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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