v3.26.3
Loans and Preferred Equity Held for Investment, net - Summary of Loans Held for Investment, Net (Details) - USD ($)
$ in Thousands
9 Months Ended 12 Months Ended
Sep. 30, 2026
Dec. 31, 2025
Jun. 30, 2026
Mar. 31, 2026
Sep. 30, 2025
Jun. 30, 2025
Mar. 31, 2025
Dec. 31, 2024
Financing Receivable, Impaired [Line Items]                
Unpaid Principal Balance $ 3,089,431 $ 2,679,909            
Carrying Value 3,082,324 2,678,315            
CECL reserve (106,317) (87,401) $ (98,658) $ (85,316) $ (126,905) $ (136,567) $ (155,365) $ (165,932)
Loans and preferred equity held for investment, net 2,976,007 2,590,914     $ 2,236,310     $ 2,352,993
Variable rate                
Financing Receivable, Impaired [Line Items]                
Unpaid Principal Balance 3,026,057 2,595,234            
Variable rate | Loans held for investment                
Financing Receivable, Impaired [Line Items]                
Carrying Value 3,018,950 2,593,694            
Fixed rate                
Financing Receivable, Impaired [Line Items]                
Unpaid Principal Balance $ 63,374 $ 84,675            
Weighted Average Coupon (in percentage) 7.10% 7.10%            
Weighted Average of Contractual Maturity 1 year 1 month 6 days 10 months 24 days            
Weighted Average Maturity in Years 2 years 6 months 2 years            
Fixed rate | Loans held for investment                
Financing Receivable, Impaired [Line Items]                
Carrying Value $ 63,374 $ 84,621            
Commercial mortgage                
Financing Receivable, Impaired [Line Items]                
Unpaid Principal Balance 3,089,431 2,679,909            
Carrying Value 3,082,324 2,678,315            
Commercial mortgage | Loans held for investment                
Financing Receivable, Impaired [Line Items]                
Carrying Value 3,082,324 2,678,315            
Senior loans | Variable rate                
Financing Receivable, Impaired [Line Items]                
Unpaid Principal Balance $ 1,442,147 $ 1,422,235            
Weighted Average Coupon (in percentage) 7.10% 6.90%            
Weighted Average of Contractual Maturity 1 year 2 months 12 days 1 year 2 months 12 days            
Weighted Average Maturity in Years 2 years 4 months 24 days 2 years 7 months 6 days            
Senior loans | Variable rate | Loans held for investment                
Financing Receivable, Impaired [Line Items]                
Carrying Value $ 1,440,197 $ 1,420,199            
Senior loans | Fixed rate                
Financing Receivable, Impaired [Line Items]                
Unpaid Principal Balance $ 28,781 $ 24,139            
Weighted Average Coupon (in percentage) 20.00% 20.00%            
Weighted Average of Contractual Maturity   1 month 6 days            
Weighted Average Maturity in Years 0 years 4 months 24 days            
Senior loans | Fixed rate | Loans held for investment                
Financing Receivable, Impaired [Line Items]                
Carrying Value $ 28,781 $ 24,139            
Securitized loans | Variable rate                
Financing Receivable, Impaired [Line Items]                
Unpaid Principal Balance $ 1,583,910 $ 1,172,999            
Weighted Average Coupon (in percentage) 6.90% 7.00%            
Weighted Average of Contractual Maturity 1 year 1 month 6 days 8 months 12 days            
Weighted Average Maturity in Years 2 years 8 months 12 days 1 year 3 months 18 days            
Securitized loans | Variable rate | Loans held for investment                
Financing Receivable, Impaired [Line Items]                
Carrying Value $ 1,578,753 $ 1,173,495            
Mezzanine loans | Fixed rate                
Financing Receivable, Impaired [Line Items]                
Unpaid Principal Balance $ 15,105 $ 49,069            
Weighted Average Coupon (in percentage) 0.00% 8.40%            
Weighted Average of Contractual Maturity 4 months 24 days 1 month 6 days            
Weighted Average Maturity in Years 4 months 24 days 1 year 1 month 6 days            
Mezzanine loans | Fixed rate | Loans held for investment                
Financing Receivable, Impaired [Line Items]                
Carrying Value $ 15,105 $ 49,069            
Preferred equity interests | Fixed rate                
Financing Receivable, Impaired [Line Items]                
Unpaid Principal Balance $ 19,488 $ 11,467            
Weighted Average Coupon (in percentage) 14.30% 14.30%            
Weighted Average of Contractual Maturity 3 months 18 days 4 months 24 days            
Weighted Average Maturity in Years 4 months 24 days 1 year            
Preferred equity interests | Fixed rate | Loans held for investment                
Financing Receivable, Impaired [Line Items]                
Carrying Value $ 19,488 $ 11,413