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Consolidated Statements of Cash Flows
$ in Thousands
 3 Months Ended
Mar. 31, 2023
USD ($)
Mar. 31, 2022
USD ($)
Cash flows from operating activities:    
Net income (loss) $ 22,191 $ 19,154
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:    
(Gain) loss on extinguishment of debt (9,217) 0
Depreciation and amortization 7,529 9,342
Non-cash operating lease expense 538 0
Unrealized (gain) loss on derivative instruments 373 162
Unrealized (gain) loss on equity securities 6 (14)
Unrealized (gain) loss on Agency interest-only securities (123) (3)
Provision for (release of) loan loss reserves 4,736 874
Amortization of equity based compensation 9,124 20,412
Amortization of deferred financing costs included in interest expense 3,580 5,857
Amortization of premium/discount on mortgage loan financing included in interest expense (150) (330)
Amortization of above- and below-market lease intangibles (454) (444)
(Accretion)/amortization of discount, premium and other fees on loans (6,985) (5,162)
(Accretion)/amortization of discount, premium and other fees on securities (501) (37)
Net result from mortgage loan receivables held for sale 194 949
Realized (gain) loss on securities 307 96
Realized (gain) loss on sale of real estate, net 0 (29,154)
Realized gain on sale of derivative instruments 244 0
(Earnings) loss from investments in unconsolidated ventures in excess of distributions received (117) 191
Insurance proceeds for remediation work due to property damage 473 0
Insurance proceeds used for remediation work due to property damage 0 (36)
Origination of mortgage loan receivables held for sale 0 (54,850)
Change in deferred tax asset (liability) 827 (402)
Changes in operating assets and liabilities:    
Accrued interest receivable (856) (805)
Other assets 1,902 2,332
Accrued expenses and other liabilities 77,789 1,833
Net cash provided by (used in) operating activities 111,410 (30,035)
Cash flows from investing activities:    
Origination of mortgage loan receivables held for investment (32,616) (648,507)
Repayment of mortgage loan receivables held for investment 150,186 358,198
Purchases of securities (3,513) (26,033)
Repayment of securities 60,214 57,756
Basis recovery of interest-only securities 1,024 1,383
Proceeds from sales of securities 13,595 4,261
Capital improvements of real estate (626) (751)
Proceeds from sale of real estate 0 79,473
Capital distribution from investment in unconsolidated ventures 0 2,284
Net cash provided by (used in) investing activities 188,264 (171,936)
Cash flows from financing activities:    
Deferred financing costs paid (817) (1,510)
Proceeds from borrowings under debt obligations 601,338 443,866
Repayment and repurchase of borrowings under debt obligations (757,779) (328,495)
Cash dividends paid to Class A common shareholders (30,356) (26,142)
Reissuance of treasury stock 0 (1)
Payment of liability assumed in exchange for shares for the minimum withholding taxes on vesting restricted stock (7,852) (11,321)
Purchase of treasury stock (2,285) (611)
Issuance of common stock 0 3
Net cash provided by (used in) financing activities (198,262) 75,649
Net increase (decrease) in cash, cash equivalents and restricted cash 101,412 (126,322)
Cash, cash equivalents and restricted cash at beginning of period 659,602 621,546
Cash, cash equivalents and restricted cash at end of period 761,014 495,224
Non-cash investing and financing activities:    
Securities and derivatives purchased, not settled 0 3,776
Securities and derivatives sold, not settled 12 54
Repayment in transit of mortgage loans receivable held for investment (other assets) 0 18,373
Real estate acquired in former unconsolidated venture agreement 0 15,436
Transfer of real estate, net into real estate held for sale 0 (55,412)
Dividends declared, not paid 30,802 26,763
Cash and cash equivalents 626,139 [1] 431,762
Restricted cash 25,158 63,462
Short-term unsettled U.S. treasury securities classified in other assets on the consolidated balance sheet 109,717 0
Total cash, cash equivalents and restricted cash shown in the consolidated statement of cash flows 761,014 495,224
Consolidated Joint Venture    
Cash flows from financing activities:    
Capital distributed to noncontrolling interests in consolidated ventures $ (511) $ (140)
[1] Includes amounts relating to consolidated variable interest entities. Refer to Note 2 and Note 9.