v3.25.2
SEGMENT REPORTING (Details)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
USD ($)
Jun. 30, 2024
USD ($)
Jun. 30, 2025
USD ($)
segment
Jun. 30, 2024
USD ($)
Dec. 31, 2024
USD ($)
Segment Reporting Information [Line Items]          
Number of reportable segments | segment     2    
Revenues:          
Rental and other property income $ 29,179 $ 23,562 $ 57,987 $ 48,136  
Interest income 78,011 98,309 155,607 208,164  
Total revenues 107,190 121,871 213,594 256,300  
Expenses:          
General and administrative 7,149 6,111 12,764 12,261  
Interest expense, net 44,838 63,937 90,088 129,513  
Property operating 4,435 2,323 6,900 6,330  
Real estate tax 1,318 1,173 2,322 2,451  
Expense reimbursements to related parties 3,411 3,726 6,414 6,719  
Management fees 11,688 12,613 23,411 25,304  
Transaction-related 84 6 143 66  
Depreciation and amortization 9,770 8,397 18,598 16,939  
Real estate impairment 648 56,932 7,674 56,932  
Increase in provision for credit losses 5,201 216,898 66,978 284,015  
Total expenses 88,542 372,116 235,292 540,530  
Other income (expense):          
Gain on disposition of real estate and condominium developments, net 4,044 2,468 5,596 3,250  
Gain on investment in unconsolidated entities 2,911 2,742 3,922 5,267  
Unrealized (loss) gain on equity securities (2,110) (4,229) 1,190 (15,642)  
Other income, net 1,722 3,463 3,331 7,012  
Total other income (expense) 6,567 4,444 14,039 (113)  
Net income (loss) 25,215 (245,801) (7,659) (284,343)  
Net income allocated to non-controlling interest 23 0 32 0  
Net income (loss) attributable to the Company 25,192 (245,801) (7,691) (284,343)  
Total assets 5,044,210 5,909,930 5,044,210 5,909,930 $ 5,197,749
Operating Segments | Real Estate          
Revenues:          
Rental and other property income 29,179 23,492 57,919 47,949  
Interest income 0 0 0 0  
Total revenues 29,179 23,492 57,919 47,949  
Expenses:          
General and administrative 60 117 127 245  
Interest expense, net 5,885 5,811 11,706 11,622  
Property operating 2,830 765 4,473 1,826  
Real estate tax 1,253 833 2,139 1,874  
Expense reimbursements to related parties 0 0 0 0  
Management fees 2,376 2,034 4,672 4,172  
Transaction-related 61 0 114 0  
Depreciation and amortization 9,770 8,397 18,598 16,939  
Real estate impairment 648 51,469 7,674 51,469  
Increase in provision for credit losses 0 0 0 0  
Total expenses 22,883 69,426 49,503 88,147  
Other income (expense):          
Gain on disposition of real estate and condominium developments, net 0 0 411 0  
Gain on investment in unconsolidated entities 0 0 0 0  
Unrealized (loss) gain on equity securities 0 0 0 0  
Other income, net 18 80 59 148  
Total other income (expense) 18 80 470 148  
Net income (loss) 6,314 (45,854) 8,886 (40,050)  
Net income allocated to non-controlling interest 0   0    
Net income (loss) attributable to the Company 6,314   8,886    
Total assets 1,026,587 1,033,875 1,026,587 1,033,875  
Operating Segments | Credit          
Revenues:          
Rental and other property income 0 0 0 0  
Interest income 78,011 98,309 155,607 208,164  
Total revenues 78,011 98,309 155,607 208,164  
Expenses:          
General and administrative 639 956 1,318 2,003  
Interest expense, net 38,953 58,126 78,382 117,891  
Property operating 0 0 0 0  
Real estate tax 0 0 0 0  
Expense reimbursements to related parties 0 0 0 0  
Management fees 9,312 10,579 18,739 21,132  
Transaction-related 0 6 0 18  
Depreciation and amortization 0 0 0 0  
Real estate impairment 0 0 0 0  
Increase in provision for credit losses 5,201 216,898 66,978 284,015  
Total expenses 54,105 286,565 165,417 425,059  
Other income (expense):          
Gain on disposition of real estate and condominium developments, net 0 0 0 0  
Gain on investment in unconsolidated entities 2,911 2,742 3,922 5,267  
Unrealized (loss) gain on equity securities (2,110) (4,229) 1,190 (15,642)  
Other income, net 769 2,175 1,451 4,381  
Total other income (expense) 1,570 688 6,563 (5,994)  
Net income (loss) 25,476 (187,568) (3,247) (222,889)  
Net income allocated to non-controlling interest 23   32    
Net income (loss) attributable to the Company 25,453   (3,279)    
Total assets 3,860,787 4,647,726 3,860,787 4,647,726  
Corporate/Other          
Revenues:          
Rental and other property income 0 70 68 187  
Interest income 0 0 0 0  
Total revenues 0 70 68 187  
Expenses:          
General and administrative 6,450 5,038 11,319 10,013  
Interest expense, net 0 0 0 0  
Property operating 1,605 1,558 2,427 4,504  
Real estate tax 65 340 183 577  
Expense reimbursements to related parties 3,411 3,726 6,414 6,719  
Management fees 0 0 0 0  
Transaction-related 23 0 29 48  
Depreciation and amortization 0 0 0 0  
Real estate impairment 0 5,463 0 5,463  
Increase in provision for credit losses 0 0 0 0  
Total expenses 11,554 16,125 20,372 27,324  
Other income (expense):          
Gain on disposition of real estate and condominium developments, net 4,044 2,468 5,185 3,250  
Gain on investment in unconsolidated entities 0 0 0 0  
Unrealized (loss) gain on equity securities 0 0 0 0  
Other income, net 935 1,208 1,821 2,483  
Total other income (expense) 4,979 3,676 7,006 5,733  
Net income (loss) (6,575) (12,379) (13,298) (21,404)  
Net income allocated to non-controlling interest 0   0    
Net income (loss) attributable to the Company (6,575)   (13,298)    
Total assets $ 156,836 $ 228,329 $ 156,836 $ 228,329