v3.26.3
Segment Reporting - Schedule of Unallocated Financial Information by Reportable Segment (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Sep. 30, 2026
Sep. 30, 2025
Dec. 31, 2025
Segment Reporting [Line Items]          
Operating Income (Loss) $ (162,152) $ 39,487 $ (22,362) $ 81,480  
Unallocated amounts:          
Interest income 181,234 160,633 527,692 431,268  
Interest expense (132,437) (124,047) (380,275) (325,137)  
Unrealized (losses) gains, net (471,875) 54,852 (542,942) 197,670  
Gains (losses) on derivative instruments, net 298,961 (13,006) 435,565 (86,774)  
Income (loss) from equity investments (3,196) (1,595) (2,706) 567  
Other loss 3,183 1,479 57,754 5,644  
General and administrative expenses (24,262) (23,349) (74,363) (47,549)  
Portfolio operating expenses (5,835) (6,747) (18,400) (21,307)  
Financing transaction costs (5,661) (7,941) (14,168) (14,173)  
Consolidated (loss) income from operations before income taxes (162,152) 39,487 (22,362) 81,480  
Total Assets 13,524,175 [1] 12,401,862 13,524,175 [1] 12,401,862 $ 12,638,847 [1]
Equity investments, carrying value 17,926   17,926   24,711
Unallocated amounts:          
Cash and cash equivalents 262,360 185,285 262,360 185,285 210,333
Other assets 461,966   461,966   428,772
Goodwill 22,396   22,396   $ 22,396
Constructive          
Unallocated amounts:          
Goodwill 22,400   22,400    
Operating Segments          
Segment Reporting [Line Items]          
Operating Income (Loss) (143,933) 68,280 (11,912) 142,481  
Unallocated amounts:          
Interest income 181,218 160,613 527,645 431,217  
Interest expense (122,234) (115,466) (351,642) (305,106)  
Unrealized (losses) gains, net (474,805) 60,024 (549,187) 197,450  
Gains (losses) on derivative instruments, net 298,961 (12,853) 393,970 (89,936)  
Income (loss) from equity investments (3,196) (1,642) (2,706) 2,121  
Other loss 3,183 1,479 58,062 5,644  
General and administrative expenses (16,735) (12,737) (52,086) (13,551)  
Portfolio operating expenses (5,835) (6,040) (18,400) (20,040)  
Financing transaction costs (2,226) (4,306) (7,049) (6,589)  
Total Assets 13,223,177 12,207,585 13,223,177 12,207,585  
Equity investments, carrying value 17,926 28,825 17,926 28,825  
Expenditure for long-lived assets     2,676 6,887  
Operating Segments | Investment Portfolio          
Segment Reporting [Line Items]          
Operating Income (Loss) (142,037) 72,056 (10,014) 146,257  
Unallocated amounts:          
Interest income 178,563 158,421 518,437 429,025  
Interest expense (120,048) (113,398) (343,881) (303,038)  
Unrealized (losses) gains, net (474,805) 60,024 (549,187) 197,450  
Gains (losses) on derivative instruments, net 298,974 (10,912) 394,128 (87,995)  
Income (loss) from equity investments (3,196) (1,642) (2,706) 2,121  
Other loss 1,721 1,479 56,600 5,644  
General and administrative expenses (6,263) (463) (18,113) (1,277)  
Portfolio operating expenses (5,835) (6,040) (18,400) (20,040)  
Financing transaction costs (2,226) (4,306) (7,049) (6,589)  
Total Assets 12,953,933 11,983,324 12,953,933 11,983,324  
Equity investments, carrying value 17,926 28,825 17,926 28,825  
Expenditure for long-lived assets     2,676 6,887  
Operating Segments | Constructive          
Segment Reporting [Line Items]          
Operating Income (Loss) (1,896) (3,776) (1,898) (3,776)  
Unallocated amounts:          
Interest income 2,655 2,192 9,208 2,192  
Interest expense (2,186) (2,068) (7,761) (2,068)  
Unrealized (losses) gains, net 0 0 0 0  
Gains (losses) on derivative instruments, net (13) (1,941) (158) (1,941)  
Income (loss) from equity investments 0 0 0 0  
Other loss 1,462 0 1,462 0  
General and administrative expenses (10,472) (12,274) (33,973) (12,274)  
Portfolio operating expenses 0 0 0 0  
Financing transaction costs 0 0 0 0  
Total Assets 269,244 224,261 269,244 224,261  
Equity investments, carrying value 0 0 0 0  
Expenditure for long-lived assets     0 0  
Unallocated amounts          
Unallocated amounts:          
Interest income 16 20 47 51  
Interest expense (10,203) (8,581) (28,633) (20,031)  
Unrealized (losses) gains, net 2,930 (5,172) 6,245 220  
Gains (losses) on derivative instruments, net 0 (153) 41,595 3,162  
Income (loss) from equity investments 0 47 0 (1,554)  
Other loss     (308) 0  
General and administrative expenses (7,527) (10,612) (22,277) (33,998)  
Portfolio operating expenses 0 (707) 0 (1,267)  
Financing transaction costs (3,435) (3,635) (7,119) (7,584)  
Total unallocated amounts (18,219) (28,793) (10,450) (61,001)  
Unallocated amounts:          
Cash and cash equivalents 241,559 170,871 241,559 170,871  
Restricted Cash 18,605 3,332 18,605 3,332  
Other assets 40,834 20,074 40,834 20,074  
Total unallocated amounts $ 300,998 $ 194,277 $ 300,998 $ 194,277  
[1] Our condensed consolidated balance sheets include assets and liabilities of consolidated variable interest entities ("VIEs") as the Company is the primary beneficiary of these VIEs. As of September 30, 2026 and December 31, 2025, assets of consolidated VIEs totaled $4,441,415 and $4,367,560, respectively, and the liabilities of consolidated VIEs totaled $4,101,990 and $3,881,273, respectively. See Note 7 for further discussion.