v3.26.1
SEGMENT REPORTING (Details)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
USD ($)
segment
Mar. 31, 2025
USD ($)
Dec. 31, 2025
USD ($)
Segment Reporting Information [Line Items]      
Number of reportable segments | segment 2    
Revenues:      
Rental and other property income $ 25,768 $ 28,808  
Interest income 71,818 77,596  
Total revenues 97,586 106,404  
Expenses:      
General and administrative 6,344 5,615  
Interest expense, net 37,369 45,250  
Property operating 2,701 2,465  
Real estate tax 1,306 1,004  
Expense reimbursements to related parties 3,065 3,003  
Management fees 11,628 11,723  
Transaction-related 0 59  
Depreciation and amortization 8,830 8,828  
Real estate impairment 0 7,026  
(Decrease) increase in provision for credit losses (7,123) 61,777  
Total expenses 64,120 146,750  
Other income (expense):      
Gain on disposition of real estate and condominium developments, net 5,743 1,552  
Gain on investment in unconsolidated entities (971) 1,011  
Unrealized gain on equity securities 3,317 3,300  
Other income, net 1,799 1,609  
Loss on extinguishment of debt (282) 0  
Total other income 9,606 7,472  
Net income (loss) 43,072 (32,874)  
Net income allocated to non-controlling interest 44 9  
Net income (loss) attributable to the Company 43,028 (32,883)  
Total assets 4,725,560 5,174,112 $ 5,095,097
Operating Segments | Real Estate      
Revenues:      
Rental and other property income 25,768 28,740  
Interest income 0 0  
Total revenues 25,768 28,740  
Expenses:      
General and administrative 132 67  
Interest expense, net 5,814 5,821  
Property operating 1,862 1,643  
Real estate tax 1,234 886  
Expense reimbursements to related parties 0 0  
Management fees 3,062 2,296  
Transaction-related 0 53  
Depreciation and amortization 8,830 8,828  
Real estate impairment   7,026  
(Decrease) increase in provision for credit losses 0 0  
Total expenses 20,934 26,620  
Other income (expense):      
Gain on disposition of real estate and condominium developments, net 5,743 418  
Gain on investment in unconsolidated entities 0 0  
Unrealized gain on equity securities 0 0  
Other income, net 23 41  
Loss on extinguishment of debt 0    
Total other income 5,766 459  
Net income (loss) 10,600 2,579  
Net income allocated to non-controlling interest 0 0  
Net income (loss) attributable to the Company 10,600 2,579  
Total assets 1,051,999 1,033,963  
Operating Segments | Credit      
Revenues:      
Rental and other property income 0 0  
Interest income 71,818 77,596  
Total revenues 71,818 77,596  
Expenses:      
General and administrative 357 679  
Interest expense, net 31,555 39,429  
Property operating 0 0  
Real estate tax 0 0  
Expense reimbursements to related parties 0 0  
Management fees 8,566 9,427  
Transaction-related 0 0  
Depreciation and amortization 0 0  
Real estate impairment   0  
(Decrease) increase in provision for credit losses (7,123) 61,777  
Total expenses 33,355 111,312  
Other income (expense):      
Gain on disposition of real estate and condominium developments, net 0 0  
Gain on investment in unconsolidated entities (971) 1,011  
Unrealized gain on equity securities 3,317 3,300  
Other income, net 1,069 682  
Loss on extinguishment of debt (282)    
Total other income 3,133 4,993  
Net income (loss) 41,596 (28,723)  
Net income allocated to non-controlling interest 44 9  
Net income (loss) attributable to the Company 41,552 (28,732)  
Total assets 3,568,017 3,979,735  
Corporate/Other      
Revenues:      
Rental and other property income 0 68  
Interest income 0 0  
Total revenues 0 68  
Expenses:      
General and administrative 5,855 4,869  
Interest expense, net 0 0  
Property operating 839 822  
Real estate tax 72 118  
Expense reimbursements to related parties 3,065 3,003  
Management fees 0 0  
Transaction-related 0 6  
Depreciation and amortization 0 0  
Real estate impairment   0  
(Decrease) increase in provision for credit losses 0 0  
Total expenses 9,831 8,818  
Other income (expense):      
Gain on disposition of real estate and condominium developments, net 0 1,134  
Gain on investment in unconsolidated entities 0 0  
Unrealized gain on equity securities 0 0  
Other income, net 707 886  
Loss on extinguishment of debt 0    
Total other income 707 2,020  
Net income (loss) (9,124) (6,730)  
Net income allocated to non-controlling interest 0 0  
Net income (loss) attributable to the Company (9,124) (6,730)  
Total assets $ 105,544 $ 160,414