CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Dec. 31, 2025	Jun. 30, 2025	Mar. 31, 2025
Operating activities:
Net income (loss)	$ (9,605)	$ (3,865)	$ (11,035)	$ 9,345
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Amortization of deferred financing costs	1,119			1,198
Accretion of discounts, deferred loan origination fees and costs	(1,203)			(1,283)
Stock-based compensation	897			1,050
Depreciation and amortization of real estate owned	741			2,182
Provision for (reversal of) current expected credit losses, net	11,138			(5,340)
Realized losses on loans	3,340			0
Changes in operating assets and liabilities:
Loans held for sale	60,544			0
Other assets	(3,516)			1,561
Due to affiliate	24			404
Other liabilities	1,001			(1,107)
Net cash provided by (used in) operating activities	(56,608)			8,010
Investing activities:
Issuance of and fundings on loans held for investment	(199,126)			(7,011)
Principal collections and cost-recovery proceeds on loans held for investment	96,222			305,443
Receipt of origination and other loan fees	2,254			234
Principal repayment of available-for-sale debt securities	0			88
Purchases of capitalized additions to real estate owned	(534)			(15)
Receipt (disbursement) of escrows and reserves for loans held for investment, net	11,409			0
Net cash provided by (used in) investing activities	(89,775)			298,739
Financing activities:
Payment of secured funding costs	(1,998)			(1,924)
Repayments of debt of consolidated VIEs	(99,921)			(304,049)
Dividends paid	(8,442)			(13,924)
Net cash provided by (used in) financing activities	213,558			(243,960)
Change in cash, cash equivalents and restricted cash	67,175			62,789
Cash, cash equivalents and restricted cash, beginning of period	67,157		$ 129,083	66,294
Cash, cash equivalents and restricted cash, end of period	134,332	67,157		129,083
Reconciliation of cash, cash equivalents and restricted cash:
Cash and cash equivalents	86,163	29,289		125,496
Restricted cash	48,169	37,868		3,587
Total cash, cash equivalents and restricted cash shown in the Consolidated Statements of Cash Flows	134,332	$ 67,157		129,083
Supplemental disclosure of noncash investing and financing activities:
Dividends declared, but not yet paid	8,442			8,354
Other receivables related to consolidated VIEs	0			4,262
Secured funding agreements
Financing activities:
Proceeds from secured funding agreements	333,040			114,797
Repayments of secured funding agreements	(9,121)			(28,860)
Secured term loan
Financing activities:
Repayments of secured funding agreements	$ 0			$ (10,000)