v3.26.1
Related Party Transactions and Arrangements - Narrative (Details)
$ in Thousands
3 Months Ended
Mar. 18, 2026
USD ($)
Mar. 31, 2026
USD ($)
Mar. 31, 2025
USD ($)
Dec. 31, 2025
USD ($)
property
Nov. 30, 2022
property
Jun. 30, 2022
USD ($)
property
Sep. 30, 2021
USD ($)
Sep. 17, 2021
USD ($)
Related Party Transaction [Line Items]                
Equity method investments   $ 98,626   $ 71,682        
Total commercial mortgage loans, held for investment, net [1]   4,546,828   4,383,134        
Interest income   92,249 $ 113,908          
Commercial Mortgage Receivable, Held-For-Investment                
Related Party Transaction [Line Items]                
Total commercial mortgage loans, held for investment, net   4,546,828   4,383,134        
Industrial | Jeffersonville, GA | Mortgages                
Related Party Transaction [Line Items]                
Principal amount               $ 112,700
Industrial | Jeffersonville, GA | Franklin BSP Realty Trust, Inc | September 2021 Mortgage Note Payable, Eliminated in Consolidation | Mortgages                
Related Party Transaction [Line Items]                
Principal amount               $ 88,700
Industrial | Jeffersonville, GA | Jeffersonville JV, Affiliate                
Related Party Transaction [Line Items]                
Equity method investments             $ 5,800  
Noncontrolling interest in joint ventures             29,800  
Nonrelated Party | Gardena JV                
Related Party Transaction [Line Items]                
Equity method investment, ownership percentage 10.00%              
Affiliated Entity | Gardena JV                
Related Party Transaction [Line Items]                
Equity method investment, ownership percentage 62.05%              
Related Party | Gardena JV                
Related Party Transaction [Line Items]                
Payments to acquire property $ 44,000              
Equity method investment, ownership percentage 27.95%              
Related Party | Commercial Mortgage Receivable, Held-For-Investment                
Related Party Transaction [Line Items]                
Total commercial mortgage loans, held for investment, net   37,100   $ 37,100        
Interest income   600 $ 700          
Related Party | Industrial | Jeffersonville, GA                
Related Party Transaction [Line Items]                
Real estate investment property, net             $ 139,500  
Related Party | Industrial | Jeffersonville, GA | Franklin BSP Realty Trust, Inc                
Related Party Transaction [Line Items]                
Noncontrolling interest, ownership percentage by parent             79.00%  
Real estate investments, joint ventures             $ 109,800  
Equity method investments             21,100  
Related Party | Industrial | Jeffersonville, GA | Franklin BSP Realty Trust, Inc | September 2021 Mortgage Note Payable, Eliminated in Consolidation | Mortgages                
Related Party Transaction [Line Items]                
Principal amount             $ 88,700  
Related Party | Industrial | Jeffersonville, GA | Jeffersonville JV, Affiliate                
Related Party Transaction [Line Items]                
Noncontrolling interest, ownership percentage by noncontrolling owners             21.00%  
Related Party | Industrial | Jeffersonville, GA | Jeffersonville JV, Affiliate | September 2021 Mortgage Note Payable, Affiliate | Mortgages                
Related Party Transaction [Line Items]                
Principal amount             $ 24,000  
Affiliated Entity                
Related Party Transaction [Line Items]                
Servicing fee income   800            
Aggregate principal balance   124,700            
Accrued interest   400            
Debt assumption on repurchases agreements   $ 99,600            
Benefit Street Partners LLC | Related Party                
Related Party Transaction [Line Items]                
Subordinated performance fee, percent that total return exceeds per year   6.00%            
Percent of excess total return   15.00%            
Maximum annual subordinated performance fee payable percent of total return   10.00%            
Benefit Street Partners LLC | Related Party | Fee to Acquire and Originate Real Estate Debt                
Related Party Transaction [Line Items]                
Transaction rate (percent)   0.50%            
Walgreens JV | Retail | Various                
Related Party Transaction [Line Items]                
Number of real estate properties | property       1 24      
Walgreens JV | Related Party | Retail | Various                
Related Party Transaction [Line Items]                
Number of real estate properties | property           24    
Walgreens JV | Related Party | Retail | Various | Franklin BSP Realty Trust, Inc                
Related Party Transaction [Line Items]                
Noncontrolling interest, ownership percentage by parent           75.618%    
Walgreens JV | Related Party | Retail | Various | Walgreens JV, Affiliate                
Related Party Transaction [Line Items]                
Noncontrolling interest, ownership percentage by noncontrolling owners           24.242%    
Commercial Portfolio Segment | Commercial Mortgage Receivable, Held-For-Investment                
Related Party Transaction [Line Items]                
Total commercial mortgage loans, held for investment, net   $ 4,546,828   $ 4,383,134        
Commercial Portfolio Segment | Related Party | Retail | Various | Walgreens JV, Affiliate                
Related Party Transaction [Line Items]                
Total commercial mortgage loans, held for investment, net           $ 149,700    
[1] Includes pledged assets of $409.4 million and $329.2 million as of March 31, 2026 and December 31, 2025, respectively.