v3.26.1
Segment Reporting (Details)
$ in Thousands
 3 Months Ended 6 Months Ended
Jul. 01, 2025
segment
Jun. 30, 2026
USD ($)
Jun. 30, 2025
USD ($)
Jun. 30, 2026
USD ($)
Jun. 30, 2025
USD ($)
Dec. 31, 2025
USD ($)
Segment Reporting [Abstract]            
Number of reportable segments | segment 1          
Segment Reporting [Line Items]            
Interest income   $ 97,187 $ 111,171 $ 189,436 $ 225,079  
Mortgage servicing rights   3,917 0 10,659 0  
Servicing revenue   9,658 0 20,208 0  
Revenue from real estate owned   5,538 8,336 12,420 15,133  
Change in net assets of consolidated VIE, CMBS trust   296   296    
Interest expense   (67,261) (70,213) (132,491) (140,806)  
Compensation and benefits   (20,969) 0 (43,793) 0  
Administrative services expenses   (2,028) (3,884) (4,362) (7,232)  
Depreciation and amortization   (1,983) (1,381) (5,403) (2,761)  
Operating expenses   (25,655) (21,979) (52,370) (45,345)  
Other segment items   17,575 2,334 33,967 4,021  
Net income/(loss)   16,275 24,384 28,567 48,089  
Total Assets   6,383,846   6,383,846   $ 6,057,250
Real Estate Debt and Other Real Estate Investments            
Segment Reporting [Line Items]            
Interest income   90,507 108,809 175,845 220,574  
Mortgage servicing rights   0 0 0 0  
Servicing revenue   504 0 877 0  
Revenue from real estate owned   0 0 0 0  
Change in net assets of consolidated VIE, CMBS trust   296   296    
Interest expense   (61,528) (69,633) (121,715) (139,567)  
Compensation and benefits   0 0 0 0  
Administrative services expenses   (1,555) (2,935) (2,927) (5,054)  
Depreciation and amortization   0 0 0 0  
Operating expenses   (9,831) (11,345) (19,450) (24,243)  
Other segment items   (7,932) (242) (22,655) (218)  
Net income/(loss)   10,461 24,654 10,271 51,492  
Total Assets   5,238,399   5,238,399   4,797,877
Agency Business            
Segment Reporting [Line Items]            
Interest income   2,567 0 4,841 0  
Mortgage servicing rights   3,917 0 10,659 0  
Servicing revenue   9,154 0 19,331 0  
Revenue from real estate owned   30 0 60 0  
Change in net assets of consolidated VIE, CMBS trust   0   0    
Interest expense   (1,972) 0 (4,871) 0  
Compensation and benefits   (20,969) 0 (43,793) 0  
Administrative services expenses   218 0 161 0  
Depreciation and amortization   (675) 0 (2,786) 0  
Operating expenses   (7,291) 0 (16,716) 0  
Other segment items   11,880 0 32,774 0  
Net income/(loss)   (3,141) 0 (340) 0  
Total Assets   755,138   755,138   857,562
Conduit            
Segment Reporting [Line Items]            
Interest income   3,122 909 6,944 2,451  
Mortgage servicing rights   0 0 0 0  
Servicing revenue   0 0 0 0  
Revenue from real estate owned   0 0 0 0  
Change in net assets of consolidated VIE, CMBS trust   0   0    
Interest expense   (3,401) (129) (5,138) (342)  
Compensation and benefits   0 0 0 0  
Administrative services expenses   (691) (949) (1,596) (2,178)  
Depreciation and amortization   0 0 0 0  
Operating expenses   (2,577) (734) (4,520) (2,201)  
Other segment items   5,824 150 10,794 4,357  
Net income/(loss)   2,277 (753) 6,484 2,087  
Total Assets   25,246   25,246   33,015
Real Estate Owned            
Segment Reporting [Line Items]            
Interest income   991 1,453 1,806 2,054  
Mortgage servicing rights   0 0 0 0  
Servicing revenue   0 0 0 0  
Revenue from real estate owned   5,508 8,336 12,360 15,133  
Change in net assets of consolidated VIE, CMBS trust   0   0    
Interest expense   (360) (451) (767) (897)  
Compensation and benefits   0 0 0 0  
Administrative services expenses   0 0 0 0  
Depreciation and amortization   (1,308) (1,381) (2,617) (2,761)  
Operating expenses   (5,956) (9,900) (11,684) (18,901)  
Other segment items   7,803 2,426 13,054 (118)  
Net income/(loss)   6,678 $ 483 12,152 $ (5,490)  
Total Assets   $ 365,063   $ 365,063   $ 368,796