v3.26.3
Loan Portfolio - Summary of Carrying Value and Significant Characteristics of Loans Receivable Held-for-investment on Non-accrual Status (Details) - USD ($)
$ in Thousands
 9 Months Ended 12 Months Ended
Sep. 30, 2026
Dec. 31, 2025
Schedule of Loans Receivable Allowance for Credit Losses [Line Items]    
Unpaid Principal Balance $ 1,545,865 $ 1,496,691
Carrying Value Before Specific CECL Reserve 1,544,447 1,494,933
Specific CECL Reserve (515,620) (347,699)
Net Carrying Value 1,028,827 1,147,234
Risk Rating 5    
Schedule of Loans Receivable Allowance for Credit Losses [Line Items]    
Unpaid Principal Balance [1]   1,336,477
Carrying Value Before Specific CECL Reserve [1]   1,335,106
Specific CECL Reserve [1]   (347,699)
Net Carrying Value [1]   987,407
Risk Rating 5 | Multifamily | TX    
Schedule of Loans Receivable Allowance for Credit Losses [Line Items]    
Unpaid Principal Balance 142,291 137,696
Carrying Value Before Specific CECL Reserve 141,776 137,181
Specific CECL Reserve (51,776) (47,181)
Net Carrying Value $ 90,000 $ 90,000
Interest Recognition Method Cash Basis Cash Basis
Interest Recognition as of Date Jul. 01, 2024  
Risk Rating 5 | Multifamily | AZ    
Schedule of Loans Receivable Allowance for Credit Losses [Line Items]    
Unpaid Principal Balance $ 155,000  
Carrying Value Before Specific CECL Reserve 155,000  
Specific CECL Reserve (54,100)  
Net Carrying Value $ 100,900  
Interest Recognition Method Cash Basis  
Interest Recognition as of Date Mar. 31, 2026  
Risk Rating 5 | Multifamily | CA    
Schedule of Loans Receivable Allowance for Credit Losses [Line Items]    
Unpaid Principal Balance $ 402,341 [2] $ 402,341
Carrying Value Before Specific CECL Reserve 402,223 [2] 402,223
Specific CECL Reserve (152,223) [2] (102,223)
Net Carrying Value $ 250,000 [2] $ 300,000
Interest Recognition Method Cash Basis [2] Cash Basis
Interest Recognition as of Date Jun. 30, 2025 [2] Jun. 30, 2025
Risk Rating 5 | Multifamily | CO    
Schedule of Loans Receivable Allowance for Credit Losses [Line Items]    
Unpaid Principal Balance $ 170,000 $ 170,000
Carrying Value Before Specific CECL Reserve 170,000 170,000
Specific CECL Reserve (81,100) (72,000)
Net Carrying Value $ 88,900 $ 98,000
Interest Recognition Method Cash Basis Cash Basis
Interest Recognition as of Date Sep. 30, 2025 Sep. 30, 2025
Risk Rating 5 | Land | VA    
Schedule of Loans Receivable Allowance for Credit Losses [Line Items]    
Unpaid Principal Balance $ 160,393 $ 157,129
Carrying Value Before Specific CECL Reserve 160,393 157,129
Specific CECL Reserve (40,293) (37,029)
Net Carrying Value $ 120,100 $ 120,100
Interest Recognition Method Cost Recovery Cost Recovery
Interest Recognition as of Date Jan. 01, 2023 Jan. 01, 2023
Risk Rating 5 | Office | CA    
Schedule of Loans Receivable Allowance for Credit Losses [Line Items]    
Unpaid Principal Balance $ 90,414 [3] $ 111,542 [4]
Carrying Value Before Specific CECL Reserve 90,027 [3] 111,263 [4]
Specific CECL Reserve (18,927) [3] (23,363) [4]
Net Carrying Value $ 71,100 [3] $ 87,900 [4]
Interest Recognition Method Cost Recovery [3] Cost Recovery [4]
Interest Recognition as of Date Sep. 01, 2023 [3] Apr. 01, 2023 [4]
Risk Rating 5 | Office | GA    
Schedule of Loans Receivable Allowance for Credit Losses [Line Items]    
Unpaid Principal Balance $ 230,722 $ 225,497
Carrying Value Before Specific CECL Reserve 230,722 225,497
Specific CECL Reserve (39,922) (34,697)
Net Carrying Value $ 190,800 $ 190,800
Interest Recognition Method Cost Recovery Cost Recovery
Interest Recognition as of Date Dec. 31, 2025 Dec. 31, 2025
Risk Rating 5 | Other | Other    
Schedule of Loans Receivable Allowance for Credit Losses [Line Items]    
Unpaid Principal Balance $ 1,527 [5] $ 1,607 [6]
Carrying Value Before Specific CECL Reserve 1,527 [5] 1,607 [6]
Specific CECL Reserve 0 [5] 0 [6]
Net Carrying Value $ 1,527 [5] $ 1,607 [6]
Interest Recognition Method Cost Recovery [5] Cost Recovery [6]
Interest Recognition as of Date Jul. 01, 2020 [5] Jul. 01, 2020 [6]
Risk Rating 5 | Multifamily | TX    
Schedule of Loans Receivable Allowance for Credit Losses [Line Items]    
Unpaid Principal Balance $ 126,535 $ 37,400 [6],[7]
Carrying Value Before Specific CECL Reserve 126,535 37,400 [6],[7]
Specific CECL Reserve (35,635) 0 [6],[7]
Net Carrying Value $ 90,900 $ 37,400 [6],[7]
Interest Recognition Method Cash Basis Cash Basis [6],[7]
Interest Recognition as of Date Jun. 30, 2026 Jun. 30, 2025 [6],[7]
Risk Rating 5 | Office | GA    
Schedule of Loans Receivable Allowance for Credit Losses [Line Items]    
Unpaid Principal Balance $ 66,642 $ 67,892
Carrying Value Before Specific CECL Reserve 66,244 67,494
Specific CECL Reserve (41,644) (28,294)
Net Carrying Value $ 24,600 $ 39,200
