Loans Receivable, at fair value - Schedule of Loans Held for Investment Portfolio (Details) - USD ($)
$ in Thousands |
12 Months Ended |
|
|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
Jun. 13, 2023 |
| SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] |
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| Loan Amount |
$ 1,451,231
|
$ 876,425
|
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| Principal Balance Outstanding |
1,394,131
|
834,492
|
|
|
| Fair Value |
$ 1,392,131
|
$ 828,215
|
$ 158,288
|
$ 0
|
| Industrial Washington, D.C. [Member] | Individually Specific Mortgage Loans [Member] |
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| SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] |
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| Origination Date |
Dec. 24, 2025
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| Weighted average interest rate |
6.13%
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| Loan Amount |
$ 147,250
|
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| Principal Balance Outstanding |
139,400
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| Fair Value |
$ 139,400
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| Payment Terms |
Monthly; I/O
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| Maximum Maturity Date |
Jan. 09, 2031
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| Multifamily Orlando, FL [Member] | Individually Specific Mortgage Loans [Member] |
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| SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] |
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| Origination Date |
Dec. 09, 2025
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| Weighted average interest rate |
6.12%
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| Loan Amount |
$ 66,800
|
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| Principal Balance Outstanding |
63,800
|
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| Fair Value |
$ 63,800
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| Payment Terms |
Monthly; I/O
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| Maximum Maturity Date |
Dec. 09, 2030
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| Multifamily Santa Clara, CA [Member] | Individually Specific Mortgage Loans [Member] |
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| SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] |
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| Origination Date |
Nov. 20, 2025
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| Weighted average interest rate |
6.26%
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| Loan Amount |
$ 87,750
|
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| Principal Balance Outstanding |
87,500
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| Fair Value |
$ 87,500
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| Payment Terms |
Monthly; I/O
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| Maximum Maturity Date |
Dec. 09, 2030
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| Multifamily, New York, NY [Member] | Individually Specific Mortgage Loans [Member] |
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| SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] |
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| Origination Date |
Oct. 16, 2025
|
Jun. 27, 2024
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|
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| Weighted average interest rate |
6.28%
|
7.73%
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| Loan Amount |
$ 64,000
|
$ 20,000
|
|
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| Principal Balance Outstanding |
64,000
|
20,000
|
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| Fair Value |
$ 64,000
|
$ 19,849
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| Payment Terms |
Monthly; I/O
|
Monthly; I/O
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| Maximum Maturity Date |
Nov. 09, 2030
|
Jul. 09, 2029
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| Multifamily Pensacola, FL [Member] | Individually Specific Mortgage Loans [Member] |
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| SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] |
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| Origination Date |
Oct. 09, 2025
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|
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| Weighted average interest rate |
6.41%
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| Loan Amount |
$ 41,000
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| Principal Balance Outstanding |
41,000
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| Fair Value |
$ 41,000
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| Payment Terms |
Monthly; I/O
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| Maximum Maturity Date |
Oct. 09, 2030
|
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| Industrial Alpharetta, GA [Member] | Individually Specific Mortgage Loans [Member] |
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| SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] |
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| Origination Date |
Sep. 22, 2025
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| Weighted average interest rate |
6.44%
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| Loan Amount |
$ 53,700
|
|
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| Principal Balance Outstanding |
49,500
|
|
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| Fair Value |
$ 49,500
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| Payment Terms |
Monthly; I/O
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| Maximum Maturity Date |
Oct. 09, 2030
|
|
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| Multifamily Fort Collins, CO [Member] | Individually Specific Mortgage Loans [Member] |
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| SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] |
