SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Narrative (Details)	12 Months Ended
	Dec. 31, 2025 USD ($) loan segment investment facility	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	May 08, 2025 USD ($)
Accounting Policies [Line Items]
Payment for lease incentive		$ 2,900,000
Recovery of previously reserved rent	$ 0	0	$ 0
ROU assets				$ 30,000,000
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]				Prepaid expenses and other assets, net
Impairment of real estate investments	$ 2,483,000	42,225,000	36,301,000
Number of preferred equity investment | investment	4
Provision for loan losses	$ 0	4,900,000	0
Expected credit loss	0	4,900,000	0
Accumulated amortization of deferred financing costs	7,400,000	3,300,000
Loss on extinguishment of debt	390,000	657,000	0
Stock-based compensation expense	$ 11,896,000	$ 6,130,000	$ 5,153,000
Reportable segment | segment	1
Mortgage secured loans receivable
Accounting Policies [Line Items]
Number of loans | loan	16
Number of loans at amortized cost | facility	1
Mezzanine loan receivable
Accounting Policies [Line Items]
Number of loans | loan	5
Secured And Mezzanine Loans Receivable
Accounting Policies [Line Items]
Number of loans | loan	1
Bridge loan
Accounting Policies [Line Items]
Provision for loan losses	$ 0