v3.25.4
Segment Reporting - Statement of Operations (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Segment Reporting Information [Line Items]    
Interest income $ 52,800 $ 52,874
Interest expense (37,387) (43,572)
Net interest income (expense) 15,413 9,302
Related party loan servicing fee 1,964 4,175
Related party management fee 6,253 23,276
Professional fees 3,612 3,413
General and administrative 4,160 9,026
Total expense 15,989 39,890
Net change in the allowance for credit losses 7,003 (5,087)
Change in unrealized gain (loss) on residential mortgage loans held-for-sale, net 5,892 (54,537)
Fair value adjustment on mark-to-market liabilities 0 3,078
Other (loss) gain (10,785) (5,771)
Total other income (loss) 2,110 (62,317)
Income (loss) before income taxes 1,534 (92,905)
Income tax expense (benefit) 60 145
Net Income (Loss) 1,474 (93,050)
Operating | Residential    
Segment Reporting Information [Line Items]    
Interest income 31,676 44,036
Interest expense (14,262) (30,101)
Net interest income (expense) 17,414 13,935
Related party loan servicing fee 1,964 4,175
Related party management fee 0 0
Professional fees 0 0
General and administrative 198 0
Total expense 2,162 4,175
Net change in the allowance for credit losses 7,003 (5,087)
Change in unrealized gain (loss) on residential mortgage loans held-for-sale, net 5,892 (54,537)
Fair value adjustment on mark-to-market liabilities   0
Other (loss) gain (2,451) (9,112)
Total other income (loss) 10,444 (68,736)
Income (loss) before income taxes 25,696 (58,976)
Income tax expense (benefit) (35) 0
Net Income (Loss) 25,731 (58,976)
Operating | Commercial    
Segment Reporting Information [Line Items]    
Interest income 17,803 4,704
Interest expense (10,537) 0
Net interest income (expense) 7,266 4,704
Related party loan servicing fee 0 0
Related party management fee 0 0
Professional fees 38 0
General and administrative 134 0
Total expense 172 0
Net change in the allowance for credit losses 0 0
Change in unrealized gain (loss) on residential mortgage loans held-for-sale, net 0 0
Fair value adjustment on mark-to-market liabilities   0
Other (loss) gain (7,937) 1,205
Total other income (loss) (7,937) 1,205
Income (loss) before income taxes (843) 5,909
Income tax expense (benefit) 0 0
Net Income (Loss) (843) 5,909
Corporate Category    
Segment Reporting Information [Line Items]    
Interest income 3,321 4,134
Interest expense (12,588) (13,471)
Net interest income (expense) (9,267) (9,337)
Related party loan servicing fee 0 0
Related party management fee 6,253 23,276
Professional fees 3,574 3,413
General and administrative 3,828 9,026
Total expense 13,655 35,715
Net change in the allowance for credit losses 0 0
Change in unrealized gain (loss) on residential mortgage loans held-for-sale, net 0 0
Fair value adjustment on mark-to-market liabilities   3,078
Other (loss) gain (397) 2,136
Total other income (loss) (397) 5,214
Income (loss) before income taxes (23,319) (39,838)
Income tax expense (benefit) 95 145
Net Income (Loss) $ (23,414) $ (39,983)