 30, 2022
Schedule of Loans Receivable Allowance for Credit Losses [Line Items]
Unpaid Principal Balance	$ 75,500
Repayments of loans receivable	7,200	$ 550,525	$ 523,267
Remaining repayments of principal	68,300
Proceeds from secured loan	30,000
Unsecured personal loan	38,300
Loans receivable held-for-sale	324,188	324,188		$ 261,709
Increase in specific CECL reserve		45,500	151,500
Loans receivable reversal of general Cecl reserve	137,100	137,100	3,100
Specific CECL reserves		111,500		$ 72,600
Provision (reversal) of current expected credit loss		182,600	148,400
Provision for current expected credit losses	$ 237,100	$ 237,100	$ 154,900
Debt instrument extended maturity date				Sep. 18, 2023
Office
Schedule of Loans Receivable Allowance for Credit Losses [Line Items]
Credit rating loan repaid | Loan	4
Unpaid Principal Balance	$ 122,500
Cash proceeds from loans receivable	25,100
Retail and Entertainment
Schedule of Loans Receivable Allowance for Credit Losses [Line Items]
Unpaid Principal Balance	$ 100,000
Maximum | Market and Terminal Capitalization Rates
Schedule of Loans Receivable Allowance for Credit Losses [Line Items]
Measurement Input	0.0825	0.0825
Maximum | Discount Rate
Schedule of Loans Receivable Allowance for Credit Losses [Line Items]
Measurement Input	0.095	0.095
Minimum | Market and Terminal Capitalization Rates
Schedule of Loans Receivable Allowance for Credit Losses [Line Items]
Measurement Input	0.0525	0.0525
Minimum | Discount Rate
Schedule of Loans Receivable Allowance for Credit Losses [Line Items]
Measurement Input	0.06	0.06
Senior Loans | Maximum
Schedule of Loans Receivable Allowance for Credit Losses [Line Items]
Borrower with financial difficulty interest rate					1.57%
Total commitments and amortized cost basis	$ 87,800	$ 87,800
Percentage of loans receivable held-for-investment, net	1.40%	1.40%
Senior Loans | Minimum
Schedule of Loans Receivable Allowance for Credit Losses [Line Items]
Borrower with financial difficulty interest rate					1%
Total commitments and amortized cost basis	$ 78,600	$ 78,600
Percentage of loans receivable held-for-investment, net	1.30%	1.30%

Loan Portfolio - Schedule of _3

Loan Portfolio - Schedule of Loans Receivable Held-for-Investment Portfolio (Details) - USD ($) $ in Thousands		3 Months Ended			9 Months Ended
		Sep. 30, 2024		Sep. 30, 2023	Sep. 30, 2024		Sep. 30, 2023	Dec. 31, 2023	[2]
Loans Receivable Roll Forward [Line Items]
Repayments of non-cash advances in lieu of interest					$ 21,042		$ 23,111
Accretion of fees and discounts		$ 6,751		$ 7,357	15,711		$ 17,943
Loans receivable held-for-investment		6,142,749	[1]		6,142,749	[1]		$ 6,877,425
Unpaid Principal Balance [Member]
Loans Receivable Roll Forward [Line Items]
Balance					7,044,524
Loan receivable acquired as consideration for loan repayment					100,007
Advances on existing loans					342,410
Non-cash advances in lieu of interest					30,536
Repayments of loans receivable					(539,525)
Repayments of non-cash advances in lieu of interest					(21,042)
Transfer to loans held-for-sale					(572,017)
Balance		6,384,893			6,384,893
Deferred Fees and Discounts [Member]
Loans Receivable Roll Forward [Line Items]
Balance					(24,141)
Loan receivable acquired as consideration for loan repayment					(2,278)
Origination fees, discounts, extension fees and exit fees					(3,447)
Accretion of fees and discounts					15,711
Transfer to loans held-for-sale					1,279
Balance		(12,876)			(12,876)
Specific CECL Allowance [Member]
Loans Receivable Roll Forward [Line Items]
Balance					(72,587)
Provision for specific CECL reserve					(113,873)
Transfer to loans held-for-sale					74,373
Principal charge-offs					561
Balance		(111,526)			(111,526)
Carrying Value [Member]
Loans Receivable Roll Forward [Line Items]
Balance	[3]				6,947,796
Loan receivable acquired as consideration for loan repayment	[3]				97,729
Advances on existing loans	[3]				342,410
Non-cash advances in lieu of interest	[3]				30,536
Origination fees, discounts, extension fees and exit fees	[3]				(3,447)
Repayments of loans receivable	[3]				(539,525)
Repayments of non-cash advances in lieu of interest	[3]				(21,042)
Accretion of fees and discounts	[3]				15,711
Provision for specific CECL reserve	[3]				(113,873)
Transfer to loans held-for-sale	[3]				(496,365)
Principal charge-offs	[3]				561
Balance	[3]	6,260,491			6,260,491
General CECL reserve	[3]				(117,742)
Loans receivable held-for-investment	[3]	$ 6,142,749			$ 6,142,749
[1] Net of specific CECL reserve s of $ 111.5 million. Net of specific CECL reserves of $ 72.6 million. Balance at December 31, 2023 does not include general CECL reserve.

Loan Portfolio - Schedule of _4

Loan Portfolio - Schedule of Loans Receivable Held-for-sale (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended	12 Months Ended
		Sep. 30, 2024	Jun. 30, 2024	Sep. 30, 2024	Dec. 31, 2023
Schedule Of Loans Receivables Past Due [Line Items]
Unpaid Principal Balance		$ 75,500
Held-For-Sale Carrying Value		324,188		$ 324,188	$ 261,709
For Sale Condo | CA
Schedule Of Loans Receivables Past Due [Line Items]
Principal Charge-Off				(23,200)
For Sale Condo | Risk Rating Three | FL
Schedule Of Loans Receivables Past Due [Line Items]
Loan Commitment	[1]	160,000		160,000	160,000
Unpaid Principal Balance	[1]			158,180	158,180
Carrying value before principal charge-off	[1]	157,346		157,346	157,346
Principal Charge-Off	[1]			0	0
Held-For-Sale Carrying Value	[1]	157,346		157,346	157,346
For Sale Condo | Risk Rating Four | CA
Schedule Of Loans Receivables Past Due [Line Items]
Loan Commitment	[2],[3]	247,260		247,260	247,260
Unpaid Principal Balance	[2],[3]			210,771	210,771
Carrying value before principal charge-off	[2],[3]	210,771		210,771	210,771
Principal Charge-Off	[2],[3]			(28,107)	(28,107)
Held-For-Sale Carrying Value	[2],[3]	182,664		182,664	182,664
Multifamily | CA
Schedule Of Loans Receivables Past Due [Line Items]
Principal Charge-Off			$ (600)
Multifamily | Risk Rating Three | CO
Schedule Of Loans Receivables Past Due [Line Items]
Loan Commitment	[2],[4]	115,000		115,000	115,000
Unpaid Principal Balance	[2],[4]			115,000	115,000
Carrying value before principal charge-off	[2],[4]	115,173		115,173	115,173
Principal Charge-Off	[2],[4]			(3,698)	(3,698)
Held-For-Sale Carrying Value	[2],[4]	111,475		111,475	111,475
Multifamily | Risk Rating Three | FL
Schedule Of Loans Receivables Past Due [Line Items]
Loan Commitment	[1]	77,115		77,115	77,115
Unpaid Principal Balance	[1]			76,580	76,580
Carrying value before principal charge-off	[1]	76,275		76,275	76,275
Principal Charge-Off	[1]			0	0
Held-For-Sale Carrying Value	[1]	76,275		76,275	76,275
Multifamily | Risk Rating Four | CA
Schedule Of Loans Receivables Past Due [Line Items]
Loan Commitment	[5]	260,899		260,899	260,899
Unpaid Principal Balance	[5]			216,045	216,045
Carrying value before principal charge-off	[5]	214,443		214,443	214,443
Principal Charge-Off	[5]			(42,827)	(42,827)
Held-For-Sale Carrying Value	[5]	171,616		171,616	171,616
Land | Risk Rating Three | FL
Schedule Of Loans Receivables Past Due [Line Items]
Loan Commitment	[2],[4]	30,200		30,200	30,200
Unpaid Principal Balance	[2],[4]			30,200	30,200
Carrying value before principal charge-off	[2],[4]	30,351		30,351	30,351
Principal Charge-Off	[2],[4]			(302)	(302)
Held-For-Sale Carrying Value	[2],[4]	30,049		30,049	30,049
Mixed-Use | Risk Rating Three | FL
Schedule Of Loans Receivables Past Due [Line Items]
Loan Commitment	[1],[6]	141,791		141,791	141,791
Unpaid Principal Balance	[1],[6]			36,773	36,773
Carrying value before principal charge-off	[1],[6]	35,556		35,556	35,556
Principal Charge-Off	[1],[6]			(7,468)	(7,468)
Held-For-Sale Carrying Value	[1],[6]	$ 28,088		$ 28,088	$ 28,088
[1] Loan classified as held-for-sale as of December 31, 2023 and sold in January 2024. Loan classified as held-for-sale as of September 30, 2024 . Upon reclassification to held-for-sale, we recognized an additional $ 23.2 million charge-off of accrued interest receivable. The cumulative charge-offs were attributable to the delinquency of the loan and its $ 36.5 million of remaining unfunded commitments. Loan sold in October 2024. Principal charge-off attributable to the construction status of the loan’s collateral asset and its $ 44.9 million of remaining unfunded commitments. During the three months ended June 30, 2024, we recorded an additional principal charge-off of $ 0.6 million relating to transaction costs incurred. The loan was on non-accrual status effective October 1, 2023. The loan sold in April 2024. Principal charge-off attributable to the construction status of the loan’s collateral asset and its $ 105.0 million of remaining unfunded commitments.

