v3.26.1
Fair Value of Financial Instruments - Schedule of Financial Instruments Carried at Fair Value on a Recurring Basis (Details) - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Assets, at fair value    
Real estate securities, available for sale, measured at fair value [1] $ 187,247 $ 151,662
Commercial mortgage loans, held for sale, measured at fair value [2] 251,842 360,718
Derivative instruments, measured at fair value 12,155 11,315
Liabilities, at fair value    
Treasury notes 7,477 6,951
Accrued interest receivable 33,665 41,468
Accrued interest payable 13,460 16,110
Fair Value, Measurements, Recurring    
Assets, at fair value    
Real estate securities, available for sale, measured at fair value 187,247 151,662
Commercial mortgage loans, held for sale, measured at fair value 4,450 29,500
Total assets, at fair value 992,374 523,695
Liabilities, at fair value    
Total liabilities, at fair value 521,204 6,951
Fair Value, Measurements, Recurring | Credit default swaps    
Liabilities, at fair value    
Treasury notes 66  
Fair Value, Measurements, Recurring | Treasury notes    
Assets, at fair value    
Derivative instruments, measured at fair value 10  
Liabilities, at fair value    
Treasury notes   28
Fair Value, Measurements, Recurring | CML, HFS, measured at fair value - Agency    
Assets, at fair value    
Commercial mortgage loans, held for sale, measured at fair value 247,392 331,218
Fair Value, Measurements, Recurring | Loan commitments    
Assets, at fair value    
Derivative instruments, measured at fair value 10,349 10,518
Fair Value, Measurements, Recurring | Forward sale commitments    
Assets, at fair value    
Commercial mortgage loans, held for sale, measured at fair value 1,805 797
Liabilities, at fair value    
Treasury notes 7,422 6,209
Fair Value, Measurements, Recurring | VIE assets, measured at fair value    
Assets, at fair value    
Commercial mortgage loans, held for sale, measured at fair value 541,121  
Liabilities, at fair value    
Accrued interest receivable 2,900  
Fair Value, Measurements, Recurring | VIE liabilities, measured at fair value    
Liabilities, at fair value    
Treasury notes 513,716  
Accrued interest payable 2,700  
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 10 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 | Treasury notes    
Assets, at fair value    
Derivative instruments, measured at fair value 10  
Liabilities, at fair value    
Treasury notes   28
Fair Value, Measurements, Recurring | Level I | CML, HFS, 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 | VIE assets, measured at fair value    
Assets, at fair value    
Commercial mortgage loans, held for sale, measured at fair value 0  
Fair Value, Measurements, Recurring | Level I | VIE liabilities, measured at fair value    
Liabilities, at fair value    
Treasury notes 0  
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 187,247 151,662
Commercial mortgage loans, held for sale, measured at fair value 0 0
Total assets, at fair value 187,247 151,662
Liabilities, at fair value    
Total liabilities, at fair value 513,782 714
Fair Value, Measurements, Recurring | Level II | Credit default swaps    
Liabilities, at fair value    
Treasury notes 66  
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 | CML, HFS, 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 | VIE assets, measured at fair value    
Assets, at fair value    
Commercial mortgage loans, held for sale, measured at fair value 0  
Fair Value, Measurements, Recurring | Level II | VIE liabilities, measured at fair value    
Liabilities, at fair value    
Treasury notes 513,716  
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 4,450 29,500
Total assets, at fair value 805,117 372,033
Liabilities, at fair value    
Total liabilities, at fair value 7,422 6,209
Fair Value, Measurements, Recurring | Level III | Credit default swaps    
Liabilities, at fair value    
Treasury notes 0  
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 | CML, HFS, measured at fair value - Agency    
Assets, at fair value    
Commercial mortgage loans, held for sale, measured at fair value 247,392 331,218
Fair Value, Measurements, Recurring | Level III | Loan commitments    
Assets, at fair value    
Derivative instruments, measured at fair value 10,349 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 1,805 797
Liabilities, at fair value    
Treasury notes 7,422 6,209
Fair Value, Measurements, Recurring | Level III | VIE assets, measured at fair value    
Assets, at fair value    
Commercial mortgage loans, held for sale, measured at fair value 541,121  
Fair Value, Measurements, Recurring | Level III | VIE liabilities, measured at fair value    
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 $187.2 million and $151.7 million as of June 30, 2026 and December 31, 2025, respectively.
[2] Includes pledged assets of $818.5 million and $855.2 million as of June 30, 2026 and December 31, 2025, respectively.