Loans Held for Investment, Net - Schedule of Loans Held for Investment, net and Preferred Equity Portfolio Activity (Details) - USD ($) $ in Thousands |
3 Months Ended | |
|---|---|---|
Mar. 31, 2026 |
Mar. 31, 2025 |
|
| Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
| Beginning balance | $ 740,799 | |
| Recognition of retained preferred equity investment upon deconsolidation of real estate (Note 14) | 61,169 | $ 4,066 |
| Reversal of individual reserve of credit losses | 0 | (2,412) |
| Ending balance | 788,279 | |
| Loans Receivable, Held for Investment | ||
| Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
| Beginning balance | 740,799 | 760,939 |
| Originations | 61,169 | 22,546 |
| Proceeds from principal repayments | (42,814) | (20,665) |
| PIK distribution reinvested in Preferred Units | 25,592 | 3,242 |
| Amortization of loan premium, net | 550 | 957 |
| (Provision for) reversal of credit losses | 2,983 | (3,625) |
| Ending balance | $ 788,279 | $ 763,394 |