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Condensed Consolidated Statement of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Cash flows from operating activities:    
Net loss $ (68,739) $ (34,484)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Amortization of discount/premium and payment-in-kind interest (13,465) (16,764)
Amortization of deferred financing costs 8,556 7,948
Equity-based compensation 8,345 8,735
Increase in current expected credit loss allowance, net 157,942 66,038
Foreign currency loss (gain) 21,405 (24,264)
Depreciation and amortization on real estate owned 6,943 6,188
Gain on extinguishment of debt 0 (465)
Net realized loss on investment 679 86,604
Changes in operating assets and liabilities:    
Proceeds received from payment-in-kind interest 0 3,573
Other assets (1,500) (7,163)
Payment for interest rate cap (11) 0
Accounts payable, accrued expenses and other liabilities 1,621 (1,120)
Payable to related party (374) (338)
Net cash provided by operating activities 103,089 159,582
Cash flows from investing activities:    
New funding of commercial mortgage loans (495,280) (181,017)
Add-on funding of commercial mortgage loans (410,072) (181,630)
Add-on funding of subordinate loans (27,766) (63,252)
Proceeds received from the repayment and sale of commercial mortgage loans 752,773 607,762
Proceeds received from the repayment of subordinate loans and other lending assets 201 21,672
Origination and exit fees received on commercial mortgage loans, and subordinate loans, net 17,159 4,940
Increase (decrease) in collateral related to derivative contracts, net 25,790 (69,560)
Capital expenditures on real estate assets (78,340) (29,433)
Cash received from hotel title assumption 0 569
Net cash provided by (used in) investing activities (215,535) 110,051
Cash flows from financing activities:    
Proceeds from secured debt arrangements 1,177,928 323,236
Proceeds related to financing on real estate owned 74,648 0
Repayments of secured debt arrangements (1,030,594) (343,229)
Repayments of senior secured term loan principal (4,000) (4,000)
Repayments and repurchases of convertible notes 0 (43,472)
Payment of deferred financing costs (5,872) (6,896)
Payment of withholding tax on RSU delivery (7,284) (6,714)
Repurchase of common stock (37,919) 0
Dividends on common stock (101,459) (101,089)
Dividends on preferred stock (6,136) (6,136)
Net cash provided by (used in) financing activities 59,312 (188,300)
Net increase (decrease) in cash and cash equivalents, including cash classified within assets related to real estate owned, held for sale (53,134) 81,333
Decrease in cash classified within assets related to real estate owned, held for sale 577 2,705
Net increase (decrease) in cash and cash equivalents (52,557) 84,038
Cash and cash equivalents beginning of period 225,438 222,030
Effects of foreign currency translation on cash and cash equivalents 1,822 1,984
Cash and cash equivalents end of period 174,703 308,052
Supplemental disclosure of cash flow information:    
Interest paid 252,484 207,604
Supplemental disclosure of non-cash investing and financing activities:    
Dividend declared, not yet paid 52,401 53,029
Change in participation sold 0 (25,130)
Change in loan proceeds held by servicer (837) 52,577
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 to assets related to real estate owned, held for sale 0 79,021
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 to liabilities related to real estate owned, held for sale 0 1,438
Transfer of liabilities related to real estate owned, held for sale to accounts payable, accrued expenses and other liabilities 3,937 7,163
Restructuring of commercial mortgage loan to subordinate loan 74,304 0
Foreign Exchange Forward    
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Unrealized loss on interest rate hedging instruments (18,964) 55,953
Interest rate caps and swaps    
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Unrealized loss on interest rate hedging instruments $ 651 $ 9,141