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Fair Value of Financial Instruments - Carrying Value and Estimated Fair Value of Company's Financial Instruments (Details) - USD ($) $ in Thousands | Sep. 30, 2025 | Dec. 31, 2024
--- | --- | ---
Carrying Value |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |
Cash and cash equivalents | $ 245,856 | $ 317,396
Carrying Value | Level III |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |
Secured debt arrangements, net | (5,896,015) | (4,814,973)
Debt related to real estate owned, held for investment, net | (402,945) | (324,587)
Carrying Value | Level III | Secured Debt |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |
Term loans, net | (728,358) | (754,210)
Carrying Value | Level III | Senior Notes |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |
Term loans, net | (497,026) | (496,433)
Carrying Value | Level III | Commercial Mortgage Portfolio Segment |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |
Commercial mortgage loans, net | 8,149,855 | 6,715,347
Carrying Value | Level III | Subordinate Mortgage Portfolio Segment |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |
Subordinate loans, net | 153,790 | 388,809
Estimate of Fair Value Measurement |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |
Cash and cash equivalents | 245,856 | 317,396
Estimate of Fair Value Measurement | Level III |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |
Secured debt arrangements, net | (5,896,015) | (4,814,973)
Debt related to real estate owned, held for investment, net | (402,945) | (324,587)
Estimate of Fair Value Measurement | Level III | Secured Debt |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |
Term loans, net | (751,866) | (757,772)
Estimate of Fair Value Measurement | Level III | Senior Notes |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |
Term loans, net | (478,750) | (432,500)
Estimate of Fair Value Measurement | Level III | Commercial Mortgage Portfolio Segment |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |
Commercial mortgage loans, net | 8,034,179 | 6,616,694
Estimate of Fair Value Measurement | Level III | Subordinate Mortgage Portfolio Segment |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |
Subordinate loans, net | $ 153,790 | $ 388,780

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- Definition Fair value portion of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 825 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 11 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482907/825-10-50-11 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 825 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 11 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482907/825-10-50-11 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 825 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482907/825-10-50-10 Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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- Definition Fair value portion of contractual arrangement with a lender under which borrowings can be made up to a specific amount at any point in time. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 825 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 28 -Subparagraph (c)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482907/825-10-50-28 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 825 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 11 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482907/825-10-50-11 Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 825 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 11 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482907/825-10-50-11 Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 825 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482907/825-10-50-10 Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2E -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E + Details
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