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Condensed Consolidated Statement of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Cash flows provided by operating activities:    
Net income (loss) $ 58,335 $ (127,842)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Amortization of discount/premium and PIK (24,671) (18,270)
Amortization of deferred financing costs 3,196 3,312
Equity-based compensation 4,387 4,263
(Provision for) reversal of loan losses, net [1] (1,238) 183,465
Foreign currency loss 7,479 42,108
Unrealized gain on derivative instruments (10,859) (26,888)
Loss on early extinguishment of debt 550 0
Changes in operating assets and liabilities:    
Proceeds received from PIK 6,000 0
Other assets 1,238 (6,696)
Accounts payable, accrued expenses and other liabilities (274) 807
Payable to related party (233) (162)
Net cash provided by operating activities 43,910 54,097
Cash flows used in investing activities:    
New funding of commercial mortgage loans (417,161) (439,936)
Add-on funding of commercial mortgage loans (77,499) (99,768)
Add-on funding of subordinate loans and other lending assets (41,317) (18,753)
Proceeds received from the repayment and sale of commercial mortgage loans 200,077 221,972
Proceeds received from the repayment of subordinate loans and other lending assets 30,470 842
Origination and exit fees received on commercial mortgage loans, and subordinate loans and other lending assets, net 6,301 5,445
Increase in collateral held related to derivative contracts, net 430 7,070
Net cash used in investing activities (298,699) (323,128)
Cash flows from financing activities:    
Payment of offering costs (40) 0
Repurchase of common stock 0 (2,441)
Proceeds from secured debt arrangements 322,234 1,357,442
Repayments of secured debt arrangements (331,613) (844,051)
Repayments of senior secured term loan principal (1,250) (1,250)
Proceeds from issuance of senior secured term loan 297,000 0
Payment of deferred financing costs (5,369) (2,722)
Collateral deposited under secured debt arrangements 0 (26,262)
Other financing activities (4,279) (6,494)
Dividends on common stock (49,947) (71,950)
Dividends on preferred stock (3,385) (3,385)
Net cash provided by financing activities 223,351 398,887
Net increase (decrease) in cash and cash equivalents (31,438) 129,856
Cash and cash equivalents, beginning of period 325,498 452,282
Cash and cash equivalents, end of period 294,060 582,138
Supplemental disclosure of cash flow information:    
Interest paid 36,494 36,979
Supplemental disclosure of non-cash financing activities:    
Dividend declared, not yet paid 52,615 65,684
Additions to participations sold 15,735 0
Loan proceeds held by servicer 1,550 0
Deferred financing costs, not yet paid $ 2,596 $ 5,193
[1] Comprised of $0 and $150,000 Specific CECL Allowance and $(1,238) and $33,465 of General CECL (Reversals) and Allowance for 2021 and 2020, respectively.