v3.26.1
Fair Value of Financial Instruments - Schedule of Assets and Liabilities Measured At Fair Value On A Recurring Basis (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Assets:    
Derivative assets, at fair value $ 3,134 $ 615
Total assets 5,220,574 4,718,161
Liabilities:    
Derivative liabilities, at fair value 838 1,992
Total liabilities 4,066,031 3,644,725
Secured Debt | Line of Credit    
Liabilities:    
Borrowings 3,044,335 2,582,576
Secured Debt | Secured Lending Agreements | Line of Credit    
Liabilities:    
Borrowings 2,820,938 2,359,543
Secured Debt | Term Lending Agreements | Line of Credit    
Liabilities:    
Borrowings 223,397 223,033
Revolving Credit Facility | Line of Credit    
Liabilities:    
Borrowings 16,000 55,000
Commercial real estate loan investments    
Assets:    
Fair value, option, assets 5,200,218 4,702,728
Real estate-related securities    
Assets:    
Fair value, option, assets 17,222 14,818
Collateralized loan obligations    
Liabilities:    
Fair Value 1,004,858 1,005,157
Level 1    
Assets:    
Derivative assets, at fair value 0 0
Total assets 0 0
Liabilities:    
Derivative liabilities, at fair value 0 0
Total liabilities 0 0
Level 1 | Secured Debt | Secured Lending Agreements | Line of Credit    
Liabilities:    
Borrowings 0 0
Level 1 | Secured Debt | Term Lending Agreements | Line of Credit    
Liabilities:    
Borrowings 0 0
Level 1 | Revolving Credit Facility | Line of Credit    
Liabilities:    
Borrowings 0 0
Level 1 | Commercial real estate loan investments    
Assets:    
Fair value, option, assets 0 0
Level 1 | Real estate-related securities    
Assets:    
Fair value, option, assets 0 0
Level 1 | Collateralized loan obligations    
Liabilities:    
Fair Value 0 0
Level 2    
Assets:    
Derivative assets, at fair value 3,134 615
Total assets 20,356 15,433
Liabilities:    
Derivative liabilities, at fair value 838 1,992
Total liabilities 1,005,696 1,007,149
Level 2 | Secured Debt | Secured Lending Agreements | Line of Credit    
Liabilities:    
Borrowings 0 0
Level 2 | Secured Debt | Term Lending Agreements | Line of Credit    
Liabilities:    
Borrowings 0 0
Level 2 | Revolving Credit Facility | Line of Credit    
Liabilities:    
Borrowings 0 0
Level 2 | Commercial real estate loan investments    
Assets:    
Fair value, option, assets 0 0
Level 2 | Real estate-related securities    
Assets:    
Fair value, option, assets 17,222 14,818
Level 2 | Collateralized loan obligations    
Liabilities:    
Fair Value 1,004,858 1,005,157
Level 3    
Assets:    
Derivative assets, at fair value 0 0
Total assets 5,200,218 4,702,728
Liabilities:    
Derivative liabilities, at fair value 0 0
Total liabilities 3,060,335 2,637,576
Level 3 | Secured Debt | Secured Lending Agreements | Line of Credit    
Liabilities:    
Borrowings 2,820,938 2,359,543
Level 3 | Secured Debt | Term Lending Agreements | Line of Credit    
Liabilities:    
Borrowings 223,397 223,033
Level 3 | Revolving Credit Facility | Line of Credit    
Liabilities:    
Borrowings 16,000 55,000
Level 3 | Commercial real estate loan investments    
Assets:    
Fair value, option, assets 5,200,218 4,702,728
Level 3 | Real estate-related securities    
Assets:    
Fair value, option, assets 0 0
Level 3 | Collateralized loan obligations    
Liabilities:    
Fair Value $ 0 $ 0