v3.25.4
FAIR VALUE OF FINANCIAL INSTRUMENTS - Estimated Fair Values of Financial Instruments (Details)
$ in Thousands
12 Months Ended
Dec. 31, 2025
USD ($)
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Assets:        
Amortized Cost Basis/Purchase Price $ 2,079,918 $ 1,067,155    
Fair Value 2,075,606 1,062,284    
Liabilities:        
Allowance for credit losses (47,137) (52,323) $ (43,165) $ (20,755)
Total mortgage loans receivable        
Assets:        
Principal Amount 2,234,346      
CMBS        
Assets:        
Amortized Cost Basis/Purchase Price 2,069,307 1,063,835    
Fair Value 2,064,922 1,058,874    
CMBS interest-only        
Assets:        
Amortized Cost Basis/Purchase Price 1,283 3,149    
Fair Value 1,275 3,244    
GNMA interest-only        
Assets:        
Amortized Cost Basis/Purchase Price 95 160    
Fair Value 167 155    
Agency securities        
Assets:        
Amortized Cost Basis/Purchase Price 2 11    
Fair Value 2 $ 11    
Corporate bonds        
Assets:        
Amortized Cost Basis/Purchase Price 9,231      
Fair Value $ 9,240      
Mortgage loan receivables held for investment, net, at amortized cost        
Liabilities:        
Period of short interest rate reset risk 30 days 30 days    
Recurring | CMBS        
Assets:        
Principal Amount $ 2,070,492 $ 1,065,985    
Amortized Cost Basis/Purchase Price 2,069,307 1,063,835    
Fair Value $ 2,064,922 $ 1,058,873    
Recurring | CMBS | Internal model | Yield %        
Liabilities:        
Financial instruments, measurement input 0.0531 0.0613    
Recurring | CMBS | Internal model | Remaining Maturity/Duration (years)        
Liabilities:        
Financial instruments, measurement input 2.97 2.41    
Recurring | CMBS interest-only        
Assets:        
Principal Amount $ 347,200 $ 769,724    
Amortized Cost Basis/Purchase Price 1,283 3,149    
Fair Value $ 1,275 $ 3,244    
Recurring | CMBS interest-only | Internal model | Yield %        
Liabilities:        
Financial instruments, measurement input 0.0863 0.0781    
Recurring | CMBS interest-only | Internal model | Remaining Maturity/Duration (years)        
Liabilities:        
Financial instruments, measurement input 0.52 0.87    
Recurring | GNMA interest-only        
Assets:        
Principal Amount $ 29,203 $ 32,710    
Amortized Cost Basis/Purchase Price 95 160    
Fair Value $ 167 $ 155    
Recurring | GNMA interest-only | Internal model | Yield %        
Liabilities:        
Financial instruments, measurement input 0.0924 0.0938    
Recurring | GNMA interest-only | Internal model | Remaining Maturity/Duration (years)        
Liabilities:        
Financial instruments, measurement input 3.27 3.64    
Recurring | Agency securities        
Assets:        
Principal Amount $ 2 $ 11    
Amortized Cost Basis/Purchase Price 2 11    
Fair Value $ 2 $ 11    
Recurring | Agency securities | Internal model | Yield %        
Liabilities:        
Financial instruments, measurement input 0.0304 0.0260    
Recurring | Agency securities | Internal model | Remaining Maturity/Duration (years)        
Liabilities:        
Financial instruments, measurement input 0.19 0.58    
Recurring | Corporate bonds        
Assets:        
Principal Amount $ 9,250      
Amortized Cost Basis/Purchase Price 9,231      
Fair Value $ 9,240      
Recurring | Corporate bonds | Internal model, third-party inputs | Yield %        
Liabilities:        
Financial instruments, measurement input 0.0858      
Recurring | Corporate bonds | Internal model, third-party inputs | Remaining Maturity/Duration (years)        
Liabilities:        
Financial instruments, measurement input 2.60      
Recurring | Equity securities        
Assets:        
Amortized Cost Basis/Purchase Price $ 12,910 $ 19,511    
Fair Value 12,699 18,575    
Recurring | Mortgage loan receivables held for investment, net, at amortized cost        
Assets:        
Principal Amount   1,596,277    
Amortized Cost Basis/Purchase Price 2,217,375 1,591,322    
Fair Value 2,214,987 1,575,911    
Recurring | Mortgage loan receivables held for investment, net, at amortized cost | Discounted Cash Flow        
