v3.26.1
SEGMENT REPORTING - Company's Performance Evaluation by Segment (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Dec. 31, 2025
Net interest income          
Interest income $ 78,204 $ 62,735 $ 152,425 $ 127,061  
Interest expense (55,617) (41,205) (106,821) (85,202)  
Net interest income (expense) 22,587 21,530 45,604 41,859  
(Provision for) release of loan loss reserves (122) 42 (94) 123  
Net interest income (expense) after provision for (release of) loan reserves 22,465 21,572 45,510 41,982  
Other income (loss)          
Real estate operating income 30,906 25,775 58,197 47,548  
Net result from mortgage loan receivables held for sale 174 4,914 247 5,076  
Gain (loss) on real estate, net 0 0 0 3,807  
Fee and other income 3,564 2,803 4,969 8,088  
Net result from derivative transactions 203 1,526 553 1,849  
Earnings (loss) from investment in unconsolidated ventures 252 (288) (4) (1,020)  
Gain (loss) on extinguishment of debt 72 1 72 257  
Total other income (loss) 35,171 34,731 64,034 65,605  
Costs and expenses          
Compensation and employee benefits (12,260) (11,561) (34,584) (30,322)  
Operating expenses (5,108) (4,767) (10,201) (9,283)  
Real estate operating expenses (12,909) (10,266) (24,167) (19,032)  
Investment related expenses (1,706) (844) (2,862) (2,031)  
Depreciation and amortization (9,343) (8,043) (18,250) (15,379)  
Total costs and expenses (41,326) (35,481) (90,064) (76,047)  
Income (loss) before taxes 16,310 20,822 19,480 31,540  
Income tax (expense) benefit (1,749) (3,714) (2,315) (2,876)  
Segment net income (loss) 14,561 17,108 17,165 28,664  
Total assets 5,606,282   5,606,282   $ 5,152,550 [1]
Investment in unconsolidated ventures 41,494   41,494   44,468 [1]
Capital improvements of real estate     (726) (1,507)  
Bonus expense 3,652 2,996 17,811 14,211  
Operating Segment | Loans          
Net interest income          
Interest income 51,266 35,481 98,758 70,231  
Interest expense (1,087) (4,976) (1,579) (13,388)  
Net interest income (expense) 50,179 30,505 97,179 56,842  
(Provision for) release of loan loss reserves (122) 42 (94) 123  
Net interest income (expense) after provision for (release of) loan reserves 50,057 30,547 97,085 56,965  
Other income (loss)          
Real estate operating income 0 0 0 0  
Net result from mortgage loan receivables held for sale 152 4,914 225 5,076  
Gain (loss) on real estate, net   0 0 0  
Fee and other income 1,347 1,986 3,157 5,480  
Net result from derivative transactions 0 1,301 0 1,301  
Earnings (loss) from investment in unconsolidated ventures 0 0 0 0  
Gain (loss) on extinguishment of debt 0 0 0 0  
Total other income (loss) 1,499 8,201 3,382 11,857  
Costs and expenses          
Compensation and employee benefits 0 0 0 0  
Operating expenses 0 0 0 0  
Real estate operating expenses 0 0 0 0  
Investment related expenses (1,075) (538) (1,065) (1,326)  
Depreciation and amortization 0 0 0 0  
Total costs and expenses (1,075) (538) (1,065) (1,326)  
Income (loss) before taxes 50,481 38,210 99,402 67,496  
Income tax (expense) benefit 0 0 0 0  
Segment net income (loss) 50,481 38,210 99,402 67,496  
Total assets 2,770,248   2,770,248   2,198,224
Operating Segment | Securities          
Net interest income          
Interest income 26,538 24,697 52,942 43,225  
Interest expense (12,307) (1,032) (22,405) (1,032)  
Net interest income (expense) 14,231 23,665 30,537 42,193  
(Provision for) release of loan loss reserves 0 0 0 0  
Net interest income (expense) after provision for (release of) loan reserves 14,231 23,665 30,537 42,193  
Other income (loss)          
Real estate operating income 0 0 0 0  
Net result from mortgage loan receivables held for sale 0 0 0 0  
Gain (loss) on real estate, net   0 0 0  
Fee and other income 2,217 798 1,812 2,589  