Loan Portfolio - Schedule of _5

Loan Portfolio - Schedule of Loans Receivable Held-for-sale (Parenthetical) (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Jun. 30, 2024	Sep. 30, 2024
For Sale Condo | CA
Schedule of Loans Receivable Allowance for Credit Losses [Line Items]
Loan receivable held for sale charge off		$ 23.2
Unfunded loan commitment loans held for sale		36.5
Multifamily | CA
Schedule of Loans Receivable Allowance for Credit Losses [Line Items]
Loan receivable held for sale charge off	$ 0.6
Unfunded loan commitment loans held for sale		44.9
Mixed-Use | FL
Schedule of Loans Receivable Allowance for Credit Losses [Line Items]
Unfunded loan commitment loans held for sale		$ 105

Loan Portfolio - Schedule of _6

Loan Portfolio - Schedule of Loans Receivable Held-for-investment by Loan Type (Details) - USD ($) $ in Thousands		Sep. 30, 2024		Dec. 31, 2023
Schedule of Loans Receivable [Line Items]
General CECL reserve		$ (117,742)	[1],[2]	$ (70,371)	[3],[4]
Loans receivable held-for-investment, net		6,142,749	[1]	6,877,425	[3]
Concentration of Risk
Schedule of Loans Receivable [Line Items]
General CECL reserve		(117,742)	[5]	(70,371)	[6]
Loans receivable held-for-investment, net		6,142,749	[5]	6,877,425	[6]
Concentration of Risk | Loan Type
Schedule of Loans Receivable [Line Items]
Total portfolio loans carrying value		$ 6,260,491	[5]	$ 6,947,796	[6]
Percentage of total portfolio loans		100%		100%
Concentration of Risk | Property Type
Schedule of Loans Receivable [Line Items]
Total portfolio loans carrying value		$ 6,260,491	[5]	$ 6,947,796	[6]
Percentage of total portfolio loans		100%		100%
Concentration of Risk | Property Type | Office
Schedule of Loans Receivable [Line Items]
Total portfolio loans carrying value		$ 853,328	[5]	$ 961,744	[6]
Percentage of total portfolio loans		14%		14%
Concentration of Risk | Property Type | Mixed-Use
Schedule of Loans Receivable [Line Items]
Total portfolio loans carrying value	[7]	$ 536,886	[5]	$ 596,919	[6]
Percentage of total portfolio loans	[7]	8%		9%
Concentration of Risk | Property Type | Hospitality
Schedule of Loans Receivable [Line Items]
Total portfolio loans carrying value		$ 1,231,157	[5]	$ 1,339,067	[6]
Percentage of total portfolio loans		20%		19%
Concentration of Risk | Property Type | Land
Schedule of Loans Receivable [Line Items]
Total portfolio loans carrying value		$ 488,538	[5]	$ 518,252	[6]
Percentage of total portfolio loans		8%		7%
Concentration of Risk | Property Type | Multifamily
Schedule of Loans Receivable [Line Items]
Total portfolio loans carrying value		$ 2,615,355	[5]	$ 2,829,436	[6]
Percentage of total portfolio loans		42%		41%
Concentration of Risk | Property Type | For Sale Condo
Schedule of Loans Receivable [Line Items]
Total portfolio loans carrying value	[6]	$ 4,907		$ 219,796
Percentage of total portfolio loans		0%		3%
Concentration of Risk | Property Type | Other
Schedule of Loans Receivable [Line Items]
Total portfolio loans carrying value		$ 530,320	[5]	$ 482,582	[6]
Percentage of total portfolio loans		8%		7%
Concentration of Risk | Geographic Location
Schedule of Loans Receivable [Line Items]
Total portfolio loans carrying value		$ 6,260,491	[5]	$ 6,947,796	[6]
Percentage of total portfolio loans		100%		100%
Concentration of Risk | Geographic Location | Northeast
Schedule of Loans Receivable [Line Items]
Total portfolio loans carrying value		$ 1,588,299	[5]	$ 1,861,239	[6]
Percentage of total portfolio loans		25%		27%
Concentration of Risk | Geographic Location | Mid Atlantic
Schedule of Loans Receivable [Line Items]
Total portfolio loans carrying value		$ 788,734	[5]	$ 761,588	[6]
Percentage of total portfolio loans		12%		11%
Concentration of Risk | Geographic Location | Midwest
Schedule of Loans Receivable [Line Items]
Total portfolio loans carrying value		$ 485,435	[5]	$ 477,019	[6]
Percentage of total portfolio loans		8%		7%
Concentration of Risk | Geographic Location | Southeast
Schedule of Loans Receivable [Line Items]
Total portfolio loans carrying value		$ 722,856	[5]	$ 735,011	[6]
Percentage of total portfolio loans		11%		11%
Concentration of Risk | Geographic Location | Southwest
Schedule of Loans Receivable [Line Items]
Total portfolio loans carrying value		$ 597,702	[5]	$ 592,324	[6]
Percentage of total portfolio loans		10%		9%
Concentration of Risk | Geographic Location | West
Schedule of Loans Receivable [Line Items]
Total portfolio loans carrying value		$ 2,037,469	[5]	$ 2,518,716	[6]
Percentage of total portfolio loans		33%		35%
Concentration of Risk | Geographic Location | Other
Schedule of Loans Receivable [Line Items]
Total portfolio loans carrying value		$ 39,996	[5]	$ 1,899	[6]
Percentage of total portfolio loans		1%		0%
Concentration of Risk | Senior Loans | Loan Type
Schedule of Loans Receivable [Line Items]
Total portfolio loans carrying value	[8]	$ 6,135,628	[5]	$ 6,792,666	[6]
Percentage of total portfolio loans	[8]	98%		98%
Concentration of Risk | Subordinate loans | Loan Type
Schedule of Loans Receivable [Line Items]
Total portfolio loans carrying value		$ 124,863	[5]	$ 155,130	[6]
Percentage of total portfolio loans		2%		2%
[1] Net of specific CECL reserve s of $ 111.5 million. Net of specific CECL reserves of $ 111.5 million . Net of specific CECL reserves of $ 72.6 million. Net of specific CECL reserves of $ 72.6 million. Net of specific CECL r eserves of $ 111.5 million at September 30, 2024 . Net of specific CECL reserves of $ 72.6 million at December 31, 2023 . At September 30, 2024 , mixed-use comprises of 3 % office, 3 % multifamily, 1 % retail, 1 % hospitality, and immaterial amounts of for sale condo. At December 31, 2023, mixed-use comprises of 3 % office, 2 % retail, 2 % multifamily, 1 % hospitality, and immaterial amounts of for sale condo. Senior loans include senior mortgages and similar credit quality loans, including related contiguous subordinate loans and pari passu participations in senior mortgage loans.

Loan Portfolio - Schedule of _7

Loan Portfolio - Schedule of Loans Receivable Held-for-investment by Loan Type (Details) (Parenthetical) - USD ($) $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Schedule of Loans Receivable [Line Items]
Specific CECL reserves	$ 111.5	$ 72.6
Concentration of Risk
Schedule of Loans Receivable [Line Items]
Specific CECL reserves	$ 111.5	$ 72.6
Concentration of Risk | Property Type
Schedule of Loans Receivable [Line Items]
Percentage of total portfolio loans	100%	100%
Concentration of Risk | Property Type | Mixed-Use, Office
Schedule of Loans Receivable [Line Items]
Percentage of total portfolio loans	3%	3%
Concentration of Risk | Property Type | Mixed-Use, Retail
Schedule of Loans Receivable [Line Items]
Percentage of total portfolio loans	1%	2%
Concentration of Risk | Property Type | Mixed-Use, Multifamily
Schedule of Loans Receivable [Line Items]
Percentage of total portfolio loans	3%	2%
Concentration of Risk | Property Type | Mixed-Use, Hospitality
Schedule of Loans Receivable [Line Items]
Percentage of total portfolio loans	1%	1%

Loan Portfolio - Summarizes of

Loan Portfolio - Summarizes of Interest and Accretion Income from Loan Portfolio (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Receivables [Abstract]
Coupon interest		$ 144,500	$ 171,873	$ 445,826	$ 499,507
Interest on cash, cash equivalents, and other income		1,619	2,814	7,309	9,495
Accretion of fees and discounts		6,751	7,357	15,711	17,943
Total interest and related income	[1]	$ 152,870	$ 182,044	$ 468,846	$ 526,945
[1] For the three months ended September 30, 2024 and 2023, we recognized $ 2.7 million and $ 1.3 million of default interest, late fees, pre-payment penalties, and/or accelerated fees following repayments prior to maturity. For the nine months ended September 30, 2024 and 2023, we recognized $ 4.0 million and $ 1.6 million , respectively, in default interest, late fees, pre-payment penalties, and/or accelerated fees following repayments prior to maturity .

Loan Portfolio - Summarizes o_2

Loan Portfolio - Summarizes of Interest and Accretion Income from Loan Portfolio (Details) (Parenthetical) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Receivables [Abstract]
Pre-payment penalties and accelerated fees	$ 2.7	$ 1.3	$ 4	$ 1.6

Loan Portfolio - Schedule of Pr

Loan Portfolio - Schedule of Principal Balance Carrying Value of The Loans Receivable Held-for-investment (Details) $ in Thousands	9 Months Ended		12 Months Ended
	Sep. 30, 2024 USD ($) Loan		Dec. 31, 2023 USD ($) Loan
Financing Receivable Allowance For Credit Losses [Line Items]
Number of Loans | Loan	57		65
Principal Balance	$ 6,384,893		$ 7,044,524
Carrying Value	6,142,749	[1]	6,877,425	[2]
Carrying value gross	6,260,491	[1]	6,947,796	[2]
General CECL reserve	$ (117,742)	[1],[3]	$ (70,371)	[2],[4]
% of Total of Carrying Value	100%		100%
Risk Rating One
Financing Receivable Allowance For Credit Losses [Line Items]
Number of Loans | Loan	0		0
% of Total of Carrying Value	0%		0%
Risk Rating Two
Financing Receivable Allowance For Credit Losses [Line Items]
Number of Loans | Loan	0		0
% of Total of Carrying Value	0%		0%
Risk Rating Three
Financing Receivable Allowance For Credit Losses [Line Items]
Number of Loans | Loan	34		45
Principal Balance	$ 3,942,083		$ 5,169,731
Carrying Value	$ 3,933,506	[1]	$ 5,148,188	[2]
% of Total of Carrying Value	63%		74%
Risk Rating Four
Financing Receivable Allowance For Credit Losses [Line Items]
Number of Loans | Loan	15		15
Principal Balance	$ 1,921,006		$ 1,536,748
Carrying Value	$ 1,918,234	[1]	$ 1,534,829	[2]
% of Total of Carrying Value	30%		22%
Risk Rating Five
Financing Receivable Allowance For Credit Losses [Line Items]
Number of Loans | Loan	8		5
Principal Balance	$ 521,804		$ 338,045
Carrying Value	$ 408,751	[1]	$ 264,779	[2]
% of Total of Carrying Value	7%		4%
[1] Net of specific CECL reserves of $ 111.5 million . Net of specific CECL reserves of $ 72.6 million. Net of specific CECL reserve s of $ 111.5 million. Net of specific CECL reserves of $ 72.6 million.

