v3.26.1
Loans Held-for-Investment, Net of Allowance for Credit Losses - Schedule of Loans Held-for-Investment (Details)
$ in Thousands
3 Months Ended 12 Months Ended
Mar. 31, 2026
USD ($)
loan
Mar. 31, 2025
USD ($)
Dec. 31, 2025
USD ($)
loan
Dec. 31, 2024
USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Unpaid principal balance $ 1,514,892   $ 1,689,967  
Unamortized net deferred origination fees     (6,323)  
Allowance for credit losses (147,298) $ (177,282) (145,912) $ (199,727)
Loans held-for-investment, net $ 1,362,799 1,760,377 1,537,732 $ 1,897,648
Unfunded commitments     $ 77,399  
Number of loans | loan 40   43  
Weighted average coupon (as a percent)     6.20%  
Weighted average years to maturity (in years)     6 months  
Realized loss on loan sales $ (18) $ 0    
Senior Loans        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Unpaid principal balance 1,514,892   $ 1,677,017  
Unamortized net deferred origination fees (4,795)   (6,323)  
Allowance for credit losses (147,298)   (145,891)  
Loans held-for-investment, net 1,362,799   1,524,803  
Unfunded commitments $ 68,005   $ 77,399  
Number of loans | loan 40   42  
Weighted average coupon (as a percent) 5.60%   6.20%  
Weighted average years to maturity (in years) 6 months   6 months  
B-Notes        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Unpaid principal balance     $ 12,950  
Unamortized net deferred origination fees     0  
Allowance for credit losses     (21)  
Loans held-for-investment, net     12,929  
Unfunded commitments     $ 0  
Number of loans | loan     1  
Weighted average coupon (as a percent)     8.00%  
Weighted average years to maturity (in years)     1 year 1 month 6 days