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Segment Reporting (Tables) | 9 Months Ended
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Sep. 30, 2025
Segment Reporting [Abstract] |
Schedule of Segment Reporting Information, by Segment | The following tables present financial information by reportable segment for the three and nine months ended September 30, 2025, respectively, which in total reconciles to the same data for the Company on a consolidated basis (dollar amounts in thousands):
| For the Three Months Ended September 30, 2025
| Investment Portfolio |  | Constructive |  | Corporate/Other |  | Total
NET INTEREST INCOME: |  |  |  |  |  |  |
Interest income | $ | 158,421 |  |  | $ | 2,192 |  |  | $ | 20 |  |  | $ | 160,633 |
Interest expense | 113,398 |  |  | 2,068 |  |  | 8,581 |  |  | 124,047 |
Total net interest income (loss) | 45,023 |  |  | 124 |  |  | (8,561) |  |  | 36,586 |
NET LOSS FROM REAL ESTATE: |  |  |  |  |  |  |
Rental income | 16,600 |  |  | — |  |  | — |  |  | 16,600 |
Other real estate income | 2,504 |  |  | — |  |  | — |  |  | 2,504 |
Total income from real estate | 19,104 |  |  | — |  |  | — |  |  | 19,104 |
Interest expense, mortgages payable on real estate | 5,409 |  |  | — |  |  | — |  |  | 5,409 |
Depreciation and amortization | 5,936 |  |  | — |  |  | — |  |  | 5,936 |
Other real estate expenses | 11,637 |  |  | — |  |  | — |  |  | 11,637 |
Total expenses related to real estate | 22,982 |  |  | — |  |  | — |  |  | 22,982 |
Total net loss from real estate | (3,878) |  |  | — |  |  | — |  |  | (3,878) |
OTHER INCOME (LOSS): |  |  |  |  |  |  |
Realized losses, net | (5,610) |  |  | — |  |  | — |  |  | (5,610) |
Unrealized gains (losses), net | 60,024 |  |  | — |  |  | (5,172) |  |  | 54,852 |
Loss on derivative instruments, net | (10,912) |  |  | (1,941) |  |  | (153) |  |  | (13,006) |
Mortgage banking activities, net | — |  |  | 14,103 |  |  | — |  |  | 14,103 |
(Loss) income from equity investments | (1,642) |  |  | — |  |  | 47 |  |  | (1,595) |
Impairment of real estate | (1,619) |  |  | — |  |  | — |  |  | (1,619) |
Other income (loss) | 1,479 |  |  | — |  |  | — |  |  | 1,479 |
Total other income (loss) | 41,720 |  |  | 12,162 |  |  | (5,278) |  |  | 48,604 |
GENERAL, ADMINISTRATIVE AND OPERATING EXPENSES: |  |  |  |  |  |  |
General and administrative expenses | 463 |  |  | 12,274 |  |  | 10,612 |  |  | 23,349 |
Portfolio operating expenses | 6,040 |  |  | — |  |  | 707 |  |  | 6,747 |
Loan origination costs | — |  |  | 3,788 |  |  | — |  |  | 3,788 |
Financing transaction costs | 4,306 |  |  | — |  |  | 3,635 |  |  | 7,941 |
Total general, administrative and operating expenses | 10,809 |  |  | 16,062 |  |  | 14,954 |  |  | 41,825 |
INCOME (LOSS) FROM OPERATIONS BEFORE INCOME TAXES | 72,056 |  |  | (3,776) |  |  | (28,793) |  |  | 39,487 |
Income tax expense (benefit) | 12 |  |  | — |  |  | (310) |  |  | (298) |
NET INCOME (LOSS) | 72,044 |  |  | (3,776) |  |  | (28,483) |  |  | 39,785 |
Net loss attributable to non-controlling interests | 5,035 |  |  | — |  |  | — |  |  | 5,035 |
NET INCOME (LOSS) ATTRIBUTABLE TO COMPANY | 77,079 |  |  | (3,776) |  |  | (28,483) |  |  | 44,820 |
Preferred stock dividends | — |  |  | — |  |  | (12,118) |  |  | (12,118) |
NET INCOME (LOSS) ATTRIBUTABLE TO COMPANY'S COMMON STOCKHOLDERS | $ | 77,079 |  |  | $ | (3,776) |  |  | $ | (40,601) |  |  | $ | 32,702 |
| For the Nine Months Ended September 30, 2025
| Investment Portfolio |  | Constructive |  | Corporate/Other |  | Total
NET INTEREST INCOME: |  |  |  |  |  |  |
Interest income | $ | 429,025 |  |  | $ | 2,192 |  |  | $ | 51 |  |  | $ | 431,268 |
