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Condensed Consolidated Statement of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Cash flows provided by operating activities:    
Net income (loss) $ 11,587 $ 269,219
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Amortization of discount/premium and payment-in-kind interest (24,928) (39,828)
Amortization of deferred financing costs 11,609 8,582
Equity-based compensation 13,091 13,734
Increase in current expected credit loss allowance, net 60,205 (37,897)
Foreign currency loss 21,027 199,587
Depreciation and amortization on real estate owned 7,208 704
Realized gain on extinguishment of debt (495) 0
Net realized loss on investment 86,604 (43,577)
Changes in operating assets and liabilities:    
Proceeds received from payment-in-kind interest 15,407 83,731
Other assets (2,092) (24,149)
Payment for interest rate cap (2,317) 0
Accounts payable, accrued expenses and other liabilities 9,404 27,454
Payable to related party (213) (11)
Net cash provided by operating activities 243,017 225,118
Cash flows used in investing activities:    
New funding of commercial mortgage loans (181,017) (2,753,609)
Add-on funding of commercial mortgage loans (264,769) (407,063)
Increase (decrease) in collateral related to derivative contracts, net (39,360) 255,110
Add-on funding of subordinate loans and other lending assets (77,027) (85,964)
Capital expenditures on real estate assets (47,187) (21,160)
Proceeds received from the repayment and sale of commercial mortgage loans 749,716 1,316,431
Proceeds received from the repayment of subordinate loans and other lending assets 75,170 129,760
Origination and exit fees received on commercial mortgage loans, and subordinate loans and other lending assets, net 9,191 42,779
Cash received from hotel title assumption 569 0
Net cash provided by (used in) investing activities 225,286 (1,523,716)
Cash flows provided by financing activities:    
Proceeds from secured debt arrangements 356,333 2,770,405
Repayments of secured debt arrangements (508,245) (1,118,630)
Repayments of senior secured term loan principal (6,000) (6,000)
Repayments and repurchases of convertible notes (53,442) (345,000)
Proceeds related to financing on real estate owned 0 164,835
Payment of deferred financing costs (7,189) (15,333)
Payment of withholding tax on RSU delivery (6,820) (6,972)
Dividends on common stock (151,556) (150,467)
Dividends on preferred stock (9,204) (9,204)
Net cash provided by (used in) financing activities (386,123) 1,283,634
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Period Increase (Decrease), Excluding Exchange Rate Effect 82,180 (14,964)
Decrease (increase) in cash classified within assets related to real estate owned, held for sale 3,376 (5,858)
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Cash Classified Within Real Estate Owned, Held for Sale, Excluding Exchange Rate Effect 85,556 (20,822)
Cash and cash equivalents, beginning of period 222,030 343,106
Effects of foreign currency translation on cash and cash equivalents 259 (3,020)
Cash and cash equivalents, end of period 307,845 319,264
Supplemental disclosure of cash flow information:    
Interest paid 316,819 151,348
Income tax paid 795 0
Supplemental disclosure of non-cash financing activities:    
Dividend declared, not yet paid 53,531 53,175
Change in participation sold (25,130) (4,368)
Change in loan proceeds held by servicer 129,670 5,871
Assumption of real estate 75,000 270,035
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 (156,201)
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 1,438 6,116
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 on foreign currency contracts 27,709 (221,623)
Interest rate cap and swaps    
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Unrealized loss on foreign currency contracts $ 9,211 $ (10,808)