v3.26.3
Loans and Preferred Equity Held for Investment, net - Summary of Loans and Preferred Equity Held for Investment by Year of Origination and Credit Quality Risk Ranking (Details)
$ in Thousands
 9 Months Ended 12 Months Ended
Sep. 30, 2026
USD ($)
Dec. 31, 2025
USD ($)
Financing Receivable, Credit Quality Indicator [Line Items]    
Current year $ 790,158 $ 735,136
Year one 677,516 79,019
Year two 85,888 14,692
Year three 15,105 753,595
Year four earlier 1,513,657 1,095,873
Total 3,082,324 2,678,315
Current year, Gross write-offs 0 0
Year one, Gross write-offs 0 0
Year two, Gross write-offs 0 0
Year three, Gross write-offs 0 25,137
Year four and earlier, Gross write-offs 11,116 77,307
Total, Gross write-offs $ 11,116 $ 102,444
Average risk rating 3.1 3.1
Senior loans    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current year $ 788,517 $ 723,723
Year one 659,669 79,019
Year two 85,888 0
Year three 0 719,218
Year four earlier 1,513,657 1,095,873
Total 3,047,731 2,617,833
Senior loans | Risk Ranking 3    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current year 788,517 723,723
Year one 659,669 79,019
Year two 85,888 0
Year three 0 630,338
Year four earlier 1,331,831 965,963
Total 2,865,905 2,399,043
Senior loans | Risk Ranking 4    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current year 0 0
Year one 0 0
Year two 0 0
Year three 0 0
Year four earlier 181,826 65,123
Total 181,826 65,123
Senior loans | Risk Ranking 5    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current year   0
Year one   0
Year two   0
Year three   88,880
Year four earlier   64,787
Total   153,667
Mezzanine loans    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current year 0 0
Year one 0 0
Year two 0 14,692
Year three 15,105 34,377
Year four earlier 0 0
Total 15,105 49,069
Mezzanine loans | Risk Ranking 3    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current year 0 0
Year one 0 0
Year two 0 14,692
Year three 15,105 34,377
Year four earlier 0 0
Total 15,105 49,069
Preferred equity interests    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current year 1,641 11,413
Year one 17,847 0
Year two 0 0
Year three 0 0
Year four earlier 0 0
Total 19,488 11,413
Preferred equity interests | Risk Ranking 3    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current year 728 10,327
Year one 13,628 0
Year two 0 0
Year three 0 0
Year four earlier 0 0
Total 14,356 10,327
Preferred equity interests | Risk Ranking 4    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current year 913 1,086
Year one 4,219 0
Year two 0 0
Year three 0 0
Year four earlier 0 0
Total $ 5,132 $ 1,086