v3.25.4
MORTGAGE LOAN RECEIVABLES - Individually Impaired Loans (Details)
$ in Thousands
 1 Months Ended 12 Months Ended
Sep. 30, 2024
Feb. 29, 2024
Dec. 31, 2025
USD ($)
property
loan
Dec. 31, 2024
USD ($)
loan
Dec. 31, 2023
USD ($)
Financing Receivable, Credit Quality Indicator [Line Items]          
Total loans     $ 2,217,375 $ 1,591,322 [1]  
Subtotal loans, Year One     1,290,966 176,789  
Subtotal loans, Year Two     149,129 14,636  
Subtotal loans, Year Three     14,648 179,369  
Subtotal loans, Year Four     90,004 980,026  
Subtotal loans, Year Five and Earlier     672,628 240,502  
Subtotal mortgage loans receivable     2,217,375 1,591,322  
Individually impaired loans, Year One     0 0  
Individually impaired loans, Year Two     0 0  
Individually impaired loans, Year Three     0 0  
Individually impaired loans, Year Four     0 0  
Individually impaired loans, Year Five and Earlier     0 0  
Individually impaired loans     0 0  
Total loans, Year One     1,290,966 176,789  
Total loans, Year Two     149,129 14,636  
Total loans, Year Three     14,648 179,369  
Total loans, Year Four     90,004 980,026  
Total loans, Year Five and Earlier     672,628 240,502  
Accrued interest receivable     10,600 9,400  
Write-off     5,000 5,023 $ 2,700
Mortgage loan receivable with a borrower collateralized     $ 2,198,224 $ 1,565,897  
Mortgage loan receivable held for investment (percentage)     7.71% 9.27%  
Financing Receivable, Accrued Interest, after Allowance for Credit Loss, Statement of Financial Position [Extensible Enumeration]       Accrued interest receivable  
Oakland, CA          
Financing Receivable, Credit Quality Indicator [Line Items]          
Write-off       $ 5,000  
Number of real estate properties | loan       1  
Portland, Oregon          
Financing Receivable, Credit Quality Indicator [Line Items]          
Write-off     $ 5,000    
Multifamily          
Financing Receivable, Credit Quality Indicator [Line Items]          
Year One     959,214 $ 126,588  
Year Two     127,254 14,636  
Year Three     14,648 105,324  
Year Four     22,109 272,291  
Year Five and Earlier     111,575 0  
Total loans     $ 1,234,800 $ 518,839  
Loans collateralized by property, valuations used to calculate allowance     2 1  
Office          
Financing Receivable, Credit Quality Indicator [Line Items]          
Year One     $ 50,895 $ 0  
Year Two     0 0  
Year Three     0 59,944  
Year Four     55,950 518,663  
Year Five and Earlier     484,565 185,242  
Total loans     591,410 $ 763,849  
Loans collateralized by property, valuations used to calculate allowance | loan       1  
Office | Debt issuance costs included in mortgage loan financings          
Financing Receivable, Credit Quality Indicator [Line Items]          
Mortgage loan receivable with a borrower collateralized     $ 228,200    
Mortgage loan receivable held for investment (percentage)     10.00%    
Industrial          
Financing Receivable, Credit Quality Indicator [Line Items]          
Year One     $ 137,915 $ 26,368  
Year Two     11,418 0  
Year Three     0 0  
Year Four     0 0  
Year Five and Earlier     0 0  
Total loans     149,333 26,368  
Mixed Use          
Financing Receivable, Credit Quality Indicator [Line Items]          
Year One     79,244 0  
Year Two     0 0  
Year Three     0 0  
Year Four     0 127,380  
Year Five and Earlier     33,111 0  
Total loans     112,355 $ 127,380  
Loans collateralized by property, valuations used to calculate allowance | loan       2  
Other          
Financing Receivable, Credit Quality Indicator [Line Items]          
Year One     48,850 $ 0  
Year Two     0 0  
Year Three     0 14,101  
Year Four     11,945 0  
Year Five and Earlier     0 0  
Total loans     60,795 14,101  
Retail          
Financing Receivable, Credit Quality Indicator [Line Items]          
Year One     14,848 23,833  
Year Two     10,457 0  
Year Three     0 0  
Year Four     0 48,628  
Year Five and Earlier     24,121 0  
Total loans     49,426 72,461  
Hospitality          
Financing Receivable, Credit Quality Indicator [Line Items]          
Year One     0 0  
Year Two     0 0  
Year Three     0 0  
Year Four     0 13,064  
Year Five and Earlier     19,256 55,260  
Total loans     $ 19,256 $ 68,324  
Loans collateralized by property, valuations used to calculate allowance | property     1    
Hospitality | Debt issuance costs included in mortgage loan financings          
Financing Receivable, Credit Quality Indicator [Line Items]          
Loans collateralized by property, valuations used to calculate allowance | loan     1    
Office          
Financing Receivable, Credit Quality Indicator [Line Items]          
Loans collateralized by property, valuations used to calculate allowance | property     1    
Office | Oakland, CA          
Financing Receivable, Credit Quality Indicator [Line Items]          
Capitalization rate 7.50%        
Office | Portland, Oregon          
Financing Receivable, Credit Quality Indicator [Line Items]          
Capitalization rate   11.00%      
[1] Includes amounts relating to consolidated variable interest entities. Refer to Note 2 and Note 6.