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Loans and Preferred Equity Held for Investment, net - Activity in Loans Held for Investment, Net (Details) $ in Thousands | 3 Months Ended | 12 Months Ended
--- | --- | ---
Mar. 31, 2026 USD ($) property loan | Mar. 31, 2025 USD ($) loan | Dec. 31, 2025 USD ($) forwardSwap loan
SEC Schedule, 12-29, Real Estate Companies, Investment in Movement in Mortgage Loans on Real Estate [Roll Forward] |  |  |
Beginning balance | $ 2,590,914 | $ 2,352,993 | $ 2,352,993
Acquisitions/originations/additional funding | 270,378 | 112,625 |
Loan maturities/principal repayments | (169,887) | (133,000) |
(Increase) decrease of CECL reserve | (554) | 770 |
Discount accretion and fee amortization, net | (1,342) | 461 |
Capitalized interest, net of repayments | 447 | 523 |
Transfer to Real Estate, net | (45,200) | (32,945) |
Charge-off of CECL reserve-transfer to Real Estate, net | 0 | 1,043 |
Charge-off of loan held for investment | (2,639) | (9,174) |
Charge-off of CECL reserve-other | 2,639 | 9,174 |
Ending balance | $ 2,644,756 | 2,302,470 | $ 2,590,914
Transfer of principal |  | 8,800 |
Number of loans | loan | 8 |  |
Total commitment | $ 280,100 |  |
Multifamily |  |  |
SEC Schedule, 12-29, Real Estate Companies, Investment in Movement in Mortgage Loans on Real Estate [Roll Forward] |  |  |
Number of legal titles acquired | 1 |  | 1
Arlington, Texas |  |  |
SEC Schedule, 12-29, Real Estate Companies, Investment in Movement in Mortgage Loans on Real Estate [Roll Forward] |  |  |
Realized loss on securities from write-down to fair value | $ 3,500 | $ 9,200 |
Reversal of charge offs | $ 800 |  |
Denver, Colorado |  |  |
SEC Schedule, 12-29, Real Estate Companies, Investment in Movement in Mortgage Loans on Real Estate [Roll Forward] |  |  |
Number of loans on nonaccrual status | loan |  |  | 1
Denver, Colorado | Multifamily |  |  |
SEC Schedule, 12-29, Real Estate Companies, Investment in Movement in Mortgage Loans on Real Estate [Roll Forward] |  |  |
Number of loans on nonaccrual status | loan | 1 |  |
Multifamily |  |  |
SEC Schedule, 12-29, Real Estate Companies, Investment in Movement in Mortgage Loans on Real Estate [Roll Forward] |  |  |
Number of loans on nonaccrual status | loan | 1 |  |
Multifamily | Denver, Colorado |  |  |
SEC Schedule, 12-29, Real Estate Companies, Investment in Movement in Mortgage Loans on Real Estate [Roll Forward] |  |  |
Number of loans on nonaccrual status | loan | 2 | 1 |
PD/LGD model |  |  |
SEC Schedule, 12-29, Real Estate Companies, Investment in Movement in Mortgage Loans on Real Estate [Roll Forward] |  |  |
Provision for (reversal of) loan losses for unfunded commitments | $ 1,200 | $ 500 |

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