v3.26.1
Commercial Real Estate Loans - Schedule of Loan Risk Ratings (Details)
$ in Thousands
6 Months Ended 12 Months Ended
Jun. 30, 2026
USD ($)
loan
Dec. 31, 2025
USD ($)
loan
Jun. 30, 2025
USD ($)
Dec. 31, 2024
USD ($)
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]        
Number of loans (in loans) | loan 47 53    
Amortized Cost $ 4,373,120 $ 5,347,756    
Outstanding Principal $ 4,386,394 $ 5,361,863    
Outstanding Principal % 100.00% 100.00%    
Less: Allowance for credit losses $ (291,916) $ (201,924) $ (171,591) $ (117,103)
Commercial real estate loans, held-for-investment, net 4,081,204 5,145,832    
Consolidated Entity, Excluding VIE        
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]        
Amortized Cost 4,373,120 5,347,756    
Less: Allowance for credit losses (291,916) (201,924)    
Commercial real estate loans, held-for-investment, net $ 4,081,204 $ 5,145,832    
Commercial real estate loans, held-for-investment, net        
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]        
Number of loans (in loans) | loan 47 53    
Amortized Cost $ 4,373,120 $ 5,347,756    
Commercial real estate loans, held-for-investment, net | Consolidated Entity, Excluding VIE        
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]        
Number of loans (in loans) | loan 47 53    
Amortized Cost $ 4,373,120 $ 5,347,756    
Commercial real estate loans, held-for-investment, net $ 4,081,204 $ 5,145,832    
Very Low Risk        
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]        
Number of loans (in loans) | loan 0 0    
Amortized Cost $ 0 $ 0    
Outstanding Principal $ 0 $ 0    
Outstanding Principal % 0.00% 0.00%    
Very Low Risk | Commercial real estate loans, held-for-investment, net        
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]        
Number of loans (in loans) | loan 0 0    
Amortized Cost $ 0 $ 0    
Low Risk        
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]        
Number of loans (in loans) | loan 2 2    
Amortized Cost $ 283,906 $ 283,816    
Outstanding Principal $ 283,906 $ 283,906    
Outstanding Principal % 6.00% 5.00%    
Low Risk | Commercial real estate loans, held-for-investment, net        
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]        
Number of loans (in loans) | loan 2 2    
Amortized Cost $ 283,906 $ 283,816    
Average Risk        
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]        
Number of loans (in loans) | loan 39 46    
Amortized Cost $ 3,377,069 $ 4,405,274    
Outstanding Principal $ 3,386,003 $ 4,415,095    
Outstanding Principal % 78.00% 82.00%    
Average Risk | Commercial real estate loans, held-for-investment, net        
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]        
Number of loans (in loans) | loan 39 46    
Amortized Cost $ 3,377,069 $ 4,405,274    
High Risk/Potential for Loss        
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]        
Number of loans (in loans) | loan 1 1    
Amortized Cost $ 42,627 $ 90,671    
Outstanding Principal $ 42,415 $ 90,671    
Outstanding Principal % 1.00% 2.00%    
High Risk/Potential for Loss | Commercial real estate loans, held-for-investment, net        
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]        
Number of loans (in loans) | loan 1 1    
Amortized Cost $ 42,627 $ 90,671    
Impaired/Loss Likely        
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]        
Number of loans (in loans) | loan 5 4    
Amortized Cost $ 669,518 $ 567,995    
Outstanding Principal $ 674,070 $ 572,191    
Outstanding Principal % 15.00% 11.00%    
Impaired/Loss Likely | Commercial real estate loans, held-for-investment, net        
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]        
Number of loans (in loans) | loan 5 4    
Amortized Cost $ 669,518 $ 567,995