REAL ESTATE LOANS RECEIVABLE (Tables) - Mortgage Receivables and Other Real Estate Loans [Member]
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12 Months Ended |
Dec. 31, 2025 |
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| Accounts, Notes, Loans and Financing Receivable [Line Items] |
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| Schedule of Investments |
A summary of our real estate loans receivable by loan type and by borrower and/or guarantor is as follows: | | | | | | | | | | | | | | | As of December 31, 2025 | | | | | | | | | | Weighted | | Weighted | | | | | | | | Average | | Average Years | | | December 31, | | December 31, | | | Interest Rate | | to Maturity | | | 2025 | | 2024 | | | | | | | | | | (in thousands) | Mortgage notes receivable – gross | | 10.9 | % | | 3.9 | (1) | | $ | 931,616 | | $ | 982,327 | Allowance for credit losses on mortgage notes receivable | | | | | | | | | (33,298) | | | (39,562) | Mortgage notes receivable – net | | | | | | | | | 898,318 | | | 942,765 | Other real estate loans – gross | | 9.0 | % | | 7.6 | (2) | | | 524,169 | | | 517,220 | Allowance for credit losses on other real estate loans | | | | | | | | | (41,538) | | | (31,687) | Other real estate loans – net | | | | | | | | | 482,631 | | | 485,533 | Total real estate loans receivable – net | | | | | | | | $ | 1,380,949 | | $ | 1,428,298 |
| (1) | Consists of mortgage notes with maturity dates ranging from 2026 through 2037 (with $196.9 million maturing in 2026). One of the mortgage notes with an aggregate principal balance of $6.4 million is past due and has been written down, through our allowance for credit losses, to the estimated fair value of the underlying collateral of $1.5 million. |
| (2) | Consists of other real estate loans with maturity dates ranging from 2026 through 2037 (with $16.6 million maturing in 2026). |
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| Summary of Real Estate interest income |
Interest income on real estate loans is included within interest income on the Consolidated Statements of Operations and is summarized as follows: | | | | | | | | | | Year Ended December 31, | | 2025 | | 2024 | | 2023 | | | (in thousands) | Mortgage notes – interest income | $ | 104,987 | | $ | 91,434 | | $ | 68,340 | Other real estate loans – interest income | | 29,616 | | | 35,366 | | | 29,426 | Total real estate loans interest income | $ | 134,603 | | $ | 126,800 | | $ | 97,766 |
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| Summary of real estate loan activity |
The following is a summary of advances and principal repayments under our real estate loans: | | | | | | | | | | Year Ended December 31, | | 2025 | | 2024 | | 2023 | | | (in thousands) | Advances on new real estate loans receivable(1) | $ | 65,447 | | $ | 370,248 | | $ | 224,121 | Advances on existing real estate loans receivable | | 17,300 | | | 7,922 | | | 20,836 | Principal repayments on real estate loans receivable(2) | | (115,687) | | | (77,882) | | | (51,884) | Net cash advances (repayments) on real estate loans receivable | $ | (32,940) | | $ | 300,288 | | $ | 193,073 |
| (1) | Consists of advances under 19, 29 and 12 new real estate loans originated during 2025, 2024 and 2023, respectively, with a weighted average interest rate of 10.3%, 10.5% and 10.9% during the years ended December 31, 2025, 2024 and 2023, respectively. |
| (2) | Excludes principal recoveries on loans written off in prior periods and cash recoveries related to interest payments received on loans that are written down to fair value and are being accounted for under the cost recovery method in which any payments received are applied directly against the principal balance outstanding. |
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