v3.26.3
Segment Reporting (Details)
$ in Thousands
 3 Months Ended 9 Months Ended
Jul. 01, 2025
segment
Sep. 30, 2026
USD ($)
Sep. 30, 2025
USD ($)
Sep. 30, 2026
USD ($)
Sep. 30, 2025
USD ($)
Dec. 31, 2025
USD ($)
Segment Reporting [Abstract]            
Number of reportable segments | segment 1          
Segment Reporting [Line Items]            
Interest income   $ 84,218 $ 106,167 $ 273,654 $ 331,246  
Mortgage servicing rights   8,654 19,745 19,313 19,745  
Servicing revenue   12,276 3,606 32,484 3,606  
Revenue from real estate owned   7,933 7,222 20,353 22,355  
Change in net assets of consolidated VIE, CMBS trust   1,124   1,420    
Interest expense   (59,845) (76,492) (192,336) (217,298)  
Compensation and benefits   (27,532) (34,434) (71,325) (34,434)  
Administrative services expenses   (2,912) (3,455) (7,274) (10,687)  
Depreciation and amortization   (2,238) (3,432) (7,641) (6,193)  
Operating expenses   (22,158) (29,733) (74,528) (75,078)  
Other segment items   (26,562) 28,422 7,405 32,443  
Net income/(loss)   (27,042) 17,616 1,525 65,705  
Total Assets   6,025,138   6,025,138   $ 6,057,250
Real Estate Debt and Other Real Estate Investments            
Segment Reporting [Line Items]            
Interest income   80,030 97,546 255,875 318,120  
Mortgage servicing rights   0 0 0 0  
Servicing revenue   620 0 1,496 0  
Revenue from real estate owned   0 0 0 0  
Change in net assets of consolidated VIE, CMBS trust   1,124   1,420    
Interest expense   (56,631) (69,186) (178,345) (208,753)  
Compensation and benefits   0 0 0 0  
Administrative services expenses   (2,253) (2,330) (5,180) (7,384)  
Depreciation and amortization   0 0 0 0  
Operating expenses   (8,254) (14,898) (27,704) (39,141)  
Other segment items   (13,059) (1,972) (35,740) (2,211)  
Net income/(loss)   1,577 9,160 11,822 60,631  
Total Assets   4,507,663   4,507,663   4,797,877
Agency Business            
Segment Reporting [Line Items]            
Interest income   2,661 6,286 7,501 6,286  
Mortgage servicing rights   8,654 19,745 19,313 19,745  
Servicing revenue   11,656 3,606 30,988 3,606  
Revenue from real estate owned   29 0 89 0  
Change in net assets of consolidated VIE, CMBS trust   0   0    
Interest expense   (2,114) (6,712) (6,985) (6,712)  
Compensation and benefits   (27,532) (34,434) (71,325) (34,434)  
Administrative services expenses   178 (247) 339 (247)  
Depreciation and amortization   (448) (2,076) (3,234) (2,076)  
Operating expenses   (5,175) (6,899) (21,891) (6,899)  
Other segment items   12,337 29,907 45,111 29,907  
Net income/(loss)   246 9,176 (94) 9,176  
Total Assets   875,746   875,746   857,562
Conduit            
Segment Reporting [Line Items]            
Interest income   1,000 1,450 7,945 3,901  
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   (731) (140) (5,870) (482)  
Compensation and benefits   0 0 0 0  
Administrative services expenses   (837) (878) (2,433) (3,056)  
Depreciation and amortization   0 0 0 0  
Operating expenses   (1,796) (1,016) (6,316) (3,217)  
Other segment items   (16,419) 2,890 (5,553) 7,265  
Net income/(loss)   (18,783) 2,306 (12,227) 4,411  
Total Assets   127,182   127,182   33,015
Real Estate Owned            
Segment Reporting [Line Items]            
Interest income   527 885 2,333 2,939  
Mortgage servicing rights   0 0 0 0  
Servicing revenue   0 0 0 0  
Revenue from real estate owned   7,904 7,222 20,264 22,355  
Change in net assets of consolidated VIE, CMBS trust   0   0    
Interest expense   (369) (454) (1,136) (1,351)  
Compensation and benefits   0 0 0 0  
Administrative services expenses   0 0 0 0  
Depreciation and amortization   (1,790) (1,356) (4,407) (4,117)  
Operating expenses   (6,933) (6,920) (18,617) (25,821)  
Other segment items   (9,421) (2,403) 3,587 (2,518)  
Net income/(loss)   (10,082) $ (3,026) 2,024 $ (8,513)  
Total Assets   $ 514,547   $ 514,547   $ 368,796