v3.26.3
Segment Reporting - Schedule of Financial Information by Reportable Segment (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Sep. 30, 2026
Sep. 30, 2025
NET INTEREST INCOME:        
Interest income $ 181,234 $ 160,633 $ 527,692 $ 431,268
Interest expense 132,437 124,047 380,275 325,137
Total net interest income 48,797 36,586 147,417 106,131
NET LOSS FROM REAL ESTATE:        
Rental income 11,263 16,600 35,871 51,940
Other real estate income 1,995 2,504 5,972 8,457
Total income from real estate 13,258 19,104 41,843 60,397
Interest expense, mortgages payable on real estate 3,281 5,409 10,452 17,298
Depreciation expense 4,503 5,936 13,612 17,759
Other real estate expenses 8,235 11,637 25,430 34,466
Total expenses related to real estate 16,019 22,982 49,494 69,523
Total net loss from real estate (2,761) (3,878) (7,651) (9,126)
OTHER (LOSS) INCOME:        
Realized losses, net (6,063) (5,610) (29,703) (50,481)
Unrealized (losses) gains, net (471,875) 54,852 (542,942) 197,670
Gains (losses) on derivative instruments, net 298,961 (13,006) 435,565 (86,774)
Mortgage banking activities, net 10,856 14,103 42,394 14,103
(Loss) income from equity investments (3,196) (1,595) (2,706) 567
Impairment of real estate (98) (1,619) (2,489) (9,437)
Other income 3,183 1,479 57,754 5,644
Total other (loss) income (168,232) 48,604 (42,127) 71,292
GENERAL, ADMINISTRATIVE AND OPERATING EXPENSES:        
General and administrative expenses 24,262 23,349 74,363 47,549
Portfolio operating expenses 5,835 6,747 18,400 21,307
Financing transaction costs 5,661 7,941 14,168 14,173
Total general, administrative and operating expenses 39,956 41,825 120,001 86,817
(LOSS) INCOME FROM OPERATIONS BEFORE INCOME TAXES (162,152) 39,487 (22,362) 81,480
Operating Segments        
NET INTEREST INCOME:        
Interest income 181,218 160,613 527,645 431,217
Interest expense 122,234 115,466 351,642 305,106
Total net interest income 58,984 45,147 176,003 126,111
NET LOSS FROM REAL ESTATE:        
Rental income 11,263 16,600 35,871 51,940
Other real estate income 1,995 2,504 5,972 8,457
Total income from real estate 13,258 19,104 41,843 60,397
Interest expense, mortgages payable on real estate 3,281 5,409 10,452 17,298
Depreciation expense 4,503 5,936 13,612 17,759
Other real estate expenses 8,235 11,637 25,430 34,466
Total expenses related to real estate 16,019 22,982 49,494 69,523
Total net loss from real estate (2,761) (3,878) (7,651) (9,126)
OTHER (LOSS) INCOME:        
Realized losses, net (6,063) (5,610) (29,703) (50,481)
Unrealized (losses) gains, net (474,805) 60,024 (549,187) 197,450
Gains (losses) on derivative instruments, net 298,961 (12,853) 393,970 (89,936)
Mortgage banking activities, net 10,856 14,103 42,394 14,103
(Loss) income from equity investments (3,196) (1,642) (2,706) 2,121
Impairment of real estate (98) (1,619) (2,489) (9,437)
Other income 3,183 1,479 58,062 5,644
Total other (loss) income (171,162) 53,882 (89,659) 69,464
GENERAL, ADMINISTRATIVE AND OPERATING EXPENSES:        
General and administrative expenses 16,735 12,737 52,086 13,551
Portfolio operating expenses 5,835 6,040 18,400 20,040
Loan origination costs 4,198 3,788 13,070 3,788
Financing transaction costs 2,226 4,306 7,049 6,589
Total general, administrative and operating expenses 28,994 26,871 90,605 43,968
(LOSS) INCOME FROM OPERATIONS BEFORE INCOME TAXES (143,933) 68,280 (11,912) 142,481
Operating Segments | Investment Portfolio        
NET INTEREST INCOME:        
