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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