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Segment Reporting - Schedule of Financial Information by Reportable Segment (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Dec. 31, 2024
NET INTEREST INCOME:          
Interest income $ 160,633 $ 108,361 $ 431,268 $ 283,027  
Interest expense 124,047 88,124 325,137 225,883  
Total net interest income 36,586 20,237 106,131 57,144  
NET LOSS FROM REAL ESTATE:          
Rental income 16,600 26,382 51,940 90,353  
Other real estate income 2,504 5,521 8,457 16,093  
Total income from real estate 19,104 31,903 60,397 106,446  
Interest expense, mortgages payable on real estate 5,409 12,676 17,298 49,996  
Depreciation and amortization 5,936 8,131 17,759 32,942  
Other real estate expenses 11,637 18,591 34,466 60,476  
Total expenses related to real estate 22,982 39,398 69,523 143,414  
Total net loss from real estate (3,878) (7,495) (9,126) (36,968)  
OTHER INCOME (LOSS):          
Realized losses, net (5,610) (1,380) (50,481) (19,404)  
Unrealized gains (losses), net 54,852 96,949 197,670 41,046  
Gains (losses) on derivative instruments, net (13,006) (60,640) (86,774) 4,042  
Mortgage banking activities, net 14,103 0 14,103 0  
Income (loss) from equity investments (1,595) 6,054 567 10,026  
Impairment of real estate (1,619) (7,823) (9,437) (48,142)  
Other income (loss) 1,479 19,715 5,644 16,541  
Total other income (loss) 48,604 52,875 71,292 (10,527)  
GENERAL, ADMINISTRATIVE AND OPERATING EXPENSES:          
General and administrative expenses 23,349 11,941 47,549 36,643  
Portfolio operating expenses 6,747 8,531 21,307 23,672  
Loan origination costs 3,788   3,788    
Financing transaction costs 7,941 2,354 14,173 10,452  
Total general, administrative and operating expenses 41,825 22,826 86,817 70,767  
INCOME (LOSS) FROM OPERATIONS BEFORE INCOME TAXES 39,487 42,791 81,480 (61,118)  
Income tax (benefit) expense (298) 2,325 189 2,556  
NET INCOME (LOSS) 39,785 40,466 81,291 (63,674)  
Net loss attributable to non-controlling interests 5,035 2,383 14,231 33,034  
NET INCOME (LOSS) ATTRIBUTABLE TO COMPANY 44,820 42,849 95,522 (30,640)  
Preferred stock dividends (12,118) (10,439) (36,021) (31,317)  
NET INCOME (LOSS) ATTRIBUTABLE TO COMPANY'S COMMON STOCKHOLDERS 32,702 32,410 59,501 (61,957)  
NET INCOME (LOSS) ATTRIBUTABLE TO COMPANY'S COMMON STOCKHOLDERS 32,702 $ 32,410 59,501 $ (61,957)  
Total Assets [1] 12,401,862   12,401,862   $ 9,217,282
Equity investments, carrying value 28,825   28,825   113,492
Expenditure for long-lived assets     6,900    
Goodwill 22,396   22,396   $ 0
Constructive          
GENERAL, ADMINISTRATIVE AND OPERATING EXPENSES:          
Goodwill 22,400   22,400    
Operating Segments | Investment Portfolio          
NET INTEREST INCOME:          
Interest income 158,421   429,025    
Interest expense 113,398   303,038    
Total net interest income 45,023   125,987    
NET LOSS FROM REAL ESTATE:          
Rental income 16,600   51,940    
Other real estate income 2,504   8,457    
Total income from real estate 19,104   60,397    
Interest expense, mortgages payable on real estate 5,409   17,298    
Depreciation and amortization 5,936   17,759    
Other real estate expenses 11,637   34,466    
Total expenses related to real estate 22,982   69,523    
Total net loss from real estate (3,878)   (9,126)    
OTHER INCOME (LOSS):          
Realized losses, net (5,610)   (50,481)    
Unrealized gains (losses), net 60,024   197,450    
Gains (losses) on derivative instruments, net (10,912)   (87,995)    
Mortgage banking activities, net 0   0    
Income (loss) from equity investments (1,642)   2,121    
Impairment of real estate (1,619)   (9,437)    
Other income (loss) 1,479   5,644    
Total other income (loss) 41,720   57,302    
GENERAL, ADMINISTRATIVE AND OPERATING EXPENSES:          
General and administrative expenses 463   1,277    
Portfolio operating expenses 6,040   20,040    
Loan origination costs 0   0    
Financing transaction costs 4,306   6,589    
Total general, administrative and operating expenses 10,809   27,906    
INCOME (LOSS) FROM OPERATIONS BEFORE INCOME TAXES 72,056   146,257    
Income tax (benefit) expense 12   26    
NET INCOME (LOSS) 72,044   146,231    
Net loss attributable to non-controlling interests 5,035   14,231    
