Real Estate Securities - Schedule of Fair Value of AFS Securities by Type (Details) - USD ($) $ in Thousands	Jun. 30, 2025	Dec. 31, 2024
Debt and Equity Securities, FV-NI [Line Items]
AFS	$ 114,499	$ 211,474
Senior
Debt and Equity Securities, FV-NI [Line Items]
AFS	0	39,365
Mezzanine
Debt and Equity Securities, FV-NI [Line Items]
AFS	15,002	31,867
Subordinate
Debt and Equity Securities, FV-NI [Line Items]
AFS	99,497	140,242
Other third-party securities
Debt and Equity Securities, FV-NI [Line Items]
AFS	18,897	108,504
Other third-party securities | Senior
Debt and Equity Securities, FV-NI [Line Items]
AFS	0	39,365
Other third-party securities | Mezzanine
Debt and Equity Securities, FV-NI [Line Items]
AFS	15,002	28,948
Other third-party securities | Subordinate
Debt and Equity Securities, FV-NI [Line Items]
AFS	3,895	40,191
Multifamily securities
Debt and Equity Securities, FV-NI [Line Items]
AFS	0	11,749
Multifamily securities | Senior
Debt and Equity Securities, FV-NI [Line Items]
AFS	0	0
Multifamily securities | Mezzanine
Debt and Equity Securities, FV-NI [Line Items]
AFS	0	2,919
Multifamily securities | Subordinate
Debt and Equity Securities, FV-NI [Line Items]
AFS	0	8,830
Sequoia securities
Debt and Equity Securities, FV-NI [Line Items]
AFS	95,602	91,221
Sequoia securities | Senior
Debt and Equity Securities, FV-NI [Line Items]
AFS	0	0
Sequoia securities | Mezzanine
Debt and Equity Securities, FV-NI [Line Items]
AFS	0	0
Sequoia securities | Subordinate
Debt and Equity Securities, FV-NI [Line Items]
AFS	$ 95,602	$ 91,221