v3.26.1
Variable Interest Entity - Schedule of Variable Interest Entities (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Mar. 31, 2025
Assets      
Real estate securities, at fair value $ 102,051 $ 103,668  
Cash 18,444 12,315 $ 72
Interest receivable 2,482 1,016  
Total assets 753,699 497,809  
Liabilities      
Repurchase agreements, at fair value 512,402 292,032  
Due to affiliates 10,905 9,512  
Interest payable 1,214 623  
Total liabilities 536,918 312,048  
Variable Interest Entity, Primary Beneficiary      
Assets      
Real estate securities, at fair value 102,051 103,668  
Cash 3,353 3,731  
Interest receivable 326 334  
Total assets 105,730 107,733  
Liabilities      
Repurchase agreements, at fair value 71,798 82,864  
Due to affiliates 679 0  
Interest payable 192 122  
Total liabilities $ 72,669 $ 82,986