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INVESTMENTS IN UNCONSOLIDATED ENTITIES - Schedule of Financial Information of The Unconsolidated Joint Venture (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Assets:      
Real estate investments - at fair value $ 149,170 $ 181,409  
Loans held-for-investment - at fair value, net of deferred fees 3,454,589 3,370,877 $ 4,264,465
Total assets 5,095,097 5,197,749 6,446,476
Liabilities and equity:      
Repurchase facilities and securitized debt, net of deferred fees 3,093,039 3,170,289  
Total liabilities 3,184,676 3,256,212  
Total equity 1,748,162 1,774,858  
Total revenues 416,004 483,900 568,859
Total expenses 394,957 778,418 576,341
Total other (expense) income 31,328 2,228 35,568
Net income 52,356 (292,301) 28,078
Unconsolidated Joint Venture      
Assets:      
Real estate investments - at fair value 96,109 40,796  
Loans held-for-investment - at fair value, net of deferred fees 813,069 1,093,202  
Total assets 932,250 1,186,794  
Liabilities and equity:      
Repurchase facilities and securitized debt, net of deferred fees 604,347 777,239  
Total liabilities 609,645 798,626  
Total equity 322,605 388,168  
Total revenues 91,508 93,666 82,164
Total expenses 62,554 65,261 54,164
Total other (expense) income (9,279) 1,002 (2,011)
Net income $ 19,675 $ 29,407 $ 25,989