v3.25.2
LOANS HELD-FOR-INVESTMENT - Narrative (Details)
$ in Thousands
3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2025
USD ($)
loan
extension_option
property
Jun. 30, 2025
USD ($)
loan
extension_option
property
Dec. 31, 2024
USD ($)
Mar. 31, 2025
USD ($)
Jun. 30, 2024
USD ($)
Mar. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Financing Receivable, Allowance for Credit Loss [Line Items]              
Net book value $ 3,220,476 $ 3,220,476 $ 3,370,877        
Allowance for credit losses $ 294,748 $ 294,748 $ 392,136        
Loan modifications | loan   3          
Number of Loans | loan 73 73          
Number of properties used as collateral | property 169 169          
First Mortgage Loans              
Financing Receivable, Allowance for Credit Loss [Line Items]              
Number of impaired risk-rated loans, nonaccrual status | loan 0 0          
Allowance for credit losses $ 240,500 $ 240,500          
Number of impaired risk-rated loans | loan 5 5          
First Mortgage Loans | Extended the Maturity Date from February 6, 2026              
Financing Receivable, Allowance for Credit Loss [Line Items]              
Modified loans, carrying value   $ 72,000          
First Mortgage Loans | Extended the Maturity Date to March 6, 2028              
Financing Receivable, Allowance for Credit Loss [Line Items]              
Modified loans, carrying value   55,000          
Payment received in connection with loan modification   $ 15,900          
First Mortgage Loans | Office              
Financing Receivable, Allowance for Credit Loss [Line Items]              
Number of Loans | loan 2 2          
First Mortgage Loans | Office | Exercise of extension options              
Financing Receivable, Allowance for Credit Loss [Line Items]              
Modified loans, carrying value   $ 129,900          
Loans modified as a percentage of total loans   4.10%          
First Mortgage Loans | Commercial Real Estate              
Financing Receivable, Allowance for Credit Loss [Line Items]              
Modified loans, carrying value   $ 54,600          
First Mortgage Loans | Commercial Real Estate | Extended the Maturity Date from January 7, 2025 to February 7, 2029              
Financing Receivable, Allowance for Credit Loss [Line Items]              
Loan modification, number of extension options | extension_option 2 2          
Number of extension term   1 year          
Net investments in debt securities $ 14,500 $ 14,500          
Interest rate 2.90% 2.90%          
Principle payment received   $ 12,000          
Payment of interest in-kind   $ 897          
First Mortgage Loans | Commercial Real Estate | Extended the Maturity Date February 7, 2029              
Financing Receivable, Allowance for Credit Loss [Line Items]              
Interest rate after modification 5.00% 5.00%          
First Mortgage Loans | Commercial Real Estate | Extended the Maturity Date January 7, 2025              
Financing Receivable, Allowance for Credit Loss [Line Items]              
Interest rate after modification 6.00% 6.00%          
First Mortgage Loans | Commercial Real Estate | Extended the Maturity Date from February 1, 2025 to April 1, 2027              
Financing Receivable, Allowance for Credit Loss [Line Items]              
Modified loans, carrying value   $ 166,500          
Loans modified as a percentage of total loans   5.30%          
First Mortgage Loans | Commercial Real Estate | Extended the Maturity Date from February 7, 2025              
Financing Receivable, Allowance for Credit Loss [Line Items]              
Loan modification, number of extension options | extension_option 2 2          
Number of extension term   1 year          
Principle payment received   $ 10,000          
First Mortgage Loans | Commercial Real Estate | Extended the Maturity Date to February 7, 2028              
Financing Receivable, Allowance for Credit Loss [Line Items]              
Loan modification, number of extension options | extension_option 1 1          
Number of extension term   1 year          
First Mortgage Loans | Commercial Real Estate | Extended the Maturity Date from February 6, 2026 to March 6, 2028              
Financing Receivable, Allowance for Credit Loss [Line Items]              
Loans modified as a percentage of total loans   1.70%          
Interest rate 2.85% 2.85% 3.20%        
First Mortgage Loans | Commercial Real Estate | Extended the Maturity Date from February 6, 2026              
Financing Receivable, Allowance for Credit Loss [Line Items]              
Loan modification, number of extension options | extension_option 1 1          
Number of extension term   1 year          
First Mortgage Loans | Commercial Real Estate | Extended the Maturity Date to March 6, 2028              
Financing Receivable, Allowance for Credit Loss [Line Items]              
Loan modification, number of extension options | extension_option 2 2          
Number of extension term   1 year          
First Mortgage Loans | Multifamily Property              
Financing Receivable, Allowance for Credit Loss [Line Items]              
Initial Principal Balance $ 57,200 $ 57,200          
Mezzanine Loans | Multifamily Property              
Financing Receivable, Allowance for Credit Loss [Line Items]              
Initial Principal Balance $ 19,100 19,100          
First Mortgage Loan And Mezzanine Loan | Multifamily Property              
Financing Receivable, Allowance for Credit Loss [Line Items]              
Modified loans, carrying value   $ 76,000          
Loans modified as a percentage of total loans   2.40%          
Number of extension term     1 year        
Interest rate 3.00% 3.00%          
Interest rate after modification 4.50% 4.50%          
Principle payment received     $ 4,700        
Number of properties used as collateral | property 2 2          
Note A | First Mortgage Loans | Office              
Financing Receivable, Allowance for Credit Loss [Line Items]              
Initial Principal Balance $ 78,000 $ 78,000          
Note B | First Mortgage Loans | Office              
Financing Receivable, Allowance for Credit Loss [Line Items]              
Initial Principal Balance 52,300 52,300          
Gross Credit Losses              
Financing Receivable, Allowance for Credit Loss [Line Items]              
Decrease in current expected credit loss reserve, net (4,200)            
Net book value $ 313,885 $ 313,885 $ 406,730 $ 309,643 $ 420,761 $ 208,871 $ 143,158