v3.26.1
Segment Reporting - Schedule of Financial Information by Reportable Segment (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
NET INTEREST INCOME:      
Interest income $ 172,065 $ 129,734  
Interest expense 123,654 96,636  
Total net interest income 48,411 33,098  
NET LOSS FROM REAL ESTATE:      
Rental income 12,625 17,534  
Other real estate income 1,943 3,121  
Total income from real estate 14,568 20,655  
Interest expense, mortgages payable on real estate 3,821 6,007  
Depreciation expense 4,623 5,895  
Other real estate expenses 8,726 10,988  
Total expenses related to real estate 17,170 22,890  
Total net loss from real estate (2,602) (2,235)  
OTHER INCOME (LOSS):      
Realized losses, net (10,680) (41,100)  
Unrealized (losses) gains, net (62,568) 118,203  
Gain on derivative instruments, net 87,814 (46,802)  
Mortgage banking activities, net 15,330 0  
Income from equity investments 721 3,589  
Impairment of real estate (2,231) (3,905)  
Other income (loss) 52,561 1,967  
Total other income 80,947 31,952  
GENERAL, ADMINISTRATIVE AND OPERATING EXPENSES:      
General and administrative expenses 24,487 12,414  
Portfolio operating expenses 6,137 7,206  
Financing transaction costs 5,382 5,482  
Total general, administrative and operating expenses 40,031 25,102  
INCOME FROM OPERATIONS BEFORE INCOME TAXES 86,725 37,713  
Income tax expense 159 648  
NET INCOME 86,566 37,065  
Net (income) loss attributable to non-controlling interests (37,965) 5,090  
NET INCOME ATTRIBUTABLE TO COMPANY 48,601 42,155  
Preferred stock dividends (11,704) (11,870)  
NET INCOME ATTRIBUTABLE TO COMPANY'S COMMON STOCKHOLDERS 36,897 30,285  
NET INCOME ATTRIBUTABLE TO COMPANY'S COMMON STOCKHOLDERS 36,897 $ 30,285  
Total Assets [1] 12,790,341   $ 12,638,847
Equity investments, carrying value 23,468   24,711
Expenditure for long-lived assets 1,000    
Goodwill 22,396   $ 22,396
Constructive      
GENERAL, ADMINISTRATIVE AND OPERATING EXPENSES:      
Goodwill 22,400    
Operating Segments | Investment Portfolio      
NET INTEREST INCOME:      
Interest income 168,570    
Interest expense 111,311    
NET LOSS FROM REAL ESTATE:      
Rental income 12,625    
Other real estate income 1,943    
Interest expense, mortgages payable on real estate 3,821    
Depreciation expense 4,623    
Other real estate expenses 8,726    
OTHER INCOME (LOSS):      
Realized losses, net (10,680)    
Unrealized (losses) gains, net (73,772)    
Gain on derivative instruments, net 39,570    
Mortgage banking activities, net 0    
Income from equity investments 721    
Impairment of real estate (2,231)    
Other income (loss) 52,869    
GENERAL, ADMINISTRATIVE AND OPERATING EXPENSES:      
General and administrative expenses 5,950    
Portfolio operating expenses 6,137    
Loan origination costs 0    
Financing transaction costs 1,947    
Income tax expense 15    
Net (income) loss attributable to non-controlling interests (37,965)    
Preferred stock dividends 0    
Total Assets 12,266,535    
Operating Segments | Constructive      
NET INTEREST INCOME:      
Interest income 3,478    
Interest expense 2,969    
NET LOSS FROM REAL ESTATE:      
Rental income 0    
Other real estate income 0    
Interest expense, mortgages payable on real estate 0    
Depreciation expense 0    
Other real estate expenses 0    
OTHER INCOME (LOSS):      
Realized losses, net 0    
Unrealized (losses) gains, net 0    
Gain on derivative instruments, net 439    
Mortgage banking activities, net 15,330    
Income from equity investments 0    
Impairment of real estate 0    
Other income (loss) 0    
GENERAL, ADMINISTRATIVE AND OPERATING EXPENSES:      
General and administrative expenses 11,596    
Portfolio operating expenses 0    
Loan origination costs 4,025    
Financing transaction costs 0    
Income tax expense 0    
Net (income) loss attributable to non-controlling interests 0    
Preferred stock dividends 0    
Total Assets 300,189    
Corporate/Other      
NET INTEREST INCOME:      
Interest income 17    
Interest expense 9,374    
NET LOSS FROM REAL ESTATE:      
Rental income 0    
Other real estate income 0    
Interest expense, mortgages payable on real estate 0    
Depreciation expense 0    
Other real estate expenses 0    
OTHER INCOME (LOSS):      
Realized losses, net 0    
Unrealized (losses) gains, net 11,204    
Gain on derivative instruments, net 47,805    
Mortgage banking activities, net 0    
Income from equity investments 0    
Impairment of real estate 0    
Other income (loss) (308)    
GENERAL, ADMINISTRATIVE AND OPERATING EXPENSES:      
General and administrative expenses 6,941    
Portfolio operating expenses 0    
Loan origination costs 0    
Financing transaction costs 3,435    
Income tax expense 144    
Net (income) loss attributable to non-controlling interests 0    
Preferred stock dividends (11,704)    
Total Assets $ 223,617    
[1] Our condensed consolidated balance sheets include assets and liabilities of consolidated variable interest entities ("VIEs") as the Company is the primary beneficiary of these VIEs. As of March 31, 2026 and December 31, 2025, assets of consolidated VIEs totaled $4,238,982 and $4,367,560, respectively, and the liabilities of consolidated VIEs totaled $3,775,241 and $3,881,273, respectively. See Note 7 for further discussion.