v3.25.2
LOANS HELD-FOR-INVESTMENT - Schedule of Loans Held-For-Investment Portfolio (Details)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2024
USD ($)
Mar. 31, 2024
USD ($)
Jun. 30, 2025
USD ($)
loan
Dec. 31, 2024
USD ($)
Financing Receivable, Credit Quality Indicator [Line Items]        
Number of Loans | loan     73  
Loans held-for-investment and related receivables, net     $ 3,515,224 $ 3,763,013
Less: Current expected credit losses     (294,748) (392,136)
Total loans held-for-investment and related receivables, net     $ 3,220,476 3,370,877
Weighted Average Risk Rating     3.7  
2025     $ 0  
2024     (155)  
2023     0  
2022     0  
2021     (90,691)  
Prior     0  
Write-offs charged $ (480) $ (1,649) $ (90,846)  
Liquid corporate senior loans        
Financing Receivable, Credit Quality Indicator [Line Items]        
Number of loans, nonaccrual status | loan     2  
Nonaccrual status with a carrying value     $ 2,400  
Percentage carrying value of loan portfolio (less than)     100.00%  
First Mortgage Loans        
Financing Receivable, Credit Quality Indicator [Line Items]        
Number of Loans | loan     34  
2025     $ 181,434  
2024     181,460  
2023     350,242  
2022     1,303,431  
2021     1,027,326  
Prior     124,704  
Loans held-for-investment and related receivables, net     $ 3,168,597 3,466,929
Write-offs charged 0 0    
First Mortgage Loans | 1        
Financing Receivable, Credit Quality Indicator [Line Items]        
Number of Loans | loan     0  
2025     $ 0  
2024     0  
2023     0  
2022     0  
2021     0  
Prior     0  
Loans held-for-investment and related receivables, net     $ 0  
First Mortgage Loans | 2        
Financing Receivable, Credit Quality Indicator [Line Items]        
Number of Loans | loan     0  
2025     $ 0  
2024     0  
2023     0  
2022     0  
2021     0  
Prior     0  
Loans held-for-investment and related receivables, net     $ 0  
First Mortgage Loans | 3        
Financing Receivable, Credit Quality Indicator [Line Items]        
Number of Loans | loan     20  
2025     $ 181,434  
2024     78,825  
2023     350,242  
2022     593,243  
2021     517,051  
Prior     0  
Loans held-for-investment and related receivables, net     $ 1,720,795  
First Mortgage Loans | 4        
Financing Receivable, Credit Quality Indicator [Line Items]        
Number of Loans | loan     8  
2025     $ 0  
2024     102,635  
2023     0  
2022     231,806  
2021     220,208  
Prior     71,059  
Loans held-for-investment and related receivables, net     $ 625,708  
First Mortgage Loans | 5        
Financing Receivable, Credit Quality Indicator [Line Items]        
Number of Loans | loan     6  
2025     $ 0  
2024     0  
2023     0  
2022     478,382  
2021     290,067  
Prior     53,645  
Loans held-for-investment and related receivables, net     $ 822,094  
Liquid corporate senior loans        
Financing Receivable, Credit Quality Indicator [Line Items]        
Number of Loans | loan     10  
2025     $ 0  
2024     6,203  
2023     2,872  
2022     13,509  
2021     6,812  
Prior     0  
Loans held-for-investment and related receivables, net     29,396 41,467
Total loans held-for-investment and related receivables, net     26,650 35,653
Write-offs charged (480) (1,649) $ (3,371)  
Liquid corporate senior loans | 1        
Financing Receivable, Credit Quality Indicator [Line Items]        
Number of Loans | loan     0  
2025     $ 0  
2024     0  
2023     0  
2022     0  
2021     0  
Prior     0  
Loans held-for-investment and related receivables, net     $ 0  
Liquid corporate senior loans | 2        
Financing Receivable, Credit Quality Indicator [Line Items]        
Number of Loans | loan     0  
2025     $ 0  
2024     0  
2023     0  
2022     0  
2021     0  
Prior     0  
Loans held-for-investment and related receivables, net     $ 0  
Liquid corporate senior loans | 3        
Financing Receivable, Credit Quality Indicator [Line Items]        
Number of Loans | loan     4  
2025     $ 0  
2024     0  
2023     1,715  
2022     13,509  
2021     2,520  
Prior     0  
Loans held-for-investment and related receivables, net     $ 17,744  
Liquid corporate senior loans | 4        
Financing Receivable, Credit Quality Indicator [Line Items]        
Number of Loans | loan     4  
2025     $ 0  
2024     6,203  
2023     0  
2022     0  
2021     3,002  
Prior     0  
Loans held-for-investment and related receivables, net     $ 9,205  
Liquid corporate senior loans | 5        
Financing Receivable, Credit Quality Indicator [Line Items]        
Number of Loans | loan     2  
2025     $ 0  
2024      
2023     1,157  
2022     0  
2021     1,290  
Prior     0  
Loans held-for-investment and related receivables, net     $ 2,447  
Corporate senior loans        
Financing Receivable, Credit Quality Indicator [Line Items]        
Number of Loans | loan     29  
2025     $ 49,467  
2024     127,017  
2023     84,999  
2022     55,748  
2021     0  
Prior     0  
Loans held-for-investment and related receivables, net     317,231 254,617
Total loans held-for-investment and related receivables, net     311,897 $ 250,120
Write-offs charged $ 0 $ 0 $ 0  
Corporate senior loans | 1        
Financing Receivable, Credit Quality Indicator [Line Items]        
Number of Loans | loan     0  
2025     $ 0  
2024     0  
2023     0  
2022     0  
2021     0  
Prior     0  
Loans held-for-investment and related receivables, net     $ 0  
Corporate senior loans | 2        
Financing Receivable, Credit Quality Indicator [Line Items]        
Number of Loans | loan     0  
2025     $ 0  
2024     0  
2023     0  
2022     0  
2021     0  
Prior     0  
Loans held-for-investment and related receivables, net     $ 0  
Corporate senior loans | 3        
Financing Receivable, Credit Quality Indicator [Line Items]        
Number of Loans | loan     26  
2025     $ 49,467  
2024     127,017  
2023     73,471  
2022     28,607  
2021     0  
Prior     0  
Loans held-for-investment and related receivables, net     $ 278,562  
Corporate senior loans | 4        
Financing Receivable, Credit Quality Indicator [Line Items]        
Number of Loans | loan     3  
2025     $ 0  
2024     0  
2023     11,528  
2022     27,141  
2021     0  
Prior     0  
Loans held-for-investment and related receivables, net     $ 38,669  
Corporate senior loans | 5        
Financing Receivable, Credit Quality Indicator [Line Items]        
Number of Loans | loan     0  
2025     $ 0  
2024     0  
2023     0  
2022     0  
2021     0  
Prior     0  
Loans held-for-investment and related receivables, net     $ 0