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FAIR VALUE OF FINANCIAL INSTRUMENTS - Estimated Fair Values of Financial Instruments (Details)
$ in Thousands
 3 Months Ended 12 Months Ended
Mar. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Mar. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Assets:        
Fair Value $ 3,352,969 $ 3,922,131    
Allowance for credit losses (25,499) (20,755) $ (32,332) $ (31,752)
Liabilities:        
Fair Value 3,739,091 3,994,458    
Level 1        
Assets:        
Fair Value 0 0    
Liabilities:        
Fair Value 0 0    
Level 2        
Assets:        
Fair Value 0 0    
Liabilities:        
Fair Value 0 0    
Level 3        
Assets:        
Fair Value 3,352,969 3,922,131    
Liabilities:        
Fair Value $ 3,739,091 $ 3,994,458    
Total mortgage loan receivables held for investment, net, at amortized cost        
Liabilities:        
Period of short interest rate reset risk 30 days 30 days    
CLO debt        
Liabilities:        
Period of short interest rate reset risk   30 days    
Recurring        
Assets:        
Fair Value $ 512,053 $ 580,130    
Recurring | Level 1        
Assets:        
Fair Value 24,885 35,446    
Recurring | Level 2        
Assets:        
Fair Value 1,421 2,038    
Recurring | Level 3        
Assets:        
Fair Value 485,747 542,646    
Recurring | Agency securities        
Assets:        
Principal Amount 32 36    
Fair Value 31 35    
Recurring | Agency securities | Level 1        
Assets:        
Fair Value 0 0    
Recurring | Agency securities | Level 2        
Assets:        
Fair Value 0 0    
Recurring | Agency securities | Level 3        
Assets:        
Fair Value 31 35    
Recurring | CMBS | Internal Model Third Party Inputs Valuation Technique        
Assets:        
Principal Amount 503,183 562,839    
Amortized Cost Basis/Purchase Price 502,710 562,246    
Fair Value $ 485,191 $ 541,333    
Liabilities:        
Financial instruments, measurement input 0.0576 0.0532    
Weighted average remaining maturity/duration 1 year 3 days 1 year 21 days    
Recurring | CMBS interest-only | Internal Model Third Party Inputs Valuation Technique        
Assets:        
Principal Amount $ 898,620 $ 1,026,195    
Amortized Cost Basis/Purchase Price 9,493 10,498    
Fair Value $ 9,537 $ 10,443    
Liabilities:        
Financial instruments, measurement input 0.0382 0.0365    
Weighted average remaining maturity/duration 1 year 4 months 13 days 1 year 5 months 12 days    
Recurring | GNMA interest-only | Internal Model Third Party Inputs Valuation Technique        
Assets:        
Principal Amount $ 44,966 $ 45,369    
Amortized Cost Basis/Purchase Price 265 285    
Fair Value $ 385 $ 281    
Liabilities:        
Financial instruments, measurement input 0.0595 0.0423    
Weighted average remaining maturity/duration 3 years 1 month 2 days 3 years 3 months 18 days    
Recurring | Agency securities | Internal Model Third Party Inputs Valuation Technique        
Assets:        
Principal Amount $ 32 $ 36    
Amortized Cost Basis/Purchase Price 33 36    
Fair Value $ 31 $ 35    
Liabilities:        
Financial instruments, measurement input 0.0270 0.0270    
Weighted average remaining maturity/duration 1 year 5 months 1 day 1 year 6 months 14 days    
Recurring | U.S. Treasury securities | Internal Model Third Party Inputs Valuation Technique        
Assets:        
Principal Amount $ 25,000 $ 36,000    
Amortized Cost Basis/Purchase Price 24,772 35,328    
Fair Value $ 24,772 $ 35,328    
Liabilities:        
Financial instruments, measurement input 0.0410 0.0417    
Weighted average remaining maturity/duration 3 months 14 days 7 months 6 days    
Recurring | Equity Securities        
Assets:        
Amortized Cost Basis/Purchase Price $ 160 $ 160    
Fair Value 113 118    
