Real Estate Securities - Schedule of Fair Value of AFS Securities by Type (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Debt and Equity Securities, FV-NI [Line Items]
AFS	$ 294,250	$ 287,557
Subordinate
Debt and Equity Securities, FV-NI [Line Items]
AFS	294,250
Other third-party securities | Subordinate
Debt and Equity Securities, FV-NI [Line Items]
AFS	192,610	185,737
Sequoia securities | Subordinate
Debt and Equity Securities, FV-NI [Line Items]
AFS	$ 101,640	$ 101,820