v3.26.1
Collateralized Loan Obligations - Schedule of Assets and Liabilities Included in Consolidated Balance Sheet (Details) - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Jun. 30, 2025
Dec. 31, 2024
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items]        
Commercial real estate loans, held-for-investment $ 4,373,120 $ 5,347,756    
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    
Commercial real estate loan, held-for-sale 70,355 0    
Other assets [1] 290,483 112,849    
Total Assets 6,559,283 6,464,643    
Collateralized loan obligations 3,030,626      
Deferred financing costs (5,283) (5,887)    
Collateralized loan obligations, net 660,342 1,198,332    
Total Liabilities 5,568,984 5,239,439    
Loan principal repayments held by a servicer 254,772 74,279    
Primary beneficiary        
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items]        
Commercial real estate loans, held-for-investment, net 1,235,061 502,751    
Collateralized loan obligations, net 1,210,942 493,680    
Collateralized loan obligations | Primary beneficiary        
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items]        
Commercial real estate loans, held-for-investment 944,758 1,513,255    
Less: Allowance for credit losses (107,371) (43,027)    
Commercial real estate loans, held-for-investment, net 837,387 1,470,228    
Commercial real estate loan, held-for-sale 70,355 0    
Other assets 5,963 47,804    
Total Assets 913,705 1,518,032    
Collateralized loan obligations 660,361 1,198,378    
Deferred financing costs (19) (46)    
Collateralized loan obligations, net 660,342 1,198,332    
Other liabilities 1,184 2,548    
Total Liabilities $ 661,526 1,200,880    
Loan principal repayments held by a servicer   $ 42,000    
[1] Includes $254.8 million of loan principal repayments held by a servicer as of June 30, 2026.