NET INCOME (LOSS) ATTRIBUTABLE TO COMPANY 77,079   160,462    
Preferred stock dividends 0   0    
NET INCOME (LOSS) ATTRIBUTABLE TO COMPANY'S COMMON STOCKHOLDERS 77,079   160,462    
NET INCOME (LOSS) ATTRIBUTABLE TO COMPANY'S COMMON STOCKHOLDERS 77,079   160,462    
Total Assets 11,983,324   11,983,324    
Operating Segments | Constructive          
NET INTEREST INCOME:          
Interest income 2,192   2,192    
Interest expense 2,068   2,068    
Total net interest income 124   124    
NET LOSS FROM REAL ESTATE:          
Rental income 0   0    
Other real estate income 0   0    
Total income from real estate 0   0    
Interest expense, mortgages payable on real estate 0   0    
Depreciation and amortization 0   0    
Other real estate expenses 0   0    
Total expenses related to real estate 0   0    
Total net loss from real estate 0   0    
OTHER INCOME (LOSS):          
Realized losses, net 0   0    
Unrealized gains (losses), net 0   0    
Gains (losses) on derivative instruments, net (1,941)   (1,941)    
Mortgage banking activities, net 14,103   14,103    
Income (loss) from equity investments 0   0    
Impairment of real estate 0   0    
Other income (loss) 0   0    
Total other income (loss) 12,162   12,162    
GENERAL, ADMINISTRATIVE AND OPERATING EXPENSES:          
General and administrative expenses 12,274   12,274    
Portfolio operating expenses 0   0    
Loan origination costs 3,788   3,788    
Financing transaction costs 0   0    
Total general, administrative and operating expenses 16,062   16,062    
INCOME (LOSS) FROM OPERATIONS BEFORE INCOME TAXES (3,776)   (3,776)    
Income tax (benefit) expense 0   0    
NET INCOME (LOSS) (3,776)   (3,776)    
Net loss attributable to non-controlling interests 0   0    
NET INCOME (LOSS) ATTRIBUTABLE TO COMPANY (3,776)   (3,776)    
Preferred stock dividends 0   0    
NET INCOME (LOSS) ATTRIBUTABLE TO COMPANY'S COMMON STOCKHOLDERS (3,776)   (3,776)    
NET INCOME (LOSS) ATTRIBUTABLE TO COMPANY'S COMMON STOCKHOLDERS (3,776)   (3,776)    
Total Assets 224,261   224,261    
Corporate/Other          
NET INTEREST INCOME:          
Interest income 20   51    
Interest expense 8,581   20,031    
Total net interest income (8,561)   (19,980)    
NET LOSS FROM REAL ESTATE:          
Rental income 0   0    
Other real estate income 0   0    
Total income from real estate 0   0    
Interest expense, mortgages payable on real estate 0   0    
Depreciation and amortization 0   0    
Other real estate expenses 0   0    
Total expenses related to real estate 0   0    
Total net loss from real estate 0   0    
OTHER INCOME (LOSS):          
Realized losses, net 0   0    
Unrealized gains (losses), net (5,172)   220    
Gains (losses) on derivative instruments, net (153)   3,162    
Mortgage banking activities, net 0   0    
Income (loss) from equity investments 47   (1,554)    
Impairment of real estate 0   0    
Other income (loss) 0   0    
Total other income (loss) (5,278)   1,828    
GENERAL, ADMINISTRATIVE AND OPERATING EXPENSES:          
General and administrative expenses 10,612   33,998    
Portfolio operating expenses 707   1,267    
Loan origination costs 0   0    
Financing transaction costs 3,635   7,584    
Total general, administrative and operating expenses 14,954   42,849    
INCOME (LOSS) FROM OPERATIONS BEFORE INCOME TAXES (28,793)   (61,001)    
Income tax (benefit) expense (310)   163    
NET INCOME (LOSS) (28,483)   (61,164)    
Net loss attributable to non-controlling interests 0   0    
NET INCOME (LOSS) ATTRIBUTABLE TO COMPANY (28,483)   (61,164)    
Preferred stock dividends (12,118)   (36,021)    
NET INCOME (LOSS) ATTRIBUTABLE TO COMPANY'S COMMON STOCKHOLDERS (40,601)   (97,185)    
NET INCOME (LOSS) ATTRIBUTABLE TO COMPANY'S COMMON STOCKHOLDERS (40,601)   (97,185)    
Total Assets $ 194,277   $ 194,277    
[1] Our condensed consolidated balance sheets include assets and liabilities of consolidated variable interest entities ("VIEs") as the Company is the primary beneficiary of these VIEs. As of September 30, 2025 and December 31, 2024, assets of consolidated VIEs totaled $4,478,542 and $3,988,584, respectively, and the liabilities of consolidated VIEs totaled $3,981,131 and $3,477,211, respectively. See Note 7 for further discussion.