v3.25.2
REPURCHASE FACILITIES, NOTES PAYABLE AND CREDIT FACILITIES - Narrative (Details)
6 Months Ended
Jun. 30, 2025
USD ($)
property
Dec. 31, 2024
USD ($)
Jul. 28, 2021
USD ($)
Debt Instrument [Line Items]      
Repurchase facilities, notes payable and credit facilities, net $ 3,026,195,000 $ 3,170,289,000  
Weighted average years to maturity 1 year 9 months 18 days    
Weighted Average Interest Rate 5.40%    
Amount Financed $ 3,036,929,000 3,182,614,000  
Number of properties used as collateral | property 169    
Debt maturities $ 1,700,000,000    
Minimum      
Debt Instrument [Line Items]      
Debt instrument, basis spread on variable rate 1.30%    
Maximum      
Debt Instrument [Line Items]      
Debt instrument, basis spread on variable rate 3.00%    
Reinvestment Period 1      
Debt Instrument [Line Items]      
Reinvestment period (in years) 2 years    
J.P. Morgan | Minimum      
Debt Instrument [Line Items]      
Debt instrument, basis spread on variable rate 1.10%    
J.P. Morgan | Maximum      
Debt Instrument [Line Items]      
Debt instrument, basis spread on variable rate 1.45%    
Senior Loan | Due to affiliates      
Debt Instrument [Line Items]      
Percent of lending guaranteed (up to) 25.00%    
Revolving Credit Facility | Citibank      
Debt Instrument [Line Items]      
Weighted Average Interest Rate 7.10%    
Line of credit facility, maximum borrowing capacity $ 18,000,000    
Amount Financed 12,500,000    
Credit facilities | Due to affiliates      
Debt Instrument [Line Items]      
Line of credit facility, maximum borrowing capacity 2,927,328,000    
Amount Financed 1,693,710,000    
Consolidated net worth, minimum $ 1,000,000,000.0    
Equity issued by the company, minimum (as a percent) 75.00%    
Maximum leverage ratio to total indebtedness to total equity (less than or equal) 80.00%    
Minimum interest coverage ratio of EBITDA to interest expense (greater than or equal) 1.40    
Credit facilities | Due to affiliates | Term a      
Debt Instrument [Line Items]      
Minimum liquidity $ 50,000,000.0    
Credit facilities | Due to affiliates | Term b      
Debt Instrument [Line Items]      
Minimum liquidity $ 10,000,000.0    
Recourse indebtedness (as a percent) 5.00%    
Credit facilities | Citibank | Due to affiliates      
Debt Instrument [Line Items]      
Weighted Average Interest Rate 6.90%    
Line of credit facility, maximum borrowing capacity $ 47,813,000    
Amount Financed $ 47,813,000    
Credit facilities | J.P. Morgan | Due to affiliates      
Debt Instrument [Line Items]      
Weighted Average Interest Rate 5.60%    
Line of credit facility, maximum borrowing capacity $ 0    
Amount Financed 111,070,000    
Variable Rate Debt      
Debt Instrument [Line Items]      
Amount Financed $ 459,199,000 606,452,000  
Variable Rate Debt | Citibank      
Debt Instrument [Line Items]      
Weighted Average Interest Rate 5.60%    
Amount Financed $ 64,448,000    
ABS mortgage notes      
Debt Instrument [Line Items]      
Weighted Average Interest Rate 2.80%    
Amount Financed $ 758,520,000 758,520,000  
Initial Principal Balance     $ 774,000,000
Debt instrument, collateral amount 1,000,000,000.0    
Credit facilities      
Debt Instrument [Line Items]      
Amount Financed $ 125,500,000 $ 124,500,000  
Credit facilities | Variable Rate Component One      
Debt Instrument [Line Items]      
Debt instrument, basis spread on variable rate 2.875%    
Credit facilities | Variable Rate Component Two      
Debt Instrument [Line Items]      
Debt instrument, basis spread on variable rate 2.00%    
Credit facilities | Reinvestment Period 1 | Minimum      
Debt Instrument [Line Items]      
Stated interest rate 1.90%    
Credit facilities | Reinvestment Period 1 | Maximum      
Debt Instrument [Line Items]      
Stated interest rate 2.75%    
Credit facilities | Reinvestment Period 2 | Minimum      
Debt Instrument [Line Items]      
Stated interest rate 2.00%    
Credit facilities | Reinvestment Period 2 | Maximum      
Debt Instrument [Line Items]      
Stated interest rate 2.85%    
Credit facilities | Amortization Period | Minimum      
Debt Instrument [Line Items]      
Stated interest rate 2.10%    
Credit facilities | Amortization Period | Maximum      
Debt Instrument [Line Items]      
Stated interest rate 2.95%    
Credit facilities | J.P. Morgan      
Debt Instrument [Line Items]      
Stated interest rate 2.00%    
Credit facilities | Term Loan      
Debt Instrument [Line Items]      
Weighted Average Interest Rate 7.20%    
Amount Financed $ 113,000,000    
Credit facilities | Term Loan | CMFT Credit Facility      
Debt Instrument [Line Items]      
Line of credit facility, maximum borrowing capacity 300,000,000    
Credit facilities | Revolving Loan | CMFT Credit Facility      
Debt Instrument [Line Items]      
Line of credit facility, maximum borrowing capacity $ 500,000,000    
Debt instrument, termination date, years after revolving period end date 2 years