v3.25.2
INVESTMENT IN UNCONSOLIDATED ENTITIES - Schedule of Financial Information of The Unconsolidated Joint Venture (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
Assets:          
Real estate investments - at fair value $ 165,513   $ 165,513   $ 181,409
Loans held-for-investment - at fair value, net of deferred fees 3,220,476   3,220,476   3,370,877
Total assets 5,044,210 $ 5,909,930 5,044,210 $ 5,909,930 5,197,749
LIABILITIES, REDEEMABLE COMMON STOCK AND EQUITY          
Repurchase facilities, notes payable and credit facilities, net 3,026,195   3,026,195   3,170,289
Total liabilities 3,117,416   3,117,416   3,256,212
Total equity 1,763,360   1,763,360   $ 1,774,858
Total revenues 107,190 121,871 213,594 256,300  
Total expenses 88,542 372,116 235,292 540,530  
Total other expense 6,567 4,444 14,039 (113)  
Net income 25,192 (245,801) (7,691) (284,343)  
Unconsolidated Joint Venture          
Assets:          
Real estate investments - at fair value 73,900 40,796 73,900 40,796  
Loans held-for-investment - at fair value, net of deferred fees 1,026,815 1,093,202 1,026,815 1,093,202  
Total assets 1,117,106 1,186,794 1,117,106 1,186,794  
LIABILITIES, REDEEMABLE COMMON STOCK AND EQUITY          
Repurchase facilities, notes payable and credit facilities, net 757,380 777,239 757,380 777,239  
Total liabilities 761,069 798,626 761,069 798,626  
Total equity 356,037 388,168 356,037 388,168  
Total revenues 25,643 22,167 48,384 45,213  
Total expenses 17,591 15,095 33,193 30,903  
Total other expense (1,935) (1,204) (6,817) (2,886)  
Net income $ 6,117 $ 5,868 $ 8,374 $ 11,424