v3.25.3
LOANS HELD-FOR-INVESTMENT - Schedule of Current Expected Credit Losses (Details) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2025
Jun. 30, 2025
Mar. 31, 2025
Sep. 30, 2024
Jun. 30, 2024
Mar. 31, 2024
Sep. 30, 2025
Sep. 30, 2024
Financing Receivable, Allowance for Credit Loss [Roll Forward]                
Beginning balance     $ 3,370,877       $ 3,370,877  
(Reversal of) provision for credit losses             (90,233)  
Charge-offs of CECL       $ (2,860) $ (480) $ (1,649) (90,846)  
Ending balance $ 3,194,079           3,194,079  
Gross Credit Losses                
Financing Receivable, Allowance for Credit Loss [Roll Forward]                
Beginning balance 313,885 $ 309,643 406,730 420,761 208,871 143,158 406,730 $ 143,158
(Reversal of) provision for credit losses 6,743 4,242 (6,241) (22,614) 212,370 67,362    
Charge-offs of CECL     (90,846)          
Ending balance 320,628 313,885 309,643 395,287 420,761 208,871 320,628 395,287
First Mortgage Loans                
Financing Receivable, Allowance for Credit Loss [Roll Forward]                
Charge-offs of CECL       0 0 0    
First Mortgage Loans | Gross Credit Losses                
Financing Receivable, Allowance for Credit Loss [Roll Forward]                
Beginning balance 286,668 282,428 381,825 398,289 186,804 109,240 381,825 109,240
(Reversal of) provision for credit losses 4,371 4,240 (11,922) (24,304) 211,485 77,564    
Charge-offs of CECL     (87,475)          
Ending balance 291,039 286,668 282,428 373,985 398,289 186,804 291,039 373,985
Unfunded First Mortgage Loans                
Financing Receivable, Allowance for Credit Loss [Roll Forward]                
Charge-offs of CECL       0 0 0    
Unfunded First Mortgage Loans | Gross Credit Losses                
Financing Receivable, Allowance for Credit Loss [Roll Forward]                
Beginning balance 18,565 19,403 13,917 10,606 3,409 10,062 13,917 10,062
(Reversal of) provision for credit losses (694) (838) 5,486 5,029 7,197 (6,653)    
Charge-offs of CECL     0          
Ending balance 17,871 18,565 19,403 15,635 10,606 3,409 17,871 15,635
Liquid Corporate Senior Loans                
Financing Receivable, Allowance for Credit Loss [Roll Forward]                
Beginning balance     35,653       35,653  
(Reversal of) provision for credit losses             (629)  
Charge-offs of CECL       (2,860) (480) (1,649) (3,371)  
Ending balance 24,204           24,204  
Liquid Corporate Senior Loans | Gross Credit Losses                
Financing Receivable, Allowance for Credit Loss [Roll Forward]                
Beginning balance 2,746 2,441 5,814 7,927 14,370 19,738 5,814 19,738
(Reversal of) provision for credit losses 2,439 305 (2) (4,050) (5,963) (3,719)    
Charge-offs of CECL     (3,371)          
Ending balance 5,185 2,746 2,441 1,017 7,927 14,370 5,185 1,017
Unfunded or Unsettled Liquid Senior Loans                
Financing Receivable, Allowance for Credit Loss [Roll Forward]                
Charge-offs of CECL       0 0 0    
Unfunded or Unsettled Liquid Senior Loans | Gross Credit Losses                
Financing Receivable, Allowance for Credit Loss [Roll Forward]                
Beginning balance 0 0 0 1 2 3 0 3
(Reversal of) provision for credit losses 0 0 0 (1) (1) (1)    
Charge-offs of CECL     0          
Ending balance 0 0 0 0 1 2 0 0
Corporate Senior Loans                
Financing Receivable, Allowance for Credit Loss [Roll Forward]                
Beginning balance     250,120       250,120  
(Reversal of) provision for credit losses             1,182  
Charge-offs of CECL       0 0 0 0  
Ending balance 331,696           331,696  
Corporate Senior Loans | Gross Credit Losses                
Financing Receivable, Allowance for Credit Loss [Roll Forward]                
Beginning balance 5,334 4,757 4,497 3,534 3,869 3,620 4,497 3,620
(Reversal of) provision for credit losses 345 577 260 595 (335) 249    
Charge-offs of CECL     0          
Ending balance 5,679 5,334 4,757 4,129 3,534 3,869 5,679 4,129
Unfunded Corporate Senior Loans                
Financing Receivable, Allowance for Credit Loss [Roll Forward]                
Charge-offs of CECL       0 0 0    
Unfunded Corporate Senior Loans | Gross Credit Losses                
Financing Receivable, Allowance for Credit Loss [Roll Forward]                
Beginning balance 572 614 677 404 417 495 677 495
(Reversal of) provision for credit losses 282 (42) (63) 117 (13) (78)    
Charge-offs of CECL     0          
Ending balance $ 854 $ 572 $ 614 $ 521 $ 404 $ 417 $ 854 $ 521