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Condensed Consolidated Statement of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Cash flows provided by operating activities:    
Net income (loss) $ 186,418 $ (18,303)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Amortization of discount/premium and PIK (61,029) (53,670)
Amortization of deferred financing costs 9,358 9,652
Equity-based compensation 13,149 12,721
Provision for (reversal of) loan losses, net [1] (36,590) 151,954
Foreign currency loss 28,155 34,225
Unrealized gain on derivative instruments (41,028) (33,000)
Loss from unconsolidated joint venture 161 0
Depreciation and amortization 1,548 0
Realized losses and impairments on investments and real estate owned 20,550 17,442
Changes in operating assets and liabilities:    
Proceeds received from PIK interest 35,400 0
Other assets 772 (6,251)
Accounts payable, accrued expenses and other liabilities 8,024 (1,233)
Payable to related party (15) (503)
Net cash provided by operating activities 164,873 113,034
Cash flows used in investing activities:    
New funding of commercial mortgage loans (1,463,619) (457,449)
Add-on funding of commercial mortgage loans (226,773) (262,193)
Add-on funding of subordinate loans and other lending assets (132,302) (47,627)
Proceeds received from the repayment and sale of commercial mortgage loans 725,196 528,782
Proceeds received from the repayment of subordinate loans and other lending assets 236,770 5,122
Origination and exit fees received on commercial mortgage loans, and subordinate loans and other lending assets, net 21,058 6,420
Proceeds received from the sale of real estate owned, held for sale 42,356 0
Cash received from hotel title assumption 4,148 0
Capital expenditures on real estate assets (65) 0
Increase in collateral related to derivative contracts, net 29,450 25,130
Net cash used in investing activities (763,781) (201,815)
Cash flows provided by financing activities:    
Payment of offering costs (40) 0
Repurchase of common stock 0 (91,801)
Proceeds from secured debt arrangements 1,173,613 1,465,757
Repayments of secured debt arrangements (1,126,627) (1,083,849)
Repayments of senior secured term loan principal (5,250) (3,750)
Proceeds from issuance of senior secured term loan 297,000 0
Proceeds from issuance of senior secured notes 500,000 0
Repayment of debt related to real estate owned (143,073) 0
Payment of deferred financing costs (14,816) (8,092)
Other financing activities (4,278) (6,494)
Dividends on common stock (149,809) (186,883)
Dividends on preferred stock (9,896) (10,155)
Net cash provided by financing activities 516,824 74,733
Net (decrease) in cash and cash equivalents (82,084) (14,048)
Cash and cash equivalents, beginning of period 325,498 452,282
Cash and cash equivalents, end of period 243,414 438,234
Supplemental disclosure of cash flow information:    
Interest paid 96,092 100,573
Supplemental disclosure of non-cash financing activities:    
Dividend declared, not yet paid 52,398 54,254
Change in participation sold 19,644 0
Repayments of PIK on participation sold (27,670) 0
Loan proceeds held by servicer 8,732 0
Deferred financing costs, not yet paid 4,145 2,596
Transfer of proceeds borrowed under secured credit facilities to Barclays Private Securitization 0 782,006
Restructuring of subordinate loan to commercial mortgage loan 0 68,500
Assumption of real estate 154,300 0
Assumption of debt related to real estate owned (110,073) 0
Assumption of other assets related to real estate owned 1,555 0
Assumption of accounts payable and other liabilities related to real estate owned (4,641) 0
Transfer of subordinate loans to real estate owned (45,289) 0
Transfer of subordinate loans to held for sale 41,773 0
Retirement of Series B Preferred Stock (169,260) 0
Issuance of Series B-1 Preferred Stock $ 169,260 $ 0
[1] Comprised of $0, $30,000, $550 and $(139,950) Specific CECL Reversals (Allowance) for the three and nine months ended September 30, 2021 and 2020, respectively, and $5,766, $6,590, $5,792, and $(12,004) of General CECL Reversals (Allowance) for the three and nine months ended September 30, 2021 and 2020, respectively.