Loan Portfolio - Schedule of _8

Loan Portfolio - Schedule of Principal Balance Carrying Value of The Loans Receivable Held-for-investment (Parenthetical) (Details) - USD ($) $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Receivables [Abstract]
Specific CECL reserves	$ 111.5	$ 72.6

Loan Portfolio - Loan Risk Rati

Loan Portfolio - Loan Risk Ratings (Details)	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Receivables [Abstract]
Weighted-average risk rating on loan exposure	3.50%	3.30%

Loan Portfolio - Summary of Car

Loan Portfolio - Summary of Carrying Value and Significant Characteristics of Loans Receivable on Non-accrual Status (Details) - USD ($) $ in Thousands		9 Months Ended		12 Months Ended
		Sep. 30, 2024		Dec. 31, 2023
Schedule of Loans Receivable Allowance for Credit Losses [Line Items]
Unpaid Principal Balance		$ 933,979	[1]	$ 717,738	[2]
Carrying Value Before Specific CECL Reserve		931,914	[1]	715,070	[2]
Specific CECL Reserve		(111,526)	[1]	(72,587)	[2]
Net Carrying Value		820,388	[1]	642,483	[2]
Risk Rating Four
Schedule of Loans Receivable Allowance for Credit Losses [Line Items]
Unpaid Principal Balance		412,175		379,693
Carrying Value Before Specific CECL Reserve		411,637		377,704
Net Carrying Value		411,637		377,704
Risk Rating Five
Schedule of Loans Receivable Allowance for Credit Losses [Line Items]
Unpaid Principal Balance		521,804		338,045
Carrying Value Before Specific CECL Reserve		520,277		337,366
Specific CECL Reserve		(111,526)		(72,587)
Net Carrying Value		408,751		264,779
Multifamily | Risk Rating Four | CA
Schedule of Loans Receivable Allowance for Credit Losses [Line Items]
Unpaid Principal Balance	[3]			214,479
Carrying Value Before Specific CECL Reserve	[3]			212,877
Net Carrying Value	[3]			$ 212,877
Interest Recognition Method	[3]			Cost recovery
Interest Recognition as of Date	[3]			Oct. 01, 2023
Multifamily | Risk Rating Four | TX
Schedule of Loans Receivable Allowance for Credit Losses [Line Items]
Unpaid Principal Balance		136,355
Carrying Value Before Specific CECL Reserve		135,840
Net Carrying Value		$ 135,840
Interest Recognition Method		Cash Basis
Interest Recognition as of Date		Jul. 01, 2024
Multifamily | Risk Rating Five | NV
Schedule of Loans Receivable Allowance for Credit Losses [Line Items]
Unpaid Principal Balance		$ 96,529
Carrying Value Before Specific CECL Reserve		96,082
Specific CECL Reserve		(16,682)
Net Carrying Value		$ 79,400
Interest Recognition Method		Cash Basis
Interest Recognition as of Date		Jan. 01, 2024
Multifamily | Risk Rating Five | AZ
Schedule of Loans Receivable Allowance for Credit Losses [Line Items]
Unpaid Principal Balance		$ 50,164
Carrying Value Before Specific CECL Reserve		49,957
Specific CECL Reserve		(7,157)
Net Carrying Value		$ 42,800
Interest Recognition Method		Cash Basis
Interest Recognition as of Date		Jan. 01, 2024
Multifamily | Risk Rating Five | TX
Schedule of Loans Receivable Allowance for Credit Losses [Line Items]
Unpaid Principal Balance		$ 39,279
Carrying Value Before Specific CECL Reserve		39,085
Specific CECL Reserve		(5,685)
Net Carrying Value		$ 33,400
Interest Recognition Method		Cash Basis
Interest Recognition as of Date		Jan. 01, 2024
Multifamily | Risk Rating Four | TX
Schedule of Loans Receivable Allowance for Credit Losses [Line Items]
Unpaid Principal Balance		$ 24,865
Carrying Value Before Specific CECL Reserve		24,804
Net Carrying Value		$ 24,804
Interest Recognition Method		Cash Basis
Interest Recognition as of Date		Jul. 01, 2024
Office | Risk Rating Four | CA
Schedule of Loans Receivable Allowance for Credit Losses [Line Items]
Unpaid Principal Balance		$ 96,214	[4]	$ 98,214
Carrying Value Before Specific CECL Reserve		95,827	[4]	97,827
Net Carrying Value		$ 95,827	[4]	$ 97,827
Interest Recognition Method		Cost Recovery	[4]	Cost recovery
Interest Recognition as of Date		Sep. 01, 2023	[4]	Sep. 01, 2023
Office | Risk Rating Five | CA
Schedule of Loans Receivable Allowance for Credit Losses [Line Items]
Unpaid Principal Balance		$ 111,542	[5]	$ 112,442	[6]
Carrying Value Before Specific CECL Reserve		111,263	[5]	112,163	[6]
Specific CECL Reserve		(20,063)	[5]	(20,523)	[6]
Net Carrying Value		$ 91,200	[5]	$ 91,640	[6]
Interest Recognition Method		Cost Recovery	[5]	Cash basis	[6]
Interest Recognition as of Date		Apr. 01, 2023	[5]	Apr. 01, 2023	[6]
Office | Risk Rating Five | GA
Schedule of Loans Receivable Allowance for Credit Losses [Line Items]
Unpaid Principal Balance		$ 69,492	[7]	$ 71,492
Carrying Value Before Specific CECL Reserve		69,094	[7]	71,094
Specific CECL Reserve		(28,894)	[7]	(19,954)
Net Carrying Value		$ 40,200	[7]	$ 51,140
Interest Recognition Method		Cost Recovery	[7]	Cost recovery
Interest Recognition as of Date		Sep. 01, 2023	[7]	Sep. 01, 2023
Land | Risk Rating Four | NY
Schedule of Loans Receivable Allowance for Credit Losses [Line Items]
Unpaid Principal Balance		$ 87,741		$ 67,000
Carrying Value Before Specific CECL Reserve		88,166		67,000
Net Carrying Value		$ 88,166		$ 67,000
Interest Recognition Method		Cash Basis		Cash basis
Interest Recognition as of Date		Apr. 01, 2024		Nov. 01, 2021
Land | Risk Rating Five | VA
Schedule of Loans Receivable Allowance for Credit Losses [Line Items]
Unpaid Principal Balance		$ 152,261		$ 151,326
Carrying Value Before Specific CECL Reserve		152,261		151,326
Specific CECL Reserve		(32,161)		(31,226)
Net Carrying Value		$ 120,100		$ 120,100
Interest Recognition Method		Cost Recovery		Cost recovery
Interest Recognition as of Date		Jan. 01, 2023		Jan. 01, 2023
Land | Risk Rating Four | NY
Schedule of Loans Receivable Allowance for Credit Losses [Line Items]
Unpaid Principal Balance		$ 67,000
Carrying Value Before Specific CECL Reserve		67,000
Net Carrying Value		$ 67,000
Interest Recognition Method		Cash Basis
Interest Recognition as of Date		Nov. 01, 2021
Other | Risk Rating Five | NY
Schedule of Loans Receivable Allowance for Credit Losses [Line Items]
Unpaid Principal Balance		$ 886		$ 886
Carrying Value Before Specific CECL Reserve		884		884
Specific CECL Reserve		$ (884)		$ (884)
Interest Recognition Method		Cost Recovery		Cost recovery
Interest Recognition as of Date		Jun. 30, 2023		Jun. 30, 2023
Other | Risk Rating Five | Other
Schedule of Loans Receivable Allowance for Credit Losses [Line Items]
Unpaid Principal Balance		$ 1,651	[8]	$ 1,899	[9]
Carrying Value Before Specific CECL Reserve		1,651	[8]	1,899	[9]
Net Carrying Value		$ 1,651	[8]	$ 1,899	[9]
Interest Recognition Method		Cost Recovery	[8]	Cost recovery	[9]
Interest Recognition as of Date		Jul. 01, 2020	[8]	Jul. 01, 2020	[9]
[1] Loans classified as non-accrual represented 13.1 % of the total loans receivable held-for-investment at September 30, 2024 , based on carrying value net of any specific CECL reserves. Excludes four loans with an aggregate carrying value of $ 394.8 million that are in maturity default but remain on accrual status as the borrower is either current on interest payments or interest is deemed collectible based on the underlying collateral value. Additionally, as of September 30, 2024 , we have two loans with an aggregate carrying value of $ 520.0 million that are delinquent on interest payments but remain on accrual status as the interest is deemed collectible based on the underlying collateral value. Loans classified as non-accrual represented 9.2 % of the total loans receivable held-for-investment at December 31, 2023 , based on carrying value net of any specific CECL reserves. Excludes four loans with an aggregate carrying value of $ 490.2 million that are in maturity default but remain on accrual status as the borrower is either current on interest payments or interest is deemed collectible based on the underlying collateral value. Additionally, as of December 31, 2023 , we have one loan with an aggregate carrying value of $ 78.4 million that is delinquent on interest payments but remains on accrual status as the interest is deemed collectible based on the underlying collateral value. This loan was sold in April 2024. During the year ended December 31, 2023 , cost recovery proceeds of $ 0.4 million were received for this loan while on non-accrual status. During the three months ended September 30, 2024 , cost recovery proceeds of $ 2.0 million were received for this loan while on non-accrual status. During the three months ended September 30, 2024 , cost recovery proceeds of $ 0.9 million were received for this loan while on non-accrual status. During the year ended December 31, 2023 , interest income of $ 0.3 million was recognized on a cash basis for this loan while on non-accrual status. During the three months ended September 30, 2024 , cost recovery proceeds of $ 2.0 million were received for this loan while on non-accrual status. During the three months ended September 30, 2024 , cost recovery proceeds of $ 0.2 million were received for this loan while on non-accrual status. During the year ended December 31, 2023 , cost recovery proceeds of $ 1.6 million were received for this loan while on non-accrual status.

Loan Portfolio - Summary of C_2

Loan Portfolio - Summary of Carrying Value and Significant Characteristics of Loans Receivable on Non-accrual Status (Parenthetical) (Details) $ in Millions	3 Months Ended	12 Months Ended
	Sep. 30, 2024 USD ($) Loan	Dec. 31, 2023 USD ($) Loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest recognized		$ 0.3
Nonaccrual carrying value remain on accrual status maturity default	$ 394.8	$ 490.2
Number of additional loans | Loan	4	4
Accrual delinquent loan carrying value	$ 520	$ 78.4
Loan Receivable Percent Non Accrual	13.10%	9.20%
Risk Rating Five
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of risk rated loans | Loan	5	5
Risk Rating Four
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of risk rated loans | Loan	4	4
CA | Office | Risk Rating Five
Accounts, Notes, Loans and Financing Receivable [Line Items]
Proceeds from cost recovery of non accrual loan	$ 0.9
CA | Office | Risk Rating Four
Accounts, Notes, Loans and Financing Receivable [Line Items]
Proceeds from cost recovery of non accrual loan	2
CA | Multifamily
Accounts, Notes, Loans and Financing Receivable [Line Items]
Proceeds from cost recovery of non accrual loan		$ 0.4
GA | Office | Risk Rating Five
Accounts, Notes, Loans and Financing Receivable [Line Items]
Proceeds from cost recovery of non accrual loan	2
Other | Other
Accounts, Notes, Loans and Financing Receivable [Line Items]
Proceeds from cost recovery of non accrual loan		$ 1.6
Other | Other | Risk Rating Five
Accounts, Notes, Loans and Financing Receivable [Line Items]
Proceeds from cost recovery of non accrual loan	$ 0.2

