v3.26.1
SEGMENT REPORTING (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
USD ($)
segment
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Segment Reporting Information [Line Items]      
Number of reportable segments | segment 2    
Revenues:      
Rental and other property income $ 111,683 $ 93,912 $ 115,379
Interest income 304,321 389,988 453,480
Total revenues 416,004 483,900 568,859
Expenses:      
General and administrative 25,994 25,519 17,572
Interest expense, net 174,282 239,466 260,768
Property operating 12,633 9,906 13,350
Real estate tax 4,828 4,178 4,838
Expense reimbursements to related parties 13,105 13,501 13,285
Management fees 46,788 49,672 50,975
Transaction-related 258 71 3,653
Depreciation and amortization 36,402 31,981 42,532
Real estate impairment 9,860 61,309 35,079
Increase in provision for credit losses 70,807 342,815 134,289
Total expenses 394,957 778,418 576,341
Other income (expense)      
Gain on disposition of real estate and condominium developments, net 8,183 6,605 53,341
Gain on investment in unconsolidated entities 9,140 13,599 11,723
Unrealized gain on equity security 5,719 (15,888) 4,751
Other income, net 8,560 (1,138) (26,459)
Loss on extinguishment of debt (274) (950) (7,788)
Total other income 31,328 2,228 35,568
Net income (loss) 52,375 (292,290) 28,086
Segment net income attributable to non-controlling interest 19 11 8
Net income (loss) attributable to the Company 52,356 (292,301) 28,078
Total assets 5,095,097 5,197,749 6,446,476
Operating Segments | Real Estate      
Revenues:      
Rental and other property income 111,615 93,525 115,056
Interest income 0 0 0
Total revenues 111,615 93,525 115,056
Expenses:      
General and administrative 255 399 709
Interest expense, net 23,274 23,248 22,884
Property operating 8,437 3,639 5,203
Real estate tax 4,238 3,051 3,430
Expense reimbursements to related parties 0 0 0
Management fees 9,348 8,218 10,702
Transaction-related 169 0 10
Depreciation and amortization 36,402 31,981 42,532
Real estate impairment 9,860 52,243 20,404
Increase in provision for credit losses 0 0 0
Total expenses 91,983 122,779 105,874
Other income (expense)      
Gain on disposition of real estate and condominium developments, net 1,540 1,855 49,731
Gain on investment in unconsolidated entities 0 0 0
Unrealized gain on equity security 0 0 0
Other income, net 177 413 (4,380)
Loss on extinguishment of debt 0 0 (1,192)
Total other income 1,717 2,268 44,159
Net income (loss) 21,349 (26,986) 53,341
Segment net income attributable to non-controlling interest 0 0 8
Net income (loss) attributable to the Company 21,349 (26,986) 53,333
Total assets 1,046,585 1,021,918 1,156,761
Operating Segments | Credit      
Revenues:      
Rental and other property income 0 0 0
Interest income 304,321 389,988 453,480
Total revenues 304,321 389,988 453,480
Expenses:      
General and administrative 2,441 3,327 3,952
Interest expense, net 151,008 216,218 233,615
Property operating 0 0 0
Real estate tax 0 0 0
Expense reimbursements to related parties 0 0 0
Management fees 37,440 41,454 40,273
Transaction-related 0 23 212
Depreciation and amortization 0 0 0
Real estate impairment 0 0 0
Increase in provision for credit losses 70,807 342,815 134,289
Total expenses 261,696 603,837 412,341
Other income (expense)      
Gain on disposition of real estate and condominium developments, net 0 0 0
Gain on investment in unconsolidated entities 9,140 13,599 11,723
Unrealized gain on equity security 5,719 (15,888) 4,751
Other income, net 3,875 (6,795) (31,984)
Loss on extinguishment of debt (274) (950) (2,164)
Total other income 18,460 (10,034) (17,674)
Net income (loss) 61,085 (223,883) 23,465
Segment net income attributable to non-controlling interest 19 11 0
Net income (loss) attributable to the Company 61,066 (223,894) 23,465
Total assets 3,939,655 3,983,392 5,091,365
Corporate/Other      
Revenues:      
Rental and other property income 68 387 323
Interest income 0 0 0
Total revenues 68 387 323
Expenses:      
General and administrative 23,298 21,793 12,911
Interest expense, net 0 0 4,269
Property operating 4,196 6,267 8,147
Real estate tax 590 1,127 1,408
Expense reimbursements to related parties 13,105 13,501 13,285
Management fees 0 0 0
Transaction-related 89 48 3,431
Depreciation and amortization 0 0 0
Real estate impairment 0 9,066 14,675
Increase in provision for credit losses 0 0 0
Total expenses 41,278 51,802 58,126
Other income (expense)      
Gain on disposition of real estate and condominium developments, net 6,643 4,750 3,610
Gain on investment in unconsolidated entities 0 0 0
Unrealized gain on equity security 0 0 0
Other income, net 4,508 5,244 9,905
Loss on extinguishment of debt 0 0 (4,432)
Total other income 11,151 9,994 9,083
Net income (loss) (30,059) (41,421) (48,720)
Segment net income attributable to non-controlling interest 0 0 0
Net income (loss) attributable to the Company (30,059) (41,421) (48,720)
Total assets $ 108,857 $ 192,439 $ 198,350