Loans Held-for-Investment, Net of Allowance for Credit Losses - Narrative (Details)
$ in Thousands |
3 Months Ended |
6 Months Ended |
12 Months Ended |
|
|
|
|
Jun. 30, 2026
USD ($)
renewal_option
loan
|
Mar. 31, 2026
USD ($)
|
Jun. 30, 2025
USD ($)
loan
|
Jun. 30, 2026
USD ($)
loan
|
Jun. 30, 2025
USD ($)
loan
|
Jun. 30, 2026
USD ($)
loan
|
Dec. 31, 2025
USD ($)
|
Mar. 31, 2025
USD ($)
|
Dec. 31, 2024
USD ($)
|
| Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
|
|
|
|
|
|
|
| Increase (decrease) in allowance for credit losses |
$ 17,300
|
|
|
$ 17,400
|
|
|
|
|
|
| Write-off |
(29,660)
|
|
$ (36,074)
|
(29,400)
|
|
|
|
|
|
| Total allowance for credit losses |
165,834
|
$ 148,513
|
155,072
|
165,834
|
$ 155,072
|
$ 165,834
|
$ 148,429
|
$ 180,162
|
$ 201,030
|
| Provision for credit losses |
46,981
|
|
10,984
|
46,765
|
14,754
|
|
|
|
|
| Loans held-for-investment |
1,389,380
|
1,510,097
|
1,823,279
|
1,389,380
|
1,823,279
|
1,389,380
|
1,683,644
|
1,937,659
|
2,097,375
|
| Allowance for credit losses |
$ 163,484
|
$ 147,298
|
$ 151,968
|
$ 163,484
|
$ 151,968
|
$ 163,484
|
$ 145,912
|
177,282
|
199,727
|
| Number of loans, nonaccrual | loan |
7
|
|
3
|
7
|
3
|
7
|
|
|
|
| Number of other investment loans | loan |
4
|
|
|
4
|
|
4
|
|
|
|
| Financing receivable, excluding accrued interest, nonaccrual, principal balance |
$ 334,000
|
|
$ 222,800
|
$ 334,000
|
$ 222,800
|
$ 334,000
|
|
|
|
| Financing receivable, excluding accrued interest, nonaccrual |
$ 333,500
|
|
222,600
|
333,500
|
222,600
|
$ 333,500
|
|
|
|
| Number of loans modified | loan |
|
|
|
|
|
4
|
|
|
|
| Payments to acquire investment |
|
|
|
$ 21,679
|
23,133
|
|
|
|
|
| Debt, portfolio, weighted average risk rating |
3.2
|
|
|
3.2
|
|
3.2
|
2.9
|
|
|
| Risk Rating 5 |
|
|
|
|
|
|
|
|
|
| Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
|
|
|
|
|
|
|
| Number of loans | loan |
5
|
|
|
5
|
|
5
|
|
|
|
| Loans downgraded |
$ 252,900
|
|
|
$ 252,900
|
|
$ 252,900
|
|
|
|
| Variable Interest Entity, Not Primary Beneficiary |
|
|
|
|
|
|
|
|
|
| Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
|
|
|
|
|
|
|
| Payments to acquire investment |
|
|
|
1,600
|
|
|
|
|
|
| Other investment, additional potential contribution |
2,000
|
|
|
2,000
|
|
2,000
|
|
|
|
| Senior Loan |
|
|
|
|
|
|
|
|
|
| Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
|
|
|
|
|
|
|
| Increase of the common equity investment in exchange |
$ 100
|
|
|
$ 100
|
|
$ 100
|
|
|
|
| Increase of the common equity investment in exchange (in percent) |
5.00%
|
|
|
5.00%
|
|
5.00%
|
|
|
|
| Senior Loan And Preferred Equity Investment |
|
|
|
|
|
|
|
|
|
| Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
|
|
|
|
|
|
|
| Principal balance of loan |
$ 45,600
|
|
|
$ 45,600
|
|
$ 45,600
|
|
|
|
| Amortized cost |
45,500
|
|
|
45,500
|
|
45,500
|
|
|
|
| Senior Loan, Unsecured Note And Common Equity Investment |
|
|
|
|
|
|
|
|
|
| Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
|
|
|
|
|
|
|
| Amortized cost |
$ 74,700
|
|
|
74,700
|
|
74,700
|
|
|
|
| New York | Variable Interest Entity, Not Primary Beneficiary |
|
|
|
|
|
|
|
|
|
| Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
|
|
|
|
|
|
|
| Other investments, deferred preferred return percentage |
11.00%
|
|
|
|
|
|
|
|
|
| CANADA | Variable Interest Entity, Not Primary Beneficiary |
|
|
|
|
|
|
|
|
|
| Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
|
|
|
|
|
|
|
| Other investments, deferred preferred return percentage |
12.00%
|
|
|
|
|
|
|
|
|
| Office | New York | Senior Loan |
|
|
|
|
|
|
|
|
|
| Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
|
|
|
|
|
|
|
| Principal balance of loan |
$ 29,200
|
|
|
$ 29,200
