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Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Cash Provided by (Used in) Operating Activity, Including Discontinued Operation [Abstract]    
Net (loss) income $ 70,041,000 $ (239,216,000)
Adjustments to reconcile net income (loss) to net cash provided by operating activities    
Non-cash compensation expense 21,570,000 24,058,000
Amortization of deferred fees on loans (45,390,000) (50,568,000)
Amortization of deferred financing costs and premiums/discounts on debt obligations 27,331,000 32,185,000
Payment-in-kind interest (13,448,000) (9,612,000)
Increase in current expected credit loss reserve 94,111,000 519,747,000
Straight-line rental income 1,791,000 0
Gain on extinguishment of debt 0 (5,352,000)
Depreciation and amortization of real estate owned 47,960,000 1,214,000
Income from unconsolidated entities (1,035,000) 0
Unrealized loss (gain) on derivative financial instruments, net 3,059,000 (6,346,000)
Realized gain on derivative financial instruments, net (16,846,000) (6,923,000)
Changes in assets and liabilities, net    
Other assets (37,181,000) 52,699,000
Other liabilities (12,398,000) (29,978,000)
Net cash provided by operating activities 139,565,000 281,908,000
Cash flows from investing activities    
Principal fundings of loans receivable (3,931,823,000) (982,229,000)
Principal collections, sales proceeds, and cost-recovery proceeds from loans receivable 4,771,001,000 3,135,968,000
Origination and other fees received on loans receivable 46,882,000 26,140,000
Payments under derivative financial instruments (198,264,000) (140,566,000)
Receipts under derivative financial instruments 96,102,000 56,767,000
Collateral deposited under derivative agreements (391,380,000) (184,220,000)
Return of collateral deposited under derivative agreements 396,190,000 238,640,000
Investment in unconsolidated entities (178,664,000) 0
Capital expenditures on real estate owned (8,480,000) 0
Net cash provided by investing activities 601,564,000 2,150,500,000
Cash flows from financing activities    
Proceeds from issuance of securitized debt obligations 831,250,000 0
Repayments of loan participations (104,028,000) (235,960,000)
Payment of deferred financing costs (36,541,000) (18,126,000)
Contributions from non-controlling interests 0 1,245,000
Distributions to non-controlling interests (212,000) (7,296,000)
Dividends paid on class A common stock (242,492,000) (322,712,000)
Repurchases of class A common stock (47,752,000) (10,998,000)
Net cash used in financing activities (694,160,000) (2,458,947,000)
Net increase (decrease) in cash and cash equivalents 46,969,000 (26,539,000)
Cash and cash equivalents at beginning of period 323,483,000 350,014,000
Effects of currency translation on cash and cash equivalents 7,469,000 (1,371,000)
Cash and cash equivalents at end of period 377,921,000 322,104,000
Supplemental disclosure of cash flows information    
Payments of interest (736,904,000) (993,434,000)
Payments of income taxes (3,424,000) (4,653,000)
Supplemental disclosure of non-cash investing and financing activities    
Dividends declared, not paid (80,238,000) (81,306,000)
Loan principal payments held by servicer, net 199,492,000 26,269,000
Transfer of senior loan to real estate owned 358,088,000 139,239,000
Assumption of other assets and liabilities related to real estate owned 48,184,000 16,256,000
Accrued capital expenditures on real estate owned 19,000 100,000
Secured debt, net    
Cash flows from financing activities    
Borrowings under long-term debt 2,956,828,000 1,016,974,000
Repayments and repurchases of long-term debt (3,299,746,000) (2,742,691,000)
Securitized debt obligations, net    
Cash flows from financing activities    
Repayments and repurchases of long-term debt (193,342,000) (259,081,000)
Asset-specific debt, net    
Cash flows from financing activities    
Borrowings under long-term debt 334,460,000 197,141,000
Repayments and repurchases of long-term debt (936,275,000) 0
Secured term loans, net    
Adjustments to reconcile net income (loss) to net cash provided by operating activities    
Amortization of deferred financing costs and premiums/discounts on debt obligations 8,381,000 6,848,000
Cash flows from financing activities    
Borrowings under long-term debt 50,000,000 0
Repayments and repurchases of long-term debt (6,310,000) (18,797,000)
Senior secured notes, net    
Adjustments to reconcile net income (loss) to net cash provided by operating activities    
Amortization of deferred financing costs and premiums/discounts on debt obligations 2,003,000 775,000
Cash flows from financing activities    
Repayments and repurchases of long-term debt 0 (27,222,000)
Convertible notes, net    
Adjustments to reconcile net income (loss) to net cash provided by operating activities    
Amortization of deferred financing costs and premiums/discounts on debt obligations 847,000 944,000
Gain on extinguishment of debt   (2,000,000)
Cash flows from financing activities    
Repayments and repurchases of long-term debt $ 0 $ (31,424,000)