v3.26.3
Debt Obligations - Summary of Repurchase Agreements (Details) - USD ($)
$ in Thousands
 1 Months Ended 9 Months Ended 12 Months Ended
Apr. 30, 2026
Sep. 30, 2026
Dec. 31, 2025
Repurchase Agreement Counterparty [Line Items]      
Borrowings Outstanding and Carrying Value   $ 1,323,921 $ 1,857,614
Repurchase Agreements and Term Participation Facility [Member]      
Repurchase Agreement Counterparty [Line Items]      
Maximum Capacity   2,941,123 3,830,740
Borrowings Outstanding and Carrying Value   1,323,921 1,857,614
Undrawn Capacity   1,617,202 1,973,126
Carrying Value of Collateral   $ 2,050,167 [1] $ 2,787,035 [2]
Repurchase Agreements and Term Participation Facility [Member] | JP Morgan Chase Bank NA [Member]      
Repurchase Agreement Counterparty [Line Items]      
Initial Maturity   Jul. 28, 2027 Jul. 28, 2026
Fully Extended Maturity   Jul. 28, 2030 [3] Jul. 28, 2028 [4]
Maximum Capacity   $ 1,882,487 $ 1,882,487
Borrowings Outstanding and Carrying Value   531,589 880,675
Undrawn Capacity   1,350,898 1,001,812
Carrying Value of Collateral   $ 980,354 [1] $ 1,479,384 [2]
Repurchase Agreements and Term Participation Facility [Member] | JP Morgan Chase Bank NA II [Member]      
Repurchase Agreement Counterparty [Line Items]      
Initial Maturity   Mar. 31, 2028 [5] Mar. 31, 2028 [6]
Fully Extended Maturity   Mar. 31, 2030 [3],[5] Mar. 31, 2030 [4],[6]
Maximum Capacity   $ 808,636 [5] $ 948,253 [6]
Borrowings Outstanding and Carrying Value   792,332 [5] 926,939 [6]
Undrawn Capacity   16,304 [5] 21,314 [6]
Carrying Value of Collateral   $ 1,069,813 [1],[5] $ 1,193,842 [2],[6]
Repurchase Agreements and Term Participation Facility [Member] | Morgan Stanley Bank NA [Member]      
Repurchase Agreement Counterparty [Line Items]      
Initial Maturity   Jan. 26, 2027 Jan. 26, 2026
Fully Extended Maturity   Jan. 26, 2028 [3] Jan. 26, 2028 [4]
Maximum Capacity   $ 250,000 $ 750,000
Borrowings Outstanding and Carrying Value   0 50,000
Undrawn Capacity   250,000 700,000
Carrying Value of Collateral   $ 0 [1] $ 113,809 [2]
Repurchase Agreements and Term Participation Facility [Member] | Wells Fargo Bank NA [Member]      
Repurchase Agreement Counterparty [Line Items]      
Initial Maturity Jul. 29, 2026   Apr. 30, 2026 [7]
Fully Extended Maturity [4],[7]     Apr. 30, 2028
Maximum Capacity [7]     $ 250,000
Borrowings Outstanding and Carrying Value [7]     0
Undrawn Capacity [7]     250,000
Carrying Value of Collateral [2],[7]     $ 0
[1] Net of specific CECL reserves, if any.
[2] Net of specific CECL reserves, if any.
[3] Facility maturity dates may be extended, subject to meeting prescribed conditions.
[4] Facility maturity dates may be extended, subject to meeting prescribed conditions.
[5] Repurchase agreement specifically provides for the ability to finance (i) loans receivable, including those which may be delinquent or in default, and (ii) real estate owned assets subsequent to assuming legal title and/or physical possession of the collateral property. As of September 30, 2026, (i) $178.6 million of borrowings outstanding on this repurchase agreement relate to our multifamily real estate owned assets, and (ii) the carrying value of collateral for this repurchase agreement includes our multifamily real estate owned assets, related lease intangibles included in other assets, and related below market lease values included in other liabilities on our consolidated balance sheets.
[6] Repurchase agreement specifically provides for the ability to finance (i) loans receivable, including those which may be delinquent or in default, and (ii) real estate owned assets subsequent to assuming legal title and/or physical possession of the collateral property. As of December 31, 2025, (i) $195.3 million of borrowings outstanding on this repurchase agreement relate to our multifamily real estate owned assets, and (ii) the carrying value of collateral for this repurchase agreement includes our multifamily real estate owned assets, related lease intangibles included in other assets, and below market lease values included in other liabilities on our consolidated balance sheets.
[7] In April 2026, we extended the initial maturity of this repurchase agreement to July 29, 2026.