v3.25.4
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Preferred stock, par value per share (in dollars per share) $ 0.01 $ 0.01
Preferred stock, shares authorized (in shares) 25,000,000 25,000,000
Preferred stock, shares issued (in shares) 2,084,232 0
Preferred stock, shares outstanding (in shares) 2,084,232 0
Preferred stock, liquidation preference $ 52,106 $ 0
Common stock, par value per share (in dollars per share) $ 0.01 $ 0.01
Common stock, shares authorized (in shares) 125,000,000 125,000,000
Common stock, shares issued (in shares) 7,848,703 7,847,520
Common stock, shares outstanding (in shares) 7,571,699 7,570,125
Investments at fair value $ 61,600 $ 21,900
CMBS    
Amortized cost 273,400 245,500
Fair value 273,783 246,614
CMBS | Level 2    
Fair value 273,783 246,614
RMBS    
Fair value 155,807 173,160
RMBS | Level 2    
Amortized cost 48,800 68,200
Fair value 49,237 62,169
Beneficial Interests    
Fair value 66,249 67,044
Debt securities, available-for-sale, allowance for credit loss 0 9,082
Mortgage loans    
Mortgage loans held-for-sale and held-for-investment $ 361,608 $ 394,567