v3.26.3
Commercial Real Estate Loans - Narrative (Details)
$ in Thousands
1 Months Ended 3 Months Ended 9 Months Ended
Mar. 31, 2026
USD ($)
Sep. 30, 2026
USD ($)
Sep. 30, 2025
USD ($)
Sep. 30, 2026
USD ($)
Sep. 30, 2025
USD ($)
Dec. 31, 2025
USD ($)
Dec. 31, 2024
USD ($)
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]              
Proceeds from principal repayments of commercial real estate loans       $ 2,413,469 $ 1,112,490    
Write-offs charged       $ 165,541 34,828    
Weighted average loan risk rating   3.2   3.2   3.2  
Allowance for credit loss   $ 188,541 $ 160,439 $ 188,541 160,439 $ 204,125 $ 119,581
Provision for credit losses, net   1,381 975 150,010 75,686    
Commercial real estate loans, held-for-investment   3,137,554   3,137,554   5,347,756  
Interest income   70,235 $ 108,019 251,628 $ 334,258    
Commercial real estate loans, held-for-investment, net              
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]              
Unamortized origination discounts and deferred nonrefundable fees   $ 9,700   $ 9,700   9,800  
Minimum              
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]              
Weighted average life (years)       1 year 3 months 18 days      
Minimum | Level 3 | Commercial real estate loans, held-for-investment, net | Capitalization rate | Discounted cash flow              
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]              
Commercial real estate loans, held-for-investment, measurement input   0.057   0.057      
Minimum | Level 3 | Commercial real estate loans, held-for-investment, net | Discount rate | Discounted cash flow              
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]              
Commercial real estate loans, held-for-investment, measurement input   0.130   0.130      
Maximum              
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]              
Weighted average life (years)       1 year 9 months 18 days      
Maximum | Level 3 | Commercial real estate loans, held-for-investment, net | Capitalization rate | Discounted cash flow              
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]              
Commercial real estate loans, held-for-investment, measurement input   0.133   0.133      
Maximum | Level 3 | Commercial real estate loans, held-for-investment, net | Discount rate | Discounted cash flow              
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]              
Commercial real estate loans, held-for-investment, measurement input   0.136   0.136      
Average Risk              
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]              
Commercial real estate loans, held-for-investment   $ 2,813,066   $ 2,813,066   4,405,274  
Impaired/Loss Likely              
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]              
Commercial real estate loans, held-for-investment   324,488   324,488   $ 567,995  
Commercial Real Estate Loans | Cambridge, MA              
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]              
Commercial real estate loans, held-for-investment, net, principal balance $ 100,400            
Loan balance, after restructuring 80,200            
Future funding $ 35,500            
Interest rates (as a percent) 3.70%            
Weighted average life (years) 5 years            
Commercial Real Estate Loans | Cambridge, MA | Average Risk              
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]              
Commercial real estate loans, held-for-investment, net, principal balance   66,400   66,400      
Commercial Real Estate Loans | Cambridge, MA | Life Science              
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]              
Commercial real estate loans, held-for-investment, net, principal balance $ 62,900            
Proceeds from principal repayments of commercial real estate loans 20,200            
Commercial Real Estate Loans | Minneapolis, MN | Impaired/Loss Likely              
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]              
Commercial real estate loans, held-for-investment, net, principal balance   194,400   194,400      
Future funding   5,000   5,000      
Commercial real estate loans, held-for-investment   190,100   190,100      
Interest income   1,800   5,400      
Commercial Real Estate Loans | Chicago, IL | Impaired/Loss Likely              
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]              
Commercial real estate loans, held-for-investment, net, principal balance   90,700   90,700      
Future funding   14,300   14,300      
Commercial real estate loans, held-for-investment   90,700   90,700      
Interest income   1,400   3,700      
Commercial Real Estate Loans | Carrollton, TX | Impaired/Loss Likely              
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]              
Commercial real estate loans, held-for-investment, net, principal balance   43,700   43,700      
Commercial real estate loans, held-for-investment   43,700   43,700      
Interest income   $ 700   $ 2,200      
Subordinated Note              
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]              
Write-offs charged 17,300            
Subordinated Note | Cambridge, MA              
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]              
Commercial real estate loans, held-for-investment, net, principal balance $ 14,400