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| Origination Date |
Jul. 31, 2025
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|
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| Weighted average interest rate |
6.41%
|
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| Loan Amount |
$ 82,000
|
|
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| Principal Balance Outstanding |
81,750
|
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| Fair Value |
$ 81,750
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| Payment Terms |
Monthly; I/O
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| Maximum Maturity Date |
Aug. 09, 2030
|
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| Multifamily Phoenix, AZ [Member] | Individually Specific Mortgage Loans [Member] |
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| SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] |
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| Origination Date |
Apr. 16, 2025
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|
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| Weighted average interest rate |
6.60%
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| Loan Amount |
$ 34,750
|
|
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| Principal Balance Outstanding |
34,585
|
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| Fair Value |
$ 34,585
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| Payment Terms |
Monthly; I/O
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| Maximum Maturity Date |
May 09, 2030
|
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| Multifamily San Antonio, TX [Member] | Individually Specific Mortgage Loans [Member] |
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| SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] |
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| Origination Date |
Apr. 03, 2025
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| Weighted average interest rate |
6.70%
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| Loan Amount |
$ 46,000
|
|
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| Principal Balance Outstanding |
39,530
|
|
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| Fair Value |
$ 39,530
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| Payment Terms |
Monthly; I/O
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| Maximum Maturity Date |
Apr. 09, 2030
|
|
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| Industrial Canoga Park, CA [Member] | Individually Specific Mortgage Loans [Member] |
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| SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] |
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| Origination Date |
May 08, 2025
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|
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| Weighted average interest rate |
7.04%
|
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| Loan Amount |
$ 28,930
|
|
|
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| Principal Balance Outstanding |
21,726
|
|
|
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| Fair Value |
$ 21,726
|
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| Payment Terms |
Monthly; I/O
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| Maximum Maturity Date |
May 09, 2030
|
|
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| Industrial Mooresville Nc [Member] | Individually Specific Mortgage Loans [Member] |
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| SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] |
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| Origination Date |
Mar. 31, 2025
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|
|
|
| Weighted average interest rate |
6.70%
|
|
|
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| Loan Amount |
$ 36,750
|
|
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| Principal Balance Outstanding |
35,000
|
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|
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| Fair Value |
$ 35,000
|
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| Payment Terms |
Monthly; I/O
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| Maximum Maturity Date |
Apr. 09, 2030
|
|
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| Multifamily Grand Prairie Tx [Member] | Individually Specific Mortgage Loans [Member] |
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| SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] |
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| Origination Date |
Feb. 21, 2025
|
|
|
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| Weighted average interest rate |
6.72%
|
|
|
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| Loan Amount |
$ 46,000
|
|
|
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| Principal Balance Outstanding |
45,420
|
|
|
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| Fair Value |
$ 45,420
|
|
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| Payment Terms |
Monthly; I/O
|
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| Maximum Maturity Date |
Mar. 09, 2030
|
|
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|
| Multifamily - Spring, TX [Member] | Individually Specific Mortgage Loans [Member] |
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| SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] |
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|
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| Origination Date |
Dec. 12, 2024
|
Dec. 12, 2024
|
|
|
| Weighted average interest rate |
7.17%
|
7.42%
|
|
|
| Loan Amount |
$ 32,800
|
$ 32,800
|
|
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| Principal Balance Outstanding |
32,800
|
32,800
|
|
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| Fair Value |
$ 32,800
|
$ 32,800
|
|
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| Payment Terms |
Monthly; I/O
|
Monthly; I/O
|
|
