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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Cash Flows from Operating Activities:    
Net income (loss) $ 37,065 $ (80,059)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:    
Net amortization 4,750 2,311
Depreciation and amortization expense related to operating real estate 5,895 12,576
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)
Loss (gain) on sale of real estate 45 (134)
Gain on de-consolidation of joint venture equity investments in Consolidated VIEs 0 (50)
Impairment of real estate 3,905 36,247
Loss on reclassification of disposal group 0 14,636
Loss on extinguishment of collateralized debt obligations and mortgages payable on real estate 0 692
Income from preferred equity, mezzanine loan and equity investments (6,169) (604)
Distributions of income from preferred equity, mezzanine loan and equity investments 8,143 3,886
Stock based compensation expense (benefit), net 861 (1,196)
Cash reclassified from assets of disposal group held for sale 642 3,061
Changes in operating assets and liabilities 983 (5,208)
Net cash provided by (used in) operating activities 25,819 (13,130)
Cash Flows from Investing Activities:    
Proceeds from sales of investment securities 663,336 0
Principal paydowns received on investment securities 80,193 35,842
Purchases of investment securities (1,466,298) (297,553)
Return of capital from equity investments 16,900 5,000
Funding of preferred equity, mezzanine loan and equity investments (166) (172)
Net variation margin (paid) received for derivative instruments (71,382) 34,441
Net payments received from derivative instruments 23,517 15,306
Net proceeds from sale of real estate 8,647 4,772
Proceeds from sales of joint venture equity investments in Consolidated VIEs 0 50
Decrease in cash from de-consolidation of Consolidated VIEs 0 (1,150)
Capital expenditures on real estate (2,234) (5,988)
Purchases of other assets (6) (10)
Net cash used in investing activities (794,225) (253,984)
Cash Flows from Financing Activities:    
Net proceeds received from repurchase agreements 472,930 39,711
Proceeds from issuance of senior unsecured notes 82,500 0
Proceeds from issuance of collateralized debt obligations 328,561 500,543
Dividends paid on common stock and dividend equivalents (18,460) (20,465)
Dividends paid on preferred stock (10,420) (10,420)
Net distributions to non-controlling interests in Consolidated VIEs (296) (304)
Payments made on and extinguishment of collateralized debt obligations (120,814) (170,085)
Payments made on Consolidated SLST CDOs (14,955) (12,506)
Net (payments made on) proceeds received from mortgages payable on real estate (5,263) 729
Net cash provided by financing activities 713,783 327,203
Net (Decrease) Increase in Cash, Cash Equivalents and Restricted Cash (54,623) 60,089
Cash, Cash Equivalents and Restricted Cash - Beginning of Period 329,024 330,642
Cash, Cash Equivalents and Restricted Cash - End of Period 274,401 390,731
Supplemental Disclosure:    
Cash paid for interest 99,802 75,001
Cash paid (refunds received) for income taxes 6 (145)
Non-Cash Investment Activities:    
Purchase of investment securities not yet settled 38,402 0
De-consolidation of real estate held in Consolidated VIEs 0 193,168
De-consolidation of mortgages payable on real estate held in Consolidated VIEs 0 194,256
Transfer from residential loans to real estate owned 23,165 17,948
Transfer from residential loans to real estate, net 0 2,640
Non-Cash Financing Activities:    
Dividends declared on stock to be paid in subsequent period 31,852  
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents [Abstract]    
Cash and cash equivalents 177,072 226,939
Restricted cash included in other assets 97,329 163,792
Total cash, cash equivalents, and restricted cash 274,401 390,731
Common Stock    
Non-Cash Financing Activities:    
Dividends declared on stock to be paid in subsequent period 19,967 19,647
Preferred Stock    
Non-Cash Financing Activities:    
Dividends declared on stock to be paid in subsequent period 11,885 10,454
Residential Loans    
Cash Flows from Investing Activities:    
Principal repayments received on residential loans 343,690 230,260
Proceeds from sales of residential loans 8,352 28,912
Purchases of residential loans $ (398,774) $ (303,694)