v3.25.4
FAIR VALUE OF FINANCIAL INSTRUMENTS - Financial Assets and Liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Assets:        
Fair Value $ 2,251,822 $ 1,611,903    
Liabilities:        
Fair Value 3,557,888 3,100,423    
Allowance for credit losses (47,137) (52,323) $ (43,165) $ (20,755)
Repurchase agreements - short-term        
Liabilities:        
Principal Amount 627,012 62,738    
Fair Value 627,012 62,738    
Unsecured Revolving Credit Facility        
Liabilities:        
Principal Amount 280,000      
Fair Value 280,000      
Mortgage loan financing        
Liabilities:        
Principal Amount 386,543 443,733    
Fair Value 385,460 435,048    
CLO debt        
Liabilities:        
Principal Amount   601,464    
Fair Value   601,430    
Senior unsecured notes        
Liabilities:        
Principal Amount 2,233,409 2,041,557    
Fair Value 2,265,416 2,001,207    
CMBS        
Assets:        
Principal Amount 8,913 9,142    
Fair Value 8,745 8,887    
CMBS interest-only        
Assets:        
Principal Amount 7,958 8,187    
Fair Value 104 207    
Mortgage loan receivables held for investment, net, at amortized cost        
Assets:        
Principal Amount 2,234,346 1,596,277    
Fair Value 2,214,987 1,575,911    
Mortgage loan  receivables held for sale        
Assets:        
Principal Amount 31,350 31,350    
Fair Value 27,986 26,898    
Level 1        
Assets:        
Fair Value 0 0    
Liabilities:        
Fair Value 0 0    
Level 1 | Repurchase agreements - short-term        
Liabilities:        
Fair Value 0 0    
Level 1 | Unsecured Revolving Credit Facility        
Liabilities:        
Fair Value 0      
Level 1 | Mortgage loan financing        
Liabilities:        
Fair Value 0 0    
Level 1 | CLO debt        
Liabilities:        
Fair Value   0    
Level 1 | Senior unsecured notes        
Liabilities:        
Fair Value 0 0    
Level 1 | CMBS        
Assets:        
Fair Value 0 0    
Level 1 | CMBS interest-only        
Assets:        
Fair Value 0 0    
Level 1 | Mortgage loan receivables held for investment, net, at amortized cost        
Assets:        
Fair Value 0 0    
Level 1 | Mortgage loan  receivables held for sale        
Assets:        
Fair Value 0 0    
Level 2        
Assets:        
Fair Value 8,849 9,094    
Liabilities:        
Fair Value 2,892,428 2,665,375    
Level 2 | Repurchase agreements - short-term        
Liabilities:        
Fair Value 627,012 62,738    
Level 2 | Unsecured Revolving Credit Facility        
Liabilities:        
Fair Value 0      
Level 2 | Mortgage loan financing        
Liabilities:        
Fair Value 0 0    
Level 2 | CLO debt        
Liabilities:        
Fair Value   601,430    
Level 2 | Senior unsecured notes        
Liabilities:        
Fair Value 2,265,416 2,001,207    
Level 2 | CMBS        
Assets:        
Fair Value 8,745 8,887    
Level 2 | CMBS interest-only        
Assets:        
Fair Value 104 207    
Level 2 | Mortgage loan receivables held for investment, net, at amortized cost        
Assets:        
Fair Value 0 0    
Level 2 | Mortgage loan  receivables held for sale        
Assets:        
Fair Value 0 0    
Level 3        
Assets:        
Fair Value 2,242,973 1,602,809    
Liabilities:        
Fair Value 665,460 435,048    
Level 3 | Repurchase agreements - short-term        
Liabilities:        
Fair Value 0 0    
Level 3 | Unsecured Revolving Credit Facility        
Liabilities:        
Fair Value 280,000      
Level 3 | Mortgage loan financing        
Liabilities:        
Fair Value 385,460 435,048    
Level 3 | CLO debt        
Liabilities:        
Fair Value   0    
