v3.26.1
Related-Party Transactions - Investments in Loans and Securities (Details)
$ in Thousands
1 Months Ended 3 Months Ended 12 Months Ended
Mar. 31, 2026
USD ($)
mortgageLoan
extension
facility
Feb. 28, 2026
USD ($)
Jun. 30, 2025
USD ($)
extension
May 31, 2025
USD ($)
Jan. 31, 2025
USD ($)
unit
Dec. 31, 2024
USD ($)
loan
May 31, 2024
USD ($)
extension
Jul. 31, 2023
Dec. 31, 2012
USD ($)
shares
Mar. 31, 2026
USD ($)
loan
transaction
mortgageLoan
data_center
facility
shares
Mar. 31, 2025
USD ($)
Dec. 31, 2012
USD ($)
shares
Dec. 31, 2025
USD ($)
shares
Jul. 31, 2024
USD ($)
Mar. 31, 2022
USD ($)
Related-Party Transactions                              
Number of related-party loan transactions | transaction                   9          
Unpaid principal balance $ 22,332,397                 $ 22,332,397     $ 21,922,738    
Percentage of pre-leased data center facilities                   100.00%          
Loss on extinguishment of debt                   $ 335 $ 0        
Loans held-for-investment $ 19,281,560                 $ 19,281,560     $ 18,862,712    
Basis spread on variable rate 3.40%                 3.40%          
SEREF                              
Related-Party Transactions                              
Number of shares acquired (in shares) | shares                       9,140,000      
Remaining held (in shares) | shares                         536,129    
Number of shares redeemed (in shares) | shares                   536,129          
Proceeds from shares redeemed                   $ 600          
Affiliated Entity | SEREF                              
Related-Party Transactions                              
Number of shares acquired (in shares) | shares                 9,140,000            
Investment securities value at acquisition                 $ 14,700     $ 14,700      
Investment in equity securities percentage ownership acquired                 4.00%            
Remaining held (in shares) | shares                         536,129    
Number of shares redeemed (in shares) | shares                   536,129          
Proceeds from shares redeemed                   $ 600          
Affiliated Entity | Starwood European Real Estate Debt Finance II LP                              
Related-Party Transactions                              
Unpaid principal balance $ 3,500                 3,500          
Collateralized Loan, Diversified Portfolio of Logistics Assets | Affiliated Entity | First mortgage loan participation                              
Related-Party Transactions                              
Unpaid principal balance $ 969,200                 $ 969,200          
Number of cross-collateralized facilities | facility 3                 3          
Construction of Data Center in Herndon                              
Related-Party Transactions                              
Number of data center facilities | data_center                   4          
Number of co-originated loans we are minority lender on | loan                   3          
33.33% Origination Loan | Affiliated Entity | Affiliates Of Manager | Borrower                              
Related-Party Transactions                              
Limited partnership interest       92.50%                      
Construction of Luxury Condominium Project | Affiliated Entity | Affiliates Of Manager | Borrower                              
Related-Party Transactions                              
Limited partnership interest         90.00%                    
Development and Recapitalization of Luxury Rental Cabins | Affiliated Entity                              
Related-Party Transactions                              
Loan extension term           24 months                  
Conditional extension term           1 year                  
Decrease in interest rate           2.25%                  
Loans payable, basis spread           4.25%                  
Loan payable, payment deferral term               10 months              
Loan payable, payment deferral interest rate               3.00%              
Loans payable $ 147,500                 $ 147,500          
Sale of Participating Interests in Commercial Loans to Private Investment Fund | Affiliated Entity                              
Related-Party Transactions                              
Number of commercial loans | loan           4                  
Amounts of transaction           $ 40,100                  
Future Funding Commitments | Affiliated Entity                              
Related-Party Transactions                              
Amounts of transaction           $ 15,900                  
Fees Received | Affiliated Entity                              
Related-Party Transactions                              
Amounts of transaction                   100 $ 100        
Refinancing of Medical Office Portfolio | Affiliated Entity                              
Related-Party Transactions                              
Loan number of extension options | extension             3                
Loan extension term             1 year                
Loans payable, basis spread             5.50%                
Purchase of FREMF 2024-KF163 | Affiliated Entity | Primary Beneficiary                              
Related-Party Transactions                              
Loans held-for-investment                           $ 77,100  
Basis spread on variable rate                           6.00%  
Newly Formed FREMF 2024-KF163 Trust | Affiliated Entity | Primary Beneficiary                              
Related-Party Transactions                              
Loans held-for-investment $ 949,000                 $ 949,000          
Number of mortgage loans | mortgageLoan 23                 23          
