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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
NET INTEREST INCOME:        
Interest income $ 108,361 $ 65,195 $ 283,027 $ 179,871
Interest expense 88,124 48,406 225,883 130,145
Total net interest income 20,237 16,789 57,144 49,726
NET LOSS FROM REAL ESTATE:        
Rental income 26,382 34,176 90,353 107,427
Other real estate income 5,521 8,215 16,093 21,486
Total income from real estate 31,903 42,391 106,446 128,913
Interest expense, mortgages payable on real estate 12,676 21,604 49,996 68,158
Depreciation and amortization 8,131 6,204 32,942 18,371
Other real estate expenses 18,591 22,371 60,476 66,878
Total expenses related to real estate 39,398 50,179 143,414 153,407
Total net loss from real estate (7,495) (7,788) (36,968) (24,494)
OTHER INCOME (LOSS):        
Realized losses, net (1,380) (3,679) (19,404) (2,220)
Unrealized gains (losses), net 96,949 (61,295) 41,046 (55,738)
(Losses) gains on derivative instruments, net (60,640) 20,993 4,042 38,204
Income from equity investments 6,054 2,056 10,026 9,223
Impairment of real estate (7,823) (44,157) (48,142) (71,296)
Loss on reclassification of disposal group 0 0 (14,636) 0
Other income 19,715 139 16,541 1,712
Total other income (loss) 52,875 (85,943) (10,527) (80,115)
GENERAL, ADMINISTRATIVE AND OPERATING EXPENSES:        
General and administrative expenses 11,941 11,826 36,643 37,824
Portfolio operating expenses 8,531 5,161 23,672 17,882
Debt issuance costs 2,354 0 10,452 0
Total general, administrative and operating expenses 22,826 16,987 70,767 55,706
INCOME (LOSS) FROM OPERATIONS BEFORE INCOME TAXES 42,791 (93,929) (61,118) (110,589)
Income tax expense (benefit) 2,325 (56) 2,556 (59)
NET INCOME (LOSS) 40,466 (93,873) (63,674) (110,530)
Net loss attributable to non-controlling interests 2,383 9,364 33,034 19,957
NET INCOME (LOSS) ATTRIBUTABLE TO COMPANY 42,849 (84,509) (30,640) (90,573)
Preferred stock dividends (10,439) (10,435) (31,317) (31,394)
Gain on repurchase of preferred stock 0 125 0 467
NET INCOME (LOSS) ATTRIBUTABLE TO COMPANY'S COMMON STOCKHOLDERS 32,410 (94,819) (61,957) (121,500)
NET INCOME (LOSS) ATTRIBUTABLE TO COMPANY'S COMMON STOCKHOLDERS $ 32,410 $ (94,819) $ (61,957) $ (121,500)
Basic earnings (loss) per common share (in dollars per share) $ 0.36 $ (1.04) $ (0.68) $ (1.33)
Diluted earnings (loss) per common share (in dollars per share) $ 0.36 $ (1.04) $ (0.68) $ (1.33)
Weighted average shares outstanding-basic (in shares) 90,582 90,984 90,895 91,163
Weighted average shares outstanding-diluted (in shares) 90,586 90,984 90,895 91,163