Condensed Consolidated Statement of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024
Cash flows from operating activities:
Net Income (Loss)	$ 46,730	$ (68,739)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Amortization of discount/premium, deferred fees and payment-in-kind interest	(11,794)	(13,465)
Amortization of deferred financing costs	8,211	8,556
Equity-based compensation	6,830	8,345
Increase in current expected credit loss allowance, net	7,121	157,942
Valuation allowance, loans and other lending assets held for sale	1,236	0
Foreign currency loss (gain)	(108,699)	21,405
Depreciation and amortization on real estate owned	4,987	6,943
Net realized loss on investment	0	679
Changes in operating assets and liabilities:
Proceeds received from payment-in-kind interest	39,136	0
Other assets	(12,571)	(1,500)
Payment for interest rate cap	0	(11)
Accounts payable, accrued expenses and other liabilities	5,966	1,621
Payable to related party	(368)	(374)
Net cash provided by operating activities	102,542	103,089
Cash flows from investing activities:
New funding of commercial mortgage loans	(1,376,101)	(495,280)
Add-on funding of commercial mortgage loans	(444,655)	(410,072)
Add-on funding of subordinate loans	(22,545)	(27,766)
Proceeds received from the repayment and sale of commercial mortgage loans	653,916	752,773
Proceeds received from the repayment of subordinate loans and other lending assets	79,207	201
Contributions to equity method investment	(4,203)	0
Origination fees, other fees, and cost recovery proceeds received on commercial mortgage loans, and subordinate loans, net	26,899	17,159
Increase (decrease) in collateral related to derivative contracts, net	(110,560)	25,790
Capital expenditures on real estate owned assets	(57,363)	(78,340)
Net cash used in investing activities	(1,255,405)	(215,535)
Cash flows from financing activities:
Proceeds from secured debt arrangements	2,008,388	1,177,928
Proceeds related to financing on real estate owned	50,927	74,648
Repayments of secured debt arrangements	(934,352)	(1,030,594)
Repayments of senior secured term loan principal	(11,250)	(4,000)
Payment of deferred financing costs	(15,499)	(5,872)
Payment of issuance discount	(5,625)	0
Payment of withholding tax on RSU delivery	(4,947)	(7,284)
Repurchase of common stock	0	(37,919)
Dividends on common stock	(70,694)	(101,459)
Dividends on preferred stock	(6,136)	(6,136)
Net cash provided by financing activities	1,010,812	59,312
Net decrease in cash and cash equivalents, including cash classified within assets related to real estate owned, held for sale	(142,051)	(53,134)
Decrease (increase) in cash classified within assets related to real estate owned, held for sale	0	577
Net increase (decrease) in cash and cash equivalents	(142,051)	(52,557)
Cash and cash equivalents beginning of period	317,396	225,438
Effects of foreign currency translation on cash and cash equivalents	2,278	1,822
Cash and cash equivalents end of period	177,623	174,703
Supplemental disclosure of cash flow information:
Interest paid	223,110	252,484
Income tax paid	114	0
Change in loan proceeds held by servicer	(46,313)	(837)
Supplemental disclosure of non-cash investing and financing activities:
Dividend declared, not yet paid	38,360	52,401
Deferred financing costs accrued, not yet paid	1,274	0
Restructuring of subordinate loan to commercial mortgage loan	148,034	0
Transfer of assets related to real estate owned, held for sale to assets related to real estate owned held for investment, net	0	70,688
Transfer of assets related to real estate owned, held for sale to other assets	0	2,280
Transfer of liabilities related to real estate owned, held for sale to accounts payable, accrued expenses and other liabilities	0	3,937
Restructuring of commercial mortgage loan to subordinate loan	0	74,304
Foreign Exchange Forward
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Unrealized loss (gain) on derivatives	115,511	(18,964)
Interest rate caps and swaps
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Unrealized loss (gain) on derivatives	$ 246	$ 651