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Variable Interest Entities (Details)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
USD ($)
entity
Dec. 31, 2024
USD ($)
Mar. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Assets:        
Restricted cash $ 40,563 $ 156,376 $ 546,643 $ 608,233
Loans and investments, net 11,215,625 11,033,997    
Other assets 495,221 481,448    
Total assets [1] 13,367,349 13,490,981    
Liabilities:        
Securitized debt 3,286,395 4,622,489    
Other liabilities 239,251 280,198    
Total liabilities [1] 10,237,890 10,339,011    
CLOs and Debt Fund        
Assets:        
Restricted cash 14,441 131,381    
Loans and investments, net 4,357,314 5,898,102    
Other assets 67,919 95,442    
Total assets 4,439,674 6,124,925    
Liabilities:        
Securitized debt 3,286,395 4,622,489    
Other liabilities 10,619 15,255    
Total liabilities 3,297,014 $ 4,637,744    
Unconsolidated VIEs        
Assets:        
Total assets $ 1,395,992      
Liabilities:        
Number of VIEs where the reporting entity is not VIE's primary beneficiary and VIEs have variable interest | entity 53      
Carrying amount of loans and investments before reserves related to VIEs $ 221,600      
Loan loss reserves related to VIEs 88,500      
Exposure to real estate debt 4,410,000      
Unconsolidated VIEs | Loans        
Assets:        
Total assets 1,191,624      
Unconsolidated VIEs | APL certificates        
Assets:        
Total assets 137,913      
Unconsolidated VIEs | Equity investments        
Assets:        
Total assets 34,861      
Unconsolidated VIEs | B Piece bonds        
Assets:        
Total assets 31,512      
Unconsolidated VIEs | Agency interest only strips        
Assets:        
Total assets $ 82      
[1] Our consolidated balance sheets include assets and liabilities of consolidated variable interest entities, or VIEs, as we are the primary beneficiary of these VIEs. At March 31, 2025 and December 31, 2024, assets of our consolidated VIEs totaled $4,439,674 and $6,124,925, respectively, and the liabilities of our consolidated VIEs totaled $3,297,014 and $4,637,744, respectively. See Note 15 for discussion of our VIEs