v3.26.1
Investments in Loans Receivable (Details) - USD ($)
$ in Thousands
6 Months Ended 12 Months Ended
Jun. 30, 2026
Dec. 31, 2025
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loan Amount $ 842,919 $ 471,671
Principal Balance Outstanding 754,457 372,276
Fair Value $ 754,457 $ 372,276
Weighted Average Interest Rate 7.00% 7.13%
Weighted Average Life 3 years 9 months 7 days 4 years 2 months 1 day
Financing receivable, fixed interest 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 $ 241,437 $ 120,168
Southeast | Investment Concentration Risk | Investments in loans receivable    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Percentage 32.00% 32.28%
Southwest    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Fair Value $ 155,982 $ 74,389
Southwest | Investment Concentration Risk | Investments in loans receivable    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Percentage 20.68% 19.98%
Far West    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Fair Value $ 101,429 $ 66,349
Far West | Investment Concentration Risk | Investments in loans receivable    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Percentage 13.44% 17.82%
Mideast    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Fair Value $ 95,137 $ 26,020
Mideast | Investment Concentration Risk | Investments in loans receivable    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Percentage 12.61% 6.99%
Various    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Fair Value $ 76,045 $ 39,715
Various | Investment Concentration Risk | Investments in loans receivable    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Percentage 10.08% 10.67%
Rocky Mountain    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Fair Value $ 52,093 $ 29,525
Rocky Mountain | Investment Concentration Risk | Investments in loans receivable    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Percentage 6.90% 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 3.13% 4.33%
New England    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Fair Value $ 8,724 $ 0
New England | Investment Concentration Risk | Investments in loans receivable    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Percentage 1.16% 0.00%
Multifamily    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Fair Value $ 599,863 $ 272,297
Multifamily | Investment Concentration Risk | Investments in loans receivable    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Percentage 79.51% 73.14%
Industrial    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Fair Value $ 115,489 $ 67,816
Industrial | Investment Concentration Risk | Investments in loans receivable    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Percentage 15.31% 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 2.98% 6.04%
Mixed Use    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Fair Value $ 16,605 $ 9,663
Mixed Use | Investment Concentration Risk | Investments in loans receivable    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Percentage 2.20% 2.60%
Senior    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loan Amount $ 822,700 $ 452,540
Principal Balance Outstanding 747,313 367,996
Fair Value $ 747,313 $ 367,996
Weighted Average Interest Rate 6.93% 7.06%
Weighted Average Life 3 years 9 months 10 days 4 years 2 months 4 days
Mezzanine    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loan Amount $ 20,219 $ 19,131
Principal Balance Outstanding 7,144 4,280
Fair Value $ 7,144 $ 4,280
Weighted Average Interest Rate 13.97% 12.72%
Weighted Average Life 3 years 6 months 25 days 3 years 9 months 25 days