v3.26.3
Loan Portfolio - Schedule of Loans Receivable Held-for-investment by Loan Type (Details) - USD ($)
$ in Thousands
Sep. 30, 2026
Dec. 31, 2025
Schedule of Loans Receivable [Line Items]    
General CECL reserve $ (48,808) [1] $ (73,328) [2]
Loans receivable held-for-investment, net 2,490,623 [1] 3,615,401 [2]
Concentration of Risk    
Schedule of Loans Receivable [Line Items]    
General CECL reserve (48,808) [3] (73,328) [4]
Loans receivable held-for-investment, net 2,490,623 [3] 3,615,401 [4]
Concentration of Risk | Loan Type    
Schedule of Loans Receivable [Line Items]    
Total portfolio loans carrying value $ 2,539,431 [3] $ 3,688,729 [4]
Percentage of total portfolio loans 100.00% 100.00%
Concentration of Risk | Property Type    
Schedule of Loans Receivable [Line Items]    
Total portfolio loans carrying value $ 2,539,431 [3] $ 3,688,729 [4]
Percentage of total portfolio loans 100.00% 100.00%
Concentration of Risk | Property Type | Multifamily    
Schedule of Loans Receivable [Line Items]    
Total portfolio loans carrying value $ 927,410 [3] $ 1,603,610 [4]
Percentage of total portfolio loans 36.00% 44.00%
Concentration of Risk | Property Type | Hospitality    
Schedule of Loans Receivable [Line Items]    
Total portfolio loans carrying value $ 573,134 [3] $ 806,913 [4]
Percentage of total portfolio loans 23.00% 22.00%
Concentration of Risk | Property Type | Office    
Schedule of Loans Receivable [Line Items]    
Total portfolio loans carrying value $ 411,485 [3] $ 589,152 [4]
Percentage of total portfolio loans 16.00% 16.00%
Concentration of Risk | Property Type | Mixed-Use    
Schedule of Loans Receivable [Line Items]    
Total portfolio loans carrying value [5] $ 322,138 [3] $ 312,467 [4]
Percentage of total portfolio loans [5] 13.00% 8.00%
Concentration of Risk | Property Type | Retail    
Schedule of Loans Receivable [Line Items]    
Total portfolio loans carrying value $ 152,292 [3] $ 151,535 [4]
Percentage of total portfolio loans 6.00% 4.00%
Concentration of Risk | Property Type | Land    
Schedule of Loans Receivable [Line Items]    
Total portfolio loans carrying value $ 120,100 [3] $ 187,100 [4]
Percentage of total portfolio loans 5.00% 5.00%
Concentration of Risk | Property Type | Other    
Schedule of Loans Receivable [Line Items]    
Total portfolio loans carrying value $ 32,872 [3] $ 37,952 [4]
Percentage of total portfolio loans 1.00% 1.00%
Concentration of Risk | Geographic Location    
Schedule of Loans Receivable [Line Items]    
Total portfolio loans carrying value $ 2,539,431 [3] $ 3,688,729 [4]
Percentage of total portfolio loans 100.00% 100.00%
Concentration of Risk | Geographic Location | West    
Schedule of Loans Receivable [Line Items]    
Total portfolio loans carrying value $ 735,548 [3] $ 1,583,143 [4]
Percentage of total portfolio loans 29.00% 43.00%
Concentration of Risk | Geographic Location | Northeast    
Schedule of Loans Receivable [Line Items]    
Total portfolio loans carrying value $ 668,280 [3] $ 744,852 [4]
Percentage of total portfolio loans 26.00% 20.00%
Concentration of Risk | Geographic Location | Southeast    
Schedule of Loans Receivable [Line Items]    
Total portfolio loans carrying value $ 370,036 [3] $ 378,169 [4]
Percentage of total portfolio loans 15.00% 10.00%
Concentration of Risk | Geographic Location | Midwest    
Schedule of Loans Receivable [Line Items]    
Total portfolio loans carrying value $ 301,754 [3] $ 418,503 [4]
Percentage of total portfolio loans 12.00% 11.00%
Concentration of Risk | Geographic Location | Mid Atlantic    
Schedule of Loans Receivable [Line Items]    
Total portfolio loans carrying value $ 250,041 [3] $ 249,775 [4]
Percentage of total portfolio loans 10.00% 7.00%
Concentration of Risk | Geographic Location | Southwest    
Schedule of Loans Receivable [Line Items]    
Total portfolio loans carrying value $ 180,900 [3] $ 276,335 [4]
Percentage of total portfolio loans 7.00% 8.00%
Concentration of Risk | Geographic Location | Other    
Schedule of Loans Receivable [Line Items]    
Total portfolio loans carrying value $ 32,872 [3] $ 37,952 [4]
Percentage of total portfolio loans 1.00% 1.00%
Concentration of Risk | Senior Loans | Loan Type    
Schedule of Loans Receivable [Line Items]    
Total portfolio loans carrying value [6] $ 2,414,446 [3] $ 3,563,790 [4]
Percentage of total portfolio loans [6] 95.00% 97.00%
Concentration of Risk | Subordinate loans | Loan Type    
Schedule of Loans Receivable [Line Items]    
Total portfolio loans carrying value $ 124,985 [3] $ 124,939 [4]
Percentage of total portfolio loans 5.00% 3.00%
[1] Net of specific CECL reserves of $515.6 million.
[2] Net of specific CECL reserves of $365.4 million.
[3] Net of specific CECL reserves of $515.6 million at September 30, 2026.
[4] Net of specific CECL reserves of $365.4 million at December 31, 2025.
[5] At September 30, 2026, mixed-use consists of 3% office, 3% life science, 3% hospitality, 2% multifamily, and 2% retail. At December 31, 2025, mixed-use consists of 2% office, 2% life science, 2% hospitality, 1% multifamily, and 1% retail.
[6] Senior loans include senior mortgages and similar credit quality loans, including related contiguous subordinate loans and pari passu participations in senior mortgage loans.