v3.26.1
Fair Value of Financial Instruments - Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis (Details) - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Assets    
Equity method investments $ 56,670 $ 49,104
Stock warrant investments, at fair value 132,540 141,186
CMBS Structured Pass Through Certificates    
Assets    
CMBS structured pass-through certificates, at fair value 36,238 40,427
Recurring    
Assets    
Cash and cash equivalents 6,379 31,114
Restricted cash 131,851 3,240
Loans receivable, fair value disclosure 756,962 651,395
Accrued interest 56,582 54,009
Accounts receivable and other assets 1,506 551
Total Assets 5,219,140 5,237,905
Liabilities    
Secured financing agreements, net 467,962 156,743
Master repurchase agreements 152,190 258,038
Unsecured notes, net 53,156 226,731
Mortgages payable, net 143,918 103,472
Accounts payable and other accrued liabilities 15,690 13,699
Accrued interest payable 13,357 13,795
Total Liabilities 4,492,350 4,464,868
Recurring | Variable Interest Entity, Primary Beneficiary    
Liabilities    
Bonds payable held in variable interest entities, at fair value 3,646,077 3,692,390
Recurring | Mortgages    
Assets    
Loans receivable, fair value disclosure 66,955 119,991
Recurring | Mortgages | Variable Interest Entity, Primary Beneficiary    
Assets    
Loans receivable, fair value disclosure 3,815,226 3,987,281
Recurring | CMBS Structured Pass Through Certificates    
Assets    
CMBS structured pass-through certificates, at fair value 36,238 40,427
Recurring | Mortgage Backed Securities    
Assets    
Stock warrant investments, at fair value 132,540 141,186
Recurring | Equity method investments    
Assets    
Equity method investments 0 1,714
Recurring | Preferred Stock    
Assets    
Equity method investments 158,231 157,893
Recurring | Common Stock    
Assets    
Equity method investments 56,670 49,104
Recurring | Level 1    
Assets    
Cash and cash equivalents 6,379 31,114
Restricted cash 131,851 3,240
Loans receivable, fair value disclosure 0 0
Accrued interest 56,582 54,009
Accounts receivable and other assets 1,506 551
Total Assets 196,318 88,914
Liabilities    
Secured financing agreements, net 0 0
Master repurchase agreements 0 0
Unsecured notes, net 0 0
Mortgages payable, net 0 0
Accounts payable and other accrued liabilities 15,690 13,699
Accrued interest payable 13,357 13,795
Total Liabilities 29,047 27,494
Recurring | Level 1 | Variable Interest Entity, Primary Beneficiary    
Liabilities    
Bonds payable held in variable interest entities, at fair value 0 0
Recurring | Level 1 | Mortgages    
Assets    
Loans receivable, fair value disclosure 0 0
Recurring | Level 1 | Mortgages | Variable Interest Entity, Primary Beneficiary    
Assets    
Loans receivable, fair value disclosure 0 0
Recurring | Level 1 | CMBS Structured Pass Through Certificates    
Assets    
CMBS structured pass-through certificates, at fair value 0 0
Recurring | Level 1 | Mortgage Backed Securities    
Assets    
Stock warrant investments, at fair value 0 0
Recurring | Level 1 | Equity method investments    
Assets    
Equity method investments 0 0
Recurring | Level 1 | Common Stock    
Assets    
Equity method investments 0 0
Recurring | Level 2    
Assets    
Cash and cash equivalents 0 0
Restricted cash 0 0
Loans receivable, fair value disclosure 0 0
Accrued interest 0 0
Accounts receivable and other assets 0 0
Total Assets 3,848,016 4,023,703
Liabilities    
Secured financing agreements, net 0 0
Master repurchase agreements 0 0
Unsecured notes, net 53,156 226,731
Mortgages payable, net 0 0
Accounts payable and other accrued liabilities 0 0
Accrued interest payable 0 0
Total Liabilities 3,699,233 3,919,121
Recurring | Level 2 | Variable Interest Entity, Primary Beneficiary    
Liabilities    
Bonds payable held in variable interest entities, at fair value 3,646,077 3,692,390
Recurring | Level 2 | Mortgages    
Assets    
