Debt - Summary of Financing Arrangements (Details) - USD ($)
$ in Thousands |
|
6 Months Ended |
12 Months Ended |
|
|
Apr. 29, 2026 |
Jun. 30, 2026 |
Dec. 31, 2025 |
Oct. 10, 2025 |
Oct. 18, 2022 |
| Facility |
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
| Outstanding face amount |
|
$ 836,628
|
$ 771,203
|
|
|
| Carrying value |
|
$ 830,125
|
$ 769,442
|
|
|
| Weighted average interest rate |
|
6.34%
|
5.25%
|
|
|
| Weighted average life (years) |
|
2 years 7 months 6 days
|
10 months 24 days
|
|
|
| Collateral |
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
| Collateral outstanding face amount |
|
$ 1,713,538
|
$ 953,591
|
|
|
| Collateral amortized cost basis |
|
1,391,655
|
686,571
|
|
|
| Collateral carrying value |
|
$ 1,406,233
|
$ 694,183
|
|
|
| Collateral weighted average life (years) |
|
2 years 8 months 12 days
|
3 years 7 months 6 days
|
|
|
| Mizuho | Minimum |
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
| Debt instrument, tenor period |
|
1 month
|
1 month
|
|
|
| Mizuho | Maximum |
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
| Debt instrument, tenor period |
|
2 months
|
2 months
|
|
|
| Mizuho | Facility | Minimum |
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
| Debt instrument, tenor period |
|
1 month
|
|
|
|
| Mizuho | Facility | Maximum |
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
| Debt instrument, tenor period |
|
2 months
|
|
|
|
| Master Repurchase Agreements | Mizuho |
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
| Outstanding face amount |
|
$ 152,200
|
|
|
|
| Collateral outstanding face amount |
|
583,200
|
|
|
|
| Master Repurchase Agreements | Mizuho | Facility |
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
| Outstanding face amount |
|
152,190
|
$ 258,038
|
|
|
| Carrying value |
|
$ 152,190
|
$ 258,038
|
|
|
| Weighted average interest rate |
|
5.33%
|
5.53%
|
|
|
| Weighted average life (years) |
|
0 years
|
0 years
|
|
|
| Master Repurchase Agreements | Mizuho | Collateral |
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
| Collateral outstanding face amount |
|
$ 583,167
|
$ 740,359
|
|
|
| Collateral amortized cost basis |
|
209,860
|
352,744
|
|
|
| Collateral carrying value |
|
$ 195,146
|
$ 336,014
|
|
|
| Collateral weighted average life (years) |
|
4 years 1 month 6 days
|
3 years 9 months 18 days
|
|
|
| Asset Specific Financing | Freddie Mac | Facility |
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
| Outstanding face amount |
|
$ 61,185
|
$ 108,220
|
|
|
| Carrying value |
|
$ 61,185
|
$ 108,220
|
|
|
| Weighted average interest rate |
|
2.90%
|
2.69%
|
|
|
| Weighted average life (years) |
|
2 years 3 months 18 days
|
1 year 10 months 24 days
|
|
|
| Asset Specific Financing | Freddie Mac | Collateral |
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
| Collateral outstanding face amount |
|
$ 66,322
|
$ 118,550
|
|
|
| Collateral amortized cost basis |
|
68,250
|
121,239
|
|
|
| Collateral carrying value |
|
$ 68,250
|
$ 121,239
|
|
|
| Collateral weighted average life (years) |
|
2 years 3 months 18 days
|
1 year 10 months 24 days
|
|
|
| Mezzanine loans | Freddie Mac | Facility |
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
| Outstanding face amount |
|
$ 52,003
|
$ 57,945
|
|
|
| Carrying value |
|
$ 52,003
|
$ 57,945
|
|
|
| Weighted average interest rate |
|
0.30%
|
0.30%
|
|
|
| Weighted average life (years) |
|
4 years
|
4 years 3 months 18 days
|
|
|
| Mezzanine loans | Freddie Mac | Collateral |
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
| Collateral outstanding face amount |
|
$ 127,609
|
$ 94,682
|
|
|
| Collateral amortized cost basis |
|
91,464
|
98,709
|
|
|
| Collateral carrying value |
|
$ 91,464
|
$ 98,709
|
|
|
| Collateral weighted average life (years) |
|
4 years
|
4 years 3 months 18 days
|
|
|
| Multifamily Property Debt Due 2026 | Facility |
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
| Outstanding face amount |
|
$ 63,500
|
$ 63,500
|
|
|
| Carrying value |
|
$ 63,500
|
$ 63,500
|
|
|
| Weighted average interest rate |
|
8.32%
|
8.32%
|
|
|
| Weighted average life (years) |
|
1 year 4 months 24 days
|
9 months 18 days
|
|
|
| Multifamily Property Debt Due 2026 | Collateral |
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
| Collateral amortized cost basis |
|
$ 64,045
|
$ 64,467