Recurring | Total mortgage loan receivables held for investment, net, at amortized cost | Discounted Cash Flow        
Assets:        
Principal Amount 3,809,591 3,907,295    
Amortized Cost Basis/Purchase Price 3,794,075 3,885,746    
Fair Value 3,306,791 3,875,708    
Allowance for credit losses $ (25,500) $ (20,800)   $ (20,800)
Liabilities:        
Financial instruments, measurement input 0.0918 0.0885    
Weighted average remaining maturity/duration 1 year 25 days 1 year 3 months 3 days    
Recurring | Mortgage loan  receivables held for sale | Internal Model Third Party Inputs Valuation Technique        
Assets:        
Principal Amount $ 31,350 $ 31,350    
Amortized Cost Basis/Purchase Price 27,197 27,391    
Fair Value $ 27,197 $ 27,391    
Liabilities:        
Financial instruments, measurement input 0.0457 0.0457    
Weighted average remaining maturity/duration 8 years 11 months 8 days 9 years 2 months 8 days    
Recurring | FHLB stock | FHLB stock        
Assets:        
Principal Amount $ 9,585 $ 9,585    
Amortized Cost Basis/Purchase Price 9,585 9,585    
Fair Value $ 9,585 $ 9,585    
Liabilities:        
Financial instruments, measurement input 0.0475 0.0475    
Recurring | Nonhedge derivatives | Counterparty Quotations Valuation Technique        
Assets:        
Nonhedge derivative assets $ 106,408 $ 204,700    
Amortized Cost Basis/Purchase Price 1,421 2,038    
Fair Value $ 1,421 $ 2,038    
Liabilities:        
Weighted average remaining maturity/duration 1 year 5 months 1 day 1 year 6 months 7 days    
Recurring | Repurchase agreements - short-term | Cost Plus Accrued Interest Valuation Technique        
Liabilities:        
Principal Amount $ 402,869 $ 481,465    
Amortized Cost Basis/Purchase Price 402,869 481,465    
Fair Value $ 402,869 $ 481,465    
Financial instruments, measurement input 0.0576 0.0404    
Weighted average remaining maturity/duration 6 months 10 days 4 months 13 days    
Recurring | Repurchase agreements - long-term | Discounted Cash Flow        
Liabilities:        
Principal Amount $ 366,398 $ 366,398    
Amortized Cost Basis/Purchase Price 366,398 366,398    
Fair Value $ 366,398 $ 366,398    
Financial instruments, measurement input 0.0577 0.0406    
Weighted average remaining maturity/duration 2 years 3 months 21 days 2 years 6 months 21 days    
Recurring | Mortgage loan financing | Discounted Cash Flow        
Liabilities:        
Principal Amount $ 469,121 $ 497,454    
Amortized Cost Basis/Purchase Price 469,690 497,991    
Fair Value $ 453,300 $ 477,101    
Financial instruments, measurement input 0.0568 0.0551    
Weighted average remaining maturity/duration 3 years 3 months 21 days 3 years 4 months 9 days    
Recurring | CLO debt | Discounted Cash Flow        
Liabilities:        
Principal Amount $ 1,064,365 $ 1,064,365    
Amortized Cost Basis/Purchase Price 1,059,593 1,058,462    
Fair Value $ 1,059,593 $ 1,058,462    
Financial instruments, measurement input 0.0700 0.0635    
Weighted average remaining maturity/duration 15 years 8 months 4 days 15 years 11 months 1 day    
Recurring | Borrowings from the FHLB | Discounted Cash Flow        
Liabilities:        
Principal Amount $ 213,000 $ 213,000    
Amortized Cost Basis/Purchase Price 213,000 213,000    
Fair Value $ 212,911 $ 213,055    
Financial instruments, measurement input 0.0121 0.0161    
Weighted average remaining maturity/duration 1 year 1 year 3 months    
Recurring | Senior unsecured notes | Internal Model Third Party Inputs Valuation Technique        
Liabilities:        
Principal Amount $ 1,585,063 $ 1,643,794    
Amortized Cost Basis/Purchase Price 1,570,878 1,628,382    
Fair Value $ 1,244,020 $ 1,397,977    
Financial instruments, measurement input 0.0466 0.0466    
Weighted average remaining maturity/duration 4 years 6 months 10 days 4 years 9 months