v3.26.3
Investments in Real Estate Debt, at Fair Value - Schedule of Credit Rating of Investments in Real Estate Debt (Details) - USD ($)
$ in Thousands
Sep. 30, 2026
Dec. 31, 2025
Debt and Equity Securities, FV-NI [Line Items]    
Cost Basis $ 4,649,417 $ 4,311,720
Fair Value $ 4,460,338 $ 4,133,770
Percentage Based on Fair Value 100.00% 100.00%
AAA    
Debt and Equity Securities, FV-NI [Line Items]    
Cost Basis $ 483,507 $ 0
Fair Value $ 483,205 $ 0
Percentage Based on Fair Value 10.00% 0.00%
AA    
Debt and Equity Securities, FV-NI [Line Items]    
Cost Basis $ 43,134 $ 0
Fair Value $ 40,486 $ 0
Percentage Based on Fair Value 1.00% 0.00%
A    
Debt and Equity Securities, FV-NI [Line Items]    
Cost Basis $ 69,586 $ 12,680
Fair Value $ 67,938 $ 10,291
Percentage Based on Fair Value 2.00% 0.00%
BBB    
Debt and Equity Securities, FV-NI [Line Items]    
Cost Basis $ 691,253 $ 796,356
Fair Value $ 676,792 $ 788,455
Percentage Based on Fair Value 15.00% 19.00%
BB    
Debt and Equity Securities, FV-NI [Line Items]    
Cost Basis $ 991,461 $ 441,897
Fair Value $ 975,046 $ 427,294
Percentage Based on Fair Value 22.00% 11.00%
B    
Debt and Equity Securities, FV-NI [Line Items]    
Cost Basis $ 857,745 $ 477,644
Fair Value $ 830,827 $ 451,880
Percentage Based on Fair Value 19.00% 11.00%
CCC and below    
Debt and Equity Securities, FV-NI [Line Items]    
Cost Basis $ 128,675 $ 130,844
Fair Value $ 41,056 $ 41,955
Percentage Based on Fair Value 1.00% 1.00%
Private commercial real estate loans    
Debt and Equity Securities, FV-NI [Line Items]    
Cost Basis $ 611,669 $ 782,348
Fair Value $ 618,043 $ 794,147
Percentage Based on Fair Value 14.00% 19.00%
Not Rated    
Debt and Equity Securities, FV-NI [Line Items]    
Cost Basis $ 772,387 $ 1,669,951
Fair Value $ 726,945 $ 1,619,748
Percentage Based on Fair Value 16.00% 39.00%
Weighted average LTV at origination 67.00%  
Not Rated | Industrial properties    
Debt and Equity Securities, FV-NI [Line Items]    
Weighted average LTV at origination 56.00%  
Not Rated | Rental Housing properties    
Debt and Equity Securities, FV-NI [Line Items]    
Weighted average LTV at origination 32.00%