v3.26.1
Fair Value of Financial Instruments - Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Assets    
Equity method investments $ 52,860 $ 49,104
Stock warrant investments, at fair value 136,739 141,186
CMBS Structured Pass Through Certificates    
Assets    
CMBS structured pass-through certificates, at fair value 38,176 40,427
Recurring    
Assets    
Cash and cash equivalents 22,643 31,114
Restricted cash 2,604 3,240
Loans receivable, fair value disclosure 673,985 651,395
Accrued interest 47,305 54,009
Accounts receivable and other assets 332 551
Total Assets 5,115,239 5,237,905
Liabilities    
Secured financing agreements, net 145,366 156,743
Master repurchase agreements 164,614 258,038
Unsecured notes, net 228,614 226,731
Mortgages payable, net 102,862 103,472
Accounts payable and other accrued liabilities 14,518 13,699
Accrued interest payable 16,971 13,795
Total Liabilities 4,361,826 4,464,868
Recurring | Variable Interest Entity, Primary Beneficiary    
Liabilities    
Bonds payable held in variable interest entities, at fair value 3,688,881 3,692,390
Recurring | Mortgages    
Assets    
Loans receivable, fair value disclosure 107,827 119,991
Recurring | Mortgages | Variable Interest Entity, Primary Beneficiary    
Assets    
Loans receivable, fair value disclosure 3,873,034 3,987,281
Recurring | CMBS Structured Pass Through Certificates    
Assets    
CMBS structured pass-through certificates, at fair value 38,176 40,427
Recurring | Mortgage Backed Securities    
Assets    
Stock warrant investments, at fair value 136,739 141,186
Recurring | Equity method investments    
Assets    
Equity method investments 1,768 1,714
Recurring | Preferred Stock    
Assets    
Equity method investments 157,966 157,893
Recurring | Common Stock    
Assets    
Equity method investments 52,860 49,104
Recurring | Level 1    
Assets    
Cash and cash equivalents 22,643 31,114
Restricted cash 2,604 3,240
Loans receivable, fair value disclosure 0 0
Accrued interest 47,305 54,009
Accounts receivable and other assets 332 551
Total Assets 72,884 88,914
Liabilities    
Secured financing agreements, net 0 0
Master repurchase agreements 0 0
Unsecured notes, net 0 0
Mortgages payable, net 0 0
Accounts payable and other accrued liabilities 14,518 13,699
Accrued interest payable 16,971 13,795
Total Liabilities 31,489 27,494
Recurring | Level 1 | Variable Interest Entity, Primary Beneficiary    
Liabilities    
Bonds payable held in variable interest entities, at fair value 0 0
Recurring | Level 1 | Mortgages    
Assets    
Loans receivable, fair value disclosure 0 0
Recurring | Level 1 | Mortgages | Variable Interest Entity, Primary Beneficiary    
Assets    
Loans receivable, fair value disclosure 0 0
Recurring | Level 1 | CMBS Structured Pass Through Certificates    
Assets    
CMBS structured pass-through certificates, at fair value 0 0
Recurring | Level 1 | Mortgage Backed Securities    
Assets    
Stock warrant investments, at fair value 0 0
Recurring | Level 1 | Equity method investments    
Assets    
Equity method investments 0 0
Recurring | Level 1 | Common Stock    
Assets    
Equity method investments 0 0
Recurring | Level 2    
Assets    
Cash and cash equivalents 0 0
Restricted cash 0 0
Loans receivable, fair value disclosure 0 0
Accrued interest 0 0
Accounts receivable and other assets 0 0
Total Assets 3,907,454 4,023,703
Liabilities    
Secured financing agreements, net 0 0
Master repurchase agreements 0 0
Unsecured notes, net 228,614 226,731
Mortgages payable, net 0 0
Accounts payable and other accrued liabilities 0 0
Accrued interest payable 0 0
Total Liabilities 3,917,495 3,919,121
Recurring | Level 2 | Variable Interest Entity, Primary Beneficiary    
Liabilities    
Bonds payable held in variable interest entities, at fair value 3,688,881 3,692,390
Recurring | Level 2 | Mortgages    
Assets    
Loans receivable, fair value disclosure 0 0
