Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands		Jun. 30, 2025	Dec. 31, 2024
Assets:
Cash and cash equivalents		$ 177,623	$ 317,396
Mortgage loans on real estate, commercial and consumer, net		8,624,910	7,104,156
Real estate owned, held for investment, net	[1]	805,653	752,643
Other assets		168,636	138,027
Note receivable, held for sale		39,964	41,200
Derivative assets, net		171	58,169
Total Assets		9,816,957	8,411,591
Liabilities:
Debt related to real estate owned, held for investment, net		376,504	324,587
Accounts payable, accrued expenses and other liabilities	[2]	88,519	138,179
Derivative liabilities, net		57,758	0
Total Liabilities		7,970,571	6,537,110
Commitments and Contingencies (see Note 16)
Stockholders' Equity:
Preferred stock, $0.01 par value, 50,000,000 shares authorized, Series B-1, 6,770,393 shares issued and outstanding ($169,260 liquidation preference) in 2025 and 2024 (see Note 15)		68	68
Common stock, $0.01 par value, 450,000,000 shares authorized, 138,943,831 and 138,174,636 shares issued and outstanding in 2025 and 2024, respectively		1,389	1,382
Additional paid-in-capital		2,697,576	2,695,701
Accumulated deficit		(852,647)	(822,670)
Total Stockholders' Equity		1,846,386	1,874,481
Total Liabilities and Stockholders' Equity		9,816,957	8,411,591
Related Party
Liabilities:
Payable to related party		8,360	8,728
Secured Debt
Liabilities:
Secured debt arrangements, net		6,213,188	4,814,973
Senior secures term loans and notes, net		729,416	754,210
Senior Notes
Liabilities:
Senior secures term loans and notes, net		496,826	496,433
Mortgages
Liabilities:
Debt related to real estate owned, held for investment, net		303,500	252,000
Commercial Mortgage Portfolio Segment
Assets:
Mortgage loans on real estate, commercial and consumer, net	[3],[4]	8,479,438	6,715,347
Subordinate Mortgage Portfolio Segment
Assets:
Mortgage loans on real estate, commercial and consumer, net	[4]	$ 145,472	$ 388,809

[1] Includes $79,791 of undepreciated property pledged as collateral under secured debt arrangements in 2025.

[2] Includes $5,057 and $5,948 of General CECL Allowance related to unfunded commitments on commercial mortgage loans and subordinate loans, net in 2025 and 2024, respectively.

[3] Includes carrying value of $8,354,633 and $6,715,347 pledged as collateral under secured debt arrangements in 2025 and 2024, respectively.

[4] Net of $381,348 and $373,336 CECL Allowances comprised $38,848 and $30,836 General CECL Allowance in 2025 and 2024, respectively, and $342,500 Specific CECL Allowance in 2025 and 2024.