LOANS HELD FOR INVESTMENT - Schedule of Current Investment Portfolio (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2025 USD ($) option	Dec. 31, 2024 USD ($)	Sep. 19, 2024 USD ($)
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Outstanding principal	$ 1,404,409	$ 1,698,506
Loans held for investment ($182,370 and $551,955 related to consolidated VIEs, respectively)	$ 1,355,264	1,656,688
Unleveraged effective yield	6.10%
Payments to interests	$ 1,900
Total unfunded commitments	$ 73,366	$ 74,577
Minimum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of extension options | option	1
Maximum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of extension options | option	2
Extension period of maturity date	12 months
Senior Mortgage Loans | MA
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Payments to interests	$ 1
Office | IL
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Weighted average unleveraged effective yield	10.00%
Office | NY | Subordinated B Note
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Weighted average unleveraged effective yield	5.50%
Office | Senior Mortgage Loans | IL | SOFR Plus 2.25 %, Due March 2025
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Outstanding principal	$ 165,100
Loans held for investment ($182,370 and $551,955 related to consolidated VIEs, respectively)	$ 148,200
Unleveraged effective yield	0.00%
Interest Rate	2.25%
Office | Senior Mortgage Loans | IL | SOFR Plus 3.05% Due Oct 2026
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Outstanding principal	$ 54,200
Loans held for investment ($182,370 and $551,955 related to consolidated VIEs, respectively)	$ 54,200
Unleveraged effective yield	8.70%
Interest Rate	4.25%
Office | Senior Mortgage Loans | NY | SOFR Plus 8.95% Due Dec 2025
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	8.95%
Office | Senior Mortgage Loans | NY | SOFR Plus 2.65% Due Jul 2027
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Outstanding principal	$ 59,000
Loans held for investment ($182,370 and $551,955 related to consolidated VIEs, respectively)	$ 59,000
Unleveraged effective yield	7.00%
Interest Rate	2.65%
Office | Senior Mortgage Loans | NY | SOFR Plus 2.65% Due Jul 2027 | Senior A Note
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	2.65%
Office | Senior Mortgage Loans | Diversified | SOFR Plus 3.75% Due Jan 2026
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Outstanding principal	$ 77,300
Loans held for investment ($182,370 and $551,955 related to consolidated VIEs, respectively)	$ 76,800
Unleveraged effective yield	8.60%
Interest Rate	3.75%
Office | Senior Mortgage Loans | AZ | SOFR Plus 3.61%, Due Oct 2025
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Outstanding principal	$ 77,000
Loans held for investment ($182,370 and $551,955 related to consolidated VIEs, respectively)	$ 76,900
Unleveraged effective yield	8.30%
Interest Rate	3.61%
Office | Senior Mortgage Loans | NC
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Outstanding principal			$ 68,600
Office | Senior Mortgage Loans | NC | SOFR Plus 3.65% Due Aug 2028
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Outstanding principal	$ 70,600
Loans held for investment ($182,370 and $551,955 related to consolidated VIEs, respectively)	$ 70,500
Unleveraged effective yield	8.00%
Interest Rate	3.65%
Office | Senior Mortgage Loans | CA | SOFR Plus 2.65% Due Jul 2027 | Senior A Note
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Total unfunded commitments	$ 500
Office | Senior Mortgage Loans | CA | SOFR Plus 2.65% Due Jul 2027 | Subordinated B Note
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Outstanding principal	0
Office | Senior Mortgage Loans | CA | SOFR Plus 3.50%, Due Nov 2025
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Outstanding principal	20,100
Loans held for investment ($182,370 and $551,955 related to consolidated VIEs, respectively)	$ 20,100
Unleveraged effective yield	8.10%
Interest Rate	3.50%
Office | Senior Mortgage Loans | MA | SOFR Plus 3.75% Due Apr 2026
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Outstanding principal	$ 51,500
Loans held for investment ($182,370 and $551,955 related to consolidated VIEs, respectively)	$ 49,100
Unleveraged effective yield	0.00%
Interest Rate	3.75%
Office | Subordinated debt and preferred equity investments | NY
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Outstanding principal	$ 10,300
Loans held for investment ($182,370 and $551,955 related to consolidated VIEs, respectively)	$ 7,600
Unleveraged effective yield	0.00%
Weighted average unleveraged effective yield	5.50%
Multifamily | Senior Mortgage Loans | NY | SOFR Plus 3.90% Due Jun 2025
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Outstanding principal	$ 132,200
Loans held for investment ($182,370 and $551,955 related to consolidated VIEs, respectively)	$ 132,100
Unleveraged effective yield	8.70%
Interest Rate	3.90%
Multifamily | Senior Mortgage Loans | TX | SOFR Plus 2.95% Due Dec 2025
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Outstanding principal	$ 68,500
Loans held for investment ($182,370 and $551,955 related to consolidated VIEs, respectively)	$ 68,400
