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Real Estate Securities - Schedule of Fair Value of AFS Securities by Type (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Debt and Equity Securities, FV-NI [Line Items]    
AFS $ 284,372 $ 211,474
Senior    
Debt and Equity Securities, FV-NI [Line Items]    
AFS 0 39,365
Mezzanine    
Debt and Equity Securities, FV-NI [Line Items]    
AFS 0 31,867
Subordinate    
Debt and Equity Securities, FV-NI [Line Items]    
AFS 284,372 140,242
Other third-party securities    
Debt and Equity Securities, FV-NI [Line Items]    
AFS 185,983 108,504
Other third-party securities | Senior    
Debt and Equity Securities, FV-NI [Line Items]    
AFS 0 39,365
Other third-party securities | Mezzanine    
Debt and Equity Securities, FV-NI [Line Items]    
AFS 0 28,948
Other third-party securities | Subordinate    
Debt and Equity Securities, FV-NI [Line Items]    
AFS 185,983 40,191
Multifamily securities    
Debt and Equity Securities, FV-NI [Line Items]    
AFS   11,749
Multifamily securities | Senior    
Debt and Equity Securities, FV-NI [Line Items]    
AFS   0
Multifamily securities | Mezzanine    
Debt and Equity Securities, FV-NI [Line Items]    
AFS   2,919
Multifamily securities | Subordinate    
Debt and Equity Securities, FV-NI [Line Items]    
AFS   8,830
Sequoia securities    
Debt and Equity Securities, FV-NI [Line Items]    
AFS 98,389 91,221
Sequoia securities | Senior    
Debt and Equity Securities, FV-NI [Line Items]    
AFS 0 0
Sequoia securities | Mezzanine    
Debt and Equity Securities, FV-NI [Line Items]    
AFS 0 0
Sequoia securities | Subordinate    
Debt and Equity Securities, FV-NI [Line Items]    
AFS $ 98,389 $ 91,221