v3.26.1
LOANS HELD-FOR-INVESTMENT - Schedule of Activity (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
USD ($)
loan
Dec. 31, 2024
USD ($)
loan
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Beginning balance $ 3,370,877 $ 4,264,465
Loan originations, acquisitions and funding 844,151 310,741
Sale of loans (5,564) (467,197)
Principal repayments received (622,160) (479,239)
Transfer to real estate assets (149,439)  
Capitalized interest 15,655 8,252
Conversion to equity securities   (5,060)
Charge-offs of CECL (92,895) (4,989)
Deferred fees and other items (11,879) (5,916)
Accretion and amortization of fees and other items 11,585 9,358
Reversal of (provision for) credit losses 94,258 (259,538)
Ending balance $ 3,454,589 $ 3,370,877
Number of Loans | loan 78  
First mortgage loans    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Protective advance $ 5,500  
Number of loan investments | loan 6 7
Liquid corporate senior loans | Due to affiliates    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans sold $ 265,400 $ 265,400
Total CRE loans held-for-investment and related receivables, net    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Protective advance 4,100 15,600
Principle payment received 3,700 15,200
Total CRE loans held-for-investment and related receivables, net    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Beginning balance 3,085,104 3,539,111
Loan originations, acquisitions and funding 715,117 162,892
Sale of loans 0 0
Principal repayments received (598,531) (356,649)
Transfer to real estate assets (149,439)  
Capitalized interest 15,433 8,095
Conversion to equity securities   0
Charge-offs of CECL (87,475) 0
Deferred fees and other items (9,713) (2,174)
Accretion and amortization of fees and other items 9,358 6,414
Reversal of (provision for) credit losses 94,597 (272,585)
Ending balance 3,074,451 3,085,104
Total CRE loans held-for-investment and related receivables, net | First mortgage loans    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Beginning balance    
Ending balance 3,074,451  
Liquid corporate senior loans    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Beginning balance 35,653 518,252
Loan originations, acquisitions and funding 1,282 66,963
Sale of loans (5,564) (467,197)
Principal repayments received (5,199) (85,795)
Transfer to real estate assets 0  
Capitalized interest 19 82
Conversion to equity securities   (5,060)
Charge-offs of CECL (5,420) (4,989)
Deferred fees and other items (31) (1,584)
Accretion and amortization of fees and other items 355 1,057
Reversal of (provision for) credit losses 1,569 13,924
Ending balance $ 22,664 35,653
Number of Loans | loan 8  
Liquid corporate senior loans | Senior Notes    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Charge-offs of CECL $ (5,400) $ (2,100)
Number of Loans | loan   2
Number of loan investments | loan 5 4
Corporate Senior Loans    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Beginning balance $ 250,120 $ 207,102
Loan originations, acquisitions and funding 127,752 80,886
Sale of loans 0 0
Principal repayments received (18,430) (36,795)
Transfer to real estate assets 0  
Capitalized interest 203 75
Conversion to equity securities   0
Charge-offs of CECL 0 0
Deferred fees and other items (2,135) (2,158)
Accretion and amortization of fees and other items 1,872 1,887
Reversal of (provision for) credit losses (1,908) (877)
Ending balance $ 357,474 $ 250,120
First mortgage loans    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Number of Loans | loan 35  
First mortgage loans | Senior Notes    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Charge-offs of CECL $ (87,500)  
Number of loan investments | loan 2