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FAIR VALUE OF FINANCIAL INSTRUMENTS - Summary of Financial Assets and Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Assets:
Fair value of assets	$ 3,352,969	$ 3,922,131
Liabilities:
Fair value of liabilities	3,739,091	3,994,458
Repurchase agreements - short-term
Liabilities:
Principal Amount	402,869	481,465
Fair value of liabilities	402,869	481,465
Repurchase agreements - long-term
Liabilities:
Principal Amount	366,398	366,398
Fair value of liabilities	366,398	366,398
Mortgage loan financing
Liabilities:
Principal Amount	469,121	497,454
Fair value of liabilities	453,300	477,101
CLO debt
Liabilities:
Principal Amount	1,064,365	1,064,365
Fair value of liabilities	1,059,593	1,058,462
Borrowings from the FHLB
Liabilities:
Principal Amount	213,000	213,000
Fair value of liabilities	212,911	213,055
Senior unsecured notes
Liabilities:
Principal Amount	1,585,063	1,643,794
Fair value of liabilities	1,244,020	1,397,977
CMBS
Assets:
Principal Amount	9,381	9,415
Fair value of assets	9,009	9,030
CMBS interest-only
Assets:
Principal Amount	8,426	8,460
Fair value of assets	387	417
Total mortgage loan receivables held for investment, net, at amortized cost
Assets:
Principal Amount	3,809,591	3,907,295
Fair value of assets	3,306,791	3,875,708
FHLB stock
Assets:
Principal Amount	9,585	9,585
Fair value of assets	9,585	9,585
Mortgage loan  receivables held for sale
Assets:
Principal Amount	31,350	31,350
Fair value of assets	27,197	27,391
Level 1
Assets:
Fair value of assets	0	0
Liabilities:
Fair value of liabilities	0	0
Level 1 | Repurchase agreements - short-term
Liabilities:
Fair value of liabilities	0	0
Level 1 | Repurchase agreements - long-term
Liabilities:
Fair value of liabilities	0	0
Level 1 | Mortgage loan financing
Liabilities:
Fair value of liabilities	0	0
Level 1 | CLO debt
Liabilities:
Fair value of liabilities	0	0
Level 1 | Borrowings from the FHLB
Liabilities:
Fair value of liabilities	0	0
Level 1 | Senior unsecured notes
Liabilities:
Fair value of liabilities	0	0
Level 1 | CMBS
Assets:
Fair value of assets	0	0
Level 1 | CMBS interest-only
Assets:
Fair value of assets	0	0
Level 1 | Total mortgage loan receivables held for investment, net, at amortized cost
Assets:
Fair value of assets	0	0
Level 1 | FHLB stock
Assets:
Fair value of assets	0	0
Level 1 | Mortgage loan  receivables held for sale
Assets:
Fair value of assets	0	0
Level 2
Assets:
Fair value of assets	0	0
Liabilities:
Fair value of liabilities	0	0
Level 2 | Repurchase agreements - short-term
Liabilities:
Fair value of liabilities	0	0
Level 2 | Repurchase agreements - long-term
Liabilities:
Fair value of liabilities	0	0
Level 2 | Mortgage loan financing
Liabilities:
Fair value of liabilities	0	0
Level 2 | CLO debt
Liabilities:
Fair value of liabilities	0	0
Level 2 | Borrowings from the FHLB
Liabilities:
Fair value of liabilities	0	0
Level 2 | Senior unsecured notes
Liabilities:
Fair value of liabilities	0	0
Level 2 | CMBS
Assets:
Fair value of assets	0	0
Level 2 | CMBS interest-only
Assets:
Fair value of assets	0	0
Level 2 | Total mortgage loan receivables held for investment, net, at amortized cost
Assets:
Fair value of assets	0	0
Level 2 | FHLB stock
Assets:
Fair value of assets	0	0
Level 2 | Mortgage loan  receivables held for sale
Assets:
Fair value of assets	0	0
Level 3
Assets:
Fair value of assets	3,352,969	3,922,131
Liabilities:
Fair value of liabilities	3,739,091	3,994,458
Level 3 | Repurchase agreements - short-term