Loan Portfolio - Schedule of Ac

Loan Portfolio - Schedule of Activity In Allowance For Loan Losses (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
Schedule of Loans Receivable Allowance for Credit Losses [Line Items]
Provision (reversal)								$ 182,600	$ 148,400
Current Expected Credit Losses
Schedule of Loans Receivable Allowance for Credit Losses [Line Items]
Total current expected credit loss reserve, Balance		$ 213,745	$ 180,378	$ 152,684	$ 117,663	$ 143,123	$ 146,362	152,684	146,362
Provision (reversal)		78,756	33,928	69,960	110,200	41,475	(3,239)
Charge-offs		(55,352)	(561)	(42,266)	(72,958)	(66,935)
Total current expected credit loss reserve, Balance		$ 237,149	213,745	180,378	154,905	117,663	143,123	$ 237,149	154,905
Reserve	[1]	3.70%						3.70%
Current Expected Credit Losses | Specific CECL Reserves
Schedule of Loans Receivable Allowance for Credit Losses [Line Items]
Total current expected credit loss reserve, Balance		$ 78,277	77,606	72,587	37,953	60,300	60,300	$ 72,587	60,300
Provision (reversal)		88,601	1,232	47,285	106,949	44,588
Charge-offs		(55,352)	(561)	(42,266)	(72,958)	(66,935)
Total current expected credit loss reserve, Balance		$ 111,526	78,277	77,606	71,944	37,953	60,300	$ 111,526	71,944
Reserve	[1]	1.70%						1.70%
Current Expected Credit Losses | Loans Receivable Held For Investment
Schedule of Loans Receivable Allowance for Credit Losses [Line Items]
Total current expected credit loss reserve, Balance		$ 125,479	93,729	70,371	65,698	67,326	68,347	$ 70,371	68,347
Provision (reversal)		(7,737)	31,750	23,358	4,044	(1,628)	(1,021)
Total current expected credit loss reserve, Balance		117,742	125,479	93,729	69,742	65,698	67,326	117,742	69,742
Current Expected Credit Losses | Loans Receivable Held For Investment
Schedule of Loans Receivable Allowance for Credit Losses [Line Items]
Total current expected credit loss reserve, Balance		78,277	77,606	72,587	37,953	60,300	60,300	72,587	60,300
Provision (reversal)		65,356	1,232	47,285	106,949	44,588
Charge-offs		(32,107)	(561)	(42,266)	(72,958)	(66,935)
Total current expected credit loss reserve, Balance		111,526	78,277	77,606	71,944	37,953	60,300	111,526	71,944
Current Expected Credit Losses | Accrued Interest Receivable
Schedule of Loans Receivable Allowance for Credit Losses [Line Items]
Provision (reversal)	[2]	23,245
Charge-offs	[2]	(23,245)
Current Expected Credit Losses | Unfunded Loan Commitments
Schedule of Loans Receivable Allowance for Credit Losses [Line Items]
Total current expected credit loss reserve, Balance		9,989	9,043	9,726	14,012	15,497	17,715	9,726	17,715
Provision (reversal)		(2,108)	946	(683)	(793)	(1,485)	(2,218)
Total current expected credit loss reserve, Balance		7,881	9,989	9,043	13,219	14,012	15,497	7,881	13,219
Current Expected Credit Losses | General CECL Reserve [Member]
Schedule of Loans Receivable Allowance for Credit Losses [Line Items]
Total current expected credit loss reserve, Balance		135,468	102,772	80,097	79,710	82,823	86,062	80,097	86,062
Provision (reversal)		(9,845)	32,696	22,675	3,251	(3,113)	(3,239)
Total current expected credit loss reserve, Balance		$ 125,623	$ 135,468	$ 102,772	$ 82,961	$ 79,710	$ 82,823	$ 125,623	$ 82,961
Reserve	[1]	2%						2%
[1] Represents CECL reserve as a percent of total unpaid principal balance of loans receivable held-for-investment. As of September 30, 2024 , specific CECL reserves approximated 21.4 % of unpaid principal balance of loans with specific CECL reserves. As of September 30, 2024, general CECL reserves approximated 2.1 % of unpaid principal balance of loans subject to the general CECL reserve. CECL reserve for unfunded commitments is included in other liabilities on the consolidated balance sheets. CECL reserve for accrued interest receivable, if any, is included in other assets on the consolidated balance sheets.

Loan Portfolio - Schedule of _9

Loan Portfolio - Schedule of Activity In Allowance For Loan Losses (Parenthetical) (Details)	Sep. 30, 2024
Specific CECL Reserves
Schedule of Loans Receivable Allowance for Credit Losses [Line Items]
Percentage of unpaid principal balance	21.40%
General CECL Reserve
Schedule of Loans Receivable Allowance for Credit Losses [Line Items]
Percentage of unpaid principal balance	2.10%

Loan Portfolio - Summary of Loa

Loan Portfolio - Summary of Loans Receivable Held-for-investment With Specific CECL Reserves (Details) - Specific CECL Reserves $ in Thousands	9 Months Ended
	Sep. 30, 2024 USD ($)
Schedule of Loans Receivable Allowance for Credit Losses [Line Items]
Unpaid Principal Balance	$ 520,153
Carrrying Value Before Specific CECL Reserve	518,626
Specific CECL Reserve	111,526
Net Carrying Value	407,100
Land | VA
Schedule of Loans Receivable Allowance for Credit Losses [Line Items]
Unpaid Principal Balance	152,261	[1]
Carrrying Value Before Specific CECL Reserve	152,261	[1]
Specific CECL Reserve	32,161	[1]
Net Carrying Value	120,100	[1]
Office | CA
Schedule of Loans Receivable Allowance for Credit Losses [Line Items]
Unpaid Principal Balance	111,542	[2]
Carrrying Value Before Specific CECL Reserve	111,263	[2]
Specific CECL Reserve	20,063	[2]
Net Carrying Value	91,200	[2]
Office | GA
Schedule of Loans Receivable Allowance for Credit Losses [Line Items]
Unpaid Principal Balance	69,492	[3]
Carrrying Value Before Specific CECL Reserve	69,094	[3]
Specific CECL Reserve	28,894	[3]
Net Carrying Value	40,200	[3]
Multifamily | NV
Schedule of Loans Receivable Allowance for Credit Losses [Line Items]
Unpaid Principal Balance	96,529	[4]
Carrrying Value Before Specific CECL Reserve	96,082	[4]
Specific CECL Reserve	16,682	[4]
Net Carrying Value	79,400	[4]
Multifamily | AZ
Schedule of Loans Receivable Allowance for Credit Losses [Line Items]
Unpaid Principal Balance	50,164	[5]
Carrrying Value Before Specific CECL Reserve	49,957	[5]
Specific CECL Reserve	7,157	[5]
Net Carrying Value	42,800	[5]
Multifamily | TX
Schedule of Loans Receivable Allowance for Credit Losses [Line Items]
Unpaid Principal Balance	39,279	[6]
Carrrying Value Before Specific CECL Reserve	39,085	[6]
Specific CECL Reserve	5,685	[6]
Net Carrying Value	33,400	[6]
Other | NY
Schedule of Loans Receivable Allowance for Credit Losses [Line Items]
Unpaid Principal Balance	886	[7]
Carrrying Value Before Specific CECL Reserve	884	[7]
Specific CECL Reserve	$ 884	[7]
[1] During the nine months ended September 30, 2024, we recorded additional specific CECL reserves totaling $ 0.9 million as a result of protective advances made. Effective January 1, 2023 , this loan was placed on non-accrual status . As of September 30, 2024 , this loan is in maturity default. During the nine months ended September 30, 2024, we reversed our specific CECL reserve by $ 0.4 million based on changes to the collateral value, offset by cost recovery proceeds received. Effective April 1, 2023 , this loan was placed on non-accrual status. As of September 30, 2024 , this loan is in maturity default. During the nine months ended September 30, 2024, we recorded additional specific CECL reserves totaling $ 8.9 million based on changes to the collateral value, offset by cost recovery proceeds received. Effective September 1, 2023 , this loan was placed on non-accrual status. As of September 30, 2024 , this loan is in maturity default. As of September 30, 2024, we recognized a specific CECL reserve of $ 16.7 million . Effective January 1, 2024 , this loan was placed on non-accrual status. As of September 30, 2024, we recognized a specific CECL reserve of $ 7.2 million . Effective January 1, 2024 , this loan was placed on non-accrual status. As of September 30, 2024, we recognized a specific CECL reserve of $ 5.7 million . Effective January 1, 2024 , this loan was placed on non-accrual status. Effective June 30, 2023 , the loan was placed on non-accrual status. As of September 30, 2024 , this loan is in maturity default.

Loan Portfolio - Summary of L_2

Loan Portfolio - Summary of Loans Receivable Held-for-investment With Specific CECL Reserves (Parenthetical) (Details) - USD ($) $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Schedule of Loans Receivable Allowance for Credit Losses [Line Items]
Specific CECL reserves	$ 111.5	$ 72.6
Other | NY
Schedule of Loans Receivable Allowance for Credit Losses [Line Items]
Effective date of loan	Jun. 30, 2023
Land | VA
Schedule of Loans Receivable Allowance for Credit Losses [Line Items]
Additional specific CECL reserve	$ 0.9
Effective date of loan	Jan. 01, 2023
Office | CA
Schedule of Loans Receivable Allowance for Credit Losses [Line Items]
Specific CECL reserves	$ 0.4
Effective date of loan	Apr. 01, 2023
Office | GA
Schedule of Loans Receivable Allowance for Credit Losses [Line Items]
Specific CECL reserves	$ 8.9
Effective date of loan	Sep. 01, 2023
Multifamily | NV
Schedule of Loans Receivable Allowance for Credit Losses [Line Items]
Specific CECL reserves	$ 16.7
Effective date of loan	Jan. 01, 2024
Multifamily | AZ
Schedule of Loans Receivable Allowance for Credit Losses [Line Items]
Specific CECL reserves	$ 7.2
Effective date of loan	Jan. 01, 2024
Multifamily | TX
Schedule of Loans Receivable Allowance for Credit Losses [Line Items]
Specific CECL reserves	$ 5.7
Effective date of loan	Jan. 01, 2024

Loan Portfolio - Schedule of Ca

Loan Portfolio - Schedule of Carrying Value of Loan Portfolio Based on Internal Risk Ratings (Details) $ in Thousands	Sep. 30, 2024 USD ($) Loan
Schedule of Loans Receivable Allowance for Credit Losses [Line Items]
Number of Loans | Loan	57
Amortized Cost Basis	$ 6,260,491	[1]
Year 1	98,303	[2]
Year 2	101,196
Year 3	2,368,269
Year 4	1,579,590
Year 5	178,950
Year 6	1,212,656
Year 7	721,527
Charge-offs, Year 3	46,525	[3]
Charge-offs, Year 4	302	[3]
Charge-offs, Year 6	$ 28,107	[3]
Risk Rating One
Schedule of Loans Receivable Allowance for Credit Losses [Line Items]
Number of Loans | Loan	0
Risk Rating Two
Schedule of Loans Receivable Allowance for Credit Losses [Line Items]
Number of Loans | Loan	0
Risk Rating Three
Schedule of Loans Receivable Allowance for Credit Losses [Line Items]
Number of Loans | Loan	34
Amortized Cost Basis	$ 3,933,506	[1]
Year 1	98,303	[2]
Year 2	101,196
Year 3	1,530,442
Year 4	968,021
Year 6	800,835
Year 7	$ 434,709
Risk Rating Four
Schedule of Loans Receivable Allowance for Credit Losses [Line Items]
Number of Loans | Loan	15
Amortized Cost Basis	$ 1,918,234	[1]
Year 3	682,227
Year 4	571,369
Year 5	87,750
Year 6	410,170
Year 7	$ 166,718
Risk Rating Five
Schedule of Loans Receivable Allowance for Credit Losses [Line Items]
Number of Loans | Loan	8
Amortized Cost Basis	$ 408,751	[1]
Year 3	155,600
Year 4	40,200
Year 5	91,200
Year 6	1,651
Year 7	$ 120,100
[1] Net of specific CECL reserve s of $ 111.5 million. Reflects a loan receivable acquired in connection with a full loan repayment during the three months ended September 30, 2024 . Principal charge-off of $ 46.5 million comprised of a principal charge-off of $ 42.8 million recognized in connection with the sale of a senior loan in April 2024 and a principal charge-off of $ 3.7 million recognized in connection with the sale of a senior loan in October 2024. Principal charge-off of $ 0.3 million recognized in connection with the sale of a subordinate loan in October 2024. Principal charge-off of $ 28.1 million recognized in connection with the anticipated sale of a senior loan.