Interest Recognition Method Cost Recovery Cost Recovery
Interest Recognition as of Date Sep. 01, 2023 Sep. 01, 2023
Risk Rating 5 | Multifamily | TX    
Schedule of Loans Receivable Allowance for Credit Losses [Line Items]    
Unpaid Principal Balance [8]   $ 25,373
Carrying Value Before Specific CECL Reserve [8]   25,312
Specific CECL Reserve [8]   (2,912)
Net Carrying Value [8]   $ 22,400
Interest Recognition Method [8]   Cash Basis
Interest Recognition as of Date [8]   Jul. 01, 2024
Risk Rating 4    
Schedule of Loans Receivable Allowance for Credit Losses [Line Items]    
Unpaid Principal Balance   $ 160,214
Carrying Value Before Specific CECL Reserve   159,827
Specific CECL Reserve   0
Net Carrying Value   $ 159,827
Risk Rating 4 | Multifamily | TX    
Schedule of Loans Receivable Allowance for Credit Losses [Line Items]    
Interest Recognition as of Date   Jul. 01, 2024
Risk Rating 4 | Land | NY    
Schedule of Loans Receivable Allowance for Credit Losses [Line Items]    
Unpaid Principal Balance [9]   $ 67,000
Risk Rating 4 | Land | NY    
Schedule of Loans Receivable Allowance for Credit Losses [Line Items]    
Carrying Value Before Specific CECL Reserve [9]   67,000
Specific CECL Reserve [9]   0
Net Carrying Value [9]   $ 67,000
Interest Recognition Method [9]   Cash Basis
Interest Recognition as of Date [9]   Nov. 01, 2021
Risk Rating 4 | Office | CA    
Schedule of Loans Receivable Allowance for Credit Losses [Line Items]    
Unpaid Principal Balance   $ 93,214
Carrying Value Before Specific CECL Reserve   92,827
Specific CECL Reserve   0
Net Carrying Value   $ 92,827
Interest Recognition Method   Cost Recovery
Interest Recognition as of Date   Sep. 01, 2023
[1] Amount excludes one risk rated 5 loan with an unpaid principal balance of $71.3 million and a carrying value net of specific CECL reserves of $53.5 million that remained on accrual status as monthly debt service was satisfied through borrower funded reserves. In February 2026, we assigned our right, title, and interest in this loan receivable and the collateral property to our financing counterparty in exchange for the full extinguishment of amounts due under the related financing. Upon assignment, we recognized a principal charge-off of $17.8 million which includes $2.6 million paid to our financing counterparty under the terms of our guarantee. See Note 6 - Debt Obligations - Notes Payable for further detail.
[2] In October 2026, an unaffiliated purchaser’s deposit became nonrefundable under an agreement to sell this loan receivable for a gross sales price of $245.0 million. The sale is expected to close in the fourth quarter of 2026, subject to customary closing conditions. We did not reduce this loan’s carrying value, which was based upon the estimated fair value of the underlying collateral, to the anticipated sale proceeds as of September 30, 2026. If completed, the sale is expected to result in an incremental loss of approximately $5.0 million, reflecting a discount accepted in consideration of resolving the loan within this timeframe.
[3] In October 2026, an unaffiliated purchaser’s deposit became nonrefundable under an agreement to sell this loan receivable for a gross sales price of $65.7 million. The sale is expected to close in the fourth quarter of 2026, subject to customary closing conditions. We did not reduce this loan’s carrying value, which was based upon the estimated fair value of the underlying collateral, to the anticipated sale proceeds as of September 30, 2026. If completed, the sale is expected to result in an incremental loss of approximately $5.4 million, reflecting a discount accepted in consideration of resolving the loan within this timeframe.
[4] In July 2026, this loan was sold.
[5] Amounts deemed uncollectible have been charged-off as of September 30, 2026.
[6] Amounts deemed uncollectible have been charged-off as of December 31, 2025.
[7] In January 2026, we acquired legal title to the collateral property through a mortgage foreclosure. In anticipation of such foreclosure, we recognized a principal charge-off of $39.1 million as of December 31, 2025.
[8] In May 2026, we acquired legal title to the collateral property through a mortgage foreclosure.
[9] In January 2026, this loan was repaid in full. During the year ended December 31, 2025, we recognized $3.0 million of interest income on a cash basis from this loan, which is included in the $6.0 million of interest income recognized on a cash basis as discussed below for the year ended December 31, 2025. Upon repayment in January 2026, we recognized an additional $3.0 million of interest income on a cash basis from this loan, which is included in cash basis interest income discussed above for the nine months ended September 30, 2026.