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Fair Value - Principal Amount, Carrying Value and Fair Value of Assets and Liabilities (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Mar. 31, 2025
Dec. 31, 2024
Financial assets:        
Principal Amount $ 2,734,215 $ 2,679,909    
Financial liabilities:        
Principal amount, financial liabilities 2,604,339 2,476,490    
Current expected credit loss reserve 85,316 87,401 $ 155,365 $ 165,932
Commercial mortgage        
Financial assets:        
Principal Amount 2,734,215 2,679,909    
Financial liabilities:        
Future funding commitments 117,300 112,200    
Securitization bonds payable, net        
Financial liabilities:        
Principal amount, financial liabilities 1,417,112 982,090    
Mortgage and other notes payable, net        
Financial liabilities:        
Principal amount, financial liabilities 414,900 416,302    
Master repurchase facilities        
Financial liabilities:        
Principal amount, financial liabilities 772,327 1,078,098    
Carrying Value        
Financial assets:        
Loans and preferred equity held for investment, net 2,730,072 2,678,315    
Carrying Value | Securitization bonds payable, net        
Financial liabilities:        
Financial liabilities 1,406,860 977,082    
Carrying Value | Mortgage and other notes payable, net        
Financial liabilities:        
Financial liabilities 412,814 414,060    
Carrying Value | Master repurchase facilities        
Financial liabilities:        
Financial liabilities 772,327 1,078,098    
Fair Value        
Financial assets:        
Loans and preferred equity held for investment, net 2,700,729 2,657,083    
Fair Value | Securitization bonds payable, net        
Financial liabilities:        
Financial liabilities 1,417,112 982,090    
Fair Value | Mortgage and other notes payable, net        
Financial liabilities:        
Financial liabilities 392,520 394,819    
Fair Value | Master repurchase facilities        
Financial liabilities:        
Financial liabilities $ 772,327 $ 1,078,098