Loan Portfolio - Schedule of_10

Loan Portfolio - Schedule of Carrying Value of Loan Portfolio Based on Internal Risk Ratings (Parenthetical) (Details) - USD ($) $ in Millions	1 Months Ended		9 Months Ended	12 Months Ended
	Oct. 31, 2024	Apr. 30, 2024	Sep. 30, 2024	Dec. 31, 2023
Schedule of Loans Receivable Allowance for Credit Losses [Line Items]
Specific CECL reserves			$ 111.5	$ 72.6
Principal charge-off			$ 46.5
Senior Loans
Schedule of Loans Receivable Allowance for Credit Losses [Line Items]
Principal charge-off		$ 42.8
Senior Loans | Subsequent Event
Schedule of Loans Receivable Allowance for Credit Losses [Line Items]
Principal charge-off	$ 3.7
Principal Charge-offs	28.1
Subordinate loans | Subsequent Event
Schedule of Loans Receivable Allowance for Credit Losses [Line Items]
Principal charge-off	$ 0.3

Loan Portfolio - Schedule of Ov

Loan Portfolio - Schedule of Overall Statistics for Loans Receivable and Interests in Loans Receivable Portfolio (Details) - Loans Receivable Portfolio		9 Months Ended	12 Months Ended
		Sep. 30, 2024	Dec. 31, 2023
Schedule Of Loans Receivables Past Due [Line Items]
Weighted average yield to maturity	[1]	8.40%	9.10%
Weighted average term to initial maturity		9 months 18 days	1 year 2 months 12 days
Weighted average term to fully extended maturity	[2]	2 years 1 month 6 days	2 years 7 months 6 days
[1] Represents the weighted average annualized yield to initial maturity of each loan, inclusive of coupon, and fees received, based on the applicable floating benchmark rate/floors (if applicable), in place as of September 30, 2024 and December 31, 2023 . For loans placed on non-accrual, the annualized yield to initial maturity used in calculating the weighted average annualized yield to initial maturity is 0 %. Term to fully extended maturity is determined based on the maximum maturity of each of the corresponding loans, assuming all extension options are exercised by the borrower; provided, however, that our loans may be repaid prior to such date.

Loan Portfolio - Schedule Of_11

Loan Portfolio - Schedule Of Overall Statistics For Loans Receivable And Interests In Loans Receivable Portfolio Table (Parenthetical) (Details)	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Loans Receivable Portfolio
Schedule Of Loans Receivables Past Due [Line Items]
Weighted average annualized yield	0%	0%

Equity Method Investment - Addi

Equity Method Investment - Additional Information (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Schedule of Equity Method Investments [Line Items]
Equity method investment	$ 42,360	$ 42,474
CMTG/TT
Schedule of Equity Method Investments [Line Items]
Equity interest ownership percentage	51%	51%
Remaining loan held unpaid principal balance	$ 78,500
Equity method investment	$ 42,400

Real Estate Owned - Additional

Real Estate Owned - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023	Jun. 30, 2023
Mortgage Loans On Real Estate [Line Items]
Loan held by company					$ 340,069
Debt related to real estate owned, net	$ 279,650		$ 279,650		289,913
Unpaid principal balance	75,500
Specific CECL reserve			111,500		$ 72,600
Depreciation expense	2,400	$ 2,400	7,200	$ 6,500
Amortization of in-place and other lease values	200	200	600	200
Amortization of above market lease	400	400	1,300	400
Amortization of below market lease	$ 100	$ 100	$ 300	$ 100
Weighted average amortization period for in-place and other lease values			8 years 10 months 24 days
Weighted average amortization period for above market lease values			10 years 6 months
Weighted average amortization period for below market lease values			11 years 3 months 18 days
Impairment of real estate			$ 0
Mixed-Use property
Mortgage Loans On Real Estate [Line Items]
Purchase price allocated to intangible assets						$ 20,100
Mixed-Use property | In-Place Leases
Mortgage Loans On Real Estate [Line Items]
Purchase price allocated to intangible assets						4,800
Mixed-Use property | Above Market Leases
Mortgage Loans On Real Estate [Line Items]
Purchase price allocated to intangible assets						17,900
Mixed-Use property | Below Market Leases
Mortgage Loans On Real Estate [Line Items]
Purchase price allocated to intangible assets						4,200
Mixed-Use property | Other Leases
Mortgage Loans On Real Estate [Line Items]
Purchase price allocated to intangible assets						$ 1,600

Real Estate Owned - Summary of

Real Estate Owned - Summary of Additional Detail Related to the Company's Hotel Portfolio and Mixed-use Real Estate Owned, Net (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Property Plant And Equipment [Line Items]
Real estate owned	$ 547,715	$ 546,999
Less: accumulated depreciation	(31,289)	(24,040)
Real estate acquired through foreclosure, fair value	516,426	522,959
Land
Property Plant And Equipment [Line Items]
Real estate owned	235,998	235,998
Building
Property Plant And Equipment [Line Items]
Real estate owned	295,651	295,651
Capital Improvements
Property Plant And Equipment [Line Items]
Real estate owned	5,152	4,436
Tenant Improvements
Property Plant And Equipment [Line Items]
Real estate owned	4,414	4,414
Furniture, Fixtures and Equipment
Property Plant And Equipment [Line Items]
Real estate owned	$ 6,500	$ 6,500

Real Estate Owned - Schedule of

Real Estate Owned - Schedule of Revenues and Operating Expenses of Real Estate Owned Properties (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Total revenue from real estate owned	$ 23,103	$ 22,120	$ 59,595	$ 52,949
Total operating expenses from real estate owned	14,727	13,706	41,466	34,974
Hotel portfolio
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Total revenue from real estate owned	21,250	20,777	53,995	51,606
Total operating expenses from real estate owned	13,189	12,625	37,458	33,893
Mixed-Use property
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Total operating expenses from real estate owned	1,538	1,081	4,008	1,081
Mixed-Use property fixed rents
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Total revenue from real estate owned	1,985	1,663	6,157	1,663
Mixed-Use property straight-line rent adjustment
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Total revenue from real estate owned	32	(102)	95	(102)
Mixed-Use property variable rents
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Total revenue from real estate owned	190	136	410	136
Mixed-Use property amortization of above and below market leases, net
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Total revenue from real estate owned	$ (354)	$ (354)	$ (1,062)	$ (354)

Real Estate Owned - Schedule _2

Real Estate Owned - Schedule of Future Minimum Fixed Rents under Non-Cancellable Leases (Details) $ in Thousands	Sep. 30, 2024 USD ($)
Real Estate Owned, Disclosure of Detailed Components [Abstract]
2024	$ 2,078	[1]
2025	8,383
2026	8,415
2027	8,432
2028	8,323
Thereafter	27,462
Total	$ 63,093
[1] Contractual lease payments due for the remaining three months of 2024.

Real Estate Owned - Schedule _3

Real Estate Owned - Schedule of Lease Intangibles (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Real Estate Owned, Disclosure of Detailed Components [Abstract]
In-place, above market, and other lease values	$ 24,289	$ 24,289
Less: accumulated amortization	(3,240)	(1,296)
In-place, above market, and other lease values, net	21,049	22,993
Below market lease values	(4,209)	(4,209)
Less: accumulated amortization	471	188
Below market lease values, net	$ (3,738)	$ (4,021)

Real Estate Owned - Estimated A

Real Estate Owned - Estimated Amortization of Intangibles for Next Five Years (Details) $ in Thousands	Sep. 30, 2024 USD ($)
Real Estate Owned, Disclosure of Detailed Components [Abstract]
2024	$ 200	[1],[2]
2025	802	[1]
2026	802	[1]
2027	802	[1]
2028	769	[1]
Thereafter	2,025	[1]
In-place and other lease values, net	5,400	[1]
2024	(448)	[2],[3]
2025	(1,791)	[3]
2026	(1,791)	[3]
2027	(1,791)	[3]
2028	(1,771)	[3]
Thereafter	(8,057)	[3]
Above market lease values, net	(15,649)	[3]
2024	94	[2],[3]
2025	377	[3]
2026	377	[3]
2027	377	[3]
2028	377	[3]
Thereafter	2,136	[3]
Below market lease values, net	$ 3,738	[3]
[1] Amortization of in-place and other lease values is recognized in depreciation and amortization expense on our consolidated statements of operations. Represents amortization for the remaining three months of 2024. Amortization of above and below market lease values, net is recognized in revenue from real estate owned on our consolidated statements of operations.

Debt Obligations - Summary of F

Debt Obligations - Summary of Financings (Details) - USD ($) $ in Thousands		Sep. 30, 2024	Dec. 31, 2023
Short-Term Debt [Line Items]
Capacity		$ 6,749,333	$ 7,265,860
Borrowing Outstanding		$ 5,143,217	$ 5,694,025
Weighted Average Spread	[1]	3.05%	3.03%
Repurchase Agreements and Term Participation Facility [Member]
Short-Term Debt [Line Items]
Capacity	[2]	$ 5,368,772	$ 5,709,907
Borrowing Outstanding	[2]	$ 3,836,492	$ 4,271,112
Weighted Average Spread	[1],[2]	2.73%	2.76%
Loan Participants Sold [Member]
Short-Term Debt [Line Items]
Capacity		$ 0	$ 120,634
Borrowing Outstanding		$ 0	$ 120,634
Weighted Average Spread	[1]	0%	4.15%
Notes Payable [Member]
Short-Term Debt [Line Items]
Capacity		$ 380,830	$ 419,867
Borrowing Outstanding		$ 306,994	$ 286,827
Weighted Average Spread	[1]	3.77%	3.10%
Secured Term Loan [Member]
Short-Term Debt [Line Items]
Capacity		$ 719,731	$ 725,452
Borrowing Outstanding		$ 719,731	$ 725,452
Weighted Average Spread	[1]	4.50%	4.50%
Debt To Real Estate Owned [Member]
Short-Term Debt [Line Items]
Capacity		$ 280,000	$ 290,000
Borrowing Outstanding		$ 280,000	$ 290,000
Weighted Average Spread	[1]	2.90%	2.83%
[1] Weighted average spread over the applicable benchmark rate is based on unpaid principal balance. SOFR as of September 30, 2024 and December 31, 2023 was 4.85 % and 5.35 % , respectively. The repurchase agreements and term participation facility are partially recourse to us. As of September 30, 2024 and December 31, 2023 , the weighted average recourse on both our repurchase agreements and term participation facility was 30 % and 30 %, respectively.

