v3.25.4
Use of Special Purpose Entities (SPE) and Variable Interest Entities (VIE) - Schedule of Operations (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Variable Interest Entity [Line Items]      
Interest expense $ 452,647 $ 317,425 $ 192,134
Total net interest income 149,301 83,855 66,526
Expenses related to real estate 88,751 175,480 203,076
Total net loss from real estate (12,417) (42,841) (31,302)
Unrealized gains (losses), net 217,395 (90,530) 97,196
Gains on derivative instruments, net (58,303) 95,996 (26,378)
Impairment of real estate (9,767) (48,875) (89,548)
Loss on reclassification of disposal group 0 (14,636) (16,163)
Other income 16,509 29,149 4,736
Total other income (loss) 123,859 (42,236) (39,431)
Net income (loss) 137,657 (93,953) (77,799)
Net loss attributable to non-controlling interest in Consolidated VIEs 11,391 31,924 29,134
NET INCOME (LOSS) ATTRIBUTABLE TO COMPANY 149,048 (62,029) (48,665)
VIE, Primary Beneficiary      
Variable Interest Entity [Line Items]      
Net loss attributable to non-controlling interest in Consolidated VIEs 9,603 16,926 17,067
VIE, Primary Beneficiary | Financing And Other VIEs      
Variable Interest Entity [Line Items]      
Interest income 50,970 39,194 34,061
Interest expense 37,547 26,491 24,506
Total net interest income 13,423 12,703 9,555
Income from real estate 68,212 121,463 160,407
Expenses related to real estate 76,887 163,762 192,018
Total net loss from real estate (8,675) (42,299) (31,611)
Unrealized gains (losses), net 8,460 2,902 (10,016)
Gains on derivative instruments, net 57 2,788 4,837
Impairment of real estate (7,180) (43,959) (89,548)
Loss on reclassification of disposal group   (14,636) (16,163)
Other income 8,652 26,031 2,728
Total other income (loss) 9,989 (26,874) (108,162)
Net income (loss) 14,737 (56,470) (130,218)
Net loss attributable to non-controlling interest in Consolidated VIEs 11,391 31,924 29,134
NET INCOME (LOSS) ATTRIBUTABLE TO COMPANY 26,128 (24,546) (101,084)
VIE, Primary Beneficiary | Consolidated SLST      
Variable Interest Entity [Line Items]      
Interest income 50,970 39,194 34,061
Interest expense 37,547 26,491 24,506
Total net interest income 13,423 12,703 9,555
Income from real estate 0 0 0
Expenses related to real estate 0 0 0
Total net loss from real estate 0 0 0
Unrealized gains (losses), net 8,460 2,902 (10,016)
Gains on derivative instruments, net 0 0 0
Impairment of real estate 0 0 0
Loss on reclassification of disposal group   0 0
Other income 0 0 0
Total other income (loss) 8,460 2,902 (10,016)
Net income (loss) 21,883 15,605 (461)
NET INCOME (LOSS) ATTRIBUTABLE TO COMPANY 21,883 15,605 (461)
VIE, Primary Beneficiary | Consolidated Real Estate      
Variable Interest Entity [Line Items]      
Interest income 0 0 0
Interest expense 0 0 0
Total net interest income 0 0 0
Income from real estate 68,212 121,463 160,407
Expenses related to real estate 76,887 163,762 192,018
Total net loss from real estate (8,675) (42,299) (31,611)
Unrealized gains (losses), net 0 0 0
Gains on derivative instruments, net 57 2,788 4,837
Impairment of real estate (7,180) (43,959) (89,548)
Loss on reclassification of disposal group   (14,636) (16,163)
Other income 8,652 26,031 2,728
Total other income (loss) 1,529 (29,776) (98,146)
Net income (loss) (7,146) (72,075) (129,757)
Net loss attributable to non-controlling interest in Consolidated VIEs 11,391 31,924 29,134
NET INCOME (LOSS) ATTRIBUTABLE TO COMPANY $ 4,245 $ (40,151) $ (100,623)