v3.26.1
FAIR VALUE MEASUREMENTS - Schedule of Recurring Financial Assets and Liabilities (Details) - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total $ 329,119 $ 401,787
CMBS, at fair value    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Investments in securities available-for-sale 84,365 273,783
RMBS AFS, at fair value    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Investments in securities available-for-sale 162,671 155,807
Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
CRE equity method investments 0 0
Other assets 0 0
Total 0 0
Level 1 | RTLs, at fair value    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Investments in securities available-for-sale 0  
Level 1 | CMBS, at fair value    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Investments in securities available-for-sale 0 0
Level 1 | RMBS AFS, at fair value    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Investments in securities available-for-sale 0 0
Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
CRE equity method investments 0 0
Other assets 0 0
Total 132,355 323,020
Level 2 | RTLs, at fair value    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Investments in securities available-for-sale 0  
Level 2 | CMBS, at fair value    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Investments in securities available-for-sale 84,365 273,783
Level 2 | RMBS AFS, at fair value    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Investments in securities available-for-sale 47,990 49,237
Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
CRE equity method investments 61,884 61,578
Other assets 17,150 17,189
Total 196,764 78,767
Level 3 | RTLs, at fair value    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Investments in securities available-for-sale 117,730  
Level 3 | CMBS, at fair value    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Investments in securities available-for-sale 0 0
Level 3 | RMBS AFS, at fair value    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Investments in securities available-for-sale 0 0
Carrying Value    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
CRE equity method investments 61,884 61,578
Other assets 17,150 17,189
Carrying Value | RTLs, at fair value    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Investments in securities available-for-sale 117,730  
Carrying Value | CMBS, at fair value    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Investments in securities available-for-sale 84,365 273,783
Carrying Value | RMBS AFS, at fair value    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Investments in securities available-for-sale $ 47,990 $ 49,237