Debt Obligations - Summary of_2

Debt Obligations - Summary of Financings (Parenthetical) (Details)	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023	Feb. 08, 2021
Short-Term Debt [Line Items]
Debt instrument basis spread on variable rate	4.85%	5.35%
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]	Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate	Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Investment, Type [Extensible Enumeration]			Real Estate Investment [Member]
Recourse
Short-Term Debt [Line Items]
Investment, Type [Extensible Enumeration]	Repurchase Agreements
Recourse | Repurchase Agreements
Short-Term Debt [Line Items]
Debt weighted average recourse rate	30%
Recourse | Term participation facility
Short-Term Debt [Line Items]
Debt weighted average recourse rate		30%

Debt Obligations - Summary of R

Debt Obligations - Summary of Repurchase Agreements (Details) - USD ($) $ in Thousands		9 Months Ended		12 Months Ended
		Sep. 30, 2024		Dec. 31, 2023
Repurchase Agreement Counterparty [Line Items]
Borrowing Outstanding and Carrying Value		$ 3,451,001		$ 3,805,678
Carrying Value of Collateral				340,069
Repurchase Agreements and Term Participation Facility [Member]
Repurchase Agreement Counterparty [Line Items]
Maximum Capacity		4,904,480		5,055,465
Borrowing Outstanding and Carrying Value		3,451,001		3,805,678
Undrawn Capacity		1,453,479		1,249,787
Carrying Value of Collateral		$ 5,005,185	[1]	$ 5,369,552	[2]
Repurchase Agreements and Term Participation Facility [Member] | JP Morgan Chase Bank NA [Member]
Repurchase Agreement Counterparty [Line Items]
Initial Maturity		Jul. 28, 2026		Jul. 28, 2026
Fully Extended Maturity		Jul. 28, 2028	[3]	Jul. 28, 2028	[4]
Maximum Capacity		$ 2,404,480		$ 1,905,465
Borrowing Outstanding and Carrying Value		2,219,163		1,672,878
Undrawn Capacity		185,317		232,587
Carrying Value of Collateral		$ 3,249,421	[1]	$ 2,257,442	[2]
Repurchase Agreements and Term Participation Facility [Member] | Morgan Stanley Bank NA [Member]
Repurchase Agreement Counterparty [Line Items]
Initial Maturity		Jan. 26, 2025		Jan. 26, 2024
Fully Extended Maturity		Jan. 27, 2028	[3]	Jan. 26, 2025	[4]
Maximum Capacity		$ 750,000		$ 1,000,000	[5]
Borrowing Outstanding and Carrying Value		454,403		735,393	[5]
Undrawn Capacity		295,597		264,607	[5]
Carrying Value of Collateral		$ 697,242	[1]	$ 1,023,295	[2]
Repurchase Agreements and Term Participation Facility [Member] | Goldman Sachs Bank USA [Member]
Repurchase Agreement Counterparty [Line Items]
Initial Maturity		May 31, 2025		May 31, 2025	[5]
Fully Extended Maturity		May 31, 2027	[3]	May 31, 2027	[4]
Maximum Capacity		$ 500,000		$ 500,000
Borrowing Outstanding and Carrying Value		145,268		175,755
Undrawn Capacity		354,732		324,245
Carrying Value of Collateral		$ 187,443	[1]	$ 286,623	[2]
Repurchase Agreements and Term Participation Facility [Member] | Barclays Bank PLC [Member]
Repurchase Agreement Counterparty [Line Items]
Initial Maturity		Dec. 20, 2024		Dec. 20, 2024
Fully Extended Maturity		Dec. 20, 2025	[3]	Dec. 20, 2025	[4]
Maximum Capacity		$ 500,000		$ 500,000
Borrowing Outstanding and Carrying Value		0		135,129
Undrawn Capacity		500,000		364,871
Carrying Value of Collateral		$ 0	[1]	$ 250,823	[2]
Repurchase Agreements and Term Participation Facility [Member] | Deutsche Bank AG New York Branch [Member]
Repurchase Agreement Counterparty [Line Items]
Initial Maturity				Jun. 26, 2024
Fully Extended Maturity	[4]			Jun. 26, 2026
Maximum Capacity				$ 400,000
Borrowing Outstanding and Carrying Value				359,646
Undrawn Capacity				40,354
Carrying Value of Collateral	[2]			$ 611,741
Repurchase Agreements and Term Participation Facility [Member] | Wells Fargo Bank NA [Member]
Repurchase Agreement Counterparty [Line Items]
Initial Maturity		Nov. 29, 2024		Sep. 29, 2024
Fully Extended Maturity		Sep. 29, 2026	[3]	Sep. 29, 2026	[4]
Maximum Capacity		$ 750,000		$ 750,000
Borrowing Outstanding and Carrying Value		632,167		726,877
Undrawn Capacity		117,833		23,123
Carrying Value of Collateral		$ 871,079	[1]	$ 939,628	[2]
[1] Net of specific CECL reserves, if any. Net of specific CECL reserves, if any. Facility maturity dates may be extended , subject to meeting prescribed conditions . Facility maturity dates may be extended, subject to meeting prescribed conditions. Assumes as of right extension is exercised, subject to meeting prescribed conditions.

Debt Obligations - Additional I

Debt Obligations - Additional Information (Details) - USD ($)				9 Months Ended	12 Months Ended
	Jun. 29, 2022	Dec. 02, 2021	Feb. 08, 2021	Sep. 30, 2024	Dec. 31, 2023	Oct. 31, 2024	Sep. 25, 2024	Dec. 01, 2020	Aug. 09, 2019
Debt Instrument [Line Items]
Loan participations sold				$ 0	$ 120,508,000
Strike rate			5%
Derivative Fee Paid			$ 500,000
Derivative liability notional amount			280,000,000
Secured term loan								$ 325,000,000	$ 450,000,000
One-month SOFR		4.50%
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]				Secured Overnight Financing Rate (SOFR)	Secured Overnight Financing Rate (SOFR)
Principal payments			10,000,000
Senior mortgage amount			$ 300,000,000
Contractual Maturity Date			Nov. 09, 2024
One month LIBOR/ SOFR rate				4.85%	5.35%
Financing agreements, covenants description				Our financing agreements generally contain certain financial covenants. For example, our ratio of earnings before interest, taxes, depreciation, and amortization to interest charges (“Interest Coverage Ratio”), as defined in our repurchase agreements and term participation facility shall not be less than 1.3 to 1.0, whereas our ratio of earnings before interest, taxes, depreciation, and amortization to interest charges as defined in our secured term loan shall not be less than 1.5 to 1.0. Further, (i) our tangible net worth, as defined in the agreements, shall not be less than $1.86 billion as of each measurement date; (ii) cash liquidity shall not be less than the greater of (x) $50 million or (y) 5% of our recourse indebtedness (which includes our secured term loan); and (iii) our indebtedness shall not exceed 77.8% of our total assets. As of September 30, 2024, we are in compliance with all covenants under our financing agreements. The requirements set forth in (i) through (iii) above are based upon the most restrictive financial covenants in place as of the reporting date. Further, we have modified the Interest Coverage Ratio in our repurchase agreements and term participation facility to provide that for the quarters ended June 30, 2024 through September 30, 2025, our Interest Coverage Ratio shall not be less than 1.1 to 1.0. Future compliance with our financial covenants is dependent upon the results of our operating activities, our financial condition, and the overall market conditions in which we and our borrowers operate. The impact of macroeconomic conditions on the commercial real estate and capital markets, including high benchmark interest rates compared to recent historical standards, may make it more difficult for us to satisfy these covenants in the future. Non-compliance with financial covenants may result in our lenders exercising their rights and remedies as provided for in the respective agreements. As market conditions evolve, we may continue to work with our counterparties on modifying financial covenants as needed; however, there is no assurance that our counterparties will agree to such modifications.
Percentage of recourse indebtedness				5%
Percentage of total assets as indebtedness				77.80%
Investment, Type [Extensible Enumeration]			Real Estate Investment
Subsequent Event
Debt Instrument [Line Items]
Investment, Type [Extensible Enumeration]						Senior and Subordinate Loan [Member]
Minimum
Debt Instrument [Line Items]
Interest Coverage Ratio				1.30%
Tangible networth as of measurement date				$ 1,860,000,000
Cash liquidity amount to be maintained				$ 50,000,000
Revolving Credit Agreements | Minimum
Debt Instrument [Line Items]
Interest Coverage Ratio				1.10%
Secured Term Loan
Debt Instrument [Line Items]
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]				Secured Overnight Financing Rate (SOFR)	Secured Overnight Financing Rate (SOFR)
Contractual Maturity Date				Aug. 09, 2026	Aug. 09, 2026
One month LIBOR/ SOFR rate				4.85%	5.35%
Secured Term Loan | Minimum
Debt Instrument [Line Items]
One-month SOFR		0.10%
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]		Secured Overnight Financing Rate (SOFR)
Interest Coverage Ratio				1.50%
Secured Term Loan | Maximum
Debt Instrument [Line Items]
One-month SOFR		0.50%
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]		Secured Overnight Financing Rate (SOFR)
Term participation facility
Debt Instrument [Line Items]
Contractual Maturity Date				Oct. 11, 2028	Oct. 11, 2028
Term participation facility | Master Participation and Administration Agreement | Mortgage Loans
Debt Instrument [Line Items]
Credit facility outstanding balance				$ 385,500,000	$ 465,400,000
Term facility maximum commitment				$ 464,300,000	654,400,000
Short-Term Funding Facility
Debt Instrument [Line Items]
Credit facility outstanding balance					$ 0		$ 0
Line of credit, maximum borrowing capacity	$ 150,000,000
Termination date				Sep. 25, 2024
Short-Term Funding Facility | Maximum
Debt Instrument [Line Items]
Credit facility initial advance rate	75%

Debt Obligations - Summary of T

Debt Obligations - Summary of Term Participation Facility (Details) - USD ($) $ in Thousands		9 Months Ended	12 Months Ended
	Feb. 08, 2021	Sep. 30, 2024	Dec. 31, 2023
Term Participations [Line Items]
Contractual Maturity Date	Nov. 09, 2024
Carrying Value			$ 120,508
Carrying Value of Collateral			$ 340,069
Term Participation Facility
Term Participations [Line Items]
Contractual Maturity Date		Oct. 11, 2028	Oct. 11, 2028
Borrowing Outstanding		$ 385,491	$ 465,434
Carrying Value		385,491	465,434
Carrying Value of Collateral		$ 640,881	$ 797,335

Debt Obligations - Summary of L

Debt Obligations - Summary of Loan Participations Sold (Details) - USD ($) $ in Thousands			12 Months Ended
		Feb. 08, 2021	Dec. 31, 2023
Loan Participations Sold [Line Items]
Contractual Maturity Date		Nov. 09, 2024
Borrowing Outstanding			$ 120,634
Carrying Value			120,508
Carrying Value of Collateral			$ 340,069
Variable Loan One
Loan Participations Sold [Line Items]
Contractual Maturity Date	[1]		Oct. 18, 2024
Maximum Extension Date			Oct. 18, 2024
Borrowing Outstanding			$ 100,634
Carrying Value			100,508
Carrying Value of Collateral			$ 182,723
Fixed Loan
Loan Participations Sold [Line Items]
Contractual Maturity Date			Dec. 31, 2024
Maximum Extension Date			Dec. 31, 2025
Borrowing Outstanding			$ 20,000
Carrying Value			20,000
Carrying Value of Collateral			$ 157,346
[1] Carrying value of collateral includes cash reserve balances held by our financing counterparty.

