v3.26.3
Loan Portfolio - Schedule of Loan Receivable Held-for-Investment Portfolio (Details)
$ in Thousands
 9 Months Ended 12 Months Ended
Sep. 30, 2026
USD ($)
Loan
Dec. 31, 2025
USD ($)
Loan
Schedule Of Loans Receivables Past Due [Line Items]    
Loan Commitment $ 3,226,199 [1] $ 4,329,235 [2]
Unpaid Principal Balance 3,055,182 4,057,357
Loans receivable held-for-investment $ 2,539,431 [3] $ 3,688,729 [4]
Number of Loans | Loan 23 33
Weighted Average Spread 0 0
Investment, Variable Interest Rate, Type [Extensible Enumeration] Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]
Weighted Average Interest Rate 4.59% [5] 5.55% [6]
General CECL reserve $ (48,808) [3] $ (73,328) [4]
Loans receivable held-for-investment, net 2,490,623 [3] 3,615,401 [4]
Variable Senior Loans    
Schedule Of Loans Receivables Past Due [Line Items]    
Loan Commitment 3,099,672 [1],[7] 4,202,628 [2],[8]
Unpaid Principal Balance 2,928,655 [7] 3,930,750 [8]
Loans receivable held-for-investment $ 2,412,919 [3],[7] $ 3,562,183 [4],[8]
Number of Loans | Loan 21 [7] 31 [8]
Weighted Average Spread + 2.58% [7],[9] + 3.17% [8],[10]
Investment, Variable Interest Rate, Type [Extensible Enumeration] Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]
Weighted Average Interest Rate 4.43% [5],[7] 5.46% [6],[8]
Variable Loan    
Schedule Of Loans Receivables Past Due [Line Items]    
Loan Commitment $ 3,099,672 [1] $ 4,202,628 [2]
Unpaid Principal Balance 2,928,655 3,930,750
Loans receivable held-for-investment $ 2,412,919 [3] $ 3,562,183 [4]
Number of Loans | Loan 21 31
Weighted Average Spread + 2.58% [9] + 3.17% [10]
Investment, Variable Interest Rate, Type [Extensible Enumeration] Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]
Weighted Average Interest Rate 4.43% [5] 5.46% [6]
Fixed Senior Loans    
Schedule Of Loans Receivables Past Due [Line Items]    
Loan Commitment $ 1,527 [1],[7] $ 1,607 [2],[8]
Unpaid Principal Balance 1,527 [7] 1,607 [8]
Loans receivable held-for-investment $ 1,527 [3],[7] $ 1,607 [4],[8]
Number of Loans | Loan 1 [7] 1 [8]
Weighted Average Interest Rate 0.00% [5],[7] 0.00% [6],[8]
Fixed Subordinate Loans    
Schedule Of Loans Receivables Past Due [Line Items]    
Loan Commitment $ 125,000 [1] $ 125,000 [2]
Unpaid Principal Balance 125,000 125,000
Loans receivable held-for-investment $ 124,985 [3] $ 124,939 [4]
Number of Loans | Loan 1 1
Weighted Average Interest Rate 8.50% [5] 8.50% [6]
Fixed Loan    
Schedule Of Loans Receivables Past Due [Line Items]    
Loan Commitment $ 126,527 [1] $ 126,607 [2]
Unpaid Principal Balance 126,527 126,607
Loans receivable held-for-investment $ 126,512 [3] $ 126,546 [4]
Number of Loans | Loan 2 2
Weighted Average Interest Rate 8.40% [5] 8.39% [6]
[1] Loan commitment represents principal outstanding plus remaining unfunded loan commitments.
[2] Loan commitment represents principal outstanding plus remaining unfunded loan commitments.
[3] Net of specific CECL reserves of $515.6 million.
[4] Net of specific CECL reserves of $365.4 million.
[5] Reflects the weighted average interest rate based on the applicable floating benchmark interest rate (if applicable), including SOFR floors (if applicable). Weighted average is based on unpaid principal balance as of September 30, 2026 and includes loans on non-accrual status. For loans placed on non-accrual, the interest rate used in calculating the weighted average interest rate is 0%.
[6] Reflects the weighted average interest rate based on the applicable floating benchmark interest rate (if applicable), including SOFR floors (if applicable). Weighted average is based on unpaid principal balance as of December 31, 2025 and includes loans on non-accrual status. For loans placed on non-accrual, the interest rate used in calculating the weighted average interest rate is 0%.
[7] Senior loans include senior mortgages and similar credit quality loans, including related contiguous subordinate loans (if any), and pari passu participations in senior mortgage loans.
[8] Senior loans include senior mortgages and similar credit quality loans, including related contiguous subordinate loans (if any), and pari passu participations in senior mortgage loans.
[9] The weighted average spread is expressed as a spread over the relevant floating benchmark interest rates. One-month term Secured Overnight Financing Rate (“SOFR”) as of September 30, 2026 was 3.91%. Weighted average is based on unpaid principal balance as of September 30, 2026. For loans placed on non-accrual, the spread used in calculating the weighted average spread is 0%.
[10] The weighted average spread is expressed as a spread over the relevant floating benchmark interest rates. SOFR as of December 31, 2025 was 3.69%. Weighted average is based on unpaid principal balance as of December 31, 2025. For loans placed on non-accrual, the spread used in calculating the weighted average spread is 0%.