Loans receivable, fair value disclosure 0 0
Recurring | Level 2 | Mortgages | Variable Interest Entity, Primary Beneficiary    
Assets    
Loans receivable, fair value disclosure 3,811,778 3,983,276
Recurring | Level 2 | CMBS Structured Pass Through Certificates    
Assets    
CMBS structured pass-through certificates, at fair value 36,238 40,427
Recurring | Level 2 | Mortgage Backed Securities    
Assets    
Stock warrant investments, at fair value 0 0
Recurring | Level 2 | Equity method investments    
Assets    
Equity method investments 0 0
Recurring | Level 2 | Common Stock    
Assets    
Equity method investments 0 0
Recurring | Level 3    
Assets    
Cash and cash equivalents 0 0
Restricted cash 0 0
Loans receivable, fair value disclosure 756,962 651,395
Accrued interest 0 0
Accounts receivable and other assets 0 0
Total Assets 1,174,806 1,125,288
Liabilities    
Secured financing agreements, net 467,962 156,743
Master repurchase agreements 152,190 258,038
Unsecured notes, net 0 0
Mortgages payable, net 143,918 103,472
Accounts payable and other accrued liabilities 0 0
Accrued interest payable 0 0
Total Liabilities 764,070 518,253
Recurring | Level 3 | Variable Interest Entity, Primary Beneficiary    
Liabilities    
Bonds payable held in variable interest entities, at fair value 0 0
Recurring | Level 3 | Mortgages    
Assets    
Loans receivable, fair value disclosure 66,955 119,991
Recurring | Level 3 | Mortgages | Variable Interest Entity, Primary Beneficiary    
Assets    
Loans receivable, fair value disclosure 3,448 4,005
Recurring | Level 3 | CMBS Structured Pass Through Certificates    
Assets    
CMBS structured pass-through certificates, at fair value 0 0
Recurring | Level 3 | Mortgage Backed Securities    
Assets    
Stock warrant investments, at fair value 132,540 141,186
Recurring | Level 3 | Equity method investments    
Assets    
Equity method investments 0 1,714
Recurring | Level 3 | Preferred Stock    
Assets    
Equity method investments 158,231 157,893
Recurring | Level 3 | Common Stock    
Assets    
Equity method investments 56,670 49,104
Recurring | Reported Value Measurement [Member]    
Assets    
Cash and cash equivalents 6,379 31,114
Restricted cash 131,851 3,240
Loans receivable, fair value disclosure 740,337 619,560
Accrued interest 56,582 54,009
Accounts receivable and other assets 1,506 551
Total Assets 5,203,810 5,207,318
Liabilities    
Secured financing agreements, net 480,396 176,141
Master repurchase agreements 152,190 258,038
Unsecured notes, net 51,065 229,112
Mortgages payable, net 146,474 106,151
Accounts payable and other accrued liabilities 15,690 13,699
Accrued interest payable 13,357 13,795
Total Liabilities 4,505,249 4,489,326
Recurring | Reported Value Measurement [Member] | Variable Interest Entity, Primary Beneficiary    
Liabilities    
Bonds payable held in variable interest entities, at fair value 3,646,077 3,692,390
Recurring | Reported Value Measurement [Member] | Mortgages    
Assets    
Loans receivable, fair value disclosure 68,250 121,239
Recurring | Reported Value Measurement [Member] | Mortgages | Variable Interest Entity, Primary Beneficiary    
Assets    
Loans receivable, fair value disclosure 3,815,226 3,987,281
Recurring | Reported Value Measurement [Member] | CMBS Structured Pass Through Certificates    
Assets    
CMBS structured pass-through certificates, at fair value 36,238 40,427
Recurring | Reported Value Measurement [Member] | Mortgage Backed Securities    
Assets    
Stock warrant investments, at fair value 132,540 141,186
Recurring | Reported Value Measurement [Member] | Equity method investments    
Assets    
Equity method investments 0 1,714
Recurring | Reported Value Measurement [Member] | Preferred Stock    
Assets    
Equity method investments 158,231 157,893
Recurring | Reported Value Measurement [Member] | Common Stock    
Assets    
Equity method investments $ 56,670 $ 49,104