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Loans and Preferred Equity Held for Investment, net - Activity in Loans Held for Investment, Net (Details)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2025
USD ($)
loan
Jun. 30, 2025
USD ($)
loan
Mar. 31, 2025
USD ($)
Sep. 30, 2024
USD ($)
forwardSwap
Jun. 30, 2024
USD ($)
Mar. 31, 2024
USD ($)
Sep. 30, 2025
USD ($)
loan
Sep. 30, 2024
USD ($)
forwardSwap
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             356,578 47,247  
Loan maturities/principal repayments             (243,630) (328,048)  
(Increase) decrease of CECL reserve             (8,144) (115,556)  
Discount accretion, net             458 5,435  
Capitalized interest, net of repayments             1,787 1,317  
Transfer to Real Estate, net             (243,956) (48,094)  
Charge-off of CECL reserve-transfer to Real Estate, net and Real Estate Held for Sale             20,224 0  
Charge-off of loan held for investment             (27,366) (28,022)  
Charge-off of CECL reserve-other   $ 18,192 9,174 $ 17,175 $ 18,919   27,366 36,094  
Ending balance $ 2,236,310     $ 2,430,851     $ 2,236,310 $ 2,430,851  
Transfer of principal     8,800            
Number of loans | loan             20    
Total commitment             $ 355,300    
Multifamily                  
SEC Schedule, 12-29, Real Estate Companies, Investment in Movement in Mortgage Loans on Real Estate [Roll Forward]                  
Number of loans on nonaccrual status 1     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             $ 27,400    
Denver, Colorado                  
SEC Schedule, 12-29, Real Estate Companies, Investment in Movement in Mortgage Loans on Real Estate [Roll Forward]                  
Number of loans on nonaccrual status | loan 1 1         1   1
Denver, Colorado | Multifamily                  
SEC Schedule, 12-29, Real Estate Companies, Investment in Movement in Mortgage Loans on Real Estate [Roll Forward]                  
Number of loans on nonaccrual status | loan 2           2    
PD/LGD model                  
SEC Schedule, 12-29, Real Estate Companies, Investment in Movement in Mortgage Loans on Real Estate [Roll Forward]                  
Provision for (reversal of) loan losses for unfunded commitments $ 0 $ (100) $ 500 $ (300) $ (100) $ 200 $ 400 $ (300)