| Three Months Ended March 31, 2026 | Three Months Ended March 31, 2025 |
|---|
| Cash Flows From Operating Activities | | |
| Net income (loss) | (57,159) | $ (5,749) |
| Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | | |
| Accretion of deferred loan fees and discounts | (4,139) | (3,354) |
| Payment-in-kind interest | — | (402) |
| Amortization of deferred debt issuance costs and discounts | 3,544 | 3,083 |
| Loss (income) from equity method investments | 495 | 882 |
| Change in net assets of consolidated variable interest entities, CMBS trusts | (153) | — |
| Provision for credit losses, net | 73,541 | 24,863 |
| Depreciation and amortization | 979 | 490 |
| Stock-based compensation expense | 1,808 | 2,127 |
| Loss (gain) on foreign currency translation | 5,377 | — |
| Loss (gain) on foreign currency forward contract | (6,853) | — |
| Changes in operating assets and liabilities: | | |
| Assets related to real estate owned, held for sale, net of liabilities | (1,749) | (497) |
| Accrued interest receivable, net | (1,762) | 787 |
| Other assets | (4,782) | (2,482) |
| Accrued interest payable | 1,807 | (5,178) |
| Due to related parties | (997) | (122) |
| Other liabilities | 3,187 | 1,468 |
| Net cash provided by (used in) operating activities | 13,144 | 15,916 |
| Cash Flows From Investing Activities | | |
| Proceeds from principal repayments of commercial real estate loans | 489,651 | 182,095 |
| Originations and fundings of commercial real estate loans | (194,737) | (400,204) |
| Capital expenditures on real estate owned | (2,941) | (1,282) |
| Contributions to equity method investment, real estate asset | (691) | (1,075) |
| Payments for investments in CMBS securities | (26,800) | — |
| Payment to acquire interest in consolidated CMBS trust | (15,010) | — |
| Net cash provided by (used in) investing activities | 249,472 | (220,466) |
| Cash Flows From Financing Activities | | |
| Proceeds from borrowings under secured financing agreements | 239,677 | 603,390 |
| Proceeds from issuance of secured term loan | — | 209,813 |
| Proceeds from noncontrolling interest contributions | 5,609 | 774 |
| Principal repayments on borrowings under secured financing agreements | (300,147) | (377,004) |
| Principal repayments on borrowings under collateralized loan obligations | (132,245) | (185,128) |
| Principal repayments on borrowings under secured term loan | (1,625) | — |
| Payments of debt and collateralized debt obligation issuance costs | (1,699) | (14,163) |
| Payments of common stock dividends | (16,092) | (17,178) |
| Payments of preferred stock dividends | (5,326) | (5,326) |
| Payments to repurchase common stock | (762) | (9,831) |
| Net cash provided by (used in) financing activities | (212,610) | 205,347 |
| Net Increase in Cash, Cash Equivalents and Restricted Cash | 50,006 | 797 |
| Cash, Cash Equivalents and Restricted Cash at Beginning of Period | 87,338 | 106,547 |
| Cash, Cash Equivalents and Restricted Cash at End of Period | $ 137,344 | $ 107,344 |