Interest income 178,563 158,421 518,437 429,025
Interest expense 120,048 113,398 343,881 303,038
Total net interest income 58,515 45,023 174,556 125,987
NET LOSS FROM REAL ESTATE:        
Rental income 11,263 16,600 35,871 51,940
Other real estate income 1,995 2,504 5,972 8,457
Total income from real estate 13,258 19,104 41,843 60,397
Interest expense, mortgages payable on real estate 3,281 5,409 10,452 17,298
Depreciation expense 4,503 5,936 13,612 17,759
Other real estate expenses 8,235 11,637 25,430 34,466
Total expenses related to real estate 16,019 22,982 49,494 69,523
Total net loss from real estate (2,761) (3,878) (7,651) (9,126)
OTHER (LOSS) INCOME:        
Realized losses, net (6,063) (5,610) (29,703) (50,481)
Unrealized (losses) gains, net (474,805) 60,024 (549,187) 197,450
Gains (losses) on derivative instruments, net 298,974 (10,912) 394,128 (87,995)
Mortgage banking activities, net 0 0 0 0
(Loss) income from equity investments (3,196) (1,642) (2,706) 2,121
Impairment of real estate (98) (1,619) (2,489) (9,437)
Other income 1,721 1,479 56,600 5,644
Total other (loss) income (183,467) 41,720 (133,357) 57,302
GENERAL, ADMINISTRATIVE AND OPERATING EXPENSES:        
General and administrative expenses 6,263 463 18,113 1,277
Portfolio operating expenses 5,835 6,040 18,400 20,040
Loan origination costs 0 0 0 0
Financing transaction costs 2,226 4,306 7,049 6,589
Total general, administrative and operating expenses 14,324 10,809 43,562 27,906
(LOSS) INCOME FROM OPERATIONS BEFORE INCOME TAXES (142,037) 72,056 (10,014) 146,257
Operating Segments | Constructive        
NET INTEREST INCOME:        
Interest income 2,655 2,192 9,208 2,192
Interest expense 2,186 2,068 7,761 2,068
Total net interest income 469 124 1,447 124
NET LOSS FROM REAL ESTATE:        
Rental income 0 0 0 0
Other real estate income 0 0 0 0
Total income from real estate 0 0 0 0
Interest expense, mortgages payable on real estate 0 0 0 0
Depreciation expense 0 0 0 0
Other real estate expenses 0 0 0 0
Total expenses related to real estate 0 0 0 0
Total net loss from real estate 0 0 0 0
OTHER (LOSS) INCOME:        
Realized losses, net 0 0 0 0
Unrealized (losses) gains, net 0 0 0 0
Gains (losses) on derivative instruments, net (13) (1,941) (158) (1,941)
Mortgage banking activities, net 10,856 14,103 42,394 14,103
(Loss) income from equity investments 0 0 0 0
Impairment of real estate 0 0 0 0
Other income 1,462 0 1,462 0
Total other (loss) income 12,305 12,162 43,698 12,162
GENERAL, ADMINISTRATIVE AND OPERATING EXPENSES:        
General and administrative expenses 10,472 12,274 33,973 12,274
Portfolio operating expenses 0 0 0 0
Loan origination costs 4,198 3,788 13,070 3,788
Financing transaction costs 0 0 0 0
Total general, administrative and operating expenses 14,670 16,062 47,043 16,062
(LOSS) INCOME FROM OPERATIONS BEFORE INCOME TAXES (1,896) (3,776) (1,898) (3,776)
Unallocated amounts        
NET INTEREST INCOME:        
Interest income 16 20 47 51
Interest expense 10,203 8,581 28,633 20,031
OTHER (LOSS) INCOME:        
Unrealized (losses) gains, net 2,930 (5,172) 6,245 220
Gains (losses) on derivative instruments, net 0 (153) 41,595 3,162
(Loss) income from equity investments 0 47 0 (1,554)
Other income     (308) 0
GENERAL, ADMINISTRATIVE AND OPERATING EXPENSES:        
General and administrative expenses 7,527 10,612 22,277 33,998
Portfolio operating expenses 0 707 0 1,267
Financing transaction costs $ 3,435 $ 3,635 $ 7,119 $ 7,584