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Loans and Preferred Equity Held for Investment, net - Summary of Loans and Preferred Equity Held for Investment by Year of Origination and Credit Quality Risk Ranking (Details)
$ in Thousands
 3 Months Ended 12 Months Ended
Mar. 31, 2026
USD ($)
Dec. 31, 2025
USD ($)
Financing Receivable, Credit Quality Indicator [Line Items]    
Current year $ 257,840 $ 735,136
Year one 671,757 79,019
Year two 81,310 14,692
Year three 14,895 753,595
Year four earlier 1,704,270 1,095,873
Total 2,730,072 2,678,315
Current year, Gross write-offs 0 0
Year one, Gross write-offs 0 0
Year two, Gross write-offs 0 0
Year three, Gross write-offs 0 25,137
Year four and earlier, Gross write-offs 2,639 77,307
Total, Gross write-offs $ 2,639 $ 102,444
Average risk rating 3.1 3.1
Senior loans    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current year $ 257,231 $ 723,723
Year one 658,178 79,019
Year two 81,310 0
Year three 0 719,218
Year four earlier 1,672,740 1,095,873
Total 2,669,459 2,617,833
Senior loans | Risk Ranking 3    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current year 257,231 723,723
Year one 658,178 79,019
Year two 81,310 0
Year three 0 630,338
Year four earlier 1,540,539 965,963
Total 2,537,258 2,399,043
Senior loans | Risk Ranking 4    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current year 0 0
Year one 0 0
Year two 0 0
Year three 0 0
Year four earlier 65,123 65,123
Total 65,123 65,123
Senior loans | Risk Ranking 5    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current year 0 0
Year one 0 0
Year two 0 0
Year three 0 88,880
Year four earlier 67,078 64,787
Total 67,078 153,667
Mezzanine loans    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current year 0 0
Year one 0 0
Year two 0 14,692
Year three 14,895 34,377
Year four earlier 31,530 0
Total 46,425 49,069
Mezzanine loans | Risk Ranking 3    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current year 0 0
Year one 0 0
Year two 0 14,692
Year three 14,895 34,377
Year four earlier 0 0
Total 14,895 49,069
Mezzanine loans | Risk Ranking 5    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current year 0  
Year one 0  
Year two 0  
Year three 0  
Year four earlier 31,530  
Total 31,530  
Preferred equity interests    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current year 609 11,413
Year one 13,579 0
Year two 0 0
Year three 0 0
Year four earlier 0 0
Total 14,188 11,413
Preferred equity interests | Risk Ranking 3    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current year 609 10,327
Year one 11,289 0
Year two 0 0
Year three 0 0
Year four earlier 0 0
Total 11,898 10,327
Preferred equity interests | Risk Ranking 4    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current year 0 1,086
Year one 2,290 0
Year two 0 0
Year three 0 0
Year four earlier 0 0
Total $ 2,290 $ 1,086