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Condensed Consolidated Statement of Operations (Unaudited) - USD ($)
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Net interest income:        
Interest income from commercial mortgage loans $ 155,317,000 $ 179,921,000 $ 465,993,000 $ 543,025,000
Interest income from subordinate loans and other lending assets 86,000 1,210,000 1,200,000 2,901,000
Interest expense (115,368,000) (134,088,000) (344,603,000) (390,447,000)
Net interest income 40,035,000 47,043,000 122,590,000 155,479,000
Revenue from real estate owned operations 21,584,000 24,530,000 75,747,000 77,737,000
Total net revenue 61,619,000 71,573,000 198,337,000 233,216,000
Operating expenses:        
General and administrative expenses (includes equity-based compensation of $3,416 and $10,246 in 2025 and $4,165 and $12,510 in 2024, respectively) (6,651,000) (7,547,000) (19,864,000) (22,408,000)
Operating expenses related to real estate owned (19,451,000) (19,879,000) (61,331,000) (61,539,000)
Depreciation and amortization on real estate owned (2,783,000) (2,342,000) (7,770,000) (9,285,000)
Total operating expenses (37,522,000) (38,569,000) (114,522,000) (120,627,000)
Other income, net 2,388,000 1,573,000 6,214,000 2,784,000
Income from equity method investment 17,067,000 0 15,667,000 0
Decrease (increase) in current expected credit loss allowance, net 6,366,000 899,000 (755,000) (157,043,000)
Foreign currency translation gain (loss) (16,940,000) 60,102,000 97,323,000 39,177,000
Decrease in valuation allowance, loans and other lending assets held for sale 1,236,000 0 0 0
Net realized loss on investments (7,436,000) (127,512,000) (7,436,000) (128,191,000)
Net income (loss) before taxes 51,025,000 (91,483,000) 97,987,000 (160,008,000)
Income tax provision (234,000) (66,000) (466,000) (280,000)
Net income (loss) 50,791,000 (91,549,000) 97,521,000 (160,288,000)
Preferred dividends (3,068,000) (3,068,000) (9,204,000) (9,204,000)
Net income (loss) available to common stockholders $ 47,723,000 $ (94,617,000) $ 88,317,000 $ (169,492,000)
Net income (loss) per share of common stock:        
Basic $ 0.34 $ (0.69) $ 0.62 $ (1.23)
Diluted $ 0.34 $ (0.69) $ 0.62 $ (1.23)
Basic weighted-average shares of common stock outstanding 138,943,831 138,246,827 138,843,250 140,177,962
Diluted weighted-average shares of common stock outstanding 139,667,116 138,246,827 139,300,645 140,177,962
Dividend declared per share of common stock $ 0.25 $ 0.25 $ 0.75 $ 0.95
Related Party        
Operating expenses:        
Management fees to related party $ (8,637,000) $ (8,801,000) $ (25,557,000) $ (27,395,000)
Foreign Exchange Forward        
Operating expenses:        
Gain (loss) on sale of derivatives 24,247,000 (59,535,000) (96,864,000) (29,760,000)
Interest rate caps and swaps        
Operating expenses:        
Gain (loss) on sale of derivatives $ 0 $ (14,000) $ 23,000 $ 436,000