v3.25.2
Real Estate Owned - Narrative (Details)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2025
USD ($)
loan
property
Jun. 30, 2024
USD ($)
Jun. 30, 2025
USD ($)
property
loan
Jun. 30, 2024
USD ($)
Dec. 31, 2024
USD ($)
property
Real Estate [Line Items]          
Financing receivable, specific reserve $ 2,200 $ 10,800 $ 7,400 $ 27,800  
Repayments of mortgage notes outstanding     67,812 8,900  
Loans and investments 11,609,235   11,609,235   $ 11,304,956
Mortgage notes payable — real estate owned 184,618   184,618   74,897
Depreciation expense related to real estate owned $ 4,800 $ 600 $ 7,500 $ 1,400  
Prime Rate          
Real Estate [Line Items]          
Mortgage notes payable, basis spread on variable rate     1.35%    
Secured Overnight Financing Rate (SOFR)          
Real Estate [Line Items]          
Mortgage notes payable, basis spread on variable rate     3.25%    
Bridge loans          
Real Estate [Line Items]          
Number of new loans provided that are a significant financing component | loan 2   2    
Sold Real Estate Owned Assets          
Real Estate [Line Items]          
Proceeds from sale of REO asset $ 7,000   $ 84,000    
Repayments of mortgage notes outstanding 49,100   49,100    
Loss on sale of REO assets 100   1,000    
Loss on sale of real estate assets     2,800    
Sold Real Estate Owned Assets, Loan One | Bridge loans          
Real Estate [Line Items]          
Loans and investments 6,500   $ 6,500    
Sold Real Estate Owned Assets, Loan One | Bridge loans | Financing Receivable, Period One          
Real Estate [Line Items]          
Financing receivable, fixed interest rate     0.0475    
Sold Real Estate Owned Assets, Loan One | Bridge loans | Financing Receivable, Period Two          
Real Estate [Line Items]          
Financing receivable, fixed interest rate     0.0550    
Sold Real Estate Owned Assets, Loan One | Bridge loans | Financing Receivable, Period Three          
Real Estate [Line Items]          
Financing receivable, fixed interest rate     0.0600    
Sold Real Estate Owned Assets, Loan Two | Bridge loans          
Real Estate [Line Items]          
Loans and investments 83,500   $ 83,500    
Financing receivable, basis spread on variable rate     0.0200    
Sold Real Estate Owned Assets, Loan Three | Bridge loans          
Real Estate [Line Items]          
Financing receivable, fixed interest rate     0.0732    
Financing receivable, floor interest rate     0.0300    
Mortgages          
Real Estate [Line Items]          
Mortgage notes payable — real estate owned $ 184,600   $ 184,600   $ 74,900
Multifamily          
Real Estate [Line Items]          
Number of real estate properties | property 11   11   4
Weighted average occupancy rate 41.00%   41.00%   77.00%
Multifamily | Foreclosed Real Estate Owned Assets          
Real Estate [Line Items]          
Number of foreclosed real estate properties | loan 3   10    
Foreclosed properties, carrying value $ 67,600   $ 260,300    
Financing receivable, specific reserve 5,100   9,100    
Gain (loss) on foreclosure $ 800   $ (1,000)    
Multifamily | Sold Real Estate Owned Assets          
Real Estate [Line Items]          
Number of real estate properties sold | property 1   3    
Office          
Real Estate [Line Items]          
Number of real estate properties | property 2   2   2
Land          
Real Estate [Line Items]          
Number of real estate properties | property 2   2   2