Recurring | Level 2 | Mortgages | Variable Interest Entity, Primary Beneficiary    
Assets    
Loans receivable, fair value disclosure 3,869,278 3,983,276
Recurring | Level 2 | CMBS Structured Pass Through Certificates    
Assets    
CMBS structured pass-through certificates, at fair value 38,176 40,427
Recurring | Level 2 | Mortgage Backed Securities    
Assets    
Stock warrant investments, at fair value 0 0
Recurring | Level 2 | Equity method investments    
Assets    
Equity method investments 0 0
Recurring | Level 2 | Common Stock    
Assets    
Equity method investments 0 0
Recurring | Level 3    
Assets    
Cash and cash equivalents 0 0
Restricted cash 0 0
Loans receivable, fair value disclosure 673,985 651,395
Accrued interest 0 0
Accounts receivable and other assets 0 0
Total Assets 1,134,901 1,125,288
Liabilities    
Secured financing agreements, net 145,366 156,743
Master repurchase agreements 164,614 258,038
Unsecured notes, net 0 0
Mortgages payable, net 102,862 103,472
Accounts payable and other accrued liabilities 0 0
Accrued interest payable 0 0
Total Liabilities 412,842 518,253
Recurring | Level 3 | Variable Interest Entity, Primary Beneficiary    
Liabilities    
Bonds payable held in variable interest entities, at fair value 0 0
Recurring | Level 3 | Mortgages    
Assets    
Loans receivable, fair value disclosure 107,827 119,991
Recurring | Level 3 | Mortgages | Variable Interest Entity, Primary Beneficiary    
Assets    
Loans receivable, fair value disclosure 3,756 4,005
Recurring | Level 3 | CMBS Structured Pass Through Certificates    
Assets    
CMBS structured pass-through certificates, at fair value 0 0
Recurring | Level 3 | Mortgage Backed Securities    
Assets    
Stock warrant investments, at fair value 136,739 141,186
Recurring | Level 3 | Equity method investments    
Assets    
Equity method investments 1,768 1,714
Recurring | Level 3 | Preferred Stock    
Assets    
Equity method investments 157,966 157,893
Recurring | Level 3 | Common Stock    
Assets    
Equity method investments 52,860 49,104
Recurring | Reported Value Measurement [Member]    
Assets    
Cash and cash equivalents 22,643 31,114
Restricted cash 2,604 3,240
Loans receivable, fair value disclosure 679,376 619,560
Accrued interest 47,305 54,009
Accounts receivable and other assets 332 551
Total Assets 5,121,706 5,207,318
Liabilities    
Secured financing agreements, net 163,600 176,141
Master repurchase agreements 164,614 258,038
Unsecured notes, net 230,618 229,112
Mortgages payable, net 106,151 106,151
Accounts payable and other accrued liabilities 14,518 13,699
Accrued interest payable 16,971 13,795
Total Liabilities 4,385,353 4,489,326
Recurring | Reported Value Measurement [Member] | Variable Interest Entity, Primary Beneficiary    
Liabilities    
Bonds payable held in variable interest entities, at fair value 3,688,881 3,692,390
Recurring | Reported Value Measurement [Member] | Mortgages    
Assets    
Loans receivable, fair value disclosure 108,903 121,239
Recurring | Reported Value Measurement [Member] | Mortgages | Variable Interest Entity, Primary Beneficiary    
Assets    
Loans receivable, fair value disclosure 3,873,034 3,987,281
Recurring | Reported Value Measurement [Member] | CMBS Structured Pass Through Certificates    
Assets    
CMBS structured pass-through certificates, at fair value 38,176 40,427
Recurring | Reported Value Measurement [Member] | Mortgage Backed Securities    
Assets    
Stock warrant investments, at fair value 136,739 141,186
Recurring | Reported Value Measurement [Member] | Equity method investments    
Assets    
Equity method investments 1,768 1,714
Recurring | Reported Value Measurement [Member] | Preferred Stock    
Assets    
Equity method investments 157,966 157,893
Recurring | Reported Value Measurement [Member] | Common Stock    
Assets    
Equity method investments $ 52,860 $ 49,104