Unleveraged effective yield	7.60%
Interest Rate	2.95%
Multifamily | Senior Mortgage Loans | TX | SOFR Plus 2.60%, Due Oct 2025
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Outstanding principal	$ 23,100
Loans held for investment ($182,370 and $551,955 related to consolidated VIEs, respectively)	$ 23,000
Unleveraged effective yield	7.40%
Interest Rate	2.60%
Multifamily | Senior Mortgage Loans | CA | SOFR Plus 3.00% Due Dec 2025
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Outstanding principal	$ 31,700
Loans held for investment ($182,370 and $551,955 related to consolidated VIEs, respectively)	$ 31,700
Unleveraged effective yield	7.60%
Interest Rate	3.00%
Multifamily | Senior Mortgage Loans | OH | SOFR Plus 2.65% Due Jul 2027
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Outstanding principal	$ 57,300
Loans held for investment ($182,370 and $551,955 related to consolidated VIEs, respectively)	$ 57,000
Unleveraged effective yield	7.70%
Interest Rate	3.05%
Multifamily | Senior Mortgage Loans | PA | SOFR Plus 2.50% Due Dec 2025
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Outstanding principal	$ 28,200
Loans held for investment ($182,370 and $551,955 related to consolidated VIEs, respectively)	$ 28,200
Unleveraged effective yield	6.80%
Interest Rate	2.50%
Multifamily | Senior Mortgage Loans | WA | SOFR Plus 3.00% Due Nov 2025
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Outstanding principal	$ 23,100
Loans held for investment ($182,370 and $551,955 related to consolidated VIEs, respectively)	$ 23,100
Unleveraged effective yield	7.50%
Interest Rate	3.00%
Residential/Condo | Senior Mortgage Loans | NY | SOFR Plus 8.95% Due Dec 2025
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Outstanding principal	$ 129,100
Loans held for investment ($182,370 and $551,955 related to consolidated VIEs, respectively)	$ 105,700
Unleveraged effective yield	0.00%
Interest Rate	8.95%
Mixed-use | Senior Mortgage Loans | NY | SOFR Plus 3.75% Due Jul 2025
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Outstanding principal	$ 77,500
Loans held for investment ($182,370 and $551,955 related to consolidated VIEs, respectively)	$ 77,400
Unleveraged effective yield	8.30%
Interest Rate	3.75%
Hotel | Senior Mortgage Loans | NY | LIBOR Plus 4 .40% Due Mar 2026
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Outstanding principal	$ 55,700
Loans held for investment ($182,370 and $551,955 related to consolidated VIEs, respectively)	$ 55,500
Unleveraged effective yield	9.00%
Interest Rate	4.40%
Hotel | Senior Mortgage Loans | CA | SOFR Plus 4.20% Due Mar 2025
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Outstanding principal	$ 60,800
Loans held for investment ($182,370 and $551,955 related to consolidated VIEs, respectively)	$ 60,600
Unleveraged effective yield	8.80%
Interest Rate	4.20%
Industrial | Senior Mortgage Loans | CA | SOFR Plus 3.85%, Due January 2027
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Outstanding principal	$ 7,000
Loans held for investment ($182,370 and $551,955 related to consolidated VIEs, respectively)	$ 7,000
Unleveraged effective yield	8.20%
Interest Rate	3.85%
Industrial | Senior Mortgage Loans | MA | SOFR Plus 2.90% Due Jun 2028
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Outstanding principal	$ 47,400
Loans held for investment ($182,370 and $551,955 related to consolidated VIEs, respectively)	$ 47,300
Unleveraged effective yield	7.30%
Interest Rate	2.90%
Industrial | Senior Mortgage Loans | NJ | SOFR Plus 8.85%, Due Nov 2024
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Outstanding principal	$ 27,800
Loans held for investment ($182,370 and $551,955 related to consolidated VIEs, respectively)	$ 27,800
Unleveraged effective yield	13.20%
Interest Rate	8.85%
Industrial | Subordinated debt and preferred equity investments | CA | SOFR Plus 3.85%, Due January 2027
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Outstanding principal	$ 12,600
Loans held for investment ($182,370 and $551,955 related to consolidated VIEs, respectively)	$ 10,900
Unleveraged effective yield	0.00%
Weighted average unleveraged effective yield	3.85%
Self Storage | Senior Mortgage Loans | MA | SOFR Plus 3.00% Due Nov 2025
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Outstanding principal	$ 7,700
Loans held for investment ($182,370 and $551,955 related to consolidated VIEs, respectively)	$ 7,700
Unleveraged effective yield	7.60%
Interest Rate	3.00%
Self Storage | Senior Mortgage Loans | PA | SOFR Plus 3.00% Due Dec 2025
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Outstanding principal	$ 18,200
Loans held for investment ($182,370 and $551,955 related to consolidated VIEs, respectively)	$ 18,100
Unleveraged effective yield	7.60%
Interest Rate	3.00%
Self Storage | Senior Mortgage Loans | IN | SOFR Plus 3.60%, Due Jun 2026
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Outstanding principal	$ 11,400
Loans held for investment ($182,370 and $551,955 related to consolidated VIEs, respectively)	$ 11,400
Unleveraged effective yield	8.00%
Interest Rate	3.60%