v3.26.3
Commercial Mortgage Loans, Held for Investment - Narrative (Details)
$ in Thousands
 3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2026
USD ($)
loan
Jun. 30, 2026
USD ($)
Mar. 31, 2026
USD ($)
Sep. 30, 2025
USD ($)
Sep. 30, 2026
USD ($)
rating
loan
Sep. 30, 2025
USD ($)
Dec. 31, 2025
USD ($)
rating
loan
Jun. 30, 2025
USD ($)
Dec. 31, 2024
USD ($)
Oct. 31, 2022
USD ($)
Jun. 30, 2022
USD ($)
May 31, 2022
USD ($)
Mar. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Nov. 30, 2021
USD ($)
Sep. 30, 2021
USD ($)
Mar. 31, 2021
USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]                                  
Amortized cost $ 22,800,000       $ 22,800,000   $ 21,600,000                    
Less: Allowance for credit losses [1] 71,932       71,932   38,302                    
Provision/(benefit) for credit losses 43,105     $ (569) 61,731 $ (3,954)                      
Commercial Portfolio Segment                                  
Accounts, Notes, Loans and Financing Receivable [Line Items]                                  
Less: Allowance for credit losses 72,138 $ 54,682 $ 49,507   72,138   38,598                    
Provision/(benefit) for credit losses 37,690 5,175 13,526                            
Commercial Portfolio Segment | Specific allowance for credit losses                                  
Accounts, Notes, Loans and Financing Receivable [Line Items]                                  
Less: Allowance for credit losses 36,284 17,842 16,335   36,284   4,106                    
Provision/(benefit) for credit losses 38,676 1,507 14,846                            
Commercial Portfolio Segment | General allowance for credit losses                                  
Accounts, Notes, Loans and Financing Receivable [Line Items]                                  
Less: Allowance for credit losses 35,854 36,840 33,172   35,854   $ 34,492                    
Provision/(benefit) for credit losses $ (986) 3,668 (1,320)   $ 1,400                        
Minimum                                  
Accounts, Notes, Loans and Financing Receivable [Line Items]                                  
Exit capitalization rate         6.00%                        
Maximum                                  
Accounts, Notes, Loans and Financing Receivable [Line Items]                                  
Exit capitalization rate         9.25%                        
Commercial Mortgage Receivable, Held-For-Investment                                  
Accounts, Notes, Loans and Financing Receivable [Line Items]                                  
Number of loans | loan 175       175   169                    
Amortized cost $ 4,039,522       $ 4,039,522   $ 4,421,436                    
Less: Allowance for credit losses 71,932       $ 71,932   $ 38,302   $ 78,083                
Initial risk rating | rating         2   2                    
Weighted average risk rating of loans | rating         2.4   2.4                    
Commercial Mortgage Receivable, Held-For-Investment | Specific allowance for credit losses                                  
Accounts, Notes, Loans and Financing Receivable [Line Items]                                  
Less: Allowance for credit losses 36,284       $ 36,284   $ 4,106                    
Provision/(benefit) for credit losses         55,029   5,748                    
Commercial Mortgage Receivable, Held-For-Investment | General allowance for credit losses                                  
Accounts, Notes, Loans and Financing Receivable [Line Items]                                  
Less: Allowance for credit losses 35,648       35,648   34,196                    
Provision/(benefit) for credit losses         1,452   (12,669)                    
Commercial Mortgage Receivable, Held-For-Investment | Commercial Portfolio Segment                                  
Accounts, Notes, Loans and Financing Receivable [Line Items]                                  
Amortized cost 4,039,522       4,039,522   4,421,436                    
Less: Allowance for credit losses $ 71,932       $ 71,932   38,302                    
Commercial Mortgage Receivable, Held-For-Investment | Commercial Portfolio Segment | Nonperforming Financial Instruments                                  
Accounts, Notes, Loans and Financing Receivable [Line Items]                                  
Number of loans | loan 7       7                        
Commercial Mortgage Receivable, Held-For-Investment | Commercial Portfolio Segment | Multifamily | GEORGIA                                  
Accounts, Notes, Loans and Financing Receivable [Line Items]                                  
Amortized cost                           $ 23,000      
Commercial Mortgage Receivable, Held-For-Investment | Commercial Portfolio Segment | Multifamily | GEORGIA | Nonperforming Financial Instruments                                  
Accounts, Notes, Loans and Financing Receivable [Line Items]                                  
