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Variable Interest Entities (Details)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
USD ($)
entity
Dec. 31, 2025
USD ($)
Mar. 31, 2025
USD ($)
Dec. 31, 2024
USD ($)
Assets:        
Restricted cash $ 393,529 $ 67,347 $ 40,563 $ 156,376
Loans and investments, net 11,835,381 11,934,248    
Other assets 426,908 454,432    
Total assets [1] 14,692,485 14,494,903    
Liabilities:        
Securitized debt 3,931,468 3,468,258    
Other liabilities 245,649 280,770    
Total liabilities [1] 11,713,435 11,427,750    
CLOs and Debt Fund        
Assets:        
Restricted cash 359,569 35,258    
Loans and investments, net 4,745,864 4,557,631    
Other assets 65,437 69,132    
Total assets 5,170,870 4,662,021    
Liabilities:        
Securitized debt 3,931,468 3,468,258    
Other liabilities 9,688 9,590    
Total liabilities 3,941,156 $ 3,477,848    
Unconsolidated VIEs        
Assets:        
Total assets $ 1,686,251      
Liabilities:        
Number of VIEs where the reporting entity is not VIE's primary beneficiary and VIEs have variable interest | entity 64      
Carrying amount of loans and investments before reserves related to VIEs $ 91,800      
Loan loss reserves related to VIEs 7,800      
Exposure to real estate debt 4,770,000      
Unconsolidated VIEs | Loans        
Assets:        
Total assets 1,484,172      
Unconsolidated VIEs | APL certificates        
Assets:        
Total assets 143,900      
Unconsolidated VIEs | Equity investments        
Assets:        
Total assets 31,477      
Unconsolidated VIEs | B Piece bonds        
Assets:        
Total assets 26,694      
Unconsolidated VIEs | Agency interest-only strips        
Assets:        
Total assets $ 8      
[1] Our consolidated balance sheets include assets and liabilities of consolidated variable interest entities ("VIEs,") as we are the primary beneficiary of these VIEs. At March 31, 2026 and December 31, 2025, assets of our consolidated VIEs totaled $5,170,870 and $4,662,021, respectively, and the liabilities of our consolidated VIEs totaled $3,941,156 and $3,477,848, respectively. See Note 15 for discussion of our VIEs.