v3.26.3
Loan Portfolio - Summary of Loans Receivable Held-for-investment With Specific CECL Reserves (Details) - Specific CECL Reserves
$ in Thousands
 9 Months Ended
Sep. 30, 2026
USD ($)
Schedule of Loans Receivable Allowance for Credit Losses [Line Items]  
Unpaid Principal Balance $ 1,545,865
Carrrying Value Before Specific CECL Reserve 1,544,447
Specific CECL Reserve (515,620)
Net Carrying Value 1,028,827
Land  
Schedule of Loans Receivable Allowance for Credit Losses [Line Items]  
Unpaid Principal Balance 160,393
Carrrying Value Before Specific CECL Reserve 160,393
Specific CECL Reserve (40,293)
Net Carrying Value 120,100
Multifamily  
Schedule of Loans Receivable Allowance for Credit Losses [Line Items]  
Unpaid Principal Balance 996,167
Carrrying Value Before Specific CECL Reserve 995,534
Specific CECL Reserve (374,834)
Net Carrying Value 620,700
Office  
Schedule of Loans Receivable Allowance for Credit Losses [Line Items]  
Unpaid Principal Balance 387,778
Carrrying Value Before Specific CECL Reserve 386,993
Specific CECL Reserve (100,493)
Net Carrying Value 286,500
Other  
Schedule of Loans Receivable Allowance for Credit Losses [Line Items]  
Unpaid Principal Balance 1,527
Carrrying Value Before Specific CECL Reserve 1,527
Net Carrying Value 1,527
CA | Multifamily  
Schedule of Loans Receivable Allowance for Credit Losses [Line Items]  
Unpaid Principal Balance 402,341 [1]
Carrrying Value Before Specific CECL Reserve 402,223 [1]
Specific CECL Reserve (152,223) [1]
Net Carrying Value 250,000 [1]
CA | Office  
Schedule of Loans Receivable Allowance for Credit Losses [Line Items]  
Unpaid Principal Balance 90,414 [2]
Carrrying Value Before Specific CECL Reserve 90,027 [2]
Specific CECL Reserve (18,927) [2]
Net Carrying Value 71,100 [2]
VA | Land  
Schedule of Loans Receivable Allowance for Credit Losses [Line Items]  
Unpaid Principal Balance 160,393
Carrrying Value Before Specific CECL Reserve 160,393
Specific CECL Reserve (40,293)
Net Carrying Value 120,100
CO | Multifamily  
Schedule of Loans Receivable Allowance for Credit Losses [Line Items]  
Unpaid Principal Balance 170,000
Carrrying Value Before Specific CECL Reserve 170,000
Specific CECL Reserve (81,100)
Net Carrying Value 88,900
AZ | Multifamily  
Schedule of Loans Receivable Allowance for Credit Losses [Line Items]  
Unpaid Principal Balance 155,000
Carrrying Value Before Specific CECL Reserve 155,000
Specific CECL Reserve (54,100)
Net Carrying Value 100,900
TX | Multifamily  
Schedule of Loans Receivable Allowance for Credit Losses [Line Items]  
Unpaid Principal Balance 142,291
Carrrying Value Before Specific CECL Reserve 141,776
Specific CECL Reserve (51,776)
Net Carrying Value 90,000
TX | Multifamily  
Schedule of Loans Receivable Allowance for Credit Losses [Line Items]  
Unpaid Principal Balance 126,535
Carrrying Value Before Specific CECL Reserve 126,535
Specific CECL Reserve (35,635)
Net Carrying Value 90,900
GA | Office  
Schedule of Loans Receivable Allowance for Credit Losses [Line Items]  
Unpaid Principal Balance 230,722
Carrrying Value Before Specific CECL Reserve 230,722
Specific CECL Reserve (39,922)
Net Carrying Value 190,800
GA | Office  
Schedule of Loans Receivable Allowance for Credit Losses [Line Items]  
Unpaid Principal Balance 66,642
Carrrying Value Before Specific CECL Reserve 66,244
Specific CECL Reserve (41,644)
Net Carrying Value 24,600
Other | Other  
Schedule of Loans Receivable Allowance for Credit Losses [Line Items]  
Unpaid Principal Balance 1,527 [3]
Carrrying Value Before Specific CECL Reserve 1,527 [3]
Net Carrying Value $ 1,527 [3]
[1] 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.
[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 $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.
[3] Amounts deemed uncollectible have been charged-off as of September 30, 2026.