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SEGMENT REPORTING - Schedule of Segments (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Dec. 31, 2022
Income Statement [Abstract]      
Interest income $ 103,796 $ 56,205  
Interest expense (60,749) (47,035)  
Net interest income (expense) 43,047 9,170  
(Provision for) release of loan loss reserves (4,736) (874)  
Net interest income (expense) after provision for (release of) loan losses 38,311 8,296  
Real estate operating income 23,199 26,354  
Net result from mortgage loan receivables held for sale (194) (949)  
Realized gain (loss) on securities (307) (96)  
Unrealized gain (loss) on securities 117 17  
Realized gain (loss) on sale of real estate, net 0 29,154  
Fee and other income 1,831 7,194  
Net result from derivative transactions (2,242) 3,135  
Earnings from investment in unconsolidated ventures 217 434  
Gain on extinguishment of debt 9,217 0  
Total other income (loss) 31,838 65,243  
Compensation and employee benefits (22,084) (29,864)  
Operating expenses (5,256) (5,508)  
Real estate operating expenses (9,849) (8,992)  
Fee expense (1,520) (1,988)  
Depreciation and amortization (7,529) (9,342)  
Total costs and expenses (46,238) (55,694)  
Income tax (expense) benefit (1,720) 1,309  
Net income (loss) 22,191 19,154  
Total assets [1] 5,860,526   $ 5,951,173
Investment in unconsolidated ventures [1] 6,336   6,219
Investment in FHLB stock 9,600   9,600
Operating Segment      
Income Statement [Abstract]      
Investment in unconsolidated ventures 6,300 6,200  
Operating Segment | Loans      
Income Statement [Abstract]      
Interest income 90,874 53,120  
Interest expense (28,728) (14,283)  
Net interest income (expense) 62,146 38,837  
(Provision for) release of loan loss reserves (4,736) (874)  
Net interest income (expense) after provision for (release of) loan losses 57,410 37,963  
Real estate operating income 0 0  
Net result from mortgage loan receivables held for sale (194) (949)  
Realized gain (loss) on securities 0 0  
Unrealized gain (loss) on securities 0 0  
Realized gain (loss) on sale of real estate, net   0  
Fee and other income 1,681 3,377  
Net result from derivative transactions (1,843) 2,337  
Earnings from investment in unconsolidated ventures 0 0  
Gain on extinguishment of debt 0    
Total other income (loss) (356) 4,765  
Compensation and employee benefits 0 0  
Operating expenses 0 17  
Real estate operating expenses 0 0  
Fee expense (967) (799)  
Depreciation and amortization 0 0  
Total costs and expenses (967) (782)  
Income tax (expense) benefit 0 0  
Net income (loss) 56,087 41,946  
Total assets 3,795,773   3,892,382
Operating Segment | Securities      
Income Statement [Abstract]      
Interest income 10,129 3,065  
Interest expense (2,633) (452)  
Net interest income (expense) 7,496 2,613  
(Provision for) release of loan loss reserves 0  
Net interest income (expense) after provision for (release of) loan losses 7,496 2,613  
Real estate operating income 0 0  
Net result from mortgage loan receivables held for sale 0 0  
Realized gain (loss) on securities (307) (96)  
Unrealized gain (loss) on securities 117 17  
Realized gain (loss) on sale of real estate, net   0  
Fee and other income 4 15  
Net result from derivative transactions (302) 804  
Earnings from investment in unconsolidated ventures 0 0  
Gain on extinguishment of debt 0    
Total other income (loss) (488) 740  
Compensation and employee benefits 0 0  
Operating expenses 0 0  
Real estate operating expenses 0 0  
Fee expense (48) (48)  
Depreciation and amortization 0 0  
Total costs and expenses (48) (48)  
Income tax (expense) benefit 0 0  
Net income (loss) 6,960 3,305  
Total assets 520,008   587,519
Operating Segment | Real Estate      
Income Statement [Abstract]      
Interest income 2 0  
Interest expense (6,653) (11,479)  
Net interest income (expense) (6,651) (11,479)  
(Provision for) release of loan loss reserves 0 0  
Net interest income (expense) after provision for (release of) loan losses (6,651) (11,479)  
Real estate operating income 23,199 26,354  
Net result from mortgage loan receivables held for sale 0 0  
Realized gain (loss) on securities 0 0  
Unrealized gain (loss) on securities 0 0  
Realized gain (loss) on sale of real estate, net   29,154  
Fee and other income 2 3,707  
Net result from derivative transactions (97) (6)  
Earnings from investment in unconsolidated ventures 217 434  
Gain on extinguishment of debt 0    
Total other income (loss) 23,321 59,643  
Compensation and employee benefits 0 0  
Operating expenses 0 0  
Real estate operating expenses (9,849) (8,992)  
Fee expense (93) (166)  
Depreciation and amortization (7,425) (9,334)  
Total costs and expenses (17,367) (18,492)  
Income tax (expense) benefit 0 0  
Net income (loss) (697) 29,672  
Total assets 699,601   706,355
Corporate/Other      
Income Statement [Abstract]      
Interest income 2,791 20  
Interest expense (22,735) (20,821)  
Net interest income (expense) (19,944) (20,801)  
(Provision for) release of loan loss reserves 0 0  
Net interest income (expense) after provision for (release of) loan losses (19,944) (20,801)  
Real estate operating income 0 0  
Net result from mortgage loan receivables held for sale 0 0  
Realized gain (loss) on securities 0 0  
Unrealized gain (loss) on securities 0 0  
Realized gain (loss) on sale of real estate, net   0  
Fee and other income 144 95  
Net result from derivative transactions 0 0  
Earnings from investment in unconsolidated ventures 0 0  
Gain on extinguishment of debt 9,217    
Total other income (loss) 9,361 95  
Compensation and employee benefits (22,084) (29,864)  
Operating expenses (5,256) (5,525)  
Real estate operating expenses 0 0  
Fee expense (412) (975)  
Depreciation and amortization (104) (8)  
Total costs and expenses (27,856) (36,372)  
Income tax (expense) benefit (1,720) 1,309  
Net income (loss) (40,159) $ (55,769)  
Total assets 845,144   764,917
Corporate/Other | Senior Unsecured Notes      
Income Statement [Abstract]      
Senior notes $ 1,600,000   $ 1,600,000
[1] Includes amounts relating to consolidated variable interest entities. Refer to Note 2 and Note 9.