v3.26.1
FAIR VALUE OF FINANCIAL INSTRUMENTS - Estimated Fair Values of Financial Instruments (Details)
$ in Thousands
6 Months Ended 12 Months Ended
Jun. 30, 2026
USD ($)
Dec. 31, 2025
USD ($)
Mar. 31, 2026
USD ($)
Jun. 30, 2025
USD ($)
Mar. 31, 2025
USD ($)
Dec. 31, 2024
USD ($)
Assets:            
Amortized Cost Basis/Purchase Price $ 1,865,669 $ 2,079,918        
Fair Value $ 1,860,878 $ 2,075,606        
Liabilities:            
Weighted Average, Yield 5.19% 5.33%        
Remaining Duration (years) 2 years 11 months 23 days 2 years 11 months 19 days        
Allowance for credit losses $ (47,095) $ (47,137) $ (47,109) $ (52,166) $ (52,208) $ (52,323)
Total mortgage loans receivable            
Assets:            
Principal Amount 2,810,014 2,234,346        
CMBS            
Assets:            
Principal Amount 1,855,960 2,070,492        
Amortized Cost Basis/Purchase Price 1,855,743 2,069,307        
Fair Value $ 1,850,905 $ 2,064,922        
Liabilities:            
Weighted Average, Yield 5.17% 5.31%        
Remaining Duration (years) 2 years 11 months 26 days 2 years 11 months 19 days        
CMBS | Internal model | Yield %            
Liabilities:            
Financial instruments, measurement input 0.0517 0.0531        
CMBS | Internal model | Remaining Maturity/Duration (years)            
Liabilities:            
Financial instruments, measurement input   2.97        
CMBS interest-only            
Assets:            
Principal Amount $ 172,725 $ 347,200        
Amortized Cost Basis/Purchase Price 606 1,283        
Fair Value $ 626 $ 1,275        
Liabilities:            
Weighted Average, Yield 8.56% 8.63%        
Remaining Duration (years) 3 months 14 days 6 months 7 days        
CMBS interest-only | Internal model | Yield %            
Liabilities:            
Financial instruments, measurement input 0.0856 0.0863        
CMBS interest-only | Internal model | Remaining Maturity/Duration (years)            
Liabilities:            
Financial instruments, measurement input   0.52        
GNMA interest-only            
Assets:            
Principal Amount $ 27,498 $ 29,203        
Amortized Cost Basis/Purchase Price 86 95        
Fair Value $ 156 $ 167        
Liabilities:            
Weighted Average, Yield 9.17% 9.24%        
Remaining Duration (years) 3 years 6 months 3 years 3 months 7 days        
GNMA interest-only | Internal model | Yield %            
Liabilities:            
Financial instruments, measurement input 0.0917 0.0924        
GNMA interest-only | Internal model | Remaining Maturity/Duration (years)            
Liabilities:            
Financial instruments, measurement input   3.27        
Agency securities            
Assets:            
Principal Amount   $ 2        
Amortized Cost Basis/Purchase Price   2        
Fair Value   $ 2        
Liabilities:            
Weighted Average, Yield   3.04%        
Remaining Duration (years)   2 months 8 days        
Agency securities | Internal model | Yield %            
Liabilities:            
Financial instruments, measurement input   0.0304        
Agency securities | Internal model | Remaining Maturity/Duration (years)            
Liabilities:            
Financial instruments, measurement input   0.19        
Corporate bonds            
Assets:            
Principal Amount $ 9,250 $ 9,250        
Amortized Cost Basis/Purchase Price 9,234 9,231        
Fair Value $ 9,191 $ 9,240        
Liabilities:            
Weighted Average, Yield 8.58% 8.58%        
Remaining Duration (years) 2 years 1 month 24 days 2 years 7 months 6 days        
Corporate bonds | Internal model, third-party inputs | Yield %            
Liabilities:            
Financial instruments, measurement input 0.0858 0.0858        
Corporate bonds | Internal model, third-party inputs | Remaining Maturity/Duration (years)            
Liabilities:            
Financial instruments, measurement input   2.60        
Equity securities            
Assets:            
Amortized Cost Basis/Purchase Price $ 13,639 $ 12,910        
Fair Value 11,581 12,699        
Mortgage loan receivables held for investment, net, at amortized cost            
Assets:            
Amortized Cost Basis/Purchase Price 2,790,138 2,217,375        
Fair Value $ 2,789,567 $ 2,214,987        
Liabilities:            
Period of short interest rate reset risk 30 days 30 days        
Mortgage loan receivables held for investment, net, at amortized cost | Discounted Cash Flow            
Liabilities:            
Allowance for credit losses $ (47,100) $ (47,100)        
