v3.25.2
LOANS HELD-FOR-INVESTMENT - Schedule of CRE Loans on Carrying Values (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Financing Receivable, Allowance for Credit Loss [Line Items]    
Loans held-for-investment and related receivables, net $ 3,515,224 $ 3,763,013
Less: Current expected credit losses (294,748) (392,136)
Net book value 3,220,476 3,370,877
CRE Loans    
Financing Receivable, Allowance for Credit Loss [Line Items]    
Loans held-for-investment and related receivables, net 3,168,597 3,466,929
Net book value 2,881,929 $ 3,085,104
First Mortgage Loans    
Financing Receivable, Allowance for Credit Loss [Line Items]    
Less: Current expected credit losses (240,500)  
First Mortgage Loans | CRE Loans    
Financing Receivable, Allowance for Credit Loss [Line Items]    
Loans held-for-investment and related receivables, net 3,168,597  
Less: Current expected credit losses (286,668)  
Net book value $ 2,881,929  
Credit loss interest rate 100.00%  
First Mortgage Loans | CRE Loans | South    
Financing Receivable, Allowance for Credit Loss [Line Items]    
Loans held-for-investment and related receivables, net $ 1,273,129  
Credit loss interest rate 40.20%  
First Mortgage Loans | CRE Loans | West    
Financing Receivable, Allowance for Credit Loss [Line Items]    
Loans held-for-investment and related receivables, net $ 895,336  
Credit loss interest rate 28.30%  
First Mortgage Loans | CRE Loans | East    
Financing Receivable, Allowance for Credit Loss [Line Items]    
Loans held-for-investment and related receivables, net $ 704,304  
Credit loss interest rate 22.20%  
First Mortgage Loans | CRE Loans | Various    
Financing Receivable, Allowance for Credit Loss [Line Items]    
Loans held-for-investment and related receivables, net $ 295,828  
Credit loss interest rate 9.30%  
First Mortgage Loans | CRE Loans | Office    
Financing Receivable, Allowance for Credit Loss [Line Items]    
Loans held-for-investment and related receivables, net $ 1,563,389  
Credit loss interest rate 49.40%  
First Mortgage Loans | CRE Loans | Multifamily    
Financing Receivable, Allowance for Credit Loss [Line Items]    
Loans held-for-investment and related receivables, net $ 866,601  
Credit loss interest rate 27.30%  
First Mortgage Loans | CRE Loans | Industrial    
Financing Receivable, Allowance for Credit Loss [Line Items]    
Loans held-for-investment and related receivables, net $ 349,687  
Credit loss interest rate 11.00%  
First Mortgage Loans | CRE Loans | Hospitality    
Financing Receivable, Allowance for Credit Loss [Line Items]    
Loans held-for-investment and related receivables, net $ 191,965  
Credit loss interest rate 6.10%  
First Mortgage Loans | CRE Loans | Mixed Use    
Financing Receivable, Allowance for Credit Loss [Line Items]    
Loans held-for-investment and related receivables, net $ 71,327  
Credit loss interest rate 2.30%  
First Mortgage Loans | CRE Loans | Retail    
Financing Receivable, Allowance for Credit Loss [Line Items]    
Loans held-for-investment and related receivables, net $ 64,759  
Credit loss interest rate 2.00%  
First Mortgage Loans | CRE Loans | Self-Storage    
Financing Receivable, Allowance for Credit Loss [Line Items]    
Loans held-for-investment and related receivables, net $ 60,869  
Credit loss interest rate 1.90%