v3.26.1
Loans Held for Investment, Net - Schedule of Loans Held for Investment (Details)
$ in Thousands
3 Months Ended 12 Months Ended
Mar. 31, 2026
USD ($)
Loan
Dec. 31, 2025
USD ($)
Loan
Financing Receivable, Modified [Line Items]    
Outstanding Face Amount $ 818,201 $ 773,752
Carrying Value $ 788,279 $ 740,799
Loan Count | Loan 53 54
Fixed Rate 68.05% 67.92%
Coupon 10.75% 10.40%
Life (years) 1 year 10 months 24 days 2 years 4 months 24 days
Mortgage loans, held-for-investment    
Financing Receivable, Modified [Line Items]    
Outstanding Face Amount $ 106,844 $ 118,550
Carrying Value $ 108,903 $ 121,239
Loan Count | Loan 8 9
Fixed Rate 100.00% 100.00%
Coupon 5.26% 5.31%
Life (years) 1 year 7 months 6 days 1 year 10 months 24 days
Mezzanine loans, held-for-investment    
Financing Receivable, Modified [Line Items]    
Outstanding Face Amount $ 235,292 $ 229,927
Carrying Value $ 226,547 $ 220,814
Loan Count | Loan 21 22
Fixed Rate 41.14% 43.35%
Coupon 10.35% 10.18%
Life (years) 2 years 3 months 18 days 2 years 7 months 6 days
Preferred equity, held-for-investment    
Financing Receivable, Modified [Line Items]    
Outstanding Face Amount $ 261,731 $ 261,175
Carrying Value $ 247,872 $ 244,959
Loan Count | Loan 19 20
Fixed Rate 53.03% 54.84%
Coupon 10.81% 10.92%
Life (years) 2 years 2 years 9 months 18 days
Promissory notes, held-for-investment    
Financing Receivable, Modified [Line Items]    
Outstanding Face Amount $ 48,990 $ 15,500
Carrying Value $ 48,477 $ 15,459
Loan Count | Loan 4 2
Fixed Rate 100.00% 100.00%
Coupon 14.91% 13.65%
Life (years) 1 year 2 months 12 days 7 months 6 days
Revolving credit facility, held-for-investment    
Financing Receivable, Modified [Line Items]    
Outstanding Face Amount $ 165,344 $ 148,600
Carrying Value $ 156,480 $ 138,328
Loan Count | Loan 1 1
Fixed Rate 100.00% 100.00%
Coupon 13.50% 13.50%
Life (years) 1 year 9 months 18 days 2 years