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Loans and Preferred Equity Held for Investment, net - Summary of Loans Held for Investment, Net (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |  |
--- | --- | --- | --- | ---
Mar. 31, 2026 | Dec. 31, 2025 | Mar. 31, 2025 | Dec. 31, 2024
Financing Receivable, Impaired [Line Items] |  |  |  |
Unpaid Principal Balance | $ 2,734,215 | $ 2,679,909 |  |
Carrying Value | 2,730,072 | 2,678,315 |  |
CECL reserve | (85,316) | (87,401) | $ (155,365) | $ (165,932)
Loans and preferred equity held for investment, net | 2,644,756 | 2,590,914 | $ 2,302,470 | $ 2,352,993
Variable rate |  |  |  |
Financing Receivable, Impaired [Line Items] |  |  |  |
Unpaid Principal Balance | 2,647,772 | 2,595,234 |  |
Variable rate | Loans held for investment |  |  |  |
Financing Receivable, Impaired [Line Items] |  |  |  |
Carrying Value | 2,643,651 | 2,593,694 |  |
Fixed rate |  |  |  |
Financing Receivable, Impaired [Line Items] |  |  |  |
Unpaid Principal Balance | $ 86,443 | $ 84,675 |  |
Weighted Average Coupon (in percentage) | 7.00% | 7.10% |  |
Weighted Average of Contractual Maturity | 1 year 1 month 6 days | 10 months 24 days |  |
Weighted Average Maturity in Years | 2 years 1 month 6 days | 2 years |  |
Fixed rate | Loans held for investment |  |  |  |
Financing Receivable, Impaired [Line Items] |  |  |  |
Carrying Value | $ 86,421 | $ 84,621 |  |
Commercial mortgage |  |  |  |
Financing Receivable, Impaired [Line Items] |  |  |  |
Unpaid Principal Balance | 2,734,215 | 2,679,909 |  |
Carrying Value | 2,730,072 | 2,678,315 |  |
Commercial mortgage | Loans held for investment |  |  |  |
Financing Receivable, Impaired [Line Items] |  |  |  |
Carrying Value | 2,730,072 | 2,678,315 |  |
Senior loans | Variable rate |  |  |  |
Financing Receivable, Impaired [Line Items] |  |  |  |
Unpaid Principal Balance | $ 1,017,772 | $ 1,422,235 |  |
Weighted Average Coupon (in percentage) | 7.30% | 6.90% |  |
Weighted Average of Contractual Maturity | 7 months 6 days | 1 year 2 months 12 days |  |
Weighted Average Maturity in Years | 1 year 1 month 6 days | 2 years 7 months 6 days |  |
Senior loans | Variable rate | Loans held for investment |  |  |  |
Financing Receivable, Impaired [Line Items] |  |  |  |
Carrying Value | $ 1,013,855 | $ 1,420,199 |  |
Senior loans | Fixed rate |  |  |  |
Financing Receivable, Impaired [Line Items] |  |  |  |
Unpaid Principal Balance | $ 25,808 | $ 24,139 |  |
Weighted Average Coupon (in percentage) | 20.00% | 20.00% |  |
Weighted Average of Contractual Maturity | 2 months 12 days | 1 month 6 days |  |
Weighted Average Maturity in Years | 2 months 12 days | 4 months 24 days |  |
Senior loans | Fixed rate | Loans held for investment |  |  |  |
Financing Receivable, Impaired [Line Items] |  |  |  |
Carrying Value | $ 25,808 | $ 24,139 |  |
Securitized loans | Variable rate |  |  |  |
Financing Receivable, Impaired [Line Items] |  |  |  |
Unpaid Principal Balance | $ 1,630,000 | $ 1,172,999 |  |
Weighted Average Coupon (in percentage) | 6.70% | 7.00% |  |
Weighted Average of Contractual Maturity | 1 year 4 months 24 days | 8 months 12 days |  |
Weighted Average Maturity in Years | 2 years 9 months 18 days | 1 year 3 months 18 days |  |
Securitized loans | Variable rate | Loans held for investment |  |  |  |
Financing Receivable, Impaired [Line Items] |  |  |  |
Carrying Value | $ 1,629,796 | $ 1,173,495 |  |
Mezzanine loans | Fixed rate |  |  |  |
Financing Receivable, Impaired [Line Items] |  |  |  |
Unpaid Principal Balance | $ 46,425 | $ 49,069 |  |
Weighted Average Coupon (in percentage) | 0.00% | 8.40% |  |
Weighted Average of Contractual Maturity | 2 months 12 days | 1 month 6 days |  |
Weighted Average Maturity in Years | 10 months 24 days | 1 year 1 month 6 days |  |
Mezzanine loans | Fixed rate | Loans held for investment |  |  |  |
Financing Receivable, Impaired [Line Items] |  |  |  |
Carrying Value | $ 46,425 | $ 49,069 |  |
Preferred equity interests | Fixed rate |  |  |  |
Financing Receivable, Impaired [Line Items] |  |  |  |
Unpaid Principal Balance | $ 14,210 | $ 11,467 |  |
Weighted Average Coupon (in percentage) | 14.30% | 14.30% |  |
Weighted Average of Contractual Maturity | 6 months | 4 months 24 days |  |
Weighted Average Maturity in Years | 8 months 12 days | 1 year |  |
Preferred equity interests | Fixed rate | Loans held for investment |  |  |  |
Financing Receivable, Impaired [Line Items] |  |  |  |
Carrying Value | $ 14,188 | $ 11,413 |  |

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