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Condensed Consolidated Statement of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Cash flows provided by operating activities:    
Net income $ 15,238 $ 58,335
Adjustments to reconcile net income to net cash provided by operating activities:    
Amortization of discount/premium and PIK (14,333) (24,671)
Amortization of deferred financing costs 2,856 3,196
Equity-based compensation 4,698 4,387
Provision for (reversal of) loan losses, net [1] 18,611 (1,238)
Foreign currency loss 24,212 7,479
Gain on derivative instruments 24,463 10,859
Depreciation and amortization on real estate owned 704 0
Realized losses and impairments on investments and real estate owned 0 550
Changes in operating assets and liabilities:    
Proceeds received from PIK interest 20,141 6,000
Other assets (1,830) 1,238
Accounts payable, accrued expenses and other liabilities 4,245 (274)
Payable to related party (419) (233)
Net cash provided by operating activities 49,660 43,910
Cash flows used in investing activities:    
New funding of commercial mortgage loans (1,193,945) (417,161)
Add-on funding of commercial mortgage loans (116,789) (77,499)
Add-on funding of subordinate loans and other lending assets (29,099) (41,317)
Proceeds received from the repayment and sale of commercial mortgage loans 637,512 200,077
Proceeds received from the repayment of subordinate loans and other lending assets 90,071 30,470
Origination and exit fees received on commercial mortgage loans, and subordinate loans and other lending assets, net 18,073 6,301
Capital expenditures on real estate assets (48) 0
Increase in collateral related to derivative contracts, net 16,370 430
Net cash used in investing activities (577,855) (298,699)
Cash flows provided by financing activities:    
Payment of offering costs 0 (40)
Proceeds from secured debt arrangements 1,012,730 322,234
Repayments of secured debt arrangements (542,213) (331,613)
Repayments of senior secured term loan principal (2,000) (1,250)
Proceeds from issuance of senior secured term loan 0 297,000
Payment of deferred financing costs (3,528) (5,369)
Withholding tax payment upon RSU delivery (6,972) (4,279)
Dividends on common stock (50,270) (49,947)
Dividends on preferred stock (3,068) (3,385)
Net cash provided by financing activities 404,679 223,351
Net decrease in cash and cash equivalents, including cash classified within assets related to real estate owned, held for sale (123,516) (31,438)
Less increase in cash classified within assets related to real estate owned, held for sale (3,841) 0
Net decrease in cash and cash equivalents (127,357) (31,438)
Cash and cash equivalents, beginning of period 343,106 325,498
Cash and cash equivalents, end of period 215,749 294,060
Supplemental disclosure of cash flow information:    
Interest paid 35,185 36,494
Supplemental disclosure of non-cash financing activities:    
Dividend declared, not yet paid 53,156 52,615
Change in participation sold (788) 15,735
Loan proceeds held by servicer 5,097 1,550
Deferred financing costs, not yet paid 0 2,596
Transfer of assets to assets related to real estate owned, held for sale 153,243 0
Subordinate loan, held for sale $ 5,712 $ 0
[1] Comprised of $30,000 and $0 Specific CECL Allowance and $11,389 and $1,238 of General CECL Reversals for the three months ended March 31, 2022 and 2021, respectively.