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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Cash Flows from Operating Activities:      
Net loss $ (93,953) $ (77,799) $ (340,649)
Adjustments to reconcile net loss to net cash provided by operating activities:      
Net amortization 20,219 27,500 26,137
Depreciation and amortization expense related to operating real estate 39,822 24,620 126,824
Realized losses (gains), net 29,351 27,059 (26,625)
Unrealized losses (gains), net 90,530 (97,196) 347,363
(Gains) losses on derivative investments, net (95,996) 26,378 (27,206)
Gain on sale of real estate (27,835) (4,763) (17,132)
Gain on de-consolidation of joint venture equity investments in Consolidated VIEs (6,115) 0 0
Impairment of real estate 48,875 89,548 2,449
Loss on reclassification of disposal group 14,636 16,163 0
Loss (gain) on extinguishment of collateralized debt obligations and mortgages payable on real estate 2,864 796 (2,214)
Income from preferred equity, mezzanine loan and equity investments (26,796) (28,774) (30,162)
Distributions of income from preferred equity, mezzanine loan and equity investments 24,222 26,076 49,832
Stock based compensation expense, net 6,068 8,825 11,895
Cash reclassified from (to) assets of disposal group held for sale 3,215 8,267 (13,944)
Changes in operating assets and liabilities (15,036) (16,747) (14,785)
Net cash provided by operating activities 14,071 29,953 91,783
Cash Flows from Investing Activities:      
Proceeds from sales of investment securities 5,284 64,690 85,437
Principal paydowns received on investment securities 296,611 56,459 24,680
Purchases of investment securities (2,210,935) (2,014,385) (24,879)
Principal repayments received on preferred equity and mezzanine loan investments 5,100 8,460 29,050
Return of capital from equity investments 25,061 74,275 60,055
Funding of preferred equity, mezzanine loan and equity investments (1,498) (52,400) (28,086)
Funding of joint venture equity investments in Consolidated VIEs 0 0 (177,570)
Cash received from initial consolidation of VIEs 0 102 6,897
Proceeds from sales of joint venture equity investments in Consolidated VIEs 2,050 0 0
Decrease in cash from de-consolidation of Consolidated VIEs (3,956) 0 0
Net variation margin received (paid) for derivative instruments 70,656 (27,447) 0
Net payments received from derivative instruments 29,691 24,215 1,881
Net proceeds from sale of real estate 157,203 221,968 100,666
Purchases of and capital expenditures on real estate (24,647) (50,412) (209,372)
Purchases of investments held in Consolidated SLST (9,857) 0 0
Purchases of mortgage servicing rights (9,470) 0 0
Purchases of other assets (2,071) (63) (100)
Net cash used in investing activities (2,244,435) (1,219,931) (508,775)
Cash Flows from Financing Activities:      
Net proceeds received from repurchase agreements 1,535,749 1,730,366 179,033
Proceeds from issuance of senior unsecured notes 60,000 0 0
Proceeds from issuance of collateralized debt obligations 1,350,153 0 969,986
Repurchases of common stock (3,493) (8,615) (44,399)
Repurchases of preferred stock 0 (2,439) 0
Dividends paid on common stock and dividend equivalents (74,945) (128,801) (151,753)
Dividends paid on preferred stock (41,756) (41,894) (41,404)
Repayment of convertible notes 0 0 (138,000)
Net distributions to non-controlling interests in Consolidated VIEs (11,893) (8,377) (10,815)
Redemptions of redeemable non-controlling interest in Consolidated VIE (626) (485) (2,015)
Payments made on and extinguishment of collateralized debt obligations (469,017) (204,649) (188,914)
Payments made on Consolidated SLST CDOs (61,130) (46,476) (114,847)
Net (payments made on) proceeds received from mortgages payable on real estate (54,296) (148,948) 3,197
Net cash provided by financing activities 2,228,746 1,139,682 460,069
Net (Decrease) Increase in Cash, Cash Equivalents and Restricted Cash (1,618) (50,296) 43,077
Cash, Cash Equivalents and Restricted Cash - Beginning of Period 330,642 380,938 337,861
Cash, Cash Equivalents and Restricted Cash - End of Period 329,024 330,642 380,938
Supplemental Disclosure:      
Cash paid for interest 344,725 249,854 161,251
Cash (refunds received) paid for income taxes (32) 225 2,674
Non-Cash Investment Activities:      
De-consolidation of real estate held in Consolidated VIEs 622,708 0 0
De-consolidation of mortgages payable on real estate held in Consolidated VIEs 629,763 0 0
Consolidation of residential loans held in Consolidated SLST 285,057 0 0
Consolidation of Consolidated SLST CDOs 275,200 0 0
Consolidation of real estate held in Consolidated VIEs 0 54,439 664,437
Consolidation of mortgages payable on real estate held in Consolidated VIEs 0 45,142 524,217
Transfer from residential loans to real estate owned 85,342 42,485 18,858
Transfer from residential loans to real estate, net 2,640 0 0
Distribution of mortgage servicing rights from equity investment 10,917 0 0
Non-Cash Financing Activities:      
Dividends and dividend equivalents payable 30,280 32,151  
Mortgages and notes payable assumed by purchaser of real estate held for sale in Consolidated VIEs 24,073 0 0
Cash, Cash Equivalents and Restricted Cash Reconciliation:      
Cash and cash equivalents 167,422 187,107 244,718
Restricted cash included in other assets 161,602 143,535 136,220
Total cash, cash equivalents, and restricted cash 329,024 330,642 380,938
Common Stock      
Non-Cash Financing Activities:      
Dividends and dividend equivalents payable 19,844 21,716 39,503
Preferred Stock      
Non-Cash Financing Activities:      
Dividends and dividend equivalents payable 10,435 10,435 10,493
Residential loans      
Cash Flows from Investing Activities:      
Principal repayments received on residential loans 1,147,168 1,062,247 1,361,040
Proceeds from sales of residential loans 162,883 25,144 0
Purchases of residential loans $ (1,883,708) $ (612,784) $ (1,738,474)