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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
Dec. 31, 2024
Cash flows from operating activities:        
Net income $ 3,123 $ 3,708    
Adjustments to reconcile net loss to net cash provided by operating activities:        
Depreciation and amortization 8,627 10,552    
Straight-line rental income (191) (256)    
Discount accretion and fee amortization, net on loans held for investment and securitization bonds payable 1,449 (353)    
Amortization of deferred financing costs 2,458 2,072    
Paid-in-kind interest added to loan principal (447) (523)    
Realized loss on sale of real estate 4 245 $ (1,100)  
Increase (decrease) of current expected credit loss reserve 1,746 (235)    
Amortization of equity-based compensation 2,918 4,213    
Non-cash adjustments 27 62    
Deferred income tax (benefit) expense 94 (58)    
Changes in assets and liabilities:        
Receivables, net (4,691) 918    
Deferred costs and other assets 1,210 (7,249)    
Other liabilities (5,399) (2,595)    
Net cash provided by operating activities 10,928 10,501    
Cash flows from investing activities:        
Acquisition, origination and funding of loans and preferred equity held for investment, net (270,378) (112,625)    
Repayment on loans held for investment 169,887 133,000    
Proceeds from sale of real estate 25,812 5,184    
Acquisition of and additions to real estate and related intangibles (1,629) (2,514)    
Cash and restricted cash received related to consolidation of loans held for investment and real estate owned 2,433 511    
Change in escrow deposits payable (15,633) (9,949)    
Net cash (used in) provided by investing activities (89,508) 13,607    
Cash flows from financing activities:        
Distributions paid on common stock (21,914) (20,748)    
Shares canceled for tax withholding on vested stock awards (4,790) (3,878)    
Repayment of mortgage notes (1,403) (2,303)    
Borrowings from master repurchase and credit facilities 594,427 49,224    
Repayment of master repurchase and credit facilities (900,198) (100,913)    
Borrowing from securitization bonds 833,237 0    
Repayment of securitization bonds (398,215) (104,288)    
Payment of deferred financing costs (7,123) (500)    
Net cash provided by (used in) financing activities 94,021 (183,406)    
Effect of exchange rates on cash, cash equivalents and restricted cash 0 409    
Net increase (decrease) in cash, cash equivalents and restricted cash 15,441 (158,889)    
Cash, cash equivalents and restricted cash - beginning of period 173,835 450,696 450,696  
Cash, cash equivalents and restricted cash - end of period 189,276 291,807 173,835  
Reconciliation of cash, cash equivalents and restricted cash to consolidated balance sheets        
Cash and cash equivalents 96,561 200,911 66,789 $ 302,173
Restricted cash 92,715 90,896 107,046 148,523
Total cash, cash equivalents and restricted cash 189,276 291,807 $ 173,835 $ 450,696
Supplemental disclosure of cash flow information:        
Cash paid for interest 35,625 35,169    
Cash paid for income taxes, net of refunds 0 (708)    
Supplemental disclosure of non-cash investing and financing activities:        
Accrual of distribution payable 22,179 20,802    
Assets transferred to held for sale 0 34,173    
Assumption of accounts payable, accrued expenses and other liabilities related to consolidation of VIE and assumption of real estate (2,267) (527)    
Assumption of receivables and other assets related to consolidation of VIE and assumption of real estate 443 197    
Assumption of real estate and consolidation of VIE (refer to Note 4) $ 44,791 $ 31,784