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Real Estate Securities - Narrative (Details)
3 Months Ended 9 Months Ended
Sep. 30, 2025
USD ($)
Investment
Sep. 30, 2024
USD ($)
Sep. 30, 2025
USD ($)
Investment
Sep. 30, 2024
USD ($)
Jun. 30, 2025
USD ($)
Dec. 31, 2024
USD ($)
Investment
Jun. 30, 2024
USD ($)
Dec. 31, 2023
USD ($)
Debt and Equity Securities, FV-NI [Line Items]                
AFS $ 284,372,000   $ 284,372,000     $ 211,474,000    
Debt securities, available-for-sale, realized gain 0   1,200,000          
Net unrealized gain on available-for-sale ("AFS") securities $ 2,362,000 $ 7,373,000 $ 6,322,000 $ 17,083,000        
Number of AFS securities (in investments) | Investment 63   63     90    
Number of securities in unrealized loss position | Investment 11   11     20    
Number of securities in a continuous unrealized loss position for twelve consecutive months or longer (in investments) | Investment 11   11     11    
Allowance for credit loss $ 795,000 $ 867,000 $ 795,000 $ 867,000 $ 839,000 $ 921,000 $ 1,339,000 $ 2,482,000
Legacy Bridge Loans                
Debt and Equity Securities, FV-NI [Line Items]                
Fair value of loans 484,000,000   484,000,000   484,000,000      
Residential                
Debt and Equity Securities, FV-NI [Line Items]                
AFS securities, contractual maturities, less than five years 0   0          
Marketable securities, due from five to ten years 5,000,000   5,000,000          
Subordinate                
Debt and Equity Securities, FV-NI [Line Items]                
AFS 284,372,000   284,372,000     140,242,000    
Allowance for credit loss 795,000   795,000     $ 921,000    
Subordinate | Legacy Investments                
Debt and Equity Securities, FV-NI [Line Items]                
AFS $ 182,000,000   $ 182,000,000   $ 182,000,000