Loans and Preferred Equity Held for Investment, net - Activity in Loans Held for Investment, Net (Details) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2025 USD ($) loan	Mar. 31, 2025 USD ($)	Jun. 30, 2024 USD ($) loan	Mar. 31, 2024 USD ($) loan	Jun. 30, 2025 USD ($) loan	Jun. 30, 2024 USD ($) loan	Dec. 31, 2024 loan
SEC Schedule, 12-29, Real Estate Companies, Investment in Movement in Mortgage Loans on Real Estate [Roll Forward]
Beginning balance		$ 2,352,993		$ 2,860,478	$ 2,352,993	$ 2,860,478
Acquisitions/originations/additional funding					210,652	33,413
Loan maturities/principal repayments					(146,419)	(201,374)
(Increase) decrease of CECL reserve					86	(114,223)
Discount accretion, net					1,032	3,774
Capitalized interest, net of repayments					1,048	943
Transfer to Real Estate, net					(165,876)	0
Charge-off of CECL reserve-transfer to Real Estate, net and Real Estate Held for Sale					2,332	0
Charge-off of loan held for investment					(27,366)	(18,919)
Charge-off of CECL reserve-other	$ 18,192	9,174	$ 18,919		27,366	18,919
Ending balance	$ 2,255,848		$ 2,583,011		$ 2,255,848	2,583,011
Transfer of principal		8,800
Number of loans | loan					12
Total commitment					$ 209,600
Loans held for investment
SEC Schedule, 12-29, Real Estate Companies, Investment in Movement in Mortgage Loans on Real Estate [Roll Forward]
Loans on nonaccrual status | loan	2			1	2
Arlington, Texas | Multifamily
SEC Schedule, 12-29, Real Estate Companies, Investment in Movement in Mortgage Loans on Real Estate [Roll Forward]
Realized loss on securities from write-down to fair value					$ 27,300
Denver, Colorado
SEC Schedule, 12-29, Real Estate Companies, Investment in Movement in Mortgage Loans on Real Estate [Roll Forward]
Loans on nonaccrual status | loan	1				1		1
Denver, Colorado | Multifamily
SEC Schedule, 12-29, Real Estate Companies, Investment in Movement in Mortgage Loans on Real Estate [Roll Forward]
Realized loss on securities from write-down to fair value						$ 6,100
Loans on nonaccrual status | loan	2		1		2	1
Miami, Florida | Loans held for investment
SEC Schedule, 12-29, Real Estate Companies, Investment in Movement in Mortgage Loans on Real Estate [Roll Forward]
Loans on nonaccrual status | loan			1			1
Miami, Florida | Office Senior Loan
SEC Schedule, 12-29, Real Estate Companies, Investment in Movement in Mortgage Loans on Real Estate [Roll Forward]
Realized loss on securities from write-down to fair value						$ 12,800
PD/LGD model
SEC Schedule, 12-29, Real Estate Companies, Investment in Movement in Mortgage Loans on Real Estate [Roll Forward]
Unfunded commitments	$ (100)	$ 500	$ (100)	$ 200	$ 400	$ 100