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Real Estate Securities - Narrative (Details)
$ in Thousands
12 Months Ended
Dec. 31, 2025
USD ($)
Investment
Dec. 31, 2024
USD ($)
Investment
Dec. 31, 2023
USD ($)
Sep. 30, 2025
USD ($)
Investment Holdings [Line Items]        
AFS $ 287,557 $ 211,474    
CECL credit allowance 1,066 921 $ 2,482  
Debt securities, available-for-sale, realized gain 1,000      
Unrealized gains on AFS securities 9,041 12,345 6,230  
Accretion income on AFS securities $ 3,000 $ 2,000 $ 1,000  
Number of AFS securities | Investment 63 90    
Number of securities in unrealized loss position | Investment 11 20    
Number of securities in a continuous unrealized loss position for twelve consecutive months or longer | Investment 11 11    
Legacy Bridge Loans        
Investment Holdings [Line Items]        
Fair value of loans $ 484,000     $ 484,000
Residential        
Investment Holdings [Line Items]        
Marketable securities, less than five years 183,000      
Marketable securities, due from five to ten years 4,000      
Subordinate        
Investment Holdings [Line Items]        
AFS 287,557 $ 140,242    
CECL credit allowance 1,066 $ 921    
Subordinate | Legacy Investments        
Investment Holdings [Line Items]        
AFS 182,000     $ 182,000
CECL credit allowance $ 300