v3.26.1
Segment Reporting - Reportable Operating Segments (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Mar. 31, 2026
Jun. 30, 2025
Mar. 31, 2025
Jun. 30, 2026
Jun. 30, 2025
Dec. 31, 2025
Segment Reporting [Line Items]              
Interest income $ 52,077   $ 48,663   $ 101,592 $ 96,749  
Interest expense (34,848)   (31,935)   (68,241) (64,146)  
Property operating expense (18,511)   (16,650)   (38,589) (26,616)  
Transaction, investment and servicing expense (1,507)   (562)   (2,339) (1,192)  
Interest expense on real estate (5,121)   (6,765)   (10,213) (13,330)  
Depreciation and amortization (8,187)   (10,607)   (16,814) (21,159)  
Increase of current expected credit loss reserve         (15,247) (346)  
Impairment of operating real estate (9,270)   (51,127)   (9,270) (51,127)  
Compensation and benefits (8,989)   (8,194)   (18,045) (18,623)  
Operating expense (3,158)   (2,976)   (6,253) (6,191)  
Other loss, net (27)   (3,362)   (31) (3,603)  
Loss before equity in earnings of unconsolidated ventures and income taxes (19,572)   (46,836)   (16,354) (42,847)  
Equity in earnings (loss) of unconsolidated ventures (602)   0   (602) 0  
Income tax benefit (expense) (10)   21,664   (104) 21,382  
Net income (loss) (20,184) $ 3,123 (25,172) $ 3,708 (17,060) (21,465)  
Total Assets 3,747,733       3,747,733   $ 3,564,830
Core              
Segment Reporting [Line Items]              
Interest income 52,077   48,663   101,592 96,749  
Interest expense (34,848)   (31,935)   (68,241) (64,146)  
Property and other income 31,471   37,261   67,096 66,737  
Property operating expense (18,511)   (16,650)   (38,589) (26,616)  
Transaction, investment and servicing expense (1,507)   (562)   (2,339) (1,192)  
Interest expense on real estate (5,121)   (6,765)   (10,213) (13,330)  
Depreciation and amortization (8,187)   (10,607)   (16,814) (21,159)  
Increase of current expected credit loss reserve (13,502)   (582)   (15,247) (346)  
Impairment of operating real estate (9,270)   (51,127)   (9,270) (51,127)  
Compensation and benefits (8,989)   (8,194)   (18,045) (18,623)  
Operating expense (3,158)   (2,976)   (6,253) (6,191)  
Other loss, net (27)   (3,362)   (31) (3,603)  
Loss before equity in earnings of unconsolidated ventures and income taxes (19,572)       (16,354)    
Income (loss) before income taxes     (46,836)     (42,847)  
Income tax benefit (expense) (10)   21,664   (104) 21,382  
Net income (loss) (20,184)   (25,172)   (17,060) (21,465)  
Total Assets 3,747,733       3,747,733   3,564,830
Core | Senior and Mezzanine Loans and Preferred Equity              
Segment Reporting [Line Items]              
Interest income 52,104   48,581   101,619 96,572  
Interest expense (34,318)   (31,563)   (66,891) (63,407)  
Property and other income 54   0   0 0  
Property operating expense 0   0   0 0  
Transaction, investment and servicing expense (909)   (330)   (1,566) (839)  
Interest expense on real estate 0   0   0 0  
Depreciation and amortization 0   0   0 0  
Increase of current expected credit loss reserve (13,502)   (582)   (15,247) (346)  
Impairment of operating real estate 0   0   0 0  
Compensation and benefits 0   0   0 0  
Operating expense 18   (2)   29 0  
Other loss, net 0   55   0 55  
Loss before equity in earnings of unconsolidated ventures and income taxes 3,447       17,944    
Income (loss) before income taxes     16,159     32,035  
Equity in earnings (loss) of unconsolidated ventures 0       0    
Income tax benefit (expense) (2)   (106)   (3) (134)  
Net income (loss) 3,445   16,053   17,941 31,901  
Total Assets 2,892,192       2,892,192   2,689,862
Core | Net Leased and Other Real Estate              
Segment Reporting [Line Items]              
Interest income (27)   14   (27) 42  
Interest expense (13)   (68)   (25) (135)  
Property and other income 30,585   35,754   63,278 62,674  
Property operating expense (18,511)   (16,650)   (38,589) (26,616)  
Transaction, investment and servicing expense (79)   (14)   (109) (50)  
Interest expense on real estate (5,121)   (6,765)   (10,213) (13,330)  
Depreciation and amortization (8,154)   (10,575)   (16,748) (21,094)  
Increase of current expected credit loss reserve 0   0   0 0  
Impairment of operating real estate (9,270)   (51,127)   (9,270) (51,127)  
Compensation and benefits 0   0   0 0  
Operating expense 0   (1)   (2) (2)  
Other loss, net (27)   (3,429)   (31) (3,670)  
Loss before equity in earnings of unconsolidated ventures and income taxes (10,617)       (11,736)    
Income (loss) before income taxes     (52,861)     (53,308)  
Equity in earnings (loss) of unconsolidated ventures 0       0    
Income tax benefit (expense) 0   21,770   0 21,516  
Net income (loss) (10,617)   (31,091)   (11,736) (31,792)  
Total Assets 789,681       789,681   800,394
Core | Corporate and Other              
Segment Reporting [Line Items]              
Interest income 0   68   0 135  
Interest expense (517)   (304)   (1,325) (604)  
Property and other income 832   1,507   3,818 4,063  
Property operating expense 0   0   0 0  
Transaction, investment and servicing expense (519)   (218)   (664) (303)  
Interest expense on real estate 0   0   0 0  
Depreciation and amortization (33)   (32)   (66) (65)  
Increase of current expected credit loss reserve 0   0   0 0  
Impairment of operating real estate 0   0   0 0  
Compensation and benefits (8,989)   (8,194)   (18,045) (18,623)  
Operating expense (3,176)   (2,973)   (6,280) (6,189)  
Other loss, net 0   12   0 12  
Loss before equity in earnings of unconsolidated ventures and income taxes (12,402)       (22,562)    
Income (loss) before income taxes     (10,134)     (21,574)  
Equity in earnings (loss) of unconsolidated ventures (602)       (602)    
Income tax benefit (expense) (8)   0   (101) 0  
Net income (loss) (13,012)   $ (10,134)   (23,265) $ (21,574)  
Total Assets $ 65,860       $ 65,860   $ 74,574