INVESTMENTS IN LOANS - Schedule of Loans, at Fair Value by Loan (Details) $ in Thousands	5 Months Ended
	Dec. 31, 2025 USD ($) loan
RTLs
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items]
Carrying Value | $	$ 176,584
% of Portfolio	1.000
Loan Count | loan	116
% of Portfolio	1.000
Weighted Average Asset Yield	0.080
Weighted Average Original Life (Months)	10 months
Weighted Average Loan Balance to Value/After Repaired Value	0.657
NQMs
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items]
Carrying Value | $	$ 87,630
Loan Count | loan	172
Weighted Average Asset Yield	0.060
Weighted Average Life (Years)	5 years 3 months 18 days
Construction | RTLs
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items]
Carrying Value | $	$ 50,879
% of Portfolio	0.288
Loan Count | loan	26
% of Portfolio	0.224
Weighted Average Asset Yield	0.082
Weighted Average Original Life (Months)	10 months
Weighted Average Loan Balance to Value/After Repaired Value	0.634
Bridge | RTLs
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items]
Carrying Value | $	$ 94,728
% of Portfolio	0.537
Loan Count | loan	51
% of Portfolio	0.440
Weighted Average Asset Yield	0.080
Weighted Average Original Life (Months)	10 months
Weighted Average Loan Balance to Value/After Repaired Value	0.661
Renovation | RTLs
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items]
Carrying Value | $	$ 30,977
% of Portfolio	0.175
Loan Count | loan	39
% of Portfolio	0.336
Weighted Average Asset Yield	0.078
Weighted Average Original Life (Months)	10 months
Weighted Average Loan Balance to Value/After Repaired Value	0.682