Fair Value of Financial Instruments - Schedule of Assets and Liabilities Recorded at Fair Value on Recurring Basis (Details) - USD ($)
$ in Thousands |
Jun. 30, 2026 |
Dec. 31, 2025 |
Jun. 30, 2025 |
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
| Cash and cash equivalents |
$ 83,058
|
$ 84,617
|
$ 107,717
|
| Commercial real estate loans, held-for-investment |
4,373,120
|
5,347,756
|
|
| Investments in CMBS securities |
26,800
|
0
|
|
| Foreign currency forward contracts |
1,003
|
0
|
|
| Total Assets |
6,559,283
|
6,464,643
|
|
| Outstanding Principal |
3,030,626
|
|
|
| Foreign currency forward contracts |
704
|
1,265
|
|
| Total Liabilities |
5,568,984
|
5,239,439
|
|
| Secured financing agreements, net |
|
|
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
| Outstanding Principal |
3,030,626
|
|
|
| Amortized cost and carrying value |
3,024,096
|
|
|
| Collateralized loan obligations, net | Primary beneficiary |
|
|
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
| Amortized cost and carrying value |
660,342
|
1,198,332
|
|
| Level 3 | Primary beneficiary | Fair Value |
|
|
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
| Assets, fair value |
1,235,061
|
|
|
| Liabilities, fair value |
1,210,942
|
|
|
| Level 3 | Commercial real estate loans, held-for-investment, net | Fair Value |
|
|
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
| Commercial mortgage loans, held-for-investment, net, fair value |
4,090,859
|
|
|
| Recurring |
|
|
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
| Cash and cash equivalents |
83,058
|
84,617
|
|
| Investments in CMBS securities |
26,800
|
|
|
| Foreign currency forward contracts |
1,003
|
|
|
| Assets, principal balance |
5,829,088
|
5,936,420
|
|
| Total Assets |
5,852,355
|
5,920,976
|
|
| Foreign currency forward contracts |
704
|
1,265
|
|
| Liabilities, principal balance |
5,503,470
|
5,187,886
|
|
| Total Liabilities |
5,544,917
|
5,174,438
|
|
| Recurring | Carrying Value |
|
|
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
| Cash and cash equivalents, fair value |
83,058
|
84,617
|
|
| Investments in CMBS securities |
26,800
|
|
|
| Foreign currency forward contracts |
1,003
|
|
|
| Assets, fair value |
5,497,481
|
5,733,200
|
|
| Foreign currency forward contracts |
704
|
1,265
|
|
| Liabilities, fair value |
5,526,508
|
5,188,482
|
|
| Recurring | Fair Value |
|
|
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
| Cash and cash equivalents, fair value |
83,058
|
84,617
|
|
| Investments in CMBS securities |
26,800
|
|
|
| Foreign currency forward contracts |
1,003
|
|
|
| Assets, fair value |
5,507,136
|
5,734,018
|
|
| Foreign currency forward contracts |
704
|
1,265
|
|
| Liabilities, fair value |
5,514,816
|
5,199,146
|
|
| Recurring | Primary beneficiary |
|
|
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
| Assets, principal balance |
1,217,552
|
489,940
|
|
| Total Assets |
1,253,268
|
488,603
|
|
| Liabilities, principal balance |
1,168,279
|
470,444
|
|
| Total Liabilities |
1,229,351
|
479,636
|
|
| Recurring | Primary beneficiary | Carrying Value |
|
|
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
| Assets, fair value |
1,235,061
|
502,751
|
|
| Liabilities, fair value |
1,210,942
|
493,680
|
|
| Recurring | Primary beneficiary | Fair Value |
|
|
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
| Assets, fair value |
1,235,061
|
502,751
|
|
| Liabilities, fair value |
1,210,942
|
493,680
|
|
| Recurring | Secured financing agreements, net |
|
|
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
| Outstanding Principal |
3,030,626
|
2,871,049
|
|
| Amortized cost and carrying value |
3,024,096
|
2,862,689
|
|
| Recurring | Secured financing agreements, net | Carrying Value |
|
|
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
| Long-term debt, fair value |
3,024,096
|
2,862,689
|
|
| Recurring | Secured financing agreements, net | Fair Value |
|
|
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
| Long-term debt, fair value |
3,024,096
|
2,862,689
|
|
| Recurring | Collateralized loan obligations, net |
|
|
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
| Outstanding Principal |
660,361
|
1,198,378
|
|
| Amortized cost and carrying value |
660,342
|
1,198,332
|
|
| Recurring | Collateralized loan obligations, net | Carrying Value |
|
|
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
| Long-term debt, fair value |
660,342
|
1,198,332
|
|
| Recurring | Collateralized loan obligations, net | Fair Value |
|
|
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
| Long-term debt, fair value |
658,901
|
1,189,911
|
|
| Recurring | Secured term loan, net |
|
|
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
| Outstanding Principal |
643,500
|
646,750
|
|
| Amortized cost and carrying value |
630,424
|
632,516
|
|
| Recurring | Secured term loan, net | Carrying Value |
|
|
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
| Long-term debt, fair value |
630,424
|
632,516
|
|
| Recurring | Secured term loan, net | Fair Value |
|
|
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
| Long-term debt, fair value |
620,173
|
651,601
|
|
| Recurring | Commercial real estate loans, held-for-investment, net |
|
|
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
| Commercial real estate loans, held-for-investment, net, principal balance |
4,386,394
|
5,361,863
|
|
| Commercial real estate loans, held-for-investment |
4,373,120
|
5,347,756
|
|
| Recurring | Commercial real estate loans, held-for-investment, net | Carrying Value |
|
|
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
| Commercial mortgage loans, held-for-investment, net, fair value |
