v3.25.3
LOANS HELD-FOR-INVESTMENT - Schedule of Loans Held-For-Investment Portfolio (Details)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2024
USD ($)
Jun. 30, 2024
USD ($)
Mar. 31, 2024
USD ($)
Sep. 30, 2025
USD ($)
loan
Dec. 31, 2024
USD ($)
Financing Receivable, Credit Quality Indicator [Line Items]          
Number of Loans | loan       76  
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
Weighted Average Risk Rating       3.7  
2025       $ 0  
2024       (155)  
2023       0  
2022       0  
2021       (90,691)  
Prior       0  
Write-offs charged $ (2,860) $ (480) $ (1,649) $ (90,846)  
Liquid corporate senior loans          
Financing Receivable, Credit Quality Indicator [Line Items]          
Number of loans, nonaccrual status | loan       4  
Nonaccrual status with a carrying value       $ 6,800  
Percentage carrying value of loan portfolio (less than)       100.00%  
First Mortgage Loans          
Financing Receivable, Credit Quality Indicator [Line Items]          
Number of Loans | loan       33  
2025       $ 182,847  
2024       182,349  
2023       345,353  
2022       1,330,185  
2021       963,495  
Prior       124,989  
Loans held-for-investment and related receivables, net       $ 3,129,218 3,466,929
Write-offs charged 0 0 0    
First Mortgage Loans | 1          
Financing Receivable, Credit Quality Indicator [Line Items]          
Number of Loans | loan       0  
2025       $ 0  
2024       0  
2023       0  
2022       0  
2021       0  
Prior       0  
Loans held-for-investment and related receivables, net       $ 0  
First Mortgage Loans | 2          
Financing Receivable, Credit Quality Indicator [Line Items]          
Number of Loans | loan       0  
2025       $ 0  
2024       0  
2023       0  
2022       0  
2021       0  
Prior       0  
Loans held-for-investment and related receivables, net       $ 0  
First Mortgage Loans | 3          
Financing Receivable, Credit Quality Indicator [Line Items]          
Number of Loans | loan       20  
2025       $ 182,847  
2024       79,713  
2023       345,353  
2022       612,263  
2021       507,291  
Prior       0  
Loans held-for-investment and related receivables, net       $ 1,727,467  
First Mortgage Loans | 4          
Financing Receivable, Credit Quality Indicator [Line Items]          
Number of Loans | loan       7  
2025       $ 0  
2024       102,636  
2023       0  
2022       233,487  
2021       160,615  
Prior       71,140  
Loans held-for-investment and related receivables, net       $ 567,878  
First Mortgage Loans | 5          
Financing Receivable, Credit Quality Indicator [Line Items]          
Number of Loans | loan       6  
2025       $ 0  
2024       0  
2023       0  
2022       484,435  
2021       295,589  
Prior       53,849  
Loans held-for-investment and related receivables, net       $ 833,873  
Liquid corporate senior loans          
Financing Receivable, Credit Quality Indicator [Line Items]          
Number of Loans | loan       10  
2025       $ 0  
2024       6,194  
2023       2,864  
2022       13,521  
2021       6,810  
Prior       0  
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
Write-offs charged (2,860) (480) (1,649) $ (3,371)  
Liquid corporate senior loans | 1          
Financing Receivable, Credit Quality Indicator [Line Items]          
Number of Loans | loan       0  
2025       $ 0  
2024       0  
2023       0  
2022       0  
2021       0  
Prior       0  
Loans held-for-investment and related receivables, net       $ 0  
Liquid corporate senior loans | 2          
Financing Receivable, Credit Quality Indicator [Line Items]          
Number of Loans | loan       0  
2025       $ 0  
2024       0  
2023       0  
2022       0  
2021       0  
Prior       0  
Loans held-for-investment and related receivables, net       $ 0  
Liquid corporate senior loans | 3          
Financing Receivable, Credit Quality Indicator [Line Items]          
Number of Loans | loan       4  
2025       $ 0  
2024       0  
2023       1,711  
2022       13,521  
2021       2,515  
Prior       0  
Loans held-for-investment and related receivables, net       $ 17,747  
Liquid corporate senior loans | 4          
Financing Receivable, Credit Quality Indicator [Line Items]          
Number of Loans | loan       2  
2025       $ 0  
2024       1,874  
2023       0  
2022       0  
2021       2,995  
Prior       0  
Loans held-for-investment and related receivables, net       $ 4,869  
Liquid corporate senior loans | 5          
Financing Receivable, Credit Quality Indicator [Line Items]          
Number of Loans | loan       4  
2025       $ 0  
2024       4,320  
2023       1,153  
2022       0  
2021       1,300  
Prior       0  
Loans held-for-investment and related receivables, net       $ 6,773  
Corporate senior loans          
Financing Receivable, Credit Quality Indicator [Line Items]          
Number of Loans | loan       33  
2025       $ 72,774  
2024       125,397  
2023       84,511  
2022       54,693  
2021       0  
Prior       0  
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
Write-offs charged $ 0 $ 0 $ 0 $ 0  
Corporate senior loans | 1          
Financing Receivable, Credit Quality Indicator [Line Items]          
Number of Loans | loan       0  
2025       $ 0  
2024       0  
2023       0  
2022       0  
2021       0  
Prior       0  
Loans held-for-investment and related receivables, net       $ 0  
Corporate senior loans | 2          
Financing Receivable, Credit Quality Indicator [Line Items]          
Number of Loans | loan       0  
2025       $ 0  
2024       0  
2023       0  
2022       0  
2021       0  
Prior       0  
Loans held-for-investment and related receivables, net       $ 0  
Corporate senior loans | 3          
Financing Receivable, Credit Quality Indicator [Line Items]          
Number of Loans | loan       30  
2025       $ 72,774  
2024       125,397  
2023       72,930  
2022       28,563  
2021       0  
Prior       0  
Loans held-for-investment and related receivables, net       $ 299,664  
Corporate senior loans | 4          
Financing Receivable, Credit Quality Indicator [Line Items]          
Number of Loans | loan       3  
2025       $ 0  
2024       0  
2023       11,581  
2022       26,130  
2021       0  
Prior       0  
Loans held-for-investment and related receivables, net       $ 37,711  
Corporate senior loans | 5          
Financing Receivable, Credit Quality Indicator [Line Items]          
Number of Loans | loan       0  
2025       $ 0  
2024       0  
2023       0  
2022       0  
2021       0  
Prior       0  
Loans held-for-investment and related receivables, net       $ 0