Liabilities:
Fair value of liabilities	402,869	481,465
Level 3 | Repurchase agreements - long-term
Liabilities:
Fair value of liabilities	366,398	366,398
Level 3 | Mortgage loan financing
Liabilities:
Fair value of liabilities	453,300	477,101
Level 3 | CLO debt
Liabilities:
Fair value of liabilities	1,059,593	1,058,462
Level 3 | Borrowings from the FHLB
Liabilities:
Fair value of liabilities	212,911	213,055
Level 3 | Senior unsecured notes
Liabilities:
Fair value of liabilities	1,244,020	1,397,977
Level 3 | CMBS
Assets:
Fair value of assets	9,009	9,030
Level 3 | CMBS interest-only
Assets:
Fair value of assets	387	417
Level 3 | Total mortgage loan receivables held for investment, net, at amortized cost
Assets:
Fair value of assets	3,306,791	3,875,708
Level 3 | FHLB stock
Assets:
Fair value of assets	9,585	9,585
Level 3 | Mortgage loan  receivables held for sale
Assets:
Fair value of assets	27,197	27,391
Recurring
Assets:
Fair value of assets	512,053	580,130
Recurring | CMBS
Assets:
Principal Amount	493,802	553,424
Fair value of assets	476,181	532,304
Recurring | CMBS interest-only
Assets:
Principal Amount	890,193	1,017,735
Fair value of assets	9,150	10,026
Recurring | GNMA interest-only
Assets:
Principal Amount	44,966	45,369
Fair value of assets	385	281
Recurring | Agency securities
Assets:
Principal Amount	32	36
Fair value of assets	31	35
Recurring | Equity Securities
Assets:
Fair value of assets	113	118
Recurring | U.S. Treasury securities
Assets:
Principal Amount	25,000	36,000
Fair value of assets	24,772	35,328
Recurring | Nonhedge derivatives
Assets:
Principal Amount	106,408	204,700
Fair value of assets	1,421	2,038
Recurring | Level 1
Assets:
Fair value of assets	24,885	35,446
Recurring | Level 1 | CMBS
Assets:
Fair value of assets	0	0
Recurring | Level 1 | CMBS interest-only
Assets:
Fair value of assets	0	0
Recurring | Level 1 | GNMA interest-only
Assets:
Fair value of assets	0	0
Recurring | Level 1 | Agency securities
Assets:
Fair value of assets	0	0
Recurring | Level 1 | Equity Securities
Assets:
Fair value of assets	113	118
Recurring | Level 1 | U.S. Treasury securities
Assets:
Fair value of assets	24,772	35,328
Recurring | Level 1 | Nonhedge derivatives
Assets:
Fair value of assets	0	0
Recurring | Level 2
Assets:
Fair value of assets	1,421	2,038
Recurring | Level 2 | CMBS
Assets:
Fair value of assets	0	0
Recurring | Level 2 | CMBS interest-only
Assets:
Fair value of assets	0	0
Recurring | Level 2 | GNMA interest-only
Assets:
Fair value of assets	0	0
Recurring | Level 2 | Agency securities
Assets:
Fair value of assets	0	0
Recurring | Level 2 | Equity Securities
Assets:
Fair value of assets	0	0
Recurring | Level 2 | U.S. Treasury securities
Assets:
Fair value of assets	0	0
Recurring | Level 2 | Nonhedge derivatives
Assets:
Fair value of assets	1,421	2,038
Recurring | Level 3
Assets:
Fair value of assets	485,747	542,646
Recurring | Level 3 | CMBS
Assets:
Fair value of assets	476,181	532,304
Recurring | Level 3 | CMBS interest-only
Assets:
Fair value of assets	9,150	10,026
Recurring | Level 3 | GNMA interest-only
Assets:
Fair value of assets	385	281
Recurring | Level 3 | Agency securities
Assets:
Fair value of assets	31	35
Recurring | Level 3 | Equity Securities
Assets:
Fair value of assets	0	0
Recurring | Level 3 | U.S. Treasury securities
Assets:
Fair value of assets	0	0
Recurring | Level 3 | Nonhedge derivatives
Assets:
Fair value of assets	$ 0	$ 0

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