v3.26.1
Repurchase Agreements and Mortgage Loan Payable - Schedule of Outstanding Repurchase Agreements (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Mar. 31, 2026
Dec. 31, 2025
Repurchase Agreements And Credit Facility [Line Items]    
Accrued Interest Payable $ 2,950 $ 2,644
JPM Repo Facility | Commercial Mortgage Loans    
Repurchase Agreements And Credit Facility [Line Items]    
Committed Financing 526,076 526,076
Amount Outstanding [1] 215,074 223,397
Accrued Interest Payable $ 507 $ 534
Weighted Average Interest Rate 6.07% 6.15%
Weighted Average Days to Maturity 767 days 857 days
JPM Repo Facility | Commercial Mortgage Loans | Collateral Pledged    
Repurchase Agreements And Credit Facility [Line Items]    
Collateral Pledged $ 302,334 $ 316,849
[1] Excluding $0 of unamortized debt issuance costs as of March 31, 2026 and December 31, 2025.

Mortgage Loan Payable

On September 30, 2025, the Company entered into a mortgage loan agreement with Ladder Capital Finance LLC for an aggregate principal amount of $24,500. The mortgage loan is collateralized by the Company’s multifamily REO asset located in Kansas City, MO. As of March 31, 2026, the Company had $24,500 outstanding under the mortgage loan. The mortgage loan bears interest at a rate equal to the greater of (a) SOFR plus 2.95% or (b) a floor rate of 6.20% per annum. The mortgage loan requires interest-only payments until the maturity date, at which point the outstanding principal and interest are due. The maturity date of the mortgage loan is October 6,

2027, and the Company has the option to extend the maturity date for up to three additional one-year periods, subject to the payment of an extension fee, certain costs and expenses and certain other conditions. The mortgage loan contains customary default provisions including failure to pay amounts when due.

Debt issuance costs for the mortgage loan are amortized as a component of interest expense. These costs are reported as a direct deduction to the Company’s outstanding mortgage loan payable. As of March 31, 2026, the carrying value of the mortgage loan payable was $23,978.