v3.25.4
Commercial Mortgage Loans Held for Investment - Schedule of Allowance for Credit Losses (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]      
Balance at Beginning of Year, Allowance for credit losses $ (13,898) [1] $ (21,849)  
Balance at Beginning of Year, Allowance for credit losses (13,994) (22,138)  
(Provision for) reversal of credit losses 1,165 (2,288) $ (16,911)
Charge-offs, Allowance for credit losses [4] 8,877 [2],[3] 10,432 [5] 3,483
Balance at End of Period, Allowance for credit losses (3,952) (13,994) (22,138)
Balance at End of Period, Allowance for credit losses (3,930) [1] (13,898) [1] (21,849)
Commercial Mortgage Loans      
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]      
Balance at Beginning of Year, Allowance for credit losses (13,898) (21,849)  
(Provision for) reversal of credit losses 1,091 (2,481)  
Charge-offs, Allowance for credit losses 8,877 [3] 10,432 [6]  
Balance at End of Period, Allowance for credit losses (3,930) (13,898) (21,849)
Unfunded Loan Commitments      
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]      
Balance at Beginning of Year, Allowance for credit losses (96) [7] (289) [8]  
(Provision for) reversal of credit losses 74 [7] 193 [8]  
Charge-offs, Allowance for credit losses 0 [3],[7] 0 [6],[8]  
Balance at End of Period, Allowance for credit losses $ (22) [7] $ (96) [7] $ (289) [8]
[1] First mortgage loans are first position mortgage loans and credit loans are mezzanine and subordinated loans.
[2] Relates to the acquisition of two properties secured by senior loans, settlement of a loan and write-off of a loan. See Note 13 – “Real Estate Owned” and “Asset-Specific CECL Reserve” section below for additional information.
[3] Relates to the acquisition of two properties secured by senior loans, settlement of a loan and write-off of a loan. See Note 13 – “Real Estate Owned” and “Asset-Specific CECL Reserve” section below for additional information.
[4] Relates to the acquisition of properties secured by senior loans, sale of loans, settlement of a loan and write-off of a loan. See Note 3, Note 5 and Note 13 for additional information.
[5] Relates to acquisition of two properties secured by a senior loan in July 2024 and one property secured by a senior loan in October 2024. See Note 13 - “Real Estate Owned” for additional information.
[6] Relates to acquisition of two properties secured by a senior loan in July 2024 and one property secured by a senior loan in October 2024. See Note 13 - “Real Estate Owned” for additional information.
[7] The reserve for expected credit losses related to unfunded loan commitments is recorded in “accrued expenses and other liabilities” on the consolidated balance sheets following the adoption of ASU 2016-13 on January 1, 2023.
[8] The reserve for expected credit losses related to unfunded loan commitments is recorded in “accrued expenses and other liabilities” on the consolidated balance sheets following the adoption of ASU 2016-13 on January 1, 2023.