v3.26.3
Fair Value Measurements - Schedule of Financial Instruments Measured at Carrying And Estimated Fair Value (Details) - USD ($)
$ in Thousands
Sep. 30, 2026
Dec. 31, 2025
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Loans receivable held-for-investment, net $ 2,490,623 $ 3,615,401
Repurchase agreements 1,323,921 1,857,614
Term participation facility 211,968 329,452
Notes payable, net 0 177,522
Secured term loan, net 469,947 549,447
Debt related to real estate owned hotel portfolio, net 233,114 230,992
Unpaid Principal Balance [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Loans receivable held-for-investment, net 3,055,182 4,057,357
Repurchase agreements 1,323,921 1,857,614
Term participation facility 211,968 329,452
Notes payable, net   177,999
Secured term loan, net 500,000 556,188
Debt related to real estate owned hotel portfolio, net 235,000 235,000
Fair Value [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Loans receivable held-for-investment, net 2,528,810 3,636,499
Repurchase agreements 1,323,921 1,857,614
Term participation facility 211,413 325,837
Notes payable, net   177,861
Secured term loan, net 491,598 538,112
Debt related to real estate owned hotel portfolio, net 235,060 235,216
Level 3 [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Loans receivable held-for-investment, net 2,528,810 3,636,499
Repurchase agreements 1,323,921 1,857,614
Term participation facility 211,413 325,837
Notes payable, net   177,861
Secured term loan, net 491,598 538,112
Debt related to real estate owned hotel portfolio, net $ 235,060 $ 235,216