v3.25.3
REAL ESTATE-RELATED SECURITIES AND OTHER - Schedule of Real Estate Securities (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Jun. 30, 2025
Mar. 31, 2025
Dec. 31, 2024
Sep. 30, 2024
Jun. 30, 2024
Mar. 31, 2024
Dec. 31, 2023
Debt Securities, Available-for-sale [Line Items]                
Amortized Cost Basis $ 469,409              
Gains 210              
Losses (40,571)              
CECL (182,989)     $ (110,062)        
Fair Value 246,059     345,828        
CMBS                
Debt Securities, Available-for-sale [Line Items]                
Amortized Cost Basis 383,536              
Gains 210              
Losses (12,246)              
CECL (182,989) $ (183,287) $ (182,328) $ (110,062) $ (87,232) $ (40,091) $ (35,562) $ (35,808)
Fair Value 188,511              
CLO subordinated note                
Debt Securities, Available-for-sale [Line Items]                
Amortized Cost Basis 27,426              
Gains 0              
Losses (5,696)              
CECL 0              
Fair Value 21,730              
Equity securities                
Debt Securities, Available-for-sale [Line Items]                
Amortized Cost Basis 58,447              
Gains 0              
Losses (22,629)              
CECL 0              
Fair Value $ 35,818