v3.26.1
Segment Reporting (Details)
$ in Thousands
 3 Months Ended
Jul. 01, 2025
segment
Mar. 31, 2026
USD ($)
Mar. 31, 2025
USD ($)
Dec. 31, 2025
USD ($)
Segment Reporting [Abstract]        
Number of reportable segments | segment 1      
Segment Reporting Information [Line Items]        
Interest income   $ 92,249 $ 113,908  
Mortgage servicing rights   6,742 0  
Servicing revenue   10,550 0  
Revenue from real estate owned   6,882 6,797  
Interest expense   (65,230) (70,593)  
Compensation and benefits   (22,824) 0  
Administrative services expenses   (2,334) (3,348)  
Depreciation and amortization   (3,420) (1,380)  
Operating expenses   (26,713) (23,366)  
Other segment items   16,390 1,687  
Net income/(loss)   12,292 23,705  
Total Assets   6,301,001   $ 6,057,250
Real Estate Debt and Other Real Estate Investments        
Segment Reporting Information [Line Items]        
Interest income   85,339 111,765  
Mortgage servicing rights   0 0  
Servicing revenue   373 0  
Revenue from real estate owned   0 0  
Interest expense   (58,681) (69,934)  
Compensation and benefits   0 0  
Administrative services expenses   (1,372) (2,119)  
Depreciation and amortization   0 0  
Operating expenses   (9,618) (12,898)  
Other segment items   (14,806) 24  
Net income/(loss)   1,235 26,838  
Total Assets   4,953,848   4,797,877
Agency Business        
Segment Reporting Information [Line Items]        
Interest income   2,274 0  
Mortgage servicing rights   6,742 0  
Servicing revenue   10,177 0  
Revenue from real estate owned   30 0  
Interest expense   (2,899) 0  
Compensation and benefits   (22,824) 0  
Administrative services expenses   (57) 0  
Depreciation and amortization   (2,111) 0  
Operating expenses   (9,424) 0  
Other segment items   20,893 0  
Net income/(loss)   2,801 0  
Total Assets   760,086   857,562
Conduit        
Segment Reporting Information [Line Items]        
Interest income   3,822 1,542  
Mortgage servicing rights   0 0  
Servicing revenue   0 0  
Revenue from real estate owned   0 0  
Interest expense   (1,737) (213)  
Compensation and benefits   0 0  
Administrative services expenses   (905) (1,229)  
Depreciation and amortization   0 0  
Operating expenses   (1,943) (1,467)  
Other segment items   4,967 4,207  
Net income/(loss)   4,204 2,840  
Total Assets   198,047   33,015
Real Estate Owned        
Segment Reporting Information [Line Items]        
Interest income   814 601  
Mortgage servicing rights   0 0  
Servicing revenue   0 0  
Revenue from real estate owned   6,852 6,797  
Interest expense   (1,913) (446)  
Compensation and benefits   0 0  
Administrative services expenses   0 0  
Depreciation and amortization   (1,309) (1,380)  
Operating expenses   (5,728) (9,001)  
Other segment items   5,336 (2,544)  
Net income/(loss)   4,052 $ (5,973)  
Total Assets   $ 389,020   $ 368,796