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Consolidated Statement of Cash Flows
$ in Thousands
 12 Months Ended
Dec. 31, 2021
USD ($)
Dec. 31, 2020
USD ($)
Dec. 31, 2019
USD ($)
Cash flows provided by operating activities:      
Net income $ 223,515 $ 18,377 $ 230,174
Adjustments to reconcile net income to net cash provided by operating activities:      
Amortization of discount/premium and PIK (69,590) (61,745) (81,611)
Amortization of deferred financing costs 13,740 12,862 11,969
Equity-based compensation 17,633 16,815 15,897
Provision for (reversal of) loan losses, net (34,773) [1] 125,600 [1] 20,000
Foreign currency (gain) loss 31,096 (182) 3,768
Unrealized (gain) loss on derivative instruments (48,028) 11,895 43,046
Loss from unconsolidated joint venture 161 0 0
Depreciation and amortization 2,645 0 0
Realized losses and impairments on investments and real estate owned 21,317 47,632 12,513
Changes in operating assets and liabilities:      
Proceeds received from PIK interest 35,400 0 16,469
Other assets 1,628 (4,667) (4,472)
Origination of subordinate loan, held for sale (31,200) 0 0
Sale of subordinate loan, held for sale 31,200 0 0
Accounts payable, accrued expenses and other liabilities 4,464 (1,703) 5,056
Payable to related party 175 (832) 626
Net cash provided by operating activities 199,383 164,052 273,435
Cash flows used in investing activities:      
New funding of commercial mortgage loans (2,780,887) (463,940) (2,526,384)
Add-on funding of commercial mortgage loans (350,926) (321,271) (385,508)
New funding of subordinate loans and other lending assets 0 0 (493,017)
Add-on funding of subordinate loans and other lending assets (177,269) (91,447) (30,549)
Proceeds received from the repayment and sale of commercial mortgage loans 1,509,428 662,688 1,428,535
Proceeds received from the repayment of subordinate loans and other lending assets 303,831 5,563 560,089
Origination and exit fees received on commercial mortgage loans, and subordinate loans and other lending assets, net 42,750 6,847 45,882
Proceeds received from the sale of real estate owned, held for sale 42,356 0 0
Cash received from hotel title assumption 4,148 0 0
Capital expenditures on real estate assets (133) 0 0
Increase (decrease) in collateral related to derivative contracts, net 49,740 (14,160) (34,160)
Net cash used in investing activities (1,356,962) (215,720) (1,435,112)
Cash flows provided by (used in) financing activities:      
Proceeds from issuance of common stock 0 0 315,158
Payments for Repurchase of Redeemable Preferred Stock 0 0 (172,500)
Payment of offering costs (99) 0 (333)
Repurchase of common stock 0 (127,994) 0
Proceeds from secured debt arrangements 2,279,691 1,535,130 3,451,172
Repayments of secured debt arrangements (1,510,236) (1,242,317) (2,273,750)
Repayments of senior secured term loan principal (7,250) (5,000) (2,500)
Proceeds from issuance of senior secured term loan 297,000 0 497,500
Proceeds from participations sold 0 33,965 0
Proceeds from issuance of senior secured notes 500,000 0 0
Exchanges of convertible senior notes 0 0 (704)
Repayment of debt related to real estate owned (143,073) 0 0
Payment of deferred financing costs (23,958) (11,115) (13,688)
Other financing activities (4,278) (6,494) (4,996)
Dividends on common stock (199,646) (237,751) (269,232)
Dividends on preferred stock (12,964) (13,540) (21,974)
Net cash provided by (used in) financing activities 1,175,187 (75,116) 1,504,153
Net increase (decrease) in cash and cash equivalents 17,608 (126,784) 342,476
Cash and cash equivalents, beginning of period 325,498 452,282 109,806
Cash and cash equivalents, end of period 343,106 325,498 452,282
Supplemental disclosure of cash flow information:      
Interest paid 137,671 129,812 133,469
Supplemental disclosure of non-cash financing activities:      
Exchange of convertible senior notes for common stock 0 0 33,778
Dividend declared, not yet paid 52,833 52,768 74,771
Change in participation sold 19,760 0 0
Repayments of participation sold including PIK (27,670) 0 0
Loan proceeds held by servicer 3,179 5,649 7,775
Deferred financing costs, not yet paid 0 2,596 5,193
Transfer of proceeds borrowed under secured credit facilities to Barclays Private Securitization 0 782,006 0
Restructuring of subordinate loan to commercial mortgage loan 0 68,500 0
Assumption of real estate 154,300 9,905 0
Assumption of debt related to real estate owned (110,073) 0 0
Assumption of other assets related to real estate owned 1,555 0 0
Assumption of accounts payable and other liabilities related to real estate owned (4,641) 0 0
Transfer of subordinate loans to real estate owned (45,289) 0 0
Retirement of Series B Preferred Stock (169,260) 0 0
Issuance of Series B-1 Preferred Stock $ 169,260 $ 0 $ 0
[1] Comprised of $30,000 and $(118,019) Specific CECL Reversals (Allowance) for the years ended December 31, 2021 and 2020, respectively, $4,773 and $(10,600) of General CECL Reversals (Allowance) for the years ended December 31, 2021 and 2020, respectively, and a $3,019 reversal of a previously recorded impairment on an equity investment for the year ended December 31, 2020. For the year ended December 31, 2019 the balance represents provision per loan losses as determined by the authoritative guidance at the time.