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INVESTMENT IN UNCONSOLIDATED ENTITIES - Schedule of Financial Information of The Unconsolidated Joint Venture (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Dec. 31, 2024
Assets:          
Real estate investments - at fair value $ 162,965   $ 162,965   $ 181,409
Loans held-for-investment - at fair value, net of deferred fees 3,194,079   3,194,079   3,370,877
Total assets 4,983,428 $ 5,365,847 4,983,428 $ 5,365,847 5,197,749
LIABILITIES, REDEEMABLE COMMON STOCK AND EQUITY          
Repurchase facilities, notes payable and credit facilities, net 2,970,116   2,970,116   3,170,289
Total liabilities 3,062,883   3,062,883   3,256,212
Total equity 1,757,622   1,757,622   $ 1,774,858
Total revenues 104,461 121,358 318,055 377,658  
Total expenses 84,908 121,252 320,200 661,782  
Total other (expense) income 10,756 7,209 24,795 7,096  
Net income 30,282 7,312 22,591 (277,031)  
Unconsolidated Joint Venture          
Assets:          
Real estate investments - at fair value 96,738 40,796 96,738 40,796  
Loans held-for-investment - at fair value, net of deferred fees 887,805 1,093,202 887,805 1,093,202  
Total assets 1,087,441 1,186,794 1,087,441 1,186,794  
LIABILITIES, REDEEMABLE COMMON STOCK AND EQUITY          
Repurchase facilities, notes payable and credit facilities, net 731,629 777,239 731,629 777,239  
Total liabilities 736,802 798,626 736,802 798,626  
Total equity 350,639 388,168 350,639 388,168  
Total revenues 23,367 25,037 71,751 70,250  
Total expenses 15,139 17,545 48,332 48,448  
Total other (expense) income (90) 2,485 (6,907) (401)  
Net income $ 8,138 $ 9,977 $ 16,512 $ 21,401