v3.25.4
MORTGAGE LOAN RECEIVABLES - Activity in Loan Portfolio (Details)
$ in Thousands
3 Months Ended 12 Months Ended
Sep. 30, 2024
loan
Dec. 31, 2025
USD ($)
loan
Dec. 31, 2024
USD ($)
loan
loans
Dec. 31, 2023
USD ($)
Mortgage loan receivables held for investment, net, at amortized cost:        
Mortgage loans receivable, beginning balance   $ 1,565,897 $ 3,138,792 $ 3,892,382
Origination of mortgage loan receivables   1,358,336 195,232 68,415
Repayment of mortgage loan receivables   (609,169) (1,720,643) (726,710)
Proceeds from sales of mortgage loan receivables   (66,847)    
Non-cash disposition of loan via foreclosure   (65,078) (47,952) (88,708)
Net result from mortgage loan receivables held for sale   4,716 30 (523)
Accretion/amortization of discount, premium and other fees   10,183 14,619 19,046
Charge-offs   0    
Mortgage loans receivable, ending balance   2,198,224 1,565,897 3,138,792
Allowance for credit losses        
Beginning balance, Allowance for credit losses   (52,323) (43,165) (20,755)
Charge-offs   5,000 5,023 2,700
Release (addition) of provision for current expected credit loss, net   157 (13,933) (25,096)
Ending balance, Allowance for credit losses   (47,137) (52,323) (43,165)
Unrealized lower of cost or market adjustment reversal   1,100    
Realized gain on loans held for sale   3,600    
Repayments in transit of securities (other assets)   628 $ 0 0
Loans with related charge-off | loans     1  
Mortgage loans receivable        
Mortgage loan receivables held for investment, net, at amortized cost:        
Mortgage loans receivable, beginning balance   1,591,322    
Mortgage loans receivable, ending balance   2,217,375 $ 1,591,322  
Total mortgage loan receivables held for investment, net, at amortized cost        
Mortgage loan receivables held for investment, net, at amortized cost:        
Mortgage loans receivable, beginning balance   1,591,322 3,155,089 3,885,746
Origination of mortgage loan receivables   1,294,976 195,232 68,415
Repayment of mortgage loan receivables   (609,028) (1,720,643) (726,710)
Proceeds from sales of mortgage loan receivables   0 0  
Non-cash disposition of loan via foreclosure   (65,078) (52,975) (91,408)
Net result from mortgage loan receivables held for sale   0 0 0
Accretion/amortization of discount, premium and other fees   10,183 14,619 19,046
Charge-offs   (5,000)    
Mortgage loans receivable, ending balance   2,217,375 1,591,322 3,155,089
Allowance for credit losses        
Beginning balance, Allowance for credit losses   (52,323) (43,165) (20,755)
Non-cash disposition of loans via foreclosure   0 5,023 2,700
Charge-offs   5,000    
Release (addition) of provision for current expected credit loss, net   186 (14,181)  
Ending balance, Allowance for credit losses   $ (47,137) (52,323) (43,165)
Repayments in transit of securities (other assets)     $ 102,000  
Total mortgage loan receivables held for investment, net, at amortized cost | One loan        
Allowance for credit losses        
Number of nonaccrual loans | loan   1 1  
Total mortgage loan receivables held for investment, net, at amortized cost | One loan | Office Loan        
Allowance for credit losses        
Number of nonaccrual loans | loan 1 1    
Mortgage loan  receivables held for sale        
Mortgage loan receivables held for investment, net, at amortized cost:        
Mortgage loans receivable, beginning balance   $ 26,898 $ 26,868 27,391
Origination of mortgage loan receivables   63,360 0 0
Repayment of mortgage loan receivables   (141) 0 0
Proceeds from sales of mortgage loan receivables   (66,847) 0  
Net result from mortgage loan receivables held for sale   4,716 30 (523)
Accretion/amortization of discount, premium and other fees   0 0 0
Charge-offs   0    
Mortgage loans receivable, ending balance   $ 27,986 26,898 $ 26,868
Conduit Mortgage Loans        
Mortgage loan receivables held for investment, net, at amortized cost:        
Proceeds from sales of mortgage loan receivables     $ (82,500)