v3.25.3
LOANS HELD-FOR-INVESTMENT - Schedule of CRE Loans on Carrying Values (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Financing Receivable, Allowance for Credit Loss [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)
Net book value 3,194,079 3,370,877
CRE Loans    
Financing Receivable, Allowance for Credit Loss [Line Items]    
Loans held-for-investment and related receivables, net 3,129,218 3,466,929
Net book value 2,838,179 $ 3,085,104
First Mortgage Loans    
Financing Receivable, Allowance for Credit Loss [Line Items]    
Less: Current expected credit losses (247,900)  
First Mortgage Loans | CRE Loans    
Financing Receivable, Allowance for Credit Loss [Line Items]    
Loans held-for-investment and related receivables, net 3,129,218  
Less: Current expected credit losses (291,039)  
Net book value $ 2,838,179  
Credit loss interest rate 100.00%  
First Mortgage Loans | CRE Loans | South    
Financing Receivable, Allowance for Credit Loss [Line Items]    
Loans held-for-investment and related receivables, net $ 1,295,686  
Credit loss interest rate 41.40%  
First Mortgage Loans | CRE Loans | West    
Financing Receivable, Allowance for Credit Loss [Line Items]    
Loans held-for-investment and related receivables, net $ 905,734  
Credit loss interest rate 28.90%  
First Mortgage Loans | CRE Loans | East    
Financing Receivable, Allowance for Credit Loss [Line Items]    
Loans held-for-investment and related receivables, net $ 637,084  
Credit loss interest rate 20.40%  
First Mortgage Loans | CRE Loans | Various    
Financing Receivable, Allowance for Credit Loss [Line Items]    
Loans held-for-investment and related receivables, net $ 290,714  
Credit loss interest rate 9.30%  
First Mortgage Loans | CRE Loans | Office    
Financing Receivable, Allowance for Credit Loss [Line Items]    
Loans held-for-investment and related receivables, net $ 1,576,421  
Credit loss interest rate 50.50%  
First Mortgage Loans | CRE Loans | Multifamily    
Financing Receivable, Allowance for Credit Loss [Line Items]    
Loans held-for-investment and related receivables, net $ 867,362  
Credit loss interest rate 27.70%  
First Mortgage Loans | CRE Loans | Industrial    
Financing Receivable, Allowance for Credit Loss [Line Items]    
Loans held-for-investment and related receivables, net $ 345,272  
Credit loss interest rate 11.00%  
First Mortgage Loans | CRE Loans | Hospitality    
Financing Receivable, Allowance for Credit Loss [Line Items]    
Loans held-for-investment and related receivables, net $ 193,625  
Credit loss interest rate 6.20%  
First Mortgage Loans | CRE Loans | Mixed Use    
Financing Receivable, Allowance for Credit Loss [Line Items]    
Loans held-for-investment and related receivables, net $ 85,642  
Credit loss interest rate 2.70%  
First Mortgage Loans | CRE Loans | Self-Storage    
Financing Receivable, Allowance for Credit Loss [Line Items]    
Loans held-for-investment and related receivables, net $ 60,896  
Credit loss interest rate 1.90%