v3.26.1
Loans Held for Investment, Net - Schedule of Loans Held for Investment (Details)
$ in Thousands
6 Months Ended 12 Months Ended
Jun. 30, 2026
USD ($)
Loan
Dec. 31, 2025
USD ($)
Loan
Financing Receivable, Modified [Line Items]    
Outstanding Face Amount $ 838,760 $ 773,752
Carrying Value $ 808,587 $ 740,799
Loan Count | Loan 52 54
Fixed Rate 68.83% 67.92%
Coupon 11.36% 10.40%
Life (years) 2 years 2 years 4 months 24 days
Mortgage loans, held-for-investment    
Financing Receivable, Modified [Line Items]    
Outstanding Face Amount $ 66,322 $ 118,550
Carrying Value $ 68,250 $ 121,239
Loan Count | Loan 6 9
Fixed Rate 100.00% 100.00%
Coupon 5.57% 5.31%
Life (years) 2 years 3 months 18 days 1 year 10 months 24 days
Mezzanine loans, held-for-investment    
Financing Receivable, Modified [Line Items]    
Outstanding Face Amount $ 268,886 $ 229,927
Carrying Value $ 262,004 $ 220,814
Loan Count | Loan 22 22
Fixed Rate 49.32% 43.35%
Coupon 11.59% 10.18%
Life (years) 1 year 9 months 18 days 2 years 7 months 6 days
Preferred equity, held-for-investment    
Financing Receivable, Modified [Line Items]    
Outstanding Face Amount $ 295,940 $ 261,175
Carrying Value $ 279,037 $ 244,959
Loan Count | Loan 20 20
Fixed Rate 57.71% 54.84%
Coupon 11.08% 10.92%
Life (years) 1 year 10 months 24 days 2 years 9 months 18 days
Promissory notes, held-for-investment    
Financing Receivable, Modified [Line Items]    
Outstanding Face Amount $ 23,470 $ 15,500
Carrying Value $ 23,173 $ 15,459
Loan Count | Loan 2 2
Fixed Rate 100.00% 100.00%
Coupon 14.53% 13.65%
Life (years) 2 years 8 months 12 days 7 months 6 days
Revolving credit facility, held-for-investment    
Financing Receivable, Modified [Line Items]    
Outstanding Face Amount $ 184,142 $ 148,600
Carrying Value $ 176,123 $ 138,328
Loan Count | Loan 2 1
Fixed Rate 100.00% 100.00%
Coupon 13.13% 13.50%
Life (years) 2 years 2 months 12 days 2 years