v3.26.3
Fair Value of Financial Instruments - Schedule of Assets and Liabilities Recorded at Fair Value on Recurring Basis (Details) - USD ($)
$ in Thousands
Sep. 30, 2026
Dec. 31, 2025
Sep. 30, 2025
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Cash and cash equivalents $ 165,883 $ 84,617 $ 204,094
Commercial real estate loans, held-for-investment 3,137,554 5,347,756  
Investments in CMBS securities 26,800 0  
Foreign currency forward contracts 1,378 0  
Total Assets 5,190,604 6,464,643  
Outstanding Principal 2,405,602    
Foreign currency forward contracts 933 1,265  
Total Liabilities 4,218,703 5,239,439  
Secured financing agreements, net      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Outstanding Principal 2,405,602    
Amortized cost and carrying value 2,397,405    
Collateralized loan obligations, net | Primary beneficiary      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Amortized cost and carrying value 0 1,198,332  
Level 3 | Primary beneficiary | Fair Value      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Assets, fair value 1,170,090    
Liabilities, fair value 1,145,911    
Recurring      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Cash and cash equivalents 165,883 84,617  
Investments in CMBS securities 26,800    
Foreign currency forward contracts 1,378    
Assets, principal balance 4,562,058 5,936,420  
Total Assets 4,583,768 5,920,976  
Foreign currency forward contracts 933 1,265  
Liabilities, principal balance 4,215,632 5,187,886  
Total Liabilities 4,255,742 5,174,438  
Recurring | Carrying Value      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Cash and cash equivalents, fair value 165,883 84,617  
Investments in CMBS securities 26,800    
Foreign currency forward contracts 1,378    
Assets, fair value 4,314,269 5,733,200  
Foreign currency forward contracts 933 1,265  
Liabilities, fair value 4,173,417 5,188,482  
Recurring | Fair Value      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Cash and cash equivalents, fair value 165,883 84,617  
Investments in CMBS securities 26,800    
Foreign currency forward contracts 1,378    
Assets, fair value 4,327,557 5,734,018  
Foreign currency forward contracts 933 1,265  
Liabilities, fair value 4,168,877 5,199,146  
Recurring | Primary beneficiary      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Assets, principal balance 1,216,495 489,940  
Total Assets 1,252,153 488,603  
Liabilities, principal balance 1,167,222 470,444  
Total Liabilities 1,228,236 479,636  
Recurring | Primary beneficiary | Carrying Value      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Assets, fair value 1,170,090 502,751  
Liabilities, fair value 1,145,911 493,680  
Recurring | Primary beneficiary | Fair Value      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Assets, fair value 1,170,090 502,751  
Liabilities, fair value 1,145,911 493,680  
Recurring | Secured financing agreements, net      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Outstanding Principal 2,405,602 2,871,049  
Amortized cost and carrying value 2,397,405 2,862,689  
Recurring | Secured financing agreements, net | Carrying Value      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Long-term debt, fair value 2,397,405 2,862,689  
Recurring | Secured financing agreements, net | Fair Value      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Long-term debt, fair value 2,397,405 2,862,689  
Recurring | Collateralized loan obligations, net      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Outstanding Principal   1,198,378  
Amortized cost and carrying value   1,198,332  
Recurring | Collateralized loan obligations, net | Carrying Value      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Long-term debt, fair value   1,198,332  
Recurring | Collateralized loan obligations, net | Fair Value      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Long-term debt, fair value   1,189,911  
Recurring | Secured term loan, net      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Outstanding Principal 641,875 646,750  
Amortized cost and carrying value 629,168 632,516  
Recurring | Secured term loan, net | Carrying Value      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Long-term debt, fair value 629,168 632,516  
Recurring | Secured term loan, net | Fair Value      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Long-term debt, fair value 624,628 651,601  
Recurring | Commercial real estate loans, held-for-investment, net      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Commercial real estate loans, held-for-investment, net, principal balance 3,151,502 5,361,863  
Commercial real estate loans, held-for-investment 3,137,554 5,347,756  
Recurring | Commercial real estate loans, held-for-investment, net | Carrying Value      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Commercial real estate loans 2,950,118 5,145,832  
Recurring | Commercial real estate loans, held-for-investment, net | Fair Value      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Commercial real estate loans 2,963,406 5,146,650  
Recurring | Level 1 | Fair Value      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Cash and cash equivalents, fair value 165,883 84,617  
Investments in CMBS securities 0    
Foreign currency forward contracts 0    
Assets, fair value 165,883 84,617  
Foreign currency forward contracts 0 0  
Liabilities, fair value 0 0  
Recurring | Level 1 | Primary beneficiary | Fair Value      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Assets, fair value 0 0  
Liabilities, fair value 0 0  
Recurring | Level 1 | Secured financing agreements, net | Fair Value      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Long-term debt, fair value 0 0  
Recurring | Level 1 | Collateralized loan obligations, net | Fair Value      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Long-term debt, fair value   0  
Recurring | Level 1 | Secured term loan, net | Fair Value      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Long-term debt, fair value 0 0  
Recurring | Level 1 | Commercial real estate loans, held-for-investment, net | Fair Value      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Commercial real estate loans 0 0  
Recurring | Level 2 | Fair Value      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Cash and cash equivalents, fair value 0 0  
Investments in CMBS securities 0    
Foreign currency forward contracts 1,378    
Assets, fair value 1,378 0  
Foreign currency forward contracts 933 1,265  
Liabilities, fair value 625,561 652,866  
Recurring | Level 2 | Primary beneficiary | Fair Value      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Assets, fair value 0 0  
Liabilities, fair value 0 0  
Recurring | Level 2 | Secured financing agreements, net | Fair Value      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Long-term debt, fair value 0 0  
Recurring | Level 2 | Collateralized loan obligations, net | Fair Value      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Long-term debt, fair value   0  
Recurring | Level 2 | Secured term loan, net | Fair Value      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Long-term debt, fair value 624,628 651,601  
Recurring | Level 2 | Commercial real estate loans, held-for-investment, net | Fair Value      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Commercial real estate loans 0 0  
Recurring | Level 3 | Fair Value      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Cash and cash equivalents, fair value 0 0  
Investments in CMBS securities 26,800    
Foreign currency forward contracts 0    
Assets, fair value 4,160,296 5,649,401  
Foreign currency forward contracts 0 0  
Liabilities, fair value 3,543,316 4,546,280  
Recurring | Level 3 | Primary beneficiary | Fair Value      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Assets, fair value 1,170,090 502,751  
Liabilities, fair value 1,145,911 493,680  
Recurring | Level 3 | Secured financing agreements, net | Fair Value      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Long-term debt, fair value 2,397,405 2,862,689  
Recurring | Level 3 | Collateralized loan obligations, net | Fair Value      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Long-term debt, fair value   1,189,911  
Recurring | Level 3 | Secured term loan, net | Fair Value      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Long-term debt, fair value 0 0  
Recurring | Level 3 | Commercial real estate loans, held-for-investment, net | Fair Value      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Commercial real estate loans $ 2,963,406 $ 5,146,650