Debt Obligations - Summary of N

Debt Obligations - Summary of Notes Payable (Details) - USD ($) $ in Thousands		9 Months Ended	12 Months Ended
	Feb. 08, 2021	Sep. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Contractual Maturity Date	Nov. 09, 2024
Borrowing Outstanding		$ 306,994	$ 286,827
Carrying Value		304,058	283,341
Carrying Value of Collateral		$ 509,719	$ 401,856
Notes Payable One
Debt Instrument [Line Items]
Contractual Maturity Date		Sep. 02, 2026	Dec. 31, 2024
Maximum Extension Date		Sep. 02, 2027	Dec. 31, 2025
Borrowing Outstanding		$ 92,270	$ 110,714
Carrying Value		91,227	110,152
Carrying Value of Collateral		$ 129,822	$ 157,346
Notes Payable Two
Debt Instrument [Line Items]
Contractual Maturity Date		Jul. 15, 2027	Feb. 02, 2026
Maximum Extension Date		Jul. 15, 2027	Feb. 02, 2027
Borrowing Outstanding		$ 85,000	$ 50,418
Carrying Value		84,336	49,576
Carrying Value of Collateral		$ 183,359	$ 61,941
Notes Payable Three
Debt Instrument [Line Items]
Contractual Maturity Date		May 13, 2026	Sep. 02, 2026
Maximum Extension Date		May 13, 2027	Sep. 02, 2027
Borrowing Outstanding		$ 73,573	$ 46,267
Carrying Value		72,972	45,063
Carrying Value of Collateral		$ 126,220	$ 64,270
Notes Payable Four
Debt Instrument [Line Items]
Contractual Maturity Date		Feb. 02, 2026	Oct. 13, 2025
Maximum Extension Date		Feb. 02, 2027	Oct. 13, 2026
Borrowing Outstanding		$ 56,151	$ 39,924
Carrying Value		55,523	39,313
Carrying Value of Collateral		$ 70,318	$ 65,637
Notes Payable Five
Debt Instrument [Line Items]
Contractual Maturity Date			Nov. 22, 2024
Maximum Extension Date			Nov. 24, 2026
Borrowing Outstanding			$ 39,504
Carrying Value			39,237
Carrying Value of Collateral			$ 52,662

Debt Obligations - Summary of S

Debt Obligations - Summary of Secured Term Loan (Details) - USD ($) $ in Thousands		9 Months Ended		12 Months Ended
	Feb. 08, 2021	Sep. 30, 2024		Dec. 31, 2023
Secured Term Loan [Line Items]
Contractual Maturity Date	Nov. 09, 2024
Borrowing Outstanding		$ 306,994		$ 286,827
Carrying Value				$ 120,508
Secured Term Loan
Secured Term Loan [Line Items]
Contractual Maturity Date		Aug. 09, 2026		Aug. 09, 2026
Stated Rate		S + 4.50%	[1]	S + 4.50%	[2]
Interest Rate		9.45%		9.95%
Borrowing Outstanding		$ 719,731		$ 725,452
Carrying Value		$ 710,477		$ 712,576
[1] SOFR at September 30, 2024 was 4.85 % . SOFR at December 31, 2023 was 5.35 % .

Debt Obligations - Summary of_3

Debt Obligations - Summary of Secured Term Loan (Parenthetical) (Details)	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Secured Term Loan [Line Items]
One month LIBOR/ SOFR rate	4.85%	5.35%
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]	Secured Overnight Financing Rate (SOFR)	Secured Overnight Financing Rate (SOFR)
Secured Term Loan
Secured Term Loan [Line Items]
One month LIBOR/ SOFR rate	4.85%	5.35%
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]	Secured Overnight Financing Rate (SOFR)	Secured Overnight Financing Rate (SOFR)

Debt Obligations - Summary of D

Debt Obligations - Summary of Debt Related To Real Estate Owned (Details) - USD ($) $ in Thousands		9 Months Ended		12 Months Ended
	Feb. 08, 2021	Sep. 30, 2024		Dec. 31, 2023
Debt Instrument Real Estate Owned Net [Line Items]
Contractual Maturity Date	Nov. 09, 2024
Carrying Value				$ 120,508
Real Estate Investment
Debt Instrument Real Estate Owned Net [Line Items]
Contractual Maturity Date		Nov. 09, 2024		Feb. 09, 2024
Stated Rate		S + 2.90	[1]	S + 2.83	[2]
Net Interest Rate		7.75%	[1]	5.83%	[2]
Borrowing Outstanding		$ 280,000		$ 290,000
Carrying Value		$ 279,650		$ 289,913
[1] SOFR at September 30, 2024 was 4.85 % , which is lower than the 5.00 % ceiling provided by our interest rate cap. See Note 7 - Derivatives for further detail. SOFR at December 31, 2023 was 5.35 % , which exceeded the 3.00 % ceiling provided by our interest rate cap. See Note 7 – Derivatives for further detail.

Debt Obligations - Summary of_4

Debt Obligations - Summary of Debt Related To Real Estate Owned (Parenthetical) (Details)	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Debt Instrument Real Estate Owned Net [Line Items]
Debt instrument basis spread on variable rate	4.85%	5.35%
Real Estate Investment | One Month SOFR
Debt Instrument Real Estate Owned Net [Line Items]
Debt instrument basis spread on variable rate	4.85%	5.35%
Real Estate Investment | One Month SOFR | Interest Rate Cap
Debt Instrument Real Estate Owned Net [Line Items]
Debt instrument basis spread on variable rate	5%	3%

Debt Obligations - Summary of I

Debt Obligations - Summary of Interest Expense and Amortization (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Debt Disclosure [Abstract]
Interest expense on secured financings		$ 87,141	$ 99,773	$ 270,314	$ 278,583
Interest expense on secured term loan		18,292	18,378	54,711	53,561
Amortization of deferred financing costs		5,663	5,460	15,227	17,170
Interest and related expense		111,096	123,611	340,252	349,314
Interest expense on debt related to real estate owned	[1]	6,900	6,137	20,098	17,446
Total interest and related expense		$ 117,996	$ 129,748	$ 360,350	$ 366,760
[1] For the three months ended September 30, 2024 and 2023, interest on debt related to real estate owned includes $ 1.1 million and $ 131,000 of amortization of deferred financing costs, respectively. For the nine months ended September 30, 2024 and 2023, interest on debt related to real estate owned includes $ 2.5 million and $ 394,000 of amortization of financing costs, respectively.

Debt Obligations - Summary of_5

Debt Obligations - Summary of Interest Expense and Amortization (Parenthetical) (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Debt Disclosure [Abstract]
Amortization of financing costs included in Interest on debt related to real estate owned	$ 1,100,000	$ 131,000	$ 2,500,000	$ 394,000

Derivatives - Additional Inform

Derivatives - Additional Information (Details) - USD ($) $ in Millions				3 Months Ended		9 Months Ended
	Feb. 07, 2024	Jun. 02, 2021	Feb. 08, 2021	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Derivatives Fair Value Line Items
Derivative liability notional amount			$ 280
Strike rate			5%
Derivative fee paid			$ 0.5
Interest Rate Cap
Derivatives Fair Value Line Items
Derivative liability notional amount	$ 280	$ 290
Derivative maturity date	Nov. 15, 2024	Feb. 15, 2024
Strike rate	5%	3%
Derivative fee paid	$ 0.5	$ 0.3
Fair value of interest rate cap								$ 0.9
Proceeds from interest rate cap				$ 0.2	$ 1.7	$ 1.3	$ 4.4
Interest Rate Cap | Maximum
Derivatives Fair Value Line Items
Maximum interest rate of debt related to real estate owned	7.90%	5.83%

Fair Value Measurements Additio

Fair Value Measurements Additional Information (Details) $ in Millions	Dec. 31, 2023 USD ($)
Level 2 [Member] | Interest Rate Cap [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value amount	$ 0.9

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Financial Instruments Measured at Carrying And Estimated Fair Value (Details) - USD ($)	Sep. 30, 2024	Dec. 31, 2023
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Loans receivable held-for-investment, net	$ 6,142,749,000	$ 6,877,425,000
Loans receivable held-for-sale	324,188,000	261,709,000
Repurchase agreements	3,451,001,000	3,805,678,000
Term participation facility	385,491,000	465,434,000
Loan participations sold, net	0	120,508,000
Notes payable, net	304,058,000	283,341,000
Secured term loan, net	710,477,000	712,576,000
Debt related to real estate owned, net	279,650,000	289,913,000
Unpaid Principal Balance [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Loans receivable held-for-investment, net	6,384,893,000	7,044,524,000
Loans receivable held-for-sale	355,971,000	264,065,000
Repurchase agreements	3,451,001,000	3,805,678,000
Term participation facility	385,491,000	465,434,000
Loan participations sold, net		120,634,000
Notes payable, net	306,994,000	286,827,000
Secured term loan, net	719,731,000	725,452,000
Debt related to real estate owned, net	280,000,000	290,000,000
Fair Value [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Loans receivable held-for-investment, net	6,146,384,000	6,875,377,000
Loans receivable held-for-sale	324,188,000	261,709,000
Repurchase agreements	3,451,001,000	3,805,678,000
Term participation facility	384,589,000	463,010,000
Loan participations sold, net		120,000,000
Notes payable, net	304,115,000	284,904,000
Secured term loan, net	687,343,000	694,620,000
Debt related to real estate owned, net	279,473,000	289,422,000
Level 3 [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Loans receivable held-for-investment, net	6,146,384,000	6,875,377,000
Loans receivable held-for-sale	324,188,000	261,709,000
Repurchase agreements	3,451,001,000	3,805,678,000
Term participation facility	384,589,000	463,010,000
Loan participations sold, net		120,000,000
Notes payable, net	304,115,000	284,904,000
Secured term loan, net	687,343,000	694,620,000
Debt related to real estate owned, net	$ 279,473,000	$ 289,422,000

Equity - Additional Information

Equity - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions	9 Months Ended
	Sep. 30, 2024	May 10, 2024	Dec. 31, 2023	Sep. 30, 2023	Dec. 31, 2022
Class Of Stock [Line Items]
Common stock authorized	500,000,000		500,000,000
Common stock par value	$ 0.01		$ 0.01
Common stock, shares issued	139,362,657		138,745,357
Common stock outstanding	139,362,657		138,745,357
Common Stock [Member]
Class Of Stock [Line Items]
Common stock authorized	500,000,000		500,000,000
Common stock par value	$ 0.01		$ 0.01
Common stock, shares issued	139,362,657		138,745,357
Common stock outstanding	139,362,657		138,745,357	138,728,690	138,376,144
Common Stock [Member] | At the Market Stock Offering Program [Member]
Class Of Stock [Line Items]
Aggregate sale price		$ 150
Professional and legal fees	$ 0.5
Common shares issued	0
Common stock value available for future issuance	$ 150

Equity -Schedule of Common Stoc

Equity -Schedule of Common Stock Outstanding (Details) - shares	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Class Of Stock [Line Items]
Beginning balance	138,745,357
Ending balance	139,362,657
Common Stock [Member]
Class Of Stock [Line Items]
Beginning balance	138,745,357	138,376,144
Issuance of common stock in exchange for fully vested RSUs	617,300	352,546
Ending balance	139,362,657	138,728,690