Liabilities:        
Allowance for credit losses $ (47,100) $ (52,300)    
Recurring | Mortgage loan receivables held for investment, net, at amortized cost | Discounted Cash Flow | Yield %        
Liabilities:        
Financial instruments, measurement input 0.0776 0.0936    
Recurring | Mortgage loan receivables held for investment, net, at amortized cost | Discounted Cash Flow | Remaining Maturity/Duration (years)        
Liabilities:        
Financial instruments, measurement input 1.57 0.86    
Recurring | Mortgage loan  receivables held for sale        
Assets:        
Principal Amount $ 31,350 $ 31,350    
Amortized Cost Basis/Purchase Price 27,986 26,898    
Fair Value $ 27,986 $ 26,898    
Recurring | Mortgage loan  receivables held for sale | Internal model, third-party inputs | Yield %        
Liabilities:        
Financial instruments, measurement input 0.0457 0.0457    
Recurring | Mortgage loan  receivables held for sale | Internal model, third-party inputs | Remaining Maturity/Duration (years)        
Liabilities:        
Financial instruments, measurement input 6.92 7.18    
Recurring | Nonhedge derivatives        
Assets:        
Principal Amount $ 113,500      
Non Hedge derivatives   $ 90,000    
Amortized Cost Basis/Purchase Price 264 437    
Fair Value $ 264 $ 437    
Recurring | Nonhedge derivatives | Counterparty quotations | Remaining Maturity/Duration (years)        
Liabilities:        
Financial instruments, measurement input 0.22 0.62    
Recurring | Repurchase agreements - short-term        
Liabilities:        
Principal Amount $ 627,012 $ 62,738    
Amortized Cost Basis/Purchase Price 627,012 62,738    
Fair Value $ 627,012 $ 62,738    
Recurring | Repurchase agreements - short-term | Cost plus Accrued Interest | Yield %        
Liabilities:        
Financial instruments, measurement input 0.0429 0.0655    
Recurring | Repurchase agreements - short-term | Cost plus Accrued Interest | Remaining Maturity/Duration (years)        
Liabilities:        
Financial instruments, measurement input 0.04 0.74    
Recurring | Unsecured Revolving Credit Facility        
Liabilities:        
Principal Amount $ 280,000      
Amortized Cost Basis/Purchase Price 280,000      
Fair Value $ 280,000      
Recurring | Unsecured Revolving Credit Facility | Yield %        
Liabilities:        
Financial instruments, measurement input 0.0242      
Recurring | Unsecured Revolving Credit Facility | Remaining Maturity/Duration (years)        
Liabilities:        
Financial instruments, measurement input 2.97      
Recurring | Mortgage loan financing        
Liabilities:        
Principal Amount $ 386,543 $ 443,733    
Amortized Cost Basis/Purchase Price 388,195 446,397    
Fair Value $ 385,460 $ 435,048    
Recurring | Mortgage loan financing | Discounted Cash Flow | Yield %        
Liabilities:        
Financial instruments, measurement input 0.0588 0.0609    
Recurring | Mortgage loan financing | Discounted Cash Flow | Remaining Maturity/Duration (years)        
Liabilities:        
Financial instruments, measurement input 4.01 3.36    
Recurring | CLO debt        
Liabilities:        
Principal Amount   $ 601,464    
Amortized Cost Basis/Purchase Price   601,380    
Fair Value   $ 601,430    
Recurring | CLO debt | Discounted Cash Flow | Yield %        
Liabilities:        
Financial instruments, measurement input   0.0201    
Recurring | CLO debt | Discounted Cash Flow | Remaining Maturity/Duration (years)        
Liabilities:        
Financial instruments, measurement input   0.98    
Recurring | Senior unsecured notes        
Liabilities:        
Principal Amount $ 2,233,409 $ 2,041,557    
Amortized Cost Basis/Purchase Price 2,215,195 2,025,053    
Fair Value $ 2,265,416 $ 2,001,207    
Recurring | Senior unsecured notes | Internal model | Yield %        
Liabilities:        
Financial instruments, measurement input 0.0529 0.0522    
Recurring | Senior unsecured notes | Internal model | Remaining Maturity/Duration (years)        
Liabilities:        
Financial instruments, measurement input 3.54 3.72