v3.26.1
Collateralized Loan Obligations - Schedule of Consolidated VIE (Details) - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Variable Interest Entity [Line Items]    
Restricted cash $ 126,389 $ 29,058
Interest receivable 30,072 20,746
Total assets [1] 6,454,946 4,785,177
Collateralized loan obligations, at fair value 2,126,794 1,005,157
Interest payable 19,170 12,795
Total liabilities [1] 5,143,782 3,742,843
Commercial real estate loan investments    
Variable Interest Entity [Line Items]    
Fair Value 6,062,942 4,702,728
Variable Interest Entity, Primary Beneficiary    
Variable Interest Entity [Line Items]    
Total assets 2,500,000 1,200,000
Total liabilities 2,100,000 1,000,000
Variable Interest Entity, Primary Beneficiary | INCREF 2026-FL2    
Variable Interest Entity [Line Items]    
Restricted cash 101,363  
Interest receivable 3,327  
Total assets 1,250,916  
Collateralized loan obligations, at fair value 1,088,692  
Interest payable 2,390  
Total liabilities 1,091,082  
Variable Interest Entity, Primary Beneficiary | INCREF 2025-FL1    
Variable Interest Entity [Line Items]    
Restricted cash 1,750 150
Interest receivable 3,147 3,840
Other assets 131,888 0
Total assets 1,219,029 1,228,646
Collateralized loan obligations, at fair value 1,038,102 1,005,157
Interest payable 1,969 2,057
Total liabilities 1,040,071 1,007,214
Variable Interest Entity, Primary Beneficiary | Commercial real estate loan investments | INCREF 2026-FL2    
Variable Interest Entity [Line Items]    
Fair Value 1,146,226  
Variable Interest Entity, Primary Beneficiary | Commercial real estate loan investments | INCREF 2025-FL1    
Variable Interest Entity [Line Items]    
Fair Value $ 1,082,244 $ 1,224,656
[1]
(1) The condensed consolidated balance sheets at June 30, 2026 and December 31, 2025 include assets of $2.5 billion and $1.2 billion, respectively, and liabilities of $2.1 billion and $1.0 billion, respectively, of consolidated collateralized loan obligations, which are variable interest entities (“VIE”). The VIE’s assets can only be used to settle the obligations of the VIE. See Note 6 — “Collateralized Loan Obligations” for additional information.