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Variable Interest Entities (Details)
$ in Thousands
6 Months Ended
Jun. 30, 2024
USD ($)
entity
Dec. 31, 2023
USD ($)
Jun. 30, 2023
USD ($)
Dec. 31, 2022
USD ($)
Assets:        
Restricted cash $ 218,228 $ 608,233 $ 396,866 $ 713,808
Loans and investments, net 11,603,944 12,377,806    
Other assets 490,885 490,281    
Total assets [1] 14,197,212 15,738,636    
Liabilities:        
Securitized debt 5,716,513 6,935,010    
Other liabilities 303,865 343,072    
Total liabilities [1] 11,010,573 12,484,031    
CLOs and Debt Fund        
Assets:        
Restricted cash 202,210 593,956    
Loans and investments, net 6,850,746 7,826,793    
Other assets 101,797 193,822    
Total assets 7,154,753 8,614,571    
Liabilities:        
Securitized debt 5,716,513 6,935,010    
Other liabilities 17,300 32,867    
Total liabilities 5,733,813 $ 6,967,877    
Unconsolidated VIEs        
Assets:        
Total assets $ 1,009,692      
Liabilities:        
Number of VIEs where the reporting entity is not VIE's primary beneficiary and VIEs have variable interest | entity 38      
Carrying amount of loans and investments before reserves related to VIEs $ 186,800      
Loan loss reserves related to VIEs 88,100      
Exposure to real estate debt 4,160,000      
Unconsolidated VIEs | Loans        
Assets:        
Total assets 816,004      
Unconsolidated VIEs | APL certificates        
Assets:        
Total assets 133,766      
Unconsolidated VIEs | Equity investments        
Assets:        
Total assets 28,359      
Unconsolidated VIEs | B Piece bonds        
Assets:        
Total assets 31,446      
Unconsolidated VIEs | Agency interest only strips        
Assets:        
Total assets $ 117      
[1] Our consolidated balance sheets include assets and liabilities of consolidated variable interest entities, or VIEs, as we are the primary beneficiary of these VIEs. At June 30, 2024 and December 31, 2023, assets of our consolidated VIEs totaled $7,154,753 and $8,614,571, respectively, and the liabilities of our consolidated VIEs totaled $5,733,813 and $6,967,877, respectively. See Note 14 for discussion of our VIEs