Net result from derivative transactions 0 0 0 0  
Earnings (loss) from investment in unconsolidated ventures 0 0 0 0  
Gain (loss) on extinguishment of debt 0 0 0 0  
Total other income (loss) 2,217 798 1,812 2,589  
Costs and expenses          
Compensation and employee benefits 0 0 0 0  
Operating expenses 0 0 0 0  
Real estate operating expenses 0 0 0 0  
Investment related expenses 0 (102) (8) (167)  
Depreciation and amortization 0 0 0 0  
Total costs and expenses 0 (102) (8) (167)  
Income (loss) before taxes 16,448 24,361 32,341 44,615  
Income tax (expense) benefit 0 0 0 0  
Segment net income (loss) 16,448 24,361 32,341 44,615  
Total assets 1,872,439   1,872,439   2,088,285
Operating Segment | Real Estate          
Net interest income          
Interest income 26 93 47 198  
Interest expense (5,607) (6,556) (11,182) (13,244)  
Net interest income (expense) (5,581) (6,463) (11,135) (13,046)  
(Provision for) release of loan loss reserves 0 0 0 0  
Net interest income (expense) after provision for (release of) loan reserves (5,581) (6,463) (11,135) (13,046)  
Other income (loss)          
Real estate operating income 30,906 25,775 58,197 47,548  
Net result from mortgage loan receivables held for sale 0 0 0 0  
Gain (loss) on real estate, net   0 0 3,807  
Fee and other income 0 19 0 19  
Net result from derivative transactions (4) 35 0 70  
Earnings (loss) from investment in unconsolidated ventures 252 (288) (4) (1,020)  
Gain (loss) on extinguishment of debt 0 0 0 0  
Total other income (loss) 31,154 25,541 58,193 50,424  
Costs and expenses          
Compensation and employee benefits 0 0 0 0  
Operating expenses 0 0 0 0  
Real estate operating expenses (12,909) (10,266) (24,167) (19,032)  
Investment related expenses (112) (91) (108) (192)  
Depreciation and amortization (9,230) (7,933) (18,026) (15,162)  
Total costs and expenses (22,251) (18,290) (42,301) (34,386)  
Income (loss) before taxes 3,322 788 4,757 2,992  
Income tax (expense) benefit 0 0 0 0  
Segment net income (loss) 3,322 788 4,757 2,992  
Total assets 817,990   817,990   748,006
Investment in unconsolidated ventures 41,500   41,500   44,500
Capital improvements of real estate     (1,700) (1,500)  
Corporate/Other          
Net interest income          
Interest income 374 2,464 678 13,406  
Interest expense (36,616) (28,641) (71,655) (57,537)  
Net interest income (expense) (36,242) (26,177) (70,977) (44,131)  
(Provision for) release of loan loss reserves 0 0 0 0  
Net interest income (expense) after provision for (release of) loan reserves (36,242) (26,177) (70,977) (44,131)  
Other income (loss)          
Real estate operating income 0 0 0 0  
Net result from mortgage loan receivables held for sale 22 0 22 0  
Gain (loss) on real estate, net   0 0 0  
Fee and other income 0 0 0 0  
Net result from derivative transactions 207 190 553 478  
Earnings (loss) from investment in unconsolidated ventures 0 0 0 0  
Gain (loss) on extinguishment of debt 72 1 72 257  
Total other income (loss) 301 191 647 735  
Costs and expenses          
Compensation and employee benefits (12,260) (11,561) (34,584) (30,322)  
Operating expenses (5,108) (4,767) (10,201) (9,283)  
Real estate operating expenses 0 0 0 0  
Investment related expenses (519) (113) (1,681) (346)  
Depreciation and amortization (113) (110) (224) (217)  
Total costs and expenses (18,000) (16,551) (46,690) (40,168)  
Income (loss) before taxes (53,941) (42,537) (117,020) (83,564)  
Income tax (expense) benefit (1,749) (3,714) (2,315) (2,876)  
Segment net income (loss) (55,690) $ (46,251) (119,335) (86,440)  
Total assets 145,605   145,605   118,035
Senior notes $ 2,200,000   2,200,000   $ 2,200,000
Bonus expense     $ 17,800 $ 14,200  
[1] Includes amounts relating to consolidated variable interest entities. Refer to Note 2 and Note 6.