Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024
Net interest income (loss)
Interest income	[1]	$ 22,838	$ 18,233	$ 44,881	$ 16,659
Interest expense		(10,769)	(11,493)	(21,303)	(22,733)
Total net interest income (loss)		12,069	6,740	23,578	(6,074)
Other income (loss)
Change in unrealized gain (loss)		23,022	38	38,195	102
Change in unrealized gain (loss) on preferred stock and stock warrant investments		23,022	38	38,195	102
Reversal of (provision for) credit losses		(5,284)	2	(8,909)	422
Dividend income		4,036	501	6,035	1,001
Other income (loss)		52	414	(18)	488
Realized gain		0	471	0	471
Loss on extinguishment of debt		(127)	(184)	(172)	(184)
Equity in losses of equity method investments		(1,017)	(892)	(964)	(2,892)
Revenues from consolidated real estate owned		2,502	2,035	4,911	4,246
Total other income (loss)		19,473	14,168	42,209	23,367
Operating expenses
General and administrative expenses		3,763	3,179	6,275	7,366
Loan servicing fees		374	350	695	917
Management fees		1,563	897	2,974	1,732
Expenses from consolidated real estate owned		3,571	4,368	7,610	9,805
Total operating expenses		9,271	8,794	17,554	19,820
Net income (loss)		22,271	12,114	48,233	(2,527)
Net (income) loss attributable to redeemable noncontrolling interests		(3,437)	(2,275)	(7,601)	(382)
Net income (loss) attributable to common stockholders		$ 12,285	$ 7,488	$ 28,802	$ (6,799)
Weighted-average common shares outstanding - basic (in shares)		17,712	17,422	17,615	17,343
Weighted-average common shares outstanding - diluted (in shares)		39,460	27,788	37,349	26,399
Earnings (loss) per share outstanding - basic (in dollars per share)		$ 0.69	$ 0.43	$ 1.64	$ (0.39)
Earnings (loss) per share outstanding - diluted (in dollars per share)		0.54	0.40	1.24	(0.39)
Dividends declared per common share (in dollars per share)		$ 0.5000	$ 0.5000	$ 1.0000	$ 1.0000
Series A Preferred Stock
Operating expenses
Net (income) loss attributable to preferred stockholders		$ (874)	$ (874)	$ (1,748)	$ (1,748)
Series B Preferred Stock
Operating expenses
Net (income) loss attributable to preferred stockholders		(5,675)	(1,477)	(10,082)	(2,142)
CMBS Structured Pass Through Certificates
Other income (loss)
Unrealized gain (loss)		660	461	1,832	421
Common Stock
Other income (loss)
Change in unrealized gain (loss)		(5,160)	(1,771)	(6,574)	(2,642)
MSCR Notes
Other income (loss)
Unrealized gain (loss)		0	2	0	(13)
Collateralized Mortgage Backed Securities
Other income (loss)
Unrealized gain (loss)		0	175	0	615
Noncontrolling interest in CMBS VIEs
Other income (loss)
Change in net assets related to consolidated CMBS variable interest entities		789	12,916	7,873	21,332
Unrealized gain (loss)		(4,801)	(2,906)	(3,882)	(3,726)
Redeemable Noncontrolling Interests
Operating expenses
Net (income) loss attributable to redeemable noncontrolling interests		$ (3,437)	$ (2,275)	$ (7,601)	$ (382)

[1] Includes $25.0 million related to accelerated amortization of the premium associated with the prepayment on a senior loan in the first quarter of 2024.