v3.26.1
Loans Held for Investment, Net - Schedule of Loans Held for Investment, net and Preferred Equity Portfolio Activity (Details) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Beginning balance $ 740,799  
Recognition of retained preferred equity investment upon deconsolidation of real estate (Note 14) 157,006 $ 8,404
Write-offs related to real estate owned consolidations (6,073)  
Ending balance 808,587  
Loans Receivable, Held for Investment    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Beginning balance 740,799 760,939
Originations 157,006 33,586
Proceeds from principal repayments (116,710) (39,671)
PIK distribution reinvested in Preferred Units 41,438 6,355
Amortization of loan premium, net 1,677 1,490
(Provision for) reversal of credit losses 2,210 (8,909)
Write-offs related to real estate owned consolidations (6,073)  
Decrease in loans, held for investment, net on consolidation of real estate (11,760)  
Ending balance $ 808,587 $ 753,790