v3.26.1
Investments in Loans Receivable (Details) - USD ($)
$ in Thousands
3 Months Ended 12 Months Ended
Mar. 31, 2026
Dec. 31, 2025
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loan Amount $ 716,557 $ 471,671
Principal Balance Outstanding 619,721 372,276
Fair Value $ 619,721 $ 372,276
Weighted Average Interest Rate 7.03% 7.13%
Weighted Average Life 3 years 11 months 8 days 4 years 2 months 1 day
Financing receivable, basis spread on variable rate 6.45%  
Investment Concentration Risk | Investments in loans receivable    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Percentage 100.00% 100.00%
Southeast    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Fair Value $ 184,191 $ 120,168
Southeast | Investment Concentration Risk | Investments in loans receivable    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Percentage 29.72% 32.28%
Southwest    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Fair Value $ 116,823 $ 74,389
Southwest | Investment Concentration Risk | Investments in loans receivable    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Percentage 18.85% 19.98%
Far West    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Fair Value $ 93,869 $ 66,349
Far West | Investment Concentration Risk | Investments in loans receivable    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Percentage 15.15% 17.82%
Mideast    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Fair Value $ 76,892 $ 26,020
Mideast | Investment Concentration Risk | Investments in loans receivable    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Percentage 12.41% 6.99%
Various    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Fair Value $ 71,227 $ 39,715
Various | Investment Concentration Risk | Investments in loans receivable    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Percentage 11.49% 10.67%
Rocky Mountain    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Fair Value $ 44,593 $ 29,525
Rocky Mountain | Investment Concentration Risk | Investments in loans receivable    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Percentage 7.20% 7.93%
Great Lakes    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Fair Value $ 23,610 $ 16,110
Great Lakes | Investment Concentration Risk | Investments in loans receivable    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Percentage 3.81% 4.33%
New England    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Fair Value $ 8,516 $ 0
New England | Investment Concentration Risk | Investments in loans receivable    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Percentage 1.37% 0.00%
Multifamily    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Fair Value $ 500,391 $ 272,297
Multifamily | Investment Concentration Risk | Investments in loans receivable    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Percentage 80.75% 73.14%
Industrial    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Fair Value $ 96,830 $ 67,816
Industrial | Investment Concentration Risk | Investments in loans receivable    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Percentage 15.62% 18.22%
Hospitality    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Fair Value $ 22,500 $ 22,500
Hospitality | Investment Concentration Risk | Investments in loans receivable    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Percentage 3.63% 6.04%
Mixed Use    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Fair Value $ 0 $ 9,663
Mixed Use | Investment Concentration Risk | Investments in loans receivable    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Percentage 0.00% 2.60%
Senior    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loan Amount $ 696,314 $ 452,540
Principal Balance Outstanding 613,812 367,996
Fair Value $ 613,812 $ 367,996
Weighted Average Interest Rate 6.98% 7.06%
Weighted Average Life 3 years 11 months 8 days 4 years 2 months 4 days
Mezzanine    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loan Amount $ 20,243 $ 19,131
Principal Balance Outstanding 5,909 4,280
Fair Value $ 5,909 $ 4,280
Weighted Average Interest Rate 12.78% 12.72%
Weighted Average Life 3 years 9 months 14 days 3 years 9 months 25 days