Condensed Consolidated Statement of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024
Net interest income:
Interest income from commercial mortgage loans	$ 166,691	$ 179,388	$ 310,676	$ 363,104
Interest income from subordinate loans and other lending assets	557	842	1,114	1,691
Interest expense	(124,178)	(128,472)	(229,235)	(256,359)
Net interest income	43,070	51,758	82,555	108,436
Revenue from real estate owned operations	27,832	29,350	54,163	53,207
Total net revenue	70,902	81,108	136,718	161,643
Operating expenses:
General and administrative expenses (includes equity-based compensation of $3,400 and $6,830 in 2025 and $4,157 and $8,345 in 2024, respectively)	(6,561)	(7,488)	(13,213)	(14,861)
Operating expenses related to real estate owned	(21,113)	(21,767)	(41,880)	(41,660)
Depreciation and amortization on real estate owned	(2,531)	(2,287)	(4,987)	(6,943)
Total operating expenses	(38,561)	(40,715)	(77,000)	(82,058)
Other income, net	1,232	641	2,426	1,211
Increase in current expected credit loss allowance, net	(3,113)	(10,258)	(7,121)	(157,942)
Foreign currency translation gain (loss)	73,705	(1,362)	114,263	(20,925)
Valuation allowance, loans and other lending assets held for sale	(1,236)	679	(1,236)	0
Net realized loss on investments	0	(679)	0	(679)
Net income (loss) before taxes	20,855	35,885	46,962	(68,525)
Income tax provision	(116)	(100)	(232)	(214)
Net income (loss)	20,739	35,785	46,730	(68,739)
Preferred dividends	(3,068)	(3,068)	(6,136)	(6,136)
Net income (loss) available to common stockholders	$ 17,671	$ 32,717	$ 40,594	$ (74,875)
Net income (loss) per share of common stock:
Basic	$ 0.12	$ 0.23	$ 0.28	$ (0.54)
Diluted	$ 0.12	$ 0.23	$ 0.28	$ (0.54)
Basic weighted-average shares of common stock outstanding	138,943,566	140,438,676	138,792,126	141,154,140
Diluted weighted-average shares of common stock outstanding	139,208,860	140,611,532	139,103,947	141,154,140
Dividend declared per share of common stock	$ 0.25	$ 0.35	$ 0.5	$ 0.7
Related Party
Operating expenses:
Management fees to related party	$ (8,356)	$ (9,173)	$ (16,920)	$ (18,594)
Foreign Exchange Forward
Operating expenses:
Gain (loss) on sale of derivatives	(82,139)	6,377	(121,111)	29,775
Interest rate caps and swaps
Operating expenses:
Gain (loss) on sale of derivatives	$ 65	$ 94	$ 23	$ 450