v3.25.4
DEBT OBLIGATIONS, NET - Company's Debt Obligations (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Assets Sold under Agreements to Repurchase [Line Items]    
Carrying Value $ 627,012 $ 62,738
Carrying Value of Collateral 0 0
Unsecured Revolving Credit Facility    
Assets Sold under Agreements to Repurchase [Line Items]    
Committed Amount 850,000 725,000
Outstanding Principal Amount 2,513,409 2,041,557
Carrying Value 2,495,195 2,025,053
Loan Repurchase Facility    
Assets Sold under Agreements to Repurchase [Line Items]    
Committed Amount 656,000  
Outstanding Principal Amount 0  
Unamortized debt issuance expense 3,100 2,100
Total Debt Obligations, net    
Assets Sold under Agreements to Repurchase [Line Items]    
Committed Amount 1,506,000 1,881,000
Outstanding Principal Amount 3,526,964 3,149,492
Carrying Value 3,510,402 3,135,617
Carrying Value of Collateral 1,090,391 1,395,040
Maturing on Various Date | Senior Unsecured Notes    
Assets Sold under Agreements to Repurchase [Line Items]    
Outstanding Principal Amount 2,233,409 2,041,557
Carrying Value $ 2,215,195 $ 2,025,053
Average Cost of Funds (as a percent) 5.29% 5.22%
Maturing on Various Date | Mortgage loan financing    
Assets Sold under Agreements to Repurchase [Line Items]    
Outstanding Principal Amount $ 386,543 $ 443,733
Carrying Value $ 388,195 $ 446,397
Average Cost of Funds (as a percent) 5.88% 6.09%
Carrying Value of Collateral $ 383,173 $ 451,880
Maturing on Various Date | CLO Debt    
Assets Sold under Agreements to Repurchase [Line Items]    
Outstanding Principal Amount   601,464
Carrying Value   $ 601,429
Average Cost of Funds (as a percent)   6.36%
Carrying Value of Collateral   $ 831,270
Maturing on 20 December 2028 | Unsecured Revolving Credit Facility    
Assets Sold under Agreements to Repurchase [Line Items]    
Committed Amount 850,000 725,000
Outstanding Principal Amount 280,000 0
Carrying Value $ 280,000 $ 0
Average Cost of Funds (as a percent) 4.91% 0.00%
Unamortized debt issuance expense $ 7,100 $ 7,100
Maturing on 27 September 2028 | Loan Repurchase Facility    
Assets Sold under Agreements to Repurchase [Line Items]    
Committed Amount 300,000  
Outstanding Principal Amount 0  
Carrying Value $ 0  
Average Cost of Funds (as a percent) 0.00%  
Carrying Value of Collateral $ 0  
Maturing on 21 October 2026 | Loan Repurchase Facility    
Assets Sold under Agreements to Repurchase [Line Items]    
Committed Amount 300,000  
Outstanding Principal Amount 0  
Carrying Value $ 0  
Average Cost of Funds (as a percent) 0.00%  
Carrying Value of Collateral $ 0  
Maturing on 30 April 2026 | Loan Repurchase Facility    
Assets Sold under Agreements to Repurchase [Line Items]    
Committed Amount 56,000 56,000
Outstanding Principal Amount 0 0
Carrying Value $ 0 $ 0
Average Cost of Funds (as a percent) 0.00% 0.00%
Carrying Value of Collateral $ 0 $ 0
Maturing on January 2026 | Securities Repurchases    
Assets Sold under Agreements to Repurchase [Line Items]    
Committed Amount 0  
Outstanding Principal Amount 627,012  
Carrying Value $ 627,012  
Average Cost of Funds (as a percent) 4.29%  
Carrying Value of Collateral $ 707,218  
Maturing on 27 September 2025 | Loan Repurchase Facility    
Assets Sold under Agreements to Repurchase [Line Items]    
Committed Amount   500,000
Outstanding Principal Amount   62,738
Carrying Value   $ 62,738
Average Cost of Funds (as a percent)   6.55%
Carrying Value of Collateral   $ 97,254
Maturing on 21 October 2027 | Loan Repurchase Facility    
Assets Sold under Agreements to Repurchase [Line Items]    
Committed Amount   300,000
Outstanding Principal Amount   0
Carrying Value   $ 0
Average Cost of Funds (as a percent)   0.00%
Carrying Value of Collateral   $ 0
Maturing on 3 October 2025 | Loan Repurchase Facility    
Assets Sold under Agreements to Repurchase [Line Items]    
Committed Amount   200,000
Outstanding Principal Amount   0
Carrying Value   $ 0
Average Cost of Funds (as a percent)   0.00%
Carrying Value of Collateral   $ 14,636
Maturing on 22 January 2025 | Loan Repurchase Facility    
Assets Sold under Agreements to Repurchase [Line Items]    
Committed Amount   100,000
Outstanding Principal Amount   0
Carrying Value   $ 0
Average Cost of Funds (as a percent)   0.00%
Carrying Value of Collateral   $ 0