CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended				6 Months Ended		12 Months Ended
	Jun. 30, 2025	Mar. 31, 2025	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2025	Jun. 30, 2024	Dec. 31, 2024	Dec. 31, 2023
Cash flows from operating activities:
Net loss	$ (25,172)	$ 3,708	$ (68,683)	$ (57,107)	$ (21,465)	$ (125,792)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	10,607		8,953		21,159	19,343
Straight-line rental income					(530)	(1,618)
Amortization of above (below) market lease values, net					60	256
Amortization of premium/accretion of discount and fees on investments and borrowings, net					(816)	(3,774)
Amortization of deferred financing costs					4,275	4,455
Amortization of right-of-use lease assets and operating lease liabilities					(2)	108
Paid-in-kind interest added to loan principal, net of interest received					(1,048)	(943)
Designated hedges and foreign currency translation reclassified to earnings					3,362	0
Realized loss on sale of real estate					245	0
Increase of current expected credit loss reserve					346	114,312
Impairment of operating real estate					51,127	44,800
Amortization of equity-based compensation					7,126	5,320
Mortgage notes (above) below market value amortization					(108)	4
Deferred income tax benefit					(21,781)	(288)
Changes in assets and liabilities:
Receivables, net					(3,812)	2,572
Deferred costs and other assets					(3,298)	(1,533)
Other liabilities					(6,913)	(9,795)
Net cash provided by operating activities					27,927	47,427
Cash flows from investing activities:
Acquisition, origination and funding of loans and preferred equity held for investment, net					(210,652)	(33,413)
Repayment on loans held for investment					146,419	200,974
Proceeds from sale of real estate					5,184	0
Cash and restricted cash received related to consolidation of loans held for investment and real estate owned					4,653	0
Acquisition of and additions to real estate and related intangibles					(8,389)	(2,237)
Change in escrow deposits payable					(5,384)	(19,061)
Net cash (used in) provided by investing activities					(68,169)	146,263
Cash flows from financing activities:
Distributions paid on common stock					(41,550)	(52,031)
Shares canceled for tax withholding on vested stock awards					(3,878)	(4,167)
Repurchase of common stock					(4,008)	0
Repayment of mortgage notes					(2,957)	(2,847)
Borrowings from credit facilities					116,224	11,840
Repayment of credit facilities					(111,678)	(166,054)
Repayment of securitization bonds					(105,965)	(50,163)
Payments of Financing Costs					(4,780)	(3,787)
Issuance of common stock					0	13
Net cash used in financing activities					(158,592)	(267,196)
Effect of exchange rates on cash, cash equivalents and restricted cash					(180)	147
Net decrease in cash, cash equivalents and restricted cash					(199,014)	(73,359)
Cash, cash equivalents and restricted cash - beginning of period		$ 450,696		$ 362,089	450,696	362,089	$ 362,089
Cash, cash equivalents and restricted cash - end of period	251,682		288,730		251,682	288,730	450,696
Reconciliation of cash, cash equivalents, and restricted cash to consolidated balance sheets
Cash and cash equivalents	154,283		203,306		154,283	203,306	302,173	$ 257,506
Restricted cash	97,399		85,424		97,399	85,424	148,523	104,583
Total cash, cash equivalents and restricted cash	$ 251,682		$ 288,730		251,682	288,730	$ 450,696	$ 362,089
Supplemental disclosure of non-cash investing and financing activities:
Deconsolidation of assets following foreclosure (refer to Note 4)					(194,665)	0
Deconsolidation of liabilities following foreclosure (refer to Note 4)					168,699	0
Accrual of distribution payable					20,862	26,126
Assets transferred to held for sale					34,284	0
Assumption of accounts payable, accrued expenses and other liabilities related to consolidation of VIE and assumption of real estate					(9,597)	0
Assumption of receivables and other assets related to consolidation of VIE and assumption of real estate					10,742	0
Assumption of real estate and consolidation of VIE (refer to Note 4)					$ 166,918	$ 0