v3.25.4
Commercial Mortgage Loans Held for Investment - Schedule of Commercial Mortgage Loans held for Investment (Details)
$ in Thousands
Dec. 31, 2025
USD ($)
Loan
Dec. 31, 2024
USD ($)
Loan
Dec. 31, 2023
USD ($)
Jan. 01, 2023
USD ($)
Dec. 31, 2022
USD ($)
Mortgage Loans On Real Estate [Line Items]          
Number of Loans | Loan [1] 15 25      
Principal Balance [1] $ 350,675 [2] $ 562,683      
Unamortized (fees)/costs, net [1] 1,148 388      
Allowance for credit losses (3,930) [1] (13,898) [1] $ (21,849) $ (3,588)  
Carrying Value 347,893 [2],[3] 549,173 722,003   $ 842,278
Carrying Value $ 347,893 [1] $ 549,173 [1] $ 722,003    
Weighted Average Interest Rate [1],[4] 7.30% 7.70%      
Weighted Average Years to Maturity [1],[5] 4 months 24 days 7 months 6 days      
First Mortgage Loans [Member]          
Mortgage Loans On Real Estate [Line Items]          
Number of Loans | Loan [1] 14 23      
Principal Balance [1] $ 343,175 $ 549,303      
Unamortized (fees)/costs, net [1] 1,148 388      
Allowance for credit losses [1] (3,930) (9,898)      
Carrying Value [1] $ 340,393 $ 539,793      
Weighted Average Interest Rate [1],[4] 7.30% 7.70%      
Weighted Average Years to Maturity [1],[5] 4 months 24 days 7 months 6 days      
Credit Loans [Member]          
Mortgage Loans On Real Estate [Line Items]          
Number of Loans | Loan [1] 1 2      
Principal Balance [1] $ 7,500 $ 13,380      
Allowance for credit losses [1]   (4,000)      
Carrying Value [1] $ 7,500 $ 9,380      
Weighted Average Interest Rate [1],[4] 9.20% 9.20%      
Weighted Average Years to Maturity [1],[5] 1 year 9 months 18 days 1 year 10 months 24 days      
[1] First mortgage loans are first position mortgage loans and credit loans are mezzanine and subordinated loans.
[2] Cash coupon is the stated rate on the loan. Our first mortgage loans are all floating rate and each contains a minimum SOFR floor. As of December 31, 2025, the weighted average SOFR floor for these loans was 0.31%. An 80% undivided senior interest in First Mortgage Loan 1, which includes the right to receive priority interest payments at a rate of SOFR+2.00%, was sold by our Operating Partnership pursuant to a Loan Participation Agreement dated November 15, 2021. Our Operating Partnership has retained a 20% undivided subordinate interest in the loan.
[3] First mortgage loans are first position mortgage loans and credit loans are mezzanine and subordinated loans.
[4] Weighted average interest rate is based on the loan spreads plus the applicable indices as of the last interest reset date, which is typically the 15th of each month. On December 15, 2025, the one-month term USD Secured Overnight Financing Rate (“SOFR”) rate reset to 3.75%. On December 15, 2024, the SOFR rate reset to 4.40%. Weighted average interest rate excludes maturity default interest and interest on loans placed on nonaccrual status.
[5] Weighted average years to maturity excludes allowable extensions on the loans.