v3.25.3
LOANS HELD-FOR-INVESTMENT - Narrative (Details)
$ in Thousands
3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2025
USD ($)
extension_option
property
loan
Sep. 30, 2025
USD ($)
extension_option
property
loan
Dec. 31, 2024
USD ($)
Jun. 30, 2025
USD ($)
Mar. 31, 2025
USD ($)
Sep. 30, 2024
USD ($)
Jun. 30, 2024
USD ($)
Mar. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Financing Receivable, Allowance for Credit Loss [Line Items]                  
Net book value $ 3,194,079 $ 3,194,079 $ 3,370,877            
Allowance for credit losses $ 301,903 $ 301,903 $ 392,136            
Loan modifications | loan   4              
Number of Loans | loan 76 76              
Number of properties used as collateral | property 169 169              
First Mortgage Loans                  
Financing Receivable, Allowance for Credit Loss [Line Items]                  
Number of impaired risk-rated loans, nonaccrual status | loan 0 0              
Allowance for credit losses $ 247,900 $ 247,900              
Number of impaired risk-rated loans | loan 5 5              
First Mortgage Loans | Extended the Maturity Date from February 6, 2026                  
Financing Receivable, Allowance for Credit Loss [Line Items]                  
Modified loans, carrying value   $ 72,000              
First Mortgage Loans | Extended the Maturity Date to March 6, 2028                  
Financing Receivable, Allowance for Credit Loss [Line Items]                  
Modified loans, carrying value   55,000              
Payment received in connection with loan modification   $ 15,900              
First Mortgage Loans | Office                  
Financing Receivable, Allowance for Credit Loss [Line Items]                  
Number of Loans | loan 2 2              
First Mortgage Loans | Office | Exercise of extension options                  
Financing Receivable, Allowance for Credit Loss [Line Items]                  
Modified loans, carrying value   $ 130,500              
Loans modified as a percentage of total loans   4.20%              
First Mortgage Loans | Commercial Real Estate                  
Financing Receivable, Allowance for Credit Loss [Line Items]                  
Modified loans, carrying value   $ 54,600              
First Mortgage Loans | Commercial Real Estate | Extended the Maturity Date from January 7, 2025 to February 7, 2029                  
Financing Receivable, Allowance for Credit Loss [Line Items]                  
Loan modification, number of extension options | extension_option 2 2              
Number of extension term   1 year              
Net investments in debt securities $ 14,500 $ 14,500              
Interest rate 2.90% 2.90%              
Principle payment received   $ 12,000              
Payment of interest in-kind   $ 1,500              
First Mortgage Loans | Commercial Real Estate | Extended the Maturity Date February 7, 2029                  
Financing Receivable, Allowance for Credit Loss [Line Items]                  
Interest rate after modification 5.00% 5.00%              
First Mortgage Loans | Commercial Real Estate | Extended the Maturity Date January 7, 2025                  
Financing Receivable, Allowance for Credit Loss [Line Items]                  
Interest rate after modification 6.00% 6.00%              
First Mortgage Loans | Commercial Real Estate | Extended the Maturity Date from February 1, 2025 to April 1, 2027                  
Financing Receivable, Allowance for Credit Loss [Line Items]                  
Modified loans, carrying value   $ 168,300              
Loans modified as a percentage of total loans   5.40%              
First Mortgage Loans | Commercial Real Estate | Extended the Maturity Date from February 7, 2025                  
Financing Receivable, Allowance for Credit Loss [Line Items]                  
Loan modification, number of extension options | extension_option 2 2              
Number of extension term   1 year              
Principle payment received   $ 10,000              
First Mortgage Loans | Commercial Real Estate | Extended the Maturity Date to February 7, 2028                  
Financing Receivable, Allowance for Credit Loss [Line Items]                  
Loan modification, number of extension options | extension_option 1 1              
Number of extension term   1 year              
First Mortgage Loans | Commercial Real Estate | Extended the Maturity Date from February 6, 2026 to March 6, 2028                  
Financing Receivable, Allowance for Credit Loss [Line Items]                  
Loans modified as a percentage of total loans   1.70%              
Interest rate 2.85% 2.85% 3.20%            
First Mortgage Loans | Commercial Real Estate | Extended the Maturity Date from February 6, 2026                  
Financing Receivable, Allowance for Credit Loss [Line Items]                  
Loan modification, number of extension options | extension_option 1 1              
Number of extension term   1 year              
First Mortgage Loans | Commercial Real Estate | Extended the Maturity Date to March 6, 2028                  
Financing Receivable, Allowance for Credit Loss [Line Items]                  
Loan modification, number of extension options | extension_option 2 2              
Number of extension term   1 year              
First Mortgage Loans | Multifamily Property                  
Financing Receivable, Allowance for Credit Loss [Line Items]                  
Initial Principal Balance $ 57,200 $ 57,200              
Mezzanine Loans | Multifamily Property                  
Financing Receivable, Allowance for Credit Loss [Line Items]                  
Initial Principal Balance $ 19,100 19,100              
First Mortgage Loan And Mezzanine Loan | Multifamily Property                  
Financing Receivable, Allowance for Credit Loss [Line Items]                  
Modified loans, carrying value   $ 76,000              
Loans modified as a percentage of total loans   2.40%              
Number of extension term     1 year            
Interest rate 3.00% 3.00%              
Interest rate after modification 4.50% 4.50%              
Principle payment received     $ 4,700            
Number of properties used as collateral | property 2 2              
Senior Loans                  
Financing Receivable, Allowance for Credit Loss [Line Items]                  
Modified loans, carrying value   $ 19,400              
Loans modified as a percentage of total loans   5.80%              
Principle payment received   $ 1,000              
Interest exceeding variable percentage 0.50% 0.50%              
Paid-in-kind interest   $ 26              
Note A | First Mortgage Loans | Office                  
Financing Receivable, Allowance for Credit Loss [Line Items]                  
Initial Principal Balance $ 78,600 78,600              
Note B | First Mortgage Loans | Office                  
Financing Receivable, Allowance for Credit Loss [Line Items]                  
Initial Principal Balance 52,300 52,300              
Gross Credit Losses                  
Financing Receivable, Allowance for Credit Loss [Line Items]                  
Increase in current expected credit loss reserve, net 6,700                
Net book value $ 320,628 $ 320,628 $ 406,730 $ 313,885 $ 309,643 $ 395,287 $ 420,761 $ 208,871 $ 143,158