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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