Equity - Summary of Dividends D

Equity - Summary of Dividends Declared For Common And Preferred Stock (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023
Class Of Stock [Line Items]
Dividends declared - common stock	$ 14,190	$ 35,541	$ 35,622	$ 35,330	$ 52,424	$ 52,404
O 2024 Q1 Dividends [Member]
Class Of Stock [Line Items]
Dividends declared - common stock			$ 34,687
Dividends declared - common stock per share			$ 0.25
Record Date - common stock			Mar. 29, 2024
Payment Date - common stock			Apr. 15, 2024
O 2024 Q2 Dividends [Member]
Class Of Stock [Line Items]
Dividends declared - common stock		$ 34,739
Dividends declared - common stock per share		$ 0.25
Record Date - common stock		Jun. 28, 2024
Payment Date - common stock		Jul. 15, 2024
O 2024 Q3 Dividends [Member]
Class Of Stock [Line Items]
Dividends declared - common stock	$ 13,936
Dividends declared - common stock per share	$ 0.1
Record Date - common stock	Sep. 30, 2024
Payment Date - common stock	Oct. 15, 2024
O 2023 Q1 Dividends [Member]
Class Of Stock [Line Items]
Dividends declared - common stock						$ 51,199
Dividends declared - common stock per share						$ 0.37
Record Date - common stock						Mar. 31, 2023
Payment Date - common stock						Apr. 14, 2023
O 2023 Q2 Dividends [Member]
Class Of Stock [Line Items]
Dividends declared - common stock					$ 51,203
Dividends declared - common stock per share					$ 0.37
Record Date - common stock					Jun. 30, 2023
Payment Date - common stock					Jul. 14, 2023
O 2023 Q3 Dividends [Member]
Class Of Stock [Line Items]
Dividends declared - common stock				$ 34,682
Dividends declared - common stock per share				$ 0.25
Record Date - common stock				Sep. 29, 2023
Payment Date - common stock				Oct. 13, 2023

Earnings per Share - Additional

Earnings 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]
Dilutive securities			0	0
Weighted Average RSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Dilutive securities	2,459,978	2,569,993	2,755,785	2,668,889

Earnings per Share - Schedule o

Earnings per Share - Schedule of Basic and Diluted Earning per Share (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Earnings Per Share [Abstract]
Net loss		$ (56,218)	$ (68,947)	$ (120,567)	$ (28,016)
Dividends on participating securities	[1]	(245)	(648)	(1,949)	(3,074)
Basic loss		$ (56,463)	$ (69,595)	$ (122,516)	$ (31,090)
Weighted-average shares of common stock outstanding - basic	[2]	139,561,491	138,899,168	139,145,099	138,563,355
Weighted-average shares of common stock outstanding - diluted	[2]	139,561,491	138,899,168	139,145,099	138,563,355
Net loss per share of common stock - basic		$ (0.4)	$ (0.5)	$ (0.88)	$ (0.22)
Net loss per share of common stock - diluted		$ (0.4)	$ (0.5)	$ (0.88)	$ (0.22)
[1] For the three months ended September 30, 2024 and 2023, dividends on participating securities excludes $ 9,000 and $ 9,000 of dividends on fully vested restricted stock units (“RSU”). For the nine months ended September 30, 2024 and 2023, dividends on participating securities excludes $ 42,000 and $ 24,000 of dividends on fully vested RSUs. Amounts as of September 30, 2024 and 2023 include 95,380 and 37,467 fully vested RSUs.

Earnings Per Share - Schedule_2

Earnings Per Share - Schedule of Basic and Diluted Earning per Share (Parenthetical) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Earnings Per Share Diluted [Line Items]
Dividends on fully vested RSU	$ 9,000	$ 9,000	$ 42,000	$ 24,000
RSUs
Earnings Per Share Diluted [Line Items]
Shares vested			95,380	37,467

Related Party Transactions - Su

Related Party Transactions - Summary of Management and Incentive Fees (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Related Party Transactions [Abstract]
Management fees - affiliate	$ 9,079	$ 9,541	$ 27,300	$ 28,838
Incentive fees				1,558
Total	$ 9,079	$ 9,541	$ 27,300	$ 30,396

Related Party Transactions - Ad

Related Party Transactions - 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
Related Party Transaction [Line Items]
Annual base management fee percentage			1.50%
Base management fee payable to affiliate	$ 18,090,000		$ 18,090,000		$ 9,315,000
Management fees - affiliate	9,079,000	$ 9,541,000	$ 27,300,000	$ 28,838,000
Management fee, description			Effective October 1, 2015, our Manager earns a base management fee in an amount equal to 1.50% per annum of Stockholders’ Equity, as defined in the Management Agreement. Management fees are reduced by our pro rata share of any management fees and incentive fees (if incentive fees are not incurred by us) incurred to our Manager by CMTG/TT. Management fees are paid quarterly, in arrears, and $18.1 million and $9.3 million were accrued and were included in management fee payable – affiliate, on our consolidated balance sheets at September 30, 2024 and December 31, 2023, respectively.
Incentive fee rate			20%
Minimum percentage of incentive fee to be paid in return on stockholders’ equity			7%
Incentive fees, description			Manager is entitled to an incentive fee equal to 20% of the excess of our Core Earnings on a rolling four-quarter basis, as defined in the Management Agreement, over a 7.00% return on Stockholders’ Equity. Incentive fees are reduced by our pro rata share of any incentive fees incurred to our Manager by CMTG/TT.
Incentive fee payable - affiliate	0		$ 0		0
Termination fee, description			If we elect to terminate the Management Agreement, we are required to pay our Manager a termination fee equal to three times the sum of the average total annual amount of management fees and the average annual incentive fee paid by us over the prior two years.
Other liabilities	41,157,000		$ 41,157,000		47,368,000
Reimbursements
Related Party Transaction [Line Items]
General and administrative expense	1,000,000	$ 1,100,000	3,200,000	$ 3,000,000
Other liabilities	$ 2,000,000		$ 2,000,000		$ 1,000,000

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Details) - USD ($)	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]
Unrecognized compensation expense	$ 24,000,000		$ 24,000,000
Unrecognized compensation expense expected to recognized over a remaining period			1 year 7 months 6 days
Time Based Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares vested			1,072,611	732,598
Adjustment to additional paid in capital for shares vested	$ 2,100,000	$ 3,900,000	$ 3,500,000	$ 3,900,000
Time Based Restricted Stock Units | Non-Employee Board Members
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares vested	652,425	703,318	1,012,741	703,318
Time Based Restricted Stock Units | Director
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares issued upon vesting of RSU	408,224	342,786	596,454	342,786
RSUs
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation	$ 5,000,000	$ 4,400,000	$ 13,300,000	$ 12,100,000
Shares vested			95,380	37,467
RSUs | Non-Employee Board Members
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares issued	6,098	4,210	14,576	11,097
Stock-based compensation	$ 47,000	$ 48,000	$ 144,000	$ 139,000
2016 Incentive Award Plan | Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Remaining number of shares that may be issued	3,977,252		3,977,252

Stock-Based Compensation - Summ

Stock-Based Compensation - Summary of Time-based RSUs Granted to Non-executive Members of the Board (Details) - Time-based Restricted Stock Units - $ / shares				9 Months Ended
	Jun. 01, 2024	Jun. 01, 2023	Jun. 01, 2022	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023	Dec. 31, 2022
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total RSU Grant				1,269,544	1,167,354
Grant Date Fair Value Per Share						$ 15.31	$ 18.74
Non-Employee Board Members
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total RSU Grant	89,214	58,536	29,280
Grant Date Fair Value Per Share	$ 8.07	$ 10.25	$ 20.49

Stock-Based Compensation - Su_2

Stock-Based Compensation - Summary of Time-Based Restricted Stock Units Activity (Details) - Time-based Restricted Stock Units - $ / shares	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Restricted Share Units, Unvested beginning balance	2,526,202	2,159,280
Number of Restricted Share Units, Granted	1,269,544	1,167,354
Number of Restricted Share Units, Vested	(1,072,611)	(732,598)
Number of Restricted Share Units, Forfeited	(277,505)	(38,500)
Number of Restricted Share Units, Unvested ending balance	2,445,630	2,555,536
Weighted-Average Grant Date Fair Value Per Share, Unvested beginning balance	$ 15.31	$ 18.74
Weighted-Average Grant Date Fair Value Per Share, Unvested Granted	9.53	11.25
Weighted-Average Grant Date Fair Value Per Share, Unvested Vested	15.74	18.79
Weighted-Average Grant Date Fair Value Per Share, Unvested Forfeited	12.67	16.31
Weighted-Average Grant Date Fair Value Per Share, Unvested ending balance	$ 12.42	$ 15.34

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) - USD ($)	9 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Schedule Of Income Loss Before Income Taxes [Line Items]
Uncertain tax positions	$ 0	$ 0
Valuation allowance	$ 28,000,000	21,700,000
TRS [Member]
Schedule Of Income Loss Before Income Taxes [Line Items]
Percentage of REIT taxable income	90%
Deferred tax assets	$ 0	0
Deferred tax liabilities	$ 0	$ 0

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Loss Contingencies [Line Items]
Return of capital distribution from CMTG/CN Mortgage REIT LLC	$ 123.3	$ 111.1
Unfunded loan commitments	$ 584.2	$ 1,100
Maximum
Loss Contingencies [Line Items]
Loan maturity period	5 years	5 years
Claros Mortgage Trust
Loss Contingencies [Line Items]
Commitment Interest	51%
Commitment Amount	$ 124.9
Loan Repayment Period	6 months
Company Contribution Amount	$ 163.1	$ 163.1
Remaining Capital Commitment	$ 72.9	$ 72.9

Commitments and Contingencies_2

Commitments and Contingencies - Schedule of Contractual Maturity Payment (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
2024	$ 1,676,409
2025	1,800,073
2026	1,666,735
2027	0
2028	0
Long term debt	5,143,217
2024	858,012
2025	491,820
2026	2,067,342
2027	1,348,593
2028	377,450
Long-term Debt	$ 5,143,217	$ 5,694,025

Commitments and Contingencies_3

Commitments and Contingencies - Schedule of Contractual Maturity Payment (Parenthetical) (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2024	Dec. 31, 2023
Loss Contingencies [Line Items]
Borrowing Outstanding	$ 5,143,217	$ 5,143,217	$ 5,694,025
Unpaid principal balance	75,500
Extended Maturity Date in 2023
Loss Contingencies [Line Items]
Borrowing Outstanding	$ 354,100	354,100
Unpaid principal balance		$ 734,800

Subsequent Events - Additional

Subsequent Events - Additional Information (Details) - USD ($) $ in Thousands		1 Months Ended	9 Months Ended
	Feb. 08, 2021	Oct. 31, 2024	Sep. 30, 2024	Sep. 30, 2023
Subsequent Event [Line Items]
Sales generated net liquidity			$ 435,645	$ 187,440
Investment, Type [Extensible Enumeration]	Real Estate Investment [Member]
Contractual Maturity Date	Nov. 09, 2024
Subsequent Event
Subsequent Event [Line Items]
Sales generated net liquidity		$ 51,000
Investment, Type [Extensible Enumeration]		Senior and Subordinate Loan