Amortized cost             21,700                    
Commercial Mortgage Receivable, Held-For-Investment | Commercial Portfolio Segment | Multifamily | GEORGIA | Nonperforming Financial Instruments | Specific allowance for credit losses                                  
Accounts, Notes, Loans and Financing Receivable [Line Items]                                  
Less: Allowance for credit losses     600       $ 2,000                    
Commercial Mortgage Receivable, Held-For-Investment | Commercial Portfolio Segment | Hospitality Property | ARIZONA                                  
Accounts, Notes, Loans and Financing Receivable [Line Items]                                  
Amortized cost                             $ 39,000    
Commercial Mortgage Receivable, Held-For-Investment | Commercial Portfolio Segment | Hospitality Property | ARIZONA | Nonperforming Financial Instruments                                  
Accounts, Notes, Loans and Financing Receivable [Line Items]                                  
Amortized cost $ 36,600       $ 36,600                        
Commercial Mortgage Receivable, Held-For-Investment | Commercial Portfolio Segment | Hospitality Property | ARIZONA | Nonperforming Financial Instruments | Specific allowance for credit losses                                  
Accounts, Notes, Loans and Financing Receivable [Line Items]                                  
Less: Allowance for credit losses 10,000       10,000                        
Commercial Mortgage Receivable, Held-For-Investment | Commercial Portfolio Segment | June 2021 Multifamily | NORTH CAROLINA                                  
Accounts, Notes, Loans and Financing Receivable [Line Items]                                  
Amortized cost                     $ 46,000            
Commercial Mortgage Receivable, Held-For-Investment | Commercial Portfolio Segment | June 2021 Multifamily | NORTH CAROLINA | Nonperforming Financial Instruments                                  
Accounts, Notes, Loans and Financing Receivable [Line Items]                                  
Amortized cost 44,000       44,000                        
Commercial Mortgage Receivable, Held-For-Investment | Commercial Portfolio Segment | June 2021 Multifamily | NORTH CAROLINA | Nonperforming Financial Instruments | Specific allowance for credit losses                                  
Accounts, Notes, Loans and Financing Receivable [Line Items]                                  
Less: Allowance for credit losses 11,500       11,500                        
Commercial Mortgage Receivable, Held-For-Investment | Commercial Portfolio Segment | December 2021 Multifamily | NORTH CAROLINA                                  
Accounts, Notes, Loans and Financing Receivable [Line Items]                                  
Amortized cost                           $ 82,900      
Commercial Mortgage Receivable, Held-For-Investment | Commercial Portfolio Segment | December 2021 Multifamily | NORTH CAROLINA | Nonperforming Financial Instruments                                  
Accounts, Notes, Loans and Financing Receivable [Line Items]                                  
Amortized cost   79,800                              
Commercial Mortgage Receivable, Held-For-Investment | Commercial Portfolio Segment | December 2021 Multifamily | NORTH CAROLINA | Nonperforming Financial Instruments | Specific allowance for credit losses                                  
Accounts, Notes, Loans and Financing Receivable [Line Items]                                  
Less: Allowance for credit losses   $ 13,200 $ 2,700                            
Commercial Mortgage Receivable, Held-For-Investment | Commercial Portfolio Segment | October 2022 Multifamily | Texas                                  
Accounts, Notes, Loans and Financing Receivable [Line Items]                                  
Amortized cost                   $ 34,300              
Commercial Mortgage Receivable, Held-For-Investment | Commercial Portfolio Segment | October 2022 Multifamily | Texas | Nonperforming Financial Instruments                                  
Accounts, Notes, Loans and Financing Receivable [Line Items]                                  
Amortized cost 29,800       29,800                        
Commercial Mortgage Receivable, Held-For-Investment | Commercial Portfolio Segment | October 2022 Multifamily | Texas | Nonperforming Financial Instruments | Specific allowance for credit losses                                  
Accounts, Notes, Loans and Financing Receivable [Line Items]                                  
Less: Allowance for credit losses 2,700       2,700                        
Commercial Mortgage Receivable, Held-For-Investment | Commercial Portfolio Segment | March 2021 Multifamily | Texas                                  
Accounts, Notes, Loans and Financing Receivable [Line Items]                                  
Amortized cost                                 $ 78,600
