v3.25.2
Fair Value of Financial Instruments - Assets and Liabilities Measured At Fair Value On A Recurring Basis (Details) - USD ($)
Jun. 30, 2025
Dec. 31, 2024
Assets:    
Derivative assets, at fair value $ 0 $ 4,064,000
Total assets 3,560,141,000 2,395,142,000
Liabilities:    
Derivative liabilities, at fair value 3,590,000 0
Total liabilities 2,832,229,000 1,854,868,000
Commercial Real Estate Loan Investments    
Assets:    
Fair value, option, assets 3,550,378,000 2,391,078,000
Real Estate-Related Securities    
Assets:    
Fair value, option, assets 9,763,000 0
Collateralized loan obligations    
Liabilities:    
Fair Value 1,001,129,000  
Line of Credit | Secured Debt    
Liabilities:    
Borrowings 1,827,510,000 1,854,868,000
Line of Credit | Secured Lending Agreements | Secured Debt    
Liabilities:    
Borrowings 1,679,778,000 1,720,350,000
Line of Credit | Term Lending Agreement | Secured Debt    
Liabilities:    
Borrowings 147,732,000 134,518,000
Level 1    
Assets:    
Derivative assets, at fair value   0
Total assets 0 0
Liabilities:    
Derivative liabilities, at fair value 0  
Total liabilities 0 0
Level 1 | Commercial Real Estate Loan Investments    
Assets:    
Fair value, option, assets 0 0
Level 1 | Real Estate-Related Securities    
Assets:    
Fair value, option, assets 0  
Level 1 | Collateralized loan obligations    
Liabilities:    
Fair Value 0  
Level 1 | Line of Credit | Secured Lending Agreements | Secured Debt    
Liabilities:    
Borrowings 0 0
Level 1 | Line of Credit | Term Lending Agreement | Secured Debt    
Liabilities:    
Borrowings 0 0
Level 2    
Assets:    
Derivative assets, at fair value   4,064,000
Total assets 1,229,867,000 4,064,000
Liabilities:    
Derivative liabilities, at fair value 3,590,000  
Total liabilities 1,004,719,000 0
Level 2 | Commercial Real Estate Loan Investments    
Assets:    
Fair value, option, assets 1,220,104,000 0
Level 2 | Real Estate-Related Securities    
Assets:    
Fair value, option, assets 9,763,000  
Level 2 | Collateralized loan obligations    
Liabilities:    
Fair Value 1,001,129,000  
Level 2 | Line of Credit | Secured Lending Agreements | Secured Debt    
Liabilities:    
Borrowings 0 0
Level 2 | Line of Credit | Term Lending Agreement | Secured Debt    
Liabilities:    
Borrowings 0 0
Level 3    
Assets:    
Derivative assets, at fair value   0
Total assets 2,330,274,000 2,391,078,000
Liabilities:    
Derivative liabilities, at fair value 0  
Total liabilities 1,827,510,000 1,854,868,000
Level 3 | Commercial Real Estate Loan Investments    
Assets:    
Fair value, option, assets 2,330,274,000 2,391,078,000
Level 3 | Real Estate-Related Securities    
Assets:    
Fair value, option, assets 0  
Level 3 | Collateralized loan obligations    
Liabilities:    
Fair Value 0  
Level 3 | Line of Credit | Secured Lending Agreements | Secured Debt    
Liabilities:    
Borrowings 1,679,778,000 1,720,350,000
Level 3 | Line of Credit | Term Lending Agreement | Secured Debt    
Liabilities:    
Borrowings $ 147,732,000 $ 134,518,000