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Condensed Consolidated Statement of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Cash flows from operating activities:    
Net Income (Loss) $ 97,521 $ (160,288)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Amortization of discount/premium, deferred fees and payment-in-kind interest (23,237) (22,023)
Amortization of deferred financing costs 13,036 13,400
Straight-line rent amortization (281) 0
Equity-based compensation 10,246 12,510
Increase in current expected credit loss allowance, net 755 157,043
Foreign currency gain (95,728) (34,803)
Depreciation and amortization on real estate owned 7,770 9,285
Net gain on equity method investment (15,667) 0
Net realized loss on investment 7,436 128,191
Changes in operating assets and liabilities:    
Proceeds received from payment-in-kind interest 39,136 0
Other assets (4,819) (14,676)
Payment for interest rate cap (8) (429)
Accounts payable, accrued expenses and other liabilities 9,104 22,995
Payable to related party (87) (750)
Net cash provided by operating activities 134,280 150,325
Cash flows from investing activities:    
New funding of commercial mortgage loans (2,183,157) (955,328)
Add-on funding of commercial mortgage loans (670,733) (490,864)
Add-on funding of subordinate loans (30,805) (39,883)
Proceeds received from the repayment and sale of commercial mortgage loans 1,939,560 1,580,003
Proceeds received from the repayment of subordinate loans and other lending assets 80,507 23,122
Proceeds and payments received of notes receivable, held for sale 39,964 0
Contributions to equity method investment (5,416) 0
Distributions from equity method investment 18,128 0
Origination fees, other fees, and cost recovery proceeds received on commercial mortgage loans, and subordinate loans, net 36,912 34,468
Decrease in collateral related to derivative contracts, net (84,370) (37,370)
Capital expenditures on real estate owned assets (81,849) (123,275)
Net cash used in investing activities (941,259) (9,127)
Cash flows from financing activities:    
Proceeds from secured debt arrangements 3,050,302 1,683,234
Proceeds related to financing on real estate owned 76,873 117,572
Repayments of secured debt arrangements (2,236,318) (1,752,492)
Repayments of senior secured term loan principal (13,125) (6,000)
Payment of deferred financing costs (20,544) (9,895)
Payment of issuance discount (5,625) 0
Payment of withholding tax on RSU delivery (5,008) (7,446)
Repurchase of common stock 0 (40,809)
Dividends on common stock (105,430) (150,793)
Dividends on preferred stock (9,204) (9,204)
Net cash provided by (used in) financing activities 731,921 (175,833)
Net decrease in cash and cash equivalents, including cash classified within assets related to real estate owned, held for sale (75,058) (34,635)
Decrease in cash classified within assets related to real estate owned, held for sale 0 577
Net decrease in cash and cash equivalents (75,058) (34,058)
Cash and cash equivalents beginning of period 317,396 225,438
Effects of foreign currency translation on cash and cash equivalents 3,518 2,907
Cash and cash equivalents end of period 245,856 194,287
Supplemental disclosure of cash flow information:    
Interest paid 335,590 374,071
Income tax paid 132 34
Change in secured debt repayments pending servicer remittance 0 73,278
Change in loan proceeds held by servicer (38,066) 99,498
Supplemental disclosure of non-cash investing and financing activities:    
Dividend declared, not yet paid 38,358 38,224
Restructuring of subordinate loan to commercial mortgage loan 148,034 0
Transfer of assets related to real estate owned, held for sale to assets related to real estate owned held for investment, net 0 70,688
Transfer of assets related to real estate owned, held for sale to other assets 0 2,280
Transfer of liabilities related to real estate owned, held for sale to accounts payable, accrued expenses and other liabilities 0 3,937
Transfer of commercial mortgage loan to other assets 0 159,667
Restructuring of commercial mortgage loan to subordinate loan 0 74,304
Foreign Exchange Forward    
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Unrealized loss on derivatives 88,723 38,657
Interest rate caps and swaps    
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Unrealized loss on derivatives $ 379 $ 1,213