v3.25.4
Investments in Real Estate Debt - Schedule of Mortgage Loans by Property Type and Geographic Distribution (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Fair Value $ 1,085,326 [1],[2],[3] $ 814,066
Percentage of portfolio 100.00% 100.00%
Multifamily    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Fair Value $ 329,206 $ 353,208
Percentage of portfolio 30.30% 43.20%
Data Center    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Fair Value $ 322,066 $ 143,836
Percentage of portfolio 29.70% 17.70%
Self-Storage    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Fair Value $ 95,181 $ 40,700
Percentage of portfolio 8.70% 5.00%
Mixed Use    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Fair Value $ 93,370 $ 0
Percentage of portfolio 8.60% 0.00%
Hotel    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Fair Value $ 90,116 $ 119,360
Percentage of portfolio 8.30% 14.70%
Production Studio    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Fair Value $ 80,912 $ 36,260
Percentage of portfolio 7.50% 4.50%
Industrial    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Fair Value $ 50,000 $ 99,761
Percentage of portfolio 4.60% 12.30%
Life Sciences    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Fair Value $ 24,475 $ 20,941
Percentage of portfolio 2.30% 2.60%
West    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Fair Value $ 325,656 $ 204,847
Percentage of portfolio 30.00% 25.20%
Northeast    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Fair Value $ 280,622 $ 300,299
Percentage of portfolio 25.80% 36.90%
Southwest    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Fair Value $ 220,030 $ 76,523
Percentage of portfolio 20.30% 9.40%
Mid-Atlantic    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Fair Value $ 140,153 $ 126,149
Percentage of portfolio 12.90% 15.50%
Midwest    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Fair Value $ 82,485 $ 74,116
Percentage of portfolio 7.60% 9.10%
Southeast    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Fair Value $ 36,380 $ 32,132
Percentage of portfolio 3.40% 3.90%
[1] The aggregate cost for U.S. federal income tax purposes is $1.1 billion.
[2] There are no delinquent principal or interest on any loan as of December 31, 2025.
[3] No prior tax liens or delinquent interest exists on any of the Company's commercial real estate loans.