v3.25.4
Segment Reporting - Schedule of Financial Information by Reportable Segment (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
NET INTEREST INCOME:      
Interest income $ 601,948 $ 401,280 $ 258,660
Interest expense 452,647 317,425 192,134
Total net interest income 149,301 83,855 66,526
NET LOSS FROM REAL ESTATE:      
Rental income 66,025 112,488 141,057
Other real estate income 10,309 20,151 30,717
Total income from real estate 76,334 132,639 171,774
Interest expense, mortgages payable on real estate 21,581 60,232 90,221
Depreciation and amortization 23,125 39,822 24,620
Other real estate expenses 44,045 75,426 88,235
Total expenses related to real estate 88,751 175,480 203,076
Total net loss from real estate (12,417) (42,841) (31,302)
OTHER INCOME:      
Realized losses, net (65,428) (29,351) (27,059)
Unrealized gains (losses), net 217,395 (90,530) 97,196
(Losses) gains on derivative instruments, net (58,303) 95,996 (26,378)
Mortgage banking activities, net 26,621 0 0
Loss from equity investments (3,168) 16,011 17,785
Impairment of real estate (9,767) (48,875) (89,548)
Other income 16,509 29,149 4,736
Total other income (loss) 123,859 (42,236) (39,431)
GENERAL, ADMINISTRATIVE AND OPERATING EXPENSES:      
General and administrative expenses 72,656 48,672 49,565
Portfolio operating expenses 28,011 30,688 23,952
Loan origination costs 8,101    
Financing transaction costs 14,173 12,335 0
Total general, administrative and operating expenses 122,941 91,695 73,517
INCOME (LOSS) FROM OPERATIONS BEFORE INCOME TAXES 137,802 (92,917) (77,724)
Income tax (benefit) expense 145 1,036 75
NET INCOME (LOSS) 137,657 (93,953) (77,799)
Net loss attributable to non-controlling interests 11,391 31,924 29,134
NET INCOME (LOSS) ATTRIBUTABLE TO COMPANY 149,048 (62,029) (48,665)
Preferred stock dividends (47,942) (41,756) (41,837)
NET INCOME (LOSS) ATTRIBUTABLE TO COMPANY'S COMMON STOCKHOLDERS 101,106 (103,785) (90,035)
NET INCOME (LOSS) ATTRIBUTABLE TO COMPANY'S COMMON STOCKHOLDERS 101,106 (103,785) $ (90,035)
Total assets [1] 12,638,847 9,217,282  
Equity Investments, carrying value 24,711 113,492  
Expenditure for long-lived assets 8,200    
Goodwill 22,396 $ 0  
Constructive      
GENERAL, ADMINISTRATIVE AND OPERATING EXPENSES:      
Goodwill 22,400    
Operating Segments | Corporate/Other      
NET INTEREST INCOME:      
Interest income 596,537    
Interest expense 418,838    
Total net interest income 177,699    
NET LOSS FROM REAL ESTATE:      
Rental income 66,025    
Other real estate income 10,309    
Total income from real estate 76,334    
Interest expense, mortgages payable on real estate 21,581    
Depreciation and amortization 23,125    
Other real estate expenses 44,045    
Total expenses related to real estate 88,751    
Total net loss from real estate (12,417)    
OTHER INCOME:      
Realized losses, net (65,428)    
Unrealized gains (losses), net 220,438    
(Losses) gains on derivative instruments, net (66,560)    
Mortgage banking activities, net 0    
Loss from equity investments (1,614)    
Impairment of real estate (9,767)    
Other income 16,509    
Total other income (loss) 93,578    
GENERAL, ADMINISTRATIVE AND OPERATING EXPENSES:      
General and administrative expenses 1,077    
Portfolio operating expenses 26,701    
Loan origination costs 0    
Financing transaction costs 6,589    
Total general, administrative and operating expenses 34,367    
INCOME (LOSS) FROM OPERATIONS BEFORE INCOME TAXES 224,493    
Income tax (benefit) expense (82)    
NET INCOME (LOSS) 224,575    
Net loss attributable to non-controlling interests 11,391    