Mortgage loan receivables held for investment, net, at amortized cost | Discounted Cash Flow | Yield %            
Liabilities:            
Financial instruments, measurement input 0.0726 0.0776        
Mortgage loan receivables held for investment, net, at amortized cost | Discounted Cash Flow | Remaining Maturity/Duration (years)            
Liabilities:            
Financial instruments, measurement input 1.85 1.57        
Mortgage loan  receivables held for sale            
Assets:            
Principal Amount $ 31,350 $ 31,350        
Amortized Cost Basis/Purchase Price 27,205 27,986        
Fair Value $ 27,205 $ 27,986        
Mortgage loan  receivables held for sale | Internal model, third-party inputs | Yield %            
Liabilities:            
Financial instruments, measurement input 0.0457 0.0457        
Mortgage loan  receivables held for sale | Internal model, third-party inputs | Remaining Maturity/Duration (years)            
Liabilities:            
Financial instruments, measurement input 6.55 6.92        
Nonhedge derivatives            
Assets:            
Principal Amount $ 101,900 $ 113,500        
Amortized Cost Basis/Purchase Price 116 264        
Fair Value $ 116 $ 264        
Nonhedge derivatives | Counterparty quotations | Remaining Maturity/Duration (years)            
Liabilities:            
Financial instruments, measurement input 0.23 0.22        
Repurchase agreements - short-term            
Liabilities:            
Principal Amount $ 825,936 $ 627,012        
Amortized Cost Basis/Purchase Price 825,937 627,012        
Fair Value $ 825,937 $ 627,012        
Repurchase agreements - short-term | Cost plus Accrued Interest | Yield %            
Liabilities:            
Financial instruments, measurement input 0.0413 0.0429        
Repurchase agreements - short-term | Cost plus Accrued Interest | Remaining Maturity/Duration (years)            
Liabilities:            
Financial instruments, measurement input 0.04 0.04        
Repurchase agreements - long-term | Recurring            
Liabilities:            
Principal Amount $ 107,228          
Amortized Cost Basis/Purchase Price 107,228          
Fair Value $ 107,228          
Repurchase agreements - long-term | Discounted Cash Flow | Yield % | Recurring            
Liabilities:            
Financial instruments, measurement input 0.0507          
Repurchase agreements - long-term | Discounted Cash Flow | Remaining Maturity/Duration (years) | Recurring            
Liabilities:            
Financial instruments, measurement input 4.45          
Unsecured Revolving Credit Facility            
Liabilities:            
Principal Amount $ 202,000 $ 280,000        
Amortized Cost Basis/Purchase Price 202,000 280,000        
Fair Value $ 202,000 $ 280,000        
Unsecured Revolving Credit Facility | Yield %            
Liabilities:            
Financial instruments, measurement input 0.0487 0.0242        
Unsecured Revolving Credit Facility | Remaining Maturity/Duration (years)            
Liabilities:            
Financial instruments, measurement input 2.48 2.97        
Term Loan Facility            
Liabilities:            
Principal Amount $ 275,000          
Fair Value $ 275,000          
Term Loan Facility | Yield %            
Liabilities:            
Financial instruments, measurement input 0.0500          
Term Loan Facility | Remaining Maturity/Duration (years)            
Liabilities:            
Financial instruments, measurement input 2.65          
Mortgage loan financing            
Liabilities:            
Principal Amount $ 386,017 $ 386,543        
Amortized Cost Basis/Purchase Price 387,485 388,195        
Fair Value $ 382,848 $ 385,460        
Mortgage loan financing | Discounted Cash Flow | Yield %            
Liabilities:            
Financial instruments, measurement input 0.0588 0.0588        
Mortgage loan financing | Discounted Cash Flow | Remaining Maturity/Duration (years)            
Liabilities:            
Financial instruments, measurement input 3.65 4.01        
Senior unsecured notes            
Liabilities:            
Principal Amount $ 2,222,993 $ 2,233,409        
Amortized Cost Basis/Purchase Price 2,207,255 2,215,195        
Fair Value $ 2,229,452 $ 2,265,416        
Senior unsecured notes | Internal model | Yield %            
Liabilities:            
Financial instruments, measurement input 0.0529 0.0529        
Senior unsecured notes | Internal model | Remaining Maturity/Duration (years)            
Liabilities:            
Financial instruments, measurement input 3.06 3.54