v3.26.1
JOINT VENTURES AND PARTNERSHIPS - Additional Information (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
Dec. 31, 2024
Combined summary of balance sheets relating to unconsolidated joint ventures        
Total real estate, net $ 8,830,212   $ 9,113,339  
Investments, at fair value 757,689   886,492  
Cash and cash equivalents 1,300 $ 1,250 1,222 $ 1,326
Other assets 370,870   231,308  
Total assets 10,333,774   10,605,674  
Accounts payable and accrued liabilities 107,072   142,102  
Total liabilities 6,228,006   6,456,911  
Total equity 3,286,015 3,331,379 3,288,797 $ 3,443,540
Financial information relating to unconsolidated joint ventures operations        
Total revenues 425,849 421,948    
Property operating expenses 80,732 75,990    
Real estate depreciation and amortization 161,268 161,394    
Gain/(loss) on sale of real estate owned 157,416 47,939    
Operating income/(loss) 229,805 122,195    
Interest expense (48,576) (47,701)    
Other income/(loss) 2,434 1,921    
Net income/(loss) 202,904 82,071    
Unconsolidated Joint Ventures and Partnerships        
Combined summary of balance sheets relating to unconsolidated joint ventures        
Total real estate, net 3,069,461   3,580,595  
Investments, at fair value 581,905   489,468  
Cash and cash equivalents 56,377   78,177  
Other assets 42,299   134,818  
Total assets 3,750,042   4,283,058  
Third party debt, net 1,830,475   2,496,081  
Accounts payable and accrued liabilities 66,857   180,461  
Total liabilities 1,897,332   2,676,542  
Total equity 1,852,710   $ 1,606,516  
Financial information relating to unconsolidated joint ventures operations        
Total revenues 103,052 90,121    
Property operating expenses 47,384 42,420    
Real estate depreciation and amortization 43,273 40,973    
Operating income/(loss) 12,395 6,728    
Interest expense (33,646) (42,279)    
Net unrealized/realized gain/(loss) on held investments 98,529 15,612    
Other income/(loss) 184 3,042    
Net income/(loss) $ 77,462 $ (16,897)