v3.26.3
Segment Reporting - Reportable Operating Segments (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2026
Jun. 30, 2026
Mar. 31, 2026
Sep. 30, 2025
Jun. 30, 2025
Mar. 31, 2025
Sep. 30, 2026
Sep. 30, 2025
Dec. 31, 2025
Segment Reporting [Line Items]                  
Interest income $ 56,168     $ 48,889     $ 157,760 $ 145,638  
Interest expense (37,905)     (31,364)     (106,146) (95,510)  
Property operating expense (19,161)     (19,675)     (57,750) (46,293)  
Transaction, investment and servicing expense (1,380)     (854)     (3,719) (2,046)  
Interest expense on real estate (4,655)     (5,170)     (14,868) (18,499)  
Depreciation and amortization (4,084)     (7,188)     (20,897) (28,346)  
Increase of current expected credit loss reserve             (30,286) (8,562)  
Impairment of operating real estate (5,986)     (2,509)     (15,256) (53,636)  
Compensation and benefits (9,197)     (8,077)     (27,242) (26,700)  
Operating expense (3,055)     (2,857)     (9,308) (9,048)  
Other gain, net 60,322     538     60,291 (3,065)  
Income (loss) before equity in earnings of unconsolidated ventures and income (loss) taxes 47,215     (1,433)     30,862 (44,280)  
Equity in earnings (loss) of unconsolidated ventures 0     0     (602) 0  
Income tax benefit (expense) 19     129     (85) 21,511  
Net income (loss) 47,234 $ (20,184) $ 3,123 (1,304) $ (25,172) $ 3,708 30,175 (22,769)  
Total Assets 3,667,573           3,667,573   $ 3,564,830
Core                  
Segment Reporting [Line Items]                  
Interest income 56,168     48,889     157,760 145,638  
Interest expense (37,905)     (31,364)     (106,146) (95,510)  
Property and other income 31,187     35,049     98,283 101,787  
Property operating expense (19,161)     (19,675)     (57,750) (46,293)  
Transaction, investment and servicing expense (1,380)     (854)     (3,719) (2,046)  
Interest expense on real estate (4,655)     (5,170)     (14,868) (18,499)  
Depreciation and amortization (4,084)     (7,188)     (20,897) (28,346)  
Increase of current expected credit loss reserve (15,039)     (8,215)     (30,286) (8,562)  
Impairment of operating real estate (5,986)     (2,509)     (15,256) (53,636)  
Compensation and benefits (9,197)     (8,077)     (27,242) (26,700)  
Operating expense (3,055)     (2,857)     (9,308) (9,048)  
Other gain, net 60,322     538     60,291 (3,065)  
Income (loss) before equity in earnings of unconsolidated ventures and income (loss) taxes 47,215           30,862    
Income (loss) before income taxes       (1,433)       (44,280)  
Income tax benefit (expense) 19     129     (85) 21,511  
Net income (loss) 47,234     (1,304)     30,175 (22,769)  
Total Assets 3,667,573           3,667,573   3,564,830
Core | Senior and Mezzanine Loans and Preferred Equity                  
Segment Reporting [Line Items]                  
Interest income 56,179     48,889     157,798 145,461  
Interest expense (36,346)     (31,046)     (103,238) (94,453)  
Property and other income 77     0     190 0  
Property operating expense 0     0     0 0  
Transaction, investment and servicing expense (1,346)     (616)     (2,912) (1,455)  
Interest expense on real estate 0     0     0 0  
Depreciation and amortization 0     0     0 0  
Increase of current expected credit loss reserve (15,039)     (8,215)     (30,286) (8,562)  
Impairment of operating real estate 0     0     0 0  
Compensation and benefits 0     0     0 0  
Operating expense 3     9     33 0  
Other gain, net 0     0     0 55  
Income (loss) before equity in earnings of unconsolidated ventures and income (loss) taxes 3,528           21,585    
Income (loss) before income taxes       9,021       41,046  
Equity in earnings (loss) of unconsolidated ventures             0    
Income tax benefit (expense) (4)     (86)     (6) (220)  
Net income (loss) 3,524     8,935     21,579 40,826  
Total Assets 3,084,747           3,084,747   2,689,862
Core | Net Leased and Other Real Estate                  
Segment Reporting [Line Items]                  
Interest income (11)     0     (38) 42  
Interest expense (13)     (11)     (37) (146)  
Property and other income 30,737     32,748     94,014 95,423  
Property operating expense (19,161)     (19,675)     (57,750) (46,293)  
Transaction, investment and servicing expense (53)     (23)     (162) (73)  
Interest expense on real estate (4,655)     (5,170)     (14,868) (18,499)  
Depreciation and amortization (4,052)     (7,155)     (20,799) (28,249)  
Increase of current expected credit loss reserve 0     0     0 0  
Impairment of operating real estate (5,986)     (2,509)     (15,256) (53,636)  
Compensation and benefits 0     0     0 0  
Operating expense 0     (1)     (2) (4)  
Other gain, net 60,322     538     60,291 (3,132)  
Income (loss) before equity in earnings of unconsolidated ventures and income (loss) taxes 57,128           45,393    
Income (loss) before income taxes       (1,258)       (54,567)  
Equity in earnings (loss) of unconsolidated ventures             0    
Income tax benefit (expense) (4)     244     (4) 21,760  
Net income (loss) 57,124     (1,014)     45,389 (32,807)  
Total Assets 522,872           522,872   800,394
Core | Corporate and Other                  
Segment Reporting [Line Items]                  
Interest income 0     0     0 135  
Interest expense (1,546)     (307)     (2,871) (911)  
Property and other income 373     2,301     4,079 6,364  
Property operating expense 0     0     0 0  
Transaction, investment and servicing expense 19     (215)     (645) (518)  
Interest expense on real estate 0     0     0 0  
Depreciation and amortization (32)     (33)     (98) (97)  
Increase of current expected credit loss reserve 0     0     0 0  
Impairment of operating real estate 0     0     0 0  
Compensation and benefits (9,197)     (8,077)     (27,242) (26,700)  
Operating expense (3,058)     (2,865)     (9,339) (9,044)  
Other gain, net 0     0     0 12  
Income (loss) before equity in earnings of unconsolidated ventures and income (loss) taxes (13,441)           (36,116)    
Income (loss) before income taxes       (9,196)       (30,759)  
Equity in earnings (loss) of unconsolidated ventures             (602)    
Income tax benefit (expense) 27     (29)     (75) (29)  
Net income (loss) (13,414)     $ (9,225)     (36,793) $ (30,787)  
Total Assets $ 59,954           $ 59,954   $ 74,574