Investments in Real Estate Debt - Schedule of Real Estate-Related Securities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Fair Value
Beginning balance	$ 696,052
Ending balance	2,101,147	$ 696,052
CMBS
Amortized Cost Basis
Beginning balance	503,379	30,830
Face value of real estate-related securities acquired	794,078	512,551
Sale of real estate-related securities	(452,434)	(41,781)
Realized gain on sale of real estate-related securities	1,815	494
Sale of accrued interest associated with real estate-related securities	2,478	1,285
Unrealized gain on real estate securities	0	0
Ending balance	849,316	503,379
Gain/(Loss)
Beginning balance	2,158	144
Face value of real estate-related securities acquired	0	0
Sale of real estate-related securities	0	0
Realized gain on sale of real estate-related securities		0
Sale of accrued interest associated with real estate-related securities	0	0
Unrealized gain on real estate securities	2,057	2,014
Ending balance	4,215	2,158
Fair Value
Beginning balance	505,537	30,974
Face value of real estate-related securities acquired	794,078	512,551
Sale of real estate-related securities	(452,434)	(41,781)
Realized gain on sale of real estate-related securities	1,815	494
Sale of accrued interest associated with real estate-related securities	2,478	1,285
Unrealized gain on real estate securities	2,057	2,014
Ending balance	$ 853,531	$ 505,537