Consolidated Statements of Income (Loss) and Comprehensive Income (Loss) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Interest income and interest expense
Interest income	$ 290,237	$ 307,146	$ 362,550
Interest expense	(186,460)	(198,854)	(273,862)
Net interest income	103,777	108,292	88,688
Other revenue
Other income, net	8,079	14,123	19,875
Revenue from real estate owned operations	34,259	30,700	7,829
Total other revenue	42,338	44,823	27,704
Other expenses
Professional fees	5,834	5,778	6,695
General and administrative	4,271	4,264	3,845
Stock compensation expense	9,807	6,387	8,029
Servicing and asset management fees	1,812	1,930	1,352
Management fee	20,858	20,249	22,426
Expenses from real estate owned operations	35,935	35,626	7,532
Total other expenses	78,517	74,234	49,879
Gain on sale of real estate owned, net	6,970	0	7,028
Credit loss expense, net	(13,871)	(4,147)	(189,912)
Income (loss) before income taxes	60,697	74,734	(116,371)
Income tax expense, net	(378)	(399)	(259)
Net income (loss)	60,319	74,335	(116,630)
Preferred stock dividends and participating securities' share in earnings	(14,840)	(14,669)	(14,275)
Net income (loss) attributable to common stockholders	$ 45,479	$ 59,666	$ (130,905)
Earnings per common share, basic (in USD per share)	$ 0.57	$ 0.75	$ (1.69)
Earnings per common share, diluted (in USD per share)	$ 0.57	$ 0.75	$ (1.69)
Weighted average number of common shares outstanding
Basic (in shares)	79,299,265	79,801,990	77,575,788
Diluted (in shares)	79,445,823	79,888,044	77,575,788
Other comprehensive income (loss)
Net income (loss)	$ 60,319	$ 74,335	$ (116,630)
Comprehensive net income (loss)	$ 60,319	$ 74,335	$ (116,630)