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Condensed Consolidated Statement of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Cash flows provided by operating activities:    
Net income (loss) $ (34,484) $ 86,189
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Amortization of discount/premium and payment-in-kind interest (16,764) (26,819)
Amortization of deferred financing costs 7,948 5,511
Equity-based compensation 8,735 9,216
Increase in current expected credit loss allowance, net 66,038 17,667
Foreign currency loss (gain) (24,264) 109,491
Depreciation and amortization on real estate owned 6,188 704
Realized gain on extinguishment of debt (465) 0
Net realized loss on investment (86,604) 0
Changes in operating assets and liabilities:    
Proceeds received from payment-in-kind interest 3,573 20,141
Other assets (7,163) (6,161)
Accounts payable, accrued expenses and other liabilities (1,120) 6,605
Payable to related party (338) (141)
Net cash provided by operating activities 159,582 99,444
Cash flows used in investing activities:    
New funding of commercial mortgage loans (181,017) (2,324,370)
Add-on funding of commercial mortgage loans (181,630) (270,974)
Increase (decrease) in collateral related to derivative contracts, net (69,560) 117,380
Add-on funding of subordinate loans and other lending assets (63,252) (63,120)
Capital expenditures on real estate assets (29,433) (82)
Proceeds received from the repayment and sale of commercial mortgage loans 607,762 1,044,388
Proceeds received from the repayment of subordinate loans and other lending assets 21,672 129,670
Origination and exit fees received on commercial mortgage loans, and subordinate loans and other lending assets, net 4,940 32,732
Cash received from hotel title assumption 569 0
Net cash provided by (used in) investing activities 110,051 (1,334,376)
Cash flows provided by financing activities:    
Proceeds from secured debt arrangements 323,236 2,189,701
Repayments of secured debt arrangements (343,229) (930,660)
Repayments of senior secured term loan principal (4,000) (4,000)
Repurchase of convertible notes (43,472) 0
Payment of deferred financing costs (6,896) (4,639)
Payment of withholding tax on RSU delivery (6,714) (6,972)
Dividends on common stock (101,089) (100,359)
Dividends on preferred stock (6,136) (6,136)
Net cash provided by (used in) financing activities (188,300) 1,136,935
Net increase in cash and cash equivalents, including cash classified within assets related to real estate owned, held for sale 81,333 (97,997)
Decrease (increase) in cash classified within assets related to real estate owned, held for sale 2,705 (7,304)
Net increase (decrease) in cash and cash equivalents 84,038 (105,301)
Cash and cash equivalents, beginning of period 222,030 343,106
Effects of foreign currency translation on cash and cash equivalents 1,984 3,814
Cash and cash equivalents, end of period 308,052 241,619
Supplemental disclosure of cash flow information:    
Interest paid 207,604 89,004
Supplemental disclosure of non-cash financing activities:    
Dividend declared, not yet paid 53,029 53,176
Change in participation sold 0 (2,708)
Change in loan proceeds held by servicer 52,577 21,726
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 79,021 155,542
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 subordinate loan to subordinate loan, held for sale 0 7,500
Transfer of liabilities to liabilities related to real estate owned, held for sale 1,438 7,156
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 (loss) to net cash provided by operating activities:    
Unrealized loss (gain) on foreign currency contracts 55,953 (113,195)
Interest rate cap and swaps    
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Unrealized loss (gain) on foreign currency contracts $ 9,141 $ (9,764)