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Consolidated Statement of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Cash flows provided by operating activities:      
Net income $ 265,232 $ 223,515 $ 18,377
Adjustments to reconcile net income to net cash provided by operating activities:      
Amortization of discount/premium and payment-in-kind interest (50,966) (69,590) (61,745)
Amortization of deferred financing costs 12,034 13,740 12,862
Equity-based compensation 18,252 17,633 16,815
Increase (decrease) in current expected credit loss allowance, net (17,623) (34,773) 125,600
Foreign currency (gain) loss 97,330 31,096 (182)
Unrealized (gain) loss on derivative instruments (111,851) (48,028) 11,895
Depreciation and amortization 704 2,645 0
Loss from unconsolidated joint venture 0 161 0
Realized (gain) loss and impairments on investments and real estate owned (18,683) 21,317 47,632
Changes in operating assets and liabilities:      
Proceeds received from payment-in-kind interest 83,731 35,400 0
Other assets (22,910) 1,628 (4,667)
Origination of subordinate loan, held for sale 0 (31,200) 0
Sale of subordinate loan, held for sale 0 31,200 0
Accounts payable, accrued expenses and other liabilities 12,500 4,464 (1,703)
Payable to related party (45) 175 (832)
Net cash provided by operating activities 267,705 199,383 164,052
Cash flows used in investing activities:      
New funding of commercial mortgage loans (3,027,742) (2,780,887) (463,940)
Add-on funding of commercial mortgage loans (483,795) (350,926) (321,271)
Add-on funding of subordinate loans and other lending assets (113,124) (177,269) (91,447)
Proceeds received from the repayment and sale of commercial mortgage loans 1,874,933 1,509,428 662,688
Proceeds received from the repayment of subordinate loans and other lending assets 279,336 303,831 5,563
Origination and exit fees received on commercial mortgage loans, and subordinate loans and other lending assets, net 46,874 42,750 6,847
Proceeds received from the sale of real estate owned, held for sale 0 42,356 0
Capital expenditures on real estate assets (33,035) (133) 0
Cash received from hotel title assumption 0 4,148 0
Increase in collateral related to derivative contracts, net 117,200 49,740 (14,160)
Net cash used in investing activities (1,339,353) (1,356,962) (215,720)
Cash flows provided by financing activities:      
Payment of offering costs 0 (99) 0
Repurchase of common stock 0 0 (127,994)
Proceeds from secured debt arrangements 2,836,372 2,279,691 1,535,130
Repayments of secured debt arrangements (1,453,921) (1,510,236) (1,242,317)
Repayments of senior secured term loan principal (8,000) (7,250) (5,000)
Repayments of convertible notes (345,000) 0
Proceeds from issuance of senior secured term loan 0 297,000 0
Proceeds from issuance of senior secured notes 0 500,000 0
Proceeds from participations sold 0 0 33,965
Repayment of debt related to real estate owned 0 (143,073) 0
Proceeds related to financing on real estate owned 164,835 0
Payment of deferred financing costs (16,494) (23,958) (11,115)
Other financing activities (6,972) (4,278) (6,494)
Dividends on common stock (200,574) (199,646) (237,751)
Dividends on preferred stock (12,272) (12,964) (13,540)
Net cash provided by (used in) financing activities 957,974 1,175,187 (75,116)
Net increase (decrease) in cash and cash equivalents, including cash classified within assets related to real estate owned, held for sale (113,674) 17,608 (126,784)
Less increase in cash classified within assets related to real estate owned, held for sale (5,677) 0
Net increase (decrease) in cash and cash equivalents (119,351) 17,608 (126,784)
Cash and cash equivalents, beginning of period 343,106 325,498 452,282
Cash and cash equivalents, end of period 222,030 343,106 325,498
Effects of foreign currency translation on cash and cash equivalents (1,725) 0 0
Supplemental disclosure of cash flow information:      
Interest paid 246,370 137,671 129,812
Supplemental disclosure of non-cash financing activities:      
Dividend declared, not yet paid 53,711 52,398 52,768
Change in participation sold (1,934) 19,760 0
Change in loan proceeds held by servicer (192) 3,179 5,649
Deferred financing costs, not yet paid 0 0 2,596
Transfer of proceeds borrowed under secured credit facilities to Barclays Private Securitization 0 0 782,006
Restructuring of subordinate loan to commercial mortgage loan 0 0 68,500
Repayments of payment-in-kind on participation sold 0 (27,670) 0
Assumption of real estate 270,035 154,300 9,905
Assumption of debt related to real estate owned 0 (110,073) 0
Assumption of other assets related to real estate owned 0 1,555 0
Assumption of accounts payable and other liabilities related to real estate owned 0 (4,641) 0
Transfer of assets to assets related to real estate owned, held for sale 155,542 0 0
Transfer of liabilities to liabilities related to real estate owned, held for sale 7,156 0 0
Transfer of subordinate loans to real estate owned 0 (45,289) 0
Retirement of Series B Preferred Stock 0 (169,260) 0
Issuance of Series B-1 Preferred Stock $ 0 $ 169,260 $ 0