Level 3 | Senior unsecured notes        
Liabilities:        
Fair Value 0 0    
Level 3 | CMBS        
Assets:        
Fair Value 0 0    
Level 3 | CMBS interest-only        
Assets:        
Fair Value 0 0    
Level 3 | Mortgage loan receivables held for investment, net, at amortized cost        
Assets:        
Fair Value 2,214,987 1,575,911    
Level 3 | Mortgage loan  receivables held for sale        
Assets:        
Fair Value 27,986 26,898    
Recurring        
Assets:        
Fair Value 2,079,720 1,072,201    
Recurring | CMBS interest-only        
Assets:        
Principal Amount 347,200 769,724    
Recurring | Mortgage loan receivables held for investment, net, at amortized cost        
Assets:        
Principal Amount   1,596,277    
Recurring | Mortgage loan receivables held for investment, net, at amortized cost | Discounted Cash Flow        
Liabilities:        
Allowance for credit losses (47,100) (52,300)    
Recurring | CMBS        
Assets:        
Principal Amount 2,061,579 1,056,844    
Fair Value 2,056,177 1,049,986    
Recurring | CMBS interest-only        
Assets:        
Principal Amount 339,241 761,537    
Fair Value 1,171 3,037    
Recurring | GNMA interest-only        
Assets:        
Principal Amount 29,203 32,710    
Fair Value 167 155    
Recurring | Agency securities        
Assets:        
Principal Amount 2 11    
Fair Value 2 11    
Recurring | Corporate bonds        
Assets:        
Principal Amount 9,250      
Fair Value 9,240      
Recurring | Equity securities        
Assets:        
Fair Value 12,699 18,575    
Recurring | Nonhedge derivatives        
Assets:        
Principal Amount 113,500 90,000    
Fair Value 264 437    
Recurring | Level 1        
Assets:        
Fair Value 12,963 18,575    
Recurring | Level 1 | CMBS        
Assets:        
Fair Value 0 0    
Recurring | Level 1 | CMBS interest-only        
Assets:        
Fair Value 0 0    
Recurring | Level 1 | GNMA interest-only        
Assets:        
Fair Value 0 0    
Recurring | Level 1 | Agency securities        
Assets:        
Fair Value 0 0    
Recurring | Level 1 | Corporate bonds        
Assets:        
Fair Value 0      
Recurring | Level 1 | Equity securities        
Assets:        
Fair Value 12,699 18,575    
Recurring | Level 1 | Nonhedge derivatives        
Assets:        
Fair Value 264 0    
Recurring | Level 2        
Assets:        
Fair Value 2,066,757 1,053,626    
Recurring | Level 2 | CMBS        
Assets:        
Fair Value 2,056,177 1,049,986    
Recurring | Level 2 | CMBS interest-only        
Assets:        
Fair Value 1,171 3,037    
Recurring | Level 2 | GNMA interest-only        
Assets:        
Fair Value 167 155    
Recurring | Level 2 | Agency securities        
Assets:        
Fair Value 2 11    
Recurring | Level 2 | Corporate bonds        
Assets:        
Fair Value 9,240      
Recurring | Level 2 | Equity securities        
Assets:        
Fair Value 0 0    
Recurring | Level 2 | Nonhedge derivatives        
Assets:        
Fair Value 0 437    
Recurring | Level 3        
Assets:        
Fair Value 0 0    
Recurring | Level 3 | CMBS        
Assets:        
Fair Value 0 0    
Recurring | Level 3 | CMBS interest-only        
Assets:        
Fair Value 0 0    
Recurring | Level 3 | GNMA interest-only        
Assets:        
Fair Value 0 0    
Recurring | Level 3 | Agency securities        
Assets:        
Fair Value 0 0    
Recurring | Level 3 | Corporate bonds        
Assets:        
Fair Value 0      
Recurring | Level 3 | Equity securities        
Assets:        
Fair Value 0 0    
Recurring | Level 3 | Nonhedge derivatives        
Assets:        
Fair Value $ 0 $ 0