v3.26.3
Loans and Preferred Equity Held for Investment, net - Activity in Loans Held for Investment, Net (Details)
$ in Thousands
3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2026
USD ($)
loan
Jun. 30, 2026
USD ($)
Mar. 31, 2026
USD ($)
Sep. 30, 2025
USD ($)
loan
forwardSwap
Jun. 30, 2025
USD ($)
Mar. 31, 2025
USD ($)
Sep. 30, 2026
USD ($)
loan
property
Sep. 30, 2025
USD ($)
loan
forwardSwap
Dec. 31, 2025
USD ($)
loan
forwardSwap
Sep. 30, 2026
property
SEC Schedule, 12-29, Real Estate Companies, Investment in Movement in Mortgage Loans on Real Estate [Roll Forward]                    
Beginning balance     $ 2,590,914     $ 2,352,993 $ 2,590,914 $ 2,352,993 $ 2,352,993  
Acquisitions/originations/additional funding             835,024 356,578    
Loan maturities/principal repayments             (372,061) (243,630)    
(Increase) decrease of CECL reserve             (30,033) (8,144)    
Discount accretion and fee amortization, net             (4,304) 458    
Capitalized interest, net of repayments             1,667 1,787    
Transfer to Real Estate, net             (45,200) (243,956)    
Charge-off of CECL reserve-transfer to Real Estate, net             0 20,224    
Charge-off of loan held for investment             (11,116) (27,366)    
Charge-off of CECL reserve-other $ 7,490 $ 987 2,639   $ 18,192 9,174 11,116 27,366    
Ending balance $ 2,976,007     $ 2,236,310     $ 2,976,007 2,236,310 $ 2,590,914  
Transfer of principal           8,800        
Number of loans | loan             26      
Total commitment             $ 874,400      
Multifamily                    
SEC Schedule, 12-29, Real Estate Companies, Investment in Movement in Mortgage Loans on Real Estate [Roll Forward]                    
Number of legal titles acquired             1   1  
Arlington, Texas                    
SEC Schedule, 12-29, Real Estate Companies, Investment in Movement in Mortgage Loans on Real Estate [Roll Forward]                    
Realized loss on securities from write-down to fair value             $ 12,200 $ 27,400    
Reversal of charge offs             $ 1,100      
Arlington, Texas | Multifamily                    
SEC Schedule, 12-29, Real Estate Companies, Investment in Movement in Mortgage Loans on Real Estate [Roll Forward]                    
Number of loans on nonaccrual status 1     2     1 2    
Arlington, Texas | Office Loans                    
SEC Schedule, 12-29, Real Estate Companies, Investment in Movement in Mortgage Loans on Real Estate [Roll Forward]                    
Number of loans on nonaccrual status | loan 1           1      
Arlington, Texas | Industrial                    
SEC Schedule, 12-29, Real Estate Companies, Investment in Movement in Mortgage Loans on Real Estate [Roll Forward]                    
Number of loans on nonaccrual status | loan 1           1      
Denver, Colorado                    
SEC Schedule, 12-29, Real Estate Companies, Investment in Movement in Mortgage Loans on Real Estate [Roll Forward]                    
Number of loans on nonaccrual status | loan                 1  
Denver, Colorado | Multifamily                    
SEC Schedule, 12-29, Real Estate Companies, Investment in Movement in Mortgage Loans on Real Estate [Roll Forward]                    
Number of loans on nonaccrual status 2           2     2
Multifamily                    
SEC Schedule, 12-29, Real Estate Companies, Investment in Movement in Mortgage Loans on Real Estate [Roll Forward]                    
Number of loans on nonaccrual status | loan 1     1     1 1    
Multifamily | Arlington, Texas                    
SEC Schedule, 12-29, Real Estate Companies, Investment in Movement in Mortgage Loans on Real Estate [Roll Forward]                    
Number of loans on nonaccrual status | loan 3           3      
PD/LGD model                    
SEC Schedule, 12-29, Real Estate Companies, Investment in Movement in Mortgage Loans on Real Estate [Roll Forward]                    
Provision for (reversal of) loan losses for unfunded commitments $ (100) $ (800) $ 1,200 $ (100)   $ 500 $ 300 $ 400