v3.25.4
Debt Securities - Schedule of Investments In Debt Securities and Beneficial Interests (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Debt securities held-to-maturity at amortized cost, net of allowance for credit losses of $0      
Gross unrealized losses $ (2,077) $ (2,934)  
Total investments, basis 462,938 449,513  
Total investments, gross unrealized gains 10,571 2,356  
Total investments, gross unrealized losses (43,919) (32,095)  
Total investments, fair value 429,590 419,774  
Commercial mortgage-backed securities, at fair value      
Mortgage-Backed Securities, At Fair Value      
Basis 273,421 245,540  
Gross unrealized gains 596 1,074  
Gross unrealized losses (234) 0  
Fair value 273,783 246,614  
RMBS Available-for-Sale, at Fair Value      
Mortgage-Backed Securities, At Fair Value      
Basis   68,226  
Gross unrealized gains 648 273  
Gross unrealized losses (218) (6,330)  
Fair value 49,240 62,169  
Debt securities      
Debt securities held-to-maturity at amortized cost, net of allowance for credit losses of $0      
HTM, allowance for expected credit losses 0 0  
Basis 41,528 46,043  
Gross unrealized gains 0 8  
Gross unrealized losses (1,210) (2,104)  
Fair value 40,318 43,947  
Investment in beneficial interests      
Mortgage-Backed Securities, At Fair Value      
Debt securities, available-for-sale, allowance for credit loss 0 9,082 $ 6,880
Basis 99,179 89,704  
Gross unrealized gains 9,327 1,001  
Gross unrealized losses (42,257) (23,661)  
Fair value 66,249 67,044  
Debt securities held-to-maturity at amortized cost, net of allowance for credit losses of $0      
HTM, allowance for expected credit losses 0    
Residential mortgage-backed securities      
Mortgage-Backed Securities, At Fair Value      
Basis 189,517 203,973  
Gross unrealized gains 9,975 1,282  
Gross unrealized losses (43,685) (32,095)  
Fair value $ 155,807 $ 173,160