v3.26.3
Fair Value of Financial Instruments - Schedule of Financial Instruments Carried at Fair Value on a Recurring Basis (Details) - USD ($)
$ in Thousands
Sep. 30, 2026
Dec. 31, 2025
Assets, at fair value    
Real estate securities, available for sale, measured at fair value [1] $ 0 $ 151,662
Commercial mortgage loans, held for sale, measured at fair value [2] 373,181 360,718
Derivative instruments, measured at fair value 17,702 11,315
Liabilities, at fair value    
Treasury notes 16 6,951
Accrued interest receivable 29,907 41,468
Accrued interest payable 14,837 16,110
Fair Value, Measurements, Recurring    
Assets, at fair value    
Real estate securities, available for sale, measured at fair value 0 151,662
Commercial mortgage loans, held for sale, measured at fair value 11,179 29,500
Total assets, at fair value 918,744 523,695
Liabilities, at fair value    
Total liabilities, at fair value 500,203 6,951
Fair Value, Measurements, Recurring | Credit default swaps    
Liabilities, at fair value    
Treasury notes 157  
Fair Value, Measurements, Recurring | Treasury notes    
Assets, at fair value    
Derivative instruments, measured at fair value 334  
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 362,002 331,218
Fair Value, Measurements, Recurring | Loan commitments    
Assets, at fair value    
Derivative instruments, measured at fair value 0 10,518
Liabilities, at fair value    
Treasury notes 9,340  
Fair Value, Measurements, Recurring | Forward sale commitments    
Assets, at fair value    
Commercial mortgage loans, held for sale, measured at fair value 26,865 797
Liabilities, at fair value    
Treasury notes 16 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 518,364  
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 490,690  
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 334 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 334  
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
Liabilities, at fair value    
Treasury notes 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 0 151,662
Commercial mortgage loans, held for sale, measured at fair value 0 0
Total assets, at fair value 0 151,662
Liabilities, at fair value    
Total liabilities, at fair value 490,847 714
Fair Value, Measurements, Recurring | Level II | Credit default swaps    
Liabilities, at fair value    
Treasury notes 157  
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
Liabilities, at fair value    
Treasury notes 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 490,690  
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 11,179 29,500
Total assets, at fair value 918,410 372,033
Liabilities, at fair value    
Total liabilities, at fair value 9,356 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 362,002 331,218
Fair Value, Measurements, Recurring | Level III | Loan commitments    
Assets, at fair value    
Derivative instruments, measured at fair value 0 10,518
Liabilities, at fair value    
Treasury notes 9,340  
Fair Value, Measurements, Recurring | Level III | Forward sale commitments    
Assets, at fair value    
Commercial mortgage loans, held for sale, measured at fair value 26,865 797
Liabilities, at fair value    
Treasury notes 16 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 518,364  
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 $0.0 million and $151.7 million as of September 30, 2026 and December 31, 2025, respectively.
[2] Includes pledged assets of $647.9 million and $855.2 million as of September 30, 2026 and December 31, 2025, respectively.