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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
NET INTEREST INCOME:        
Interest income $ 140,901 $ 90,775 $ 270,636 $ 174,666
Interest expense 104,454 71,731 201,091 137,759
Total net interest income 36,447 19,044 69,545 36,907
NET LOSS FROM REAL ESTATE:        
Rental income 17,806 30,817 35,340 63,971
Other real estate income 2,832 5,649 5,953 10,572
Total income from real estate 20,638 36,466 41,293 74,543
Interest expense, mortgages payable on real estate 5,882 16,551 11,890 37,320
Depreciation and amortization 5,928 12,235 11,823 24,811
Other real estate expenses 11,842 20,786 22,829 41,885
Total expenses related to real estate 23,652 49,572 46,542 104,016
Total net loss from real estate (3,014) (13,106) (5,249) (29,473)
OTHER (LOSS) INCOME:        
Realized losses, net (3,771) (7,491) (44,871) (18,024)
Unrealized gains (losses), net 24,614 (16,512) 142,818 (55,902)
(Losses) gains on derivative instruments, net (26,966) 15,471 (73,768) 64,682
(Loss) income from equity investments (1,428) 6,108 2,161 3,973
Impairment of real estate (3,913) (4,071) (7,818) (40,319)
Loss on reclassification of disposal group 0 0 0 (14,636)
Other income (loss) 2,200 415 4,167 (3,175)
Total other (loss) income (9,264) (6,080) 22,689 (63,401)
GENERAL, ADMINISTRATIVE AND OPERATING EXPENSES:        
General and administrative expenses 11,786 11,648 24,201 24,703
Portfolio operating expenses 7,354 7,399 14,560 15,141
Financing transaction costs 750 4,552 6,232 8,098
Total general, administrative and operating expenses 19,890 23,599 44,993 47,942
INCOME (LOSS) FROM OPERATIONS BEFORE INCOME TAXES 4,279 (23,741) 41,992 (103,909)
Income tax (benefit) expense (161) 342 487 232
NET INCOME (LOSS) 4,440 (24,083) 41,505 (104,141)
Net loss attributable to non-controlling interests 4,106 8,494 9,196 30,652
NET INCOME (LOSS) ATTRIBUTABLE TO COMPANY 8,546 (15,589) 50,701 (73,489)
Preferred stock dividends (12,032) (10,439) (23,902) (20,878)
NET (LOSS) INCOME ATTRIBUTABLE TO COMPANY'S COMMON STOCKHOLDERS (3,486) (26,028) 26,799 (94,367)
NET (LOSS) INCOME ATTRIBUTABLE TO COMPANY'S COMMON STOCKHOLDERS $ (3,486) $ (26,028) $ 26,799 $ (94,367)
Basic (loss) earnings per common share (in dollars per share) $ (0.04) $ (0.29) $ 0.30 $ (1.04)
Diluted (loss) earnings per common share (in dollars per share) $ (0.04) $ (0.29) $ 0.29 $ (1.04)
Weighted average shares outstanding-basic (in shares) 90,324 90,989 90,453 91,053
Weighted average shares outstanding-diluted (in shares) 90,324 90,989 91,222 91,053