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Condensed Consolidated Statement of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Cash flows provided by operating activities:    
Net income $ 48,916 $ 15,238
Adjustments to reconcile net income to net cash provided by operating activities:    
Amortization of discount/premium and payment-in-kind interest (10,012) (14,333)
Amortization of deferred financing costs 3,807 2,856
Equity-based compensation 4,358 4,698
Increase in current expected credit loss allowance, net 4,390 18,611
Foreign currency loss (gain) (1,525) 24,212
Depreciation and amortization on real estate owned 3,986 704
Realized gain on extinguishment of debt (213) 0
Net realized loss on investment (4,624) 0
Changes in operating assets and liabilities:    
Proceeds received from payment-in-kind interest 3,573 20,141
Other assets 1,012 (1,830)
Accounts payable, accrued expenses and other liabilities 6,864 4,245
Payable to related party (194) (419)
Net cash provided by operating activities 110,250 49,660
Cash flows used in investing activities:    
New funding of commercial mortgage loans (181,017) (1,193,945)
Add-on funding of commercial mortgage loans (76,421) (116,789)
Increase (decrease) in collateral related to derivative contracts, net (50,830) 16,370
Add-on funding of subordinate loans and other lending assets (37,400) (29,099)
Capital expenditures on real estate assets (14,131) (48)
Proceeds received from the repayment and sale of commercial mortgage loans 435,442 637,512
Proceeds received from the repayment of subordinate loans and other lending assets 6,611 90,071
Origination and exit fees received on commercial mortgage loans, and subordinate loans and other lending assets, net 4,290 18,073
Cash received from hotel title assumption 569 0
Net cash provided by (used in) investing activities 87,113 (577,855)
Cash flows provided by financing activities:    
Proceeds from secured debt arrangements 173,919 1,012,730
Repayments of secured debt arrangements (191,681) (542,213)
Repayments of senior secured term loan principal (2,000) (2,000)
Repurchase of convertible notes (6,877) 0
Payment of deferred financing costs (5,873) (3,528)
Payment of withholding tax on RSU delivery (6,703) (6,972)
Dividends on common stock (50,643) (50,270)
Dividends on preferred stock (3,068) (3,068)
Net cash provided by (used in) financing activities (92,926) 404,679
Net increase in cash and cash equivalents, including cash classified within assets related to real estate owned, held for sale 104,437 (123,516)
Decrease (increase) in cash classified within assets related to real estate owned, held for sale 5,677 (3,841)
Net increase (decrease) in cash and cash equivalents 110,114 (127,357)
Cash and cash equivalents, beginning of period 222,030 343,106
Effects of foreign currency translation on cash and cash equivalents (611) 0
Cash and cash equivalents, end of period 331,533 215,749
Supplemental disclosure of cash flow information:    
Interest paid 89,983 35,185
Supplemental disclosure of non-cash financing activities:    
Dividend declared, not yet paid 53,514 53,156
Change in participation sold (25,130) (788)
Change in loan proceeds held by servicer (2,327) 5,097
Assumption of real estate 75,000 0
Assumption of other assets related to real estate owned 2,827 0
Assumption of accounts payable, accrued expenses and other liabilities related to real estate owned (3,396) 0
Transfer of assets to assets related to real estate owned, held for sale 0 153,243
Transfer of assets related to real estate owned, held for sale to assets related to real estate owned held for investment, net 151,676 0
Transfer of assets related to real estate owned, held for sale to other assets 4,357 0
Transfer of liabilities to liabilities related to real estate owned, held for sale 0 5,712
Transfer of liabilities related to real estate owned, held for sale to accounts payable, accrued expenses and other liabilities 7,163 0
Foreign Exchange Forward    
Adjustments to reconcile net income to net cash provided by operating activities:    
Unrealized loss (gain) on foreign currency contracts 35,851 (18,142)
Interest rate cap and swaps    
Adjustments to reconcile net income to net cash provided by operating activities:    
Unrealized loss (gain) on foreign currency contracts $ 4,813 $ (6,321)