v3.26.1
INVESTMENT IN UNCONSOLIDATED ENTITIES - Schedule of Financial Information of The Unconsolidated Joint Venture (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
Assets:      
Real estate investments - at fair value $ 125,121   $ 149,170
Loans held-for-investment - at fair value, net of deferred fees 3,088,361   3,454,589
Total assets 4,725,560 $ 5,174,112 5,095,097
Liabilities and equity:      
Repurchase facilities and securitized debt, net of deferred fees 2,726,397   3,093,039
Total liabilities 2,813,910   3,184,676
Total equity 1,750,207   1,748,162
Total revenues 97,586 106,404  
Total expenses 64,120 146,750  
Net (loss) income 43,028 (32,883)  
Unconsolidated Joint Venture      
Assets:      
Real estate investments - at fair value 91,300   96,109
Loans held-for-investment - at fair value, net of deferred fees 423,587   813,069
Total assets 534,421   932,250
Liabilities and equity:      
Repurchase facilities and securitized debt, net of deferred fees 257,209   604,347
Total liabilities 260,365   609,645
Total equity 274,056   $ 322,605
Total revenues 12,115 22,741  
Total expenses 8,611 15,602  
Net realized and unrealized loss (5,562) (4,882)  
Net (loss) income $ (2,058) $ 2,257