v3.25.3
Commercial Mortgage Loans Held for Investment - Schedule of Commercial Mortgage Loans held for Investment (Details)
$ in Thousands
Sep. 30, 2025
USD ($)
Loan
Dec. 31, 2024
USD ($)
Loan
Mortgage Loans On Real Estate [Line Items]    
Number of Loans | Loan [1] 18 25
Principal Balance [1] $ 382,457 $ 562,683
Unamortized (fees)/costs, net [1] 1,092 388
Allowance for credit losses [1] (8,162) (13,898)
Carrying Value [1] $ 375,387 $ 549,173
Weighted Average Interest Rate [2] 7.50% 7.70%
Weighted Average Years to Maturity [3] 6 months 7 months 6 days
First Mortgage Loans [Member]    
Mortgage Loans On Real Estate [Line Items]    
Number of Loans | Loan [1] 16 23
Principal Balance [1] $ 369,577 $ 549,303
Unamortized (fees)/costs, net [1] 1,092 388
Allowance for credit losses [1] (5,012) (9,898)
Carrying Value [1] $ 365,657 $ 539,793
Weighted Average Interest Rate [2] 7.50% 7.70%
Weighted Average Years to Maturity [3] 4 months 24 days 7 months 6 days
Credit Loans [Member]    
Mortgage Loans On Real Estate [Line Items]    
Number of Loans | Loan [1] 2 2
Principal Balance [1] $ 12,880 $ 13,380
Allowance for credit losses [1] (3,150) (4,000)
Carrying Value [1] $ 9,730 $ 9,380
Weighted Average Interest Rate [2] 9.20% 9.20%
Weighted Average Years to Maturity [3] 2 years 2 months 12 days 1 year 10 months 24 days
[1] First mortgage loans are first position mortgage loans and credit loans are mezzanine and subordinated loans.
[2] Weighted average interest rate is based on the loan spreads plus the applicable indices as of the last interest reset date, which is typically the 15th of each month. On September 15, 2025, the one-month term USD Secured Overnight Financing Rate (“SOFR”) rate reset to 4.15%. On December 15, 2024, the SOFR rate reset to 4.40%. Weighted average interest rate excludes maturity default interest and interest on loans placed on nonaccrual status.
[3] Weighted average years to maturity excludes allowable extensions on the loans.