v3.26.3
Debt Obligations - Summary of Financings (Details) - USD ($)
$ in Thousands
Sep. 30, 2026
Dec. 31, 2025
Short-Term Debt [Line Items]    
Capacity $ 3,894,630 $ 5,167,564
Borrowings Outstanding $ 2,270,889 [1] $ 3,156,253
Weighted Average Spread [2] 3.74% 3.23%
Repurchase Agreements and Term Participation Facility [Member]    
Short-Term Debt [Line Items]    
Capacity [3] $ 3,159,630 $ 4,180,546
Borrowings Outstanding [3] $ 1,535,889 $ 2,187,066
Weighted Average Spread [2],[3] 2.85% 2.92%
Notes Payable [Member]    
Short-Term Debt [Line Items]    
Capacity $ 0 $ 195,830
Borrowings Outstanding $ 0 $ 177,999
Weighted Average Spread [2] 0.00% 3.22%
Secured Term Loan [Member]    
Short-Term Debt [Line Items]    
Capacity $ 500,000 $ 556,188
Borrowings Outstanding $ 500,000 $ 556,188
Weighted Average Spread [2] 6.75% 4.50%
Debt To Real Estate Owned Hotel Portfolio [Member]    
Short-Term Debt [Line Items]    
Capacity $ 235,000 $ 235,000
Borrowings Outstanding $ 235,000 $ 235,000
Weighted Average Spread [2] 3.18% 3.18%
[1] Fully extended maturity is based on the earlier of the fully extended maturity date of each individual corresponding loan receivable or the maximum maturity date under the respective financing agreement, assuming conditions to extend are met.
[2] Weighted average spread over the applicable benchmark interest rate is based on unpaid principal balance. SOFR as of September 30, 2026 and December 31, 2025 was 3.91% and 3.69%, respectively.
[3] The repurchase agreements and term participation facility are partially recourse to us. As of September 30, 2026 and December 31, 2025, the weighted average recourse on our repurchase agreements and term participation facility was 30% and 30%, respectively.