Investments in Real Estate Debt - Schedule of Investments in Real Estate Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Fair Value	$ 2,101,147	$ 696,052
Fair Value, Recurring
Debt Instrument [Line Items]
Cost Basis	1,694,047	617,318
Fair Value	$ 1,705,886	$ 619,476
Percentage Based on Fair Value	1	1
Unrated | Fair Value, Recurring
Debt Instrument [Line Items]
Cost Basis	$ 848,178	$ 113,939
Fair Value	$ 855,802	$ 113,939
Percentage Based on Fair Value	0.50	0.18
Aaa | Fair Value, Recurring
Debt Instrument [Line Items]
Cost Basis	$ 19,999	$ 25,695
Fair Value	$ 20,024	$ 25,675
Percentage Based on Fair Value	0.01	0.04
Aa3 | Fair Value, Recurring
Debt Instrument [Line Items]
Cost Basis	$ 0	$ 27,509
Fair Value	$ 0	$ 27,532
Percentage Based on Fair Value	0	0.05
A2 | Fair Value, Recurring
Debt Instrument [Line Items]
Cost Basis	$ 9,853	$ 0
Fair Value	$ 9,906	$ 0
Percentage Based on Fair Value	0.01	0
A3 | Fair Value, Recurring
Debt Instrument [Line Items]
Cost Basis	$ 6,363	$ 99,820
Fair Value	$ 6,381	$ 100,110
Percentage Based on Fair Value	0	0.16
Baa1 | Fair Value, Recurring
Debt Instrument [Line Items]
Cost Basis	$ 5,169	$ 0
Fair Value	$ 5,174	$ 0
Percentage Based on Fair Value	0	0
Baa2 | Fair Value, Recurring
Debt Instrument [Line Items]
Cost Basis	$ 0	$ 12,017
Fair Value	$ 0	$ 12,032
Percentage Based on Fair Value	0	0.02
Baa3 | Fair Value, Recurring
Debt Instrument [Line Items]
Cost Basis	$ 51,591	$ 87,398
Fair Value	$ 51,637	$ 87,923
Percentage Based on Fair Value	0.03	0.14
Ba1 | Fair Value, Recurring
Debt Instrument [Line Items]
Cost Basis	$ 1,856	$ 6,629
Fair Value	$ 1,867	$ 6,656
Percentage Based on Fair Value	0	0.01
Ba2 | Fair Value, Recurring
Debt Instrument [Line Items]
Cost Basis	$ 270,013	$ 48,994
Fair Value	$ 271,579	$ 49,222
Percentage Based on Fair Value	0.16	0.08
Ba3 | Fair Value, Recurring
Debt Instrument [Line Items]
Cost Basis	$ 197,084	$ 155,215
Fair Value	$ 196,270	$ 155,885
Percentage Based on Fair Value	0.12	0.25
B1 | Fair Value, Recurring
Debt Instrument [Line Items]
Cost Basis	$ 49,838	$ 0
Fair Value	$ 51,039	$ 0
Percentage Based on Fair Value	0.03	0
B2 | Fair Value, Recurring
Debt Instrument [Line Items]
Cost Basis	$ 81,050	$ 0
Fair Value	$ 81,090	$ 0
Percentage Based on Fair Value	0.05	0
B3 | Fair Value, Recurring
Debt Instrument [Line Items]
Cost Basis	$ 153,053	$ 40,102
Fair Value	$ 155,117	$ 40,502
Percentage Based on Fair Value	0.09	0.07
CMBS
Debt Instrument [Line Items]
Cost Basis	$ 849,316	$ 503,379	$ 30,830
Fair Value	$ 853,531	$ 505,537	$ 30,974
Fair Value, Recurring
Debt Instrument [Line Items]
Weighted average coupon	8.00%	9.00%
Face Amount	$ 1,699,277	$ 617,369
Cost Basis	1,694,047	617,318
Fair Value	$ 1,705,886	$ 619,476
Fair Value, Recurring | CMBS
Debt Instrument [Line Items]
Weighted average coupon	4.00%	4.00%
Face Amount	$ 850,286	$ 503,280
Cost Basis	849,316	503,379
Fair Value	$ 853,531	$ 505,537
Fair Value, Recurring | Commercial real estate loans
Debt Instrument [Line Items]
Weighted average coupon	9.00%	12.00%
Face Amount	$ 848,991	$ 114,089
Cost Basis	844,731	113,939
Fair Value	$ 852,355	$ 113,939