v3.25.3
SEGMENT REPORTING (Details)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
USD ($)
Sep. 30, 2024
USD ($)
Sep. 30, 2025
USD ($)
segment
Sep. 30, 2024
USD ($)
Dec. 31, 2024
USD ($)
Segment Reporting Information [Line Items]          
Number of reportable segments | segment     2    
Revenues:          
Rental and other property income $ 27,438 $ 22,928 $ 85,425 $ 71,064  
Interest income 77,023 98,430 232,630 306,594  
Total revenues 104,461 121,358 318,055 377,658  
Expenses:          
General and administrative 6,902 5,950 19,666 18,211  
Interest expense, net 43,172 60,634 133,260 190,147  
Property operating 2,768 2,329 9,668 8,659  
Real estate tax 1,241 877 3,563 3,328  
Expense reimbursements to related parties 3,707 3,864 10,121 10,583  
Management fees 11,681 12,202 35,092 37,506  
Transaction-related 12 2 155 68  
Depreciation and amortization 8,980 7,381 27,578 24,320  
Real estate impairment 0 3,486 7,674 60,418  
Increase in provision for credit losses 6,445 24,527 73,423 308,542  
Total expenses 84,908 121,252 320,200 661,782  
Other income (expense):          
Gain on disposition of real estate and condominium developments, net 2,280 1,210 7,876 4,460  
Gain on investment in unconsolidated entities 3,781 4,608 7,703 9,875  
Unrealized gain (loss) on equity securities 2,458 4,486 3,648 (11,156)  
Other income, net 2,237 (2,145) 5,568 4,867  
Loss on extinguishment of debt 0 (950) 0 (950)  
Total other income 10,756 7,209 24,795 7,096  
Net income (loss) 30,309 7,315 22,650 (277,028)  
Net income allocated to non-controlling interest 27 3 59 3  
Net income (loss) attributable to the Company 30,282 7,312 22,591 (277,031)  
Total assets 4,983,428 5,365,847 4,983,428 5,365,847 $ 5,197,749
Operating Segments | Real Estate          
Revenues:          
Rental and other property income 27,438 22,829 85,357 70,778  
Interest income 0 0 0 0  
Total revenues 27,438 22,829 85,357 70,778  
Expenses:          
General and administrative 132 115 259 360  
Interest expense, net 5,748 5,814 17,454 17,436  
Property operating 1,552 965 6,025 2,791  
Real estate tax 1,146 658 3,285 2,532  
Expense reimbursements to related parties 0 0 0 0  
Management fees 2,403 2,008 7,075 6,180  
Transaction-related 0 0 114 0  
Depreciation and amortization 8,980 7,381 27,578 24,320  
Real estate impairment   9 7,674 51,478  
Increase in provision for credit losses 0 0 0 0  
Total expenses 19,961 16,950 69,464 105,097  
Other income (expense):          
Gain on disposition of real estate and condominium developments, net 1,128 0 1,539 0  
Gain on investment in unconsolidated entities 0 0 0 0  
Unrealized gain (loss) on equity securities 0 0 0 0  
Other income, net 77 120 136 268  
Loss on extinguishment of debt   0   0  
Total other income 1,205 120 1,675 268  
Net income (loss) 8,682 5,999 17,568 (34,051)  
Net income allocated to non-controlling interest 0 0 0 0  
Net income (loss) attributable to the Company 8,682 5,999 17,568 (34,051)  
Total assets 1,026,391 1,054,259 1,026,391 1,054,259  
Operating Segments | Credit          
Revenues:          
Rental and other property income 0 0 0 0  
Interest income 77,023 98,430 232,630 306,594  
Total revenues 77,023 98,430 232,630 306,594  
Expenses:          
General and administrative 664 627 1,982 2,630  
Interest expense, net 37,424 54,820 115,806 172,711  
Property operating 0 0 0 0  
Real estate tax 0 0 0 0  
Expense reimbursements to related parties 0 0 0 0  
Management fees 9,278 10,194 28,017 31,326  
Transaction-related 0 2 0 20  
Depreciation and amortization 0 0 0 0  
Real estate impairment   0 0 0  
Increase in provision for credit losses 6,445 24,527 73,423 308,542  
Total expenses 53,811 90,170 219,228 515,229  
Other income (expense):          
Gain on disposition of real estate and condominium developments, net 0 0 0 0  
Gain on investment in unconsolidated entities 3,781 4,608 7,703 9,875  
Unrealized gain (loss) on equity securities 2,458 4,486 3,648 (11,156)  
Other income, net 1,152 (3,730) 2,603 651  
Loss on extinguishment of debt   (950)   (950)  
Total other income 7,391 4,414 13,954 (1,580)  
Net income (loss) 30,603 12,674 27,356 (210,215)  
Net income allocated to non-controlling interest 27 3 59 3  
Net income (loss) attributable to the Company 30,576 12,671 27,297 (210,218)  
Total assets 3,786,524 4,091,734 3,786,524 4,091,734  
Corporate/Other          
Revenues:          
Rental and other property income 0 99 68 286  
Interest income 0 0 0 0  
Total revenues 0 99 68 286  
Expenses:          
General and administrative 6,106 5,208 17,425 15,221  
Interest expense, net 0 0 0 0  
Property operating 1,216 1,364 3,643 5,868  
Real estate tax 95 219 278 796  
Expense reimbursements to related parties 3,707 3,864 10,121 10,583  
Management fees 0 0 0 0  
Transaction-related 12 0 41 48  
Depreciation and amortization 0 0 0 0  
Real estate impairment   3,477 0 8,940  
Increase in provision for credit losses 0 0 0 0  
Total expenses 11,136 14,132 31,508 41,456  
Other income (expense):          
Gain on disposition of real estate and condominium developments, net 1,152 1,210 6,337 4,460  
Gain on investment in unconsolidated entities 0 0 0 0  
Unrealized gain (loss) on equity securities 0 0 0 0  
Other income, net 1,008 1,465 2,829 3,948  
Loss on extinguishment of debt   0   0  
Total other income 2,160 2,675 9,166 8,408  
Net income (loss) (8,976) (11,358) (22,274) (32,762)  
Net income allocated to non-controlling interest 0 0 0 0  
Net income (loss) attributable to the Company (8,976) (11,358) (22,274) (32,762)  
Total assets $ 170,513 $ 219,854 $ 170,513 $ 219,854