Fair Value Measurements - Schedule of Fair Value Measurements, Recurring (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2025	Dec. 31, 2024	Dec. 31, 2021
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Marketable securities available-for-sale	$ 17,151	$ 17,323
Interest rate cap and swap agreements (included in Other assets)	11,848	31,860
Real estate loans held by consolidated securitization vehicles	1,431,362	584,134
Debt fund investments, at fair value	41,356	0
Interest rate cap and swap agreements (included in Other liabilities)	17,742	6,469
Senior obligations of consolidated securitization vehicles	1,431,362	567,487
Secured borrowing (included in Other liabilities)	248,992	251,096
One Madison Avenue | National Pension Service of Korea / Hines Interest LP / International Investor
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investment in joint venture aggregate maximum ownership percentage			25.00%
Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Marketable securities available-for-sale	0	0
Interest rate cap and swap agreements (included in Other assets)	0	0
Real estate loans held by consolidated securitization vehicles	0	0
Debt fund investments, at fair value	0
Interest rate cap and swap agreements (included in Other liabilities)	0	0
Senior obligations of consolidated securitization vehicles	0	0
Secured borrowing (included in Other liabilities)	0	0
Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Marketable securities available-for-sale	17,151	17,323
Interest rate cap and swap agreements (included in Other assets)	11,848	31,860
Real estate loans held by consolidated securitization vehicles	1,003,729	584,134
Debt fund investments, at fair value	36,852
Interest rate cap and swap agreements (included in Other liabilities)	17,742	6,469
Senior obligations of consolidated securitization vehicles	1,003,729	567,487
Secured borrowing (included in Other liabilities)	0	0
Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Marketable securities available-for-sale	0	0
Interest rate cap and swap agreements (included in Other assets)	0	0
Real estate loans held by consolidated securitization vehicles	427,633	0
Debt fund investments, at fair value	4,504
Interest rate cap and swap agreements (included in Other liabilities)	0	0
Senior obligations of consolidated securitization vehicles	427,633	0
Secured borrowing (included in Other liabilities)	248,992	$ 251,096
Level 3 | The Debt Investment Fund
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fund purchased	$ 4,500