REAL ESTATE-RELATED SECURITIES AND OTHER - Schedule of Activity for the Real Estate-Related Securities (Details) - USD ($) $ in Thousands	9 Months Ended
Sep. 30, 2025	Sep. 30, 2024
Amortized Cost Basis
Beginning balance	$ 568,432
Face value of real estate-related securities acquired	4,600
Discounts on purchase of real estate-related securities, net of acquisition costs	(3)
Accretion of discount on real estate-related securities	1,264
Accretion of interest income on CLO subordinated note	3,050	$ 0
Sale of real estate-related securities	(61,251)
Capitalized interest income on real estate-related securities	945
Principal payments received on real estate-related securities	(42,786)
Proceeds from the repayment on the CLO subordinated note	4,842	0
Ending balance	469,409
Unrealized (Loss) Gain
Beginning balance	(112,542)
Sale of real estate-related securities	340
Unrealized loss reclassified to CECL	71,022	16,000
Ending balance	(40,361)
CECL
Beginning balance	(110,062)
Provision for credit losses	(72,927)
Ending balance	(182,989)
Fair Value
Beginning balance	345,828
Accretion of discount on real estate-related securities	1,264
Accretion of interest income on CLO subordinated note	3,050	0
Sale of real estate-related securities	(60,911)
Capitalized interest income on real estate-related securities	945
Principal payments received on real estate-related securities	(42,786)
Proceeds from the repayment on the CLO subordinated note	4,842	0
Unrealized loss reclassified to CECL	71,022	$ 16,000
Provision for credit losses	(72,927)
Ending balance	246,059
CLO subordinated note
Amortized Cost Basis
Proceeds from the repayment on the CLO subordinated note	(4,842)
CECL
Ending balance	0
Fair Value
Proceeds from the repayment on the CLO subordinated note	(4,842)
Ending balance	21,730
CMBS and CLO Subordinated Note
Unrealized (Loss) Gain
Unrealized gains on real estate-related securities and other, net	819
Fair Value
Ending balance	$ 210,241

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