v3.26.1
REAL ESTATE-RELATED SECURITIES AND OTHER - Schedule of Activity for the Real Estate-Related Securities (Details)
$ in Thousands
12 Months Ended
Dec. 31, 2025
USD ($)
Dec. 31, 2025
security
Dec. 31, 2025
position
Dec. 31, 2024
USD ($)
position
Dec. 31, 2023
USD ($)
Amortized Cost Basis          
Beginning balance $ 568,432     $ 647,035  
Face value of real estate-related securities acquired 26,740     25,000  
Investment in CLO subordinated note       31,825  
Converted equity securities       5,060  
Discounts on purchase (40)     (63)  
Accretion of discount on real estate-related securities 1,541     2,417  
Accretion of interest income on CLO subordinated note 4,072     1,572 $ 0
Sale of real estate-related securities (75,893)     (34,045)  
Capitalized interest income on real estate-related securities 1,271     1,214  
Principal payments received on real estate-related securities (128,776)     (107,404)  
Proceeds from the repayment on the CLO subordinated note 6,070     0 0
Ending balance 391,277     568,432 647,035
Unrealized (Loss) Gain          
Beginning balance (112,542)     (91,513)  
Sale of real estate-related securities 261     (2,966)  
Unrealized loss on real estate-related securities and other, net (71,022)        
Ending balance (39,967)     (112,542) (91,513)
CECL          
Beginning balance (110,062)     (35,808)  
Provision for credit losses (72,042)     (74,254)  
Ending balance (182,104)     (110,062) (35,808)
Fair Value          
Beginning balance 345,828     519,714  
Face value of real estate-related securities acquired 26,740     25,000  
Investment in CLO subordinated note       31,825  
Converted equity securities       5,060  
Discounts on purchase (40)     (63)  
Accretion of discount on real estate-related securities 1,541     2,417  
Accretion of interest income on CLO subordinated note 4,072     1,572 0
Sale of real estate-related securities (75,632)     (31,079)  
Capitalized interest income on real estate-related securities 1,271     1,214  
Principal payments received on real estate-related securities (128,776)     (107,404)  
Proceeds from the repayment on the CLO subordinated note 6,070     0 0
Unrealized loss on real estate-related securities and other, net 71,022        
Provision for credit losses (72,042)     (74,254)  
Ending balance 169,206     345,828 519,714
CLO subordinated note          
Amortized Cost Basis          
Discounts on purchase       (4,179)  
Accretion of interest income on CLO subordinated note 4,072     1,572  
Proceeds from the repayment on the CLO subordinated note (6,070)        
CECL          
Ending balance 0        
Fair Value          
Discounts on purchase       (4,179)  
Accretion of interest income on CLO subordinated note 4,072     1,572  
Proceeds from the repayment on the CLO subordinated note (6,070)        
Ending balance 19,555        
CMBS and CLO Subordinated Note          
Unrealized (Loss) Gain          
Unrealized gain on real estate- related securities 1,292        
Unrealized loss on real estate-related securities and other, net       (23,995)  
Fair Value          
Unrealized gain on real estate- related securities 1,292        
Unrealized loss on real estate-related securities and other, net       23,995  
Ending balance 120,637        
CMBS          
CECL          
Beginning balance (110,062)     (35,808)  
Provision for credit losses (72,042)     (74,254)  
Ending balance (182,104)     (110,062) $ (35,808)
Fair Value          
Provision for credit losses (72,042)     $ (74,254)  
Ending balance $ 111,762        
Number of investments   9 6 6