v3.26.1
Fair Value of Financial Instruments - Schedule of Assets and Liabilities Measured At Fair Value On A Recurring Basis (Details) - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Assets:    
Derivative assets, at fair value $ 5,731 $ 615
Total assets 6,088,077 4,718,161
Liabilities:    
Derivative liabilities, at fair value 777 1,992
Total liabilities 5,035,026 3,644,725
Secured Debt | Line of Credit    
Liabilities:    
Borrowings 2,807,455 2,582,576
Secured Debt | Secured Lending Agreements | Line of Credit    
Liabilities:    
Borrowings 2,583,774 2,359,543
Secured Debt | Term Lending Agreements | Line of Credit    
Liabilities:    
Borrowings 223,681 223,033
Revolving Credit Facility | Line of Credit    
Liabilities:    
Borrowings 100,000 55,000
Commercial real estate loan investments    
Assets:    
Fair value, option, assets 6,062,942 4,702,728
Real estate-related securities    
Assets:    
Fair value, option, assets 19,404 14,818
Collateralized loan obligations    
Liabilities:    
Fair Value 2,126,794 1,005,157
Level 1    
Assets:    
Derivative assets, at fair value 0 0
Total assets 0 0
Liabilities:    
Derivative liabilities, at fair value 0 0
Total liabilities 0 0
Level 1 | Secured Debt | Secured Lending Agreements | Line of Credit    
Liabilities:    
Borrowings 0 0
Level 1 | Secured Debt | Term Lending Agreements | Line of Credit    
Liabilities:    
Borrowings 0 0
Level 1 | Revolving Credit Facility | Line of Credit    
Liabilities:    
Borrowings 0 0
Level 1 | Commercial real estate loan investments    
Assets:    
Fair value, option, assets 0 0
Level 1 | Real estate-related securities    
Assets:    
Fair value, option, assets 0 0
Level 1 | Collateralized loan obligations    
Liabilities:    
Fair Value 0 0
Level 2    
Assets:    
Derivative assets, at fair value 5,731 615
Total assets 1,171,361 15,433
Liabilities:    
Derivative liabilities, at fair value 777 1,992
Total liabilities 2,127,571 1,007,149
Level 2 | Secured Debt | Secured Lending Agreements | Line of Credit    
Liabilities:    
Borrowings 0 0
Level 2 | Secured Debt | Term Lending Agreements | Line of Credit    
Liabilities:    
Borrowings 0 0
Level 2 | Revolving Credit Facility | Line of Credit    
Liabilities:    
Borrowings 0 0
Level 2 | Commercial real estate loan investments    
Assets:    
Fair value, option, assets 1,146,226 0
Level 2 | Real estate-related securities    
Assets:    
Fair value, option, assets 19,404 14,818
Level 2 | Collateralized loan obligations    
Liabilities:    
Fair Value 2,126,794 1,005,157
Level 3    
Assets:    
Derivative assets, at fair value 0 0
Total assets 4,916,716 4,702,728
Liabilities:    
Derivative liabilities, at fair value 0 0
Total liabilities 2,907,455 2,637,576
Level 3 | Secured Debt | Secured Lending Agreements | Line of Credit    
Liabilities:    
Borrowings 2,583,774 2,359,543
Level 3 | Secured Debt | Term Lending Agreements | Line of Credit    
Liabilities:    
Borrowings 223,681 223,033
Level 3 | Revolving Credit Facility | Line of Credit    
Liabilities:    
Borrowings 100,000 55,000
Level 3 | Commercial real estate loan investments    
Assets:    
Fair value, option, assets 4,916,716 4,702,728
Level 3 | Real estate-related securities    
Assets:    
Fair value, option, assets 0 0
Level 3 | Collateralized loan obligations    
Liabilities:    
Fair Value $ 0 $ 0