v3.26.3
Collateralized Loan Obligations - Schedule of Assets and Liabilities Included in Consolidated Balance Sheet (Details) - USD ($)
$ in Thousands
Sep. 30, 2026
Dec. 31, 2025
Sep. 30, 2025
Dec. 31, 2024
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items]        
Commercial real estate loans, held-for-investment $ 3,137,554 $ 5,347,756    
Less: Allowance for credit losses (187,436) (201,924) $ (157,344) $ (117,103)
Commercial real estate loans, held-for-investment, net 2,950,118 5,145,832    
Other assets [1] 99,042 112,849    
Total Assets 5,190,604 6,464,643    
Collateralized loan obligations 2,405,602      
Deferred financing costs (4,929) (5,887)    
Collateralized loan obligations, net 0 1,198,332    
Total Liabilities 4,218,703 5,239,439    
Loan principal repayments held by a servicer 53,356 74,279    
Primary beneficiary        
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items]        
Commercial real estate loans, held-for-investment, net 1,170,090 502,751    
Collateralized loan obligations, net 1,145,911 493,680    
Collateralized loan obligations | Primary beneficiary        
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items]        
Commercial real estate loans, held-for-investment 0 1,513,255    
Less: Allowance for credit losses 0 (43,027)    
Commercial real estate loans, held-for-investment, net 0 1,470,228    
Financing Receivable, Held-for-Sale 0 0    
Other assets 0 47,804    
Total Assets 0 1,518,032    
Collateralized loan obligations 0 1,198,378    
Deferred financing costs 0 (46)    
Collateralized loan obligations, net 0 1,198,332    
Other liabilities 0 2,548    
Total Liabilities $ 0 1,200,880    
Loan principal repayments held by a servicer   $ 42,000    
[1] Includes $53.4 million of loan principal repayments held by a servicer as of September 30, 2026.