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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Cash Flows from Operating Activities:    
Net income (loss) $ 41,505 $ (104,141)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:    
Net amortization 8,926 8,978
Depreciation and amortization expense related to operating real estate 11,823 24,811
Realized losses, net 44,871 18,024
Unrealized (gains) losses, net (142,818) 55,902
Losses (gains) on derivative instruments, net 73,768 (64,682)
Loss (gain) on sale of real estate 64 (261)
Gain on de-consolidation of joint venture equity investments in Consolidated VIEs 0 (311)
Impairment of real estate 7,818 40,319
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 (6,917) (9,382)
Distributions of income from preferred equity, mezzanine loan and equity investments 12,228 6,584
Stock based compensation expense, net 3,328 1,066
Cash reclassified from assets of disposal group held for sale 1,066 568
Changes in operating assets and liabilities 9,376 (6,926)
Net cash provided by (used in) operating activities 65,038 (14,123)
Cash Flows from Investing Activities:    
Proceeds from sales of investment securities 663,336 0
Principal paydowns received on investment securities 238,943 91,509
Purchases of investment securities (2,115,923) (799,550)
Principal repayments received on preferred equity and mezzanine loan investments 11,000 0
Return of capital from equity investments 16,900 5,000
Funding of preferred equity, mezzanine loan and equity investments (276) (867)
Net variation margin (paid) received for derivative instruments (105,028) 39,017
Net payments received from derivative instruments 34,225 27,665
Net proceeds from sale of real estate 20,852 17,917
Proceeds from sales of joint venture equity investments in Consolidated VIEs 0 550
Decrease in cash from de-consolidation of Consolidated VIEs 0 (1,214)
Purchases of investments held in Consolidated SLST (12,179) (9,857)
Capital expenditures on real estate (5,309) (13,555)
Purchases of other assets (13) (30)
Net cash used in investing activities (1,154,190) (826,115)
Cash Flows from Financing Activities:    
Net proceeds received from repurchase agreements 894,277 478,569
Proceeds from issuance of senior unsecured notes, net of financing transaction costs 82,140 60,000
Proceeds from issuance of collateralized debt obligations 328,561 744,188
Repurchases of common stock (1,502) (3,493)
Proceeds from preferred stock issuance, net 3,969 0
Dividends paid on common stock and dividend equivalents (36,633) (38,711)
Dividends paid on preferred stock (22,309) (20,878)
Net distributions to non-controlling interests in Consolidated VIEs (665) (538)
Payments made on and extinguishment of collateralized debt obligations (179,266) (316,571)
Payments made on Consolidated SLST CDOs (34,628) (24,765)
Net payments made on mortgages payable on real estate (6,698) (55)
Net cash provided by financing activities 1,027,246 877,746
Net (Decrease) Increase in Cash, Cash Equivalents and Restricted Cash (61,906) 37,508
Cash, Cash Equivalents and Restricted Cash - Beginning of Period 329,024 330,642
Cash, Cash Equivalents and Restricted Cash - End of Period 267,118 368,150
Supplemental Disclosure:    
Cash paid for interest 208,054 157,105
Cash paid (refunds received) for income taxes 409 (105)
Non-Cash Investing Activities:    
De-consolidation of real estate held in Consolidated VIEs 0 241,916
De-consolidation of mortgages payable on real estate held in Consolidated VIEs 0 242,167
Consolidation of residential loans held in Consolidated SLST 247,405 285,057
Consolidation of Consolidated SLST CDOs 235,226 275,200
Transfer from residential loans to real estate owned 30,596 41,653
Transfer from residential loans to real estate, net 0 2,640
Cash, Cash Equivalent, Restricted Cash, and Restricted Cash Equivalent, Continuing Operation [Abstract]    
Cash and cash equivalents 160,447 235,514
Restricted cash included in other assets 106,671 132,636
Total cash, cash equivalents, and restricted cash 267,118 368,150
Common Stock    
Non-Cash Financing Activities:    
Dividends declared on stock to be paid in subsequent period 20,423 19,926
Preferred Stock    
Non-Cash Financing Activities:    
Dividends declared on stock to be paid in subsequent period 12,029 10,435
Residential loans    
Cash Flows from Investing Activities:    
Principal repayments received on residential loans 743,235 507,782
Proceeds from sales of residential loans 36,950 31,918
Purchases of residential loans $ (680,903) $ (722,400)