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Loans and Preferred Equity Held for Investment, net - Changes in Allowance for Loan Losses (Details)
$ in Thousands
3 Months Ended
Mar. 31, 2026
USD ($)
loan
Mar. 31, 2025
USD ($)
loan
Dec. 31, 2025
loan
Allowance for Loan and Lease Losses [Roll Forward]      
Reserve, beginning balance $ 87,401 $ 165,932  
Decrease in general CECL reserve (2,085) (9,524)  
Increase in specific CECL reserve 1,746 (235)  
Charge-offs of CECL reserve   (1,043)  
Charge-off of CECL reserve-other 2,639 9,174  
Reserve, ending balance 85,316 155,365  
Loans held for investment      
Allowance for Loan and Lease Losses [Roll Forward]      
Increase in specific CECL reserve $ 2,639 $ 9,174  
Number of loans on nonaccrual status | loan 1 1  
Multifamily      
Allowance for Loan and Lease Losses [Roll Forward]      
Number of loans on nonaccrual status | loan 1    
Industrial Loan      
Allowance for Loan and Lease Losses [Roll Forward]      
Number of loans on nonaccrual status | loan 1    
Office Senior Loans      
Allowance for Loan and Lease Losses [Roll Forward]      
Number of loans on nonaccrual status | loan 1    
Denver, Colorado      
Allowance for Loan and Lease Losses [Roll Forward]      
Number of loans on nonaccrual status | loan     1
Denver, Colorado | Loans held for investment      
Allowance for Loan and Lease Losses [Roll Forward]      
Increase in specific CECL reserve $ 2,800 $ 9,200  
Denver, Colorado | Multifamily      
Allowance for Loan and Lease Losses [Roll Forward]      
Increase in specific CECL reserve $ 600    
Number of loans on nonaccrual status | loan 2 1  
Denver, Colorado | Industrial Loan      
Allowance for Loan and Lease Losses [Roll Forward]      
Increase in specific CECL reserve $ 600    
Denver, Colorado | Office Senior Loans      
Allowance for Loan and Lease Losses [Roll Forward]      
Increase in specific CECL reserve 200    
PD/LGD model      
Allowance for Loan and Lease Losses [Roll Forward]      
CECL reserves related to unfunded commitments $ 1,200 $ 500