v3.25.3
LOANS HELD-FOR-INVESTMENT - Schedule of Loans Held for Investment (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans held-for-investment and related receivables, net $ 3,495,982 $ 3,763,013
Less: Current expected credit losses (301,903) (392,136)
Total loans held-for-investment and related receivables, net 3,194,079 3,370,877
Contiguous mezzanine loan components 19,000 19,000
First Mortgage Loans    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans held-for-investment and related receivables, net 3,129,218 3,466,929
Total CRE loans held-for-investment and related receivables, net    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans held-for-investment and related receivables, net 3,129,218 3,466,929
Total loans held-for-investment and related receivables, net 2,838,179 3,085,104
Liquid corporate senior loans    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans held-for-investment and related receivables, net 29,389 41,467
Total loans held-for-investment and related receivables, net 24,204 35,653
Corporate senior loans    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans held-for-investment and related receivables, net 337,375 254,617
Total loans held-for-investment and related receivables, net $ 331,696 $ 250,120