v3.26.1
Loans and Preferred Equity Held for Investment, net - Activity in Loans Held for Investment, Net (Details)
$ in Thousands
3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2026
USD ($)
loan
Mar. 31, 2026
USD ($)
Jun. 30, 2025
USD ($)
loan
Mar. 31, 2025
USD ($)
Jun. 30, 2026
USD ($)
loan
property
Jun. 30, 2025
USD ($)
loan
Dec. 31, 2025
USD ($)
loan
forwardSwap
Jun. 30, 2026
property
SEC Schedule, 12-29, Real Estate Companies, Investment in Movement in Mortgage Loans on Real Estate [Roll Forward]                
Beginning balance   $ 2,590,914   $ 2,352,993 $ 2,590,914 $ 2,352,993 $ 2,352,993  
Acquisitions/originations/additional funding         559,455 210,652    
Loan maturities/principal repayments         (292,980) (146,419)    
(Increase) decrease of CECL reserve         (14,883) 86    
Discount accretion and fee amortization, net         (3,306) 1,032    
Capitalized interest, net of repayments         1,005 1,048    
Transfer to Real Estate, net         (45,200) (165,876)    
Charge-off of CECL reserve-transfer to Real Estate, net         0 2,332    
Charge-off of loan held for investment         (3,626) (27,366)    
Charge-off of CECL reserve-other $ 987 2,639 $ 18,192 9,174 3,626 27,366    
Ending balance $ 2,795,005   $ 2,255,848   $ 2,795,005 2,255,848 $ 2,590,914  
Transfer of principal       8,800        
Number of loans | loan         18      
Total commitment         $ 597,400      
Multifamily                
SEC Schedule, 12-29, Real Estate Companies, Investment in Movement in Mortgage Loans on Real Estate [Roll Forward]                
Number of legal titles acquired         1   1  
Arlington, Texas                
SEC Schedule, 12-29, Real Estate Companies, Investment in Movement in Mortgage Loans on Real Estate [Roll Forward]                
Realized loss on securities from write-down to fair value         $ 4,400 $ 27,300    
Reversal of charge offs         $ 800      
Denver, Colorado                
SEC Schedule, 12-29, Real Estate Companies, Investment in Movement in Mortgage Loans on Real Estate [Roll Forward]                
Number of loans on nonaccrual status | loan     1     1 1  
Denver, Colorado | Multifamily                
SEC Schedule, 12-29, Real Estate Companies, Investment in Movement in Mortgage Loans on Real Estate [Roll Forward]                
Number of loans on nonaccrual status 1       1     1
Multifamily                
SEC Schedule, 12-29, Real Estate Companies, Investment in Movement in Mortgage Loans on Real Estate [Roll Forward]                
Number of loans on nonaccrual status | loan 1   2   1 2    
Multifamily | Denver, Colorado                
SEC Schedule, 12-29, Real Estate Companies, Investment in Movement in Mortgage Loans on Real Estate [Roll Forward]                
Number of loans on nonaccrual status | loan 3   2   3 2    
PD/LGD model                
SEC Schedule, 12-29, Real Estate Companies, Investment in Movement in Mortgage Loans on Real Estate [Roll Forward]                
Provision for (reversal of) loan losses for unfunded commitments $ (800) $ 1,200 $ (100) $ 500 $ 400 $ 400