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| Maximum Maturity Date |
Jan. 09, 2030
|
Jan. 09, 2030
|
|
|
| Industrial - Nashville, TN & Atlanta, GA [Member] | Individually Specific Mortgage Loans [Member] |
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|
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| SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] |
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|
|
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| Origination Date |
Sep. 12, 2024
|
Sep. 12, 2024
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|
|
| Weighted average interest rate |
7.08%
|
7.33%
|
|
|
| Loan Amount |
$ 188,326
|
$ 188,326
|
|
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| Principal Balance Outstanding |
181,976
|
181,178
|
|
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| Fair Value |
$ 180,854
|
$ 179,422
|
|
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| Payment Terms |
Monthly; I/O
|
Monthly; I/O
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|
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| Maximum Maturity Date |
Oct. 09, 2029
|
Oct. 09, 2029
|
|
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| Multifamily - Berkeley, CA [Member] | Individually Specific Mortgage Loans [Member] |
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| SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] |
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|
|
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| Origination Date |
Aug. 07, 2024
|
Aug. 07, 2024
|
|
|
| Weighted average interest rate |
6.98%
|
7.23%
|
|
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| Loan Amount |
$ 88,000
|
$ 88,000
|
|
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| Principal Balance Outstanding |
88,000
|
88,000
|
|
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| Fair Value |
$ 87,797
|
$ 87,463
|
|
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| Payment Terms |
Monthly; I/O
|
Monthly; I/O
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|
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| Maximum Maturity Date |
Aug. 07, 2029
|
Aug. 07, 2029
|
|
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| Multifamily - New York, NY [Member] | Individually Specific Mortgage Loans [Member] |
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|
|
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| SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] |
|
|
|
|
| Origination Date |
Jun. 27, 2024
|
|
|
|
| Weighted average interest rate |
7.48%
|
|
|
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| Loan Amount |
$ 20,000
|
|
|
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| Principal Balance Outstanding |
20,000
|
|
|
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| Fair Value |
$ 19,948
|
|
|
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| Payment Terms |
Monthly; I/O
|
|
|
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| Maximum Maturity Date |
Jul. 09, 2029
|
|
|
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| Industrial - United Kingdom (Various) [Member] | Individually Specific Mortgage Loans [Member] |
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|
|
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| SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] |
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|
|
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| Origination Date |
Apr. 25, 2024
|
Apr. 25, 2024
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|
|
| Weighted average interest rate |
6.76%
|
7.21%
|
|
|
| Loan Amount |
$ 202,125
|
$ 187,740
|
|
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| Principal Balance Outstanding |
200,110
|
187,740
|
|
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| Fair Value |
$ 200,091
|
$ 186,328
|
|
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| Payment Terms |
Quarterly; I/O
|
Quarterly; I/O
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|
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| Maximum Maturity Date |
Feb. 15, 2029
|
Feb. 15, 2029
|
|
|
| Multifamily - Hayward, CA [Member] | Individually Specific Mortgage Loans [Member] |
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| SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] |
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|
|
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| Origination Date |
Nov. 30, 2023
|
Nov. 30, 2023
|
|
|
| Weighted average interest rate |
7.06%
|
7.73%
|
|
|
| Loan Amount |
$ 185,050
|
$ 185,050
|
|
|
| Principal Balance Outstanding |
168,034
|
165,080
|
|
|
| Fair Value |
$ 167,430
|
$ 163,832
|
|
|
| Payment Terms |
Monthly; I/O
|
Monthly; I/O
|
|
|
| Maximum Maturity Date |
Dec. 09, 2028
|
Dec. 09, 2028
|
|
|
| Multifamily - Houston, TX [Member] | Individually Specific Mortgage Loans [Member] |
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|
|
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| SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] |
|
|
|
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| Origination Date |
|
Feb. 09, 2024
|
|
|
| Weighted average interest rate |
|
7.73%
|
|
|
| Loan Amount |
|
$ 96,300
|
|
|
| Principal Balance Outstanding |
|
93,800
|
|
|
| Fair Value |
|
$ 93,267
|
|
|
| Payment Terms |
|
Monthly; I/O
|
|
|
| Maximum Maturity Date |
|
Feb. 11, 2030
|
|
|
| Self-Storage - United States (Various) [Member] | Individually Specific Mortgage Loans [Member] |
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|
|
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| SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] |
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|
|
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| Origination Date |
|
Aug. 01, 2024
|
|
|
| Weighted average interest rate |
|
7.68%
|
|
|
| Loan Amount |
|
$ 78,209
|
|
|
| Principal Balance Outstanding |
|
65,894
|
|
|
| Fair Value |
|
$ 65,254
|
|
|
| Payment Terms |
|
Monthly; I/O
|
|
|
| Maximum Maturity Date |
|
Aug. 01, 2029
|
|
|