Newly Formed FREMF 2024-KF163 Trust | Affiliates Of Manager | Primary Beneficiary                              
Related-Party Transactions                              
Loans held-for-investment $ 495,000                 $ 495,000          
Number of mortgage loans | mortgageLoan 11                 11          
Loans Payable | Lotus Infrastructure Partners, Domestic Natural Gas Power Plant | Affiliated Entity                              
Related-Party Transactions                              
Face amount $ 150,000                 $ 150,000          
Initial term 5 years                            
Pricing margin (as a percent) 3.50%                            
Loans Payable | Collateralized Loan, Diversified Portfolio of Logistics Assets | Affiliated Entity                              
Related-Party Transactions                              
Face amount $ 347,300                 347,300          
Loans Payable | 24.5% Origination Loan | Affiliated Entity                              
Related-Party Transactions                              
Face amount $ 653,000                 $ 653,000          
Initial term 4 years                            
Pricing margin (as a percent) 2.70%                            
Percentage of origination of loan 24.50%                 24.50%          
Amount funded $ 30,100                 $ 30,100          
Loan number of extension options | extension 2                            
Loan extension term 1 year                            
Percentage of loan originated by third party 51.00%                 51.00%          
Loans Payable | 24.5% Origination Loan | Affiliated Entity | Starwood Property Trust Inc                              
Related-Party Transactions                              
Face amount $ 160,000                 $ 160,000          
Loans Payable | 24.5% Origination Loan | Related Party                              
Related-Party Transactions                              
Percentage of loan originated by third party 24.50%                 24.50%          
Loans Payable | 49% Origination Loan | Affiliated Entity                              
Related-Party Transactions                              
Face amount     $ 587,100                        
Initial term     4 years                        
Pricing margin (as a percent)     3.00%                        
Percentage of origination of loan     49.00%                        
Amount funded $ 66,400                 $ 66,400          
Loan number of extension options | extension     2                        
Loan extension term     1 year                        
Percentage of loan originated by third party     51.00%                        
Loans Payable | 49% Origination Loan | Affiliated Entity | Starwood Property Trust Inc                              
Related-Party Transactions                              
Face amount     $ 287,700                        
Loans Payable | 33.33% Origination Loan | Affiliated Entity                              
Related-Party Transactions                              
Face amount       $ 638,500                      
Initial term       5 years                      
Pricing margin (as a percent)       2.50%                      
Percentage of origination of loan       33.33%                      
Amount funded 156,900                 156,900          
Percentage of loan originated by third party       66.67%                      
Floor interest rate (as a percent)       2.00%                      
Loans Payable | 33.33% Origination Loan | Affiliated Entity | Starwood Property Trust Inc                              
Related-Party Transactions                              
Face amount       $ 212,800                      
Loans Payable | Construction of Luxury Condominium Project | Affiliated Entity                              
Related-Party Transactions                              
Face amount         $ 388,400                    
Initial term         4 years                    
Pricing margin (as a percent)         4.25%                    
Percentage of origination of loan         49.00%                    
Amount funded $ 82,600                 82,600          
Loan extension term         1 year                    
Percentage of loan originated by third party         51.00%                    
Floor interest rate (as a percent)         3.00%                    
Number of units | unit         81                    
Loans Payable | Construction of Luxury Condominium Project | Affiliated Entity | Starwood Property Trust Inc                              
Related-Party Transactions                              
Face amount         $ 190,300                    
Loans Payable | Development and Recapitalization of Luxury Rental Cabins | Affiliated Entity                              
Related-Party Transactions                              
Face amount                         $ 25,000   $ 200,000
Loans Payable | Refinancing of Medical Office Portfolio | Affiliated Entity                              
Related-Party Transactions                              
Face amount             $ 39,500                
Initial term             2 years                
Repayments of debt   $ 39,500                          
Loss on extinguishment of debt                   $ 300          
MED 2024-MOB | Secured Borrowings | Refinancing of Medical Office Portfolio | Affiliated Entity                              
Related-Party Transactions                              
Face amount             $ 450,500                
Horizontal Risk Retention Certificates | Refinancing of Medical Office Portfolio | Affiliated Entity                              
Related-Party Transactions                              
Face amount             $ 23,000