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Fair Value (Tables) | 3 Months Ended
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Mar. 31, 2026
Fair Value Disclosures [Abstract] |
Summary of Principal Amount, Carrying Value and Fair Value of Financial Assets and Liabilities | The following table presents the principal amount, carrying value and fair value of certain financial assets and liabilities as of March 31, 2026 and December 31, 2025 (dollars in thousands):
|  | March 31, 2026 |  | December 31, 2025
|  | Principal Amount |  | Carrying Value |  | Fair Value |  | Principal Amount |  | Carrying Value |  | Fair Value
Financial assets:(1) |  |  |  |  |  |  |  |  |  |  |  |
Loans and preferred equity held for investment, net(2)(3) |  | $ | 2,734,215 |  |  | $ | 2,730,072 |  |  | $ | 2,700,729 |  |  | $ | 2,679,909 |  |  | $ | 2,678,315 |  |  | $ | 2,657,083 |
Financial liabilities:(1) |  |  |  |  |  |  |  |  |  |  |  |
Securitization bonds payable, net |  | $ | 1,417,112 |  |  | $ | 1,406,860 |  |  | $ | 1,417,112 |  |  | $ | 982,090 |  |  | $ | 977,082 |  |  | $ | 982,090 |
Mortgage and other notes payable, net |  | 414,900 |  |  | 412,814 |  |  | 392,520 |  |  | 416,302 |  |  | 414,060 |  |  | 394,819 |
Master repurchase facilities |  | 772,327 |  |  | 772,327 |  |  | 772,327 |  |  | 1,078,098 |  |  | 1,078,098 |  |  | 1,078,098 |
_________________________________________ (1)The fair value of other financial instruments not included in this table is estimated to approximate their carrying value. (2)Excludes future funding commitments of $117.3 million and $112.2 million as of March 31, 2026 and December 31, 2025, respectively. (3)Carry value excludes CECL reserves of $85.3 million and $87.4 million as of March 31, 2026 and December 31, 2025, respectively.

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