v3.26.1
LOANS HELD-FOR-INVESTMENT - Narrative (Details)
$ in Thousands
12 Months Ended
Dec. 31, 2025
USD ($)
extension_option
loan
property
Dec. 31, 2024
USD ($)
loan
Dec. 31, 2023
USD ($)
Financing Receivable, Allowance for Credit Loss [Line Items]      
Net book value $ 3,454,589 $ 3,370,877 $ 4,264,465
Charge-offs of CECL 92,895 4,989  
Allowance for credit losses $ 297,878 $ 392,136  
Loan modifications | loan 4    
Number of Loans | loan 78    
Number of properties used as collateral | loan 169    
First mortgage loans      
Financing Receivable, Allowance for Credit Loss [Line Items]      
Number of Loans | loan 35    
First mortgage loans | Senior Notes      
Financing Receivable, Allowance for Credit Loss [Line Items]      
Charge-offs of CECL $ 87,500    
Number of loan investments | loan 2    
First mortgage loans      
Financing Receivable, Allowance for Credit Loss [Line Items]      
Number of loan investments | loan 6 7  
Number of impaired risk-rated loans, nonaccrual status | loan 0    
Allowance for credit losses $ 239,800 $ 330,200  
Number of impaired risk-rated loans | loan 5    
First mortgage loans | Extended the Maturity Date from February 6, 2026      
Financing Receivable, Allowance for Credit Loss [Line Items]      
Modified loans, carrying value $ 72,000    
First mortgage loans | Extended the Maturity Date to March 6, 2028      
Financing Receivable, Allowance for Credit Loss [Line Items]      
Modified loans, carrying value 55,000    
Payment received in connection with loan modification $ 15,900    
First mortgage loans | Office      
Financing Receivable, Allowance for Credit Loss [Line Items]      
Number of Loans | loan 2    
First mortgage loans | Office | Exercise of extension options      
Financing Receivable, Allowance for Credit Loss [Line Items]      
Modified loans, carrying value $ 130,800    
Loans modified as a percentage of total loans 3.90%    
First mortgage loans | Office | Note A      
Financing Receivable, Allowance for Credit Loss [Line Items]      
Initial Principal Balance $ 78,200    
First mortgage loans | Office | Note B      
Financing Receivable, Allowance for Credit Loss [Line Items]      
Initial Principal Balance 52,900    
First mortgage loans | Commercial Real Estate      
Financing Receivable, Allowance for Credit Loss [Line Items]      
Modified loans, carrying value $ 54,600    
First mortgage loans | Commercial Real Estate | Extended the Maturity Date from January 7, 2025 to February 7, 2029      
Financing Receivable, Allowance for Credit Loss [Line Items]      
Loan modification, number of extension options | extension_option 2    
Number of extension term 1 year    
Net investments in debt securities $ 14,500    
Interest rate 2.90%    
Principle payment received $ 12,000    
Payment of interest in-kind $ 1,700    
First mortgage loans | Commercial Real Estate | Extended the Maturity Date February 7, 2029      
Financing Receivable, Allowance for Credit Loss [Line Items]      
Interest rate after modification 5.00%    
First mortgage loans | Commercial Real Estate | Extended the Maturity Date January 7, 2025      
Financing Receivable, Allowance for Credit Loss [Line Items]      
Interest rate after modification 6.00%    
First mortgage loans | Commercial Real Estate | Extended the Maturity Date from February 1, 2025 to April 1, 2027      
Financing Receivable, Allowance for Credit Loss [Line Items]      
Modified loans, carrying value $ 169,500    
Loans modified as a percentage of total loans 5.00%    
First mortgage loans | Commercial Real Estate | Extended the Maturity Date from February 7, 2025      
Financing Receivable, Allowance for Credit Loss [Line Items]      
Loan modification, number of extension options | extension_option 2    
Number of extension term 1 year    
Principle payment received $ 10,000    
First mortgage loans | Commercial Real Estate | Extended the Maturity Date to February 7, 2028      
Financing Receivable, Allowance for Credit Loss [Line Items]      
Loan modification, number of extension options | extension_option 1    
Number of extension term 1 year    
First mortgage loans | Commercial Real Estate | Extended the Maturity Date from February 6, 2026 to March 6, 2028      
Financing Receivable, Allowance for Credit Loss [Line Items]      
Loans modified as a percentage of total loans 1.60%    
Interest rate 2.85% 3.20%  
First mortgage loans | Commercial Real Estate | Extended the Maturity Date from February 6, 2026      
Financing Receivable, Allowance for Credit Loss [Line Items]      
Loan modification, number of extension options | extension_option 1    
Number of extension term 1 year    
First mortgage loans | Commercial Real Estate | Extended the Maturity Date to March 6, 2028      
Financing Receivable, Allowance for Credit Loss [Line Items]      
Loan modification, number of extension options | extension_option 2    
Number of extension term 1 year    
First mortgage loans | Multifamily Property      
Financing Receivable, Allowance for Credit Loss [Line Items]      
Initial Principal Balance $ 57,200    
Mezzanine Loans | Multifamily Property      
Financing Receivable, Allowance for Credit Loss [Line Items]      
Initial Principal Balance $ 19,100    
First Mortgage Loan And Mezzanine Loan | Multifamily Property      
Financing Receivable, Allowance for Credit Loss [Line Items]      
Number of extension term   1 year  
Interest rate 3.00%    
Interest rate after modification 4.50%    
Principle payment received   $ 4,700  
Number of properties used as collateral | property 2    
Senior loan      
Financing Receivable, Allowance for Credit Loss [Line Items]      
Modified loans, carrying value $ 19,400    
Loans modified as a percentage of total loans 5.30%    
Principle payment received $ 1,000    
Interest exceeding variable percentage 0.50%    
Paid-in-Kind Interest $ 51    
Gross Credit Losses      
Financing Receivable, Allowance for Credit Loss [Line Items]      
Net change in current expected credit loss (89,900)    
Net book value 316,848 406,730 143,158
Charge-offs of CECL 92,895 4,989  
Gross Credit Losses | First mortgage loans      
Financing Receivable, Allowance for Credit Loss [Line Items]      
Net book value 287,228 381,825 $ 109,240
Charge-offs of CECL $ 87,475 $ 0