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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
NET INTEREST INCOME:    
Interest income $ 129,734 $ 83,892
Interest expense 96,636 66,029
Total net interest income 33,098 17,863
NET LOSS FROM REAL ESTATE:    
Rental income 17,534 33,153
Other real estate income 3,121 4,923
Total income from real estate 20,655 38,076
Interest expense, mortgages payable on real estate 6,007 20,769
Depreciation and amortization 5,895 12,576
Other real estate expenses 10,988 21,100
Total expenses related to real estate 22,890 54,445
Total net loss from real estate (2,235) (16,369)
OTHER INCOME (LOSS):    
Realized losses, net (41,100) (10,533)
Unrealized gains (losses), net 118,203 (39,390)
(Losses) gains on derivative instruments, net (46,802) 49,211
Income (loss) from equity investments 3,589 (2,136)
Impairment of real estate (3,905) (36,247)
Loss on reclassification of disposal group 0 (14,636)
Other income (loss) 1,967 (3,592)
Total other income (loss) 31,952 (57,323)
GENERAL, ADMINISTRATIVE AND OPERATING EXPENSES:    
General and administrative expenses 12,414 13,054
Portfolio operating expenses 7,206 7,742
Debt issuance costs 5,482 3,545
Total general, administrative and operating expenses 25,102 24,341
INCOME (LOSS) FROM OPERATIONS BEFORE INCOME TAXES 37,713 (80,170)
Income tax expense (benefit) 648 (111)
NET INCOME (LOSS) 37,065 (80,059)
Net loss attributable to non-controlling interests 5,090 22,158
NET INCOME (LOSS) ATTRIBUTABLE TO COMPANY 42,155 (57,901)
Preferred stock dividends (11,870) (10,439)
NET INCOME (LOSS) ATTRIBUTABLE TO COMPANY'S COMMON STOCKHOLDERS 30,285 (68,340)
NET INCOME (LOSS) ATTRIBUTABLE TO COMPANY'S COMMON STOCKHOLDERS $ 30,285 $ (68,340)
Basic earnings (loss) per common share (in dollars per share) $ 0.33 $ (0.75)
Diluted earnings (loss) per common share (in dollars per share) $ 0.33 $ (0.75)
Weighted average shares outstanding-basic (in shares) 90,583 91,117
Weighted average shares outstanding-diluted (in shares) 91,091 91,117