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Real Estate Portfolio - Schedule of Investment in Loans (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended
--- | --- | ---
Sep. 30, 2025 | Dec. 31, 2024
Loans and Leases Receivable Disclosure |  |
Principal Balance | $ 2,471,205 | $ 1,678,147
Weighted Average Interest Rate | 9.20% | 8.80%
Weighted Average Term | 3 years 7 months 6 days | 4 years 4 months 24 days
Investments in loans and securities, net |  |
Loans and Leases Receivable Disclosure |  |
Carrying Value | $ 2,432,999 | $ 1,651,533
Future Funding Commitments | 730,553 | 548,524
Senior Secured Notes |  |
Loans and Leases Receivable Disclosure |  |
Principal Balance | $ 83,938 | $ 85,000
Weighted Average Interest Rate | 11.00% | 11.00%
Weighted Average Term | 5 years 6 months | 6 years 3 months 18 days
Senior Secured Notes | Investments in loans and securities, net |  |
Loans and Leases Receivable Disclosure |  |
Carrying Value | $ 81,359 | $ 81,857
Future Funding Commitments | 0 | 0
Senior Secured Loans |  |
Loans and Leases Receivable Disclosure |  |
Principal Balance | $ 992,675 | $ 684,686
Weighted Average Interest Rate | 8.20% | 8.00%
Weighted Average Term | 4 years 7 months 6 days | 4 years 8 months 12 days
Senior Secured Loans | Investments in loans and securities, net |  |
Loans and Leases Receivable Disclosure |  |
Carrying Value | $ 973,550 | $ 674,200
Future Funding Commitments | 503,103 | 308,776
Mezzanine Loans and Preferred Equity |  |
Loans and Leases Receivable Disclosure |  |
Principal Balance | $ 1,394,592 | $ 908,461
Weighted Average Interest Rate | 9.90% | 9.20%
Weighted Average Term | 2 years 8 months 12 days | 4 years 1 month 6 days
Mezzanine Loans and Preferred Equity | Investments in loans and securities, net |  |
Loans and Leases Receivable Disclosure |  |
Carrying Value | $ 1,378,090 | $ 895,476
Future Funding Commitments | $ 227,450 | $ 239,748

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