Real Estate Securities - Schedule of Fair Value of AFS Securities by Type (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Debt Securities, Available-for-sale [Line Items]
Total Fair Value	$ 211,474	$ 87,373
Senior
Debt Securities, Available-for-sale [Line Items]
Total Fair Value	39,365	0
Mezzanine
Debt Securities, Available-for-sale [Line Items]
Total Fair Value	31,867	0
Subordinate
Debt Securities, Available-for-sale [Line Items]
Total Fair Value	140,242	87,373
Other third-party securities
Debt Securities, Available-for-sale [Line Items]
Total Fair Value	108,504	3,971
Other third-party securities | Senior
Debt Securities, Available-for-sale [Line Items]
Total Fair Value	39,365	0
Other third-party securities | Mezzanine
Debt Securities, Available-for-sale [Line Items]
Total Fair Value	28,948	0
Other third-party securities | Subordinate
Debt Securities, Available-for-sale [Line Items]
Total Fair Value	40,191	3,971
Multifamily securities
Debt Securities, Available-for-sale [Line Items]
Total Fair Value	11,749	4,460
Multifamily securities | Senior
Debt Securities, Available-for-sale [Line Items]
Total Fair Value	0	0
Multifamily securities | Mezzanine
Debt Securities, Available-for-sale [Line Items]
Total Fair Value	2,919	0
Multifamily securities | Subordinate
Debt Securities, Available-for-sale [Line Items]
Total Fair Value	8,830	4,460
Sequoia securities
Debt Securities, Available-for-sale [Line Items]
Total Fair Value	91,221	78,942
Sequoia securities | Senior
Debt Securities, Available-for-sale [Line Items]
Total Fair Value	0	0
Sequoia securities | Mezzanine
Debt Securities, Available-for-sale [Line Items]
Total Fair Value	0	0
Sequoia securities | Subordinate
Debt Securities, Available-for-sale [Line Items]
Total Fair Value	$ 91,221	$ 78,942