v3.26.1
Investments in Real Estate Debt, at Fair Value - Schedule of Credit Rating of Investments in Real Estate Debt (Details) - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Debt and Equity Securities, FV-NI [Line Items]    
Cost Basis $ 4,005,113 $ 4,311,720
Fair Value $ 3,828,678 $ 4,133,770
Percentage Based on Fair Value 100.00% 100.00%
AAA    
Debt and Equity Securities, FV-NI [Line Items]    
Cost Basis $ 277,537 $ 0
Fair Value $ 277,463 $ 0
Percentage Based on Fair Value 7.00% 0.00%
AA    
Debt and Equity Securities, FV-NI [Line Items]    
Cost Basis $ 43,533 $ 0
Fair Value $ 43,532 $ 0
Percentage Based on Fair Value 1.00% 0.00%
A    
Debt and Equity Securities, FV-NI [Line Items]    
Cost Basis $ 24,119 $ 12,680
Fair Value $ 22,108 $ 10,291
Percentage Based on Fair Value 1.00% 0.00%
BBB    
Debt and Equity Securities, FV-NI [Line Items]    
Cost Basis $ 453,330 $ 796,356
Fair Value $ 442,696 $ 788,455
Percentage Based on Fair Value 12.00% 19.00%
BB    
Debt and Equity Securities, FV-NI [Line Items]    
Cost Basis $ 858,316 $ 441,897
Fair Value $ 853,295 $ 427,294
Percentage Based on Fair Value 22.00% 11.00%
B    
Debt and Equity Securities, FV-NI [Line Items]    
Cost Basis $ 600,153 $ 477,644
Fair Value $ 574,780 $ 451,880
Percentage Based on Fair Value 15.00% 11.00%
CCC and below    
Debt and Equity Securities, FV-NI [Line Items]    
Cost Basis $ 129,256 $ 130,844
Fair Value $ 40,810 $ 41,955
Percentage Based on Fair Value 1.00% 1.00%
Private commercial real estate loans    
Debt and Equity Securities, FV-NI [Line Items]    
Cost Basis $ 657,544 $ 782,348
Fair Value $ 665,146 $ 794,147
Percentage Based on Fair Value 17.00% 19.00%
Not Rated    
Debt and Equity Securities, FV-NI [Line Items]    
Cost Basis $ 961,325 $ 1,669,951
Fair Value $ 908,848 $ 1,619,748
Percentage Based on Fair Value 24.00% 39.00%
Weighted average LTV at origination 64.00%  
Not Rated | Industrial properties    
Debt and Equity Securities, FV-NI [Line Items]    
Weighted average LTV at origination 47.00%  
Not Rated | Rental Housing Properties:    
Debt and Equity Securities, FV-NI [Line Items]    
Weighted average LTV at origination 44.00%