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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 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, net 54,852 96,949 197,670 41,046
(Losses) gains on derivative instruments, net (13,006) (60,640) (86,774) 4,042
Mortgage banking activities, net 14,103 0 14,103 0
(Loss) income from equity investments (1,595) 6,054 567 10,026
Impairment of real estate (1,619) (7,823) (9,437) (48,142)
Loss on reclassification of disposal group 0 0 0 (14,636)
Other income 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 0 3,788 0
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)
Basic earnings (loss) per common share (in dollars per share) $ 0.36 $ 0.36 $ 0.66 $ (0.68)
Diluted earnings (loss) per common share (in dollars per share) $ 0.36 $ 0.36 $ 0.65 $ (0.68)
Weighted average shares outstanding-basic (in shares) 90,406 90,582 90,437 90,895
Weighted average shares outstanding-diluted (in shares) 91,614 90,586 91,352 90,895