4,081,204
|
5,145,832
|
|
| Recurring | Commercial real estate loans, held-for-investment, net | Fair Value |
|
|
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
| Commercial mortgage loans, held-for-investment, net, fair value |
4,090,859
|
5,146,650
|
|
| Recurring | Commercial real estate loans, loan held-for-sale |
|
|
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
| Commercial real estate loans, held-for-investment, net, principal balance |
114,281
|
|
|
| Commercial real estate loans, held-for-investment |
115,106
|
|
|
| Recurring | Commercial real estate loans, loan held-for-sale | Carrying Value |
|
|
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
| Commercial mortgage loans, held-for-investment, net, fair value |
70,355
|
|
|
| Recurring | Commercial real estate loans, loan held-for-sale | Fair Value |
|
|
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
| Commercial mortgage loans, held-for-investment, net, fair value |
70,355
|
|
|
| Recurring | Level 1 | Fair Value |
|
|
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
| Cash and cash equivalents, fair value |
83,058
|
84,617
|
|
| Investments in CMBS securities |
0
|
|
|
| Foreign currency forward contracts |
0
|
|
|
| Assets, fair value |
83,058
|
84,617
|
|
| Foreign currency forward contracts |
0
|
0
|
|
| Liabilities, fair value |
0
|
0
|
|
| Recurring | Level 1 | Primary beneficiary | Fair Value |
|
|
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
| Assets, fair value |
0
|
0
|
|
| Liabilities, fair value |
0
|
0
|
|
| Recurring | Level 1 | Secured financing agreements, net | Fair Value |
|
|
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
| Long-term debt, fair value |
0
|
0
|
|
| Recurring | Level 1 | Collateralized loan obligations, net | Fair Value |
|
|
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
| Long-term debt, fair value |
0
|
0
|
|
| Recurring | Level 1 | Secured term loan, net | Fair Value |
|
|
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
| Long-term debt, fair value |
0
|
0
|
|
| Recurring | Level 1 | Commercial real estate loans, held-for-investment, net | Fair Value |
|
|
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
| Commercial mortgage loans, held-for-investment, net, fair value |
0
|
0
|
|
| Recurring | Level 1 | Commercial real estate loans, loan held-for-sale | Fair Value |
|
|
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
| Commercial mortgage loans, held-for-investment, net, fair value |
0
|
|
|
| Recurring | Level 2 | Fair Value |
|
|
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
| Cash and cash equivalents, fair value |
0
|
0
|
|
| Investments in CMBS securities |
0
|
|
|
| Foreign currency forward contracts |
1,003
|
|
|
| Assets, fair value |
1,003
|
0
|
|
| Foreign currency forward contracts |
704
|
1,265
|
|
| Liabilities, fair value |
620,877
|
652,866
|
|
| Recurring | Level 2 | Primary beneficiary | Fair Value |
|
|
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
| Assets, fair value |
0
|
0
|
|
| Liabilities, fair value |
0
|
0
|
|
| Recurring | Level 2 | Secured financing agreements, net | Fair Value |
|
|
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
| Long-term debt, fair value |
0
|
0
|
|
| Recurring | Level 2 | Collateralized loan obligations, net | Fair Value |
|
|
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
| Long-term debt, fair value |
0
|
0
|
|
| Recurring | Level 2 | Secured term loan, net | Fair Value |
|
|
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
| Long-term debt, fair value |
620,173
|
651,601
|
|
| Recurring | Level 2 | Commercial real estate loans, held-for-investment, net | Fair Value |
|
|
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
| Commercial mortgage loans, held-for-investment, net, fair value |
0
|
0
|
|
| Recurring | Level 2 | Commercial real estate loans, loan held-for-sale | Fair Value |
|
|
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
| Commercial mortgage loans, held-for-investment, net, fair value |
0
|
|
|
| Recurring | Level 3 | Fair Value |
|
|
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
| Cash and cash equivalents, fair value |
0
|
0
|
|
| Investments in CMBS securities |
26,800
|
|
|
| Foreign currency forward contracts |
0
|
|
|
| Assets, fair value |
5,423,075
|
5,649,401
|
|
| Foreign currency forward contracts |
0
|
0
|
|
| Liabilities, fair value |
4,893,939
|
4,546,280
|
|
| Recurring | Level 3 | Primary beneficiary | Fair Value |
|
|
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
| Assets, fair value |
1,235,061
|
502,751
|
|
| Liabilities, fair value |
1,210,942
|
493,680
|
|
| Recurring | Level 3 | Secured financing agreements, net | Fair Value |
|
|
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
| Long-term debt, fair value |
3,024,096
|
2,862,689
|
|
| Recurring | Level 3 | Collateralized loan obligations, net | Fair Value |
|
|
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
| Long-term debt, fair value |
658,901
|
1,189,911
|
|
| Recurring | Level 3 | Secured term loan, net | Fair Value |
|
|
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
| Long-term debt, fair value |
0
|
0
|
|
| Recurring | Level 3 | Commercial real estate loans, held-for-investment, net | Fair Value |
|
|
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
| Commercial mortgage loans, held-for-investment, net, fair value |
4,090,859
|
$ 5,146,650
|
|
| Recurring | Level 3 | Commercial real estate loans, loan held-for-sale | Fair Value |
|
|
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
| Commercial mortgage loans, held-for-investment, net, fair value |
$ 70,355
|
|
|