v3.26.1
Variable Interest Entities (Details)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
USD ($)
entity
Dec. 31, 2025
USD ($)
Jun. 30, 2025
USD ($)
Dec. 31, 2024
USD ($)
Assets:        
Restricted cash $ 138,382 $ 67,347 $ 90,944 $ 156,376
Loans and investments, net 11,915,216 11,934,248    
Other assets 440,403 460,966    
Total assets [1] 14,352,825 14,494,903    
Liabilities:        
Securitized debt 2,972,246 3,468,258    
Other liabilities 266,752 281,271    
Total liabilities [1] 11,471,802 11,427,750    
CLOs and Debt Fund        
Assets:        
Restricted cash 103,077 35,258    
Loans and investments, net 3,641,332 4,557,631    
Other assets 45,637 69,132    
Total assets 3,790,046 4,662,021    
Liabilities:        
Securitized debt 2,972,246 3,468,258    
Other liabilities 6,640 9,590    
Total liabilities 2,978,886 $ 3,477,848    
Unconsolidated VIEs        
Assets:        
Total assets $ 1,731,994      
Liabilities:        
Number of VIEs where the reporting entity is not VIE's primary beneficiary and VIEs have variable interest | entity 65      
Carrying amount of loans and investments before reserves related to VIEs $ 114,400      
Loan loss reserves related to VIEs 14,500      
Exposure to real estate debt 4,780,000      
Unconsolidated VIEs | Loans        
Assets:        
Total assets 1,530,221      
Unconsolidated VIEs | APL certificates        
Assets:        
Total assets 145,486      
Unconsolidated VIEs | Equity investments        
Assets:        
Total assets 30,287      
Unconsolidated VIEs | B Piece bonds        
Assets:        
Total assets 25,994      
Unconsolidated VIEs | Agency interest-only strips        
Assets:        
Total assets $ 6      
[1] Our consolidated balance sheets include assets and liabilities of consolidated variable interest entities ("VIEs,") as we are the primary beneficiary of these VIEs. At June 30, 2026 and December 31, 2025, assets of our consolidated VIEs totaled $3,790,046 and $4,662,021, respectively, and the liabilities of our consolidated VIEs totaled $2,978,886 and $3,477,848, respectively. See Note 15 for discussion of our VIEs.