Commercial Mortgage Receivable, Held-For-Investment | Commercial Portfolio Segment | March 2021 Multifamily | Texas | Nonperforming Financial Instruments                                  
Accounts, Notes, Loans and Financing Receivable [Line Items]                                  
Amortized cost 72,000       72,000                        
Commercial Mortgage Receivable, Held-For-Investment | Commercial Portfolio Segment | March 2021 Multifamily | Texas | Nonperforming Financial Instruments | Specific allowance for credit losses                                  
Accounts, Notes, Loans and Financing Receivable [Line Items]                                  
Less: Allowance for credit losses 5,500       5,500                        
Commercial Mortgage Receivable, Held-For-Investment | Commercial Portfolio Segment | June 2025 Multifamily | Texas                                  
Accounts, Notes, Loans and Financing Receivable [Line Items]                                  
Amortized cost               $ 19,300                  
Commercial Mortgage Receivable, Held-For-Investment | Commercial Portfolio Segment | June 2025 Multifamily | Texas | Nonperforming Financial Instruments                                  
Accounts, Notes, Loans and Financing Receivable [Line Items]                                  
Amortized cost 18,600       18,600                        
Commercial Mortgage Receivable, Held-For-Investment | Commercial Portfolio Segment | June 2025 Multifamily | Texas | Nonperforming Financial Instruments | Specific allowance for credit losses                                  
Accounts, Notes, Loans and Financing Receivable [Line Items]                                  
Less: Allowance for credit losses 4,200       4,200                        
Commercial Mortgage Receivable, Held-For-Investment | Commercial Portfolio Segment | September 2021 Multifamily | GEORGIA                                  
Accounts, Notes, Loans and Financing Receivable [Line Items]                                  
Amortized cost                               $ 11,300  
Commercial Mortgage Receivable, Held-For-Investment | Commercial Portfolio Segment | September 2021 Multifamily | GEORGIA | Nonperforming Financial Instruments                                  
Accounts, Notes, Loans and Financing Receivable [Line Items]                                  
Amortized cost 8,900       8,900                        
Commercial Mortgage Receivable, Held-For-Investment | Commercial Portfolio Segment | September 2021 Multifamily | GEORGIA | Nonperforming Financial Instruments | Specific allowance for credit losses                                  
Accounts, Notes, Loans and Financing Receivable [Line Items]                                  
Less: Allowance for credit losses 900       900                        
Commercial Mortgage Receivable, Held-For-Investment | Commercial Portfolio Segment | March 2022 Multifamily | ARIZONA                                  
Accounts, Notes, Loans and Financing Receivable [Line Items]                                  
Amortized cost                         $ 35,700        
Commercial Mortgage Receivable, Held-For-Investment | Commercial Portfolio Segment | March 2022 Multifamily | ARIZONA | Nonperforming Financial Instruments                                  
Accounts, Notes, Loans and Financing Receivable [Line Items]                                  
Amortized cost 34,700       34,700                        
Commercial Mortgage Receivable, Held-For-Investment | Commercial Portfolio Segment | March 2022 Multifamily | ARIZONA | Nonperforming Financial Instruments | Specific allowance for credit losses                                  
Accounts, Notes, Loans and Financing Receivable [Line Items]                                  
Less: Allowance for credit losses 7,600       7,600                        
Commercial Mortgage Receivable, Held-For-Investment | Commercial Portfolio Segment | May 2022 Multifamily | Texas                                  
Accounts, Notes, Loans and Financing Receivable [Line Items]                                  
Amortized cost                       $ 20,400          
Commercial Mortgage Receivable, Held-For-Investment | Commercial Portfolio Segment | May 2022 Multifamily | Texas | Nonperforming Financial Instruments                                  
Accounts, Notes, Loans and Financing Receivable [Line Items]                                  
Amortized cost 16,600       16,600                        
Commercial Mortgage Receivable, Held-For-Investment | Commercial Portfolio Segment | May 2022 Multifamily | Texas | Nonperforming Financial Instruments | Specific allowance for credit losses                                  
Accounts, Notes, Loans and Financing Receivable [Line Items]                                  
Less: Allowance for credit losses $ 3,600       $ 3,600                        
[1] Includes pledged assets of $364.1 million and $329.2 million as of September 30, 2026 and December 31, 2025, respectively.