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Consolidated Statement of Operations - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Net interest income:      
Interest income from commercial mortgage loans $ 699,389 $ 701,002 $ 456,513
Interest income from subordinate loans and other lending assets 3,542 17,280 55,590
Interest expense (503,949) (466,110) (270,525)
Net interest income 198,982 252,172 241,578
Revenue from real estate owned operations 104,689 92,419 62,062
Total net revenue 303,671 344,591 303,640
Operating expenses:      
General and administrative expenses (includes equity-based compensation of $16,468, $17,444 and $18,252 in 2024, 2023 and 2022, respectively) (29,649) (29,520) (29,662)
Operating expenses related to real estate owned (81,683) (72,759) (52,368)
Depreciation and amortization on real estate owned (11,668) (8,248) (704)
Total operating expenses (159,120) (148,505) (121,153)
Other income, net 4,498 4,616 2,494
Decrease (increase) in current expected credit loss allowance, net (155,784) (59,428) 17,623
Foreign currency translation gain (loss) (37,476) 52,031 (116,399)
Net realized loss on investments (128,191) (86,604) 18,683
Gain on extinguishment of debt 0 495 0
Net income (loss) before taxes (119,242) 58,569 265,232
Income tax provision (394) (442) 0
Net income (loss) (119,636) 58,127 265,232
Preferred dividends (12,272) (12,272) (12,272)
Net income (loss) available to common stockholders $ (131,908) $ 45,855 $ 252,960
Net income (loss) per share of common stock:      
Basic $ (0.97) $ 0.29 $ 1.77
Diluted $ (0.97) $ 0.29 $ 1.68
Basic weighted-average shares of common stock outstanding 139,674,140 141,281,286 140,534,635
Diluted weighted-average shares of common stock outstanding 139,674,140 141,281,286 165,504,660
Dividend declared per share of common stock $ 1.2 $ 1.4 $ 1.4
Related Party      
Operating expenses:      
Management fees to related party $ (36,120) $ (37,978) $ (38,419)
Foreign Exchange Forward      
Operating expenses:      
Gain (loss) on sale of derivatives 52,590 (48,213) 146,981
Interest rate caps and swaps      
Operating expenses:      
Gain (loss) on sale of derivatives $ 570 $ (414) $ 13,363