v3.25.2
Loans Receivable, net - Summary of Activity in Loan Portfolio (Details) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Mar. 31, 2025
Dec. 31, 2024
Mar. 31, 2024
Dec. 31, 2023
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Losses [Roll Forward]            
Loans receivable at beginning of period $ 7,496,474 $ 7,782,219        
Loan fundings 793,415 633,236        
Loan repayments (730,375) (179,906)        
Amortization of deferred fees on loans 11,336 3,637        
Exit and extension fees received on loans receivable (5,249) (1,854)        
Transfer to investments in real estate, net (105,000) 0        
Total loans receivable 7,460,601 8,237,332        
CECL reserve (99,816) (139,402) $ (82,805) $ (93,664) $ (119,800) $ (79,851)
Loans receivable, net $ 7,360,785 $ 8,097,930   $ 7,402,810