NET INCOME (LOSS) ATTRIBUTABLE TO COMPANY 235,966    
Preferred stock dividends 0    
NET INCOME (LOSS) ATTRIBUTABLE TO COMPANY'S COMMON STOCKHOLDERS 235,966    
NET INCOME (LOSS) ATTRIBUTABLE TO COMPANY'S COMMON STOCKHOLDERS 235,966    
Total assets 12,140,475    
Operating Segments | Constructive      
NET INTEREST INCOME:      
Interest income 5,343    
Interest expense 5,009    
Total net interest income 334    
NET LOSS FROM REAL ESTATE:      
Rental income 0    
Other real estate income 0    
Total income from real estate 0    
Interest expense, mortgages payable on real estate 0    
Depreciation and amortization 0    
Other real estate expenses 0    
Total expenses related to real estate 0    
Total net loss from real estate 0    
OTHER INCOME:      
Realized losses, net 0    
Unrealized gains (losses), net 0    
(Losses) gains on derivative instruments, net (1,943)    
Mortgage banking activities, net 26,621    
Loss from equity investments 0    
Impairment of real estate 0    
Other income 0    
Total other income (loss) 24,678    
GENERAL, ADMINISTRATIVE AND OPERATING EXPENSES:      
General and administrative expenses 25,437    
Portfolio operating expenses 0    
Loan origination costs 8,101    
Financing transaction costs 0    
Total general, administrative and operating expenses 33,538    
INCOME (LOSS) FROM OPERATIONS BEFORE INCOME TAXES (8,526)    
Income tax (benefit) expense 0    
NET INCOME (LOSS) (8,526)    
Net loss attributable to non-controlling interests 0    
NET INCOME (LOSS) ATTRIBUTABLE TO COMPANY (8,526)    
Preferred stock dividends 0    
NET INCOME (LOSS) ATTRIBUTABLE TO COMPANY'S COMMON STOCKHOLDERS (8,526)    
NET INCOME (LOSS) ATTRIBUTABLE TO COMPANY'S COMMON STOCKHOLDERS (8,526)    
Total assets 276,691    
Corporate/Other      
NET INTEREST INCOME:      
Interest income 68    
Interest expense 28,800    
Total net interest income (28,732)    
NET LOSS FROM REAL ESTATE:      
Rental income 0    
Other real estate income 0    
Total income from real estate 0    
Interest expense, mortgages payable on real estate 0    
Depreciation and amortization 0    
Other real estate expenses 0    
Total expenses related to real estate 0    
Total net loss from real estate 0    
OTHER INCOME:      
Realized losses, net 0    
Unrealized gains (losses), net (3,043)    
(Losses) gains on derivative instruments, net 10,200    
Mortgage banking activities, net 0    
Loss from equity investments (1,554)    
Impairment of real estate 0    
Other income 0    
Total other income (loss) 5,603    
GENERAL, ADMINISTRATIVE AND OPERATING EXPENSES:      
General and administrative expenses 46,142    
Portfolio operating expenses 1,310    
Loan origination costs 0    
Financing transaction costs 7,584    
Total general, administrative and operating expenses 55,036    
INCOME (LOSS) FROM OPERATIONS BEFORE INCOME TAXES (78,165)    
Income tax (benefit) expense 227    
NET INCOME (LOSS) (78,392)    
Net loss attributable to non-controlling interests 0    
NET INCOME (LOSS) ATTRIBUTABLE TO COMPANY (78,392)    
Preferred stock dividends (47,942)    
NET INCOME (LOSS) ATTRIBUTABLE TO COMPANY'S COMMON STOCKHOLDERS (126,334)    
NET INCOME (LOSS) ATTRIBUTABLE TO COMPANY'S COMMON STOCKHOLDERS (126,334)    
Total assets $ 221,681    
[1] Our 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 December 31, 2025 and December 31, 2024, assets of consolidated VIEs totaled $4,367,560 and $3,988,584, respectively, and the liabilities of consolidated VIEs totaled $3,881,273 and $3,477,211, respectively. See Note 7 for further discussion.