|
|
|
| Collateral carrying value |
|
$ 64,045
|
$ 64,467
|
|
|
| Collateral weighted average life (years) |
|
1 year 4 months 24 days
|
9 months 18 days
|
|
|
| Multifamily Property Debt Due 2027 | Facility |
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
| Outstanding face amount |
|
$ 42,000
|
$ 42,000
|
|
|
| Carrying value |
|
$ 42,651
|
$ 42,651
|
|
|
| Weighted average interest rate |
|
6.31%
|
6.31%
|
|
|
| Weighted average life (years) |
|
2 years 3 months 18 days
|
1 year 9 months 18 days
|
|
|
| Multifamily Property Debt Due 2027 | Collateral |
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
| Collateral amortized cost basis |
|
$ 47,570
|
$ 49,412
|
|
|
| Collateral carrying value |
|
$ 47,570
|
$ 49,412
|
|
|
| Collateral weighted average life (years) |
|
2 years 3 months 18 days
|
1 year 9 months 18 days
|
|
|
| Multifamily Property Debt Due 2028 | Facility |
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
| Outstanding face amount |
|
$ 42,050
|
|
|
|
| Carrying value |
|
$ 40,323
|
|
|
|
| Weighted average interest rate |
|
6.08%
|
|
|
|
| Weighted average life (years) |
|
3 years 4 months 24 days
|
|
|
|
| Multifamily Property Debt Due 2028 | Collateral |
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
| Collateral amortized cost basis |
|
$ 52,193
|
|
|
|
| Collateral carrying value |
|
$ 52,193
|
|
|
|
| Collateral weighted average life (years) |
|
3 years 4 months 24 days
|
|
|
|
| Common Stock Investment | Facility |
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
| Outstanding face amount |
|
$ 10,000
|
$ 10,000
|
|
|
| Carrying value |
|
$ 9,937
|
$ 9,976
|
|
|
| Weighted average interest rate |
|
8.25%
|
8.26%
|
|
|
| Weighted average life (years) |
|
9 months 18 days
|
1 year 3 months 18 days
|
|
|
| Common Stock Investment | Collateral |
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
| Collateral carrying value |
|
$ 29,292
|
$ 24,342
|
|
|
| Secured Financing Debt | Facility |
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
| Outstanding face amount |
|
362,200
|
|
|
|
| Carrying value |
|
$ 357,271
|
|
|
|
| Weighted average interest rate |
|
7.63%
|
|
|
|
| Weighted average life (years) |
|
3 years 9 months 18 days
|
|
|
|
| Secured Financing Debt | Collateral |
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
| Collateral outstanding face amount |
|
$ 936,440
|
|
|
|
| Collateral amortized cost basis |
|
858,273
|
|
|
|
| Collateral carrying value |
|
$ 858,273
|
|
|
|
| Collateral weighted average life (years) |
|
1 year 7 months 13 days
|
|
|
|
| The 7.88 Percent Senior Notes Due 2026 | Facility | Unsecured Financing |
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
| Outstanding face amount |
|
$ 45,000
|
45,000
|
|
|
| Carrying value |
|
$ 44,565
|
$ 43,051
|
|
|
| Weighted average interest rate |
|
7.88%
|
7.88%
|
|
|
| Weighted average life (years) |
|
1 year 3 months 18 days
|
9 months 18 days
|
|
|
| The 5.75 Percent Senior Notes Due 2026 | Facility | Unsecured Financing |
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
| Outstanding face amount |
|
|
$ 180,000
|
|
|
| Carrying value |
|
|
$ 179,561
|
|
|
| Weighted average interest rate |
|
|
5.75%
|
|
|
| Weighted average life (years) |
|
|
3 months 18 days
|
|
|
| Senior Note Payoff and Mizuho Facility | Senior Notes Due May 1, 2026 |
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
| Outstanding face amount |
$ 375,000
|
|
|
|
|
| Principal borrowings |
$ 310,000
|
|
|
|
|
| Maturity date |
May 01, 2030
|
|
|
|
|
| Debt instrument, interest rate, stated percentage |
5.75%
|
|
|
|
|
| The 7.50 Percent Senior Notes Due 2027 | Facility | Unsecured Financing |
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
| Outstanding face amount |
|
$ 6,500
|
$ 6,500
|
|
$ 6,500
|
| Carrying value |
|
$ 6,500
|
$ 6,500
|
|
|
| Weighted average interest rate |
|
7.50%
|
7.50%
|
|
7.50%
|
| Weighted average life (years) |
|
1 year 3 months 18 days
|
1 year 9 months 18 days
|
|
|
| 7.875% Senior Unsecured Notes |
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
| Outstanding face amount |
|
|
|
$ 45,000
|
|
| Debt instrument, interest rate, stated percentage |
|
|
|
7.875%
|
|
| 5.75% Unsecured Notes |
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
| Carrying value |
|
$ 118,500
|
|
|
|
| Maturity date |
|
|
May 01, 2026
|
|
|