v3.26.1
Fair Value of Financial Instruments - Schedule of Financial Instruments Carried at Fair Value on a Recurring Basis (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Assets, at fair value    
Real estate securities, available for sale, measured at fair value [1] $ 178,712 $ 151,662
Commercial mortgage loans, held for sale, measured at fair value [2] 423,031 360,718
Derivative instruments, measured at fair value 17,195 11,315
Liabilities, at fair value    
Treasury notes 4,279 6,951
Fair Value, Measurements, Recurring    
Assets, at fair value    
Real estate securities, available for sale, measured at fair value 178,712 151,662
Commercial mortgage loans, held for sale, measured at fair value 175,750 29,500
Total assets, at fair value 620,136 523,695
Liabilities, at fair value    
Total liabilities, at fair value 5,477 6,951
Fair Value, Measurements, Recurring | Credit default swaps    
Liabilities, at fair value    
Treasury notes 1,680  
Fair Value, Measurements, Recurring | Options    
Assets, at fair value    
Derivative instruments, measured at fair value 235  
Fair Value, Measurements, Recurring | Commercial mortgage loans, held for sale, measured at fair value - Agency    
Assets, at fair value    
Commercial mortgage loans, held for sale, measured at fair value 247,281 331,218
Fair Value, Measurements, Recurring | Loan commitments    
Assets, at fair value    
Derivative instruments, measured at fair value 11,905 10,518
Fair Value, Measurements, Recurring | Forward sale commitments    
Assets, at fair value    
Commercial mortgage loans, held for sale, measured at fair value 5,290 797
Liabilities, at fair value    
Treasury notes 3,797 6,209
Fair Value, Measurements, Recurring | Treasury notes    
Assets, at fair value    
Derivative instruments, measured at fair value 963  
Liabilities, at fair value    
Treasury notes   28
Fair Value, Measurements, Recurring | Credit default swaps    
Liabilities, at fair value    
Treasury notes   714
Fair Value, Measurements, Recurring | Level I    
Assets, at fair value    
Real estate securities, available for sale, measured at fair value 0 0
Commercial mortgage loans, held for sale, measured at fair value 0 0
Total assets, at fair value 1,198 0
Liabilities, at fair value    
Total liabilities, at fair value 0 28
Fair Value, Measurements, Recurring | Level I | Credit default swaps    
Liabilities, at fair value    
Treasury notes 0  
Fair Value, Measurements, Recurring | Level I | Options    
Assets, at fair value    
Derivative instruments, measured at fair value 235  
Fair Value, Measurements, Recurring | Level I | Commercial mortgage loans, held for sale, measured at fair value - Agency    
Assets, at fair value    
Commercial mortgage loans, held for sale, measured at fair value 0 0
Fair Value, Measurements, Recurring | Level I | Loan commitments    
Assets, at fair value    
Derivative instruments, measured at fair value 0 0
Fair Value, Measurements, Recurring | Level I | Forward sale commitments    
Assets, at fair value    
Commercial mortgage loans, held for sale, measured at fair value 0 0
Liabilities, at fair value    
Treasury notes 0 0
Fair Value, Measurements, Recurring | Level I | Treasury notes    
Assets, at fair value    
Derivative instruments, measured at fair value 963  
Liabilities, at fair value    
Treasury notes   28
Fair Value, Measurements, Recurring | Level I | Credit default swaps    
Liabilities, at fair value    
Treasury notes   0
Fair Value, Measurements, Recurring | Level II    
Assets, at fair value    
Real estate securities, available for sale, measured at fair value 178,712 151,662
Commercial mortgage loans, held for sale, measured at fair value 0 0
Total assets, at fair value 178,712 151,662
Liabilities, at fair value    
Total liabilities, at fair value 1,680 714
Fair Value, Measurements, Recurring | Level II | Credit default swaps    
Liabilities, at fair value    
Treasury notes 1,680  
Fair Value, Measurements, Recurring | Level II | Options    
Assets, at fair value    
Derivative instruments, measured at fair value 0  
Fair Value, Measurements, Recurring | Level II | Commercial mortgage loans, held for sale, measured at fair value - Agency    
Assets, at fair value    
Commercial mortgage loans, held for sale, measured at fair value 0 0
Fair Value, Measurements, Recurring | Level II | Loan commitments    
Assets, at fair value    
Derivative instruments, measured at fair value 0 0
Fair Value, Measurements, Recurring | Level II | Forward sale commitments    
Assets, at fair value    
Commercial mortgage loans, held for sale, measured at fair value 0 0
Liabilities, at fair value    
Treasury notes 0 0
Fair Value, Measurements, Recurring | Level II | Treasury notes    
Assets, at fair value    
Derivative instruments, measured at fair value 0  
Liabilities, at fair value    
Treasury notes   0
Fair Value, Measurements, Recurring | Level II | Credit default swaps    
Liabilities, at fair value    
Treasury notes   714
Fair Value, Measurements, Recurring | Level III    
Assets, at fair value    
Real estate securities, available for sale, measured at fair value 0 0
Commercial mortgage loans, held for sale, measured at fair value 175,750 29,500
Total assets, at fair value 440,226 372,033
Liabilities, at fair value    
Total liabilities, at fair value 3,797 6,209
Fair Value, Measurements, Recurring | Level III | Credit default swaps    
Liabilities, at fair value    
Treasury notes 0  
Fair Value, Measurements, Recurring | Level III | Options    
Assets, at fair value    
Derivative instruments, measured at fair value 0  
Fair Value, Measurements, Recurring | Level III | Commercial mortgage loans, held for sale, measured at fair value - Agency    
Assets, at fair value    
Commercial mortgage loans, held for sale, measured at fair value 247,281 331,218
Fair Value, Measurements, Recurring | Level III | Loan commitments    
Assets, at fair value    
Derivative instruments, measured at fair value 11,905 10,518
Fair Value, Measurements, Recurring | Level III | Forward sale commitments    
Assets, at fair value    
Commercial mortgage loans, held for sale, measured at fair value 5,290 797
Liabilities, at fair value    
Treasury notes 3,797 6,209
Fair Value, Measurements, Recurring | Level III | Treasury notes    
Assets, at fair value    
Derivative instruments, measured at fair value $ 0  
Liabilities, at fair value    
Treasury notes   0
Fair Value, Measurements, Recurring | Level III | Credit default swaps    
Liabilities, at fair value    
Treasury notes   $ 0
[1] Includes pledged assets of $178.7 million and $151.7 million as of March 31, 2026 and December 31, 2025, respectively.
[2] Includes pledged assets of $1.2 billion and $855.2 million as of March 31, 2026 and December 31, 2025, respectively.