v3.26.1
Loans and Preferred Equity Held for Investment, net - Summary of Loans Held for Investment, Net (Details) - USD ($)
$ in Thousands
6 Months Ended 12 Months Ended
Jun. 30, 2026
Dec. 31, 2025
Mar. 31, 2026
Jun. 30, 2025
Mar. 31, 2025
Dec. 31, 2024
Financing Receivable, Impaired [Line Items]            
Unpaid Principal Balance $ 2,899,771 $ 2,679,909        
Carrying Value 2,893,663 2,678,315        
CECL reserve (98,658) (87,401) $ (85,316) $ (136,567) $ (155,365) $ (165,932)
Loans and preferred equity held for investment, net 2,795,005 2,590,914   $ 2,255,848   $ 2,352,993
Variable rate            
Financing Receivable, Impaired [Line Items]            
Unpaid Principal Balance 2,841,175 2,595,234        
Variable rate | Loans held for investment            
Financing Receivable, Impaired [Line Items]            
Carrying Value 2,835,067 2,593,694        
Fixed rate            
Financing Receivable, Impaired [Line Items]            
Unpaid Principal Balance $ 58,596 $ 84,675        
Weighted Average Coupon (in percentage) 7.00% 7.10%        
Weighted Average of Contractual Maturity 1 year 1 month 6 days 10 months 24 days        
Weighted Average Maturity in Years 2 years 3 months 18 days 2 years        
Fixed rate | Loans held for investment            
Financing Receivable, Impaired [Line Items]            
Carrying Value $ 58,596 $ 84,621        
Commercial mortgage            
Financing Receivable, Impaired [Line Items]            
Unpaid Principal Balance 2,899,771 2,679,909        
Carrying Value 2,893,663 2,678,315        
Commercial mortgage | Loans held for investment            
Financing Receivable, Impaired [Line Items]            
Carrying Value 2,893,663 2,678,315        
Senior loans | Variable rate            
Financing Receivable, Impaired [Line Items]            
Unpaid Principal Balance $ 1,211,175 $ 1,422,235        
Weighted Average Coupon (in percentage) 7.10% 6.90%        
Weighted Average of Contractual Maturity 1 year 1 year 2 months 12 days        
Weighted Average Maturity in Years 2 years 2 years 7 months 6 days        
Senior loans | Variable rate | Loans held for investment            
Financing Receivable, Impaired [Line Items]            
Carrying Value $ 1,209,789 $ 1,420,199        
Senior loans | Fixed rate            
Financing Receivable, Impaired [Line Items]            
Unpaid Principal Balance $ 27,337 $ 24,139        
Weighted Average Coupon (in percentage) 20.00% 20.00%        
Weighted Average of Contractual Maturity   1 month 6 days        
Weighted Average Maturity in Years 2 months 12 days 4 months 24 days        
Senior loans | Fixed rate | Loans held for investment            
Financing Receivable, Impaired [Line Items]            
Carrying Value $ 27,337 $ 24,139        
Securitized loans | Variable rate            
Financing Receivable, Impaired [Line Items]            
Unpaid Principal Balance $ 1,630,000 $ 1,172,999        
Weighted Average Coupon (in percentage) 6.70% 7.00%        
Weighted Average of Contractual Maturity 1 year 3 months 18 days 8 months 12 days        
Weighted Average Maturity in Years 2 years 8 months 12 days 1 year 3 months 18 days        
Securitized loans | Variable rate | Loans held for investment            
Financing Receivable, Impaired [Line Items]            
Carrying Value $ 1,625,278 $ 1,173,495        
Mezzanine loans | Fixed rate            
Financing Receivable, Impaired [Line Items]            
Unpaid Principal Balance $ 15,105 $ 49,069        
Weighted Average Coupon (in percentage) 0.00% 8.40%        
Weighted Average of Contractual Maturity 7 months 6 days 1 month 6 days        
Weighted Average Maturity in Years 7 months 6 days 1 year 1 month 6 days        
Mezzanine loans | Fixed rate | Loans held for investment            
Financing Receivable, Impaired [Line Items]            
Carrying Value $ 15,105 $ 49,069        
Preferred equity interests | Fixed rate            
Financing Receivable, Impaired [Line Items]            
Unpaid Principal Balance $ 16,154 $ 11,467        
Weighted Average Coupon (in percentage) 14.40% 14.30%        
Weighted Average of Contractual Maturity 6 months 4 months 24 days        
Weighted Average Maturity in Years 6 months 1 year        
Preferred equity interests | Fixed rate | Loans held for investment            
Financing Receivable, Impaired [Line Items]            
Carrying Value $ 16,154 $ 11,413