Interest expense | 303,038 |  |  | 2,068 |  |  | 20,031 |  |  | 325,137 |
Total net interest income (loss) | 125,987 |  |  | 124 |  |  | (19,980) |  |  | 106,131 |
NET LOSS FROM REAL ESTATE: |  |  |  |  |  |  |
Rental income | 51,940 |  |  | — |  |  | — |  |  | 51,940 |
Other real estate income | 8,457 |  |  | — |  |  | — |  |  | 8,457 |
Total income from real estate | 60,397 |  |  | — |  |  | — |  |  | 60,397 |
Interest expense, mortgages payable on real estate | 17,298 |  |  | — |  |  | — |  |  | 17,298 |
Depreciation and amortization | 17,759 |  |  | — |  |  | — |  |  | 17,759 |
Other real estate expenses | 34,466 |  |  | — |  |  | — |  |  | 34,466 |
Total expenses related to real estate | 69,523 |  |  | — |  |  | — |  |  | 69,523 |
Total net loss from real estate | (9,126) |  |  | — |  |  | — |  |  | (9,126) |
OTHER INCOME: |  |  |  |  |  |  |
Realized losses, net | (50,481) |  |  | — |  |  | — |  |  | (50,481) |
Unrealized gains, net | 197,450 |  |  | — |  |  | 220 |  |  | 197,670 |
(Losses) gains on derivative instruments, net | (87,995) |  |  | (1,941) |  |  | 3,162 |  |  | (86,774) |
Mortgage banking activities, net | — |  |  | 14,103 |  |  | — |  |  | 14,103 |
Income (loss) from equity investments | 2,121 |  |  | — |  |  | (1,554) |  |  | 567 |
Impairment of real estate | (9,437) |  |  | — |  |  | — |  |  | (9,437) |
Other income | 5,644 |  |  | — |  |  | — |  |  | 5,644 |
Total other income | 57,302 |  |  | 12,162 |  |  | 1,828 |  |  | 71,292 |
GENERAL, ADMINISTRATIVE AND OPERATING EXPENSES: |  |  |  |  |  |  |
General and administrative expenses | 1,277 |  |  | 12,274 |  |  | 33,998 |  |  | 47,549 |
Portfolio operating expenses | 20,040 |  |  | — |  |  | 1,267 |  |  | 21,307 |
Loan origination costs | — |  |  | 3,788 |  |  | — |  |  | 3,788 |
Financing transaction costs | 6,589 |  |  | — |  |  | 7,584 |  |  | 14,173 |
Total general, administrative and operating expenses | 27,906 |  |  | 16,062 |  |  | 42,849 |  |  | 86,817 |
INCOME (LOSS) FROM OPERATIONS BEFORE INCOME TAXES | 146,257 |  |  | (3,776) |  |  | (61,001) |  |  | 81,480 |
Income tax expense | 26 |  |  | — |  |  | 163 |  |  | 189 |
NET INCOME (LOSS) | 146,231 |  |  | (3,776) |  |  | (61,164) |  |  | 81,291 |
Net loss attributable to non-controlling interests | 14,231 |  |  | — |  |  | — |  |  | 14,231 |
NET INCOME (LOSS) ATTRIBUTABLE TO COMPANY | 160,462 |  |  | (3,776) |  |  | (61,164) |  |  | 95,522 |
Preferred stock dividends | — |  |  | — |  |  | (36,021) |  |  | (36,021) |
NET INCOME (LOSS) ATTRIBUTABLE TO COMPANY'S COMMON STOCKHOLDERS | $ | 160,462 |  |  | $ | (3,776) |  |  | $ | (97,185) |  |  | $ | 59,501 |
The following table presents the Company's assets by reportable segment as of September 30, 2025, which in total reconciles to the same data for the Company on a consolidated basis (dollar amounts in thousands):
|  | Investment Portfolio (1) |  | Constructive (2) |  | Corporate/Other |  | Total
Total Assets |  | $ | 11,983,324 |  |  | $ | 224,261 |  |  | $ | 194,277 |  |  | $ | 12,401,862 |
(1)The Company had investments in equity method investees in the amount of approximately $28.8 million as of September 30, 2025 (see Note 6). During the nine months ended September 30, 2025, the Company's expenditures for long-lived assets totaled approximately $6.9 million. (2)Goodwill in the amount of approximately $22.4 million was allocated to Constructive during the three months ended September 30, 2025 (see Note 24).

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- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-25 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
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