|
|
29,200
|
$ 29,500
|
|
|
| Term increase from modification |
6 months
|
1 year
|
|
1 year
|
|
|
|
|
|
| Outstanding principal balance of loans modified |
$ 1,600
|
|
|
$ 4,800
|
|
|
|
|
|
| Residual return (as a percent) |
35.00%
|
|
|
|
|
|
|
|
|
| Amortized cost |
$ 69,200
|
|
|
69,200
|
|
69,200
|
69,100
|
|
|
| Office | New York | Senior Loan | Minimum |
|
|
|
|
|
|
|
|
|
| Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
|
|
|
|
|
|
|
| Residual return (as a percent) |
30.00%
|
|
|
|
|
|
|
|
|
| Office | New York | Senior Loan | Maximum |
|
|
|
|
|
|
|
|
|
| Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
|
|
|
|
|
|
|
| Residual return (as a percent) |
35.00%
|
|
|
|
|
|
|
|
|
| Office | New York | Senior Loan And Preferred Equity Investment |
|
|
|
|
|
|
|
|
|
| Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
|
|
|
|
|
|
|
| Principal balance of loan |
$ 32,100
|
|
|
32,100
|
|
32,100
|
|
|
|
| Amortized cost |
$ 32,000
|
|
|
$ 32,000
|
|
$ 32,000
|
|
|
|
| Office | Asset Pledged as Collateral |
|
|
|
|
|
|
|
|
|
| Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
|
|
|
|
|
|
|
| Financing receivable, number of loans | loan |
3
|
|
|
3
|
|
3
|
|
|
|
| Hotel | Arizona | Senior Loan |
|
|
|
|
|
|
|
|
|
| Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
|
|
|
|
|
|
|
| Principal balance of loan |
$ 27,500
|
|
|
$ 27,500
|
|
$ 27,500
|
26,900
|
|
|
| Term increase from modification |
3 months
|
|
|
|
|
|
|
|
|
| Outstanding principal balance of loans modified |
$ 2,100
|
|
|
|
|
4,600
|
|
|
|
| Amortized cost |
$ 27,600
|
|
|
27,600
|
|
27,600
|
26,900
|
|
|
| Number of renewal options | renewal_option |
1
|
|
|
|
|
|
|
|
|
| Hotel | CANADA | Senior Loan |
|
|
|
|
|
|
|
|
|
| Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
|
|
|
|
|
|
|
| Principal balance of loan |
$ 43,800
|
|
|
$ 43,800
|
|
43,800
|
43,400
|
|
|
| Term increase from modification |
|
|
|
2 years
|
|
|
|
|
|
| Outstanding principal balance of loans modified |
|
|
|
$ 3,800
|
|
|
|
|
|
| Amortized cost |
$ 43,700
|
|
|
$ 43,700
|
|
$ 43,700
|
43,200
|
|
|
| Hotel | Asset Pledged as Collateral |
|
|
|
|
|
|
|
|
|
| Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
|
|
|
|
|
|
|
| Financing receivable, number of loans | loan |
2
|
|
|
2
|
|
2
|
|
|
|
| Multifamily | Asset Pledged as Collateral |
|
|
|
|
|
|
|
|
|
| Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
|
|
|
|
|
|
|
| Financing receivable, number of loans | loan |
2
|
|
|
2
|
|
2
|
|
|
|
| Specific Reserve |
|
|
|
|
|
|
|
|
|
| Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
|
|
|
|
|
|
|
| Increase (decrease) in allowance for credit losses |
$ 40,200
|
|
|
$ 55,100
|
|
|
|
|
|
| Allowance for credit losses |
130,159
|
$ 119,635
|
97,541
|
130,159
|
97,541
|
$ 130,159
|
104,466
|
134,253
|
154,687
|
| General Reserve |
|
|
|
|
|
|
|
|
|
| Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
|
|
|
|
|
|
|
| Increase (decrease) in allowance for credit losses |
6,800
|
|
|
(8,300)
|
|
|
|
|
|
| Allowance for credit losses |
$ 33,325
|
$ 27,663
|
$ 54,427
|
$ 33,325
|
$ 54,427
|
33,325
|
$ 41,446
|
$ 43,029
|
$ 45,040
|
| Collateral Dependent Loans |
|
|
|
|
|
|
|
|
|
| Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
|
|
|
|
|
|
|
| Number of loans individually assessed | loan |
1
|
|
|
4
|
|
|
|
|
|
| Loans held-for-investment |
$ 321,300
|
|
|
$ 321,300
|
|
321,300
|
|
|
|
| Allowance for credit losses |
$ 130,200
|
|
|
$ 130,200
|
|
$ 130,200
|
|
|
|
| Collateral Dependent Loans | Collateral pledged |
|
|
|
|
|
|
|
|
|
| Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
|
|
|
|
|
|
|
| Financing receivable, number of loans | loan |
7
|
|
|
7
|
|
7
|
|
|
|