v3.26.1
Commercial Real Estate Loans - Narrative (Details)
$ in Thousands
1 Months Ended 3 Months Ended 6 Months Ended
Mar. 31, 2026
USD ($)
Jun. 30, 2026
USD ($)
Jun. 30, 2025
USD ($)
Jun. 30, 2026
USD ($)
Jun. 30, 2025
USD ($)
Dec. 31, 2025
USD ($)
Dec. 31, 2024
USD ($)
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]              
Commercial real estate loans, at fair value   $ 4,081,204   $ 4,081,204   $ 5,145,832  
Change in fair value of loan held-for-sale   $ 44,751 $ 0 44,751 $ 0    
Proceeds from principal repayments of commercial real estate loans       1,041,462 629,832    
Write-offs charged       $ 59,629 20,434    
Weighted average loan risk rating   3.3   3.3   3.2  
Allowance for credit loss   $ 293,087 173,858 $ 293,087 173,858 $ 204,125 $ 119,581
Provision for credit losses, net   75,088 49,848 148,629 74,711    
Commercial real estate loans, held-for-investment   4,373,120   4,373,120   5,347,756  
Interest income   $ 85,487 $ 112,272 $ 181,393 $ 226,239    
Minimum              
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]              
Weighted average life (years)       1 year 2 months 12 days      
Minimum | Level 3 | Commercial real estate loans, held-for-investment, net | Capitalization rate | Discounted cash flow              
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]              
Commercial real estate loans, held-for-investment, measurement input   0.059   0.059      
Minimum | Level 3 | Commercial real estate loans, held-for-investment, net | Discount rate | Discounted cash flow              
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]              
Commercial real estate loans, held-for-investment, measurement input   0.093   0.093      
Maximum              
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]              
Weighted average life (years)       1 year 10 months 24 days      
Maximum | Level 3 | Commercial real estate loans, held-for-investment, net | Capitalization rate | Discounted cash flow              
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]              
Commercial real estate loans, held-for-investment, measurement input   0.133   0.133      
Maximum | Level 3 | Commercial real estate loans, held-for-investment, net | Discount rate | Discounted cash flow              
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]              
Commercial real estate loans, held-for-investment, measurement input   0.149   0.149      
Average Risk              
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]              
Commercial real estate loans, held-for-investment   $ 3,377,069   $ 3,377,069   4,405,274  
Impaired/Loss Likely              
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]              
Commercial real estate loans, held-for-investment   669,518   669,518   567,995  
Commercial Real Estate Loans | Cambridge, MA              
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]              
Principal Amount $ 100,400            
Loan balance, after restructuring 80,200            
Future funding $ 35,500            
Interest rates (as a percent) 3.70%            
Weighted average life (years) 5 years            
Commercial Real Estate Loans | Cambridge, MA | Average Risk              
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]              
Principal Amount   65,800   65,800      
Commercial Real Estate Loans | Cambridge, MA | Life Science              
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]              
Proceeds from principal repayments of commercial real estate loans $ 20,200            
Principal Amount 62,900            
Commercial Real Estate Loans | Minneapolis, MN | Impaired/Loss Likely              
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]              
Principal Amount   194,400   194,400      
Future funding   5,000   5,000      
Commercial real estate loans, held-for-investment   190,100   190,100      
Interest income   1,800   3,600      
Commercial Real Estate Loans | San Diego, CA | Impaired/Loss Likely              
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]              
Principal Amount   115,700   115,700      
Commercial real estate loans, held-for-investment   115,700   115,700      
Interest income   1,700   3,300      
Commercial Real Estate Loans | Boston, MA | Impaired/Loss Likely              
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]              
Principal Amount   229,600   229,600      
Future funding   82,900   82,900      
Commercial real estate loans, held-for-investment   229,300   229,300      
Interest income   4,600   8,000      
Commercial Real Estate Loans | Chicago, IL | Impaired/Loss Likely              
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]              
Principal Amount   90,700   90,700      
Future funding   14,300   14,300      
Commercial real estate loans, held-for-investment   90,700   90,700      
Interest income   1,000   2,300      
Commercial Real Estate Loans | Carrollton, TX | Impaired/Loss Likely              
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]              
Principal Amount   43,700   43,700      
Commercial real estate loans, held-for-investment   43,700   43,700      
Interest income   600   1,400      
Subordinated Note              
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]              
Write-offs charged 17,300            
Subordinated Note | Cambridge, MA              
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]              
Principal Amount $ 14,400            
Consolidated Entity, Excluding VIE              
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]              
Commercial real estate loans, at fair value   4,081,204   4,081,204   5,145,832  
Commercial real estate loans, held-for-investment   4,373,120   4,373,120   5,347,756  
Consolidated Entity, Excluding VIE | Commercial real estate loans, loan held-for-sale              
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]              
Commercial real estate loans, at fair value   70,355   70,355      
Change in fair value of loan held-for-sale       (44,800)      
Principal Amount   114,281   114,281      
Commercial real estate loans, held-for-investment   115,106   115,106      
Commercial real estate loans, held-for-investment, net              
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]              
Unamortized origination discounts and deferred nonrefundable fees   $ 8,200   $ 8,200   $ 9,800