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Consolidated Statement of Cash Flows - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Cash flows from operating activities:    
Net income (loss) $ (104,524) $ 48,916
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Amortization of discount/premium and payment-in-kind interest (6,716) (10,012)
Amortization of deferred financing costs 4,027 3,807
Equity-based compensation 4,188 4,358
Increase in current expected credit loss allowance, net 147,684 4,390
Valuation allowance, commercial mortgage loan held for sale 679 0
Foreign currency (gain) loss 20,881 (1,525)
Depreciation and amortization on real estate owned 4,656 3,986
Gain on extinguishment of debt 0 (213)
Valuation allowance, loan held for sale 0 4,624
Changes in operating assets and liabilities:    
Proceeds received from payment-in-kind interest 0 3,573
Other assets (12,575) 1,012
Accounts payable, accrued expenses and other liabilities 12,532 6,864
Payable to related party (130) (194)
Net cash provided by operating activities 52,843 110,250
Cash flows from investing activities:    
New funding of commercial mortgage loans 0 (181,017)
Add-on funding of commercial mortgage loans (308,032) (76,421)
Add-on funding of subordinate loans (13,734) (37,400)
Proceeds received from the repayment and sale of commercial mortgage loans 168,526 435,442
Proceeds received from the repayment of subordinate loans and other lending assets 102 6,611
Origination and exit fees received on commercial mortgage loans, and subordinate loans, net 4,346 4,290
Increase (decrease) in collateral related to derivative contracts, net 20,020 (50,830)
Capital expenditures on real estate assets (37,901) (14,131)
Cash received from hotel title assumption 0 569
Net cash provided by (used in) investing activities (166,673) 87,113
Cash flows from financing activities:    
Proceeds from secured debt arrangements 548,557 173,919
Repayments of secured debt arrangements (433,604) (191,681)
Repayments of senior secured term loan principal (2,000) (2,000)
Repayments and repurchases of convertible notes 0 (6,877)
Payment of deferred financing costs (3,454) (5,873)
Payment of withholding tax on RSU delivery (7,274) (6,703)
Dividends on common stock (50,839) (50,643)
Dividends on preferred stock (3,068) (3,068)
Net cash provided by (used in) financing activities 48,318 (92,926)
Net increase (decrease) in cash and cash equivalents, including cash classified within assets related to real estate owned, held for sale (65,512) 104,437
Decrease (increase) in cash classified within assets related to real estate owned, held for sale 577 5,677
Net increase (decrease) in cash and cash equivalents (64,935) 110,114
Cash and cash equivalents beginning of period 225,438 222,030
Effects of foreign currency translation on cash and cash equivalents 687 (611)
Cash and cash equivalents end of period 161,190 331,533
Supplemental disclosure of cash flow information:    
Interest paid 116,463 89,983
Supplemental disclosure of non-cash financing activities:    
Dividend declared, not yet paid 53,688 53,514
Change in participation sold 0 (25,130)
Change in loan proceeds held by servicer 1,624 (2,327)
Assumption of real estate 0 75,000
Assumption of other assets related to real estate owned 0 2,827
Assumption of accounts payable, accrued expenses and other liabilities related to real estate owned 0 (3,396)
Transfer of assets related to real estate owned, held for sale to assets related to real estate owned held for investment, net 70,688 151,676
Transfer of assets related to real estate owned, held for sale to other assets 2,280 4,357
Transfer of liabilities related to real estate owned, held for sale to accounts payable, accrued expenses and other liabilities 3,937 7,163
Transfer of commercial mortgage loan to commercial mortgage loan, held for sale 135,465 0
Foreign Exchange Forward    
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Unrealized gain (loss) on derivatives (18,053) 35,851
Interest rate cap and swaps    
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Unrealized gain (loss) on derivatives $ 194 $ 4,813